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Here are 1-2 analogies to describe Anglogold Ashanti:

• Imagine an ExxonMobil or Shell, but their primary business is mining gold globally.
• They're like a major oil company such as BP or Chevron, but focused solely on extracting gold from the earth.

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• Gold: A precious metal primarily extracted from various mining operations across multiple continents.

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Anglogold Ashanti (symbol: AU) is a major gold mining company. As is typical for producers of commodities like gold, the company primarily sells its raw gold into the global market to other companies, rather than directly to individuals.

According to Anglogold Ashanti's public filings, including its Annual Integrated Reports, the company's "sales are not concentrated with any single customer or small group of customers." Gold is a fungible commodity with a global market, and as such, the company sells to various institutional buyers.

Therefore, it is not possible to list specific "major customer companies" with names and symbols that account for a significant portion of Anglogold Ashanti's revenue, as no such concentration exists or is publicly disclosed.

However, the primary categories of companies that purchase raw gold from miners like Anglogold Ashanti in the global market are:

• Bullion Banks: These are financial institutions that specialize in trading, storing, and lending physical precious metals. They purchase gold from mining companies and facilitate its movement through the global financial system.
• Precious Metal Refiners: These companies purify raw gold into various forms (e.g., bars, grains) meeting specific purity standards. They then sell these refined products to other financial institutions, jewelry manufacturers, industrial users, and investors.

While Anglogold Ashanti does not disclose the specific names of its direct buyers, prominent public companies that operate as bullion banks globally and are representative of the types of institutions that purchase gold from miners include:

• JPMorgan Chase & Co. (Symbol: JPM)
• HSBC Holdings plc (Symbol: HSBC)
• Bank of Nova Scotia (Symbol: BNS)
• UBS Group AG (Symbol: UBS)

Major refiners are typically private companies, such as Rand Refinery (South Africa), Metalor Technologies SA (Switzerland), and PAMP SA (Switzerland), which are also key intermediaries in the gold supply chain.

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• Perenti Global (ASX: PRN)

• Thiess (Major mining services provider, part of ACS Group - BME: ACS)

• Caterpillar (NYSE: CAT)

• Komatsu (OTCQX: KMTUY)

• Orica (ASX: ORI)

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Alberto Calderon, Chief Executive Officer and Executive Director

Alberto Calderon was appointed CEO of AngloGold Ashanti effective September 1, 2021. He has over two decades of executive leadership experience in the global mining sector. Prior to joining AngloGold Ashanti, he served as CEO of Orica, a global commercial explosives manufacturer. He also held senior executive positions at BHP, including chief commercial officer and CEO of Aluminium, Nickel, and Corporate Development. Additionally, he served as CEO of Cerrejón, one of the world's largest coal mining operations in Colombia. Mr. Calderon holds a PhD in Economics from Yale.

Gillian Doran, Chief Financial Officer and Executive Director

Gillian Doran has been the Chief Financial Officer and a Director of AngloGold Ashanti since 2023. Before her role at AngloGold Ashanti, she worked at Rio Tinto and Alcoa. She is a Fellow Member of the Association of Chartered Certified Accountants (FCCA).

Lisa Ali, Chief People Officer

Lisa Ali serves as the Chief People Officer for AngloGold Ashanti. She holds a BSc Hons in Analytical Chemistry and Biochemistry, and an Executive MBA.

Marcelo Godoy, Chief Technology Officer

Marcelo Godoy has served as the Chief Technology Officer of AngloGold Ashanti since 2021. His previous roles include Senior Vice President, Exploration at Newmont Corporation and a Director at Golder Associates. He holds a PhD in Strategic Mine Planning and a Masters in Geostatistics.

Stewart Bailey, Chief Sustainability & Corporate Affairs Officer

Stewart Bailey is the Chief Sustainability & Corporate Affairs Officer at AngloGold Ashanti.

