Aga Ir21

INVESTING
in the future
INTEGRATED REPORT 2021
AngloGold Ashanti Limited <IR> 2021 AngloGold Ashanti Limited <IR> 2021
OUR 2021 SUITE OF REPORTS CONTENTS
INVESTING At AngloGold Ashanti, we are committed to transparent, informed

About this report
Directors’ statement of responsibility and
P2
IN THE FUTURE
and consistent reporting to a broad range of stakeholders. Our
commitment P3
2021 reports communicate the challenges facing our business
and progress made to date in delivering on our strategic objectives WHO WE ARE, WHAT WE DO
and in creating value. About AngloGold Ashanti P4
Our 2021 reports are: How we create value P6

Our business model P8
CREATING AND PRESERVING VALUE
THROUGH LEADERSHIP
Our reporting theme AngloGold Ashanti is an Chairperson’s letter

Corporate governance
P14
Our ongoing investments are aimed at extending the lives of our

mines and enhancing operating flexibility by ensuring a long-
independent, global gold mining INVESTING
in the future
INVESTING
in the future
INVESTING
in the future
(including board and leadership) P16
company with a diverse, high- OPERATING CONTEXT

INTEGRATED REPORT 2021 MINERAL RESOURCE AND ORE RESERVE REPORT SUSTAINABILITY REPORT 2021
term Ore Reserve pipeline to underpin production and sustain

AS AT 31 DECEMBER 2021
AngloGold Ashanti in the long-term.

<IR> <R&R> <SR>
Our external operating environment
quality portfolio of operations,
P26
Integrated Report Mineral Resource and Sustainability
Ore Reserve Report Report Integrated stakeholder engagement P32
This investment programme has been supplemented by a new
Operating Model aimed at improving effectiveness, eliminating
projects and exploration activities Managing our risks and opportunities P40
inefficiency, enhancing performance and flexibility, and ensuring across nine countries on four STRATEGIC RESPONSE AND DELIVERY
clear accountability for delivery on commitments. This Operating
Model prioritises improved operating outcomes and consistency continents. CEO’s review and outlook
Executive Committee
P48
P51
that will enhance AngloGold Ashanti’s valuation and position in
the sector throughout the commodity cycle. We pursue value-creating INVESTING INVESTING Reporting
Our strategy – an overview P52
Performance and delivery by strategic
opportunities involving other
in the future in the future
“We must put in place the right foundation for long-term website
focus area
ANNUAL FINANCIAL STATEMENTS 2021 NOTICE OF MEETING 2021
16 March 2022
success, and the most crucial part of that is an Operating Model

which prioritises efficiency, agility and accountability,” said CEO
minerals, where we can leverage <AFS> <NOM> • People, safety, health and sustainability P55
Annual Financial Notice of Annual General Meeting and
Alberto Calderon. “My immediate aim is to ensure that we have our existing assets, shareholdings, Statements Summarised Financial Information
• Ensure financial flexibility
• Optimise overhead, costs and
P64
the right people, in the right places, making the right decisions, (Notice of Meeting)
to provide better outcomes.” skills and experience. capital expenditure P66
Our 2021 reports are prepared consistent with the following: • Improve portfolio quality P68
• International Integrated Reporting Framework • Maintain long-term optionality P70
• King IV Report on Corporate Governance South Africa, 2016
Regional performance P72
(King IV)
Note: Mineral Resource and Ore Reserve –
• South African Companies Act, No. 71 of 2008, as amended
summary P78
• AngloGold Ashanti, the Company or the Group refers to AngloGold Ashanti Limited (Companies Act)
Exploration and planning for the future P84
• Unless otherwise indicated, $ or dollar refers to the US dollar throughout • JSE Listings Requirements
VALUE CREATED, PRESERVED
• All information is attributable unless otherwise specified • International Financial Reporting Standards (IFRS)
AND GROWTH
• Metric tonnes (t) are used throughout, and all ounces are troy ounces • South African Code for the Reporting of Exploration Results,
CFO’s report and outlook P86
Mineral Resources and Mineral Reserves (SAMREC Code, 2016
• Rounding of numbers may result in computational discrepancies Financial review P97
edition)
• Sustainable Development Goals (SDGs) Economic value-added statement P100
• United Nations Global Compact (UNGC) Value by stakeholder P102
• Task Force on Climate-related Financial Disclosures (TCFD) REWARDING DELIVERY
O U R VA L U E S Remuneration report P107
Our 2021 reporting suite, together with supporting SUPPLEMENTARY INFORMATION

financial, operational and sustainability data, is Forward-looking statements P145
available at: www.aga-reports.com Administration and corporate information P146
Stakeholder feedback
Safety is our We treat each We are accountable We want the We value We respect Navigating our <IR>
first value. other with dignity for our actions and communities and diversity. the environment. We welcome feedback on our reporting. Should you have any
This document is an interactive pdf
and respect. undertake to deliver on societies in which we comments or suggestions on how we could improve the quality
with all active hyperlinks indicated
our commitments. operate to be better off of our reports, contact our investor relations team at:
by orange, italic font.
for AngloGold Ashanti investors@anglogoldashanti.com
having been there.
1
ABOUT THIS REPORT
The aim of this report is to provide balanced insight into The boundary for this integrated report is determined by Integrated reporting process Approval and assurance
AngloGold Ashanti’s ability to create and preserve value our operating environment, the related risks, opportunities,
AngloGold Ashanti understands the importance of, and is committed While the <IR> is not independently assured as a whole, certain
in the prevailing operating context. This report provides a and outcomes, and by the results of engagement with key
to, integrated reporting and we aim to continually improve the information presented has been subject to either an internal or
concise overview of our overall performance and prospects, stakeholders who may potentially affect our ability to create
sustained value. quality of our reporting. The integrated reporting process begins external audit. Type of assurance and monitoring applied:
to assist the reader in making an informed decision on our
with an evaluation of the previous year’s report to identify areas
ability to create value in the short, medium and long term, • Annual financial • External financial audit
This is a group-level report, covering the entire Company, its for improvement and enhanced disclosure. We also undertake statements (Ernst & Young (EY))
and on the future viability of our business.
joint ventures and investments. All managed operations are fully benchmark and gap analyses to improve alignment with best
• Sustainability • External assurance of
reported. Our joint venture, Kibali (AngloGold Ashanti, 45%), is reporting practice. The content of the <IR> is based on board
Reporting period (non-financial) data selected, sustainability
partially reported. More detailed information on Kibali is provided reports, presentations, written submissions and interviews with key metrics (EY)
Our integrated report is published annually. This Integrated Report on the corporate website of our joint venture partner, Barrick Gold executives. Disclosure is overseen by a working group led by the CFO. • Operational and other • Internal audit (overseen by the
2021 (<IR>) covers the performance of AngloGold Ashanti and its Corporation (Barrick), which manages the operation.
financial and non-financial Audit and Risk Committee)
subsidiaries, associates and investments for the financial year Draft copies are reviewed by subject specialists and senior
References to discontinued operations relate to South African data, compliance and risk
1 January to 31 December 2021. For completeness, any executive management, including the CFO, prior to the report’s
operations disposed of during 2020. The remaining operations are management
significant events occurring from the end of the year submission to the Audit and Risk Committee. This committee
classified as continuing operations. provides approval and recommends the report to the board for The Audit and Risk Committee, on behalf of the board, approves
2021 to the date of approval of this report are included.
final approval. and monitors the auditing and assurance of all reporting
Scope and boundary Audience and related processes. See the <AFS> for this committee’s
This <IR>, aimed primarily at long-term investors, shareholders and Key issues chairperson’s report.
This report describes our business model, strategy, significant
other providers of financial capital, endeavours to enable informed
risks, opportunities and issues, and our overall performance This report focuses on those factors that have the potential to Internal audit and related approval processes include, among
decision-making by aiding understanding of AngloGold Ashanti’s
and related outcomes and prospects for the year under review. significantly affect our ability to create value in the short, medium others, regular management reviews of information and data
potential long-term viability and ability to create and protect value.
In addition to AngloGold Ashanti’s financial performance, we and long term, and which are of most interest to investors and published. Management also verifies the processes that determine
also present information relating to our non-financial (social and The report also provides information on the creation and shareholders, the primary audience. Consequently, we consider our all non-financial information.
environmental) and governance performance. preservation of value relevant to other stakeholders – employees, most significant issue in this context to be the sustained profitability
of our business, as measured by all-in sustaining costs, free cash In addition, our operations are subject to risk-based, integrated,
suppliers and business partners, communities and governments.
flow, adjusted EBITDA and normalised return on equity (nCROE). combined assurance reviews of the financial, safety, compliance and
Our reporting boundary Shareholders invest in AngloGold Ashanti to earn dividends and for sustainability aspects of our business. The outcomes of these internal
capital appreciation (measured in aggregate by total shareholder processes and external assurances, as well as of any independent
returns), both of which are determined by earnings. This is technical reviews, provide reasonable assurance to allow the board, on
acknowledged in our remuneration policy – see Rewarding delivery. the recommendation of the Audit and Risk Committee, to determine
Integrated reporting boundary Access to capital to fund future growth and development is also
influenced by our long-term outlook for profitability.
the effectiveness of our internal control systems and procedures, and
thus to ensure the accuracy of the information presented.
Reporting frameworks and compliance

Financial reporting In compiling this report, we have applied the International Integrated Reporting Framework and its guiding principles and content elements. In
boundary addition to the frameworks, standards and guidelines listed on the inside front cover of this report, we have also taken into account the World
Gold Council’s Responsible Gold Mining Principles, the principles of the International Council on Mining and Metals (ICMM) and the guidelines
of various sustainability indices prepared by ESG ratings agencies, such as the FTSE/Russell Responsible Investment Index (FTSE4Good), the
S&P Global Corporate Assessment (CSA) and the Bloomberg Gender-Equality Index.
Subsidiaries, joint ventures, investments
1 2 3 4 5 Directors’ statement of responsibility and commitment
External operating
Strategy Risks Opportunities Outcomes The AngloGold Ashanti board of directors acknowledges its responsibility for ensuring the integrity of this integrated report. The board
environment
believes that it complies with the Value Reporting Foundation’s International Integrated Reporting Framework and that it presents a fair
and balanced view of AngloGold Ashanti’s performance, strategy, risks, opportunities, and outlook. The board is confident that the 2021
STAKEHOLDERS suite of reports identifies all those issues considered significant to our ability to create value over time and that it will enable informed
decision-making on our long-term prospects by investors and shareholders in particular, as well as by other stakeholders. Supported by
Shareholders/ Governments/ the Audit and Risk Committee, the board approved this integrated report on 29 March 2022.
Employees Suppliers Communities
Investors Regulators
Board Chairperson: Audit and Risk Committee chairperson:
Maria Ramos Alan Ferguson
Independent non-executive directors:
For our operating assets and related shareholdings, see About AngloGold Ashanti. For detail on our principal subsidiaries and operating Kojo Busia, Albert Garner, Rhidwaan Gasant, Scott Lawson, Nelisiwe Magubane, Maria Richter, Jochen Tilk
entities, refer to the <AFS>.
Executive directors:
More comprehensive information on our operational, financial, geological and sustainability performance is provided in the respective Alberto Calderon Christine Ramon
supplementary reports that are available online at www.aga-reports.com. Chief Executive Officer (CEO) Chief Financial Officer (CFO)
2 3
ABOUT ANGLOGOLD ASHANTI
VISION
OUR FOOTPRINT
To be the 4
LEADING MINING COMPANY 5

6
7
3 8
OUR MISSION OUR VALUES 1
To cre a t e valu e f o r o u r sh a reh o ld ers , Our s i x val ues gui de al l dec i s i ons m ad e
o ur emp l oyees, a n d o u r b u sin ess and ac ti ons taken i n the conduc t o f our
LEGEND AMERICAS AFRICA AUSTRALIA
a nd s o c i a l p a r t n er s by sa fely a n d bus i nes s . Thes e val ues l i nk our busi nes s 1 Argentina 5 Guinea 9 Australia
Operations
res p o ns i b l y ex p lo r in g , min in g a nd ac ti vi ti es to our envi ronmental , s oci al and Cerro Vanguardia (92.5%) Siguiri (85%) Sunrise Dam
Projects
m a r ket in g o u r p ro d u ct s. governanc e (ESG) goal s and c ommi t m ents . 2 Brazil 6 Ghana Tropicana (70%)
Serra Grande Iduapriem
Exploration
AGA Mineração Obuasi (3)
3 Colombia 7
Democratic Republic of
Note: Percentages
indicate the ownership Gramalote (1) (50%) the Congo (DRC)
interest held by AngloGold
Ashanti. All operations La Colosa Kibali (45%) (4)
are 100%-owned unless
ANGLOGOLD ASHANTI AT A GLANCE otherwise indicated. Quebradona 8 Tanzania
Geita
• Produced 2.472Moz of gold and employed an average INVESTMENT CASE 4 United States of America
(United States)
of 30,561 people (including contractors) in 2021
• Our well-defined, disciplined and shareholder-focused Silicon (2)
(2020: 2.806Moz*; 36,952 people**)
capital allocation framework is supported by significant
• Gold is our principal product. Silver and sulphuric acid are cash-flow generating ability, a strong balance sheet and our
by-products at our Argentinian and Brazilian operations firm intention to return value to shareholders Production 0.559Moz 1.419Moz 0.494Moz
respectively. Quebradona in Colombia is a gold-copper project (Group contribution):
• Our self-generated and self-funded project pipeline, (23%) (57%) (20%)
• A significant asset base with a total gold Mineral Resource of
supported by substantial long-term production plans, is
123.2Moz that includes a 29.8Moz Ore Reserve
complemented by our proven track record in replenishing
Total Ore Reserve: 7.38Moz 19.48Moz 2.97Moz
• Listed on the Johannesburg, New York, Australia and Ghana and increasing our Ore Reserve. We aim for value-accretive
Average employed
stock exchanges growth, with a singular focus on risk-adjusted returns
(including contractors):
9,972 people 17,260 people 1,332 people
• Geographically diverse shareholders including the world’s largest
• Our ESG focus is embedded in our decision-making and in
financial institutions the way we work and act. It informs our plans and actions
Operating cash flow (5) $214m $1,065m $199m
(Operating contribution): (15%) (72%) (13%)
• Market capitalisation of $8.8bn at 31 December 2021 from the initial exploration, to project development and the
(2020: $9.4bn) start of mining operations, throughout the productive life
• Constituent of the JSE Top 40 Index, the S&P Global CSA, the
of our mining assets and through to closure. Sustainability Capital expenditure: $398m $506m $185m
and ESG are entrenched in our business, strategy, activities
FTSE/JSE Responsible Investment Index Series (the FTSE4Good Total community
and processes, driving long-term value creation and
Index), the Responsible Mining Index and the Bloomberg 2021 underpinning our social licence to operate investment: $5.8m $10.5m $1.0m
Gender-Equality Index
• As a responsible gold miner, we aim to create long-term (1)
Gramalote is managed by B2Gold
value for all our stakeholders in partnership with host (2)
As at 31 December 2021, a maiden Mineral Resource was declared for Silicon
communities and governments (3)
Obuasi’s redevelopment project began in 2019
(4)
Kibali is operated by Barrick Gold Corporation (Barrick)
* Excludes 241,000oz produced by former South African operations (5)
Includes joint ventures
** Includes South Africa operations
4 5
HOW WE CREATE VALUE
To fulfil our purpose and mission, we have in place an integrated business model and a resilient and GOVERNANCE
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 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
a dynamic operating environment and unpredictable economic and commodity cycles, to enable us to
achievement of our business objectives, delivery on our strategy and value creation. It guides all decision-making, business activities
sustain long-term value creation. and actions.
To create value and deliver on our vision and mission, the following elements are in place:
1 2 3 4
Understanding our Identifying our risks, Strategising and Creating and
context opportunities and allocating resources preserving value
External operating environment key issues Strategy Sustained value creation over time requires responsible
corporate citizenship and encompasses social upliftment,
The global macro-economic, geopolitical and financial Mining is a long-term business, and so our strategy aims to
Risks and opportunities careful environmental stewardship, effective governance
landscape, as well as the location of our operations and their create sustained value over the life of our mining operations
Understanding the world in which we operate, the supply and the creation of economic opportunities for communities,
specific political and social dynamics, all affect our ability to and beyond. This involves the allocation of key resource
and availability of the scarce resources we rely on to suppliers and governments.
deliver on our strategy and to create value over time. inputs – the natural, financial, human, manufactured, social
conduct our business, as well as stakeholder relationships and relationship, and intellectual capitals – which are Our mission to create value is supported by an emphasis on
See Our external operating environment and expectations, guide us in identifying, prioritising and essential to achieving this aim. ESG performance. This is supported by our values and the
managing our risks and opportunities. This enables planning foundation of our strategy – our enduring focus on people,
Stakeholder engagement and key relationships and initiatives to effectively mitigate such risks, to act on safety and sustainability.
Business model
In conducting our business, we have an impact on opportunities and to achieve our strategic objectives.
stakeholders and they, in turn, through their needs, actions We actively manage our activities as we try to mitigate
and expectations, influence our business and our social negative impacts of our operations and seek to achieve
See Managing our risks and opportunities
licence to operate. positive outcomes.
Our approach to inclusive stakeholder engagement seeks to Key issues Understanding the long-term impacts of decisions on the
balance the interests and expectations of stakeholders over Our materiality assessment process prioritises and integrates allocation and use of capital inputs, and resulting strategic
time. Constructive and respectful dialogue with stakeholders into our strategy and business model those key issues trade-offs, is essential to long-term value creation and
is vital in managing these expectations and any issues affecting our ability to create value. Understanding and preservation, and to limiting value erosion.
identified. 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 Integrated stakeholder engagement in this report and See Focusing on our material issues in the <SR> and Integrated See Our business model and Performance and delivery by See Performance and delivery by strategic focus area
Focusing on our material issues in the <SR>. stakeholder engagement in this report. strategic focus area. and Value by stakeholder.
OUR BUSINESS – WHAT WE DO

1. Exploration and development 2. Mining, processing and refining 3. Sale of product, financial management 4. Rehabilitation and mine closure
Establish and maintain a pipeline of Operate and maintain mining and processing Sale of gold and by-products to generate Develop and maintain constructive stakeholder
economically viable and competitive projects to infrastructure and equipment, and ensure a revenue. Solid financial management and relations to support our regulatory and social
develop long-term mining operations. Exploration skilled and trained workforce to enable cost- disciplined capital allocation ensures positive, licences to operate, minimise and mitigate our
is a cornerstone of our business. efficient, safe operations. sustained cash flow and returns. environmental impact and manage closure
responsibly in line with our values.
6 7
OUR BUSINESS MODEL
The conduct of our business entails the efficient use of capital inputs. Delivery on our strategy entails Our capitals
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
Social and
by our vision, mission and strategy. Natural capital Human capital Manufactured capital Financial capital relationship capital Intellectual capital
The efficient extraction and processing of gold-bearing ore requires well-maintained mining infrastructure, plant, machinery and equipment.
Our capital inputs and related actions – 2021 Outcomes of our actions 2021 by year end Outputs
NATURAL CAPITAL NATURAL CAPITAL Produced
A pipeline of economically viable Began year with: • Mineral Resource of 123.2Moz and Ore Reserve of 29.8Moz post
mineable orebodies is essential to
our business, as are the land, energy
• A Mineral Resource of 124.5Moz, of which 29.7Moz was classified as Ore Reserve depletion at year end
• Maiden Mineral Resource declared for Silicon in Nevada
2.5Moz of gold
• 639,709ha of land under management of 3.4Moz
and water used in the mining and
processing of ore. • Active greenfield and brownfield exploration programmes to identify potentially viable orebodies • Agreed to acquire Corvus Gold (Corvus) to increase our position in
During the year, we:

the Beatty district of Southern Nevada. Corvus properties are
adjacent to our own landholdings in the area (acquisition completed
3.5Moz of silver
• Treated/milled 44Mt of ore on 18 January 2022)
• 5 reportable environmental incidents (2020: 8)
• Consumed 22.04PJ of energy • 639,709ha under management of which 806ha was newly disturbed
and 177ha rehabilitated at the end of 2021
173t of sulphuric acid
• Withdrew 33.12GL of water
• Exploration (brownfield and greenfield) spend of $217m Energy and GHG emissions* Water*
• Continued project to convert our Brazil tailing storage facilities (TSFs) to dry stacking at a cost
• Achieved an energy use intensity • Achieved a water use Revenue generated
of 0.50GJ/t treated intensity of 0.75kL/t treated
of approximately $140m for 2021
• Approved a new Climate Change Strategy to address our energy consumption and
(2020: 0.37GJ/t treated)
• Recorded a GHG emissions
(2020: 0.68kL/t treated)
• Re-used 67% of water $4.0bn
greenhouse gas (GHG) emissions and started work on setting new GHG emissions intensity of 31kg CO2e/t treated (2020: 73%)
targets for 2030 (2020: 33kg CO2e/t treated)
Mining waste generated as follows
* Includes the impact of sold assets: West Wits, Mine Waste Solutions, Vaal River
in South Africa and Sadiola in Mali
For further data, see ESG and Sustainability Data Workbook 44.1Mt of tailings deposited
FINANCIAL CAPITAL FINANCIAL CAPITAL
Access to cost-efficient capital Began year with: Ended the year with: 146.5Mt of overburden and
funds to sustain our business and • Robust balance sheet – strong liquidity of approximately $2.6bn,
ensure future growth. Investment
• Total equity of $3.74bn
low leverage of 0.42 times adjusted net debt to adjusted EBITDA, waste rock
• Cash and cash equivalents of $1.33bn and refinanced our longer-term debt through the redemption of the
in the business aims to enhance
performance and efficiency, to • Adjusted net debt of $597m 2022 bonds
improve margins and sustainably
extend operating lives. Main sources
• Undrawn credit facilities of $1.5bn • Adjusted net debt of $765m, down 76% from its 2014 peak –
without raising additional equity
21.0Mt of hazardous waste
• Market capitalisation of $9.43bn
are operating cash flow, borrowings • 58% lower finance costs since 2014 responsibly managed
(bond and credit facilities), and equity. During the year: • Net cash position – cash and cash equivalents of $1.154bn
• Generated $1.268bn in operating cash flow (2020: $1.545bn). The decline was mainly due to the • Free cash inflow of $104m, down from $743m in 2020 (1)
• Adjusted EBITDA of $1.8bn, down from $2.47bn in 2020
reduced ounces of gold sold and higher operating costs, partially offset by the marginally higher Emissions generated
gold price received, lower cash taxes, higher dividends received and favourable movements in • Capital expenditure of $1.1bn, up from $757m in 2020 (2)
working capital. See CFO’s report and outlook • Headline earnings of $612m, down from $1,000m (1) in 2020
GHG emissions (CO2e) Nitrous oxides (NOx)
• Share price down by 7% in 2021, negatively impacting market
• Began implementation of a new Operating Model which is being introduced to create a
foundation to ensure improved operating outcomes in 2022 and beyond
capitalisation at 31 December 2021 1,380Kt 4,968t
• Since 1 September 2021, the share price has increased by 39%,
• Issued seven-year $750m bonds at lowest-ever coupon for AngloGold Ashanti of 3.375% compared with a 15% increase in the Market Vectors Gold Miners
per annum Exchange Traded Fund, making AngloGold Ashanti’s one of the Sulphur dioxide (SO2)
• Successfully redeemed $750m of 5.125% per annum bonds scheduled to mature in 2022
(1)
best-performing major gold shares over that period
Includes discontinued operations 174t
(2)
8 9
OUR BUSINESS MODEL continued
Our capital inputs and related actions – 2021 Outcomes of our actions 2021 by year end
HUMAN CAPITAL HUMAN CAPITAL
Successful, profitable, sustainable Began year with: Workforce Employee relations
operations rely on the skills, • Safety policy and functional support dedicated to zero harm and eliminating fatalities • Restructuring related to new • Maintained strong employee
knowledge, productivity, motivation Operating Model resulted in a relations – no industrial action
• Experienced, diverse leadership and board
and well-being of employees. reduction in central function
• Policy promoting equality, diversity and inclusivity Safety and health
roles of 215 people
Employees are the foundation of • Employee localisation a focus area – especially in the Africa region
• Restructuring across the • 2 fatalities (2020: 6 (includes
our business.
• Motivational reward structures linked to strategic performance and delivery group’s business units will be South Africa))
completed during 2022 • Overall improved health
During the year, we:
performance
• Employed an average of 30,561 people, including 16,384 contractors Diversity and training
• Excluding South Africa, safety
(2020: excluding South African operations – 28,655 and 14,937 respectively) • In 2021, women made up: performance regressed, though
• Revitalised safety strategy and introduced a related three-year work plan focused on leadership • 12.3%* of total workforce injury rates remain well below the
and people, processes, technology, innovation and risk management (2020: 12.6%) ICMM peer average; severity of
• Embarked on design and implementation of new Operating Model, including • 36% of board members injuries also continues to decline
organisational restructuring (2020: 44%) • Around 85% of workforce fully
• Spent $7m on critical skills training and development • 33% of executive vaccinated (excluding boosters)
• Supported national COVID-19 vaccination initiatives management (2020: 33%) by end 2021 – this has greatly
supported the process to
*1
2.3% reflects only employees normalise operations
on payroll
MANUFACTURED CAPITAL MANUFACTURED CAPITAL

The efficient extraction and Began year with: • At 31 December 2021, AngloGold Ashanti has filed an
processing of gold-bearing ore • Ten mining operations – with accompanying infrastructure, gold processing plants and tangible assets, right of use appeal to secure further details on
requires well-maintained mining equipment, and four growth projects in development (Obuasi, Gramalote, Quebradona, assets and intangible assets specific information the agency
infrastructure, plant, machinery and Beatty District in Nevada) with a book value of $3.757bn requires. The aim is to prepare,
equipment. submit and process a new
• Tangible assets, right of use assets and intangible assets with a book value of $3.157bn Projects
environmental licence request
• Relevant exploration and mining rights, permits and licences Obuasi:
for Quebradona in due course.
• Phase 2 construction
Gramalote is a joint operation with
During the year, we: complete
B2Gold. The final feasibility study for
• Incurred total cash costs of $2.3bn • Phase 3 underway the Gramalote project is expected to
• Spent $778m * on sustaining operations and enhancing performance (sustaining capital) • Ramping up to 4,000tpd be delivered this year
• Implemented new Operating Model to streamline and empower our operations to enable them to and an annual rate of gold
deliver consistently and safely on plans production of 320,000oz North American project:
to 340,000oz in the fourth Aim of the Corvus acquisition is
• Progressed growth projects
quarter of 2022 to use this combined portfolio of
For details on materials consumed – such as cyanide, diesel, explosives, acids and alkalis, among Nevada assets (along with our
Colombian projects: own emerging resource base in
other items – in the course of our mining and processing activities, see ESG and Sustainability Data
Quebradona, an attractive the region) to establish a low-cost,
Workbook 2021
long-life, high-grade, low-cost long-life production base over the
project, will introduce copper medium term in the Beatty District
production into the portfolio.
Colombia’s environmental
agency ‘archived’ our
environmental licence
Cerro Vanguardia, Argentina

application for Quebradona,
meaning that it declined
to approve or deny the
* Includes joint venture appreciation.
10 11
OUR BUSINESS MODEL continued
Our capital inputs and related actions – 2021 Outcomes of our actions 2021 by year end
SOCIAL AND RELATIONSHIP CAPITAL SOCIAL AND RELATIONSHIP CAPITAL

Honest, constructive stakeholder Began year with: Shareholders and investors Communities
relations aid understanding of • Dedicated community engagement structures to foster strong relationships based on trust • Maintained investor • Overall positive community
stakeholder needs and expectations, confidence by delivering relationships were boosted
• A reliable, cost-focused and representative supplier database, aligned with our Supplier Code of
underpinning our licence to operate. on strategic objectives by active engagement and
Conduct, prioritising local suppliers
All stakeholder engagement is and targets, solid financial provision of local employment
guided by our values and Code of • Community grievance mechanisms in place across our operations
performance and consistent, and procurement opportunities,
Ethics. • Commitment to share value and socio-economic benefits of our mining activities regular targeted engagement infrastructure and services
During the year, we: • Community partnerships and

Governments and regulators
relations strengthened by
• provided informative, transparent, regular and reliable disclosure to all key stakeholders • Constructive relations collaborative efforts to combat
• maintained constructive relationships with government and regulators maintained by regular, reliable COVID-19
• invested $18.1m in community projects to promote resilient socio-economic development
(1) engagement, regulatory
• 447 community complaints
compliance and responsible
received, of which 48 remained
citizenship
unresolved at
• Regulatory compliance – no year end
material fines received for
• No human rights violations
non-compliance
* Excludes joint venture reported for fourth consecutive
year
INTELLECTUAL CAPITAL INTELLECTUAL CAPITAL

Strong governance framework, Began year with: • Maintained our focus • Results of the culture survey are
organisational systems and • Integrated, focused strategy supported by sound management systems and a robust corporate on a robust governance being analysed and will be used to
procedures – underpinned by governance framework encompassing effective risk management framework, organisational guide learnings on how to improve
technological innovation to optimise systems and procedures, engagement and collaboration
• A values-driven culture that is guided by Our Code
system and process efficiencies, and underpinned by integrating with one another in pursuit of our
outcomes – essential to delivery on • The necessary policies are in place to ensure responsible environmental stewardship and all sustainability systems strategic goals
our vision, mission and strategy. consumption, and responsible corporate citizenship and processes through our • Committed to a target of net zero
• A solid brand and reputation Integrated Sustainability Scope 1 and 2 GHG emissions
Information Management by 2050, and, in partnership
During the year, we: System (iSIMS). The with our value chain partners,
• conducted Project Thrive aimed at restructuring and streamlining our organisation to bring about systems implementation to set Scope 3 GHG emissions
significant efficiency improvements and ensuring its long-term success, which occurred hand-in- began during the year to reduction targets, if not by the
hand with the roll-out of the new Operating Model increase efficiencies and end of 2023, as soon as possible
• conducted a company-wide culture survey as first step in the initiative to refresh improve outcomes which are thereafter
organisational culture and values essential to delivering on our
• progressed digital transformation roadmap – defined the initiatives to be implemented and strategy, aligned to the new
advanced to feasibility stage. These initiatives are grouped as follows: Operating Model
• Digital supply chain • Connected assets • New Climate Change

Strategy developed to
• Intelligent planning and engineering • Next generation safety and sustainability
enhance proactivity and
• Digital mining operations transparency in mitigating
The expected benefits from the roadmap are: improved operational efficiencies; greater agility; current and future climate
improved recoveries; greater staff engagement; reduced costs; and improved safety. Investment to risks; measures being taken
progress the initiatives to feasibility amounted to around $200,000 and entailed: to strengthen the climate
resilience of our business
• 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
12 13
This new Operating Model, detailed elsewhere in this report, greatly Although these operating and cost disappointments led to a
simplifies the organisational structure, eliminates duplication, revision of guidance in August 2021, our mines staged a recovery
ensures the operating mines are appropriately resourced, and in the second half of the year. The business ended the year
ensures clear accountability for the safe and responsible delivery of generating a cash surplus of $104m after more than replacing the
As ever, AngloGold Ashanti’s our commitments. The board strongly endorses these objectives. Ore Reserve, self-funding a significant reinvestment programme
and funding 2021’s final dividend declaration. A total dividend of
values will continue to be a As ever, AngloGold Ashanti’s values will continue to be a lodestar
in dictating our actions and our interventions – not only in 20 US cents a share was declared for 2021, in line with our policy.
The balance sheet remains robust.
lodestar in dictating our actions response to COVID-19 and its aftermath, but in every aspect of
how we do business.
Environment, social and governance
and our interventions – not only Gold market The board and our leadership are focused on continued
in response to COVID-19 and its We’ve seen gold fulfilling its role as a haven in times of uncertainty
and inflation. The ongoing conflict and negative real interest rates
improvement in our ESG performance. While significant progress
was made across a broad front this year, we realise much remains
aftermath, but in every aspect of are also supportive for gold. to be done, including to reach the board’s own targets on diversity
and inclusion.
how we do business. Notwithstanding this positive sentiment in the gold price, it remains
a time for disciplined capital allocation. Tight cost management The approval of our Climate Change Strategy in November 2021
and overall efficiency improvement are key areas of emphasis for was an important milestone. So, too, was the publication in
the board and the executive, given the inflationary pressures already December 2021 of our first Climate Change Report, aligned with the
evidenced in the business. recommendations of the Task Force on Climate-Related Financial
Maria Ramos
Disclosures, and which details our approach to dealing with the
Chairperson Leadership impacts of a changing climate on our business.
We are pleased to have someone of Alberto’s calibre and experience
to lead the business through the next phase of our development. Notwithstanding the 69% reduction in absolute greenhouse gas
The board is fully supportive of the strategy, including the redesign emissions since we first set targets with 2007 as the baseline
CHAIRPERSON’S
and implementation of the new Operating Model, which creates a year, we are focused on ensuring further improvements. A new
foundation for ensuring operating excellence. decarbonisation target for 2030 is in the works which will provide
a key milestone to meeting our commitment of reaching net zero
Chief Financial Officer Christine Ramon has chosen to take early
Scope 1 and 2 emissions by 2050.
retirement in June of this year, and a thorough process to find
and appoint her replacement has begun. I extend the thanks of
Host community expectations will continue to grow as the
the board to Christine for her exemplary service to the Company,
LETTER including her stewardship through a challenging environment during
the year she served as Interim Chief Executive Officer. Similarly,
pandemic lingers and commodity prices rise. We will remain in a
constructive dialogue with these stakeholders to better understand
Ian Kramer was exemplary in his role as Interim Chief Financial Officer. their expectations and how we can help in meeting them.
Dear Stakeholders, COVID-19
Other changes to the leadership team, detailed in the Remuneration Our contributions to communities stem not only from our vibrant
The terrible invasion of Ukraine by Russia, the continuing presence The direct toll of COVID-19 has been staggering, with almost six programme of direct corporate social investments, but also from
Committee Chairperson’s letter to shareholders, have deepened
of COVID-19, worldwide inflation and the risk of stagflation, present million deaths reported from more than 400 million cases. The true ensuring we have a robust, profitable business that pays taxes,
the experience of the Company’s executive as it works to close the
a complex environment that we must continue to navigate. number is likely far higher. buys local goods and employs nationals in our host countries. Our
valuation gap with our peers.
Economic value-added statement provides useful detail on how we
With over two million refugees, countless civilian casualties and In addition to high levels of absenteeism caused by illness and The board welcomed Scott Lawson as its newest non-executive measure up in each of these areas.
many millions internally displaced, it is hard to quantify the social, quarantine requirements, border closures and travel bans changed director on 1 December 2021. Scott was Executive Vice President
humanitarian and economic costs inflicted on the people of Ukraine. normal patterns of labour mobility. and Chief Integration Officer for Newmont Corporation until January
The early estimates of economic costs are huge. The impact on
Looking to the future
2020. Prior to this, he served as Executive Vice President and Chief
global supply chains from the conflict will become clearer over time. In Western Australia, with some of the world’s toughest Technology Officer and in other senior technical roles at Newmont As we look toward 2022 and beyond, we expect to see the benefits of
restrictions, mining skills became harder to find as out-of-state and Rio Tinto over more than 30 years. His depth and breadth of the changes in leadership and operational improvement efforts. We
Fragile recovery workers were shut out by a hard border shutdown. Iron ore technical experience will add significant value to our business. are confident that Obuasi will demonstrate its qualities as a Tier One
producers in Australia and Brazil, cash flush from a run of record asset as we continue to ramp up and complete the last phase of the
In January 2022, the IMF’s World Economic Outlook Report pointed
to rising COVID-19 caseloads due to the Omicron variant, along with prices, paid premiums to attract scarce skills. As with many of our Business performance expansion project. We see new opportunities arising at our Nevada
gold-producing peers, the resultant wage inflation eroded margins The most serious setback during the past year was the sill-pillar assets to build an additional operational pillar in a proven jurisdiction.
mobility restrictions and rising inflation, all signalling a ‘disrupted
recovery’ in the global economy. This will be compounded by the and the vacancies hurt efficiency. failure at Obuasi, in May 2021, which caused a fatality and led us to
voluntarily suspend underground production for the remainder of Thanks
Ukraine conflict and the impact on energy prices as countries reassess
Mining was not the only sector affected by changing labour the year while remedial actions were undertaken. I extend my personal thanks to my fellow directors for their
energy dependency and contemplate the shift to other markets.
trends and rising input costs. Global supply chains experienced ongoing guidance and commitment throughout the year. On behalf
a range of challenges which caused delays and added to Daniel Nuertey-Kwao Quaynortey died in that incident, while a
In the immediate aftermath of the invasion, commodity prices of the board, I would like to express gratitude to all stakeholders
inflationary pressures. fall-of-ground in February 2021 at our Serra Grande mine in Brazil
soared to levels not seen in years, or in some cases, ever. Gold has for their ongoing support, and to every member of the AngloGold
claimed the life of Carlos Machado Barbosa. I offer my sincerest
been a beneficiary, touching near-record levels of $2,060/oz in early Ashanti team for their efforts and sacrifice during a difficult year.
A resilient organisation in transformation condolences to their families and loved ones and offer my
March 2022. Prices for oil, copper and aluminium spiked. So, too, We are clear-eyed in viewing the task ahead of us, which is to
assurance that concrete steps have been taken to improve safety
did prices of commodities such as wheat and corn. These exogenous shocks and our difficulties dealing with many improve our operating performance and to maintain the very
and eliminate injuries from our mine sites. There is no higher priority.
of the disruptions they brought last year highlighted the need for a highest levels of safety and ethics as we work to deliver on our
Inflation, which was already a concern at the end of 2021, is more competitive, agile and resilient business. The stoppage at Obuasi compounded a series of challenges commitments to all stakeholders.
forecast to increase further, posing a more material risk for the experienced elsewhere in the business during the year. In addition
global economy and our business. Commodity shortages and the Our new CEO, Alberto Calderon, who joined in September 2021, has to skilled labour shortages and rising inflation, COVID-19 affected
subsequent second and third-order effects of rising prices, are likely introduced a new Operating Model designed to achieve just that production and costs, while a complex and expensive investment Maria Ramos
to have far reaching consequences such as food shortages and – a more agile and robust organisation, better able to deal with an in converting our TSFs in Brazil to dry-stacking facilities also Chairperson
hunger in many parts of the world. increasingly unpredictable operating landscape. contributed to lower production and narrower margins. 29 March 2022
14 15
CORPORATE GOVERNANCE
AngloGold Ashanti’s board is guided by its commitment decisions in the countries in which we operate. Our Code provides environment, social and governance (ESG) principles, striving to independent non-executive directors and two executive directors.
to ensuring that sound governance principles and practices a framework and sets requirements for the implementation of key enhance the economic life of the communities in which we operate The board acts with independence and its members have the
are embedded at all levels of the Company. corporate policies and guidelines. and endeavouring to protect and minimise harm to the environment. appropriate competencies and experience to execute their
fiduciary duties.
These underpin value creation and the long-term sustainability In 2021, AngloGold Ashanti reviewed its application of the King IV At AngloGold Ashanti climate change is a board-level governance
of our business and are crucial to the achievement of our principles – ethical culture, good performance, effective control issue. The board recognises the impacts of climate change that The board appoints new directors on the recommendation of
business objectives and delivering on our strategy. AngloGold and legitimacy – and is satisfied that the Company has adopted could exacerbate existing mining-related risks and the effect on the Nominations and Governance Committee, which conducts
Ashanti’s governance structures and processes demonstrate our these principles and the recommended practices. A statement ecosystems, communities and employees. Given the gravity of rigorous credential assessments of each potential candidate.
commitment to high standards of business integrity and ethics, on our application of these principles is available online at climate change, the board has approved a new Climate Change Several factors including relevant legislative requirements,
and are supported by our values-driven culture and Code of www.anglogoldashanti.com. Strategy which informed the Company’s inaugural Climate Change best practice, the candidate’s qualifications and skills and the
Business Principles and Ethics (Our Code). Report which is aligned to the recommendations of the Task Force
requirements of AngloGold Ashanti’s Directors’ Fit and Proper
Our Code is the defining document for AngloGold Ashanti’s
Board composition on Climate-related Financial Disclosures.
Standards are considered in appointing new board members.
values and ethics and, in addition to applicable laws, regulations, The board ensures AngloGold Ashanti is a responsible corporate AngloGold Ashanti is governed by a unitary board of directors, Their appointments are subject to shareholder approval at the
standards and contractual obligations, guides our business citizen by delivering on financial performance and pursuing which at year-end consisted of eleven directors – nine annual general meeting following their appointment by the board.
AngloGold Ashanti’s board of directors
INDEPENDENT NON-EXECUTIVE DIRECTORS EXECUTIVE DIRECTORS
Maria Ramos (63) Rhidwaan Gasant (62) Kojo Busia (59) Alan Ferguson (64) Albert Garner (66) Nelisiwe Magubane (56) Maria Richter (67) Scott Lawson (60) Jochen Tilk (58) Alberto Calderon (62) Christine Ramon (54)
Independent Non- Lead Independent Director Independent Non- Independent Non- Independent Non- Independent Non- Independent Non- Independent Non- Independent Non- Chief Executive Officer Chief Financial Officer
Executive Chairperson Executive Director Executive Director Executive Director Executive Director Executive Director Executive Director Executive Director and Executive Director and Executive Director
MSc, BCom (Hons), BCompt (Hons), CA(SA), PhD, MA, BA BSc, (Accountancy and BSE (Aerospace and Pr.Eng, BSc, MBA BA, Juris Doctor BSc (Civil Bachelors Mining PhD, MPhil, MA, Juris BCompt, BCompt
Banker Diploma, Certified ACIMA, Executive Business Economics), Mechanical Sciences) Engineering), MBA Engineering, Doctor, BA (Hons), CA(SA), Senior
Associate of the Institute Development Programme CA (Scotland) Masters Mining Executive Programme
of Bankers (SA) Engineering (Harvard)
Appointed: 1 June 2019 Appointed: Appointed: Appointed: Appointed: Appointed: Appointed: Appointed: Appointed: Appointed: Appointed:
and as Chairperson on 12 August 2010 1 August 2020 1 October 2018 1 January 2015 1 January 2020 1 January 2015 1 December 2021 1 January 2019 1 September 2021 1 October 2014
5 December 2020
External appointments: External appointments: External appointments: External appointments: External appointments: External appointments: External External External External External appointments:
Non-executive director on Chairperson of Non-executive Interim chairperson, senior Managing director and Chairperson of Matleng appointments: appointments: appointments: appointments: Non-executive
the boards of Compagnie Growthpoint Properties director on the board of independent director vice chair of Investment Energy Solutions and the Non-executive None. Non-executive Non-executive director director of Melanani
Fin Richemont, Standard Ltd and a non-executive AMV Resources Partners. and chair of the audit Banking at Lazard. Strategic Fuel Fund, a director on the director of Emera of the International Investments (Pty) Ltd
Chartered PLC and director on the board of V committee at Marshall subsidiary of the Central boards of Rexel Inc. and Melanani Women
Council on Mining and
Standard Chartered Bank. and A Waterfront Holdings Motors Holdings. Also Energy Fund. Group and Investments (Pty) Ltd.
Metals.
(Pty) Ltd and three other a non-executive director Bessemer Trust. Also a member of the
companies within its and chair of the audit Presidential State-
group. Also serves as a committee at Harbour Owned Enterprise
non-executive director on Energy.
Council, a director of
the board of MTN Nigeria
AngloGold Ashanti
Communications PLC.
Holdings plc and
alternate director at the
World Gold Council.
Detailed CVs of directors are available on the corporate website, www.anglogoldashanti.com
16 17
CORPORATE GOVERNANCE continued
INDEPENDENT NON-EXECUTIVE DIRECTORS EXECUTIVE DIRECTORS

Rhidwaan Nelisiwe
Board of directors Maria Ramos Gasant Kojo Busia Alan Ferguson Albert Garner Scott Lawson Magubane Maria Richter Jochen Tilk Alberto Calderon Christine Ramon
Nationality
Board expertise Collective expertise (%)

Board experience 91 • • • • • • • • • •
Leadership experience 100 • • • • • • • • • • •
Strategy development 100 • • • • • • • • • • •
Environment, health and safety 55 • • • • • •
Mining/engineering 36 • • • •
Financial acumen/accounting 64 • • • • • • •
Corporate governance/legal 82 • • • • • • • • •
Risk management 100 • • • • • • • • • • •
Technology and innovation 36 • • • •
Human resources/labour 45 • • • • •
Board committees C – Committee chair
Audit and Risk • C • • •

Social, Ethics and Sustainability • C • • •
Remuneration and Human Resources • • • C
Nominations and Governance C • • • • •

