UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
OR | |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR | |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
E-mail: (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) |
Title of each class | Trading Symbols | Name of each exchange on which registered |
Ordinary Shares of $1.00 each |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | ||
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | Yes ☐ | |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | ||
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | ||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. |
Check one: | Accelerated filer ☐ | Non-accelerated filer ☐ | Emerging growth company |
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | |
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). |
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: | U.S. GAAP ☐ |
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. | Item 17 ☐ Item 18 ☐ | |
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes ☐ |
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Item 16K: | Cybersecurity | ||||
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Item 19: | E-1 |
2028 notes: The $750 million aggregate principal amount of 3.375 percent notes due 2028. |
2030 notes: The $700 million aggregate principal amount of 3.750 percent notes due 2030. |
2040 notes: The $300 million aggregate principal amount of 6.50 percent notes due 2040. |
All-in costs: “All-in costs” is a Non-GAAP measure comprising “all-in sustaining costs” including additional costs which reflect the varying costs of producing gold over the life-cycle of a mine including costs incurred at new operations and costs related to growth projects at existing operations, which are expected to increase production. “All-in costs per ounce” ($/oz) is arrived at by dividing the US dollar value of this cost metric by the ounces of gold sold. |
All-in sustaining costs (AISC): “All-in sustaining costs” is a Non-GAAP measure which is an extension of the existing “total cash costs” metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and evaluation cost associated with sustaining current operations. “All-in sustaining costs per ounce” ($/oz) is arrived at by dividing the US dollar value of this cost metric by the ounces of gold sold. |
Attributable basis: The Group’s share of gold ounces, gold income, capital expenditure and other items, based on its ownership interest. |
Average gold price received per ounce ($/oz): “Average gold price received per ounce” is a Non-GAAP measure which gives an indication of revenue earned per ounce of gold sold and includes gold income and realised non-hedge derivatives in its calculation and serves as a benchmark of performance against the market spot gold price. This metric is calculated by dividing attributable gold income (price received) by attributable ounces of gold sold. |
Average number of employees: The monthly average number of production and non-production employees and contractors employed during the year, where contractors are defined as individuals who have entered into a fixed-term contract of employment with a group company or subsidiary. Employee numbers of joint ventures represent the Group’s attributable share. |
Capital or total capital (expenditure): Total capital expenditure on tangible assets. |
Effective tax rate: Current and deferred taxation charge for the year as a percentage of profit before taxation. |
Free cash flow: “Free cash flow” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes cash inflow from operating activities, less cash outflow from investing activities and after finance costs, adjusted to exclude once-off acquisitions, disposals and corporate restructuring costs, and movements in restricted cash. |
Market spot gold price: The price of gold traded at any given moment on the Over-The-Counter (OTC) wholesale market of which the transaction will be settled in two business days’ time. |
Non-sustaining capital (expenditure): “Non-sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred at new operations and capital expenditure related to ‘major projects’ at existing operations where these projects will materially increase production. |
Ounces of gold produced: The attributable number of gold ounces produced by the Group. |
Ounces of gold sold: The attributable number of gold ounces sold by the Group. |
Price received per ounce ($/oz): The attributable gold income including realised non-hedge derivatives divided by attributable ounces of gold sold. |
Rated bonds: The 2028 notes, the 2030 notes and the 2040 notes. |
Region: Defines the operational management divisions within AngloGold Ashanti, namely Africa (DRC, Ghana, Guinea and Tanzania), Australia and the Americas (Argentina and Brazil and projects in the United States and Colombia). |
Related party: Parties are considered related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions or if such parties are under common control. |
Significant influence: The ability, directly or indirectly, to participate in, but not exercise control over, the financial and operating policy decision of an entity so as to obtain economic benefit from its activities. |
Sustaining capital (expenditure): “Sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred to sustain and maintain existing assets at their current productive capacity in order to achieve constant planned levels of productive output and capital expenditure to extend useful lives of existing production assets. This includes replacement of vehicles, plant and machinery, Mineral Reserve development, deferred stripping and capital expenditure related to financial benefit initiatives, safety, health and the environment. |
Total cash costs: “Total cash costs” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by- products, but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration costs. “Total cash costs per ounce” ($/oz) is calculated by dividing attributable total cash costs by attributable ounces of gold produced. |
Weighted average number of ordinary shares: The number of ordinary shares in issue at the beginning of the year, increased by shares issued during the year, weighted on a time basis for the period during which they have participated in the income of the Group, and increased by share options that are virtually certain to be exercised. |
$, US$, USD, US dollar or dollar | United States dollar |
ARS or Argentinean peso | Argentinean peso |
A$, AUD or Australian dollar | Australian dollar |
BRL or Brazilian real | Brazilian real |
£, GBP or British pound | British pound |
C$, CAD or Canadian dollar | Canadian dollar |
COP or Colombian peso | Colombian peso |
CDF or Congolese franc | Congolese franc |
€ or Euro | European euro |
GHS, Gh¢, Ghanaian cedi or cedi | Ghanaian cedi |
TZS or Tanzanian shilling | Tanzanian shilling |
ZAR, R, South African rand or rand | South African rand |
By-products: Any potentially economic or saleable products that emanate from the core process of producing gold or copper, including silver, molybdenum and sulphuric acid. |
Carbon-in-leach (CIL): Gold is leached from a slurry of ore where cyanide and carbon granules are added to the same agitated tanks. The gold loaded carbon granules are separated from the slurry and treated in an elution circuit to remove the gold. |
Carbon-in-pulp (CIP): Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached slurry then passes into the CIP circuit where activated carbon granules are mixed with the slurry and gold is adsorbed on to the activated carbon. The gold-loaded carbon is separated from the slurry and treated in an elution circuit to remove the gold. |
Comminution: Comminution is the crushing and grinding of ore to make gold available for physical or chemical separation (see also “Milling”). |
Contained gold or Contained copper: The total gold or copper content (tonnes multiplied by grade) of the material being described. |
Cut-off grade: Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing “prospects of economic extraction,” the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. |
Depletion: The decrease in the quantity of ore in a deposit or property resulting from extraction or production. |
Development: The process of accessing an orebody through shafts and/or tunneling in underground mining operations. |
Development stage property: A development stage property is a property that has Mineral Reserve disclosed, but no material extraction. |
Diorite: An igneous rock formed by the solidification of molten material (magma). |
Doré: Impure alloy of gold and silver produced at a mine to be refined to a higher purity. |
Economically viable: Economically viable, when used in the context of Mineral Reserve determination, means that the Qualified Person has determined, using a discounted cash flow analysis, or has otherwise analytically determined, that extraction of the Mineral Reserve is economically viable under reasonable investment and market assumptions. |
Electrowinning: A process of recovering gold from solution by means of electrolytic chemical reaction into a form that can be smelted easily into gold bars. |
Elution: Recovery of the gold from the activated carbon into solution before zinc precipitation or electrowinning. |
Exploration results: Exploration results are data and information generated by mineral exploration programmes (i.e., programmes consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral deposit) that are not part of a disclosure of Mineral Resource or Mineral Reserve. A registrant must not use exploration results alone to derive estimates of tonnage, grade, and production rates, or in an assessment of economic viability. |
Exploration stage property: An exploration stage property is a property that has no Mineral Reserve disclosed. |
Exploration target: An exploration target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnage and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. |
Feasibility study: A feasibility study is a comprehensive technical and economic study of the selected development option for a mineral project, which includes detailed assessments of all applicable modifying factors, as defined by this section, together with any other relevant operational factors, and detailed financial analyses that are necessary to demonstrate, at the time of reporting, that extraction is economically viable. The results of the study may serve as the basis for a final decision by a proponent or financial institution to proceed with, or finance, the development of the project. A feasibility study is more comprehensive, and with a higher degree of accuracy, than a pre-feasibility study. It must contain mining, infrastructure, and process designs completed with sufficient rigour to serve as the basis for an investment decision or to support project financing. The confidence level in the results of a feasibility study is higher than the confidence level in the results of a pre-feasibility study. Terms such as full, final, comprehensive, bankable, or definitive feasibility study are equivalent to a feasibility study. |
Flotation: Concentration of gold and gold-hosting minerals into a small mass by various techniques (e.g. collectors, frothers, agitation, air-flow) that collectively enhance the buoyancy of the target minerals, relative to unwanted gangue, for recovery into an over-flowing froth phase. |
Gold produced or Gold production: Refined gold in a saleable form derived from the mining process. |
Grade: The quantity of ore contained within a unit weight of mineralised material generally expressed in grams per metric tonne (g/t) or ounce per short tonne for gold bearing material or Percentage copper (%Cu) for copper bearing material. |
Greenschist: A schistose metamorphic rock whose green colour is due to the presence of chlorite, epidote or actinolite. |
Indicated Mineral Resource: An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an Indicated Mineral Resource is sufficient to allow a Qualified Person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a lower level of confidence than the level of confidence of a Measured Mineral Resource, an Indicated Mineral Resource may only be converted to a Probable Mineral Reserve. |
Inferred Mineral Resource: An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the lowest level of geological confidence of all Mineral Resource, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral Resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a Mineral Reserve. |
Initial assessment (also known as concept study, scoping study, conceptual study and preliminary economic assessment): An initial assessment is a preliminary technical and economic study of the economic potential of all or parts of mineralisation to support the disclosure of Mineral Resource. The initial assessment must be prepared by a Qualified Person and must include appropriate assessments of reasonably assumed technical and economic factors, together with any other relevant operational factors, that are necessary to demonstrate at the time of reporting that there are reasonable prospects for economic extraction. An initial assessment is required for disclosure of Mineral Resource but cannot be used as the basis for disclosure of Mineral Reserve. |
Leaching: Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption on to activated carbon or direct zinc precipitation. |
Life-of-mine (LOM): Number of years for which an operation is planning to mine and treat ore, and is taken from the current mine plan. |
Measured Mineral Resource: A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a Measured Mineral Resource is sufficient to allow a Qualified Person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a Measured Mineral Resource has a higher level of confidence than the level of confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve. |
Metallurgical plant: A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona (and, in some cases, valuable by-products). |
Metallurgical recovery factor (MetRF): A measure of the efficiency in extracting gold, silver or copper from the ore. |
Milling: A process of reducing broken ore to a size at which concentrating or leaching can be undertaken (see also “Comminution”). |
Mine call factor (MCF): The ratio, expressed as a percentage, of the total quantity of recovered and unrecovered mineral product after processing with the amount estimated in the ore based on sampling. The ratio of contained gold delivered to the metallurgical plant divided by the estimated contained gold of ore mined based on sampling. |
Mineralisation: The process or processes by which a mineral or minerals are introduced into rock, resulting in a potentially valuable deposit. |
Mineral deposit: A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on the earth’s crust. |
Mineral Reserve: A Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that, in the opinion of the Qualified Person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Mineral Reserve is subdivided in order of increasing confidence into Probable Mineral Reserve and Proven Mineral Reserve. Mineral Reserve is aggregated from the Proven and Probable Mineral Reserve categories. A Measured Mineral Resource may be converted to either a Proven Mineral Reserve or a Probable Mineral Reserve depending on uncertainties associated with modifying factors that are taken into account in the conversion from Mineral Resource to Mineral Reserve. The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility). |
Mineral Resource: A Mineral Resource is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralisation drilled or sampled. Mineral Resource is subdivided and must be so reported, in order of increasing confidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories. The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material. |
Mining recovery factor (MRF): This factor reflects a mining efficiency factor relating to the recovery of material during the mining process and is the variance between the tonnes called for in the mining design and what the plant receives. It is expressed in both a grade and tonnage number. |
Modifying Factors: Modifying factors are the factors that a Qualified Person must apply to Indicated and Measured Mineral Resource and then evaluate in order to establish the economic viability of Mineral Reserve. A Qualified Person must apply and evaluate modifying factors to convert Measured and Indicated Mineral Resource to Proven and Probable Mineral Reserve. These factors include, but are not restricted to: mining; processing; metallurgical; infrastructure; economic; marketing; legal; environmental compliance; plans, negotiations, or agreements with local individuals or groups; and governmental factors. The number, type and specific characteristics of the modifying factors applied will necessarily be a function of and depend upon the mineral, mine, property, or project. |
Open pit mining: An excavation made at the surface of the ground for the purpose of extracting minerals, inorganic and organic, from their natural deposits, which excavation is open to the surface. |
Ounce (oz) (troy): Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035 grams. |
Pay limit: The grade of a unit of ore at which the revenue from the recovered mineral content of the ore is equal to the sum of total cash costs, closure costs, Mineral Reserve development and stay-in-business capital. This grade is expressed as an in- situ value in grams per tonne or ounces per short ton (before dilution and mineral losses). |
Precipitate: The solid product formed when a change in solution chemical conditions results in conversion of some pre- dissolved ions into solid state. |
Preliminary feasibility study (pre-feasibility study): is a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a Qualified Person has determined (in the case of underground mining) a preferred mining method, or (in the case of surface mining) a pit configuration, and in all cases has determined an effective method of mineral processing and an effective plan to sell the product. A pre-feasibility study includes a financial analysis based on reasonable assumptions, based on appropriate testing, about the modifying factors and the evaluation of any other relevant factors that are sufficient for a Qualified Person to determine if all or part of the Indicated and Measured Mineral Resource may be converted to Mineral Reserve at the time of reporting. The financial analysis must have the level of detail necessary to demonstrate, at the time of reporting, that extraction is economically viable. A pre-feasibility study is less comprehensive and results in a lower confidence level than a feasibility study. A pre-feasibility study is more comprehensive and results in a higher confidence level than an initial assessment. |
Probable Mineral Reserve: A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases, a Measured Mineral Resource. |
Production stage property: A production stage property is a property with material extraction of Mineral Reserve. |
Productivity: An expression of labour productivity based on the ratio of ounces of gold produced per month to the total number of employees in mining operations. |
Proven Mineral Reserve: A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and can only result from conversion of a Measured Mineral Resource. |
Qualified Person: A Qualified Person, in respect of the Company's material properties, is an individual who is (1) a mineral industry professional with at least five years of relevant experience in the type of mineralisation and type of deposit under consideration and in the specific type of activity that person is undertaking on behalf of the registrant; and (2) an eligible member or licensee in good standing of a recognised professional organisation at the time the technical report is prepared. Regulation S-K 1300 details further recognised professional organisations and also relevant experience. |
Quartz: A hard mineral consisting of silica dioxide found widely in all rocks. |
Recovered grade: The recovered mineral content per unit of ore treated. |
Reef: A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of gold. Reef can also be any significant or thick gold bearing quartz vein. |
Refining: The final purification process of a metal or mineral. |
Regulation S-K 1300: Subpart 1300 of Regulation S-K (17 CFR § 229.1300) which contains the SEC’s mining property disclosure requirements for mining registrants. |
Rehabilitation: The process of reclaiming land disturbed by mining to allow an appropriate post-mining use. Rehabilitation standards are defined by country-specific laws, including but not limited to the US Bureau of Land Management, the US Forest Service, and the relevant Australian mining authorities, and address among other issues, ground and surface water, topsoil, final slope gradient, waste handling and re-vegetation issues. |
Resource modification factor (RMF): This factor is applied when there is an historic reconciliation discrepancy in the Mineral Resource model (e.g. between the Mineral Resource model tonnage and the grade control model tonnage). It is expressed in both a grade and tonnage number. |
Scats: Within the metallurgical plants, scats is a term used to describe ejected ore or other uncrushable / grinding media arising from the milling process. This, typically oversize material (ore), is ejected from the mill and stockpiled or re-crushed via a scats retreatment circuit. Retreatment of scats is aimed at fracturing the material such that it can be returned to the mills and processed as with the other ores to recover the gold locked up within this oversize material. |
Seismic event: A sudden inelastic deformation within a given volume of rock that radiates detectable seismic energy. |
Shaft: A vertical or subvertical excavation used for accessing an underground mine; for transporting personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or as an auxiliary exit. |
Smelting: A pyro-metallurgical operation in which gold precipitate from electro-winning or zinc precipitation is further separated from impurities. |
Stoping: The process of excavating ore underground. |
Stripping ratio: The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined divided by ore tonnes mined. |
Tailings: Finely ground rock of low residual value from which valuable minerals have been extracted. |
Tonnage: Quantity of material measured in tonnes. |
Tonne: Used in metric statistics. Equal to 1,000 kilograms. |
Total recordable injury frequency rate (TRIFR): The total number of recordable injuries and fatalities that occurs per million hours worked. |
Underground mining: The extraction of rocks, minerals and industrial materials, other than coal, oil and gas, from the earth by developing entries or shafts from the surface to the seam or deposit before recovering the product by underground extraction methods. |
Waste: Material that contains insufficient mineralisation for consideration for future treatment and, as such, is discarded. |
Yield: The amount of valuable mineral or metal recovered from each unit mass of ore expressed as grams per metric tonne. |
Zinc precipitation: Zinc precipitation is the chemical reaction using zinc dust that converts gold in solution to a solid form for smelting into unrefined gold bars. |
° | Degree |
% | Percentage |
%Cu | Percentage copper |
$ | United States dollar |
$/oz | United States dollar per ounce |
$/lb | United States dollar per pound |
3D | Three-dimensional space |
A2X | A2X Markets |
AAIL | AngloGold Ashanti (Iduapriem) Limited |
AARL | Anglo American Research Laboratories |
AC | Aircore drilling |
ACU | Australian Credit Unit |
ADR | American Depositary Receipt |
ADS | American Depositary Share |
AFIP | Argentinean Tax Authority |
Ag | Silver |
AGA | AngloGold Ashanti plc |
AGA Mineração | AngloGold Ashanti Córrego do Sítio Mineração |
AGAC | AngloGold Ashanti Colombia S.A.S. |
AGAG | AngloGold Ashanti (Ghana) Limited |
AGAH | AngloGold Ashanti Holdings plc |
AGANA | AngloGold Ashanti North America Inc. |
AGM | Annual General Meeting |
AISC | All-in sustaining costs |
ANLA | Colombian National Environmental Licencing Authority |
ANM | Brazilian National Mining Agency or Colombian Mining Authority (as applicable) |
ASX | Australian Securities Exchange |
Au | Gold |
AusIMM | The Australasian Institute of Mining and Metallurgy |
B-BBEE | Broad-Based Black Economic Empowerment |
B2Gold | B2Gold Corp. |
Barrick | Barrick Gold Corporation |
BBSY | Bank Bill Swap Bid Rate |
BEE | Black Economic Empowerment |
BEng | Bachelor of Engineering |
BIF | Banded iron formation |
BIOX | Bacterial oxidation |
BLM | United States Federal Bureau of Land Management |
BMRR | State of Nevada Division of Environmental Protection’s Bureau of Mining Regulation and Reclamation |
bn | Billion |
B2Gold | B2Gold Corp. |
Board | Company’s board of directors |
BSc | Bachelor of Science |
BSc Eng | Bachelor of Science in Engineering |
BSc Hons | Bachelor of Science Honours |
CCD | Counter Current Decant system in thickeners |
CDI | Chess Depositary Interests |
CdS | Córrego do Sítio |
CEO | Chief Executive Officer |
CFO | Chief Financial Officer |
CGU | Cash Generating Unit |
CHESS | Clearing House Electronic Settlement System |
CIL | Carbon-in-leach |
CIP | Carbon-in-pulp |
Coeur Sterling | Coeur Sterling, Inc. |
CompCo | AngloGold Ashanti plc Compensation and Human Resources Committee |
Corvus Gold | Corvus Gold Inc. |
COSO | Committee of Sponsoring Organisations of the Treadway Commission |
CPI | Consumer Prices index |
CSD | Central Securities Depository |
CTC | Contributed tax capital |
Cu | Copper |
CVSA | Cerro Vanguardia S.A. |
Cyanisorb | Cyanide Recovery Plant |
DCE | Declaração de Condição de Estabilidade |
DCO | Declaração de Conformidade e Operacionalidade |
DCP | Disclosure controls and procedures |
DD | Diamond drilling |
DEI | Declaration of Environmental Impact |
D&I | Diversity and Inclusion |
DIAN | Colombian Tax Office |
DMRE | South African Department of Mineral Resources and Energy |
Dodd-Frank Act | United States Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended |
DRC | Democratic Republic of the Congo |
DSP | Deferred Share Plan |
DTC | The Depository Trust Company |
ECSA | The Engineering Council of South Africa |
EHS | Environmental, health and safety |
EIA | Environmental Impact Assessment |
EPS | Enhanced Production Scheduler |
ERP | Enterprise resource planning |
ESG | Environmental, social and governance |
EU | European Union |
EU GDPR | General Data Protection Regulation (Regulation (EU) 2016/679) |
EVP/COO | Executive Vice President/Chief Operating Officer |
Exchange Act | United States Securities Exchange Act of 1934, as amended |
ExCom | Executive Committee |
EY | Ernst & Young Inc. |
E4V | Exploring for value |
FAusIMM | Fellow of the Australasian Institute of Mining and Metallurgy |
FCA | UK Financial Conduct Authority |
FMA | Argentinean Federal Mining Agreement |
FMSHRC | United States Federal Mine Safety and Health Review Commission |
Fomicruz SE | Fomento Minero de Santa Cruz Sociedad del Estado |
FP | Full Asset Potential Programme |
FPI | Foreign Private Issuer |
FS | Feasibility Study |
FTSE | Financial Times Stock Exchange |
FVTOCI | Fair value through other comprehensive income |
FVTPL | Fair value through profit or loss |
G or g | Grams |
g/t | Grams per metric tonne |
GCL | Gramalote Colombia Limited |
GDPR | EU General Data Protection Regulation |
GFW | Galinheiro Footwall |
GGB | Geita Greenstone Belt |
GGM | Geita Gold Mine |
GGML | Geita Gold Mine Limited |
Ghana EPA | Ghana Environmental Protection Agency |
GhDS | Ghanaian Depositary Share |
GHG | Greenhouse gas |
GSE | Ghana Stock Exchange |
GISTM | Global Industry Standard on Tailings Management |
GJ | Gigajoule |
GMM Act | Ghanaian Minerals and Mining Act, 2006 (Act 703), as amended |
Gold Fields | Gold Fields Limited |
GRA | Ghana Revenue Authority |
GRI | Global Reporting Initiative |
GRIDCo | Ghana Grid Company Limited |
GSSA | Geological Society of South Africa |
H2O-CO2 | Water-carbon dioxide |
HDSA | Historically disadvantaged South Africans |
HME | Heavy mobile equipment |
HMRC | His Majesty’s Revenue and Customs |
IASB | International Accounting Standards Board |
ICE | Intercontinental Exchange |
ICFR | Internal control over financial reporting |
ICMM | International Council on Mining & Metals |
ID&E | Inclusion, Diversity and Equity |
IFRS | International Financial Reporting Standards as issued by the IASB |
IIRC | International Integrated Reporting Council |
IMF | International Monetary Fund |
Iron Quadrangle | Quadrilátero Ferrífero |
IRS | United States Internal Revenue Services |
iSIMS | Integrated Sustainability Information Management System |
IT | Information technology |
ITGC | Information Technology General Controls |
JORC | Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves |
JSE | JSE Limited (Johannesburg Stock Exchange) |
JV | Joint venture |
KCD | Karagba, Chauffeur and Durba |
King IV | The King Report on Corporate Governance for South Africa, 2016 |
Kg or kg | Kilograms |
Km or km | Kilometres |
Km2 | Square kilometres |
Koz | Thousand ounces |
ktpa | Kilometric tonnes per annum |
kV | Kilovolt |
LBMA | London Bullion Market Association |
LHOS | Long Hole Open Stoping |
LIBOR | London Interbank Offer Rate |
LOM | Life-of-mine |
LOS | Longitudinal Open Stoping |
LRS | Longitudinal Retreat Stoping |
LUC | Localised Uniform Conditioning |
M or m | Metre or million, depending on the context |
m3 | Cubic metre |
m3/s | Cubic metre per second |
MAusIMM | Member of the Australasian Institute of Mining and Metallurgy |
MBC | Mining and Building Contractors Limited |
MCF | Mine call factor |
MCQ | Minera de Cobre Quebradona S.A.S. B.I.C. |
MEM | Tanzanian Ministry of Minerals |
MGSSA | Member of the Geological Society of South Africa |
MetRF | Metallurgical recovery factor |
Mine Act | United States Federal Mine Safety and Health Act of 1977, as amended |
Mlb | Million pounds |
MME | Brazilian Ministry of Mines and Energy |
Mo | Molybdenum |
MoI | Memorandum of Incorporation |
Moto | Moto Goldmines Limited |
Moz | Million ounces |
MPhil | Master of Philosophy |
MPRDA | South African Mineral and Petroleum Resources Development Act, No. 28 of 2002, as amended |
MPRDAA | South African Mineral and Petroleum Resources Development Amendment Act, No. 49 of 2008, as amended |
MPTRO | South African Mineral and Petroleum Titles Registration Office |
MRF | Mining recovery factor |
mRL | Metres relative level |
MSc | Master of Science |
MSG | Mineração Serra Grande Sociedade Anônima |
MSHA | United States Department of Labor's Mine Safety and Health Administration |
MSO | Datamine Mineable Shape Optimiser |
MSR | Minimum Shareholding Requirement |
Mt | Million tonnes |
Mtpa | Million tonnes per annum |
MW | Megawatt |
NCROE | Normalised Cash Return on Equity |
NED | Non-Executive Director |
NEMA | South African National Environmental Management Act, No. 107 of 1998, as amended |
NGER | Australian National Greenhouse and Energy Reporting |
NGO | Non-governmental organisation |
NHIL | Ghanaian National Health Insurance Levy |
NIHL | Noise-induced hearing loss |
NSR | Net Smelter Return |
Northern Star Resources | Northern Star Resources Limited |
NYSE | New York Stock Exchange |
OLD | Occupational lung diseases |
OTC | Over-The-Counter |
Oz or oz | Ounces |
oz/t | Ounces per tonne |
PASEA | PTP (AGAG) Smoke Effect Association |
PCAOB | United States Public Company Accounting Oversight Board |
PFIC | Passive foreign investment company |
PMMC | Precious Minerals Marketing Company Ltd |
POPIA | South African Protection of Personal Information Act, No. 4 of 2013, as amended |
POX | Pressure oxidation |
Pr.Sci.Nat | Professional Natural Scientist of the South African Council for Natural Scientific Professions |
PSP | Performance Share Plan |
PTP | Pompora Treatment Plant |
PwC | PricewaterhouseCoopers Inc. |
QA/QC | Quality Assurance/Quality Control |
QKNA | Quantitative Kriging Neighbourhood Analysis |
Randgold | Randgold Resources Limited |
RC | Reverse circulation |
RCubed | Resource and Reserve Reporting System |
Remco | AngloGold Ashanti Limited Remuneration and Human Resources Committee |
RenGold | Renaissance Exploration Inc. |
RM SME | Registered Member of the Society for Mining, Metallurgy and Exploration |
RMF | Resource modification factor |
ROM | Run of mine |
RRLT | Mineral Resource and Mineral Reserve Leadership Team |
RRSC | Mineral Resource and Mineral Reserve Steering Committee |
S | Sulphur |
SA Companies Act | South African Companies Act, No. 71 of 2008, as amended |
SACNASP | South African Council for Natural Scientific Professions |
SAG | Société AngloGold Ashanti de Guinée S.A. |
SAG mills | Semi-Autogenous Grinding mills |
SA Income Tax Act | South African Income Tax Act, No. 58 of 1962, as amended |
SAMREC | South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves 2016 edition |
SARB | South African Reserve Bank |
SARS | South African Revenue Service |
SASB | Sustainability Accounting Standards Board |
SBB | South Brasilia Belt |
SCB | Standard Chartered Bank Ghana PLC |
SDG | Sustainable development goals |
SDRT | Stamp Duty Reserve Tax |
SEC | United States Securities and Exchange Commission |
Securities Act | United States Securities Act of 1933, as amended |
SES | Social, ethics and sustainability |
SME | Society for Mining, Metallurgy and Exploration |
SMS | Short messaging system |
SMU | Selective mining unit |
SOFR | Secured Overnight Financing Rate |
SOKIMO | Société Minière de Kilo-Moto S.A. |
SOX | United States Sarbanes-Oxley Act of 2002, as amended |
STT | Securities transfer tax |
SW | Southwest |
SWNVF | Southwestern Nevada volcanic field |
T or t | Tonnes |
TANESCO | Tanzania Electric Supply Company Limited |
TCFD | Task Force on Climate-related Financial Disclosures |
TOS | Transverse Open Stoping |
Tpa or tpa | Tonnes per annum |
Tpd or tpd | Tonnes per day |
TRA | Tanzania Revenue Authority |
TRIFR | Total recordable injury frequency rate |
TSF | Tailings storage facility |
TSR | Total Shareholder Return |
UC | Uniform Conditioning |
UHDF | Underhand drift and fill (mining method) |
UK | United Kingdom |
UK Companies Act | UK Companies Act 2006, as amended |
UK GDPR | EU GDPR as implemented in the law of England and Wales by the European Union (Withdrawal) Act 2018, as amended |
UNCITRAL | United Nations Commission on International Trade Law |
UNECA | United Nations Economic Commission for Africa |
UNGC | United Nations Global Compact |
UNGP | United Nations Guiding Principles for Business and Human Rights |
UNSDGs | United Nations Sustainable Development Goals |
US/U.S./USA/United States | United States of America |
UTM | Universal Transverse Mercator |
VAT | Value added tax |
VPSHR | Voluntary Principles on Security and Human Rights |
WGC | World Gold Council |
XBRL | eXtensible Business Reporting Language (including in-line XBRL, i-XBRL) |
