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Our business model

INPUTS

(The resources we rely on)

Resource constraints

HUMAN CAPITAL

Our employees and contractors drive our strategy through their skills, expertise and commitment to entrenching our culture.

6,364 employees (2021: 5,957)
16,720 contractors (2021: 16,153)
US$9.0m spent on training and development (2021: US$8.3m)

Attracting, developing and retaining top skills in a highly competitive environment
Sourcing and developing the right skills from our host communities
Increasing workforce diversity and inclusivity
Maintaining a strong health and safety culture
Inclusion of mental and psychological wellbeing in our definition of zero harm

NATURAL CAPITAL

We rely on access to land to extract gold and copper resources, and on water security and reliable energy supply for our mining and processing activities.

46.1Moz attributable Mineral Reserves (2021: 47.4Moz)
42.3Moz attributable Mineral Resources excluding Mineral Reserves (EMR) (2021: 44.1Moz)
14.1PJ energy consumed (2021: 13.9PJ)
18.3GL water withdrawn (2021: 18.5GL)

Mitigating our contribution to and the impact of climate change on our operations and host communities
Operating in water-stressed regions
Securing a steady power supply and managing the increased cost of energy
Replacing depleted Mineral Reserves

SOCIAL AND RELATIONSHIP CAPITAL

The quality of our stakeholder relationships supports the sustainability and licence to operate of our business.

US$21m invested in socio-economic development (SED) programmes and projects in our host communities (2021: US$16m)
2,336 stakeholder engagements with our host communities, capital providers and governments (2021: 2,350)
87% of our employees are from our countries of operation and 97% of all goods and services are procured in-country

Addressing the trust gap between governments, communities and mining companies
Skills constraints in host communities as we seek to source employees from these communities
Access to water is shared with neighbouring communities
Pressures on companies to address major societal issues
Constraints in local government capacity and resources in emerging countries

FINANCIAL CAPITAL

Banks, shareholders and bondholders provide our financial capital, which enables us to create value across all capitals.

US$4,340m total equity (2021: US$4,130m)
US$1,069m capital expenditure (excluding Asanko) (2021: US$1,089m)
US$431m adjusted free cash-flow generated (2021: US$463m)

Managing the impact of market sentiment and geopolitical developments on key cost drivers
Investing in our mines to extend their longevity

MANUFACTURED CAPITAL

Our investment in machinery, equipment, technology and ICT infrastructure enable us to deliver our products.

Nine operating mines (including our Asanko JV) and one project
US$656m sustaining capital and US$413m growth capital (2021: US$576m; US$513m)

Maintaining and monitoring ageing infrastructure at our older mines
Modernising and digitising our mines while reducing costs
Ensuring our people are equipped to work in an increasingly automated and digitised work environment

INTELLECTUAL CAPITAL

Our people and partners' intellectual input informs our strategic objectives, drives innovation and efficiencies and supports risk management.

US$1,411 per employee invested in training (2021: US$1,397)
Modernisation plan stretching over three horizons
Group-wide job architecture detailing knowledge, skills, qualifications, behavioural and technical competencies required for all roles

Developing the right talent to meet the needs of an increasingly mechanised, modernising and automated mining industry
Reskilling the existing workforce to ensure we can retain their experience and knowledge
Review of culture to strengthen workforce diversity and inclusivity

BUSINESS PROCESSES

(How we create value)

Our diversified portfolio (with nine mines and one project in five countries) creates value through:

EXPLORATION

Our near-mine and selected greenfields exploration, in partnership with junior miners, focuses on resource extension to enhance the long-term sustainability of our portfolio

DEVELOPMENT

We invest in the development of projects that, once brought to fruition, will improve the cost and production profile of our portfolio

MINING

We extract gold and copper-bearing ore from open-pit and underground mines through mechanised processes in Australia, South Africa, Ghana and Peru – either by our own teams or by contractors

PROCESSING

We generate additional value through the physical and chemical processing of ore, which results in semi-pure gold doré and copper-gold concentrate. The doré is externally refined into gold bullion

MINE CLOSURE

We seek to responsibly manage mine closure and optimise our closure liabilities through integrated closure planning and progressive rehabilitation. Post-closure social and economic sustainability requires consultation with and investment in impacted communities during the life-of-mine

OUTPUTS

(What we produce)

OUTCOMES

(The value we create, preserve or erode)

Maximise the potential from our current assets through people and innovation

	Continued investment in South Deep, South Africa’s largest bulk, mechanised, underground gold mine
	Increased use of real-time data to enable decisions that facilitate safer and more productive mines
	Increased use of remote mining that takes people away from potentially dangerous operations
	US$468m paid in salaries and benefits
	One fatal incident
	Two new cases of Silicosis submitted to health authorities
	Five serious injuries
	23% of our total workforce are women, including women in leadership (2021: 22%)
	US$855m in adjusted free cash-flow from operations
	US$411m paid in interest and dividends

	3% rise in AIC, largely due to Salares Norte capex and mining cost inflation
	Net debt decreased to US$704m
	JSE share price up 1%; NYSE share price down 6%
	Received US$300m break fee from Yamana Gold
	Total dividend of R7.45/share

Build on our leading commitment to ESG

	Zero Level 3 – 5 environmental incidents for the fourth consecutive year
	Recycled 75% of water withdrawn and reduced our freshwater intake by 41% against a 2018 baseline
	12th successive Top 5 mining ranking in DJSI
	Achieved an A- score in the CDP's Water Disclosure Project
	Continued membership of Bloomberg Gender-Equality Index
	2.3Mt Scope 1 – 3 CO₂e emissions
	205Mt of total material moved
	All mines implemented at least 88% of their progressive rehabilitation plans
	92 community grievances (84% resolved during 2022)

	South Deep’s and Gruyere’s newly constructed solar plants commissioned
	52% of workforce employed from our host communities
	31% (or US$748m) of total procurement costs spent with host community enterprises
	US$913m in host community value creation
	US695m paid to governments in taxes and royalties

Grow the value and quality of our portfolio of assets

	US$565m in gross mining closure liabilities
	US$230m spent on Salares Norte project capital
	Invested US$107m in near-mine exploration (including Salares Norte)
	Mineral Reserves down 3% post-depletion
	South Deep’s successful ramp-up to 328koz

	Yamana Gold acquisition terminated
	Investment in junior miners to expand greenfields exploration

Positive outcomes

Negative outcomes