Investment • • • • C •
Pursuant to our memorandum of incorporation, one-third of determine the extent to which the conflict may impact the Board diversity Promoting diversity at board level
directors are required to retire at each annual general meeting performance of their duties at AngloGold Ashanti. Once a conflict AngloGold Ashanti recognises the benefits of promoting broader
and, if eligible and available for re-election, are put forward for has been disclosed, it is managed appropriately by the board. diversity at board level, including diversity of gender, race and
ethnicity, culture, age, field of knowledge, skills and experience, and
GENDER Female 36% (2020: 44%)
re-election by shareholders. The directors due to retire at the A Declaration of Interest form is maintained by the company DIVERSITY
forthcoming annual general meeting are Maria Ramos, Maria secretary and any new interest or potential conflict is declared at geography. These attributes are considered in determining the optimal (Target 40%
composition of the board as well as succession planning, and when

female) Male 64% (2020: 56%)
Richter and Nelisiwe Magubane. They are all eligible and have each meeting.
offered themselves for re-election. Alberto Calderon and Scott possible will be balanced appropriately for the board to be effective as
Tenure Black 36% (2020: 44%)
Lawson, who were appointed since the last annual general a whole. RACIAL
DIVERSITY
meeting, will be standing for election as directors of the board. Non-executive directors: Time on board
(Target 50%
4 For AngloGold Ashanti to leverage the benefits of a globally diverse Black) Other 64% (2020: 56%)
See the <NOM>. 4.0
board, the board introduced a racial diversity target of 50% black
3.5
South
representation (including African, Indian, Coloured and other foreign 36% (2020: 44%)
Independence of directors and conflicts of interest 3.0 African
2.5
black nationals) on the board. In addition, to promote gender diversity, GEOGRAPHICAL
In determining director independence, we are guided by King IV, 2 2 DIVERSITY
2.0
a target of at least 40% female board members was established. Other
64% (2020: 56%)
the Companies Act, the JSE Listings Requirements, the NYSE nationalities
1.5
independence rules and our internal policy on independence, as 1 In 2021, female representation on the board declined from 44% Between
well as by best practice. For 2021, all non-executive directors
1.0
(2020) to 36% and black representation and historically 50 and 59 36% (2020: 44%)
0.5 AGE
were assessed as being independent in terms of mind, character disadvantaged individuals (HDIs) declined from 44% (2020) to 36%. DIVERSITY Between
0.0
and judgement. 9 years or longer 6 to 8 years 3 to 5 years Less than 3 years The board recognises that much remains to be done to reach its 60 and 69 64% (2020: 56%)
diversity targets.
Directors are required to declare their interests annually and
to disclose any conflicts of interest, and when they arise, to Average tenure of non-executive directors: 4.4 years Average age: 62 years (2020: 60 years)
18 19
Directors’ dealings in shares and Non-executive directors’ minimum Board and committee structure and delegation of authority
closed periods shareholding requirements
In accordance with statutory and regulatory requirements,
The board recently approved a minimum shareholding policy for non- AngloGold Ashanti board
executive directors, in order to strengthen the alignment between the The overriding role of the board is to ensure the long-term sustainability and success of the business, for the mutual
directors, prescribed officers and any restricted employees may
interests of non-executive directors and those of AngloGold Ashanti’s benefit of all stakeholders. Its overall role is one of strategic leadership. This includes the setting, monitoring and review of strategic
not deal directly or indirectly in the securities of the Company shareholders and to ensure long-term sustainable decision making. targets and objectives, the approval of capital expenditure, acquisitions and disposals, and oversight of governance, internal controls and
during specific closed or prohibited periods. All directors and the
risk management. The board is supported by five committees to which it delegates certain functions without abdicating any of its own
company secretary require prior approval from the Chairperson to Non-executive directors are required to acquire and hold a responsibilities. This process of formal delegation involves documented and approved terms of reference, which are reviewed annually,
deal in the Company’s securities. minimum shareholding in AngloGold Ashanti shares, equivalent to or more often when required.
150% of their annual base fee within 4 years of the effective date
The Chairperson of the board must obtain written approval from of the policy, namely February 2022, for existing non-executive
the lead independent director, or in his/her absence, the chairperson directors, and from the effective date of appointment for new
of the Audit and Risk Committee. The company secretary retains non-executive directors. However, a non-executive director may
Audit and Risk Committee Social, Ethics and Sustainability Remuneration and Human Resources
a record of all such share dealings. For prescribed officers written not hold shares in AngloGold Ashanti which are material to his/her
• Oversees the integrity of our financial Committee Committee
approval must be obtained from the Chief Executive Officer (CEO) personal wealth, as this may adversely impact the non-executive reporting, the existence of proper internal • Assists the board in ensuring that AngloGold
• Key responsibility is to assist the
before dealing in AngloGold Ashanti securities. director’s independence. controls, the integrity of the <IR> and <AFS>, board in monitoring matters relating Ashanti remunerates fairly, responsibly
and of our risk management processes to safety, health, the environment and transparently so as to promote the
Directors’ time commitments and Executive directors and ethical conduct, and to ensure achievement of strategic objectives and
• Assesses AngloGold Ashanti’s continuing
external appointments Alberto Calderon was appointed as CEO with effect from ability to operate as a going concern, assists that AngloGold Ashanti develops positive outcomes in the short, medium and
The board appreciates the benefits that wider boardroom the board with oversight of IT governance, and behaves as a responsible long term
1 September 2021, at which point Christine Ramon, who had
exposure provides for directors. However, the number of external risk management and the Group ethics and corporate citizen • Reviews, oversees and, where appropriate,
been the Interim CEO from 1 September 2020, resumed her role
appointments undertaken by a director is monitored to ensure as chief financial officer (CFO) and Ian Kramer, the Interim CFO, regulatory compliance programme • Ensures that our sustainability approves human resources group policies
that adequate time is committed to AngloGold Ashanti, and the resumed his role as Senior Vice President: Group Finance. • Ensures the Company has qualified strategy positions AngloGold Ashanti and strategies aimed at creating and
effective discharge of the director’s duties and responsibilities, as independent external auditors and as a leader in mining and that sustaining the technical and managerial
well as to align with shareholder advisory companies’ guidelines The Company has subsequently announced that Christine Ramon internal auditors sustainability objectives are effectively excellence required to support the attainment
has elected to take early retirement from her role as CFO at the end integrated into the business of the Company’s global objectives and
on overboarding. When making new appointments the board More detailed information on the committee’s
of June 2022. A process to identify a new CFO has commenced, • Oversees the integrity of and achieve a globally competitive workforce
takes account of other demands on a potential director’s time and, achievements is available in the <AFS>
prior to appointment, significant commitments are required to be with a view to enabling a smooth transition to a successor. approves the <SR> More information on the achievements of the
disclosed with an indication of the time involved. More information on the work done committee is available in the Remuneration
As required by the JSE Listings Requirements, the Audit and Risk and Human Resources Committee
during the year by the committee is
For existing directors, additional external appointments must not be Committee annually considers and expresses its satisfaction available in the <SR> chairperson’s report
undertaken without prior approval of the Chairperson of the board to at the level of expertise and experience of the CFO. The Audit
ensure that directors have sufficient time to dedicate to the affairs and Risk Committee concluded that Christine Ramon, together Nominations and Governance Investment Committee
of the Company. Additional directorships for the Chairperson are with other members of the financial management team, had the Committee • Assesses individual capital projects
subject to approval by the lead independent director. appropriate expertise and experience to manage the Group’s • Assists the board in the implementation and investment and divestment
financial affairs during 2021, as detailed in the CFO’s review and of programmes to ensure that the board’s opportunities to ensure that they
Details of the directors’ external appointments can be found on Audit and Risk Committee chairperson’s report, which are included composition and size is appropriate at all are in accordance with AngloGold
pages 16 and 17. in the <AFS>. times, oversees the annual evaluation of the Ashanti’s primary mission to create
board and its committees, as well as the sustained shareholder value in the
independence assessment and qualification long term
and competence of the company secretary
The latest approved board charter
• Ensures that project and investment
and committees’ terms of references,
• Considers the extent to which the general evaluation guidelines, including
containing detailed information regarding
corporate governance mechanisms and appropriate strategic, operational,
their respective responsibilities and
frameworks of the Company are appropriate financial, technical and sustainability
and effective, and makes appropriate guidelines and other procedures mandates, are available online.
recommendations to the board for the allocation of capital, are
• Develops processes to identify, assess and consistently and properly applied
recommend board candidates for appointment • Oversees the integrity of and
as executive and non-executive directors, approves the <R&R>
including the Chairperson and CEO, as well as
the company secretary, and at the same time
considers succession planning for the board
Executive Committee
As CEO, Alberto Calderon is responsible for the execution of AngloGold Ashanti’s strategy and reports to the board. He chairs the executive
Geita, Tanzania
committee that is responsible for the day-to-day management of the Group’s affairs. The committee’s work is supported by country and
regional management teams as well as by Group corporate functions.
See Governance on www.anglogoldashanti.com

20 21
Board and committee meeting attendance Internal evaluation process

Directors’ attendance at board and committee meetings during 2021 was as follows:
Nominations and Questionnaires are Company secretary
Remuneration Social, Nominations Governance Committee completed by prepares evaluation reports
and Human Ethics and and Special agrees approach and directors online
reviews evaluation
Board (8) Audit and Risk Investment Resources (9) Sustainability Governance (10) Committee (11) questionnaires
Number of
meetings in 2021 14 6 6 11 6 20 2
MDC Ramos (1)
14 n/a n/a 2 6 20 2 Action plans for the board Board and each committee Results are shared with the
KOF Busia (7)
13 n/a 6 n/a 6 19 n/a and each committee discuss the results Chairperson of the board
are developed based on and committee chairs
A Calderon (2) 5 n/a n/a n/a n/a n/a n/a the results. Progress
AM Ferguson 14 6 n/a 11 n/a 19 n/a against these plans will be
monitored during 2022
AH Garner 14 n/a 6 11 n/a n/a 2
R Gasant (3) (7) 13 5 5 8 n/a 20 2
SP Lawson (4)
0 n/a 1 n/a 0 n/a n/a plays an essential role in the management of designing and
Company secretary
NVB Magubane (5)
14 3 n/a n/a 6 n/a n/a implementing appropriate compliance policies and procedures.
The company secretary is responsible for developing,
KC Ramon (6) 13 n/a 6 n/a n/a n/a n/a implementing and maintaining effective processes and procedures During 2021, Group Compliance continued with activities aimed
MC Richter 14 6 n/a 11 n/a 19 n/a to support the board and its committees in the discharge of their at enhancing the Company’s governance. Key among these
JE Tilk 14 6 6 n/a 6 20 2 duties and responsibilities. The company secretary advises the activities were:
board and individual directors on their fiduciary duties and on
MDC Ramos stepped down from the Remuneration and Human Resources Committee on 18 February 2021.
• Ongoing anti-bribery and anti-corruption induction training to
(1)
corporate governance requirements and best practices.
(2)
A Calderon was appointed to the board on 1 September 2021. all new employees. The training covers anti-bribery and anti-
(3)
R Gasant was appointed to the Remuneration and Human Resources Committee on 18 February 2021. corruption, payments to government officials, gifts, hospitality
The former Group company secretary, Lucy Mokoka, resigned
(4)
SP Lawson was appointed to the board with effect from 1 December 2021.
(5)
NVB Magubane was appointed to the Audit and Risk Committee with effect from 4 May 2021. from the Group with effect from 31 December 2021 and the and sponsorships, engagement of agents and intermediaries,
(6)
KC Ramon had a conflict of interest in respect of the matter being discussed and therefore recused herself from one board meeting. board appointed Leeanne Goliath as Group company secretary conflicts of interest, reporting wrongdoing, and political donations
(7)
A number of special board meetings were held during the year, impacting the ability of our directors to attend all meetings. All directors who were unable to attend and activities
with effect from 1 January 2022. Leeanne has experience as a
received accompanying material and had opportunities to provide comment.
(8)
During 2021 the board held five scheduled meetings and nine special meetings. company secretary and in corporate governance and securities • Tracking and monitoring compliance with laws and regulations,
(9)
The Remuneration and Human Resources Committee held four scheduled meetings and seven special meetings in respect of the appointment of leadership roles. and exchange regulatory requirements applicable in South Africa including self-certification processes and legal registers,
(10)
During 2021 the Nominations and Governance Committee held four scheduled meetings and 16 special meetings in respect of the recruitment
and other jurisdictions, gained during her tenure working in by country
of a CEO and non-executive director.
(11)
The Special Committee was established in 2020 to provide oversight for various aspects of the Company’s strategy. regulated and listed companies. Leeanne holds BCom and MBA
• AngloGold Ashanti continued to have a robust whistleblowing
degrees as well as certificates for the Management Advanced
platform, administered by a third-party, to which all employees,
Board and committee performance The board’s arrangements for delegation within its governance Programme and in Advanced Company Law. The board is of the
directors, officers and external parties have access via hotlines,
structures positively promotes independent judgement and view that Leeanne has the necessary expertise and experience to
evaluations email and web facilities. Reporting is anonymous unless the
assists with the balance of power and the effective discharge act in this role, in accordance with the JSE Listings Requirements.
Unless determined otherwise by the board, an evaluation of the reporter specifically nominates to disclose his or her identity.
of the board’s duties. In addition, the board effectively ensures
board, its committees, the Chairperson and individual directors All concerns are carefully investigated, and feedback is provided
shall be carried out at least every two years, and every alternate
that the Company remunerates employees fairly, responsibly Other governance practices through the third-party service partner to the person raising the
and transparently so as to promote the achievement of strategic
year, an opportunity is provided for consideration, reflection Legal, ethical and regulatory compliance concern. Whistleblowing results are communicated quarterly
objectives. The evaluation also revealed that the board has a
and discussion by the board of its performance and that of its The Group’s geographical spread makes its legal and regulatory to the Audit and Risk Committee as well as the Social, Ethics
profound appreciation of the requirement for a stakeholder-
committees, the chairperson and its members. environment diverse and complex. The board has oversight and Sustainability Committee and to the Serious Concerns
inclusive approach that balances the needs, interests and
for ensuring that the Company complies with applicable laws Committee, a management committee. Whistleblowing plays a
The evaluation of the performance and effectiveness of the board expectations of stakeholders.
and regulations, codes and standards, and has delegated this key role in giving credence to the board’s commitment to ethical
and its committees was internally assessed for the 2021 year.
Areas observed as requiring further attention included the responsibility to the Audit and Risk Committee. Group Compliance leadership and responsible corporate citizenship
The evaluation indicated a pleasing improvement in the overall continuous oversight of the advancement of strategic and
effectiveness of the board from 76% in 2020 to 81% in 2021, operational performance, and while recent appointments have
illustrating a high degree of alignment between governance further facilitated the board’s effectiveness, consideration should
structures and best practice. Of the areas evaluated, the strongest continue to be given to the enhancement of skills and experience
performance was found in the board’s responsibility for the on the board.
governance of ethics and establishment of an ethical culture
Subsequent to considering the results of the evaluation, the
within AngloGold Ashanti. Importantly, members of the board,
board introduced action plans to address areas that require Compliance Fraud, bribery Conflicts Gifts, hospitality Responsible Confidential Compliance risk
individually and collectively, are considered to cultivate and exhibit, with laws and and corruption of interest and sponsorship sourcing reporting assessments
further attention.
integrity, competence, responsibility, accountability, fairness and regulations
transparency in their conduct.
22 23
• Continued development of a compliance programme aligned human rights abuse. This has resulted in several measures being As a member of the EITI, a global standard to promote open and • Corporate citizenship: We engage with tax authorities in the
with “best practice” principles identified by, among others, introduced by industry-related organisations of which we are part, accountable management of natural resources, AngloGold Ashanti countries in which we operate in an open and fair manner. We
bodies responsible for the prosecution of violations of key extra- to prevent gold and other commodities from being used to fund is committed to reporting the amounts paid to governments support sustainable relationships in dealing with global tax
territorial legislation such as the US Foreign Corrupt Practices conflict and other violations of human rights. in respect of our operations in those countries that have authorities. We communicate with tax authorities to resolve
Act, and that are adaptable at an operational level to enhance the implemented the standard. uncertainties as soon as practical.
In view of the growing climate crisis, AngloGold Ashanti has issued
effectiveness of the compliance framework
its inaugural Climate Change Report in line with the guidelines and Our tax policy governs the management of tax throughout • Transparency in our dealings with governments: We are
• Continued embedding of our responsible sourcing programme recommendations of the Task Force on Climate-related Financial transparent with regard to the taxes paid to governments as
AngloGold Ashanti and confirms the defined parameters within
to align suppliers with our business ethics and values. Our Disclosures, reflecting its commitment to mitigating current and we believe that this allows our stakeholders to understand the
which the board-approved tax strategy is applied.
supplier Code of Conduct encourages all our suppliers, including future climate risks. contribution which we make and the integrity of our tax systems.
contractors, to align their businesses with our internal policies The tax governance framework employs a combination of suitably
By virtue of its securities being registered with the United States • Risk management and governance: We are committed to
and codes of ethical behaviour, particularly on human rights skilled resources and internal processes, together with internal and
Securities and Exchange Commission (SEC), AngloGold Ashanti external controls. strong governance. We identify, investigate, assess and report
practices, labour relations and employment practices, the
is also subject to the various securities laws applicable in the tax risks in terms of our global audit and risk framework. On a
environment, our anti-bribery and corruption policies, and
United States. This is in addition to being subject to the various Our approach to transparency and tax quarterly basis, we report on tax risks and uncertainties to the
safety procedures, policies and standards. Our approach with
listing requirements applicable for all the stock exchanges on Our approach to tax is underpinned by the AngloGold Ashanti Audit and Risk Committee.
suppliers involves ensuring responsible environmental, social and
which the Company’s shares or depositary receipts are listed. values, which include accountability for our actions and delivering
governance practices are carried out by those we associate and/ • Business rationale: We undertake our transactions against a
These are the Johannesburg, New York, Ghana and Australian on our commitments. We also value the communities and
or do business with. Suppliers are assessed on their governance test of their commercial rationale. We seek to manage our tax
stock exchanges. societies in which we operate and want them to be better off for
conduct in addition to their socio-economic behaviour affairs in a manner that contributes to sustainable business
AngloGold Ashanti having been there.
• Regular assessment of the automated registers for gifts, performance and long-term shareholder value. Accordingly, we
Governance of supply chain management and
hospitality and sponsorship and conflicts of interest The principles set out below govern our global approach to tax: do not engage in aggressive tax planning.
procurement policies
• Business unit assessments for risks related to bribery and Effective supply chain management, undertaken with integrity and • Compliance: We respect and comply with the legal framework of • We advocate fair tax treatment: We engage in the tax reform
corruption, including virtual assessments as part of our in line with our values and governance principles, adds value to the countries in which we operate, meeting all our tax obligations processes of international tax rules and local tax rules in
combined assurance audit programme our business, by improving efficiency, relationships and reputation, on time. We comply with local and global rules with respect to the jurisdictions in which we operate. This supports the
ultimately, impacting our long-term sustainability. As a global transfer pricing and cross-border transactions. principle that tax systems should be fair, certain, efficient and
External and internal standards and regulations company, responsible management of our supply chain is an competitive in order to support growth, jobs and long-term
AngloGold Ashanti complies with legislative and regulatory increasingly important ethical and human rights consideration. sustainable tax contributions.
requirements, including several external and voluntary industry
and international standards and recommendations that are Responsible supply chain management has the potential to add
relevant to the business. value to communities, local governments and society as a whole,
particularly in developing countries. We have adopted a cross-
AngloGold Ashanti is a member of, and a signatory to, the:
functional approach to supply chain management to ensure best
• International Council on Mining and Metals (ICMM) practice, which includes complying with international human
• Principles of the United Nations Global Compact (UNGC) rights and labour standards and the economic participation of
local stakeholders.
• Extractive Industries Transparency Initiative (EITI)
• United Nations Guiding Principles on Business and Tax strategy and tax management policy
Human Rights Our tax strategy, which is aligned with our business strategy
and its objectives, is to manage all our global tax obligations in
• Voluntary Principles on Security and Human Rights (VPSHR) a transparent, responsible and sustainable manner, within the
• World Gold Council’s Conflict-Free Gold Standard and governance framework established by our Tax Management Policy
Responsible Gold Mining Principles while respecting the differing interests of all our stakeholders.
• International Cyanide Management Code The principles governing the Group’s tax strategy and policy are
reviewed and approved by the board which, through the Audit and
• Responsible Gold Mining Principles
Risk Committee, monitors adherence to the policy.
• Sustainability Accounting Standard Board
We recognise that AngloGold Ashanti must earn and maintain
We are committed to complying with the following standards: its social licence to operate in partnership with government and
• Universal Declaration on Human Rights community stakeholders, thus contributing towards our sustainable
future in the countries where we operate. Aligned with our vision,
• International Bill of Human Rights
Sunrise Dam, Australia

mission and values, we acknowledge our obligations as a responsible
In addition, we have Group policies and charters to which we corporate citizen and that our operations contribute material tax
adhere. Increasingly, customers and consumers want assurance revenues, in terms of both taxes borne and taxes collected, to the
that the gold they are purchasing has not contributed to conflict or economies of the countries in which we conduct our business.
24 25
OUR EXTERNAL OPERATING ENVIRONMENT
Global macro-economics and geopolitics, including inflationary pressures amid labour

The environment in which AngloGold Ashanti operates is dynamic and often complex, with external shortages, supply chain disruptions and energy shortages
factors beyond our control influencing delivery on our strategy and our ability to create value.
Explanation and impact Our response
Economic uncertainty and heightened geopolitical tensions impact several factors that can • Rigorously managed those variables in
influence commodity prices, exchange rates, and interest rates. These factors, together our control
The COVID-19 pandemic, in its second full year, had direct and Against this backdrop, investors increased the call for companies with investor sentiment, influence the gold price, which in turn affects the financial results • Started implementation of a new
indirect impacts which created new and ongoing challenges in in which they invest to improve their own sustainability practices, of our business. Operating Model during the fourth
our operating environments and wider society. These included governance and their contribution to society while reducing their quarter of 2021 to reduce overhead
impact on the environment. The COVID-19 pandemic led to economic shutdowns around the world. The International
the more obvious direct impacts of increased absenteeism costs, improve effectiveness by
Monetary Fund estimates that the global economy rebounded in 2021, with growth of 5.9%
due to illness and quarantine requirements as new variants Externally, AngloGold Ashanti was primarily affected by: simplifying organisational structure
compared to a contraction of 3.5% in 2020.
and locating resources closer to
of the virus brought new infection peaks, but also increased • COVID-19 pandemic
Inflation, which reached 7% in the US at the end of 2021 – its highest level in almost two each operation to ensure their delivery
shortages of critical skills in jurisdictions where travel and • Global geopolitics and macro-economics, including inflationary
decades – remained a key risk amid increased economic stimulus since the onset of the on-budget
border restrictions shrunk the labour pool. These phenomena pressures amid labour shortages, supply chain disruptions and
pandemic, rising energy prices, and shortages of labour in key parts of the world’s supply chain, • Renewed emphasis on our ‘Operational
also disrupted global supply chains, exacerbating inflationary energy shortages
among other things. Excellence’ initiatives to optimise
pressures, including for key goods and services used in our • Growing climate crisis and increasing pressure to decarbonise operating processes and reduce costs,
production processes. Societal implications of the pandemic operations The gold price received averaged $1,796/oz in 2021, which, although high relative to while ensuring our workforce is fully
• Uncertain and increasingly rigorous regulatory requirements the average price over the past decade, was little changed from the $1,778/oz the prior engaged and appropriately skilled
remain significant, including heightened geopolitical tensions,
year. Continued price increases amid rising inflationary expectations were countered by
ongoing uncertainty, increasing inequality and rising poverty, and • Increasing stakeholder and societal expectations in respect of ESG • Continued investment in capital
expectations of rising interest rates as monetary authorities in the world’s largest economies
strains on physical and mental well-being of employees, their performance and disclosures projects that will increase
signalled their willingness to raise interest rates to check rising prices.
families and communities. • Pressure from international credit ratings grade, lengthen mine lives and widen
The unprovoked invasion of Ukraine by Russian forces in late February 2022 has caused margins over the medium-to-long term
enormous suffering and loss of life as well as significant disruption to financial and commodity • Strengthened the balance sheet by
markets. As of the time of completing this report, in late March 2022, prices for several hard and reducing debt, increasing the tenor of
COVID-19 pandemic
soft commodities had reached their highest levels in a decade or more, or in some cases had borrowings and lowering the average
Explanation and impact Our response set records. Brent crude oil touched levels not seen since 2012, copper advanced to its highest interest rate
level ever. Corn and wheat both soared to multi-year highs. Gold responded as it should in • Disciplined capital allocation for
The pandemic has had far-reaching social and economic impacts • Actively worked to mitigate the impact of significant disruptions,
times of inflation and geopolitical stress, exceeding $2,000/oz in early March. While it is unclear exploration projects to extend mine life
during its second year. operational or otherwise, due to COVID-19
whether these sudden price spikes will endure, the higher cost for basic commodities used in and improve the quality of our portfolio
• Supported host governments, NGOs and communities
As governments rolled out measures to limit the spread of the our host countries and communities, and as key production inputs, could impact our costs.
virus, the normal running of operations was affected by illness, • Established a cross-functional team to manage crisis response
quarantine requirements, lockdowns and ever-changing travel • Implemented strict operating protocols at all operations
Outlook
restrictions, all of which continue to hamper economic growth in A robust economic recovery in the US, Europe and China, coupled with severe complications in the global supply chain, has brought with
• Implemented site contingency plans under regular testing and review
key sectors and erode societal norms. it accelerating inflation and the prospect of rising interest rates. The pace at which the US Federal Reserve is prepared to raise interest
• Halted non-essential travel and tighten approvals for essential travel
rates to combat inflation will have a direct impact on gold prices in the year ahead. The focus of the business will be to lower costs and
• Increased awareness, surveillance and screening ensure profitability at lower gold prices.
• Implemented strict quarantine and isolation protocols
Related strategic focus areas
Outlook • Improve portfolio quality
Although several vaccines have been approved in certain jurisdictions, vaccine demand will likely far outstrip supply for some time. • Enhance financial flexibility
Vaccine programmes are largely directed by governments and influenced by the regional availability of doses. We are actively monitoring
• Optimise overhead, costs and capital expenditure
the situation and have in place vaccine protocols and guidance aligned with host government policies.
We are committed to ethical and responsible sourcing of vaccines in a manner that does not disadvantage vulnerable and high-risk
groups. We are working to ensure that our high-risk employees and their families are included in national priority lists and vaccination
programmes. We are raising awareness of the safety and efficacy of vaccines among our workforce, and are using workplace policies to
combat vaccine disinformation and hesitancy.

• Focus on people, safety and sustainability
• Optimise overhead, costs and capital expenditure
Geita, Tanzania
26 27

continued
Growing climate crisis and increasing pressure to decarbonise operations Uncertain and increasingly rigorous regulatory requirements
Explanation and impact Our response Explanation and impact Our response
Changing rainfall patterns, rising sea levels, higher temperatures, • Maintained focus on improving ESG performance and developing Regulatory certainty facilitates decision-making in relation to • Engaged constructively with governments, local stakeholder
reduced supply of industrial and potable water and severe a Climate Change Strategy for the business long-term investments in mining assets with lives spanning several groups and regulators to optimise the shared value and benefits
weather conditions caused by global climate change remain • Concluded physical risk assessments covering different climate decades. Regulatory changes relating to mining rights, the payment derived from the orebody among stakeholders
growing concerns for businesses, investors, broader society scenarios and issued our inaugural Climate Change Report in line of taxes and royalties, and operating, closure and decommissioning • Carefully monitored regulatory changes to ensure compliance and
and governments. This has led to growing pressure to reduce with the guidelines and recommendations of the TCFD requirements can impact investment returns. to facilitate long-term planning
greenhouse gas (GHG) emissions and to limit energy and water
• After meeting our initial climate targets in 2018, started detailed More onerous regulations can result in an increased cost of
usage and to promote responsible practices in line with the
work on new 2030 GHG emissions targets compliance, which may be compounded by uncertainty in the
Conference of the Parties (COP) on Climate Change, the Paris
Agreement, the SDGs and other benchmarks. • Recommitted to net zero Scope 1 and 2 GHG emissions by understanding or application of legislation. This can affect the
2050 and, in partnership with our value chain partners, to set financial position of the business and its sustainability as well as
Scope 3 GHG reduction targets, if not by the end of 2023, as relationships with government and regulators.
soon as possible thereafter
Outlook
• Climate Change Working Group continued its focus on the
related strategy and transition processes, and will oversee While we engage regularly with all governments and regulators, particular attention is given to negotiations with regulators in Colombia
implementation of the new Climate Change Strategy adopted (on mining and environmental permitting), Tanzania (on taxation), Brazil (on evolving legislation on TSFs) and countries in Africa (Guinea,
in 2021 Tanzania and Ghana) that are considering legalising or formalising small-scale and artisanal mining. With respect to TSFs, we remain
committed to implementing the Global Industry Standard on Tailings Management, and the conversion of our TSFs in Brazil to dry-
• Maintained compliance with our corporate frameworks, standards
stacking is well advanced. We engage with host governments and monitor and evaluate actual or anticipated regulatory changes, for
and guidelines, as well as external ones including the ICMM and
timely implementation and compliance.
the World Gold Council’s Responsible Gold Mining Principles,
among others Related strategic focus areas
Outlook • Focus on people, safety and sustainability
Pressure from governments, investors and broader society to improve environmental stewardship and reduce GHG emissions is likely to • Enhance financial flexibility
intensify, both in absolute terms and in terms of consumption rates per tonne mined. This trend is being driven by national commitments • Maintain long-term optionality
under the Paris Agreement to limit average global temperature increases to less than 1.5 degrees Celsius by 2050. To achieve this, global
emissions are projected to need reductions of 8-10% annually between 2020 and 2050. Work is ongoing to set new medium-term targets, Increasing stakeholder and societal expectations in respect of ESG performance and disclosures
and then to progress work toward charting a pathway to net zero Scope 1 and 2 GHG emissions by 2050. Our power mix already includes
hydro-electric energy in the DRC and Brazil, while our planned Colombia projects will be largely hydro-powered. Our Australian operations, Explanation and impact Our response
previously powered by diesel generators, presently use natural gas. Companies, particularly those in the extractive industries, face • Engaged constructively with stakeholders to better understand
increased scrutiny worldwide from an array of stakeholders: their requirements, to consistently manage their expectations, and
Related strategic focus areas to secure and maintain our social licence to operate
• Focus on people, safety and sustainability • Providers of capital and ratings agencies have increasing
• Delivered on related strategic objectives and commitments
• Improve portfolio quality expectations relating to financial, operating and ESG performance
• Ensured responsible corporate citizenship, in line with our values
• Maintain long-term optionality • Governments’ expectations relate to contributions to the fiscus
and to national and local economies, as well as partnerships to • Maintained and improved our ESG performance – set targets and
facilitate service delivery and social and economic development transparently reported progress made in meeting these targets
• Communities’ expectations relate to socio-economic benefits • Created shared value for communities in host countries – through
– local employment and procurement opportunities, and the employment and procurement opportunities, and by investing in
provision of infrastructure, healthcare and education socio-economic initiatives that promote long-term resilience and
self-sufficiency
Outlook
There has been increasing expectation from governments, investors and broader society for greater disclosure on ESG matters as well
as performance and sustainability metrics in general. On disclosure, we have comprehensive ESG data sets available on our website,
and we will continue to participate annually in a number of ESG rating agency surveys and aim to respond promptly to related queries.
We have continued to provide support to our host communities with respect to their responses to the COVID-19 pandemic. For more
detail, see our <SR>.

• Focus on people, safety and sustainability
• Enhance financial flexibility
Tropicana, Australia
• Maintain long-term optionality
28 29

continued
Pressure from international credit ratings Principal uses of gold
Explanation and impact Our response Investment Jewellery

As the ratings agencies assess the credit risk of a company and its • Engaged regularly with ratings agencies to ensure an • Gold is a long-term store of value independent of other assets. As • Historically, gold jewellery has been the strongest source
ability to honour its debt obligations, the assessments sometimes accurate understanding of our potential operating and its price often moves contra-cyclically, it can protect or enhance of demand, accounting for around 50% of total demand. In
take into account the jurisdiction within which the company is financial performance the performance of an investment portfolio and reduce volatility. 2021, jewellery demand rose 52%, recovering from losses
located or operates since the country’s political, economic and • Continued to look at operational efficiencies that will make our Demand for gold rose 10% in 2021, with increases in most areas sustained during 2020. The largest gold jewellery markets
regulatory environment can have an impact on the company. mines more consistent in production, more resilient to gold price including central bank buying and jewellery sales, as broader are India and China
volatility and thus provide stable and sustainable cash flows economic uncertainty and inflationary fears remained and
consumer markets rebounded from poor sales during the first
• Current company ratings are as follows:
year of the pandemic in 2020
• S&P: BB+/positive
• Central banks are also a strong source of demand, with volumes
• Moody’s: Baa3/negative
having increased steadily over the past decade
• Fitch: BBB-/stable
Outlook
South Africa’s sovereign rating by Fitch, Moody’s and S&P will continue to determine whether and by how much our credit rating can
improve, as our corporate rating cannot be more than two notches above the sovereign rating of our country of domicile (South Africa).
We also remain exposed to other lower-rated sovereign countries. Our overall credit rating has improved since 2019, a result of a more
stable operating performance, improved cash generation, and consistent delivery on our strategic objectives, with the agencies taking
greater account of the consistent delivery on our strategic objectives.

• Improve portfolio quality
• Enhance financial flexibility
Medicine and dentistry Technology, aerospace, environment

• Gold nanoparticles are used in rapid diagnostic testing, which • Gold wire is widely used in almost all electronic devices that
have helped to revolutionise the diagnosis of diseases such as make the Internet function – computers, mobile phones, global
HIV/Aids positioning systems, etc. As an efficient and reliable conductor
• Gold-based drugs are being developed to treat diseases such as and connector, it enables the rapid, accurate transmission of data
rheumatoid arthritis • In space, layers of gold are used to protect astronauts and
• Gold nanoparticles deliver anti-cancer drugs directly to tumours equipment from heat and radiation
• Gold’s being malleable and non-allergenic makes it ideal for • Gold nanoparticles are used to improve the efficiency of solar
use in dentistry cells and panels
• Environmentally, nanoparticles are used to clean contaminated
groundwater by breaking down pollutants
30 31
INTEGRATED STAKEHOLDER ENGAGEMENT
Engaging key stakeholders

We have identified our key stakeholders, the significance of our engagement with each, their primary concerns and expectations, and our
response to those concerns and expectations. In addition, we have conducted self-evaluations of the quality and nature of our relationship
Effective management of stakeholder relationships has a direct with each stakeholder grouping as follows:
bearing on our ability to deliver on our strategy and create value. Strong = collaborative and mutually advantageous
Cordial = sufficiently involved to achieve common goals
Weak = requires some effort and consultation to achieve consensus
Our approach to and rationale for

engagement Key stakeholders Investment community
Includes: Shareholders, current and future investors, debt funders and other providers of capital.
Quality of engagement: Strong
We are committed to collaborative stakeholder engagement. Our

stakeholder engagement process is integrated and inclusive, This stakeholder group represents the principal providers of financial capital. Engagement is with both international and local
and seeks to balance the needs, interests and expectations of
• Investment community
institutional and private investors and fund managers as well as investment and ESG analysts and financial media.
stakeholders with those of AngloGold Ashanti. It is critical at every
stage of our business, from exploration through to mine closure. Transparent and consistent engagement on our performance, delivery on our strategy, and managing expectations can enhance investor
• Employees, including unions sentiment and our reputation and improve access to capital and our market valuation. The CEO, CFO and Chief Corporate Affairs and
Our engagement structures aim to help us navigate the political, Sustainability Officer, supported by the investor relations team, are responsible for shareholder engagement. Such engagement, which is
regulatory and legislative environments in which we operate, regular and done through a variety of channels, is conducted in line with our listing and exchange requirements.
to provide insights into potential risks, opportunities and key
issues, enabling us to better manage and act on these potential
• Governments and regulators Key issues of engagement Our response
risks, opportunities and issues in order to maintain our social • Appointment of CEO and new approach • Maintained engagement with shareholders, analysts, debt holders and other lenders
licence to operate. throughout the year via quarterly market reporting, trading statements, conference
• Communities calls and investor conferences
• Board engagement with shareholders, including the Annual General Meeting, regarding
Oversight and accountability the process to appoint a new CEO
The board has ultimate responsibility for stakeholder
• Suppliers • Once appointed, the new CEO engaged with investors and analysts on results calls,
engagement. The Social, Ethics and Sustainability
meetings and through presentations at both the FT Mining Summit and Denver Gold
Committee assists with oversight of our stakeholder
Forum, where he outlined his strategy and the planned new Operating Model
engagement framework and structures. The committee
reviews the framework and engagement annually. • Industry partners and peers • Financial and operating performance • Provided detail on financial and operating performance
• Continued strengthening of the balance sheet to better weather short- and medium-
term volatility in gold price and the general operating environment
• Debt consolidation
• Communicated areas of delivery on strategy
• Cash lock-up challenges • Provided detail on strategy for dealing with cash lock-ups in DRC, Tanzania
and Argentina
• Obuasi suspension of underground activities • Communicated the causes of the Obuasi underground production stoppage and
and restart timing of the subsequent restart
• Climate approach • Developed a new Climate Change Strategy and presented our first Climate Change
Report outlining our approach to dealing with the risks and opportunities that come
with climate change and extreme weather – see <CCR>
• Recommitted to the ICMM’s target of net zero Scope 1 and 2 GHG emissions by 2050;
revising our medium-term targets to cut GHG emissions further by 2030
• ESG performance • Delivered regular feedback on ESG-related performance
• COVID-19: first- and second-order impacts, • Provided information on impact of the pandemic on the business and our response in
namely, public health impacts (absenteeism, managing it
quarantines, lockdowns) and the consequent
Geita, Tanzania
effects of labour shortages and accelerating

inflation on economies
32 33

continued
Employees and unions Quality of engagement: Cordial Governments and regulators Quality of engagement: Cordial
Includes: All employees as well as their representative labour unions at certain operations Includes: National, regional, local governments as well as various regulators and departments (mining, environmental, social,
labour, taxation)
Employees, our human capital, provide the labour, knowledge, skills and expertise necessary for the efficient operation of our business
and successful delivery on our strategy. Constructive employee engagement promotes stable employee relations, enhances productivity Government and regulators develop and implement legislation and associated regulations that can significantly affect AngloGold
and ensures alignment on our strategic objectives. Ashanti or one or more of our operations. Ongoing engagement aims to communicate the state of the business and its challenges
and opportunities, to mitigate regulatory and political risks, encourage certainty, strengthen our social licence to operate and generally
Line management, supported by the human resources function, is the main point of engagement. Engagement is frequent and ongoing, promote an environment conducive to investment and development. Proactive engagement with governments includes regulatory
formal and informal and includes official communications issued by the business, regional and company-wide town hall meetings, submissions, formal and informal discussions on significant issues, and service delivery collaborations.
in-house presentations and awareness campaigns on various topics such as safety, health, business performance, the new Operating
Model and COVID-19 updates. Communication media used includes email, newsletters, employee briefs, WhatsApp, the intranet and Direct engagement by corporate and site teams with national, regional and local governments in each jurisdiction continued through the
personal communication with line management. Union engagement is more formal and structured. year, alongside engagement with those parties through industry bodies.
Key issues of engagement Our response The subject matter covered in these engagements spanned a variety of issues, from updates on our operating performance to the status
• Implications of new Operating Model and • Focused employee engagement across all levels of various projects and communication about the benefits of our operations to local communities and value chains. These meetings
organisational restructuring also allowed our teams to remain abreast of changing political and regulatory dynamics.
• CEO held several employee town halls, one-on-one and small group meetings, issued
numerous briefs to communicate revised priorities and the importance and benefits of Key issues of engagement Our response
the new Operating Model
• Compliance • Group Compliance plays an essential role in co-ordinating compliance with laws and
• Safety • Three-year work plan introduced in 2021 to revitalise safety strategy regulations, standards and contractual obligations and in assisting and advising the
and performance board and management on designing and implementing appropriate compliance
policies and procedures
• Organisational culture • Culture survey, conducted in line with the Barrett model, indicated current culture
is concentrated at the evolutionary phase, indicating employees are experiencing a
• Ongoing monitoring of compliance with laws, regulations and legal registers by
country – this includes self-certification processes
significant degree of transformation and change, and are willing to continue changing
and growing. See <SR> and Culture survey case study • Regulatory changes • Improved internal systems and activities to meet requirements of regulatory changes
• Obuasi suspension of underground activities • Communicated the causes of the Obuasi underground production stoppage, • Political changes • Developed system to track political changes across the group. Engaged with current
and new governments on matters relating to mining agreements and tax matters
and restart remediation steps taken, and timing of the subsequent restart
• TSF management • Committed to implement the Global Industry Standard on Tailings Management
• COVID-19 – response and management • Implemented COVID-19 protocols tailored to each operation – accompanied by a
(GISTM) at all facilities by August 2025. TSFs at our Brazilian operations are currently
focused communications plan
being converted to dry stacking to comply with federal requirements in Brazil
• Ensured no employee lost wages or benefits related to COVID-19 lockdowns and
• Engagement ahead of the approval of the Beposo TSF at Iduapriem
other disruptions
• Project development updates – Ghana • Continued to engage with regulators and governments on progress being made on
• Productivity, maintaining focus on strategy • New Operating Model implemented – focused communication by line managers to and Colombia and status of projects in respective countries
and meeting guidance on production and reinforce delivering in line with strategy
• Continued to engage with ANLA (the licensing authority) in Colombia on the
other performance metrics
environmental permit for the Quebradona project
• Regulatory compliance – safety, local • Engaged regularly with governments and relevant regulators to provide updates
economic and community development on regulatory compliance
and taxation
• Dispute resolution – repatriation of funds • Maintained dialogue in the DRC on the repatriation of funds held through joint venture
(DRC) and tax refunds (Tanzania) partner and operator, Barrick
• Maintained dialogue with Tanzanian authorities
• Continued timeous payment of taxes, royalties and duties
• Mitigation of political and regulatory risk • Engaged with governments and relevant regulators to ensure channels of
communication remain open
Geita, Tanzania
34 35

continued
Communities Quality of engagement: Cordial Suppliers Quality of engagement: Strong
Includes: Those communities located in the vicinity of our operations, in which many of our employees reside, on whose goodwill we Includes: AngloGold Ashanti has many suppliers, ranging from established multi-national corporations, local strategic partnerships
depend and who are directly impacted by mining operations. (such as joint ventures) to smaller, more localised businesses – and labour contractors.
We are accountable to host communities to be a responsible corporate citizen. Communities can directly affect our social licence to Our suppliers provide those vital inputs – raw materials, products and services – required to conduct our business activities. We
operate. In line with our values, we aim to leave a positive legacy for those communities. endeavour to ensure suppliers are aligned with our business ethics and values, internal policies and standards, and codes of behaviour.
Engagement aims to manage expectations, uphold human rights and ensure community and asset security. Its focus is local socio- Key issues of engagement Our response
economic development programmes, developed and run in partnership with local governments and host communities. These contribute
• Responsible sourcing • As a condition of working with AngloGold Ashanti, suppliers must comply at a
to economic growth, stimulate income-generating opportunities, create employment, and aim to nurture sustainable livelihoods beyond
minimum with all relevant laws and industry regulations, and must be aligned with
the life of mine. Mutually beneficial community partnerships enhance shared value creation and support our social licence to operate.
our business code of ethics, values, and codes of behaviour, including responsible
Our community engagement strategy identifies potential areas of interest and concern within local communities. Engagement is sourcing
largely directed through various community forums that include representatives from AngloGold Ashanti, the community and local • Our responsible sourcing programme enables us to identify risks relating to human
authorities. Grievance mechanisms, together with accompanying resolution procedures, enable communities to lodge complaints rights violations to help our suppliers make ethical decisions when purchasing goods
which can be resolved. and services
Key issues of engagement Our response • Published a Modern Slavery Statement to comply with Australian regulations
and integrated supply chain modern slavery risks into our broader Human Rights
• Employment and procurement opportunities • Ensured Obuasi redevelopment is in line with commitments made to the Government Framework to improve governance. See <MSS>
and local enterprise and economic and the community in Ghana (see Suppliers)
development programmes • Local content and procurement opportunities • Designed programmes to promote local procurement and to build in-country mining
• Continued to include local suppliers in our database. More than 80% of relevant
skills bases to empower local communities and reduce reliance on expat labour
expenditure spent with local suppliers
through sustainable skills transfer and capacity building programmes
• As part of our localisation policies and procedures, and in line with country specific
legislation, we work to promote and ensure the employment of local people • Community capacity building and localisation • Geita contributed to capacity building of its host communities by partnering with
the National Economic Empowerment Council of Tanzania (NEEC) to encourage
• Optimised participation by local companies and the transfer of skills in the Obuasi
participation by Tanzanians in the procurement of local goods and services in mining.
redevelopment project
More than 300 local businesses have been trained and we see increased participation
• In line with our socio-economic contribution standard, we support alternative of local vendors in bidding and tender processes
livelihoods and local economies though community development projects in our
host communities • Supply chain risks • Proactively monitored global supply chains to ensure resilience and continuity of
supply, threatened by the COVID-19 pandemic. Measures put in place to address
• Ensured implementation of corporate social responsibility plan for Geita and continued
the sustainability of our strategic supplier base. For example, timely payment to
to roll out development initiatives working with communities and governments across
and support for small, medium, and micro enterprises (SMMEs) to create business
all our sites
opportunity and growth, and extended rosters for contractor expats that are subject to
• Environmental and social impact of mining • Responded, followed up and resolved complaints received via the community longer quarantine periods due to border closures and restrictions
activities on communities (noise, dust, grievance mechanism
water issues)
• Social licence to operate • Engaged with key stakeholders regarding new mining projects and mine expansion
projects to ensure community support
• Potential business interruptions • Maintained engagement with host communities on socio-economic contributions
accrued to communities across the group
• Legacy issues (social and environmental), • Continuing to honour financial obligations to former employees in South Africa
post asset sale in South Africa • Studying options for legacy social projects in South Africa to benefit former employees
and their families
For more information on work undertaken to establish self-sustaining communities, see <SR>.
Obuasi, Ghana
36 37

continued
Key issues of engagement Our response

Industry partners and peers Quality of engagement: Strong
• Climate change • In 2021, we developed a new Climate Change Strategy and presented our first
Includes: National or local mining/industry bodies, the ICMM, World Gold Council (WGC), among others, providing a joint platform for Climate Change Report (See <CCR>), outlining our approach to dealing with the risks
addressing industry-related developments and concerns, as well as initiatives for sharing lessons learnt and best practice. and opportunities that come with climate change and severe weather. We are fully
commited to the ICMM’s target of net zero Scope 1 and 2 GHG emissions by 2050; and
Engagement aims to garner support and promote collaboration with other shared stakeholders – governments, regulators, employees, we are working on a medium-term target to cut GHG emissions by 2030
unions and communities – on matters of mutual concern, to work together to reduce regulatory and political uncertainty, and to promote
long-term partnerships. These include joint efforts to find solutions to sector or industry challenges, and on any new developments to
• Evolution of ESG • We view our ESG performance as crucial to the broader financial and operational
success of our business, and our ability to generate value for all of our stakeholders.
promote the future of the industry. Engagement, which is led by the CEO and designated area leads, involves various platforms including
We continue to work closely with our community and government stakeholders to
conferences, meetings and other industry forums.
align our social and environmental investments with their own needs and aspirations
We continued to engage with our peers through various forums, both through industry organisations in our operating jurisdictions and
• Making clear the benefits of mining • Contributed to the WGC’s report, The Social and Economic Contribution of Gold Mining
at a global level through various bodies including the ICMM and the WGC, among others. These connections with our peers across the
local and global mining sectors help ensure we stay abreast of developing trends, allow us to provide input on major issues affecting • Regulatory uncertainty • Collaborated with industry bodies to manage and improve regulatory and
mining companies in general and AngloGold Ashanti in particular, allowing us to contribute to a collective voice for the sector. Much of the political certainty
discourse in these forums is centred on the broader environmental, social and governance topics, including the ongoing development of
• TSF management • We have, along with our peers in the ICMM, committed to implement the Global
best practices and how best to communicate the significant amount of good work being done by the industry in each area.
Industry Standard on Tailings Management (GISTM) at all facilities by August 2025
We continued implementation of the ICMM’s Performance Standards and the WGC’s Responsible Mining Principles.
Engaging with media

Media engagement facilitates improved understanding of AngloGold Ashanti’s business among government stakeholders, the
investment community and the general public, promotes transparent and accurate reporting, and contributes to constructive
relationships with other stakeholders. It aids reputation management, improves transparency and credibility, supports our social
licence to operate, and can address speculation and misinformation in the public domain.
See the section Value by stakeholder further detail on value created in relation to each of these stakeholders.

