Document and Entity Information
Document and Entity Information (DEI) Document | 12 Months Ended |
Dec. 31, 2018shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | AU |
Entity Registrant Name | ANGLOGOLD ASHANTI LTD, |
Entity Central Index Key | 0001067428 |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | Yes |
Entity Current Reporting Status | No |
Entity Filler Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 412,769,980 |
Income Statement
Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit or loss [abstract] | |||
Revenue from product sales | $ 3,943 | $ 4,510 | $ 4,223 |
Cost of sales | (3,173) | (3,736) | (3,401) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 2 | 10 | 19 |
Gross profit (loss) | 772 | 784 | 841 |
Corporate administration, marketing and other expenses | (76) | (64) | (61) |
Exploration and evaluation costs | (102) | (114) | (133) |
Other operating expenses | (97) | (88) | (110) |
Special items | (170) | (438) | (42) |
Operating profit (loss) | 327 | 80 | 495 |
Interest income | 17 | 15 | 22 |
Dividend income | 2 | 0 | 0 |
Other gains (losses) | (9) | (11) | (88) |
Finance costs and unwinding of obligations | (178) | (169) | (180) |
Fair value adjustments | (3) | 0 | 9 |
Share of associates and joint ventures’ profit (loss) | 122 | 22 | 11 |
Profit (loss) before taxation | 278 | (63) | 269 |
Taxation | (128) | (108) | (189) |
Profit (loss) for the year | 150 | (171) | 80 |
Allocated as follows: | |||
Equity shareholders | 133 | (191) | 63 |
Non-controlling interests | $ 17 | $ 20 | $ 17 |
Basic earnings (loss) per ordinary share (cents) | |||
Basic earnings (loss) per ordinary share (cents) | $ 0.32 | $ (0.46) | $ 0.15 |
Diluted earnings (loss) per ordinary share (cents) | |||
Diluted earnings (loss) per ordinary share (cents) | $ 0.32 | $ (0.46) | $ 0.15 |
Statement of Comprehensive Inco
Statement of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Profit (loss) for the year | $ 150 | $ (171) | $ 80 |
Items that will be reclassified subsequently to profit or loss: | |||
Items that will be reclassified subsequently to profit or loss: | (150) | 148 | 189 |
Exchange differences on translation of foreign operations | (150) | 123 | 180 |
Available-for-sale financial assets | 25 | 9 | |
Net gain (loss) on available-for-sale financial assets | 20 | 13 | |
Deferred taxation thereon | 8 | (2) | |
Items that will not be reclassified subsequently to profit or loss: | |||
Items that will not be reclassified subsequently to profit or loss: | 9 | 6 | (2) |
Net gain (loss) on equity investments | 9 | ||
Actuarial gain (loss) recognised | 5 | 8 | (2) |
Deferred taxation thereon | (5) | (2) | 0 |
Other comprehensive income (loss) for the year, net of tax | (141) | 154 | 187 |
Total comprehensive income (loss) for the year, net of tax | 9 | (17) | 267 |
Equity shareholders | (8) | (37) | 250 |
Non-controlling interests | |||
Attributable to non-controlling interests | $ 17 | 20 | 17 |
Release on impairment of available-for-sale financial assets | |||
Items that will be reclassified subsequently to profit or loss: | |||
Reclassification adjustments on available-for-sale financial assets | 3 | 0 | |
Release on disposal of available-for-sale financial assets | |||
Items that will be reclassified subsequently to profit or loss: | |||
Reclassification adjustments on available-for-sale financial assets | $ (6) | $ (2) |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets | |||
Tangible assets | $ 3,381 | $ 3,742 | $ 4,111 |
Intangible assets | 123 | 138 | 145 |
Investments in associates and joint ventures | 1,528 | 1,507 | 1,448 |
Other investments | 141 | 131 | 125 |
Inventories | 106 | 100 | 84 |
Trade, other receivables and other assets | 102 | 67 | 34 |
Deferred taxation | 0 | 4 | 4 |
Cash restricted for use | 35 | 37 | 36 |
Total Non-current assets | 5,416 | 5,726 | 5,987 |
Current assets | |||
Other investments | 6 | 7 | 5 |
Inventories | 652 | 683 | 672 |
Trade, other receivables and other assets | 209 | 222 | 255 |
Cash restricted for use | 31 | 28 | 19 |
Cash and cash equivalents | 329 | 205 | 215 |
Current assets other than non-current assets held for sale | 1,227 | 1,145 | 1,166 |
Non-current assets held for sale | 0 | 348 | 0 |
Total Current assets | 1,227 | 1,493 | 1,166 |
Total assets | 6,643 | 7,219 | 7,153 |
EQUITY AND LIABILITIES | |||
Share capital and premium | 7,171 | 7,134 | 7,108 |
Accumulated losses and other reserves | (4,519) | (4,471) | (4,393) |
Shareholders’ equity | 2,652 | 2,663 | 2,715 |
Non-controlling interests | 42 | 41 | 39 |
Total equity | 2,694 | 2,704 | 2,754 |
Non-current liabilities | |||
Borrowings | 1,911 | 2,230 | 2,144 |
Environmental rehabilitation and other provisions | 827 | 942 | 877 |
Provision for pension and post-retirement benefits | 100 | 122 | 118 |
Trade, other payables and deferred income | 3 | 3 | 4 |
Deferred taxation | 315 | 363 | 496 |
Total Non-current liabilities | 3,156 | 3,660 | 3,639 |
Current liabilities | |||
Borrowings | 139 | 38 | 34 |
Trade, other payables and deferred income | 594 | 638 | 615 |
Taxation | 60 | 53 | 111 |
Current liabilities | 793 | 729 | 760 |
Non-current liabilities held for sale | 0 | 126 | 0 |
Total Current liabilities | 793 | 855 | 760 |
Total liabilities | 3,949 | 4,515 | 4,399 |
Total equity and liabilities | $ 6,643 | $ 7,219 | $ 7,153 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Receipts from customers | $ 3,947 | $ 4,534 | $ 4,231 |
Payments to suppliers and employees | (3,015) | (3,383) | (2,929) |
Cash generated from operations | 932 | 1,151 | 1,302 |
Dividends received from joint ventures | 91 | 6 | 37 |
Taxation refund | 5 | 14 | 12 |
Taxation paid | (171) | (174) | (165) |
Net cash inflow (outflow) from operating activities | 857 | 997 | 1,186 |
Cash flows from investing activities | |||
Capital expenditure | (652) | (829) | (706) |
Proceeds from disposal of assets | 313 | 7 | 4 |
Dividends from other investments | 2 | 0 | 0 |
Other investments acquired | (81) | (91) | (73) |
Proceeds from disposal of other investments | 98 | 78 | 61 |
Investments in associates and joint ventures | (8) | (27) | (11) |
Proceeds from disposal of associates and joint ventures | 0 | 0 | 10 |
Loans advanced to associates and joint ventures | (5) | (6) | (4) |
Loans repaid by associates and joint ventures | 22 | 0 | 0 |
Cash payment to settle the sale of environmental trust fund | (32) | 0 | 0 |
Decrease (increase) in cash restricted for use | (4) | (8) | 8 |
Interest received | 12 | 15 | 14 |
Net cash inflow (outflow) from investing activities | (335) | (862) | (702) |
Cash flows from financing activities | |||
Proceeds from borrowings | 753 | 815 | 787 |
Repayment of borrowings | (967) | (767) | (1,333) |
Finance costs paid | (130) | (138) | (172) |
Bond settlement premium, RCF and bond transaction costs | (10) | 0 | (30) |
Dividends paid | (39) | (58) | (15) |
Net cash inflow (outflow) from financing activities | (393) | (148) | (763) |
Net increase (decrease) in cash and cash equivalents | 129 | (13) | (279) |
Translation | (5) | 3 | 10 |
Cash and cash equivalents at beginning of year | 205 | 215 | 484 |
Cash and cash equivalents at end of year | 329 | 205 | 215 |
Project capital | |||
Cash flows from investing activities | |||
Capital expenditure | (176) | (156) | (93) |
Stay-in-business capital [Member] | |||
Cash flows from investing activities | |||
Capital expenditure | $ (476) | $ (674) | $ (618) |
Statement of Changes in Equity
Statement of Changes in Equity Statement - USD ($) $ in Millions | Total | Share capital and premium | Other capital reserves | [1] | Retained earnings (Accumulated losses) | Equity investments at fair value though OCI (FVTOCI) | Available- for-sale reserve | Actuarial gains (losses) | Foreign currency translation reserve | Total | Non- controlling interests | |
Equity at Dec. 31, 2015 | $ 2,467 | $ 7,066 | $ 116 | $ (3,174) | [2] | $ 7 | $ (19) | $ (1,566) | $ 2,430 | $ 37 | ||
Profit (loss) for the year | 80 | 63 | [2] | 63 | 17 | |||||||
Other comprehensive income (loss) | 187 | 9 | (2) | 180 | 187 | |||||||
Total comprehensive income (loss) | 267 | 63 | [2] | 9 | (2) | 180 | 250 | 17 | ||||
Shares issued | 42 | 42 | 42 | |||||||||
Share-based payment for share awards net of exercised | (7) | (7) | (7) | |||||||||
Dividends of subsidiaries | (15) | 0 | (15) | |||||||||
Transfer to reserves | 0 | (2) | [2] | 2 | 0 | |||||||
Translation | 0 | 7 | (6) | [2] | 1 | (2) | 0 | |||||
Equity at Dec. 31, 2016 | 2,754 | 7,108 | 116 | (3,119) | [2] | 17 | (21) | (1,386) | 2,715 | 39 | ||
Profit (loss) for the year | (171) | (191) | [2] | (191) | 20 | |||||||
Other comprehensive income (loss) | 154 | 25 | 6 | 123 | 154 | |||||||
Total comprehensive income (loss) | (17) | (191) | [2] | 25 | 6 | 123 | (37) | 20 | ||||
Shares issued | 26 | 26 | 26 | |||||||||
Share-based payment for share awards net of exercised | (1) | (1) | (1) | |||||||||
Dividends paid (note 13) | (39) | (39) | [2] | (39) | ||||||||
Dividends of subsidiaries | (19) | 0 | (19) | |||||||||
Translation | 0 | 9 | (10) | [2] | 1 | (1) | (1) | 1 | ||||
Equity (Previously stated [member]) at Dec. 31, 2017 | 2,704 | 7,134 | 124 | (3,359) | 43 | (16) | (1,263) | 2,663 | 41 | |||
Equity (Increase (decrease) due to changes in accounting policy [member]) at Dec. 31, 2017 | 0 | 10 | [2] | $ 33 | (43) | 0 | ||||||
Equity at Dec. 31, 2017 | 2,704 | 7,134 | 124 | (3,349) | [2] | 33 | 0 | (16) | (1,263) | 2,663 | 41 | |
Profit (loss) for the year | 150 | 133 | [2] | 133 | 17 | |||||||
Other comprehensive income (loss) | (141) | 5 | 4 | (150) | (141) | |||||||
Total comprehensive income (loss) | 9 | 133 | [2] | 5 | 4 | (150) | (8) | 17 | ||||
Shares issued | 37 | 37 | 37 | |||||||||
Share-based payment for share awards net of exercised | (17) | (17) | (17) | |||||||||
Dividends paid (note 13) | (24) | (24) | [2] | (24) | ||||||||
Dividends of subsidiaries | (15) | 0 | (15) | |||||||||
Transfer of gain on disposal of equity investments | 0 | 1 | [2] | (1) | 0 | |||||||
Translation | 0 | (11) | 12 | [2] | 1 | (1) | ||||||
Equity at Dec. 31, 2018 | $ 2,694 | $ 7,171 | $ 96 | $ (3,227) | [2] | $ 37 | $ 0 | $ (12) | $ (1,413) | $ 2,652 | $ 42 | |
[1] | Other capital reserves include a surplus on disposal of company shares held by companies prior to the formation of AngloGold Ashanti Limited of $10m (2017: $11m; 2016: $10m), surplus on equity transaction of joint venture of $36m (2017: $36m; 2016: $36m), equity items for share-based payments of $48m (2017: $75m; 2016: $68m), cash flow hedge reserves and other reserves. | |||||||||||
[2] | Included in accumulated losses are retained earnings totalling $283m (2017: $287m; 2016: $250m) arising at the equity accounted investments and certain subsidiaries which may not be remitted without third party consent. |
Statement of Changes in Equit_2
Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity | $ 2,694 | $ 2,704 | $ 2,754 | |
Revaluation surplus on disposal of prior company shares | ||||
Equity | 10 | 11 | 10 | |
Surplus on equity transaction of joint venture | ||||
Equity | 36 | 36 | 36 | |
Equity items for share-based payments | ||||
Equity | 48 | 75 | 68 | |
Retained earnings (Accumulated losses) | ||||
Equity | [1] | (3,227) | (3,349) | (3,119) |
Retained earnings | 283 | 287 | 250 | |
Foreign currency translation reserve | ||||
Equity | $ (1,413) | $ (1,263) | $ (1,386) | |
[1] | Included in accumulated losses are retained earnings totalling $283m (2017: $287m; 2016: $250m) arising at the equity accounted investments and certain subsidiaries which may not be remitted without third party consent. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Statement of compliance The consolidated and company financial statements are prepared in compliance with International Financial Reporting Standards (IFRS) and Interpretations of those standards, as issued by the International Accounting Standards Board (IASB), Financial Reporting Pronouncements as issued by Financial Reporting Standards Council, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008. New standards and interpretations issued The financial statements have been drawn up on the basis of accounting standards, interpretations and amendments effective at the beginning of the accounting period on 1 January 2018. The adoption of the new standards, interpretations and amendments effective from 1 January 2018 had the following impact on the group. IFRS 15 "Revenue from Contracts with Customers" Management assessed the potential impact of IFRS 15 on the financial statements of the group and concluded that the group does not sell product based on multiple-element arrangements and it does not sell product on a provisional or variable pricing basis and as such the new standard did not have a significant impact on the timing or amount of the group’s revenue recognition. However, the adoption of IFRS 15 resulted in the presentation of by-product revenue in revenue from product sales where previously by-product revenue was included in cost of sales. Revenue from product sales includes gold income and by-product revenue. This change in classification resulted in a corresponding increase in costs of sales, and therefore did not have an impact on previously reported gross profit. As previously reported: U S Dollars Figures in millions 2017 2016 Revenue 4,543 4,254 Gold income 4,356 4,085 Cost of sales (3,582 ) (3,263 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 Gross profit 784 841 Gross profit % 18.00 % 20.59 % By-products revenue for the years ended 2017 and 2016 ( $154m and $138m respectively) is included in the Revenue line, but was offset and thus reduced cost of sales in the income statement. On adoption of IFRS 15, AngloGold Ashanti discloses revenue from all product sales, including by-products sales in Revenue from product sales in the income statement. Accordingly, the income statement was restated for the effects of adopting IFRS 15 as follows: U S Dollars Figures in millions 2017 2016 Revenue from product sales 4,510 4,223 Cost of sales (3,736 ) (3,401 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 Gross profit 784 841 Gross profit % 17.38 % 19.91 % AngloGold Ashanti applied IFRS 15 retrospectively to each prior reporting period presented in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. IFRS 9 " Financial Instruments" The group’s financial assets include debt instruments (held to maturity bonds and negotiable certificates of deposit), trade receivables, cash restricted for use and cash and cash equivalents which are subject to the IFRS 9 expected credit loss model as they are carried at amortised cost. The accounting policy for listed equity investments depends on the nature of the listed investment. Listed equity investments which are held to meet rehabilitation liabilities are classified as fair value through profit or loss (FVTPL) to eliminate accounting mismatch, which previously arose from the unwinding of the rehabilitation liabilities recognised in profit or loss and the fair value adjustments to investments held to meet the rehabilitation liabilities recognised in other comprehensive income. Listed equity investments held for other purposes are classified as fair value through other comprehensive income (FVTOCI). Financial liabilities are carried at amortised cost and there is no change in their recognition or presentation under IFRS 9. The adoption of IFRS 9 did not have a significant impact on total assets, total liabilities or the results of the group. In accordance with the transitional provisions in IFRS 9, upon adoption, comparative figures were not restated. The available for sale reserve of $43 m was transferred to the FVTOCI reserve -$33m and to accumulated losses -$10m in respect of equity investments at FVTOCI and FVTPL respectively. Refer statement of changes in equity for reclassifications. AngloGold Ashanti assesses the significance of new standards, interpretations and amendments to standards in issue that are not yet adopted but are likely to affect the financial reporting in future years. We have identified that IFRS 16 “Leases” which has an effective date of 1 January 2019, is likely to affect future financial reporting. IFRS 16 “ Leases ” Management is in the process of completing its assessment of the accounting impact and required disclosures arising out of the adoption of this standard. IFRS 16 requires lessees to recognise right-of-use assets and lease liabilities arising from lease contracts with additional disclosures about leasing arrangements. Leases within the scope of IFRS 16 will result in increases in assets and liabilities. Based on contracts in existence at 31 December 2018 containing leasing arrangements within the recognition scope of IFRS 16, we expect an increase in the group’s depreciation charge of between $36m and $42m , and a finance cost increase of between $6m to $8m . Operating cashflows are expected to increase and financing cashflows to decrease by between $39m and $45m as repayment of the principal portion of the lease liabilities will be classified as cash flows from financing activities, while previously the operating lease payments were classified as cash flows from operating activities. Management has determined that certain mining, drilling and power generation contracts which are not classified as finance leases under the current accounting standards (IAS 17 and IFRIC 4), will have the most impact on the group’s results on adoption of IFRS 16. The adoption of the new standard will result in the recognition of additional right-of-use assets and lease liabilities of between $135m to $160m on 1 January 2019.AngloGold Ashanti has elected to transition to IFRS 16 retrospectively with the cumulative effect of initially applying the Standard recognised at the date of initial application. AngloGold Ashanti will not restate comparative information. Instead, the cumulative effect of initially applying IFRS 16 will be recognised by adjusting the opening balance of retained earnings at the date of initial application. The adoption of IFRS 16 will not impact AngloGold Ashanti's current debt covenant arrangements with financial institutions. The significant accounting principles applied in the presentation of the group and company annual financial statements are set out below. The accounting policies adopted are detailed in Annexure A: “Summary of significant accounting policies”. BASIS OF PREPARATION The financial statements are prepared according to the historical cost convention, except for the revaluation of certain financial instruments to fair value. The group’s accounting policies as set out below are consistent in all material respects with those applied in the previous year except for the changes arising from the adoption of IFRS 9 and IFRS 15 as described in “New Standards and Interpretations Issued” above. The group financial statements are presented in US dollars. Based on materiality, certain comparatives in the notes have been aggregated and comparatives have been restated to accord with current year disclosures. The group financial statements incorporate the financial statements of the company, its subsidiaries and its interests in joint ventures and associates. The financial statements of all material subsidiaries, the Environmental Rehabilitation Trust Fund, joint ventures and associates, are prepared for the same reporting period as the holding company, using the same accounting policies. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the group owns more than 50% of the voting rights, unless the group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity the investment is accounted for as an equity method investment or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date on which control ceases. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effect are eliminated. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES Use of estimates The preparation of the financial statements requires the group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates. The more significant areas requiring the use of management estimates and assumptions relate to Ore Reserve that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortisation calculations; environmental, reclamation and closure obligations; asset impairments/reversals (including impairments of goodwill); and write-downs of inventory to net realisable value. Other estimates include employee benefit liabilities and unrecognised tax positions. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements that management has applied in the application of accounting policies, and the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Carrying value of tangible assets Amortisation The majority of mining assets are amortised using the units-of-production method where the mine operating plan calls for production from a well-defined proved and probable Ore 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 proved and probable Ore Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine. 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 proved and probable Ore Reserve. This would generally arise when there are significant changes in any of the factors or assumptions used in estimating Ore Reserve. These factors could include: • changes in proved and probable Ore Reserve; • the grade of Ore 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 proved and probable Ore 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 further quantities of material that will be mined in future periods. The production stripping costs relating to improved access to further quantities of material in future periods are capitalised as a stripping activity asset, if and only if, all of the following are met: • It is probable that the future economic benefit (improved access to the orebody) associated with the stripping activity will flow to the group; • The group can identify the component of the orebody for which access has been improved; and • The costs relating to the stripping activity associated with that component or components can be measured reliably. Components of the various orebodies at the operations of the group are determined based on the geological areas identified for each of the orebodies and are reflected in the Ore Reserve reporting of the group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the group uses three operational guidance measures; two of which relate to production measures, while the third relates to an average stripping ratio measure. 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. Stripping activity assets are amortised on the units-of-production method based on the Ore Reserve of the component or components of the orebody to which these assets relate. This accounting treatment is consistent with that for stripping costs incurred during the development phase of a pit, before production commences, except that stripping costs incurred during the development phase of a pit, before production commences, are amortised on the units-of-production method based on the Ore Reserve of the pit. Deferred stripping costs are included in ‘Mine development costs’, within tangible assets. These costs form part of the total investment in the relevant cash-generating unit, which is reviewed for impairment if events or a change in circumstances indicate that the carrying value may not be recoverable. Amortisation of stripping activity assets is included in operating costs. Impairment The group reviews and tests the carrying value of tangible assets when events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets, which is generally at the individual mine level. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used to determine the value in use of goodwill and tangible assets are inherently uncertain and could materially change over time and impact the recoverable amounts. The cash flows and value in use are significantly affected by a number of factors including published reserves, resources, 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 reserves and future capital expenditure. 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. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. The recoverable amount is estimated based on the positive indicators. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36 “Impairment of Assets”. The carrying value of tangible assets at 31 December 2018 was $3,381m ( 2017 : $3,742m ; 2016 : $4,111m ). The impairment and derecognition of tangible assets recognised in the consolidated financial statements for the year ended 31 December 2018 was $104m ( 2017 : $288m ; 2016 : $3m ). Carrying value of goodwill and intangible assets 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 proved and probable Ore Reserve, exploration properties and net assets is recognised as goodwill. Intangible assets that have an indefinite useful life and separately recognised goodwill are not subject to amortisation and are tested annually for impairment and whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Assets that are subject to amortisation are tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An individual operating mine is not a typical going-concern business because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine reporting unit. In accordance with the provisions of IAS 36, the group performs its annual impairment review of assigned goodwill during the fourth quarter of each year. The carrying value of goodwill in the consolidated financial statements at 31 December 2018 was $116m ( 2017 : $127m ; 2016 : $126m ). The impairment of goodwill recognised in the consolidated financial statements for the year ended 31 December 2018 was nil ( 2017 : $9 m; 2016 : nil ). Income taxes The group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. 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 South African corporate tax rate of 28%. 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 forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows 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. Carrying values of the group at 31 December 2018 : • deferred tax asset: nil ( 2017 : $4m ; 2016 : $4m ); • deferred tax liability: $315m ( 2017 : $363m ; 2016 : $496m ); • taxation liability: $60m ( 2017 : $53m ; 2016 : $111m ); and • taxation asset: $6m ( 2017 : $3m ; 2016 : $14m ), included in trade, other receivables and other assets. Unrecognised value of deferred tax assets: $501m ( 2017 : $470m ; 2016 : $477m ). Provision for environmental rehabilitation obligations The group’s mining and exploration activities 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. Future changes to environmental laws and regulations, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision. The carrying amount of the rehabilitation obligations for the group at 31 December 2018 was $622m (2017: $724m ; 2016: $705m ). 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. The carrying value of inventories (excluding finished goods and mine operating supplies) for the group at 31 December 2018 was $404m (2017: $424m ; 2016: $397m ). Recoverable tax, rebates, levies and duties In a number of countries, particularly in Continental Africa, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Continental Africa and in Brazil. 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 our results of operations. The net carrying value of recoverable tax, rebates, levies and duties for the group at 31 December 2018 was $194m ( 2017 : $174m ; 2016 : $135m ). Post-retirement obligations The determination of AngloGold Ashanti’s obligation and expense post-retirement liabilities, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, the expected long-term rate of return of plan assets, 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. The carrying value of the post-retirement obligations at 31 December 2018 was $100m ( 2017 : $122m ; 2016 : $118m ). Ore Reserve estimates An Ore Reserve estimate is an estimate of the amount of product that can be economically and legally extracted from the group’s properties. In order to calculate the Ore 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 Ore Reserve requires the size, shape and depth of orebodies 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. The group is required to determine and report its Ore Reserve in accordance with the South African Code for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code) 2016 Edition. Because the economic assumptions used to estimate changes in the Ore Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Ore Reserve may change from period to period. Changes in the reported Ore 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 Ore 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. 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 similar to those described in the accounting policy for exploration and evaluation assets. Any such estimates and assumptions 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. Provision for silicosis 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. In prior years, a silicosis provision was not raised as a reliable estimate could not be determined. The carrying value of the silicosis provision at 31 December 2018 was $63m ( 2017 : $63m ). Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, 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. For quantitative purposes, an amount of $18m has been considered. 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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Equity-accounted investments Joint ventures 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. The group’s interests in joint arrangements classified as joint ventures are accounted for using the equity method. Profits and losses realised in connection with transactions between the group and joint ventures are eliminated in proportion to share ownership. Such profits and losses are deducted from the group’s equity and related statement of financial position amount and released in the group accounts when the assets are effectively realised outside the group. Dividends received from joint ventures are included in operating activities in the cash flow statement. Associates The equity method of accounting is used for an investment over which the group exercises significant influence and normally owns between 20% and 50% of the voting equity. Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Profits and losses realised in connection with transactions between the group and associated companies are eliminated in proportion to share ownership. Such profits and losses are deducted from the gr |
Segmental Information
Segmental Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of entity's operating segments [Abstract] | |
Segmental Information | SEGMENTAL INFORMATION AngloGold Ashanti Limited’s operating segments are being reported based on the financial information provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). The group produces gold as its primary product and does not have distinct divisional segments in terms of principal business activity, but manages its business on the basis of different geographic segments (including equity accounted investments). Individual members of the Executive Committee are responsible for geographic regions of the business. Group analysis by origin is as follows: Figures in millions Gold income US Dollars 2018 2017 2016 Geographical analysis of gold income by origin is as follows: South Africa 602 1,101 1,173 Continental Africa (1) 1,983 1,895 1,663 Australasia 780 709 646 Americas 1,021 1,104 1,036 4,386 4,809 4,518 Equity-accounted investments included above (581 ) (453 ) (433 ) 3,805 4,356 4,085 Foreign countries included in the above and considered material are: Brazil 634 705 659 Guinea 489 Tanzania 715 664 591 DRC 468 Geographical analysis of gold income by destination is as follows: South Africa 1,445 1,659 1,719 North America 450 456 893 Australia 780 709 645 Europe 387 399 377 United Kingdom 1,324 1,586 884 4,386 4,809 4,518 Equity-accounted investments included above (581 ) (453 ) (433 ) 3,805 4,356 4,085 Figures in millions By product revenue US Dollars 2018 2017 2016 South Africa 6 15 23 Continental Africa (1) 3 3 4 Australasia 2 2 2 Americas 128 135 110 139 155 139 Equity-accounted investments included above (1 ) (1 ) (1 ) 138 154 138 The Group's revenue is mainly derived from gold income. Gold is sold through numerous traders worldwide. The Group is not economically dependent on a limited number of customers for the sale of its gold production. Figures in millions Gross profit (loss) (2) US Dollars 2018 2017 2016 South Africa 21 (3 ) 149 Continental Africa (1) 380 386 334 Australasia 160 159 106 Americas (1) 310 253 283 Corporate and other (1) 3 2 (4 ) 874 797 868 Equity-accounted investments included above (102 ) (13 ) (27 ) 772 784 841 Figures in millions Cost of sales Restated Restated US Dollars 2018 2017 2016 South Africa 590 1,129 1,064 Continental Africa (1) 1,607 1,513 1,334 Australasia 622 551 542 Americas (1) 838 987 863 Corporate and other (1) (4 ) (3 ) 5 3,653 4,177 3,808 Equity-accounted investments included above (480 ) (441 ) (407 ) 3,173 3,736 3,401 Figures in millions Amortisation US Dollars 2018 2017 2016 South Africa 72 133 167 Continental Africa (1) 379 421 365 Australasia 149 130 126 Americas (1) 192 273 260 Other, including non-gold producing subsidiaries 3 2 5 795 959 923 Equity-accounted investments included above (165 ) (136 ) (114 ) Continuing operations 630 823 809 Figures in millions Total assets (1)(3)(4) US Dollars 2018 2017 2016 South Africa 1,106 1,734 1,818 Continental Africa 3,135 3,153 3,090 Australasia 888 929 804 Americas 1,286 1,258 1,273 Other, including non-gold producing subsidiaries 228 145 168 6,643 7,219 7,153 Figures in millions Non-current assets (5) US Dollars 2018 2017 2016 Non-current assets considered material, by country are: South Africa (5) 1,005 1,295 1,678 Foreign entities (5) 4,234 4,259 4,144 DRC (5) 1,439 1,423 1,400 Ghana (5) 550 533 520 Tanzania (5) 369 422 437 Australia (5) 718 764 673 Brazil (5) 615 632 645 Figures in millions Capital expenditure US Dollars 2018 2017 2016 South Africa 73 150 182 Continental Africa (1) 313 409 291 Australasia 156 153 109 Americas (1) 176 234 225 Other, including non-gold producing subsidiaries 3 7 4 721 953 811 Equity-accounted investments included above (69 ) (123 ) (100 ) 652 830 711 (1) Includes equity-accounted investments. (2) The group's segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit (loss) to profit before taxation, refer to the group income statement. (3) Total assets includes allocated goodwill of nil ( 2017 : nil ; 2016 : $8m ) for South Africa, $108m ( 2017 : $119m ; 2016 : $110m ) for Australasia and $8m ( 2017 : $8m ; 2016 : $8m ) for Americas (note 15). The South African segment includes assets held for sale of nil (2017: $348m ; 2016: nil ). (4) In 2018, pre-tax impairments and derecognition of assets of $98m were accounted for in South Africa ( 2017 : $294m ; 2016: $3m ), Continental Africa $5m (2017: nil ; 2016: nil ) and the Americas $1m (2017: nil ; 2016; nil ). (5) Non-current assets exclude financial instruments and deferred tax assets. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of revenue [Abstract] | |