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Key Risks to AngloGold Ashanti (AU)

1. Gold Price Volatility and Market Conditions: As a gold mining company, AngloGold Ashanti's revenue and profitability are inherently tied to fluctuations in the price of gold. Adverse movements in gold prices, as well as currency exchange rates and interest rates, can significantly impact the company's financial performance.
2. Jurisdictional and Regulatory Risks: AngloGold Ashanti operates in multiple countries, with a substantial portion of its production originating from Africa, which is considered a riskier region. This geographic diversification exposes the company to risks associated with changes in government policies, mining regulations, environmental laws, and tax regimes. Political uncertainty and the potential for contractual changes can also negatively affect operations and profitability.
3. Operational and Cost Management Challenges: The company faces risks related to managing high production costs, including labor, energy, and equipment, particularly in regions with elevated expenses. Challenges in meeting operational and safety targets, along with the inability to consistently convert mineral resources into ore reserves, are crucial for the long-term sustainability of the business. Additionally, global supply chain disruptions can lead to increased costs and operational challenges.

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• Intensified Environmental, Social, and Governance (ESG) pressures and regulations: A clear emerging threat stems from the rapidly increasing scrutiny and demands from investors, regulators, and communities regarding environmental impact, social responsibility, and governance practices within the mining sector. This translates into more stringent permitting requirements, higher operational costs for compliance, increased difficulty in securing financing from ESG-focused funds, and heightened reputational risks that can lead to project delays or cancellations. This trend is actively shaping the investment landscape and operating environment for all mining companies, including Anglogold Ashanti, potentially restricting their growth and increasing the cost of doing business.

• Emergence of digital assets (e.g., Bitcoin) as alternative stores of value: Bitcoin and other cryptocurrencies are increasingly being adopted and promoted as "digital gold" or hedges against inflation, potentially challenging gold's centuries-old role as a premier safe-haven asset and store of value. While gold retains its traditional appeal, the growing acceptance and institutionalization of these digital alternatives could divert investment capital that would traditionally flow into gold, thereby impacting long-term demand and potentially depressing gold prices, which directly affects Anglogold Ashanti's revenues and profitability.

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Anglogold Ashanti's main product is gold. The addressable market for gold is global.

The global gold market size reached approximately USD 207.1 billion in 2023. This market is projected to grow to about USD 248.6 billion by 2032.

Another perspective on market size is global gold demand, which was around 4,899 tonnes in 2023.

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1. Increased Production Volumes from Existing and New Operations: The company expects higher gold production from its key assets, including the Obuasi mine in Ghana, Iduapriem, and the North Mara and Geita mines in Tanzania. These operational improvements and expansions at existing sites are projected to boost overall gold output.
2. Advancement and Development of Key Projects: Anglogold Ashanti is investing in and developing significant projects that are expected to contribute to future production. This includes the Gramalote project in Colombia and the La Quebrada project, which are poised to add substantial new ounces once operational. Continued investment in growth capital at sites like Obuasi and Tropicana also supports this driver.
3. Sustained Favorable Gold Price Environment: As a gold producer, Anglogold Ashanti's revenue is highly sensitive to the market price of gold. A sustained strong or rising gold price environment is a significant external factor expected to directly enhance the company's revenue performance over the coming years.
4. Portfolio Optimization and Asset Quality Enhancement: The company's strategy includes optimizing its asset portfolio by focusing on long-life, high-margin operations. This involves ongoing evaluation of assets, potentially leading to divestitures of non-core properties and strategic investments in more profitable projects. This focus on high-quality production aims to improve the overall revenue profile and profitability per ounce.

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Share Issuance

• In January 2022, AngloGold Ashanti issued approximately 41.9 million new ordinary shares to acquire Corvus Gold Inc., as part of a transaction valued at approximately $370 million.
• The company completed a change of its primary listing to the New York Stock Exchange (NYSE) in September 2023, concurrently delisting from the London Stock Exchange (LSE) and its secondary listing on the Johannesburg Stock Exchange (JSE).

Outbound Investments

• In January 2022, AngloGold Ashanti completed the acquisition of Corvus Gold Inc., a Nevada-focused gold exploration company, in a transaction valued at approximately $370 million. This acquisition was aimed at consolidating ownership of the North Bullfrog project and integrating it into its adjacent Beatty district projects in Nevada.

Capital Expenditures

• Capital expenditure for the financial year 2023 was reported as $1.159 billion.
• Projected capital expenditure for 2024 is estimated to be between $1.09 billion and $1.19 billion, with a further forecast of $1.0 billion to $1.1 billion for 2025.
• A primary focus of these capital expenditures is on growth projects, including the redevelopment of the Obuasi mine in Ghana, ongoing investment in the Quebrada Blanca project, and sustaining and developing other key operations, particularly in Australia.