About this report

The aim of this report is to provide balanced insight into AngloGold Ashanti’s ability to create and preserve value in the prevailing operating context. This report provides a concise overview of our overall performance and prospects, to assist the reader in making an informed decision on our ability to create value in the short, medium and long term, and on the future viability of our business

Reporting period

Our integrated report is published annually. This Integrated Report 2021 (<IR>) covers the performance of AngloGold Ashanti and its subsidiaries, associates and investments for the financial year 1 January to 31 December 2021. For completeness, any significant events occurring from the end of the year 2021 to the date of approval of this report are included.

Scope and boundary

This report describes our business model, strategy, significant risks, opportunities and issues, and our overall performance and related outcomes and prospects for the year under review. In addition to AngloGold Ashanti’s financial performance, we also present information relating to our non-financial (social and environmental) and governance performance.

The boundary for this integrated report is determined by our operating environment, the related risks, opportunities, and outcomes, and by the results of engagement with key stakeholders who may potentially affect our ability to create sustained value.

This is a group-level report, covering the entire Company, its joint ventures and investments. All managed operations are fully reported. Our joint venture, Kibali (AngloGold Ashanti, 45%), is partially reported. More detailed information on Kibali is provided on the corporate website of our joint venture partner, Barrick Gold Corporation (Barrick), which manages the operation.

References to discontinued operations relate to South African operations disposed of during 2020. The remaining operations are classified as continuing operations.


This <IR>, aimed primarily at long-term investors, shareholders and other providers of financial capital, endeavours to enable informed decision-making by aiding understanding of AngloGold Ashanti’s potential long-term viability and ability to create and protect value.

The report also provides information on the creation and preservation of value relevant to other stakeholders – employees, suppliers and business partners, communities and governments.

Our reporting boundary

For our operating assets and related shareholdings, see About AngloGold Ashanti. For detail on our principal subsidiaries and operating entities, refer to the <AFS>.

More comprehensive information on our operational, financial, geological and sustainability performance is provided in the respective supplementary reports that are available from the home page.

Integrated reporting process

AngloGold Ashanti understands the importance of, and is committed to, integrated reporting and we aim to continually improve the quality of our reporting. The integrated reporting process begins with an evaluation of the previous year’s report to identify areas for improvement and enhanced disclosure. We also undertake benchmark and gap analyses to improve alignment with best reporting practice. The content of the <IR> is based on board reports, presentations, written submissions and interviews with key executives. Disclosure is overseen by a working group led by the CFO.

Draft copies are reviewed by subject specialists and senior executive management, including the CFO, prior to the report’s submission to the Audit and Risk Committee. This committee provides approval and recommends the report to the board for final approval.

Key issues

This report focuses on those factors that have the potential to significantly affect our ability to create value in the short, medium and long term, and which are of most interest to investors and shareholders, the primary audience. Consequently, we consider our most significant issue in this context to be the sustained profitability of our business, as measured by all-in sustaining costs, free cash flow, adjusted EBITDA and normalised return on equity (nCROE). Shareholders invest in AngloGold Ashanti to earn dividends and for capital appreciation (measured in aggregate by total shareholder returns), both of which are determined by earnings. This is acknowledged in our remuneration policy – see Rewarding delivery. Access to capital to fund future growth and development is also influenced by our long-term outlook for profitability.

Approval and assurance

While the <IR> is not independently assured as a whole, certain information presented has been subject to either an internal or external audit. Type of assurance and monitoring applied:

Annual financial statementsExternal financial audit (Ernst & Young (EY))
Sustainability (non-financial) dataExternal assurance of selected, material sustainability metrics (EY)
Operational and other financial and non-financial data, compliance and risk managementInternal audit (overseen by the Audit and Risk Committee)

The Audit and Risk Committee, on behalf of the board, approves and monitors the auditing and assurance of all reporting and related processes. See the <AFS> for this committee’s chairperson’s report.

Internal audit and related approval processes include, among others, regular management reviews of information and data published. Management also verifies the processes that determine all non-financial information.

In addition, our operations are subject to risk-based, integrated, combined assurance reviews of the financial, safety, compliance and sustainability aspects of our business. The outcomes of these internal processes and external assurances, as well as of any independent technical reviews, provide reasonable assurance to allow the board, on the recommendation of the Audit and Risk Committee, to determine the effectiveness of our internal control systems and procedures, and thus to ensure the accuracy of the information presented.

Reporting frameworks and compliance

In compiling this report, we have applied the International Integrated Reporting Framework and its guiding principles and content elements. In addition to the frameworks, standards and guidelines listed on the inside front cover of this report, we have also taken into account the World Gold Council’s Responsible Gold Mining Principles, the principles of the International Council on Mining and Metals (ICMM) and the guidelines of various sustainability indices prepared by ESG ratings agencies, such as the FTSE/Russell Responsible Investment Index (FTSE4Good), the S&P Global Corporate Assessment (CSA) and the Bloomberg Gender-Equality Index.


  • AngloGold Ashanti, the Company or the Group refers to AngloGold Ashanti Limited
  • Unless otherwise indicated, $ or dollar refers to the US dollar throughout
  • All information is attributable unless otherwise specified
  • Metric tonnes (t) are used throughout, and all ounces are troy ounces
  • Rounding of numbers may result in computational discrepancies