Kibali, DRC
38 39
MANAGING OUR RISKS AND OPPORTUNITIES
AngloGold Ashanti is exposed to volatility and various risks in the Roles of the board, Audit and Risk Committee Overview of our risk management framework elements, processes and accountabilities
external operating environment. We recognise that risks and their
and management
effective management are intrinsic to this business and, while this Board of directors and CEO
The board provides oversight of AngloGold Ashanti’s risk
remains the case, we will continue to identify and pursue value- Board has ultimate accountability for risk management; CEO is delegated with responsibility for design, implementation and monitoring
management framework, policies and processes and has ultimate
creating opportunities, including the leveraging of existing assets,
accountability for the development and implementation of the risk
shareholdings, skills and experience. Risk management is a central
management strategy and plan. Corporate, exploration, Risk management Audit and Risk Assurance
component of strategic, operational and project management,
and our risk management framework assists us in assessing and operations and projects system Committee Provides independent
The Audit and Risk Committee is accountable for risk governance
managing the risks associated with our business and operational Manages risks which are Supports the board, Audit Oversees risk management internal and external
and oversight of the risk management system, approving risk
activities. Our framework, which applies across the Company and to ‘owned’ primarily by: and Risk Committee, CEO system and framework assurance
policy, determining the appropriate levels of risk appetite and
all group-managed entities, consists of a formal risk management • Executive risk owners * and CFO
tolerance and setting of annual limits for these.
policy and a set of risk management standards. We adhere to the • Operational and project
King IV Corporate Governance Risk Principles, ISO 31000 and to the Management is responsible and accountable for effective risk risk owners
Committee of Sponsoring Organisations (COSO) Enterprise Risk management and practice. The CFO is accountable for the
Management Framework. enactment of policy and reports to the Audit and Risk Committee
and the board on this matter. Risk management framework
Our risk governance is Assurance on the risk management system is provided by Group
Internal Audit, which provides periodic evaluation of controls and 1 2 3 4 5 6
reflected in our established compliance, as well as an objective view of delivery on the risk
management process.
Appetite and
Assessment and Structure and
Policy Standard Guidelines tolerance
oversight structures Our risks and opportunities are identified at an operational and
statement
reporting matrix accountabilities
and the management of

regional level and assessed with input from senior management.
These are reviewed quarterly, or more frequently if required, based
on changes in our operating environment. Relevant risk owners
assigned ownership and are consulted to confirm the status of risks and opportunities in Context
terms of their severity and likelihood, and to ensure alignment with
accountabilities. regular independent assessments and assurance processes. Monitoring and
review
Identifying
Bottom up
Risk appetite and risk tolerance Top down Operational
A certain degree of risk is inevitable in the conduct of our business. AngloGold Ashanti defines risk appetite as the level and type level risks
of risk that the Group is willing to accept to achieve its business goals, while risk tolerance refers to the level of risk carried at a Strategic risks
Recording and Includes identification
Assessing
particular time. Both risk appetite and risk tolerance are critical elements of the Group’s risk management process and in how risk Includes identification reporting Risk management process
and management of
management is integrated into business planning and operational management. and management of emerging risk
emerging risk
The board approves the appropriate levels of Group risk tolerance after consideration of the levels of risk appetite and tolerance
determined by the Audit and Risk Committee.
Communicating
Evaluating
and consulting
Responding
Tier 1: Management
Tier 2: Risk, compliance, legal, governance and steering committee functions
Tier 3: Independent assurance (internal and external)
COMBINED ASSURANCE FRAMEWORK

* Chief Operating Officer and Chief Officers. Key management changes, a two-tier chief operating structure was consolidated into a single chief operating officer structure.
40 41
MANAGING OUR RISKS AND OPPORTUNITIES continued
Opportunities Climate change

There are substantial opportunities for the gold supply chain – Emerging risks The unintended consequences of the COVID-19 pandemic
Acquisitions including gold mining – to implement decarbonisation initiatives have shifted commodity and labour markets, resulting in
The acquisition of Corvus, completed on 18 January 2022, Supply chain disruptions and constraints market imbalances with shortages in certain sectors and a
and move toward a future with net zero GHG emissions, as revealed
The global impact of the COVID-19 pandemic on logistics and surplus in others.
provides AngloGold Ashanti with the opportunity for district-wide by the work undertaken by the World Gold Council to understand the
global supply chains across geographies and industries, including
consolidation in Nevada. The combination of Corvus' assets, gold sector’s GHG emissions profiles and climate change impacts.
the mining and metals sectors has been unprecedented and
the North Bullfrog, Mother Lode, and other exploration areas, Climate change risk assessments undertaken in 2020 for all our
continues to present challenges for our operations, despite the For detail on our strategy and its strategic objectives, see
with our own neighbouring targets, including the Silicon and operating assets and the Quebradona project showed that most
resilience our operations have demonstrated over the past two Performance and delivery by strategic focus area.
Merlin deposits, provides the opportunity for the Beatty District physical change-related climate risks have already been identified
years. Supply disruptions, higher costs, extended lead times and
to become a potential Tier One asset with first gold production and included in operational-level risk registers. For more on anticipated inflationary impacts, see Global
greater inflationary pressures will require continued management in
expected in the next three years. macro-economics and geopolitics.
We recognise that the effects of climate change may alter the order to minimise the impact on operations.
The transaction is expected to enable AngloGold Ashanti to frequency and severity of weather and climate hazards. Using the
We continue to see challenges in securing the key underground
establish a medium- to longer-term, low-cost production base in a latest climate data and projections for a range of climate hazards,
expatriate skills required in Africa, especially those from
premier gold mining jurisdiction. operational teams were guided through a participatory approach
Western Australia.
to consider how risks may be affected into the 2030s, focusing
Operational effectiveness and cost reduction on the worst-case scenario (equivalent to a 4.3°C increase in the
A core priority for the organisation is to reduce costs, such global average temperature by the end of the century, relative to Our top 10 residual Group risks
that the business is profitable at lower prevailing gold prices. pre-industrial temperatures), which would require the most robust
Our risks are assessed over the short, medium and long term. The heat map below shows the residual rating for each of our top 10 risks
Key to this objective is to embed the new Operating Model and adaptation measures.
over a three-year view (medium term). Residual risk is the Company’s exposure to a particular risk once mitigation measures have been
the organisational model that supports it. The new Operating applied to the inherent risk.
When planning our response to individual physical climate
Model aims to reduce wasteful spending and activity, remove
risks, we consider risk management actions that apply to many
unnecessary duplication of roles at multiple places in the
areas of the business – including those related to information,
organisation, and empower the revenue generating assets with governance and policy – as well as any operational changes and
the resources needed to execute on their business plans. In all, physical modifications. Rank Risk
owners * Potential risk
this change to the business is expected to provide improved and Almost (previous)
more consistent operating outcomes. In parallel with this process, We recognise that in some cases our understanding of the risks certain Adverse regulatory changes
work is also underway to review planned operating and capital and required adaptive(1) measures need to be developed further. CLO, COO, to mining rights and fiscal
1 (1)
expenditures while also conducting a full asset potential review of Informational actions were thus key in enabling us to successfully CFO
1 requirements
our operating sites to ensure each is operating at its full potential. build on our 2020 climate change risk assessments. These include
Inability to convert Mineral
expanding our monitoring and early warning systems, together Likely 2 (2) COO
Resource and Ore Reserve
Project development with more detailed quantitative modelling and risk assessments. 2
To strengthen climate governance controls, awareness-raising 3 Failure to successfully deliver
Development of new projects has the potential to improve the cost 3 (4) CTO
and capacity-building activities are essential in ensuring that our 4 and ramp up growth projects
and life-of-mine profile of the Company’s portfolio, and improve 6
Likelihood
employees have the knowledge and skills necessary for good 5 Adverse future implications
its long-term optionality. The redevelopment of Obuasi in Ghana
decision-making and to ensure that our functional policies and Possible 8
is well advanced and the operation is expected to ramp up to a 4 (3) COO, CFO for the industry and event
standards are fit for purpose. risks
steady state of 4,000tpd of mining by the middle of 2022. The most
10 9 7 Failure to meet our
advanced projects in the pipeline currently are those in southern Operational actions include many simple, cost efficient and flexible 5 (5) COO, CTO
Nevada’s Beatty district, including our own Silicon deposit and the operational and safety targets
options – such as increased frequency of routine maintenance
properties newly acquired in the Corvus acquisition; the Gramalote activities – to ensure our assets, infrastructure and equipment Unlikely Failure to move down
joint operation with B2Gold in Colombia, currently undergoing are performing optimally. Physical modifications covering both CFO, COO, the industry cost curve
6 (8)
optimisation of its feasibility study to improve returns; and the ‘hard’ engineering solutions and ‘softer’ nature-based solutions, CTO – all-in sustaining cost
Quebradona copper and gold deposit, also in Colombia, which tend to be more complex and costly. Nature-based solutions are competitiveness
has appealed a decision by the national environmental regulator potentially attractive as they frequently offer multiple benefits Loss of or threats to social
Very rare 7 (7) CSCAO
to ‘archive’ its environmental permit application, meaning that the beyond management of the initial risk such as environmental licence to operate
regulator will not approve or deny the application. improvements and contributions to social value. Failure to attract and retain
8 (6) CPO critical skills and talent
(1)
Adaptation: The process of adjustment to actual or expected climate and its effects. In human systems, adaptation seeks to moderate or avoid harm or exploit beneficial Minor Moderate High Major Extreme Adverse gold and commodity
opportunities. In some natural systems, human intervention may facilitate adjustment to expected climate and its effects. Mitigation (of climate change): prices, and currency
9 (9) CFO
A human intervention to reduce the sources or enhance the sinks of greenhouse gases (GHGs). IPCC. (2014). Climate Change 2014: Synthesis Report.
movements
Consequences
Inability to meet expectations
10 (10) CSCAO on responsible mining (ESG
performance)
* See Executive Committee

Nature of risk: Operational External Strategic
42 43
Strategy Our principal risks 2 3 4

Mining is a long-term business, and so our strategy aims to create Our risks are assessed over the short, medium and long term.
sustained value over the life of our mining operations and beyond. This Not all of these factors contributing to our principal risks are Inability to convert Failure to successfully Adverse future
involves careful allocation of key resource inputs – the natural, human, within the control of management as they are influenced by Mineral Resource and deliver and ramp up implications for the
intellectual, financial, manufactured, and social and relationship capitals external factors outside of management’s control. These Ore Reserve growth projects industry and event risks
– which are essential to achieving this aim. external factors include among other things COVID-19 and
its lingering impacts on employees, supply chain resilience,
resource nationalism, macroeconomic factors, the gold
Risk description Risk description Risk description
price, and unforeseen events in our areas of operation.
It is essential to replace depleted Failure to develop and operate projects Potentially catastrophic events include
These factors carry varying degrees of uncertainty and
Supporting our Ore Reserve in order to maintain or in line with expectations could negatively among other events the COVID-19
at times require agile responses to manage the risks. For
strategy for increase production in the long term. impact business performance. pandemic, a TSF failure and our inability
more on these external factors, see Our external operating
sustainable cash If not, our operational performance, to ensure liquidity of the business. Such
environment in this report.
flow improvements financial condition and prospects will be events could have significant financial
People, safety, and returns Improve adversely affected. consequences and cause fundamental
health and
sustainability
portfolio quality
1 changes in the way we operate.
Adverse regulatory changes to mining

Financial Maintain long-term
rights and fiscal requirements
flexibility optionality
Optimise overhead, Mitigating action Mitigating action Mitigating action
costs and capital Short term
expenditure • Adopt robust approach to regular • Continue ongoing monitoring of
Risk description • Improve Ore Reserve development stage-gate project reviews to the evolving pandemic and agile
Experience shows that political, tax and economic laws to create flexibility for mines to cope assess projects and allocate capital COVID-19 response planning
and policies in our operating jurisdictions can change with unexpected events that might in accordance with our capital • Ensure adequate liquidity and
rapidly. We operate in countries that can from time-to-time interrupt and hinder delivery on the allocation framework
For detail on our strategy and strategic focus areas, see Our strategy – bond submission in anticipation of
experience a degree of social and political instability as mine plan
an overview. • Ensure appropriate project skills, prolonged impact of COVID-19
well as economic uncertainty.
• Conduct greenfield and brownfield systems, structures and governance • Undertake comprehensive TSF
exploration to replenish mineral are in place governance and management
inventory • Create multi-disciplinary steering framework, standards and
Mitigating action • Increase conversion of the Mineral committee guidelines developed to address
• Conduct regular, inclusive engagement and broader Resource to Ore Reserve • Ramp up safe operations at Obuasi tailings-related risks
collaboration with governments, communities and • Apply robust business planning, and learning from the case study • Convert TSFs to dry stacking in Brazil
NGOs portfolio optimisation and feasibility
• Continuously monitor legislative, regulatory and studies to support Ore Reserve Feasibility study
political landscape conversion • Finalise Quebradona feasibility
• Make use of joint venture alliances with local Long term study and address any gaps in the
companies in line with host country’s regulatory Environmental Impact Assessment
• Implement focused greenfield
requirements to improve participation of host-country required by regulators to secure
exploration targeting new
industries outstanding permits
discoveries
• Ensure compliance with relevant country legislation • Continue focus on brownfield • Await completed feasibility study
and regulation of Gramalote from project operator
exploration
• Have in place a government relations framework to B2Gold
• Rank opportunities based on returns
guide engagement and affordability
Strategic focus areas impacted Strategic focus areas impacted Strategic focus areas impacted Strategic focus areas impacted
OVERSIGHT OVERSIGHT OVERSIGHT OVERSIGHT

• Social, Ethics and Sustainability Committee • Investment Committee • Investment Committee • Social, Ethics and Sustainability
• Audit and Risk Committee Committee

• Audit and Risk Committee
44 45
5 6 7 8 9 10
Failure to meet our Failure to move down Loss of or threats to Failure to attract and Adverse gold and Inability to meet
operational and the industry cost curve social licence to operate retain critical skills commodity price, and investor expectations on
safety targets – all-in sustaining cost and talent currency movements responsible mining
competitiveness (ESG performance)

Inability to retain and attract sufficiently Lower spot prices and strengthening Irresponsible mining practices and/or
Unplanned stoppages and unforeseen Margins and free cash flow are at risk Failure to operate in a sustainable and
skilled and experienced employees may of currencies in host countries will perceptions that we are insufficiently
operational interruptions, and when the gold price remains static or responsible manner to provide benefits
harm our business and growth prospects. adversely impact our ability to generate committed to ESG matters could
operational accidents or injuries that declines, when production targets are to communities could threaten our social
Having the right people with the required free cash flow. lead to investors divesting AngloGold
can impact production could adversely not met or when all-in sustaining costs licence to operate and adversely impact
skills is vital to the efficient conduct of our Ashanti’s securities, increased
impact business performance. increase, potentially having an adverse our financial position.
business and strategic delivery. reputational risk, and an adverse
impact on our financial position.
impact on the price of our securities
and our social licence to operate.
Mitigating action Mitigating action Mitigating action

Mitigating action Mitigating action Mitigating action
• Ensure delivery of business plans • Drive operational excellence • Target stakeholder mapping
• Implement key human resource • Enhance cost competitiveness by • Conduct regular engagement and
by focusing on Mineral Resource programmes and engagement
initiatives to ensure productive and improving quality of the portfolio collaboration with stakeholders
modelling, integrated business
• Introduce lower cost ounces to the • Monitor legislative, regulatory and engaged workforce • Undertake transparent reporting and
planning and execution • Focus on cost, efficiencies, and
Ore Reserve political landscape in anticipation of public disclosure
• Improve Ore Reserve life and • Implement transformation model capital discipline
• Optimise capital to generate negative impact on business • Review sustainability performance
to identify future critical skills • Maintain long-term optionality by
planning certainty
maximum returns • Meet local content and localisation requirements with general managers and
• Maintain operational excellence ensuring competitive project pipeline
• Complete asset sales enable requirements increase overall awareness among
programmes aimed at improving on
• Integrate talent management • Improve debt profile and interest
enhanced focus on higher-return • Share economic benefits and senior management cohort across
and succession planning, with an cost of capital
budget, productivity and efficiencies all operations
assets value created with host countries increased coverage ratio for
• Focus on safe production across and communities • Apply conservative gold price and • Ensure good corporate citizenship
• Implement new Operating Model to critical skills
all operations to achieve zero harm currency planning assumptions and governance
improve effectiveness, ensure better • Review sustainability performance • Increase training capacity for scarce
including the implementation of • Conduct sensitivity analyses on gold • Manage and limit environmental
operational outcomes and reduce with general managers and increase artisan skills
refreshed safety strategy price, production, exchange rates impacts and progress achievement
costs overall awareness among senior
• Implement short- and long-term and Group risk adjustments of targets
• Continue ongoing monitoring of management cohort across all
• Undertake full asset incentive schemes • Integrate climate considerations into
the evolving pandemic and agile operations • Implement new Operating Model to
potential reviews the business and undertake physical
COVID-19 response planning • Conduct employee engagement improve effectiveness, ensure better
• Assess status of social licence to climate risk assessments for all
surveys operational outcomes and reduce
• Roll-out of vaccination programmes operate at operations operations
and ongoing education, awareness • Enable remote working functionality costs
• Collaborate with health authorities • Implement Climate Change Strategy
and policy changes to mitigate • Develop and implement
on national vaccination programme • Include stakeholders in COVID-19
vaccine disinformation and hesitancy response plans
implementation response plans
• Implement a human rights framework
• Enhance diversity and inclusion
practices
Strategic focus areas impacted Strategic focus areas impacted Strategic focus areas impacted Strategic focus areas impacted Strategic focus areas impacted Strategic focus areas impacted
OVERSIGHT OVERSIGHT OVERSIGHT OVERSIGHT OVERSIGHT OVERSIGHT

• Investment Committee • Audit and Risk Committee • Social, Ethics and Sustainability • Social, Ethics and Sustainability • Audit and Risk Committee • Investment Committee
• Audit and Risk Committee • Investment Committee Committee Committee • Investment Committee • Social, Ethics and Sustainability
• Social, Ethics and Sustainability • Remuneration Committee Committee
Committee
46 47
I believe there is significant potential value to unlock. The best place to

begin realising that potential is to ensure we’re doing the basics right – that
means meeting our commitments, sharpening our operational performance,
executing flawlessly on projects, extending the lives of our mines at a
reasonable price, reducing costs and improving cash conversion.
Alberto Calderon
Chief Executive Officer
Realising potential in the past four years, and Tropicana in Australia, will see improving
CEO’S REVIEW
production and cost profiles in coming years, ensuring these
With the right people now in place, we’re ideally positioned to
operations are recognised as the Tier One mines that they are.
focus on a step-change in performance through our Full Asset
Potential Review. This is a true and tested process used by many The project pipeline has also been enhanced with the purchase
of our larger peers in the mining sector, deploying subject matter of Corvus, which concluded post year-end in January 2022. The
specialists from within the business to identify – through an acquisition delivers a unique opportunity to expand our asset base
intensive three-month process – the gaps between the current and
AND OUTLOOK
in one of the world’s top ranking mining jurisdictions to create a
best possible performance of each of our sites. meaningful new production base, with first gold output anticipated
in three years.
Site management teams, involved every step of the way, are
then accountable for delivery on the tasks that will close the At Quebradona, in Colombia, a feasibility study was completed
performance gap. during the year and the Mining Operations Licence was approved
Fellow Shareholder with the skills and decision-making authority to safely deliver on
their day-to-day plans. Specialist technical support is provided by by Antioquia’s Mining Secretary. In November 2021, however, the
Thank you for your support through what has been a As our new Chief Technology Officer, Marcelo, who led a similar
the centre, as are the necessary policies and standards to which Colombian Environmental Agency (ANLA) officially “archived”
challenging year for AngloGold Ashanti, our employees and process in his former role at Newmont, will oversee the Full Asset
the business units must be held. our environmental licence application, a decision that allows it to
our many stakeholders. Potential review, starting with Sunrise Dam in February of 2022,
neither approve nor deny a permit.
followed by a further five sites before year end. The remaining
It is a great honour to be appointed CEO of AngloGold Ashanti, At its most basic level, the new Operating Model reduces waste
sites will follow in 2023. We appealed that outcome in early 2022 to gain clarity on the
truly an iconic gold mining company endowed with high quality and duplication through the elimination of 215 support roles
assets, great people, and an excellent balance sheet. These are at the mid- and senior management levels. But the benefit to specific information ANLA requires to make a final determination
This exercise will give us clear, empirical data against which to
the critical foundation stones upon which to build the long-term the organisation is more profound, in that it ensures the right on our application. We will prepare a new environmental licence
measure the performance of each site, and upon which to base
success of any mining company. people are in the right place throughout the organisation and application accordingly and estimate this process is likely to add
our future capital allocation and portfolio decisions.
removes confusion created by what was a convoluted, top-heavy about 24 months to the licensing timeline.
As I look at our portfolio, however, I believe there is significant
structure. Most importantly, though, this new Operating Model Tier One * assets
value to unlock. The best place to begin realising that potential is While this delay is disappointing, we are focused on the long term
provides for clear accountability across the business.
to ensure we’re doing the basics right – that means meeting our It is vital that we realise the full potential of our Tier One mines in and ultimately bringing to production one of the world’s most
commitments, sharpening our operational performance, executing particular. Kibali continues to deliver excellent results, with strong exciting new, long-life copper-gold projects. In this endeavour, we
flawlessly on projects, extending the lives of our mines at a
Leadership changes margins and a robust mineral inventory. At Obuasi, underground are encouraged by the continued support for its development.
reasonable price, reducing costs and improving cash conversion. I also moved to reinforce our leadership team with three key mining resumed in October 2021 after operations had been In particular Colombia’s national and regional leadership have
external appointments, adding significant experience voluntarily suspended in May 2021. Since then, the restart plan expressed strong support for the project as an important
Building blocks in transformation, talent management, business improvement has tracked to schedule. replacement for thermal coal energy sales, which account for
First, however, it was important for us to put in place a new, clear and mine planning, to an already seasoned group of more than half of the country’s total exports. At the local level,
existing executives. When Phase 3 construction is completed at the end of 2023, Obuasi community support continues to grow.
Operating Model and the organisational structure to support it.
will be positioned to produce 400,000oz to 450,000oz a year at an
I spent significant time with the leadership team immediately
Marcelo Godoy, was appointed Chief Technology Officer in all-in sustaining cost (AISC) of $900/oz to $950/oz. With a life of With our balance sheet significantly strengthened in recent years,
after my appointment in September 2021, designing and
November 2021 and he previously had a senior leadership role at more than 20 years, and operating metrics expected to improve still we will continue to reinvest in our orebodies to increase Ore Reserve
communicating this new model. Its implementation began
Newmont. Lisa Ali joins on 1 April 2022 as Chief People Officer, further in the second decade of its life as grades increase, this mine conversion, extend mine life, and improve mining flexibility. Over the
in early 2022.
after a long career in senior leadership roles at BP and most is a true rarity in the global gold sector. Ongoing capital reinvestment past two years we’ve added 8.7Moz to our Ore Reserve, more than
The model locates functional support roles at only two places in recently Newcrest. Terry Briggs, a 30-year veteran of the industry at Geita in Tanzania, where the Ore Reserve has more than doubled replacing depletion, at first quartile grades when compared to our
the organisation – at the centre and the business units – rather and previously Vice President: Planning at Newmont, joins as
than in three or four places previously. It also empowers the line, Chief Development Officer, also on 1 April 2022, with oversight of *A Tier One gold asset is an asset with an Ore Reserve potential to deliver a minimum 10-year life, annual production of at least 500,000 ounces of gold and total cash
ensuring our revenue-producing assets are properly resourced planning, exploration and business development. costs per ounce over the mine life that are in the lower half of the industry cost curve.
48 49
CEO’S REVIEW AND OUTLOOK EXECUTIVE COMMITTEE
peers. We also declared a maiden Mineral Resource of 3.4Moz at that more work needs to be done and we are implementing a revitalised
Silicon in Nevada. This success underscores the world-class quality safety strategy, focused on the controls to eliminate major hazards.
of our exploration team which continues to add ounces into our
inventory at a fraction of the acquisition cost that many of our peers Climate
are forced to spend to replenish their pipelines. We published our inaugural Climate Change Report during the
year, in line with the recommendations of the Task Force on
Financial performance Climate-related Financial Disclosures. The report highlights our
It’s clear that 2021 was beset by a slew of challenges, some proactive and transparent approach to mitigating current and
exogenous and others related to sub-par operational execution, in future climate risks and the measures we are taking to strengthen
the first half of the year in particular. the climate resilience of our business, our value chain partners,
host communities and the environment in which we operate.
While the new Operating Model is aimed at addressing those Executive Management
shortcomings in a consistent way, it was encouraging to see our We set our first decarbonisation targets in 2008 for a 30% reduction
operating parameters at our mines stabilise in the second half of in GHG emissions intensity by 2022 with 2007 as the baseline year. Alberto Calderon (62) Christine Ramon (54) Stewart Bailey (48) Italia Boninelli (65)
the year with a 12% production gain from our operating assets We have exceeded that goal and the picture on absolute emissions
Chief Executive Officer Chief Financial Officer Chief Sustainability and Corporate Executive Consultant: Group
(excluding Obuasi) over the first half, partly offsetting rising costs – down 69% from the base – is even better. This year we joined our Human Resources (CPO)
(CEO) (CFO) Affairs Officer (CSCAO)
related to COVID-19 and inflation impacts. ICMM peers by committing to a target of net zero Scope 1 and 2
GHG emissions by 2050 and, in partnership with our value chain PhD, MPhil, MA, Juris Doctor, BA BCompt, BCompt (Hons), CA(SA), MA, PGDip (Labour Relations),
Aside from the continuing reinvestment, our costs also showed partners, to set Scope 3 GHG reduction targets, if not by the end Senior Executive Programme Executive Development
the significant impact of the approximately $140m in capital of 2023, as soon as possible thereafter. We are also working on (Harvard) Programme
expenditure in 2021 that we invested in TSF compliance in Brazil. new 2030 Scope 1 and 2 GHG emission targets.
We see 2021 as a peak year for this tailings expenditure, which will
continue to be material in 2022 – 2025 but will decline over time Conclusion
through to the end of 2025. I’d like to extend the Company’s sincere appreciation to our CFO
Christine Ramon, who has chosen to retire to spend more time
Still, we generated free cash flow of $104m, leaving our balance
with her family after more than seven years with AngloGold
sheet in a solid position at year-end, with low gearing, strong
Ashanti. Our thanks, too, to Sicelo Ntuli, former COO Africa, who
liquidity and no near-term debt maturities.
left the Company to pursue other opportunities and to Graham
Ehm, former Executive Vice President (EVP) Group Planning and
Safety Technical, who retired during the year.
Maintaining our overall social licence to operate is fundamental.
Our primary objective is to operate the business free of injury I’d also like to thank AngloGold Ashanti’s Chair, Maria Ramos, for
and harm. We continue to respond to our host government and her support and counsel over these first months in my new role as
community needs, through direct investments and a healthy flow I’ve moved to make significant changes to improve this Company’s
of taxes and royalties. long-term performance.
We ended the year with our all injury frequency rate at 2.14 I firmly believe we are on the right path to take AngloGold Ashanti
injuries per million hours worked, which remains well below the back to its place among the top gold mining companies, which is Ludwig Eybers (55) Marcelo Godoy (50) Lizelle Marwick (44)
ICMM member company average, and injury severity continues where it belongs. We are focused on ensuring we deliver excellent,
Chief Operating Officer Chief Technology Officer Chief Legal Officer
to decline. But none of this can detract from the fact that in consistent results and are directing the right resources to realise
(COO) (CTO) (CLO)
2021 we lost two of our colleagues and we extend our heartfelt our full potential.
condolences to their friends and families. BSc (Mining Engineering), PhD (Strategic Mine Planning), Masters BProc, LLB, LLM (Corporate Law)
I extend my gratitude to all our stakeholders and thank you all for
Post graduate qualifications (Geostatistics)
Carlos Machado Barbosa, 43 years old, lost his life in a tragic your support.
accident at our Serra Grande mine in Brazil. Carlos, a blaster at
the mine, was fatally injured during a fall-of-ground incident in an
underground stope on 16 February 2021.
Detailed CVs of the current Executive Committee are available on the corporate website, www.anglogoldashanti.com
Daniel Nuertey-Kwao Quaynortey, 46 years old, an employee of Obuasi Alberto Calderon
contractor African Underground Mining Alliance, died in a geotechnical Chief Executive Officer
event at the Obuasi mine on 18 May 2021. Their loss clearly indicates 29 March 2022
50 51
OUR STRATEGY – AN OVERVIEW
FIVE KEY STRATEGIC FOCUS AREAS • SUSTAINABILITY

The overall aim of our strategy is to generate sustainable, improved cash flows and returns over the longer term and, in so
doing, to create and preserve value for all our stakeholders. The sustainability focus encompasses our environmental and
community (socio-economic) responsibilities.
The five key strategic focus areas on which our strategy is based enable us to deliver on our overall strategy. They guide
People, safety, health and sustainability • Environment
decision-making and are aimed at generating increased cash flows; extending mine lives; creating an organic pipeline of
economically viable orebodies; and enhancing our social licence to operate. Mining, by its nature, impacts the environment. Our mining
This strategic focus area ensures that our business strategy
activities disturb land, consume water and energy, generate
aligns with our values and corporate citizenship responsibilities,
air emissions, and produce waste that must be safely and
which include being accountable for our actions and respecting
responsibly managed and disposed of. Air, water and energy
all stakeholders and the environment. In support of this, ESG
OUR STRATEGY principles are integrated into all aspects of our business.
management, climate change, the protection of biodiversity
and land rehabilitation are key focus areas. Responsible
Performance in relation to this strategic pillar accounts for 25%
environmental stewardship aims to enhance efficiencies
of Deferred Share Plan (DSP) remuneration awarded. See
in the use of natural resources, encourage responsible
Rewarding delivery.
consumption, and minimise, mitigate and remediate
In terms of each aspect of this strategic focus area: environmental impacts. Environmental management is
Supporting our actively integrated into operational functions and formalised
• PEOPLE
strategy for People are the foundation of our business – their skills, expertise,
cross-functional collaboration structures are in place.
sustainable cash talents, training and development are vital to the efficient conduct • Communities
flow improvements of our business. A motivated, engaged workforce, within an

efficient organisational structure, is thus crucial for improving
Our social conduct is critical to maintaining our social licence
to operate. Building resilient, self-sustaining communities is
People, safety, and returns Improve productivity and innovation, efficiencies, and the successful in line with our ethics and values and with our aims to create
health and portfolio quality execution of the overall strategy. and share value.
sustainability Implementation of the new Operating Model began in late 2021. Creating economic opportunity helps to build trust and
This new model, along with the organisational model that supports acceptance, leading to increased community collaboration
it, is key to the efficient execution of the overall strategy. Both the and economic growth. While community demands and the
model and the structure are aimed at improving effectiveness complexity of social challenges faced may at times be felt
of the business by eliminating duplication, streamlining work more acutely at mining operations in emerging economies
Financial Maintain long-term processes, locating functional support roles at only two places in – where the challenges of poverty, unemployment and
flexibility optionality the business – at business units and corporate – and ensuring inequality are most visible – the concept of shared value is
business units are adequately resourced to deliver on their plans. relevant across all operating jurisdictions.
Optimise overhead, The restructuring required ahead of implementation of the new
costs and capital Operating Model and organisational structure unfortunately
expenditure required the reduction in a number of roles across the business,
and was undertaken with the clear understanding that we must
continue to attract and retain key talent, develop skills and manage
our talent effectively, in order for the business to thrive.
We will continue to actively invest in our people (human capital)

FIVE STRATEGIC ENABLERS and have in place a policy to promote diversity and inclusivity.
• SAFETY AND HEALTH

Allied to People is employee safety and health, which are
paramount to our duty of care towards our employees and our
responsibilities as a corporate citizen. Safety is our first value
and we believe that in return for understanding and following
our safety policies, standards and regulations, employees
should return home safely at the end of each shift. To this end,
a systematic and integrated safety strategy is embedded in our
organisational structures, systems and processes and is fully
Streamlined, Disciplined capital Engaged workforce; Values-driven Responsible citizenship
culture supported by executive and senior management leadership teams.
margin-focused allocation and a prioritising employee with good governance
portfolio strong balance sheet safety and health as the foundation Our health priorities include occupational health and, more
Quebradona, Colombia
recently, management of the COVID-19 pandemic and its impacts.
This has led to better integration of health risk management
throughout the Company and the inclusion of occupational health
in the overarching business strategy.
52 53
OUR STRATEGY – AN OVERVIEW PERFORMANCE AND DELIVERY BY STRATEGIC FOCUS AREA

Focus on people, safety, health and sustainability
Financial flexibility
We must ensure our balance sheet is sufficiently flexible to meet

our core funding needs. This requires sufficient liquidity in the
form of cash and available credit facilities and staggered tenor
of debt maturities and leverage that sits well below our lending
People, safety, health and sustainability
covenants. These attributes allow us to weather periods of low
gold prices, to reward shareholders and to take advantage of
strategic opportunities throughout the cycle.
Optimise overhead, costs and

capital expenditure
• PEOPLE
All spending decisions must be scrutinised to ensure they are People are vital to the long-term sustainability, growth and profitability of the Company. Our people management strategy aims to create an
optimally structured and necessary to fulfil our core business environment conducive to achieving our business objectives by ensuring we have the right talent, in the right places to deliver the strategy.
objective. We do not control the price of our product, which can be
volatile and unpredictable. By optimising spending and investment, Key metrics and related targets 2021
we are able to maximise our margins throughout the gold-price People
cycle, withstanding and even flourishing during periods of low gold Metrics Targets, aims and performance
prices and continuing to invest in the sustainability of our business Remuneration metrics Related remuneration targets: Performance
without unnecessary reliance on dilutionary equity top-ups. (5.5% of DSP performance award):
• Strategic coverage of leadership roles • 15 to 18 designated (executive team) • 14 successors in place on average in 2021
successors in place
• Key staff (skills) retention • 85% to 95% staff retention annually • Overall staff retention in 2021 was 95.58%
Improve portfolio quality
• Gender diversity • 21% to 25% representation by women in • Average Group representation by women
Our asset portfolio must be actively managed to improve the Group workforce of 15.24% in 2021
overall mix of our production base as we strive for a competitive Other related metrics monitored: Other:
valuation as a business. This is key to unlocking the full underlying
• Number of people employed • Total training and development spend of
value of the portfolio. We continue to invest in upgrading the
• Productivity per employee (oz/TEC ) * $7.11m
overall quality and longevity of our portfolio, by developing new
lower-cost mining operations; extending the profitable lives • Training and development spend See Talent and leadership development,
of our existing operations through brownfield exploration and Critical and scarce skills and Diversity and
the discovery of a new Ore Reserve; mergers, acquisitions and *
TEC: total employee costed inclusion below as well as the <SR>.
divestments; and improving the efficiency of our fleets and plants.
Organisation design and development the new Business Units will have the resources and decision-
making flexibility to deliver the best operational outcomes, within
Operating model the requirements set out in the policies and standards created by
Maintain long-term optionality
A new Operating Model, designed and introduced to employees corporate. Specialist capability also exists at the corporate centre
towards the end of 2021, aims to improve efficiency and support to deliver support as required.
Our Mineral Resource and Ore Reserve portfolio, our primary better operating outcomes by focusing only on work required to
natural capital input, is essential to the successful growth of our deliver the strategy, clarifying the mandates of corporate functions, In line with the new model, the human resources team will focus
business. Improving the quality of this natural capital, enhances properly resourcing our revenue-generating assets to deliver on on enhancing the quality of our leadership cohort, meeting
our ability to create value. To maintain long-term optionality, we their plans, and removing duplicate structures and activities. requirements for improved talent and skills, embedding bespoke
aim to continually replenish and increase the Mineral Resource human resources planning and labour strategies, and using data
and Ore Reserve pipeline so as to sustain the business over A new organisational structure aligned with this model supports analytics to improve people management decisions.
time. Key to achieving this are our exploration activities, both our people management strategy by: clearly defining the work
greenfield and brownfield, and project development. With our critical to achieve the strategy; aggregating functional support
Learning and development
world-class team of geologists and other specialists we aim roles in only two places in the organisation rather than three
to maintain and replenish a pipeline of economically viable or four previously; clarifying accountabilities; improving the Learning and development programmes are critical for
orebodies that will support delivery of sustained value-adding connections between all parts of the organisation; and ensuring enhancing employee performance, developing critical skills and
ensuring leaders provide an empowering work environment.
growth. By discovering, developing and exploiting viable the right skills are in place.
orebodies sustainably and cost efficiently, AngloGold Ashanti Development blends experience, exposure and education
positions itself to create long-term value. The model dictates that corporate functions are accountable for interventions to build breadth and depth of critical experience
setting standards and minimum requirements in their areas, while and leadership capabilities.
54 55
PERFORMANCE AND DELIVERY BY STRATEGIC FOCUS AREA

Focus on people, safety, health and sustainability continued
Online/virtual learning and will be cascaded to lower levels during 2022. We engaged with of a career in mining for many young graduates, have necessitated site-based diversity and inclusion policies, implemented non-
The COVID-19 pandemic accelerated the shift from traditional tertiary institutions to understand how they may support our talent initiatives to strengthen the pipeline for critical and scarce skills. discriminatory and competitive remuneration scale and practices
classroom to online and virtual learning. The EdCast Learning development objectives. A managerial leadership development for all employees, ensured gender-balanced intake for graduate
The 2021 talent and succession review incorporated a Critical Role trainees and national service programmes, and reinforced our
Platform went live in January 2022 and is a cost-effective, artificial strategy to support our Managerial Leadership Development
Identification Framework to consider the impact of roles on the value to create a diverse workforce through refresher training.
intelligence-based learning platform that is flexible in terms of Competency Framework is being finalised. A neuro-leadership
business and the risk of their being vacant for extended periods.
when and where it can be used. It provides learning tailored to development programme piloted at our Africa operations consists
The review enabled line managers and Business Units to be more Localisation
individual development needs and is aligned with our leadership of online learning and coaching. The programme was well received
specific and objective in identifying critical roles. We are committed to prioritising employment of local nationals
competency framework, providing technical training to support our and provided valuable insights.
and to reducing the number of expatriate workers where we
health of discipline objectives. • Young leader development Our ability to assess the strength of internal and external skills
operate. We do so responsibly, without impacting our operational
pipelines, to address gaps within these pipelines, and to focus on
This project is a collaborative effort supported by business units The Emerging Young Leader Development Programme aims requirements and working closely with regulators. Site action
recruitment initiatives to fill vacancies have been enhanced by:
and disciplines heads. Learning modules, using both external to enhance our long-term leadership pipeline with inductees plans identify gaps and career paths for talented individuals.
assigned to high-impact projects in the business. Participants
• Intensifying internal training and development to secure a critical Initiatives were undertaken to create roles for promising talent
and internal learning material where relevant, include future skills,
scarce skills pipeline and additional positions were created for graduates and learners.
leadership development, project management, engineering skills receive mentoring and coaching from in-house experts and
development as well as some key learning pathways such as since its inception in 2015, 40 young leaders – 54% women – • Establishing strategic partnerships with recruitment agencies To bring impetus to skills transfer to local nationals, special
from various disciplines have graduated from the programme. and educational institutions recognition initiatives were implemented, together with coaching
women in leadership, major hazards and critical controls.
About two-thirds are from core disciplines. The graduates • Focusing graduate development and internship programmes on and mentoring. To promote retention, dedicated site diversity
The pilot initiative, with 400 participants across the business, runs specific skills programmes and action plans were adopted. Accountability for
return to roles within their business areas and receive
until March 2022 and will be followed by an assessment of its localisation rests with site leadership, who provide regular detailed
mentorship and opportunities to participate in international • Applying remuneration benchmarks for critical/scarce skills
effectiveness and impact before a broader rollout. reports to the Executive Committee and the Remuneration and
programmes, for secondments and further studies. Thus far, and subsequent use of appropriate remuneration, benefits, and
Human Resources Committee.
96% have been promoted or changed roles and 82% have been retention initiatives
Talent and leadership development retained in the Company. • Incorporating critical and scarce skills into competency Employee engagement
A successful learning and development strategy enables better
and assessment frameworks of Health of Discipline (HOD) Global engagement surveys
professional development and is key to maintaining a healthy The programme was redesigned during 2021 to sharpen its
assessments
talent pipeline. Development interventions are informed by focus on adding value to strategic projects and improving each Regular employee engagement surveys help to build high
structured career engagements and have clear time frames linked participant’s management capabilities. See Rewarding delivery for details on our remuneration performing employees and teams, united in achieving the best
to defined development needs. philosophy, policy and related implementation. outcomes. The recent employee engagement demonstrated that,
• AngloGold Ashanti Mentorship Programme despite the impact of COVID-19 and remote work, engagement
In 2021, we introduced development assessments for successors remained at satisfactory levels.
to key roles to better understand their potential, strengths, current
This programme aims to transfer knowledge and skills and Employee relations
promote broader exposure within the business. Mentorship Cultural assessment survey
development areas and aspirations. These assessments were Our workforce is highly unionized, requiring a structured approach
training is available to mentors and mentees across all regions.
implemented for all near-term Executive Committee successors to employee relations, based on engaging with employees and People are at the centre of what we do, and we are driven by our
There are currently more than 70 mentorship relationships their representative unions in a manner that improves relations values and the diversity, talents and aspirations of the people
across the business. and establishes trust. Our interest-based approach to collective in the business. We are determined to create an inclusive and
Talent management bargaining and compliance with labour legislation, as well as fair collaborative environment based on trust, respect and dignity.
and transparent policies and procedures, underpins constructive During October 2021, we conducted a culture assessment survey,
Effective talent management is vital to business sustainability and
relations with our employees and unions. In Australia and the United which received an 80% participation rate.
competitiveness. A comprehensive talent and succession planning
States, where no unions are present on our operations, we rely on
guideline was developed and socialised during 2021. The guideline Key insights from the survey were:
management practices that promote healthy employees relations.
includes standards and toolkits to equip line management to make • Most employees have a grounded and well-rounded set of values
effective talent and succession decisions. None of our operations experienced any strike action during 2021. • There is a satisfactory match between the current and
Wage negotiations were concluded at Obuasi, Geita and Siguiri, desired culture
We reintroduced the concept of ‘Levels’ during the year to aid
testament to an effective approach to collective bargaining.
determination of successor potential and readiness levels. A • Employees are committed to safety and health, continuous
comprehensive assessment programme was developed for all improvement, accountability, and continuous learning
Diversity and inclusion
Executive Committee successors. Around 60% of the 33 identified Diversity and inclusion are business imperatives and we celebrate • While employees have experienced significant transformation
executive successors had been assessed by year end and most differences in race, gender, culture, sexual orientation and ability. and change, they are willing to continue changing and growing
had participated in discussions with their manager-once-removed Diversity and inclusion are embedded as a line management • There is a willingness to embrace a culture characterised
to facilitate development and readiness. There is a healthy accountability, measured through our key performance indicator by greater employee engagement, recognition, leadership,
succession coverage of 6.2 successors per role for all stratum IV (KPI) management systems, and overseen by a clear governance professional growth and open communication
and above roles, with a favourable age distribution. structure that breathes life into our values and commitment to • Employees desire greater accountability
human rights and non-discrimination.