Americas | Africa | Australia | |
1. Argentina Cerro Vanguardia (92.5%) 2. Brazil AGA Mineração Serra Grande Projects 3. Colombia La Colosa Quebradona 4. United States of America Expanded Silicon (1) North Bullfrog (2) Mother Lode Sterling (3) | 5. Guinea Siguiri (85%) 6. Ghana Iduapriem Obuasi 7. Democratic Republic of the Congo (DRC) Kibali (45%) (4) 8. Tanzania Geita | 9. Australia Sunrise Dam Butcher Well (70%) Tropicana (70%) |
Attributable gold production (000oz) | Average number of employees | ||
Subsidiary operations | |||
Ghana | |||
Iduapriem | 268 | 2,359 | |
Obuasi | 224 | 5,376 | |
Guinea | |||
Siguiri (Attr. 85%) | 221 | 4,277 | |
Tanzania | |||
Geita | 485 | 6,839 | |
Joint venture operations | |||
Democratic Republic of the Congo | |||
Kibali (Attr. 45%) | 343 | 2,883 |
Unit | 2023 | 2022 | 2021 | ||||
Restated | Restated | ||||||
Subsidiary operations | |||||||
Tonnes treated/milled (1) | Mt | 21.5 | 21.8 | 21.3 | |||
Pay limit | oz/t | 0.048 | 0.044 | 0.035 | |||
g/t | 1.640 | 1.516 | 1.193 | ||||
Recovered grade | oz/t | 0.051 | 0.054 | 0.045 | |||
g/t | 1.73 | 1.86 | 1.54 | ||||
Gold production (attributable) | 000oz | 1,198 | 1,298 | 1,054 | |||
Cost of sales | $m | 1,739 | 1,666 | 1,302 | |||
Total cash costs per ounce (2) | $/oz | 1,121 | 1,023 | 991 | |||
All-in sustaining costs per ounce (2) | $/oz | 1,563 | 1,291 | 1,264 | |||
Capital expenditure (3) | $m | 625 | 486 | 434 | |||
Safety | |||||||
Number of fatalities | 0 | 0 | 1 | ||||
TRIFR | Per million hours worked | 0.39 | 0.33 | 0.61 | |||
People | |||||||
Average number of employees: Total | 18,851 | 17,076 | 14,806 | ||||
Permanent employees | 6,296 | 5,780 | 5,619 | ||||
Contractors | 12,555 | 11,296 | 9,187 |
Unit | 2023 | 2022 | 2021 | ||||
Joint venture operations | |||||||
Tonnes treated/milled | Mt | 3.7 | 3.5 | 3.5 | |||
Pay limit | oz/t | 0.048 | 0.054 | 0.048 | |||
g/t | 1.650 | 1.850 | 1.652 | ||||
Recovered grade | oz/t | 0.084 | 0.087 | 0.095 | |||
g/t | 2.89 | 2.98 | 3.25 | ||||
Gold production (attributable) | 000oz | 343 | 337 | 365 | |||
Cost of sales | $m | 372 | 342 | 350 | |||
Total cash costs per ounce (2) | $/oz | 802 | 725 | 647 | |||
All-in sustaining costs per ounce(2) | $/oz | 951 | 979 | 856 | |||
Capital expenditure (attributable) | $m | 85 | 90 | 72 | |||
People | |||||||
Average number of employees: Total | 2,883 | 2,731 | 2,454 | ||||
Permanent employees | 1,014 | 957 | 860 | ||||
Contractors | 1,869 | 1,774 | 1,594 |
Attributable gold production (000oz) | Average number of employees | ||
Operations | |||
Argentina | |||
Cerro Vanguardia (Attr. 92.5%) | 152 | 1,841 | |
Brazil | |||
AGA Mineração (1) | 252 | 4,887 | |
Serra Grande | 86 | 1,837 |
Unit | 2023 | 2022 | 2021 | ||||
Restated | Restated | ||||||
Operation | |||||||
Tonnes treated/milled (1) | Mt | 5.5 | 5.9 | 5.9 | |||
Pay limit | oz/t | 0.11 | 0.10 | 0.10 | |||
g/t | 3.75 | 3.52 | 3.49 | ||||
Recovered grade (1) | oz/t | 0.080 | 0.077 | 0.073 | |||
g/t | 2.74 | 2.62 | 2.51 | ||||
Gold production (attributable) (1) | 000oz | 490 | 499 | 481 | |||
Silver production (attributable) | Moz | 4.0 | 3.2 | 3.4 | |||
Cost of sales | $m | 931 | 913 | 822 | |||
Total cash costs per ounce (1) (2) | $/oz | 1,124 | 957 | 831 | |||
All-in sustaining costs per ounce (1) (2) | $/oz | 1,713 | 1,555 | 1,457 | |||
Capital expenditure (3) | $m | 281 | 339 | 398 | |||
Safety | |||||||
Number of fatalities | 0 | 0 | 1 | ||||
TRIFR | Per million hours worked | 2.11 | 2.33 | 3.55 | |||
People | |||||||
Average number of employees: Total | 8,565 | 9,498 | 9,972 | ||||
Permanent employees | 5,519 | 6,093 | 6,452 | ||||
Contractors | 3,046 | 3,405 | 3,520 |
Attributable gold production (000oz) | Average number of employees | ||
Operations | |||
Australia | |||
Sunrise Dam | 252 | 763 | |
Tropicana (Attr. 70%) | 310 | 978 |
Unit | 2023 | 2022 | 2021 | ||||
Operation | |||||||
Tonnes treated/milled | Mt | 10.5 | 10.7 | 10.5 | |||
Pay limit | oz/t | 0.06 | 0.05 | 0.06 | |||
g/t | 1.92 | 1.69 | 1.89 | ||||
Recovered grade | oz/t | 0.050 | 0.050 | 0.047 | |||
g/t | 1.66 | 1.56 | 1.47 | ||||
Gold production (attributable) | 000oz | 562 | 538 | 494 | |||
Cost of sales | $m | 867 | 783 | 740 | |||
Total cash costs per ounce (1) | $/oz | 1,251 | 1,157 | 1,196 | |||
All-in sustaining costs per ounce(1) | $/oz | 1,487 | 1,345 | 1,500 | |||
Capital expenditure (attributable) | $m | 135 | 202 | 185 | |||
Safety | |||||||
Number of fatalities | 0 | 0 | 0 | ||||
TRIFR | Per million hours worked | 3.20 | 3.82 | 6.59 | |||
People | |||||||
Average number of employees: Total | 1,741 | 1,532 | 1,332 | ||||
Permanent employees | 347 | 314 | 288 | ||||
Contractors | 1,394 | 1,218 | 1,044 |
Americas | Africa | Australia | |
1. Argentina Cerro Vanguardia (92.5%) 2. Brazil AGA Mineração Serra Grande Projects 3. Colombia La Colosa Quebradona 4. United States of America Expanded Silicon (1) North Bullfrog (2) Mother Lode Sterling (3) | 5. Guinea Siguiri (85%) 6. Ghana Iduapriem Obuasi 7. Democratic Republic of the Congo (DRC) Kibali (45%) (4) 8. Tanzania Geita | 9. Australia Sunrise Dam Butcher Well (70%) Tropicana (70%) |
Mineral Resource | Category | Tonnes | Grade | Contained Gold | |
at 31 December 2023 | million | g/t | tonnes | Moz | |
Kibali (45 percent) | Measured | 5.79 | 3.65 | 21.15 | 0.68 |
Indicated | 18.11 | 2.83 | 51.20 | 1.65 | |
Measured & Indicated | 23.90 | 3.03 | 72.35 | 2.33 | |
Inferred | 8.82 | 2.79 | 24.57 | 0.79 |
at 31 December 2023 | Kibali | |||
Category | Measured | Indicated | Total Measured and Indicated | Inferred |
Previous Year | 0.74 | 1.88 | 2.62 | 1.11 |
Exploration and Methodology | 0.08 | (0.15) | (0.07) | (0.32) |
Economic Assumptions | (0.07) | (0.05) | (0.12) | — |
Other | (0.07) | (0.03) | (0.10) | — |
at 31 December 2023 | Kibali | |||
Category | Measured | Indicated | Total Measured and Indicated | Inferred |
Acquisition / Disposal | — | — | — | — |
Current Year | 0.68 | 1.65 | 2.33 | 0.79 |
Net Difference | (0.06) | (0.23) | (0.29) | (0.32) |
% Difference | (8) | (12) | (11) | (29) |
Mineral Reserve | Category | Tonnes | Grade | Contained Gold | |
at 31 December 2023 | million | g/t | tonnes | Moz | |
Kibali (45 percent) | Proven | 13.82 | 3.44 | 47.58 | 1.53 |
Probable | 33.36 | 2.92 | 97.40 | 3.13 | |
Total | 47.18 | 3.07 | 144.98 | 4.66 |
at 31 December 2023 | Kibali | ||
Category | Proven | Probable | Total |
Previous Year | 1.62 | 2.95 | 4.57 |
Depletion | (0.12) | (0.28) | (0.40) |
Exploration and Methodology | 0.02 | 0.38 | 0.40 |
Economic Assumptions | — | 0.08 | 0.08 |
Other | 0.02 | — | 0.02 |
Acquisition / Disposal | — | — | — |
Current Year | 1.53 | 3.13 | 4.66 |
Net Difference | (0.09) | 0.18 | 0.09 |
% Difference | (5) | 6 | 2 |
Mineral Resource | Category | Tonnes | Grade | Contained Gold | |
at 31 December 2023 | million | g/t | tonnes | Moz | |
Obuasi | Measured | 3.47 | 7.77 | 26.97 | 0.87 |
Indicated | 28.83 | 6.95 | 200.23 | 6.44 | |
Measured & Indicated | 32.30 | 7.03 | 227.20 | 7.30 | |
Inferred | 35.37 | 8.48 | 299.94 | 9.64 |
at 31 December 2023 | Obuasi | |||
Category | Measured | Indicated | Total Measured and Indicated | Inferred |
Previous Year | 0.53 | 5.39 | 5.92 | 10.87 |
Exploration and Methodology | 0.11 | 0.67 | 0.78 | 0.64 |
Economic Assumptions | (0.03) | (0.31) | (0.34) | (0.83) |
Other | 0.25 | 0.69 | 0.94 | (1.04) |
Acquisition / Disposal | — | — | — | — |
Current Year | 0.87 | 6.44 | 7.30 | 9.64 |
Net Difference | 0.33 | 1.05 | 1.38 | (1.23) |
% Difference | 63 | 19 | 23 | (11) |
Mineral Reserve | Category | Tonnes | Grade | Contained Gold | |
at 31 December 2023 | million | g/t | tonnes | Moz | |
Obuasi | Proven | 3.79 | 10.12 | 38.40 | 1.23 |
Probable | 19.03 | 9.60 | 182.63 | 5.87 | |
Total | 22.83 | 9.68 | 221.03 | 7.11 |
at 31 December 2023 | Obuasi | ||
Category | Proven | Probable | Total |
Previous Year | 1.37 | 6.32 | 7.70 |
Depletion | (0.28) | (0.02) | (0.30) |
Exploration and Methodology | 0.02 | 0.13 | 0.14 |
Economic Assumptions | (0.07) | (0.51) | (0.58) |
Other | 0.20 | (0.05) | 0.15 |
Acquisition / Disposal | — | — | — |
Current Year | 1.23 | 5.87 | 7.11 |
Net Difference | (0.14) | (0.45) | (0.59) |
% Difference | (10) | (7) | (8) |
Mineral Resource | Category | Tonnes | Grade | Contained Gold | |
at 31 December 2023 | million | g/t | tonnes | Moz | |
Geita | Measured | 8.96 | 2.59 | 23.20 | 0.75 |
Indicated | 37.00 | 2.32 | 85.87 | 2.76 | |
Measured & Indicated | 45.95 | 2.37 | 109.07 | 3.51 | |
Inferred | 30.90 | 2.83 | 87.49 | 2.81 |
at 31 December 2023 | Geita | |||
Category | Measured | Indicated | Total Measured and Indicated | Inferred |
Previous Year | 0.24 | 2.63 | 2.88 | 3.08 |
Exploration and Methodology | 0.29 | (0.08) | 0.21 | (0.34) |
Economic Assumptions | 0.22 | 0.22 | 0.43 | 0.08 |
Other | — | (0.01) | (0.01) | — |
Acquisition / Disposal | — | — | — | — |
Current Year | 0.75 | 2.76 | 3.51 | 2.81 |
Net Difference | 0.51 | 0.13 | 0.63 | (0.26) |
% Difference | 210 | 5 | 22 | (9) |
Mineral Reserve | Category | Tonnes | Grade | Contained Gold | |
at 31 December 2023 | million | g/t | tonnes | Moz | |
Geita | Proven | 14.27 | 1.01 | 14.45 | 0.46 |
Probable | 40.25 | 2.21 | 89.09 | 2.86 | |
Total | 54.52 | 1.90 | 103.53 | 3.33 |
at 31 December 2023 | Geita | ||
Category | Proven | Probable | Total |
Previous Year | 0.31 | 3.25 | 3.57 |
Depletion | 0.08 | (0.64) | (0.56) |
Exploration and Methodology | — | (0.25) | (0.25) |
Economic Assumptions | 0.08 | 0.31 | 0.39 |
Other | (0.01) | 0.19 | 0.19 |
Acquisition / Disposal | — | — | — |
Current Year | 0.46 | 2.86 | 3.33 |
Net Difference | 0.15 | (0.39) | (0.24) |
% Difference | 49 | (12) | (7) |
Mineral Resource | Category | Tonnes | Grade | Contained Gold | |
at 31 December 2023 | million | g/t | tonnes | Moz | |
Merlin | Measured | — | — | — | — |
Indicated | — | — | — | — | |
Measured & Indicated | — | — | — | — | |
Inferred | 283.88 | 0.99 | 281.60 | 9.05 |
at 31 December 2023 | Merlin | |||
Category | Measured | Indicated | Total Measured and Indicated | Inferred |
Previous Year | — | — | — | — |
Exploration and Methodology | — | — | — | 9.05 |
Economic Assumptions | — | — | — | — |
Other | — | — | — | — |
Acquisition / Disposal | — | — | — | — |
Current Year | — | — | — | 9.05 |
Net Difference | — | — | — | 9.05 |
% Difference | — | — | — | 100 |
Gold price(1) | Local prices of gold(1) | ||||
Australia | Brazil | Argentina | Colombia | ||
$/oz | AUD/oz | BRL/oz | ARS/oz | COP/oz | |
Mineral Reserve | |||||
2023 | 1,400 | 1,931 | 7,744 | 490,000 | 7,377,559 |
2022 | 1,400 | 1,919 | 7,830 | 208,000 | 4,261,380 |
Mineral Resource | |||||
2023 | 1,750 | 2,447 | 9,309 | 612,500 | 8,422,242 |
2022 | 1,750 | 2,416 | 9,401 | 253,500 | 6,076,725 |
Copper price(1)(2) | Local price of copper(1)(2) | |
$/lb | COP/lb | |
Mineral Reserve | ||
2023 | 2.90 | 9,302 |
2022 | 2.90 | 9,302 |
Mineral Resource | ||
2023 | 3.50 | 12,451 |
2022 | 3.50 | 12,451 |
Mineral Resource (1) | At 31 December 2023 | |||||||||||||||
Measured | Indicated | Total Measured and Indicated | Inferred | |||||||||||||
Gold | Tonnes (3) | Grade | Contained Gold | Tonnes (3) | Grade | Contained Gold | Tonnes (3) | Grade | Contained Gold | Tonnes (3) | Grade | Contained Gold | ||||
Million | g/t | Tonnes | Moz | Million | g/t | Tonnes | Moz | Million | g/t | Tonnes | Moz | Million | g/t | Tonnes | Moz | |
Africa Region | 19.20 | 3.79 | 72.78 | 2.34 | 265.74 | 2.09 | 555.40 | 17.86 | 284.94 | 2.20 | 628.18 | 20.20 | 186.68 | 2.94 | 549.03 | 17.65 |
Democratic Republic of the Congo | 5.79 | 3.65 | 21.15 | 0.68 | 18.11 | 2.83 | 51.20 | 1.65 | 23.90 | 3.03 | 72.35 | 2.33 | 8.82 | 2.79 | 24.57 | 0.79 |
Kibali (45%)(2)(9)(13) | 5.79 | 3.65 | 21.15 | 0.68 | 18.11 | 2.83 | 51.20 | 1.65 | 23.90 | 3.03 | 72.35 | 2.33 | 8.82 | 2.79 | 24.57 | 0.79 |
Ghana | 4.45 | 6.39 | 28.43 | 0.91 | 82.22 | 3.36 | 276.30 | 8.88 | 86.67 | 3.52 | 304.73 | 9.80 | 59.95 | 5.59 | 335.40 | 10.78 |
Iduapriem(13) | 0.98 | 1.50 | 1.47 | 0.05 | 53.39 | 1.42 | 76.06 | 2.45 | 54.37 | 1.43 | 77.53 | 2.49 | 24.58 | 1.44 | 35.46 | 1.14 |
Obuasi(4)(13) | 3.47 | 7.77 | 26.97 | 0.87 | 28.83 | 6.95 | 200.23 | 6.44 | 32.30 | 7.03 | 227.20 | 7.30 | 35.37 | 8.48 | 299.94 | 9.64 |
Guinea | — | — | — | — | 128.41 | 1.11 | 142.03 | 4.57 | 128.41 | 1.11 | 142.03 | 4.57 | 87.01 | 1.17 | 101.57 | 3.27 |
Siguiri (85%)(2)(13) | — | — | — | — | 128.41 | 1.11 | 142.03 | 4.57 | 128.41 | 1.11 | 142.03 | 4.57 | 87.01 | 1.17 | 101.57 | 3.27 |
Tanzania | 8.96 | 2.59 | 23.20 | 0.75 | 37.00 | 2.32 | 85.87 | 2.76 | 45.95 | 2.37 | 109.07 | 3.51 | 30.90 | 2.83 | 87.49 | 2.81 |
Geita(5)(13) | 8.96 | 2.59 | 23.20 | 0.75 | 37.00 | 2.32 | 85.87 | 2.76 | 45.95 | 2.37 | 109.07 | 3.51 | 30.90 | 2.83 | 87.49 | 2.81 |
Americas Region | 16.57 | 4.13 | 68.36 | 2.20 | 35.82 | 2.99 | 107.02 | 3.44 | 52.39 | 3.35 | 175.38 | 5.64 | 53.72 | 3.90 | 209.66 | 6.74 |
Argentina | 5.50 | 2.62 | 14.43 | 0.46 | 13.80 | 2.49 | 34.35 | 1.10 | 19.30 | 2.53 | 48.78 | 1.57 | 3.92 | 3.15 | 12.34 | 0.40 |
Cerro Vanguardia (92.5%)(2)(13) | 5.50 | 2.62 | 14.43 | 0.46 | 13.80 | 2.49 | 34.35 | 1.10 | 19.30 | 2.53 | 48.78 | 1.57 | 3.92 | 3.15 | 12.34 | 0.40 |
Brazil | 11.07 | 4.87 | 53.94 | 1.73 | 22.02 | 3.30 | 72.66 | 2.34 | 33.09 | 3.83 | 126.60 | 4.07 | 49.80 | 3.96 | 197.32 | 6.34 |
AGA Mineração - Córrego do Sítio(15) | 3.03 | 3.31 | 10.04 | 0.32 | 7.80 | 3.16 | 24.66 | 0.79 | 10.83 | 3.20 | 34.70 | 1.12 | 20.45 | 3.94 | 80.56 | 2.59 |
AGA Mineração - Cuiabá(13) | 3.39 | 8.31 | 28.20 | 0.91 | 3.22 | 6.08 | 19.60 | 0.63 | 6.62 | 7.22 | 47.81 | 1.54 | 10.99 | 5.49 | 60.30 | 1.94 |
AGA Mineração - Lamego(13) | 1.12 | 3.57 | 4.01 | 0.13 | 2.64 | 2.25 | 5.94 | 0.19 | 3.76 | 2.64 | 9.95 | 0.32 | 2.37 | 2.24 | 5.32 | 0.17 |
Serra Grande(13) | 3.51 | 3.33 | 11.69 | 0.38 | 8.36 | 2.69 | 22.45 | 0.72 | 11.88 | 2.87 | 34.14 | 1.10 | 16.00 | 3.20 | 51.15 | 1.64 |
Australia Region | 26.75 | 1.69 | 45.27 | 1.46 | 29.43 | 1.85 | 54.44 | 1.75 | 56.18 | 1.77 | 99.71 | 3.21 | 46.16 | 2.40 | 110.84 | 3.56 |
Sunrise Dam(13) | 15.49 | 1.89 | 29.35 | 0.94 | 18.82 | 1.87 | 35.23 | 1.13 | 34.31 | 1.88 | 64.58 | 2.08 | 24.86 | 2.27 | 56.36 | 1.81 |
Butcher Well (70%)(2)(11) | — | — | — | — | — | — | — | — | — | — | — | — | 2.83 | 3.69 | 10.46 | 0.34 |
Tropicana (70%)(2)(13) | 11.26 | 1.41 | 15.92 | 0.51 | 10.61 | 1.81 | 19.22 | 0.62 | 21.87 | 1.61 | 35.13 | 1.13 | 18.46 | 2.38 | 44.02 | 1.42 |
Projects | 69.48 | 0.46 | 32.19 | 1.03 | 1,181.90 | 0.79 | 928.03 | 29.84 | 1,251.38 | 0.77 | 960.22 | 30.87 | 917.59 | 0.63 | 574.19 | 18.46 |
Colombia | 45.15 | 0.37 | 16.93 | 0.54 | 982.40 | 0.79 | 776.20 | 24.96 | 1,027.55 | 0.77 | 793.13 | 25.50 | 523.83 | 0.43 | 225.50 | 7.25 |
Gramalote (50%)(2)(10)(11) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
La Colosa(7)(11) | — | — | — | — | 833.49 | 0.87 | 726.31 | 23.35 | 833.49 | 0.87 | 726.31 | 23.35 | 217.89 | 0.71 | 154.86 | 4.98 |
Quebradona(8)(12) | 45.15 | 0.37 | 16.93 | 0.54 | 148.91 | 0.34 | 49.89 | 1.60 | 194.06 | 0.34 | 66.82 | 2.15 | 305.94 | 0.23 | 70.64 | 2.27 |
United States of America | 24.33 | 0.63 | 15.26 | 0.49 | 199.49 | 0.76 | 151.82 | 4.88 | 223.82 | 0.75 | 167.08 | 5.37 | 393.76 | 0.89 | 348.69 | 11.21 |
North Bullfrog(12) | — | — | — | — | 42.02 | 0.31 | 12.91 | 0.42 | 42.02 | 0.31 | 12.91 | 0.42 | 30.58 | 0.26 | 8.03 | 0.26 |
Silicon(11) | — | — | — | — | 121.56 | 0.87 | 105.90 | 3.40 | 121.56 | 0.87 | 105.90 | 3.40 | 36.03 | 0.70 | 25.23 | 0.81 |
Merlin(6)(11) | — | — | — | — | — | — | — | — | — | — | — | — | 283.88 | 0.99 | 281.60 | 9.05 |
Mother Lode(8)(11) | 24.33 | 0.63 | 15.26 | 0.49 | 35.91 | 0.92 | 33.01 | 1.06 | 60.24 | 0.80 | 48.28 | 1.55 | 9.86 | 0.55 | 5.39 | 0.17 |
Sterling(14)(16) | — | — | — | — | — | — | — | — | — | — | — | — | 33.41 | 0.85 | 28.43 | 0.91 |
AngloGold Ashanti Total | 132.00 | 1.66 | 218.60 | 7.03 | 1,512.89 | 1.09 | 1,644.88 | 52.88 | 1,644.89 | 1.13 | 1,863.48 | 59.91 | 1,204.15 | 1.20 | 1,443.71 | 46.42 |
Mineral Resource (1) | At 31 December 2023 | |||||||||||||||
Measured | Indicated | Total Measured and Indicated | Inferred | |||||||||||||
Copper | Tonnes (2) | Grade | Contained Copper | Tonnes (2) | Grade | Contained Copper | Tonnes (2) | Grade | Contained Copper | Tonnes (2) | Grade | Contained Copper | ||||
Million | %Cu | Tonnes Million | Pounds Million | Million | %Cu | Tonnes Million | Pounds Million | Million | %Cu | Tonnes Million | Pounds Million | Million | %Cu | Tonnes Million | Pounds Million | |
Americas Region | 45.15 | 0.69 | 0.31 | 684 | 148.91 | 0.68 | 1.01 | 2,218 | 194.06 | 0.68 | 1.32 | 2,902 | 305.94 | 0.48 | 1.47 | 3,231 |
Colombia | 45.15 | 0.69 | 0.31 | 684 | 148.91 | 0.68 | 1.01 | 2,218 | 194.06 | 0.68 | 1.32 | 2,902 | 305.94 | 0.48 | 1.47 | 3,231 |
Quebradona(3) | 45.15 | 0.69 | 0.31 | 684 | 148.91 | 0.68 | 1.01 | 2,218 | 194.06 | 0.68 | 1.32 | 2,902 | 305.94 | 0.48 | 1.47 | 3,231 |
AngloGold Ashanti Total | 45.15 | 0.69 | 0.31 | 684 | 148.91 | 0.68 | 1.01 | 2,218 | 194.06 | 0.68 | 1.32 | 2,902 | 305.94 | 0.48 | 1.47 | 3,231 |
Mineral Reserve | At 31 December 2023 | |||||||||||
Proven | Probable | Total Mineral Reserve | ||||||||||
Gold | Tonnes (2) | Grade | Contained Gold | Tonnes (2) | Grade | Contained Gold | Tonnes (2) | Grade | Contained Gold | |||
Million | g/t | Tonnes | Moz | Million | g/t | Tonnes | Moz | Million | g/t | Tonnes | Moz | |
Africa Region | 50.40 | 2.26 | 114.03 | 3.67 | 211.37 | 2.30 | 486.05 | 15.63 | 261.77 | 2.29 | 600.08 | 19.29 |
Democratic Republic of the Congo | 13.82 | 3.44 | 47.58 | 1.53 | 33.36 | 2.92 | 97.40 | 3.13 | 47.18 | 3.07 | 144.98 | 4.66 |
Kibali (45%)(1)(5)(8) | 13.82 | 3.44 | 47.58 | 1.53 | 33.36 | 2.92 | 97.40 | 3.13 | 47.18 | 3.07 | 144.98 | 4.66 |
Ghana | 10.09 | 4.41 | 44.47 | 1.43 | 61.98 | 3.88 | 240.59 | 7.74 | 72.07 | 3.96 | 285.06 | 9.17 |
Iduapriem(8) | 6.29 | 0.97 | 6.07 | 0.20 | 42.95 | 1.35 | 57.96 | 1.86 | 49.25 | 1.30 | 64.03 | 2.06 |
Obuasi(8)(10) | 3.79 | 10.12 | 38.40 | 1.23 | 19.03 | 9.60 | 182.63 | 5.87 | 22.83 | 9.68 | 221.03 | 7.11 |
Guinea | 12.21 | 0.62 | 7.53 | 0.24 | 75.78 | 0.78 | 58.97 | 1.90 | 87.99 | 0.76 | 66.50 | 2.14 |
Siguiri (85%)(1)(8) | 12.21 | 0.62 | 7.53 | 0.24 | 75.78 | 0.78 | 58.97 | 1.90 | 87.99 | 0.76 | 66.50 | 2.14 |
Tanzania | 14.27 | 1.01 | 14.45 | 0.46 | 40.25 | 2.21 | 89.09 | 2.86 | 54.52 | 1.90 | 103.53 | 3.33 |
Geita(8)(11) | 14.27 | 1.01 | 14.45 | 0.46 | 40.25 | 2.21 | 89.09 | 2.86 | 54.52 | 1.90 | 103.53 | 3.33 |
Americas Region | 7.38 | 3.52 | 25.96 | 0.83 | 17.06 | 3.15 | 53.74 | 1.73 | 24.44 | 3.26 | 79.70 | 2.56 |
Argentina | 2.09 | 3.26 | 6.82 | 0.22 | 7.21 | 1.91 | 13.76 | 0.44 | 9.30 | 2.21 | 20.58 | 0.66 |
Cerro Vanguardia (92.5%)(1)(3)(8) | 2.09 | 3.26 | 6.82 | 0.22 | 7.21 | 1.91 | 13.76 | 0.44 | 9.30 | 2.21 | 20.58 | 0.66 |
Brazil | 5.28 | 3.62 | 19.14 | 0.62 | 9.85 | 4.06 | 39.99 | 1.29 | 15.14 | 3.91 | 59.13 | 1.90 |
AGA Mineração - Córrego do Sítio(9) | 0.84 | 3.10 | 2.62 | 0.08 | 2.01 | 4.42 | 8.89 | 0.29 | 2.86 | 4.03 | 11.50 | 0.37 |
AGA Mineração - Cuiabá(4)(8) | 1.67 | 5.10 | 8.51 | 0.27 | 3.91 | 4.99 | 19.52 | 0.63 | 5.58 | 5.02 | 28.03 | 0.90 |
AGA Mineração - Lamego(4)(8) | 0.36 | 3.27 | 1.17 | 0.04 | 0.86 | 3.53 | 3.03 | 0.10 | 1.22 | 3.45 | 4.19 | 0.13 |
Serra Grande(8) | 2.41 | 2.84 | 6.84 | 0.22 | 3.07 | 2.79 | 8.56 | 0.28 | 5.48 | 2.81 | 15.40 | 0.49 |
Australia Region | 25.33 | 1.27 | 32.23 | 1.04 | 23.36 | 2.10 | 49.07 | 1.58 | 48.69 | 1.67 | 81.30 | 2.61 |
Sunrise Dam(8)(12) | 10.53 | 1.50 | 15.81 | 0.51 | 5.72 | 2.89 | 16.56 | 0.53 | 16.25 | 1.99 | 32.37 | 1.04 |
Tropicana (70%)(1)(8) | 14.81 | 1.11 | 16.42 | 0.53 | 17.64 | 1.84 | 32.51 | 1.05 | 32.44 | 1.51 | 48.93 | 1.57 |
Projects | — | — | — | — | 191.94 | 0.58 | 111.89 | 3.60 | 191.94 | 0.58 | 111.89 | 3.60 |
Colombia | — | — | — | — | 120.01 | 0.67 | 80.83 | 2.60 | 120.01 | 0.67 | 80.83 | 2.60 |
Quebradona(3)(6)(7) | — | — | — | — | 120.01 | 0.67 | 80.83 | 2.60 | 120.01 | 0.67 | 80.83 | 2.60 |
United States of America | — | — | — | — | 71.93 | 0.43 | 31.05 | 1.00 | 71.93 | 0.43 | 31.05 | 1.00 |
North Bullfrog(3)(7)(13) | — | — | — | — | 71.93 | 0.43 | 31.05 | 1.00 | 71.93 | 0.43 | 31.05 | 1.00 |
AngloGold Ashanti Total | 83.11 | 2.07 | 172.22 | 5.54 | 443.73 | 1.58 | 700.75 | 22.53 | 526.84 | 1.66 | 872.97 | 28.07 |
Mineral Reserve | At 31 December 2023 | |||||||||||
Proven | Probable | Total Mineral Reserve | ||||||||||
Copper | Tonnes (1) | Grade | Contained Copper | Tonnes (1) | Grade | Contained Copper | Tonnes (1) | Grade | Contained Copper | |||
Million | %Cu | Tonnes Million | Pounds Million | Million | %Cu | Tonnes Million | Pounds Million | Million | %Cu | Tonnes Million | Pounds Million | |
Americas Region | — | — | — | — | 120.01 | 1.23 | 1.47 | 3,250 | 120.01 | 1.23 | 1.47 | 3,250 |
Colombia | — | — | — | — | 120.01 | 1.23 | 1.47 | 3,250 | 120.01 | 1.23 | 1.47 | 3,250 |
Quebradona(2)(3) | — | — | — | — | 120.01 | 1.23 | 1.47 | 3,250 | 120.01 | 1.23 | 1.47 | 3,250 |
AngloGold Ashanti Total | — | — | — | — | 120.01 | 1.23 | 1.47 | 3,250 | 120.01 | 1.23 | 1.47 | 3,250 |
Responsibility | Qualified Person | Professional organisation | Membership number | Relevant experience | Qualification |
Kibali Mineral Resource | Richard Peattie (1) | FAusIMM | 301029 | 27 years | MPhil (Geostatistics) |
Kibali Mineral Reserve | Romulo Sanhueza | MAusIMM | 211794 | 26 years | BSc Eng (Mining) |
Obuasi Mineral Resource | Eric Kofi Owusu Acheampong | MAusIMM | 220644 | 26 years | MSc (Mineral Resource Evaluation), BSc (Geological Engineering) |
Obuasi Mineral Reserve | Douglas Atanga | MAusIMM | 334391 | 15 years | BSc (Mining Engineering) |
Geita Mineral Resource | Damon Elder | MAusIMM | 208240 | 27 years | BSc Hons (Geology) |
Geita Mineral Reserve | Duan Campbell | ECSA | 202101953 | 21 years | BEng (Mining) |
Merlin Mineral Resource | Jay Olcott | RM SME | 4173430 | 20 years | BSc (Geology) |
Average annual exchange rates to the US dollar | 2023 | 2022 | 2021 | ||
Brazilian real | 5.00 | 5.16 | 5.40 | ||
Australian dollar | 1.51 | 1.44 | 1.33 | ||
Argentinean peso | 293.67 | 130.87 | 95.21 |
Financial performance of AngloGold Ashanti | Year ended 31 December | ||||
(in $ millions) | 2023 | 2022 | 2021 | ||
Restated | Restated | ||||
Revenue from product sales | 4,582 | 4,501 | 4,029 | ||
Cost of sales | (3,541) | (3,366) | (2,859) | ||
Total of all other (expenses) income | (1,185) | (824) | (466) | ||
Share of associates and joint ventures’ profit (loss) | 207 | 161 | 245 | ||
Taxation | (285) | (221) | (311) | ||
Profit (loss) for the period | (222) | 251 | 638 | ||
Net profit (loss) attributable to equity shareholders | (235) | 233 | 614 | ||
Net profit (loss) attributable to non-controlling interests | 13 | 18 | 24 |
Cost of sales for AngloGold Ashanti | Year ended 31 December | ||||
(in $ millions) | 2023 | 2022 | 2021 | ||
Restated | Restated | ||||
Total cost of sales | 3,541 | 3,366 | 2,859 | ||
Inventory change | 12 | 30 | (6) | ||
Amortisation of tangible assets | (579) | (555) | (413) | ||
Amortisation of intangible assets | (1) | (1) | (3) | ||
Amortisation of right of use assets | (78) | (81) | (63) | ||
Retrenchment costs | (4) | (6) | (2) | ||
Environmental rehabilitation and other non-cash costs | (21) | — | (38) | ||
Total operating costs | 2,870 | 2,753 | 2,334 |
Capital expenditure data for subsidiaries and joint ventures | Year ended 31 December | |||||
(in $ millions) | 2023 | 2022 | 2021 | |||
Subsidiaries (1) | 1,042 | 1,028 | 1,028 | |||
Sustaining capital expenditure (2) | 842 | 708 | 717 | |||
Non-sustaining capital expenditure (3) | 200 | 320 | 311 | |||
Equity-accounted joint ventures | 85 | 90 | 72 | |||
Sustaining capital expenditure | 52 | 71 | 61 | |||
Non-sustaining capital expenditure | 33 | 19 | 11 |
(in millions) | Year ended 31 December | ||||||||||
2023 | 2022 | 2021 | |||||||||
$ | percent | $ | percent | $ | percent | ||||||
Geographical analysis of gold income by origin is as follows: | |||||||||||
Africa | 3,068 | 69 | 2,981 | 68 | 2,644 | 68 | |||||
Australia | 1,081 | 24 | 967 | 22 | 890 | 23 | |||||
Americas | 999 | 22 | 1,036 | 24 | 1,028 | 26 | |||||
5,148 | 4,984 | 4,562 | |||||||||
Less: Associates and equity-accounted joint ventures included above | (668) | (15) | (596) | (14) | (659) | (17) | |||||
4,480 | 100 | 4,388 | 100 | 3,903 | 100 |
(in millions) | Year ended 31 December | ||||||||||
2023 | 2022 | 2021 | |||||||||
$ | percent | $ | percent | $ | percent | ||||||
Restated | Restated | ||||||||||
Geographical analysis of assets by origin is as follows: | |||||||||||
Africa | 4,414 | 54 | 4,035 | 50 | 4,231 | 53 | |||||
Australia | 942 | 12 | 960 | 12 | 1,034 | 13 | |||||
Americas | 1,254 | 15 | 1,395 | 18 | 1,573 | 20 | |||||
Projects | 833 | 10 | 872 | 11 | 313 | 4 | |||||
Other, including non-gold producing subsidiaries | 732 | 9 | 751 | 9 | 856 | 10 | |||||
Total assets | 8,175 | 100 | 8,013 | 100 | 8,007 | 100 |
Operating data for AngloGold Ashanti operations - Total | Year ended 31 December | ||||
2023 | 2022 | 2021 | |||
Restated | Restated | ||||
Cost of sales (million US dollars) - Subsidiaries | 3,541 | 3,366 | 2,859 | ||
Cost of sales (million US dollars) - Subsidiaries excluding CdS(2) | 3,437 | 3,203 | 2,710 | ||
Cost of sales (million US dollars) - Joint Ventures | 372 | 342 | 350 | ||
All-in sustaining costs per ounce ($/oz) - Subsidiaries(1) | 1,652 | 1,439 | 1,441 | ||
All-in sustaining costs per ounce ($/oz) - Subsidiaries excluding CdS (1) (2) | 1,628 | 1,396 | 1,408 | ||
All-in sustaining costs per ounce ($/oz) - Joint Ventures(1) | 951 | 979 | 856 | ||
All-in costs per ounce ($/oz) - Subsidiaries(1) | 1,895 | 1,658 | 1,695 | ||
All-in costs per ounce ($/oz) - Subsidiaries excluding CdS(1) (2) | 1,855 | 1,617 | 1,666 | ||
All-in costs per ounce ($/oz) - Joint Ventures(1) | 1,074 | 1,075 | 900 | ||
Total cash costs per ounce ($/oz) - Subsidiaries(1) | 1,174 | 1,066 | 1,017 | ||
Total cash costs per ounce ($/oz) - Subsidiaries excluding CdS(1) (2) | 1,154 | 1,040 | 1,001 | ||
Total cash costs per ounce ($/oz) - Joint Ventures(1) | 802 | 725 | 647 |
Average gold price received per ounce for AngloGold Ashanti | Year ended 31 December | ||||||
2023 | 2022 | 2021 | |||||
Subsidiaries | Joint Ventures | Subsidiaries | Joint Ventures | Subsidiaries | Joint Ventures | ||
Gold income (million US dollars) | 4,480 | 668 | 4,388 | 596 | 3,903 | 659 | |
Realised gain on non-hedge derivatives | 2 | — | — | — | — | — | |
Adjusted for non-controlling interests (million US dollars) | (99) | — | (112) | — | (103) | — | |
4,383 | 668 | 4,276 | 596 | 3,800 | 659 | ||
Attributable gold sold - oz (000) | 2,273 | 343 | 2,385 | 332 | 2,116 | 367 | |
Average gold price received per ounce ($/oz) | 1,928 | 1,948 | 1,793 | 1,795 | 1,796 | 1,797 |
For the year ended 31 December 2023 | ||||||||||||||
(in US dollar million, except as otherwise noted) | ||||||||||||||
AFRICA | AUSTRALIA | |||||||||||||
Corporate and other(5) | Kibali | Other | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
All-in sustaining costs | ||||||||||||||
Cost of sales per segmental information(4) | 4 | 372 | — | 372 | 387 | 313 | 473 | 566 | — | 1,739 | 399 | 438 | 30 | 867 |
By-product revenue | — | (2) | — | (2) | — | (1) | — | (2) | — | (3) | (1) | (3) | — | (4) |
Realised other commodity contracts | 7 | — | — | — | — | — | — | — | — | — | — | — | — | — |
Amortisation of tangible, intangible and right of use assets | (5) | (99) | — | (99) | (129) | (61) | (39) | (91) | — | (320) | (58) | (104) | (1) | (163) |
Adjusted for decommissioning and inventory amortisation | — | 1 | — | 1 | — | — | — | (1) | — | (1) | (1) | — | — | (1) |
Corporate administration, marketing and related expenses | 92 | — | — | — | — | — | — | — | — | — | — | — | — | — |
Lease payment sustaining | 2 | 2 | — | 2 | 3 | — | — | 26 | — | 29 | 16 | 11 | 1 | 28 |
Sustaining exploration and study costs | — | — | — | — | — | 2 | 6 | 12 | (1) | 19 | 2 | 1 | — | 3 |
Total sustaining capital expenditure | 1 | 52 | — | 52 | 96 | 148 | 74 | 162 | — | 480 | 47 | 50 | 1 | 98 |
All-in sustaining costs | 101 | 326 | — | 326 | 357 | 401 | 514 | 672 | (1) | 1,943 | 404 | 393 | 31 | 828 |
Adjusted for non-controlling interests and non-gold producing companies(1) | — | — | — | — | — | — | (77) | — | — | (77) | — | — | — | — |
All-in sustaining costs adjusted for non-controlling interest and non- gold producing companies | 101 | 326 | — | 326 | 357 | 401 | 437 | 672 | (1) | 1,866 | 404 | 393 | 31 | 828 |
All-in sustaining costs | 101 | 326 | — | 326 | 357 | 401 | 514 | 672 | (1) | 1,943 | 404 | 393 | 31 | 828 |
Non-sustaining capital expenditure | — | 33 | — | 33 | 46 | 66 | 4 | 29 | — | 145 | — | 37 | — | 37 |
Non-sustaining lease payments | — | — | — | — | — | — | — | 2 | — | 2 | — | — | — | — |
Non-sustaining exploration and study costs | — | 1 | — | 1 | — | — | 7 | 9 | 1 | 17 | 5 | 6 | 22 | 33 |
Care and maintenance | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Closure and social responsibility costs not related to current operations | 5 | 7 | 1 | 8 | (1) | (4) | — | 1 | 1 | (3) | 1 | (1) | (1) | (1) |
Other provisions | 1 | — | — | — | — | — | — | — | — | — | — | — | — | — |
All-in costs | 107 | 367 | 1 | 368 | 402 | 463 | 525 | 713 | 1 | 2,104 | 410 | 435 | 52 | 897 |
Adjusted for non-controlling interests and non-gold producing companies(1) | — | — | — | — | — | — | (79) | — | — | (79) | — | — | — | — |
All-in costs adjusted for non-controlling interest and non-gold producing companies | 107 | 367 | 1 | 368 | 402 | 463 | 446 | 713 | 1 | 2,025 | 410 | 435 | 52 | 897 |
Gold sold - oz (000)(2) | — | 343 | — | 343 | 268 | 226 | 221 | 479 | — | 1,194 | 256 | 301 | — | 557 |
All-in sustaining cost per ounce - $/oz(3) | — | 951 | — | 951 | 1,329 | 1,777 | 1,976 | 1,403 | — | 1,563 | 1,583 | 1,304 | — | 1,487 |
All-in cost per ounce - $/oz(3) | — | 1,069 | — | 1,074 | 1,500 | 2,050 | 2,020 | 1,488 | — | 1,696 | 1,603 | 1,446 | — | 1,612 |
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. | ||||||||||||||
(2) Attributable portion. | ||||||||||||||
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. | ||||||||||||||
(4) Refer to “Item 18: Financial Statements—Note 2—Segmental Information”. | ||||||||||||||
(5) Corporate includes non-gold producing subsidiaries. | ||||||||||||||
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023. | ||||||||||||||
For the year ended 31 December 2023 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
All-in sustaining costs | |||||||||||||
Cost of sales per segmental information(4) | 307 | 453 | 169 | 2 | 931 | — | 372 | 3,541 | 104 | 349 | 827 | 3,437 | |
By-product revenue | (93) | (2) | — | — | (95) | — | (2) | (102) | — | (2) | (95) | (102) | |
Realised other commodity contracts | — | — | — | — | — | — | — | 7 | — | — | — | 7 | |
Amortisation of tangible, intangible and right of use assets | (39) | (88) | (43) | — | (170) | — | (99) | (658) | (6) | (82) | (164) | (652) | |
Adjusted for decommissioning and inventory amortisation | 1 | (3) | — | — | (2) | (1) | 1 | (5) | — | (3) | (2) | (5) | |
Corporate administration, marketing and related expenses | — | — | — | — | — | 2 | — | 94 | — | — | — | 94 | |
Lease payment sustaining | — | 33 | 8 | (1) | 40 | 1 | 2 | 100 | 7 | 26 | 33 | 93 | |
Sustaining exploration and study costs | 6 | 1 | — | 1 | 8 | 2 | — | 32 | — | 1 | 8 | 32 | |
Total sustaining capital expenditure | 75 | 122 | 55 | — | 252 | 11 | 52 | 842 | 19 | 103 | 233 | 823 | |
All-in sustaining costs | 257 | 516 | 189 | 2 | 964 | 15 | 326 | 3,851 | 124 | 392 | 840 | 3,727 | |
Adjusted for non-controlling interests and non-gold producing companies(1) | (19) | — | — | — | (19) | — | — | (96) | — | — | (19) | (96) | |
All-in sustaining costs adjusted for non-controlling interest and non-gold producing companies | 238 | 516 | 189 | 2 | 945 | 15 | 326 | 3,755 | 124 | 392 | 821 | 3,631 | |
All-in sustaining costs | 257 | 516 | 189 | 2 | 964 | 15 | 326 | 3,851 | 124 | 392 | 840 | 3,727 | |
Non-sustaining capital expenditure | — | 2 | — | — | 2 | 16 | 33 | 200 | 2 | — | — | 198 | |
Non-sustaining lease payments | — | 2 | — | — | 2 | — | — | 4 | 2 | — | — | 2 | |
Non-sustaining exploration and study costs | 7 | 6 | 1 | 1 | 15 | 158 | 1 | 223 | 3 | 3 | 12 | 220 | |
Care and maintenance | — | 49 | — | — | 49 | 3 | — | 52 | 34 | 15 | 15 | 18 | |
Closure and social responsibility costs not related to current operations | — | 62 | 10 | 1 | 73 | — | 8 | 74 | 4 | 58 | 69 | 70 | |
Other provisions | — | — | — | — | — | — | — | 1 | — | — | — | 1 | |
All-in costs | 264 | 637 | 200 | 4 | 1,105 | 192 | 368 | 4,405 | 169 | 468 | 936 | 4,236 | |
Adjusted for non-controlling interests and non-gold producing companies(1) | (20) | — | — | — | (20) | — | — | (99) | — | — | (20) | (99) | |
All-in costs adjusted for non-controlling interest and non-gold producing companies | 244 | 637 | 200 | 4 | 1,085 | 192 | 368 | 4,306 | 169 | 468 | 916 | 4,137 | |
Gold sold - oz (000)(2) | 151 | 285 | 86 | — | 522 | — | 343 | 2,273 | 43 | 242 | 479 | 2,230 | |
All-in sustaining cost per ounce - $/oz(3) | 1,581 | 1,807 | 2,198 | — | 1,810 | — | 951 | 1,652 | 2,894 | 1,615 | 1,713 | 1,628 | |
All-in cost per ounce - $/oz(3) | 1,616 | 2,231 | 2,325 | — | 2,076 | — | 1,074 | 1,895 | 3,949 | 1,927 | 1,909 | 1,855 | |
For the year ended 31 December 2023 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AFRICA | AUSTRALIA | ||||||||||||
Corporate and other(5) | Kibali | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
Total cash costs | |||||||||||||
Cost of sales per segmental information(4) | 4 | 372 | 372 | 387 | 313 | 473 | 566 | — | 1,739 | 399 | 438 | 30 | 867 |
- By-product revenue | — | (2) | (2) | — | (1) | — | (2) | — | (3) | (1) | (3) | — | (4) |
- Inventory change | — | 2 | 2 | (2) | 4 | 1 | 5 | (1) | 7 | (6) | 14 | — | 8 |
- Amortisation of tangible assets | (3) | (98) | (98) | (126) | (61) | (39) | (68) | — | (294) | (43) | (97) | — | (140) |
- Amortisation of right of use assets | (1) | (1) | (1) | (3) | — | — | (23) | — | (26) | (15) | (7) | (1) | (23) |
- Amortisation of intangible assets | (1) | — | — | — | — | — | — | — | — | — | — | — | — |
- Environmental rehabilitation and other non-cash costs | 1 | 2 | 2 | (3) | (6) | (6) | (1) | — | (16) | (1) | (2) | (1) | (4) |
- Retrenchment costs | — | — | — | — | — | — | — | — | — | — | — | — | — |
Total cash costs | — | 275 | 275 | 253 | 249 | 429 | 477 | (1) | 1,407 | 333 | 343 | 28 | 704 |
Adjusted for non-controlling interests and non-gold producing companies (1) | — | — | — | — | — | (64) | — | — | (64) | — | — | — | — |
Total cash costs adjusted for non-controlling interests and non-gold producing companies | — | 275 | 275 | 253 | 249 | 365 | 477 | (1) | 1,343 | 333 | 343 | 28 | 704 |
Gold produced - oz (000)(2) | — | 343 | 343 | 268 | 224 | 221 | 485 | — | 1,198 | 252 | 310 | — | 562 |
Total cash costs per ounce - $/oz(3) | — | 802 | 802 | 943 | 1,114 | 1,650 | 984 | — | 1,121 | 1,318 | 1,105 | — | 1,251 |
For the year ended 31 December 2023 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
Total cash costs | |||||||||||||
Cost of sales per segmental information(4) | 307 | 453 | 169 | 2 | 931 | — | 372 | 3,541 | 104 | 349 | 827 | 3,437 | |
