Business context

Corporate profile

AngloGold Ashanti is a global gold mining company with a geographically diverse, world-class portfolio of operations and projects. Headquartered in Johannesburg, South Africa, AngloGold Ashanti is the third largest gold mining company in the world, measured by production.

Our portfolio of 20 operations in 10 countries and a group of greenfield projects in Colombia is supported by a focused exploration programme. It comprises long-life, relatively low-cost assets with differing ore body types located in key gold-producing regions. A number of these assets are strongly leveraged to energy costs and currencies.

We work across the full spectrum of the mining value chain and are concerned with the impact of our activities on the varied and many communities and environments in which we operate. Our goal is to create sustainable value for our shareholders, employees, and social partners through safe and responsible mining practices and capital discipline.

Over the past two years, AngloGold Ashanti has transformed its business for improved efficiency and competitiveness and to deliver a record safety performance alongside production growth, reduced operating and overhead costs and improved cash flows. We will continue to aggressively identify and implement further operational efficiencies, reduce overhead structures, improve capital discipline and pursue other initiatives to improve underlying business performance. The company will also accelerate actions – including reducing debt, simplifying its portfolio and investigating options to unlock value from the Colombian portfolio – to strengthen its balance sheet.

Our organisational and management structure is aligned with global best corporate governance practices. Group support functions include planning and technical, strategy, sustainability, finance, human resources, legal and stakeholder relations. The planning and technical function focuses on the management of opportunities and the maintenance of long-term optionality in the business through a range of activities which includes brownfields and greenfields exploration, innovative research and technology development with a focus on mining excellence.

AngloGold Ashanti is an independent gold producer with a diverse spread of shareholders comprising the world’s largest financial institutions.

Average gold price received ($/oz)
Annual production (Moz)
Annual gold income ($bn)
Annual capital expenditure* ($bn)

Location of Anglogold Ashanti’s operations and advanced projects

Percentages indicate the ownership interest held by AngloGold Ashanti, whether directly or indirectly. All operations are 100%-owned unless otherwise indicated.

  1. (1)Nuevo Chaquiro is the deposit within the Quebradona project.
  2. (2)Both Morila and Kibali are managed and operated by Randgold Resources Limited.
  3. (3)Mining has ceased at the Yatela mine which is in closure process.
  4. (4)The process of integrating Great Noligwa into Moab Khotsong began in 2014 and these operations will be treated as one cash-generating unit from 1 January 2015.
  5. (5)For the purposes of this report, Surface Operations includes First Uranium SA, which owns Mine Waste Solutions (MWS). MWS is managed and operated as a separate cash-generating unit.


Our operations are grouped regionally as follows:

  • South Africa (Vaal River, West Wits and Surface Operations)
  • Continental Africa (Democratic Republic of the Congo, Ghana, Guinea, Mali and Tanzania)
  • Americas (Argentina, Brazil and the United States)
  • Australasia (Australia)


Exploration is aimed at providing an organic growth pipeline thereby creating significant value for the company.

Greenfields and brownfields exploration takes place in both established and new goldproducing regions through managed and non-managed joint ventures, strategic alliances and wholly-owned ground holdings. Our world-class discoveries include La Colosa, Gramalote and Quebradona (Nuevo Chaquiro) in Colombia and Tropicana in Australia.


AngloGold Ashanti is an independent gold producer, with a diverse spread of shareholders comprising the world’s largest financial institutions. The Government of Ghana holds a 1.58% interest in the company.

The respective national governments hold direct interests in our operating subsidiary in Guinea and joint ventures in the DRC and Mali. In Argentina, the province of Santa Cruz has an interest in the Cerro Vanguardia operation.

The primary listing of the company’s ordinary shares is on the JSE in South Africa. Its ordinary shares are also listed on the New York, Australian and Ghana stock exchanges. More detailed information on our stock exchanges listings is provided in the section on Shareholder Information.

At the end of December 2014, AngloGold Ashanti had 404,010,360 ordinary shares in issue and a market capitalisation of $3.51bn (2013: $4.73bn). Post year-end, at 19 March 2015, the date of approval of this report by the board, the market capitalisation was $3.80bn.


While gold is the principal product, depending on local geological characteristics, several by-products are also produced. These are silver in Argentina, uranium in South Africa and sulphuric acid in Brazil. In compliance with all applicable legislations, great care is taken to ensure the safe production, transportation and storage of uranium and sulphuric acid, which are potentially hazardous.

Once mined, the gold ore is processed into doré (unrefined gold bars) on site and then dispatched to precious metals refineries for refining to a purity of at least 99.5%, in accordance with the standards of ‘good delivery’ as determined by the London Bullion Market Association (LBMA). This refined gold is then sold directly to bullion banks.

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