Critical and scarce skills Culture often reflects the values, beliefs, and behaviours of
Increased demand for key skills, the pandemic’s restrictions on During the year we conducted unconscious bias training, leadership and so executive leadership feedback sessions were
skills mobility, localisation imperatives and diminished desirability established diversity and inclusion committees, developed conducted as part of a culture transformation implementation plan.
56 57

• SAFETY AND HEALTH Safety compliance

The safety and health of our employees and host communities is paramount and, with the goal of achieving zero harm across our operations, All operations except for Obuasi have successfully migrated to ISO 45001:2018, which has replaced the OHSAS 18001:2007 series.
we continue to design and implement strategies to eliminate high potential incidents, fatalities and catastrophic events. Obuasi is scheduled to migrate in 2022.
Key metrics and related targets 2021 mine and was fatally injured during a fall-of-ground incident in an initially safety-heavy approach to risk consequence classification.
Health and safety underground stope on 16 February 2021. Daniel Nuertey-Kwao In 2021, we recorded six occupational diseases cases – one at
Metrics Targets, aims and performance Quaynortey, 46 years old, was an employee of contractor African Cerro Vanguardia, two at AGA Mineração, two at Geita, and one at
Remuneration metrics Related remuneration targets: Performance: Underground Mining Alliance who died in a sill-pillar failure at the Obuasi. Of the six cases, five were related to noise-induced hearing
(11% of DSP performance award) Obuasi mine on Tuesday, 18 May 2021. His body was discovered loss (NIHL) and one to temporary heat-related stress. This resulted
• All injury frequency rate (AIFR) • Continually improve AIFR • Group AIFR increased from 1.68 to 2.14 per on Saturday, 29 May 2021 by mine rescue teams. in an all occupational disease frequency rate (AODFR) of 0.08 cases
performance million hours worked (excluding the former per million hours worked in 2021. This rate remains low and less
South African assets) Management led
than one case per million hours worked, an improvement to the
• Major hazard management critical control • 95% to 99.5% critical control Our executives and line managers are responsible for integrating
• The level of critical control compliance long-term trend following the Company’s sale of its South African
percentage compliance compliance safety into the business and we are intensifying employees’
achieved in 2021 was 99.15% portfolio, which had traditionally accounted for the greatest burden
focus on safety practices in all workplaces. Risk management
• Cumulative number of site-specific critical • Five to eight cumulative number of • At year end, there were an average of seven of occupational medical diseases across the Group.
and critical control modelling resulted in continued efforts
control registers established for major site-specific critical control registers critical control registers for site-specific major
health risks critical controls in place at each to strengthen safety protocols and preventative measures.
health risks established for major health risks Health in the community
of our mining operations, with 83 registers Implementation of our safety strategy is overseen by our Social,
It is clear that as we work to end occupational disease and
completed. This compares to a target of six per Ethics and Sustainability Committee.
site, and a stretch target of eight associated health risks across our operations, we cannot view our
sites in isolation. Increasingly, we are working to improve available
• Compliance with operational occupational • 60% to 90% compliance with • All operations continued to strengthen their Employee health and well-being
exposure (noise and dust) monitoring operational occupational exposure occupational hygiene monitoring programmes healthcare. COVID-19 brought into sharp focus the symbiotic
In working towards achieving our health metrics, we conduct
programmes (noise and dust) monitoring to ensure adequate and effective measurement relationship between community and employee health. As with
systematic assessments and mitigation programmes for
programmes of workplace health hazards many diseases, the pandemic does not stop at the mine fence.
occupational and community health risks and impacts of our
Other related metrics monitored: Overall safety and health aims are: mining operations on our communities. These are completed Over the past two years, measures to educate on, and stop the
• Number of fatalities • Zero harm – no fatalities, no injuries through baseline occupational hygiene assessments, as well as spread of the pandemic have been embedded throughout our
• All occupational disease frequency rate community health baselines and impact assessments.
• Reducing annual number of cases of operations. We have also worked in the communities to educate
• COVID-19 related workforce (employees occupational disease recorded and provide medical supplies, in line with government protocols.
In line with our health and well-being strategy, which includes
and contractors) metrics being monitored
internally are: • A workforce that is fully vaccinated strengthening governance and assurance systems and processes
Where we have been able, we have promoted the rollout of the
against COVID-19. In 2021, before to avert long- and short-term risks and impacts, we adopted a
• Cumulative number of confirmed vaccine. By the end of 2021, we believe approximately 85% of the
implementation of vaccine mandates suite of updated health standards based on the systematically
COVID-19 cases workforce was fully vaccinated, excluding booster shots.
at certain locations, campaigns identified major health risks or hazards. These standards are
• Cumulative number of COVID-19 were run to encourage voluntary important to the introduction of critical control principles to
related deaths vaccination by employees and We are also aware of the pressures caused by the pandemic and
manage health risks, where applicable. The new suite of Health
• Percentage of workforce partially contractors its impact on employee mental health and, with that, the potential
Standards has been approved by the Sustainability Policy
vaccinated impact on safety. See <SR> and related Healthy Minds case study.
and Standards Committee and are in use across all sites. The
• Percentage of workforce fully See below as well as the <SR> for further details
standards will be published once a company-wide plan to
vaccinated on our safety performance. Public health initiatives
standardise Company documents, is complete. For now, we
We continued to collaborate closely with our sustainability
continue to refer to the Health & Safety Standards online.
colleagues at sites to support community-based health initiatives
Revitalised safety strategy and our critical monitoring programme to ensure verification The Health and Safety section of our Risk Management Guideline and projects outside of our COVID-19 work. African operations
In 2021, we introduced a three-year work plan to revitalise our and Risk Matrix was reviewed and updated to integrate health and focused on chronic disease and cancer screening outreach and
and checks are well understood, allowing them to be effectively
safety strategy. The plan centres on four areas: leadership and implemented. Employees and contractors are educated on the hygiene consequence definitions and classification metrics into the malaria programmes.
people, work processes, technology and innovation, and risk critical risks linked to their roles and can apply controls to manage
management. We developed a safety induction programme for all these risks.
leaders and now have clearer lines of accountability with further
work planned to align accountabilities of line management and Improving injury frequency rates
safety support staff, to the new Operating Model. Over several years, our all injury frequency rate is improving and
now stands at a rate of 2.14 per million hours worked. This is
The introduction of a new Integrated Sustainability Information lower than the latest ICMM member company average for 2020 of
Management System (iSIMS) means we can more effectively 2.94 per million hours worked.
integrate operational risk management and key performance
indicators at all levels of the organisation. In the year, we tragically lost two of our colleagues and we extend
our heartfelt condolences to their friends and families.
Technology is aiding our drive to achieve our safety targets and
we have a Centre of Excellence portal to share safety updates and Carlos Machado Barbosa, 43 years old, lost his life in a tragic
lessons. We are simplifying our major hazard control standards accident at Serra Grande in Brazil. Carlos was a blaster at the
58 59

• SUSTAINABILITY – ENVIRONMENT AND COMMUNITY Management of the environment maintaining zero-water discharge on sites, or by treating and
Senior operational managers are responsible for ensuring releasing excess water from the process circuit, typically the case
We work to achieve our sustainability goals by reducing our environmental impact, supporting community projects in business development,
operations comply with their respective regulatory and permit for high rainfall sites.
education and infrastructure and by ensuring we plan well and work efficiently and cost effectively. We proactively manage risks to air, land,
biodiversity and water during the mining lifecycle. requirements, as well as our Environmental Management
During the year, the Iduapriem mine’s water treatment facility was
Standards. Day-to-day management is enabled by site-level
Crucial to our ability to maintain our social licence to mine is engaging with, and listening to, the people in the communities in which we work and expanded to accommodate the release of greater water volumes
Environment Management Systems which are externally certified
all our other stakeholders, in both national and local government and throughout civil society. The table below presents our related key metrics, from the process water inventory during construction and ramp
to the ISO 14001:2015 Standard.
targets and performance for the environment and communities. up of a planned new tailings facility. Rehabilitation of Iduapriem’s
Environmental compliance Block 1 waste rock facility, which required active treatment of low
Key metrics and related targets 2021 All sites are certified except Obuasi whose certification was pH seepage water, was reworked to encapsulate acid generate
Environment deliberately allowed to lapse while operations were suspended. rock more effectively, and to reduce rainfall infiltration.
Metrics Targets, aims and performance Work for Obuasi’s re-certification in 2022 is currently underway.
Remuneration metrics Related remuneration targets: Performance: A site-wide water optimisation project started at Tropicana is
(6% of DSP performance award): Managing our climate change impacts aimed at reducing water abstraction from aquifers and using
Our Climate Change Strategy, approved by the board in November water by preference, namely water from higher efficiency bores
• Number of reportable environmental • No more than two reportable • Number of reportable environmental
2021, seeks to embed management of physical risks, transition requiring less energy consumption and providing higher water
incidents environmental incidents annually incidents declined to five compared to
eight in 2020 climate risks and climate opportunities into our strategic and yields, including those around the TSF. Variable-speed pumps
operational planning processes. Our climate work is further with reduced energy usage, operating off the mine’s internal
• GHG emissions intensity – develop a • 80% to 100% of operations • Individual carbon budgets were developed
underpinned by a framework that aims to improve our climate electricity supply grid, have been introduced, eliminating the need
carbon budget for each operation for all operations, based on their respective
maturity along four pillars, aligned with the TCFD themes of for standalone diesel generators, which further aids in reducing
life-of-mine plans
governance, strategy, risk management and climate metrics greenhouse gas emissions. The project increased the site’s
Other environmental metrics monitored: Related environmental aims:
and targets. recycled water use, and cut diesel consumption for borefield
• Land rehabilitated and value of related • Have committed to a target of net zero
pumping by up to 35%.
rehabilitation liabilities Scope 1 and 2 GHG emissions by 2050, In December 2021, we published our inaugural Climate Change
• Energy use and related intensity and in partnership with our value chain Report, in line with TCFD recommendations. It highlights the ways
partners, to set Scope 3 GHG emissions Managing our tailings
• GHG emissions and related intensity in which we are working to mitigate current and future climate
reduction targets, if not by the end of AngloGold Ashanti has committed to implement, the Global
• Water withdrawl and reuse risks and the measures being taking to strengthen the climate
2023, as soon as possible thereafter Industry Standard on Tailings Management (GISTM) at all TSFs by
• Tailings deposited and waste resilience of our business. See <CCR>.
• Comply with the Global Industry Standard August 2025.
management
on Tailings Management (GISTM) by We also joined our peers in the ICMM by committing to a target of
• Water discharge and quality While we have conducted external TSF reviews in Brazil, we have
August 2025 net zero Scope 1 and 2 GHG emissions by 2050, and in partnership
• Biodiversity not yet set up Independent Tailings Review Boards (ITRBs) for our
• Minimise new water withdrawals and See below, Three-year statistics and <SR> with our value chain partners, to set Scope 3 GHG reduction
South American operations. We have established ITRBs for our
maximise water reuse where possible and for more detail on our environmental targets, if not by the end of 2023, as soon as possible thereafter.
African and Australian operations, and have reviewed the TSFs at
prevent contamination of water resources performance in 2021.
Obuasi, Iduapriem, Geita, Tropicana and Sunrise Dam.
Communities Managing and conserving water
Remuneration metrics Related remuneration targets: Performance: Our water management standard mandates comprehensive
Integrated closure management
(2.5% of DSP performance award): understanding of water risks and the implementation of tailored
Our integrated closure management standard aims to ensure
management and monitoring plans, supported by context-specific
• No. of business disruptions resulting from • Three significant community-related • There was one significant community that our activities minimise adverse impacts on people, the
community unrest business disruptions at most annually business disruption resulting from objectives and targets.
environment and broader society. Our Closure Planning Standard
community unrest at Siguiri in Guinea
Core objectives for operational water management are to sets a consistent benchmark across all operations and ensures
Other community metrics monitored: Related aims: • No human rights violations were recorded minimise new water withdrawals and maximise reuse of water a multi-disciplinary approach to identifying and managing
• Community investment • Win trust of communities and in 2021. We released our Human Rights to the extent possible and to prevent contamination of water current and future closure risks and liabilities, while identifying
• No. of community complaints stakeholders, equitably sharing and Report in 2021 resources through our activities. This is achieved by either opportunities for value-adding initiatives and projects.
supporting host communities
• No. of human rights violations
• Work with communities and
governments to deliver initiatives that
will add sustainable economic value to
communities
• Collaborate with governments on the See below and the <SR> for more detail on
formalisation of artisinal and small-scale our community-related and socio-economic
mining (ASM) performance in 2021.
Geita , Tanzania
60 61

We review and update our mine closure liability estimates quarterly impacts. This considers external factors such as changing socio-
to comply with legislative changes and align with business and political and economic content and societal expectations and
closure plans, among others. At year-end, the consolidated group community concerns. All AngloGold Ashanti sites are expected
environmental liability estimate totalled $688m, which includes an to avoid or, where not possible, minimise their impacts on local
obligation provision of $15m for Yatela (2020: $674m). We put in communities through project design and management plans.
place financial instruments to ensure that resources are available to Grievance mechanisms are critical to this process and we have in
meet our closure obligations. place a series of mechanisms to address community complaints.
For more detail, see <SR>.
The social aspects of mine closure are critically important. There
is a growing emphasis on contributing to resilient and sustainable Socio-economic contributions
communities during the lifecycle of the mining operation in order A key focus is our contribution to the development of local and
to ensure a positive legacy after closure. host communities. We continued to engage with stakeholders
on the implementation of our socio-economic development
See Environmental stewardship, Ensuring integrated closure plans, guided by the Socio-Economic Contribution Standard,
and Resilient, self-sustaining communities in the <SR>. and invested $18.1m (excluding joint ventures) in community
investment projects in the areas of education, social
Contributing to resilient, self-sustaining infrastructure, income generation initiatives and health in 2021
communities (2020: $20.6m, including South African operations and excluding
joint ventures).
AngloGold Ashanti’s foundation in community relations is built on
mutual respect, transparency and trust. Our activities are guided by
our Social Performance management framework that includes the
Community Relations Policy and its supplementary management Community investment by region (1)
Iduapriem , Ghana
standards and guidelines, which are found in AngloGold Ashanti’s 5%
5%
Code of Business Principles and Ethics, Our Code.
All sites have stakeholder engagement plans, based on detailed

annual stakeholder mapping processes. These plans are guided
by our Stakeholder Engagement Management Standard, which Inclusive employment and procurement entire project lifecycle, the human rights risk assessment process
is aligned with the International Finance Corporation’s (IFC) AngloGold Ashanti makes every effort to procure goods and forms part of the Group enterprise risk management system. The
Performance Standard 2. For more information, see <SR>.
33% % 57%
services from local business and has held various briefing
sessions to guide potential suppliers on how to participate in the
human rights due diligence process forms a critical part of this
system. Training and communication help ensure that AngloGold
Mitigating current and legacy impacts supply chain. See <SR> Ashanti employees, contractors and suppliers, communities and
We understand that our activities can have negative impacts on governments understand what human rights are, what they mean
The employment of local people wherever possible is aligned with in the context of mining and what their responsibilities are in this
communities that must be addressed fairly and openly. Grievances
our localisation strategy and is vital in ensuring tangible value is regard. Awareness-raising is critical, and every employee should
are addressed using Group management principles taken from the
shared with our host countries and communities. be able to act as an advocate and ambassador for human rights.
Performance Standards of the IFC and the United Nations Guiding
Principles on Business and Human Rights. We recorded no human rights violations in 2021.
Africa Americas Australia Corporate and other Rights of indigenous people
Our social impact management approach dictates that our (1)
Excludes joint ventures Our policy is in line with international standards and treaties
Artisanal and small-scale mining
operations must identify and mitigate past, current and future in the area of Indigenous Peoples’ rights. We align with the
Artisanal and small-scale mining (ASM) operations, where
ICMM Position Statement on Indigenous Peoples and the IFC’s
individuals and a growing number of organised groups mine
Performance Standard 7 on Indigenous Peoples. Understanding
informally and sometimes illegally, either on previously mined
and respect for the values, traditions, and cultures of the local and
areas or in some cases on sites belonging to AngloGold Ashanti,
indigenous communities in which we operate is ingrained in our
are a material concern to the Company. We continue to advocate
values. See <SR>.
for increased efforts in the formalisation of ASM, helping to
educate and provide safer work environments and alternative
Respecting and upholding human rights
avenues for the people around our mines to secure a living.
AngloGold Ashanti has a responsibility to respect human rights
and, where practically possible, to leverage its position and At Siguiri, in Guinea, illegal mining activities in our concessions
influence to ensure that state actors protect human rights. continue. We work with local and regional authorities, community
leaders and other stakeholders to assist in mitigating or reducing
We have a human rights governance framework and a human
this risk to communities and our operations. We also facilitated a
rights policy in place. We are committed to the United Nations
process for the initiation of an ASM formalisation project here in
Guiding Principles and other international initiatives such as
2020, by introducing a third party ASM expert, who is co-ordinating
the UN Global Compact and we are a member of the Voluntary
Principles on Security and Human Rights (VPSHR). See <SR>. the project led by the Guinea Government, with our full support.
Iduapriem , Ghana
Unfortunately, as a result of COVID-19 and changes in Guinea’s

The starting point for AngloGold Ashanti’s human rights work is government, the project launch has been delayed. We are hopeful
the risk management process. Cutting across disciplines and the that it will take place in 2022 and stand ready to support it.
62 63

Ensure financial flexibility
Key metrics and related targets 2021

(35% of DSP performance award)
2021
Target Threshold Actual achievement
We must ensure our balance sheet Measure Weighting measures Target measures Stretch measures achievement %
Relative total shareholder Median TSR of Halfway between median Upper quartile TSR
always remains able to meet our core return (TSR) 10.00% Comparators and upper quartile of Comparators 124.25% 15.00%
funding needs
Absolute TSR 10.00% $ COE (1) $ COE + 2% $ COE + 6% 124.25% 15.00%
Normalised cash return

on equity (nCROE) 15.00% $ COE $ COE + 9% $ COE + 18% 25.90% 15.00%
(1)
Cost of equity
Performance outcomes
AngloGold Ashanti is committed to maximising long-term • Maintain a solid balance sheet, giving us strategic flexibility • The relative and absolute TSRs are based on a three-year
shareholder value and returns and so must ensure that our balance through the cycle trailing average using the average share price achieved in
sheet remains able to meet our core funding needs. We achieve this 2018 as the base and comparing it to the average share price
We ensure sufficient flexibility at all times to reinvest continuously
by applying our clear and robust capital allocation framework. achieved in 2021. The average share price in 2018 ($9.38/
in our asset base, supporting the long-term sustainability of our
share) grew by 124.25% over this period, inclusive of dividends
The capital allocation framework prioritises investment in business. Maintaining a strong balance sheet and reducing debt,
paid ($0.72/share) from January 2019 through to the end of
our asset base, to support the health and sustainability of the remains important in the current operating environment where the
December 2021
business. The sustaining free cash flow that comes as a result is COVID-19 pandemic presents added complexity and risk to the
mining industry in general, and more so for a producer of a single, • Absolute TSR growth exceeded the stretch target set, while the
earmarked to:
Relative TSR performance is compared to a comparator peer
volatile commodity.
• Return cash to shareholders through our defined dividend group. The median TSR of the comparator peer group was
pay-out ratio focused on dividend returns based on free cash While our ability to generate free cash flow improves markedly 70.50% at 31 December 2021
flow before growth capital expenditure as the gold price increases, we nonetheless maintain our focus • A three-year trailing average nCROE of 25.9% was achieved on
• Self-fund growth capital expenditure, with a disciplined focus on on ensuring a strong balance sheet through all stages of the the back of strong free cash flow generation over the same
risk-adjusted returns commodity cycle. period, notwithstanding an annualised increase in shareholders’
equity of 9%
Disciplined, shareholder-focused capital allocation • Improved balance sheet flexibility was achieved with the
issuance of a $750m, seven-year bond at a record low coupon
Transparent allocation hierarchy to maximise long-term shareholder value and returns
for AngloGold Ashanti of 3.375% p.a., following the issue of a
$700m, ten-year bond, issued at a coupon of 3.75% p.a. in 2020.
Operating and capital productivity • Reinvesting in our asset base to Both bonds’ coupons were substantially below those of the debt
support the long-term sustainability of they replaced, helping to maintain balance sheet flexibility while
Net operating cash flow our business significantly reducing finance costs
• Commitment to cash returns to • The adjusted net debt to adjusted EBITDA ratio ended the year
at 0.42 times, some 58% below our target of 1 times, through
shareholders
Sustaining capital, prioritising Ore Reserve growth the cycle
• Solid balance sheet underpins flexibility • Liquidity remains strong, providing good financial flexibility.
Sustaining free cash flow
and optionality through the cycle Our cash balance of $1.15bn excludes our $499m share of the
Kibali joint venture cash balance. The $1.4bn, multi-currency
• Growth focused on risk-adjusted
revolving credit facility (RCF), was largely undrawn at year end,
Strong balance sheet returns
(1.0x adjusted net debt to adjusted EBITDA ratio through the cycle) while the $365m Corvus acquisition concluded in January 2022,
• Allocation of excess cash tested post year end, was settled from cash on hand
Dividends against shareholder returns • A total dividend for the year of 20 US cents was declared, based
(20% of free cash flow pre-growth capital) on the dividend pay-out ratio under the policy of 20% of free
cash flow before growth capital expenditure
Growth capital One measure of the success of our capital
(Targeting a return in excess of our hurdle rate) allocation strategy is our ability to generate • Credit ratings remained unchanged at investment grade from
sustainable free cash flow through the cycle, Moody’s (Baa3) and Fitch (BBB-), with negative and stable
Excess cash flow and also our share price performance. Other outlooks, respectively. The Standard & Poor’s rating remained one
metrics monitored include: adjusted net debt notch below investment grade (BB+), with a positive outlook
to adjusted EBITDA ratio (as defined in the
Additional dividends For further detail on our performance in relation to this
Further debt reduction Growth Revolving Credit Agreements); and cash and
should capacity exist strategic pillar, see the CFO’s report and outlook and the <AFS>.
cash equivalents.
64 65

Optimise overhead, costs and capital expenditure
Performance outcomes operations affected other than Siguiri and Sunrise Dam.
• Total cash costs increased 22% in 2021, or $173/oz, to $963/oz Recovered grades from underground were 3% higher
mainly due to lower grades ($121/oz) and stockpile drawdowns year-on-year, with grade improvements at Geita and Kibali
All spending decisions must be at certain operations ($23/oz). The second half of 2021 reflected
an 8% drop in cash costs to $925/oz, on the back of a 12%
more than offsetting lower grades in Brazil, Sunrise Dam and
Cerro Vanguardia
thoroughly scrutinised to ensure they increase in production from our operating assets (excluding
Obuasi), helped by higher underground grades (11%), when
• The re-investment in our sites continues to progress with
the aim of extending mine life and improving flexibility, which
are optimally structured and necessary compared to the first half of 2021
• Inflationary pressures ($40/oz) were partially mitigated by weaker
remain key priorities
• Sustaining capital increased by $281m or 57% mainly due to the
to fulfil our core business objective local currencies, lower royalties and higher silver by-product
contribution. Our proactive supply chain strategies, including
TSF investment, as well as ongoing stripping at Tropicana and
Iduapriem
holding three to six months inventories of consumables and
• All-in sustaining costs were $1,355/oz, up 31% year-on-year,
spares, delayed the inflationary impacts and enabled business
driven by the higher sustaining capital expenditure and the rise
continuity during the year. We are closely monitoring the sea
in total cash costs. AISC includes an estimated $34/oz COVID-19
freight market, given capacity constraints which are squeezing
The group’s cost performance in 2021 reflects the continued reinvestment across our portfolio, notably at the Obuasi, Iduapriem, Geita, impact, and an estimated $55/oz impact for Brazilian TSF
lead times on deliveries, as well as freight and logistics costs. We
and Tropicana operations. It also reflects significant investment in TSF compliance in Brazil. compliance
have taken a proactive posture on managing our supply chain
Our overall focus remains on improving our operational performance, underpinned by the introduction of the new Operating Model, since the onset of the COVID-19 pandemic, and we will continue
to do that to ensure resilience and continuity of supply For further detail on our performance in relation to this
continued cost discipline and the commencement of the Full Asset Potential Review programme in 2022.
strategic pillar, see the CFO’s report and outlook and the <AFS>.
• Open pit grades were 26% lower year-on-year, with most
(27.5% of DSP performance award)
Target Threshold Target Stretch Actual 2021
Measure Weighting measures measures measures achievement achievement %
Production (shared with

Improve portfolio quality) 12.50% 2.7Moz 2.8Moz 2.9Moz 2.472Moz 0.00%
All-in sustaining costs 15.00% $1,230/oz $1,205/oz $1,180/oz $1,355/oz 0.00%
Other metrics monitored are:

• Total cash costs
• Sustaining capital expenditure
Capital expenditure by region All-in sustaining costs

1% ($/oz)
17%
1,500
1,355
1,200
993 1,037
942 978
%
900
46%
600
300
36%
0
2017 2018 2019 2020 2021
Africa Americas Australia Corporate and other Continuing operations
Total capital expenditure 2021: $1.1bn (1)
(1)
66 67

Improve portfolio quality
Asset review and new Operating Model

During the course of the past year, a new Operating Model was designed and its implementation begun. In terms of this new model,
AngloGold Ashanti continually works to improve we aim to improve organisational effectiveness, reduce waste and duplication, narrow our focus on costs and sharpen overall
operational performance and project execution. In addition, there is a sharp focus on improving cash conversion.
portfolio quality by maintaining operations,
Our Full Asset Potential Review, which started at Sunrise Dam in February 2022 and will eventually take place at each site, is aimed
delivering on mine plans and progressing projects. at assessing the full potential of each asset in our portfolio. This is a well understood process that has had significant success
Our aim is for a portfolio characterised by long- across the industry, and which has not been used at our sites. We will bring in a team of specialists, led by Chief Technology Officer,
Marcelo Godoy, who will provide the necessary level of expertise to look at all key strategic levers for every operation. The process will
life, high-grade, low-cost assets. involve a detailed analysis of each asset, including mine design and key operating parameters, to understand the reasons for the gap
between current and best possible performance.
The full assessment of each site will take approximately three months and will identify key areas of performance improvement to be
implemented over the ensuing 18 to 24 months. This process – which will ultimately be ‘owned’ by each site leadership team – will
be tracked until the full value of initiatives has been realised.
Production and portfolio
Metrics Targets, aims and performance For 2022, we forecast production of between 240,000oz and
Projects
Remuneration metrics Related remuneration targets: Performance: 260,000oz at an all-in sustaining cost of $1,250/oz to $1,350/oz.
At Obuasi, underground operations were suspended in May 2021
(12.5% of DSP performance award) Annualised production by year end 2022 is forecast at 320,000oz
following a geotechnical event and fatality. A detailed review into
• Production • Annual production of between 2.7Moz and • Produced 2.4Moz versus 2.8Moz in to 350,000oz. We expect annual production to remain at around
the incident and its causes was followed by a thorough external
2.9Moz 2020 (excludes 241,000oz produced by that level in 2023 until Phase 3 is completed late that year, which
review of future mining fronts covering the mine design, schedule
Other metrics monitored: Overall portfolio aims are: previously owned South African assets) will allow a step-up to 5,000 tonnes per day.
and ground management plan. Underground mining activities
• Recovered grade • Improve confidence in our orebodies • Added ~10% to Ore Reserve tonnes and remained suspended until mid-October 2021 when stoping
In Colombia, our proposed Quebradona gold and copper project
44% more ounces to the Proved category activities restarted.
• Operating life • Increase the quality of our Ore Reserve will take longer to develop than previously anticipated following a
base • Additions at first quartile Ore Reserve decision by the Colombian environment agency, ANLA, to archive
• Investment in Ore Reserve development Since then, the restart plan, and in particular tonnage delivered
grades versus peers
• Improve operating flexibility to the mill, have tracked to schedule with the processing plant our environmental licence application. A thorough review and
• Metres developed
achieving 2,000 tonnes per day in January. The safe ramp-up to analysis of the items and further information identified as part
• Waste stripping
the full mining rate of 4,000 tonnes per day is expected by the end of ANLA’s archiving decision is underway. The aim is to prepare,
of June 2022. submit and process a new environmental licence request for
Quebradona. This process will result in a delay in the project.
Performance A comprehensive series of protocols has been introduced to
Contribution to group production by region
While production declined year-on year, output improved supplement existing operating procedures at Obuasi and they At Gramalote, the feasibility study work completed in early 2021
over the course of the year, increasing by 6% in the second are expected to add about $10 to $20 per tonne to the mine’s has illustrated the potential to improve the economics of the
half of the year compared to the first half. This improvement operating costs, or about $50/oz. External consultants will project by revisiting and further optimising the original project
was based on the greater volumes processed and an 20% continue their review of future mining areas. Areas of assessment design included in the existing mining permit. The joint operation
improvement in underground grades mined. completed include Sansu, Block 8 lower and the decline. partners believe that greater value could be created through
additional drilling of the Inferred portions of the Mineral Resource
Operating challenges during the year included lower grades In terms of infrastructure, the work needed to support the ramp up area, both within and adjacent to the designed pit. A Mineral
and rising costs, related mostly to a shortage of skills and to 4,000tpd is now complete (Phase 2). Phase 3 – which relates Resource update is expected in early 2022. The final feasibility
higher inflation, due in large part to COVID-19. While there principally to extended capital expenditure to refurbish existing study results for the project are currently expected by around
%
are encouraging signs in the evolution of the pandemic, it infrastructure around the KMS shaft and runs to end 2023 – is August 2022.
also proceeding according to schedule. This includes upgrading
impacted production by around 47,000 ounces, and the all-
57% the KMS shaft and materials handling system, a new ventilation The reinvestment programmes underway at our bigger assets
in sustaining cost by an estimated $34/oz in 2021.
shaft, underground pump stations and refurbishment of the BSVS – Geita, Tropicana and Iduapriem – have progressed well, and
23%
Lower realised grades at certain operations came amidst sub-shaft. remain on schedule.
the ongoing re-investment programme currently underway
across the portfolio, and the temporary suspension
For more detailed information on our portfolio and operational performance, see Regional reviews and the individual Operational Profiles.
of underground mining operations at Obuasi. This re-
investment, evident in elevated capital expenditure levels,
is aimed at improving orebody flexibility and increasing
conversion of Mineral Resource to Ore Reserve. This Africa Americas Australia
capital investment is funding increased waste stripping at
open pit mines, higher rates of underground development,
and the transition of our Brazilian TSFs to dry-stacked
Total production: 2.5Moz (1)
structures in line with new legal requirements. (1)
68 69

Maintain long-term optionality
initially as open pits with processing by means of heap leach and Nyamulilima and Geita Hill East. This was the fourth consecutive
gravity recovery where applicable. year in which the Ore Reserve grew net of depletion with the Ore
Reserve growing 112% from 1.25Moz in 2017 to 2.65Moz in 2021.
Africa Geita is currently on track to achieve our target of consistently
The expansion of the underground operations at Geita continued having three to four years of Ore Reserve ahead at the right
We have a strong track record in replacing during the year with development of the newly established balance between development and ore extraction.
Geita Hill underground mine progressing. Ore Reserve access
our Ore Reserve and Mineral Resource and in development is also being accelerated at Geita Hill underground Brownfield exploration at Iduapriem contributed about 900,000oz
to the mine’s Ore Reserve, pre-depletion.
securing our long-term optionality. after the delayed granting of the required approvals.
Mining operations continue at Nyamulilima open pit and, in Australia

the short term, production is planned to be lower compared to At our Australia operations, the focus is on improving mining
previous periods, and costs higher, as we focus on fortifying high- flexibility at Sunrise Dam where our reinvestment programme
grade ore access at Geita in coming months. contributed ~700,000oz to the Mineral Resource and ~400,000oz
to the Ore Reserve, pre-depletion, in 2021.
Geita had another successful year in 2021 on the exploration
Key metrics and related targets 2021 front – adding 800,000oz before depletion with strong additions at
Mineral Resource and Ore Reserve
Metrics Targets, aims and performance For more detailed information on our long-term optionality, Mineral Resource and Ore Reserve and greenfield and brownfield
Remuneration metrics Related remuneration targets: Performance exploration, see Mineral Resource and Ore Reserve - summary, Exploration and planning for the future and <R&R>.
(12.5% of DSP performance award):
• Ore Reserve additions* • Additions of between 1.4Moz and 4.3Moz • 2.7Moz added to the Ore Reserve pre-
depletion
• Mineral Resource additions* • Additions of between 3.8Moz and • 2.1Moz added to the Mineral Resource
11.3Moz pre-depletion
Other metrics monitored • Added ~10% to Ore Reserve tonnes and
• Proportion of total Ore Reserve in each 44% more ounces to the Proved category.
category. • Additions at first quartile Ore Reserve
grades versus peers
• Maiden Mineral Resource of 3.4Moz
*P
re-depletion, asset sales, mergers and acquisitions declared for the Silicon project in Nevada.
Ore Reserve and Mineral Resource There were steady Ore Reserve gains totalling 0.5Moz across the
rest of the portfolio.
Exploration is the foundation of our business and with our balance
sheet significantly stronger, and our portfolio significantly simpler, Americas
we can safely turn to reinvesting in our ore bodies. On the greenfield front, we declared a maiden Mineral Resource
of 3.4Moz at Silicon in Nevada, United States. Following the
We are in the midst of a multi-year initiative, begun in early
acquisition of Corvus in January 2022, a further Mineral Resource
2020, to increase investment in Ore Reserve development and will be added in 2022. Our aim is to use this acquisition as
brownfield exploration, increase Ore Reserve conversion, extend a foothold in the region to establish a meaningful, low-cost,
Ore Reserve life, improve mining flexibility and upgrade knowledge long-life production base over the medium term. This regional
of our orebodies. Two years into this initiative, strong progress consolidation has the potential for significant synergies, including
has been made with a cumulative addition of 8.7Moz to our Ore economies of scale and integrated infrastructure relating to water
Reserve, before depletion, at a cost of $68/oz. Our Ore Reserve rights, adjacent concessions and processing facilities.
inventory has grown by 23% over this period, providing the Mineral
Resource base needed to leverage and further grow the Ore Our conceptual development plan for the district envisions:
Reserve. • North Bullfrog deposit (previously owned by Corvus) – to be
developed first with initial production expected within three years
In 2021, AngloGold Ashanti added 2.7Moz to its Ore Reserve • Silicon – a 3.4Moz Mineral Resource with growth potential
before depletion. At Geita, where extending mine life is a priority,
• Mother Lode deposit (previously owned by Corvus) – to be
the Ore Reserve grew by 0.8Moz, bringing to 2.2Moz the total
developed last
Ore Reserve added there over the past two years. At Iduapriem,
Iduapriem , Ghana
the Ore Reserve increased by 0.9Moz, at Kibali by 0.5Moz and There is potential to supplement this schedule with various other
at Sunrise Dam by 0.4Moz – all underpinned by an expansive prospective deposits now being explored across the tenement.
exploration programme. These deposits will be developed in a modular fashion, mined
70 71
REGIONAL PERFORMANCE
AFRICA
Performance summary
57%
Production for the year was 1.4Moz (2020: 1.6Moz), achieved at a total cash cost of $904/oz (2020: $757/oz), as the region executes the re-
investment programme and various growth projects
Higher all-in sustaining cost of $1,161/oz (2020: $935/oz), because of lower production
Capital expenditure for the region was $506m (2020: $397m)
Guinea contribution to group production
Safety performance deteriorated with one occupational fatality and an all injury frequency rate of 0.61 per million hours worked versus 0.55 in 2020
$1.3bn
Ghana Community investment of $10.5m (2020: $12.9m)
(1) All Africa operations certified in terms of International Cyanide Management Code, ISO 45001 (health and safety) and ISO 14001, with the exception
DRC
Tanzania of Obuasi where work for its recertification in terms of the Cyanide Code and ISO 14001 is currently in progress
invested in the Africa operations Solid performances at Geita, Siguiri and Kibali supported production and helped to offset
Attributable production
stalled production at Obuasi where underground operations were suspended following a
over the past three years fatal incident in May 2021.
(000oz)
2,000
1,538 1,603
Operation Project
(1)
Includes joint ventures 1,512
The increase in the regional all-in sustaining unit cost was a result of higher underground 1,500
1,453 1,419
mining costs at Geita, because of the step up in ore and waste volumes and higher
sustaining capital spend for waste stripping at Teberebie Cut 2 at Iduapriem. Also, higher 1,000
royalty costs were seen across the operations due to the increase in the gold price received.
Our operations in Africa Operational Excellence initiatives aimed at unlocking value
500
Capital expenditure was largely spent on underground Ore Reserve development projects,
Africa is currently home to five of our operations, with one – Kibali and offsetting current cost and production challenges in the
which continued at Geita, and pre-stripping at Iduapriem (Teberebie Cut 2) to provide 0
2017 2018 2019 2020 2021
short term remain key while the Full Asset Potential Review will
– managed by Barrick Gold Corporation. These operations, which access to orebodies identified for future gold extraction. The balance of sustaining capital
be instrumental in realising latent value from these assets in
contributed 57% or 1.4Moz to total annual group production investment was used for capitalised exploration and sustaining projects to improve asset
the medium to long term. Growth and expansion projects are integrity and realise business improvements across the operations, to ensure safe and AIFR
in 2021, are in Ghana (Iduapriem and Obuasi), Guinea (Siguiri),
underway at Siguiri, Iduapriem and Geita while Phase 3 of the sustainable growth and production. (per million hours worked)
Tanzania (Geita) and the DRC (Kibali). 0.8
Obuasi Redevelopment Project continues.
0.7
At Geita, substantial progress was made opening up the Nyamulilima open pit, commencing 0.62 0.61
At the end of 2021, our African operations accounted for 65% of the The Africa operations employed an average of 17,260 people, of 0.6 0.55
production and remaining on track to achieve full planned operation by the end of 2022. 0.49
group’s total Ore Reserve and 45% of its total Mineral Resource. whom 10,781 were contractors, in 2021. Another notable achievement was the development of the Geita Hill underground mine for
0.5
0.39
0.4
which a maiden Ore Reserve has been declared and where steady state operations are also 0.3
expected by the end of 2022. 0.2
0.1
Kibali’s metallurgical plant performed well overall. The increased tonnages processed during
Successes Challenges 2021 were driven by the greater volumes of open-pit tonnes mined compared to 2020 and
0
2017 2018 2019 2020 2021
• Strong safety performance – Iduapriem, Geita and Siguiri • Voluntary suspension of underground operations at Obuasi after yielded 812,152oz. Kibali’s Ore Reserve net of depletion is expected to increase for the third
remained fatality-free for the year a fatal incident following a sill pillar failure, which impacted the successive year in 2022, maintaining its plus 10-year life as a Tier One asset.
Productivity
• Mining started at the Nyamulilima open pit (Geita), which is region’s production (oz/TEC)
The grind and recovery optimisation continued at Siguiri’s combination plant during the year, 25 23.01
expected to produce more than one million ounces of gold over • Cost pressures at Iduapriem, due mainly to the investment and treatment of carbonaceous material started. The Block 2 project yielded its first ore 20.70
19.17
the next six years required for waste stripping needed to access blocks 7 and 8 and once the haul road was completed between the remote deposit and the plant at Block 1. 20
18.98
15.45
• 21% year-on-year increase in Siguiri’s production, boosted by the planned construction of a new TSF 15
The implementation of an initial three-year re-investment plan to revise and extend
a 17% improvement in recoveries and the start of mining from • Impact of the ongoing COVID-19 pandemic in absenteeism and Iduapriem’s mine life is underway. This plan involves accelerated waste stripping from the 10
higher-grade Block 2 ore body labour availability on some skill categories Block 7 and 8 pit, initially from Teberebie Cut 2. Longer term options are to strip waste from
5
• Completion of Phase 2 of Obuasi’s Redevelopment Project • Negative short-term effect on costs due to re-investment Cuts 5 and 6. The re-investment plan includes increasing TSF capacity to match the revised
programme and increased reliance on lower-grade stockpiles mine plan. 0
2017 2018 2019 2020 2021
during transitional period
• Political uncertainty in Guinea following coup d’etat
Obuasi update
Underground mining activities resumed in the fourth quarter of 2021, after they were Total cash and all-in sustaining costs
($/oz)
voluntary suspended in May 2021 immediately following the failure of a sill pillar. Towards 1,200
1,161
the end of the first quarter of 2022, the restart plan was tracking to schedule. Construction 953
1,000 904 935 904
of the major infrastructure to support the ramp up to 4,000tpd was complete by year end, 896
Outlook for 2022 with the paste-fill plant and GCVS vent fans commissioned. The KRS hoisting system is 800 720 773 759 757
• Safely maintain solid performance across the region in service and the ramp up to 4,000tpd is targeted for the end of the first half of 2022. 600
• Obuasi is scheduled to ramp up to 4,000tpd by mid-year, with production of about 240,000oz to 260,000oz; progress Phase 3 Forecast production for 2022 is around 240,000oz to 260,000oz at an all-in sustaining 400
cost of $1,250/oz to $1,350/oz. Major infrastructure works are required to support
• Continued ramp up of underground and open pits at Geita 200
a further ramp up of production. This will include the upgrade of the KMS shaft and
0
• Growth capital expenditure of approximately $100m has been allocated to Obuasi for completion of Phase 3 of the redevelopment project KMV shaft as well as the development of a new ventilation shaft. We will continue the 2017 2018 2019 2020 2021
Total cash costs All-in sustaining costs (1)
and approximately $60m for the construction of a new TSF at Iduapriem, as well as smaller amounts at Geita and Siguiri Ore Reserve development to access Block 11. Phase 3 construction is expected to be (1)
World Gold Council Standard
• Marginal improvements in production are expected at Iduapriem and Siguiri, and consistent performances at the remaining assets completed at the end of 2023 when the mining rate is planned to lift to 5,000tpd.
• Progress the Full Asset Potential Review, which began during the first quarter of 2022 at Siguiri
72 73
REGIONAL PERFORMANCE Performance summary

AMERICAS
Production for the year was 559,000oz (2020: 649,000oz), achieved at a total cash cost of $921/oz (2020: $721/oz)
23%
Higher AISC of $1,587/oz (2020: $1,003/oz), because of lower production and high levels of sustaining capital expenditure, largely in relation to
the TSF conversion initiative
United States One occupational fatality in Brazil, at Serra Grade, in February 2021. The all injury frequency rate improved to 3.55 (2020: 3.68)
Community investment of $5.8m (2020: $6.2m)
contribution to group production
All American operations certified in terms of International Cyanide Management Code, ISO 45000 (health and safety) and ISO 14001
Capital expenditure of $398m (2020: $217m)
$810m
Colombia
Brazil The year in review was a challenging one for the Americas As the Company has previously indicated, the consolidation of
operations, which faced significant headwinds from COVID-19. the Beatty District has the potential for significant synergies from
invested in the Americas There were, however, improvements in the second half of the year economies of scale and integrated infrastructure, including water
over the past three years with production up 14% versus the first half. Sites faced a range of rights, adjacent concessions and processing facilities. The combined
Operation Project first- and second-order consequences of the pandemic, with Brazil asset base also allows for unified engagement with federal, state
experiencing significant absenteeism during the first half of the year, and local stakeholders to advance and achieve shared sustainability
Argentina
and Argentina’s production limited due to a range of travel and shift- goals and other district benefits, such as opportunities to design
rotation restrictions in response to various waves of the outbreak. projects incorporating renewable energy, as well as develop
conservation and other local projects in conjunction with the Beatty
Our operations in the Americas complex, which comprises the Cuiabá and Córrego do Sítio mines). In Brazil, at both AGA Mineração and Serra Grande, plant throughput community. Following the completion of the Corvus transaction,
The portfolio also includes the Quebradona and Gramalote projects was scaled back during the second half to ensure tailings deposition water rights that will form an important part of the district’s
The Americas hosts three of our operations – one in Argentina and remained within legally mandated limits while the conversion
in the Colombian department of Antioquia, which are undergoing development, have transferred to AngloGold Ashanti.
two in Brazil – as well as two greenfield projects in Colombia and a programme for the conversion of TSFs to dry-stacking facilities, was
environmental permitting and feasibility study respectively, while
significant new greenfield development in Nevada in the United States. fast tracked. At AGA Mineração, operating challenges at Córrego do The Company’s conceptual development plan for the district
the La Colosa Project, in the department of Tolima, remains in force
Sítio were partly offset by improvement at the larger Cuiabá mine, envisions the North Bullfrog deposit – previously owned by Corvus
These operations accounted for 25% of the group’s total Ore Reserve majeure. In the United States, the greenfield concessions – which
where tonnes of ore treated increased year-on-year. – being developed first, with initial production expected in the next
and 47% of its total Mineral Resource at the end of 2021. include adjacent assets acquired with the Corvus acquisition – are three years. This is expected to be followed by AngloGold Ashanti’s
located in the Beatty District in southern Nevada. At Cerro Vanguardia, where silver revenues are offset against Silicon deposit – which has declared a maiden 3.4Moz Mineral
The Americas operations contributed 23% or 559,000oz to total gold cash costs, the negative impact of reduced capacity due to Resource – and then potentially the Merlin target near Silicon. The
annual group production in 2021. These sites are in Argentina The Americas operations employed an average of 9,972 people, of COVID-19 restrictions was partly offset by continued weakness in timing for mining activities at the Mother Lode deposit is expected to
(Cerro Vanguardia) and Brazil (Serra Grande and AGA Mineração whom 3,520 were contractors, in 2021. the Argentinean peso against the US dollar and higher volumes of start only in the long term after the Company completes additional
silver produced and sold. study work. This initial development schedule is expected to be
supplemented by various other prospective deposits being explored
In Colombia, the Quebradona Project remains an attractive long-life,
across the tenement. It is expected that deposits will be developed in
Successes Challenges high-grade, low-cost project which will add copper production to
our portfolio. At Gramalote, a joint operation with B2Gold, the final
a modular fashion, mined initially as open pits and processed using
• Conversion of TSFs in Brazil to dry-stacking facilities, in line with heap leach and gravity recovery where applicable. This pathway
• Direct and indirect impacts of the ongoing COVID-19 pandemic feasibility study for the project is expected to be delivered during
Brazilian legislation, continued: provides the opportunity for project capital expenditure intensity to
continued to be felt across the region, hampering production and the course of 2022. Colombia’s environmental agency (ANLA)
develop in a staged fashion. The district is expected to yield more
• Cuiabá and Córrego do Sítio commissioned two new filter causing higher costs at all operations took the decision to archive our environmental licence application
than 300,000oz annually over more than a decade at a Tier One
plants, with a third to be added in 2022 • Increased cost pressures due to lower production, inflation and relating to the Quebradona project. AngloGold Ashanti has filed an
cost structure. Sulphide processing and underground mining will be
appeal seeking to secure further details on the specific additional
• Serra Grande reinforced existing TSF and commissioned two dry-stack conversion of our TSFs in Brazil – around $140m evaluated in the longer term. AngloGold Ashanti’s technical team
information the agency would require in order to be able to prepare a
new filter plants was spent on TSF conversions in 2021, a peak year for TSF has initiated the process of evaluating the Corvus’ Mineral Resource.
licence submission that would meet the agency’s requirements. This
investment. Costs are expected to be material from 2022 – 2025 For 2022, multiple activities are planned to take place in the district,
• Cerro Vanguardia completed expansion of on-site prcess will result in a delay of the project.
but will decline over time with requisite drilling underway at North Bullfrog and Silicon, with
accommodation to create added flexibility during periods of lock
an aim to convert Mineral Resource to Ore Reserve. We also plan to
down among other things • The combination of lower production and higher sustaining Nevada strategy begin a pre-feasibility study at Silicon and initiate a concept study
• Corvus acquisition finalised in January 2022, giving us a prime capital contributed to abnormally high all-in sustaining unit costs for the Merlin deposit. The permitting process for North Bullfrog
AngloGold Ashanti completed its acquisition of Corvus on
position in the Beatty District in southern Nevada, the largest new 18 January 2022, consolidating much of the largest new gold district is expected to start in the first half of 2022. Importantly, given the
gold area in the United States in Nevada. This provides AngloGold Ashanti the opportunity to various deposits across the tenement, our approach to mapping
establish, in the medium and longer term, a meaningful, low-cost, these deposits is expected to take place over a number of years in a
long-life production base in a premier mining jurisdiction. staged and de-risked manner.
Outlook for 2022 • Progress completion of the TSF conversion programme across
all operations in Brazil Attributable production AIFR Productivity Total cash and all-in
• Full Asset Potential Review is due to begin at AGA MineraÇão’s (000oz) (per million hours worked) (oz/TEC) sustaining costs ($/oz)
Cuiabá complex during 2022 • In Nevada our technical team has initiated its evaluation of 1,000 5 15 2,000
13.34
the Corvus Mineral Resource and, for 2022, multiple activities 840
3.97
12.86
• Continue inward investment programme to improve Ore Reserve 800 776
710 4 3.84
3.68 3.55 12 11.39 1,587
are either underway or planned including: 649 3.29 9.70
1,500
life and enhance operating flexibility at all operations 600 559 3 9
• Ore Reserve-conversion drilling at North Bullfrog and Silicon 7.74
943
1,032 1,003
• Evaluate Gramalote enhanced feasibility results due during the 1,000 855
736 721
921
400 2 6
third quarter, and decide on future course of action • Prefeasibility study underway at Silicon and a concept study 638 624
for the Merlin deposit is scheduled to begin 200 1 3