- By-product revenue | (93) | (2) | — | — | (95) | — | (2) | (102) | — | (2) | (95) | (102) | |
- Inventory change | (2) | (2) | — | 1 | (3) | — | 2 | 12 | (2) | — | (1) | 14 | |
- Amortisation of tangible assets | (39) | (66) | (37) | — | (142) | — | (98) | (579) | (3) | (63) | (139) | (576) | |
- Amortisation of right of use assets | — | (22) | (6) | — | (28) | — | (1) | (78) | (3) | (19) | (25) | (75) | |
- Amortisation of intangible assets | — | — | — | — | — | — | — | (1) | — | — | — | (1) | |
- Environmental rehabilitation and other non-cash costs | (1) | (4) | 3 | (1) | (3) | — | 2 | (22) | (3) | (1) | — | (19) | |
- Retrenchment costs | — | (2) | (1) | (1) | (4) | — | — | (4) | — | (2) | (4) | (4) | |
Total cash costs | 172 | 355 | 128 | 1 | 656 | — | 275 | 2,767 | 93 | 262 | 563 | 2,674 | |
Adjusted for non-controlling interests and non-gold producing companies (1) | (13) | — | — | — | (13) | — | — | (77) | — | — | (13) | (77) | |
Total cash costs adjusted for non-controlling interests and non-gold producing companies | 159 | 355 | 128 | 1 | 643 | — | 275 | 2,690 | 93 | 262 | 550 | 2,597 | |
Gold produced - oz (000)(2) | 152 | 294 | 86 | — | 532 | — | 343 | 2,292 | 42 | 252 | 490 | 2,250 | |
Total cash costs per ounce - $/oz(3) | 1,045 | 1,210 | 1,498 | — | 1,211 | — | 802 | 1,174 | 2,217 | 1,041 | 1,124 | 1,154 | |
For the year ended 31 December 2022 | ||||||||||||||
(in US dollar million, except as otherwise noted) | ||||||||||||||
AFRICA | AUSTRALIA | |||||||||||||
Corporate and other(5) | Kibali | Other | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
All-in sustaining costs | ||||||||||||||
Cost of sales per segmental information(4) | 4 | 342 | — | 342 | 314 | 266 | 492 | 594 | — | 1,666 | 371 | 382 | 30 | 783 |
By-product revenue | — | (1) | — | (1) | (1) | (1) | — | (1) | — | (3) | (1) | (3) | — | (4) |
Realised other commodity contracts | ||||||||||||||
Amortisation of tangible, intangible and right of use assets | (4) | (95) | — | (95) | (80) | (40) | (54) | (102) | — | (276) | (54) | (117) | (1) | (172) |
Adjusted for decommissioning and inventory amortisation | — | — | — | — | — | — | — | — | — | — | — | 1 | — | 1 |
Corporate administration, marketing and related expenses | 79 | — | — | — | — | — | — | — | — | — | — | — | — | — |
Lease payment sustaining | 2 | 8 | — | 8 | 4 | — | 1 | 22 | — | 27 | 12 | 11 | 1 | 24 |
Sustaining exploration and study costs | — | — | — | — | 2 | — | 5 | 8 | — | 15 | 1 | 1 | — | 2 |
Total sustaining capital expenditure | 1 | 71 | — | 71 | 81 | 79 | 23 | 111 | — | 294 | 50 | 41 | — | 91 |
All-in sustaining costs | 82 | 325 | — | 325 | 320 | 304 | 467 | 632 | — | 1,723 | 379 | 316 | 30 | 725 |
Adjusted for non-controlling interests and non-gold producing companies(1) | — | — | — | — | — | — | (70) | — | — | (70) | — | — | — | — |
All-in sustaining costs adjusted for non-controlling interest and non- gold producing companies | 82 | 325 | — | 325 | 320 | 304 | 397 | 632 | — | 1,653 | 379 | 316 | 30 | 725 |
All-in sustaining costs | 82 | 325 | — | 325 | 320 | 304 | 467 | 632 | — | 1,723 | 379 | 316 | 30 | 725 |
Non-sustaining capital expenditure | — | 19 | — | 19 | 65 | 80 | 4 | 43 | — | 192 | — | 111 | — | 111 |
Non-sustaining lease payments | — | — | — | — | — | — | — | 3 | — | 3 | — | — | — | — |
Non-sustaining exploration and study costs | — | 2 | — | 2 | 1 | — | 7 | 5 | — | 13 | 18 | 6 | 19 | 43 |
Care and maintenance | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Closure and social responsibility costs not related to current operations | 7 | 10 | 1 | 11 | 1 | (23) | — | — | — | (22) | — | — | — | — |
Other provisions | 14 | — | — | — | — | — | — | — | — | — | — | — | — | — |
All-in costs | 103 | 356 | 1 | 357 | 387 | 361 | 478 | 683 | — | 1,909 | 397 | 433 | 49 | 879 |
Adjusted for non-controlling interests and non-gold producing companies(1) | — | — | — | — | — | — | (72) | — | — | (72) | — | — | — | — |
All-in costs adjusted for non-controlling interest and non-gold producing companies | 103 | 356 | 1 | 357 | 387 | 361 | 406 | 683 | — | 1,837 | 397 | 433 | 49 | 879 |
Gold sold - oz (000)(2) | — | 332 | — | 332 | 247 | 241 | 278 | 515 | — | 1,281 | 228 | 311 | — | 539 |
All-in sustaining cost per ounce - $/oz(3) | — | 979 | — | 979 | 1,299 | 1,264 | 1,428 | 1,227 | — | 1,291 | 1,666 | 1,014 | — | 1,345 |
All-in cost per ounce - $/oz(3) | — | 1,072 | — | 1,075 | 1,570 | 1,499 | 1,461 | 1,325 | — | 1,434 | 1,746 | 1,391 | — | 1,631 |
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. | ||||||||||||||
(2) Attributable portion. | ||||||||||||||
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. | ||||||||||||||
(4) Refer to “Item 18: Financial Statements—Note 2—Segmental Information”. | ||||||||||||||
(5) Corporate includes non-gold producing subsidiaries. | ||||||||||||||
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023. | ||||||||||||||
For the year ended 31 December 2022 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
All-in sustaining costs | |||||||||||||
Cost of sales per segmental information(4) | 273 | 477 | 162 | 1 | 913 | — | 342 | 3,366 | 163 | 314 | 750 | 3,203 | |
By-product revenue | (75) | (31) | — | — | (106) | — | (1) | (113) | — | (31) | (106) | (113) | |
Realised other commodity contracts | |||||||||||||
Amortisation of tangible, intangible and right of use assets | (39) | (106) | (40) | — | (185) | — | (95) | (637) | (24) | (82) | (161) | (613) | |
Adjusted for decommissioning and inventory amortisation | 6 | — | (1) | — | 5 | — | — | 6 | (3) | 3 | 8 | 9 | |
Corporate administration, marketing and related expenses | — | — | — | — | — | — | — | 79 | — | — | — | 79 | |
Lease payment sustaining | — | 32 | 4 | — | 36 | 1 | 8 | 90 | 8 | 24 | 28 | 82 | |
Sustaining exploration and study costs | 3 | 1 | — | — | 4 | — | — | 21 | — | 1 | 4 | 21 | |
Total sustaining capital expenditure | 66 | 199 | 57 | — | 322 | — | 71 | 708 | 55 | 144 | 267 | 653 | |
All-in sustaining costs | 234 | 572 | 182 | 1 | 989 | 1 | 325 | 3,520 | 199 | 373 | 790 | 3,321 | |
Adjusted for non-controlling interests and non-gold producing companies(1) | (18) | — | — | — | (18) | — | — | (88) | — | — | (18) | (88) | |
All-in sustaining costs adjusted for non-controlling interest and non-gold producing companies | 216 | 572 | 182 | 1 | 971 | 1 | 325 | 3,432 | 199 | 373 | 772 | 3,233 | |
All-in sustaining costs | 234 | 572 | 182 | 1 | 989 | 1 | 325 | 3,520 | 199 | 373 | 790 | 3,321 | |
Non-sustaining capital expenditure | — | — | — | — | — | 17 | 19 | 320 | — | — | — | 320 | |
Non-sustaining lease payments | — | — | — | — | — | — | — | 3 | — | — | — | 3 | |
Non-sustaining exploration and study costs | 1 | 9 | 3 | 1 | 14 | 113 | 2 | 183 | 6 | 3 | 8 | 177 | |
Care and maintenance | — | — | — | — | — | — | — | — | — | — | — | — | |
Closure and social responsibility costs not related to current operations | — | 16 | 2 | — | 18 | — | 11 | 3 | 3 | 13 | 15 | — | |
Other provisions | — | — | — | — | — | — | — | 14 | — | — | — | 14 | |
All-in costs | 235 | 597 | 187 | 2 | 1,021 | 131 | 357 | 4,043 | 208 | 389 | 813 | 3,835 | |
Adjusted for non-controlling interests and non-gold producing companies(1) | (18) | — | — | — | (18) | — | — | (90) | — | — | (18) | (90) | |
All-in costs adjusted for non-controlling interest and non-gold producing companies | 217 | 597 | 187 | 2 | 1,003 | 131 | 357 | 3,953 | 208 | 389 | 795 | 3,745 | |
Gold sold - oz (000)(2) | 166 | 310 | 89 | — | 565 | — | 332 | 2,385 | 69 | 241 | 496 | 2,316 | |
All-in sustaining cost per ounce - $/oz(3) | 1,301 | 1,841 | 2,053 | — | 1,718 | — | 979 | 1,439 | 2,887 | 1,543 | 1,555 | 1,396 | |
All-in cost per ounce - $/oz(3) | 1,309 | 1,923 | 2,102 | — | 1,775 | — | 1,075 | 1,658 | 3,016 | 1,611 | 1,603 | 1,617 | |
For the year ended 31 December 2022 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AFRICA | AUSTRALIA | ||||||||||||
Corporate and other(5) | Kibali | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
Total cash costs | |||||||||||||
Cost of sales per segmental information(4) | 4 | 342 | 342 | 314 | 266 | 492 | 594 | — | 1,666 | 371 | 382 | 30 | 783 |
- By-product revenue | — | (1) | (1) | (1) | (1) | — | (1) | — | (3) | (1) | (3) | — | (4) |
- Inventory change | — | 3 | 3 | 3 | 6 | 4 | 7 | (1) | 19 | 8 | (5) | — | 3 |
- Amortisation of tangible assets | (3) | (93) | (93) | (77) | (39) | (53) | (77) | — | (246) | (43) | (109) | — | (152) |
- Amortisation of right of use assets | (1) | (2) | (2) | (3) | — | (1) | (25) | — | (29) | (11) | (8) | (1) | (20) |
- Amortisation of intangible assets | — | — | — | — | (1) | — | — | — | (1) | — | — | — | — |
- Environmental rehabilitation and other non-cash costs | — | (4) | (4) | 4 | (2) | (8) | (7) | — | (13) | 2 | 12 | (1) | 13 |
- Retrenchment costs | — | — | — | — | — | — | — | — | — | — | — | (1) | (1) |
Total cash costs | — | 245 | 245 | 240 | 229 | 434 | 491 | (1) | 1,393 | 326 | 269 | 27 | 622 |
Adjusted for non-controlling interests and non-gold producing companies (1) | — | — | — | — | — | (65) | — | — | (65) | — | — | — | — |
Total cash costs adjusted for non-controlling interests and non-gold producing companies | — | 245 | 245 | 240 | 229 | 369 | 491 | (1) | 1,328 | 326 | 269 | 27 | 622 |
Gold produced - oz (000)(2) | — | 337 | 337 | 248 | 250 | 279 | 521 | — | 1,298 | 232 | 306 | — | 538 |
Total cash costs per ounce - $/oz(3) | — | 725 | 725 | 970 | 914 | 1,319 | 944 | — | 1,023 | 1,402 | 881 | — | 1,157 |
For the year ended 31 December 2022 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
Total cash costs | |||||||||||||
Cost of sales per segmental information(4) | 273 | 477 | 162 | 1 | 913 | — | 342 | 3,366 | 163 | 314 | 750 | 3,203 | |
- By-product revenue | (75) | (31) | — | — | (106) | — | (1) | (113) | — | (31) | (106) | (113) | |
- Inventory change | 9 | 1 | (1) | (1) | 8 | — | 3 | 30 | (2) | 3 | 10 | 32 | |
- Amortisation of tangible assets | (39) | (79) | (36) | — | (154) | — | (93) | (555) | (19) | (60) | (135) | (536) | |
- Amortisation of right of use assets | — | (27) | (4) | — | (31) | — | (2) | (81) | (5) | (22) | (26) | (76) | |
- Amortisation of intangible assets | — | — | — | — | — | — | — | (1) | — | — | — | (1) | |
- Environmental rehabilitation and other non-cash costs | 2 | (1) | (1) | — | — | — | (4) | — | (2) | 1 | 2 | 2 | |
- Retrenchment costs | (2) | (2) | (1) | — | (5) | — | — | (6) | — | (2) | (5) | (6) | |
Total cash costs | 168 | 338 | 119 | — | 625 | — | 245 | 2,640 | 135 | 203 | 490 | 2,505 | |
Adjusted for non-controlling interests and non-gold producing companies (1) | (13) | — | — | — | (13) | — | — | (78) | — | — | (13) | (78) | |
Total cash costs adjusted for non-controlling interests and non-gold producing companies | 155 | 338 | 119 | — | 612 | — | 245 | 2,562 | 135 | 203 | 477 | 2,427 | |
Gold produced - oz (000)(2) | 170 | 311 | 88 | — | 569 | — | 337 | 2,405 | 70 | 241 | 499 | 2,335 | |
Total cash costs per ounce - $/oz(3) | 913 | 1,088 | 1,355 | — | 1,078 | — | 725 | 1,066 | 1,946 | 841 | 957 | 1,040 | |
For the year ended 31 December 2021 | ||||||||||||||
(in US dollar million, except as otherwise noted) | ||||||||||||||
AFRICA | AUSTRALIA | |||||||||||||
Corporate and other(5) | Kibali | Other | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
All-in sustaining costs | ||||||||||||||
Cost of sales per segmental information(4) | (5) | 350 | — | 350 | 238 | 164 | 412 | 488 | — | 1,302 | 364 | 346 | 30 | 740 |
By-product revenue | — | (2) | — | (2) | (1) | — | (1) | (1) | — | (3) | (1) | (3) | — | (4) |
Realised other commodity contracts | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Amortisation of tangible, intangible and right of use assets | (3) | (105) | — | (105) | (19) | (22) | (49) | (75) | — | (165) | (60) | (88) | (2) | (150) |
Adjusted for decommissioning and inventory amortisation | — | 1 | — | 1 | 1 | — | — | 1 | — | 2 | 1 | 1 | — | 2 |
Corporate administration, marketing and related expenses | 73 | — | — | — | — | — | — | — | — | — | — | — | — | — |
Lease payment sustaining | 3 | 9 | — | 9 | 2 | — | 1 | 19 | — | 22 | 13 | 12 | — | 25 |
Sustaining exploration and study costs | — | — | — | — | 1 | — | 3 | 4 | — | 8 | — | — | — | — |
Total sustaining capital expenditure | 11 | 61 | — | 61 | 103 | 46 | 18 | 65 | — | 232 | 47 | 82 | 1 | 130 |
All-in sustaining costs | 79 | 314 | — | 314 | 325 | 188 | 384 | 501 | — | 1,398 | 364 | 350 | 29 | 743 |
Adjusted for non-controlling interests and non-gold producing companies(1) | — | — | — | — | — | — | (58) | — | — | (58) | — | — | — | — |
All-in sustaining costs adjusted for non-controlling interest and non- gold producing companies | 79 | 314 | — | 314 | 325 | 188 | 326 | 501 | — | 1,340 | 364 | 350 | 29 | 743 |
All-in sustaining costs | 79 | 314 | — | 314 | 325 | 188 | 384 | 501 | — | 1,398 | 364 | 350 | 29 | 743 |
Non-sustaining capital expenditure | — | 11 | — | 11 | 2 | 122 | 20 | 58 | — | 202 | 15 | 40 | — | 55 |
Non-sustaining lease payments | — | — | — | — | — | — | — | 2 | — | 2 | — | — | — | — |
Non-sustaining exploration and study costs | — | 2 | — | 2 | 3 | 2 | 2 | 1 | — | 8 | 27 | 8 | 21 | 56 |
Care and maintenance | — | — | — | — | — | 45 | — | — | — | 45 | — | — | — | — |
Closure and social responsibility costs not related to current operations | 4 | 3 | — | 3 | — | 10 | — | — | — | 10 | — | — | — | — |
Other provisions | 1 | — | — | — | — | — | — | 3 | — | 3 | — | — | — | — |
All-in costs | 84 | 330 | — | 330 | 330 | 367 | 406 | 565 | — | 1,668 | 406 | 398 | 50 | 854 |
Adjusted for non-controlling interests and non-gold producing companies(1) | — | — | — | — | — | — | (61) | — | — | (61) | — | — | — | — |
All-in costs adjusted for non-controlling interest and non-gold producing companies | 84 | 330 | — | 330 | 330 | 367 | 345 | 565 | — | 1,607 | 406 | 398 | 50 | 854 |
Gold sold - oz (000)(2) | — | 367 | — | 367 | 201 | 114 | 258 | 487 | — | 1,060 | 231 | 264 | — | 495 |
All-in sustaining cost per ounce - $/oz(3) | — | 856 | — | 856 | 1,619 | 1,653 | 1,267 | 1,029 | — | 1,264 | 1,573 | 1,326 | — | 1,500 |
All-in cost per ounce - $/oz(3) | — | 898 | — | 900 | 1,642 | 3,229 | 1,340 | 1,161 | — | 1,516 | 1,757 | 1,506 | — | 1,725 |
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only. | ||||||||||||||
(2) Attributable portion. | ||||||||||||||
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. | ||||||||||||||
(4) Refer to “Item 18: Financial Statements—Note 2—Segmental Information”. | ||||||||||||||
(5) Corporate includes non-gold producing subsidiaries. | ||||||||||||||
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023. | ||||||||||||||
For the year ended 31 December 2021 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
All-in sustaining costs | |||||||||||||
Cost of sales per segmental information(4) | 261 | 435 | 123 | 3 | 822 | — | 350 | 2,859 | 149 | 286 | 673 | 2,710 | |
By-product revenue | (93) | (26) | — | — | (119) | — | (2) | (126) | — | (26) | (119) | (126) | |
Realised other commodity contracts | — | — | — | — | — | — | — | — | — | — | — | — | |
Amortisation of tangible, intangible and right of use assets | (27) | (108) | (25) | (1) | (161) | — | (105) | (479) | (29) | (79) | (132) | (450) | |
Adjusted for decommissioning and inventory amortisation | — | (4) | — | — | (4) | — | 1 | — | (1) | (3) | (3) | 1 | |
Corporate administration, marketing and related expenses | — | — | — | — | — | — | — | 73 | — | — | — | 73 | |
Lease payment sustaining | — | 15 | 4 | 1 | 20 | — | 9 | 70 | 2 | 13 | 18 | 68 | |
Sustaining exploration and study costs | 1 | 1 | — | — | 2 | — | — | 10 | 1 | — | 1 | 9 | |
Total sustaining capital expenditure | 69 | 193 | 82 | — | 344 | — | 61 | 717 | 60 | 133 | 284 | 657 | |
All-in sustaining costs | 211 | 506 | 184 | 3 | 904 | — | 314 | 3,124 | 182 | 324 | 722 | 2,942 | |
Adjusted for non-controlling interests and non-gold producing companies(1) | (16) | — | — | — | (16) | — | — | (74) | — | — | (16) | (74) | |
All-in sustaining costs adjusted for non-controlling interest and non-gold producing companies | 195 | 506 | 184 | 3 | 888 | — | 314 | 3,050 | 182 | 324 | 706 | 2,868 | |
All-in sustaining costs | 211 | 506 | 184 | 3 | 904 | — | 314 | 3,124 | 182 | 324 | 722 | 2,942 | |
Non-sustaining capital expenditure | — | 2 | — | — | 2 | 52 | 11 | 311 | — | 2 | 2 | 311 | |
Non-sustaining lease payments | — | — | — | — | — | — | — | 2 | — | — | — | 2 | |
Non-sustaining exploration and study costs | 1 | 11 | 4 | 1 | 17 | 72 | 2 | 153 | 8 | 3 | 9 | 145 | |
Care and maintenance | — | — | — | — | — | — | — | 45 | — | — | — | 45 | |
Closure and social responsibility costs not related to current operations | — | 7 | 2 | 1 | 10 | — | 3 | 24 | 2 | 5 | 8 | 22 | |
Other provisions | — | — | — | — | — | — | — | 4 | — | — | — | 4 | |
All-in costs | 212 | 526 | 190 | 5 | 933 | 124 | 330 | 3,663 | 192 | 334 | 741 | 3,471 | |
Adjusted for non-controlling interests and non-gold producing companies(1) | (16) | — | — | — | (16) | — | — | (77) | — | — | (16) | (77) | |
All-in costs adjusted for non-controlling interest and non-gold producing companies | 196 | 526 | 190 | 5 | 917 | 124 | 330 | 3,586 | 192 | 334 | 725 | 3,394 | |
Gold sold - oz (000)(2) | 144 | 334 | 83 | — | 561 | — | 367 | 2,116 | 79 | 255 | 482 | 2,037 | |
All-in sustaining cost per ounce - $/oz(3) | 1,353 | 1,519 | 2,220 | — | 1,587 | — | 856 | 1,441 | 2,322 | 1,267 | 1,457 | 1,408 | |
All-in cost per ounce - $/oz(3) | 1,362 | 1,582 | 2,283 | — | 1,635 | — | 900 | 1,695 | 2,445 | 1,311 | 1,495 | 1,666 | |
For the year ended 31 December 2021 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AFRICA | AUSTRALIA | ||||||||||||
Corporate and other(5) | Kibali | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
Total cash costs | |||||||||||||
Cost of sales per segmental information(4) | (5) | 350 | 350 | 238 | 164 | 412 | 488 | — | 1,302 | 364 | 346 | 30 | 740 |
- By-product revenue | — | (2) | (2) | (1) | — | (1) | (1) | — | (3) | (1) | (3) | — | (4) |
- Inventory change | — | (1) | (1) | 1 | (10) | (1) | (1) | — | (11) | (3) | 3 | — | — |
- Amortisation of tangible assets | (1) | (100) | (100) | (17) | (21) | (48) | (55) | — | (141) | (49) | (80) | — | (129) |
- Amortisation of right of use assets | (1) | (5) | (5) | (2) | — | (1) | (20) | — | (23) | (11) | (8) | (1) | (20) |
- Amortisation of intangible assets | (1) | — | — | — | (1) | — | — | — | (1) | — | — | (1) | (1) |
- Environmental rehabilitation and other non-cash costs | — | (5) | (5) | (1) | (12) | 2 | (12) | — | (23) | 3 | 3 | (1) | 5 |
- Retrenchment costs | — | — | — | — | — | — | — | — | — | — | — | — | — |
Total cash costs | (8) | 237 | 237 | 218 | 120 | 363 | 399 | — | 1,100 | 303 | 261 | 27 | 591 |
Adjusted for non-controlling interests and non-gold producing companies (1) | — | — | — | — | — | (55) | — | — | (55) | — | — | — | — |
Total cash costs adjusted for non-controlling interests and non-gold producing companies | (8) | 237 | 237 | 218 | 120 | 308 | 399 | — | 1,045 | 303 | 261 | 27 | 591 |
Gold produced - oz (000)(2) | — | 365 | 365 | 202 | 108 | 258 | 486 | — | 1,054 | 229 | 265 | — | 494 |
Total cash costs per ounce - $/oz(3) | — | 647 | 647 | 1,081 | 1,112 | 1,200 | 822 | — | 991 | 1,321 | 987 | — | 1,196 |
For the year ended 31 December 2021 | |||||||||||||
(in US dollar million, except as otherwise noted) | |||||||||||||
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
Total cash costs | |||||||||||||
Cost of sales per segmental information(4) | 261 | 435 | 123 | 3 | 822 | — | 350 | 2,859 | 149 | 286 | 673 | 2,710 | |
- By-product revenue | (93) | (26) | — | — | (119) | — | (2) | (126) | — | (26) | (119) | (126) | |
- Inventory change | 7 | (3) | 1 | — | 5 | — | (1) | (6) | (1) | (2) | 6 | (5) | |
- Amortisation of tangible assets | (27) | (94) | (21) | — | (142) | — | (100) | (413) | (27) | (67) | (115) | (386) | |
- Amortisation of right of use assets | — | (14) | (4) | (1) | (19) | — | (5) | (63) | (2) | (12) | (17) | (61) | |
- Amortisation of intangible assets | — | — | — | — | — | — | — | (3) | — | — | — | (3) | |
- Environmental rehabilitation and other non-cash costs | (8) | (12) | — | — | (20) | — | (5) | (38) | (6) | (6) | (14) | (32) | |
- Retrenchment costs | (1) | (1) | — | — | (2) | — | — | (2) | — | (1) | (2) | (2) | |
Total cash costs | 139 | 285 | 99 | 2 | 525 | — | 237 | 2,208 | 113 | 172 | 412 | 2,095 | |
Adjusted for non-controlling interests and non-gold producing companies (1) | (10) | — | — | — | (10) | — | — | (65) | — | — | (10) | (65) | |
Total cash costs adjusted for non-controlling interests and non-gold producing companies | 129 | 285 | 99 | 2 | 515 | — | 237 | 2,143 | 113 | 172 | 402 | 2,030 | |
Gold produced - oz (000)(2) | 145 | 331 | 83 | — | 559 | — | 365 | 2,107 | 78 | 253 | 481 | 2,029 | |
Total cash costs per ounce - $/oz(3) | 894 | 858 | 1,192 | — | 921 | — | 647 | 1,017 | 1,447 | 675 | 831 | 1,001 | |
For the year ended 31 December 2023 | ||||||||||||||
(in US dollar million, except as otherwise noted) | ||||||||||||||
AFRICA | AUSTRALIA | |||||||||||||
Corporate and other(5) | Kibali | Other | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
Capital expenditure | ||||||||||||||
Sustaining capital expenditure | 1 | 52 | — | 52 | 96 | 148 | 74 | 162 | — | 480 | 47 | 50 | 1 | 98 |
Non-sustaining capital expenditure | — | 33 | — | 33 | 46 | 66 | 4 | 29 | — | 145 | — | 37 | — | 37 |
Total capital expenditure | 1 | 85 | — | 85 | 142 | 214 | 78 | 191 | — | 625 | 47 | 87 | 1 | 135 |
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
Capital expenditure | |||||||||||||
Sustaining capital expenditure | 75 | 122 | 55 | — | 252 | 11 | 52 | 842 | 19 | 103 | 233 | 823 | |
Non-sustaining capital expenditure | — | 2 | — | — | 2 | 16 | 33 | 200 | 2 | — | — | 198 | |
Total capital expenditure | 75 | 124 | 55 | — | 254 | 27 | 85 | 1,042 | 21 | 103 | 233 | 1,021 | |
For the year ended 31 December 2022 | ||||||||||||||
AFRICA | AUSTRALIA | |||||||||||||
Corporate and other(5) | Kibali | Other | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
Capital expenditure | ||||||||||||||
Sustaining capital expenditure | 1 | 71 | — | 71 | 81 | 79 | 23 | 111 | — | 294 | 50 | 41 | — | 91 |
Non-sustaining capital expenditure | — | 19 | — | 19 | 65 | 80 | 4 | 43 | — | 192 | — | 111 | — | 111 |
Total capital expenditure | 1 | 90 | — | 90 | 146 | 159 | 27 | 154 | — | 486 | 50 | 152 | — | 202 |
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
Capital expenditure | |||||||||||||
Sustaining capital expenditure | 66 | 199 | 57 | — | 322 | — | 71 | 708 | 55 | 144 | 267 | 653 | |
Non-sustaining capital expenditure | — | — | — | — | — | 17 | 19 | 320 | — | — | — | 320 | |
Total capital expenditure | 66 | 199 | 57 | — | 322 | 17 | 90 | 1,028 | 55 | 144 | 267 | 973 | |
For the year ended 31 December 2021 | ||||||||||||||
(in US dollar million, except as otherwise noted) | ||||||||||||||
AFRICA | AUSTRALIA | |||||||||||||
Corporate and other(5) | Kibali | Other | Joint Ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Subsidiaries | Sunrise Dam | Tropicana | Australia other | Australia | |
Capital expenditure | ||||||||||||||
Sustaining capital expenditure | 11 | 61 | — | 61 | 103 | 46 | 18 | 65 | — | 232 | 47 | 82 | 1 | 130 |
Non-sustaining capital expenditure | — | 11 | — | 11 | 2 | 122 | 20 | 58 | — | 202 | 15 | 40 | — | 55 |
Total capital expenditure | 11 | 72 | — | 72 | 105 | 168 | 38 | 123 | — | 434 | 62 | 122 | 1 | 185 |
AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||
Cerro Vanguardia | AngloGold Ashanti Mineração | Serra Grande | Americas other | Americas | Projects | Joint Ventures | Subsidiaries | Córrego do Sítio | AngloGold Ashanti Mineração(6) | Americas(6) | Subsidiaries(6) | ||
Capital expenditure | |||||||||||||
Sustaining capital expenditure | 69 | 193 | 82 | — | 344 | — | 61 | 717 | 60 | 133 | 284 | 657 | |
Non-sustaining capital expenditure | — | 2 | — | — | 2 | 52 | 11 | 311 | — | 2 | 2 | 311 | |
Total capital expenditure | 69 | 195 | 82 | — | 346 | 52 | 72 | 1,028 | 60 | 135 | 286 | 968 |
$ (million) | |
Unsecured borrowings | 2,239 |
Total borrowings | 2,239 |
Less: Short-term maturities (current borrowings) | 207 |
Total non-current borrowings | 2,032 |
$ (million) | |
Within one year | 207 |
Between one and two years | 65 |
Between two and five years | 985 |
After five years | 982 |
Total | 2,239 |
$ (million) | |
United States dollar | 2,113 |
Tanzanian shilling | 126 |
Total | 2,239 |
$ (million) | |
FirstRand Bank Limited corporate overnight facility (R150 million) – SA rand | 8 |
Multi-currency syndicated revolving credit facility ($1.4 billion) – US dollar / Australian dollar | 1,150 |
Geita revolving credit facility ($289 million) – US dollar / Tanzanian shilling | 103 |
Siguiri revolving credit facility ($65 million) – US dollar | — |
Total undrawn facilities | 1,261 |
$ (million) | |
Non-current | 98 |
Current | 73 |
Total | 171 |
Obligor Group (1) | |
$ (million) | Year ended 31 December 2023 |
Net intergroup dividends, interest, royalties and fees with Non-Obligor Subsidiaries | 7 |
Loss for the period | (103) |
Obligor Group | |
$ (million) | As at 31 December 2023 |
ASSETS | |
Current assets | |
Receivables due from Non-Obligor Subsidiaries | 2,001 |
Receivables due from other related parties | 148 |
Other current assets | 500 |
2,649 | |
Non-current assets | |
Receivables due from other related parties | 358 |
LIABILITIES | |
Current liabilities | |
Payables due to Non-Obligor Subsidiaries | 391 |
Other current liabilities | 86 |
477 | |
Non-current liabilities | 1,967 |
Expiration per period | |||||||||
Commitment | Total amount | Less than 1 year | 1 – 3 years | 4 – 5 years | Over 5 years | ||||
(in millions) | $ | $ | $ | $ | $ | ||||
Capital expenditure (contracted and not yet contracted) (1) | 533 | 445 | 88 | — | — |
Total | Less than 1 year | 1 – 3 years | 4 – 5 years | More than 5 years | |||||
(in millions) | $ | $ | $ | $ | $ | ||||
Long-term debt obligations including interest(1) | 3,004 | 312 | 248 | 1,167 | 1,277 | ||||
Capital lease obligations | 187 | 75 | 72 | 11 | 29 | ||||
Purchase obligations | |||||||||
- Contracted capital expenditure(2) | 141 | 137 | 4 | — | — | ||||
- Other purchase obligations(3) | 699 | 428 | 194 | 77 | — | ||||
Environmental rehabilitation costs(4) | 759 | 78 | 233 | 103 | 345 | ||||
Provision for silicosis(5) | 24 | 1 | 8 | 10 | 5 | ||||
Pensions and other post-retirement medical obligations(6) | 64 | 8 | 16 | 14 | 26 | ||||
Total | 4,878 | 1,039 | 775 | 1,382 | 1,682 |
Name | Age | Position | Month and year first appointed to board of AngloGold Ashanti plc (1)(2)(3) | Year first appointed to board of AngloGold Ashanti Limited (1)(4) | |||
Maria Ramos (5) | 65 | Independent non-executive director and chairperson | September 2023 | 2019 | |||
Rhidwaan Gasant | 64 | Lead independent non-executive director | September 2023 | 2010 | |||
Kojo Busia | 61 | Independent non-executive director | September 2023 | 2020 | |||
Alan Ferguson | 66 | Independent non-executive director | September 2023 | 2018 | |||
Albert Garner | 68 | Independent non-executive director | September 2023 | 2015 | |||
Scott Lawson | 62 | Independent non-executive director | September 2023 | 2021 | |||
Jinhee Magie | 56 | Independent non-executive director | September 2023 | 2023 | |||
Maria Richter (6) | 69 | Independent non-executive director | September 2023 | 2015 | |||
Diana Sands | 58 | Independent non-executive director | September 2023 | 2023 | |||
Jochen Tilk (7) | 60 | Independent non-executive director | September 2023 | 2019 | |||
Alberto Calderon | 64 | Executive director and Chief Executive Officer | February 2023 | 2021 | |||
Gillian Doran | 47 | Executive director and Chief Financial Officer | September 2023 | 2023 |
Maria Ramos (65) | ||
MSc, BCom (Hons), Banker Diploma, Certified Associate of the Institute of Bankers (SA) | ||
Independent Non-Executive Director and Chairperson | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 and as chairperson of the board on the same date | ||
Appointed to AngloGold Ashanti Limited: 1 June 2019 and as chairperson of the board on 5 December 2020 | ||
Board committee memberships: | Nominations and Governance Committee (Chairperson) |
Rhidwaan Gasant (64) | ||
BCompt (Hons), CA (SA), ACIMA, CGMA, Executive Development Programme | ||
Lead Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 12 August 2010 | ||
Board committee memberships: | Audit and Risk Committee Compensation and Human Resources Committee Nominations and Governance Committee Social, Ethics and Sustainability Committee |
Kojo Busia (61) | ||
PhD, MA, BA | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 August 2020 | ||
Board committee memberships: | Social, Ethics and Sustainability Committee (Chairperson) Investment Committee Nominations and Governance Committee |
Alan Ferguson (66) | ||
BSc, CA (Scotland) | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 October 2018 | ||
Board committee memberships: | Audit and Risk Committee (Chairperson) Compensation and Human Resources Committee Nominations and Governance Committee |
Albert Garner (68) | ||
BSE | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 January 2015 | ||
Board committee memberships: | Audit and Risk Committee Compensation and Human Resources Committee Investment Committee |
Scott Lawson (62) | ||
BSc, Civil Engineering, MBA | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 December 2021 | ||
Board committee memberships: | Audit and Risk Committee Investment Committee Social, Ethics and Sustainability Committee |
Jinhee Magie (56) | ||
CPA, CA | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 June 2023 | ||
Board committee memberships: | Audit and Risk Committee Investment Committee |
Maria Richter (69) | ||
BA, Juris Doctor | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 January 2015 | ||
Board committee memberships: | Compensation and Human Resources Committee (Chairperson) Nominations and Governance Committee Social, Ethics and Sustainability Committee |
Diana Sands (58) | ||
CPA, MBA | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 June 2023 | ||
Board committee memberships: | Compensation and Human Resources Committee Social, Ethics and Sustainability Committee |
Jochen Tilk (60) | ||
Bachelors in Mining Engineering, Masters in Mining Engineering | ||
Independent Non-Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 January 2019 | ||
Board committee memberships: | Investment Committee (Chairperson) Social, Ethics and Sustainability Committee Nominations and Governance Committee Audit and Risk Committee |
Alberto Calderon (64) | ||
PhD, MPhil, MA, Juris Doctor, BA | ||
Chief Executive Officer and Executive Director | ||
Appointed to AngloGold Ashanti plc: 10 February 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 September 2021 | ||
Board committee memberships: | None |
Gillian Doran (47) | ||
Fellow Member of Association of Chartered Certified Accountants (FCCA) | ||
Chief Financial Officer and Executive Director | ||
Appointed to AngloGold Ashanti plc: 25 September 2023 | ||
Appointed to AngloGold Ashanti Limited: 1 January 2023 | ||
Board committee memberships: | None |
Board Committee | Membership |
Audit and Risk Committee | Alan Ferguson (Chair) Albert Garner Rhidwaan Gasant Scott Lawson Jinhee Magie Jochen Tilk |
Compensation and Human Resources Committee | Maria Richter (Chair) Alan Ferguson Albert Garner Rhidwaan Gasant Diana Sands |
Investment Committee (1) | Jochen Tilk (Chair) Kojo Busia Albert Garner Scott Lawson Jinhee Magie |
Nominations and Governance Committee | Maria Ramos (Chair) Kojo Busia Alan Ferguson Rhidwaan Gasant Maria Richter Jochen Tilk |
Social, Ethics and Sustainability Committee | Kojo Busia (Chair) Rhidwaan Gasant Scott Lawson Maria Richter Diana Sands Jochen Tilk |
Salary | Benefits(2) | Pension | Total fixed pay | DSP cash | DSP shares | DSP total | Buy-out share awards on recruitment (5) | Total variable pay | Total (1) | ||
USD | |||||||||||
A Calderon (3) | 2023 | 1,656,000 | 622,585 | 409,860 | 2,688,445 | 1,493,050 | 2,986,099 | 4,479,149 | — | 4,479,149 | 7,167,594 |
2022 | 1,600,000 | 9,870 | 396,000 | 2,005,870 | 1,694,208 | 3,388,416 | 5,082,624 | — | 5,082,624 | 7,088,494 | |
GA Doran (4) | 2023 | 545,516 | 253,012 | 41,996 | 840,524 | 418,062 | 909,899 | 1,327,961 | 563,005 | 1,890,966 | 2,731,490 |
2022 | — | — | — | — | — | — | — | — | — | — |
Director’s fees (1) | Committee fees (2) | Travel allowance | Total | Director’s fees (1) | Committee fees (2) | Travel allowance | Total | |
2023 (USD) | 2022 (USD) | |||||||
Maria Ramos (Chairperson) | 328,800 | 36,375 | 6,250 | 371,425 | 308,800 | 56,000 | 8,750 | 373,550 |
Rhidwaan Gasant (Lead Independent Director) | 177,200 | 89,000 | 6,250 | 272,450 | 166,700 | 104,500 | 10,000 | 281,200 |
Kojo Busia | 136,400 | 78,000 | 38,750 | 253,150 | 125,900 | 86,500 | 26,250 | 238,650 |
Alan Ferguson | 136,400 | 87,500 | 17,500 | 241,400 | 125,900 | 89,000 | 33,750 | 248,650 |
Albert Garner | 136,400 | 62,000 | 16,250 | 214,650 | 125,900 | 50,500 | 13,750 | 190,150 |
Scott Lawson | 136,400 | 62,000 | 18,750 | 217,150 | 125,900 | 50,500 | 18,750 | 195,150 |
Jinhee Magie (3) | 64,700 | 23,500 | 18,750 | 106,950 | - | - | - | - |
Nelisiwe Magubane (4) | - | - | - | - | 95,300 | 30,000 | 8,750 | 134,050 |
Maria Richter | 136,400 | 80,500 | 15,000 | 231,900 | 125,900 | 85,500 | 18,750 | 230,150 |
Diana Sands (3) | 64,700 | 20,000 | 18,750 | 103,450 | - | - | - | - |
Jochen Tilk | 136,400 | 101,500 | 17,500 | 255,400 | 125,900 | 110,000 | 23,750 | 259,650 |
Total | 1,453,800 | 640,375 | 173,750 | 2,267,925 | 1,326,200 | 662,500 | 162,500 | 2,151,200 |
USD | |
Board meetings | |
Chairperson allowance | 295,800 |
Lead Independent Director allowance | 163,200 |
Non-executive director allowance | 122,400 |
Additional chairman allowance per special board meeting (1) | 13,000 |
Additional non-executive director allowance per special board meeting (1) | 3,500 |
Committee meetings | |
Chairperson of the Audit and Risk Committee | 35,000 |
Members of the Audit and Risk Committee | 20,000 |
Chairperson of the Remuneration and Human Resources Committee | 35,000 |
Members of the Remuneration and Human Resources Committee | 20,000 |
Chairperson of the Investment Committee | 32,500 |
Members of the Investment Committee | 20,000 |
Chairperson of the Social, Ethics and Sustainability Committee | 32,500 |
Members of the Social, Ethics and Sustainability Committee | 20,000 |
Chairperson of the Nominations and Governance Committee | 32,500 |
Members of the Nominations and Governance Committee | 20,000 |
Additional fee per meeting for ad hoc committee meetings (2) | 3,500 |
Travel allowance for overnight away (3) | 1,250 |
Executive Committee member | Notice Period (2023/2024) | Change of Control (2023) | Change of Control (2024) |
Chief Executive Officer | 12 months | 12 months | 18 months |
Chief Financial Officer | 6 months | 6 months | 12 months |
Other Executive Management team members | 6 months | 6 months | 12 months |