Revenue | REVENUE US Dollars Figures in millions 2018 2017 2016 Restated Restated Revenue consists of the following principal categories: Gold income (note 2) 3,805 4,356 4,085 By-products (note 2) 138 154 138 Revenue from product sales 3,943 4,510 4,223 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2018 | |
Cost of Sales [Abstract] | |
Cost of Sales | COST OF SALES US Dollars Figures in millions 2018 2017 2016 Restated Restated Cash operating costs 2,356 2,728 2,444 Royalties 135 116 105 Other cash costs 14 19 24 Total cash costs 2,505 2,863 2,573 Retrenchment costs 4 6 14 Rehabilitation and other non-cash costs 20 29 43 Amortisation of tangible assets (note 30 and note 34) 625 817 789 Amortisation of intangible assets (note 30 and note 34) 5 6 20 Inventory change 14 15 (38 ) 3,173 3,736 3,401 |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other operating expenses [Abstract] | |
Other Operating Expenses | US Dollars Figures in millions 2018 2017 2016 Care and maintenance costs (note 34) 74 62 70 Pension and medical defined benefit provisions 10 9 25 Governmental fiscal claims, care and maintenance of old tailings operations and other 13 17 15 97 88 110 |
Special Items
Special Items | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of special items [Abstract] | |
Special Items | US Dollars Figures in millions 2018 2017 2016 Impairment and derecognition of assets 104 297 3 Impairment of other investments — 3 — Retrenchment and related costs 34 88 1 Legal fees (recoveries) and other costs related to contract terminations and settlement costs 17 71 11 Write-down of inventories 1 3 12 Net (profit) loss on disposal of assets 20 (8 ) (4 ) Royalties received (10 ) (18 ) (9 ) Indirect tax expense (recoveries) 4 2 (2 ) Repurchase premium and cost on settlement of debt facilities — — 30 170 438 42 |
Finance Costs and Unwinding of
Finance Costs and Unwinding of Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Finance Costs and Unwinding of Obligations | US Dollars Figures in millions 2018 2017 2016 Finance costs Finance costs on bonds, corporate notes, bank loans and other 128 132 148 Amortisation of fees 7 4 4 Finance lease charges 5 6 6 140 142 158 Unwinding of obligations 38 27 22 Total finance costs and unwinding of obligations (note 30 and 34) 178 169 180 |
Share of Associates and Joint V
Share of Associates and Joint Ventures' Profit (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share of associates and joint ventures’ profit (loss) [Abstract] | |
Share of Associates and Joint Ventures' Profit (Loss) | US Dollars Figures in millions 2018 2017 2016 Restated Restated Revenue (1) 582 454 442 Operating costs, special items and other expenses (1) (472 ) (471 ) (447 ) Net interest received (8 ) 1 3 Profit (loss) before taxation 102 (16 ) (2 ) Taxation (9 ) 23 7 Profit (loss) after taxation 93 7 5 (Impairment) impairment reversal of investments in associates 15 13 (5 ) Impairment reversal of investments in joint ventures (note 17) 14 2 11 Share of associates and joint ventures’ profit (loss) (note 30) 122 22 11 (1) Restated on adoption of IFRS 15. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of employee benefits [Abstract] | |
Employee Benefits | US Dollars Figures in millions 2018 2017 2016 Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits 797 1,024 918 Health care and medical scheme costs - current medical expenses 39 58 51 - defined benefit post-retirement medical expenses 9 10 10 Pension and provident plan costs - defined contribution 37 53 48 - defined benefit pension plans — — 15 Retrenchment costs 30 92 16 Share-based payment expense (note 10) 35 33 37 Included in cost of sales, other operating expenses, special items and corporate administration, marketing and other expenses 947 1,270 1,095 |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share-based payment arrangements [Abstract] | |
Share-based Payments | US Dollars Figures in millions 2018 2017 2016 Equity-settled share incentive schemes Bonus Share Plan (BSP) 20 26 26 Long Term Incentive Plan (LTIP) 1 (1 ) 7 Other 1 1 1 22 26 34 Cash-settled share incentive scheme Cash-settled Long Term Incentive Plan (CSLTIP) 13 7 3 Total share-based payment expense (note 9) 35 33 37 Equity-settled incentive schemes Equity schemes include the Bonus Share Plan (BSP), Long Term Incentive Plan (LTIP) and the Co-Investment Plan (CIP). A new incentive scheme, the Deferred Share Plan (DSP), has been implemented in January 2018. No allocation under the DSP has been made in 2018. There were otherwise no additional schemes introduced during 2018 and no changes to rules or practices in the existing schemes. Bonus Share Plan (BSP) Award date (unvested awards and awards vested during the year) 2018 2017 2016 Calculated fair value R 119.14 R 152.87 R 229.22 Vesting date 50% 22 Feb 2019 1 Mar 2018 1 Mar 2017 Vesting date 50% 22 Feb 2020 1 Mar 2019 1 Mar 2018 Expiry date 22 Feb 2028 1 Mar 2027 1 Mar 2026 Number of shares 2018 2017 2016 Awards outstanding at beginning of year 4,479,679 4,198,285 4,708,799 Awards granted during the year 2,492,584 1,926,549 2,103,767 Awards lapsed during the year (359,343 ) (218,601 ) (204,374 ) Awards exercised during the year (2,055,001 ) (1,426,554 ) (2,409,907 ) Awards outstanding at end of year 4,557,919 4,479,679 4,198,285 Awards exercisable at end of year 1,588,512 1,904,021 1,170,849 Long Term Incentive Plan (LTIP) Award date (unvested awards and awards vested during the year) 2015 Calculated fair value R 129.94 Vesting date 3 Mar 2018 Expiry date 3 Mar 2025 Number of shares 2018 2017 2016 Awards outstanding at beginning of year 2,466,357 4,363,330 6,028,193 Awards lapsed during the year (1,186,330 ) (1,512,857 ) (1,160,023 ) Awards exercised during the year (832,185 ) (384,116 ) (504,840 ) Awards outstanding at end of year 447,842 2,466,357 4,363,330 Awards exercisable at end of year 447,842 455,914 320,169 Equity-settled incentive schemes (continued) Co-Investment Plan (CIP) Number of shares 2018 2017 2016 Awards outstanding at beginning of year 95,378 97,651 145,040 Awards granted during the year 80,809 112,105 47,590 Awards lapsed during the year (11,633 ) (62,775 ) (18,570 ) Awards exercised during the year (51,976 ) (51,603 ) (76,409 ) Awards outstanding at end of year 112,578 95,378 97,651 Cash-Settled Long Term Incentive Plan (CSLTIP) There were no changes to rules or practices within the CSLTIP scheme, and no awards during 2018. Award date (unvested awards and awards vested during the year) 2017 2016 Closing share price at 30 December: R 128.62 R 152.58 Vesting date 1 March 2020 1 March 2019 Number of units 2018 2017 2016 Share units outstanding at beginning of year 4,469,618 2,464,630 30,163 Share units granted during the year — 2,572,437 2,537,000 Share units lapsed during the year (611,265 ) (507,597 ) (100,490 ) Share units exercised during the year (42,592 ) (59,852 ) (2,043 ) Share units outstanding at end of year 3,815,761 4,469,618 2,464,630 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | |
Taxation | Figures in millions US Dollars 2018 2017 2016 South African taxation Normal taxation — 1 1 Prior year (over) under provision (2 ) — (3 ) Deferred taxation Impairment and disposal of tangible assets (47 ) (72 ) — Other temporary differences (34 ) (62 ) 12 Prior year (over) under provision (2 ) 15 25 Change in estimated deferred tax rate (23 ) 31 — (108 ) (87 ) 35 Foreign taxation Normal taxation 243 201 246 Prior year (over) under provision 1 (26 ) (10 ) Deferred taxation Temporary differences (4 ) 20 (65 ) Prior year (over) under provision 4 2 (17 ) Change in estimate (7 ) — — Change in statutory tax rate (1 ) (2 ) — 236 195 154 128 108 189 Reconciliation to South African statutory rate Figures in millions US Dollars Reconciliation to South African statutory rate 2018 2017 2016 Implied tax charge at 28% 78 (18 ) 75 Increase (decrease) due to: Expenses not tax deductible (1) 29 30 27 Share of associates and joint ventures' profit (loss) (34 ) (6 ) (3 ) Tax rate differentials (2) 25 27 48 Exchange variations, translation and accounting adjustments 20 7 (20 ) Current year tax losses not recognised (recognised) in deferred tax assets: Obuasi mine 13 18 22 AngloGold Ashanti Holdings plc (3) 36 — — North America 6 — — Tax exempt entities: AngloGold Ashanti Holdings plc (3) — 31 37 Other 6 (2 ) (2 ) Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change (30 ) 35 2 Tax effect of disposal of Vaal River assets (18 ) — — Loss on realisation of loan settlement — — 17 Tax allowances (3 ) (3 ) (9 ) Impact of statutory tax rate change (1 ) (2 ) — Adjustment in respect of prior years 1 (9 ) (5 ) Income tax expense 128 108 189 Anglogold Ashanti has changed the tax rate reconciliation from a percentage reconciliation of the estimated corporate tax rate to a numerical reconciliation of the income tax expense and has expanded disclosure on certain line items in the reconciliation to provide more relevant information to users. (1) Includes corporate and other costs, transfer pricing and British Virgin Isle company losses. (2) Due to different tax rates in various jurisdictions. (3) During 2018, AngloGold Ashanti Holdings plc changed its tax jurisdiction from the Isle of Man (taxed at 0% in 2017) to the United Kingdom (taxed at 19% in 2018). Figures in millions US Dollars 2018 2017 2016 Analysis of unrecognised deferred tax assets Tax losses available to be utilised against future profits - utilisation required within one year 48 — — - utilisation required between one and two years 187 48 — - utilisation required between two and five years 300 333 321 - utilisation required between five and twenty years 1,229 1,210 1,185 - utilisation in excess of twenty years 26 1 1 1,790 1,592 1,507 At the statutory tax rates the unrecognised value of deferred tax assets are: $501m ( 2017 : $470m ; 2016 : $477m ), mainly relating to tax losses incurred in the United Kingdom, North America, Ghana and Colombia. |
Earnings (Loss) per Ordinary Sh
Earnings (Loss) per Ordinary Share | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of earnings per share [Abstract] | |
Earnings (Loss) per Ordinary Share | 2018 2017 2016 US cents per share Basic earnings (loss) per ordinary share 32 (46 ) 15 The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $133m (2017: ($191m); 2016: $63m) and 417,122,155 (2017: 415,440,077; 2016: 412,585,042) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share 32 (46 ) 15 The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $133m (2017: ($191m); 2016: $63m) and 417,379,405 (2017: 415,440,077; 2016: 414,706,400) shares being the diluted number of ordinary shares. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares 2018 2017 2016 Ordinary shares 411,412,947 409,265,471 407,519,542 Fully vested options and currently exercisable (1) 5,709,208 6,174,606 5,065,500 Weighted average number of shares 417,122,155 415,440,077 412,585,042 Dilutive potential of share options 257,250 — 2,121,358 Fully diluted number of ordinary shares 417,379,405 415,440,077 414,706,400 Figures in millions US Dollars In calculating the diluted earnings (loss) attributable to equity shareholders, the following were taken into consideration: Profit (loss) attributable to equity shareholders 133 (191 ) 63 (1) Employee compensation awards are included in basic earnings per share from the date that all necessary conditions have been satisfied and it is virtually certain that shares will be issued as a result of employees exercising their options. US Dollars Figures in millions 2018 2017 2016 Headline earnings (loss) The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders from continuing and discontinued operations 133 (191 ) 63 Net impairment (impairment reversal) and derecognition of assets 102 298 (16 ) Net (profit) loss on disposal of assets 32 (8 ) 4 Exchange loss on foreign currency translation reserve release — — 60 Taxation on items above (47 ) (72 ) — 220 27 111 US Cents Basic headline earnings (loss) per share The calculation of basic headline earnings (loss) per ordinary share is based on basic headline earnings (losses) of $220m (2017: $27m; 2016: $111m) and 417,122,155 (2017: 415,440,077; 2016: 412,585,042) shares being the weighted average number of ordinary shares in issue during the year. 53 6 27 Diluted headline earnings (loss) per share The calculation of diluted headline earnings (loss) per ordinary share is based on diluted headline earnings (losses) of $220m (2017: $27m; 2016: $111m) and 417,379,405 (2017: 415,440,077; 2016: 414,706,400) shares being the weighted average number of ordinary shares in issue during the year. 53 6 27 |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Dividends | US Dollars Figures in million 2018 2017 2016 Ordinary shares Dividend number 118 of 130 SA cents per share was declared on 21 February 2017 and paid on 7 April 2017. (10 US cents per share) 39 Dividend number 119 of 70 SA cents per share was declared on 20 February 2018 and paid on 6 April 2018 (6 US cents per share). 24 24 39 |
Tangible Assets
Tangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Tangible Assets | Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total US Dollars Cost Balance at 1 January 2016 6,282 4,432 914 5 356 78 12,067 Additions - project capital 25 4 — — 64 — 93 - stay-in-business capital 363 54 1 — 192 1 611 - capitalised leased assets — 2 — — — — 2 Disposals (45 ) (46 ) — — — — (91 ) Transfers and other movements (1) (884 ) 25 — — (190 ) — (1,049 ) Translation 202 105 4 — 28 3 342 Balance at 31 December 2016 5,943 4,576 919 5 450 82 11,975 Accumulated amortisation and impairments Balance at 1 January 2016 4,488 2,618 862 2 29 10 8,009 Amortisation for the year 546 254 4 1 — 1 806 Impairment and derecognition of assets 1 2 — — — — 3 Disposals (43 ) (43 ) — — — — (86 ) Transfers and other movements (1) (964 ) (70 ) — — (3 ) — (1,037 ) Translation 135 31 2 — — 1 169 Balance at 31 December 2016 4,163 2,792 868 3 26 12 7,864 Net book value at 31 December 2016 1,780 1,784 51 2 424 70 4,111 Cost Balance at 1 January 2017 5,943 4,576 919 5 450 82 11,975 Additions - project capital 28 3 — — 125 — 156 - stay-in-business capital 371 37 — — 257 — 665 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (168 ) (21 ) (27 ) — (291 ) 1 (506 ) Transfer to non-current assets and liabilities held for sale (785 ) (281 ) (7 ) — (72 ) (3 ) (1,148 ) Translation 174 88 7 — 21 3 293 Balance at 31 December 2017 5,562 4,382 892 5 490 83 11,414 Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total Accumulated amortisation and impairments Balance at 1 January 2017 4,163 2,792 868 3 26 12 7,864 Amortisation for the year 553 272 3 — — 1 829 Impairment and derecognition of assets (5) 182 62 8 — 1 — 253 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (326 ) (163 ) (27 ) — — — (516 ) Transfer to non-current assets and liabilities held for sale (685 ) (169 ) (4 ) — (1 ) — (859 ) Translation 93 22 5 — — 2 122 Balance at 31 December 2017 3,979 2,796 853 3 26 15 7,672 Net book value at 31 December 2017 1,583 1,586 39 2 464 68 3,742 Cost Balance at 1 January 2018 5,562 4,382 892 5 490 83 11,414 Additions - project capital 2 — — — 175 — 177 - stay-in-business capital 294 20 3 — 149 1 467 Disposals (5 ) (30 ) — (1 ) — (3 ) (39 ) Transfers and other movements (1) 60 (41 ) — — (270 ) 1 (250 ) Translation (239 ) (119 ) (7 ) — (32 ) (5 ) (402 ) Balance at 31 December 2018 5,674 4,212 888 4 512 77 11,367 Accumulated amortisation and impairments Balance at 1 January 2018 3,979 2,796 853 3 26 15 7,672 Amortisation for the year 397 233 2 1 — 1 634 Impairment and derecognition of assets (5) — 104 — — — — 104 Disposals (5 ) (27 ) — (1 ) — (2 ) (35 ) Transfers and other movements (1) (52 ) (153 ) — — — — (205 ) Translation (135 ) (42 ) (6 ) — 1 (2 ) (184 ) Balance at 31 December 2018 4,184 2,911 849 3 27 12 7,986 Net book value at 31 December 2018 1,490 1,301 39 1 485 65 3,381 (1) Transfers and other movements include amounts from deferred stripping, change in estimates of decommissioning assets, asset reclassifications and derecognition of assets with a carrying value of nil. (2) Included in the amounts for mine infrastructure are assets held under finance leases with a net book value of $45 m ( 2017 : $56 m; 2016 : $58m ). (3) Included in the amounts for land and buildings are assets held under finance leases with a net book value of $3 m ( 2017 : $6 m; 2016 : $7 m). (4) Assets of $10 m ( 2017 : $11 m; 2016 : $12m ) have been pledged as security. (5) I mpairment and derecognition of assets is assessed as follows: Impairments and derecognitions of tangible assets For the year ended 31 December, the following impairments and derecognitions of tangible assets were recognised: Figures in millions - US Dollars 2018 2017 First Uranium 93 13 TauTona — 79 Kopanang — 35 Surface Operations 1 9 Moab Khotsong — 112 Mponeng 4 2 Obuasi 5 — Other 1 3 104 253 Impairment calculation assumptions as at 31 December 2018 - goodwill, tangible and intangible assets Management assumptions for the value in use of tangible assets and goodwill include: • the gold price assumption represents management’s best estimate of the future price of gold. A long-term real gold price of $1,239 /oz (2017: $1,240 /oz) is based on a range of economic and market conditions that will exist over the remaining useful life of the assets. Annual life of mine plans take into account the following: • proved and probable Ore Reserve; • value beyond proved and probable reserves (including exploration potential) determined using the gold price assumption referred to above; • in determining the impairment for each cash generating unit, the real pre-tax rate was derived from the weighted average cost of capital (WACC) using the Capital Asset Pricing Model (CAPM) to determine the required return on equity with risk factors consistent with the basis used in 2017. At 31 December 2018, the derived group WACC was 8.30% (real post-tax) which is 80 basis points higher than in 2017 of 7.50% , and is based on the industry average capital structure of the major gold companies considered to be appropriate peers. In determining the WACC for each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. In certain instances, a specific risk premium was added to large projects being undertaken or the turnaround nature of a specific mine to address uncertainties in the forecast of the cash flows; • foreign currency cash flows translated at estimated forward exchange rates and then discounted using appropriate discount rates for that currency; • cash flows used in impairment calculations are based on life of mine plans which range from 2 years to 41 years ; and • variable operating cash flows are increased at local Consumer Price Index rates. Impairment of cash generating units The group reviews and tests the carrying value of its mining assets when events or changes in circumstances suggest that the carrying amount may not be recoverable. During June 2018, due to market conditions and a strategic decision taken to change the processing strategy of Mine Waste Solutions (MWS), whereby MWS in future will focus solely on gold recovery, the Uranium plant of the MWS cash-generating unit was fully impaired as it is unlikely to be utilised or generate future economic benefits. During June 2017, due to a change in mine plans to restructure the South African operations, Kopanang mine, TauTona mine including Savuka section and the West Gold Plant section of the Surface operations in South Africa were fully impaired as they were not expected to generate future economic benefits. On 19 October 2017, AngloGold Ashanti announced the sale of various assets in the Vaal River Region including the Moab Khotsong Mine and related assets (Moab) to Harmony Gold Mining Company Limited for a cash consideration of US $300m . Moab was accordingly transferred to held for sale and written down to the fair value less cost to sell. In a separate announcement on 19 October 2017, AngloGold Ashanti announced the sale of its Kopanang Mine, the West Gold Plant and related infrastructure (Kopanang) to Heaven-Sent SA Sunshine Investment Company Limited for a cash consideration of R 100m . Kopanang was accordingly transferred to held for sale and written down to the fair value less cost to sell. The sales of the above mentioned assets were concluded on 28 February 2018. Cash generating units with marginal headroom Based on an analysis carried out by the group in 2018, the carrying value and value in use of the most sensitive cash generating unit (CGU) are: Figures in millions - US Dollars Carrying value Value in use Mponeng (1) 533 547 Kibali (2) 1,439 1,484 (1) It is estimated that a decrease of the long-term real gold price of $1,239/oz by 0.3%, would cause the receivable amount of Mponeng to equal its carrying amount. The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing are inextricably linked. (2) Equity accounted investment, included in investments in associates and joint ventures in the statement of financial position. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | Figures in millions Goodwill Software and licences Royalty tax rate concession and other Total US Dollars Cost Balance at 1 January 2016 380 118 60 558 Additions — 5 — 5 Transfers and other movements (1) — (4 ) — (4 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 379 125 60 564 Accumulated amortisation and impairments Balance at 1 January 2016 254 93 50 397 Amortisation for the year 16 4 20 Transfers and other movements (1) — (3 ) — (3 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 253 112 54 419 Net book value at 31 December 2016 126 13 6 145 Cost Balance at 1 January 2017 379 125 60 564 Additions — 1 — 1 Transfer to non-current assets and liabilities held for sale — (17 ) — (17 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 11 4 — 15 Balance at 31 December 2017 127 112 60 299 Accumulated amortisation and impairments Balance at 1 January 2017 253 112 54 419 Amortisation for the year 3 3 6 Impairment 9 — — 9 Transfer to non-current assets and liabilities held for sale — (15 ) — (15 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 1 5 — 6 Balance at 31 December 2017 — 104 57 161 Net book value at 31 December 2017 127 8 3 138 Cost Balance at 1 January 2018 127 112 60 299 Additions — 1 — 1 Disposals — (2 ) (1 ) (3 ) Transfer to non-current assets and liabilities held for sale — — — — Transfers and other movements (1) — 4 — 4 Translation (11 ) (7 ) — (18 ) Balance at 31 December 2018 116 108 59 283 Accumulated amortisation and impairments Balance at 1 January 2018 — 104 57 161 Amortisation for the year 3 2 5 Disposals — (2 ) (1 ) (3 ) Transfers and other movements (1) — 4 — 4 Translation — (7 ) — (7 ) Balance at 31 December 2018 — 102 58 160 Net book value at 31 December 2018 116 6 1 123 (1) Transfers and other movements include amounts from asset reclassifications and amounts written off. Impairment calculation assumptions for goodwill Based on an analysis carried out by the group in 2018, the carrying value and value in use of cash generating units (CGUs) with goodwill that were most sensitive is: 2018 US Dollars Figures in millions Carrying Value Value in use Serra Grande 104 259 As at 31 December 2018, the recoverable amount of Serra Grande exceeded its carrying amount by $155 m. The Serra Grande CGU had $8 m goodwill at that date. It is estimated that a decrease of the long-term real gold price of $1,239 /oz by 15% , would cause the recoverable amount of this CGU to equal its carrying amount. The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing of goodwill are inextricably linked. Therefore it is possible that outcomes within the next financial year that are different from the assumptions used in the impairment testing process for goodwill could require a material adjustment to the carrying amounts in future periods. Net book value of goodwill allocated to each of the CGUs: US Dollars Figures in millions 2018 2017 2016 - Sunrise Dam 108 119 110 - First Uranium (Pty) Limited 8 - Serra Grande 8 8 8 116 127 126 Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant are as follows: - Sunrise Dam (1) 8.3 % 8.3 % 8.8 % Goodwill has been allocated to its respective CGU's where it is tested for impairment as part of the CGU . The group reviews and tests the carrying value of goodwill on an annual basis for impairment. The discount rates for 2018 were determined on a basis consistent with the 2017 discount rates. (1) The value in use of the CGU is $750 m in 2018 (2017: $402 m; 2016: $487 m). |
Material partly-owned subsidiar
Material partly-owned subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Material partly-owned subsidiaries | Name Non-controlling interest holding Country of incorporation and operation 2018 2017 2016 Cerro Vanguardia S.A. (CVSA) 7.5 % 7.5 % 7.5 % Argentina Société AngloGold Ashanti de Guinée S.A. (Siguiri) 15 % 15 % 15 % Republic of Guinea Financial information of subsidiaries that have material non-controlling interests are provided below: US Dollars Figures in millions 2018 2017 2016 Profit allocated to material non-controlling interests CVSA 9 7 6 Siguiri 8 13 11 Accumulated balances of material non-controlling interests CVSA 14 13 15 Siguiri 32 32 28 Summarised financial information of subsidiaries is as follows. The information is based on amounts including inter-company balances. US Dollars Figures in millions CVSA Siguiri Statement of profit or loss for 2018 Revenue 498 365 Profit (loss) for the year 119 56 Total comprehensive income (loss) for the year, net of tax 119 56 Attributable to non-controlling interests 9 8 Dividends paid to non-controlling interests (7 ) (8 ) Statement of profit or loss for 2017 Revenue 517 489 Profit (loss) for the year 96 88 Total comprehensive income (loss) for the year, net of tax 96 88 Attributable to non-controlling interests 7 13 Dividends paid to non-controlling interests (9 ) (10 ) Statement of profit or loss for 2016 Revenue 472 367 Profit (loss) for the year 81 74 Total comprehensive income (loss) for the year, net of tax 81 74 Attributable to non-controlling interests 6 11 Dividends paid to non-controlling interests (6 ) (9 ) Summarised financial information of subsidiaries is as follows. The information is based on amounts before inter-company eliminations. US Dollars Figures in millions CVSA Siguiri Statement of financial position as at 31 December 2018 Non-current assets 176 257 Current assets 215 157 Non-current liabilities (112 ) (64 ) Current liabilities (78 ) (137 ) Total equity 201 213 Statement of financial position as at 31 December 2017 Non-current assets 193 206 Current assets 171 189 Non-current liabilities (103 ) (101 ) Current liabilities (84 ) (82 ) Total equity 177 212 Statement of financial position as at 31 December 2016 Non-current assets 241 174 Current assets 177 178 Non-current liabilities (108 ) (79 ) Current liabilities (107 ) (85 ) Total equity 203 188 Statement of cash flows for the year ended 31 December 2018 Cash inflow (outflow) from operating activities 179 84 Cash inflow (outflow) from investing activities (36 ) (96 ) Cash inflow (outflow) from financing activities (140 ) (6 ) Net increase (decrease) in cash and cash equivalents 3 (18 ) Statement of cash flows for the year ended 31 December 2017 Cash inflow (outflow) from operating activities 189 152 Cash inflow (outflow) from investing activities (55 ) (82 ) Cash inflow (outflow) from financing activities (118 ) (58 ) Net increase (decrease) in cash and cash equivalents 16 12 Statement of cash flows for the year ended 31 December 2016 Cash inflow (outflow) from operating activities 110 120 Cash inflow (outflow) from investing activities (57 ) (59 ) Cash inflow (outflow) from financing activities (97 ) (53 ) Net increase (decrease) in cash and cash equivalents (44 ) 8 |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Investments in Associates and Joint Ventures | US Dollars Figures in millions 2018 2017 2016 Carrying value Investments in associates 36 36 20 Investments in joint ventures 1,492 1,471 1,428 1,528 1,507 1,448 Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be material. Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2018 2017 2016 Aggregate statement of profit or loss for associates (attributable) Revenue 19 21 30 Operating costs and expenses (4 ) (11 ) (38 ) Taxation (1 ) 2 (1 ) Profit (loss) for the year 14 12 (9 ) Total comprehensive profit (loss) for the year, net of tax 14 12 (9 ) Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2018 2017 2016 Kibali Goldmines S.A. (1) 45 45 45 Exploration and mine development The Democratic Republic of the Congo (1) AngloGold Ashanti Limited has a 50% interest in Kibali (Jersey) Limited (Kibali) which holds our effective 45% interest in Kibali Goldmines S.A. US Dollars Figures in millions 2018 2017 2016 Carrying value of joint ventures Kibali 1,439 1,423 1,400 Immaterial joint ventures 53 48 28 1,492 1,471 1,428 Reversal (impairment) of investments in joint ventures Sadiola (note 8) 14 2 11 US Dollars Figures in millions 2018 2017 2016 The cumulative unrecognised share of losses of the joint ventures: Morila 8 7 9 Yatela 3 2 3 Summarised financial information of joint ventures is as follows (not attributable): US Dollars Kibali Figures in millions 2018 2017 2016 Statement of profit or loss Revenue 1,098 755 709 Other operating costs and expenses (539 ) (530 ) (471 ) Amortisation of tangible and intangible assets (330 ) (264 ) (211 ) Finance costs and unwinding of obligations (4 ) (5 ) (5 ) Interest income 3 4 5 Taxation (16 ) 54 23 Profit for the year 212 14 50 Total comprehensive income for the year, net of tax 212 14 50 Dividends received from joint venture (attributable) 89 — 30 US Dollars Kibali Figures in millions 2018 2017 2016 Statement of financial position Non-current assets 2,659 2,834 2,805 Current assets 205 166 179 Cash and cash equivalents 124 3 19 Total assets 2,988 3,003 3,003 Non-current financial liabilities 29 41 47 Other non-current liabilities 24 23 32 Current financial liabilities 11 7 10 Other current liabilities 64 107 133 Total liabilities 128 178 222 Net assets 2,860 2,825 2,781 Group’s share of net assets 1,430 1,413 1,391 Other 9 10 9 Carrying amount of interest in joint venture 1,439 1,423 1,400 US Dollars Figures in millions 2018 2017 2016 Aggregate statement of profit (loss) for immaterial joint ventures (attributable) Revenue 112 113 114 Other operating costs and expenses (92 ) (94 ) (95 ) Amortisation of tangible and intangible assets (15 ) (16 ) (18 ) Taxation (2 ) (2 ) (3 ) Profit (loss) for the year 3 1 (2 ) Total comprehensive income (loss) for the year, net of tax 3 1 (2 ) |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Other Investments | OTHER INVESTMENTS US Dollars Figures in millions 2018 2017 2016 Non-current investments Listed investments (1) Equity investments at fair value through profit and loss (FVTPL) Balance at beginning of year 26 Additions 2 Disposals (2 ) Fair value adjustments (3 ) Translation (4 ) Balance at end of year 19 Equity investments at fair value though OCI (FVTOCI) Balance at beginning of year 47 Additions 13 Disposals (7 ) Fair value adjustments 10 Balance at end of year 63 The group reclassified its listed investments as FVTPL and FVTOCI on adoption of IFRS 9 on 1 January 2018. The fair value of available-for-sale investments as at 31 December 2017 amounted to $73m (2016: $46m). The non-current equity investments consist of ordinary shares and collective investment schemes and primarily comprise: International Tower Hill Mines Limited (ITH) — 7 9 Corvus Gold Corporation 43 25 7 Various listed investments held by Environmental Rehabilitation Trust Fund 16 22 18 Pure Gold Mining 18 11 8 Other 5 8 4 82 73 46 (1) The group’s listed available-for-sale equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the majority of equity investments were listed on the Toronto Stock Exchange and the JSE. US Dollars Figures in millions 2018 2017 2016 Non-current investments (continued) Listed investments (continued) Investments held to maturity 4 6 Investments at amortised cost 12 The amortised cost investment consists of government bonds held by the Environmental Rehabilitation Trust Fund administered by Ashburton Investments. Current investments Listed investments - Available for Sale 7 5 Listed investments - FVTOCI 6 Book value of listed investments 100 84 57 Non-current assets Unlisted investments Balance at beginning of year 54 73 57 Additions 48 81 66 Maturities (45 ) (73 ) (58 ) Transfer to non-current assets and liabilities held for sale — (32 ) — Other (2 ) — 1 Translation (8 ) 5 7 Balance at end of year 47 54 73 The unlisted investments include: Negotiable Certificates of Deposit - Environmental Rehabilitation Trust Fund administered by Ashburton Investments 46 53 69 Other 1 1 4 47 54 73 Book value of unlisted investments 47 54 73 Total value of non-current investments 141 131 125 Total book value of other investments 147 138 130 (1) The group’s listed equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the majority of equity investments were listed on the Toronto Stock Exchange and the JSE. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of inventories [Abstract] | |
Inventories | INVENTORIES US Dollars Figures in millions 2018 2017 2016 Non-current Raw materials - ore stockpiles 106 100 84 Current Raw materials - ore stockpiles 251 261 233 - heap-leach inventory 3 5 3 Work in progress - metals in process 44 58 77 Finished goods - gold doré/bullion 57 59 60 - by-products — 5 4 Total metal inventories 355 388 377 Mine operating supplies 297 295 295 652 683 672 Total inventories (1) 758 783 756 (1) The amount of the write-down of ore stockpiles, metals in process, by-products and mine operating supplies to net realisable value, and recognised as an expense during the year in special items or cost of sales is $19m ( 2017 : $17m ; 2016 : $30m ). |
Trade, other receivables and ot
