Business model – how we create value

We create value by safely and responsibly mining and marketing our products. Delivering on our mission entails ensuring that our business model and strategy are sufficiently robust and flexible to adapt to the ever-changing, dynamic world in which we operate.

Understanding the world in which we operate, how it impacts us, stakeholder expectations and how we impact others, is essential to successful delivery on our strategy and value creation. This understanding enables effective planning to mitigate risks, act on opportunities and deliver on our strategic objectives.


Operating environment

Political environments, location, global macro-economics, and financial markets all have an impact on our ability to create value. Analysing, monitoring and evaluating variables and trends in our external environment guide us in identifying and managing risks and opportunities, and delivery on our strategy, enabling us to create value in the short and long term.

See our external operating environment in the <IR>, page 18.

Stakeholder relations

Similarly, our stakeholders can potentially have an impact on our operations and licence to operate. Their needs and expectations, our impact on them and the quality of our relationships with them can potentially affect our performance and ability to create value. Positive, transparent and regular interaction with stakeholders helps us to identify and better manage those material issues which matter most to stakeholders.

See Stakeholder engagement in the <IR>, page 30.

Material issues

The material matters identified through feedback from our stakeholder engagement in terms of environmental, social and governance (ESG) factors are:

  • Responsible environmental stewardship
  • Employee safety
  • Employee and community health
  • Contributing to resilient, self-sustaining communities
  • Employee, community and asset security
  • Artisanal and small-scale mining
  • Talent management, skills development and employee relations
  • Respecting human rights
  • Navigating political uncertainty and risk

See material issues in the <SR>.

Key risks and opportunities


  • Elevated political and country risk
  • Operational underperformance
  • Delivery of growth projects
  • Adverse gold, commodity and currency movements
  • Cost competitiveness
  • Covid-19*


  • Balanced and disciplined approach to capital allocation
  • Portfolio optionality through exploration and greenfield projects
  • Business planning, optimisation and streamlining portfolio
  • Improved production mix and cost profile
  • Higher gold price

* See managing our risks and opportunities in the <IR>, page 20.



All that we do is guided by an overarching governance framework – decision-making, the conduct of our business and stakeholder engagement

Our core business activities are …

  2. 1
    Exploration and
    mine development
  3. 2
    Mining, processing
    and refining
  4. 3
    Generating revenue,
    financial management
  5. 4
    and closure

Simultaneously, we acknowledge and act on our corporate social responsibilities

See corporate governance in the <IR>, page 110.

Our strategy is …

…to generate sustainable cash flow improvements and shareholder returns by focusing on five core strategic areas, each of which drives our plans for inward investment to enable improved quality of production, increased margins, extended mine lives and a portfolio that is viable in the longer term.

Supporting our strategy for sustainable cash flow improvements and returns Improve portfolio quality Maintain long-term optionality Focus on people, safety and sustainability Ensure financial flexibility Optimise overhead, costs and capital expenditure

Strategic planning goes hand in hand with the responsible and efficient allocation of resources. See <Our strategy and investment case>

Creating and sharing value

Our overall aim is to create sustained long-term value for our stakeholders – employees, communities, investors and other business and social partners – and to leave communities and society better off for our having been there.

We ensure that we deliver on our mission and strategy and that we respond thoughtfully to opportunities while managing and minimising risks effectively.

Value by stakeholder:

For investors

Consistent, sustained returns by creating value, delivering sustainable free cash flows and growing dividends

For employees

Employment means learning and earning – training and skills development. Establishing a culture of accountability and respect

For communities

Investment in host communities – jobs, local economic development, infrastructure, health and education. We work in partnership to ensure that communities are socially and economically viable post mining. This includes promoting and facilitating local procurement and enterprise development as well as addressing and mitigating our social and environmental impacts

For governments

Contributions to the national fiscus, both directly and indirectly, with the payment of royalties and taxes and personal income tax on behalf of employees