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Integrated Report 2016 Contents INTEGRATED REPORT 2016 CONTENTS To create value for our shareholders, our employees and our business and social partners through safely and responsibly exploring, mining and marketing our products. Our primary focus is gold, but we will pursue value creating opportunities in other minerals OUR where we can leverage our OUR existing assets, skills and MISSION experience to enhance the VALUES delivery of value. HOW TO USE THIS REPORT This is an interactive PDF. Navigation tools at the top left of each page and within the report are indicated as follows. Interactive indicator Contents page Print Previous page Next page Undo Search Website Email Download Page reference Video INTEGRATED REPORT 2016 1 SECTION 1 OVERVIEW About our reports / 3 Directors’ statement of responsibility / 4 Corporate profile / 5 Chairman’s letter / 7 Highlights of the year / 10 CEO’s review / 11 An overarching view of our reports, the Chairman’s message to our stakeholders, the profile of the company and the year’s highlights, as well as the CEO’s account of delivery on the last year’s commitments and an outlook for the year ahead. INTEGRATED REPORT 2016 2 Picture: Kibali, DRC ABOUT OUR REPORTS AngloGold Ashanti Limited’s Notice of Annual General Meeting and SCOPE AND BOUNDARY investors. Stakeholders are also referred to (AngloGold Ashanti’s) 2016 suite Summarised Financial Information (Notice OF REPORTS the supplementary reports in this suite and the of Meeting) <NOM> is produced and posted <SDR>, in particular, for additional information. The 2016 suite of reports covers the year from of reports is made up as follows: to shareholders in line with the JSE Listings 1 January to 31 December 2016. We also report Requirements and the requirements of the As this is a group-level report, operational on any material events that have occurred from Integrated Report <IR> is the primary South African Companies Act, 71 of 2008, targets and performance are discussed at year-end to the date of the reports’ approval by document in our suite of reports and provides as amended (Companies Act). regional level rather than per individual site, the board on 22 March 2017. a concise overview and explanation of although some operational detail is provided Sustainable Development Report <SDR>, where appropriate. Detailed information, our performance in terms of our strategic The reports cover the entire company and its compiled in line with the Global Reporting including maps of our exploration activities of objectives and the related outlook for the main business units and functions, including Initiatives’ (GRI’s) latest G4 guidelines, is both our greenfields and brownfields studies, company. Both financial and non-financial our joint ventures and investments, over published together with the accompanying is available on the AngloGold Ashanti website, performance are reviewed. which we exercise control or have significant GRI scorecard and supplementary data. www.anglogoldashanti.com. influence. Performance is reported regionally, Mineral Resource and Ore Reserve in line with our corporate structure. Full Information relating to joint ventures and other Report <R&R>, presented in line with the disclosure is provided for all operations interests is provided for context and where SAMREC and JORC codes, provides detailed managed by AngloGold Ashanti. Those deemed to be material. Production and capital information on all our operations and projects. operations in which we have an ownership expenditure are expressed on an attributable interest – Kibali in the Democratic Republic basis, unless otherwise indicated. Annual Financial Statements <AFS> are of the Congo (DRC) and Morila in Mali – prepared in accordance with the International and which are managed and operated Employee data, average workforce data, Financial Reporting Standards (IFRS). by Randgold Resources Limited, our joint including employees and contractors, are venture partner in these operations, are reported for AngloGold Ashanti with joint A dedicated annual reporting website, partially reported in terms of their safety ventures reported on an attributable basis. www.aga-reports.com, hosts PDFs of the full and environmental and socio-economic Employee and workforce data reported suite of these reports to facilitate ease of access performance. There have been no significant includes both our employees and contractors. by and communication with our stakeholders. changes to the scope, boundary or All-in sustaining costs ($/oz) and all-in costs measurement methods applied in this report ($/oz) exclude stockpile write-offs. and, where restatements to comparatives have Visit our reports website: been made, these are as indicated. The intense focus on containing and www.aga-reports.com managing