Our business model

The conduct of our business entails the efficient use of capital inputs. Delivery on our strategy entails optimising and balancing use of these inputs, enhancing positive outcomes and impacts, and minimising those that are negative. Our business model describes how we create stakeholder value and is informed by our vision, mission and strategy.

Our capitals

Natural capital
Human capital
Natural capital
Natural capital
Natural capital
Natural capital

The efficient extraction and processing of gold-bearing ore requires well-maintained mining infrastructure, plant, machinery and equipment.



2.5Moz of gold

3.5Moz of silver

173t of sulphuric acid

Revenue generated


Mining waste generated as follows

44.1Mt of tailings deposited

146.5Mt of overburden and waste rock

21.0Mt of hazardous waste
responsibly managed

Emissions generated

1,380Kt GHG emissions (CO2e)

4,968t Nitrous oxides (NOx)

174t Sulphur dioxide (SO2)


A pipeline of economically viable mineable orebodies is essential to our business, as are the land, energy and water used in the mining and processing of ore.

Inputs and related actions – 2021

Began year with:
  • A Mineral Resource of 124.5Moz, of which 29.7Moz was classified as Ore Reserve
  • 639,709ha of land under management
  • Active greenfield and brownfield exploration programmes to identify potentially viable orebodies
During the year, we:
  • Treated/milled 44Mt of ore
  • Consumed 22.04PJ of energy
  • Withdrew 33.12GL of water
  • Exploration (brownfield and greenfield) spend of $217m
  • Continued project to convert our Brazil tailing storage facilities (TSFs) to dry stacking at a cost of approximately $140m for 2021
  • Approved a new Climate Change Strategy to address our energy consumption and greenhouse gas (GHG) emissions and started work on setting new GHG emissions targets for 2030

Outcomes of our actions 2021 (by year end)

  • Mineral Resource of 123.2Moz and Ore Reserve of 29.8Moz post depletion at year end
  • Maiden Mineral Resource declared for Silicon in Nevada of 3.4Moz
  • Agreed to acquire Corvus Gold (Corvus) to increase our position in the Beatty district of Southern Nevada. Corvus properties are adjacent to our own landholdings in the area (acquisition completed on 18 January 2022)
  • 5 reportable environmental incidents (2020: 8)
  • 639,709ha under management of which 806ha was newly disturbed and 177ha rehabilitated at the end of 2021
Energy and GHG emissions*
  • Achieved an energy use intensity of 0.50GJ/t treated (2020: 0.37GJ/t treated)
  • Recorded a GHG emissions intensity of 31kg CO2e/t treated (2020: 33kg CO2e/t treated)
  • Achieved a water use intensity of 0.75kL/t treated (2020: 0.68kL/t treated)
  • Re-used 67% of water (2020: 73%)

For further data, see ESG and Sustainability Data Workbook


Access to cost-efficient capital funds to sustain our business and ensure future growth. Investment in the business aims to enhance performance and efficiency, to improve margins and sustainably extend operating lives. Main sources are operating cash flow, borrowings (bond and credit facilities), and equity.

Inputs and related actions – 2021

Began year with:
  • Total equity of $3.74bn
  • Cash and cash equivalents of $1.33bn
  • Adjusted net debt of $597m
  • Undrawn credit facilities of $1.5bn
  • Market capitalisation of $9.43bn
During the year, we:
  • Generated $1.268bn in operating cash flow (2020: $1.545bn). The decline was mainly due to the reduced ounces of gold sold and higher operating costs, partially offset by the marginally higher gold price received, lower cash taxes, higher dividends received and favourable movements in working capital. See CFO’s report and outlook
  • Began implementation of a new Operating Model which is being introduced to create a foundation to ensure improved operating outcomes in 2022 and beyond
  • Issued seven-year $750m bonds at lowest-ever coupon for AngloGold Ashanti of 3.375% per annum
  • Successfully redeemed $750m of 5.125% per annum bonds scheduled to mature in 2022

Outcomes of our actions 2021 (by year end)

