Achieving growth through exploration

Overview

Although we have an opportunistic approach to the acquisition of producing or late stage projects, we believe effective exploration continues to offer the best opportunities for value-adding growth that does not dilute shareholder value. This forms the basis for our aggressive focus on near-mine and greenfields exploration – both in our existing countries of operation and beyond. Our approach continues to be justified by our ongoing success in expanding our Mineral Resources and Mineral Reserves (p126).

The diversified nature of our growth pipeline means that we can expect a significant increase in our ‘international’ production in the medium- and long-term, as well as further life extension at our existing operations at current levels of production.

This includes, for example:

• A number of near-mine exploration and organic development opportunities at our existing operations in Ghana and Peru
• Life extension in Australia, Ghana and Peru
• Resource development and feasibility projects in Finland, Mali, Peru and the Philippines

These are in addition to development activities at our South Deep mine, which is going to play a key strategic role in maintaining and increasing South African production volumes as our Kloof-Driefontein Complex (KDC) and Beatrix mines mature (p56-58).