How we create value

To fulfil our purpose and mission, we have in place an integrated business model and a resilient and flexible strategy that enables AngloGold Ashanti to respond as necessary to the constantly changing world in which we operate. We strive for agility in our strategic decision making and in our response to a dynamic operating environment and unpredictable economic and commodity cycles, to enable us to sustain long-term value creation.

To create value and deliver on our vision and mission, the following elements are in place:


Understanding our context

External operating environment

The global macro-economic, geopolitical and financial landscape, as well as the location of our operations and their specific political and social dynamics, all affect our ability to deliver on our strategy and to create value over time.

See Our external operating environment

Stakeholder engagement and key relationships

In conducting our business, we have an impact on stakeholders and they, in turn, through their needs, actions and expectations, influence our business and our social licence to operate

Our approach to inclusive stakeholder engagement seeks to balance the interests and expectations of stakeholders over time. Constructive and respectful dialogue with stakeholders is vital in managing these expectations and any issues identified.

See Integrated stakeholder engagement in this report and Focusing on our material issues in the <SR>.


Identifying our risks, opportunities and key issues

Risks and opportunities

Understanding the world in which we operate, the supply and availability of the scarce resources we rely on to conduct our business, as well as stakeholder relationships and expectations, guide us in identifying, prioritising and managing our risks and opportunities. This enables planning and initiatives to effectively mitigate such risks, to act on opportunities and to achieve our strategic objectives.

See Managing our risks and opportunities

Key issues

Our materiality assessment process prioritises and integrates into our strategy and business model those key issues affecting our ability to create value. Understanding and managing stakeholder needs, expectations and concerns, and how we in turn affect them, is vital to the successful delivery on our strategy and to value creation.

See Focusing on our material issues in the <SR> and Integrated stakeholder engagement in this report.


Strategising and allocating resources


Mining is a long-term business, and so our strategy aims to create sustained value over the life of our mining operations and beyond. This involves the allocation of key resource inputs – the natural, financial, human, manufactured, social and relationship, and intellectual capitals – which are essential to achieving this aim.

Business model

We actively manage our activities as we try to mitigate negative impacts of our operations and seek to achieve positive outcomes.

Understanding the long-term impacts of decisions on the allocation and use of capital inputs, and resulting strategic trade-offs, is essential to long-term value creation and preservation, and to limiting value erosion.

See Our business model and Performance and delivery by strategic focus area.


Creating and preserving value

Sustained value creation over time requires responsible corporate citizenship and encompasses social upliftment, careful environmental stewardship, effective governance and the creation of economic opportunities for communities, suppliers and governments.

Our mission to create value is supported by an emphasis on ESG performance. This is supported by our values and the foundation of our strategy – our enduring focus on people, safety and sustainability.

See Performance and delivery by strategic focus area
and Value by stakeholder


1. Exploration and development

Establish and maintain a pipeline of economically viable and competitive projects to develop long-term mining operations. Exploration is a cornerstone of our business.

2. Mining, processing and refining

Operate and maintain mining and processing infrastructure and equipment, and ensure a skilled and trained workforce to enable cost-efficient, safe operations.

3. Sale of product, financial management

Sale of gold and by-products to generate revenue. Solid financial management and disciplined capital allocation ensures positive, sustained cash flow and returns.

4. Rehabilitation and mine closure

Develop and maintain constructive stakeholder relations to support our regulatory and social licences to operate, minimise and mitigate our environmental impact and manage closure responsibly in line with our values.


Our overarching corporate governance framework underpins value creation and the long-term sustainability of our business. Together with our Code of Ethics, which is based on our values, the corporate governance framework is crucial to the successful achievement of our business objectives, delivery on our strategy and value creation. It guides all decision-making, business activities and actions.