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Business Model

What makes us different
  • Focus on high-grade assets

    Return on investment in the precious metals industry is reliant on grades and mining conditions. We achieve better returns and lower risks from our project portfolio by setting appropriate thresholds on head grades and largely focusing on open-pit mines.

  • Strong capital discipline

    We engender a strong focus on capital discipline throughout the business; maximising risk-adjusted return on capital is our priority in all investment decisions. We do not retain excess cash and return free cash flow to shareholders through substantial dividend payments while retaining a safe leverage level.

  • Investing in exploration

    Investment in both greenfield and near-mine exploration provides us with a cost-effective increase in our reserve base and, along with successful acquisitions, is the key source of our long-term growth.

  • Hub-based system

    Our centralised hub-based system handles ores from different sources, achieving economies of scale by minimising processing and logistics costs, as well as capital spending per ounce. This facilitates production at otherwise uneconomical medium- and small-sizednear-plant deposits.

  • Exemplary governance

    We engender a strong focus on capital discipline throughout the business; maximising risk-adjusted return on capital is our priority in all investment decisions. We do not retain excess cash and return free cash flow to shareholders through substantial dividend payments while retaining a safe leverage level.

  • Operational excellence

    We pride ourselves on our operational excellence and delivering on our promises to shareholders. Despite difficult trading conditions, we beat our production guidance for the fourth consecutive year.

Value creation for stakeholders
  • Shareholders

    We deliver on our promises while providing a sustainable dividend stream and future growth through quality assets.

  • Other capital providers

    Our centralised hub-based system handles ores from different sources, achieving economies of scale by minimising processing and logistics costs, as well as capital spending per ounce. This facilitates production at otherwise uneconomical medium- and small-sizednear-plant deposits.

  • Employees

    We provide remuneration that is above the regional average and comfortable working conditions, along with career development opportunities.

  • Communities

    We invest in our local communities, providing employment opportunities and improving infrastructure, and engage with them to achieve their support for the projects that we undertake.

  • Government

    We contribute to the national wealth and are a significant tax payer in the regions of operation, supporting local governments’ social projects.

  • Suppliers

    We provide fair terms and are developing long-term partnerships, while ensuring suppliers’ integrity and Environmental, Social And Governance (ESG) compliance.

Mining cycle

Our investment in the skills and expertise that support key competencies, backed by strong financial discipline, ensures a robust performance throughout the cycle.

We replenish reserves through active brownfield and greenfield exploration, and have a robust evaluation system to select high-quality assets for further development.

Exploration

We have a track record of delivery on time and within budget, including growth projects in challenging locations without access to infrastructure.

Development

We have a strong skill set in selective open-pit and underground mining, incorporating global best practices and robust grade and dilution control.

Mining-ore

In the remote regions of our operation, we have acquired vital skills for inbound logistics of consumables and outbound transportation of ores and concentrates to make the best use of our hub strategy

Logistics

We employ both conventional (such as flotation or heap leaching) and leading processing technologies (such as POX) that maximise recoveries at our plants.

Processing

We sell gold and silver bars, mainly to Russian and Kazakhstan banks, and precious metals concentrates to offtakers throughout the global market.

Selling

We manage the end-ofmine life responsibly, employing environmental best practice and a duty of care to local communities during the closure/ rehabilitation process.

Mining-closure