Board (excluding Independent Board) (1) | Independent Board (2) | Audit and Risk (3) | Investment (3) | Remuneration and Human Resources (3) | Social, Ethics and Sustainability (3) | Nominations and Governance (4) | |
Number of meetings of AngloGold Ashanti Limited in 2023 prior to completion of the corporate restructuring on 25 September 2023 | 12 | 4 | 7 | 4 | 5 | 4 | 7 |
MDC Ramos (5) | 12 | 4 | n/a | n/a | n/a | 1 | 7 |
KOF Busia | 12 | 4 | n/a | 4 | n/a | 4 | 7 |
A Calderon | 10 | n/a | n/a | n/a | n/a | n/a | n/a |
GA Doran (6) | 12 | n/a | n/a | 3 | n/a | n/a | n/a |
AM Ferguson | 12 | 4 | 7 | n/a | 5 | n/a | 7 |
AH Garner (7) | 11 | 4 | 4 | 4 | 5 | n/a | n/a |
R Gasant (8) | 12 | 4 | 7 | 1 | 4 | 3 | 7 |
SP Lawson (7) | 12 | 4 | 4 | 4 | n/a | 4 | n/a |
J Magie (9) | 4 | 0 | 3 | 1 | n/a | n/a | n/a |
MC Richter (10) | 12 | 4 | 1 | n/a | 5 | 3 | 7 |
D Sands (9) | 4 | 0 | n/a | n/a | 1 | 1 | n/a |
JE Tilk | 10 | 3 | 6 | 3 | n/a | 3 | 7 |
Board | Audit and Risk | Investment | Compensation and Human Resources | Social, Ethics and Sustainability | Nominations and Governance | |
Number of meetings of AngloGold Ashanti plc in 2023 subsequent to completion of the corporate restructuring on 25 September 2023 | 1 | 2 | 1 | 1 | 1 | 1 |
MDC Ramos | 1 | n/a | n/a | n/a | n/a | 1 |
KOF Busia | 1 | n/a | 1 | n/a | 1 | 1 |
A Calderon | 1 | n/a | n/a | n/a | n/a | n/a |
GA Doran | 1 | n/a | n/a | n/a | n/a | n/a |
AM Ferguson | 1 | 2 | n/a | 1 | n/a | 1 |
AH Garner | 1 | 1 | 1 | 1 | n/a | n/a |
R Gasant | 1 | 2 | n/a | 1 | 1 | 1 |
SP Lawson | 1 | 2 | 1 | n/a | 1 | n/a |
J Magie | 1 | 2 | 1 | n/a | n/a | n/a |
MC Richter | 1 | n/a | n/a | 1 | 1 | 1 |
D Sands | 1 | n/a | n/a | 1 | 1 | n/a |
JE Tilk | 1 | 2 | 1 | n/a | 1 | 1 |
Audit and Risk Committee Members | AM Ferguson (Chairman and independent NED) |
AH Garner (Independent NED) | |
R Gasant (Independent NED) | |
SP Lawson (Independent NED) | |
J Magie (Independent NED) | |
JE Tilk (Independent NED) |
Number of meetings held by AngloGold Ashanti Limited Audit and Risk Committee in 2023 prior to completion of the corporate restructuring on 25 September 2023 | Seven |
Number of meetings held by AngloGold Ashanti plc Audit and Risk Committee in 2023 subsequent to completion of the corporate restructuring on 25 September 2023 | Two |
Compensation and Human Resource Committee Members | MC Richter (Chairperson and independent NED) |
AM Ferguson (Independent NED) | |
A Garner (Independent NED) | |
R Gasant (Independent NED) | |
D Sands (Independent NED) | |
Other individuals who regularly attended meetings (attended by invitation or if needed to contribute pertinent insights and information) | A Calderon (CEO) |
GA Doran (CFO) | |
L Ali (Chief People Officer) | |
A Sidat representing Deloitte LLP (Independent adviser to the CompCo) | |
EM Mabuza (VP: Performance and Reward) | |
CM van Dyk (Remuneration and Benefits Consultant) |
Number of meetings held by AngloGold Ashanti Limited Remuneration and Human Resources Committee in 2023 prior to completion of the corporate restructuring on 25 September 2023 | Five |
Number of meetings held by AngloGold Ashanti plc Compensation and Human Resources Committee in 2023 subsequent to completion of the corporate restructuring on 25 September 2023 | One |
2023* | 2022 | 2021 | |||
Africa | 21,734 | 19,807 | 17,260 | ||
Australia | 1,741 | 1,532 | 1,332 | ||
Americas | 8,565 | 9,498 | 9,972 | ||
Other, including corporate and non-gold producing subsidiaries | 1,618 | 1,757 | 1,997 | ||
Total | 33,658 | 32,594 | 30,561 |
Employees covered by collective bargaining agreements | |
Argentina | 90 percent |
Brazil | 100 percent |
Ghana | 84 percent |
Guinea | 95 percent |
Tanzania | 88 percent |
Role | Within three years of appointment/from introduction of MSR | Within six years of appointment/from introduction of MSR | Holding requirement | Post-termination holding effective 1 January 2022 |
CEO | 150% of net annual base salary | 300% of net annual base salary | Throughout employment as a director or an executive officer | The post-termination MSR will be required based on the MSR policy at the time of termination. Should the executive depart (or no longer serve as a director or executive management team member before they have achieved the MSR, all vested shares allocated effective 1 January 2022 onwards from the Company’s share incentive scheme will be held for one-year post-termination. The holding will be up to their required MSR. |
CFO | 125% of net annual base salary | 250% of net annual base salary | ||
Executive Management Team | 100% of net annual base salary | 200% of net base salary | ||
The following count towards an individual MSR: •Shares purchased on the market, either directly or indirectly. •Vested shares from AngloGold Ashanti’s share incentive schemes. |
Executive | Ordinary shares owned as at 31 December 2022 | Ordinary shares owned as at 31 December 2023 | Vested and unexercised DSP share awards as at 31 December 2023 | Unvested DSP shares awards as at 31 December 2023 (4) | Unvested buy out share awards as at 31 December 2023 (4) | Six-year target achievement date | MSR holding as at 31 December 2023 as a percentage of net base pay |
Executive Directors | |||||||
Alberto Calderon (1) | 26,370 | 26,080 | 8,320 | 224,933 | - | September 2027 | 56% |
Gillian Doran (2) | - | 5,582 | - | - | 22,956 | January 2029 | 32% |
Other Members of Executive Management | |||||||
Lisa Ali | - | 24,790 | - | 48,669 | - | April 2028 | 151% |
Stewart Bailey | 13,039 | 8,982 | 70,372 | 120,388 | - | January 2025 | 325% |
Terry Briggs | - | 13,567 | - | 31,540 | 25,409 | April 2028 | 118% |
Marcelo Godoy | 32,643 | 57,525 | - | 69,202 | 21,470 | October 2027 | 322% |
Richard Jordinson (3) | - | - | - | 51,025 | - | October 2029 | 0% |
Lizelle Marwick | - | - | 55,871 | 88,229 | - | July 2026 | 164% |
(1) Mr. Alberto Calderon had a compulsory sale of 290 securities after the delisting of the Company from the Australian Securities Exchange (ASX). | ||||
(2) Appointed executive director with effect from 1 January 2023 and the three-year MSR achievement is due in January 2026. | ||||
(3) Appointed executive officer with effect from 1 October 2023 and the three-year MSR achievement is due in October 2026. | ||||
(4) Unvested awards are not considered when calculating the MSR. |
Shares held (Ordinary shares) | Minimum shareholding requirement | |||
31 December 2022 | 31 December 2023 | Four-year target achievement date | MSR holding as at 31 December 2023 as a percentage of annual base fee (3) | |
Maria Ramos (Chairperson) | - | 4,000 | February 2028 | 25% |
Rhidwaan Gasant (Lead Independent director) | - | - | February 2028 | 0% |
Kojo Busia | 2,000 | 4,000 | February 2028 | 63% |
Alan Ferguson | 5,000 | 5,000 | February 2028 | 76% |
Albert Garner | 22,500 | 30,000 | February 2028 | 458% |
Scott Lawson | 2,830 | 2,830 | February 2028 | 43% |
Jinhee Magie (1) | n/a | 5,000 | February 2028 | 76% |
Maria Richter (2) | 11,300 | 11,300 | February 2028 | 173% |
Diana Sands (1) | n/a | 3,000 | February 2028 | 46% |
Jochen Tilk | 2,800 | 2,800 | February 2028 | 43% |
Cash | Shares | Total Incentive | |
Level | On-Target Achievement | ||
CEO | 100% | 200% | 300% |
CFO | 85% | 185% | 270% |
Executive Management Team | 75% | 174% | 249% |
2023 | |||||||
DSP performance measure | Target Weighting | Threshold measures (50% of target) | Target measures (100%) | Stretch measures (150% of target) | Performance | Achievement | |
Financial measures | Relative total shareholder return (measured in US$) | 20% | Median TSR of comparators | Halfway between median and upper quartile | Upper quartile TSR of comparators | <2% below threshold | 0.00% |
Normalised cash return on equity (nCROE) | 15% | $ COE (7%) | $ COE +6% (13%) | $ COE +12% (19%) | 15.74% | 18.43% | |
Production (1) | 15% | 2,552 Moz | 2,694 Moz | 2,766 Moz | 2,633 Moz | 11.80% | |
Total cash cost (1) | 10% | $1,130/oz | $1,089/oz | $1,050/oz | $1,125 | 5.64% | |
All-in sustaining costs (1) | 5% | $1,531/oz | $1,484/oz | $1,437/oz | $1,560 | 0.00% | |
Future optionality | Mineral Reserve additions (pre- depletion, asset sales, mergers and acquisitions) | 5.5% | Plus 1.4Moz | Plus 2.7Moz | Plus 4.1Moz | 2.19Moz | 4.42% |
Mineral Resource additions (2) (pre-depletion, asset sales, mergers and acquisitions) | 5.5% | Plus 3.5Moz | Plus 7.1Moz | Plus 10.6Moz | 9.89Moz | 7.69% | |
Safety measures | Total Recordable Injury Frequency Rate (TRIFR) | 4% | 2.5% performance improvement (1.67) | ≥5% performance improvement (1.62) | ≥7.5% performance improvement (1.58) | 1.09 | 12.00% |
Major hazard control verification compliance | 4% | 90% critical control verification compliance | 95% critical control verification compliance | 100% critical control verification compliance | 100.00% | ||
Health, environment and community | Health: Reduction in workforce exposed to high respirable crystalline silica dust | 2.5% | 8% reduction | 13% reduction | 20% reduction | 21.80% | 12.22% |
Environment: Greenhouse gas emissions management | 7.5% | 110% of budgeted carbon emission intensity (36.337) | 100% of budgeted carbon emission intensity (33.034) | 95% of budgeted carbon emission intensity (31.382) | 34.826 | ||
Community: Business disruptions as a result of community unrest | 2% | 2 | 1 | 0 | 0 | ||
People | Gender diversity | 2% | 20% female representation | 23% female representation | 26% female representation | 17.43% | 3.00% |
Talent development and deployment | 2% | 40% | 50% | 80% | 89.00% | ||
Total (% of target) | 75.20% |
Scorecard | Weighting | Comments |
Health, Safety, Environment and Community Safety (10%) Health, Environment and Community (10%) | 20% | •TRIFR improved by 13% to a record 1.09 per million hours worked in 2023 – significantly below the 2022 ICMM member average of 2.66. Lost Time Injury Frequency Rate (LTIFR) improved by 26% to 0.48 per million hours worked in 2023. The number of High-Potential Incidents (HPIs) improved by 11% to 63 in 2023. The Company recorded a second consecutive fatality-free year at Company-operated mines. •Clear climate strategy developed and being implemented in connection with project evaluation ahead of investment decision. Reportable environment incident rate in 2023 – 66% lower than in 2022. •Honouring legacy projects in South Africa where AngloGold Ashanti will invest $10 million over five years in various education and rural development projects. |
Financial and production Achievement against budget production in ounces (5%), total cash cost/oz (5%) and AISC/oz (5%) | 15% | Performance including the normalising for CdS (only for the period that it was in care and maintenance September – December 2023): •Production (000oz) – Actual 2023: 2,633 (Budget 2023 – 2,694) •Total cash cost ($/oz) – Actual 2023: 1,125 (Budget 2023 – 1,089) •All-in sustaining costs ($/oz) – Actual 2023: 1,560 (Budget 2023 – 1,484) |
Competitiveness and growth •Significantly advance Full Asset Potential Programme: implement related measures to close the gap on four to five operations during the following 24 months (20%). •Build major projects for the Company’s long-term future. | 40% | Full Asset Potential Programme: •Our Full Asset Potential programme continued to build momentum in 2023 with ~$200 million in incremental EBITDA against the FY 2022 period delivered in 2023 (Obuasi is excluded as it continues to ramp up). A Management Investment Committee was introduced to improve overall governance around capital expenditure ensuring rigorous discipline in capital investment and external contract awards. Growth and capital projects: •Significant achievements have been made across the portfolio. Most notably the Company made an important new gold discovery in the United States, declaring a gold Inferred Mineral Resource of 9.1Moz at an average grade of 0.99g/t, at the Merlin deposit, in the Expanded Silicon project, in Nevada. This is the largest new discovery in the United States in more than a decade. |
Individual KPIs •Embed new values, culture and effective talent management. •Effective stakeholder management. | 25% | •Led the global launch of refreshed values and continued to reinforce expectations with leaders and employees on all site visits during the year. •Extensive engagement undertaken with analysts, shareholders, and potential investors across major capital markets, covering 70% in all of shareholder funds, in planned engagements during the year. •Met with senior members of governments in jurisdictions in which the Company operates to discuss operations and projects pertinent to their countries, and met with members of the US Senate, Colorado’s state government and business associations to discuss the Group’s establishment of corporate headquarters in the state of Colorado and its plans for capital investments in the United States. •Good progress on internal succession plans with clear development paths. |
Total | 100% | |
CEO: Performance incentive outcome 2023 | ||
2023 DSP performance outcome | Weighting | DSP award |
Financial performance targets | ||
Relative total shareholder return | 20.00% | —% |
Normalised cash return on equity (nCROE) | 15.00% | 18.43% |
Production | 15.00% | 11.80% |
Total cash costs | 10.00% | 5.64% |
All-in sustaining costs | 5.00% | —% |
Mineral Reserve pre-depletion | 5.50% | 4.42% |
Mineral Resource additions pre-depletion | 5.50% | 7.69% |
Safety measures | 8.00% | 12.00% |
Health, Environment and Community | 12.00% | 12.22% |
Core value: People | 4.00% | 3.00% |
Total % for Company performance | 100.00% | 75.20% |
x | ||
Organisational performance weighting | 80.00% | |
= | ||
A - Organisational performance weighted outcome | 60.16% | |
Individual performance results | ||
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets | ||
Individual performance weighting | 20.00% | |
x | ||
Performance rating award correlation | 150.00% | |
B - DSP opportunity based on individual performance | 30.00% | |
Total % of DSP pay opportunity (A+B) | 90.16% | |
x | ||
On-target total cash bonus opportunity (as % of base pay) | 100% | |
On-target total deferred share award opportunity (as % of base pay) | 200% | |
= | ||
Final cash bonus result (as % of base pay) | 90.16% | |
Final deferred share result (as % of base pay) | 180.32% | |
Base pay as at 31 December 2023 | x $1,656,000 | |
= | ||
Annual cash portion of DSP | $1,493,050 | |
Annual deferred share portion of DSP (to vest over five years) | $2,986,099 | |
Total 2023 deferred share plan award | $4,479,149 |
Scorecard | Weighting | Comments |
Leadership and stakeholder engagement | 10% | •Maintained effective relationships with all relevant internal and external shareholders, and stakeholders including banks, equity and debt investors, ratings agencies, auditors, joint venture partners and executive management. •Effectively supported the Company’s operations and functions by leading teams to deliver performance. •Continued to provide input in shaping execution of the Company’s strategy while providing appropriate guidance on financial performance. |
Projects | 10% | •Successful delivery of corporate restructuring and transition, which is the move to a UK domicile and New York Stock Exchange primary listing. Executed the project in line with planned accounting, treasury, and tax outcomes. •Successful on-boarding of the Company’s new auditors, PwC. |
Liquidity, credit ratings and balance sheet management | 15% | •Maintained a strong balance sheet as a key focus for the year, which included repaying the drawdown on the $1.4 billion 2022 multi-currency revolving credit facility for the payment of the corporate restructuring transaction shortly after year-end. •Engaged three ratings agencies on the Company’s strategy (including the corporate restructuring), operational performance, and cost initiatives which resulted in ratings being maintained by all three credit ratings agencies. •Successfully completed the transition and accountability of the budget process, as well as building a targeted business analysis team that resulted in a new structure which provides effective insights, analysis and robust governance for shaping the Company’s strategy. •Targeted focus on cash conversion and working capital management yielding strong free cash flow performance for the full year. |
Cost discipline and cash preservation measures | 35% | •Implemented a rigorous performance management framework providing executive and operational leadership with accurate, timely and transparent reporting focused on optimising business requirements. •Maintained focus on optimising costs and capital expenditure. •Continued to enhance supply chain processes by conducting a review of external contracts in each asset aiming to identify opportunities for cost optimisation as well as minimising value leakage. |
Governance and risk management | 20% | •Demonstrated clear expectations for the controls and governance environment, including setting up the Management Investment Committee structure to manage capital approval and allocation processes. •Embedded a strong governance and compliance culture by learning through internal audit findings and focusing on building effective control structures. |
People | 10% | •Successfully embedded new Company values and culture framework by being actively involved in the launch of the Company’s new corporate values as well as displaying appropriate role model behaviours for all employees. •Effective implementation of talent and succession management outcomes focused on creating a balance between recruiting the right external talent and developing internal talent for key roles. •Continued to advocate for developing females in mining by promoting female talent and providing appropriate mentorship. |
Total | 100% |
CFO: Performance incentive outcome 2023 | ||
2023 DSP performance outcome | Weighting | DSP award |
Financial performance targets | ||
Relative total shareholder return | 20.00% | —% |
Normalised cash return on equity (nCROE) | 15.00% | 18.43% |
Production | 15.00% | 11.80% |
Total Cash Costs | 10.00% | 5.64% |
All-in sustaining costs | 5.00% | —% |
Mineral Reserve pre-depletion | 5.50% | 4.42% |
Mineral Resource additions pre-depletion | 5.50% | 7.69% |
Safety measures | 8.00% | 12.00% |
Health, Environment and Community | 12.00% | 12.22% |
Core value: People | 4.00% | 3.00% |
Total % for Company performance | 100.00% | 75.20% |
x | ||
Organisational performance weighting | 80.00% | |
= | ||
A - Organisational performance weighted outcome | 60.16% | |
Individual performance results | ||
Actual individual targets and strategic objectives are not disclosed in order to maintain commercial confidentiality in competitive markets | ||
Individual performance weighting | 20.00% | |
x | ||
Performance rating award correlation | 150.00% | |
= | ||
B - DSP opportunity based on individual performance | 30.00% | |
Total % of DSP pay opportunity (A+B) | 90.16% | |
x | ||
On-target total cash bonus opportunity (as % of base pay) | 85.00% | |
On-target total deferred share award opportunity (as % of base pay) | 185.00% | |
= | ||
Final cash bonus result (as % of base pay) | 76.64% | |
Final deferred share result (as % of base pay) | 166.80% | |
Base pay as at 31 December 2023 | x $545,516 | |
= | ||
Annual cash portion of DSP | $418,062 | |
Annual deferred share portion of DSP (to vest over five years) | $909,899 | |
Total 2023 deferred share plan award | $1,327,961 |
Number of unvested awards and movement during the reporting period | ||||||||||
DSP awards | Balance at 1 January | Granted | Vested, deemed settled | Forfeited / Lapsed | Balance at 31 December | Fair value of granted awards (1) | Fair value of vested awards (2) | Fair value of unvested awards at 31 December (3) | ||
Executive Directors | USD ‘000 | |||||||||
Alberto Calderon | 2023 | 41,601 | 191,652 | 8,320 | 224,933 | 3,388 | 140 | 4,204 | ||
2022 | - | 41,601 | - | - | 41,601 | 924 | - | 808 | ||
Gillian Doran | 2023 | - | - | - | - | - | - | - | - | |
2022 | - | - | - | - | - | - | - | - | ||
Total executive directors | 2023 | 41,601 | 191,652 | 8,320 | - | 224,933 | 3,388 | 140 | 4,204 | |
2022 | - | 41,601 | - | - | 41,601 | 924 | - | 808 | ||
Executive management | ||||||||||
Lisa Ali | 2023 | - | 48,669 | - | - | 48,669 | 860 | - | 910 | |
2022 | - | - | - | - | - | - | - | - | ||
Stewart Bailey | 2023 | 98,452 | 46,873 | 24,937 | - | 120,388 | 829 | 418 | 2,250 | |
2022 | 90,037 | 33,127 | 24,712 | - | 98,452 | 735 | 544 | 1,912 | ||
Terry Briggs | 2023 | - | 31,540 | - | - | 31,540 | 558 | - | 589 | |
2022 | - | - | - | - | - | - | - | - | ||
Marcelo Godoy | 2023 | 10,180 | 61,058 | 2,036 | - | 69,202 | 1,080 | 34 | 1,293 | |
2022 | - | 10,180 | - | - | 10,180 | 226 | - | 198 | ||
Richard Jordinson | 2023 | 41,757 | 25,317 | 16,049 | - | 51,025 | 448 | 269 | 954 | |
2022 | - | - | - | - | - | - | - | - | ||
Lizelle Marwick | 2023 | 60,592 | 43,442 | 15,805 | - | 88,229 | 768 | 265 | 1,649 | |
2022 | 41,821 | 28,814 | 10,043 | - | 60,592 | 640 | 222 | 1,177 | ||
Total executive management | 2023 | 210,981 | 256,899 | 58,827 | - | 409,053 | 4,543 | 986 | 7,645 | |
2022 | 131,858 | 72,121 | 34,755 | - | 169,224 | 1,601 | 766 | 3,287 | ||
Notes | ||||||||||
(1) The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date, 24 February 2023. | ||||||||||
(2) The fair value of vested awards represents the value deemed received on settlement date. | ||||||||||
(3) The fair value of unvested awards is calculated using the closing share price as at 31 December. |
Number of unvested awards and movement during the reporting period | ||||||||||
Sign-on share awards | Balance at 1 January | Granted | Vested, deemed settled | Forfeited / Lapsed | Balance at 31 December | Fair value of granted awards (1) | Fair value of vested awards (2) | Fair value of unvested awards at 31 December (3) | ||
Executive Directors | USD '000 | |||||||||
Gillian Doran | 2023 | - | 31,844 | 8,888 | - | 22,956 | 563 | 155 | 429 | |
2022 | - | - | - | - | - | - | - | - | ||
Total Executive Directors | 2023 | - | 31,844 | 8,888 | - | 22,956 | 563 | 155 | 429 | |
2022 | - | - | - | - | - | - | - | - | ||
Executive management | ||||||||||
Lisa Ali | 2023 | 23,896 | - | 23,896 | - | - | - | 585 | - | |
2022 | - | 44,233 | 20,337 | - | 23,896 | 837 | 271 | 464 | ||
Terry Briggs | 2023 | 47,004 | - | 21,595 | - | 25,409 | - | 529 | 475 | |
2022 | - | 47,004 | - | - | 47,004 | 890 | - | 913 | ||
Marcelo Godoy | 2023 | 59,044 | - | 37,574 | - | 21,470 | - | 644 | 401 | |
2022 | 107,353 | - | 48,309 | - | 59,044 | - | 1,195 | 1,147 | ||
Total executive management | 2023 | 129,944 | - | 83,065 | - | 46,879 | - | 1,758 | 876 | |
2022 | 107,353 | 91,237 | 68,646 | - | 129,944 | 1,727 | 1,466 | 2,524 | ||
Notes | ||||||||||
(1) The fair value of granted awards represents the value of awards, calculated using a five business day volume weighted average share price prior to grant date. The share awards were granted on start date and will vest over a 2 or 3 year period in equal tranches in accordance with the JSE Listing requirements. | ||||||||||
(2) The fair value of the vested awards represents the value received on settlement date. | ||||||||||
(3) The fair value of unvested awards is calculated using the closing share price as at 31 December. |
Number of Ordinary Shares | US$ | |||
At 25 September 2023 | 419,685,792 | 419,685,792 | ||
Issued after 25 September 2023: | ||||
Exercise of options by participants in the AngloGold Ashanti plc Deferred Share Plan | 44,064 | 44,064 | ||
At 31 December 2023 | 419,729,856 | 419,729,856 | ||
Number of Ordinary Shares | Rand | ||
At 1 January 2023 | 418,600,473 | 104,650,118 | |
Issued after 1 January 2023: | |||
Exercise of options by participants in the AngloGold Ashanti Share Incentive Schemes | 1,085,319 | 271,330 | |
At 24 September 2023 | 419,685,792 | 104,921,448 | |
Ordinary Shares Held At | ||||||||||||
31 December 2023 (2) | 31 December 2022 (3) | 31 December 2021 (3) | ||||||||||
Shareholder (1) | Number of Ordinary Shares | Percent Voting Rights (4) | Number of Ordinary Shares | Percent Voting Rights (5) | Number of Ordinary Shares | Percent Voting Rights (6) | ||||||
Public Investment Corporation of South Africa | 74,537,976 (7) | 17.76 | 65,834,877 (7) | 15.73 | 54,567,818 (7) | 13.07 | ||||||
BlackRock, Inc. | 34,192,912 (8) | 8.15 | 28,084,210 (9) | 6.71 | 26,872,096 (10) | 6.44 | ||||||
Van Eck Associates Corporation | 25,813,417 (7) | 6.15 | 23,586,972 (11) | 5.63 | n/a (7) | n/a | ||||||
Coronation Holdings | n/a (7) | n/a | n/a (7) | n/a | 37,322,250 (7) | 8.94 |
England and Wales | Delaware | |||
Number of Directors | Under the UK Companies Act, a public limited company must have at least two directors and the number of directors may be fixed by or in the manner provided in a company’s articles of association. | Under Delaware law, a corporation must have at least one director and the number of directors shall be fixed by or in the manner provided in the bylaws. | ||
Removal of Directors | Under the UK Companies Act, shareholders may remove a director without cause by an ordinary resolution (which is passed by a simple majority of those voting in person or by proxy at a general meeting) irrespective of any provisions of any service contract the director has with the company, provided 28 clear days’ notice of the resolution has been given to the company and its shareholders. On receipt of notice of an intended resolution to remove a director, the company must forthwith send a copy of the notice to the director concerned. Certain other procedural requirements under the UK Companies Act must also be followed, such as allowing the director to make representations against his or her removal either at the meeting or in writing. | Under Delaware law, any director or the entire board of directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, except (i) unless the certificate of incorporation provides otherwise, in the case of a corporation whose board of directors is classified, stockholders may effect such removal only for cause, or (ii) in the case of a corporation having cumulative voting, if less than the entire board of directors is to be removed, no director may be removed without cause if the votes cast against such director’s removal would be sufficient to elect such director if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which such director is a part. | ||
Vacancies on the Board of Directors | Under English law, the procedure by which directors, other than a company’s initial directors, are appointed is generally set out in a company’s articles of association, provided that where two or more persons are appointed as directors of a public limited company by resolution of the shareholders, resolutions appointing each director must be voted on individually, unless at the meeting of the shareholders during which the directors are proposed to be appointed, a unanimous resolution is first passed that two or more directors may be appointed by a single resolution. | Under Delaware law, vacancies and newly created directorships may be filled by a majority of the directors then in office (even though less than a quorum) or by a sole remaining director unless (i) otherwise provided in the certificate of incorporation or bylaws of the corporation or (ii) the certificate of incorporation directs that a particular class of stock is to elect such director, in which case a majority of the other directors elected by such class, or a sole remaining director elected by such class, will fill such vacancy. | ||
Annual General Meeting | Under the UK Companies Act, a public limited company must hold an annual general meeting in each six-month period beginning with the day following the company’s annual accounting reference date. | Under Delaware law, the annual meeting of stockholders shall be held at such place, on such date and at such time as may be designated from time to time by the board of directors or as provided in the certificate of incorporation or by the bylaws. | ||
General Meeting | Under the UK Companies Act, a general meeting of the shareholders of a public limited company may be called by the directors. Shareholders holding at least 5% of the paid-up capital of the company carrying voting rights at general meetings (excluding any paid-up capital held as treasury shares) can require the directors to call a general meeting. If the directors fail to call a general meeting within a certain period, the requisitioning shareholders (or any of them representing more than half of the total voting rights of the shareholders requisitioning the meeting) may themselves convene a general meeting. | Under Delaware law, special meetings of the stockholders may be called by the board of directors or by such person or persons as may be authorised by the certificate of incorporation or by the bylaws. |
Notice of General Meetings | Subject to a company’s articles of association providing for a longer period, under the UK Companies Act, (i) at least 21 days’ notice must be given for an annual general meeting and any resolutions to be proposed at the meeting and (ii) at least 14 days’ notice is required for any other general meeting of a public limited company. In addition, certain matters, such as the removal of directors or auditors, require special notice, which is 28 days’ notice. The shareholders of a company may in all cases consent to a shorter notice period, the proportion of shareholders’ consent required being 100% of those entitled to attend and vote in the case of an annual general meeting and, in the case of any other general meeting, a majority in number of the members having a right to attend and vote at the meeting, being a majority who together hold not less than 95% in nominal value of the shares giving a right to attend and vote at the meeting. | Under Delaware law, unless otherwise provided in the certificate of incorporation or bylaws, written or electronic notice of any meeting of the stockholders must be given to each stockholder entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting and shall specify the place, date, hour and purpose or purposes of the meeting. | ||
Quorum | Subject to the provisions of a company’s articles of association, the UK Companies Act provides that two “qualifying persons” present at a meeting (in person, by proxy or authorised representative under the UK Companies Act (provided that the proxies and/or authorised representatives, represent different shareholders) shall constitute a quorum for companies with more than one shareholder. | The certificate of incorporation or bylaws may specify the number of shares, the holders of which shall be present or represented by proxy at any meeting in order to constitute a quorum, but in no event shall a quorum consist of less than one-third of the shares entitled to vote at the meeting. In the absence of such specification in the certificate of incorporation or bylaws, a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at a meeting of stockholders. | ||
Proxy | Under the UK Companies Act, at any meeting of shareholders, a shareholder may designate another person to attend, speak and vote at the meeting on their behalf by proxy. | Under Delaware law, at any meeting of stockholders, a stockholder may authorise another person to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A director of a Delaware corporation may not issue a proxy representing the director’s voting rights as a director. | ||
Preemptive Rights | Under the UK Companies Act, “equity securities”, being: (i) shares in the company other than shares that, with respect to dividends and capital, carry a right to participate only up to a specified amount in a distribution, referred to as “ordinary shares”; or (ii) rights to subscribe for, or to convert securities into, ordinary shares in the company, proposed to be allotted for cash must be offered first to the existing holders of equity shares in the company in proportion to the respective nominal value of their holdings of ordinary shares, unless an exception applies or a special resolution authorising the disapplication of pre-emption rights has been passed by shareholders in a general meeting or the articles of association provide otherwise in each case in accordance with the provisions of the UK Companies Act. | Under Delaware law, stockholders have no preemptive rights to subscribe to additional issues of stock or to any security convertible into such stock unless, and except to the extent that, such rights are expressly provided for in the certificate of incorporation. | ||
Authority to Allot | Under the UK Companies Act, the directors of a company may not exercise any power of the company to allot shares, to grant rights to subscribe for or convert any security into shares, unless an exception applies or an ordinary resolution to the contrary has been passed by shareholders in a general meeting or the articles of association provide otherwise, in each case in accordance with the provisions of the UK Companies Act. | Under Delaware law, if the corporation’s certificate of incorporation so provides, the board of directors has the power to authorise the issuance of stock. The board may authorise capital stock to be issued for consideration consisting of cash, any tangible or intangible property or any benefit to the corporation or any combination thereof. It may determine the amount of such consideration by setting a minimum amount of consideration or approving a formula. In the absence of actual fraud in the transaction, the judgment of the directors as to the value of such consideration is conclusive. |
Liability of Directors and Officers | Under the UK Companies Act, any provision, whether contained in a company’s articles of association or any contract or otherwise, that purports to exempt a director of a company, to any extent, from any liability that would otherwise attach to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company, is void. Any provision by which a company directly or indirectly provides an indemnity, to any extent, for a director of the company or of an associated company against any liability attaching to him in connection with any negligence, default, breach of duty or breach of trust in relation to the company of which he is a director is also void except as permitted by the UK Companies Act, which provides exceptions for the company to (i) purchase and maintain insurance against such liability; (ii) provide a “qualifying third party indemnity,” or an indemnity against liability incurred by the director to a person other than the company or an associated company or criminal proceedings in which he is convicted; and (iii) provide a “qualifying pension scheme indemnity,” or an indemnity against liability incurred in connection with the company’s activities as trustee of an occupational pension plan. | Under Delaware law, a corporation’s certificate of incorporation may include a provision eliminating or limiting the personal liability of a director to the corporation and its stockholders for damages arising from a breach of fiduciary duty as a director. However, no provision can limit the liability of a director for: •any breach of the director’s duty of loyalty to the corporation or its stockholders; •acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law; •intentional or negligent payment of unlawful dividends or stock purchases or redemptions; or •any transaction from which the director derives an improper personal benefit. | ||