Trade, other receivables and other assets | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade, other receivables and other assets | TRADE, OTHER RECEIVABLES AND OTHER ASSETS US Dollars Figures in millions 2018 2017 2016 Non-current Prepayments 18 17 9 Recoverable tax, rebates, levies and duties 84 50 25 102 67 34 Current Trade and loan receivables 33 27 35 Prepayments 42 62 85 Recoverable tax, rebates, levies and duties 116 127 124 Other receivables 18 6 11 209 222 255 Total trade, other receivables and other assets 311 289 289 Current trade and loan receivables are generally on terms less than 90 days. At 31 December 2018 trade receivables of $2m have been pledged as security. 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 Continental Africa segment. These values are summarised as follows: Recoverable value added tax 126 106 61 Recoverable fuel duties 41 38 39 Appeal deposits 10 10 8 Geita Gold Mine (GGM) in Tanzania net indirect tax receivables balance increased by $17m to $84m (2017: $67m ). No refunds were received in cash in the current year, however claims relating to periods pre July 2017 totalling $33m have been offset against provisional corporate tax payments in 2018 in accordance with legislation. These amounts were set off against VAT claims that have been certified by an external advisor and verified by the Tanzania Revenue Authority (“TRA”). We requested that the TRA formally acknowledge the set off. The TRA has not responded to our request. We believe that due process has been correctly followed in respect of the set off. Given that GGM believes the $33m claims have been correctly set off pursuant to the Tanzanian law, no provision has been established for the amounts that have been set off. An amendment, effective 20 July 2017, to Tanzania's mining legislation included an amendment to the Value Added Tax Act, 2014 (No. 5) (“2015 VAT Act”) to the effect that no input tax credit can be claimed for the exportation of “raw minerals”. The 2015 VAT Act does not expressly include a definition of “raw minerals”, the term is further not defined in the Mining Act of 2010. GGM has received notices from the TRA that they are not eligible for VAT relief from July 2017 onwards on the basis that all production constitutes “raw minerals” for this purpose. The basis for dispute of the disqualifications is on the interpretation of the legislation. We have disputed this interpretation of the legislation as a matter of Tanzanian law. Gold bearing ore is mined from the open pit and underground mining operations, where it is further crushed and milled to maximise the gold recovery process, producing gold doré exceeding 80% purity as well as beneficiated products (concentrate). On this basis the mined doré and concentrate do not constitute “raw minerals” and accordingly the VAT claims are valid. We have obtained legal opinion that supports our view that doré does not constitute a “raw mineral”. The total VAT claims submitted since July 2017 amount to $82.7m (of the total, $56.4m of claims were submitted in 2018). All disqualifications received from the TRA have been objected to in accordance with the provisions and timeframes set out in the Tax Administration Act, 2015 (No.10). |
Cash Restricted for Use
Cash Restricted for Use | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Cash Restricted for Use | US Dollars Figures in millions 2018 2017 2016 Non-current 35 37 36 Current Cash restricted by prudential solvency requirements and other 24 18 16 Cash balances held by the Tropicana - joint venture 7 10 3 31 28 19 Total cash restricted for use (note 33 and 34) 66 65 55 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Cash and cash equivalents | CASH AND CASH EQUIVALENTS US Dollars Figures in millions 2018 2017 2016 Cash and deposits on call 312 170 167 Money market instruments 17 35 48 Total cash and cash equivalents (note 33 and note 34) 329 205 215 |
Share Capital and Premium
Share Capital and Premium | 12 Months Ended |
Dec. 31, 2018 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share Capital and Premium | SHARE CAPITAL AND PREMIUM US Dollars Figures in millions 2018 2017 2016 Share capital Authorised 600,000,000 ordinary shares of 25 SA cents each 23 23 23 2,000,000 A redeemable preference shares of 50 SA cents each — — — 5,000,000 B redeemable preference shares of 1 SA cent each — — — 30,000,000 C redeemable preference shares of no par value — — — 23 23 23 Issued and fully paid 412,769,980 (2017: 410,054,615; 2016: 408,223,760) ordinary shares of 25 SA cents each 16 16 16 2,000,000 A redeemable preference shares of 50 SA cents each — — — 778,896 B redeemable preference shares of 1 SA cent each — — — 16 16 16 Treasury shares held within the group: 2,778,896 A and B redeemable preference shares — — — 16 16 16 Share premium Balance at beginning of year 7,171 7,145 7,103 Ordinary shares issued 37 26 42 7,208 7,171 7,145 Less: held within the group Redeemable preference shares (53 ) (53 ) (53 ) Balance at end of year 7,155 7,118 7,092 Share capital and premium 7,171 7,134 7,108 The rights and restrictions applicable to the A, B and C redeemable preference shares were unchanged during 2018. The group has commenced with a process to cancel all redeemable preference shares. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of borrowing costs [Abstract] | |
Borrowings | BORROWINGS US Dollars Figures in millions 2018 2017 2016 Non-current Unsecured Debt carried at amortised cost Rated bonds - issued July 2012 761 759 758 Semi-annual coupons are paid at 5.125% per annum. The bonds were issued on 30 July 2012, are repayable on 1 August 2022 and are US dollar-based. Rated bonds - issued April 2010 1,002 1,001 1,000 Semi-annual coupons are paid at 5.375% per annum on $700m 10-year bonds and at 6.5% per annum on $300m 30-year bonds. The $700m bonds are repayable in April 2020 and the $300m bonds are repayable in April 2040. The bonds are US dollar-based. Syndicated revolving credit facility ($1bn) — 32 45 The facility was issued on 17 July 2014 and cancelled during October 2018. Replaced with a new $1.4bn multi-currency facility. The new facility is undrawn. Syndicated revolving credit facility (A$500m) — 163 168 The loan was cancelled in October 2018 and replaced by a $1.4bn multi-currency facility which is capped at A$500m. The new facility is undrawn. Syndicated loan facility (R1.5bn) — — 88 The facility was issued on 3 December 2013 and was settled on 12 December 2017. Syndicated revolving credit facility (R2.5bn) — 56 — Quarterly interest paid at JIBAR plus 1.8% per annum. The facility was issued on 12 December 2017 and is available until 12 December 2021, with the option on application to extend for another year. The loan is SA rand-based. Syndicated loan facility (R1.4bn) 28 81 — Quarterly interest paid at JIBAR plus 1.65% per annum. The facility was issued on 7 July 2015 and is available until 7 July 2020. The loan is SA rand-based. Syndicated loan facility (R1bn) 35 81 — Quarterly interest paid at JIBAR plus 1.3% per annum. The facility was issued on 3 November 2017 and is available until 3 November 2021, with the option on application to extend for another year. The loan is SA rand-based. Revolving Credit Facilities ($100m) (1)(2) 103 16 41 Various loans with interest rates ranging from 6.2% to 8% above LIBOR. The facilities were issued on 23 August 2016 and are available until 23 August 2019 and are US dollar-based. Geita revolving credit facility ($115m) (1) 60 — — Multi-currency RCF consisting of Tanzanian shilling component which is capped at the equivalent of US$45m. This component bears interest at 12.5%. The remaining USD component of the facility bears interest at LIBOR plus 6.7%. The facility matures on 6 April 2021. Other — 1 1 Interest charged at various rates from 2.5% plus delta exchange rate on individual instalments per annum to 4.5% per annum. Repayments terminate in June 2023. All loans are Brazilian real-based. The loans are subject to debt covenant arrangements for which no default event occurred. US Dollars Figures in millions 2018 2017 2016 Non-current (continued) Secured Finance leases Turbine Square Two (Pty) Limited 9 15 15 The lease is capitalised at an implied interest rate of 9.8% per annum. Lease payments are due in monthly instalments terminating in March 2022 and are SA rand-based. The building financed is used as security for these loans. Australian Gas Pipeline 48 58 57 The contract with the supplier of gas contains embedded leases which have been determined to bear interest at an average of 6.75% per annum. The embedded leases commenced in November and December 2015 and are for a 10 and 12 year duration, respectively. The leases are repayable in monthly instalments and are Australian dollar-based. The equipment related to the embedded leases is used as security for these loans. Other 4 5 5 Various loans with interest rates ranging from 2.5% to 14.7% per annum. These loans are repayable from 2016 to 2041. Some of these loans are secured by the financed assets. Total borrowings (note 34) 2,050 2,268 2,178 Current portion of borrowings (139 ) (38 ) (34 ) Total non-current borrowings 1,911 2,230 2,144 Current Current portion of non-current borrowings included above 139 38 34 Amounts falling due Within one year (1)(2) 139 38 34 Between one and two years 734 219 170 Between two and five years 860 1,687 902 After five years 317 324 1,072 (note 34) 2,050 2,268 2,178 (1) On 29 January 2019 $35m of this facility was combined with the Geita RCF $115m and will be transferred to non-current borrowings during the next reporting period as the new facility is due on 6 April 2021. (2) On 27 February 2019 the remaining portion of the $65m was renewed for a further three years, maturing 27 February 2022. US Dollars Figures in millions 2018 2017 2016 Currency The currencies in which the borrowings are denominated are as follows: US dollar 1,896 1,807 1,844 Australian dollar 48 221 225 SA rand 75 237 106 Tanzanian shilling 29 — — Brazilian real 2 3 3 (notes 33 and 34) 2,050 2,268 2,178 Undrawn facilities Undrawn borrowing facilities as at 31 December are as follows: Syndicated revolving credit facility ($1bn) - US dollar — 965 950 Syndicated revolving credit facility (A$500m) - Australian dollar — 226 191 Syndicated revolving credit facility (R1.5bn) - SA rand — — 21 Syndicated revolving credit facility (R2.5bn) - SA rand 174 146 — Syndicated revolving credit facility (R1.4bn) - SA rand 70 32 102 FirstRand Bank Limited (R750m) - SA rand 52 61 37 Revolving credit facilities ($100m) - US dollar — 85 60 Revolving credit facility (R1bn) - SA rand 35 — — Multi currency syndicated revolving credit facility ($1.4bn) - US Dollar 1,400 — — Revolving credit facility - $115m 57 — — 1,788 1,515 1,361 Changes in liabilities arising from financing activities: Reconciliation of total borrowings: A reconciliation of total borrowings included in the statement of financial position is set out in the following table: Opening balance 2,268 2,178 2,737 Proceeds from borrowings 753 815 787 Repayment of borrowings (967 ) (767 ) (1,333 ) Finance costs paid on borrowings (117 ) (125 ) (159 ) Interest charged to the income statement 127 130 145 Fair value adjustments on issued bonds — — (9 ) Translation (14 ) 37 10 Closing balance 2,050 2,268 2,178 Reconciliation of finance costs paid: A reconciliation of finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 117 125 159 Commitment fees, environmental guarantee fees and other borrowing costs 13 13 13 Total finance costs paid 130 138 172 |
Environmental Rehabilitation an
Environmental Rehabilitation and Other Provisions | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Environmental Rehabilitation and Other Provisions | ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS US Dollars Figures in millions 2018 2017 2016 Environmental rehabilitation obligations Provision for decommissioning Balance at beginning of year 286 279 272 Charge to income statement 1 2 — Change in estimates (1) (47 ) 4 (12 ) Unwinding of decommissioning obligation 12 12 12 Transfer to non-current assets and liabilities held for sale — (20 ) — Utilised during the year (1 ) (2 ) (2 ) Translation (14 ) 11 9 Balance at end of year 237 286 279 Provision for restoration Balance at beginning of year 409 426 411 Charge to income statement 2 8 10 Change in estimates (1) (28 ) (17 ) (2 ) Unwinding of restoration obligation 12 10 8 Transfer to non-current assets and liabilities held for sale — (3 ) — Transfer to current portion — (17 ) — Utilised during the year (3 ) (4 ) (3 ) Translation (7 ) 6 2 Balance at end of year 385 409 426 Other provisions (2)(3) Balance at beginning of year 247 172 164 Charge to income statement 24 17 11 Change in estimates 18 15 5 Additions — 64 — Transfer to trade and other payables (26 ) (6 ) (2 ) Unwinding of other provisions 7 1 1 Utilised during the year (35 ) (35 ) (30 ) Translation (30 ) 19 23 Balance at end of year 205 247 172 Total environmental rehabilitation and other provisions 827 942 877 (1) The change in estimates is attributable to changes in discount rates due to changes in global economic assumptions and changes in mine plans resulting in a change in cash flows and changes in design of tailings storage facilities and in methodology following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life of mine. (2) Other provisions include the following significant item: Chemwes (Pty) Limited, a subsidiary of First Uranium (Pty) Limited acquired by AngloGold Ashanti Limited during 2012, agreed to sell 25% of its production, capped at 312,500 oz from 1 January 2012, to Franco-Nevada (Barbados) Corporation. Franco Nevada is required to pay $400 /oz which inflates at 1% compounded annually from 2013. These factors were considered in determining the commodity contract obligation. The provision is calculated as the present value of the portion which is deemed onerous in light of the current market conditions using a gold forward for the duration of the contract of $1,283 /oz ( 2017 : $1,303 /oz; 2016 : $1,152 /oz). As at 31 December 2018, the remaining production due to Franco Nevada is 144,517 oz ( 2017 : 170,435 oz; 2016 : 197,528 oz). (3) Other provisions include the long-term provision for the silicosis class action litigation of $47m , the short-term portion of $16m has been included in trade and other payables. |
Provision for Pension and Post-
Provision for Pension and Post-retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of employee benefits [Abstract] | |
Provision for Pension and Post-retirement Benefits | US Dollars Figures in millions 2018 2017 2016 Defined benefit plans The retirement schemes consist of the following: Post-retirement medical scheme for AngloGold Ashanti's South African employees 93 114 109 Other defined benefit plans 7 8 9 Sub-total 100 122 118 Figures in millions 2018 2017 2016 US Dollars 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. This scheme is unfunded. The last valuation was performed as at 31 December 2018. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 115 109 97 Interest cost 9 10 10 Benefits paid (10 ) (9 ) (8 ) Actuarial (gain) loss (5 ) (8 ) (2 ) Translation (16 ) 13 12 Balance at end of year 93 115 109 Less: transfer to non-current assets and liabilities held for sale — (1 ) — Net amount recognised 93 114 109 Components of net periodic benefit cost Interest cost 9 10 10 Net periodic benefit cost 9 10 10 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 9.57 % 9.29 % 9.31 % Expected increase in health care costs 7.35 % 7.75 % 8.30 % Assumed health care cost trend rates at 31 December: Health care cost trend assumed for next year 7.35 % 7.75 % 8.30 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 7.35 % 7.75 % 8.30 % 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 total service and interest cost – 1% point increase 1 1 1 Effect on post-retirement benefit obligation – 1% point increase 7 10 10 Effect on total service and interest cost – 1% point decrease (1 ) (1 ) (1 ) Effect on post-retirement benefit obligation – 1% point decrease (7 ) (8 ) (9 ) Cash flows Contributions AngloGold Ashanti Limited expects to contribute $9m to the post-retirement medical plan in 2019. Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid: 2019 9 2020 9 2021 9 2022 9 2023 9 Thereafter 48 |
Deferred Taxation
Deferred Taxation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | |
Deferred Taxation | DEFERRED TAXATION US Dollars Figures in millions 2018 2017 2016 Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets 521 604 730 Inventories 37 33 31 Other 5 15 10 563 652 771 Assets Provisions 218 229 245 Tax losses 24 60 31 Other 6 4 3 248 293 279 Net deferred taxation liability 315 359 492 Included in the statement of financial position as follows: Deferred tax assets — 4 4 Deferred tax liabilities 315 363 496 Net deferred taxation liability 315 359 492 The movement on the deferred tax balance is as follows: Balance at beginning of year 359 492 513 Taxation of items included in income statement (30 ) (68 ) (45 ) Taxation on items included in other comprehensive income 5 (6 ) 2 Transfer to non-current assets and liabilities held for sale — (73 ) — Translation (19 ) 14 22 Balance at end of year 315 359 492 Provision has been made for South African income tax or foreign taxes that may result from future remittances of undistributed earnings of foreign subsidiaries or foreign corporate joint ventures, where the group is able to assert that the undistributed earnings are not permanently reinvested. In all other cases, the foreign subsidiaries reinvest the undistributed earnings into future capital expansion projects, maintenance capital and ongoing working capital funding requirements. Unrecognised taxable temporary differences pertaining to undistributed earnings totalled $413m ( 2017 : $384m ; 2016 : $366m ). |
Trade, Other Payables and Defer
Trade, Other Payables and Deferred Income | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Trade, Other Payables and Deferred Income | TRADE, OTHER PAYABLES AND DEFERRED INCOME US Dollars Figures in millions 2018 2017 2016 Non-current 3 3 4 Current Trade payables 350 358 381 Accruals and deferred income (1) 186 228 206 Short-term provisions 20 22 — Derivatives 9 — — Other payables 29 30 28 594 638 615 Total trade, other payables and deferred income 597 641 619 Current trade and other payables are non-interest bearing and are normally settled within 60 days. (1) Includes accrual for silicosis of $16m in 2018 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | |
Taxation | TAXATION US Dollars Figures in millions 2018 2017 2016 Balance at beginning of year 50 97 64 Refunds during the year 5 14 12 Payments during the year (171 ) (174 ) (165 ) Taxation of items included in the income statement 242 190 234 Offset of VAT and other taxes (63 ) (78 ) (47 ) Translation (9 ) 1 (1 ) Balance at end of year 54 50 97 Included in the statement of financial position as follows: Taxation asset included in trade and other receivables (6 ) (3 ) (14 ) Taxation liability 60 53 111 54 50 97 |
Cash Generated From Operations
Cash Generated From Operations | 12 Months Ended |
Dec. 31, 2018 | |
Statement of cash flows [abstract] | |
Cash Generated From Operations | CASH GENERATED FROM OPERATIONS US Dollars Figures in millions 2018 2017 2016 Profit (loss) before taxation 278 (63 ) 269 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 3 (10 ) (19 ) Amortisation of tangible assets (note 4) 625 817 789 Finance costs and unwinding of obligations (note 7) 178 169 180 Environmental, rehabilitation and other expenditure (35 ) (30 ) (13 ) Special items 106 394 44 Amortisation of intangible assets (notes 4 and 15) 5 6 20 Fair value adjustments 3 — (9 ) Interest received (17 ) (15 ) (22 ) Share of associates and joint ventures’ (profit) loss (note 8) (122 ) (22 ) (11 ) Exchange loss on foreign currency reserve release — — 60 Other non-cash movements 39 61 90 Movements in working capital (131 ) (156 ) (76 ) 932 1,151 1,302 Movements in working capital: (Increase) decrease in inventories (9 ) (67 ) (48 ) (Increase) decrease in trade, other receivables and other assets (72 ) (86 ) (131 ) Increase (decrease) in trade, other payables and deferred income (50 ) (3 ) 103 (131 ) (156 ) (76 ) |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of related party [Abstract] | |
Related Parties | RELATED PARTIES US Dollars Figures in millions 2018 2017 2016 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Joint ventures 10 12 16 Purchases and services acquired from related parties Associates 19 16 15 Joint ventures — 3 6 Outstanding balances arising from sale of goods and services due by related parties Associates 19 7 — Joint ventures — 2 8 Amounts owed to/due by related parties above are unsecured and non-interest bearing. Loans advanced to joint ventures and associates Loans advanced to associates and joint ventures are included in the carrying value of investments in associates and joint ventures (note 17) Executive contracts All members of the Executive Committee have permanent employment contracts which entitle them to standard group benefits as defined by their specific region and participation in the company’s short-term incentive scheme, the Bonus Share Plan (BSP) and the Long Term Incentive Plan (LTIP). All recently updated Executive Committee contracts include details on participation in the Co-Investment Plan (CIP). South African executives have an off-shore retainer which is detailed under a separate contract. This reflects the percentage of their time focused on offshore business requirements. The offshore pay has been increased to a maximum cap of 40% of base pay due to a review of the amount of time spent outside South Africa on the offshore responsibilities of each executive team member. Where practical the offshore portion is now pensionable. The executive contracts are reviewed annually and currently continue to include a change of control provision. The change of control is subject to the following triggers: • The acquisition of all or part of AngloGold Ashanti; or • A number of shareholders holding less than 35% of the company’s issued share capital consorting to gain a majority of the board and make management decisions; and • The contracts of Executive Committee members are either terminated or their role and employment conditions are curtailed. In the event of a change of control becoming effective, the executive will in certain circumstances be subject to both the notice period and the change of control contract terms. The notice period applied per category of executive and the change of control periods as at 31 December 2018 were as follows: Executive Committee member Notice Period Change of control CEO 12 months 12 months CFO 6 months 6 months EXCO 6 months 6 months Directors and other key management personnel Executive Directors’ and Prescribed Officers’ remuneration The table below summarises remuneration of Executive Directors and Prescribed Officers. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2018. Salary Performance related payments (4) Pension scheme benefits Other benefits and encashed leave (3) Total salary and benefits (IFRS) Pre-tax gains on share awards exercised 2018 Total Total SA Rands US Dollars Figures in thousands 2018 2018 (8) 2017 2016 Executive Directors KPM Dushnisky (1)(2)(3) 5,740 6,529 1,421 16,022 29,712 — 29,712 2,243 — — KC Ramon 8,692 8,187 725 1,162 18,766 — 18,766 1,417 1,157 947 S Venkatakrishnan (7) 8,995 — 2,275 4,218 15,488 55,278 70,766 5,342 2,134 1,832 Total Executive Directors 23,427 14,716 4,421 21,402 63,966 55,278 119,244 9,002 3,291 2,779 Prescribed Officers CE Carter (5) 9,557 8,050 1,381 985 19,973 9,628 29,601 2,235 1,887 1,535 GJ Ehm 8,693 7,019 248 694 16,654 13,874 30,528 2,304 1,449 1,693 L Eybers 7,946 6,549 248 1,369 16,112 — 16,112 1,216 1,051 — DC Noko 7,014 5,751 658 406 13,829 22,132 35,961 2,715 938 961 ME Sanz Perez 6,953 5,730 869 150 13,702 — 13,702 1,034 885 1,640 CB Sheppard 7,415 6,080 696 389 14,580 — 14,580 1,101 862 721 TR Sibisi 6,347 5,416 793 114 12,670 — 12,670 957 711 541 Retired prescribed officers — — Total prescribed officers 53,925 44,595 4,893 4,107 107,520 45,634 153,154 11,562 7,783 7,091 Total Executive Directors’ and Prescribed Officers’ remuneration ZAR 77,352 59,311 9,314 25,509 171,486 100,912 272,398 20,564 11,074 9,870 (1) All salary payments (including salary, performance related payments, pension and other benefits) for KPM Dushnisky are pro-rated in accordance with his start date (1 September 2018 - 31 December 2018). (2) Other benefits for KPM Dushnisky represent a cash sign on award of $1.2m accrued in 2018, payable as follows: $0.8m upon engagement and $0.4m in January 2019. Full details of total cash and share sign-on awards are included below. (3) Other benefits include health care, pension allowance, cash in lieu of dividends, vested CIP match awards, group personal accident, disability and funeral cover. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over. (4) Represents the DSP cash portion; calculated on the financial year's results; and payable in the 2019 financial year. (5) Includes remuneration and pre-tax gains on share awards for S Venkatakrishnan up to resignation date 30 August 2018. (6) Convenience conversion to USD at the year-to-date average exchange rate of $1:R13.25 (2017: $1:R13.30; 2016: $1:R14.68) Subsequent to year end, up to 19 March 2019, the following awards / options were exercised by Executive Directors and Prescribed Officers: Charles Carter exercised a total of 43,236 awards for a pre-tax gain of $610,240 and Chris Sheppard exercised 79,268 awards for a pre-tax gain of $1,127,973. While the company has endeavoured to comply with single figure reporting principles as recommended by King IV, we consider that disclosing remuneration consistent with prior years provides greater transparency, insight and usefulness for users of the Integrated Report and Annual Financial Statements, especially since the company is in transition to a new incentive scheme. Details of the share incentive scheme awards are included below. BSP awards Balance at 1 January 2018 Granted during 2018 Exercised during 2018 Lapsed during 2018 Balance at 31 December 2018 (1) Vested balance at 31 December 2018 (1) Pre-tax gains on options exercised during 2018 USD'000 (2)(3) Closing indicative fair value of Balance at 31 December 2018 USD'000 (4) Executive Directors S Venkatakrishnan 331,742 101,217 295,683 137,276 — — 2,470 — KC Ramon 89,825 55,634 — — 145,459 68,386 — 1,675 Total Executive Directors 421,567 156,851 295,683 137,276 145,459 68,386 2,470 1,675 Prescribed Officers CE Carter 56,933 47,873 37,633 — 67,173 — 305 774 GJ Ehm 117,164 45,993 21,882 — 141,275 78,492 185 1,627 L Eybers 36,959 44,575 — — 81,534 27,908 — 939 DC Noko 101,548 38,718 87,735 — 52,531 — 901 605 ME Sanz Perez 67,902 38,143 — — 106,045 53,203 — 1,221 CB Sheppard 39,357 40,931 — — 80,288 24,754 — 925 TR Sibisi 23,621 35,410 — — 59,031 11,810 — 680 Total Prescribed Officers 443,484 291,643 147,250 — 587,877 196,167 1,391 6,771 (1) Vested awards not yet exercised are included in "Balance at 31 December 2018". The “Balance at 31 December 2018” includes unvested awards as well as vested awards not yet exercised. (2) Represents the actual pre-tax gains on date of exercise, converted to USD at the convenience year-to-date average exchange rate of $1:R13.25. (3) Pre-tax gains on awards exercised included in the 2018 remuneration table. (4) Represents the indicative fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. The last BSP awards were granted in 2018. No further BSP share awards will be granted as the Company is transitioning to the new DSP. The BSP 2018 cash portion of the scheme, paid in February 2018, was included in the 2017 remuneration table, while pre-tax gains on BSP 2018 share awards will be included in future remuneration tables when vested shares are exercised. BSP share awards vest at 100% over two years, with 50% vesting 12 months after the date of grant and the remaining 50% vesting 24 months after the date of grant. LTIP awards Balance at 1 January 2018 Exercised during 2018 Lapsed during 2018 Balance at 31 December 2018 (1)(2) Vested balance at 31 December 2018 (2) Pre-tax gain on awards exercised during 2018 (3)(4) Closing indicative fair value of balance at 31 December 2018 (5) Executive Directors S Venkatakrishnan 634,782 203,786 430,996 — — 1,703 — KC Ramon 358,334 — 67,590 290,744 60,149 — 3,348 Total Executive Directors 993,116 203,786 498,586 290,744 60,149 1,703 3,348 Prescribed Officers CE Carter 352,962 50,219 72,148 230,595 — 422 2,655 GJ Ehm 387,556 86,659 70,302 230,595 — 862 2,655 L Eybers 146,061 — 14,492 131,569 14,034 — 1,515 DC Noko 339,221 75,041 55,330 208,850 — 770 2,405 ME Sanz Perez 332,634 — 55,090 277,544 69,081 — 3,196 CB Sheppard 231,328 — 10,260 221,068 7,140 — 2,546 TR Sibisi 195,971 — — 195,971 — — 2,257 Total Prescribed Officers 1,985,733 211,919 277,622 1,496,192 90,255 2,054 17,229 (1) Represents the total long term incentive awards (including cash settled awards for 2016 and 2017). The “Balance at 31 December 2018” includes unvested awards as well as vested awards not yet exercised. (2) V ested awards are included in "Balance at 31 December2018". (3) Represents the actual pre-tax gains on date of exercise, converted to USD at the convenience year-to-date average exchange rate of $1:R13.25. (4) Pre-tax gains on awards exercised are included in the remuneration table. (5) Represents the indicative fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. The last LTIP awards were granted in 2017, i.e. cash-settled LTIP 2017. No further LTIP awards will be issued as the Company is transitioning to the new DSP. Cash-settled LTIP 2016 awards vested in March 2019 at 47.3%, while cash-settled LTIP 2017 awards will vest in March 2020, based on the actual vesting percentage achieved at the time. Pre-tax gains on vested awards exercised are included in remuneration tables in the years exercises occur. CIP matched awards Balance at 1 January 2018 Granted during 2018 Vested and exercised during 2018 (1) Lapsed during 2018 Balance at 31 December 2018 Closing indicative fair value of balance at 31 December 2018 (2) Executive Directors S Venkatakrishnan 23,265 — 11,632 11,633 — — KC Ramon 17,817 16,950 11,497 — 23,270 268 Total Executive Directors 41,082 16,950 23,129 11,633 23,270 268 Prescribed Officers CE Carter 1,897 — 948 — 949 11 GJ Ehm 9,000 12,000 4,500 — 16,500 190 L Eybers 7,218 13,179 3,609 — 16,788 193 DC Noko 12,929 10,606 8,165 — 15,370 177 ME Sanz Perez 9,109 11,484 4,554 — 16,039 185 CB Sheppard 8,016 10,350 4,008 — 14,358 165 TR Sibisi 6,127 6,240 3,063 — 9,304 107 Total Prescribed Officers 54,296 63,859 28,847 — 89,308 1,028 (1) Vested CIP matched awards are included in the remuneration table as part of "Other benefits and encashed leave". The “Balance at 31 December 2018” includes unvested awards only. (2) Represents the fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. DSP awards Subsequent to year end and up to the date of this report, the following DSP awards were granted to executive directors and prescribed officers: Awards granted (unvested) Indicative fair value of unvested awards based on grant date price USD'000 (1) Executive Directors KPM Dushnisky 67,742 965 KC Ramon 89,782 1,279 Total Executive Directors 157,524 2,244 Prescribed Officers CE Carter 98,451 1,402 GJ Ehm 82,037 1,169 L Eybers 77,380 1,102 DC Noko 67,548 962 ME Sanz Perez 67,712 965 CB Sheppard 71,409 1,017 TR Sibisi 63,424 904 Total Prescribed Officers 527,961 7,521 (1) Represents the fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. The DSP, which replaces all previous short-term and long-term incentive plans was implemented in 2018. The DSP 2019 cash portion of the scheme, paid in February 2019, was included in “Performance related payments” in the 2018 remuneration table. The table above reflects the DSP 2019 share awards granted in February 2019. These shares will vest in equal annual portions over five years from 2020 to 2024. Special on-boarding incentives The following table shows the special once-off on-boarding incentives (cash and shares) awarded to KPM Dushnisky upon joining the company: USD '000 Total cash sign-on incentive Upon engagement - 1 September 2018 (1) 800 1 January 2019 (1) 400 1 January 2020 (1) 1,000 2,200 Number of shares USD '000 Closing indicative fair value of awards at 31 December 2018 USD '000 (4) Total share sign-on incentive January 2019 (3)(5) 175,877 1,400 2,025 January 2020 (3) 87,939 700 1,012 January 2021 (3) 87,939 700 1,012 351,755 2,800 4,049 (1) Amounts included in 2018 remuneration table as part of "Other benefits and encashed leave". (2) Amount will be included in remuneration table for the financial year ending 31 December 2019. (3) Value of the share sign-on awards to be included in future years' remuneration tables. (4) Represents the indicative fair value of closing share balance, at the JSE year end VWAP price converted to USD at the convenience December closing exchange rate of $1:R14.35. (5) Shares were awarded on 20 February 2019 (40,877) and 21 February 2019 (135,000). Non-Executive Director remuneration The table below details the fees and allowances paid to Non-Executive Directors: Non-Executive Directors’ fees and allowances Figures in thousands (1) Figures in thousands (1) Director fees Committee fees Travel allowance Total Total Total US Dollars (1) 2018 2017 2016 SM Pityana (Chairman) 342,000 87,750 11,250 441,000 372 378 AH Garner 134,000 38,500 27,500 200,000 201 200 MJ Kirkwood 134,000 79,000 33,750 246,750 231 249 NP January-Bardill 134,000 56,000 7,500 197,500 180 189 R Gasant 134,000 83,000 12,500 229,500 182 193 RJ Ruston 134,000 80,500 46,250 260,750 212 231 MDC Richter 134,000 67,500 33,750 235,250 203 200 DL Hodgson 134,000 47,000 8,750 189,750 167 176 AM Ferguson (2) 30,000 10,000 12,500 52,500 — — Retired and resigned non-executive director (3)(4) 67,000 28,500 — 95,500 212 256 Total 1,377,000 577,750 193,750 2,148,500 1,960 2,072 (1) Directors’ compensation is disclosed in US dollars. (2) Director joined in 1 October 2018. (3) Director retired in May 2017. (4) Director resigned 15 May 2018. Non-Executive Directors do not hold service contracts with the company. Executive Directors do not receive payment of directors' fees or commitment fees. The interests of directors, prescribed officers and their associates in the ordinary shares of the company at 31 December, which individually did not exceed 1% of the company’s issued ordinary share capital, were: 31 December 2018 31 December 2017 31 December 2016 Beneficial holding Beneficial holding Beneficial holding Direct Indirect Direct Indirect Direct Indirect Non-Executive Directors SM Pityana 2,990 2,990 — 2,990 — MDC Richter (1) 9,300 7,300 — 7,300 — DL Hodgson 1,500 1,500 — 1,500 — MJ Kirkwood (1) 15,000 15,000 — 15,000 — RJ Ruston (2) — 1,000 — 1,000 — 1,000 AH Garner (1) 17,500 7,500 — — — Total 46,290 1,000 34,290 1,000 26,790 1,000 Executive Directors KPM Dushnisky 50,000 — — — — — S Venkatakrishnan — — 236,468 — 213,423 — KC Ramon 51,062 — 28,265 — 12,334 — Total 101,062 — 264,733 — 225,757 — Company Secretary ME Sanz Perez 26,204 16,368 13,994 16,368 7,921 12,747 Total 26,204 16,368 13,994 16,368 7,921 12,747 Prescribed Officers CE Carter 51,748 — 50,800 — 43,229 — GJ Ehm (2) 35,058 16,213 30,319 16,213 33,782 — L Eybers 17,207 — 4,812 — — — DC Noko 139,853 — 41,224 — 28,015 — CB Sheppard 14,428 — 5,344 — — — TR Sibisi 9,914 — 4,085 — — — Total 268,208 16,213 136,584 16,213 105,026 — Grand total 441,764 33,581 449,601 33,581 365,494 13,747 (1) Held on the New York stock exchange as American Depositary Shares (ADSs) ( 1 ADS is equivalent to 1 ordinary share) (2) Held on the Australian stock exchange as CHESS Depositary Receipts ( 5 CDIs are equivalent to 1 ordinary share) A register detailing Directors and Prescribed Officers’ interests in contracts is available for inspection at the company’s registered and corporate office. Changes in Directors’ and Prescribed Officers’ interests in AngloGold Ashanti shares, excluding options and awards granted in terms of the group’s BSP and LTIP schemes, after 31 December 2018 and up to 18 March 2019 include: Date of transaction Type of transaction Number of shares Direct/Indirect beneficial holdings Executive Directors KPM Dushnisky 20 February 2019 On-market purchase in respect of sign-on award 40,877 Direct 21 February 2019 On-market purchase in respect of sign-on award 135,000 Direct KC Ramon 27 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,320 Direct On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,475 Direct On-market sale of ordinary shares to settle tax costs 6,733 Direct Company Secretary ME Sanz Perez 27 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,742 Direct On-market sale of ordinary shares to settle tax costs 2,613 Direct 28 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,555 Direct On-market sale of ordinary shares to settle tax costs 2,073 Direct Prescribed Officers CE Carter 7 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 949 Direct On-market sale of ordinary shares to settle tax costs 427 Direct L Eybers 11 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,589 Direct 13 March 2019 On-market sale of ordinary shares to settle tax costs 2,998 Direct 18 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,609 Direct On-market sale of ordinary shares to settle tax costs 1,643 Direct DC Noko 27 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,303 Direct 1 March 2019 On-market sale of ordinary shares to settle tax costs 2,413 Direct 5 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,303 Direct On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,764 Direct On-market sale of ordinary shares to settle tax costs 4,581 Direct CB Sheppard 1 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,175 Direct On-market sale of ordinary shares to settle tax costs 2,355 Direct 15 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,008 Direct On-market sale of ordinary shares to settle tax costs 1,824 Direct 18 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,175 Direct On-market sale of ordinary shares to settle tax costs 2,355 Direct TR Sibisi 28 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,064 Direct On-market sale of ordinary shares to settle tax costs 1,395 Direct 1 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,120 Direct On-market sale of ordinary shares to settle tax costs 1,420 Direct |
