AngloGold Ashanti is one of the world's largest gold mining companies. It operates 10 mines across eight countries, organized into three regions: Africa (~66% of production), Australia (~18%), and Americas (~16%). The company mines gold ore, processes it into doré on site, refines it to at least 99.5% purity, and sells it to bullion banks at the prevailing market price. Gold is essentially the only product. AngloGold Ashanti's key assets include Geita in Tanzania, Sukari in Egypt (acquired via Centamin in late 2024 and considered a Tier 1 asset), Obuasi in Ghana, Tropicana in Australia, and two development projects in Nevada. Revenue is simply gold production volume multiplied by the gold price, making the gold price the dominant financial driver. The key controllable metric is all-in sustaining cost (AISC) — total cash costs plus sustaining capital per ounce — which was $1,751/oz in 2025 against a gold price well above $3,000/oz. AngloGold Ashanti's growth strategy is primarily organic, focused on brownfield expansions at existing mines (targeting 10–15% production growth over three years), greenfield development in Nevada, and exploration. The Nevada projects — North Bullfrog and Arthur Gold — are the flagship long-term growth assets, with first production targeted in the early 2030s. The company returns capital via a base quarterly dividend topped up to 50% of free cash flow annually.