Ended the year with:
  • Robust balance sheet – strong liquidity of approximately $2.6bn, low leverage of 0.42 times adjusted net debt to adjusted EBITDA, and refinanced our longer-term debt through the redemption of the 2022 bonds
  • Adjusted net debt of $765m, down 76% from its 2014 peak – without raising additional equity
  • 58% lower finance costs since 2014
  • Net cash position – cash and cash equivalents of $1.154bn
  • Free cash inflow of $104m, down from $743m in 2020 (1)
  • Adjusted EBITDA of $1.8bn, down from $2.47bn in 2020
  • Capital expenditure of $1.1bn, up from $757m in 2020 (2)
  • Headline earnings of $612m, down from $1,000m (1) in 2020
  • Share price down by 7% in 2021, negatively impacting market capitalisation at 31 December 2021
  • Since 1 September 2021, the share price has increased by 39%, compared with a 15% increase in the Market Vectors Gold Miners Exchange Traded Fund, making AngloGold Ashanti’s one of the best-performing major gold shares over that period
  1. Includes discontinued operations
  2. Includes joint ventures


Successful, profitable, sustainable operations rely on the skills, knowledge, productivity, motivation and well-being of employees.

Inputs and related actions – 2021

Began year with:
  • Safety policy and functional support dedicated to zero harm and eliminating fatalities
  • Experienced, diverse leadership and board
  • Policy promoting equality, diversity and inclusivity
  • Employee localisation a focus area – especially in the Africa region
  • Motivational reward structures linked to strategic performance and delivery
During the year, we:
  • Employed an average of 30,561 people, including 16,384 contractors (2020: excluding South African operations – 28,655 and 14,937 respectively)
  • Revitalised safety strategy and introduced a related three-year work plan focused on leadership and people, processes, technology, innovation and risk management
  • Embarked on design and implementation of new Operating Model, including organisational restructuring
  • Spent $7m on critical skills training and development
  • Supported national COVID-19 vaccination initiatives

Outcomes of our actions 2021 (by year end)

  • Restructuring related to new Operating Model resulted in a reduction in central function roles of 215 people
  • Restructuring across the group’s business units will be completed during 2022
Diversity and training
  • In 2021, women made up:
    • 12.3%* of total workforce (2020: 12.6%)
    • 36% of board members (2020: 44%)
    • 33% of executive management (2020: 33%)

* 12.3% reflects only employees on payroll

Employee relations
  • Maintained strong employee relations – no industrial action
Safety and health
  • 2 fatalities (2020: 6 (includes South Africa))
  • Overall improved health performance
  • Excluding South Africa, safety performance regressed, though injury rates remain well below the ICMM peer average; severity of injuries also continues to decline
  • Around 85% of workforce fully vaccinated (excluding boosters) by end 2021 – this has greatly supported the process to normalise operations


The efficient extraction and processing of gold-bearing ore requires well-maintained mining infrastructure, plant, machinery and equipment.

Inputs and related actions – 2021

Began year with:
  • Ten mining operations – with accompanying infrastructure, gold processing plants and equipment, and four growth projects in development (Obuasi, Gramalote, Quebradona, Beatty District in Nevada)
  • Tangible assets, right of use assets and intangible assets with a book value of $3.157bn
  • Relevant exploration and mining rights, permits and licences
During the year, we:
  • Incurred total cash costs of $2.3bn
  • Spent $778m * on sustaining operations and enhancing performance (sustaining capital)
  • Implemented new Operating Model to streamline and empower our operations to enable them to deliver consistently and safely on plans
  • Progressed growth projects

For details on materials consumed – such as cyanide, diesel, explosives, acids and alkalis, among other items – in the course of our mining and processing activities, see ESG and Sustainability Data Workbook 2021

Outcomes of our actions 2021 (by year end)

  • At 31 December 2021, tangible assets, right of use assets and intangible assets with a book value of $3.757bn
  • Phase 2 construction complete
  • Phase 3 underway
  • Ramping up to 4,000tpd and an annual rate of gold production of 320,000oz to 340,000oz in the fourth quarter of 2022
North American project:

Aim of the Corvus acquisition is to use this combined portfolio of Nevada assets (along with our own emerging resource base in the region) to establish a low-cost, long-life production base over the medium term in the Beatty District

Colombian projects:

Quebradona, an attractive long-life, high-grade, low-cost project, will introduce copper production into the portfolio. Colombia’s environmental agency ‘archived’ our environmental licence application for Quebradona, meaning that it declined to approve or deny the appreciation.