Voting Rights | Under English law, unless a poll is demanded by the shareholders of a company or is required by the chairman of the meeting or the company’s articles of association, shareholders shall vote on all resolutions on a show of hands. Under the UK Companies Act, a poll may be demanded by (i) not fewer than five shareholders having the right to vote on the resolution; (ii) any shareholder(s) representing not less than 10% of the total voting rights of all the shareholders having the right to vote on the resolution (excluding any voting rights attaching to treasury shares); or (iii) any shareholder(s) holding shares in the company conferring a right to vote on the resolution (excluding any voting rights attaching to treasury shares) being shares on which an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all the shares conferring that right. A company’s articles of association may provide more extensive rights for shareholders to call a poll. Under English law, an ordinary resolution is passed on a show of hands if it is approved by a simple majority (more than 50%) of the votes cast by shareholders present (in person or by proxy) and entitled to vote. If a poll is demanded, an ordinary resolution is passed if it is approved by holders representing a simple majority of the total voting rights of shareholders present, in person or by proxy, who, being entitled to vote, vote on the resolution. Special resolutions require the affirmative vote of not less than 75% of the votes cast by shareholders present, in person or by proxy, at the meeting. | Delaware law provides that, unless otherwise provided in the certificate of incorporation, each stockholder is entitled to one vote for each share of capital stock held by such stockholder. | ||
Shareholder Vote on Certain Transactions | The UK Companies Act provides for schemes of arrangement, which are arrangements or compromises between a company and any class of shareholders or creditors and used in certain types of reconstructions, amalgamations, capital reorganisations or takeovers. These arrangements require: •the approval at a shareholders’ or creditors’ meeting convened by order of the court, of (i) a majority in number; and (ii) representing 75% or more in value of the members or class of members (as the case may be), present and voting, either in person or by proxy; and •the approval of the court. | Generally, under Delaware law, unless the certificate of incorporation provides for the vote of a larger portion of the stock, completion of a merger, consolidation, sale, lease or exchange of all or substantially all of a corporation’s assets or dissolution requires: •the approval of the board of directors; and •the approval by the vote of the holders of a majority of the outstanding stock or, if the certificate of incorporation provides for more or less than one vote per share, a majority of the votes of the outstanding stock of the corporation entitled to vote on the matter. |
Standard of Conduct for Directors | Under English law, a director owes various statutory and fiduciary duties to the company, including: •to act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole (and in doing so to have regard (amongst other matters) to: (i) the likely consequences of any decision in the long term, (ii) the interests of the company’s employees, (iii) the need to foster the company’s business relationships with suppliers, customers and others, (iv) the impact of the company’s operations on the community and the environment, (v) the desirability to maintain a reputation for high standards of business conduct and (vi) the need to act fairly as between members of the company); • to avoid a situation in which he has, or can have, a direct or indirect interest that conflicts, or possibly conflicts, with the interests of the company; • to act in accordance with the company’s constitution and only exercise his powers for the purposes for which they are conferred; • to exercise independent judgment; • to exercise reasonable care, skill and diligence; • not to accept benefits from a third party conferred by reason of his being a director or doing, or not doing, anything as a director; and • to declare any interest that he has, whether directly or indirectly, in a proposed or existing transaction or arrangement with the company. | Delaware law does not contain specific provisions setting forth the standard of conduct of a director. The scope of the fiduciary duties of directors is generally determined by the courts of the State of Delaware. In general, directors have a duty to act without self-interest, on a well- informed basis and in a manner they reasonably believe to be in the best interest of the stockholders. Directors of a Delaware corporation owe fiduciary duties of care and loyalty to the corporation and to its shareholders. The duty of care generally requires that a director acts in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. In general, but subject to certain exceptions, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Delaware courts have also imposed a heightened standard of conduct upon directors of a Delaware corporation who take any action designed to defeat a threatened change in control of the corporation. In addition, under Delaware law, when the board of directors of a Delaware corporation approves the sale or break-up of a corporation, the board of directors may, in certain circumstances, have a duty to obtain the highest value reasonably available to the shareholders. | ||
Shareholder Litigation | Under English law, generally, the company, rather than its shareholders, is the proper claimant in an action in respect of a wrong done to the company or where there is an irregularity in the company’s internal management. Notwithstanding this general position, the UK Companies Act provides that: (i) a court may allow a shareholder to bring a derivative claim (that is, an action in respect of and on behalf of the company) in respect of a cause of action vested in the company arising from a director’s negligence, default, breach of duty or breach of trust and seeking relief on behalf of the company; and (ii) a shareholder may bring a claim for a court order where the company’s affairs have been or are being conducted in a manner that is unfairly prejudicial to some or all of its shareholders. | Under Delaware law, a stockholder may initiate a derivative action to enforce a right of a corporation if the corporation fails to enforce the right itself. The complaint must: •state that the plaintiff was a stockholder at the time of the transaction of which the plaintiff complains or that the plaintiff’s shares thereafter devolved on the plaintiff by operation of law; and • allege with particularity the efforts made by the plaintiff to obtain the action the plaintiff desires from the directors and the reasons for the plaintiff’s failure to obtain the action; or •state the reasons for not making the effort. Additionally, the plaintiff must remain a stockholder through the duration of the derivative suit. The action will not be dismissed or compromised without the approval of the Delaware Court of Chancery. |
US Dollar millions (1) | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | Fair value |
Borrowings (2) | ||||||||
Fixed rate (US$) | — | — | — | — | 750 | 1,000 | 1,750 | 1,567 |
Average interest rate | 4.1% | 4.1% | 4.1% | 4.1% | 4.1% | 4.6% | ||
Variable rate (US$) | 63 | 65 | — | — | 250 | — | 378 | 378 |
Average interest rate | 8.9% | 8.3% | 6.8% | 6.8% | 6.8% | 0.0% | ||
Variable rate (TZS) | 123 | — | — | — | — | — | 123 | 123 |
Average interest rate | 12.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | ||
186 | 65 | — | — | 1,000 | 1,000 | 2,251 | 2,068 | |
Cash and cash equivalents | ||||||||
Variable rate (US$) | 546 | — | — | — | — | — | 546 | 546 |
Average interest rate | 3.7% | — | — | — | — | — | ||
Variable rate (ARS) | 89 | — | — | — | — | — | 89 | 89 |
Average interest rate | 110.0% | — | — | — | — | — | ||
Variable rate (ZAR) | 50 | — | — | — | — | — | 50 | 50 |
Average interest rate | 8.1% | — | — | — | — | — | ||
Variable rate (AUD) | 47 | — | — | — | — | — | 47 | 47 |
Average interest rate | 4.0% | — | — | — | — | — | ||
Variable rate (BRL) | 8 | — | — | — | — | — | 8 | 8 |
Average interest rate | 12.3% | — | — | — | — | — | ||
Variable rate (GBP) | 3 | — | — | — | — | — | 3 | 3 |
Average interest rate | 1.5% | — | — | — | — | — | ||
743 | — | — | — | — | — | 743 | 743 | |
Restricted cash | ||||||||
Variable rate (AUD) | 11 | — | — | — | — | — | 11 | 11 |
Average interest rate | 4.0% | — | — | — | — | — | ||
Variable rate (US$) | 23 | — | — | — | — | 34 | 57 | 57 |
Average interest rate | 1.8% | — | — | — | — | — | ||
34 | — | — | — | — | 34 | 68 | 68 |
2023 (5) | 2022 | ||
(in millions) | $ | $ | |
Audit fees(1) | 8.10 | 6.45 | |
Audit-related fees(2) | 2.40 | 1.91 | |
Tax fees(3) | 0.10 | 0.22 | |
All other fees(4) | 0.10 | 0.02 | |
Total | 10.70 | 8.60 |
Period | Total number of ordinary shares purchased (1) | Average price paid per ordinary share (2)(3) (in ZAR) | Total number of ordinary shares purchased as part of publicly announced plans or programmes | Maximum number of ordinary shares that may yet be purchased under the plans or programmes |
January 2023 | — | — | — | — |
February 2023 | — | — | — | — |
March 2023 (4) | 2,923 | 394.00 | — | — |
April 2023 | — | — | — | — |
May 2023 | — | — | — | — |
June 2023 (4) | 111,895 | 427.43 | — | — |
July 2023 | — | — | — | — |
August 2023 | — | — | — | — |
September 2023 (4) | 2,053 | 320.06 | — | — |
October 2023 | — | — | — | — |
November 2023 | — | — | — | — |
December 2023 (5) | 20,317 | 311.70 | — | — |
Total | 137,188 | — | — |
Figures in millions | Notes | 2023 | 2022 | 2021 | ||
Restated (1) (3) | Restated (1) (3) | |||||
US Dollars | ||||||
Revenue from product sales | 3 | |||||
Cost of sales | 4 | ( | ( | ( | ||
(Loss) gain on non-hedge derivatives and other commodity contracts | ( | ( | ||||
Gross profit | ||||||
Corporate administration, marketing and related expenses | ( | ( | ( | |||
Exploration and evaluation costs | ( | ( | ( | |||
Net impairment, derecognition of assets and profit (loss) on disposal | 12 | ( | ( | |||
Corporate restructuring costs (2) | ( | ( | ||||
Other (expenses) income (2) | 5 | ( | ( | ( | ||
Finance income | ||||||
Foreign exchange and fair value adjustments | ( | ( | ( | |||
Finance costs and unwinding of obligations | 6 | ( | ( | ( | ||
Share of associates and joint ventures’ profit | ||||||
Profit before taxation | ||||||
Taxation | 9 | ( | ( | ( | ||
Profit (loss) for the year | ( | |||||
Attributable to: | ||||||
Equity shareholders | ( | |||||
Non-controlling interests | ||||||
( | ||||||
Earnings (loss) per ordinary share | ||||||
Basic earnings (loss) per ordinary share (US cents) | 10 | ( | ||||
Diluted earnings (loss) per ordinary share (US cents) | 10 | ( | ||||
Figures in millions | 2023 | 2022 | 2021 | |||
Restated (1) | Restated (1) | |||||
US Dollars | ||||||
Profit (loss) for the year | ( | |||||
Items that will be reclassified subsequently to profit or loss: | ( | ( | ||||
Exchange differences on translation of foreign operations | ( | ( | ||||
Items that will not be reclassified subsequently to profit or loss: | ( | ( | ( | |||
Exchange differences on translation of non-foreign operations (2) | ( | ( | ( | |||
Net (loss) gain on equity investments | ( | ( | ( | |||
Actuarial (loss) gain recognised | ( | ( | ||||
Deferred taxation thereon | ( | ( | ||||
Other comprehensive (loss) income for the year, net of tax | ( | ( | ||||
Total comprehensive income for the year, net of tax | ( | |||||
Attributable to: | ||||||
Equity shareholders | ( | |||||
Non-controlling interests | ||||||
( |
Figures in millions | Notes | 2023 | 2022 | 2021 | ||
Restated (1) | Restated (1) | |||||
US Dollars | ||||||
ASSETS | ||||||
Non-current assets | ||||||
Tangible assets | 12 | |||||
Right of use assets | 13 | |||||
Intangible assets | 14 | |||||
Investments in associates and joint ventures | 16 | |||||
Other investments | ||||||
Loan receivable (2) | ||||||
Inventories | ||||||
Trade, other receivables and other assets | 18 | |||||
Reimbursive right for post-retirement benefits | 24 | |||||
Deferred taxation | 25 | |||||
Cash restricted for use | 19 | |||||
Current assets | ||||||
Loan receivable (2) | ||||||
Inventories | 17 | |||||
Trade, other receivables and other assets | 18 | |||||
Cash restricted for use | 19 | |||||
Cash and cash equivalents | 20 | |||||
Total assets | ||||||
EQUITY AND LIABILITIES | ||||||
Share capital and premium | 21 | |||||
Accumulated losses and other reserves | ||||||
Shareholders’ equity | ||||||
Non-controlling interests | ||||||
Total equity | ||||||
Non-current liabilities | ||||||
Borrowings | 22 | |||||
Lease liabilities | 13 | |||||
Environmental rehabilitation and other provisions | 23 | |||||
Provision for pension and post-retirement benefits | 24 | |||||
Trade and other payables | ||||||
Deferred taxation | 25 | |||||
Current liabilities | ||||||
Borrowings | 22 | |||||
Lease liabilities | 13 | |||||
Trade and other payables (3) | 26 | |||||
Environmental rehabilitation and other provisions (3) | 23 | |||||
Bank overdraft | 20 | |||||
Taxation | 27 | |||||
Total liabilities | ||||||
Total equity and liabilities |
Figures in millions | Notes | 2023 | 2022(2) | 2021(2) | ||
US Dollars | ||||||
Cash flows from operating activities | ||||||
Cash generated from operations | 28 | |||||
Dividends received from joint ventures | ||||||
Taxation refund | 27 | |||||
Taxation paid | 27 | ( | ( | ( | ||
Net cash inflow (outflow) from operating activities | ||||||
Cash flows from investing activities | ||||||
Capital expenditure on tangible and intangible assets (1) | 12, 14 | ( | ( | ( | ||
Interest capitalised and paid | ( | ( | ||||
Acquisition of assets | ( | |||||
Dividends from associates and other investments | ||||||
Proceeds from disposal of tangible assets | ||||||
Other investments and assets acquired | ( | ( | ||||
Proceeds from disposal of other investments | ||||||
Proceeds from disposal of joint ventures | ||||||
Loans advanced | ( | ( | ( | |||
Decrease (increase) in cash restricted for use | ( | ( | ||||
Interest received | ||||||
Net cash inflow (outflow) from investing activities | ( | ( | ( | |||
Cash flows from financing activities | ||||||
Share securities tax on redomicile and reorganisation | ( | |||||
Proceeds from borrowings | 22 | |||||
Repayment of borrowings | 22 | ( | ( | ( | ||
Repayment of lease liabilities | 13 | ( | ( | ( | ||
Finance costs - borrowings | 22 | ( | ( | ( | ||
Finance costs - leases | 13 | ( | ( | ( | ||
Other borrowing costs | ( | ( | ( | |||
Dividends paid | ( | ( | ( | |||
Net cash outflow from financing activities | ( | ( | ( | |||
Net increase (decrease) in cash and cash equivalents | ( | ( | ||||
Translation | ( | ( | ( | |||
Cash and cash equivalents at beginning of year (net of bank overdraft) | ||||||
Cash and cash equivalents at end of year (net of bank overdraft) | 20 |
Equity holders of the parent | ||||||||||
Figures in millions | Share capital and premium | Reorganisatio n reserve | Other capital reserves (1) | Retained earnings (Accumulat ed losses) | Fair value through OCI | Actuarial gains (losses) | Foreign currency translation reserve (2) | Total | Non- controlling interests | Total equity |
US Dollars | ||||||||||
Balance at 31 December 2020 Restated (note 1.3) | ( | ( | ||||||||
Profit (loss) for the year | — | — | — | — | — | |||||
Other comprehensive income (loss) | — | — | — | ( | ( | ( | ( | — | ( | |
Total comprehensive income (loss) | — | — | ( | ( | ( | |||||
Shares issued | — | — | — | — | — | — | ||||
Share-based payment for share awards net of exercised | — | — | — | — | — | — | ||||
Dividends paid (note 11) | — | — | ( | — | — | — | ( | — | ( | |
Dividends of subsidiaries | — | — | — | — | — | — | ( | ( | ||
Translation | — | ( | — | ( | — | ( | ||||
Balance at 31 December 2021 Restated (note 1.3) | ( | ( | ( | |||||||
Profit (loss) for the year | — | — | — | — | — | |||||
Other comprehensive income (loss) | — | — | — | ( | ( | ( | ( | — | ( | |
Total comprehensive income (loss) | — | — | ( | ( | ( | |||||
Shares issued | — | — | — | — | — | — | ||||
Dividends paid (note 11) | — | — | ( | — | — | — | ( | — | ( | |
Dividends of subsidiaries | — | — | — | — | — | — | ( | ( | ||
Transfer on derecognition of equity investment | — | — | ( | — | — | — | ||||
Translation | — | ( | — | ( | — | — | ||||
Balance at 31 December 2022 Restated (note 1.3) | ( | ( | ( | ( | ||||||
Profit (loss) for the year | ( | ( | ( | |||||||
Other comprehensive income (loss) | ( | ( | ||||||||
Total comprehensive income (loss) | — | — | ( | ( | ( | ( | ( | |||
Shares issued | — | |||||||||
Share-based payment for share awards net of exercised | — | ( | — | — | — | — | ( | — | ( | |
Dividends paid (note 11) | — | — | ( | — | — | — | ( | — | ( | |
Dividends of subsidiaries | — | — | — | — | — | ( | ( | |||
Redomicile and reorganisation (note 1.1 and 21) | ( | — | — | — | — | — | — | |||
Share securities tax on redomicile and reorganisation | — | ( | — | ( | ( | |||||
Issue of bonus shares | — | — | — | — | — | — | ||||
Cancellation of bonus shares | ( | — | — | — | — | — | ( | — | ( | |
Transfer on derecognition of equity investment | ( | — | ||||||||
Translation | — | ( | — | — | — | |||||
Balance at 31 December 2023 | ( | ( | ( | ( |
2021 | |||||
Figures in millions | Ref | As reported on 31 December 2021 | 1.3.1 Corporate restructuring | 1.3.2 Other restatements | As restated on 31 December 2021 |
US Dollars | |||||
Income statement | |||||
Cost of sales | e | ( | ( | ( | |
Gross profit | e | ( | |||
Foreign exchange and fair value adjustments | b | ( | ( | ( | |
Share of associates and joint ventures' profit | a,c | ( | |||
Profit before taxation | a,b,c,e | ( | |||
Taxation | b | ( | ( | ||
Profit for the year | a,b,c,e | ( | |||
Attributable to: | |||||
Equity shareholders | a,b,c,e | ( | |||
Basic earnings per ordinary share (US cents) | ( | ||||
Diluted earnings per ordinary share (US cents) | ( | ||||
Headline earnings | a,b,c,e | ( | |||
Basic headline earnings per ordinary share (US cents) | ( | ||||
Diluted headline earnings per ordinary share (US cents) | ( | ||||
Statement of comprehensive income | |||||
Total comprehensive income for the year, net of tax | a,b,c,e | ( | |||
Statement of financial position | |||||
Tangible assets | e | ||||
Investments in associates and joint ventures | a,c | ( | |||
Non-current assets | a,c,e | ||||
— | |||||
Trade, other receivables and other assets | b | ( | |||
Current assets | b | ( | |||
— | |||||
Environmental rehabilitation and other provisions | f | ( | |||
Non-current liabilities | f | ( | |||
— | |||||
Trade and other payables | h | ( | |||
Environmental rehabilitation and other provisions | f,h | ||||
Current liabilities | f | ||||
Statement of changes in equity | |||||
Share capital and premium | ( | ||||
Reorganisation reserve | |||||
Accumulated losses | a,b,c,e | ( | ( | ||
Shareholders' equity | |||||
Non-controlling interests | e | ||||
Total equity | a,b,c,e | ||||
2022 | ||||||
Figures in millions | Ref | As reported on 31 December 2022 | 1.3.1 Corporate restructuring | 1.3.2 Obuasi deferred tax restatement | 1.3.2 Other restatements | As restated on 31 December 2022 |
US Dollars | ||||||
Income statement | ||||||
Cost of sales | e | ( | ( | ( | ||
Gross profit | e | ( | ||||
Impairment, derecognition of assets and profit (loss) on disposal | d | ( | ( | ( | ||
Foreign exchange and fair value adjustments | b | ( | ( | |||
Share of associates and joint ventures' profit | a,c | ( | ||||
Profit before taxation | a,b,c,d.e | ( | ||||
Taxation | b,d | ( | ( | ( | ||
Profit for the year | a,b,c,d,e | ( | ( | |||
Attributable to: | ||||||
Equity shareholders | a,b,c,d,e | ( | ( | |||
Non-controlling interests | e | ( | ||||
Basic earnings per ordinary share (US cents) | ( | ( | ||||
Diluted earnings per ordinary share (US cents) | ( | ( | ||||
Headline earnings | a,b,c,e | ( | ( | |||
Basic headline earnings per ordinary share (US cents) | ( | ( | ||||
Diluted headline earnings per ordinary share (US cents) | ( | ( | ||||
Statement of comprehensive income | ||||||
Total comprehensive income for the year, net of tax | a,b,c,d,e | ( | ( | |||
Statement of financial position | ||||||
Tangible assets | d,e | ( | ||||
Investments in associates and joint ventures | a,c | ( | ||||
Deferred taxation | ( | |||||
Non-current assets | a,c,d,e | ( | ( | |||
Lease liabilities | g | |||||
Environmental rehabilitation and other provisions | f | ( | ||||
Non-current liabilities | f,g | ( | ||||
Lease liabilities | g | ( | ||||
Trade and other payables | h | ( | ||||
Environmental rehabilitation and other provisions | f,h | |||||
Current liabilities | f,g | |||||
Statement of changes in equity | ||||||
Share capital and premium | ( | |||||
Reorganisation reserve | ||||||
Accumulated losses | a,b,c,d,e | ( | ( | ( | ( | |
Foreign currency translation reserve | c | ( | ( | ( | ||
Shareholders' equity | a,b,c,d,e | ( | ( | |||
Non-controlling interests | e | |||||
Total equity | a,b,c,d,e | ( | ( | |||
Figures in millions | Gold income | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Geographical analysis of gold income by origin is as follows: | |||||
Africa (1) | |||||
Kibali - Attributable 45% | |||||
Iduapriem | |||||
Obuasi | |||||
Siguiri | |||||
Geita | |||||
Australia | |||||
Sunrise Dam | |||||
Tropicana - Attributable 70% | |||||
Americas | |||||
Cerro Vanguardia | |||||
AngloGold Ashanti Mineração (2) | |||||
Serra Grande | |||||
Equity-accounted joint ventures included above | ( | ( | ( | ||
Geographical analysis of gold income by destination is as follows: | |||||
United Kingdom # | |||||
Foreign entities * | |||||
South Africa # | |||||
Ghana (3) | |||||
North America | |||||
South America | |||||
Australia | |||||
Europe | |||||
Figures in millions | By-product revenue | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Africa (1) | |||||
Kibali - Attributable 45% | |||||
Iduapriem | |||||
Obuasi | |||||
Siguiri | |||||
Geita | |||||
Australia | |||||
Sunrise Dam | |||||
Tropicana - Attributable 70% | |||||
Americas | |||||
Cerro Vanguardia | |||||
AngloGold Ashanti Mineração | |||||
Equity-accounted joint ventures included above | ( | ( | ( | ||
Figures in millions | Cost of sales | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Restated (8) | Restated (8) | ||||
Africa (1) | |||||
Kibali - Attributable 45% | |||||
Iduapriem | |||||
Obuasi | |||||
Siguiri | |||||
Geita | |||||
Australia | |||||
Sunrise Dam | |||||
Tropicana - Attributable 70% | |||||
Administration and other | |||||
Americas | |||||
Cerro Vanguardia | |||||
AngloGold Ashanti Mineração | |||||
Serra Grande | |||||
Administration and other | |||||
Corporate and other | ( | ||||
Equity-accounted joint ventures included above | ( | ( | ( | ||
Figures in millions | Gross profit (loss) (4) | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Restated (8) | Restated (8) | ||||
Africa (1) | |||||
Kibali - Attributable 45% | |||||
Iduapriem | |||||
Obuasi | |||||
Siguiri | |||||
Geita | |||||
Administration and other | |||||
Australia | |||||
Sunrise Dam | |||||
Tropicana - Attributable 70% | |||||
Administration and other | ( | ( | ( | ||
Americas | |||||
Cerro Vanguardia | |||||
AngloGold Ashanti Mineração | |||||
Serra Grande | ( | ( | |||
Administration and other | ( | ( | ( | ||
Corporate and other | ( | ( | |||
Equity-accounted joint ventures included above | ( | ( | ( | ||
Figures in millions | Amortisation | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Restated (8) | Restated (8) | ||||
Africa (1) | |||||
Kibali - Attributable 45% | |||||
Iduapriem | |||||
Obuasi | |||||
Siguiri | |||||
Geita | |||||
Australia | |||||
Sunrise Dam | |||||
Tropicana - Attributable 70% | |||||
Administration and other | |||||
Americas | |||||
Cerro Vanguardia | |||||
AngloGold Ashanti Mineração | |||||
Serra Grande | |||||
Administration and other | |||||
Corporate and other | |||||
Equity-accounted joint ventures included above | ( | ( | ( | ||
Figures in millions | Total assets (5)(6) | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Restated (8) | Restated (8) | ||||
Africa (1) | |||||
Kibali - Investment in joint venture and loan receivable | |||||
Iduapriem | |||||
Obuasi | |||||
Siguiri | |||||
Geita | |||||
Administration and other | |||||
Australia | |||||
Americas | |||||
Cerro Vanguardia | |||||
AngloGold Ashanti Mineração | |||||
Serra Grande | |||||
Administration and other | |||||
Projects | |||||
Colombian projects | |||||
North American projects | |||||
Corporate and other | |||||
Figures in millions | Non-current assets (7) | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Restated (8) | Restated (8) | ||||
Non-current assets considered material, by country are: | |||||
United Kingdom | |||||
Foreign entities * | |||||
South Africa | |||||
DRC | |||||
Ghana | |||||
Tanzania | |||||
Australia | |||||
Brazil | |||||
United States |
Figures in millions | Capital expenditure | ||||
US Dollars | 2023 | 2022 | 2021 | ||
Africa (1) | |||||
Kibali - Attributable 45% | |||||
Iduapriem | |||||
Obuasi | |||||
Siguiri | |||||
Geita | |||||
Australia | |||||
Sunrise Dam | |||||
Tropicana - Attributable 70% | |||||
Administration and other | |||||
Americas | |||||
Cerro Vanguardia | |||||
AngloGold Ashanti Mineração | |||||
Serra Grande | |||||
Projects | |||||
Colombian projects | |||||
North American projects | |||||
Corporate and other | |||||
Equity-accounted joint ventures included above | ( | ( | ( | ||
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Revenue consists of the following principal categories: | |||||
Gold income (2) | |||||
Spot market sales | |||||
Concentrate sales (1) | |||||
By-products (2) | |||||
Accounting policies Revenue from product sales comprises sales of: •refined gold and doré bars; •by-products including silver and sulphuric acid; and •gold concentrate. Revenue from spot market sales are recognised at a point in time when control of the goods passes to the customer and the performance obligations of transferring control have been met. Control of the goods passes to the customer on settlement date. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred. Sales of gold concentrate are recorded when control of ownership passes to the customer, net of refining and treatment charges. Control of ownership passes to the customer either at the warehouse, on the date of issuance of a holding certificate to the customer, or at the time of shipment, depending on the terms agreed with the customer. Sales prices are provisionally set on a specified future date after shipment, based on market prices. Revenue is recorded using forward market gold prices on the expected date that the final sales will be determined. Changes in the fair value as a result of changes in forward gold prices are classified as provisional price adjustments and included as a component of revenue. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (2) | Restated (2) | ||||
Operating costs (1) | |||||
Royalties | |||||
Total operating costs | |||||
Retrenchment costs | |||||
Rehabilitation and other non-cash costs | |||||
Amortisation of tangible assets | |||||
Amortisation of right of use assets | |||||
Amortisation of intangible assets (note 14) | |||||
Inventory change | ( | ( | |||
US Dollars | |||||
Figures in millions | 2023 | 2022 (2) | 2021 | ||
Care and maintenance | |||||
Governmental fiscal claims | |||||
Legacy tailings storage facilities obligations | ( | ||||
Pension and medical defined benefit | |||||
Royalties received | ( | ( | ( | ||
Retrenchment and related costs (1) | |||||
Legal fees and project costs | ( | ||||
Other indirect taxes | ( | ||||
Other income | ( | ||||
Premium on settlement of bonds | |||||
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Finance costs | |||||
Finance costs on bonds, bank loans and other | |||||
Amortisation of fees | |||||
Lease finance charges | |||||
Less: interest capitalised | ( | ( | |||
Unwinding of obligations | |||||
Total finance costs and unwinding of obligations |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Salaries and wages (1) | |||||
Pension costs (2) | |||||
Share-based payment expense (note 8) | |||||
Other (3) | |||||
Included in cost of sales, other expenses and corporate administration, marketing and related expenses |
Average number of employees | 2023* | 2022 | 2021 | ||
Africa | |||||
Australia | |||||
Americas | |||||
Other, including corporate and non-gold producing subsidiaries | |||||
Total |
Accounting policies Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a liability and expense for termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after reporting date are discounted to present value. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Equity-settled share incentive schemes | |||||
Deferred Share Plan (DSP) | |||||
Total share-based payment expense |
Award date (unexercised awards) | 2018 | ||||
Calculated fair value (in ZAR) | |||||
Vesting date | 22 Feb 2019 | ||||
Vesting date | 22 Feb 2020 | ||||
Expiry date | 22 Feb 2028 | ||||
Number of shares | |||||
2023 | 2022 | 2021 | |||
Awards outstanding at beginning of year | |||||
Awards lapsed during the year | ( | ||||
Awards exercised during the year | ( | ( | ( | ||
Awards transferred to DSP Scheme | ( | ||||
Awards outstanding and exercisable at end of year |
Award date (unexercised awards) | 2015 | ||||
Calculated fair value (in ZAR) | |||||
Vesting date | 3 Mar 2018 | ||||
Expiry date | 3 Mar 2025 |
Number of shares | |||||
2023 | 2022 | 2021 | |||
Awards outstanding at beginning of year | |||||
Awards exercised during the year | ( | ( | ( | ||
Awards transferred to DSP Scheme | ( | ||||
Awards outstanding and exercisable at end of year |
Award date (unvested awards and awards vested during the year) | 2023 | 2022 | 2021 | ||
Calculated fair value (in ZAR) | |||||
Award date | 24 Feb 2023 | 24 Feb 2022 | 24 Feb 2021 | ||
Expiry date | 25 Feb 2033 | 24 Feb 2032 | 25 Feb 2031 |
Number of shares | |||||
2023 | 2022 | 2021 | |||
Awards outstanding at beginning of year | |||||
Awards granted during the year | |||||
Awards lapsed during the year | ( | ( | ( | ||
Awards exercised during the year | ( | ( | ( | ||
Awards transferred from BSP scheme | — | — | |||
Awards transferred from LTIP scheme | — | — | |||
Awards outstanding at end of year | |||||
Awards exercisable at end of year |
Accounting policies The Group’s management awards certain employee bonuses in the form of equity-settled share-based payments on a discretionary basis. The fair value of the equity instruments granted is calculated at grant date. For transactions with employees, fair value is based on market prices of the equity instruments granted, if available, taking into account the terms and conditions upon which those equity instruments were granted. If market prices of the equity instruments granted are not available, the fair value of the equity instruments granted is estimated using an appropriate valuation model. Vesting conditions, other than market conditions, are not taken into account when estimating the fair value of shares or share options at measurement date. Over the vesting period, the fair value at measurement date is recognised as an employee benefit expense with a corresponding increase in other capital reserves based on the Group’s estimate of the number of instruments that will eventually vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. When options are exercised or share awards vest, the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. Where the terms of an equity settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of the modification. |
Figures in millions | US Dollars | ||||
2023 | 2022 | 2021 | |||
Restated (6) | Restated (6) | ||||
Current taxation | |||||
Current year | |||||
Prior year under (over) provision | ( | ( | |||
Impairment and disposal of tangible assets | |||||
Deferred taxation | |||||
Current year | |||||
Change in estimate | |||||
Prior year under (over) provision | |||||
Impairment and disposal of tangible assets | ( | ( | |||
Change in statutory tax rate | |||||
( | |||||
Figures in millions | US Dollars | ||||
2023 | 2022 | 2021 | |||
Restated (6) | Restated (6) | ||||
Reconciliation to UK taxation rate (1) | |||||
Implied tax charge at | |||||
Increase (decrease) due to: | |||||
Expenses not tax deductible (2) | |||||
Share of associates and joint ventures' profit | ( | ( | ( | ||
Tax rate differentials (3) and withholding taxes (4) | |||||
Exchange variations and translation adjustments | ( | ||||
Deferred tax assets derecognised (recognised) at Obuasi | ( | ||||
Current year tax losses (expense) not recognised: | |||||
Obuasi | ( | ||||
AngloGold Ashanti Holdings plc | |||||
North America | |||||
Siguiri (5) | ( | ( | ( | ||
SA Corporate | |||||
Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change | |||||
Restructuring costs | |||||
Tax allowances | |||||
Impact of statutory tax rate change | |||||
Adjustment in respect of prior years | ( | ||||
Other | ( | ||||
Income tax expense |
Figures in millions | US Dollars | ||||
2023 | 2022 | 2021 | |||
Restated (1) | Restated (1) | ||||
Analysis of unrecognised tax losses | |||||
Available to be utilised against future profits | |||||
- utilisation required within one year | |||||
- utilisation required between one and two years | |||||
- utilisation required between two and five years | |||||
- utilisation required between five and twenty years | |||||
- utilisation in excess of twenty years | |||||
Significant accounting judgements and estimates The Group tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate, prepared in accordance with IAS 12 ‘Income Taxes’, applies the UK domestic corporate tax rate of 25% for the 2023 year. The Group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on detailed cash flow forecasts for at least 12 months and updated life-of-mine plan models with longer term cash flow projections from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flow projections and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods. |
