ANGLOGOLD ASHANTI’S 2024 FINANCIAL SUCCESS AND COMMITMENT TO SUSTAINABLE GROWTH
ANGLOGOLD ASHANTI’S 2024 FINANCIAL SUCCESS AND COMMITMENT TO SUSTAINABLE GROWTH
ANGLOGOLD ASHANTI
PROJECT
DIRECTED BY: GLEN NEWTON
AYear of Record Financial Performance
AngloGold Ashanti PLC, a global gold mining leader, has reported an exceptional financial performance for 2024. The company’s latest earnings report reveals remarkable growth in free cash flow, Adjusted EBITDA, and shareholder dividends, driven by strong operational efficiencies, strategic acquisitions, and a favorable gold market.
Key financial highlights from AngloGold Ashanti’s 2024 report include:
• Free cash flow surged nine-fold to $942 million.
• Adjusted EBITDA increased by 93% to $2.747 billion.
• Second-half dividends soared by 263% to 69 US cents per share.
Cost management remained strong, with total cash costs rising by only 4%, well below the group inflation rate.
These financial achievements were supported by the strategic acquisition of Centamin, which added the Sukari mine
to AngloGold Ashanti’s portfolio. Improved operational performances across multiple mines also contributed significantly to this record-breaking year.
A Focus on Shareholder Returns
In addition to its strong earnings, AngloGold Ashanti reaffirmed its commitment to rewarding shareholders. The company introduced a forwardlooking dividend policy targeting a 50% payout of free cash flow, ensuring consistent returns even during market fluctuations. With disciplined capital allocation and ongoing operational
improvements, AngloGold Ashanti aims to sustain this growth trajectory in the coming years.
The Redevelopment and Success of the Obuasi Mine
AngloGold Ashanti’s financial strength is also evident in the successful redevelopment of its Obuasi mine in Ghana. Since being featured in Business Enquirer in September 2023, the mine has made significant strides in its ten-year SocioEconomic Development Plan (SEDP), a blueprint for sustainable community engagement and economic empowerment.
Obuasi, an underground mine in Ghana’s Ashanti region, has a long history dating back to 1987. After ceasing operations in 2014, the mine underwent a feasibility study in 2017, leading to a redevelopment project that commenced in 2019. By Q4 of that year, the first gold was poured, marking a new beginning for the mine.
Phase 3 Development and World Record Achievement
Now in Phase 3 of its redevelopment, AngloGold Ashanti is working on the infrastructure needed to ramp up production to 5,000 tonnes per day (tpd), with full completion expected by the end of 2024.
A major milestone in this redevelopment was the completion of the Kwesi Mensa Ventilation Shaft (KMVS), a world recordbreaking engineering feat.
Depth: 941 meters
Diameter: 6.5 meters
Significance: The world's largest raisebore hole, providing ventilation to the Kwesi Mensa Shaft (KMS) infrastructure.
The KMVS was successfully completed in collaboration with Redpath Thonket and local contractors such as Mining Tools Ghana, MAC Partners, and MCS Ghana, showcasing the company’s dedication to safety, innovation, and local workforce engagement.
As of 2024, AngloGold Ashanti reports that the Obuasi Mine holds mineral reserves of 7.11 Moz of gold, with annual gold production reaching 224 koz. This long-term investment is set to ensure continued production and economic benefits for Ghana for decades to come.
Commitment to Sustainability and Community Development
Mining companies worldwide are increasingly focused on sustainable development, and AngloGold Ashanti
is no exception. The company has consistently emphasized the importance of environmental stewardship, community engagement, and fair distribution of mining benefits.
Climate Resilience and Agricultural Initiatives
One of the most impactful projects at Obuasi is the Climate Resilience Oil Palm Plantation (CROPP) initiative.
• In 2023, AngloGold Ashanti distributed 30,000 high-yield oil palm seedlings to farmers.
• In 2024, this commitment was expanded with the allocation of 60,000 additional seedlings across six districts in Ghana’s Ashanti region.
This initiative aims to:
• Improve farmers’ livelihoods through oil palm production.
• Contribute to Ghana’s deforestation mitigation targets
By promoting sustainable agriculture, AngloGold Ashanti is helping communities build long-term economic resilience beyond mining operations.