costs and improving margins Visit our corporate website: Although we have a diverse range of continued in 2016, as did active www.anglogoldashanti.com stakeholders, each with their own specific management of our portfolio and reducing information requirements, this report is aimed net debt levels while retaining long-term Download the full suite of reports primarily at investors, financiers and potential optionality in our portfolio. INTEGRATED REPORT 2016 3 Picture: Geita, Tanzania ABOUT OUR REPORTS (CONTINUED) In this report, we describe what we have business. The outcome of these reviews and Note: AngloGold Ashanti reports its group financial CORPORATE STATUS done to create value and to achieve our external assurances, as well as the independent information in US dollars (US$) in all its reports. Unless otherwise stated, the use of ‘$’ or ‘dollar’ DURING 2016 stated strategic objectives in the past year, technical reviews conducted, provided refers to US dollars. • Obuasi, which was impacted by the what we have used to do this, what the reasonable assurance to allow the board, on occupation of illegal miners, transitioned impact of these actions has been, the risks the recommendation of the Audit and Risk to care and maintenance affecting our ability to achieve our strategic Committee, to determine the effectiveness of the group’s system of internal controls. • The closure process at Yatela objectives, the circumstances that have affected our ability to generate value and continued and is scheduled to be The board and executive management “The content of this integrated how well we have performed towards our completed in 2021 consider the matters discussed in this report report is based on our overarching goal of creating value. • All other assets remained fully operational. to be those that most influence our ability to strategy, the primary aim of which • Disclosure in this report is limited to The material risks and issues discussed in this successfully achieve our strategic objectives, is to create value by generating continuing operations, having sold report are considered to be those most likely create value and manage the risks we face, sustainable free cash flow Cripple Creek & Victor in the United to affect the group’s sustainability. In identifying and believe that this report fairly records our States in 2015 these, we have taken into account the external performance in the past year. improvements and returns.” environment in which we operate, our current performance and feedback obtained from THIS INTEGRATED REPORT stakeholders during the year, while we have also identified opportunities for the business. In compiling this report, we have been guided DIRECTORS’ STATEMENT OF RESPONSIBILITY The report also covers the company’s tax by the International Integrated Reporting strategy, which is discussed in the Corporate Council’s (IIRC) framework on integrated The Board of Directors of AngloGold Ashanti, assisted by the Audit and Risk Committee, Governance section. Further information on reporting, the South African Companies Act is ultimately responsible for overseeing and confirming the integrity and completeness of AngloGold Ashanti’s material sustainability and JSE Listings Requirements. While we this <IR> and the entire suite of 2016 reports, with the Social, Ethics and Sustainability issues is presented in the <SDR>. are currently reporting in line with the King Committee overseeing the <SDR>. Report on Governance for South Africa 2009 (King III), we have begun to align with that APPROVALS AND ASSURANCE The board, having reviewed and applied its collective mind to the preparation and report’s successor, the Report on Corporate Several internal processes that include, among presentation of this report, declared that the Integrated Report addresses all material issues Governance for South Africa 2016 (King IV). others, management assurance and reviews and fairly presents the organisation’s integrated performance and its impacts. by internal audit of the information and data in The content of this integrated report is our reports are conducted. The board, on the recommendation of the Audit and Risk Committee, approved the based on our overarching strategy, the Integrated Report 2016 on 22 March 2017. primary aim of which is to create value Operations within AngloGold Ashanti were by generating sustainable free cash subjected to risk-based, integrated, combined Sipho M Pityana Wiseman Nkuhlu Srinivasan Venkatakrishnan Christine Ramon flow improvements and returns from our assurance reviews focusing on commercial, Chairman Deputy Chairman Chief Executive Officer Chief Financial Officer exploration, mining and processing activities. safety and sustainability aspects of the INTEGRATED REPORT 2016 4 CORPORATE PROFILE
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