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Integrated Report 2019

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Integrated Report 2019 <IR> DIVERSIFIED, DECISIVE, SUSTAINABLE BUSINESS INTEGRATED REPORT 2019 2019 <IR> CONTENTS VISION ABOUT ANGLOGOLD ASHANTI 2 Who we are – corporate profile 4 Key features of the year 6 Our strategy and investment case 8 How we create value – our business model 10 Economic value-added statement 12 Chairman’s letter 14 TO BE THE WORLD IN WHICH WE OPERATE 16 Our external operating environment 18 Managing our risks and opportunities 20 Stakeholder engagement and material issues 30 LEADING DELIVERING ON OUR STRATEGY 36 CEO’s review and outlook 38 Focus on people, safety and sustainability 41 MINING People are our business 42 MISSION Managing ESG impacts for sustainability 48 COMPANY Ensure financial flexibility and optimise overhead costs and capital expenditure 56 To create value for our CFO’s review 57 shareholders, our employees and Financial review – three-year statistics 64 our business and social partners Improve portfolio quality and maintain long-term optionality 67 through safely and responsibly Regional reviews 68 exploring, mining and marketing Three-year statistics by operation 84 our products. Mineral Resource and Ore Reserve – summary 94 Exploration and projects – planning for the future 102 VALUES LEADERSHIP AND ACCOUNTABILITY 106 Audit and Risk Committee: chairperson’s report 108 Corporate governance, board and executive committee 110 Our values and beliefs guide all Remuneration and Human Resources Committee: chairperson’s letter 119 decision-making and activities Remuneration report – overview of remuneration policy 123 in the conduct of our business Remuneration report – implementation report 138 to ensure we make a positive impact. They underpin our CORPORATE INFORMATION environmental, social and Forward-looking statements 158 governance (ESG) performance. Administration and corporate information 159 VALUES AngloGold Ashanti’s 2019 suite of reports comprises: <IR> Integrated Report Notice of Annual General Meeting and Summarised <NOM>* Financial Information (Notice of Meeting) <SR> Sustainability Report Safety and Dignity and Accountability Communities Diversity Environment <R&R> Mineral Resource and Ore Reserve Report Health respect <AFS> Annual Financial Statements <WWW> Reporting website Sunrise Dam * Publication has been delayed as the forthcoming annual general meeting has been postponed. See www.aga-reports.com. PAGE 1 2019 <IR> ABOUT OUR REPORT Scope, boundary and reporting principles Legend of icons used in this report This integrated annual report, our primary report, covers the year Materiality and target audience from 1 January to 31 December 2019 and describes the relationship Strategic focus areas Material issues 1 between AngloGold Ashanti’s operational, financial and sustainable This report is aimed primarily at current and potential investors, and provides information considered to be development performances and our overarching governance Employee safety framework, how we manage risks and opportunities and our material and of interest to them, enabling an informed Focus on people, safety and sustainability assessment of our ability to create value and the future remuneration philosophy. In our reporting, we are committed to Employee and community health being honest and transparent. Structured in line with our strategic viability of our business. This integrated report will also objectives, this report provides a concise, balanced review of our be useful to other stakeholders – communities, various Contributing to resilient, self-sustaining communities overall performance and progress made in delivering on our strategy. levels of government, regulators, non-governmental Ensure financial flexibility This is done within the context of our external operating environment, organisations (NGOs), among others – who have an Responsible environmental stewardship the ensuing material opportunities, risks and stakeholder concerns interest in our performance and outlook. – as well as the long-term sustainability of our business. We also Employee, community and asset security The material risks and issues reported are those Optimise overhead, costs and capital expenditure discuss the resource capitals used as we conduct business, our considered most likely to affect the sustainability of Artisanal and small-scale mining impacts, their interrelatedness and the trade-offs made in order to our business in the short, medium and long term. deliver on our objectives. More detailed information on our sustainable In identifying these, as well as any opportunities Respecting human rights development performance and material issues is presented in the identified, we have considered our operating context Improve portfolio quality <SR> and in the individual <OP>, all of which are available online 1 . Talent management, skills development and and stakeholder feedback received during the year. Our employee relations In addition to complying with the King IV Report on Corporate most material stakeholder issues, which are referenced in this report, are discussed more fully in the <SR>. Governance for South Africa, 2016 (King IV), this integrated report Maintain long-term optionality Navigating political uncertainty and risk also complies with the International Integrated Reporting Council’s Framework on Integrated Reporting, the South African Companies 1 See <SR> for further detail on these material issues Act, No.71 of 2008 (as amended) and the JSE Listings Requirements. Approvals and assurance We have also considered the contribution we make to the United The information presented in this report has been subject to either Nations Sustainable Development Goals (SDGs), our support of the Our five capital resource inputs an internal or external audit. Internal audit and approval processes World Gold Council’s recently introduced Responsible Gold Mining include, among others, regular management assurance and reviews Principles, our responsibilities as a member of the International of information and data published. Council on Mining and Metals (ICMM) and other related targets. In addition, our operations are subjected to risk-based, integrated, This is a group level report covering the entire Company, its joint combined assurance reviews of the commercial, safety and ventures and investments. While performance and targets are NATURAL HUMAN AND MANUFACTURED FINANCIAL SOCIAL AND sustainability aspects of our business. The outcomes of these CAPITAL INTELLECTUAL CAPITAL CAPITAL CAPITAL RELATIONSHIP CAPITAL reported regionally, we report fully on all operations managed by internal processes and external assurances, as well as of any AngloGold Ashanti. Those operations in which we have an ownership independent technical reviews, provide reasonable assurance to interest but do not manage – Kibali and Morila – are partially reported. allow the board, on the recommendation of the Audit and Risk Several asset sales have been recently announced or are currently Committee, to determine the effectiveness of our internal control underway (see Corporate status – an update in the Corporate Directors’ statement of responsibility and commitment systems and procedures, and thus to ensure the accuracy of the profile). There were no significant changes to the scope, boundary information presented. The AngloGold Ashanti board, together with executive management, views the matters discussed in this report to be those or measurement methods used in this report. Any comparative that most influence our ability to successfully achieve our strategic objectives, to manage the risks we face and to create value. restatements are indicated. Financial information has been externally audited and signed off by It is the board’s collective opinion that the Integrated Report 2019 presents a balanced and fair account of AngloGold Ashanti, Ernst & Young (EY) while certain, selected sustainability performance Information on joint ventures and other interests is provided if our performance in the past year and our outlook for the short, medium and the longer term. The board confirms AngloGold indicators reported have also been assured by EY – for further considered material. Production, costs and capital expenditure data Ashanti’s commitment to ethical leadership, governance, and to our corporate citizenship and assurance responsibilities, which details, see the <SR>. are attributable, unless otherwise indicated. Employee data and are reflected throughout this report, in line with King IV, Principle 5. average workforce data are reported for AngloGold Ashanti with Navigating this document joint ventures reported as attributable. Employee data includes both The board, assisted by the Audit and Risk and the Social, Ethics and Sustainability committees, is ultimately responsible for permanent employees and contractors. Any significant, material event 1 Indicates a hyperlink to an external source of information. All references to ensuring and confirming the integrity and completeness of this report as well as of the entire suite of 2019 reports. Having other 2019 reports are hyperlinked, as are references to other sections in applied its collective mind to the preparation, information and presentation of this report, the board resolved that all material that occurs between the end of the financial year and the date on this report. These hyperlinks are indicated by orange text. which this report is approved is included. issues have been addressed and that this report presents a fair and balanced view of AngloGold Ashanti’s integrated Note: Unless otherwise stated,
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