Contractual Commitments and Con
Contractual Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Contractual Commitments and Contingencies | CONTRACTUAL COMMITMENTS AND CONTINGENCIES Operating Leases US Dollars Figures in millions 2018 2017 2016 Operating leases At 31 December 2018, the group was committed to making the following payments in respect of operating leases for, amongst others, the hire of plant and equipment and land and buildings. Certain contracts contain renewal options and escalation clauses for various periods of time. Expiry: - less than one year 102 45 47 - between one and three years 96 38 36 - thereafter 67 7 5 265 90 88 Operating lease charges included in profit before taxation amounts to $353m ( 2017 : $247m ; 2016 : $198m ). Finance leases The group has finance leases for plant and equipment and buildings. The leases for plant and equipment and buildings have terms of renewal but no purchase options. Future minimum lease payments under finance lease contracts together with the present value of the net minimum lease payments are as follows: Minimum payments Present value of payments Minimum payments Present value of payments Minimum payments Present value of payments US Dollars million 2018 2017 2016 Less than one year 12 7 14 8 12 6 Between one and three years 23 16 27 18 25 15 Between three and five years 17 12 24 17 26 18 More than five years 41 26 54 35 63 38 Total minimum lease payments 93 61 119 78 126 77 Amounts representing finance charges (32 ) — (41 ) — (49 ) — Present value of minimum lease payments 61 61 78 78 77 77 US Dollars Figures in millions 2018 2017 2016 Capital commitments Acquisition of tangible assets Contracted for 99 87 58 Not contracted for 792 113 587 Authorised by the directors 891 200 645 Allocated to: Project capital - within one year 446 104 252 - thereafter 308 — 255 754 104 507 Stay-in-business capital - within one year 125 84 135 - thereafter 12 12 3 137 96 138 Share of underlying capital commitments of joint ventures included above 91 21 138 Purchase obligations Contracted for - within one year 305 274 605 - thereafter 658 424 269 963 698 874 Purchase obligations Purchase obligations represent contractual obligations for the purchase of mining contract services, power, supplies, consumables, inventories, explosives and activated carbon. To service these capital commitments, purchase obligations and other operational requirements, the group is dependent on existing cash resources, cash generated from operations and borrowing facilities. Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign investment, exchange control laws and regulations, and the quantity of foreign exchange available in offshore countries. In addition, distributions from joint ventures are subject to the relevant board approval. The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the extent that external borrowings are required, the group’s covenant performance indicates that existing financing facilities will be available to meet the commitments detailed above. To the extent that any of the financing facilities mature in the near future, the group believes that sufficient measures are in place to ensure that these facilities can be refinanced. Contingencies US Dollars Figures in millions 2018 2017 2016 Contingent liabilities Litigation - Ghana (1)(2) 97 97 97 Litigation - North America (3) — — — Tax disputes - Brazil (4) 21 24 15 Tax dispute - AngloGold Ashanti Colombia S.A. (5) 144 150 141 Groundwater pollution (6) — — — Deep groundwater pollution - Africa (7) — — — 262 271 253 Contingent liabilities Litigation claims (1) Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited’s (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement on 8 November 2012. On 20 February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m . In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. On 12 July 2018, the Ghana Arbitration Centre notified AGAG that MBC had appointed an arbitrator and AGAG subsequently selected its own arbitrator. (2) Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP), which was decommissioned in 2000. The plaintiffs’ alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not timely file their application for directions, but AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter has been adjourned indefinitely. AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGAG’s obligation in either matter. (3) Litigation - On 19 October 2017, Newmont Mining Co. filed a lawsuit in the United States District Court for the Southern District of New York against AngloGold Ashanti and certain related parties, alleging that AngloGold Ashanti and such parties did not provide Newmont with certain information material to its purchase of the Cripple Creek & Victor Gold Mining Company in 2015 during the negotiation- and-sale process. AngloGold Ashanti believes the lawsuit is without merit and continues to vigorously defend against it. The matter is proceeding. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for the obligation. Tax claims (4) Tax disputes - AngloGold Ashanti Limited’s subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve federal tax assessments including income tax, royalties, social contributions, VAT and annual property tax. Collectively, the possible amount involved is approximately $21m (2017: $24m , 2016: $15m ). Management is of the opinion that these taxes are not payable. (5) Tax dispute - In January 2013, AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it disagreed with the company’s tax treatment of certain items in the 2010 and 2011 income and equity tax returns. On 23 October 2013, AGAC received the official assessments from the DIAN which established that an estimated additional tax of $20m (2017: $21m , 2016: $21m ) will be payable if the tax returns are amended. Penalties and interest for the additional taxes may amount to $115m (2017: $129m , 2016: $120m ). The Company believes that the DIAN has applied the tax legislation incorrectly. AGAC subsequently challenged the DIAN’s ruling by filing lawsuits in March 2015 and April 2015 before the Administrative Tribunal of Cundinamarca (the trial court for tax litigation). Closing arguments on the tax disputes were presented in February and June 2017 and judgement is pending. On 23 April 2018, the Administrative Tribunal denied AGAC’s arguments with respect to the 2011 income tax litigation. AGAC subsequently appealed this judgement to the Colombian Supreme Court. A final judgement could take several years. In addition, in January 2018 AGAC received notice from the DIAN that it also disagreed with AGAC’s 2013 income and equity tax returns on the same basis as the 2010 and 2011 returns, calculating additional tax along with penalties and interest of $9m . On 21 December 2018, AGAC filed an appeal before the Administrative Tribunal in respect of the 2013 year of assessment. Other (6) Groundwater pollution - AngloGold Ashanti has identified groundwater contamination plumes at certain of its operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the contamination and to find sustainable remediation solutions. The group has instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural Attenuation (MNA) by the existing environment will contribute to improvements in some instances. Furthermore, literature reviews, field trials and base line modelling techniques suggest, but have not yet proven, that the use of phyto-technologies can address the soil and groundwater contamination. Subject to the completion of trials and the technology being a proven remediation technique, no reliable estimate can be made for the obligation. (7) Deep groundwater pollution - The group has identified potential water ingress and future pollution risk posed by deep groundwater in certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti since 1999 to understand this potential risk. In South Africa, due to the interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all the mines located in these gold fields. As a result, the Mineral and Petroleum Resources Development Act (MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the Department of Mineral Resources. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for the obligation. |
Financial Risk Management Activ
Financial Risk Management Activities | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Risk Management Activities | FINANCIAL RISK MANAGEMENT ACTIVITIES In the normal course of its operations, the group is exposed to gold price, other commodity price, foreign exchange, interest rate, liquidity, equity price (deemed to be immaterial) and credit risks. In order to manage these risks, the group may enter into transactions which make use of both on- and off-balance sheet derivatives. The group does not acquire, hold or issue derivatives for speculative purposes. The group has developed a comprehensive risk management process to facilitate, control and monitor these risks. The board has approved and monitors this risk management process, inclusive of documented treasury policies, counterparty limits and controlling and reporting structures. Managing risk in the group Risk management activities within the group are the ultimate responsibility of the board of directors. The Chief Financial Officer is responsible to the board of directors for the design, implementation and monitoring of the risk management plan. The Audit and Risk Committee is responsible for overseeing risk management plans and systems, as well as financial risks which include a review of treasury activities and the group’s counterparties. The financial risk management objectives of the group are defined as follows: • safeguarding the group’s core earnings stream from its major assets through the effective control and management of gold price risk, other commodity risk, foreign exchange risk and interest rate risk; • effective and efficient usage of credit facilities in both the short and long-term through the adoption of reliable liquidity management planning and procedures; • ensuring that investment and hedging transactions are undertaken with creditworthy counterparties; and • ensuring that all contracts and agreements related to risk management activities are co-ordinated, consistent throughout the group and that they comply where necessary with all relevant regulatory and statutory requirements. Gold price and foreign exchange risk Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The group has transactional foreign exchange exposures, which arise from sales or purchases by an operating unit in currencies other than the unit’s functional currency. The gold market is predominately priced in US dollars which exposes the group to the risk that fluctuations in the SA rand/US dollar, Brazilian real/US dollar, Argentinean peso/US dollar and Australian dollar/US dollar exchange rates may also have an adverse effect on current or future earnings. The group is also exposed to certain by-product commodity price risk. Net open hedge position as at 31 December The group has the following cash settled zero-cost collar commitments for the period ended 31 December 2018. Gold In December 2018, AngloGold Ashanti entered into zero-cost collars for a total of 300,000 ounces of South Africa’s gold production, for the period January 2019 to December 2019. The strike prices are R545,000 per kilogram on the floor and an average price of R725,500 per kilogram on the cap. At 31 December 2018, the mark-to-market value of the derivative was an unrealised loss of $3.6m . Oil In November 2018, AngloGold Ashanti entered into zero-cost collars for a total of 984,000 barrels of Brent crude oil for the period January 2019 to December 2019. The average strike prices are $56.56 per barrel on the floor and an average price of $82 per barrel on the cap. At 31 December 2018, the mark-to-market value of the derivative was an unrealised loss of $5.6m . Interest rate and liquidity risk The group manages liquidity risk by ensuring that there is sufficient committed borrowing and banking facilities after taking into consideration the actual and forecast cash flows, in order to meet the group's short, medium and long term funding and liquidity management requirements. In the ordinary course of business, the group receives cash from the proceeds of its gold sales and is required to fund its working capital and capital expenditure requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market-related returns whilst minimising risks. The group is able to actively source financing at competitive rates. The counterparties are financial and banking institutions and their credit ratings are regularly monitored. The group has sufficient undrawn borrowing facilities available to fund its working capital and capital requirements (notes 24 and 34). The following are the contractual maturities of financial liabilities, including interest payments: Financial liabilities Within one year Between one and two years Between two and five years After five years Total 2018 $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Trade and other payables 562 — — — 562 Gold and oil derivative contracts 9 — — — 9 Borrowings 133 836 1,120 663 2,752 - In USD 112 5.8 790 5.8 1,025 6.0 622 6.5 2,549 - AUD in USD equivalent 7 6.8 7 6.8 23 6.8 26 6.8 63 - TZS in USD equivalent 5 12.5 3 12.5 29 12.5 — — 37 - ZAR in USD equivalent 9 9.0 36 9.0 43 9.7 15 14.7 103 2017 Trade and other payables 615 — — — 615 Borrowings 137 343 1,912 695 3,087 - In USD 98 5.4 145 5.4 1,643 5.5 641 6.5 2,527 - AUD in USD equivalent 16 5.1 174 5.1 25 6.8 38 6.8 253 - ZAR in USD equivalent 23 8.9 24 8.9 244 9.1 16 15.5 307 2016 Trade and other payables 596 — — — 596 Borrowings 127 287 1,155 1,513 3,082 - In USD 100 5.4 100 5.4 1,023 5.5 1,449 5.5 2,672 - AUD in USD equivalent 16 5.4 89 5.3 119 6.0 43 6.8 267 - ZAR in USD equivalent 11 8.9 98 8.9 13 11.2 21 14.0 143 Credit risk Credit risk arises from the risk that a counterparty may default or not meet its obligations timeously. The group minimises credit risk by ensuring that credit risk is spread over a number of counterparties. These counterparties are financial and banking institutions. Counterparty credit limits and exposures are reviewed by the Audit and Risk Committee. Where possible, management ensures that netting agreements are in place. No set-off is applied to the statement of financial position due to the different maturity profiles of assets and liabilities. The combined maximum credit risk exposure of the group is as follows: US Dollars Figures in millions 2018 2017 2016 Other investments 59 58 79 Trade and other receivables 41 33 46 Cash restricted for use (note 21) 66 65 55 Cash and cash equivalents (note 22) 329 205 215 Total financial assets 495 361 395 Trade and other receivables, that are past due but not impaired totalled $22m ( 2017 : $20m ; 2016 : $9m ). Other investments that are impaired totalled nil ( 2017 : $3m ; 2016 : nil ). Trade receivables mainly comprise banking institutions purchasing gold bullion. Normal market settlement terms are two working days. The group does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparties. Fair value of financial instruments The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. The estimated fair value of the group’s other investments and borrowings as at 31 December are as follows: Type of instrument Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value US Dollar millions 2018 2017 2016 Financial assets Other investments (note 18) 147 147 138 140 130 132 Financial liabilities Borrowings (note 25) 2,050 2,084 2,268 2,377 2,178 2,203 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash restricted for use, cash and cash equivalents, trade and other receivables and trade and other payables The carrying amounts approximate fair value due to their short term nature. Investments and other non-current assets Listed equity investments classified as FVTOCI and FVTPL are carried at fair value in level 1 of the fair value hierarchy while fixed income investments and other non-current assets are carried at amortised cost. The fair value of fixed income investments has been calculated using market interest rates at the hierarchy level 2. Borrowings The rated bonds are carried at amortised cost and their fair values are their closing market values at the reporting date (fair value hierarchy - level 1). The interest rate on the remaining borrowings is reset on a short-term floating rate basis, and accordingly the carrying amount is considered to approximate fair value. Fair value hierarchy The group uses the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets out the group’s financial assets measured at fair value by level within the fair value hierarchy as at 31 December: Type of instrument Assets measured at fair value on a recurring basis US Dollar millions Level 1 Level 2 Level 3 Total 2018 Equity securities - FVTPL 19 — — 19 Equity securities - FVTOCI 69 — — 69 2017 Equity securities - available-for-sale 80 — — 80 2016 Equity securities - available-for-sale 51 — — 51 Environmental obligations Pursuant to environmental regulations in the countries in which we operate, we are obligated to close our operations and rehabilitate the lands which we mine in accordance with these regulations. As a consequence, AngloGold Ashanti is required in some circumstances to provide either reclamations bonds issued by third party entities, establish independent trust funds or provide guarantees issued by the operation, to the respective environmental protection agency or such other government department with responsibility for environmental oversight in the respective country to cover the potential environmental rehabilitation obligation in specified amounts. In most cases, the environmental obligations will expire on completion of the rehabilitation although in some cases we are required to potentially post bonds for events unknown that may arise after the rehabilitation has been completed. In South Africa, AngloGold Ashanti has established a trust fund which has assets of ZAR 1.077b n and guarantees of ZAR 0.549b n issued by various banks, for a current carrying value of the liability of ZAR 0.796b n. In Australia, since 2014, the group has paid an amount of AUD $5.5m into a Mine Rehabilitation Fund for a current carrying value of the liability of AUD $125.5m . At Iduapriem the group has provided a bond comprising of a cash component of $9.99m with a further bond guarantee amounting to $36.4m issued by Ecobank Ghana limited, United Bank for Africa (Ghana) Limited and Barclays Ghana Limited for a current carrying value of the liability of $42.8m . At Obuasi the group has provided a bond comprising of a cash component of $20.6m with a further bank guarantee amounting to $30m issued by Nedbank Limited for a current carrying value of the liability of $163.2m . In some circumstances, the group may be required to post further bonds in future years which will have a consequential income statement charge for the fees charged by the providers of the reclamation bonds. Sensitivity analysis Interest rate risk on other financial assets and liabilities (excluding derivatives) The group also monitors interest rate risk on other financial assets and liabilities. The following table shows the approximate interest rate sensitivities of other financial assets and liabilities at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). As the sensitivity is the same (linear) for both increases and decreases in interest rates only absolute numbers are presented. Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2018 Financial assets USD denominated 100 1 1 AUD denominated 150 1 1 BRL denominated 250 2 1 Financial liabilities TZS denominated 250 1,680 1 ZAR denominated (1) 150 14 1 USD denominated 100 1 1 Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2017 Financial assets USD denominated 100 1 1 ZAR denominated (1) 150 2 — Financial liabilities ZAR denominated (1) 150 41 3 AUD denominated 100 3 2 Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2016 Financial liabilities ZAR denominated (1) 150 18 1 AUD denominated 100 2 1 USD denominated 100 1 1 A change of 100 basis points in financial assets results in less than a $1m change in the interest amount. (1) This is the only interest rate risk for the company. Sensitivity analysis (continued) Foreign exchange risk Foreign exchange risk arises on financial instruments that are denominated in a foreign currency. The following table discloses the approximate foreign exchange risk sensitivities of borrowings at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). Change in Change in Change in Change in Change in Change in US$ Million US$ Million US$ Million 2018 2017 2016 Borrowings ZAR denominated (R/$) Spot (+R1.50) (7 ) Spot (+R1.50) (26 ) Spot (+R1.50) (10 ) TZS denominated (TZS/$) Spot (+TZS250) (3 ) AUD denominated (AUD/$) Spot (+AUD0.1) (3 ) Spot (+AUD0.1) (16 ) Spot (+AUD0.1) (15 ) ZAR denominated (R/$) Spot (-R1.50) 9 Spot (-R1.50) 33 Spot (-R1.50) 13 TZS denominated (TZS/$) Spot (-TZS250) 4 AUD denominated (AUD/$) Spot (-AUD0.1) 4 Spot (-AUD0.1) 19 Spot (-AUD0.1) 18 The borrowings total in the denominated currency will not be influenced by a movement in its exchange rate. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Capital Management | The primary objective of managing the group's capital is to ensure that there is sufficient capital available to support the funding requirements of the group, including capital expenditure, in a way that optimises the cost of capital, maximises shareholders' returns and ensures that the group remains in a sound financial position. The capital structure of the group consists of net debt (borrowings as detailed in note 24, offset by cash and bank balances detailed in note 22) and equity of the group (comprising share capital and premium and accumulated reserves and non-controlling interests). The group manages and makes adjustments to the capital structure as opportunities arise in the market place, as and when borrowings mature, or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. The group manages capital using various financial metrics including the ratio of net debt to Adjusted EBITDA (gearing). Both the calculation of net debt and Adjusted EBITDA are based on the formula included in the Revolving Credit Agreements. The loan covenant ratio of net debt to Adjusted EBITDA should not exceed 3.5 times. The facility also makes provision for the ability of the group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain conditions, for one measurement period not exceeding six months, during the tenor of the facility. The group had no major issuance of equity during the year. AngloGold Ashanti Limited registered a R 10b n Domestic Medium Term Note Programme (DMTNP) with the JSE in April 2011, which was updated in December 2018 to comply with the new JSE debt listing requirements. The DMTNP permits the group to access the South African debt capital market for funding required. The group has not utilised the commercial paper under its R 10b n DMTNP during the current year, instead it made use of its other facilities, to provide for funding requirements of the South Africa region. During April 2018, the group entered into a new three -year unsecured multi-currency revolving credit facility of $115m with Nedbank Ltd. Facility A is a US dollar based facility with interest charged at a margin of 6.7% above LIBOR and facility B is a Tanzanian Shilling facility capped at the equivalent of $45m with interest charged at a margin of 5% plus a reference rate as determined by the lending agent. During October 2018, the group entered into a new five -year unsecured multi-currency syndicated revolving credit facility of $1.4b n with a group of banks. The loan consists of a US dollar based facility with interest charged at a margin of 1.45% above LIBOR and an Australian dollar based facility capped at A $500m with interest charged at a margin of 1.45% above BBSY. The applicable margin is subject to a ratings grid. This facility replaces the $1b n RCF and A $500m RCF, which were both available until July 2019, however, cancelled during October 2018. A full analysis of the borrowings as presented on the statement of financial position in included in note 24. In addition, the $750m , $700m and $300m rated bonds are fully and unconditionally guaranteed by the group. The interest margin on the five -year unsecured multi-currency syndicated revolving credit facility of $1.4b n with a group of banks will reduce should the group’s credit rating improve from its current BB+/Baa3 status and should increase if its credit rating worsens. The A $500m portion of this facility will be used to fund the working capital and development costs associated with the group's mining operations within Australia without eroding the group's headroom under its other facilities and exposing the group to foreign exchange gains/losses each quarter. The R 1b n, R 1.4b n and R 2.5b n unsecured syndicated revolving credit facilities will be used to fund the working capital and development costs associated with the group's operations within South Africa without eroding the group's headroom under its other facilities and exposing the group to foreign exchange gains/losses each quarter. Amounts are converted to US dollars at year end exchange rates. Gearing ratio (Net debt to Adjusted EBITDA) US Dollars Figures in millions 2018 2017 2016 Borrowings (note 24) 2,050 2,268 2,178 Corporate office lease (note 24) (9 ) (15 ) (15 ) Unamortised portion of rated bonds 13 18 23 Cash restricted for use (note 21) (66 ) (65 ) (55 ) Cash and cash equivalents (note 22) (329 ) (205 ) (215 ) Net debt 1,659 2,001 1,916 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Facility Agreements for compliance with the debt covenant formula. Adjusted EBITDA Profit (loss) before taxation 278 (63 ) 269 Add back: Finance costs and unwinding of obligations (note 7) 178 169 180 Interest income (17 ) (15 ) (22 ) Amortisation of tangible and intangible assets (note 4) 630 823 809 Adjustments: Other (gains) losses 9 11 88 Dividend income (2 ) — — Realised gain on other commodity contracts (5 ) — — Impairment and derecognition of assets (note 6) 104 297 3 Impairment of other investments (note 6) — 3 — Write-down of inventories (note 6) 1 3 12 Retrenchments costs 32 90 14 Care and maintenance costs (note 5) 74 62 70 Net (profit) loss on disposal of assets (note 6) 20 (8 ) (4 ) (Gain) loss on unrealised non-hedge derivatives and other commodity contracts 3 (10 ) (18 ) Repurchase premium and cost on settlement of issued bonds — — 30 Associates and joint ventures’ special items (2 ) (2 ) (11 ) Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other 159 116 137 Fair value adjustments 3 — (9 ) Other amortisation 15 7 — Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) 1,480 1,483 1,548 Gearing ratio (Net debt to Adjusted EBITDA) 1.12:1 1.35:1 1.24:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
Recent Developments
Recent Developments | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of events after reporting period [Abstract] | |
Recent Developments | On 14 February 2019, AngloGold Ashanti sold its holding in Société d’Exploitation des Mines d’Or de Yatela (Yatela) to the government of Mali, for a consideration of $1 . As part of the transaction, a onetime payment will be made to the government of Mali in an amount corresponding to the estimated costs of completing the rehabilitation and closure of the Yatela site, and also financing certain outstanding social programmes. Upon completion and this payment being made, AngloGold Ashanti will be released of all obligations relating to the Yatela project. At 31 December 2018, a provision for the estimated costs relating to rehabilitation, mine closure and the financing of social programmes amounted to $19.7m . On 19 February 2019, the directors of AngloGold Ashanti declared a gross cash dividend per ordinary share of 95 South African cents (assuming an exchange rate of ZAR 13.7619 /$, the gross dividend payable per ADS is equivalent to ~ 7 US cents). |
Supplemental Condensed Consolid
Supplemental Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION AngloGold Ashanti Holdings plc (“IOMco”), a 100 percent wholly-owned subsidiary of AngloGold Ashanti Limited, has issued debt securities which are fully and unconditionally guaranteed by AngloGold Ashanti Limited (being the “Guarantor”). See Note 24 and Note 32. IOMco is an Isle of Man registered company that holds certain of AngloGold Ashanti’s operations and assets located outside South Africa (excluding certain operations and assets in the United States of America). The following is condensed consolidating financial information for the Company as of 31 December 2018, 2017 and 2016 and for the years ended 31 December 2018, 2017 and 2016, with a separate column for each of AngloGold Ashanti Limited as Guarantor, IOMco as Issuer and the other subsidiaries of the Company combined (the “Non-Guarantor Subsidiaries”). For the purposes of the condensed consolidating financial information, the Company carries its investments under the equity method. The following supplemental condensed consolidating financial information should be read in conjunction with the Company’s condensed consolidated financial statements. Figures in millions (US dollars) 2018 2018 2018 2018 2018 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue from product sales 498 — 3,445 — 3,943 Cost of sales (494 ) — (2,679 ) — (3,173 ) Gain (loss) on non-hedge derivatives and other commodity contracts (4 ) — 6 — 2 Gross profit (loss) — — 772 — 772 Corporate administration, marketing and other income (expenses) (12 ) (20 ) (13 ) (31 ) (76 ) Exploration and evaluation costs (4 ) — (98 ) — (102 ) Other operating income (expenses) (46 ) 3 (54 ) — (97 ) Special items (15 ) 8 (155 ) (8 ) (170 ) Operating profit (loss) (77 ) (9 ) 452 (39 ) 327 Dividend income 2 — — — 2 Interest income — 4 13 — 17 Other gains (losses) — (6 ) (3 ) — (9 ) Finance costs and unwinding of obligations (23 ) (107 ) (48 ) — (178 ) Fair value adjustments — — (3 ) — (3 ) Share of associates and joint ventures’ profit (loss) 6 — 107 9 122 Equity gain (loss) in subsidiaries 142 490 — (632 ) — Profit (loss) before taxation 50 372 518 (662 ) 278 Taxation 83 — (211 ) — (128 ) Profit (loss) for the period 133 372 307 (662 ) 150 Allocated as follows: Equity shareholders 133 372 290 (662 ) 133 Non-controlling interests — — 17 — 17 133 372 307 (662 ) 150 Comprehensive income (loss) (8 ) 320 301 (604 ) 9 Comprehensive (income) loss attributable to non-controlling interests — — (17 ) — (17 ) Comprehensive income (loss) attributable to AngloGold Ashanti (8 ) 320 284 (604 ) (8 ) Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating income statement (restated) AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue from product sales 1,001 — 3,539 (30 ) 4,510 Cost of sales (1,030 ) — (2,707 ) 1 (3,736 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 11 (1 ) 10 Gross profit (loss) (29 ) — 843 (30 ) 784 Corporate administration, marketing and other income (expenses) (7 ) (7 ) (2 ) (48 ) (64 ) Exploration and evaluation costs (10 ) — (104 ) — (114 ) Other operating income (expenses) (9 ) — (79 ) — (88 ) Special items (414 ) (6 ) (27 ) 9 (438 ) Operating profit (loss) (469 ) (13 ) 631 (69 ) 80 Interest income 1 3 11 — 15 Other gains (losses) — 1 (12 ) — (11 ) Finance costs and unwinding of obligations (22 ) (107 ) (40 ) — (169 ) Share of associates and joint ventures’ profit (loss) 13 — 9 — 22 Equity gain (loss) in subsidiaries 212 447 — (659 ) — Profit (loss) before taxation (265 ) 331 599 (728 ) (63 ) Taxation 104 — (212 ) — (108 ) Profit (loss) after taxation (161 ) 331 387 (728 ) (171 ) Preferred stock dividends (30 ) — — 30 — Profit (loss) for the period (191 ) 331 387 (698 ) (171 ) Allocated as follows: Equity shareholders (191 ) 331 367 (698 ) (191 ) Non-controlling interests — — 20 — 20 (191 ) 331 387 (698 ) (171 ) Comprehensive income (loss) (37 ) 365 422 (767 ) (17 ) Comprehensive (income) loss attributable to non-controlling interests — — (20 ) — (20 ) Comprehensive income (loss) attributable to AngloGold Ashanti (37 ) 365 402 (767 ) (37 ) Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating income statement (restated) AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue from product sales 1,131 — 3,150 (58 ) 4,223 Cost of sales (981 ) — (2,420 ) — (3,401 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 18 1 19 Gross profit (loss) 150 — 748 (57 ) 841 Corporate administration, marketing and other income (expenses) 17 (6 ) (3 ) (69 ) (61 ) Exploration and evaluation costs (14 ) — (119 ) — (133 ) Other operating income (expenses) (26 ) 2 (86 ) — (110 ) Special items 54 (35 ) 29 (90 ) (42 ) Operating profit (loss) 181 (39 ) 569 (216 ) 495 Interest income 6 3 13 — 22 Other gains (losses) 1 (1 ) (28 ) (60 ) (88 ) Finance costs and unwinding of obligations (18 ) (131 ) (31 ) — (180 ) Fair value adjustments — 9 — — 9 Share of associates and joint ventures’ profit (loss) (13 ) 2 30 (8 ) 11 Equity gain (loss) in subsidiaries (61 ) 389 — (328 ) — Profit (loss) before taxation 96 232 553 (612 ) 269 Taxation (4 ) — (184 ) (1 ) (189 ) Profit (loss) after taxation 92 232 369 (613 ) 80 Preferred stock dividends (29 ) — (29 ) 58 — Profit (loss) for the period 63 232 340 (555 ) 80 Allocated as follows: Equity shareholders 63 232 323 (555 ) 63 Non-controlling interests — — 17 — 17 63 232 340 (555 ) 80 Comprehensive income (loss) 250 234 388 (605 ) 267 Comprehensive (income) loss attributable to non-controlling interests — — (17 ) — (17 ) Comprehensive income (loss) attributable to AngloGold Ashanti 250 234 371 (605 ) 250 Figures in