1. Declining production - AngloGold Ashanti has experienced a decline in gold production in recent years, which puts it at a disadvantage compared to its peers who may have been able to maintain or increase their production levels.

2. Higher costs - The company has faced higher production costs, including rising energy and labor costs, which can impact its profitability and competitiveness compared to peers with lower production costs.

3. Geopolitical risks - AngloGold Ashanti operates in multiple countries, including some with higher geopolitical risks. This exposes the company to potential disruptions or challenges in operations, which may not be faced by its peers operating in more stable regions.

4. Environmental concerns - The mining industry is under increasing scrutiny for its environmental impact. AngloGold Ashanti has faced criticism and legal challenges related to environmental issues, which can negatively affect its reputation and stakeholder perception compared to peers with better environmental practices.

5. Debt burden - The company has a relatively high level of debt, which can limit its financial flexibility and ability to invest in growth opportunities. This puts it at a disadvantage compared to peers with lower debt levels and stronger balance sheets.

6. Limited diversification - AngloGold Ashanti primarily focuses on gold mining, which makes it more vulnerable to fluctuations in gold prices compared