Accounting policies Deferred taxation is recognised on all qualifying temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets are only recognised to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets and liabilities are measured at future anticipated tax rates, which have been enacted or substantively enacted at the reporting date. Current and deferred tax is recognised as income or expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period in other comprehensive income or directly in equity, or an acquisition that is a business combination. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date. Interest and penalties, if any, are recognised in the income statement as part of taxation expense if based on the specific facts and circumstances, the entity has determined that the interest (receivable or payable) and penalties payable to the tax authorities are an income tax. |
2023 | 2022 | 2021 | |||
Restated (4) | Restated (4) | ||||
US cents per share | |||||
Basic earnings (loss) per ordinary share | ( | ||||
The calculation of basic earnings (loss) per ordinary share is based on (loss)/profits attributable to equity shareholders of ($ average number of ordinary shares in issue during the financial year. | |||||
Diluted earnings (loss) per ordinary share | ( | ||||
The calculation of diluted earnings (loss) per ordinary share is based on (loss)/profits attributable to equity shareholders of ($ number of ordinary shares. |
Number of shares (1) | |||||
2023 | 2022 | 2021 | |||
Weighted average number of ordinary shares (2) | |||||
Dilutive potential of share options (3) | |||||
Diluted weighted average number of ordinary shares |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (4) | Restated (4) | ||||
Headline earnings (loss) (1) | |||||
The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): | |||||
Profit (loss) attributable to equity shareholders | ( | ||||
Impairment of tangible assets, right of use assets and investment in joint venture, net | |||||
Impairment of tangible and right of use assets | |||||
Impairment of investment in joint venture | |||||
Taxation on impairment of tangible assets, right of use assets and investment in joint venture | ( | ( | |||
(Profit) loss on derecognition and disposal of tangible assets, net | ( | ||||
(Profit) loss on derecognition of assets | |||||
(Profit) loss on disposal of tangible assets | ( | ( | ( | ||
Taxation on derecognition and disposal of tangible assets | ( | ||||
( | |||||
US Cents | |||||
Headline earnings (loss) per ordinary share (1) | |||||
Headline earnings (loss) per ordinary share (2) | ( | ||||
Diluted headline earnings (loss) per ordinary share (3) | ( |
US Dollars | ||||||
Figures in millions | 2023 | 2022 | 2021 | |||
Ordinary shares (1) (2) | ||||||
Dividend number 122 of and paid on 26 March 2021 ( | ||||||
Dividend number 123 of paid on 10 September 2021 ( | ||||||
Dividend number 124 of and paid on 25 March 2022 ( | ||||||
Dividend number 125 of paid on 9 September 2022 ( | ||||||
Dividend number 126 of and paid on 31 March 2023 ( | ||||||
Dividend number 127 of paid on 8 September 2023 ( | ||||||
Figures in millions | Mine development costs | Mine infrastructure | Mineral rights and dumps | Exploration and evaluation assets | Assets under construction | Land and buildings (2) | Total | ||||||
US Dollars | |||||||||||||
Cost | |||||||||||||
Balance at 1 January 2021 | |||||||||||||
Additions (5) | |||||||||||||
Finance costs capitalised (3) | |||||||||||||
Disposals | ( | ( | ( | ( | |||||||||
Derecognition of assets (6) | ( | ( | ( | ||||||||||
Transfers and other movements (1) (6) | ( | ( | |||||||||||
Translation | ( | ( | ( | ( | ( | ||||||||
Balance at 31 December 2021 Restated (4) | |||||||||||||
Accumulated amortisation and impairments | |||||||||||||
Balance at 1 January 2021 | |||||||||||||
Amortisation for the year | |||||||||||||
Impairment of assets | |||||||||||||
Disposals | ( | ( | ( | ||||||||||
Derecognition of assets (6) | ( | ( | ( | ||||||||||
Transfers and other movements (1) (6) | ( | ( | ( | ||||||||||
Translation | ( | ( | ( | ( | |||||||||
Balance at 31 December 2021 Restated (4) | |||||||||||||
Net book value at 31 December 2021 Restated (4) | |||||||||||||
Cost | |||||||||||||
Balance at 1 January 2022 Restated (4) | |||||||||||||
Additions (5) | |||||||||||||
Acquisition of assets | |||||||||||||
Finance costs capitalised (3) | |||||||||||||
Disposals | ( | ( | ( | ||||||||||
Derecognition of assets (6) | ( | ( | ( | ( | |||||||||
Transfers and other movements (1) (6) | ( | ( | ( | ||||||||||
Translation | ( | ( | ( | ( | ( | ||||||||
Balance at 31 December 2022 Restated (4) | |||||||||||||
Accumulated amortisation and impairments | |||||||||||||
Balance at 1 January 2022 Restated (4) | |||||||||||||
Amortisation for the year | |||||||||||||
Impairment of assets | |||||||||||||
Disposals | ( | ( | ( | ||||||||||
Derecognition of assets (6) | ( | ( | ( | ( | |||||||||
Transfers and other movements (1) (6) | |||||||||||||
Translation | ( | ( | ( | ( | ( | ||||||||
Balance at 31 December 2022 Restated (4) | |||||||||||||
Net book value at 31 December 2022 Restated | |||||||||||||
Figures in millions | Mine development costs | Mine infrastructure | Mineral rights and dumps | Exploration and evaluation assets | Assets under construction | Land and buildings (2) | Total | ||||||
US Dollars | |||||||||||||
Cost | |||||||||||||
Balance at 1 January 2023 | |||||||||||||
Additions (5) | 0 | ||||||||||||
Disposals | ( | ( | ( | ( | ( | ( | |||||||
Derecognition of assets | ( | ( | ( | ||||||||||
Transfers and other movements (1) | ( | ||||||||||||
Translation | ( | ( | ( | ||||||||||
Balance at 31 December 2023 | |||||||||||||
Accumulated amortisation and impairments | |||||||||||||
Balance at 1 January 2023 | |||||||||||||
Amortisation for the year | |||||||||||||
Impairment of assets | |||||||||||||
Impairment reversals of assets | ( | ( | ( | ( | |||||||||
Disposals | ( | ( | ( | ( | ( | ||||||||
Derecognition of assets | ( | ( | ( | ||||||||||
Transfers and other movements (1) | ( | ( | |||||||||||
Translation | |||||||||||||
Balance at 31 December 2023 | |||||||||||||
Net book value at 31 December 2023 |
Figures in millions | Tangible Assets | Right of Use Assets | Goodwill | Total |
US Dollars | 2023 | |||
Group income statement | ||||
Impairment of assets | ( | ( | ( | |
Reversal of impairment of assets | ||||
Derecognition of assets | ( | ( | ||
Net profit (loss) on disposal of assets | ||||
Net impairment, derecognition of assets and profit (loss) on disposal | ( | ( | ( | |
2022 | ||||
Group income statement | ||||
Impairment of assets (Restated (1)) | ( | ( | ( | ( |
Derecognition of assets | ( | ( | ( | |
Net profit (loss) on disposal of assets | ||||
Net impairment, derecognition of assets and profit (loss) on disposal | ( | ( | ( | ( |
2021 | ||||
Group income statement | ||||
Impairment of assets | ( | ( | ||
Derecognition of assets | ( | ( | ||
Net profit (loss) on disposal of assets | ||||
Net impairment, derecognition of assets and profit (loss) on disposal | ||||
Assumptions | Real gold price per oz | Exchange rate (A$/US$) | ||
2023 | 2022 | 2023 | 2022 | |
Year 1 | ||||
Year 2 | ||||
Year 3 | ||||
Year 4 | ||||
Year 5 | ||||
Long-term | ||||
Cash Generating Unit | Mine Development Cost | Mine Infrastructure | Exploration and evaluation costs | Mineral Rights and Dumps | Assets under construction | Land and buildings | Total Tangible Asset Impairment | Goodwill | Right of use assets | Total Impairment | |||||||||
Figures in millions | 2023 | ||||||||||||||||||
US Dollars | |||||||||||||||||||
Americas segment | |||||||||||||||||||
CdS | |||||||||||||||||||
Cuiabá | ( | ( | ( | ||||||||||||||||
Serra Grande | |||||||||||||||||||
Projects | |||||||||||||||||||
Gramalote | |||||||||||||||||||
2022 | |||||||||||||||||||
Americas segment | |||||||||||||||||||
CdS | |||||||||||||||||||
Cuiabá | |||||||||||||||||||
Serra Grande | |||||||||||||||||||
Figures in millions - US Dollars | 2023 |
6.9% increase | |
Serra Grande | |
Cuiabá | |
6.9% decrease | |
Serra Grande (decrease limited to carrying value) | ( |
Cuiabá | ( |
Figures in millions - US Dollars | 2023 |
100 basis point increase | |
Serra Grande | ( |
Cuiabá | ( |
100 basis point decrease | |
Serra Grande | |
Cuiabá |
Significant accounting judgements and estimates Amortisation The majority of mining assets are amortised using the units-of-production method (on an ounces basis) where the mine operating plan calls for production from a well-defined Proven and Probable Mineral Reserve. For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the estimated mine life based on Proven and Probable Mineral Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine as follows: •plant and machinery up to life-of-mine; •equipment and motor vehicles up to •computer equipment up to Assets are amortised to residual values. Residual values and useful lives are reviewed, and adjusted if appropriate, at the beginning of each financial year. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on Proven and Probable Mineral Reserve. This would generally arise from the following factors: •changes in Proven and Probable Mineral Reserve; •the grade of Mineral Reserve may vary significantly from time to time; •differences between actual commodity prices and commodity price assumptions; •unforeseen operational issues at mine sites; and •changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Changes in Proven and Probable Mineral Reserve could similarly impact the useful lives of assets amortised on the straight-line method, where those lives are limited to the life of the mine. |
Stripping costs The Group has a number of surface mining operations that are in the production phase for which production stripping costs are incurred. The benefits that accrue to the Group as a result of incurring production stripping costs include (a) ore that can be used to produce inventory and (b) improved access to a component of the ore body that will be mined in future periods. Components of the various ore bodies at the operations of the Group are determined based on the geological areas identified for each of the ore bodies and are reflected in the Mineral Reserve reporting of the Group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the Group uses the average stripping ratio measure as an indicator of the quantum of production stripping costs that should be capitalised. Once determined that any portion of the production stripping costs should be capitalised, the Group determines the amount of the production stripping costs that should be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be deferred. The average mine cost per tonne of the component is calculated as the total expected costs to be incurred to mine the relevant component of the ore body, divided by the number of tonnes expected to be mined from the component. The average mine cost per tonne of the component to which the stripping activity asset relates are recalculated annually in the light of additional knowledge and changes in estimates. |
Development expenditure Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions that may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. |
Impairment If there are impairment indicators, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used in impairment calculations, which are based on life-of-mine plans, are inherently uncertain and could materially change over time and impact the recoverable amount. Life-of-mine plans range from factors including published Mineral Reserve, Mineral Resource, exploration potential and production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency exchange rates, estimates of costs to produce Mineral Reserve and future capital expenditure. The discount rate used is the weighted average cost of capital (WACC), which is derived from a pricing model. In determining the WACC for each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. The estimated future cash flows and discount rates are post-tax. |
Production start date The Group assesses the stage of each mine construction project to determine when a project moves into the production stage. The criteria used to assess the start date are determined by the unique nature of each mine construction project and include factors such as the complexity of a plant and its location. The Group considers various relevant criteria to assess when the construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria used in the assessment would include, but are not limited to the following: •the level of capital expenditure compared to the construction cost estimates; •completion of a reasonable period of testing of the constructed asset; •adequacy of stope face; •ability to produce metals in saleable form (within specifications); and •ability to sustain ongoing production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities, or ore reserve development. |
Mineral Reserve estimates The Group reports its Mineral Resource and Mineral Reserve in accordance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”). A Mineral Reserve estimate is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. In order to estimate the Mineral Reserve, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of the Mineral Reserve requires the size, shape and depth of ore bodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. With the change in the economic assumptions used to estimate the Mineral Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Reserve may change from period to period. Changes in the reported Mineral Reserve may affect the Group’s financial results and financial position in a number of ways, including the following: •asset carrying values may be affected due to changes in estimated future cash flows; •depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the units-of-production method, or where the useful economic lives of assets change; •overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation; •decommissioning site restoration and environmental provisions may change where changes in the estimated Mineral Reserve affect expectations about the timing or cost of these activities; and •the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. |
Accounting policies Tangible assets are recorded at cost less accumulated amortisation, accumulated impairments and reversal of impairments. Cost includes the present value of related future decommissioning costs. Interest on borrowings relating to the financing of major capital projects under construction is capitalised during the construction phase as part of the cost of the project. Such borrowing costs are capitalised over the period during which the asset is being acquired or constructed and borrowings have been incurred. Capitalisation ceases when construction is interrupted for an extended period or when the asset is substantially complete. Other borrowing costs are expensed as incurred. For assets amortised on the units-of-production method, amortisation is calculated to allocate the cost of each asset to its residual value over its estimated useful life. For assets not amortised on the units-of-production method, amortisation is calculated on a straight line basis over its expected useful life. |
Mine development costs Capitalised mine development costs include expenditure incurred to develop new ore bodies, to define further mineralisation in existing ore bodies and, to expand the capacity of a mine. Mine development costs include acquired Proven and Probable Mineral Reserve at cost at the acquisition date. These costs are amortised from the date on which the assets are ready for use as intended by management. Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on estimated Proven and Probable Mineral Reserve. The Proven and Probable Mineral Reserve reflects estimated quantities of Mineral Reserve which can be recovered economically in the future from known mineral deposits. Capitalised mine development costs also include stripping activity assets relating to production stripping activities incurred in the production phase of open-pit operations of the Group. Stripping activity assets are amortised on a units-of-production method based on the Mineral Reserve of the component of the orebody to which these assets relate. Amortisation of stripping activity assets is included in cost of sales. |
Mine infrastructure Mine plant facilities, including decommissioning assets, are amortised using the lesser of their useful life or units-of-production method based on estimated Proven and Probable Mineral Reserve. |
Land and assets under construction Land and assets under construction are not depreciated and are measured at historical cost less impairments. |
Mineral rights and dumps Mineral rights are amortised using the units-of-production method based on the estimated Proven and Probable Mineral Reserve. Dumps are amortised over the period of treatment. |
Exploration and evaluation assets All pre-licence and exploration costs, including geological and geographical costs, labour, Mineral Resource and exploratory drilling cost, are expensed as incurred, until it is concluded that a future economic benefit will more likely than not be realised. In evaluating if expenditures meet this criterion to be capitalised, several different sources of information are used depending on the level of exploration. While the criterion for concluding that expenditure should be capitalised is always probable, the information used to make that determination depends on the level of exploration: •Costs on greenfield sites, being those where the Group does not have any mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of Proven and Probable Mineral Reserve at this location; •Costs on brownfield sites, being those adjacent to mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of increased inclusive Proven and Probable Mineral Resource after which the expenditure is capitalised as mine development cost; and •Costs relating to extensions of mineral deposits, which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, are capitalised as mine development cost. Costs relating to property acquisitions are capitalised within mine development costs. |
Impairment of non-financial assets The Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. An impairment test is performed annually on all goodwill, intangible assets not yet in use and intangible assets with indefinite useful lives irrespective of whether any impairment indicators have been identified. For non-financial assets or cash generating units (CGUs), in circumstances in which indicators of impairment are identified, a formal impairment test is required to be carried out. The impairment test compares the assets or cash generating units (CGUs) carrying amount with its recoverable amount. The recoverable amount is the higher of the amounts calculated under the fair value less cost of disposal and value in use approaches. The future cash flows are adjusted for risks specific to the asset and is adjusted where applicable to consider any specific risks relating to the country where the asset or cash-generating unit is located. Future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money. A CGU is the smallest identifiable Group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The composition and nature of the Group’s CGUs vary and is determined largely by identifying the smallest identifiable group of assets that generates independent cash inflows and factors specific to the Group’s mining operations. The Group’s CGUs are generally at the individual mine level, with some operating mines consisting of a combination of shafts and/or pits. Exploration assets are tested for impairment whenever facts and circumstances indicate that the carrying amount is not recoverable. Assets will be allocated to CGUs or groups of CGUs based on how the entity manages its operations i.e., by mineral within a specific geographic area. An impairment loss is recognised for the amount by which the assets or CGUs carrying amount exceeds their recoverable amount. At the reporting date the Group assesses whether any of the indicators which gave rise to previously recognised impairments have changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original factors for reversal and if indicated, such reversal is recognised. |
Figures in millions - US Dollars | Mine Infrastructure | Land and buildings | Total | |||
Cost | ||||||
Balance at 1 January 2021 | ||||||
Additions | ||||||
Derecognition and other movements (1) | ( | ( | ( | |||
Translation | ( | ( | ||||
Balance at 31 December 2021 | ||||||
Accumulated amortisation and impairments | ||||||
Balance at 1 January 2021 | ||||||
Amortisation for the year | ||||||
Impairment | ||||||
Derecognition and other movements (1) | ( | ( | ( | |||
Translation | ( | ( | ||||
Balance at 31 December 2021 | ||||||
Net book value at 31 December 2021 | ||||||
Cost | ||||||
Balance at 1 January 2022 | ||||||
Additions | ||||||
Derecognition and other movements (1) | ( | ( | ||||
Translation | ( | ( | ( | |||
Balance at 31 December 2022 | ||||||
Accumulated amortisation and impairments | ||||||
Balance at 1 January 2022 | ||||||
Amortisation for the year | ||||||
Derecognition and other movements (1) | ( | ( | ||||
Impairment | ||||||
Translation | ( | ( | ||||
Balance at 31 December 2022 | ||||||
Net book value at 31 December 2022 | ||||||
Cost | ||||||
Balance at 1 January 2023 | ||||||
Additions | ||||||
Derecognition and other movements (1) | ( | ( | ||||
Translation | ( | |||||
Balance at 31 December 2023 | ||||||
Accumulated amortisation and impairments | ||||||
Balance at 1 January 2023 | ||||||
Amortisation for the year | ||||||
Derecognition and other movements (1) | ( | ( | ||||
Impairment (2) | ||||||
Impairment reversal (2) | ( | ( | ||||
Balance at 31 December 2023 | ||||||
Net book value at 31 December 2023 |
Figures in millions - US Dollars | 2023 | 2022 | 2021 |
Amounts recognised in the statement of cash flows including expenses on short- term leases, variable lease payments and leases on low value assets | |||
Total cash outflow on leases including expenses on short-term leases, variable lease payments and leases on low value assets | |||
Amounts recognised in the income statement for lease payments not included in lease liabilities | |||
Expenses on short-term leases | |||
Expenses on variable lease payments (1) | |||
Expenses on leases of low value assets |
Figures in millions - US Dollars | 2023 | 2022 | 2021 |
Reconciliation of lease liabilities (1) | |||
A reconciliation of the lease liabilities included in the statement of financial position is set out in the following table: | |||
Opening balance | |||
Lease liabilities recognised | |||
Repayment of lease liabilities | ( | ( | ( |
Finance costs paid on lease liabilities | ( | ( | ( |
Interest charged to the income statement | |||
Modifications and terminations | ( | ( | |
Translation | ( | ( | |
Closing balance | |||
Lease liabilities (2) | |||
Non-current | |||
Current | |||
Total |
Significant accounting judgements and estimates Various factors are considered in assessing whether an arrangement contains a lease, including whether a service contract includes the implicit right to substantially all the economic benefits from assets used in providing the service and whether the Group directs how and for what purpose the assets are used. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. The Company applies the considerations for short-term leases where leases are modified to extend the period by 12 months or less on expiry and these modifications are assessed on a standalone-basis. In determining the incremental borrowing rates, management considers the term of the lease, the nature of the asset being leased, in country borrowings as well as other sources of finance. |
Accounting policies The Group assesses whether a contract is or contains a lease, at inception of a contract. The Group recognises a right of use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less with no purchase option) and leases of low value assets, where the recognition exemption is applied. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The incremental borrowing rate is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The Group applies a single discount rate for contracts that share similar characteristics. The Group has determined that contracts that are denominated in the same currency will use a single discount rate. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease payments included in the measurement of the lease liability comprise: •fixed lease payments (including in-substance fixed payments), less any lease incentives; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; •amount expected to be payable by the lessee under residual value guarantees; •the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and •payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: •the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; •the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or •a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, any initial direct costs and restoration costs as described below. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease term is determined as the non-cancellable period of a lease, together with: •periods covered by an option to extend the lease if the Group is reasonably certain to make use of that option; and / or •periods covered by an option to terminate the lease, if the Group is reasonably certain not to make use of that option. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’. The costs are included in the related right of use asset, unless those costs are incurred to produce inventories. Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right of use asset reflects that the Group expects to exercise a purchase option, the related right of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 ‘Impairment of Assets’ to determine whether a right of use asset is impaired and accounts for any identified impairment loss accordingly. |
Figures in millions - US Dollars | Goodwill | Other | Total | ||
Cost | |||||
Balance at 1 January 2021 | |||||
Additions | |||||
Transfers and other movements (1) | ( | ( | |||
Translation | ( | ( | ( | ||
Balance at 31 December 2021 | |||||
Accumulated amortisation and impairments | |||||
Balance at 1 January 2021 | |||||
Amortisation for the year | |||||
Transfers and other movements (1) | ( | ( | |||
Translation | ( | ( | |||
Balance at 31 December 2021 | |||||
Net book value at 31 December 2021 | |||||
Cost | |||||
Balance at 1 January 2022 | |||||
Additions | |||||
Translation | ( | ( | ( | ||
Balance at 31 December 2022 | |||||
Accumulated amortisation and impairments | |||||
Balance at 1 January 2022 | |||||
Amortisation for the year | |||||
Impairment of goodwill | |||||
Translation | |||||
Balance at 31 December 2022 | |||||
Net book value at 31 December 2022 | |||||
Cost | |||||
Balance at 1 January 2023 (2) | |||||
Additions | |||||
Transfers and other movements (1) | |||||
Translation | ( | ( | |||
Balance at 31 December 2023 | |||||
Accumulated amortisation and impairments | |||||
Balance at 1 January 2023 (2) | |||||
Amortisation for the year | |||||
Translation | ( | ( | |||
Balance at 31 December 2023 | |||||
Net book value as 31 December 2023 |
2023 | |||
US Dollars | |||
Figures in millions | Carrying Value | Fair value less costs to dispose | |
Sunrise Dam |
2022 | |||
US Dollars | |||
Figures in millions | Carrying Value | Value in use | |
Sunrise Dam |
Significant accounting judgements and estimates For significant accounting judgements and estimates relating to impairments see Note 12. |
Accounting policies Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill. Goodwill is not amortised, is tested annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. |
Percentage held | |||||
For the year ended 31 December | Country of incorporation | Holding | 2023 | 2022 | 2021 |
Principal operating subsidiaries | |||||
AngloGold Ashanti Australia Limited (1) | Australia | Indirect | |||
AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti Limited) | South Africa | Direct | |||
AngloGold Ashanti Holdings plc | Isle of Man | Direct | |||
AngloGold Ashanti USA Incorporated | United States of America | Indirect | |||
AngloGold Ashanti Córrego do Sítio Mineração S.A. | Brazil | Indirect | |||
AngloGold Ashanti (Ghana) Limited (2) | Ghana | Indirect | |||
AngloGold Ashanti (Iduapriem) Limited | Ghana | Indirect | |||
Cerro Vanguardia S.A. | Argentina | Indirect | |||
Geita Gold Mining Limited | Tanzania | Indirect | |||
Mineração Serra Grande S.A. | Brazil | Indirect | |||
Société AngloGold Ashanti de Guinée S.A. | Republic of Guinea | Indirect | |||
Unincorporated joint operation | |||||
Tropicana joint operation | Australia | Indirect | |||
Accounting policies Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The functional currency of the parent company is United States Dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. |
The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency using closing rates of exchange at the reporting date for assets and liabilities, average rates of exchange for the year for income and expense items and historical rates of exchange for equity items. All resulting exchange differences are recognised in other comprehensive income and presented as a separate component of equity (foreign currency translation reserve, or FCTR). Exchange differences arising from the translation of the net investment in foreign operations are accounted for as other comprehensive income on consolidation. On realisation of net investments in foreign operations, the resulting FCTR is recycled to the income statement. On disposal of non-foreign operations, where the parent’s functional currency, is the same as the subsidiary’s, associate’s, joint venture’s or branch’s functional currency, no reclassification of FCTR is required. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (3) | Restated (3) | ||||
Carrying value | |||||
Investments in associates | |||||
Investments in joint ventures (1) (2) | |||||
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (2) | Restated (2) | ||||
Aggregate statement of profit or loss for associates (attributable) | |||||
Revenue | |||||
Operating (expenses) income | ( | ( | ( | ||
Taxation | ( | ( | ( | ||
Profit (loss) for the year (1) | |||||
Total comprehensive profit (loss) for the year, net of tax |
Name | Effective % | Description | Country of incorporation and operation | ||||||
2023 | 2022 | 2021 | |||||||
Kibali Goldmines S.A. (1) | Exploration and mine development | The Democratic Republic of the Congo |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (1) | Restated (1) | ||||
Carrying value of joint ventures | |||||
Kibali Goldmines S.A. | |||||
(Impairment) reversal of investment in joint venture | |||||
Société d’Exploitation des Mines d’Or de Yatela | ( | ( | |||
The cumulative unrecognised share of losses of the joint ventures: | |||||
Société d’Exploitation des Mines d’Or de Yatela |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (4) | Restated (4) | ||||
Statement of profit or loss | |||||
Revenue | |||||
Other operating costs and expenses | ( | ( | ( | ||
Amortisation of tangible and intangible assets | ( | ( | ( | ||
Finance costs, unwinding of obligations and cash repatriation fee | ( | ( | ( | ||
Interest received | |||||
Share of profits of equity accounted joint venture | |||||
Taxation | ( | ( | ( | ||
Profit for the year | |||||
Total comprehensive income for the year, net of tax | |||||
Dividends received from joint venture (attributable) | |||||
Statement of financial position | |||||
Non-current assets | |||||
Current assets | |||||
Cash and cash equivalents (2) | |||||
Total assets | |||||
Non-current financial liabilities | |||||
Other non-current liabilities | |||||
Current financial liabilities | |||||
Other current liabilities | |||||
Total liabilities | |||||
Net assets | |||||
Group’s share of net assets | |||||
Other (3) | ( | ( | ( | ||
Carrying amount of interest in joint venture | |||||
Accounting policies A joint venture is an entity in which the Group holds a long-term interest and which the Group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. In a joint venture the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. An associate is an investment over which the Group exercises significant influence, but not control or joint control, over the financial and operating policies and normally owns between 20% and 50% of the voting equity. Joint ventures and Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Any losses of equity- accounted investments are accounted for in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such investees. The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment / impairment reversals recognised, the share of post- acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment / impairment reversal has occurred; it is recognised in the period in which the impairment arose. If necessary, impairment and impairment reversals on loans and equity are reported under share of joint ventures and associates profit and loss. In the statement of cash flows, dividends received from joint ventures are included in operating activities as the Group has joint control over the strategic, financial and operating policy decisions. Dividends received from associates are included in investing activities as the Group only exercises significant influence over the financial and operating policies. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Raw materials | |||||
- ore stockpiles | |||||
- heap-leach inventory | |||||
Work in progress | |||||
- metals in process | |||||
- gold concentrate in process | |||||
Finished goods | |||||
- gold doré/bullion | |||||
- by-products | |||||
- gold concentrate | |||||
Total metal inventories | |||||
Mine operating supplies | |||||
Significant accounting judgements and estimates Stockpiles and metals in process Costs that are incurred in or benefit the production process are accumulated in stockpiles and metals in process values. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on prevailing and long-term metals prices, less estimated costs to complete production and bring the product to sale. Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile ore tonnages are verified by periodic surveys. Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realisable value are accounted for on a prospective basis. |
Accounting policies Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and obsolete items. Cost is determined on the following bases: •metals in process are valued at the average total production cost at the relevant stage of production; •gold doré/bullion is valued on an average total production cost method; •ore stockpiles are valued at the average moving cost of mining and stockpiling the ore. Stockpiles are classified as a non-current asset where the stockpile exceeds current processing capacity; •by-products, which include silver and sulphuric acid, are valued using an average total production cost method; •mine operating supplies are valued at average cost; and •heap leach pad materials are measured on an average total production cost basis. A portion of the related depreciation, depletion and amortisation charge is included in the cost of inventory. Inventory write downs are included in cost of sales. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (2) | |||||