millions (US dollars) 2018 2018 2018 2018 2018 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 625 — 2,756 — 3,381 Intangible assets 1 — 123 (1 ) 123 Investments in subsidiaries, associates and joint ventures 2,383 4,255 1,398 (6,508 ) 1,528 Other investments 2 3 138 (2 ) 141 Inventories 1 — 105 — 106 Trade and other receivables — 29 102 (29 ) 102 Cash restricted for use — — 35 — 35 3,012 4,287 4,657 (6,540 ) 5,416 Current assets Other investments — 6 — — 6 Inventories, trade and other receivables, intergroup balances and other current assets 390 416 1,166 (1,111 ) 861 Cash restricted for use — — 31 — 31 Cash and cash equivalents 7 97 225 — 329 397 519 1,422 (1,111 ) 1,227 Total assets 3,409 4,806 6,079 (7,651 ) 6,643 EQUITY AND LIABILITIES Share capital and premium 7,171 6,096 821 (6,917 ) 7,171 Retained earnings (accumulated losses) and other reserves (4,519 ) (3,310 ) 1,406 1,904 (4,519 ) Shareholders’ equity 2,652 2,786 2,227 (5,013 ) 2,652 Non-controlling interests — — 42 — 42 Total equity 2,652 2,786 2,269 (5,013 ) 2,694 Non-current liabilities 319 1,734 1,103 — 3,156 Current liabilities including intergroup balances 438 286 2,707 (2,638 ) 793 Total liabilities 757 2,020 3,810 (2,638 ) 3,949 Total equity and liabilities 3,409 4,806 6,079 (7,651 ) 6,643 Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 739 — 3,003 — 3,742 Intangible assets 1 — 139 (2 ) 138 Investments in subsidiaries, associates and joint ventures 2,371 4,376 1,371 (6,611 ) 1,507 Other investments 2 6 125 (2 ) 131 Inventories — — 100 — 100 Trade and other receivables — 29 67 (29 ) 67 Deferred taxation — — 4 — 4 Cash restricted for use — — 37 — 37 3,113 4,411 4,846 (6,644 ) 5,726 Current assets Other investments — 6 1 — 7 Inventories, trade and other receivables, intergroup balances and other current assets 471 145 1,166 (877 ) 905 Cash restricted for use — 1 27 — 28 Cash and cash equivalents 11 21 173 — 205 482 173 1,367 (877 ) 1,145 Non-current assets held for sale 310 — 38 — 348 792 173 1,405 (877 ) 1,493 Total assets 3,905 4,584 6,251 (7,521 ) 7,219 EQUITY AND LIABILITIES Share capital and premium 7,134 6,096 824 (6,920 ) 7,134 Retained earnings (accumulated losses) and other reserves (4,471 ) (3,491 ) 1,619 1,872 (4,471 ) Shareholders’ equity 2,663 2,605 2,443 (5,048 ) 2,663 Non-controlling interests — — 41 — 41 Total equity 2,663 2,605 2,484 (5,048 ) 2,704 Non-current liabilities 527 1,764 1,369 — 3,660 Current liabilities including intergroup balances 591 215 2,396 (2,473 ) 729 Non-current liabilities held for sale 124 — 2 — 126 Total liabilities 1,242 1,979 3,767 (2,473 ) 4,515 Total equity and liabilities 3,905 4,584 6,251 (7,521 ) 7,219 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 1,160 — 2,951 — 4,111 Intangible assets 4 — 143 (2 ) 145 Investments in subsidiaries, associates and joint ventures 2,109 3,478 1,338 (5,477 ) 1,448 Other investments 2 3 122 (2 ) 125 Inventories — — 84 — 84 Trade and other receivables — 29 34 (29 ) 34 Deferred taxation — — 4 — 4 Cash restricted for use — — 36 — 36 3,275 3,510 4,712 (5,510 ) 5,987 Current assets Other investments — 5 — — 5 Inventories, trade and other receivables, intergroup balances and other current assets 429 807 1,153 (1,462 ) 927 Cash restricted for use — 1 18 — 19 Cash and cash equivalents 44 32 139 — 215 473 845 1,310 (1,462 ) 1,166 Total assets 3,748 4,355 6,022 (6,972 ) 7,153 EQUITY AND LIABILITIES Share capital and premium 7,108 6,139 824 (6,963 ) 7,108 Retained earnings (accumulated losses) and other reserves (4,393 ) (3,765 ) 702 3,063 (4,393 ) Shareholders’ equity 2,715 2,374 1,526 (3,900 ) 2,715 Non-controlling interests — — 39 — 39 Total equity 2,715 2,374 1,565 (3,900 ) 2,754 Non-current liabilities 496 1,799 1,344 — 3,639 Current liabilities including intergroup balances 537 182 3,113 (3,072 ) 760 Total liabilities 1,033 1,981 4,457 (3,072 ) 4,399 Total equity and liabilities 3,748 4,355 6,022 (6,972 ) 7,153 Figures in millions (US dollars) 2018 2018 2018 2018 2018 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations (120 ) (18 ) 1,062 8 932 Net movement in intergroup receivables and payables 73 (215 ) 130 12 — Dividends received from joint ventures — 91 — — 91 Taxation refund — — 5 — 5 Taxation paid — — (171 ) — (171 ) Net cash inflow (outflow) from operating activities (47 ) (142 ) 1,026 20 857 Cash flows from investing activities Capital expenditure (64 ) — (588 ) — (652 ) Dividends from other investments 2 — — — 2 Proceeds from disposal of tangible assets 303 — 4 6 313 Other investments acquired — — (81 ) — (81 ) Proceeds from disposal of other investments — — 98 — 98 Investments in associates and joint ventures — — (8 ) — (8 ) Net loans repaid by (advanced to) associates and joint ventures 9 10 (2 ) — 17 Cash payment to settle the sale of environmental trust fund (32 ) — — — (32 ) Disposal (acquisition) of subsidiaries — (7 ) 7 — — Decrease (increase) in cash restricted for use — 1 (4 ) (1 ) (4 ) Interest received — 1 11 — 12 Net cash inflow (outflow) from investing activities 218 5 (563 ) 5 (335 ) Cash flows from financing activities Proceeds from borrowings 407 45 301 — 753 Repayment of borrowings (570 ) (80 ) (317 ) — (967 ) Finance costs paid (12 ) (102 ) (16 ) — (130 ) Bond settlement premium, RCF and bond transaction costs — (10 ) — — (10 ) Dividends paid (24 ) — (15 ) — (39 ) Intergroup dividends received (paid) 25 360 (386 ) 1 — Net cash inflow (outflow) from financing activities (174 ) 213 (433 ) 1 (393 ) Net increase (decrease) in cash and cash equivalents (3 ) 76 30 26 129 Translation (1 ) — 22 (26 ) (5 ) Cash and cash equivalents at beginning of year 11 21 173 — 205 Cash and cash equivalents at end of year 7 97 225 — 329 Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations (5 ) (15 ) 1,168 3 1,151 Net movement in intergroup receivables and payables 10 (102 ) 123 (31 ) — Dividends received from joint ventures — 6 — — 6 Taxation refund 3 — 11 — 14 Taxation paid — — (174 ) — (174 ) Net cash inflow (outflow) from operating activities 8 (111 ) 1,128 (28 ) 997 Cash flows from investing activities Capital expenditure (143 ) — (686 ) — (829 ) Expenditure on intangible assets (1 ) — — — (1 ) Proceeds from disposal of tangible assets 3 — 4 — 7 Other investments acquired — (5 ) (86 ) — (91 ) Proceeds from disposal of other investments — — 75 3 78 Investments in associates and joint ventures — (15 ) (14 ) 2 (27 ) Net loans repaid by (advanced to) associates and joint ventures — (6 ) 2 (2 ) (6 ) Reduction in investment in subsidiary 42 — — (42 ) — Disposal (acquisition) of subsidiaries — (2 ) 2 — — Decrease (increase) in cash restricted for use — — (8 ) — (8 ) Interest received 1 3 11 — 15 Net cash inflow (outflow) from investing activities (98 ) (25 ) (700 ) (39 ) (862 ) Cash flows from financing activities Reduction in share capital — (43 ) — 43 — Proceeds from borrowings 539 155 121 — 815 Repayment of borrowings (428 ) (170 ) (169 ) — (767 ) Finance costs paid (15 ) (103 ) (20 ) — (138 ) Dividends paid (39 ) — (19 ) — (58 ) Intergroup dividends received (paid) — 286 (286 ) — — Net cash inflow (outflow) from financing activities 57 125 (373 ) 43 (148 ) Net increase (decrease) in cash and cash equivalents (33 ) (11 ) 55 (24 ) (13 ) Translation — — (21 ) 24 3 Cash and cash equivalents at beginning of year 44 32 139 — 215 Cash and cash equivalents at end of year 11 21 173 — 205 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations 245 (11 ) 1,106 (38 ) 1,302 Net movement in intergroup receivables and payables (8 ) 169 (163 ) 2 — Dividends received from joint ventures — 37 — — 37 Taxation refund 3 — 9 — 12 Taxation paid (4 ) — (161 ) — (165 ) Net cash inflow (outflow) from operating activities 236 195 791 (36 ) 1,186 Cash flows from investing activities Capital expenditure (171 ) — (535 ) — (706 ) Expenditure on intangible assets (2 ) — (3 ) — (5 ) Proceeds from disposal of tangible assets — — 4 — 4 Other investments acquired — — (73 ) — (73 ) Proceeds from disposal of other investments — — 61 — 61 Investments in associates and joint ventures — — (11 ) — (11 ) Proceeds from disposal of associates and joint ventures — 10 — — 10 Net loans repaid by (advanced to) associates and joint ventures — (2 ) (2 ) — (4 ) Disposal (acquisition) of subsidiaries (6 ) (2 ) 2 6 — Decrease (increase) in cash restricted for use 1 — 7 — 8 Interest received 2 — 12 — 14 Net cash inflow (outflow) from investing activities (176 ) 6 (538 ) 6 (702 ) Cash flows from financing activities Proceeds from issue of share capital — 6 — (6 ) — Proceeds from borrowings 256 330 201 — 787 Repayment of borrowings (291 ) (951 ) (91 ) — (1,333 ) Finance costs paid (11 ) (145 ) (16 ) — (172 ) Bond settlement premium, RCF and bond transaction costs — (30 ) — — (30 ) Dividends paid — — (15 ) — (15 ) Intergroup dividends received (paid) 7 399 (406 ) — — Net cash inflow (outflow) from financing activities (39 ) (391 ) (327 ) (6 ) (763 ) Net increase (decrease) in cash and cash equivalents 21 (190 ) (74 ) (36 ) (279 ) Translation 4 — (30 ) 36 10 Cash and cash equivalents at beginning of year 19 222 243 — 484 Cash and cash equivalents at end of year 44 32 139 — 215 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Statement of compliance | Statement of compliance The consolidated and company financial statements are prepared in compliance with International Financial Reporting Standards (IFRS) and Interpretations of those standards, as issued by the International Accounting Standards Board (IASB), Financial Reporting Pronouncements as issued by Financial Reporting Standards Council, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008. |
New standards and interpretations issued | New standards and interpretations issued The financial statements have been drawn up on the basis of accounting standards, interpretations and amendments effective at the beginning of the accounting period on 1 January 2018. The adoption of the new standards, interpretations and amendments effective from 1 January 2018 had the following impact on the group. IFRS 15 "Revenue from Contracts with Customers" Management assessed the potential impact of IFRS 15 on the financial statements of the group and concluded that the group does not sell product based on multiple-element arrangements and it does not sell product on a provisional or variable pricing basis and as such the new standard did not have a significant impact on the timing or amount of the group’s revenue recognition. However, the adoption of IFRS 15 resulted in the presentation of by-product revenue in revenue from product sales where previously by-product revenue was included in cost of sales. Revenue from product sales includes gold income and by-product revenue. This change in classification resulted in a corresponding increase in costs of sales, and therefore did not have an impact on previously reported gross profit. As previously reported: U S Dollars Figures in millions 2017 2016 Revenue 4,543 4,254 Gold income 4,356 4,085 Cost of sales (3,582 ) (3,263 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 Gross profit 784 841 Gross profit % 18.00 % 20.59 % By-products revenue for the years ended 2017 and 2016 ( $154m and $138m respectively) is included in the Revenue line, but was offset and thus reduced cost of sales in the income statement. On adoption of IFRS 15, AngloGold Ashanti discloses revenue from all product sales, including by-products sales in Revenue from product sales in the income statement. Accordingly, the income statement was restated for the effects of adopting IFRS 15 as follows: U S Dollars Figures in millions 2017 2016 Revenue from product sales 4,510 4,223 Cost of sales (3,736 ) (3,401 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 Gross profit 784 841 Gross profit % 17.38 % 19.91 % AngloGold Ashanti applied IFRS 15 retrospectively to each prior reporting period presented in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”. IFRS 9 " Financial Instruments" The group’s financial assets include debt instruments (held to maturity bonds and negotiable certificates of deposit), trade receivables, cash restricted for use and cash and cash equivalents which are subject to the IFRS 9 expected credit loss model as they are carried at amortised cost. The accounting policy for listed equity investments depends on the nature of the listed investment. Listed equity investments which are held to meet rehabilitation liabilities are classified as fair value through profit or loss (FVTPL) to eliminate accounting mismatch, which previously arose from the unwinding of the rehabilitation liabilities recognised in profit or loss and the fair value adjustments to investments held to meet the rehabilitation liabilities recognised in other comprehensive income. Listed equity investments held for other purposes are classified as fair value through other comprehensive income (FVTOCI). Financial liabilities are carried at amortised cost and there is no change in their recognition or presentation under IFRS 9. The adoption of IFRS 9 did not have a significant impact on total assets, total liabilities or the results of the group. In accordance with the transitional provisions in IFRS 9, upon adoption, comparative figures were not restated. The available for sale reserve of $43 m was transferred to the FVTOCI reserve -$33m and to accumulated losses -$10m in respect of equity investments at FVTOCI and FVTPL respectively. Refer statement of changes in equity for reclassifications. AngloGold Ashanti assesses the significance of new standards, interpretations and amendments to standards in issue that are not yet adopted but are likely to affect the financial reporting in future years. We have identified that IFRS 16 “Leases” which has an effective date of 1 January 2019, is likely to affect future financial reporting. IFRS 16 “ Leases ” Management is in the process of completing its assessment of the accounting impact and required disclosures arising out of the adoption of this standard. IFRS 16 requires lessees to recognise right-of-use assets and lease liabilities arising from lease contracts with additional disclosures about leasing arrangements. Leases within the scope of IFRS 16 will result in increases in assets and liabilities. Based on contracts in existence at 31 December 2018 containing leasing arrangements within the recognition scope of IFRS 16, we expect an increase in the group’s depreciation charge of between $36m and $42m , and a finance cost increase of between $6m to $8m . Operating cashflows are expected to increase and financing cashflows to decrease by between $39m and $45m as repayment of the principal portion of the lease liabilities will be classified as cash flows from financing activities, while previously the operating lease payments were classified as cash flows from operating activities. Management has determined that certain mining, drilling and power generation contracts which are not classified as finance leases under the current accounting standards (IAS 17 and IFRIC 4), will have the most impact on the group’s results on adoption of IFRS 16. The adoption of the new standard will result in the recognition of additional right-of-use assets and lease liabilities of between $135m to $160m on 1 January 2019.AngloGold Ashanti has elected to transition to IFRS 16 retrospectively with the cumulative effect of initially applying the Standard recognised at the date of initial application. AngloGold Ashanti will not restate comparative information. Instead, the cumulative effect of initially applying IFRS 16 will be recognised by adjusting the opening balance of retained earnings at the date of initial application. The adoption of IFRS 16 will not impact AngloGold Ashanti's current debt covenant arrangements with financial institutions. The significant accounting principles applied in the presentation of the group and company annual financial statements are set out below. The accounting policies adopted are detailed in Annexure A: “Summary of significant accounting policies”. |
Basis of Preparation | BASIS OF PREPARATION The financial statements are prepared according to the historical cost convention, except for the revaluation of certain financial instruments to fair value. The group’s accounting policies as set out below are consistent in all material respects with those applied in the previous year except for the changes arising from the adoption of IFRS 9 and IFRS 15 as described in “New Standards and Interpretations Issued” above. The group financial statements are presented in US dollars. Based on materiality, certain comparatives in the notes have been aggregated and comparatives have been restated to accord with current year disclosures. The group financial statements incorporate the financial statements of the company, its subsidiaries and its interests in joint ventures and associates. The financial statements of all material subsidiaries, the Environmental Rehabilitation Trust Fund, joint ventures and associates, are prepared for the same reporting period as the holding company, using the same accounting policies. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the group owns more than 50% of the voting rights, unless the group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity the investment is accounted for as an equity method investment or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date on which control ceases. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effect are eliminated. |
Use of estimates | Use of estimates The preparation of the financial statements requires the group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates. The more significant areas requiring the use of management estimates and assumptions relate to Ore Reserve that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortisation calculations; environmental, reclamation and closure obligations; asset impairments/reversals (including impairments of goodwill); and write-downs of inventory to net realisable value. Other estimates include employee benefit liabilities and unrecognised tax positions. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements that management has applied in the application of accounting policies, and the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. |
Carrying value of goodwill and intangible assets | Carrying value of goodwill and intangible assets 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 proved and probable Ore Reserve, exploration properties and net assets is recognised as goodwill. Intangible assets that have an indefinite useful life and separately recognised goodwill are not subject to amortisation and are tested annually for impairment and whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Assets that are subject to amortisation are tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An individual operating mine is not a typical going-concern business because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine reporting unit. In accordance with the provisions of IAS 36, the group performs its annual impairment review of assigned goodwill during the fourth quarter of each year. The carrying value of goodwill in the consolidated financial statements at 31 December 2018 was $116m ( 2017 : $127m ; 2016 : $126m ). The impairment of goodwill recognised in the consolidated financial statements for the year ended 31 December 2018 was nil ( 2017 : $9 m; 2016 : nil ). |
Income taxes and taxation | Income taxes The group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. 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 South African corporate tax rate of 28%. 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 forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows 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. Carrying values of the group at 31 December 2018 : • deferred tax asset: nil ( 2017 : $4m ; 2016 : $4m ); • deferred tax liability: $315m ( 2017 : $363m ; 2016 : $496m ); • taxation liability: $60m ( 2017 : $53m ; 2016 : $111m ); and • taxation asset: $6m ( 2017 : $3m ; 2016 : $14m ), included in trade, other receivables and other assets. Unrecognised value of deferred tax assets: $501m ( 2017 : $470m ; 2016 : $477m ). Taxation Deferred taxation is provided 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 a business combination that is an acquisition. 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. |
Provision for environmental rehabilitation obligations and expenditure | Provision for environmental rehabilitation obligations The group’s mining and exploration activities 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. Future changes to environmental laws and regulations, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision. The carrying amount of the rehabilitation obligations for the group at 31 December 2018 was $622m (2017: $724m ; 2016: $705m ). 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. Contributions for the South African operations are made to Environmental Rehabilitation Trust Funds, created in accordance with local statutory requirements where applicable, to solely fund the estimated cost of rehabilitation during and at the end of the life of a mine. These funds may only be utilised for purposes of settling decommissioning and environmental liabilities relating to existing mining operations. All income earned on these funds is reinvested or spent to meet these obligations. For group purposes, the trusts are consolidated. Decommissioning costs The provision for decommissioning represents the cost that will arise from rectifying damage caused before production commences. 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. 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 after the start of production. 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. |
Stockpiles, metals in process and inventories | 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. The carrying value of inventories (excluding finished goods and mine operating supplies) for the group at 31 December 2018 was $404m (2017: $424m ; 2016: $397m ). Inventories 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 uranium oxide, 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. Impairments resulting from a decrease in prices are disclosed in special items, all other impairments are included in cost of sales |
Recoverable tax, rebates, levies and duties | Recoverable tax, rebates, levies and duties In a number of countries, particularly in Continental Africa, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Continental Africa and in Brazil. 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 our results of operations. The net carrying value of recoverable tax, rebates, levies and duties for the group at 31 December 2018 was $194m ( 2017 : $174m ; 2016 : $135m ). |
Post-retirement and pension obligations | Post-retirement obligations The determination of AngloGold Ashanti’s obligation and expense post-retirement liabilities, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, the expected long-term rate of return of plan assets, 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. The carrying value of the post-retirement obligations at 31 December 2018 was $100m ( 2017 : $122m ; 2016 : $118m ). Other 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. |
Ore reserve estimates | Ore Reserve estimates An Ore Reserve estimate is an estimate of the amount of product that can be economically and legally extracted from the group’s properties. In order to calculate the Ore 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 Ore Reserve requires the size, shape and depth of orebodies 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. The group is required to determine and report its Ore Reserve in accordance with the South African Code for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code) 2016 Edition. Because the economic assumptions used to estimate changes in the Ore Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Ore Reserve may change from period to period. Changes in the reported Ore 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 Ore 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. |
Development expenditure | 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 similar to those described in the accounting policy for exploration and evaluation assets. Any such estimates and assumptions 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. |
Provision for silicosis | Provision for silicosis 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. In prior years, a silicosis provision was not raised as a reliable estimate could not be determined. The carrying value of the silicosis provision at 31 December 2018 was $63m ( 2017 : $63m ). |
Investment in associates and joint ventures | Joint ventures and associates If necessary, impairment losses on loans and equity are reported under share of joint ventures and associates profit and loss. Any losses of equity-accounted investments are brought to account 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 losses 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 in value has occurred; it is recognised in the period in which the impairment arose. In determining materiality for the disclosure requirements of IFRS 12 “Disclosure of Interest in Other Entities”, management has assessed that amounts representing the carrying value of at least 90% of the investments in associates and joint ventures balances, reported in the statement of financial position, constitute quantitative materiality. |
Contingencies | Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, 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. For quantitative purposes, an amount of $18m has been considered. 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. |
Joint ventures | Joint ventures 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. The group’s interests in joint arrangements classified as joint ventures are accounted for using the equity method. Profits and losses realised in connection with transactions between the group and joint ventures are eliminated in proportion to share ownership. Such profits and losses are deducted from the group’s equity and related statement of financial position amount and released in the group accounts when the assets are effectively realised outside the group. Dividends received from joint ventures are included in operating activities in the cash flow statement. |
Associates | Associates The equity method of accounting is used for an investment over which the group exercises significant influence and normally owns between 20% and 50% of the voting equity. Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Profits and losses realised in connection with transactions between the group and associated companies are eliminated in proportion to share ownership. Such profits and losses are deducted from the group’s equity and related statement of financial position amount and released in the group accounts when the assets are effectively realised outside the group. Dividends received from associates are included in investing activities in the cash flow statement. |
Unincorporated joint venture - joint operations | Unincorporated joint ventures – joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of assets and obligations for the liabilities of the arrangement. The group accounts for activities under joint operations by recognising in relation to the joint operation, the assets it controls and the liabilities it incurs, the expenses it incurs and the revenue from the sale or use of its share of the joint operations output. |
Functional currency | Functional currency 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 South African Rands. |
Foreign currency translation | Transactions and balances Foreign currency transactions are translated into the functional currency using the approximate exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at the reporting period exchange rate of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Group companies 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 as follows: • share capital and premium are translated at historical rates of exchange at the reporting date; • retained earnings are converted at historical average exchange rates; • assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; • income and expenses for each income statement presented are translated at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates prevailing at the date of the transaction); and • all resulting exchange differences are recognised in other comprehensive income and presented as a separate component of equity (foreign currency translation). Exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income on consolidation. On repayment or realisation, permanent loans and investments are recycled from FCTR to the income statement. |
Segment reporting | Segment reporting An operating segment is a business activity whose results are regularly reviewed by the chief operating decision maker (CODM) in order to make decisions about resources to be allocated to it and to assess its performance and for which discrete financial information is available. The chief executive officer and the executive committee are collectively identified as the CODM. |
Tangible assets | Carrying value of tangible assets Amortisation The majority of mining assets are amortised using the units-of-production method where the mine operating plan calls for production from a well-defined proved and probable Ore 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 proved and probable Ore Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine. 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 proved and probable Ore Reserve. This would generally arise when there are significant changes in any of the factors or assumptions used in estimating Ore Reserve. These factors could include: • changes in proved and probable Ore Reserve; • the grade of Ore 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 proved and probable Ore 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 further quantities of material that will be mined in future periods. The production stripping costs relating to improved access to further quantities of material in future periods are capitalised as a stripping activity asset, if and only if, all of the following are met: • It is probable that the future economic benefit (improved access to the orebody) associated with the stripping activity will flow to the group; • The group can identify the component of the orebody for which access has been improved; and • The costs relating to the stripping activity associated with that component or components can be measured reliably. Components of the various orebodies at the operations of the group are determined based on the geological areas identified for each of the orebodies and are reflected in the Ore Reserve reporting of the group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the group uses three operational guidance measures; two of which relate to production measures, while the third relates to an average stripping ratio measure. 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. Stripping activity assets are amortised on the units-of-production method based on the Ore Reserve of the component or components of the orebody to which these assets relate. This accounting treatment is consistent with that for stripping costs incurred during the development phase of a pit, before production commences, except that stripping costs incurred during the development phase of a pit, before production commences, are amortised on the units-of-production method based on the Ore Reserve of the pit. Deferred stripping costs are included in ‘Mine development costs’, within tangible assets. These costs form part of the total investment in the relevant cash-generating unit, which is reviewed for impairment if events or a change in circumstances indicate that the carrying value may not be recoverable. Amortisation of stripping activity assets is included in operating costs. Impairment The group reviews and tests the carrying value of tangible assets when events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets, which is generally at the individual mine level. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used to determine the value in use of goodwill and tangible assets are inherently uncertain and could materially change over time and impact the recoverable amounts. The cash flows and value in use are significantly affected by a number of factors including published reserves, resources, 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 reserves and future capital expenditure. 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. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. The recoverable amount is estimated based on the positive indicators. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36 “Impairment of Assets”. The carrying value of tangible assets at 31 December 2018 was $3,381m ( 2017 : $3,742m ; 2016 : $4,111m ). The impairment and derecognition of tangible assets recognised in the consolidated financial statements for the year ended 31 December 2018 was $104m ( 2017 : $288m ; 2016 : $3m ). Tangible assets Tangible assets are recorded at cost less accumulated amortisation and impairments/reversals. Cost includes pre-production expenditure incurred during the development of a mine and 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. If there is an indication that the recoverable amount of any of the tangible assets is less than the carrying value, the recoverable amount is estimated and the difference is recognised as an impairment. Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the asset will flow to the group, and the cost of the addition can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. To the extent a legal or constructive obligation to a third party exists, the acquisition cost includes estimated costs of dismantling and removing the asset and restoring the site. A change in estimated expenditures for dismantling, removal and restoration is added to or deducted from the carrying value of the related asset. To the extent that the change would result in a negative carrying amount for the related asset, this effect is recognised as income. The change in depreciation charge is recognised prospectively. 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 over their estimated useful life as follows: • buildings up to life of mine; • plant and machinery up to life of mine; • equipment and motor vehicles up to five years ; • computer equipment up to three years ; and • leased assets over the shorter of the period of the lease and the useful life of the leased asset. Major renovations are depreciated over the remaining useful life of the related asset or to the date of the next major renovation, whichever is sooner. Assets are amortised to residual values. Residual values and useful lives are reviewed, and adjusted if appropriate, at the beginning of each financial year. Gains and losses on disposals are determined by comparing net sale proceeds with the carrying amount at the date of sale. These are included in the income statement. |
