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Investment case

AngloGold Ashanti presents an attractive investment value proposition. As the world’s third largest gold producer the company, AngloGold Ashanti has a significant asset base, with detailed strategic plans to unlock and grow production to between 3.2Moz and 3.6Moz by 2025.

2020 performance highlights

Generated $1.0bn free cash flow (FCF) before growth - leading to fivefold increase in dividends
Added 6.0Moz of gross Ore Reserve - improving group reserve life to ~11 years
Streamlined, margin-focused portfolio - 10 operating assets and 2 greenfield projects
Prioritised the wellbeing of our employees and communities through our COVID-19 response
Significant balance sheet capacity - $2.8bn in liquidity, leverage > 80% below 1.0x target through the cycle
Provided 2-year detailed guidance, as well as 5-year indicative outlook on production, cost and capital
  • Our well-defined, disciplined and shareholder-focussed capital allocation framework is supported by significant cashflow generating ability, a strong balance sheet and our firm intention to return rewards to shareholders. Further debt reduction is envisaged.
  • Our self-generated and self-funded project pipeline is able to support substantial long-term production plans, and is complimented by our proven track record in replenishing and increasing ore reserves. Growth is only pursued where it is value-accretive, with a singular focus on risk-adjusted returns.
  • AngloGold Ashanti’s strong ESG focus is embedded into the way we work and act, and drives our plans and actions from exploration to construction, from operation to closure.
Responsible Mining Index
S&P Global

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