Non-current | |||||
Deferred compensation assets (financial assets) | |||||
Prepayments | |||||
Recoverable tax, rebates, levies and duties (1) | |||||
Current | |||||
Trade receivables (financial assets) | |||||
Deferred compensation asset (financial assets) | |||||
Prepayments | |||||
Recoverable tax, rebates, levies and duties (1) | |||||
Other receivables (financial assets) | |||||
Total trade, other receivables and other assets | |||||
There is a concentration of risk in respect of amounts due from Revenue Authorities for recoverable tax, rebates, levies and duties from subsidiaries in the Africa Region segment. These values are summarised as follows: | |||||
Recoverable value added tax | |||||
Appeal deposits |
Significant accounting judgements and estimates Recoverable tax, rebates, levies and duties In a number of countries, particularly in Tanzania and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. The Group uses probability weighted discounting models together with the expected timing of recovery of these refunds to estimate their fair values and related discounting effects which are updated at each reporting period. Timing of the recoverability and the resultant probabilities is updated based on several factors including ongoing correspondence and meetings with the relevant authorities and available income taxes for off-sets, if applicable. Where the recovery of the indirect tax refunds is tied to off-set arrangements against income taxes, the modeled scenarios incorporate judgements around the applicable mine’s business plan and availability of future income tax off-sets. The Group consults tax and legal specialists to determine the current basis of applicable laws and regulations in the associated jurisdictions which are highly complex and subject to interpretation. Future changes to such laws and regulations or the interpretation thereof could have a material impact on the carrying value of these assets, results of operations and cash flows. In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Tanzania, Brazil and Argentina. If the outstanding input taxes are not received and these disputes are not resolved in a manner favourable to AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets and AngloGold Ashanti’s results of operations. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Non-current | |||||
Cash restricted for environmental and rehabilitation obligations (1) | |||||
Current | |||||
Cash restricted by prudential solvency requirements (2) | |||||
Cash balances held by joint operations (3) | |||||
Total cash restricted for use (note 31) |
Accounting policies Cash restricted for use comprises cash and cash equivalents including amounts held in escrow, trust, separate bank accounts and cash held by joint operations which are not available for general use by the Group. Cash restricted for use for more than 12 months after year-end is classified as a non-current financial asset. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Cash and cash equivalents (1) | |||||
Bank overdraft | ( | ( | |||
Per the statement of cash flows |
Accounting policies Cash and cash equivalents comprise cash on hand, deposits on call and other short-term highly liquid investments with a maturity period of three months or less at date of purchase. Cash and cash equivalents are stated at carrying amount which fairly approximates its fair value. For the purposes of the statement of cash flows, cash and cash equivalents is net of bank overdrafts as it forms an integral part of the Group’s cash management. |
Number of shares | |||||
2023 | 2022 | 2021 | |||
Restated (1) | Restated (1) | ||||
Issued and fully paid ordinary shares | |||||
Ordinary shares issued at the beginning of the year | |||||
Issued in terms of the corporate restructuring at a nominal value of $ | |||||
Issued in terms of employee share awards | |||||
Ordinary shares issued at the end of the year | |||||
Figures in millions | US Dollars | ||||||||
2023 | 2022 | 2021 | |||||||
Expiry date | Currency | Interest Rate | Contract Amount | Available facilities (2) | Utilised facilities | Utilised facilities | Utilised facilities | ||
Unsecured | |||||||||
Debt arrangements (1) | |||||||||
Rated bonds | November, 2028 | US dollar | |||||||
Rated bonds | October, 2030 | US dollar | |||||||
Rated bonds | April, 2040 | US dollar | |||||||
Unamortised loan costs | ( | ( | ( | ||||||
Interest accrued | |||||||||
Banking facilities | |||||||||
Multi-currency revolving credit facility | June, 2022 | US dollar, Australian dollar | LIBOR+ | ||||||
Siguiri revolving credit facility | August, 2022 | US dollar | LIBOR+ | ||||||
Geita revolving credit facility | December, 2024 | US dollar, Tanzanian shilling | SOFR+credit adj+ Tanzanian Treasury Bill+ | ||||||
Siguiri revolving credit facility | October, 2025 | US dollar | SOFR+ | ||||||
Multi-currency revolving credit facility | June, 2028 | US dollar, Australian dollar | SOFR+credit adj+ BBSY+ | ||||||
Commercial banking facilities | None | Rand | Linked to an overnight bank lending rate | ||||||
Total borrowings | |||||||||
22 BORROWINGS continued | |||||
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Total borrowings | |||||
Current portion of borrowings | ( | ( | ( | ||
Total non-current borrowings | |||||
Amounts falling due | |||||
Within one year | |||||
Between one and two years | |||||
Between two and five years | |||||
After five years | |||||
Change in liabilities arising from financing activities: | |||||
Reconciliation of borrowings (excluding lease liabilities) (3) | |||||
A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: | |||||
Opening balance | |||||
Proceeds from borrowings | |||||
Repayment of borrowings | ( | ( | ( | ||
Finance costs paid on borrowings | ( | ( | ( | ||
Deferred loan fees | ( | ( | ( | ||
Other borrowing fees | ( | ||||
Interest charged to the income statement | |||||
Translation | ( | ( | |||
Closing balance | |||||
Reconciliation of finance costs paid: | |||||
A reconciliation of the finance cost paid included in the statement of cash flows is set out in the following table: | |||||
Finance costs paid on borrowings | |||||
Capitalised finance cost | ( | ( | |||
Commitment fees, utilisation fees and other borrowing costs | |||||
Total finance costs paid |
Figure in millions | Provision for decommissioning | Provision for restoration | Provision for silicosis | Other provisions (2) | Total | |||||
Balance at 1 January 2023 | ||||||||||
Changes in estimates - recognised in profit or loss (1) | ( | |||||||||
Change in estimates - capitalised (1) | ||||||||||
Reclassifications | ( | |||||||||
Utilised during the year | ( | ( | ( | ( | ||||||
Unwinding of provision | ||||||||||
Translation | ( | ( | ( | |||||||
Balance at 31 December 2023 | ||||||||||
Current | ||||||||||
Non-current |
US Dollars | |
Figures in millions | 2023 |
Expected cash flows | |
Within one year | |
Between one and two years | |
Between two and five years | |
After five years | |
Sensitivity analysis - Provision for decommissioning (3) | |
A change in discount rates and cash flows have a significant impact on the amounts recognised in the statement of financial position. A 10% change in the discount rate and cash flows would have the following impact: | |
Effect of increase in assumptions: | |
10% change in discount rate | ( |
10% change in cash flows | |
Effect of decrease in assumptions: | |
10% change in discount rate | |
10% change in cash flows | ( |
Sensitivity analysis - Provision for restoration (3) | |
A change in discount rates and cash flows have a significant impact on the amounts recognised in the income statement. A 10% change in the discount rate and cash flows would have the following impact: | |
Effect of increase in assumptions: | |
10% change in discount rate | ( |
10% change in cash flows | |
Effect of decrease in assumptions: | |
10% change in discount rate | |
10% change in cash flows | ( |
Sensitivity analysis - Provision for silicosis (3) | |
Significant judgements are applied in estimating the costs required to settle any qualifying silicosis claims and are based on certain assumptions which includes the number of claimants, take-up rates and disease progression rates. A 10% change in these assumptions would have the following impact: | |
Effect of increase in assumptions: | |
10% change in take-up rates | |
10% change in number of cases | |
10% change in disease progression rate | |
Effect of decrease in assumptions: | |
10% change in take-up rates | ( |
10% change in number of cases | ( |
10% change in disease progression rate | ( |
2023 | ||
Group rates (excluding Australia) | ||
USD inflation rate (range) | ||
USD discount rate (range) | ||
Australia | ||
AUD inflation rate (range) | ||
AUD discount rate (range) |
Significant accounting judgements and estimates Provision for environmental obligations The Group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for decommissioning and restoration obligations in the period in which they are incurred and the costs can be reasonably estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. Future changes to environmental laws and regulations, technology, life-of-mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and could have a material impact on AngloGold Ashanti’s business, financial condition, results of operations and cash flows. Provision for silicosis The Group, together with other mining companies, were named in a class action suit for silicosis and tuberculosis which was certified by the Johannesburg High Court in May 2016. On 26 July 2019, the Johannesburg High Court approved the settlement of the silicosis and tuberculosis class action suit between the Occupational Lung Disease Gold Working Group (the Working Group) – representing AngloGold Ashanti, Gold Fields, African Rainbow Minerals, Anglo American SA, Harmony and Sibanye Stillwater – and lawyers representing affected mineworkers (settlement agreement). A jointly controlled Special Purpose Vehicle has been set up to act as an agent for the Working Group in relation to certain matters set out in the settlement agreement and trust deed. Claims will be accepted for a twelve-year period with an effective date of December 2019. The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A settlement trust, known as the Tshiamiso Trust, was established to carry out the terms of the Settlement Agreement. Significant judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure. The final costs may differ from current cost estimates. The provision is based on actuarial assumptions including: •silicosis prevalence rates; •estimated settlement per claimant; •benefit take-up rates; •disease progression rates; •timing of cashflows; and •discount rate. Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and final costs of settlement. |
Accounting policies Environmental expenditure The Group has long term remediation obligations comprising decommissioning and restoration liabilities relating to its past operations which are based on the Group’s environmental management plans, in compliance with current environmental and regulatory requirements. Provisions for non-recurring remediation costs are made when there is a present obligation, it is probable that expenditure on remediation work will be required and the cost can be estimated within a reasonable range of possible outcomes. The costs are based on currently available facts, technology expected to be available at the time of the clean-up, laws and regulations presently or virtually certain to be enacted and prior experience in remediation of contaminated sites. |
Decommissioning costs The provision for decommissioning represents the cost that will arise from dismantling and removing an asset and restoring the site on which it is located. The obligation is incurred at the time the asset is put in place or as a consequence of using the asset for purposes other than to produce inventories. Accordingly, a provision and a decommissioning asset is recognised and included within mine infrastructure. Decommissioning costs are provided at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices. The unwinding of the decommissioning obligation is included in the income statement as finance costs. Estimated future costs of decommissioning obligations are reviewed regularly and adjusted as appropriate for new circumstances or changes in law or technology. Changes in estimates are capitalised or reversed against the relevant asset. Estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. Gains or losses from the expected disposal of assets are not taken into account when determining the provision. |
Restoration costs The provision for restoration represents the cost of restoring site damage as a result of operating the asset to produce inventories. Changes in the provision are recorded in the income statement as a cost of production. Restoration costs are estimated at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices and adjusted for risks specific to the liability. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. |
Other Litigation and administrative proceedings are evaluated on a case-by-case basis considering the information available, including that of legal counsel, to assess potential outcomes. Where it is considered probable that an obligation will result in an outflow of resources, a provision is recorded for the present value of the expected cash outflows if these are reasonably measurable. These provisions cover the estimated payments to plaintiffs, court fees and the cost of potential settlements. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement is recognised only when the reimbursement is virtually certain. The amount to be reimbursed is recognised as a separate asset. Where the Group has a joint and several liability with one or more other parties, no provision is recognised to the extent that those other parties are expected to settle part or all of the obligation. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Defined benefit plans | |||||
The retirement schemes consist of the following: | |||||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | |||||
Other defined benefit plans | |||||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | |||||
The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. | |||||
The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. The last valuation was performed as at 31 December 2023. | |||||
Information with respect to the defined benefit liability is as follows: | |||||
Benefit obligation | |||||
Balance at beginning of year | |||||
Interest cost | |||||
Benefits paid | ( | ( | ( | ||
Actuarial loss (gain) | ( | ( | |||
Translation | ( | ( | ( | ||
Balance at end of year | |||||
Assumptions | |||||
Assumptions used to determine benefit obligations at the end of the year are as follows: | |||||
Discount rate | |||||
Expected increase in health care costs | |||||
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: | |||||
Effect on post-retirement benefit obligation – | |||||
Effect on post-retirement benefit obligation – | ( | ( | ( | ||
During 2022 and 2023, the Company purchased annuities to partly meet its obligations to pay medical aid contributions. 2024. The annuities are payable monthly and cover payable to retired members. |
Figures in millions | 2023 | 2022 | ||
Reimbursive right for post-retirement benefits | ||||
Balance at the beginning of the year | ||||
Premiums paid | ||||
Benefits paid | ( | ( | ||
Interest income | ||||
Actuarial gain (loss) | ( | |||
Translation | ( | |||
Balance at end of year | ||||
The fair value of the right of reimbursement has been determined as the present value of expected future annuity payments payable by the insurer in respect of continuation members, less the present value of the outstanding medical aid premium payment payable on 1 August 2024. The future annuity payments make appropriate allowance for future increases in line with CPI. The main input used in the valuation model are healthcare cost inflation of | ||||
Cash flows | ||||
Estimated future benefit payments | ||||
The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid through the purchased annuities: | ||||
2024 | ||||
2025 | ||||
2026 | ||||
2027 | ||||
2028 | ||||
Thereafter | ||||
Significant accounting judgements and estimates Post-retirement obligations The determination of the Group's obligation and expense for post-retirement liabilities, including the Group’s reimbursive asset relating to annuities purchased to fund the obligation, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, health care inflation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While AngloGold Ashanti believes that these assumptions are appropriate, significant changes in the assumptions may materially affect post-retirement obligations as well as future expenses, which may result in an impact on earnings in the periods that the changes in these assumptions occur. |
Accounting policies Post-employment benefit obligations Some Group companies provide post-retirement health care benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology on the same basis as that used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These obligations are valued annually by independent qualified actuaries. Some of these obligations are funded with a purchased insurance policy to which the Group contributes premiums to. As this insurance policy does not meet the definition of a qualifying insurance policy the Group recognises its right to reimbursement under the insurance policy as a separate asset measured at fair value, similar to a defined benefit plan asset. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These assets are valued annually by independent qualified actuaries. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (1) | Restated (1) | ||||
Deferred taxation relating to temporary differences is made up as follows: | |||||
Liabilities | |||||
Tangible assets (owned) | |||||
Right of use assets | |||||
Inventories | |||||
Other | |||||
Assets | |||||
Provisions | |||||
Lease liabilities | |||||
Tax losses | |||||
Other | |||||
Net deferred taxation liability | |||||
Included in the statement of financial position as follows: | |||||
Deferred tax assets | |||||
Deferred tax liabilities | |||||
Net deferred taxation liability | |||||
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (3) (4) | Restated (3) (4) | ||||
Financial liabilities | |||||
Trade payables | |||||
Accruals (1) | |||||
Derivative financial liabilities | |||||
Non financial liabilities | |||||
Employee related payables (1) | |||||
Other payables (2) | |||||
Total trade and other payables | |||||
Current trade and other payables are non-interest bearing and are normally settled within 60 days. |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Balance at beginning of year | ( | ||||
Refunds during the year | |||||
Payments during the year | ( | ( | ( | ||
Taxation of items included in the income statement | |||||
Offset of VAT and other taxes | ( | ( | ( | ||
Transfer of Siguiri tax asset to non-current trade, other receivables and other assets | |||||
Withholding tax transferred from trade and other payables | |||||
Discounting of tax receivable | |||||
Translation | ( | ( | |||
Balance at end of year | ( | ||||
Included in the statement of financial position as follows: | |||||
Taxation asset included in trade, other receivables and other assets | ( | ( | ( | ||
Taxation liability | |||||
( |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Restated (1) | Restated (1) | ||||
Profit (loss) before taxation | |||||
Adjusted for: | |||||
Movement on non-hedge derivatives and other commodity contracts | |||||
Amortisation of tangible and right of use assets (note 4) | |||||
Amortisation of intangible assets (note 4) | |||||
Finance costs and unwinding of obligations (note 6) | |||||
Environmental, rehabilitation, silicosis and other provisions | ( | ( | ( | ||
Impairment and derecognition of assets | |||||
Profit on sale of assets | ( | ( | ( | ||
Other expenses (income) (non cash portion) | |||||
Interest income | ( | ( | ( | ||
Share of associates and joint ventures’ (profit) loss | ( | ( | ( | ||
Other non-cash movements | |||||
Other exchange losses | |||||
Movements in working capital | ( | ( | |||
Movements in working capital: | |||||
(Increase) decrease in inventories | ( | ( | |||
Increase in trade, other receivables and other assets | ( | ( | ( | ||
Increase in trade, other payables and provisions | |||||
( | ( |
US Dollars | |||||
Figures in millions | 2023 | 2022 | 2021 | ||
Material related party transactions were as follows (not attributable): | |||||
Sales and services rendered to related parties | |||||
Associate - Rand Refinery (Pty) Ltd | |||||
Purchases and services acquired from related parties | |||||
Associate - Rand Refinery (Pty) Ltd | |||||
Outstanding balances arising from sale of goods and services due by related parties | |||||
Associate - Rand Refinery (Pty) Ltd | |||||
Amounts owed to/due by related parties above are unsecured and non-interest bearing. | |||||
Short-term loan advanced to related parties | |||||
Joint venture - Kibali Goldmines S.A. | |||||
Long-term loan advanced to related parties | |||||
Joint venture - Kibali Goldmines S.A. |
US Dollar thousands | 2023 | 2022 | 2021 | |||||
Base salary | Pension scheme benefits | Other benefits(2) | DSP awards | Buy-out share awards on recruitment (3) | Total (1) | Total | Total | |
Executive directors | ||||||||
US Dollar thousands | 2023 | 2022 | 2021 | ||||
Base salary | Pension scheme benefits | Other benefits(2) | DSP awards | Total (1) | Total | Total | |
Executive management | |||||||
US Dollar thousands | 2023 | 2022 | 2021 | |||
Director fees (1) | Committee fees (2) | Travel allowance | Total | Total | Total | |
Non-executive directors | ||||||
US Dollars | ||||||
Figures in millions | 2023 | 2022 | 2021 | |||
Capital commitments | ||||||
Acquisition of tangible assets | ||||||
Contracted for | ||||||
Not contracted for | ||||||
Authorised by the directors | ||||||
Allocated to: | ||||||
Non-sustaining capital | ||||||
- within one year | ||||||
- thereafter | ||||||
Sustaining capital | ||||||
- within one year | ||||||
- thereafter | ||||||
Share of underlying capital commitments of joint ventures included above | ||||||
Purchase obligations | ||||||
Contracted for | ||||||
- within one year | ||||||
- thereafter | ||||||
Significant accounting judgements and estimates When a loss is considered probable and can be reliably estimated, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided. In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a disruptive effect on the normal functioning of the Group and/or whether the contingency could impact investment decisions. Such qualitative matters considered are reputational risks, regulatory compliance issues and reasonable investor considerations. As a global company, the Group is exposed to numerous legal risks. The outcome of currently pending and future proceedings cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the Group may be forced to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial position, results of operations or cash flows of the Group could be materially affected by the unfavourable outcome of litigation. |
Figures in millions - US Dollars | At fair value through profit or loss | At fair value through other comprehensive income | At amortised cost |
2023 | |||
Financial assets | |||
Other investments | |||
Trade, other receivables and other assets | |||
Loan receivable | |||
Restricted cash | |||
Cash and cash equivalents | |||
Financial liabilities | |||
Borrowings | — | ||
Lease liabilities | — | ||
Trade payables and accruals | — | ||
Derivative financial liabilities | — | ||
Bank overdraft | — | ||
2022 | |||
Financial assets | |||
Other investments | |||
Trade, other receivables and other assets | |||
Restricted cash | |||
Cash and cash equivalents | |||
Financial liabilities | |||
Borrowings | — | ||
Lease liabilities | — | ||
Trade payables and accruals | — | ||
Derivative financial liabilities | — | ||
Bank overdraft | — | ||
2021 | |||
Financial assets | |||
Other investments | |||
Trade, other receivables and other assets | |||
Restricted cash | |||
Cash and cash equivalents | |||
Financial liabilities | |||
Borrowings | — | ||
Lease liabilities | — | ||
Trade payables and accruals | — | ||
Figures in millions - US Dollars | 2023 | 2022 | ||
Financial asset / (liability) | Income statement gain / (loss) | Financial asset / (liability) | Income statement gain / (loss) | |
Summary of derivatives | ||||
Gold zero-cost collars | ( | ( | ||
Brent Crude oil forward contracts | ( | ( | ( | |
US Dollars | |||
Figures in millions | 2023 | 2022 | 2021 |
Cash and cash equivalents | |||
Argentinean peso | |||
South African rand | |||
Australian dollar | |||
Borrowings | |||
Australian dollar | |||
Tanzanian shilling | |||
US Dollar millions | ||||
Figures in millions | 2023 | 2022 (1) | 2021 (1) | |
Cash and cash equivalents | ||||
Argentinean peso (ARS/$) | Spot +10% | ( | ( | ( |
South African rand (ZAR/$) | Spot +10% | ( | ( | ( |
Australian dollar (AUD/$) | Spot +10% | ( | ( | ( |
Argentinean peso (ARS/$) | Spot -10% | |||
South Africa rand (ZAR/$) | Spot -10% | |||
Australian dollar (AUD/$) | Spot -10% | |||
Borrowings | ||||
Tanzanian shilling (TZS/$) | Spot +10% | |||
Australian dollar (AUD/$) | Spot +10% | |||
Tanzanian shilling (TZS/$) | Spot -10% | ( | ( | ( |
Australian dollar (AUD/$) | Spot -10% | ( | ( | |
US Dollar millions | |||
Figures in millions | 2023 | 2022 | 2021 |
Fixed rate instruments | |||
Borrowings | |||
Variable rate instruments | |||
Restricted cash | |||
Cash and cash equivalents | |||
Borrowings | |||
Joint venture loan receivable | |||
US Dollar millions | ||||
Figures in millions | 2023 | 2022 (1) | 2021 (1) | |
Joint venture loan receivable | ||||
United States dollar (2) | 1% increase | |||
Cash and cash equivalents | ||||
United States dollar | 1% increase | |||
Australian dollar | 1% increase | |||
South African rand | 1% increase | |||
Argentinean peso | 1% increase | |||
Borrowings | ||||
United States dollar | 1% increase | ( | ( | ( |
Australian dollar | 1% increase | ( | ( | |
Tanzanian shilling | 1% increase | ( | ( | ( |
Figures in millions - US Dollars | Within one year | Between one and two years | Between two and five years | After five years | Total |
2023 | |||||
Derivative financial liabilities | |||||
Gold zero-cost collar | |||||
Non-derivative financial liabilities | |||||
Trade payables and accruals | |||||
Bank overdraft | |||||
Borrowings | |||||
Lease liabilities | |||||
2022 | |||||
Derivative financial liabilities | |||||
Oil forward contracts | |||||
Non-derivative financial liabilities | |||||
Trade payables and accruals (Restated (1)) | |||||
Bank overdraft | |||||
Borrowings | |||||
Lease liabilities | |||||
2021 | |||||
Non-derivative financial liabilities | |||||
Trade payables and accruals (Restated (1)) | |||||
Borrowings | |||||
Lease liabilities | |||||
US Dollars | ||||
Figures in millions | 2023 | 2022 | 2021 | |
Cash and cash equivalents | ||||
Low (AAA to A-) | ||||
Medium (BBB to B-) | ||||
High (CCC+ and below) | ||||
Restricted cash | ||||
Low (AAA to A-) | ||||
Medium (BBB to B-) | ||||
Figures in millions | US Dollars | ||||||||
Fair value | Carrying value | Fair value | Carrying value | Fair value | Carrying value | Valuation method | Significant inputs | Fair value hierarchy of inputs | |
As at Dec | As at Dec | As at Dec | As at Dec | As at Dec | As at Dec | ||||
Financial instrument | 2023 | 2022 | 2021 | ||||||
At fair value through profit and loss | |||||||||
Deferred compensation asset - Mponeng (1) | Probability weighted discounted cash flow | The production plan over the deferred compensation period and discount rates. | Level 3 | ||||||
Deferred compensation asset – Gramalote (1) | Probability weighted discounted cash flow | Stage gate payments over the deferred compensation period and discount rates. | Level 3 | ||||||
Derivative financial liability - gold zero-cost collar contracts (2) | Black-Scholes-Merton option pricing model | Forward and spot prices, the number of outstanding ounces of gold on open contracts, risk free rates and volatilities. | Level 2 | ||||||
Derivative financial liability - Brent Crude oil forward contracts (2) | Black-Scholes-Merton option pricing model | Forward and spot prices, the number of outstanding barrels of oil on open contracts, risk free rates and volatilities. | Level 2 | ||||||
At fair value through other comprehensive income | |||||||||
Listed equity investments | Level 1 | ||||||||
At amortised cost | |||||||||
Borrowings - Rated bonds | Level 1 | ||||||||
Borrowings - Revolving Credit Facilities | Discounted cash flow | Market related interest rates | Level 3 (3) | ||||||
Joint venture loan receivable | Discounted cash flow | Market related interest rates | Level 3 | ||||||
US Dollar millions | |||
Figures in millions | 2023 | 2022 | 2021 |
Opening balance | |||
Unwinding of the deferred compensation asset | |||
Changes in estimates - fair value adjustments (1) | ( | ( | |
Sale of Gramalote | |||
Translation | ( | ( | ( |
Closing balance (2) | |||
Significant accounting judgements and estimates Deferred compensation asset - Mponeng As at 31 December 2023, the deferred compensation asset ($ plans over the deferred compensation period as received from Harmony. The fair value calculated for the deferred compensation asset is level 3 in the fair value hierarchy due to the use of unobservable inputs. As at 31 December 2023, no portion of the deferred compensation related to Harmony developing below infrastructure has been included in the deferred compensation asset. A reasonable possible change in the number of ounces used in the weighted probability calculation would not have a material impact on the fair value of the deferred compensation asset. Deferred compensation asset - Gramalote As at 31 December 2023, the deferred compensation asset ($ considerations as per the purchase agreement. The assumptions used in the valuation included the timing and probability of contingent considerations. A reasonable possible change in the assumptions used in the weighted probability calculation would not have a material impact on the fair value of the deferred compensation asset. |
Accounting policies Financial instruments are initially recognised at fair value when the Group becomes a party to their contractual arrangements. Transaction costs directly attributable to the instrument’s acquisition or issue are included in the initial measurement of financial assets and financial liabilities, except financial instruments classified as at fair value through profit or loss (FVTPL), which are expensed. The subsequent measurement of financial instruments is dealt with below. |
Financial liabilities Financial liabilities are classified as measured at amortised cost using the effective interest rate method. Financial liabilities subsequently measured at amortised cost compromises of interest bearing borrowings, bank overdrafts and trade and other payables. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case a new financial liability based on the modified terms is recognised at fair value. |
Financial assets A financial asset is classified as measured at: •Amortised cost; •Fair value through other comprehensive income (FVTOCI) - equity instruments; or •FVTPL. Assets at amortised cost include trade, other receivables and other assets, cash restricted for use and cash and cash equivalents. Interest income from these financial assets is included in finance income using the effective interest rate method. The trade receivables from provisional gold concentrate sales are carried at fair value through profit or loss and are marked-to-market at the end of each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of revenue. On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset is included in profit or loss. Impairment losses are presented in the statement of profit or loss. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within foreign exchange and fair value adjustments in the period in which it arises. |
Figures in millions | 2023 | 2022 | 2021 |
US Dollars | |||
Audit fees (1) | |||
Audit-related fees (2) | |||
Tax fees (3) | |||
All other fees (4) | |||
Total |
PAGE | |
Report of independent Auditors | F - 83 |
(BDO LLP: London, United Kingdom: PCAOB ID # 1295) | |
Consolidated statements of profit or loss and other comprehensive income for the years ended 31 December 2023, 2022 and 2021 | F - 84 |
Consolidated statements of financial position as at 31 December 2023, 2022 and 2021 | F - 85 |
Consolidated statements of changes in equity for the years ended 31 December 2023, 2022 and 2021 | F - 86 |
Consolidated statements of cash flows for the years ended 31 December 2023, 2022 and 2021 | F - 87 |
Notes to the consolidated financial statements | F - 88 |
31 Dec | 31 Dec | 31 Dec | ||||||
Note | 2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | ||||||
US$’000 | US$’000 | US$’000 | ||||||
REVENUE | ||||||||
Gold sales | 3 | 1,487,984 | 1,328,306 | 1,469,221 | ||||
Other income | 4 | 357 | 539 | 1,208 | ||||
TOTAL INCOME | 1,488,341 | 1,328,845 | 1,470,429 | |||||
COSTS AND EXPENSES | ||||||||
Mining and processing costs | 5 | 729,403 | 674,019 | 688,086 | ||||
Royalties | 77,408 | 62,472 | 68,704 | |||||
Exploration and corporate expenditure | 6 | 2,643 | 6,795 | 5,848 | ||||
Other expenses | 4 | 86,817 | 52,778 | 33,246 | ||||
TOTAL COSTS | 896,271 | 796,064 | 795,884 | |||||
Finance income | 7 | 4,237 | 5,187 | 5,618 | ||||
Finance costs | 7 | (18,770) | (49,917) | (5,913) | ||||
Share of profits of equity accounted joint venture | 24 | 738 | 157 | 103 | ||||
PROFIT BEFORE INCOME TAX | 578,275 | 488,208 | 674,353 | |||||
Income tax expense | 8 | (185,499) | (155,946) | (180,715) | ||||
PROFIT FOR THE YEAR | 392,776 | 332,262 | 493,638 | |||||
OTHER COMPREHENSIVE INCOME/(EXPENSE) | ||||||||
(Loss)/Gain on investment in marketable securities | — | (2) | (2) | |||||
TOTAL COMPREHENSIVE INCOME | 392,776 | 332,260 | 493,636 | |||||
PROFIT FOR THE YEAR | ||||||||
Attributable to: | ||||||||
Owners of the parent | 358,395 | 306,330 | 461,271 | |||||
Non-controlling interest | 15 | 34,381 | 25,930 | 32,367 | ||||
392,776 | 332,260 | 493,638 | ||||||
TOTAL COMPREHENSIVE INCOME | ||||||||
Attributable to: | ||||||||
Owners of the parent | 358,395 | 306,330 | 461,269 | |||||
Non-controlling interest | 15 | 34,381 | 25,930 | 32,367 | ||||
392,776 | 332,260 | 493,636 |
31 Dec | 31 Dec | 31 Dec | ||||||