Mine development costs | Mine development costs Capitalised mine development costs include expenditure incurred to develop new orebodies, to define further mineralisation in existing orebodies and, to expand the capacity of a mine. Mine development costs include acquired proved and probable Ore Reserve at cost at the acquisition date. These costs are amortised from the date on which commercial production begins. Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on estimated proved and probable Ore Reserve. The proved and probable Ore Reserve reflects estimated quantities of reserves 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. Once determined that any portion of the production stripping costs should be capitalised, the group determines the average mine costs per tonne of the component and the waste tonnes to which the production stripping costs relate to determine the amount of the production stripping costs that should be capitalised. Stripping activity assets are amortised on a units-of-production method based on the Ore Reserve of the component of the orebody to which these assets relate. 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 orebody, 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. |
Mining infrastructure | 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 proved and probable Ore Reserve. |
Land and assets under construction | 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 and dumps Mineral rights are amortised using the units-of-production method based on the estimated proved and probable Ore Reserve. Dumps are amortised over the period of treatment. |
Exploration, evaluation assets and research expenditures | Exploration and evaluation assets All pre-license 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 greenfields 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 proved and probable Ore Reserve at this location; • Costs on brownfields 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 proved and probable Ore Reserve after which the expenditure is capitalised as a 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 a mine development cost. Costs relating to property acquisitions are capitalised within mine development costs. |
Leased assets | Leased assets Assets subject to finance leases are capitalised at the lower of their fair value or the present value of minimum lease payments measured at inception of the lease with the related lease obligation recognised at the same amount. Capitalised leased assets are depreciated over the shorter of their estimated useful lives and the lease term. Finance lease payments are allocated using the rate implicit in the lease, which is included in finance costs, and the capital repayment, which reduces the liability to the lessor. Operating lease rentals are charged against operating profits in a systematic manner related to the period the assets concerned will be used. |
Non-current Assets Held For Sale | Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as having been met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell |
Provisions | Provisions Provisions are recognised when the group has a present obligation, whether legal or constructive, because of a past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 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. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. 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. AngloGold Ashanti does not recognise a contingent liability on its statement of financial position except in a business combination where the contingent liability represents a possible obligation. |
Termination benefits | Termination benefits 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 at the earlier of the following dates: (a) when the entity can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” and involves the payment of termination benefits. The group recognises 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. |
Share-based payments | Share-based payments 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. In addition, the group’s management awards certain employee bonuses in the form of a cash settled scheme, whereby awards granted are linked to the performance of the company’s share price. A liability is recognised based upon the grant date fair value and is subsequently remeasured to the closing share price at each reporting date up to the date of vesting. Remeasurements to fair value are recognised in the income statement. |
Revenue recognition | Revenue recognition Revenue is recognised when control of the goods passes to the customer and the performance obligations of transferring control have been met. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred. Revenue from product sales comprises sales of: • refined gold; • by-products including silver, uranium and sulphuric acid; and • doré bars. |
Special items | Special items Items of income and expense that require separate disclosure, in accordance with IAS 1.97, are classified as special items on the face of the income statement. |
Financial instruments | Financial instruments 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). The subsequent measurement of financial instruments is dealt with below. |
Financial liabilities | Financial liabilities Financial liabilities are classified as measured at amortised cost. 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. |
Description of accounting policy for financial assets [text block] | Financial assets On initial recognition, a financial asset is classified as measured at: • amortised cost; • Fair value through other comprehensive income (FVTOCI) - equity instruments; or • FVTPL. At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL, are expensed. A financial asset is measured at amortised cost if it is held within the business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains or losses, together with foreign exchange gains or losses. Impairment losses are presented as separate line item 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 other gains or losses in the period in which it arises. 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. Equity instruments Listed equity investments which are held to meet rehabilitation liabilities are classified as FVTPL. Listed equity investments held for other purposes are classified as FVTOCI. The group subsequently measures all equity investments at fair value. Where the group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group’s right to receive payments is established. Residual values in OCI are reclassified to retained earnings (accumulated losses) on derecognition of the related FVTOCI instruments. Changes in the fair value of financial assets at FVPL are recognised in other gains or losses in the statement of profit or loss as applicable. Impairment of financial assets Financial assets at amortised cost consist of trade receivables, loans, cash and cash equivalents and debt instruments. Impairment losses are assessed using the forward-looking expected credit loss (ECL) approach. An allowance is recorded for all loans and other debt financial assets not held at FVTPL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Trade receivable loss allowances are measured at an amount equal to lifetime ECL’s. Loss allowances are deducted from the gross carrying amount of the assets. Debt securities that are determined to have a low credit risk at the reporting date and bank balances, for which credit risk has not increased significantly since initial recognition, are measured at an amount equal to 12-month ECL. |
Fair value measurements | Fair value measurements The group measures financial instruments at fair value at each reporting date where relevant. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. For the purpose of fair value disclosures, the group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy. The group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of significant accounting policies [Abstract] | |
Disclosure of initial application of standards or interpretations | U S Dollars Figures in millions 2017 2016 Revenue from product sales 4,510 4,223 Cost of sales (3,736 ) (3,401 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 Gross profit 784 841 Gross profit % 17.38 % 19.91 % As previously reported: U S Dollars Figures in millions 2017 2016 Revenue 4,543 4,254 Gold income 4,356 4,085 Cost of sales (3,582 ) (3,263 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 Gross profit 784 841 Gross profit % 18.00 % 20.59 % |
Segmental Information (Tables)
Segmental Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of entity's operating segments [Abstract] | |
Disclosure of Segmental Information | Group analysis by origin is as follows: Figures in millions Gold income US Dollars 2018 2017 2016 Geographical analysis of gold income by origin is as follows: South Africa 602 1,101 1,173 Continental Africa (1) 1,983 1,895 1,663 Australasia 780 709 646 Americas 1,021 1,104 1,036 4,386 4,809 4,518 Equity-accounted investments included above (581 ) (453 ) (433 ) 3,805 4,356 4,085 Foreign countries included in the above and considered material are: Brazil 634 705 659 Guinea 489 Tanzania 715 664 591 DRC 468 Geographical analysis of gold income by destination is as follows: South Africa 1,445 1,659 1,719 North America 450 456 893 Australia 780 709 645 Europe 387 399 377 United Kingdom 1,324 1,586 884 4,386 4,809 4,518 Equity-accounted investments included above (581 ) (453 ) (433 ) 3,805 4,356 4,085 Figures in millions By product revenue US Dollars 2018 2017 2016 South Africa 6 15 23 Continental Africa (1) 3 3 4 Australasia 2 2 2 Americas 128 135 110 139 155 139 Equity-accounted investments included above (1 ) (1 ) (1 ) 138 154 138 The Group's revenue is mainly derived from gold income. Gold is sold through numerous traders worldwide. The Group is not economically dependent on a limited number of customers for the sale of its gold production. Figures in millions Gross profit (loss) (2) US Dollars 2018 2017 2016 South Africa 21 (3 ) 149 Continental Africa (1) 380 386 334 Australasia 160 159 106 Americas (1) 310 253 283 Corporate and other (1) 3 2 (4 ) 874 797 868 Equity-accounted investments included above (102 ) (13 ) (27 ) 772 784 841 Figures in millions Cost of sales Restated Restated US Dollars 2018 2017 2016 South Africa 590 1,129 1,064 Continental Africa (1) 1,607 1,513 1,334 Australasia 622 551 542 Americas (1) 838 987 863 Corporate and other (1) (4 ) (3 ) 5 3,653 4,177 3,808 Equity-accounted investments included above (480 ) (441 ) (407 ) 3,173 3,736 3,401 Figures in millions Amortisation US Dollars 2018 2017 2016 South Africa 72 133 167 Continental Africa (1) 379 421 365 Australasia 149 130 126 Americas (1) 192 273 260 Other, including non-gold producing subsidiaries 3 2 5 795 959 923 Equity-accounted investments included above (165 ) (136 ) (114 ) Continuing operations 630 823 809 Figures in millions Total assets (1)(3)(4) US Dollars 2018 2017 2016 South Africa 1,106 1,734 1,818 Continental Africa 3,135 3,153 3,090 Australasia 888 929 804 Americas 1,286 1,258 1,273 Other, including non-gold producing subsidiaries 228 145 168 6,643 7,219 7,153 Figures in millions Non-current assets (5) US Dollars 2018 2017 2016 Non-current assets considered material, by country are: South Africa (5) 1,005 1,295 1,678 Foreign entities (5) 4,234 4,259 4,144 DRC (5) 1,439 1,423 1,400 Ghana (5) 550 533 520 Tanzania (5) 369 422 437 Australia (5) 718 764 673 Brazil (5) 615 632 645 Figures in millions Capital expenditure US Dollars 2018 2017 2016 South Africa 73 150 182 Continental Africa (1) 313 409 291 Australasia 156 153 109 Americas (1) 176 234 225 Other, including non-gold producing subsidiaries 3 7 4 721 953 811 Equity-accounted investments included above (69 ) (123 ) (100 ) 652 830 711 (1) Includes equity-accounted investments. (2) The group's segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit (loss) to profit before taxation, refer to the group income statement. (3) Total assets includes allocated goodwill of nil ( 2017 : nil ; 2016 : $8m ) for South Africa, $108m ( 2017 : $119m ; 2016 : $110m ) for Australasia and $8m ( 2017 : $8m ; 2016 : $8m ) for Americas (note 15). The South African segment includes assets held for sale of nil (2017: $348m ; 2016: nil ). (4) In 2018, pre-tax impairments and derecognition of assets of $98m were accounted for in South Africa ( 2017 : $294m ; 2016: $3m ), Continental Africa $5m (2017: nil ; 2016: nil ) and the Americas $1m (2017: nil ; 2016; nil ). (5) Non-current assets exclude financial instruments and deferred tax assets. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of revenue [Abstract] | |
Disclosure of revenue | US Dollars Figures in millions 2018 2017 2016 Restated Restated Revenue consists of the following principal categories: Gold income (note 2) 3,805 4,356 4,085 By-products (note 2) 138 154 138 Revenue from product sales 3,943 4,510 4,223 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cost of Sales [Abstract] | |
Cost of Sales by Cost | US Dollars Figures in millions 2018 2017 2016 Restated Restated Cash operating costs 2,356 2,728 2,444 Royalties 135 116 105 Other cash costs 14 19 24 Total cash costs 2,505 2,863 2,573 Retrenchment costs 4 6 14 Rehabilitation and other non-cash costs 20 29 43 Amortisation of tangible assets (note 30 and note 34) 625 817 789 Amortisation of intangible assets (note 30 and note 34) 5 6 20 Inventory change 14 15 (38 ) 3,173 3,736 3,401 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other operating expenses [Abstract] | |
Other Operating Expenses by Expense | US Dollars Figures in millions 2018 2017 2016 Care and maintenance costs (note 34) 74 62 70 Pension and medical defined benefit provisions 10 9 25 Governmental fiscal claims, care and maintenance of old tailings operations and other 13 17 15 97 88 110 |
Special Items (Tables)
Special Items (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of special items [Abstract] | |
Disclosure of Special Items by Item | US Dollars Figures in millions 2018 2017 2016 Impairment and derecognition of assets 104 297 3 Impairment of other investments — 3 — Retrenchment and related costs 34 88 1 Legal fees (recoveries) and other costs related to contract terminations and settlement costs 17 71 11 Write-down of inventories 1 3 12 Net (profit) loss on disposal of assets 20 (8 ) (4 ) Royalties received (10 ) (18 ) (9 ) Indirect tax expense (recoveries) 4 2 (2 ) Repurchase premium and cost on settlement of debt facilities — — 30 170 438 42 |
Finance Costs and Unwinding o_2
Finance Costs and Unwinding of Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Disclosure of Finance Costs and Unwinding of Obligations by Item | US Dollars Figures in millions 2018 2017 2016 Finance costs Finance costs on bonds, corporate notes, bank loans and other 128 132 148 Amortisation of fees 7 4 4 Finance lease charges 5 6 6 140 142 158 Unwinding of obligations 38 27 22 Total finance costs and unwinding of obligations (note 30 and 34) 178 169 180 |
Share of Associates and Joint_2
Share of Associates and Joint Ventures' Profit (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share of associates and joint ventures’ profit (loss) [Abstract] | |
Disclosure of share of associates and joint ventures’ profit (loss) | US Dollars Figures in millions 2018 2017 2016 Restated Restated Revenue (1) 582 454 442 Operating costs, special items and other expenses (1) (472 ) (471 ) (447 ) Net interest received (8 ) 1 3 Profit (loss) before taxation 102 (16 ) (2 ) Taxation (9 ) 23 7 Profit (loss) after taxation 93 7 5 (Impairment) impairment reversal of investments in associates 15 13 (5 ) Impairment reversal of investments in joint ventures (note 17) 14 2 11 Share of associates and joint ventures’ profit (loss) (note 30) 122 22 11 (1) Restated on adoption of IFRS 15. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of employee benefits | US Dollars Figures in millions 2018 2017 2016 Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits 797 1,024 918 Health care and medical scheme costs - current medical expenses 39 58 51 - defined benefit post-retirement medical expenses 9 10 10 Pension and provident plan costs - defined contribution 37 53 48 - defined benefit pension plans — — 15 Retrenchment costs 30 92 16 Share-based payment expense (note 10) 35 33 37 Included in cost of sales, other operating expenses, special items and corporate administration, marketing and other expenses 947 1,270 1,095 |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of Share-based Payment Expense | US Dollars Figures in millions 2018 2017 2016 Equity-settled share incentive schemes Bonus Share Plan (BSP) 20 26 26 Long Term Incentive Plan (LTIP) 1 (1 ) 7 Other 1 1 1 22 26 34 Cash-settled share incentive scheme Cash-settled Long Term Incentive Plan (CSLTIP) 13 7 3 Total share-based payment expense (note 9) 35 33 37 |
Disclosure of Fair and Terms of Equity Schemes | Award date (unvested awards and awards vested during the year) 2015 Calculated fair value R 129.94 Vesting date 3 Mar 2018 Expiry date 3 Mar 2025 Award date (unvested awards and awards vested during the year) 2018 2017 2016 Calculated fair value R 119.14 R 152.87 R 229.22 Vesting date 50% 22 Feb 2019 1 Mar 2018 1 Mar 2017 Vesting date 50% 22 Feb 2020 1 Mar 2019 1 Mar 2018 Expiry date 22 Feb 2028 1 Mar 2027 1 Mar 2026 Award date (unvested awards and awards vested during the year) 2017 2016 Closing share price at 30 December: R 128.62 R 152.58 Vesting date 1 March 2020 1 March 2019 |
Disclosure of Activity of Equity Schemes | Number of shares 2018 2017 2016 Awards outstanding at beginning of year 2,466,357 4,363,330 6,028,193 Awards lapsed during the year (1,186,330 ) (1,512,857 ) (1,160,023 ) Awards exercised during the year (832,185 ) (384,116 ) (504,840 ) Awards outstanding at end of year 447,842 2,466,357 4,363,330 Awards exercisable at end of year 447,842 455,914 320,169 Number of shares 2018 2017 2016 Awards outstanding at beginning of year 4,479,679 4,198,285 4,708,799 Awards granted during the year 2,492,584 1,926,549 2,103,767 Awards lapsed during the year (359,343 ) (218,601 ) (204,374 ) Awards exercised during the year (2,055,001 ) (1,426,554 ) (2,409,907 ) Awards outstanding at end of year 4,557,919 4,479,679 4,198,285 Awards exercisable at end of year 1,588,512 1,904,021 1,170,849 Number of shares 2018 2017 2016 Awards outstanding at beginning of year 95,378 97,651 145,040 Awards granted during the year 80,809 112,105 47,590 Awards lapsed during the year (11,633 ) (62,775 ) (18,570 ) Awards exercised during the year (51,976 ) (51,603 ) (76,409 ) Awards outstanding at end of year 112,578 95,378 97,651 Number of units 2018 2017 2016 Share units outstanding at beginning of year 4,469,618 2,464,630 30,163 Share units granted during the year — 2,572,437 2,537,000 Share units lapsed during the year (611,265 ) (507,597 ) (100,490 ) Share units exercised during the year (42,592 ) (59,852 ) (2,043 ) Share units outstanding at end of year 3,815,761 4,469,618 2,464,630 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | |
Disclosure of Income Tax Expense | Figures in millions US Dollars 2018 2017 2016 South African taxation Normal taxation — 1 1 Prior year (over) under provision (2 ) — (3 ) Deferred taxation Impairment and disposal of tangible assets (47 ) (72 ) — Other temporary differences (34 ) (62 ) 12 Prior year (over) under provision (2 ) 15 25 Change in estimated deferred tax rate (23 ) 31 — (108 ) (87 ) 35 Foreign taxation Normal taxation 243 201 246 Prior year (over) under provision 1 (26 ) (10 ) Deferred taxation Temporary differences (4 ) 20 (65 ) Prior year (over) under provision 4 2 (17 ) Change in estimate (7 ) — — Change in statutory tax rate (1 ) (2 ) — 236 195 154 128 108 189 |
Disclosure of Tax Rates | Figures in millions US Dollars Reconciliation to South African statutory rate 2018 2017 2016 Implied tax charge at 28% 78 (18 ) 75 Increase (decrease) due to: Expenses not tax deductible (1) 29 30 27 Share of associates and joint ventures' profit (loss) (34 ) (6 ) (3 ) Tax rate differentials (2) 25 27 48 Exchange variations, translation and accounting adjustments 20 7 (20 ) Current year tax losses not recognised (recognised) in deferred tax assets: Obuasi mine 13 18 22 AngloGold Ashanti Holdings plc (3) 36 — — North America 6 — — Tax exempt entities: AngloGold Ashanti Holdings plc (3) — 31 37 Other 6 (2 ) (2 ) Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change (30 ) 35 2 Tax effect of disposal of Vaal River assets (18 ) — — Loss on realisation of loan settlement — — 17 Tax allowances (3 ) (3 ) (9 ) Impact of statutory tax rate change (1 ) (2 ) — Adjustment in respect of prior years 1 (9 ) (5 ) Income tax expense 128 108 189 |
Disclosure of Unrecognised Tax Losses | Figures in millions US Dollars 2018 2017 2016 Analysis of unrecognised deferred tax assets Tax losses available to be utilised against future profits - utilisation required within one year 48 — — - utilisation required between one and two years 187 48 — - utilisation required between two and five years 300 333 321 - utilisation required between five and twenty years 1,229 1,210 1,185 - utilisation in excess of twenty years 26 1 1 1,790 1,592 1,507 |
Earnings (Loss) per Ordinary _2
Earnings (Loss) per Ordinary Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of Earnings Per Share | 2018 2017 2016 US cents per share Basic earnings (loss) per ordinary share 32 (46 ) 15 The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $133m (2017: ($191m); 2016: $63m) and 417,122,155 (2017: 415,440,077; 2016: 412,585,042) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share 32 (46 ) 15 The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $133m (2017: ($191m); 2016: $63m) and 417,379,405 (2017: 415,440,077; 2016: 414,706,400) shares being the diluted number of ordinary shares. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares 2018 2017 2016 Ordinary shares 411,412,947 409,265,471 407,519,542 Fully vested options and currently exercisable (1) 5,709,208 6,174,606 5,065,500 Weighted average number of shares 417,122,155 415,440,077 412,585,042 Dilutive potential of share options 257,250 — 2,121,358 Fully diluted number of ordinary shares 417,379,405 415,440,077 414,706,400 Figures in millions US Dollars In calculating the diluted earnings (loss) attributable to equity shareholders, the following were taken into consideration: Profit (loss) attributable to equity shareholders 133 (191 ) 63 (1) Employee compensation awards are included in basic earnings per share from the date that all necessary conditions have been satisfied and it is virtually certain that shares will be issued as a result of employees exercising their options. US Dollars Figures in millions 2018 2017 2016 Headline earnings (loss) The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders from continuing and discontinued operations 133 (191 ) 63 Net impairment (impairment reversal) and derecognition of assets 102 298 (16 ) Net (profit) loss on disposal of assets 32 (8 ) 4 Exchange loss on foreign currency translation reserve release — — 60 Taxation on items above (47 ) (72 ) — 220 27 111 US Cents Basic headline earnings (loss) per share The calculation of basic headline earnings (loss) per ordinary share is based on basic headline earnings (losses) of $220m (2017: $27m; 2016: $111m) and 417,122,155 (2017: 415,440,077; 2016: 412,585,042) shares being the weighted average number of ordinary shares in issue during the year. 53 6 27 Diluted headline earnings (loss) per share The calculation of diluted headline earnings (loss) per ordinary share is based on diluted headline earnings (losses) of $220m (2017: $27m; 2016: $111m) and 417,379,405 (2017: 415,440,077; 2016: 414,706,400) shares being the weighted average number of ordinary shares in issue during the year. 53 6 27 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Disclosure of Dividends Paid | US Dollars Figures in million 2018 2017 2016 Ordinary shares Dividend number 118 of 130 SA cents per share was declared on 21 February 2017 and paid on 7 April 2017. (10 US cents per share) 39 Dividend number 119 of 70 SA cents per share was declared on 20 February 2018 and paid on 6 April 2018 (6 US cents per share). 24 24 39 |
Tangible Assets (Tables)
Tangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Disclosure of Detailed Information About Tangible Assets | Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total US Dollars Cost Balance at 1 January 2016 6,282 4,432 914 5 356 78 12,067 Additions - project capital 25 4 — — 64 — 93 - stay-in-business capital 363 54 1 — 192 1 611 - capitalised leased assets — 2 — — — — 2 Disposals (45 ) (46 ) — — — — (91 ) Transfers and other movements (1) (884 ) 25 — — (190 ) — (1,049 ) Translation 202 105 4 — 28 3 342 Balance at 31 December 2016 5,943 4,576 919 5 450 82 11,975 Accumulated amortisation and impairments Balance at 1 January 2016 4,488 2,618 862 2 29 10 8,009 Amortisation for the year 546 254 4 1 — 1 806 Impairment and derecognition of assets 1 2 — — — — 3 Disposals (43 ) (43 ) — — — — (86 ) Transfers and other movements (1) (964 ) (70 ) — — (3 ) — (1,037 ) Translation 135 31 2 — — 1 169 Balance at 31 December 2016 4,163 2,792 868 3 26 12 7,864 Net book value at 31 December 2016 1,780 1,784 51 2 424 70 4,111 Cost Balance at 1 January 2017 5,943 4,576 919 5 450 82 11,975 Additions - project capital 28 3 — — 125 — 156 - stay-in-business capital 371 37 — — 257 — 665 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (168 ) (21 ) (27 ) — (291 ) 1 (506 ) Transfer to non-current assets and liabilities held for sale (785 ) (281 ) (7 ) — (72 ) (3 ) (1,148 ) Translation 174 88 7 — 21 3 293 Balance at 31 December 2017 5,562 4,382 892 5 490 83 11,414 Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total Accumulated amortisation and impairments Balance at 1 January 2017 4,163 2,792 868 3 26 12 7,864 Amortisation for the year 553 272 3 — — 1 829 Impairment and derecognition of assets (5) 182 62 8 — 1 — 253 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (326 ) (163 ) (27 ) — — — (516 ) Transfer to non-current assets and liabilities held for sale (685 ) (169 ) (4 ) — (1 ) — (859 ) Translation 93 22 5 — — 2 122 Balance at 31 December 2017 3,979 2,796 853 3 26 15 7,672 Net book value at 31 December 2017 1,583 1,586 39 2 464 68 3,742 Cost Balance at 1 January 2018 5,562 4,382 892 5 490 83 11,414 Additions - project capital 2 — — — 175 — 177 - stay-in-business capital 294 20 3 — 149 1 467 Disposals (5 ) (30 ) — (1 ) — (3 ) (39 ) Transfers and other movements (1) 60 (41 ) — — (270 ) 1 (250 ) Translation (239 ) (119 ) (7 ) — (32 ) (5 ) (402 ) Balance at 31 December 2018 5,674 4,212 888 4 512 77 11,367 Accumulated amortisation and impairments Balance at 1 January 2018 3,979 2,796 853 3 26 15 7,672 Amortisation for the year 397 233 2 1 — 1 634 Impairment and derecognition of assets (5) — 104 — — — — 104 Disposals (5 ) (27 ) — (1 ) — (2 ) (35 ) Transfers and other movements (1) (52 ) (153 ) — — — — (205 ) Translation (135 ) (42 ) (6 ) — 1 (2 ) (184 ) Balance at 31 December 2018 4,184 2,911 849 3 27 12 7,986 Net book value at 31 December 2018 1,490 1,301 39 1 485 65 3,381 (1) Transfers and other movements include amounts from deferred stripping, change in estimates of decommissioning assets, asset reclassifications and derecognition of assets with a carrying value of nil. (2) Included in the amounts for mine infrastructure are assets held under finance leases with a net book value of $45 m ( 2017 : $56 m; 2016 : $58m ). (3) Included in the amounts for land and buildings are assets held under finance leases with a net book value of $3 m ( 2017 : $6 m; 2016 : $7 m). (4) Assets of $10 m ( 2017 : $11 m; 2016 : $12m ) have been pledged as security. (5) I mpairment and derecognition of assets is assessed as follows: |
Disclosure of Impairments and Derecognitions of Tangible Assets | Figures in millions - US Dollars 2018 2017 First Uranium 93 13 TauTona — 79 Kopanang — 35 Surface Operations 1 9 Moab Khotsong — 112 Mponeng 4 2 Obuasi 5 — Other 1 3 104 253 |
Disclosure Of Marginal Headroom | Cash generating units with marginal headroom Based on an analysis carried out by the group in 2018, the carrying value and value in use of the most sensitive cash generating unit (CGU) are: Figures in millions - US Dollars Carrying value Value in use Mponeng (1) 533 547 Kibali (2) 1,439 1,484 (1) It is estimated that a decrease of the long-term real gold price of $1,239/oz by 0.3%, would cause the receivable amount of Mponeng to equal its carrying amount. The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing are inextricably linked. (2) Equity accounted investment, included in investments in associates and joint ventures in the statement of financial position. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of Reconciliation of Changes in Intangible Assets and Goodwill | Figures in millions Goodwill Software and licences Royalty tax rate concession and other Total US Dollars Cost Balance at 1 January 2016 380 118 60 558 Additions — 5 — 5 Transfers and other movements (1) — (4 ) — (4 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 379 125 60 564 Accumulated amortisation and impairments Balance at 1 January 2016 254 93 50 397 Amortisation for the year 16 4 20 Transfers and other movements (1) — (3 ) — (3 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 253 112 54 419 Net book value at 31 December 2016 126 13 6 145 Cost Balance at 1 January 2017 379 125 60 564 Additions — 1 — 1 Transfer to non-current assets and liabilities held for sale — (17 ) — (17 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 11 4 — 15 Balance at 31 December 2017 127 112 60 299 Accumulated amortisation and impairments Balance at 1 January 2017 253 112 54 419 Amortisation for the year 3 3 6 Impairment 9 — — 9 Transfer to non-current assets and liabilities held for sale — (15 ) — (15 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 1 5 — 6 Balance at 31 December 2017 — 104 57 161 Net book value at 31 December 2017 127 8 3 138 Cost Balance at 1 January 2018 127 112 60 299 Additions — 1 — 1 Disposals — (2 ) (1 ) (3 ) Transfer to non-current assets and liabilities held for sale — — — — Transfers and other movements (1) — 4 — 4 Translation (11 ) (7 ) — (18 ) Balance at 31 December 2018 116 108 59 283 Accumulated amortisation and impairments Balance at 1 January 2018 — 104 57 161 Amortisation for the year 3 2 5 Disposals — (2 ) (1 ) (3 ) Transfers and other movements (1) — 4 — 4 Translation — (7 ) — (7 ) Balance at 31 December 2018 — 102 58 160 Net book value at 31 December 2018 116 6 1 123 (1) Transfers and other movements include amounts from asset reclassifications and amounts written off. |
Disclosure of Goodwill Impairment Assumptions | Based on an analysis carried out by the group in 2018, the carrying value and value in use of cash generating units (CGUs) with goodwill that were most sensitive is: 2018 US Dollars Figures in millions Carrying Value Value in use Serra Grande 104 259 |
Disclosure of Goodwill Allocation | Net book value of goodwill allocated to each of the CGUs: US Dollars Figures in millions 2018 2017 2016 - Sunrise Dam 108 119 110 - First Uranium (Pty) Limited 8 - Serra Grande 8 8 8 116 127 126 Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant are as follows: - Sunrise Dam (1) 8.3 % 8.3 % 8.8 % Goodwill has been allocated to its respective CGU's where it is tested for impairment as part of the CGU . The group reviews and tests the carrying value of goodwill on an annual basis for impairment. The discount rates for 2018 were determined on a basis consistent with the 2017 discount rates. (1) The value in use of the CGU is $750 m in 2018 (2017: $402 m; 2016: $487 m). |
Material partly-owned subsidi_2
Material partly-owned subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Disclosure of interest in subsidiaries | Name Non-controlling interest holding Country of incorporation and operation 2018 2017 2016 Cerro Vanguardia S.A. (CVSA) 7.5 % 7.5 % 7.5 % Argentina Société AngloGold Ashanti de Guinée S.A. (Siguiri) 15 % 15 % 15 % Republic of Guinea Financial information of subsidiaries that have material non-controlling interests are provided below: US Dollars Figures in millions 2018 2017 2016 Profit allocated to material non-controlling interests CVSA 9 7 6 Siguiri 8 13 11 Accumulated balances of material non-controlling interests CVSA 14 13 15 Siguiri 32 32 28 Summarised financial information of subsidiaries is as follows. The information is based on amounts including inter-company balances. US Dollars Figures in millions CVSA Siguiri Statement of profit or loss for 2018 Revenue 498 365 Profit (loss) for the year 119 56 Total comprehensive income (loss) for the year, net of tax 119 56 Attributable to non-controlling interests 9 8 Dividends paid to non-controlling interests (7 ) (8 ) Statement of profit or loss for 2017 Revenue 517 489 Profit (loss) for the year 96 88 Total comprehensive income (loss) for the year, net of tax 96 88 Attributable to non-controlling interests 7 13 Dividends paid to non-controlling interests (9 ) (10 ) Statement of profit or loss for 2016 Revenue 472 367 Profit (loss) for the year 81 74 Total comprehensive income (loss) for the year, net of tax 81 74 Attributable to non-controlling interests 6 11 Dividends paid to non-controlling interests (6 ) (9 ) Summarised financial information of subsidiaries is as follows. The information is based on amounts before inter-company eliminations. US Dollars Figures in millions CVSA Siguiri Statement of financial position as at 31 December 2018 Non-current assets 176 257 Current assets 215 157 Non-current liabilities (112 ) (64 ) Current liabilities (78 ) (137 ) Total equity 201 213 Statement of financial position as at 31 December 2017 Non-current assets 193 206 Current assets 171 189 Non-current liabilities (103 ) (101 ) Current liabilities (84 ) (82 ) Total equity 177 212 Statement of financial position as at 31 December 2016 Non-current assets 241 174 Current assets 177 178 Non-current liabilities (108 ) (79 ) Current liabilities (107 ) (85 ) Total equity 203 188 Statement of cash flows for the year ended 31 December 2018 Cash inflow (outflow) from operating activities 179 84 Cash inflow (outflow) from investing activities (36 ) (96 ) Cash inflow (outflow) from financing activities (140 ) (6 ) Net increase (decrease) in cash and cash equivalents 3 (18 ) Statement of cash flows for the year ended 31 December 2017 Cash inflow (outflow) from operating activities 189 152 Cash inflow (outflow) from investing activities (55 ) (82 ) Cash inflow (outflow) from financing activities (118 ) (58 ) Net increase (decrease) in cash and cash equivalents 16 12 Statement of cash flows for the year ended 31 December 2016 Cash inflow (outflow) from operating activities 110 120 Cash inflow (outflow) from investing activities (57 ) (59 ) Cash inflow (outflow) from financing activities (97 ) (53 ) Net increase (decrease) in cash and cash equivalents (44 ) 8 |
Investments in Associates and_2
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interests In Other Entities [Abstract] | |
Disclosure of Interests in Associates | US Dollars Figures in millions 2018 2017 2016 Carrying value Investments in associates 36 36 20 Investments in joint ventures 1,492 1,471 1,428 1,528 1,507 1,448 Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be material. Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2018 2017 2016 Aggregate statement of profit or loss for associates (attributable) Revenue 19 21 30 Operating costs and expenses (4 ) (11 ) (38 ) Taxation (1 ) 2 (1 ) Profit (loss) for the year 14 12 (9 ) Total comprehensive profit (loss) for the year, net of tax 14 12 (9 ) |
