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Five-year targets and scorecard

In 2010, the AngloGold Ashanti board agreed a set of five-year targets for the period 2011 to 2015. These five-year targets are aligned with our strategy.

AngloGold Ashanti may not be able to reach these goals. Refer to the section titled “Forward-Looking Statements”, to the section titled “Risk review” of this report, and to the section titled “Risk Management and Risk Factors” in the Annual Financial Statements.

Five-year targets (2011 to 2015)
Delivery targets Five-year delivery targets Relevant performance indicators
Safety All injury frequency rate (AIFR) of less than 9 per million hours worked All injury frequency rate
Productivity 20% improvement in productivity (base year 2010) Productivity per total employee costed
Environmental performance 30% reduction in reportable incidents (base year 2010) Number of reportable environmental incidents*
Production volumes 20% increase in production to between 5.4Moz and 5.6Moz (base year 2010) Total gold production
Total cash costs 20% decrease in real unit costs (excluding mining inflation, royalty and fuel price impact) (base year 2010) Total cash costs ($/oz)
Financial performance Delivery of returns to shareholders of 15% through the cycle Return on shareholders equity
Social licencing 40% improvement through to 2015 Number of operational interruptions Approvals withheld or delayed on account of inadequate community engagement Value added through community engagement

Each year, we will report back to shareholders on the progress that we have made towards achieving these targets. The social licencing targets were only introduced in 2011 and we will report against these in 2012.

Target Progress 2010 – 2011

Target: To achieve an AIFR of less than 9 per million hours worked, we must reduce our AIFR by 34% by 2015.


Base: Actual three-year rolling average 2008 to 2010 of 13.68 per million hours worked

Actual 2011: 9.76 per million hours worked

Improvement on base rate of 29%

AIFR graph
Target: To achieve a 20% improvement in productivity (oz/TEC), we must increase productivity to 10.98oz/TEC by 2015.

Base: 9.15oz/TEC in 2010

Actual 2011: 9.32oz/TEC in 2011.

Improvement from base rate of 1.85%

Productivity graph
Environmental performance:
Environmental incidents

Target: To achieve a 30% reduction in reportable incidents, we must reduce the number of environmental incidents to less than 19 a year by 2015.

Base: 27 environmental incidents reported in 2010

Actual 2011: 27 environmental incidents reported in 2010

Continental African sustainability projects should improve performance

Target: To produce between 5.4Moz and 5.6Moz by 2015, we must increase production by at least 20% by 2015.


Base: 4.51Moz in 2010.

Actual 2011: 4.33Moz

2011 actual production adversely affected by floods in Australia and Section 54 stoppages in South Africa

Total cash costs:

Target: To achieve a 20% improvement in real unit costs by 2015, we must reduce real unit costs to $510/oz by 2015.


Base: $638/oz

Actual 2011: $728/oz ($645/oz excluding mining inflation, royalty and fuel price impact)

2011 actual unit cash cost performance affected by production

The impact in 2011 compared to 2010 of foreign currencies against the US dollar was not significant

Return on total shareholder equity:

Target: To achieve a return on total shareholder equity of 15% through the cycle to 2015.

Base: 20%

Actual 2011: 25%

Target exceeded in 2011 Return on net capital employed 2011: 20%