500
• Continue engagement with environmental regulator in
Colombia regarding Quebradona permit application and • Permitting for North Bullfrog, which is due to start 0 0 0 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
take steps necessary to address any deficiencies in original before mid-year Total cash costs All-in sustaining costs (1)
permit application (1)
74 75
REGIONAL PERFORMANCE
AUSTRALIA
Performance summary
20%
contribution to group production
Production for the year was 494,000oz (2020: 554,000oz), achieved at a total cash cost of $1,196/oz (2020: $968/oz)
Higher all-in sustaining cost of $1,500/oz (2020: $1,225/oz)
$477m
Capital expenditure of $185m (2020: $143m)
Western
Australia
Safety performance regressed, from an AIFR of 3.74 per million hours worked in 2020, to 6.59. The increase in the number of incidents in
2021 is attributed to a range of COVID-related factors, including high employee turnover (see comment on labour market above) coupled
with an increase in the proportion of inexperienced workers
Kalgoorlie invested in the Australia
Perth Community investment of $1.01m (2020: $0.81m)
operations over the past
All operations certified in terms of the Cyanide Code, ISO 45000 (health and safety) and ISO 14001
three years
While production declined year-on-year, the Australia assets recorded a stronger second Attributable production
Operation Project half of the year with output improving by 23%, when compared to the first half of the year. (000oz)
800
At Sunrise Dam the new, higher-grade and shallower Frankie orebody was accessed at
625 614
year-end, and 1.09Mt of ore was mined from the new, relatively short life Golden Delicious 600 559 554
494
Our operations in Australia Together, these operations produced 494,000oz in 2021 (2020: open pit, displacing lower grade stockpile material from mill feed in the second half of the
554,000oz), contributing about 20% to group production. year. Recovery rates also improved in the second six months of 2021 versus the first half. 400
The two AngloGold Ashanti operations in Australia are Sunrise Dam
Mining at Golden Delicious is progressing well, with this material stockpiled and blended
and Tropicana, both of which are in the north-eastern goldfields At the end of 2021, the Australian operations accounted for with underground ore to optimise throughput and production. 200
in the state of Western Australia. Sunrise Dam is wholly owned, about 10% of the group’s total Ore Reserve and 8% of its total
while we have a 70% holding in, and manage, Tropicana, with Regis At Tropicana, open pit material movement was lower than planned in 2021, due primarily 0
Mineral Resource.
Resources Ltd, our partner, holding the balance. Regis Resources to the severe shortage of skilled operators and maintenance personnel. The mine 2017 2018 2019 2020 2021
acquired the stake in Tropicana from IGO Ltd on 31 March 2021. The Australian operations employed an average of 1,332 people, plan was adjusted to mitigate this shortfall and reduce the impact on gold production. AIFR
Sunrise Dam includes the Butcher Well project (70%). of whom 1,044 were contractors, in 2021. Progress in the lower priority (bulk waste) work areas suffered as a consequence, (per million hours worked)
resulting in less waste stripping of cutbacks being carried out. 10 9.14
8.53
8 7.33
6.59
Successes Challenges
6
3.74
4
• Improved mine flexibility remained a strong focus at Sunrise Dam • Productivity at both mines impacted by acute skilled labour
where the investment in exploration added 0.7Moz to its Mineral shortages across the Australian mining sector. Western 2
Resource and 0.4Moz to Ore Reserve in 2021 (pre-depletion) Australia’s strict COVID-related border closures prevented the
0
• Sunrise Dam’s Golden Delicious open pit, where mining is carried interstate movement of fly-in, fly-out employees and constrained 2017 2018 2019 2020 2021
out by indigenous mining contractor Carey Mining, achieved all recruitment from outside the state. The labour shortage was Productivity
planned metrics in 2021 compounded by demand from new projects and project (oz/TEC)
47.87 49.55
• Waste stripping continued at Tropicana’s Havana pit while expansions in the state, driven by strong commodity prices, 50
44.85
ore and waste were mined from the Boston Shaker pit as well especially iron ore 37.50
40
as Havana • Production at Tropicana was also hampered by a pit-wall failure 30.93
30
• The Boston Shaker underground operation successfully ramped in the Boston Shaker open pit during the third quarter of 2021,
up and is performing in line with the feasibility study delaying production by about 30,000oz 20
• All staff and contractors are fully vaccinated as per Western • Tonnes mined at Sunrise Dam’s underground mine were lower 10
Australia’s state-wide mandate for all fly-in, fly-out mineworkers than expected, largely due to labour shortages
0
and visitors to mine and exploration sites • A stronger Australian dollar impacted costs 2017 2018 2019 2020 2021
Total cash cost and all-in sustaining costs

($/oz)
1,500
1,500
Outlook for 2022 1,200

1,062 1,038
1,225 1,196
• The lower stripping rates in 2021 will impact production in the next one to two years. To mitigate this, and ensure production potential in 990 968
900
future years (particularly 2023 and 2024), a primary focus in 2022 will be the optimal sequencing of the pits and ensuring waste stripping 743 762 730
is carried out on schedule 600
• Work will continue to build the pipeline of skilled personnel for our sites, including the Company’s successful graduate programme and 300

traineeships
0
• Our Full Asset Potential review began at Sunrise Dam in February 2022. The aim of the review is to complete a detailed analysis of each 2017 2018 2019 2020 2021
asset, including mine design and key operating parameters, and to understand the reasons for the gap between current and best possible Total cash costs All-in sustaining costs (1)
(1)
performance
76 77
MINERAL RESOURCE AND ORE RESERVE – SUMMARY
Mineral Resource
Responsible management of our Mineral Resource and Ore Reserve, our exploration programme and
related planning, is vital in optimising the operating lives of our portfolio. Gold
The AngloGold Ashanti Mineral Resource reduced from 124.5Moz in December 2020 to 123.2Moz in December 2021. This annual net
decrease of 1.3Moz includes depletion of 2.9Moz, the relinquishment of the lease for Obuasi’s Anyankyirem open pit of 0.4Moz, changes
AngloGold Ashanti strives to actively create value by growing AngloGold Ashanti has therefore once again resolved not to
in economic assumptions of 2.3Moz and other factors of 1.4Moz (including the write-off of 0.6Moz for AGA Mineração Nova Lima Sul).
its major assets – the Mineral Resource and Ore Reserve. provide the detailed reporting as defined in Table 1 of the SAMREC
This decrease is partially offset by additions due to exploration and modelling changes of 5.7Moz. The Mineral Resource was estimated
This drive is based on active, well-defined brownfield and Code, apart from the maiden Mineral Resource declaration for
using a gold price of $1,500/oz, unless otherwise stated (2020: $1,500/oz).
greenfield exploration programmes, innovation in both Silicon. The Company will continue, however, to provide the
geological modelling and mine planning, and continual high level of detail it has in previous years to comply with the
Mineral Resource – Gold
optimisation of the asset portfolio. Ensuring a viable Mineral transparency requirements of the SAMREC Code.
Moz
Resource and Ore Reserve pipeline enables delivery of Mineral Resource as at 31 December 2020 124.5
sustained value-adding growth in the long term. Price assumptions
Disposal At Obuasi, the Anyankyirem open pit mining lease was relinquished. (0.4)
The SAMREC Code requires the use of reasonable economic
Responsible management of our Mineral Resource and Ore assumptions. These include long-range commodity price and Sub-total 124.1
Reserve, our exploration programme and related planning, is exchange rate forecasts. These are reviewed annually and are Depletions (2.9)
vital in optimising the operating lives of our portfolio. In so doing, prepared in-house using a range of techniques including historic Sub-total 121.2
AngloGold Ashanti ensures that it is able to deliver on its strategy price averages. AngloGold Ashanti selects a conservative Ore Additions Due to:
and the related strategic objectives in particular, namely, to maintain Reserve price relative to its peers. This is done to fit into the
Silicon A maiden Mineral Resource was declared after the completion of a positive 3.4
long-term optionality and improve the quality of our portfolio. See strategy to include a margin in the mine planning process. The
conceptual study based on the greenfield exploration success.
also Exploration and planning for the future in this report. resultant plan is then valued at a higher business planning price.
Geita Increase due to ongoing grade control and successful exploration activities. 0.9
Reporting compliance In the case of Sunrise Dam, the 2021 Ore Reserve estimate Following a review of mining cost for 2021 the resultant reduction in cost led
reflects that the mine is two years into a three-year “growth to further increases.
AngloGold Ashanti’s Mineral Resource and Ore Reserve are
through exploration” phase that aims to unlock the value of the Sunrise Dam Increase due to ongoing advanced grade control and exploration activities 0.7
reported as at 31 December 2021, in accordance with the
asset, with Ore Reserve growth the initial step in a move towards partially offset by minor local changes in gold price and an overall increase
minimum standards described by the South African Code for the
realising the full asset potential. The Ore Reserve has been in costs.
Reporting of Exploration Results, Mineral Resources and Mineral
estimated using a mine-constrained break-even cut-off determined
Reserves (The SAMREC Code, 2016 edition) and Section 12.13 of Kibali Changes were largely as a result of exploration, with gains seen from the 0.6
at a $1,200/oz gold price under budget cost conditions across the
the JSE Listings Requirements (as updated from time to time). open pits, specifically from Oere, Pamao, KCD and Gorumbwa as well as
six-year Ore Reserve life.
from the initial Inferred Mineral Resource definition of the 11000 lode in the
We achieve this by ensuring the principles of integrity, underground.
This has meant that significant marginal material was included in
transparency and materiality are central to the compilation of the
the plan in order to keep the plant operating at full capacity. Other Additions less than 0.5Moz 0.3
<R&R> and by using reporting criteria and definitions as detailed
Sub-total 127.1
in the SAMREC Code. In complying with the SAMREC Code The Ore Reserve has been evaluated economically and shown to
Reductions Due to:
the changes to AngloGold Ashanti’s Mineral Resource and Ore be cash flow positive at a $1,500/oz gold price. It is AngloGold
Reserve have been reviewed and it was concluded that none of Ashanti’s opinion that there is sufficient margin between this price Obuasi Changes primarily due to model changes in the historic mining areas in the (2.2)
the changes are material to the overall valuation of the Company. and the current spot price of gold for this to define an Ore Reserve. north of the mine which accounted for an overall reduction.
Iduapriem New grade control drilling at Block 3W resulted in a decrease in model grade (0.6)
Gold price and re-interpretation of the intrusives in the deeper portions of Blocks 7 and 8
The following local prices of gold were used as a basis for estimation in the December 2021 declaration, unless otherwise stated: resulted in further losses. These were partially offset by lower costs resulting
Local prices of gold from a new long-term contract resulting in additions.
Gold price Australia Brazil Argentina Colombia Other Reductions less than 0.5Moz (1.1)
$/oz AUD/oz BRL/oz ARS/oz COP/oz Mineral Resource as at 31 December 2021 123.2
2021 Ore Reserve 1,200 1,633 6,182 134,452 3,849,000
2020 Ore Reserve 1,200 1,604 5,510 119,631 4,096,877 Copper
2021 Mineral Resource 1,500 2,072 7,940 173,065 5,336,250 The AngloGold Ashanti Mineral Resource reduced from 4.39Mt (9,677Mlb) in December 2020 to 4.26Mt (9,384Mlb) in December 2021 due to
2020 Mineral Resource 1,500 2,170 7,682 142,507 5,094,827 methodology changes of 0.13Mt (293Mlb). The Mineral Resource was estimated at a copper price of $3.50/lb (2020: $3.30/lb).
Mineral Resource – Copper

Copper price
The following copper price was used as a basis for estimation in the December 2021 declaration: Mt Mlb
Copper price Mineral Resource as at 31 December 2020 4.39 9,677
$/lb COP/lb Reductions Due to:
2021 Ore Reserve 2.90 9,302 Quebradona Decreases resulted from the remodelling of the orebody including (0.13) (293)
2020 Ore Reserve 2.65 9,047 three new drill holes.
2021 Mineral Resource 3.50 12,451 Mineral Resource as at 31 December 2021 4.26 9,384
2020 Mineral Resource 3.30 11,209
78 79
MINERAL RESOURCE AND ORE RESERVE – SUMMARY continued

By-products (RCubed) for the compilation and authorisation of Mineral
Resource and Ore Reserve reporting. It is a fully integrated system
Several by-products will be recovered as a result of processing
for the reporting and reconciliation of Mineral Resource and Ore
of the gold Ore Reserve and copper Ore Reserve. These include
Ore Reserve Reserve that supports various regulatory reporting requirements,
0.43Mt of sulphur from Brazil, 20.5Moz of silver from Argentina
including the U.S. Securities and Exchange Commission (SEC) –
and 28.1Moz of silver from Colombia. Molybdenum, at present, is
Gold under Subpart 1300 of Regulation S-K (Regulation S-K 1300) – and
not planned for recovery at Quebradona. The Quebradona process
The AngloGold Ashanti Ore Reserve increased from 29.7Moz in December 2020 to 29.8Moz in December 2021. This annual net increase the JSE under the SAMREC Code. AngloGold Ashanti uses RCubed
plant has been designed to treat underground ore and to produce
of 0.1Moz includes additions due to exploration and modelling changes of 4.1Moz. This increase was partially offset by depletion of to ensure a documented chain of responsibility exists from the
copper concentrate with provision of space in the plant site for a
2.6Moz and reductions due to other factors of 1.4Moz. The Ore Reserve was estimated using a gold price of $1,200/oz, unless otherwise Competent Persons at the operations to the Company’s RRSC.
molybdenum plant in the future.
stated (2020: $1,200/oz).
AngloGold Ashanti has also developed an enterprise-wide risk
Ore Reserve – Gold Corporate governance management tool that provides consistent and reliable data that
Moz AngloGold Ashanti has an established Mineral Resource and allows for visibility of risks and actions across the group. This
Ore Reserve as at 31 December 2020 29.7 Ore Reserve Steering Committee (RRSC), which is responsible tool is used to facilitate, control and monitor material risks to
for setting and overseeing the Company’s Mineral Resource the Mineral Resource and Ore Reserve, thus ensuring that the
Depletions (2.6)
and Ore Reserve governance framework and for ensuring that appropriate risk management and mitigation plans are in place.
Sub-total 27.1
it meets the Company’s goals and objectives while complying
Additions Due to:
with all relevant regulatory codes. Its membership and terms of Where technical experts involved in the estimation of Mineral
Iduapriem The net increase is primarily due to the decrease in costs resulting from 0.9
references are mandated under a policy document signed by the Resource or Ore Reserve feel that their technical advice has
signing a new mining contract and operational changes.
Chief Executive Officer. been ignored and may represent a risk to the Mineral Resource
Geita The significant increase is mainly due to ongoing drilling exploration success 0.8
The Audit and Risk Committee and Investment Committee or Ore Reserve to be published, they are obliged to inform the
resulting in larger pit designs. The open pit shell and underground slope
review the Mineral Resource and Ore Reserve and make a Mineral Resource and Ore Reserve Steering Committee in writing.
design changes contributed to an increase of 27% and 3% to the Ore Reserve
recommendation to the board, which provides final approval for AngloGold Ashanti’s Whistle Blowing Policy and links can be found
respectively.
the publication of the Mineral Resource and Ore Reserve. at https://www.anglogoldashanti.com/sustainability/governance/
Kibali The increase in Ore Reserve was primarily as a result of the conversion of the 0.5
ethics/ and can also be used if the person deems they will be
3000 and 9000 lode extensions in the KCD underground, and the addition of
AngloGold Ashanti has developed and implemented a rigorous compromised in the process.
the Oere pit and growth in the Pamao pit due to exploration successes. The system of internal and external reviews aimed at providing
price used for pit optimisation at Pakaka and Gorumbwa also changed from assurance in respect of Mineral Resource and Ore Reserve
$1,000/oz to $1,200/oz which contributed to the increase seen. Competent persons
estimates. In 2021, the following operations were subject to an
Sunrise Dam The increase in the reported Ore Reserve is due to exploration success and 0.4 external review in line with the policy that each operation or project The information in this report relating to Exploration Results,
a revised methodology for underground stope optimisation offset by more will be reviewed by an independent third party on average once Mineral Resource and Ore Reserve is based on information
conservative extraction ratios and increased unit costs. every three years: compiled by or under the supervision of the Competent Persons
Other Additions less than 0.3Moz 0.5 as defined in the SAMREC Code. All Competent Persons are
• Mineral Resource and Ore Reserve at Iduapriem
Sub-total 30.2 employed by AngloGold Ashanti, except for Kibali (which uses
• Mineral Resource and Ore Reserve at Obuasi
Reductions Due to: a Competent Person employed by Barrick) and have sufficient
Obuasi Operational changes primarily associated with design reviews in historically (0.4) • Mineral Resource and Ore Reserve at Kibali experience relevant to the style of mineralisation and type of
mined areas to eliminate low confidence stopes resulted in a net decrease • Mineral Resource and Ore Reserve at Serra Grande deposit under consideration and relevant to the activity which
which was partially offset by methodology changes. • Mineral Resource and Ore Reserve at Sunrise Dam they are undertaking. The legal tenure of each operation and
Other Reductions less than 0.3Moz (0.0) project has been verified to the satisfaction of the accountable
• Mineral Resource and Ore Reserve at Tropicana
Ore Reserve as at 31 December 2021 29.8 Competent Person and all the Ore Reserve has been confirmed
The external reviews of the Mineral Resource and Ore Reserve to be covered by the required mining permits or there exists
Copper were conducted by SRK Consulting for the mines operated by a realistic expectation that these permits will be issued. This
The AngloGold Ashanti Ore Reserve increased from 1.41Mt (3,105Mlb) in December 2020 to 1.47Mt (3,250Mlb) in December 2021. AngloGold Ashanti. Certificates of sign-off have been received for is detailed in the <R&R>. The Competent Persons consent to
This gross annual increase of 0.07Mt (145Mlb) is due to methodology changes. The Ore Reserve was estimated at a copper price of all AngloGold Ashanti managed operations and projects to state the inclusion of Exploration Results, Mineral Resource and Ore
that the Mineral Resource and Ore Reserve estimates are reported Reserve information in the <R&R> report, in the form and context
$2.90/lb (2020: $2.65/lb).
in accordance with the SAMREC Code. In the case of Kibali, an
in which it appears.
independent technical review of the annual Mineral Resource
Ore Reserve – Copper
and Ore Reserve estimates was undertaken by RSC Mining and Accordingly, the chairperson of the Mineral Resource and Ore
Mt Mlb
Mineral Exploration on behalf of the managing partner Barrick. No Reserve Steering Committee, Mr. VA Chamberlain, MSc (Mining
Ore Reserve as at 31 December 2020 1.41 3,105
significant flaws were identified. Engineering), BSc (Hons) (Geology), MGSSA, FAusIMM, assumes
Additions Due to:
responsibility for the Mineral Resource and Ore Reserve processes
Quebradona Result of an update in the Mineral Resource model due to three 0.07 145 In addition, numerous internal Mineral Resource and Ore Reserve
process reviews were completed by suitably qualified Competent for AngloGold Ashanti and is satisfied that the Competent Persons
new drill holes, in addition to an upgrade in Mineral Resource
Persons from within AngloGold Ashanti and no significant have fulfilled their responsibilities. Mr. VA Chamberlain has 34
classification based on conditional simulation.
deficiencies were identified. The Mineral Resource and Ore Reserve years’ experience in exploration and mining and is employed full-
Ore Reserve as at 31 December 2021 1.47 3,250
governance framework is underpinned by appropriate Mineral time by AngloGold Ashanti and can be contacted at the following
Note: Resource Management processes and protocols that ensure address: 112 Oxford Road, Houghton Estate, Johannesburg, 2198,
The Mineral Resource, as reported, is inclusive of the Ore Reserve component, unless otherwise stated. Mineral Resource and Ore Reserve adequate corporate governance. These procedures have been South Africa.
estimates are reported as at 31 December 2021 and are net of 2021 production depletion. Although the term Mineral Reserve is used developed to comply with the guiding principles of the US Sarbanes-
throughout the SAMREC Code, it is recognised by the SAMREC Code that the term Ore Reserve is synonymous with Mineral Reserve. AngloGold Oxley Act of 2002 (SOX). A detailed breakdown of our Mineral Resource and Ore Reserve
Ashanti elects to use Ore Reserve in its reporting. To reflect that figures are not precise calculations and that there is uncertainty in their and backup detail is available on the AngloGold Ashanti website
estimation, AngloGold Ashanti reports tonnage content for gold to two decimals and tonnage content for copper with no decimals. AngloGold Ashanti makes use of a web-based group reporting www.anglogoldashanti.com. The full comprehensive <R&R> may
database called the Resource and Reserve Reporting System be accessed at www.aga-reports.com.
80 81
MINERAL RESOURCE AND ORE RESERVE – SUMMARY continued
Mineral Resource by region, inclusive of Ore Reserve (attributable) Mineral Resource by region, exclusive of Ore Reserve (attributable)
Gold Gold
Tonnes Grade Contained gold Tonnes Grade Contained gold
as at 31 December 2021 Category million g/t Tonnes Moz as at 31 December 2021 Category million g/t Tonnes Moz
Africa Measured 56.44 3.38 191.03 6.14 Africa Measured 13.16 3.98 52.32 1.68
Indicated 361.14 2.52 909.64 29.25 Indicated 179.46 2.36 422.86 13.60
Inferred 179.17 3.43 613.98 19.74 Inferred 179.17 3.43 613.98 19.74
Total 596.75 2.87 1,714.66 55.13 Total 371.79 2.93 1,089.15 35.02
Americas Measured 114.47 1.33 151.88 4.88 Americas Measured 64.29 1.50 96.24 3.09
Indicated 1,035.46 0.87 897.36 28.85
Indicated 1,203.75 0.90 1,085.22 34.89
Inferred 767.37 0.75 576.25 18.53
Inferred 767.87 0.75 576.86 18.55
Total 1,867.11 0.84 1,569.85 50.47
Total 2,086.08 0.87 1,813.96 58.32
Australia Measured 29.92 1.25 37.49 1.21
Australia Measured 56.08 1.35 75.74 2.44
Indicated 33.13 1.42 47.21 1.52
Indicated 58.45 1.73 101.24 3.26
Inferred 50.07 2.53 126.83 4.08
Inferred 50.07 2.53 126.83 4.08
Total 113.12 1.87 211.52 6.80
Total 164.59 1.85 303.82 9.77
AngloGold Ashanti Measured 107.37 1.73 186.05 5.98
AngloGold Ashanti Measured 226.98 1.84 418.66 13.46
Indicated 1,248.04 1.10 1,367.43 43.96
Indicated 1,623.33 1.29 2,096.11 67.39 Inferred 996.61 1.32 1,317.06 42.34
Inferred 997.11 1.32 1,317.67 42.36
Total 2,352.02 1.22 2,870.53 92.29
Total 2,847.42 1.35 3,832.44 123.22
Copper Copper
Tonnes Grade Contained copper
Tonnes Grade Contained copper
as at 31 December 2021 Category million %Cu Tonnes million Pounds million
as at 31 December 2021 Category million %Cu Tonnes million Pounds million
Americas Measured 45.15 0.69 0.31 684
Americas Measured 86.74 0.95 0.82 1,814
Indicated 148.91 0.68 1.01 2,218
Indicated 227.33 0.87 1.97 4,338
Inferred 305.94 0.48 1.47 3,231
Inferred 305.94 0.48 1.47 3,231
Total 500.01 0.56 2.78 6,134
Total 620.02 0.69 4.26 9,384
AngloGold Ashanti Measured 45.15 0.69 0.31 684
AngloGold Ashanti Measured 86.74 0.95 0.82 1,814
Indicated 148.91 0.68 1.01 2,218
Indicated 227.33 0.87 1.97 4,338
Inferred 305.94 0.48 1.47 3,231
Inferred 305.94 0.48 1.47 3,231
Total 500.01 0.56 2.78 6,134
Total 620.02 0.69 4.26 9,384
Ore Reserve by region (attributable) Ore Reserve by region (attributable) continued

Gold Copper
Tonnes Grade Contained gold Tonnes Grade Contained copper
as at 31 December 2021 Category million g/t Tonnes Moz as at 31 December 2021 Category million %Cu Tonnes million Pounds million
Africa Proved 41.33 2.58 106.54 3.43
Americas Proved – – – –
Probable 183.69 2.72 499.29 16.05
Probable 120.01 1.23 1.47 3,250
Total 225.02 2.69 605.84 19.48
Total 120.01 1.23 1.47 3,250
Americas Proved 11.11 2.70 29.99 0.96
Probable 203.74 0.98 199.60 6.42 AngloGold Ashanti Proved – – – –
Total 214.86 1.07 229.60 7.38 Probable 120.01 1.23 1.47 3,250
Australia Proved 26.41 1.46 38.43 1.24 Total 120.01 1.23 1.47 3,250
Probable 25.31 2.13 54.04 1.74
Total 51.73 1.79 92.47 2.97
AngloGold Ashanti Proved 78.86 2.22 174.97 5.63
Probable 412.74 1.82 752.93 24.21
Total 491.60 1.89 927.90 29.83
82 83
EXPLORATION AND PLANNING FOR THE FUTURE
In Argentina, field programmes started in the fourth quarter of Exploration was impacted by the suspension of underground
Our exploration programmes enable us to ultimately expand our Ore Reserve and are based on consistent 2021 with systematic talus fines (890 samples) and ridge and spur mining activities after the tragic death of one of our colleagues in
May 2021. The resumption of the drilling was staged, with the first
standards and processes across the AngloGold Ashanti portfolio which are guided by peer reviews. sampling (225 samples) undertaken at the El Cori project.
rig restarting in July 2021. Exploration and infill drilling activities in
the year focused on 41 Level in Blocks 1 and 10, 32 Level in Blocks
Brownfield exploration
8 and 10, 21N1, 26 and 26N3 Levels in Sansu and stockpiles along
We identify the best group of drill targets, prioritising those that Greenfield exploration During 2021, brownfield exploration activities were undertaken the ODD decline.
have the highest potential for success.
Our greenfield exploration programmes are designed to discover a across the globe. We completed 1,059km of drilling with a total
new Mineral Resource that will ultimately lead to the development expenditure of $83m (capital) and $76m (expensed) for the year. Democratic Republic of the Congo: Capitalised and expensed
We have developed a system – Exploring for value (E4V) – that
of new gold mines. In 2021, $38m was spent on greenfield drilling programmes, at Kibali, completed a total of 16,035m
goes beyond SAMREC limitations to ensure that our exploration
exploration. Exploration tenements cover over 4,400km2 of highly Tanzania: Capitalised (underground) and expensed (surface/ during the year at a cost of $4m.
activities are focused on maximising value for the business and
prospective ground in four countries – Australia, Brazil, Argentina underground) drilling programmes completed a total of 167,392m
allow us to bring into play, at an early stage, very low confidence Tete Bakangwe was delivered as an opportunity, and post Mineral
and the United States. In total, 114km of diamond, reverse during the year at a cost of $37m.
material. This means we can ensure our exploration pipeline can Resource conversion drilling it has been added to the mine plan
deliver into our life-of-mine (LOM) plans at the right time. circulation (RC) and aircore drilling was completed in greenfield
Mineral Resource development drilling was carried out at Star & for 2022.
exploration programmes in 2021.
The system allows for an understanding of the geology from Comet Cut 2 and Cut 3 and assay results confirmed the continuity
First phase drilling results testing down plunge continuity of high
the earliest stage of development. In addition to integrating our In the United States, a total of 25,538m of RC and 14,581m of of the mineralisation for both Cuts. While exploratory drilling
grade at Kalimva support an underground project. At KCD, step
E4V process with our LOM planning, we have also integrated diamond drilling was completed during the year at the Silicon conducted at Star and Comet Cut 3 towards Ridge 8 returned out holes have confirmed continuity of 3000, 5000 and 11000
our E4V process with our accounting standards. Through this project near Beatty, Nevada. Work focused on expanding the results confirming open-ended mineralisation. Results at Cut 4 system 500m down plunge, with additional mineralisation below
integration, as an area is explored and drilled, a series of reviews project along strike and at depth. Infill drilling was completed as confirmed the hanging wall and footwall structures as modelled 11000 lode.
and appropriate economic studies are used to support the next part of a successful conceptual study that defined a first Inferred and exploratory drilling results from Cut 5 confirmed the continuity
Mineral Resource of 3.37moz of gold at 0.87g/t and 14.17moz of the mineralisation. In Argentina, a total of 38,895m of drilling was completed at a
level of exploration.
silver at 3.66 g/t contained in 120.44Mt constrained within a pit cost of $7m. Exploration was focused on creating new Mineral
Targeted investments during the year led to two positive advances, optimisation completed at a $1500/oz gold price. Development At Nyankanga Block 1 and Block 2, the drilling results confirmed Resource which could be converted to Ore Reserve to extend the
with Pure Gold Mining, in which we have a 16% stake, continuing drilling to expand gold mineralisation and tighten average drill up-dip continuity of the mineralisation for both targets. The current life of mine.
to ramp up at the Madsen mine redevelopment in Red Lake, spacing to increase the Mineral Resource classification will results from a short drilling programme at Block 5 suggest
In Brazil, at Cuiabá and Lamego, 151,042m were drilled at a cost
Ontario. Further, AngloGold Ashanti made an offer to purchase continue as part of project studies in 2022. possible down-dip continuity of mineralisation. Drilling results
of $14m.
Corvus Gold Inc. and the acquisition was completed in January from Geita Hill confirm open-ended down-dip extensions of
2022. The Company also actively monitors for new early-stage At the Merlin target, in the Silicon project tenement area, 5,198m
the ore zones. At Lone Cone, the results confirm the down-dip In Colombia, at Quebradona, work was completed on drill hole
opportunities that would be a potential fit for our portfolio. of RC and 7,104m of diamond drilling were completed. The drilling relogging, tuff differentiation logging, geometallurgical modelling
continuity of mineralisation and increased the Mineral Resource
tested a target area with favourable volcanic stratigraphy and and geology project support. Preparation and support for the
model confidence.
Some highlights of our greenfield and brownfield exploration widely spaced gold-bearing drill intercepts that will be followed geotechnical campaign including laboratory follow up was started
work follow. with additional drilling in 2022. Results from exploration drilling at Nyamulilima Cut 1 and 2 as were routine measurements of groundwater levels, flow
confirmed the model. The assay results from the sterilisation stations and rain stations.
drilling for a proposed waste dump site returned no significant
intersections, and at Xanadu, drilling is in progress with the results,
Outlook
so far, not showing obvious down-dip continuity.
• Our planned investment (capital and expensed) in brownfield
Non-drilling exploration programmes consisted of surface exploration drilling ramps up to a level of approximately
geological mapping and integration of various geological datasets $210m to $220m for Ore Reserve and Mineral Resource
additions in 2022
to better understand the sub-surface geology in an effort to
identify new exploration targets. • We expect another year of good Mineral Resource and Ore
Reserve delivery across the portfolio
Guinea: Capitalised and expensed drilling programmes completed • We have expanded our project exploration budget in 2022 to
a total of 34,336m during the year at a total cost of $7m. The 2021 allow for expanded drilling in Nevada
drilling was impacted by contractor changes and significant delay • We continued to take advantage of field restrictions that
in mobilising three of the contractor’s new rigs. were in place during most of 2021 to generate a group of
new terranes and districts through data reviews and desktop
Ghana: At Obuasi, drilling continued with a total of 37,583m drilled
assessments for field validation in 2022
in the underground exploration programmes at a cost of $7m.
Silicon, United States
84 85
The balance sheet remains Production and cost performance to optimise margins
2021
in a solid position, with Production and cost metrics 2021 2020 Guidance Revised guidance
approximately $2.6bn Production (000oz)
Costs All-in sustaining costs ($/oz) (1)

2,472
1,355
2,806
1,037
2,700 – 2,900
1,130 – 1,230
2,450 – 2,600
1,240 – 1,340
in liquidity Total cash costs ($/oz)(1) 963 790 790 – 850 890 – 950
(1)
AISC of $1,321/oz and total cash cost of $935/oz after adjusting for the estimated impacts of COVID-19
Our cost performance in 2021 reflects the reinvestment Our overall focus remains on improving our operational
programme that commenced at the beginning of 2020 across performance, underpinned by the introduction of the new
Christine Ramon our portfolio and continued during the year in review, including Operating Model, continued cost discipline and the Full Asset
Chief Financial Officer increased conversion of Mineral Resource to Ore Reserve, waste Potential Review starting in 2022.
stripping at open pit mines and improved rates of underground
Year ended Year ended
CFO’s REPORT
development. Increased costs also reflected significant
investment in TSF compliance in Brazil, following new legislation in Margins 2021 2020
Brazil (see CEO’s review and outlook). Total cash costs 46% 56%
All-in sustaining costs 25% 42%
Margins narrowed in 2021, a result of increased sustaining
capital expenditure, lower production and the consequent impact Despite these headwinds, margins remain healthy and reflect the
AND OUTLOOK on costs. Company’s ability to generate sustainable cash flow.
Cost performance reflecting significant re-investment phase

AngloGold Ashanti experienced a challenging 2021, total cash costs and the continued reinvestment in orebodies
including the effects of rising inflation, the ongoing and Brazilian TSFs
Total cash costs
COVID-19 pandemic and its impact on production and costs, • Net cash inflow from operating activities decreased by 18% to Year ended Dec 2021 vs. Dec 2020 ($/oz)
lower realised grades across certain operations during the $1,268m in 2021, from $1,545m in 2020 1100
ongoing reinvestment phase and the temporary suspension
• Free cash flow of $104m in a transitional year with significant 26 2 (9)
of underground mining at the Obuasi gold mine following the 1000 23
(5) (7) 963
reinvestment, COVID-19 impacts and Obuasi underground 121
sill pillar incident on 18 May 2021. External factors
suspension 900
40 812
Revised production, capital and cost guidance (after adjusting • Adjusted net debt of $765m at the end of 2021; Adjusted net debt 790 (18)
800
cost for the impact of COVID-19) was achieved and the business to Adjusted EBITDA ratio of 0.42 times
generated free cash flow before growth capital expenditure 700
• Cumulative cash dividends of $231m received from Kibali in 2021
of $426m. A final dividend of 14 US cents per share ($60m)
600
was declared, taking the gross dividend for the year to 20 US Strategic priorities
cents per share. The balance sheet remains in a solid position,
The key financial indicators by which the Company measures 500
with approximately $2.6bn in liquidity, including cash and cash Dec 20 Exchange Inflation Total Grade Stockpile and Gip Efficiency Other Royalty Volume By-products Dec 21
shareholder value creation are production, AISC, normalised
equivalents of approximately $1.15bn, at the end of 2021.
cash return on equity (nCROE), and absolute and relative total
Salient financial results for the year include: shareholder return (TSR) (see Rewarding delivery). Production and All-in sustaining costs *
AISC targets are measured on an annual basis, while the nCROE Year ended Dec 2021 vs. Dec 2020 ($/oz)
• Basic earnings decreased to $622m from $946m in 2020, after
once-off expenses of $87m and TSR targets are measured on a three-year trailing average
1,500 Reinvestments
basis. In meeting these targets, the Company focuses on three and TSF
• Total cash costs of $963/oz for 2021, an increase of 22% from strategic priorities: production and cost performance to optimise 1,400 10 4 4 (1) (4) 1,355
132
$790/oz in 2020
margins; improve balance sheet strength and preserve liquidity;
1,300
• All-in sustaining costs (AISC) of $1,355/oz compared to and free cash flow generation – while applying a disciplined capital 173 812
$1,037/oz in 2020, an increase of 31%, reflects the increase in allocation framework. 1,200
1,100 1,037
1,000
900
Dec 20 Total cash cost Total sustaining Finance lease Corporate Rehabilitation Sustaining Other Dec 21
capex payment sustaining costs exploration
*
World Gold Council standard
86 87
CFO’s REPORT AND OUTLOOK continued
Total cash costs per ounce for the year was $963/oz compared The ratio of adjusted net debt to adjusted EBITDA was 0.42 times
Adjusted net debt, finance costs
with $790/oz for 2020. Total cash costs increased mainly due at 31 December 2021 compared to 0.24 times at 31 December 2020. ($m)
to lower grades ($121/oz) and stockpile drawdowns at certain 3,500 Self-funded development of Tropicana, Kibali
350
operations ($23/oz). Inflationary pressures ($40/oz) were partially The Company remains committed to maintaining a flexible Adjusted net debt down 76% from peak in 2014
mitigated by weaker local currencies, lower royalties and higher balance sheet with an Adjusted net debt to Adjusted EBITDA target 3,000
Finance costs down 58% since 2014
300
silver by-product contribution. ratio not exceeding 1.0 times through the cycle. 2,500 250
Proactive supply chain strategies, including holding three to six At 31 December 2021, the balance sheet remained robust, with 2,000 200
months inventories of consumables and spares, delayed the strong liquidity comprising the $1.4bn multi-currency revolving 1,500 150
inflationary impacts and enabled business continuity during the credit facility (RCF) of which $1,367m was undrawn, the $150m
1,000 100
year. We are closely monitoring the sea freight market, given Geita RCF of which $40m was undrawn, the $65m Siguiri RCF of
ongoing capacity constraints, which has impacted lead times on which $30m was undrawn, the South African R150m ($10m) RMB 500 50
Self-funded redevelopment of Obuasi
deliveries, as well as freight and logistics costs. We will continue corporate overnight facility which was undrawn, and cash and 0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021
to manage our supply chain proactively to ensure resilience and cash equivalents of approximately $1.15bn.
Adjusted net debt Finance costs (RHS)
continuity of supply.
On 22 October 2021, a new $750m bond was issued by AngloGold
AISC of $1,355/oz compared with $1,037/oz in 2020, was higher Ashanti Holdings plc, which is fully and unconditionally guaranteed
Adjusted net debt to adjusted EBITDA
due to increased sustaining capital expenditure and higher by the Company, with a 7-year tenor at a record low coupon of ratio at 0.42 times at 31 December 2021
cash costs. AISC included an estimated $34/oz impact due to 3.375% per annum. The proceeds from the new bond were used
2.5x
COVID-19 (including $17/oz related to estimated additional cost to fund the repayment of the $750m, 5.125% per annum notes due
3,105
impacts and $17/oz related to estimated lost production) and an in 2022 through a cash tender offer followed by the redemption 3,133
2.0x
estimated $55/oz impact relating to the Brazilian TSF compliance of any remaining notes due. This translates into a $13m interest
2,190 2,001
programme (see risk 6 in Managing our risks and opportunities). saving annually. 1.5x
1,916 1,659
Basic earnings (profit attributable to equity shareholders) for the Liquidity remains strong, providing good flexibility. Our cash 1,581 1.0x
1.0x Target through
year ended 31 December 2021 were $622m, or 148 US cents per balance of $1.15bn excludes our $499m share of the Kibali cash the cycle
share, compared with $946m, or 225 US cents per share, for the balance. We funded the $365m Corvus acquisition post year-end 0.5x
765
597
year ended 31 December 2020. from cash on hand.
0x
Headline earnings for the year ended 31 December 2021 were Credit ratings remained unchanged, with investment grade 2013 2014 2015 2016 2017 2018 2019 2020 2021
$612m, or 146 US cents per share, compared with $1.0bn, or from Moody’s (Baa3) and Fitch (BBB-), with negative and stable Last-12-months adjusted net debt to adjusted EBITDA ratio
Figures to 2016 reflect continuing and discontinued operations
238 US cents per share for the year ended 31 December 2020. outlooks, respectively. The Standard & Poor’s rating remained one
Headline earnings were lower year-on-year mainly due to lower notch below investment grade (BB+), with a positive outlook.
gold production, higher operating and exploration costs, as well as Free cash flow generation in Kibali Goldmines S.A. AngloGold Ashanti’s share of these
Net cash inflow from operating activities decreased to $1.268bn dividends, net of withholding taxes, amounted to $81m.
other expenses related to care and maintenance at Obuasi ($45m),
restructuring and related costs ($18m), foreign exchange ($43m) for the year ended 31 December 2021, compared to $1.545bn for
Long-term balance sheet improvement In addition, AngloGold Ashanti received a cash distribution of
the year ended 31 December 2020. This decrease was mainly due
and costs associated with the tender offer for, and subsequent achieved through disciplined capital allocation $150m from Kibali (Jersey) Limited, which comprised loan
– without equity issuance to lower gold sales and higher operating costs, partially offset by
redemption of, the 5.125% per annum notes due 2022 ($24m). repayments. At 31 December 2021, the Company’s attributable
the marginally higher gold price received, lower cash taxes, higher
These effects were partially offset by the marginally higher gold share of the outstanding cash balances awaiting repatriation
dividends received and favourable movements in working capital.
price received and lower net finance costs ($92m). Facilities and cash available from the Democratic Republic of the Congo (DRC) was $499m.
(million) Free cash flow of $104m for the year, compared to a free cash flow The cash and cash equivalents held at Kibali Goldmines S.A.
Adjusted earnings before interest, tax, depreciation and ZAR150m are subject to various administrative steps before they can be
of $743m in 2020, with the reduction due to fewer gold ounces
amortisation (adjusted EBITDA) for the year ended 31 December distributed to Kibali (Jersey) Limited and are held across four
sold, higher capital expenditure and higher operating costs, partially
2021 was $1.8bn compared with $2.47bn for the year ended banks in the DRC. The cash is fully available for the operational
offset by reduction in net finance costs, taxes and working capital
31 December 2020. Adjusted EBITDA was lower year-on-year requirements of Kibali Goldmines S.A. Barrick, the operator of the
inflows, as well as the marginally higher gold price received.
mainly due to lower ounces of gold sold and higher operating Kibali joint venture, continues to engage with the DRC government
costs, partially offset by the marginally higher gold price received. Free cash flow before growth capital – the metric on which regarding the 2018 Mining Code and the cash repatriation.
$1,154m
c.$2.6bn * $1,437m ** dividends are calculated – was $426m for the year ended
Improve balance sheet strength and preserve liquidity Cash RCFs Free cash flow was further impacted by continued lock-ups of value
31 December 2021, compared to $1.0bn for the year ended
Our balance sheet strategy is underpinned by disciplined capital added tax (VAT) receivables at Geita in Tanzania and Kibali in the
31 December 2020.
allocation and self-funded improvements in the balance sheet over DRC, and export duties receivable at Cerro Vanguardia in Argentina:
the long term. During 2021, Kibali Goldmines S.A. (the company which owns • In Tanzania, net overdue VAT receivables increased by $3m
the Kibali gold mine) paid a total dividend of $200m to its two during 2021 to $142m at 31 December 2021 from $139m at
Although adjusted net debt increased 28% from $597m at shareholders, Kibali (Jersey) Limited, which is jointly owned by 31 December 2020. During the year new claims of $50m were
31 December 2020 to $765m at 31 December 2021, it is down 76% Barrick and AngloGold Ashanti, and holds a 90% stake in Kibali submitted and verified claims of $54m were offset against
* Total calculated with ZAR150m O/N facility at R15.9921/$
from its peak in 2014 – all without any equity raise – and finance ** US$1.4bn multi-currency RCF includes a capped facility of A$500m ($/A$0.7260) Goldmines S.A., and Société Minière de Kilo-Moto S.A. (SOKIMO), corporate tax payments. The Company will continue offsetting
costs are 58% lower over the same period. a DRC government parastatal entity that holds a 10% stake verified VAT claims against corporate taxes.
88 89
• In the DRC, the attributable share of the net recoverable VAT investments, assessing them on their respective returns and
Capital distribution in 2021
balance is $73m as at 31 December 2021, a $8m increase from affordability with respect to maintaining leverage ratios at or
$65m as at 31 December 2020. around targeted levels. The Company weighs these competing
priorities and considers the full suite of financing opportunities INFLOWS OUTFLOWS
• In Argentina, the Company recorded a $4m decrease in the
available when determining whether to proceed with an Balance sheet strength
export duty receivables during 2021 to a net amount of $19m at
investment. Free cash flow generated by the business is applied 0.42x
Free cash flow before growth capital: $426m

31 December 2021 from $23m at 31 December 2020. • Adjusted net debt to adjusted
in a balanced manner to the four pillars of our capital allocation Net taxes paid EBITDA
Cerro Vanguardia had a cash balance equivalent to $139m at strategy, in order of allocation: $316m
31 December 2021. During 2021, AngloGold Ashanti received • Sustaining capital expenditure to prioritise Ore Reserve growth
an offshore dividend of $19m (net of withholding taxes) paid in Cash from operations Finance costs and other
• Maintaining a strong and solid balance sheet to provide $1,353m borrowings
US dollars. Out of the $139m cash balance, monies equivalent
optionality and flexibility through the cycle • Finance costs $159m
to $131m are available to be paid to AngloGold Ashanti’s Other income
• Return of value to shareholders through the dividend policy • Lease liabilities $63m Returns to shareholders
offshore and onshore investment holding companies in the
• Dividends from joint
$240m
• Self-funding any major growth capital projects Total: $222m • Dividends
form of declared dividends. Applications have been made to the ventures $231m
Argentinean Central Bank to approve the purchase of US dollars In 2021, we generated $1.4bn of cash from operations and • Interest received $58m Sustaining capex
in order to distribute an offshore dividend of $114m to AngloGold received $231m of dividends from Kibali, our joint venture. After
• Other dividends $22m
Including Ore Reserve
• Net other movements $17m
Ashanti. While the approval is pending, the cash remains fully tax payments and financing costs, we invested $717m * (53% development and stripping
available for Cerro Vanguardia’s operational requirements. of our cash from operations) in sustaining capital, to fund Ore Total: $328m capex: $717m (1) Growth and investment
Reserve development and waste stripping. • K
ey project investments including;
Free cash flow results are used in the determination of the $322m
TOTAL INFLOWS TOTAL OUTFLOWS • Obuasi, $122m
Company’s achievement of nCROE, a measure of how much We self-funded our growth capital incurred in 2021 of $311m . *
• Joint ventures
cash is generated by the Company for each US dollar of equity in This includes $122m at Obuasi and $58m at Geita, for the new $1,681m inflows $1,255m outflows
issue. Cash generated is adjusted for once-off, abnormal items to open pit and underground developments. (1)
Excludes joint ventures
achieve a normalised cash flow. This is then compared against a *
Excluding equity-accounted joint ventures Our capital allocation framework enforces a disciplined and focused approach to value creation through effective
US dollar cost of equity (USD COE), which is calculated using an
management and without placing undue financial or operating risk on the business
external financial model and is not Company specific. Capital expenditure
Two years into our inward reinvestment initiative, strong progress
Capital allocation framework has been made with a cumulative addition of 8.7Moz of Ore AngloGold Ashanti added 2.7Moz Ore Reserve before depletion in $260m in 2020. (see risk 3 included in Managing our risks and
Our capital allocation is disciplined and focused on improving Reserve, before depletion, at a cost of $68/oz. This was achieved
2021. At Geita, 0.8Moz of Ore Reserve were added, for a total of opportunities).
value without placing undue financial or operating risk on the primarily by exploration activities across the portfolio (see risk 2
2.2Moz added over the last two years. Iduapriem added 0.9Moz,
business. The Company will continue to rank and prioritise its included in Managing our risks and opportunities). As we continue to allocate capital to this important exploration
Kibali 0.5Moz and Sunrise Dam 0.4Moz. There were steady gains
and development programme, in addition to increased capital
of 0.5Moz in Ore Reserve added across the rest of the portfolio.
expenditure on TSFs in Brazil, sustaining capital is expected to
Free cash flow generation The Company has declared a maiden Mineral Resource of 3.4Moz
remain at elevated levels of $300/oz between 2022 and 2024. In
(Free cash flow before growth capital ($m)) at Silicon in Nevada, USA. Following the acquisition of Corvus
subsequent years, we expect this to return to normalised levels of
1,200 completed on 18 January 2022, it is currently anticipated that
about $200/oz.
1,003 the first production from the Nevada region will be realised in
1,000
approximately three years. (Refer to Maintain long-term optionality for an update on capital
260
800 projects.)
Capital expenditure activities such as waste stripping at Tropicana,
600 Iduapriem and Sunrise Dam’s Golden Delicious pit continued and
424 448 426
371 remained on track. At Geita, the underground portal development Capital expenditure to sustain and develop our business
400 116 278
321
743
at Geita Hill East progressed and mining operations started at the Capital expenditure ($/oz) from continuing operations
169 322
174
200 308
150 Nyamulilima open pit. In Brazil, investment continued to convert
124
202 128 127 104 existing TSFs to dry-stack facilities at all mine sites, in a market 2018 170 50
50
0
2015 2016 2017 2018 2019 2020 2021 characterised by increased competition for skills and engineering
Free cash flow generation Growth capex resources due to the COVID-19 pandemic and the industry 2019 151 111
requirements to meet regulatory deadlines relating to TSFs.