Disclosure of Interests in Joint Ventures | Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2018 2017 2016 Kibali Goldmines S.A. (1) 45 45 45 Exploration and mine development The Democratic Republic of the Congo (1) AngloGold Ashanti Limited has a 50% interest in Kibali (Jersey) Limited (Kibali) which holds our effective 45% interest in Kibali Goldmines S.A. US Dollars Figures in millions 2018 2017 2016 Carrying value of joint ventures Kibali 1,439 1,423 1,400 Immaterial joint ventures 53 48 28 1,492 1,471 1,428 Reversal (impairment) of investments in joint ventures Sadiola (note 8) 14 2 11 US Dollars Figures in millions 2018 2017 2016 The cumulative unrecognised share of losses of the joint ventures: Morila 8 7 9 Yatela 3 2 3 Summarised financial information of joint ventures is as follows (not attributable): US Dollars Kibali Figures in millions 2018 2017 2016 Statement of profit or loss Revenue 1,098 755 709 Other operating costs and expenses (539 ) (530 ) (471 ) Amortisation of tangible and intangible assets (330 ) (264 ) (211 ) Finance costs and unwinding of obligations (4 ) (5 ) (5 ) Interest income 3 4 5 Taxation (16 ) 54 23 Profit for the year 212 14 50 Total comprehensive income for the year, net of tax 212 14 50 Dividends received from joint venture (attributable) 89 — 30 US Dollars Kibali Figures in millions 2018 2017 2016 Statement of financial position Non-current assets 2,659 2,834 2,805 Current assets 205 166 179 Cash and cash equivalents 124 3 19 Total assets 2,988 3,003 3,003 Non-current financial liabilities 29 41 47 Other non-current liabilities 24 23 32 Current financial liabilities 11 7 10 Other current liabilities 64 107 133 Total liabilities 128 178 222 Net assets 2,860 2,825 2,781 Group’s share of net assets 1,430 1,413 1,391 Other 9 10 9 Carrying amount of interest in joint venture 1,439 1,423 1,400 US Dollars Figures in millions 2018 2017 2016 Aggregate statement of profit (loss) for immaterial joint ventures (attributable) Revenue 112 113 114 Other operating costs and expenses (92 ) (94 ) (95 ) Amortisation of tangible and intangible assets (15 ) (16 ) (18 ) Taxation (2 ) (2 ) (3 ) Profit (loss) for the year 3 1 (2 ) Total comprehensive income (loss) for the year, net of tax 3 1 (2 ) |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Other Investments | US Dollars Figures in millions 2018 2017 2016 Non-current investments Listed investments (1) Equity investments at fair value through profit and loss (FVTPL) Balance at beginning of year 26 Additions 2 Disposals (2 ) Fair value adjustments (3 ) Translation (4 ) Balance at end of year 19 Equity investments at fair value though OCI (FVTOCI) Balance at beginning of year 47 Additions 13 Disposals (7 ) Fair value adjustments 10 Balance at end of year 63 The group reclassified its listed investments as FVTPL and FVTOCI on adoption of IFRS 9 on 1 January 2018. The fair value of available-for-sale investments as at 31 December 2017 amounted to $73m (2016: $46m). The non-current equity investments consist of ordinary shares and collective investment schemes and primarily comprise: International Tower Hill Mines Limited (ITH) — 7 9 Corvus Gold Corporation 43 25 7 Various listed investments held by Environmental Rehabilitation Trust Fund 16 22 18 Pure Gold Mining 18 11 8 Other 5 8 4 82 73 46 (1) The group’s listed available-for-sale equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the majority of equity investments were listed on the Toronto Stock Exchange and the JSE. US Dollars Figures in millions 2018 2017 2016 Non-current investments (continued) Listed investments (continued) Investments held to maturity 4 6 Investments at amortised cost 12 The amortised cost investment consists of government bonds held by the Environmental Rehabilitation Trust Fund administered by Ashburton Investments. Current investments Listed investments - Available for Sale 7 5 Listed investments - FVTOCI 6 Book value of listed investments 100 84 57 Non-current assets Unlisted investments Balance at beginning of year 54 73 57 Additions 48 81 66 Maturities (45 ) (73 ) (58 ) Transfer to non-current assets and liabilities held for sale — (32 ) — Other (2 ) — 1 Translation (8 ) 5 7 Balance at end of year 47 54 73 The unlisted investments include: Negotiable Certificates of Deposit - Environmental Rehabilitation Trust Fund administered by Ashburton Investments 46 53 69 Other 1 1 4 47 54 73 Book value of unlisted investments 47 54 73 Total value of non-current investments 141 131 125 Total book value of other investments 147 138 130 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of inventories [Abstract] | |
Disclosure of Inventory by Type | US Dollars Figures in millions 2018 2017 2016 Non-current Raw materials - ore stockpiles 106 100 84 Current Raw materials - ore stockpiles 251 261 233 - heap-leach inventory 3 5 3 Work in progress - metals in process 44 58 77 Finished goods - gold doré/bullion 57 59 60 - by-products — 5 4 Total metal inventories 355 388 377 Mine operating supplies 297 295 295 652 683 672 Total inventories (1) 758 783 756 (1) The amount of the write-down of ore stockpiles, metals in process, by-products and mine operating supplies to net realisable value, and recognised as an expense during the year in special items or cost of sales is $19m ( 2017 : $17m ; 2016 : $30m ). |
Trade, other receivables and _2
Trade, other receivables and other assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Trade, Other Receivables and Other Assets by Type | US Dollars Figures in millions 2018 2017 2016 Non-current Prepayments 18 17 9 Recoverable tax, rebates, levies and duties 84 50 25 102 67 34 Current Trade and loan receivables 33 27 35 Prepayments 42 62 85 Recoverable tax, rebates, levies and duties 116 127 124 Other receivables 18 6 11 209 222 255 Total trade, other receivables and other assets 311 289 289 Current trade and loan receivables are generally on terms less than 90 days. At 31 December 2018 trade receivables of $2m have been pledged as security. 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 Continental Africa segment. These values are summarised as follows: Recoverable value added tax 126 106 61 Recoverable fuel duties 41 38 39 Appeal deposits 10 10 8 |
Cash Restricted for Use (Tables
Cash Restricted for Use (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Cash Restricted for Use by Type | US Dollars Figures in millions 2018 2017 2016 Non-current 35 37 36 Current Cash restricted by prudential solvency requirements and other 24 18 16 Cash balances held by the Tropicana - joint venture 7 10 3 31 28 19 Total cash restricted for use (note 33 and 34) 66 65 55 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Cash and Cash Equivalents by Type | US Dollars Figures in millions 2018 2017 2016 Cash and deposits on call 312 170 167 Money market instruments 17 35 48 Total cash and cash equivalents (note 33 and note 34) 329 205 215 |
Share Capital and Premium (Tabl
Share Capital and Premium (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of Share Capital | US Dollars Figures in millions 2018 2017 2016 Share capital Authorised 600,000,000 ordinary shares of 25 SA cents each 23 23 23 2,000,000 A redeemable preference shares of 50 SA cents each — — — 5,000,000 B redeemable preference shares of 1 SA cent each — — — 30,000,000 C redeemable preference shares of no par value — — — 23 23 23 Issued and fully paid 412,769,980 (2017: 410,054,615; 2016: 408,223,760) ordinary shares of 25 SA cents each 16 16 16 2,000,000 A redeemable preference shares of 50 SA cents each — — — 778,896 B redeemable preference shares of 1 SA cent each — — — 16 16 16 Treasury shares held within the group: 2,778,896 A and B redeemable preference shares — — — 16 16 16 Share premium Balance at beginning of year 7,171 7,145 7,103 Ordinary shares issued 37 26 42 7,208 7,171 7,145 Less: held within the group Redeemable preference shares (53 ) (53 ) (53 ) Balance at end of year 7,155 7,118 7,092 Share capital and premium 7,171 7,134 7,108 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of borrowing costs [Abstract] | |
Disclosure of Detailed Information About Borrowings | US Dollars Figures in millions 2018 2017 2016 Non-current Unsecured Debt carried at amortised cost Rated bonds - issued July 2012 761 759 758 Semi-annual coupons are paid at 5.125% per annum. The bonds were issued on 30 July 2012, are repayable on 1 August 2022 and are US dollar-based. Rated bonds - issued April 2010 1,002 1,001 1,000 Semi-annual coupons are paid at 5.375% per annum on $700m 10-year bonds and at 6.5% per annum on $300m 30-year bonds. The $700m bonds are repayable in April 2020 and the $300m bonds are repayable in April 2040. The bonds are US dollar-based. Syndicated revolving credit facility ($1bn) — 32 45 The facility was issued on 17 July 2014 and cancelled during October 2018. Replaced with a new $1.4bn multi-currency facility. The new facility is undrawn. Syndicated revolving credit facility (A$500m) — 163 168 The loan was cancelled in October 2018 and replaced by a $1.4bn multi-currency facility which is capped at A$500m. The new facility is undrawn. Syndicated loan facility (R1.5bn) — — 88 The facility was issued on 3 December 2013 and was settled on 12 December 2017. Syndicated revolving credit facility (R2.5bn) — 56 — Quarterly interest paid at JIBAR plus 1.8% per annum. The facility was issued on 12 December 2017 and is available until 12 December 2021, with the option on application to extend for another year. The loan is SA rand-based. Syndicated loan facility (R1.4bn) 28 81 — Quarterly interest paid at JIBAR plus 1.65% per annum. The facility was issued on 7 July 2015 and is available until 7 July 2020. The loan is SA rand-based. Syndicated loan facility (R1bn) 35 81 — Quarterly interest paid at JIBAR plus 1.3% per annum. The facility was issued on 3 November 2017 and is available until 3 November 2021, with the option on application to extend for another year. The loan is SA rand-based. Revolving Credit Facilities ($100m) (1)(2) 103 16 41 Various loans with interest rates ranging from 6.2% to 8% above LIBOR. The facilities were issued on 23 August 2016 and are available until 23 August 2019 and are US dollar-based. Geita revolving credit facility ($115m) (1) 60 — — Multi-currency RCF consisting of Tanzanian shilling component which is capped at the equivalent of US$45m. This component bears interest at 12.5%. The remaining USD component of the facility bears interest at LIBOR plus 6.7%. The facility matures on 6 April 2021. Other — 1 1 Interest charged at various rates from 2.5% plus delta exchange rate on individual instalments per annum to 4.5% per annum. Repayments terminate in June 2023. All loans are Brazilian real-based. The loans are subject to debt covenant arrangements for which no default event occurred. US Dollars Figures in millions 2018 2017 2016 Non-current (continued) Secured Finance leases Turbine Square Two (Pty) Limited 9 15 15 The lease is capitalised at an implied interest rate of 9.8% per annum. Lease payments are due in monthly instalments terminating in March 2022 and are SA rand-based. The building financed is used as security for these loans. Australian Gas Pipeline 48 58 57 The contract with the supplier of gas contains embedded leases which have been determined to bear interest at an average of 6.75% per annum. The embedded leases commenced in November and December 2015 and are for a 10 and 12 year duration, respectively. The leases are repayable in monthly instalments and are Australian dollar-based. The equipment related to the embedded leases is used as security for these loans. Other 4 5 5 Various loans with interest rates ranging from 2.5% to 14.7% per annum. These loans are repayable from 2016 to 2041. Some of these loans are secured by the financed assets. Total borrowings (note 34) 2,050 2,268 2,178 Current portion of borrowings (139 ) (38 ) (34 ) Total non-current borrowings 1,911 2,230 2,144 Current Current portion of non-current borrowings included above 139 38 34 Amounts falling due Within one year (1)(2) 139 38 34 Between one and two years 734 219 170 Between two and five years 860 1,687 902 After five years 317 324 1,072 (note 34) 2,050 2,268 2,178 (1) On 29 January 2019 $35m of this facility was combined with the Geita RCF $115m and will be transferred to non-current borrowings during the next reporting period as the new facility is due on 6 April 2021. (2) On 27 February 2019 the remaining portion of the $65m was renewed for a further three years, maturing 27 February 2022. US Dollars Figures in millions 2018 2017 2016 Currency The currencies in which the borrowings are denominated are as follows: US dollar 1,896 1,807 1,844 Australian dollar 48 221 225 SA rand 75 237 106 Tanzanian shilling 29 — — Brazilian real 2 3 3 (notes 33 and 34) 2,050 2,268 2,178 Undrawn facilities Undrawn borrowing facilities as at 31 December are as follows: Syndicated revolving credit facility ($1bn) - US dollar — 965 950 Syndicated revolving credit facility (A$500m) - Australian dollar — 226 191 Syndicated revolving credit facility (R1.5bn) - SA rand — — 21 Syndicated revolving credit facility (R2.5bn) - SA rand 174 146 — Syndicated revolving credit facility (R1.4bn) - SA rand 70 32 102 FirstRand Bank Limited (R750m) - SA rand 52 61 37 Revolving credit facilities ($100m) - US dollar — 85 60 Revolving credit facility (R1bn) - SA rand 35 — — Multi currency syndicated revolving credit facility ($1.4bn) - US Dollar 1,400 — — Revolving credit facility - $115m 57 — — 1,788 1,515 1,361 Changes in liabilities arising from financing activities: Reconciliation of total borrowings: A reconciliation of total borrowings included in the statement of financial position is set out in the following table: Opening balance 2,268 2,178 2,737 Proceeds from borrowings 753 815 787 Repayment of borrowings (967 ) (767 ) (1,333 ) Finance costs paid on borrowings (117 ) (125 ) (159 ) Interest charged to the income statement 127 130 145 Fair value adjustments on issued bonds — — (9 ) Translation (14 ) 37 10 Closing balance 2,050 2,268 2,178 Reconciliation of finance costs paid: A reconciliation of finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 117 125 159 Commitment fees, environmental guarantee fees and other borrowing costs 13 13 13 Total finance costs paid 130 138 172 |
Environmental Rehabilitation _2
Environmental Rehabilitation and Other Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of Environmental Rehabilitation and Other Provisions | US Dollars Figures in millions 2018 2017 2016 Environmental rehabilitation obligations Provision for decommissioning Balance at beginning of year 286 279 272 Charge to income statement 1 2 — Change in estimates (1) (47 ) 4 (12 ) Unwinding of decommissioning obligation 12 12 12 Transfer to non-current assets and liabilities held for sale — (20 ) — Utilised during the year (1 ) (2 ) (2 ) Translation (14 ) 11 9 Balance at end of year 237 286 279 Provision for restoration Balance at beginning of year 409 426 411 Charge to income statement 2 8 10 Change in estimates (1) (28 ) (17 ) (2 ) Unwinding of restoration obligation 12 10 8 Transfer to non-current assets and liabilities held for sale — (3 ) — Transfer to current portion — (17 ) — Utilised during the year (3 ) (4 ) (3 ) Translation (7 ) 6 2 Balance at end of year 385 409 426 Other provisions (2)(3) Balance at beginning of year 247 172 164 Charge to income statement 24 17 11 Change in estimates 18 15 5 Additions — 64 — Transfer to trade and other payables (26 ) (6 ) (2 ) Unwinding of other provisions 7 1 1 Utilised during the year (35 ) (35 ) (30 ) Translation (30 ) 19 23 Balance at end of year 205 247 172 Total environmental rehabilitation and other provisions 827 942 877 (1) The change in estimates is attributable to changes in discount rates due to changes in global economic assumptions and changes in mine plans resulting in a change in cash flows and changes in design of tailings storage facilities and in methodology following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life of mine. (2) Other provisions include the following significant item: Chemwes (Pty) Limited, a subsidiary of First Uranium (Pty) Limited acquired by AngloGold Ashanti Limited during 2012, agreed to sell 25% of its production, capped at 312,500 oz from 1 January 2012, to Franco-Nevada (Barbados) Corporation. Franco Nevada is required to pay $400 /oz which inflates at 1% compounded annually from 2013. These factors were considered in determining the commodity contract obligation. The provision is calculated as the present value of the portion which is deemed onerous in light of the current market conditions using a gold forward for the duration of the contract of $1,283 /oz ( 2017 : $1,303 /oz; 2016 : $1,152 /oz). As at 31 December 2018, the remaining production due to Franco Nevada is 144,517 oz ( 2017 : 170,435 oz; 2016 : 197,528 oz). (3) Other provisions include the long-term provision for the silicosis class action litigation of $47m , the short-term portion of $16m has been included in trade and other payables. |
Provision for Pension and Pos_2
Provision for Pension and Post-retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of Pension and Post-retirement Benefits | US Dollars Figures in millions 2018 2017 2016 Defined benefit plans The retirement schemes consist of the following: Post-retirement medical scheme for AngloGold Ashanti's South African employees 93 114 109 Other defined benefit plans 7 8 9 Sub-total 100 122 118 Figures in millions 2018 2017 2016 US Dollars 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. This scheme is unfunded. The last valuation was performed as at 31 December 2018. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 115 109 97 Interest cost 9 10 10 Benefits paid (10 ) (9 ) (8 ) Actuarial (gain) loss (5 ) (8 ) (2 ) Translation (16 ) 13 12 Balance at end of year 93 115 109 Less: transfer to non-current assets and liabilities held for sale — (1 ) — Net amount recognised 93 114 109 Components of net periodic benefit cost Interest cost 9 10 10 Net periodic benefit cost 9 10 10 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 9.57 % 9.29 % 9.31 % Expected increase in health care costs 7.35 % 7.75 % 8.30 % Assumed health care cost trend rates at 31 December: Health care cost trend assumed for next year 7.35 % 7.75 % 8.30 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 7.35 % 7.75 % 8.30 % 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 total service and interest cost – 1% point increase 1 1 1 Effect on post-retirement benefit obligation – 1% point increase 7 10 10 Effect on total service and interest cost – 1% point decrease (1 ) (1 ) (1 ) Effect on post-retirement benefit obligation – 1% point decrease (7 ) (8 ) (9 ) Cash flows Contributions AngloGold Ashanti Limited expects to contribute $9m to the post-retirement medical plan in 2019. Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid: 2019 9 2020 9 2021 9 2022 9 2023 9 Thereafter 48 |
Deferred Taxation (Tables)
Deferred Taxation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | |
Disclosure of Deferred Taxation | US Dollars Figures in millions 2018 2017 2016 Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets 521 604 730 Inventories 37 33 31 Other 5 15 10 563 652 771 Assets Provisions 218 229 245 Tax losses 24 60 31 Other 6 4 3 248 293 279 Net deferred taxation liability 315 359 492 Included in the statement of financial position as follows: Deferred tax assets — 4 4 Deferred tax liabilities 315 363 496 Net deferred taxation liability 315 359 492 The movement on the deferred tax balance is as follows: Balance at beginning of year 359 492 513 Taxation of items included in income statement (30 ) (68 ) (45 ) Taxation on items included in other comprehensive income 5 (6 ) 2 Transfer to non-current assets and liabilities held for sale — (73 ) — Translation (19 ) 14 22 Balance at end of year 315 359 492 |
Trade, Other Payables and Def_2
Trade, Other Payables and Deferred Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Disclosure of Trade, Other Payables and Deferred Income by Nature | US Dollars Figures in millions 2018 2017 2016 Non-current 3 3 4 Current Trade payables 350 358 381 Accruals and deferred income (1) 186 228 206 Short-term provisions 20 22 — Derivatives 9 — — Other payables 29 30 28 594 638 615 Total trade, other payables and deferred income 597 641 619 Current trade and other payables are non-interest bearing and are normally settled within 60 days. (1) Includes accrual for silicosis of $16m in 2018 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of income tax [Abstract] | |
Disclosure of Income Tax Payable | US Dollars Figures in millions 2018 2017 2016 Balance at beginning of year 50 97 64 Refunds during the year 5 14 12 Payments during the year (171 ) (174 ) (165 ) Taxation of items included in the income statement 242 190 234 Offset of VAT and other taxes (63 ) (78 ) (47 ) Translation (9 ) 1 (1 ) Balance at end of year 54 50 97 Included in the statement of financial position as follows: Taxation asset included in trade and other receivables (6 ) (3 ) (14 ) Taxation liability 60 53 111 54 50 97 |
Cash Generated From Operations
Cash Generated From Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement of cash flows [abstract] | |
Disclosure of Cash Generated From Operations | US Dollars Figures in millions 2018 2017 2016 Profit (loss) before taxation 278 (63 ) 269 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 3 (10 ) (19 ) Amortisation of tangible assets (note 4) 625 817 789 Finance costs and unwinding of obligations (note 7) 178 169 180 Environmental, rehabilitation and other expenditure (35 ) (30 ) (13 ) Special items 106 394 44 Amortisation of intangible assets (notes 4 and 15) 5 6 20 Fair value adjustments 3 — (9 ) Interest received (17 ) (15 ) (22 ) Share of associates and joint ventures’ (profit) loss (note 8) (122 ) (22 ) (11 ) Exchange loss on foreign currency reserve release — — 60 Other non-cash movements 39 61 90 Movements in working capital (131 ) (156 ) (76 ) 932 1,151 1,302 Movements in working capital: (Increase) decrease in inventories (9 ) (67 ) (48 ) (Increase) decrease in trade, other receivables and other assets (72 ) (86 ) (131 ) Increase (decrease) in trade, other payables and deferred income (50 ) (3 ) 103 (131 ) (156 ) (76 ) |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of related party [Abstract] | |
Disclosure of Transactions Between Related Parties | US Dollars Figures in millions 2018 2017 2016 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Joint ventures 10 12 16 Purchases and services acquired from related parties Associates 19 16 15 Joint ventures — 3 6 Outstanding balances arising from sale of goods and services due by related parties Associates 19 7 — Joint ventures — 2 8 Amounts owed to/due by related parties above are unsecured and non-interest bearing. Loans advanced to joint ventures and associates Loans advanced to associates and joint ventures are included in the carrying value of investments in associates and joint ventures (note 17) |
Disclosure of Notice Period and Change of Control Period by Executive Category | The notice period applied per category of executive and the change of control periods as at 31 December 2018 were as follows: Executive Committee member Notice Period Change of control CEO 12 months 12 months CFO 6 months 6 months EXCO 6 months 6 months |
Disclosure of Key Management Remuneration | Executive Directors’ and Prescribed Officers’ remuneration The table below summarises remuneration of Executive Directors and Prescribed Officers. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2018. Salary Performance related payments (4) Pension scheme benefits Other benefits and encashed leave (3) Total salary and benefits (IFRS) Pre-tax gains on share awards exercised 2018 Total Total SA Rands US Dollars Figures in thousands 2018 2018 (8) 2017 2016 Executive Directors KPM Dushnisky (1)(2)(3) 5,740 6,529 1,421 16,022 29,712 — 29,712 2,243 — — KC Ramon 8,692 8,187 725 1,162 18,766 — 18,766 1,417 1,157 947 S Venkatakrishnan (7) 8,995 — 2,275 4,218 15,488 55,278 70,766 5,342 2,134 1,832 Total Executive Directors 23,427 14,716 4,421 21,402 63,966 55,278 119,244 9,002 3,291 2,779 Prescribed Officers CE Carter (5) 9,557 8,050 1,381 985 19,973 9,628 29,601 2,235 1,887 1,535 GJ Ehm 8,693 7,019 248 694 16,654 13,874 30,528 2,304 1,449 1,693 L Eybers 7,946 6,549 248 1,369 16,112 — 16,112 1,216 1,051 — DC Noko 7,014 5,751 658 406 13,829 22,132 35,961 2,715 938 961 ME Sanz Perez 6,953 5,730 869 150 13,702 — 13,702 1,034 885 1,640 CB Sheppard 7,415 6,080 696 389 14,580 — 14,580 1,101 862 721 TR Sibisi 6,347 5,416 793 114 12,670 — 12,670 957 711 541 Retired prescribed officers — — Total prescribed officers 53,925 44,595 4,893 4,107 107,520 45,634 153,154 11,562 7,783 7,091 Total Executive Directors’ and Prescribed Officers’ remuneration ZAR 77,352 59,311 9,314 25,509 171,486 100,912 272,398 20,564 11,074 9,870 (1) All salary payments (including salary, performance related payments, pension and other benefits) for KPM Dushnisky are pro-rated in accordance with his start date (1 September 2018 - 31 December 2018). (2) Other benefits for KPM Dushnisky represent a cash sign on award of $1.2m accrued in 2018, payable as follows: $0.8m upon engagement and $0.4m in January 2019. Full details of total cash and share sign-on awards are included below. (3) Other benefits include health care, pension allowance, cash in lieu of dividends, vested CIP match awards, group personal accident, disability and funeral cover. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over. (4) Represents the DSP cash portion; calculated on the financial year's results; and payable in the 2019 financial year. (5) Includes remuneration and pre-tax gains on share awards for S Venkatakrishnan up to resignation date 30 August 2018. (6) Convenience conversion to USD at the year-to-date average exchange rate of $1:R13.25 (2017: $1:R13.30; 2016: $1:R14.68) Non-Executive Director remuneration The table below details the fees and allowances paid to Non-Executive Directors: Non-Executive Directors’ fees and allowances Figures in thousands (1) Figures in thousands (1) Director fees Committee fees Travel allowance Total Total Total US Dollars (1) 2018 2017 2016 SM Pityana (Chairman) 342,000 87,750 11,250 441,000 372 378 AH Garner 134,000 38,500 27,500 200,000 201 200 MJ Kirkwood 134,000 79,000 33,750 246,750 231 249 NP January-Bardill 134,000 56,000 7,500 197,500 180 189 R Gasant 134,000 83,000 12,500 229,500 182 193 RJ Ruston 134,000 80,500 46,250 260,750 212 231 MDC Richter 134,000 67,500 33,750 235,250 203 200 DL Hodgson 134,000 47,000 8,750 189,750 167 176 AM Ferguson (2) 30,000 10,000 12,500 52,500 — — Retired and resigned non-executive director (3)(4) 67,000 28,500 — 95,500 212 256 Total 1,377,000 577,750 193,750 2,148,500 1,960 2,072 (1) Directors’ compensation is disclosed in US dollars. (2) Director joined in 1 October 2018. (3) Director retired in May 2017. (4) Director resigned 15 May 2018. |
Disclosure of Key Management and Other Personnel Share-based Payment Arrangements BSP | BSP awards Balance at 1 January 2018 Granted during 2018 Exercised during 2018 Lapsed during 2018 Balance at 31 December 2018 (1) Vested balance at 31 December 2018 (1) Pre-tax gains on options exercised during 2018 USD'000 (2)(3) Closing indicative fair value of Balance at 31 December 2018 USD'000 (4) Executive Directors S Venkatakrishnan 331,742 101,217 295,683 137,276 — — 2,470 — KC Ramon 89,825 55,634 — — 145,459 68,386 — 1,675 Total Executive Directors 421,567 156,851 295,683 137,276 145,459 68,386 2,470 1,675 Prescribed Officers CE Carter 56,933 47,873 37,633 — 67,173 — 305 774 GJ Ehm 117,164 45,993 21,882 — 141,275 78,492 185 1,627 L Eybers 36,959 44,575 — — 81,534 27,908 — 939 DC Noko 101,548 38,718 87,735 — 52,531 — 901 605 ME Sanz Perez 67,902 38,143 — — 106,045 53,203 — 1,221 CB Sheppard 39,357 40,931 — — 80,288 24,754 — 925 TR Sibisi 23,621 35,410 — — 59,031 11,810 — 680 Total Prescribed Officers 443,484 291,643 147,250 — 587,877 196,167 1,391 6,771 (1) Vested awards not yet exercised are included in "Balance at 31 December 2018". The “Balance at 31 December 2018” includes unvested awards as well as vested awards not yet exercised. (2) Represents the actual pre-tax gains on date of exercise, converted to USD at the convenience year-to-date average exchange rate of $1:R13.25. (3) Pre-tax gains on awards exercised included in the 2018 remuneration table. (4) Represents the indicative fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. |
Disclosure of Key Management and Other Personnel Share-based Payment Arrangements LTIP | LTIP awards Balance at 1 January 2018 Exercised during 2018 Lapsed during 2018 Balance at 31 December 2018 (1)(2) Vested balance at 31 December 2018 (2) Pre-tax gain on awards exercised during 2018 (3)(4) Closing indicative fair value of balance at 31 December 2018 (5) Executive Directors S Venkatakrishnan 634,782 203,786 430,996 — — 1,703 — KC Ramon 358,334 — 67,590 290,744 60,149 — 3,348 Total Executive Directors 993,116 203,786 498,586 290,744 60,149 1,703 3,348 Prescribed Officers CE Carter 352,962 50,219 72,148 230,595 — 422 2,655 GJ Ehm 387,556 86,659 70,302 230,595 — 862 2,655 L Eybers 146,061 — 14,492 131,569 14,034 — 1,515 DC Noko 339,221 75,041 55,330 208,850 — 770 2,405 ME Sanz Perez 332,634 — 55,090 277,544 69,081 — 3,196 CB Sheppard 231,328 — 10,260 221,068 7,140 — 2,546 TR Sibisi 195,971 — — 195,971 — — 2,257 Total Prescribed Officers 1,985,733 211,919 277,622 1,496,192 90,255 2,054 17,229 (1) Represents the total long term incentive awards (including cash settled awards for 2016 and 2017). The “Balance at 31 December 2018” includes unvested awards as well as vested awards not yet exercised. (2) V ested awards are included in "Balance at 31 December2018". (3) Represents the actual pre-tax gains on date of exercise, converted to USD at the convenience year-to-date average exchange rate of $1:R13.25. (4) Pre-tax gains on awards exercised are included in the remuneration table. (5) Represents the indicative fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. |
Disclosure of Key Management and Other Personnel Share-based Payment Arrangements CIP | CIP matched awards Balance at 1 January 2018 Granted during 2018 Vested and exercised during 2018 (1) Lapsed during 2018 Balance at 31 December 2018 Closing indicative fair value of balance at 31 December 2018 (2) Executive Directors S Venkatakrishnan 23,265 — 11,632 11,633 — — KC Ramon 17,817 16,950 11,497 — 23,270 268 Total Executive Directors 41,082 16,950 23,129 11,633 23,270 268 Prescribed Officers CE Carter 1,897 — 948 — 949 11 GJ Ehm 9,000 12,000 4,500 — 16,500 190 L Eybers 7,218 13,179 3,609 — 16,788 193 DC Noko 12,929 10,606 8,165 — 15,370 177 ME Sanz Perez 9,109 11,484 4,554 — 16,039 185 CB Sheppard 8,016 10,350 4,008 — 14,358 165 TR Sibisi 6,127 6,240 3,063 — 9,304 107 Total Prescribed Officers 54,296 63,859 28,847 — 89,308 1,028 (1) Vested CIP matched awards are included in the remuneration table as part of "Other benefits and encashed leave". The “Balance at 31 December 2018” includes unvested awards only. (2) Represents the fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. |
Disclosure of Key Management and Other Personnel Share-based Payment Arrangements DSP | DSP awards Subsequent to year end and up to the date of this report, the following DSP awards were granted to executive directors and prescribed officers: Awards granted (unvested) Indicative fair value of unvested awards based on grant date price USD'000 (1) Executive Directors KPM Dushnisky 67,742 965 KC Ramon 89,782 1,279 Total Executive Directors 157,524 2,244 Prescribed Officers CE Carter 98,451 1,402 GJ Ehm 82,037 1,169 L Eybers 77,380 1,102 DC Noko 67,548 962 ME Sanz Perez 67,712 965 CB Sheppard 71,409 1,017 TR Sibisi 63,424 904 Total Prescribed Officers 527,961 7,521 (1) Represents the fair value of closing share balance, at the JSE year end VWAP price converted to USD at the December closing exchange rate of $1:R14.35. |
Disclosure of Key Management Sign On Bonus [Table Text Block] | Special on-boarding incentives The following table shows the special once-off on-boarding incentives (cash and shares) awarded to KPM Dushnisky upon joining the company: USD '000 Total cash sign-on incentive Upon engagement - 1 September 2018 (1) 800 1 January 2019 (1) 400 1 January 2020 (1) 1,000 2,200 Number of shares USD '000 Closing indicative fair value of awards at 31 December 2018 USD '000 (4) Total share sign-on incentive January 2019 (3)(5) 175,877 1,400 2,025 January 2020 (3) 87,939 700 1,012 January 2021 (3) 87,939 700 1,012 351,755 2,800 4,049 (1) Amounts included in 2018 remuneration table as part of "Other benefits and encashed leave". (2) Amount will be included in remuneration table for the financial year ending 31 December 2019. (3) Value of the share sign-on awards to be included in future years' remuneration tables. (4) Represents the indicative fair value of closing share balance, at the JSE year end VWAP price converted to USD at the convenience December closing exchange rate of $1:R14.35. (5) Shares were awarded on 20 February 2019 (40,877) and 21 February 2019 (135,000). |