Note | 2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | ||||||
US$’000 | US$’000 | US$’000 | ||||||
NON-CURRENT ASSETS | ||||||||
Property, plant and equipment | 9 | 1,847,658 | 1,844,984 | 1,811,291 | ||||
Mineral properties | 10 | 284,433 | 308,141 | 334,881 | ||||
Long term ore stockpiles | 13 | 60,752 | 20,160 | — | ||||
Investment in associate | 4 | 4 | 4 | |||||
Investment in joint venture | 24 | 27,073 | 26,254 | 21,776 | ||||
Trade and other receivables | 12 | 175,580 | 220,845 | 192,507 | ||||
Income tax receivable | 12 | 89,970 | — | — | ||||
TOTAL NON-CURRENT ASSETS | 2,485,470 | 2,420,388 | 2,360,459 | |||||
CURRENT ASSETS | ||||||||
Inventories and ore stockpiles | 13 | 111,965 | 75,921 | 107,951 | ||||
Trade and other receivables | 12 | 76,815 | 124,940 | 53,915 | ||||
Investment in marketable securities | 8 | 8 | 7 | |||||
Income tax receivable | 12 | 26,155 | 302 | — | ||||
Cash and cash equivalents | 20 | 122,968 | 91,865 | 1,115,359 | ||||
TOTAL CURRENT ASSETS | 337,911 | 293,036 | 1,277,232 | |||||
TOTAL ASSETS | 2,823,381 | 2,713,424 | 3,637,691 | |||||
EQUITY AND LIABILITIES | ||||||||
Equity | ||||||||
Share capital | 14 | 5 | 5 | 5 | ||||
Share premium | 14 | 2,123,612 | 2,123,612 | 2,523,612 | ||||
(Accumulated deficit)/Retained earnings | (1,039,227) | (27,194) | 655,276 | |||||
Other deficit | (40) | (40) | (38) | |||||
Equity attributable to owners of the parent | 1,084,350 | 2,096,383 | 3,178,855 | |||||
Non-controlling interest | 15 | 107,421 | 85,040 | 68,110 | ||||
TOTAL EQUITY | 1,191,771 | 2,181,423 | 3,246,965 | |||||
NON-CURRENT LIABILITIES | ||||||||
Loans and borrowings | 16 | 715,328 | — | 1,839 | ||||
Lease liabilities | 19 | 54,359 | 51,045 | 41,839 | ||||
Deferred tax liability | 11 | 381,286 | 296,507 | 196,654 | ||||
Provision for rehabilitation | 17 | 27,583 | 23,233 | 29,026 | ||||
TOTAL NON-CURRENT LIABILITIES | 1,178,556 | 370,785 | 269,358 | |||||
CURRENT LIABILITIES | ||||||||
Loans and borrowings | 16 | 296,441 | 43,298 | — | ||||
Lease liabilities | 19 | 11,328 | 12,507 | 13,909 | ||||
Trade and other payables | 18 | 101,797 | 104,815 | 97,109 | ||||
Provision for rehabilitation | 17 | 3,772 | 596 | 600 | ||||
Current tax payable | 8 | 39,716 | — | 9,750 | ||||
TOTAL CURRENT LIABILITIES | 453,054 | 161,216 | 121,368 | |||||
TOTAL EQUITY AND LIABILITIES | 2,823,381 | 2,713,424 | 3,637,691 |
Graham Shuttleworth | ||
Director |
(Accumulated | Total equity | |||||||
Deficit)/ | attributable | Non- | ||||||
US$’000 | Note | Share | Share | Retained | Other | to owners of | controlling | Total |
capital | premium | earnings | reserves | the parent | interest | equity | ||
Balance at 1 January 2021 Audited | 5 | 2,523,612 | 655,005 | (36) | 3,178,586 | 55,743 | 3,234,329 | |
Fair value movement on investment in marketable securities | (2) | (2) | — | (2) | ||||
Net profit for the year | — | — | 461,271 | — | 461,271 | 32,367 | 493,638 | |
Other comprehensive income | (2) | (2) | — | (2) | ||||
Total comprehensive income | — | — | 461,271 | (2) | 461,269 | 32,367 | 493,636 | |
Transactions with owners in their capacity as owners | ||||||||
Reclassification of share premium | — | — | — | — | — | — | — | |
Dividend paid (1) | — | — | (461,000) | — | (461,000) | (20,000) | (481,000) | |
— | — | (461,000) | — | (461,000) | (20,000) | (481,000) | ||
Balance at 1 January 2022 Audited | 5 | 2,523,612 | 655,276 | (38) | 3,178,855 | 68,110 | 3,246,965 | |
Fair value movement on investment in marketable securities | — | — | — | (2) | (2) | — | (2) | |
Net profit for the year | — | — | 306,330 | — | 306,330 | 25,930 | 332,260 | |
Other comprehensive income | — | — | — | — | — | — | — | |
Total comprehensive income | — | — | 306,330 | — | 306,330 | 25,930 | 332,260 | |
Transactions with owners in their capacity as owners | ||||||||
Reclassification of share premium | 14 | — | (400,000) | 400,000 | — | — | — | — |
Dividend paid (1) | — | — | (1,388,800) | — | (1,388,800) | (9,000) | (1,397,800) | |
— | (400,000) | (988,800) | — | (1,388,800) | (9,000) | (1,397,800) | ||
Balance at 31 December 2022 Audited | 5 | 2,123,612 | (27,194) | (40) | 2,096,383 | 85,040 | 2,181,423 | |
Fair value movement on investment in marketable securities | — | — | — | — | — | — | — | |
Net profit for the year | — | — | 358,395 | — | 358,395 | 34,381 | 392,776 | |
Other comprehensive income | — | — | — | — | — | — | — | |
Total comprehensive income | — | — | 358,395 | — | 358,395 | 34,381 | 392,776 | |
Transactions with owners in their capacity as owners | ||||||||
Reclassification of share premium | — | — | — | — | — | — | — | |
Dividend paid (1) | — | — | (359,700) | — | (359,700) | (12,000) | (371,700) | |
Dividend in specie (2) | 15 | (1,010,728) | (1,010,728) | (1,010,728) | ||||
Balance at 31 December 2023 Unaudited | 5 | 2,123,612 | (1,039,227) | (40) | 1,084,350 | 107,421 | 1,191,771 |
31 Dec | 31 Dec | 31 Dec | ||||||
2023 | 2022 | 2021 | ||||||
Unaudited | Audited | Audited | ||||||
US$’000 | US$’000 | US$’000 | ||||||
Cash Flows From Operating Activities | ||||||||
Cash generated by operations | 22 | 777,159 | 675,900 | 944,244 | ||||
Interest received | 7 | 4,237 | 3,783 | 3,327 | ||||
Finance cost paid | (1) | (1) | (1) | |||||
Dividends received from equity accounted joint venture | 24 | 357 | — | 495 | ||||
Income tax paid | 8 | (132,206) | (55,815) | (84,575) | ||||
Withholding tax paid | 8 | (3,000) | (8,100) | (18,000) | ||||
Net cash flows generated by operating activities | 646,546 | 615,767 | 845,490 | |||||
Cash Flows Related to Investing Activities | ||||||||
Additions of property, plant and equipment | 9 | (189,882) | (199,534) | (168,762) | ||||
Disposals of property, plant and equipment | 9 | 1,598 | — | — | ||||
Drawdowns, interest and capital payments from equity accounted joint venture | 24 | (738) | (157) | (37) | ||||
Net cash flows used in investing activities | (189,022) | (199,691) | (168,799) | |||||
Cash Flows Relating to Financing Activities | ||||||||
Payment of dividends | (370,500) | (1,396,900) | (481,000) | |||||
Cash repatriation fees paid | 7 | (12,148) | (44,351) | |||||
Increase in overdraft | 16 | 20,341 | ||||||
Decrease in overdraft | 16 | (20,260) | — | — | ||||
Lease repayments | 7 | (18,582) | (14,350) | (20,530) | ||||
Interest paid on lease liabilities | (5,247) | (4,310) | (4,035) | |||||
Net cash outflows used in financing activities | (426,737) | (1,439,570) | (505,565) | |||||
Net increase in cash and cash equivalents | 30,787 | (1,023,494) | 171,126 | |||||
FX impact on cash balances | 316 | — | ||||||
Cash and cash equivalents at the beginning of the year | 91,865 | 1,115,359 | 944,233 | |||||
Cash and cash equivalents at the end of the year | 122,968 | 91,865 | 1,115,359 |
Effective period commencing on or after | ||
Amendments to Existing Standards | ||
IFRS 17 | Insurance contracts including amendments to IFRS 17 | 01-Jan-23 |
IAS 1 | Amendments to IAS 1: Classification of Liabilities as Current or Non-current | 01-Jan-23 |
IAS 8 | Amendments to IAS 8 - Definition of Accounting Estimates | 01-Jan-23 |
IAS 1 | Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting policies | 01-Jan-23 |
IAS 12 | Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction | 01-Jan-23 |
IFRS 17 | Amendment to IFRS 17 - Initial Application of IFRS 17 and IFRS 9 - Comparative Information | 01-Jan-23 |
Effective period commencing on or after | ||
IAS 7 IFRS7 | Disclosures on supplier finance arrangements. Amended to require specific disclosures about supplier finance arrangements. | 01-Jan-24 |
IAS 1 | Amended to clarify how to classify debt and other liabilities as either current or non-current. | 01-Jan-24 |
IFRS 16 | Amended to address the accounting for a lease liability in a sale and leaseback transaction after the date of the transaction. | 01-Jan-24 |
31 Dec 2023 Unaudited US$’000 | 31 Dec 2022 Audited US$’000 | 31 Dec 2021 Audited US$’000 | ||
Primary geographic market | ||||
Democratic Republic of Congo | 1,487,984 | 1,328,306 | 1,469,221 | |
1,487,984 | 1,328,306 | 1,469,221 | ||
Product type | ||||
Gold doré | 1,484,461 | 1,325,380 | 1,465,793 | |
Silver | 3,523 | 2,926 | 3,428 | |
1,487,984 | 1,328,306 | 1,469,221 | ||
Timing of transfer of goods | ||||
Point in time | 1,487,984 | 1,328,306 | 1,469,221 | |
1,487,984 | 1,328,306 | 1,469,221 |
31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Other Income: | |||||||
Other income | — | — | 147 | ||||
Net foreign exchange gains | — | 82 | 741 | ||||
Dividend Received | 357 | 457 | 320 | ||||
357 | 539 | 1,208 | |||||
Note | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | ||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Other Expenses: | |||||||
Management Fee | 25 | 16,627 | 7,036 | 6,216 | |||
Net foreign exchange loss | 35,719 | — | — | ||||
COVID-19 specific costs | — | 1,030 | 35 | ||||
Other expenses | 39,157 | 38,762 | 18,644 | ||||
Discounting provision on VAT receivable adjustment | (4,686) | 5,950 | 8,351 | ||||
86,817 | 52,778 | 33,246 |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Mining and processing costs comprise: | |||||||
Mine production costs | 352,657 | 316,880 | 264,556 | ||||
Movement in production inventory and ore stockpiles | (38,893) | (11,871) | (15,340) | ||||
Depreciation and amortisation | 213,823 | 207,813 | 243,958 | ||||
Other mining and processing costs | 201,819 | 161,197 | 194,912 | ||||
729,406 | 674,019 | 688,086 |
31 Dec 2013 | 31 Dec 2012 | 31 Dec 2011 | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Exploration and corporate expenditure comprise: | |||||||
Exploration expenditure | 1,363 | 3,452 | 4,214 | ||||
Corporate expenditure | 1,280 | 3,343 | 1,634 | ||||
2,643 | 6,795 | 5,848 | |||||
31 Dec 2012 | 31 Dec 2012 | 31 Dec 2011 | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Finance income comprise: | |||||||
Interest received – loans and receivables | 3,027 | 3,513 | 3,277 | ||||
Bank interest | 1,210 | 1,674 | 2,341 | ||||
Total finance income | 4,237 | 5,187 | 5,618 | ||||
Finance costs comprise: | |||||||
Interest expense on lease liability | (5,247) | (4,830) | (5,428) | ||||
Other interest expense | (412) | — | — | ||||
Unwinding of discount on provisions for Rehabilitation | (963) | (735) | (485) | ||||
Cash repatriation fee | (12,148) | (44,352) | — | ||||
Total finance costs | (18,770) | (49,917) | (5,913) | ||||
Net finance costs | (14,533) | (44,730) | (295) |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Current taxation | 81,820 | 47,993 | 55,671 | ||||
Deferred taxation | 11 | 84,779 | 99,853 | 107,044 | |||
Withholding tax | 18,900 | 8,100 | 18,000 | ||||
185,499 | 155,946 | 180,715 | |||||
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Profit before tax | 578,275 | 488,208 | 674,353 | ||||
Tax calculated at the DRC standard tax rate of 30% | 173,483 | 146,462 | 202,306 | ||||
Withholding tax | 18,900 | 8,100 | 18,000 | ||||
Reconciling items: | |||||||
Exempt income | (20,261) | (24,070) | (56,141) | ||||
Non-deductible costs | 13,377 | 25,454 | 16,550 | ||||
Taxation charges | 185,499 | 155,946 | 180,715 |
31 Dec | 31 Dec | 31 Dec | |||
2023 | 2022 | 2021 | |||
Unaudited | Audited | Audited | |||
US$’000 | US$’000 | US$’000 | |||
Mine properties, mine development costs and mine plant facilities and equipment | |||||
Cost | |||||
Opening Balance | 3,332,841 | 3,118,076 | 3,161,305 | ||
Additions | 193,821 | 214,765 | 177,331 | ||
Transfers | — | — | — | ||
Disposals | (1,913) | — | — | ||
Other adjustments | 205 | — | (220,560) | ||
Closing Balance | 3,524,954 | 3,332,841 | 3,118,076 | ||
Accumulated depreciation | |||||
Opening Balance | (1,487,858) | (1,306,785) | (1,314,559) | ||
Depreciation | (190,115) | (181,072) | (212,786) | ||
Disposals | 676 | — | 220,560 | ||
Closing Balance | (1,677,297) | (1,487,857) | (1,306,785) | ||
Net book value | 1,847,657 | 1,844,984 | 1,811,291 |
31 Dec | 31 Dec | 31 Dec | |||
2023 | 2022 | 2021 | |||
US$’000 | US$’000 | US$’000 | |||
Right of Use Assets | 42,390 | 52,076 | 45,449 | ||
42,390 | 52,076 | 45,449 |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Cost | |||||||
At the beginning and end of the year | 745,092 | 745,092 | 745,092 | ||||
Amortisation | |||||||
At the beginning of the year | (436,951) | (410,211) | (379,039) | ||||
Charge for the year | (23,708) | (26,740) | (31,172) | ||||
At the end of the year | (460,659) | (436,951) | (410,211) | ||||
Net book value | 284,433 | 308,141 | 334,881 | ||||
31 Dec | 31 Dec | 31 Dec | ||||||
2023 | 2022 | 2021 | ||||||
Unaudited | Audited | Audited | ||||||
US$’000 | US$’000 | US$’000 | ||||||
Deferred taxation is calculated on temporary differences under the liability method using a tax rate of 30% in respect of the DRC operations. | ||||||||
The movement on deferred taxation is as follows: | ||||||||
At the beginning of the year | (296,507) | (196,654) | (89,610) | |||||
Statement of comprehensive income charge (Refer to note 9) | (84,779) | (99,853) | (107,044) | |||||
At the end of the year | (381,286) | (296,507) | (196,654) | |||||
Deferred taxation comprise the following: | ||||||||
Tax losses | 210,280 | 166,762 | 285,632 | |||||
Accelerated capital allowances | (591,566) | (463,269) | (482,286) | |||||
Net deferred tax liability | (381,286) | (296,507) | (196,654) |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Advances to contractors | — | — | 225 | ||||
Trade receivables | 43,794 | 60,692 | 22,805 | ||||
Corporate tax receivable | 116,125 | — | — | ||||
Prepayments and other receivables | 52,797 | 65,892 | 34,302 | ||||
Loan to SOKIMO (refer note 25) | 20,845 | 28,010 | 25,897 | ||||
TVA receivable | 134,959 | 191,191 | 163,193 | ||||
368,520 | 345,785 | 246,422 | |||||
Less: Non-current portion | |||||||
Loan to SOKIMO (refer to note 25) | 14,845 | 28,010 | 25,897 | ||||
Drilling down payment | 1,644 | 1,644 | 3,417 | ||||
TVA Receivable | 133,315 | 191,191 | 163,193 | ||||
Corporate tax receivable | 89,970 | — | — | ||||
Prepayments and other receivables | 25,776 | — | — | ||||
265,550 | 220,845 | 192,507 | |||||
Current portion | 102,970 | 124,940 | 53,915 |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Gold on hand | 15,332 | 11,409 | 4,244 | ||||
Consumables stores | 93,120 | 55,376 | 82,417 | ||||
Ore stockpiles | 61,243 | 26,678 | 15,744 | ||||
Gold in process | 3,022 | 2,618 | 5,546 | ||||
172,717 | 96,081 | 107,951 | |||||
Less: Non-current portion | |||||||
Ore stockpiles | 60,752 | 20,160 | — | ||||
Current portion | 111,965 | 75,921 | 107,951 | ||||
31 Dec | 31 Dec | 31 Dec | ||||
2023 | 2022 | 2021 | ||||
Unaudited | Audited | Audited | ||||
US$’000 | US$’000 | US$’000 | ||||
Movement in the number of ordinary shares outstanding: | ||||||
Balance at 1 January | 5 | 5 | 5 | |||
Shares issued | — | — | — | |||
Balance at 31 December | 5 | 5 | 5 | |||
Movement in share premium: | ||||||
Balance at 1 January | 2,123,612 | 2,523,612 | 2,523,612 | |||
Reclassification | — | (400,000) | — | |||
Balance at 31 December | 2,123,612 | 2,123,612 | 2,523,612 |
31 Dec | 31 Dec | 31 Dec | ||||
2023 | 2022 | 2021 | ||||
Unaudited | Audited | Audited | ||||
US$’000 | US$’000 | US$’000 | ||||
Balance at 1 January | 85,040 | 68,110 | 55,743 | |||
Non-controlling interest in results of Kibali Goldmines SA | 34,381 | 25,930 | 32,367 | |||
Dividend paid | (12,000) | (9,000) | (20,000) | |||
Balance at 31 December | 107,421 | 85,040 | 68,110 | |||
31 Dec | 31 Dec | 31 Dec | |||
2023 | 2022 | 2021 | |||
Unaudited | Audited | Audited | |||
US$’000 | US$’000 | US$’000 | |||
Non-current | |||||
Lease liabilities | 54,359 | 51,045 | 41,839 | ||
54,359 | 51,045 | 41,839 | |||
Current | |||||
Lease liabilities | 11,328 | 12,507 | 13,909 | ||
Loans from the Group | 21,301 | 1,839 | |||
Bank account in overdraft | — | 21,997 | 1,656 | ||
Total loans and borrowings | 65,687 | 106,850 | 59,243 |
31 Dec | 31 Dec | 31 Dec | ||||
2023 | 2022 | 2021 | ||||
Unaudited | Audited | Audited | ||||
US$’000 | US$’000 | US$’000 | ||||
Balance at 1 January | 23,829 | 29,626 | 29,167 | |||
Unwinding of discount | 963 | 735 | 485 | |||
Change in estimates | 6,563 | (6,532) | (26) | |||
Total rehabilitation | 31,355 | 23,829 | 29,626 | |||
Current rehabilitation liability | 3,772 | 596 | 600 | |||
Non-Current Liability | 27,583 | 23,233 | 29,026 |
31 Dec | 31 Dec | 31 Dec | ||||
2023 | 2022 | 2021 | ||||
Unaudited | Audited | Audited | ||||
US$’000 | US$’000 | US$’000 | ||||
Trade payables | 30,124 | 34,452 | 30,764 | |||
Accruals and other payables | 62,430 | 61,492 | 58,634 | |||
92,554 | 95,944 | 89,398 | ||||
Payroll and other compensations | 9,243 | 8,871 | 7,711 | |||
101,797 | 104,815 | 97,109 |
31 Dec | 31 Dec | 31 Dec | |||
2023 | 2023 | 2022 | |||
Unaudited | Audited | Audited | |||
Description | US$’000 | US$’000 | US$’000 | ||
Carrying amount - beginning of the year | 43,696 | 45,449 | 46,175 | ||
Additions | 15,385 | 21,757 | 6,519 | ||
Impact of modifications | — | — | 3,235 | ||
Depreciation | (16,691) | (23,510) | (10,480) | ||
Carrying value - end of year | 42,390 | 43,696 | 45,449 |
31 Dec | 31 Dec | 31 Dec | ||||
2023 | 2022 | 2021 | ||||
Unaudited | Audited | Audited | ||||
US$’000 | US$’000 | US$’000 | ||||
As at 1 January | 63,552 | 55,748 | 65,131 | |||
Additions | 15,385 | 21,757 | 6,519 | |||
Impact of modifications | — | — | 3,235 | |||
Interest expense | 5,659 | 4,830 | 5,428 | |||
Lease payments | (18,582) | (18,660) | (24,565) | |||
Foreign exchange movements | (327) | (123) | — | |||
As at 31 December | 65,687 | 63,552 | 55,748 |
Country of operation | DRC | Jersey | |||||
US$’000 | Kibali Goldmines SA | Corporate | Intercompany eliminations and consolidation entries | Total | |||
Year ended 31 December 2023 Unaudited | |||||||
Profit and loss | |||||||
Total revenue | 1,487,984 | — | — | 1,487,984 | |||
Mining and processing costs excluding Depreciation | (516,511) | — | 2,054 | (514,457) | |||
Depreciation and amortisation | (194,892) | (427) | (18,531) | (213,850) | |||
Mining and processing costs | (711,403) | (427) | (16,477) | (728,307) | |||
Royalties | (77,408) | — | — | (77,408) | |||
Exploration and corporate expenditure | (1,363) | (1,280) | — | (2,643) | |||
Other (expenses)/income and JV profit | (82,020) | (3,316) | (1,481) | (86,817) | |||
Finance costs | (6,622) | (12,148) | — | (18,770) | |||
Finance income | 1,844 | 2,393 | — | 4,237 | |||
Profit before income tax | 611,012 | (14,778) | (17,958) | 578,276 | |||
Income tax expense | (166,599) | (18,900) | — | (185,499) | |||
Net profit for the year | 444,413 | (33,678) | (17,958) | 392,777 | |||
Capital expenditure | 194,645 | — | — | 194,645 | |||
Total assets | 2,812,327 | 1,996,908 | (1,985,857) | 2,823,378 | |||
Total liabilities | (1,607,088) | (1,024,763) | 1,000,240 | (1,631,611) | |||
Year ended 31 December 2022 Audited | |||||||
Profit and loss | |||||||
Total revenue | 1,328,306 | — | — | 1,328,306 | |||
Mining and processing costs excluding depreciation | (468,327) | — | 2,121 | (466,206) | |||
Depreciation and amortisation | (185,019) | (427) | (22,367) | (207,813) | |||
Mining and processing costs | (653,346) | (427) | (20,246) | (674,019) | |||
Royalties | (62,472) | — | — | (62,472) | |||
Exploration and corporate expenditure | (3,452) | (3,343) | — | (6,795) | |||
Other expenses and JV profit | (56,903) | 4,821 | — | (52,082) | |||
Finance costs | (152,079) | (35,073) | 137,236 | (49,916) | |||
Finance income | 3,700 | 12,664 | (11,178) | 5,186 | |||
Profit before income tax | 403,754 | (21,358) | 105,812 | 488,208 | |||
Income tax expense | (147,846) | (8,100) | — | (155,946) | |||
Net profit/(loss) for the year | 255,908 | (29,458) | 105,812 | 332,262 | |||
Capital expenditure | 214,765 | — | — | 214,765 | |||
Total assets | 2,685,504 | 2,171,491 | (2,143,571) | 2,713,424 | |||
Total liabilities | (1,708,355) | (289) | 1,176,642 | (532,002) | |||
20.SEGMENTAL INFORMATION (CONTINUED) | |||||||
Country of operation | DRC | Jersey | |||||
US$’000 | Kibali Goldmines SA | Corporate | Intercompany eliminations and consolidation entries | Total | |||
Year ended 31 December 2021 Audited | |||||||
Profit and loss | |||||||
Total revenue | 1,469,221 | — | — | 1,469,221 | |||
Mining and processing costs excluding depreciation | (446,175) | — | 2,047 | (444,128) | |||
Depreciation and amortisation | (237,215) | (1,911) | (4,832) | (243,958) | |||
Mining and processing costs | (683,390) | (1,911) | (2,785) | (688,086) | |||
Royalties | (68,704) | — | — | (68,704) | |||
Exploration and corporate expenditure | (4,346) | 545 | (2,047) | (5,848) | |||
Other (expenses)/income and JV profit | (31,831) | (104) | — | (31,935) | |||
Finance costs | (198,660) | (1) | 192,748 | (5,913) | |||
Finance income | 4,099 | 12,697 | (11,178) | 5,618 | |||
Profit before income tax | 486,389 | 11,226 | 176,738 | 674,353 | |||
Income tax expense | (162,715) | (18,000) | — | (180,715) | |||
Net profit for the year | 323,674 | (6,774) | 176,738 | 493,638 | |||
Capital expenditure | 177,331 | — | — | 177,331 | |||
Total assets | 3,586,931 | 3,397,061 | (3,346,301) | 3,637,691 | |||
Total liabilities | (2,789,133) | (3,336) | 2,401,743 | (390,726) |
31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | |||
Unaudited | Audited | Audited | |||
US$’000 | US$’000 | US$’000 | |||
Level of exposure of foreign currency risk carrying value of foreign currency balances. Cash and cash equivalents includes balances denominated in: | |||||
•Congolese Franc (CDF) | 570 | (2,981) | 2,189 | ||
•Euro (EUR) | 547 | 419 | 4 | ||
•South African Rand (ZAR) | 254 | 624 | 205 | ||
•British Pound (GBP) | 46 | 47 | 199 | ||
•Australian Dollar (AUD) | 321 | 249 | 500 | ||
Amount US$’000 | Effective rate for the year | |
Cash and cash equivalents: | ||
All less than 90 days (2023) | 122,968 | 1.02% |
All less than 90 days (2022) | 91,865 | 0.85% |
All less than 90 days (2021) | 1,115,359 | 0.70% |
31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | |||
Unaudited | Audited | Audited | |||
US$’000 | US$’000 | US$’000 | |||
Capital risk management | |||||
Borrowings, trade and other payables and lease liabilities (note 16 and 18) | 1,179,254 | 211,666 | 154,696 | ||
Less: cash and cash equivalents | (122,968) | (91,865) | (1,115,359) | ||
Net borrowings, trade and other payables and cash | 1,056,286 | 119,801 | (960,663) | ||
Total equity | 1,191,770 | 2,181,425 | 3,246,965 | ||
Total capital | 2,248,056 | 2,301,228 | 2,286,302 | ||
Gearing ratio | 47% | 5% | (42)% |
Trade and other payables | Borrowings* | Expected Future interest payments | |||
US$'000 | US$'000 | US$'000 | |||
At 31 December 2023 Unaudited | |||||
Financial liabilities | |||||
Within 1 year in demand | 92,554 | 302,692 | 5,077 | ||
Later than 1 year and no later than 5 years | — | 758,632 | 11,055 | ||
Total | 92,554 | 1,061,324 | 16,132 | ||
At 31 December 2022 Audited | |||||
Financial liabilities | |||||
Within 1 year in demand | 104,815 | 8,240 | 4,088 | ||
Later than 1 year and no later than 5 years | — | 64,934 | 7,413 | ||
Total | 104,815 | 73,174 | 11,501 | ||
At 31 December 2021 Audited | |||||
Financial liabilities | |||||
Within 1 year in demand | 97,109 | 11,502 | 2,407 | ||
Later than 1 year and no later than 5 years | — | 39,649 | 4,029 | ||
Total | 97,109 | 51,151 | 6,436 |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Profit before income taxation | 578,275 | 488,208 | 674,353 | ||||
Adjustments for: | |||||||
Finance income (Note 8) | (4,237) | (5,187) | (5,618) | ||||
Finance cost (Note 8) | 18,770 | 49,917 | 5,913 | ||||
Share of profits of equity accounted joint venture | (738) | (157) | (103) | ||||
Depreciation and amortisation (Note 5) | 213,820 | 207,813 | 243,958 | ||||
Foreign exchange loss / (gain) (Note 4) | 35,403 | — | (741) | ||||
TVA write off agreement | — | — | — | ||||
Movement in discounting provision on TVA (Note 4) | (4,686) | 5,950 | 8,351 | ||||
836,607 | 746,544 | 926,113 | |||||
Effects of changes in operating working capital items | |||||||
–Receivables | 21,872 | (96,962) | (26,214) | ||||
–Inventories | (36,044) | 11,871 | 19,412 | ||||
–Trade and other payables | (45,276) | 14,447 | 24,933 | ||||
Cash generated from operations | 777,159 | 675,900 | 944,244 | ||||
Non-current | Current | Total | |||||
loans and | loans and | ||||||
borrowings | borrowings | ||||||
US$’000 | US$’000 | US$’000 | |||||
At 1 January 2021 Audited | 50,457 | 14,674 | 65,131 | ||||
Cash flows: | |||||||
Lease repayments | — | (24,565) | (24,565) | ||||
Non cash flows: | |||||||
Loans and borrowings classified as non-current at 31 December 2021 | (17,603) | 17,603 | — | ||||
Loan from Group (Note 16) | — | — | — | ||||
Interest and capital accrued | — | 5,428 | 5,428 | ||||
IFRS 16 lease additions | 8,985 | 769 | 9,754 | ||||
At 31 December 2021 1 Audited | 41,839 | 13,909 | 55,748 | ||||
At 1 January 2022 Audited | 41,839 | 13,909 | 55,748 | ||||
Cash flows: | |||||||
Lease repayments | — | (18,660) | (18,660) | ||||
Overdraft | 17 | — | 20,341 | 20,341 | |||
Non cash flows: | |||||||
Other movements | — | 3,495 | 3,495 | ||||
Loans and borrowings classified as non-current at 31 December 2022 | (12,551) | 12,551 | — | ||||
Loan from Group | 17 | — | 19,462 | 19,462 | |||
Interest and capital accrued | — | 4,707 | 4,707 | ||||
IFRS 16 lease additions | 21,757 | — | 21,757 | ||||
At 31 December 2022 Audited | 51,045 | 55,805 | 106,850 | ||||
At 1 January 2023 Unaudited | 51,045 | 55,805 | 106,850 | ||||
Cash flows: | |||||||
Lease repayments | — | (18,582) | (18,582) | ||||
Overdraft | 17 | — | (21,997) | (21,997) | |||
Non cash flows: | |||||||
Other movements | — | (696) | (696) | ||||
Loans and borrowings classified as non-current at 31 December 2023 | (12,071) | 12,071 | — | ||||
Loan from Barrick Gold Holdings | 17 | — | (20,260) | (20,260) | |||
Loan to BGC and AGA | 17 | 715,328 | 295,400 | 1,010,728 | |||
Interest and capital accrued | — | 6,027 | 6,027 | ||||
IFRS 16 lease additions and modifications | 15,385 | — | 15,385 | ||||
At 31 December 2023 Unaudited | 769,687 | 307,768 | 1,077,455 |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Capital expenditure contracted for at statement of financial | |||||||
position date but not yet incurred is: | |||||||
Property, plant and equipment | 12,414 | 24,637 | 28,157 |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Summarised statement of financial position | |||||||
Current assets | |||||||
Cash and cash equivalents | 9,801 | 5,384 | 3,485 | ||||
Other current assets (excluding cash) | 4,278 | 8,962 | 3,675 | ||||
Total current assets | 14,079 | 14,346 | 7,160 | ||||
Other current liabilities (including trade payables) | (1,865) | (4,186) | (1,846) | ||||
Total current liabilities | (1,865) | (4,186) | (1,846) |
Non-current | |||||||
Assets | 50,515 | 42,115 | 38,148 | ||||
Financial liabilities | (61,248) | (51,748) | (43,249) | ||||
Net assets | 1,481 | 527 | 213 | ||||
Summarised statement of comprehensive income | |||||||
Operating profit/(loss) | 834 | 288 | 3 | ||||
Interest income | 4,402 | 3,139 | 3,167 | ||||
Interest expense | (3,762) | (3,113) | (2,965) | ||||
Profit and total comprehensive income for the period | 1,474 | 314 | 205 | ||||
Dividends received from joint venture | — | — | 480 |
Reconciliation of the summarised financial information presented to the carrying amount of the group's interest in KAS | ||||||||
Opening net assets at 1 January | 526 | 213 | 488 | |||||
Profit for the period | 1,474 | 314 | 205 | |||||
Dividends received | — | — | (480) | |||||
Closing net assets at 31 December | 2,000 | 527 | 213 | |||||
Interest in joint venture at 50.1% | 1,002 | 264 | 107 | |||||
Profit for the period at 50.1% | 738 | 157 | 103 | |||||
Funding classified as long term debt by joint venture recorded in ‘other investments in joint ventures’ | 26,071 | 25,990 | 21,669 | |||||
Carrying value | 27,073 | 26,254 | 21,776 |
Related parties | Nature of relationship |
Barrick Gold Corporation | Ultimate Joint Venture partner |
Barrick Gold (Holdings) Limited | Ultimate Joint Venture partner |
AngloGold Ashanti plc | Ultimate Joint Venture partner |
AngloGold Ashanti Holdings plc | Joint Venture partner |
Barrick Gold (Kibali) Limited | Joint Venture partner |
Barrick Gold (Congo) SPRL | Entity under common control (subsidiary of Barrick) |
Société des Mines de Loulo SA | Entity under common control (subsidiary of Barrick) |
Société des Mines de Tongon SA | Entity under common control (subsidiary of Barrick) |
Société des Mines de Gounkoto SA | Entity under common control (subsidiary of Barrick) |
Rand Refinery (Pty) Limited | Associate of AngloGold Ashanti |
SOKIMO | Government interest in Kibali |
KAS | Joint Venture |
Isiro (Jersey) Limited | Joint Venture of Barrick |
KGL Isiro SARL | Subsidiary of Isiro (Jersey) Limited |
31 Dec | 31 Dec | 31 Dec | |||||
2023 | 2022 | 2021 | |||||
Unaudited | Audited | Audited | |||||
US$’000 | US$’000 | US$’000 | |||||
Related party transactions | |||||||
Dividend paid to SOKIMO | 12,000 | 9,000 | 20,000 | ||||
Management fee paid to Barrick Gold (Holdings) Ltd | 16,627 | 7,036 | 6,216 | ||||
Refining fees to Rand Refinery (Pty) Limited | 452 | 313 | 4,789 | ||||
Interest income from SOKIMO | 1,111 | 2,113 | 2,291 | ||||
Shareholders interest received from KAS | 1,916 | 1,400 | 1,469 | ||||
Interest incurred to KAS on the finance lease liability | — | 2,981 | 3,128 | ||||
Loan to AngloGold Ashanti | 505,364 | — | — | ||||
Loan to Barrick Gold Corporation | 505,364 | — | — | ||||
Amounts included in trade and other receivables owed from / (owing to) related parties | |||||||
Rand Refinery (Pty) Limited | 34,925 | 48,532 | 20,832 | ||||
Loan to SOKIMO | 20,845 | 28,010 | 25,897 | ||||
Loan to Barrick Gold (Congo) SPRL | 5,037 | 1,641 | 1,988 | ||||
Loan to KGL Isiro SARL | 211 | 208 | 202 | ||||
Loan (from) / to Société des Mines de Loulo SA | (134) | (95) | — | ||||
Loan (from) / to Société des Mines de Tongon SA | (75) | (34) | (29) | ||||
Loan to Société des Mines de Gounkoto SA | 1 | 1 | 1 | ||||
Amounts included in other investment in joint venture owing by related parties | |||||||
Loan to KAS | 26,071 | 25,990 | 21,669 | ||||
Loan to/(from) Barrick Gold (Holdings) Ltd | (1,041) | (21,301) | (1,839) | ||||
Finance lease liability with KAS | (49,021) | (44,690) | (35,187) |
% of | Country of | ||
Interest | incorporation | ||
and | |||
residence | |||
Company | Kibali (Jersey) Ltd | Jersey | |
Subsidiary | Border Energy East Africa (Pty) Ltd | 100% | Uganda |
Subsidiary | Moto (Jersey) 1 Ltd | 100% | Jersey |
Subsidiary | Kibali 2 (Jersey) Ltd | 100% | Jersey |
Subsidiary | 0858065 B.C. Limited | 100% | Canada |
Subsidiary | Moto Goldmines Australia Pty Ltd | 100% | Australia |
Subsidiary | Kibali Goldmines SA | 90% | DRC |
Exhibit Number | Description | Remarks | ||
Exhibit 19.1 | Filed herewith | |||
Exhibit 19.2.1 | Incorporated by reference to Exhibit 4.2 to AngloGold Ashanti (Pty) Ltd (formerly known as AngloGold Ashanti Limited) and AngloGold Ashanti Holdings plc’s Registration Statement on Form F-3 (Nos. 333-182712 and 333-182712-02) filed with the Securities and Exchange Commission on 17 July 2012 | |||
Exhibit 19.2.2 | Filed herewith | |||
Exhibit 19.2.3 | Incorporated by reference to Exhibit 99(C) to AngloGold Ashanti (Pty) Ltd (formerly known as AngloGold Ashanti Limited) and AngloGold Ashanti Holdings plc’s Registration Statement on Form 8-A (Nos. 001-14846 and 001-34725) filed with the Securities and Exchange Commission on 28 April 2010 | |||
Exhibit 19.2.4 | Incorporated by reference to Exhibit 4.1 to AngloGold Ashanti (Pty) Ltd (formerly known as AngloGold Ashanti Limited) and AngloGold Ashanti Holdings plc’s report on Form 6-K (Nos. 001-14846 and 001-34725) filed with the Securities and Exchange Commission on 1 October 2020 | |||
Exhibit 19.2.5 | Incorporated by reference to Exhibit 4.1 to AngloGold Ashanti (Pty) Ltd (formerly known as AngloGold Ashanti Limited) and AngloGold Ashanti Holdings plc’s report on Form 6-K (Nos. 001-14846 and 001-34725) filed with the Securities and Exchange Commission on 22 October 2021 | |||
Exhibit 19.2.6 | Filed herewith | |||
Exhibit 19.4.1 | Incorporated by reference to Exhibit 99.1 to AngloGold Ashanti plc’s Registration Statement on Form S-8 (No. 333-274681) filed with the Securities and Exchange Commission on 25 September 2023 | |||
Exhibit 19.4.2.1 | Incorporated by reference to Exhibit 19.4.4.1 to AngloGold Ashanti (Pty) Ltd’s (formerly known as AngloGold Ashanti Limited’s) Annual Report on Form 20-F (No. 001-14846) filed with the Securities and Exchange Commission on 17 March 2023 | |||
Exhibit Number | Description | Remarks | ||
Exhibit 19.4.2.2 | Filed herewith | |||
Exhibit 19.4.2.3 | Filed herewith | |||
Exhibit 19.4.3.1 | Filed herewith | |||
Exhibit 19.4.3.2 | Filed herewith | |||
Exhibit 19.4.4 | Incorporated by reference to AngloGold Ashanti (Pty) Ltd’s (formerly known as AngloGold Ashanti Limited’s) report on Form 6-K (No. 001-14846) furnished to the Securities and Exchange Commission on 19 February 2016 | |||
Exhibit 19.4.5.1 | Incorporated by reference to Exhibit 2.1 to AngloGold Ashanti plc’s Registration Statement on Form F-4 (Amendment No. 1) (No. 333-272867) filed with the Securities and Exchange Commission on 3 July 2023 | |||
Exhibit 19.4.5.2 | Incorporated by reference to Exhibit 2.2 to AngloGold Ashanti plc’s Registration Statement on Form F-4 (Amendment No. 1) (No. 333-272867) filed with the Securities and Exchange Commission on 3 July 2023 | |||
Exhibit 19.4.5.3 | Incorporated by reference to Exhibit 2.3 to AngloGold Ashanti plc’s Registration Statement on Form F-4 (Amendment No. 1) (No. 333-272867) filed with the Securities and Exchange Commission on 3 July 2023 | |||
Exhibit 19.8 | Filed herewith | |||
Exhibit 19.12.1 | Filed herewith | |||
Exhibit 19.12.2 | Filed herewith | |||
Exhibit 19.13 | Filed herewith | |||
Exhibit Number | Description | Remarks | ||
Exhibit 19.15.1 | Filed herewith | |||
Exhibit 19.15.2 | Filed herewith | |||
Exhibit 19.15.3 | Filed herewith | |||
Exhibit 19.15.4 | Filed herewith | |||
Exhibit 19.15.5 | Incorporated by reference to Exhibit 19.15.4 to AngloGold Ashanti (Pty) Ltd’s (formerly known as AngloGold Ashanti Limited’s) Annual Report on Form 20-F (No. 001-14846) filed with the Securities and Exchange Commission on 17 March 2023 | |||
Exhibit 19.15.6 | Filed herewith | |||
Exhibit 19.15.7 | Filed herewith | |||
Exhibit 19.15.8 | Incorporated by reference to Exhibit 19.15.7 to AngloGold Ashanti (Pty) Ltd’s (formerly known as AngloGold Ashanti Limited’s) Annual Report on Form 20-F (No. 001-14846) filed with the Securities and Exchange Commission on 17 March 2023 | |||
Exhibit 19.15.9 | Filed herewith | |||
Exhibit 19.15.10 | Filed herewith | |||
Exhibit 19.16 | Filed herewith | |||
Exhibit 19.17 | Filed herewith | |||
Exhibit 19.97 | Filed herewith | |||
Exhibit 19.101 | Interactive Data Files | |||
Exhibit 19.104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 19.101) |
Name | : | Gillian Ann Doran | ||
Title | : | Chief Financial Officer | ||
Date | : | 25 April 2024 |