2015 – Adjusted for bond redemption premium on part settlement of $1.25bn high-yield bonds of $61m
2016 – Adjusted for bond redemption premium on settlement of remaining $1.25bn high-yield bonds of $30m 2020 180 95
2017 – Adjusted for South African retrenchment costs paid of ~$49m Total capital expenditure (including equity-accounted joint
2018 – Adjusted for South African retrenchment costs paid of ~$61m ventures) increased by 45% year-on-year to $1.1bn, compared to
2021 310 130
$757m in 2020. This increase was largely due to a 57% increase
in sustaining capital expenditure to $778m, from $497m in 2020, 0 100 200 300 400 500
which includes $137m for the Brazil TSF conversion. Total growth Sustaining Non-Sustaining
capital expenditure increased by 24% to $322m compared to
90 91
2021 Delivery against 2021 financial objectives

Capital expenditure metrics 2021 2020 Guidance Revised guidance
Capital expenditure Total ($m) 1,100 757 990 – 1,140 1,030 – 1,190
1. Continue to grow Ore Reserve and Mineral Resource through our ongoing reinvestment strategy
• $164m (2020: $124m) was spent on exploration and study costs √
Sustaining capex ($m) 778 497 720 – 820 700 – 800 • Ore Reserve increased 2.7Moz pre-depletion, for a total of 8.7Moz pre-depletion added over the last two years, at a
Non-sustaining capex ($m) 322 260 270 – 320 330 – 390 cost of $68/oz
• Maiden Mineral Resource at Silicon totalling 3.4Moz
• Sustaining capital spend at increased levels amounted to $310/oz for 2021
Shareholder returns
Despite the challenging year, the Company has demonstrated its Details of this can be found in our <R&R>
Free cash flow before growth capital, our dividend metric, was
ability to balance the competing capital needs of the business
√
$426m (2020: $1.0bn). Our dividend policy remains 20% of free 2. Maintain strong cost and capital discipline
with delivery on key objectives against the backdrop of leadership
cash flow, before growth capital, paid bi-annually. In line with this • Total capital expenditure + 45% year-on-year to $1.1bn in 2021 (including joint ventures), largely due to 57% increase
change, and amidst the rapidly changing COVID-19 landscape.
policy, our board approved a final dividend of 14 US cents a share in sustaining capital expenditure of $778m
($60m), based on free cash flow generated in the second half of The dividend pay-out allows us to maintain adequate balance • Total growth capital expenditure increased by 24% to $322m
2021, paid in March 2022. The declaration and payment of the sheet flexibility in a volatile and uncertain gold price environment,
final dividend resulted in a total dividend based on the financial • Obuasi Redevelopment Project $122m
and to use our cash flows and available facilities to fund our
performance of 2021 amounting to 20 US cents per share ongoing capital and operational requirements, including self- • Geita $58m
($85m), following an interim dividend of 6 US cents per share funding sustaining and growth capital expenditure, should we • Colombia $51m
($25m) declared and paid in August 2021. wish to do so. • Tropicana $40m
• Siguiri $20m
• Sunrise Dam $15m
• AISC of $1,355/oz for 2021, reflects higher sustaining capital expenditure, lower production and higher total cash costs
• AISC negatively impacted by COVID-19 impacts estimated at $34/oz
• Corporate costs increased by $5m for the year
3. Continue our efforts to optimise margins and generate strong free cash flows
• $104m in free cash flow during a transitional year with significant portfolio reinvestment, COVID-19 impacts and √
voluntary temporary suspension of underground mining at Obuasi
• Net cash inflow from operating activities decreased by 18% to $1,268m in 2021 from $1,545m in 2020
4. I mprove our cash conversion efforts, with a specific focus on unlocking cash lock-up in the DRC
• At 31 December 2021 the Company had $872m in cash (compared to $784m in 2020), VAT receivables and export √
duties owed in the DRC, Tanzania and Argentina
• DRC
• Cash dividend of $231m received from Kibali in 2021
• Attributable share of outstanding cash balances awaiting repatriation from Kibali was $499m at the end of the year
• VAT receivable $73m at 31 December 2021
• Tanzania
• Offset verified VAT claims of $54m against corporate tax payments – VAT receivable $142m at 31 December 2021
• Argentina
• Cerro Vanguardia paid $19m in offshore dividends to AngloGold Ashanti – an application has been made to the
Argentinean Central Bank to approve the payment of the $114m offshore declared dividends
• Export duties owed $19m at 31 December 2021
5. Continued efforts to manage the debt profile and maintain a healthy balance sheet
• Adjusted net debt of $765m at the end of 2021; adjusted net debt to adjusted EBITDA ratio of 0.42 times √
• Improved balance sheet flexibility with new $750m, 7-year bond at 3.375% per annum
• Strong liquidity comprising cash and cash equivalents of $1.15bn and total liquidity of $2.6bn
√ Objective met
√ Objective partly met or ongoing
92 93
Looking ahead to 2022 Total cash costs are expected to be $925/oz to $1,015/oz. up. Total capital expenditure is weighted to the first half of 2022 incremental additional impact is included in the cost and capital
This outlook includes inflationary pressures on the back of oil, and is guided at $1.05bn to $1.15bn and includes sustaining forecast ranges relating to the COVID-19 pandemic.
2022
consumables, and logistics as well as scarce skills. Inflationary capital expenditure of $770m to $840m. On a per ounce sold
Guidance and indicative outlook Guidance Sensitivities on key economic metrics based on budgeted
pressure for the year is estimated at around 7% to 8% for the basis, this amounts to $275/oz to $300/oz, in line with 2021.
Production (000oz) 2,550 – 2,800 economic assumptions for 2022 are as follows:
group. We have benefitted from delayed inflation impacts in
Costs All-in sustaining costs ($/oz) 1,295 – 1,425 These costs will remain elevated in the near term, but are planned
2021 due to our strategic partnerships on certain global spend
Total cash costs ($/oz) 925 – 1,015 to reduce to more normalised levels of around $200/oz from 2024 Cash from
categories, as well as the stocking approach we have followed at
onwards. operating activities
Capital Total ($m) 1,050 – 1,150 our operations. AISC before taxes for
expenditure Sustaining capex ($m) 770 – 840
Non-sustaining or growth capital is guided at $280m to $310m Sensitivity* ($/oz) 2022 ($m)
Non-sustaining capex ($m) 280 – 310 Still, we anticipate sustained inflationary pressure through at least
and includes remaining funding for Obuasi Phase 3 (approximately 10% change in the oil price 6 17
Overheads Corporate costs ($m) 75 – 85 the first half of the year, which we will look to manage through our
$100m), Havana stripping at Tropicana (approximately $80m),
Expensed exploration and long-range consumable contracts, leveraging our global spend and 10% change in local currency 56 124
$39m for Geita Hill Underground, study costs for the two
study costs ($m) 210 - 240 ongoing collaboration with our strategic suppliers. The Operating
Colombian projects (Quebradona $12m, Gramalote $9m), and 10% change in the gold price 7 433
Depreciation and amortisation ($m) 690 – 740 Model changes and operational improvement initiatives are
a new TSF at Iduapriem (approximately $60m). The profiling of 50koz change in production 24 80
expected to further mitigate inflationary pressures.
Interest and finance costs ($m) – income growth capital is heavily weighted to the first half (65%) largely due
* A
ll the sensitivities based on $1,650/oz gold price and assumptions used for
statement 115 – 125 to Tropicana.
All-in sustaining costs are expected to be between $1,295/oz and guidance.
Other operating expenses ($m) 45 - 55 $1,425/oz, consistent with the last year’s levels, where elevated
Expensed exploration and study costs are guided in line with Governance
Economic assumptions for 2022 are as follows: sustaining capital underpinned our reinvestment strategy. We
previous levels, with an additional $42m to move our Nevada
continue our multi-year reinvestment strategy in: exploration Materiality
Currency and commodity assumptions 2022 projects forward.
($32/oz), Ore Reserve and underground infrastructure The related material financial matters identified in our materiality
A$/$ exchange rate 0.76
development ($103/oz), waste stripping ($39/oz), Brazil TSF We remain mindful that further waves of COVID-19, its impacts assessment process were: Managing our TSFs (with an impact
$/BRL exchange rate 5.30 compliance ($26/oz or $70m), and an incremental $45m of Ore on communities and economies, and the actions that authorities on capital expenditure) and achieving business sustainability and
$/ARS exchange rate 133.00 Reserve and infrastructure development to support Obuasi’s ramp may take in response, are largely unpredictable, and therefore no growth. See Focusing on our material issues in the <SR>.
$/R exchange rate 15.00
Oil ($/bbl) 80
Cost and capital forecast ranges are expressed in nominal terms. In addition,
production, cost and capital expenditure estimates assume neither operational
or labour interruptions (including any further delays in the ramp-up of the
Obuasi Redevelopment Project), or power disruptions, nor further changes
to asset portfolio and/or operating mines and have not been reviewed by our
external auditors. Other unknown or unpredictable factors could also have
material adverse effects on our future results and no assurance can be given
that any expectations expressed by AngloGold Ashanti will prove to have
been correct. Measures taken at our operations together with our business
continuity plans aim to enable our operations to deliver in line with our
production targets. We, however, remain mindful that the COVID-19 pandemic,
its impacts on communities and economies, and the actions authorities may
take in response to it, are largely unpredictable and therefore no incremental
additional impact is included in the cost and capital forecast ranges. Actual
results could differ from guidance and any deviation may be significant. Please
refer to the Risk Factors section in AngloGold Ashanti’s annual report on
Form 20-F for the year ended 31 December 2021 filed with the United States
Securities and Exchange Commission (SEC).
In line with past trends, production for 2022 is expected to be

about 55% weighted to the second half. Unit costs are expected to
decline into the second half of the year, as production increases.
Based on the planned production profile, we expect that unit cash
costs and AISC will exceed the top level of annual cost guidance
during the first half of the year, before trending below those ranges
in the second half.
This takes into consideration Obuasi’s ramp up to 4,000 tonnes

per day in the second half, when it will add about 140,000 ounces
to this year’s production over 2020 levels. Production is guided
between 2.55 to 2.8 million ounces. We’ll be looking for marginal
improvements in production at Tropicana, Sunrise Dam, Iduapriem

and Siguiri, and consistent performances at the remaining assets.
Kibali, DRC
94 95
CFO’s REPORT AND OUTLOOK continued FINANCIAL REVIEW
Oversight • Initiation of the Full Asset Potential Review to complete detailed Three-year summaries
Governance of our financial performance and reporting is analysis of each asset, including mine design and key operating
overseen and monitored by the Audit and Risk Committee, on parameters, to understand the reasons for the gap between Summarised group financial results – income statement
behalf of the board. See Corporate governance for further detail current and best possible performance US dollar million 2021 2020 2019 1 Revenue decreased by 9% from 2020
on this. Achieving these milestones will position the Company favourably resulting from 257koz less gold sold. The
Continuing operations
to achieve its longer-term goals, thereby underpinning an industry impact of lower gold sold was partially
External audit rotation 1 Revenue from product sales 4,029 4,427 3,525
competitive return to shareholders. negated by a higher price received of
On 19 November 2021, the Company advised shareholders that 2 Cost of sales (2,857) (2,699) (2,626) $18/oz ($1,796/oz in 2021 vs. $1,778/
following the conclusion of a comprehensive tender process,
Acknowledgement (Loss) gain on non-hedge derivatives and other oz in 2020) as well as higher silver and
the Audit and Risk Committee has recommended the proposed commodity contracts – (19) 5 hydrochloric acid revenue.
I wish to record my gratitude to the broader finance team across
appointment of PricewaterhouseCoopers Inc. (PwC) as the
the group which includes the financial reporting, tax, treasury, Gross profit 1,172 1,709 904
external auditor of AngloGold Ashanti with effect from the
information management, global supply chain and internal audit Corporate administration, marketing and related 2 Cost of sales increased by 6% from 2020
financial year 2023. The change in external auditor was initiated by
functions. Our strong balance sheet, robust financial systems expenses (73) (68) (82) primarily due to a 15% increase in cash
AngloGold Ashanti’s decision to early adopt mandatory audit firm
and strong internal control environment enable proactive risk operating costs ($279m), partly offset by
rotation. This appointment will be submitted to shareholders for 3 Exploration and evaluation costs (164) (124) (112)
management and well informed business decisions. This bears a 10% decrease in royalties paid ($19m)
approval at the annual general meeting of the Company scheduled Impairment, derecognition of assets and profit / loss on
testimony to the calibre of our financial team. During the first eight and a 16% decrease in amortisation
for May 2022. Ernst & Young Inc. (EY) will continue as external disposal 11 (1) (6)
months of the past financial year, I filled the interim CEO role while ($93m). The increase in cash operating
auditor of AngloGold Ashanti in respect of the financial years 2021 4 Other expenses (136) (57) (83) costs reflects the impact of inflationary
and 2022. the Company searched for a full-time CEO. The finance function
continued to run smoothly during this period under Ian Kramer, the Operating profit 810 1 459 621 and other cost pressures, and includes
interim CFO, to whom I am very grateful. the impacts of the COVID-19 pandemic.
Financial risk management Interest income 58 27 14
Increases were experienced due to higher
Details of our financial risk management exposures can be found Dividends received – 2 –
In February 2022, I took the difficult decision to take early labour and contractor costs, fuel and
in group note 33 of the <AFS>.
retirement from my role as CFO of the Company at the end of Foreign exchange and fair value adjustments (43) – (12) power costs, consumable stores, and
June 2022, in order to spend more time with my family in the near higher services and other charges, while
Priorities for 2022 term. For the remainder of my tenure, I will continue to focus on
5 Finance costs and unwinding of obligations (116) (177) (172)
unfavourable ore stockpile movements
Our financial priorities for 2022 are: delivering on the Company’s strategic priorities and supporting Share of associates and joint ventures' profit 249 278 168 and consumable inventory write-offs
• Achieve guidance on all metrics – continue to focus on cost Alberto, our CEO, with the implementation of the new Operating Profit before taxation 958 1,589 619 further contributed to increased costs.
discipline, maintaining margins, and ensuring sustainable cash Model and the Full Asset Potential Review initiative. I wish my
6 Taxation (312) (625) (250)
flow generation successor, yet to be appointed, all of the best in this role.
646 3 Exploration and evaluation costs
Profit for the year from continuing operations 964 369
• Achieve Obuasi ramp up target; move to steady state operations; increased by $40m (32%) mainly due to
progress Phase 3 Discontinued operations pre-feasibility studies in North America
• Continue reinvestments across the portfolio – continue to grow Christine Ramon Profit (loss) from discontinued operations – 7 (376) ($20m), as well as brownfield exploration
Ore Reserve, net of depletion Chief Financial Officer Profit (loss) for the year 646 971 (7) ($8m) and greenfield exploration ($4m)
• Embed Operating Model redesign 29 March 2022 undertaken across the portfolio.
Allocated as follows:
Equity shareholders 4 Other expenses increased by $79m

- Continuing operations 622 946 364 (139%) to $136m and mainly include care
- Discontinued operations – 7 (376) and maintenance activities at Obuasi
following the voluntary suspension of
Non-controlling interests
underground mining operations in May
- Continuing operations 24 18 5 2021 ($45m), the premium paid on the
early bond settlement ($24m), other
646 971 (7)
indirect taxes ($18m), retrenchment costs
incurred following the rollout of the new
5 Finance costs and unwinding of obligations decreased by $61m (34%) mainly Operating Model ($18m), government
as a result of decreases in the discount on long term receivables at Geita ($34m) fiscal claims ($7m), cost of old tailings
and interest on bank loans ($19m). In addition, amortisation fees on borrowing operations ($9m) and legal fees and
facilities in prior years of $17m did not recur. project costs ($10m).
6 The taxation expense of $312m in 2021 decreased by 50% ($313m) compared to 2020. The decrease in taxation was mainly due to
lower current tax in Ghana, Australia, Argentina and Tanzania (due to lower revenue) and deferred tax assets impaired in 2020 relating
to the discontinued South African operations not recurring in 2021.
96 97
FINANCIAL REVIEW continued
Summarised group financial results – statement of financial position Summarised group financial results – statement of cash flows 1 Movements in working capital:
US dollar million 2021 2020 2019 1 Tangible, right of use and intangible US dollar million 2021 2020 2019
US dollar million 2021 2020 2019
Assets assets increased by $600m from Cash flows from operating activities Decrease (increase)
1 Tangible, right of use and intangible assets 3,757 3,157 2,873 2020 mainly due to project capital in inventories 58 (83) (67)
1 Cash generated from operations 1,353 1,828 1,102
expenditure of $311m and sustaining Increase in trade,
2 Investments 1,764 1,839 1,667 Dividends received from joint ventures 231 148 77
capital expenditure of $717m incurred other receivables
Inventories 730 802 725 in 2021. Additions to leased assets Net taxation paid (316) (431) (221) and other assets (49) (163) (138)
3 Cash and cash equivalents 1,154 1,330 456 was $102m in 2021 (mainly sustaining Net cash inflow from operating activities from continuing Increase in trade,
operations 1,268 1,545 958 other payables and
Assets held for sale - - 601 capital). In addition, $14m of finance cost
Net cash inflow from discontinued operations – 109 89 provisions 44 8 40
was capitalised as part of the Obuasi
Other assets 562 544 541 Net cash inflow from operating activities 1,268 1,654 1,047 53 (238) (165)
redevelopment project. The increase
Total assets 7,967 7,672 6,863 was partly offset due to a decrease in
Cash flows from investing activities Inventory decreased as a result of ore
foreign currency translations of $48m. stockpile depletions across the operations
Equity and liabilities 2 Capital expenditure (1,027) (701) (703)
Amortisation charges amounted to as well as a reduction in consumable
Total equity 4,061 3,740 2,676 Net proceeds (payments) from acquisition and disposal of
$483m in 2021. inventory and goods-in-transit following
subsidiaries, associates and joint ventures 2 28 (5)
4 Borrowings and lease liabilities 2,094 2,084 2,204 a build-up to compensate for COVID-19
Net proceeds from disposal and acquisition of
Provisions 806 814 797 restrictions in 2020.
2 Investments which include investments investments, associate loans, and acquisition and disposal
Deferred taxation 313 246 241 in associates, joint ventures and other of tangible assets 5 215 17 The increase in trade, other receivables
Liabilities held for sale - - 272 investments, decreased by $75m from Interest received 58 27 14 and other assets is mainly due to the
$1,839m in 2020 to $1,764m in 2021 Increase (decrease) in cash restricted for use 14 (9) – delay in recovery of reimbursable indirect
Other liabilities 693 788 673 taxes and duties in Tanzania, Ghana and
largely due to a decrease in the fair value
Other 8 (8) (6)
Total equity and liabilities 7,967 7,672 6,863 adjustment to PureGold Mining ($91m), Argentina.
partly offset by an increase in the fair Net cash outflow from financing activities
from continuing operations (940) (448) (683) Trade, other payables and provisions
value adjustment to Corvus ($21m). increased mainly due to an increase in
4 Borrowings and lease liabilities increased by $10m and together with the cash Net cash outflows from discontinued operations – (31) (54)
balance, IFRS16 and other adjustments resulted in adjusted net debt of $765m at Cash in subsidiaries sold and transferred to held for sale – 3 (6)
capital accruals at Guinea resulting from
31 December 2021, up from $597m at 31 December 2020. the mobilisation of contractors to access
3 Cash and cash equivalents decreased by Net cash outflows from investing activities (940) (476) (743)
ore in Block 2 of the lease property.
$176m from 2020. Cash outflows relate
During 2021, the Company concluded a 7-year $750m bond offering, priced at a Cash flows from financing activities
mainly to net taxation paid ($316m),
record low coupon of 3.375% per annum, with the net proceeds directed at early Net (repayments) proceeds from borrowings
capital expenditure ($1,027m), dividends
redemption of the $750m, 5.125% per annum notes due 2022. and lease liabilities (61) (131) 3 2 Capital expenditure increased by $326m
paid ($240m), finance costs ($120m)
Finance costs and lease finance costs paid (120) (118) (137) during 2021 due to the continuing focus
The balance sheet remains robust, with strong liquidity comprising the $1.4bn and net repayment of borrowings and
on the reinvestment programme.
multi-currency Revolving Credit Facility (RCF) of which $1.367bn was undrawn, the lease liabilities ($61m). Cash inflows Dividends paid (240) (47) (43)
$150m Geita RCF of which $40m is undrawn, the $65m Siguiri RCF of which $30m relate to cash generated from operations Other (35) (33) – This included growth capital expenditure
was undrawn, the South African R150m ($10m) RMB corporate overnight facility ($1,353m), dividends from joint ventures Net cash outflow from financing activities (456) (329) (177) of $311m relating to Obuasi, Siguiri,
which is undrawn, and cash and cash equivalents of approximately $1.15bn at ($231m) and interest received ($58m). Geita, Tropicana, Sunrise Dam,
31 December 2021. 3 Net (decrease) increase in cash and cash equivalents (128) 849 127 Quebradona and Gramalote in 2021,
Translation (48) 25 – compared to $260m invested in growth
projects in 2020 (mainly Obuasi,
Cash and cash equivalents at beginning of year 1,330 456 329
Tropicana and Quebradona). Sustaining
Cash and cash equivalents at end of year 1,154 1,330 456 capital expenditure was 61% higher in
2021 at $717m, compared with $445m in
Free cash flow reconciliation (1): 2020, including $137m for the Brazil TSF
3
conversion to meet the requirements of
US dollar million 2021 2020 2019 new legislation in Brazil.
Net cash inflow from operating activities 1,268 1,654 1,047
Net cash outflow from investing activities (940) (476) (743)
Finance costs (110) (138) (143)
Other borrowing costs (35) (33) –
Repayment of lease liabilities (63) (47) (42)
Movement in restricted cash (14) 9 –
Acquisitions, disposals and other – 3 2
Proceeds from sale of assets (2) (226) –
Cash in subsidiaries disposed and transferred to
held for sale – (3) 6
Free cash flow 104 743 127
(1)
Includes continuing and discontinued operations for the comparative periods
98 99
ECONOMIC VALUE-ADDED STATEMENT
How we create and share value
Economic value generated (1) Economic value distributed (1) (7)
US dollar million % 2021 % 2020 US dollar million 2021 2020 Contributing to the SDGs
Gold sales and by-product income (2) 92 4,029 94 4,836 Providers of capital 364 221
Interest received 1 58 1 30 Finance costs and unwinding of obligations 140 183

Royalties received – 2 – – Dividends 224 38
Profit from sale of assets 1 22 – 2
Income from investments 6 249 5 261 Employees (2) 515 508
Other income – – – 5
Government 656 1,055
Total economic value generated 100 4,360 100 5,134
Current tax (3) 248 562
(1)
This economic value-added statement includes the South African operations until the date of sale
(2)
Gold sales decreased by 10% due to lower gold production in 2021 compared to 2020. Royalties (4) 149 175
Employee taxes (4) 167 209
Production, property and other taxes (4) 92 109
Community (5) 15 22
Economic value distributed 2021
1%
11%
Suppliers and services (6) 1,836 1,664
15% Total economic value distributed 3,386 3,470
%
(1)
Economic distribution providing human, financial, social, natural and manufactured capital, guided by business objectives and key issues identified through the operating
process to ensure sustainable long-term value retention for stakeholders, underpinned by our key behavioural programme operational excellence, implemented at every
54% step of the business from exploration through the entire chain to divestment/disposal
(2)
Payments to employees include salaries, wages and other benefits
(3)
Current taxation includes normal taxation and withholding taxation on dividends paid per jurisdiction in which the Group operates
(4)
Employee, production, property and other taxes and royalties are reported on a cash basis and exclude equity-accounted joint ventures
19% (5)
Community and social investments exclude expenditure by equity-accounted joint ventures
(6)
Suppliers and services excludes capital expenditure
(7)
This economic value-added statement includes the South African operations until the date of sale
Suppliers and services Government Employees
Providers of capital Communities

Current taxation by region
(US dollar million) 2021 2020 (1)
Africa 147 300
Americas 108 186
78% 22%
Value distributed Value retained Total value distributed Australia (3) 71
$3.39bn
Other (4) 5
Total 248 562

(1)
Includes the South African operations until the date of sale
(2020: $3.47bn)
(2020: 68%) (2020:32%)
100 101
VALUE BY STAKEHOLDER
INVESTORS AND SHAREHOLDERS EMPLOYEES

Access to financial capital enables us to sustain and grow our business. Shareholders are the principal providers of Our employees, their skills, knowledge and experience, are critical to the conduct of our business activities. A skilled,
capital. In delivering long-term value, we earn their support and ensure sustained access to capital. engaged, safe and healthy workforce is essential to delivering on our strategy and the creation of value.
We create, preserve and grow Value created, preserved and grown – 2021 Contributing to the SDGs: We create, preserve and grow Value created, preserved and grown – 2021 Contributing to the SDGs:
value by: value by:
• Delivering on our strategic For investors and shareholders: For AngloGold Ashanti: • Providing employment and For employees: For AngloGold Ashanti:
objectives, plans and growth • Dividend of 20 US cents per • Improved tenor of debt profile job opportunities • On average, 30,561 people • Stable, motivated and
projects, which helps improve share for the year declared – by issuing a new seven-year • Paying fair, market-related employed (including empowered workforce,
our returns, and also our total dividend of $85m $750m bond, at a coupon salaries and benefits, contractors), with $515m working together to deliver on
share price and market • Share price declined by 7.3%, of 3.375% p.a. and using including healthcare
(1)
paid in paid in employee the strategic goals
capitalisation relative to the benchmark the proceeds to redeem a benefits, excluding skills • Attraction and retention of
• Providing skills development
• Maintaining prudent financial Market Vectors Gold Miners 5.125% p.a. bond of the same development, to give an those skills necessary to the
and training
management and tight Exchange Traded Fund, which principal, due in 2022 average annual payment per safe, efficient delivery on
• Having in place incentive employee of $16,622 (2020:
cost control contributes to fell by 11% • Maintained investment grade our strategy and enhanced
schemes to reward 36,952, $508m and $13,450
sustained profitability • The relative and absolute ratings with Moody’s Investor productivity
performance excellence respectively)
• Maintaining disciplined and TSRs are based on a three- Services and Fitch; S&P • Introduction of a new
continues to rate AngloGold • Promoting diversity and • $7.11m spent on skills
efficient capital allocation to year trailing average using the Operating Model and related
Ashanti at BB+, which is one inclusion development (2020: $10.76m)
ensure the desired returns on average share price achieved organisational restructuring
equity, capital and assets in 2018 as the base ($9.38 a notch below investment grade • Facilitating access to • Promoted and facilitated led to a reduction of 215
share) and comparing it to the • Included in ESG indices medical aid and healthcare COVID-19 vaccination functional support roles.
• Returning surplus funds to
average share price achieved – S&P Global Corporate programmes (malaria and campaigns where practical The impact of this reduction
shareholders in the form
in 2021. The share price Sustainability Assessment, mental health, among others) was mitigated by the use of
of dividends and, in certain • 12.3% (2) of workforce is
circumstances, share has increased by 124.25% Responsible Mining Index, • Implementing a new female (2020: 12.6%) voluntary severance packages
buybacks over this period, including FTSE4Good and Bloomberg Operating Model which to affected employees
(1)
Payments to employees include
dividends paid of $0.72/share Gender-Equality Index contributed to a loss of salaries, wages and other benefits
• Ensuring best possible credit
from January 2019 until the • Achieved an improved rating employment (2)
Employees on payroll
rating profile in order to
end of December 2021 in the MSCI ESG index, to BB,
ensure the lowest possible
cost of debt • Absolute TSR growth from B previously
SUPPLIERS
substantially exceeded the
• Enhancing our ESG Suppliers provide inputs – raw materials, products and services – essential to the conduct of our business and its
stretch target set, while the
performance activities. We aim to ensure suppliers are aligned with business ethics and values, internal policies and standards,
relative TSR performance is
compared to a comparator and codes of behaviour. A significant constructive engagement with suppliers facilitates cost management and control.
peer group. The median TSR
of the comparator peer group We create, preserve and grow Value created, preserved and grown – 2021 Contributing to the SDGs:
was 70.50% at 31 December value by:
2021 • Delivering on our strategic For suppliers: For AngloGold Ashanti:
objectives and growth • $2.61bn spent on the total • A well-established, reliable,
projects, we provide a reliable, procurement of goods and cost-efficient supplier data
steady market for suppliers services (2020: $2.58bn) base aided delivery on our
• Contributing to and • Local preferential strategy and in particular our
stimulating local economic procurement, including, in- aim to optimise overhead,
activity through our country capital expenditure, costs and capital expenditure
procurement expenditure, of $2.4bn * or 93% of total • Strong relationships with
especially that portion spent procurement (2020: $2.1bn suppliers help ensure
locally and 82% respectively) business continuity during
• Ensuring our procurement disruptions to global supply
practices are aligned to best chains, such as those
practice and do not enable the currently being experienced
exploitation of people along This amount includes capital
* • Published inaugural Modern
the value chain expenditure in-country Slavery Statement
Iduapriem, Ghana
102 103
VALUE BY STAKEHOLDER continued
GOVERNMENTS COMMUNITIES
Open, honest and respectful engagement with governments is important – such engagement relates to our licence to Open, honest and respectful stakeholder engagement with communities supports our social licence to operate, promoting
operate, our right to mine and explore, all necessary permits and regulatory compliance, and infrastructural and socio- mutual understanding of their and our needs and expectations. Engagement with and action undertaken in relation to communities
economic partnerships. are underpinned by our values, particularly that communities should be better off for AngloGold Ashanti’s having been there.
We create, preserve and grow Value created, preserved and grown – 2021 Contributing to the SDGs: We create, preserve and grow Value created, preserved and grown – 2021 Contributing to the SDGs:
value by: value by:
• Partnering with governments For governments: For AngloGold Ashanti: • Delivering on our obligations For communities: For AngloGold Ashanti:
in our operations, yielding • $489m paid in corporate • Strong, constructive as an ethical, responsible • $18.1m (1) invested in • Strong, constructive
benefits from earnings taxes, other taxes and government relations: corporate citizen community socio-economic community relations support
generated royalties in total (2020: • Providing employment and development projects (2020: our social licence to operate
• facilitate partnerships,
• Contributing to the national $846m) procurement opportunities $20.6m (2)) • Mutually beneficial relations
ethical conduct and good
fiscus with the payment of Collaboration on infrastructure • Focusing our community • Major focus of such projects enable us to better understand
• $167m paid as personal governance
corporate taxes and royalties projects contributes to: investment on development of is at host communities in and and manage stakeholder
income tax on behalf of • help maintain permits and
due to government as well as local socio-economic projects around our Africa operations needs and expectations
employees (2020: $209m) ensure regulatory licences
payment of personal income that are economically viable guides socio-economic
to operate • Employment and procurement
and sustainable in the long project delivery Our socio-economic
tax on behalf of employees opportunities
• assist in managing risk of term that support resilient, • Reduced incidence of community projects contribute
• Delivering on our obligations • Local procurement spend of
regulatory uncertainty self-sustaining communities operational disruptions as a indirectly to:
as an ethical, responsible $2.4bn (2020: $2.1bn)
and improved standard of result of community protests
corporate citizen • We prioritise the employment
living – covers agriculture,
• Collaborating to develop and education and infrastructure, of people from our local
provide local infrastructure among others communities and host
(water reticulation, countries at our operations
• Conducting community
educational facilities, among healthcare initiatives such as
others)
(1)
Excludes joint ventures
the malaria programme in (2)
Excludes joint ventures and
Africa and COVID-19 initiatives
includes South African operations to
across our business
date of sale
Iduapriem, Ghana
104 105
AngloGold Ashanti Limited <IR> 2021
VALUE BY STAKEHOLDER continued
ENVIRONMENT
Mining is environmentally disruptive. Our business depends on access to economically viable gold deposits (land).
Many of our activities impact land, air, water, biodiversity and host communities with whom we share these natural
resources. Our environmental management programme aims to mitigate damage caused by land disturbance, to
protect biodiversity and to ensure the responsible consumption of natural resources and management of waste.
We create, preserve and grow Value created, preserved and grown – 2021 Contributing to the SDGs:
value by:
Delivering on our environmental For the environment: For AngloGold Ashanti:

obligations as a responsible • 5 reportable environmental • Improved environmental and
corporate citizen – we aim to incidents (2020: 8) – action ESG performance supported
minimise our environmental taken to address and responsible investment in our
impacts and help restore mitigate effects equity and our valuation in the
natural capital and preserve long term
• 3,643ha of land rehabilitated
environmental value
by end 2021 – total • Reduced environmental
Complying with relevant rehabilitation liabilities of impact and GHG footprint,
regulations and committing $688m (2020: 5,243ha; in line with ICMM mining
to various standards $674m respectively) principles and our UNGC
(ISO standards, Cyanide • 639,709ha under commitments
Management Code, ICMM management of which 806ha
Principals) was newly disturbed and
177ha rehabilitated at the
Having in place systems, plans end of 2021
and procedures to mitigate
instances where we have
eroded environmental value
Geita, Tanzania
106
REWARDING DELIVERY
REMUNERATION
report
Section 1: Remuneration and Human
Resources Committee:
Chairperson’s letter p108
Section 2: Overview of the
remuneration policy p112
Section 3: Remuneration
implementation report–
January to December 2021
p126
107
SECTION 1: REMUNERATION AND

HUMAN RESOURCES COMMITTEE
Notwithstanding the positive results of our non-binding advisory The table below furthermore details the results of shareholder
Ensuring fair, votes for our remuneration policy and implementation reports
for 2020, we continued our engagement with a number of
voting at the 2020 and 2019 AGMs.
responsible
shareholders who provided constructive feedback in respect of Votes For Against Withheld
both our policy and its implementation. Remuneration policy
and transparent
4 May 2021 95.30 4.7 0.22
Actions from shareholder engagement 10 June 2020 88.04 11.96 0.35
We maintained our dialogue with shareholders in respect of
9 May 2019 98.31 1.69 0.40
remuneration
remuneration practices, listening to concerns and suggestions
Remuneration implementation report
for alignment with evolving best practice. As a result of the
engagements during 2021, we took the following actions: 4 May 2021 86.34 13.66 0.22
• Extended the Minimum Shareholding Requirement (MSR) for all 10 June 2020 87.52 12.48 0.35
Maria Richter / Chairperson: Remuneration and Human Resources Committee executives to apply one-year post termination 9 May 2019 58.51 41.49 0.40
• Introduced an MSR for NEDs in order to strengthen alignment
between the interests of NEDs and those of AngloGold Ashanti Operational context and performance
CHAIRPERSON’S
shareholders and to reflect best practice in the gold mining sector The gold sector continued to grapple with the direct and second-
order impact of the COVID-19 pandemic, increased stakeholder
• Reviewed the appropriateness of the DSP
expectations, a paucity of skilled personnel in some jurisdictions,
In addition, we considered further best practice initiatives and increasing pressure to address the effects of climate change,
made the following changes: accelerating inflation across more categories of inputs, and
challenges in replacing the depleted Ore Reserve. Delivering on
LETTER • Reviewed, updated and approved various policies in important
matters, such as: Diversity and Inclusion Policy; Policy and market commitments safely and consistently, while navigating
Procedure for Dealing with Poor Conduct; Grievance Policy; those challenges, remains the key objective of the business.
The committee decided that no annual salary increases would Acting Allowance Policy; AngloGold Ashanti Standards of
Dear Shareholders, The year was marked by significant operational difficulties – see
be awarded to executives (with one exception) or to senior Conduct; and Anti-Discrimination and Sexual Harassment Policy
I am pleased to present the AngloGold Ashanti remuneration CEO’s review and outlook and Regional performance – notably
management for 2022, given the organisational restructuring • Updated the malus and clawback clauses in the due to the suspension of underground mining at Obuasi in May,
report for the year ended 31 December 2021. In it, I provide an
undertaken at the end of 2021 and the need to closely Remuneration Policy following the tragic underground death of a contractor after a
overview of our remuneration and human resource practices
manage costs. In light of this decision, the non-executive directors sill-pillar failure. The significant effect of this halt to production,
and their alignment with the Company’s strategic objectives. These policies are available on our corporate website,
(NEDs) will not be receiving a fee increase for 2022 to align which lasted from May through to the end of December 2021,
The Remuneration and Human Resources Committee www.anglogoldashanti.com.
themselves with the executives and senior management teams. was compounded by further production losses spread across
(the committee) aims to ensure that the remuneration policy
and its implementation play a key role directing the efforts and The remuneration policy and implementation report for reporting the remainder of our sites. These production shortfalls, the
The Company continued to work with employees and other
behaviours of employees and leaders to in turn ensure the safe period 2020 were tabled for two separate, non-binding advisory consequent impact on operating costs and accelerating inflation
stakeholders to lend assistance in dealing with the ongoing
and sustainable creation of value for stakeholders over the votes at the Annual General Meeting (AGM) held on 4 May across many categories of inputs, were the principal factors
impact of the pandemic, including aiding vaccine access and
long term. other medical and social support where needed. We believe 2021, in line with the JSE Listings Requirements and King IV leading to the revision of the cost and production outlook during
approximately 85% of the workforce was fully vaccinated recommendations. the year, snapping a seven-year streak of meeting guidance.
The principle of fair and responsible pay continues to guide
(excluding boosters) by the end of 2021. Vaccine mandates are
our decision making, with particular emphasis on recognising
now in place at our corporate offices in Johannesburg, Denver
the contribution of all AngloGold Ashanti employees. We had and Perth. As the second year of the pandemic draws to a
previously committed to review the Company’s remuneration close, no employee has seen their remuneration affected by the
policy and did so with input and advice from our remuneration pandemic, and no government COVID-19 grants were requested
advisor to ensure that it reflects our pay philosophy and the or received to support the business.
current realities of our business and industry. I believe our
remuneration policy achieved its intended objectives during an Another key initiative was a culture and values survey which
especially challenging period, however, the committee exercised covered the global business. The response was strong, with
its judgement to adjust certain Deferred Share Plan (DSP) almost 11,000 employees responding. The survey’s findings will
performance achievement results downwards. allow us to evolve the business, our culture and values in line
with views expressed by our employees.
Several important considerations informed decisions taken by
the committee this year, including financial and non-financial Disclosure and transparency
performance in both relative and absolute terms; competition The committee has fulfilled the requirements of its terms of
in the market for scarce skills; the views and expectations of reference. While we have focused on ensuring that our reporting is
stakeholders; our broad suite of environmental, social and clear and transparent, we continue to look for further improvement
governance (ESG) objectives; and the impact of COVID-19. in this regard.
Iduapriem, Ghana
108 109
SECTION 1: REMUNERATION AND HUMAN RESOURCES COMMITTEE:

CHAIRPERSON’S LETTER
continued
There were positives; our exploration geologists replaced our The committee, supported by the human resources team, Areas of achievement for 2021 and focus for 2022 are: Thanks
depleted Ore Reserve for the second consecutive year – see maintained its focus on gender equality, employment equity and Lastly, our thanks to PwC, who provided invaluable advice as our
2021 2022
Mineral Resource and Ore Reserve – summary in this report and skills retention through this process. See People, safety health and remuneration adviser over several years. With PwC now being
Enhancement of remuneration Focus on results and action
the <R&R> – a vitally important achievement in a sector struggling sustainability. appointed as our new external auditor, we have commenced
policy by tightening recruitment plan of our organisational
to replenish mineral inventories. More ounces were upgraded a tender process to identify new independent remuneration
eligibility criteria for awards culture and values survey
to the Proved and Probable Ore Reserve, a clear sign that our Leadership changes advisers ahead of the AGM in May 2022.
granted in lieu of forfeiture outcomes particularly in
reinvestment strategy – aimed at increasing orebody confidence,
Alberto Calderon, formerly CEO of Melbourne-based Orica, was relation to gender and diversity I would like to thank Maria Ramos for her steadfast leadership
mine lives and operating flexibility – is gaining traction. The
appointed CEO on 1 September 2021, after an extensive global Enhancement of the malus and Continued focus on equality of and expert direction in her first year as Chairperson of the board.
business generated free cash flow of $104m for the year. Despite
the free cash flow generated for 2021, which was modest in search. Immediately after joining, Alberto initiated a full review of clawback provisions gender remuneration The support and guidance she has provided to the committee and
the current gold price environment, the committee applied a AngloGold Ashanti’s Operating Model. Increased MSR for members of Continued engagement with myself personally has been invaluable. I would also like to thank
downward adjustment from stretch to target on the 2021 DSP the Executive Committee and shareholders my colleagues on the committee for their tireless commitment to
The leadership team saw several changes during the year as the
nCroe annual performance achievement to further recognise the introduction of MSR for NEDs ensuring fairness, equity and transparency in our remuneration
executive team received an infusion of external experience.
operational challenges experienced in the current year. Enhanced performance Continued focus on succession practices. With the executive changes, the committee met more
With the appointment of the new CEO, Christine Ramon, who had management review process planning, talent management frequently, and I am thankful for their engagement and support
Our absolute greenhouse gas emissions fell markedly – down 69% led the Company as Interim CEO for the year to the end of August over this time of transition in the Company.
and development
since 2007, the baseline year used when we first set our emissions
2021, returned to her role as CFO. In February, it was announced Focus on health and well-being Continued focus on employee
intensity targets – as we saw the cumulative benefit of asset My gratitude also goes to our management team for resilience
that Christine had opted to take early retirement in order to spend of our employees particularly in health and well-being
closures, sales and efficiency gains, including not having the large in a year marked by a host of challenges. I extend my sincerest
more time with her family. She leaves a significant legacy after light of the COVID-19 pandemic
Scope 2 GHG emissions from our South Africa portfolio, the last thanks especially to Italia Boninelli, as executive sponsor to the
her more than seven years with the Company and her work in Review and refresh of Ensuring training on all key
of which was sold in 2020. The board approved the Company’s committee, for lending her decades of experience to our efforts.
protecting a tradition of disciplined capital allocation, is evidenced Company policies to ensure human resource policies at
Climate Change Strategy in November 2021, creating a clear
by our strong balance sheet. She will begin early retirement in that they remain current and all levels of the organisation Our work in the year ahead will remain focused on ensuring
pathway to manage the risks and opportunities a changing climate
June 2022 with her last day of employment being 31 December relevant including the board that our overall human resource strategy, practices and policies
brings, and we published an inaugural Climate Change Report,
aligned with the recommendations of the Task Force on Climate- 2022. We extend our deep gratitude to Christine and wish her well Continued focus on succession Further review of the DSP are closely aligned with the needs of the business and the
related Financial Disclosures – see <CCR>. in her future endeavours. planning and development scheme, to ensure global best requirements of our shareholders.
Ian Kramer, who was deputised as Interim CFO, returned to practice and continued close
While our all injury frequency rate of 2.14 per million hours worked alignment with shareholders’
was well below the average of our peers in the International his role as Senior Vice President: Group Finance; and Vaughan
interests
Council on Mining and Metals, the achievement was marred Chamberlain, Senior Vice President: Exploration, was appointed
Interim Chief Development Officer on 1 October 2021, a position Continued implementation of Sincerely,
by two workplace deaths – the first at Serra Grande in Brazil,
he will hold until 1 April 2022. Terry Briggs, formerly Vice President diversity framework
in February 2021, and the second at Obuasi in Ghana, in May
2021 – see We honour and remember in the <SR>. Our heartfelt Planning at Newmont Corporation, has been appointed Chief Enhancing our relationships Maria Richter
condolences go to the family and loved ones of those who passed Development Officer, effective from 1 April 2022. with our shareholders Chairperson: Remuneration and Human Resources Committee
away, along with the assurance that lessons learned have been
Our thanks go to Christine, Ian and Vaughan for stepping into
applied to those and other sites in the portfolio to avoid a repeat.
these important roles during the year and stewarding the
The committee applied a downward adjustment on the 2021
Company through its transition.
DSP safety annual performance achievement as a result of these
fatalities. In addition, a revised safety strategy is being rolled out Graham Ehm, a 33-year veteran of the Company, retired as
across the business to take us closer to our goal of zero harm in Executive Vice President: Planning and Technical Development,
the workplace. and Sicelo Ntuli, COO: Africa, separated from the Company due to
the reconfigured Operating Model, effective 31 December 2021,
The overall DSP annual performance achievement result was
70.73% post the downward adjustments of 7.5% for nCROE after 22 years with AngloGold Ashanti. We give both our sincere
and 4% for safety. This is compared to the 2020 DSP annual thanks for their enormous contributions over their careers with
performance achievement of 116.57%. AngloGold Ashanti and best wishes for their future endeavours.
Graham was replaced on 15 October 2021 by Marcelo Godoy,

Operating model
formerly Senior Vice President of Exploration at Newmont
To improve the quality and consistency of AngloGold Ashanti’s
Corporation. Ludwig Eybers, COO: International since 2019, has
operating performance, the executive team designed and began
resumed his role as COO for the entire portfolio.
implementing a new Operating Model, and organisational
structure. This change to the business, spearheaded by new Lisa Ali, formerly the executive in charge of Human Resources and
CEO Alberto Calderon and supported by the board and executive Sustainability at Newcrest, has been appointed as Chief People
management team, brings cost efficiencies and greater clarity to Officer, effective from 1 April 2022. Lisa replaces Italia Boninelli, an
the organisation with respect to how and what work is done and experienced former executive of AngloGold Ashanti, who has ably
single point of accountability. This, therefore, required a reduction and successfully filled the role since 1 April 2021.
in roles – mainly at the mid- and senior- management levels
Iduapriem, Ghana
– across the portfolio and will ultimately improve operational The single total figure reporting on pages 128 to 129 provides the
outcomes. For more on the Operating Model, see the CEO’s review remuneration details aligned to the shareholder approved standard
and outlook and human capital in the Business model. conditions of employment.
110 111
SECTION 2: OVERVIEW OF THE REMUNERATION POLICY
The AngloGold Ashanti strategic values and objectives are Remuneration design
key when defining our remuneration policy. When setting
When determining appropriate remuneration, the committee
the remuneration policy, the committee ensures that the key
considers:
principles that define the CEO remuneration are the same
as those that apply to the Executive Committee and all other
employees. In the same way, the performance measures Fair and responsible pay
used to determine the variable pay outcomes for the CEO
and all other employees are linked to our strategic objectives
and focused on delivering on both internal and external
stakeholder priorities.
AngloGold Ashanti and the board are committed to good Paying the right level of remuneration to both attract, recruit
governance and consistently engage with their stakeholders to and retain our employees
ensure that this level of governance is upheld and translated into
a framework that primarily aims to attract, motivate and retain
a skilled workforce through fair, responsible, transparent and
competitive remuneration.
Our pay practices and policies in making pay decisions for
Each year we focus on improving our remuneration approach
executive directors and executive management
and 2021 was no different with a full review of our remuneration
and human resource policies to ensure that the practices and
principles continue to support the strategic values and objectives.
In 2021 we focused on the following policy issues which will be
detailed in the section below:
Setting minimum performance thresholds and potential
• Further commitment to our key principles of remuneration
which remain unchanged maximum remuneration that executive managers could earn
in relation to their and the Company’s performance
• An update to the malus and clawback provisions
• A review of the DSP and the metrics driving the incentive
calculations
• An ongoing focus on fair and responsible remuneration and the
steps taken to ensure that we continue to address this External influences, primarily being:
• Further review of our objectives in terms of the MSR
Key principles of our remuneration policy

To support AngloGold Ashanti’s remuneration approach, the
Geita, Tanzania
remuneration policy is based on the following key principles: Shareholders’ view
• Alignment with strategic objectives and shareholder interests associated with executive Economic
• Remunerate to motivate and reward the right behaviour and management team trends
performance of employees and executives remuneration
• Ensure that performance metrics are challenging, substantial
and cover all aspects of the business including both financial Fair and responsible pay We aim to apply a fair approach to remuneration by:
and non-financial drivers and do not reward excessive risk Fair and responsible pay are ethical values that AngloGold • Taking an impartial view on pay
taking Ashanti strives to uphold. AngloGold Ashanti aims to ensure • Doing away with pay differentials that cannot be explained
• Ensure that the remuneration of executive management is fair, that the business meets short-term objectives while creating or justified
responsible and transparent in the context of overall employee shared and sustainable value over the long term, within • Ensuring that pay parity is achieved across groups and
remuneration in the organisation the economic, social and environmental context in which it eliminating discrimination
• Promote an ethical culture and responsible corporate citizenship Benchmarks in markets operates. The remuneration framework, aligned to King IV and
• Identifying and addressing unfair practices
• Ensure that the remuneration structure is aligned to AngloGold Competitive with similar attributes, global best practice principles, emphasises the importance of
Ashanti’s values and that the correct governance frameworks pressure including complexity, size fair, responsible and transparent pay. We remunerate responsibly by:
are applied across remuneration decisions and practices and geographic spread
The policy, which necessarily evolves along with a dynamic • Enforcing the approved, appropriate delegation of authority
• Apply the appropriate global remuneration benchmarks on all aspects of remuneration
market and operating landscape, currently reflects the
• Provide competitive rewards to attract, motivate and retain • Having independent remuneration consultants providing
principles of fair and responsible pay as follows:
highly skilled executives and staff vital to the success of the advice and oversight
organisation
• Using external market benchmarks
• The use of performance measures which support positive Remuneration practices are designed to be fair,
• Ensuring that correct behaviours are rewarded and
outcomes across the economic, social and environmental responsible, transparent and compliant
context in which AngloGold Ashanti operates inappropriate behaviour is discouraged
with applicable legislation.
112 113

continued
Wage differential Development Goals, and the United Nations Global Compact,
Fair pay Responsible pay On an annual basis, PwC calculates the wage differential which is which is essential to the growth and success of the Company.
the annual total compensation of the CEO against the median of The board of directors comprises 36% women. A third of the
Variable pay
the annual total compensation of AngloGold Ashanti’s employees. executive management team are women.
• Variable pay is directly correlated to the achievement of • Variable pay metrics are linked to the creation of value over a mix
For 2021 the calculation was done using the acting CEO, Christine
measures linked to the Company scorecard of short-, mid- and long-term periods Gender pay-gap differentials at middle management levels and
Ramon’s total annualised compensation as she was in the role for
• Equity is considered and implemented which ensures that • The metrics of our DSP incentive scheme are reviewed annually the majority of the year. The wage differential for the CEO’s total above reflect that men are paid 11.62% more than women. The
the long-term interests of shareholders are aligned with and approved by the committee ensuring that the performance reward was approximately 80 times the median of all employees changes in and transition to a new Operating Model have had a
those of executive directors and executive management targets remain relevant and appropriate in AngloGold Ashanti, compared to 177 times in 2020. Additionally, negative impact on the outcome of the calculation. This transition
• Metrics include both individual and Company performance • The approved metrics are reported in the annual report to provide a meaningful comparison in 2021, an annualised phase has entailed:
measures and financial and non-financial drivers • The metrics are designed to motivate and reward the right wage differential using the target earnings for the new CEO was • Changes in the levels of roles
behaviour and performance of employees and executive conducted, resulting in a wage differential of 162 times. • A reduction in the global staff complement
management team • The downgrading of certain roles
Gender and pay equality
• Ensure that performance metrics are challenging, sustainable • Updated pay scales
The board and management view diversity and inclusion, and
and cover all aspects of the business including both critical
particularly gender diversity, as essential to the growth and
financial and non-financial drivers Specific attention in embedding the final Operating Model is being
success of the Company. Underpinning gender diversity is
• Metrics include safety, environmental, social, governance and placed on addressing this disparity. The proportion of women
ensuring the organisation measures, achieves and maintains
people metrics (including gender and diversity) employees, particularly in senior roles, remains low, and is being
gender pay parity. Globally, achieving gender pay parity is an
• The DSP contains triggers for both malus and clawback steadily addressed by a greater focus on attracting, developing
important step towards gender equality and empowerment
of women. and retaining women in the technical disciplines. Furthermore,
• All Executive Committee members are subject to a minimum
metrics included in the incentive scheme are designed to improve
shareholding requirement and post-employment holding period
The Company’s aim remains to achieve a diverse and the gender ratio. We will continue to monitor pay differentials and
which will be effective 1 January 2022
inclusive workforce, aligned to the United Nations Sustainable to take action as appropriate.
Remuneration and pay differentials
• Only pay differentials that can be explained and justified • Ensure that the remuneration structure is aligned to the
are allowed organisation’s values and that the correct governance
• Strive to achieve pay parity across the groups and levels frameworks are applied across remuneration decisions 2021 remuneration policy and structure
within the organisation and practices The table below sets out the remuneration policy that applies to all employees for 2021 and was endorsed by shareholders at the 2020
• All executive management remuneration is subject to approval annual general meeting. The table details each component’s link to the Company strategy, objectives, performance measurements and
• All employees receive a minimum level of remuneration
by the committee the maximum opportunity associated with each component. The full remuneration policy can be found in the <NOM>.
that enables participation in the economy. To achieve this,
AngloGold Ashanti ensures that all employees are paid at • Benchmarking exercises are conducted on an annual basis
Remuneration element and
least 25% above the respective regional minimum wage, in each region to ensure that all employees are paid a market
link to strategy Operation and objective Maximum opportunity Performance measures
and in most instances much higher than this related salary for the role which they occupy, with due
• Strive to ensure that CEO and executive remuneration is consideration to levels of performance Base salary
fair and responsible in the context of overall employee • Decisions on remuneration are scrutinised to ensure that A competitive salary is • Base salaries are reviewed annually and Executive base salary Individual performance on
remuneration they are: provided to employees to increases are effective from 1 January increases and increases a scale of 1 to 5, measured
• The difference in pay between job levels is justified in the • impartial and non-discriminatory ensure that their experience, each year for all non-bargaining unit against specific key
context of the level of responsibility of the job, complexity • rational and objective contribution and appropriate • Employees’ base salaries are determined employees are closely performance indicators
of the job, and the consequence and impact. Relevant market comparisons are by considering performance; market aligned, where practical. (KPIs). A CPI increase
• aligned with local legislation
metrics are used to ensure that the income dispersion fairly reflected and applied comparison against companies with This is informed by inflation, pool is approved annually
between high- and low-income earners is not outside • Pay differentials are tracked using market norms and metrics to which can be matched by the committee. In
a similar geographic spread; market
market norms measure income dispersion directly or above/below high-inflation countries,
complexity, size and industry; and internal
• Appropriate global remuneration benchmarks are used; Mercer peer comparisons. AngloGold Ashanti consumer price index (CPI) individual increases may
is used for executive and senior management teams and locally positions guaranteed pay at the median of be differentiated according
available reputable surveys are used for middle-management the applicable markets and where there is a to each individual’s
and below shortage of specialist and/ or key technical performance rating. In low-
Key internal stakeholders skills, may pay higher than the median inflation countries, a flat CPI
• Other board committees, which include the Audit and Risk, is generally applied to all
• The CEO makes recommendations on the
Social, Ethics and Sustainability, Investment, and Nominations members of the executive
executive management team but does
committees, give input on remuneration matters including but management team and
not make recommendations on the CEO’s
not limited to pay parity, DSP metrics and scarce skills initiatives employees
own base salary. This is reviewed by the
• The Serious Concerns Committee, comprising members of committee and approved by the board
the Executive Committee supports remuneration governance
by reviewing ethical concerns which could have an impact on
remuneration
114 115

continued
Remuneration element and 2021 DSP performance metrics

link to strategy Operation and objective Maximum opportunity Performance measures
Future optionality –
Pension Financial measures – total weighting 62.5%
total weighting 12.5%
Provides a defined • Funds vary depending on jurisdiction Funds vary depending on Not applicable
Shareholder returns Return on equity Production Costs Future optionality
contribution retirement and legislation jurisdiction and legislation
benefit, in addition to Normalised cash
• Defined benefit funds are not available Absolute total Relative total Mineral Ore
The pension contributions return on equity All-in sustaining costs
base salary, aligned to the for new employees, in line with returns returns Resource Reserve
for executive directors and (nCROE)
schemes in the respective Company policy
country in which the executive management 10% 10% 15% 12.5% 15% 6.25% 6.25%
employee operates team are aligned to those of
employees across the Group Related strategic focus area:
Medical insurance
Provides medical aid Provided to all employees through Aligned to approved policy Not applicable
assistance, in addition to either a percentage of fee contribution, Ensure financial Improve Optimise overhead, c osts Maintain long-term
base salary, aligned to the reimbursement or Company provided flexibility portfolio quality and capital e xpenditure optionality
schemes in the respective healthcare providers
country in which the People, safety, health, environment and community – total weighting 25%
employee operates
Benefits
In addition to base Benefits are provided based on local market Aligned to approved policy Not applicable
salary, benefits are trends and can include items such as life People Safety Health Environment Community
provided to ensure broad assurance, disability and accidental death
competitiveness in the insurance, assistance with tax filing, cash 5.5% 8% 3% 6% 2.5%
respective markets in lieu of untaken leave (above legislated • Gender diversity Combination of: • Cumulative number of • Number of reportable • Business
minimum leave requirements), and • Key talent retention • All injury frequency rate critical control registers environmental incidents disruptions as a
occasional spousal travel • Major hazard control established for site- at operating mines result of community
• Succession bench
compliance specific, material health • GHG emissions – unrest
strength in talent for
risks (as captured develop a carbon budget
Variable pay Executive Committee
in AuRisk) at each for each operation based
The Deferred Share Plan (DSP) was implemented in 2018 as roles
operation on approved business
a single incentive scheme comprising of short- and long-term
• Compliance with plans
metrics. In 2021, the DSP was reviewed both internally and occupational exposure
benchmarked against external comparators to ensure that it monitoring programmes
continues to support the business strategy, remains compliant for noise and dust at
with corporate governance best practice and meets the goal each operation
of aligning the executive goals with those of the shareholders. Related strategic focus area:
Elements reviewed were:
• The current structure of the incentive scheme
• The effectiveness of both the short- and long-term measures
• The metrics of the scheme with special consideration being People, s afety, health and s ustainability
given to ESG measures
The committee concluded that the DSP continues to achieve its

strategic objectives and that the structure and the short- and long- Total 2021 DSP metrics by category (100%)
2021 DSP metrics – weighting by category
term design of metrics remain appropriate and continue to meet
both the executive and shareholder requirements. The metrics 25.0%
were, however, adjusted to better reflect the organisation’s strategic
requirements by changing the weightings in line with the focus
of business requirements while the broader objectives remained
Financial measures Future optionailty
%
unchanged. Further changes to the metrics and their weightings
have been recommended for 2022. As the business develops, the People, safety, health, environment and community
DSP metrics will be adjusted if necessary as we have done for 2022.
See <NOM>. 12.5% 62.5%
116 117

continued
Deferred Share Plan The graphs below illustrate the threshold, on-target and stretch for the DSP scheme and performance measure weightings
Endorsed by shareholders at the 2017 annual general meeting, and implemented with effect from 1 January 2018 (Company and individual) as a percentage of base salary:
Remuneration element and Maximum Threshold On-target Stretch

link to strategy Operation and objective opportunity Performance measures (50%) (100%) (150%)
CEO (VII) 50.0% 100.0% 150.0% CEO (VII) 100.0% 200.0% 300.0% CEO (VII) 150.0% 300.0% 450.0%
With effect from Permanent employees who do not participate in a Details of on- One set of performance
1 January 2018, the production bonus are eligible to participate in the DSP. target, threshold metrics is used to determine CFO (VIH) 42.5% 92.5% 135.0% CFO (VIH) 85.0% 185.0% 270.0% CFO (VIH) 127.5% 277.5% 405.0%
Company has used a and maximum the cash portion and deferred
single incentive for short- The DSP award is payable in cash and where applicable awards for portion. Future vesting of the
Executive Mng (VIL) 37.5% 87.0% 124.5% Executive Mng (VIL) 75.0% 174.0% 249.0% Executive Mng (VIL) 112.5% 261.0% 373.5%
term and long-term (depending on stratum level), the balance will be delivered all staff are deferred portion is subject to Senior Mng (IVH - V) 26.0% 39.0% 65.0% Senior Mng (IVH - V) 52.0% 78.0% 130.0% Senior Mng (IVH - V) 78.0% 117.0% 195.0%
performance. in one of two compensation components, either deferred shown in the continued employment.
cash or deferred shares, vesting equally over a period of tables on page Senior Mng (IVL) 24.0% 27.0% 51.0% Senior Mng (IVL) 48.0% 54.0% 102.0% Senior Mng (IVL) 72.0% 81.0% 153.0%
The DSP is designed to two to five years. 119. Note that Performance measures are
16.5% 16.5% 33.0% 33.0% 33.0% 66.0%
encourage employees below threshold weighted between Company Middle Mng (IIIH) Middle Mng (IIIH) Middle Mng (IIIH) 49.5% 49.5% 99.0%
to meet strategic The total incentive is determined based on a combination and individual KPIs.
performance Middle Mng (IIIL - IIIM) 12.5% 12.5% 25.0% Middle Mng (IIIL - IIIM) 25.0% 25.0% 50.0% 37.5% 37.5% 75.0%
short-, medium- and of Company and individual performance measures, which Middle Mng (IIIL - IIIM)
will result in no 0 50 100 150 200 250 300

long-term objectives are defined annually with weightings applied to each Company and individual 0 30 60 90 120 150 0 100 200 300 400 500
payment. Cash bonus award Deferred shares award Cash bonus award Deferred shares award Cash bonus award Deferred shares award
that will enable value measure. The metrics are defined against the objectives performance measures are Deferred cash award Deferred cash award Deferred cash award
delivery to shareholders, that most strongly drive Company performance and are assessed over the financial
by achieving defined weighted to financial outcomes, production, cost, Mineral year, with the exception of
Performance measure weightings
Company objectives. Resource and Ore Reserve, sustainability and people. Each certain Company measures
metric is weighted and has a threshold, target and stretch that are measured over a Employee stratum and level Deferral period (years) Company Individual
definition based on the Company budget and the desired trailing three-year basis, as CEO (VII) / CFO (VIH) /Executive management (VIL) 5 80 20
stretch targets for the year. indicated below. Senior management (IVH – V) 3 50 50
A single set of At the end of each financial year, the performance of Company metrics, each with Senior management (IVL) 2 50 50
performance objectives the Company, the CEO and CFO is assessed by the their own weighting, are: Middle management (III) 2 40 60
is used, reviewed and committee and the board against the defined metrics • Relative total shareholder
approved annually by to determine the quantum of the cash portion and the The deferred shares are awarded as conditional rights to shares with dividend equivalents. Vesting of the deferred portion occurs equally over
returns (TSR)*
the committee, based quantum of the deferred portion as per calculations either a two, three, or five- year period, depending on the level of the participant.
• Absolute total shareholder
on the impact on the below:
returns*
Company’s performance. • There is a material failure of risk management in the Company
Cash portion: • Normalised cash return Malus and clawback
Base pay x individual performance weighting x on-target on equity* The committee have reviewed the “malus” and “clawback” • The discovery that any information or the assessment of any
cash percentage x individual performance modifier (KPIs: • Production provisions in 2021 in line with external benchmarks and the performance condition(s) used to determine an award based on
1 – 5 rating) committee’s expectations in the event that any of the following a material error, or inaccurate or misleading information, or
• All-in sustaining costs
matters is discovered. Below are the revised provisions: • Any other matter which, in the reasonable opinion of the
+ • Ore Reserve additions pre-
committee, is required to be taken into account to comply with
depletion Malus
Base pay x Company performance weighting x on-target prevailing legal and/or regulatory requirements, which for the
• Mineral Resource additions The committee has discretion to reduce, including to zero, an
cash percentage x Company performance modifier. avoidance of doubt, includes the applicable laws published by a
pre-depletion award that has not yet accrued or vested to an individual where
regulator from time to time
Deferred cash/shares: (but not limited to):
• Safety, Health, Environment
Base pay x individual performance weighting x on-target and Community • A participant was, in the reasonable opinion of the committee, Clawback
deferred percentage x individual performance modifier • People deliberately misleading the Company or any subsidiary, the The committee will consider applying clawback at any time
(KPIs: 1 – 5 rating) market and/or the Company’s shareholders concerning the during the three years from the date of vesting of the variable
financial performance of the Company remuneration, being the cash incentive, deferred cash or deferred
+ share allocation (the clawback period), based on the following
• A participant caused harm to the Company’s reputation
limited trigger events:
Base pay x Company performance weighting x on-target • A participant’s actions amounted to misconduct, including but
deferred percentage x Company performance modifier. • There is a material failure of risk management in the Company
not limited to the participant acting fraudulently, dishonestly or
or in the relevant Business Unit, considering the participant’s
being in material breach of their obligations, as described in the
The deferred shares are awarded as conditional rights to involvement and responsibility for that incident
Company’s Disciplinary Code and Procedure Policy
shares with dividend equivalents. • The discovery of action or conduct of a participant which in the
• A participant’s actions amounted to negligence, incompetence
opinion of the committee amounts to gross misconduct that
Vesting of the deferred portion occurs equally over either or poor performance
occurred prior to award or vesting
a two-, three-, or five- year period, depending on the level of
• There is a material error in the Company’s financial statements,
the participant. • There is a material error in the Company’s financial statements,
which results in a restatement
which results in a restatement, which may have resulted in an
* These measures are on a trailing three-year backward-looking basis
• There is a material downturn in the financial performance of the over-allocation of cash incentive, deferred cash and deferred
Company at any time before the applicable vesting date share allocations
118 119

continued
• The discovery of events that occurred prior to vesting that

have had a significant detrimental impact on the reputation CEO CEO
of the Company or the relevant business unit or have led to (Rm) (% of total remuneration)
the censure of the Company or a group Company by a
regulatory authority
Below threshold 24 6 Below threshold 80 20
• Where there is an error in the calculation of any performance
condition which may have resulted in an overpayment
Threshold 24 6 12 24 Threshold 37 9 18 36
Performance management
Performance management at AngloGold Ashanti is a key
process where our management and employees work together Target 24 6 24 48 Target 23 6 24 47
to plan, monitor and review an employee’s objectives and overall

contribution to the organisation. More than just an annual
Maximum 24 6 36 72 Maximum 18 4 26 52
performance review, performance management is the continuous
process of setting objectives, assessing progress and providing 0 30 60 90 120 150 0 20 40 60 80 100
on-going support, coaching and feedback to ensure that
employees are meeting their objectives and career goals – aligned Base salary Benefits DSP cash DSP deferral Base salary Benefits DSP cash DSP deferral
to the strategic business goals.
A performance management framework has been designed to CFO CFO

address the following business requirements: (Rm) (% of total remuneration)
• Defining and measuring a high-performance culture linked to

business requirements Below threshold 10 3 Below threshold 77 23
• Aligning KPIs to business strategy – the cascading of goals

• Effective engagement and partnering by line managers, building
Threshold 10 3 4 9 Threshold 38 11 16 35
line manager capability
• Integrated people processes – aligning talent management,
career development, reward and recognition to performance Target 10 3 9 19 Target 25 8 21 46
outcomes
• Providing a consistent performance management methodology
Maximum 10 3 13 28 Maximum 19 6 23 52
and practices:
• Goal setting: creating line of sight between business goals and 0 10 20 30 40 50 60 0 20 40 60 80 100
individual goals
Base salary Benefits DSP cash DSP deferral Base salary Benefits DSP cash DSP deferral
• Performance conversations: consistent and continuous
conversations throughout the year
• The rating scale: consistent measure of performance across Executive Committee Executive Committee
the business (Rm) (% of total remuneration)
• Calibration: creates fairness to mitigate assessor’s bias

• Performance Management Outcome Distribution Curve: aligns Below threshold 8 2 Below threshold 80 20
business performance with people performance
Individual performance is as critical as Company performance Threshold 8 2 3 7 Threshold 40 10 16 34
on both fixed and variable remuneration decisions. Where an

employee’s performance is below expectations they will not
receive an incentive bonus. Target 8 2 6 14 Target 26 6 20 48
Remuneration scenarios at different performance levels

Maximum 8 2 9 21 Maximum 20 5 23 52
The graphs alongside, typically depict the pay mix of the executive
management team in line with the 2021 remuneration policy
0 5 10 15 20 25 30 35 40 0 20 40 60 80 100
including DSP outcomes at threshold, target and maximum
performance. Below threshold performance will result in no Base salary Benefits DSP cash DSP deferral Base salary Benefits DSP cash DSP deferral
payout. The long-term incentive (DSP deferred shares) vests
annually in five equal tranches.
The pay mix graphs for the CEO and CFO depict actual base
salaries and benefits. Those for the Executive Committee are
based on averages.
120 121

continued
Recruitment policy • A time period is applied to a buy-out with a minimum clawback Reasons for termination continued
When recruiting a member of the executive management team, a All Executive Committee members recruited in 2021 were Dismissal/
comparative benchmarking exercise is undertaken to determine remunerated in line with the recruitment policy. Voluntary termination Normal and early retirement, Mutual
the size, nature and complexity of the role, and skills availability in resignation for cause retrenchment and death separation
the market prior to making a competitive offer.
Termination policy DSP cash Forfeit, no bonus No bonus Discretion to pro-rate for period worked Discretion to pro-rate for period
The following principles are applied when recruiting external hires: bonus worked
Members of the executive management team, and all permanent
• Remuneration for external appointments will take into employees, have open-ended contracts (except where prescribed Deferred Unvested awards lapse Unvested The vesting date will be accelerated The vesting date will be accelerated
account any remuneration which is forfeited from the previous retirement ages apply) with termination periods defined in their cash awards awards lapse to the date of separation and the to the date of separation and the
employment upon joining, and may replace these in an contracts. In addition, incentive scheme rules clearly specify participant shall be entitled to receive participant shall be entitled to receive
appropriate form, taking into account timing and performance termination provisions by termination category. a pro-rated deferred cash value taking a pro-rated deferred cash value taking
conditions as appropriate subject to proof of forfeiture into account the period that the into account the period that the
In the event of a termination, the Company has the discretion to participant has been in employment participant has been in employment
• The committee will not offer any sign-on bonuses that do
not conform to the conditions set out above, for example the allow the employee to either work out their notice or to pay the during the vesting period during the vesting period
“golden hello” guaranteed pay for the stipulated notice period in lieu of notice. Deferred Unvested awards lapse Unvested Retrenchment and retirement Senior managers – upon separation,
• In the case of share awards forfeited they will have equivalent Guaranteed pay includes base salary and other benefits, as share awards lapse (early, normal and late): the vesting date will be accelerated
performance conditions unless the committee determines otherwise detailed in the table below, but excludes variable pay. awards to the date of separation and the
Senior managers – upon separation,
the vesting date will be accelerated participant shall be entitled to receive
• The committee will also take into account both market practice All Executive Committee members terminated in 2021 were paid in
to the date of separation and the pro-rated shares taking into account
and any relevant commercial factors in considering the terms of line with the termination policy.
participant shall be entitled to receive the period that the participant has
the buy-out award
pro-rated shares taking into account the been in employment during the
period that the participant has been in vesting period. Vested shares may be
Reasons for termination employment during the vesting period. exercised within six months following
Dismissal/ Vested shares may be exercised within separation date
Voluntary termination Normal and early retirement, Mutual six months following separation date Executives – upon separation of
resignation for cause retrenchment and death separation employment, vested shares may be
Executives – upon separation of
Base salary Base pay will be paid over Base pay will Base pay is paid for a defined period Base pay will be paid over the notice employment, vested shares may be exercised within six months following
the notice period or as a be paid until based on cause and local policy period or as a lump sum exercised within six months following separation date. The participant will
lump sum employment as employees have different separation date. The participant will continue to hold unvested shares post
continue to hold unvested shares post separation of employment to vest at
ceases employment entities
separation of employment to vest at the the original vesting date. Upon vesting
Pension Pension contributions Pension Pension contributions will be paid until Pension contributions for the of these shares, participant has up to
original vesting date. Upon vesting of
for the notice period will contributions employment ceases notice period will be paid; any six months to exercise vested shares
these shares, participant has up to six
be paid; any lump sum will be paid until lump sum would not include
months to exercise vested shares
does not include pension employment pension contributions unless
contributions unless ceases contractually agreed Death:
contractually agreed All participants – upon death of an
Medical Where applicable, medical Medical Medical provision/payment will be Where applicable, medical employee, the vesting date will be
accelerated, and the participant’s estate
provisions provision for the notice provision/ provided until employment ceases provision for the notice period
shall be entitled to receive the full vested
period will be paid; any payment will be will be paid; any lump sum would
and unvested deferred shares within
lump sum does not include provided until not include contributions unless
12 months from date of death
contributions unless employment contractually agreed
contractually agreed ceases
Benefits Applicable benefits may Benefits will Benefits will fall away when Applicable benefits may continue
continue to be provided fall away when employment ceases to be provided during the notice
during the notice period employment period but will not be paid on a lump
but will not be paid on a ceases sum basis
lump sum basis
122 123

continued
Revised minimum shareholding requirements Key focus areas with which PwC assisted in 2021 include:
The committee is of the opinion that share ownership by executive management team members demonstrates their commitment to • Consultation on the appointment of the new CEO
AngloGold Ashanti’s success and serves to reinforce the alignment between executive and shareholder interests. With effect from March • Advise on the appropriateness of the DSP structure and metrics
2013, a MSR was introduced for the executive management team and the MSR was further increased with effect from 2020.
• Consultation on executive management matters
In 2021, the committee further enhanced the MSR to include a 12-month post termination MSR, to be implemented commencing
• Wage differential calculations and associated benchmarking
1 January 2022. All executive management team members are required to have a minimum shareholding in the Company as per the
table below: • Market trends, updates and best practice guidelines
• Committee training, where required
Within three years of Within six years of
appointment/ from appointment/ from It is the committee’s opinion that PwC has acted in an independent
introduction of revised MSR introduction of revised MSR Holding Post termination holding period manner, in that they have primarily provided directional and
Role (1 January 2020) (1 January 2020) requirement effective 1 January 2022
strategic advice.
CEO 150% of net annual 300% of net annual The post-termination MSR will be the
base salary base salary requirement based on the MSR policy Given the change in AngloGold Ashanti’s Independent Auditors
at the time of termination. Should the from Ernst & Young (EY) to PwC, the committee has embarked on
executive depart (or no longer serve as a formal tender process to appoint a new independent advisor.
125% of net annual 250% of net annual Throughout director or prescribed officer) before
CFO
base salary base salary employment as a they have achieved the MSR, all shares The committee also made use of the services and output of
director or prescribed
allocated effective 1 January 2022 Mercer, who provided global survey data and analysis. Mercer’s
officer
from the Company’s share incentive will charges amounted to R438,971.
Executive 100% of net annual 200% of net be held for one year post-termination
management base salary base salary period. The holding will be up to their Non-executive directors remuneration policy
team required MSR
AngloGold Ashanti’s non-executive directors (NEDs) continue to be
paid according to their roles. Retainer fees for board and standing
The following count towards an individual MSR: Executive management employment contracts provide that, in
committees are paid quarterly in arrears and are not subject to
• Shares purchased on the market, either directly or indirectly the event of their employment being terminated as a result of a
attendance at meetings.
change in control, the following is applicable:
• Vested shares from AngloGold Ashanti’s share incentive
schemes I. All salary, benefits and bonuses in lieu of their notice pay The policy is applied using the following principles:
II. An amount equivalent to I above, and inclusive of the value of • Fees are reviewed annually and increases are effective as at the
Service contracts any pension contributions that would have been made by the date of the AGM. They are set using a global comparator group
All members of the executive management team have permanent Company in the notice period following the termination date which is derived from companies with similar size, complexity
employment contracts which entitle them to standard group (less such tax and national insurance contributions as the
and geographic spread
benefits as defined by their specific region and participation in the Company is obliged to deduct from the sum)
Company’s DSP. • For the first time since 2014, the NEDs received an inflationary
III. The vesting date will be accelerated to the date of the event
fee adjustment of 2% in 2021 based on market data provided by
and the participant shall be entitled to receive pro-rated shares
South African executive management team members are paid a PwC in accordance with the selected peer group
taking into account the period that the participant has been in
portion of their remuneration offshore which is detailed under a
employment during the vesting period • NEDs receive a travel allowance per night when they are away
separate contract. This reflects global roles and responsibilities
from their home country for board meetings or on Company
and considers offshore business requirements. All such earnings
are subject to tax in South Africa.
Remuneration advisors approved business
The committee, which is comprised solely of independent non-
• NEDs are not eligible to receive any short- or long-term incentives
Change in control executive directors, engages independent advisors in relation to
Executive management team contracts are reviewed annually and remuneration related matters. The current advisor is PwC whose • For 2022 the NEDs will not receive a fee increase to align
currently continue to include a change in control provision. The appointment, terms of reference and fees payable are determined themselves with the executive and senior management teams
change in control provision is subject to the following triggers: solely by the committee. PwC is invited to attend all meetings
(Details of the NED fees are presented on pages 143 of this report
of the committee and has regular access to the committee’s
• The acquisition of all or part of AngloGold Ashanti, or and 28 of the <NOM>)
Chairperson and members.
• A number of shareholders holding less than 35% of the
Company’s issued share capital consorting to gain a majority of PwC informs and assists the committee’s deliberations by drawing Non-executive directors’ Minimum
the board and make management decisions, and on their global reach and perspective on compensation matters Shareholding Requirement
• Executive management team member contracts are either and trends. They brief the remuneration committee on regulatory
During February 2022, the board approved an MSR for NEDs.
terminated or their role and employment conditions are curtailed developments in all major international markets. They comment
In terms of the policy, NEDs are required to acquire and hold
on technical matters, and generally opine on the committee’s work.
an MSR in AngloGold Ashanti shares, equivalent to 150% of
In the event of a change in control becoming effective, The performance of PwC as the independent advisor is evaluated
Iduapriem, Ghana
the executive management team member will in certain from time to time. Their fees are set to reflect time commitment, their annual base fee within four years of the effective date
circumstances be subject to both the notice period and the value added and market norms. For the year ended 31 December of the policy for existing NEDs and from the effective date of
change in control contract terms. 2021, fees payable to PwC amounted to GBP449,100. appointment for new NEDs.
124 125
SECTION 3: REMUNERATION IMPLEMENTATION REPORT

JANUARY TO DECEMBER 2021
This section of the Remuneration Report explains the implementation of the remuneration policy by providing details of the were CPI based. Actual increases are typically performance Mr Graham Ehm, Executive Vice President: Planning and Technical,
remuneration paid to members of the executive management team and non-executive directors for the financial year ended differentiated while retaining the overall CPI increase pool. retired effective 31 December 2021. He was replaced by Mr Marcelo
31 December 2021. Godoy, Chief Technology Officer effective 15 October 2021. Their
Increases awarded to our various bargaining units were remuneration is reflected on pages 128 and 129.
determined through a collective bargaining process.
Executive management team pay Annual salary review 2021
Mr Vaughan Chamberlain assumed the role of Acting Chief
Mercer conducts a biennial bespoke survey of executive In January 2021, annual increases resulted in each member Development Officer from 1 October 2021. An allowance aligned
Executive movements
management team remuneration. For 2021, the committee of the executive management team receiving an increase in with the Company’s acting allowance policy formed part of
A new CEO, Mr Alberto Calderon, was appointed on 1 September
reviewed the comparator group against AngloGold Ashanti to line with the CPI in their respective jurisdictions. This is in line Mr Chamberlain’s remuneration to recognise the additional
2021. His remuneration and sign-on details are reflected in the
ensure that changes in the market had not led to variances that with increases for all AngloGold Ashanti employees. Most of responsibilities associated with the prescribed officer role for the
single figure reporting on pages 128 and 129.
made the current matches inappropriate. The committee approved the executive management voluntarily elected to donate their period 1 October 2021 to 31 December 2021. This is reflected on
the inclusion of Sibanye-Stillwater into the comparator group increase to the special COVID-19 relief fund in South Africa. Ms Christine Ramon, Interim CEO, and Mr Ian Kramer, Interim CFO, pages 128 and 129.
commencing in 2022. See <NOM>. The respective CPI increases applicable to the executive continued in their interim appointments, which had begun on
management team were as follows: Due to the reconfigured Operating Model, Sicelo Ntuli separated
1 September 2020, until the appointment of the new CEO on
The companies included in the comparator group are ranked in from the Company after a distinguished career spanning 22 years.
1 September 2021, when Ms Christine Ramon and Mr Ian Kramer
terms of a number of criteria selected in areas which were aligned Inflationary salary His separation payments were calculated in line with the relevant
resumed their respective roles as CFO and Senior Vice President:
with AngloGold Ashanti. The table below summarises the 2021 policy and can be seen in the single figure tables on pages 128
Region increase Group Finance.
and 129.
comparator group: Australia 1.5%
The Interim CEO’s and Interim CFO‘s remuneration details for 2021
South Africa 4.1% Ms Lisa Ali, Chief People Officer, and Mr Terry Briggs, Chief
are reflected as follows on pages 128 and 129:
2021 Comparator benchmark group Development Officer, will both be joining AngloGold Ashanti
United States 2.0% • Ms Ramon: Interim CEO from 1 January 2021 to 31 August 2021
Agnico Eagle Mines Canada effective 1 April 2022. No payments were made to them for the
and CFO from 1 September 2021 to 31 December 2021 2021 reporting period.
Anglo American Platinum Limited South Africa It is to be noted that a special salary increase adjustment was
implemented effective 1 January 2021 for Ms Lizelle Marwick who • Mr Kramer: Interim CFO (in his capacity as a prescribed officer)
Antofagasta United Kingdom from 1 January 2021 to 31 August 2021 The single total figure reporting on pages 128 and 129 provides
has received an overall increase of 20% to align her closer to both
Barrick Gold Corporation Canada the remuneration details of executive directors and prescribed
the market and her internal peers. An allowance aligned to the Company’s acting allowance policy officers who held office in the current year in line with the
B2Gold Corporation Canada
formed part of Ms Ramon and Mr Kramer’s remuneration to shareholder-approved standard conditions of employment. It is
Gold Fields Limited South Africa Details are available in the single total figure reporting table on
recognise the additional responsibilities associated with these to be noted that KPM Dushnisky who was no longer a director
pages 128 to 129.
Kinross Gold Corporation Canada roles for the period 1 January 2021 to 31 August 2021. or prescribed officer for the relevant period in 2021 was paid the
Newcrest Mining Limited Australia For management and below employees that are not in the balance of his 12-month notice period of $2.8m, which included
Ms Tirelo Sibisi, Executive Vice President: Group Human his DSP FY2020 cash bonus in February 2021. These payments
Newmont/Goldcorp United States bargaining unit, the committee reviews a local market increase
Resources, resigned effective 1 April 2021; her last day of are in accordance with our termination policy on page 122 and
application, this is primarily based on CPI. However, concession
South32 Australia employment was 30 September 2021. Ms Italia Boninelli was were previously disclosed in our 2020 report.
is granted where there are region specific scarce skills or hyper- appointed as Interim Group Human Resources Executive
Yamana Gold Incorporated Canada
inflation considerations. For 2021 the majority of increases Consultant and a prescribed officer for the period 1 April 2021 to The single figure remuneration comprises an overview of all the
31 December 2021. She will remain on contract until 31 March pay elements available to the executive management team for the
2022. Their remuneration is reflected on pages 128 and 129. year ended 31 December 2021.
Serra Grande, Brazil

126 127

JANUARY TO DECEMBER 2021 continued
Executive directors’ and prescribed officers’ remuneration The following are definitions of terminology used in the adoption of the reporting requirements under King IV:
The tables below illustrate the single total figure of remuneration and the total cash equivalent received reconciliation of Executive Reflected Settled
Directors and Prescribed Officers as prescribed by King IV. It comprises an overview of all the pay elements available to the executive In respect of the DSP awards, remuneration is reflected This refers to remuneration that has been included in prior
management team for the year ended 31 December 2021. when performance conditions have been met during the reporting periods and has now become payable but may not
reporting period. yet have been paid to the executive in the current period.
Single total figure of remuneration