AngloGold Ashanti has filed an appeal to secure further details on specific information the agency requires. The aim is to prepare, submit and process a new environmental licence request for Quebradona in due course. Gramalote is a joint operation with B2Gold. The final feasibility study for the Gramalote project is expected to be delivered this year


Honest, constructive stakeholder relations aid understanding of stakeholder needs and expectations, underpinning our licence to operate. All stakeholder engagement is guided by our values and Code of Ethics.

Inputs and related actions – 2021

Began year with:
  • Dedicated community engagement structures to foster strong relationships based on trust
  • A reliable, cost-focused and representative supplier database, aligned with our Supplier Code of Conduct, prioritising local suppliers
  • Community grievance mechanisms in place across our operations
  • Commitment to share value and socio-economic benefits of our mining activities
During the year, we:
  • provided informative, transparent, regular and reliable disclosure to all key stakeholders
  • maintained constructive relationships with government and regulators
  • invested $18.1m(1) in community projects to promote resilient socio-economic development

1. Excludes joint venture

Outcomes of our actions 2021 (by year end)

Shareholders and investors
  • Maintained investor confidence by delivering on strategic objectives and targets, solid financial performance and consistent, regular targeted engagement
Governments and regulators
  • Constructive relations maintained by regular, reliable engagement, regulatory compliance and responsible citizenship
  • Regulatory compliance – no material fines received for non-compliance
  • Overall positive community relationships were boosted by active engagement and provision of local employment and procurement opportunities, infrastructure and services
  • Community partnerships and relations strengthened by collaborative efforts to combat COVID-19
  • 447 community complaints received, of which 48 remained unresolved at year end
  • No human rights violations reported for fourth consecutive year


Strong governance framework, organisational systems and procedures – underpinned by technological innovation to optimise system and process efficiencies, and outcomes – essential to delivery on our vision, mission and strategy.

Inputs and related actions – 2021

Began year with:
  • Integrated, focused strategy supported by sound management systems and a robust corporate governance framework encompassing effective risk management
  • A values-driven culture that is guided by Our Code
  • The necessary policies are in place to ensure responsible environmental stewardship and consumption, and responsible corporate citizenship
  • A solid brand and reputation
During the year, we:
  • conducted Project Thrive aimed at restructuring and streamlining our organisation to bring about significant efficiency improvements and ensuring its long-term success, which occurred hand-in-hand with the roll-out of the new Operating Model
  • conducted a company-wide culture survey as first step in the initiative to refresh organisational culture and values
  • progressed digital transformation roadmap – defined the initiatives to be implemented and advanced to feasibility stage. These initiatives are grouped as follows:
    • Digital supply chain
    • Connected assets
    • Intelligent planning and engineering
    • Digital mining operations
    • Connected assets
    • Next generation safety and sustainability

The expected benefits from the roadmap are: improved operational efficiencies; greater agility; improved recoveries; greater staff engagement; reduced costs; and improved safety. Investment to progress the initiatives to feasibility amounted to around $200,000 and entailed:

  • Adopting the Control Objectives for Information and Related Technology (COBIT) framework to improve IT governance. This assisted in meeting regulatory compliance, risk management and aligning the IT strategy with the organisation’s overall goals
  • Adopting several new processes while the maturity of several existing processes increased to level 4 maturity to further strengthen governance
  • Aligning board reporting with King IV principles for good governance

Outcomes of our actions 2021 (by year end)

  • Maintained our focus on a robust governance framework, organisational systems and procedures, underpinned by integrating all sustainability systems and processes through our Integrated Sustainability Information Management System (iSIMS). The systems implementation began during the year to increase efficiencies and improve outcomes which are essential to delivering on our strategy, aligned to the new Operating Model
  • New Climate Change Strategy developed to enhance proactivity and transparency in mitigating current and future climate risks; measures being taken to strengthen the climate resilience of our business
  • Results of the culture survey are being analysed and will be used to guide learnings on how to improve engagement and collaboration with one another in pursuit of our strategic goals
  • Committed to a target of net zero Scope 1 and 2 GHG emissions by 2050, and, in partnership with our value chain partners, to set Scope 3 GHG emissions reduction targets, if not by the end of 2023, as soon as possible thereafter