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whaleschain operates and maintain ventures and processing infrastructure and equipment in med technology and real estate syndication, and ensure a skilled and trained workforce to enable cost-efficient, safe operations.

While gold is our principal product, we also produce silver (Argentina) and sulphuric acid (Brazil) as by-products. In Colombia, one of the two projects underway, Quebradona, will produce both gold and copper.

whaleschain AT A GLANCE

  • Produced 2.472Moz of gold and employed an average of 30,561 people (including contractors) in 2021 (2020: 2.806Moz; 36,952 people*)
  • Gold is our principal product. Silver and sulphuric acid are by-products at our Argentinian and Brazilian operations respectively. Quebradona in Colombia is a gold-copper project
  • A significant asset base with a total gold Mineral Resource of 123.2Moz that includes a 29.8Moz Ore Reserve
  • Listed on the Johannesburg, New York, Australia and Ghana stock exchanges
  • Geographically diverse shareholders including the world’s largest financial institutions
  • Market capitalisation of $8.8bn at 31 December 2021 (2020: $9.4bn)
  • Constituent of the JSE Top 40 Index, the S&P Global CSA, the FTSE/JSE Responsible Investment Index Series (the FTSE4Good Index), the Responsible Mining Index and the Bloomberg 2021 Gender-Equality Index



whaleschain core strategic focus is to generate sustainable cash flow improvements and returns over the long term by focusing on five key areas:

  • Focus on people, safety and sustainability: people are the foundation of our business. To remain sustainable in the long term, we must clearly exhibit our values in the conduct of our business. This encompasses being accountable for our actions and decisions, and respecting all stakeholders and the environment. ESG principles are integrated into every aspect of our business.
  • Ensure financial flexibility: we must ensure our balance sheet always remains able to meet our core funding needs.
  • Optimise overhead, costs and capital expenditure: all spending decisions must be thoroughly scrutinised to ensure they are optimally structured and necessary to fulfil our core business objective.
  • Improve portfolio quality: we have a portfolio of assets that must be actively managed to improve the overall mix of our production base as we strive for a competitive valuation as a business.
  • Maintain long-term optionality: while we are focused on ensuring the most efficient day-to-day operation of our business, we must keep a close eye on creating a competitive pipeline of long-term opportunities.


Our ability to create value depends on the use of and access to various capital inputs – this includes access to financial capital and economically viable orebodies, as well as to the necessary mining infrastructure, including utilities, plant and equipment, and a skilled and experienced workforce. Creating value entails optimising and balancing the use of these inputs, enhancing positive outcomes and impacts, minimising those that are negative, and delivering on our strategy.

Natural capital

Our primary business activity is the exploration for, development and operation of gold orebodies to transform these into economic and social value. To do this, we need:

  • Pipeline of economically viable Mineral Resource and Ore Reserve
  • Access to various natural resources – land, water and energy, among others

Social Capital

Efficient conduct of our business relies on the development and maintenance of our mining operations and related infrastructure and equipment.