Awards earned during the period reflected
Base Salary but not yet settled
USD/AUD
ZAR denominated denominated Pension Scheme Once off Cash in lieu Other DSP Sign-on Single total figure
portion (1) portion (1) benefits relocation costs of dividends benefits (2) awards (3) awards granted Other payments of remuneration
ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 USD '000 (15)
Executive directors
A Calderon (4) 2021 – 7,821 2,066 – – 156 20,481 10,289 – 40,813 2,761
2020 – – – – – – – – – – –
KC Ramon (5) 2021 6,104 4,324 864 – 67 525 7,652 – 22,974 42,510 2,875
2020 5,864 4,594 834 – 385 924 22,507 – 16,513 51,621 3,138
Total executive directors 2021 6,104 12,145 2,930 – 67 681 28,133 10,289 22,974 83,323 5,636
2020 5,864 4,594 834 – 385 924 22,507 – 16,513 51,621 3,138
Prescribed officers
SD Bailey 2021 4,648 3,062 – – 30 1,246 15,752 – – 24,738 1,673
2020 4,465 3,305 – – 75 1,259 24,103 – – 33,207 2,019
I Boninelli (6) 2021 4,725 – – – – 131 4,091 – – 8,947 605
2020 – – – – – – – – – – –
VA Chamberlain (7) 2021 1,047 252 137 – – 29 7,228 – 264 8,957 606
2020 – – – – – – – – – – –
PD Chenard (8) 2021 440 335 – – – 1,489 – – – 2,264 153
2020 5,282 4,255 – – – 2,468 8,554 – – 20,559 1,250
GJ Ehm (9) 2021 – 10,392 291 – 54 1,548 6,359 – – 18,644 1,261
2020 – 10,462 284 – 409 710 32,108 – – 43,973 2,673
L Eybers 2021 – 10,760 291 – 52 1,578 21,189 – – 33,870 2,291
2020 – 10,832 284 – 377 798 31,896 – – 44,187 2,686
MC Godoy (10) 2021 – 1,882 141 – – 358 4,782 35,072 – 42,235 2,857
2020 – – – – – – – – – – –
I Kramer (11) 2021 2,408 – 301 – 15 48 5,459 – 602 8,833 598
2020 1,156 – 144 – – 24 6,085 – 289 7,698 468
L Marwick (12) 2021 4,706 1,828 629 – 13 271 13,735 – – 21,182 1,433
2020 1,896 939 256 – – 136 16,615 – 571 20,413 1,241
S Ntuli (13) 2021 5,415 3,567 756 – 36 2,239 5,358 – 17,599 34,970 2,365
2020 5,202 3,851 728 – 95 1,387 26,942 – – 38,205 2,322
TR Sibisi (14) 2021 1,144 758 242 – 47 14 – – 4,406 6,611 447
2020 4,484 3,518 1,000 – 258 58 20,802 – – 30,120 1,831
Total prescribed officers 2021 24,533 32,836 2,788 – 247 8,951 83,953 35,072 22,871 211,251 14,289
2020 22,485 37,162 2,696 – 1,214 6,840 167,105 – 860 238,362 14,490
(1)
Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR on payment date. (8)
PD Chenard retired as EVP: Strategy and Corporate Development and prescribed officer with effect from 31 January 2021. All payments including salary and other
(2)
Other benefits include health care, group personal accident cover, group life cover, funeral cover, accommodation allowance, pension allowance, airfare and surplus benefits were pro-rated and aligned to retirement date.
leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over. (9)
GJ Ehm retired as EVP: Group Planning and Technical and prescribed officer with effect from 31 December 2021. All payments including salary, pension, DSP awards
(3)
The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the share (cash bonus only) and other benefits are aligned to retirement date.
awards are allocated in February 2022. Shares vest over a three to five year period in equal tranches. (10)
MC Godoy was appointed as Chief Technology Officer and prescribed officer effective 15 October 2021. All payments including salary, DSP awards, pension, and other
(4)
A Calderon was appointed as executive director and CEO with effect from 1 September 2021. All payments including salary, DSP awards, pension, and other benefits benefits were pro-rated and aligned to the appointment period.
were pro-rated and aligned to the appointment period. (11)
I Kramer was appointed as Interim CFO and prescribed officer from 1 September 2020 to 31 August 2021. All payments including salary, pension and other benefits
(5)
KC Ramon was appointed as Interim CEO from 1 September 2020 to 31 August 2021. Included in the DSP awards is the DSP cash bonus and share award for 2021 were pro-rated aligned to the acting period for 2021. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP awards were not
calculated on the CFO role for four months. Other payments reflect the acting allowance paid and the DSP cash bonus and share award for the acting period of eight pro-rated but were calculated based on his SVP salary including an eight-month acting allowance). Other payments reflect the acting allowance for the acting period
months calculated on the CEO percentage bonus opportunity. from 1 January to 31 August 2021.
(6)
I Boninelli was appointed as Executive Group Human Resources Consultant and prescribed officer effective 1 April 2021. All payments including salary, DSP awards
(12)
L Marwick’s 2021 earnings are for a full financial year as compared to 2020 earnings which were prorated as she was promoted and appointed as a prescribed officer
(cash bonus only) and other benefits were pro-rated and aligned to the appointment period. effective 1 July 2020.
(7)
VA Chamberlain was appointed as Interim Chief Development Officer and prescribed officer effective 1 October 2021. All payments including salary, pension and other
(13)
S Ntuli separated from the Company due to the reconfigured Operating Model effective 31 December 2021. All payments including salary, pension, DSP awards (cash
benefits were pro-rated and aligned to the appointment period. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP bonus only) and other benefits are aligned to separation date. Other payments include separation payments.
awards were not pro-rated but were calculated based on his Senior Vice President (SVP) salary including a three-month acting allowance). Other payments reflect the (14)
TR Sibisi resigned as EVP: Group Human Resources and prescribed officer effective 1 April 2021. All payments including salary, pension and other benefits were
acting allowance for the acting period from 1 October to 31 December 2021. pro-rated and aligned to 1 April 2021. Included in other payments is payment in lieu of unworked notice period from 1 April 2021 to 30 September 2021.
(15)
Convenience conversion to USD at the year-to-date average exchange rate of $1: R14.7842 (2020: $1: R16.4506).
128 129

– JANUARY TO DECEMBER 2021 continued
Total cash equivalent received reconciliation

Awards earned during the period DSP 2020 cash
reflected but not yet settled portion settled DSP share awards settled Sign-on cash settled Sign-on shares settled
Market
Single total Sign-on movement Currency Market
figure of DSP awards Grant fair since grant Vesting fair Grant fair movement since Settlement fair movement since Vesting fair Total cash equivalent received
remuneration awards (1) granted value (2) date (2) value (2) value (2) grant date (2) value (2) Grant fair value (2) grant date (2) value (2) reconciliation
ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 US$ '000 (3)
Executive directors
A Calderon 2021 40,813 (20,481) (10,289) – – – – 10,289 – 10,289 – – – 20,332 1,375
2020 – – – – – – – – – – – – – – –
KC Ramon 2021 42,510 (28,907) – 11,479 7,751 1,596 9,347 – – – – – – 34,429 2,329
2020 51,621 (38,137) – 9,214 22,804 24,878 47,682 – – – – – – 70,380 4,278
Total executive directors 2021 83,323 (49,388) (10,289) 11,479 7,751 1,596 9,347 10,289 – 10,289 – – – 54,761 3,704
2020 51,621 (38,137) – 9,214 22,804 24,878 47,682 – – – – – – 70,380 4,278
Prescribed officers
SD Bailey 2021 24,738 (15,752) – 6,793 3,892 504 4,396 – – – – – – 20,175 1,365
2020 33,207 (24,103) – 5,473 4,960 5,278 10,237 – – – – – – 24,814 1,508
I Boninelli 2021 8,947 (4,091) – – – – – – – – – – – 4,856 328
2020 – – – – – – – – – – – – – – –
VA Chamberlain 2021 8,957 (7,228) – – 2,099 425 2,524 – – – – – – 4,253 288
2020 – – – – – – – – – – – – – – –
PD Chenard 2021 2,264 – – 7,977 2,624 (151) 2,473 – – – 6,513 3,644 10,157 22,871 1,547
2020 20,559 (8,554) – 5,557 – – – 3,165 – 3,165 6,513 9,012 15,525 36,252 2,204
GJ Ehm 2021 18,644 (6,359) – 9,465 6,912 1,468 8,380 – – – – – – 30,130 2,038
2020 43,973 (32,108) – 8,612 20,969 21,781 42,750 – – – – – – 63,227 3,843
L Eybers 2021 33,870 (21,189) – 9,402 6,683 1,376 8,059 – – – – – – 30,142 2,039
2020 44,187 (31,896) – 8,518 19,688 21,295 40,983 – – – – – – 61,792 3,756
MC Godoy 2021 42,235 (4,782) (35,072) – – – – 4,583 – 4,583 – – – 6,964 471
2020 – – – – – – – – – – – – – –
I Kramer 2021 8,833 (5,459) – 2,434 1,772 340 2,112 – – – – – – 7,920 536
2020 7,698 (6,085) – – – – – – – – – – – 1,613 98
L Marwick 2021 21,182 (13,735) – 4,760 1,543 262 1,805 – – – – – – 14,012 948
2020 20,413 (16,615) – – – – – – – – – – – 3,798 231
S Ntuli 2021 34,970 (5,358) – 7,593 6,278 1,637 7,915 – – – – – – 45,120 3,052
2020 38,205 (26,942) – 6,367 6,289 6,710 12,999 – – – – – – 30,629 1,862
TR Sibisi 2021 6,611 – – 5,849 5,399 1,132 6,531 – – – – – – 18,991 1,285
2020 30,120 (20,802) – 5,943 15,258 16,122 31,380 – – – – – – 46,641 2,835
Total prescribed officers 2021 211,251 (83,953) (35,072) 54,273 37,202 6,993 44,195 4,583 – 4,583 6,513 3,644 10,157 205,434 13,897
2020 238,362 (167,105) – 40,470 67,164 71,186 138,349 3,165 – 3,165 6,513 9,012 15,525 268,766 16,337
(1)
he fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the
T
share awards are allocated in February 2022. Shares vest over a three to five year period in equal tranches.
(2)
eflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested
R
DSP 2019, DSP 2020 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award.
(3)
Convenience conversion to USD at the year-to-date average exchange rate of $1: R14.7842 (2020: $1: R16.4506).
Details of the share incentive scheme awards are reflected in the tables that follow.
130 131

Number of unvested awards and movement during the reporting period Number of unvested awards and movement during the reporting period
Fair value Vested, Fair value Fair value Fair value of
Vested, Fair value Fair value of unvested Balance at deemed Forfeited / Balance at of granted of vested unvested awards
Balance at deemed Forfeited/ Balance at of granted of vested awards at DSP awards 1 January Granted settled lapsed 31 December awards (1) awards (2) at 31 December (3)
Sign-on share awards 1 January Granted settled lapsed 31 December awards (1) awards (2) 31 December (3)
ZAR ‘000 ZAR ‘000 ZAR ‘000
ZAR ‘000 ZAR ‘000 ZAR ‘000
Executive directors
Prescribed officers
A Calderon 2021 – – – – – – – –
PD Chenard 2021 32,476 – 32,476 – – – 10,157 –
2020 – – – – – – – –
2020 64,951 – 32,475 – 32,476 – 15,525 11,124
KC Ramon 2021 134,421 79,541 30,475 – 183,487 24,576 9,347 60,312
MC Godoy 2021 – 107,353 – – 107, 353 30,489 – 35,287 2020 89,782 62,595 17,956 – 134,421 20,404 6,069 46,042
2020 – – – – – – – – Total executive 2021 134,421 79,541 30,475 – 183,487 24,576 9,347 60,312
Total prescribed directors 2020 89,782 62,595 17,956 – 134,421 20,404 6,069 46,042
officers 2021 32,476 107,353 32,476 – 107,353 30,489 10,157 35,287 Prescribed officers
2020 64,951 – 32,475 – 32,476 – 15,525 11,124
SD Bailey 2021 52,433 51,929 14,325 – 90,037 16,045 4,396 29,595
Other management (4) 2021 87,939 5,449 87,939 896 4,553 1,415 27,277 1,497 2020 19,196 39,635 6,398 – 52,433 12,920 2,163 17,959
2020 175,878 – 87,939 – 87,939 – 28,473 30,121 I Boninelli 2021 – – – – – – – –
Total sign–on 2020 – – – – – – – –
share awards 2021 120,415 112,802 120,415 896 111,906 31,904 37,434 36,784 VA Chamberlain (4) 2021 19,889 15,498 8,228 – 27,159 4,788 2,524 8 927
2020 240,829 – 120,414 – 120,415 – 43,998 41,245 2020 – – –
(1)
The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date. PD Chenard 2021 40,251 – 8,050 – 32,201 – 2,473 10,584
The share awards were granted on start date and will vest over a two to three year period in equal tranches in accordance with the JSE Listings Requirements. 2020 – 40,251 – – 40,251 13,121 – 13,787
(2)
The fair value of vested awards represents the value received on settlement date.
GJ Ehm 2021 120,204 73,218 27,321 – 166,101 22,622 8,380 54,597
(3)
The fair value of unvested awards is calculated using the closing share price as at 31 December.
2020 82,037 54,574 16,407 – 120,204 17,789 5,546 41,172
(4)
The awards for other management include awards for Mr KPM Dushnisky who stepped down as executive director in 2020.
L Eybers 2021 115,886 72,734 26,272 – 162,348 22,473 8,058 53,364
2020 77,380 53,982 15,476 – 115,886 17,597 5,231 39,693
MC Godoy 2021 – – – – – – – –
2020 – – – – – – – –
I Kramer 2021 12,892 11,816 6,884 – 17,824 3,651 2,112 5,859
2020 7,759 9,012 3,879 – 12,892 2,938 1,311 4,416
L Marwick 2021 11,482 36,223 5,884 – 41,821 11,192 1,805 13,747
2020 6,170 8,397 3,085 – 11,482 2,737 1,043 3,933
S Ntuli 2021 62,114 58,047 25,226 – 94,935 17,935 7,915 31,205
2020 24,006 46,110 8,002 – 62,114 15,030 2,705 21,275
TR Sibisi (5)
2021 93,775 – 21,291 72,484 – – 6,531 –
2020 63,424 43,035 12,684 – 93,775 14,028 4,287 32,120
Total prescribed 2021 528,926 319,465 143,481 72,484 632,426 98,706 44,194 207,878
officers 2020 279,972 294,996 65,931 – 509,037 96,160 22,286 174,355
Other management (6)
2021 1,442,976 786,342 691,212 250,330 1,287,776 242,956 212,629 423,292
2020 1,229,606 818,941 430,107 155,575 1,462,865 266,950 145,376 501,059
Total DSP awards 2021 2,106,323 1,185 348 865,168 322,814 2,103,689 366,238 266,170 691,482
2020 1,599,360 1,176,532 513,994 155,575 2,106,323 383,514 173,731 721,456
(1)
he fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date,
T
24 February 2021.
(2)
The fair value of vested awards represents the value deemed received on settlement date.
(3)
The fair value of unvested awards is calculated using the closing share price as at 31 December.
(4)
Opening balances were included as part of Other Management.
(5)
Share awards lapsed due to resignation.
(6)
The awards for other management include awards for Ms ME Sanz, who resigned in 2020, and Mr KPM Dushnisky, who stepped down as executive director in 2020.
132 133

Minimum shareholding requirements 2021 DSP performance outcomes

For the purposes of the MSR calculation, only fully owned and vested awards will count towards the determination of the MSR. The committee approved the 2021 DSP metrics Company performance achievement with the following downward adjustments:
• nCROE: 7.5% reduction from stretch to target on the basis of the Company’s performance
MSR holding as at
• AIFR: 4% reduction as a result of the two fatalities that took place at Obuasi in Ghana and Serra Grande in Brazil
31 December 2021
• This resulted in a total reduction of 11.5%. Therefore the 2021 DSP Company performance achievement will be 70.73% (from the original
Six-year target as a percentage of Three-year MSR target Six-year MSR target
82.23%)
Executive achievement date net base pay achievement percentage achievement percentage
The table below, which is a 14% reduction on the unadjusted figure, summarises AngloGold Ashanti’s remuneration metrics, their
Executive directors
weightings, and performance against these metrics applicable to the DSP during 2021:
A Calderon (1) September 2027 7% 150% 300%
KC Ramon March 2021 899% 125% 250% Threshold 2021
Prescribed officers DSP performance measure Weighting measures Target measures Stretch measures achievement %
SD Bailey January 2025 199% 100% 200% Financial Relative total shareholder return 10.00% Median TSR of Halfway between Upper quartile of 15.00%
I Boninelli (2)
April 2027 0% 100% 200% measures (measured in US$) comparators median and upper TSR comparators
quartile
VA Chamberlain (3) October 2027 57% 100% 200%
Absolute total shareholder return
GJ Ehm (4)
March 2019 243% 100% 200% (measured in US$) 10.00% US$ COE US$ COE + 2% US$ COE + 6% 15.00%
L Eybers March 2023 370% 100% 200% Normalised cash return on equity (nCROE) 15.00% US$ COE (6%) US$ COE + 9% (15%) US$ COE + 18% (24%) 15.00%
MC Godoy (5) October 2027 0% 100% 200% Production 12.50% 2,700oz (000) 2,800oz (000) 2,900oz (000) 0.00%
L Marwick July 2026 108% 100% 200% All-in-sustaining costs 15.00% US$1,230/oz US$1,205/oz US$1,180/oz 0.00%
S Ntuli (6)
January 2025 181% 100% 200% Future Ore Reserve additions (pre-depletion,
optionality asset sales, mergers and acquisitions) 6.25% Plus 1.4Moz Plus 2.9Moz Plus 4.3Moz 5.91%
(1)
Appointed executive director with effect from 1 September 2021 and the three-year MSR achievement is due in September 2024.
Mineral Resource (pre-depletion, asset
(2)
Appointed prescribed officer with effect from 1 April 2021 and the three-year MSR achievement is due in April 2024. sales, mergers and acquisitions) 6.25% Plus 3.8Moz Plus 7.5Moz Plus 11.3Moz 0.00%
(3)
Appointed prescribed officer with effect from 1 October 2021 and the three-year MSR achievement is due in October 2024.
Safety, All injury frequency rate (AIFR) – ≥2.5% ≥5% ≥7.5%
(4)
Retired prescribed officer with effect from 31 December 2021. MSR holding not required. health, one year performance performance performance
(5)
Appointed prescribed officer with effect from 15 October 2021 and the three-year MSR achievement is due in October 2024. environment improvement improvement improvement
(6)
Prescribed officer separated from the Company due to the reconfigured Operating Model with effect from 31 December 2021. MSR holding not required. and
community 4.00% (2.33) (2.27) (2.21) 2.00%
Major hazard management critical 95% critical 99% critical 99.5% critical
control percentage compliance control control control
4.00% compliance compliance compliance 4.60%
Cumulative number of critical control
registers established for site-specific
material health risks (as captured in
AuRisk) at each operation 1.50% 5 6 8 2.08%
Compliance with occupational
exposure monitoring programmes for 60% 70% 90%
noise and dust at each operation 1.50% Compliance compliance compliance 2.01%
Number of reportable environmental
incidents at operating mines 3.00% 2 1 – 0.00%
GHG emissions – develop a carbon
budget for each operation based on 80% of 90% of 100% of
approved business plans 3.00% operations operations operations 4.50%
Number of business disruptions as a
result of community unrest 2.50% 3 2 – 3.13%
Core value: Succession bench strength in talent for
People Executive Committee roles 2.00% 15 successors 16 successors 18 successors 0.00%
Key staff retention 1.00% 85% p.a. 90% p.a. 95% p.a. 1.50%
Gender diversity 2.50% 21% female 23% female 25% female 0.00%
representation representation representation
Total 100% 70.73%
No malus or clawback provisions were applied for the Executive Committee members in 2021.
134 135
CEO: Key objectives and achievements 2021 continued

SECTION 3: REMUNERATION IMPLEMENTATION REPORT Scorecard Weighting Comments
JANUARY TO DECEMBER 2021 continued Individual KPIs 20% • The CEO spent significant time with the leadership team immediately
• Operating model that builds organisational after his appointment in September 2021, designing and
efficiency through effective structure and communicating the new model and implementation was completed
Total remuneration outcomes – Alberto Calderon leadership in early 2022. The new organisational structure provides clear
accountability across the business
Chief Executive Officer – four months (September – December 2021) • Effective stakeholder management through:
• With a focus on transformation, talent management, business
Start date: 1 September 2021 • Effective relationships with Shareholders
improvement and mine planning, the CEO made three key external
Notice period: 12 months and Investors; and
appointments, adding significant experience to an already seasoned
Change in control • Effective regular communication with group of existing executives
(as described in the Remuneration Policy, “Change in control” on page 124): 12 months Executive Committee, operations, projects
and employees
CEO Total 100%
(Rm)
CEO: Performance incentive outcome 2021

Actual Earnings 8 2 7 14
2021 DSP performance outcome Weighting DSP award outcome
Financial performance targets
Target 24 6 24 48 Relative total shareholder return 10.00% 15.00%
Absolute total shareholder return 10.00% 15.00%
Maximum 24 6 36 72 nCROE 15.00% 15.00%
Production 12.50% 0.00%
0 30 60 90 120 150 All-in sustaining costs 15.00% 0.00%
Base salary Benefits DSP cash DSP deferral Ore Reserve pre-depletion 6.25% 5.91%
Mineral Resource additions pre-depletion 6.25% 0.00%
Total actual pay for Mr Calderon is based on four months, which is aligned to his start date of 1 September 2021. Note that the Safety, health, environment and community 19.50% 18.32%
target and maximum earning potential have been annualised. Core value: people 5.50% 1.50%
Maximum DSP cash bonus opportunity: 150% Final cash bonus results: 86.58% Total % for Company performance: 100.00% 70.73%
Maximum DSP share awards opportunity: 300% Final share award results: 173.17% x
Total DSP opportunity: 450% (as % of base pay) Final DSP result for 2021: 259.75% Organisational performance weighting: 80.00%
=
CEO: Key objectives and achievements 2021 A - Organisational performance weighted outcome: 56.58%
Scorecard Weighting Comments Individual performance results
Health, safety, environment and community 25% • A new Climate Change Strategy has been developed Actual individual targets and strategic objectives are not disclosed in order to
• Safety – 12.5% • We have published our inaugural Climate Change Report during the maintain commercial confidentiality in competitive markets.
• Health, environment and community – 12.5% year, in line with the recommendations of the Task Force on Climate- Individual performance weighting: 20.00%
related Financial Disclosures X
• Results aligned to Company DSP outcome
• Our all injury frequency rate in 2021 ended with 2.14 injuries per million Performance rating award correlation: 150.00%
hours worked, which remains well below the ICMM member Company =
average. This however does not detract from the fact that in 2021 we B - DSP opportunity based on individual performance: 30.00%
lost two of our colleagues
Total % of DSP pay opportunity (A+B) 86.58%
• The decarbonisation target of a 30% reduction in GHG emissions
x
intensity by 2022 has been exceeded (baseline year: 2007)
On-target total cash bonus opportunity (as % of base pay) 100.00%
Production and cost 55% • Our mines stabilised in the second half of the year with a 12%
On-target total deferred share award opportunity (as % of base pay) 200.00%
• Achievement of production ounces and cash production gain from our operating assets (excluding Obuasi) over the
=
cost/oz first half, partly offsetting rising costs related to COVID-19 and inflation
impacts Final cash bonus result (as % of base pay) 86.58%
• Deliver the Company strategy and market
• We generated $104m free cash flow, leaving our balance sheet in a Final deferred share award result (as % of base pay) 173.17%
guidance
solid position at year-end, with low gearing, strong liquidity and no near- Base pay for four months as at 31 December 2021 (all offshore payments
• Advance major projects for the Company’s converted to ZAR at exchange rate of ZAR14.7842: USD1) x
term debt maturities
long-term future
• We resumed underground mining at Obuasi in October and since then 7,884,907
the start plan has tracked to schedule =
• The acquisition of Corvus has enhanced the project pipeline. This Annual cash portion of DSP: 6,827,068
delivers a unique opportunity to consolidate Corvus’ assets with our Annual deferred share portion of DSP (to vest over five years): 13,654,135
own in one of the world’s top ranking mining jurisdictions to create a Total 2021 deferred share plan award: 20,481,203
meaningful new production base, with first gold output anticipated in
three years
136 137

Interim CEO: Personal KPIs and performance 2021 continued

Total remuneration outcomes – Christine Ramon
Interim CEO
Start date: 1 October 2014 Personal KPIs Weightings Comments
Notice period: 6 months Guide the development 25% • Focused on extending mine lives and improving Ore Reserve confidence through
Change in control of 2022 strategy and development. Completed 465km of brownfield drilling in the first half of the year. Notable
(as described in the Remuneration Policy, “Change in control” on page 124): 6 months execute the agreed 2021 successes included the continued growth of the newly discovered Frankie orebody at
strategy Sunrise Dam and additional high-grade intercepts at Geita’s Nyamulilima discovery
(a) Interim Chief Executive Officer – eight months (January – August 2021) • Tropicana-Havana Stage 2 progressed and Sunrise Dam’s Golden Delicious open pit
was completed
Interim CEO
(Rm) • The Geita Hill underground portal development advanced according to plan
• Received permits for the Geita Nyamulilima open pit earlier than expected and progressed
Actual Earnings 7 2.5 7 14 its development
• Obtained the new TSF facility permit for Iduapriem and advanced related plans
Target 7 2.5 6 13 • The reinvestment strategy experienced delays in the execution of Cut 2 at Iduapriem, a result
of community issues, and an unplanned pit-wall failure at Tropicana has led to a three-month
production delay for 2022
Maximum 7 2.5 9 19
• Kept market informed on Obuasi, and in particular the voluntary suspension of underground
activities there following the fatal incident in May 2021, the mine-wide review process and
0 5 10 15 20 25 30 35 40
the potential impact on the Ore Reserve. The Obuasi mine suspension led to the revision of
Base salary Benefits DSP cash DSP deferral market guidance in August 2021
• The Corvus business case was progressed and the proposal to acquire the 80% stake was
Total actual pay for Ms Ramon in 2021, which could result from the remuneration policy stated above, is shown in relation to target approved by board in July 2021
and maximum earning potential.
• Supported the launch of the shared consciousness framework on 29 April 2021 to ensure
Maximum DSP cash bonus opportunity: 150% Final cash bonus results: 81.58% improved visibility, accountability and focus on ESG metrics
Maximum DSP share awards opportunity: 300% Final share award results: 163.17% • Ensured a strong focus on progressing the Company’s Climate Change Strategy
Total DSP opportunity: 450% (as % of base pay) Final DSP result for 2021: 244.75% • Ensured an appropriate focus and the necessary governance structures to monitor
implementation of the Brazilian TSF compliance programme
Interim CEO: Personal KPIs and performance 2021 Disciplined capital 25% • Maintained adequate balance sheet liquidity. Balance sheet metrics remained strong with an
allocation: balance sheet, improved adjusted net debt to adjusted EBITDA ratio of 0.37 times at the end of the second
Interim CEO
reinvestment in the quarter 2021 compared to 0.73 times for June 2020
Personal KPIs Weightings Comments
business and shareholder • Maintained focus on capital discipline and ensuring that capital was managed within budget
Focus on employee 20% • Supported the roll out of the revitalised safety strategy across the group which resulted in the
returns
health and safety and number of reported high potential incidents improving year-on-year • Ensured substantial completion of Obuasi Phase 2 in June 2021. Phase 3 was established
maintain business • Maintained focus on business continuity while proactively managing operational and supply and progressed while underground mining activities were suspended
continuity in the context risks to ensure adequate stockpile levels and three to six months of critical consumables and ffective stakeholder
E 20% • Represented AngloGold Ashanti at all major investor conferences
of the COVID-19 spares across operations to mitigate risk management • Led the capital markets day communication in February 2021. This was the first time
pandemic • Ensured AngloGold Ashanti maintained its focus on the COVID-19 vaccination roll-out that AngloGold Ashanti management held this event in 8 years. The strategy and longer-
programme across the group within the regulatory frameworks of each of our operational term guidance issued was well received by the market. Unfortunately, the suspension of
jurisdictions underground mining operations at Obuasi and cost pressures led to the revision in the
market guidance later in the year
• Participated in key stakeholder forums and engaged with joint venture partners, ensuring
that AngloGold Ashanti’s position on key sustainability and other relevant matters was
advanced
• Ensured regular communication with the organisation through briefs and townhall sessions
Organisational culture 10% • Initiated and directed the organisational culture and values refresh journey
and values refresh • Continued to embed the diversity and inclusion framework across the group
• Progressed unconscious bias training and played an active role in the Global Women’s
Forum
• Ensured review of relevant human resource policies, practices and frameworks
• Held regular team cohesion sessions with the executives
Total 100%
138 139

Interim CEO: DSP performance incentive outcome 2021 (b) Chief Financial Officer – four months (September – December 2021)
2021 DSP performance outcome Weighting DSP award outcome
CFO
Financial performance targets (Rm)
Relative total shareholder return 10.00% 15.00%
Absolute total shareholder return 10.00% 15.00% Actual Earnings 3 0.5 2 5
nCroe 15.00% 15.00%

Production 12.50% 0.00% Target 3 0.5 3 6
All-in sustaining costs 15.00% 0.00%

Ore Reserve additions pre-depletion 6.25% 5.91% Maximum 3 0.5 5 9
Mineral Resource additions pre-depletion 6.25% 0.00% 0 5 10 15 20
Safety, health, environment and community 19.50% 18.32% Base salary Benefits DSP cash DSP deferral
Core value: people 5.50% 1.50%
Total % for Company performance: 100.00% 70.73% Total actual pay for Ms Ramon in 2021, which could result from the remuneration policy stated above, is shown in relation to target
and maximum earning potential.
x
Maximum DSP cash bonus opportunity: 127.5% Final cash bonus results: 69.35%
Organisational performance weighting: 80.00%
Maximum DSP share awards opportunity: 277.5% Final share award results: 150.93%
=
Total DSP opportunity: 405% (as % of base pay) Final DSP result for 2021: 220.28%
A - Organisational performance weighted outcome: 56.58%
Individual performance results
CFO: Personal KPIs and performance 2021
Actual individual targets and strategic objectives are not disclosed in order to
maintain commercial confidentiality in competitive markets. CFO Personal KPIs Weightings Comments
Individual performance weighting: 20.00% Leadership and 15% • Maintained engagement and effective relationships with investors, banks, debt investors,
X stakeholder ratings agencies and joint venture partners
Performance rating award correlation: 125.00% engagement
• Continued providing input at relevant stakeholder forums on financial, tax and regulatory
= matters
B - DSP opportunity based on individual performance: 25.00%
Liquidity, ratings, 30% • Delivered on the refinancing of the 2022 bonds through a new issuance in October 2021,
Total % of DSP pay opportunity (A+B) 81.58% balance sheet setting a new benchmark, for the lowest coupon ever achieved by AngloGold Ashanti
x management
• Launched a liability management exercise to redeem the 2022 bonds which was successfully
On-target total cash bonus opportunity (as % of base pay) 100.00% executed in November 2021
On-target total deferred share award opportunity (as % of base pay) 200.00% • Ensured successful refinancing of the Geita $150m RCF in December 2021
=
• Proactively engaged ratings agencies on AngloGold Ashanti’s strategy, cost initiatives,
Final cash bonus result (as % of base pay) 81.58% Obuasi’s mining operations and risk mitigation measures applied during the COVID-19
Final deferred share award result (as % of base pay) 163.17% pandemic. All three agencies reaffirmed AngloGold Ashanti’s credit rating during the second
Base pay for eight months as at December 2021 (all offshore payments half of 2021
converted to ZAR at exchange rate of ZAR14.7842: USD1) x
• Ensured that we maintained our focus on cash upstreaming while complying with regulatory
8,684,485 requirements across our various operating jurisdictions
=
• Kibali repatriated a cash dividend of $231m (attributable) in 2021, a significant positive
Annual cash portion of DSP: 7,085,162 development
Annual deferred share portion of DSP (to vest over five years): 14,170,338
• Ensured that our focus remained on cash repatriation in Argentina where we repatriated
Total 2021 deferred share plan award: 21,255,500
$19m in cash (net of withholding tax) in December 2021. The remainder of the cash in-
country was invested at attractive interest rates and mitigated currency devaluation
• Ensured tangible progress on the Tanzanian VAT receivable where $54m was offset in 2021
against corporate taxes
• The balance sheet and liquidity remained strong, despite operational issues, the suspension
of underground mining operations at Obuasi and COVID-19 impacts
140 141

CFO: Personal KPIs and performance 2021 continued CFO: DSP performance incentive outcome 2021continued
CFO Personal KPIs Weightings Comments 2021 DSP performance year outcome Weighting DSP award outcome
Cost discipline and 30% • Compiled revised production and cost guidance in August 2021 – this applied across all =
cash preservation metrics for 2021 after taking into consideration COVID-19 impacts (which was explicitly B - DSP opportunity based on individual performance: 25.00%
measures excluded from guidance) Total % of DSP pay opportunity (A+B) 81.58%
• Proactively managed supply chain risks across the business. Despite the inflationary x
pressures, supply chain savings of $52.3m were achieved for 2021 against a target of $55m On-target total cash bonus opportunity (as % of base pay) 85.00%
• Maintained a strong focus on reducing corporate costs and non-essential expenditure. On-target total deferred share award opportunity (as % of base pay) 185.00%
Corporate costs were contained well below budget for the year =
Governance and 20% • Ensured a strong culture of compliance across the group through regular interaction with the Final cash bonus result (as % of base pay) 69.35%
Risk management business, and quarterly CFO sessions; also ensured consistency in accounting practices and Final deferred share award result (as % of base pay) 150.93%
proactive risk mitigation processes throughout the Company
Base pay for four months as at December 2021
• Ensured that cyber security was effectively managed across the business. There were no (all offshore payments converted to ZAR at exchange rate of ZAR14.7842: USD1) x
material breaches in cyber security during the year 3,473,818
• The P80 target 2022 budget and P50 stretch budget were delivered timeously for =
board approval Annual cash portion of DSP: 2,408,953
• Supported the external auditor tender process which was successfully executed for Annual deferred share portion of DSP (to vest over five years): 5,243,023
consideration by the Audit and Risk Committee in November 2021 Total 2021 deferred share plan award: 7,651,976
People, culture, and 5% • Directly involved in initiation of the organisational culture and values refresh, ensuring
values refresh broader finance team participation
Non-executive directors’ fees and allowances
• Played an integral part in overseeing the design and implementation of the new Operating
The board received a 2% inflationary increase for 2021. This increase was based on the US inflation rate in 2021, in line with market
Model changes for the finance and supply functions
practice. This is the first increase non-executive directors have received since 2014. During 2021, the board and its committees held a
Total 100% significantly higher number of special meetings in respect of several strategic matters considered by the board and the recruitment of the
CEO and a non-executive, which resulted in an increase in fees paid to non-executive directors.
CFO: DSP performance incentive outcome 2021 The table below details the fees and allowances paid to non-executive directors during the year as approved by shareholders.
2021 DSP performance year outcome Weighting DSP award outcome
Financial performance targets Director Committee Travel
Relative total shareholder return 10.00% 15.00% fees (1) fees allowance Total Total
Absolute total shareholder return 10.00% 15.00% 2021 2020 2019
nCroe 15.00% 15.00% (USD) (USD) (USD)
Production 12.50% 0.00% MDC Ramos (Chairperson) 359,350 92,000 – 451,350 202,375 106,750
All-in sustaining costs 15.00% 0.00%
R Gasant (Lead independent director) 179,900 116,500 – 296,400 222,500 193,250
Ore Reserve additions pre-depletion 6.25% 5.91%
KOF Busia 139,300 93,500 7,500 240,300 103,250 –
Mineral Resource additions pre-depletion 6.25% 0.00%
Safety, health, environment and community 19.50% 18.32% AM Ferguson 139,300 103,000 12,500 254,800 197,000 216,500
Core value: people 5.50% 1.50% AH Garner 139,300 53,500 8,750 201,550 173,500 195,500
Total % for Company performance: 100.00% 70.73% NVB Magubane 139,300 38,500 – 177,800 170,500 –
x
MC Richter 139,300 103,000 7,500 249,800 208,750 230,250
Organisational performance weighting: 80.00% JE Tilk 139,300 130,500 8,750 278,550 205,875 230,500
=
Total 1,375,050 730,500 45,000 2,150,550 1,483,750 1,172,750
A - Organisational performance weighted outcome: 56.58%
(1)
Includes the annual base fee paid to NEDs as well as fees paid for special board meetings.
Individual performance results
Actual individual targets and strategic objectives are not disclosed in order to
maintain commercial confidentiality in competitive markets.
Individual performance weighting: 20.00%
X
Performance rating award correlation: 125.00%
142 143
SUPPLEMENTARY INFORMATION FORWARD-LOOKING STATEMENTS
SUPPLEMENTARY
Certain statements contained in this document, other than rates, the outcome of pending or future litigation proceedings, any
statements of historical fact, including, without limitation, those supply chain disruptions, any public health crises, pandemics or
concerning the economic outlook for the gold mining industry, epidemics (including the COVID-19 pandemic), and other business
expectations regarding gold prices, production, total cash costs, and operational risks and other factors, including mining accidents.
information
all-in sustaining costs, all-in costs, cost savings and other For a discussion of such risk factors, refer to AngloGold Ashanti’s
operating results, return on equity, productivity improvements, annual report on Form 20-F for the year ended 31 December 2021
growth prospects and outlook of AngloGold Ashanti’s operations, and the Risk Factors section in AngloGold Ashanti’s Prospectus
individually or in the aggregate, including the achievement of Supplement dated 19 October 2021, each filed with the United
project milestones, commencement and completion of commercial States Securities and Exchange Commission (SEC). These factors
operations of certain of AngloGold Ashanti’s exploration and are not necessarily all of the important factors that could cause
production projects and the completion of acquisitions, dispositions AngloGold Ashanti’s actual results to differ materially from those
or joint venture transactions, AngloGold Ashanti’s liquidity and expressed in any forward-looking statements. Other unknown or
capital resources and capital expenditures, the consequences unpredictable factors could also have material adverse effects
of the COVID-19 pandemic and the outcome and consequences on future results. Consequently, readers are cautioned not to
of any potential or pending litigation or regulatory proceedings place undue reliance on forward-looking statements. AngloGold
or environmental health and safety issues, are forward-looking Ashanti undertakes no obligation to update publicly or release any
statements regarding AngloGold Ashanti’s operations, economic revisions to these forward-looking statements to reflect events or
performance and financial condition. These forward-looking circumstances after the date hereof or to reflect the occurrence of
statements or forecasts involve known and unknown risks, unanticipated events, except to the extent required by applicable
uncertainties and other factors that may cause AngloGold Ashanti’s law. All subsequent written or oral forward-looking statements
actual results, performance or achievements to differ materially attributable to AngloGold Ashanti or any person acting on its behalf
from the anticipated results, performance or achievements are qualified by the cautionary statements herein.
expressed or implied in these forward-looking statements. Although
AngloGold Ashanti believes that the expectations reflected in Non-GAAP financial measures
such forward-looking statements and forecasts are reasonable, This communication may contain certain “Non-GAAP” financial
no assurance can be given that such expectations will prove to measures. AngloGold Ashanti utilises certain Non-GAAP
have been correct. Accordingly, results could differ materially from performance measures and ratios in managing its business. Non-
those set out in the forward-looking statements as a result of, GAAP financial measures should be viewed in addition to, and not
among other factors, changes in economic, social, political and as an alternative for, the reported operating results or cash flow
market conditions, including those related to international conflicts, from operations or any other measures of performance prepared
the success of business and operating initiatives, changes in the in accordance with IFRS. In addition, the presentation of these
regulatory environment and other government actions, including measures may not be comparable to similarly titled measures other
environmental approvals, fluctuations in gold prices and exchange companies may use.
Materiality disclaimer
Inclusion of information in this report, including any discussion, analysis or assessment of “material”, “significant”, “key” or similarly
described information is not an indication that we deem such information to be material to an investment decision related to our
securities or important to an understanding of our business more generally. This report also contains certain forward-looking
statements, including “forward-looking statements” made within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. In particular, these include, among other statements, forward-looking statements relating to the Company’s future performance,
goals and objectives, as well as future regulatory developments, with respect to sustainability and other environmental, social and
governance matters. Such statements are often, but not always, made through the use of words or phrases such as “believes,”
“expects,” “anticipates,” “estimates,” “intends,” “plans,” “seeks”, “will,” “should,” “could” or “may” or words of similar meaning. They may
involve estimates and assumptions that are subject to risks, uncertainties and other factors. These and other statements made in this
report may be affected by a wide range of variables that could cause actual results and performance to differ materially from those
currently anticipated, including the risk factors set forth in our Report on Form 20-F filed on 30 March 2022 with the U.S. Securities and
Exchange Commission.
144 145
A DMINISTRATION AND CORPORATE INFORMATION
AngloGold Ashanti Limited Directors Share registrars

Registration No. 1944/017354/06 Executive South Africa
Incorporated in the Republic of A Calderon Computershare Investor Services
South Africa (Chief Executive Officer) (Pty) Limited
KC Ramon ^ Rosebank Towers, 15 Biermann Avenue,
Share codes:
(Chief Financial Officer) Rosebank, 2196
ISIN: ZAE000043485 (Private Bag X900, Saxonwold, 2123)
JSE: ANG Non-executive South Africa
NYSE: AU Telephone: 0861 100 950 (in SA)
MDC Ramos ^ (Chairperson)
ASX: AGG Fax: +27 11 688 5218
KOF Busia°
GhSE: (Shares) AGA E-mail: queries@computershare.co.za
AM Ferguson *
GhSE: (GhDS) AAD Website : www.computershare.com
AH Garner #
R Gasant ^
JSE Sponsor: Australia
SP Lawson #
The Standard Bank of South Africa Computershare Investor Services
NVB Magubane ^
Limited
MC Richter #~ Pty Limited
JE Tilk5 Level 11, 172 St George’s Terrace
Auditors:
Perth, WA 6000
Ernst & Young Inc. *British 5Canadian # American (GPO Box D182 Perth, WA 6840)
Colombian ~ Panamanian Australia
Offices ^ South African ° Ghanaian Telephone: +61 8 9323 2000
Registered and Corporate Telephone: 1300 55 2949 (Australia only)
112 Oxford Road, Houghton Estate, Officers Fax: +61 8 9323 2033
Johannesburg, 2198 LM Goliath
(Private Bag X 20, Rosebank 2196) Group Company Secretary Ghana
South Africa NTHC Limited
Telephone: +27 11 637 6000 Investor relations contacts 18 Gamel Abdul Nasser Avenue
Fax: +27 11 637 6624 Yatish Chowthee Ringway Estate
Accra, Ghana
Telephone: +27 11 637 6273
Australia Telephone: +233 302 235814/6
Mobile: +27 78 364 2080
Level 10 AMP Building Fax: +233 302 229975
E-mail:
140 St George’s Terrace yrchowthee@anglogoldashanti.com
Perth, WA 6000 ADR Depositary
(PO Box Z5046, Perth WA 6831) Andrea Maxey BNY Mellon (BoNY)
Australia BNY Shareowner Services
Telephone: +61 08 9425 4603
Telephone: +61 8 9425 4602 PO Box 30170
Mobile: +61 400 072 199
Fax: +61 8 9425 4662 College Station, TX 77842-3170
Email: amaxey@anglogoldashanti.com
United States of America
Ghana Telephone: +1 866-244-4140
Gold House (Toll free in USA) or
Patrice Lumumba Road +1 201 680 6825 (outside USA)
(PO Box 2665) E-mail: shrrelations@
Accra cpushareownerservices.com
Ghana Website: www.mybnymdr.com
Telephone: +233 303 773400
Fax: +233 303 778155 Global BuyDIRECTSM
BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLOGOLD ASHANTI.
Telephone: +1-888-BNY-ADRS
6593/21
146
www.anglogoldashanti.com

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INVESTING

OUR 2021 SUITE OF REPORTS CONTENTS

INVESTING At AngloGold Ashanti, we are committed to transparent, informed

Our 2021 reports are: How we create value P6

Our reporting theme AngloGold Ashanti is an Chairperson’s letter

Our ongoing investments are aimed at extending the lives of our

company with a diverse, high- OPERATING CONTEXT

term Ore Reserve pipeline to underpin production and sustain

AngloGold Ashanti in the long-term.

success, and the most crucial part of that is an Operating Model

O U R VA L U E S Remuneration report P107

Our 2021 reporting suite, together with supporting SUPPLEMENTARY INFORMATION

ABOUT THIS REPORT

Reporting frameworks and compliance

ABOUT ANGLOGOLD ASHANTI

LEADING MINING COMPANY 5

OUR MISSION OUR VALUES 1

HOW WE CREATE VALUE

OUR BUSINESS – WHAT WE DO

OUR BUSINESS MODEL

During the year, we:

OUR BUSINESS MODEL continued

MANUFACTURED CAPITAL MANUFACTURED CAPITAL

Cerro Vanguardia, Argentina

OUR BUSINESS MODEL continued

SOCIAL AND RELATIONSHIP CAPITAL SOCIAL AND RELATIONSHIP CAPITAL

During the year, we: • Community partnerships and

INTELLECTUAL CAPITAL INTELLECTUAL CAPITAL

• Digital supply chain • Connected assets • New Climate Change

Cerro Vanguardia, Argentina

AngloGold Ashanti’s board of directors

INDEPENDENT NON-EXECUTIVE DIRECTORS EXECUTIVE DIRECTORS

Detailed CVs of directors are available on the corporate website, www.anglogoldashanti.com

CORPORATE GOVERNANCE continued

INDEPENDENT NON-EXECUTIVE DIRECTORS EXECUTIVE DIRECTORS

Board expertise Collective expertise (%)

Board committees C – Committee chair

Audit and Risk • C • • •

Nominations and Governance C • • • • •

composition of the board as well as succession planning, and when

CORPORATE GOVERNANCE continued

See Governance on www.anglogoldashanti.com

CORPORATE GOVERNANCE continued

Board and committee meeting attendance Internal evaluation process

CORPORATE GOVERNANCE continued

Sunrise Dam, Australia

OUR EXTERNAL OPERATING ENVIRONMENT

Global macro-economics and geopolitics, including inflationary pressures amid labour

Related strategic focus areas

OUR EXTERNAL OPERATING ENVIRONMENT

Related strategic focus areas

• Maintain long-term optionality

OUR EXTERNAL OPERATING ENVIRONMENT

Pressure from international credit ratings Principal uses of gold

Explanation and impact Our response Investment Jewellery

Related strategic focus areas

Medicine and dentistry Technology, aerospace, environment

INTEGRATED STAKEHOLDER ENGAGEMENT

Engaging key stakeholders

Africa Americas Australia Corporate and other Continuing operations