Key Strategic Enablers


Fostering relationships through action, integrity and honesty

Committed to sustainability:

  • Focused on achieving zero harm
  • Operational transformation trusts are actively involved in local economic development (LED) projects
  • Legacy of environmentally responsible mining with all rehabilitation liabilities fully funded
  • Strong, transparent relationships with labour, government and communities
  • People-focused ethos with a largely stable workforce


Disciplined approach to capital management

  • Management team that continues to drive shareholder value through judicious capital allocation
  • Limited gearing with strong statement of financial position
  • Investments must provide attractive shareholder returns



Leadership, planning and control

Preferred gold investment:

  • Profitable production growth from long-life assets
  • Long-life quality gold mining operations
  • Significant resource and reserve base, with a focus on bringing these ounces to account in the form of cash flow and earnings
  • Capacity to grow organically and acquisitively
  • Strong track record of replenishing mineral reserves through effective exploration to increase the life-of-mine
  • Gold mining assets provide a safe-haven investment in volatile global markets



Delivering on all our targets without compromise | Maximising sustainable gold production | Positive impact on earnings

  • Proven business model, committed to low-cost production and successful organic growth with value-accretive transactions
  • Culture of delivery – Barberton Tailings Retreatment Plant (BTRP) and Evander Tailings Retreatment Plant (ETRP)
  • Quality assets delivering strong cash flows and robust returns
  • Approval for the construction of the Elikhulu Tailings Retreatment Plant project (Elikhulu Project)
  • Improved sustainability at our operations
  • Total mineral resources: gold of 34.4Moz and an attractive project development pipeline


Delivering consistent and increasing returns

  • Attractive dividend yield with a track record of sector-leading dividends
  • Robust profitability and cash flow generation
  • Cash-flow generative assets enable consistent dividend payments to be made
  • Project delivery and requisite shareholder returns: BTRP payback within 18 months, ETRP payback within three years


Cash-flow generative and dividend paying

  • Dividend policy linked to cash generation and a track record of sector-leading dividend payments
  • A five-year historical average dividend yield in excess of 5%
  • Low level gearing with a strong statement of financial position.
  • Access to a revolving credit facility (RCF) of ZAR1 billion and a ZAR1 billion term facility for the Elikhulu Project