The 10-Year Socio-Economic Development Plan (SEDP)
Launched in 2022, AngloGold Ashanti’s SEDP is a blueprint for Obuasi’s future, designed to create a lasting positive impact. The plan focuses on three main outcomes:
• Improved social development (healthcare, education, infrastructure).
• A diversified, sustained local economy (entrepreneurship, industrialization).
• Strengthened partnerships (government and community engagement).
Since the launch of SEDP:
• Water systems have been provided to four communities, with plans for five more installations.
Moreover, Kamoa Copper places a high priority on safety. Throughout the construction of the Phase 3 concentrator, the company achieved an impressive safety record, completing 10 million work hours without a single injury. Such a focus on safety not only enhances the well-being of the workforce but also contributes to the company’s long-term success and reputation in the industry.
MasterCard Foundation to support small and medium-sized enterprises (SMEs) in Obuasi.
This collaboration has resulted in four major projects:
Putting Sustainability First
• The company partnered with Ghana’s Environmental Protection Agency and local authorities to establish the “Keep Obuasi Clean” campaign, promoting hygiene and community cleanliness through monthly cleanup exercises.
• Schools have introduced programs where pupils serve as hygiene ambassadors, ensuring the longevity of cleanliness initiatives.
Empowering SMEs and Local Entrepreneurs
At the heart of Kamoa Copper’s operations lies a commitment to sustainability. The company recognises the importance of balancing economic growth with environmental stewardship and social responsibility. It actively seeks to minimise its carbon footprint while utilising natural resources judiciously.
AngloGold Ashanti understands that a thriving local economy is key to long-term sustainability. The company has partnered with Absa Bank Ghana Limited and the
• Business Acceleration and Sustainability (BAST): Helps SMEs develop organizational systems and access financing.
Ben Munanga explained, “Sustainability is central to everything we do. We are dedicated to ensuring our operations contribute positively to the United Nations Sustainable Development Goals, particularly in areas such as clean water, responsible consumption, and climate action.” This holistic approach underscores Kamoa Copper's dedication to making a positive impact beyond its mining activities.
• Women in E-commerce: Supports female entrepreneurs in digital and online business ventures.
• Business Supply Chain Development: Strengthens local businesses to secure contracts with AngloGold Ashanti.
A crucial element of Kamoa Copper’s sustainability strategy is its innovative waste management practices. The company employs advanced techniques to reduce the environmental impact of mining by pumping waste back underground to support mining structures, thereby decreasing surface storage needs. Additionally, Kamoa
Artisans to Entrepreneurs (A2E) Project: Provides technical and vocational training to young artisans, helping them grow sustainable businesses.
7D Minerals (Zimbabwe)
Subsidary of 7D Holdings
Over 4 years in operation
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7D HOLDINGS (SOUTH AFRICA)
Over 6 years operation International Offices in South Africa, Zimbabwe & Botswana.
7D Mining Supplies
Subsidary of 7D
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• Metallurgical
7D Global Projects
Subsidary of 7D Holdings
Over 5 Years in operation
• Engineering & Analytical Chemistry Project Management .
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• Metallurgical Services (Plant Operation & General Consultancy)
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ANGLOGOLD ASHANTI
Driving Economic Growth in Ghana
SMEs contribute 60% of Ghana’s GDP and account for 80% of private sector employment. AngloGold Ashanti’s business development initiatives in Obuasi highlight the company’s dedication to fostering local economic growth and reducing reliance on the mining sector alone.
Senior Sustainability Manager Emmanuel Baidoo emphasized the strategic significance of these projects, noting their potential to build sustainable livelihoods for local communities, particularly for young people looking beyond traditional mining jobs.
The Future of AngloGold Ashanti
As AngloGold Ashanti moves forward, the company remains focused on operational excellence, sustainable development, and shareholder value. With record financial results in 2024, a strong commitment to ESG principles, and ongoing investments in local communities, AngloGold Ashanti is well-positioned for continued success in 2025 and beyond.
From achieving world-record engineering feats at Obuasi to investing in sustainable agriculture and entrepreneurship, the company is demonstrating how mining can be a catalyst for long-term social and economic progress.
With a strong growth strategy, disciplined financial management, and a vision for a more sustainable future, AngloGold Ashanti is leading the way in the global gold mining industry.
www.anglogoldashanti.com