Disclosure of Interests Held by Key Management and Other Personnel | The interests of directors, prescribed officers and their associates in the ordinary shares of the company at 31 December, which individually did not exceed 1% of the company’s issued ordinary share capital, were: 31 December 2018 31 December 2017 31 December 2016 Beneficial holding Beneficial holding Beneficial holding Direct Indirect Direct Indirect Direct Indirect Non-Executive Directors SM Pityana 2,990 2,990 — 2,990 — MDC Richter (1) 9,300 7,300 — 7,300 — DL Hodgson 1,500 1,500 — 1,500 — MJ Kirkwood (1) 15,000 15,000 — 15,000 — RJ Ruston (2) — 1,000 — 1,000 — 1,000 AH Garner (1) 17,500 7,500 — — — Total 46,290 1,000 34,290 1,000 26,790 1,000 Executive Directors KPM Dushnisky 50,000 — — — — — S Venkatakrishnan — — 236,468 — 213,423 — KC Ramon 51,062 — 28,265 — 12,334 — Total 101,062 — 264,733 — 225,757 — Company Secretary ME Sanz Perez 26,204 16,368 13,994 16,368 7,921 12,747 Total 26,204 16,368 13,994 16,368 7,921 12,747 Prescribed Officers CE Carter 51,748 — 50,800 — 43,229 — GJ Ehm (2) 35,058 16,213 30,319 16,213 33,782 — L Eybers 17,207 — 4,812 — — — DC Noko 139,853 — 41,224 — 28,015 — CB Sheppard 14,428 — 5,344 — — — TR Sibisi 9,914 — 4,085 — — — Total 268,208 16,213 136,584 16,213 105,026 — Grand total 441,764 33,581 449,601 33,581 365,494 13,747 (1) Held on the New York stock exchange as American Depositary Shares (ADSs) ( 1 ADS is equivalent to 1 ordinary share) (2) Held on the Australian stock exchange as CHESS Depositary Receipts ( 5 CDIs are equivalent to 1 ordinary share) A register detailing Directors and Prescribed Officers’ interests in contracts is available for inspection at the company’s registered and corporate office. Changes in Directors’ and Prescribed Officers’ interests in AngloGold Ashanti shares, excluding options and awards granted in terms of the group’s BSP and LTIP schemes, after 31 December 2018 and up to 18 March 2019 include: Date of transaction Type of transaction Number of shares Direct/Indirect beneficial holdings Executive Directors KPM Dushnisky 20 February 2019 On-market purchase in respect of sign-on award 40,877 Direct 21 February 2019 On-market purchase in respect of sign-on award 135,000 Direct KC Ramon 27 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,320 Direct On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,475 Direct On-market sale of ordinary shares to settle tax costs 6,733 Direct Company Secretary ME Sanz Perez 27 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,742 Direct On-market sale of ordinary shares to settle tax costs 2,613 Direct 28 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,555 Direct On-market sale of ordinary shares to settle tax costs 2,073 Direct Prescribed Officers CE Carter 7 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 949 Direct On-market sale of ordinary shares to settle tax costs 427 Direct L Eybers 11 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,589 Direct 13 March 2019 On-market sale of ordinary shares to settle tax costs 2,998 Direct 18 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,609 Direct On-market sale of ordinary shares to settle tax costs 1,643 Direct DC Noko 27 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,303 Direct 1 March 2019 On-market sale of ordinary shares to settle tax costs 2,413 Direct 5 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,303 Direct On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,764 Direct On-market sale of ordinary shares to settle tax costs 4,581 Direct CB Sheppard 1 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,175 Direct On-market sale of ordinary shares to settle tax costs 2,355 Direct 15 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,008 Direct On-market sale of ordinary shares to settle tax costs 1,824 Direct 18 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,175 Direct On-market sale of ordinary shares to settle tax costs 2,355 Direct TR Sibisi 28 February 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,064 Direct On-market sale of ordinary shares to settle tax costs 1,395 Direct 1 March 2019 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,120 Direct On-market sale of ordinary shares to settle tax costs 1,420 Direct |
Contractual Commitments and C_2
Contractual Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of Operating and Finance Leases | US Dollars Figures in millions 2018 2017 2016 Operating leases At 31 December 2018, the group was committed to making the following payments in respect of operating leases for, amongst others, the hire of plant and equipment and land and buildings. Certain contracts contain renewal options and escalation clauses for various periods of time. Expiry: - less than one year 102 45 47 - between one and three years 96 38 36 - thereafter 67 7 5 265 90 88 Operating lease charges included in profit before taxation amounts to $353m ( 2017 : $247m ; 2016 : $198m ). Finance leases The group has finance leases for plant and equipment and buildings. The leases for plant and equipment and buildings have terms of renewal but no purchase options. Future minimum lease payments under finance lease contracts together with the present value of the net minimum lease payments are as follows: Minimum payments Present value of payments Minimum payments Present value of payments Minimum payments Present value of payments US Dollars million 2018 2017 2016 Less than one year 12 7 14 8 12 6 Between one and three years 23 16 27 18 25 15 Between three and five years 17 12 24 17 26 18 More than five years 41 26 54 35 63 38 Total minimum lease payments 93 61 119 78 126 77 Amounts representing finance charges (32 ) — (41 ) — (49 ) — Present value of minimum lease payments 61 61 78 78 77 77 US Dollars Figures in millions 2018 2017 2016 Capital commitments Acquisition of tangible assets Contracted for 99 87 58 Not contracted for 792 113 587 Authorised by the directors 891 200 645 Allocated to: Project capital - within one year 446 104 252 - thereafter 308 — 255 754 104 507 Stay-in-business capital - within one year 125 84 135 - thereafter 12 12 3 137 96 138 Share of underlying capital commitments of joint ventures included above 91 21 138 Purchase obligations Contracted for - within one year 305 274 605 - thereafter 658 424 269 963 698 874 |
Disclosure of Contingent Liabilities and Assets | Contingencies US Dollars Figures in millions 2018 2017 2016 Contingent liabilities Litigation - Ghana (1)(2) 97 97 97 Litigation - North America (3) — — — Tax disputes - Brazil (4) 21 24 15 Tax dispute - AngloGold Ashanti Colombia S.A. (5) 144 150 141 Groundwater pollution (6) — — — Deep groundwater pollution - Africa (7) — — — 262 271 253 Contingent liabilities Litigation claims (1) Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited’s (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement on 8 November 2012. On 20 February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m . In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. On 12 July 2018, the Ghana Arbitration Centre notified AGAG that MBC had appointed an arbitrator and AGAG subsequently selected its own arbitrator. (2) Litigation - AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP), which was decommissioned in 2000. The plaintiffs’ alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not timely file their application for directions, but AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter has been adjourned indefinitely. AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGAG’s obligation in either matter. (3) Litigation - On 19 October 2017, Newmont Mining Co. filed a lawsuit in the United States District Court for the Southern District of New York against AngloGold Ashanti and certain related parties, alleging that AngloGold Ashanti and such parties did not provide Newmont with certain information material to its purchase of the Cripple Creek & Victor Gold Mining Company in 2015 during the negotiation- and-sale process. AngloGold Ashanti believes the lawsuit is without merit and continues to vigorously defend against it. The matter is proceeding. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for the obligation. Tax claims (4) Tax disputes - AngloGold Ashanti Limited’s subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve federal tax assessments including income tax, royalties, social contributions, VAT and annual property tax. Collectively, the possible amount involved is approximately $21m (2017: $24m , 2016: $15m ). Management is of the opinion that these taxes are not payable. (5) Tax dispute - In January 2013, AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it disagreed with the company’s tax treatment of certain items in the 2010 and 2011 income and equity tax returns. On 23 October 2013, AGAC received the official assessments from the DIAN which established that an estimated additional tax of $20m (2017: $21m , 2016: $21m ) will be payable if the tax returns are amended. Penalties and interest for the additional taxes may amount to $115m (2017: $129m , 2016: $120m ). The Company believes that the DIAN has applied the tax legislation incorrectly. AGAC subsequently challenged the DIAN’s ruling by filing lawsuits in March 2015 and April 2015 before the Administrative Tribunal of Cundinamarca (the trial court for tax litigation). Closing arguments on the tax disputes were presented in February and June 2017 and judgement is pending. On 23 April 2018, the Administrative Tribunal denied AGAC’s arguments with respect to the 2011 income tax litigation. AGAC subsequently appealed this judgement to the Colombian Supreme Court. A final judgement could take several years. In addition, in January 2018 AGAC received notice from the DIAN that it also disagreed with AGAC’s 2013 income and equity tax returns on the same basis as the 2010 and 2011 returns, calculating additional tax along with penalties and interest of $9m . On 21 December 2018, AGAC filed an appeal before the Administrative Tribunal in respect of the 2013 year of assessment. Other (6) Groundwater pollution - AngloGold Ashanti has identified groundwater contamination plumes at certain of its operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the contamination and to find sustainable remediation solutions. The group has instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural Attenuation (MNA) by the existing environment will contribute to improvements in some instances. Furthermore, literature reviews, field trials and base line modelling techniques suggest, but have not yet proven, that the use of phyto-technologies can address the soil and groundwater contamination. Subject to the completion of trials and the technology being a proven remediation technique, no reliable estimate can be made for the obligation. (7) Deep groundwater pollution - The group has identified potential water ingress and future pollution risk posed by deep groundwater in certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti since 1999 to understand this potential risk. In South Africa, due to the interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all the mines located in these gold fields. As a result, the Mineral and Petroleum Resources Development Act (MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the Department of Mineral Resources. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for the obligation. |
Financial Risk Management Act_2
Financial Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Maturity Analysis for Non-derivative Financial Liabilities | The following are the contractual maturities of financial liabilities, including interest payments: Financial liabilities Within one year Between one and two years Between two and five years After five years Total 2018 $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Trade and other payables 562 — — — 562 Gold and oil derivative contracts 9 — — — 9 Borrowings 133 836 1,120 663 2,752 - In USD 112 5.8 790 5.8 1,025 6.0 622 6.5 2,549 - AUD in USD equivalent 7 6.8 7 6.8 23 6.8 26 6.8 63 - TZS in USD equivalent 5 12.5 3 12.5 29 12.5 — — 37 - ZAR in USD equivalent 9 9.0 36 9.0 43 9.7 15 14.7 103 2017 Trade and other payables 615 — — — 615 Borrowings 137 343 1,912 695 3,087 - In USD 98 5.4 145 5.4 1,643 5.5 641 6.5 2,527 - AUD in USD equivalent 16 5.1 174 5.1 25 6.8 38 6.8 253 - ZAR in USD equivalent 23 8.9 24 8.9 244 9.1 16 15.5 307 2016 Trade and other payables 596 — — — 596 Borrowings 127 287 1,155 1,513 3,082 - In USD 100 5.4 100 5.4 1,023 5.5 1,449 5.5 2,672 - AUD in USD equivalent 16 5.4 89 5.3 119 6.0 43 6.8 267 - ZAR in USD equivalent 11 8.9 98 8.9 13 11.2 21 14.0 143 |
Disclosure of Credit Risk Exposure | The combined maximum credit risk exposure of the group is as follows: US Dollars Figures in millions 2018 2017 2016 Other investments 59 58 79 Trade and other receivables 41 33 46 Cash restricted for use (note 21) 66 65 55 Cash and cash equivalents (note 22) 329 205 215 Total financial assets 495 361 395 |
Disclosure of Fair Value of Financial Instruments | The estimated fair value of the group’s other investments and borrowings as at 31 December are as follows: Type of instrument Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value US Dollar millions 2018 2017 2016 Financial assets Other investments (note 18) 147 147 138 140 130 132 Financial liabilities Borrowings (note 25) 2,050 2,084 2,268 2,377 2,178 2,203 |
Disclosure of Fair Value of Assets Measured on a Recurring Basis | Assets measured at fair value on a recurring basis US Dollar millions Level 1 Level 2 Level 3 Total 2018 Equity securities - FVTPL 19 — — 19 Equity securities - FVTOCI 69 — — 69 2017 Equity securities - available-for-sale 80 — — 80 2016 Equity securities - available-for-sale 51 — — 51 |
Disclosure of Sensitivity Analysis on Other Financial Assets and Liabilities | Sensitivity analysis Interest rate risk on other financial assets and liabilities (excluding derivatives) The group also monitors interest rate risk on other financial assets and liabilities. The following table shows the approximate interest rate sensitivities of other financial assets and liabilities at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). As the sensitivity is the same (linear) for both increases and decreases in interest rates only absolute numbers are presented. Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2018 Financial assets USD denominated 100 1 1 AUD denominated 150 1 1 BRL denominated 250 2 1 Financial liabilities TZS denominated 250 1,680 1 ZAR denominated (1) 150 14 1 USD denominated 100 1 1 Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2017 Financial assets USD denominated 100 1 1 ZAR denominated (1) 150 2 — Financial liabilities ZAR denominated (1) 150 41 3 AUD denominated 100 3 2 Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2016 Financial liabilities ZAR denominated (1) 150 18 1 AUD denominated 100 2 1 USD denominated 100 1 1 A change of 100 basis points in financial assets results in less than a $1m change in the interest amount. (1) This is the only interest rate risk for the company. Sensitivity analysis (continued) Foreign exchange risk Foreign exchange risk arises on financial instruments that are denominated in a foreign currency. The following table discloses the approximate foreign exchange risk sensitivities of borrowings at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). Change in Change in Change in Change in Change in Change in US$ Million US$ Million US$ Million 2018 2017 2016 Borrowings ZAR denominated (R/$) Spot (+R1.50) (7 ) Spot (+R1.50) (26 ) Spot (+R1.50) (10 ) TZS denominated (TZS/$) Spot (+TZS250) (3 ) AUD denominated (AUD/$) Spot (+AUD0.1) (3 ) Spot (+AUD0.1) (16 ) Spot (+AUD0.1) (15 ) ZAR denominated (R/$) Spot (-R1.50) 9 Spot (-R1.50) 33 Spot (-R1.50) 13 TZS denominated (TZS/$) Spot (-TZS250) 4 AUD denominated (AUD/$) Spot (-AUD0.1) 4 Spot (-AUD0.1) 19 Spot (-AUD0.1) 18 |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Disclosure of Reconciliation Of Net Debt | US Dollars Figures in millions 2018 2017 2016 Borrowings (note 24) 2,050 2,268 2,178 Corporate office lease (note 24) (9 ) (15 ) (15 ) Unamortised portion of rated bonds 13 18 23 Cash restricted for use (note 21) (66 ) (65 ) (55 ) Cash and cash equivalents (note 22) (329 ) (205 ) (215 ) Net debt 1,659 2,001 1,916 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Facility Agreements for compliance with the debt covenant formula. Adjusted EBITDA Profit (loss) before taxation 278 (63 ) 269 Add back: Finance costs and unwinding of obligations (note 7) 178 169 180 Interest income (17 ) (15 ) (22 ) Amortisation of tangible and intangible assets (note 4) 630 823 809 Adjustments: Other (gains) losses 9 11 88 Dividend income (2 ) — — Realised gain on other commodity contracts (5 ) — — Impairment and derecognition of assets (note 6) 104 297 3 Impairment of other investments (note 6) — 3 — Write-down of inventories (note 6) 1 3 12 Retrenchments costs 32 90 14 Care and maintenance costs (note 5) 74 62 70 Net (profit) loss on disposal of assets (note 6) 20 (8 ) (4 ) (Gain) loss on unrealised non-hedge derivatives and other commodity contracts 3 (10 ) (18 ) Repurchase premium and cost on settlement of issued bonds — — 30 Associates and joint ventures’ special items (2 ) (2 ) (11 ) Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other 159 116 137 Fair value adjustments 3 — (9 ) Other amortisation 15 7 — Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) 1,480 1,483 1,548 Gearing ratio (Net debt to Adjusted EBITDA) 1.12:1 1.35:1 1.24:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
Disclosure of Reconciliation Of Profit (Loss) Before Taxation To Adjusted EBITDA | Gearing ratio (Net debt to Adjusted EBITDA) US Dollars Figures in millions 2018 2017 2016 Borrowings (note 24) 2,050 2,268 2,178 Corporate office lease (note 24) (9 ) (15 ) (15 ) Unamortised portion of rated bonds 13 18 23 Cash restricted for use (note 21) (66 ) (65 ) (55 ) Cash and cash equivalents (note 22) (329 ) (205 ) (215 ) Net debt 1,659 2,001 1,916 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Facility Agreements for compliance with the debt covenant formula. Adjusted EBITDA Profit (loss) before taxation 278 (63 ) 269 Add back: Finance costs and unwinding of obligations (note 7) 178 169 180 Interest income (17 ) (15 ) (22 ) Amortisation of tangible and intangible assets (note 4) 630 823 809 Adjustments: Other (gains) losses 9 11 88 Dividend income (2 ) — — Realised gain on other commodity contracts (5 ) — — Impairment and derecognition of assets (note 6) 104 297 3 Impairment of other investments (note 6) — 3 — Write-down of inventories (note 6) 1 3 12 Retrenchments costs 32 90 14 Care and maintenance costs (note 5) 74 62 70 Net (profit) loss on disposal of assets (note 6) 20 (8 ) (4 ) (Gain) loss on unrealised non-hedge derivatives and other commodity contracts 3 (10 ) (18 ) Repurchase premium and cost on settlement of issued bonds — — 30 Associates and joint ventures’ special items (2 ) (2 ) (11 ) Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other 159 116 137 Fair value adjustments 3 — (9 ) Other amortisation 15 7 — Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) 1,480 1,483 1,548 Gearing ratio (Net debt to Adjusted EBITDA) 1.12:1 1.35:1 1.24:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
Supplemental Condensed Consol_2
Supplemental Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Additional Information [Abstract] | |
Condensed Consolidating Income Statement | Figures in millions (US dollars) 2018 2018 2018 2018 2018 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue from product sales 498 — 3,445 — 3,943 Cost of sales (494 ) — (2,679 ) — (3,173 ) Gain (loss) on non-hedge derivatives and other commodity contracts (4 ) — 6 — 2 Gross profit (loss) — — 772 — 772 Corporate administration, marketing and other income (expenses) (12 ) (20 ) (13 ) (31 ) (76 ) Exploration and evaluation costs (4 ) — (98 ) — (102 ) Other operating income (expenses) (46 ) 3 (54 ) — (97 ) Special items (15 ) 8 (155 ) (8 ) (170 ) Operating profit (loss) (77 ) (9 ) 452 (39 ) 327 Dividend income 2 — — — 2 Interest income — 4 13 — 17 Other gains (losses) — (6 ) (3 ) — (9 ) Finance costs and unwinding of obligations (23 ) (107 ) (48 ) — (178 ) Fair value adjustments — — (3 ) — (3 ) Share of associates and joint ventures’ profit (loss) 6 — 107 9 122 Equity gain (loss) in subsidiaries 142 490 — (632 ) — Profit (loss) before taxation 50 372 518 (662 ) 278 Taxation 83 — (211 ) — (128 ) Profit (loss) for the period 133 372 307 (662 ) 150 Allocated as follows: Equity shareholders 133 372 290 (662 ) 133 Non-controlling interests — — 17 — 17 133 372 307 (662 ) 150 Comprehensive income (loss) (8 ) 320 301 (604 ) 9 Comprehensive (income) loss attributable to non-controlling interests — — (17 ) — (17 ) Comprehensive income (loss) attributable to AngloGold Ashanti (8 ) 320 284 (604 ) (8 ) Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating income statement (restated) AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue from product sales 1,001 — 3,539 (30 ) 4,510 Cost of sales (1,030 ) — (2,707 ) 1 (3,736 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 11 (1 ) 10 Gross profit (loss) (29 ) — 843 (30 ) 784 Corporate administration, marketing and other income (expenses) (7 ) (7 ) (2 ) (48 ) (64 ) Exploration and evaluation costs (10 ) — (104 ) — (114 ) Other operating income (expenses) (9 ) — (79 ) — (88 ) Special items (414 ) (6 ) (27 ) 9 (438 ) Operating profit (loss) (469 ) (13 ) 631 (69 ) 80 Interest income 1 3 11 — 15 Other gains (losses) — 1 (12 ) — (11 ) Finance costs and unwinding of obligations (22 ) (107 ) (40 ) — (169 ) Share of associates and joint ventures’ profit (loss) 13 — 9 — 22 Equity gain (loss) in subsidiaries 212 447 — (659 ) — Profit (loss) before taxation (265 ) 331 599 (728 ) (63 ) Taxation 104 — (212 ) — (108 ) Profit (loss) after taxation (161 ) 331 387 (728 ) (171 ) Preferred stock dividends (30 ) — — 30 — Profit (loss) for the period (191 ) 331 387 (698 ) (171 ) Allocated as follows: Equity shareholders (191 ) 331 367 (698 ) (191 ) Non-controlling interests — — 20 — 20 (191 ) 331 387 (698 ) (171 ) Comprehensive income (loss) (37 ) 365 422 (767 ) (17 ) Comprehensive (income) loss attributable to non-controlling interests — — (20 ) — (20 ) Comprehensive income (loss) attributable to AngloGold Ashanti (37 ) 365 402 (767 ) (37 ) Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating income statement (restated) AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue from product sales 1,131 — 3,150 (58 ) 4,223 Cost of sales (981 ) — (2,420 ) — (3,401 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 18 1 19 Gross profit (loss) 150 — 748 (57 ) 841 Corporate administration, marketing and other income (expenses) 17 (6 ) (3 ) (69 ) (61 ) Exploration and evaluation costs (14 ) — (119 ) — (133 ) Other operating income (expenses) (26 ) 2 (86 ) — (110 ) Special items 54 (35 ) 29 (90 ) (42 ) Operating profit (loss) 181 (39 ) 569 (216 ) 495 Interest income 6 3 13 — 22 Other gains (losses) 1 (1 ) (28 ) (60 ) (88 ) Finance costs and unwinding of obligations (18 ) (131 ) (31 ) — (180 ) Fair value adjustments — 9 — — 9 Share of associates and joint ventures’ profit (loss) (13 ) 2 30 (8 ) 11 Equity gain (loss) in subsidiaries (61 ) 389 — (328 ) — Profit (loss) before taxation 96 232 553 (612 ) 269 Taxation (4 ) — (184 ) (1 ) (189 ) Profit (loss) after taxation 92 232 369 (613 ) 80 Preferred stock dividends (29 ) — (29 ) 58 — Profit (loss) for the period 63 232 340 (555 ) 80 Allocated as follows: Equity shareholders 63 232 323 (555 ) 63 Non-controlling interests — — 17 — 17 63 232 340 (555 ) 80 Comprehensive income (loss) 250 234 388 (605 ) 267 Comprehensive (income) loss attributable to non-controlling interests — — (17 ) — (17 ) Comprehensive income (loss) attributable to AngloGold Ashanti 250 234 371 (605 ) 250 |
Condensed Consolidating Statement of Financial Position | Figures in millions (US dollars) 2018 2018 2018 2018 2018 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 625 — 2,756 — 3,381 Intangible assets 1 — 123 (1 ) 123 Investments in subsidiaries, associates and joint ventures 2,383 4,255 1,398 (6,508 ) 1,528 Other investments 2 3 138 (2 ) 141 Inventories 1 — 105 — 106 Trade and other receivables — 29 102 (29 ) 102 Cash restricted for use — — 35 — 35 3,012 4,287 4,657 (6,540 ) 5,416 Current assets Other investments — 6 — — 6 Inventories, trade and other receivables, intergroup balances and other current assets 390 416 1,166 (1,111 ) 861 Cash restricted for use — — 31 — 31 Cash and cash equivalents 7 97 225 — 329 397 519 1,422 (1,111 ) 1,227 Total assets 3,409 4,806 6,079 (7,651 ) 6,643 EQUITY AND LIABILITIES Share capital and premium 7,171 6,096 821 (6,917 ) 7,171 Retained earnings (accumulated losses) and other reserves (4,519 ) (3,310 ) 1,406 1,904 (4,519 ) Shareholders’ equity 2,652 2,786 2,227 (5,013 ) 2,652 Non-controlling interests — — 42 — 42 Total equity 2,652 2,786 2,269 (5,013 ) 2,694 Non-current liabilities 319 1,734 1,103 — 3,156 Current liabilities including intergroup balances 438 286 2,707 (2,638 ) 793 Total liabilities 757 2,020 3,810 (2,638 ) 3,949 Total equity and liabilities 3,409 4,806 6,079 (7,651 ) 6,643 Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 739 — 3,003 — 3,742 Intangible assets 1 — 139 (2 ) 138 Investments in subsidiaries, associates and joint ventures 2,371 4,376 1,371 (6,611 ) 1,507 Other investments 2 6 125 (2 ) 131 Inventories — — 100 — 100 Trade and other receivables — 29 67 (29 ) 67 Deferred taxation — — 4 — 4 Cash restricted for use — — 37 — 37 3,113 4,411 4,846 (6,644 ) 5,726 Current assets Other investments — 6 1 — 7 Inventories, trade and other receivables, intergroup balances and other current assets 471 145 1,166 (877 ) 905 Cash restricted for use — 1 27 — 28 Cash and cash equivalents 11 21 173 — 205 482 173 1,367 (877 ) 1,145 Non-current assets held for sale 310 — 38 — 348 792 173 1,405 (877 ) 1,493 Total assets 3,905 4,584 6,251 (7,521 ) 7,219 EQUITY AND LIABILITIES Share capital and premium 7,134 6,096 824 (6,920 ) 7,134 Retained earnings (accumulated losses) and other reserves (4,471 ) (3,491 ) 1,619 1,872 (4,471 ) Shareholders’ equity 2,663 2,605 2,443 (5,048 ) 2,663 Non-controlling interests — — 41 — 41 Total equity 2,663 2,605 2,484 (5,048 ) 2,704 Non-current liabilities 527 1,764 1,369 — 3,660 Current liabilities including intergroup balances 591 215 2,396 (2,473 ) 729 Non-current liabilities held for sale 124 — 2 — 126 Total liabilities 1,242 1,979 3,767 (2,473 ) 4,515 Total equity and liabilities 3,905 4,584 6,251 (7,521 ) 7,219 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 1,160 — 2,951 — 4,111 Intangible assets 4 — 143 (2 ) 145 Investments in subsidiaries, associates and joint ventures 2,109 3,478 1,338 (5,477 ) 1,448 Other investments 2 3 122 (2 ) 125 Inventories — — 84 — 84 Trade and other receivables — 29 34 (29 ) 34 Deferred taxation — — 4 — 4 Cash restricted for use — — 36 — 36 3,275 3,510 4,712 (5,510 ) 5,987 Current assets Other investments — 5 — — 5 Inventories, trade and other receivables, intergroup balances and other current assets 429 807 1,153 (1,462 ) 927 Cash restricted for use — 1 18 — 19 Cash and cash equivalents 44 32 139 — 215 473 845 1,310 (1,462 ) 1,166 Total assets 3,748 4,355 6,022 (6,972 ) 7,153 EQUITY AND LIABILITIES Share capital and premium 7,108 6,139 824 (6,963 ) 7,108 Retained earnings (accumulated losses) and other reserves (4,393 ) (3,765 ) 702 3,063 (4,393 ) Shareholders’ equity 2,715 2,374 1,526 (3,900 ) 2,715 Non-controlling interests — — 39 — 39 Total equity 2,715 2,374 1,565 (3,900 ) 2,754 Non-current liabilities 496 1,799 1,344 — 3,639 Current liabilities including intergroup balances 537 182 3,113 (3,072 ) 760 Total liabilities 1,033 1,981 4,457 (3,072 ) 4,399 Total equity and liabilities 3,748 4,355 6,022 (6,972 ) 7,153 |
Condensed Consolidating Statement of Cash Flow | Figures in millions (US dollars) 2018 2018 2018 2018 2018 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations (120 ) (18 ) 1,062 8 932 Net movement in intergroup receivables and payables 73 (215 ) 130 12 — Dividends received from joint ventures — 91 — — 91 Taxation refund — — 5 — 5 Taxation paid — — (171 ) — (171 ) Net cash inflow (outflow) from operating activities (47 ) (142 ) 1,026 20 857 Cash flows from investing activities Capital expenditure (64 ) — (588 ) — (652 ) Dividends from other investments 2 — — — 2 Proceeds from disposal of tangible assets 303 — 4 6 313 Other investments acquired — — (81 ) — (81 ) Proceeds from disposal of other investments — — 98 — 98 Investments in associates and joint ventures — — (8 ) — (8 ) Net loans repaid by (advanced to) associates and joint ventures 9 10 (2 ) — 17 Cash payment to settle the sale of environmental trust fund (32 ) — — — (32 ) Disposal (acquisition) of subsidiaries — (7 ) 7 — — Decrease (increase) in cash restricted for use — 1 (4 ) (1 ) (4 ) Interest received — 1 11 — 12 Net cash inflow (outflow) from investing activities 218 5 (563 ) 5 (335 ) Cash flows from financing activities Proceeds from borrowings 407 45 301 — 753 Repayment of borrowings (570 ) (80 ) (317 ) — (967 ) Finance costs paid (12 ) (102 ) (16 ) — (130 ) Bond settlement premium, RCF and bond transaction costs — (10 ) — — (10 ) Dividends paid (24 ) — (15 ) — (39 ) Intergroup dividends received (paid) 25 360 (386 ) 1 — Net cash inflow (outflow) from financing activities (174 ) 213 (433 ) 1 (393 ) Net increase (decrease) in cash and cash equivalents (3 ) 76 30 26 129 Translation (1 ) — 22 (26 ) (5 ) Cash and cash equivalents at beginning of year 11 21 173 — 205 Cash and cash equivalents at end of year 7 97 225 — 329 Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations (5 ) (15 ) 1,168 3 1,151 Net movement in intergroup receivables and payables 10 (102 ) 123 (31 ) — Dividends received from joint ventures — 6 — — 6 Taxation refund 3 — 11 — 14 Taxation paid — — (174 ) — (174 ) Net cash inflow (outflow) from operating activities 8 (111 ) 1,128 (28 ) 997 Cash flows from investing activities Capital expenditure (143 ) — (686 ) — (829 ) Expenditure on intangible assets (1 ) — — — (1 ) Proceeds from disposal of tangible assets 3 — 4 — 7 Other investments acquired — (5 ) (86 ) — (91 ) Proceeds from disposal of other investments — — 75 3 78 Investments in associates and joint ventures — (15 ) (14 ) 2 (27 ) Net loans repaid by (advanced to) associates and joint ventures — (6 ) 2 (2 ) (6 ) Reduction in investment in subsidiary 42 — — (42 ) — Disposal (acquisition) of subsidiaries — (2 ) 2 — — Decrease (increase) in cash restricted for use — — (8 ) — (8 ) Interest received 1 3 11 — 15 Net cash inflow (outflow) from investing activities (98 ) (25 ) (700 ) (39 ) (862 ) Cash flows from financing activities Reduction in share capital — (43 ) — 43 — Proceeds from borrowings 539 155 121 — 815 Repayment of borrowings (428 ) (170 ) (169 ) — (767 ) Finance costs paid (15 ) (103 ) (20 ) — (138 ) Dividends paid (39 ) — (19 ) — (58 ) Intergroup dividends received (paid) — 286 (286 ) — — Net cash inflow (outflow) from financing activities 57 125 (373 ) 43 (148 ) Net increase (decrease) in cash and cash equivalents (33 ) (11 ) 55 (24 ) (13 ) Translation — — (21 ) 24 3 Cash and cash equivalents at beginning of year 44 32 139 — 215 Cash and cash equivalents at end of year 11 21 173 — 205 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations 245 (11 ) 1,106 (38 ) 1,302 Net movement in intergroup receivables and payables (8 ) 169 (163 ) 2 — Dividends received from joint ventures — 37 — — 37 Taxation refund 3 — 9 — 12 Taxation paid (4 ) — (161 ) — (165 ) Net cash inflow (outflow) from operating activities 236 195 791 (36 ) 1,186 Cash flows from investing activities Capital expenditure (171 ) — (535 ) — (706 ) Expenditure on intangible assets (2 ) — (3 ) — (5 ) Proceeds from disposal of tangible assets — — 4 — 4 Other investments acquired — — (73 ) — (73 ) Proceeds from disposal of other investments — — 61 — 61 Investments in associates and joint ventures — — (11 ) — (11 ) Proceeds from disposal of associates and joint ventures — 10 — — 10 Net loans repaid by (advanced to) associates and joint ventures — (2 ) (2 ) — (4 ) Disposal (acquisition) of subsidiaries (6 ) (2 ) 2 6 — Decrease (increase) in cash restricted for use 1 — 7 — 8 Interest received 2 — 12 — 14 Net cash inflow (outflow) from investing activities (176 ) 6 (538 ) 6 (702 ) Cash flows from financing activities Proceeds from issue of share capital — 6 — (6 ) — Proceeds from borrowings 256 330 201 — 787 Repayment of borrowings (291 ) (951 ) (91 ) — (1,333 ) Finance costs paid (11 ) (145 ) (16 ) — (172 ) Bond settlement premium, RCF and bond transaction costs — (30 ) — — (30 ) Dividends paid — — (15 ) — (15 ) Intergroup dividends received (paid) 7 399 (406 ) — — Net cash inflow (outflow) from financing activities (39 ) (391 ) (327 ) (6 ) (763 ) Net increase (decrease) in cash and cash equivalents 21 (190 ) (74 ) (36 ) (279 ) Translation 4 — (30 ) 36 10 Cash and cash equivalents at beginning of year 19 222 243 — 484 Cash and cash equivalents at end of year 44 32 139 — 215 |
Accounting Policies - New stand
Accounting Policies - New standards and interpretations issued (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of previously application of standards or interpretations [Line Items] | |||
Gold income (note 2) | $ 3,805 | $ 4,356 | $ 4,085 |
Revenue from product sales | 3,943 | 4,510 | 4,223 |
Cost of sales | (3,173) | (3,736) | (3,401) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 2 | 10 | 19 |
Gross profit | 772 | $ 784 | $ 841 |
Gross profit % | 17.38% | 19.91% | |
By-products revenue | $ 138 | $ 154 | $ 138 |
In Accordance With IAS 18 | |||
Disclosure of previously application of standards or interpretations [Line Items] | |||
Revenue | 4,543 | 4,254 | |
Gold income (note 2) | 4,356 | 4,085 | |
Cost of sales | (3,582) | (3,263) | |
Gain (loss) on non-hedge derivatives and other commodity contracts | 10 | 19 | |
Gross profit | $ 784 | $ 841 | |
Gross profit % | 18.00% | 20.59% |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
Significant Accounting Policies [Line Items] | ||||
Total equity | $ 43,000,000 | |||
TransfertoFVTOCIReserveFromAvailableforSaleReserve | (33,000,000) | |||
TransfertoAccumulatedLossesFromAvailableForSaleReserve | (10,000,000) | |||
Tangible assets | 3,381,000,000 | $ 3,742,000,000 | $ 4,111,000,000 | |
Goodwill | 116,000,000 | 127,000,000 | 126,000,000 | |
Impairment of goodwill | 0 | 9,000,000 | 0 | |
Impairment and derecognition of tangible assets | 104,000,000 | 288,000,000 | 3,000,000 | |
Deferred tax assets | 0 | 4,000,000 | 4,000,000 | |
Deferred tax liabilities | 315,000,000 | 363,000,000 | 496,000,000 | |
Taxation liability | 60,000,000 | 53,000,000 | 111,000,000 | |
Taxation asset | 6,000,000 | 3,000,000 | 14,000,000 | |
Rehabilitation obligations | 622,000,000 | 724,000,000 | 705,000,000 | |
Inventories (excluding finished goods and mine operating supplies) | 404,000,000 | 424,000,000 | 397,000,000 | |
Receivables from recoverable tax, rebates, levies and duties | 194,000,000 | 174,000,000 | 135,000,000 | |
Post-retirement obligations | 100,000,000 | 122,000,000 | 118,000,000 | |
Contingent Liability Disclosure Threshold | 18,000,000 | |||
Tax losses | ||||
Significant Accounting Policies [Line Items] | ||||
Deferred tax assets | $ 501,000,000 | 470,000,000 | $ 477,000,000 | |
Motor vehicles | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 5 years | |||
Computer equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Useful life | 3 years | |||
Bottom of range | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | $ 135,000,000 | |||
Top of range | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | 160,000,000 | |||
Bottom Of Range Depreciation | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | 36,000,000 | |||
Top Of Range Depreciation | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | 42,000,000 | |||
Bottom Of Range Finance Cost | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | 6,000,000 | |||
Top Of Range Finance Cost | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | 8,000,000 | |||
Bottom Of Range Operating And Financing Cash Flows | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | 39,000,000 | |||
Top Of Range Operating And Financing Cash Flows | ||||
Significant Accounting Policies [Line Items] | ||||
Leases Impact On Adoption Of IFRS16 | $ 45,000,000 | |||
Provision for Silicosis Settlement | ||||
Significant Accounting Policies [Line Items] | ||||
Provision for settlement | $ 47,000,000 | $ 63,000,000 | ||
Provision for Silicosis Settlement Total [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Provision for settlement | $ 63,000,000 |
Segmental Information (Details)
Segmental Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Gold income | $ 3,805 | $ 4,356 | $ 4,085 |
By-products revenue | 138 | 154 | 138 |
Gross profit (loss) | 772 | 784 | 841 |
Cost of sales | 3,173 | 3,736 | 3,401 |
Amortisation | 630 | 823 | 809 |
Total assets | 6,643 | 7,219 | 7,153 |
Capital expenditure | 652 | 830 | 711 |
Goodwill | 116 | 127 | 126 |
Assets held for sale | 0 | 348 | 0 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 1,005 | 1,295 | 1,678 |
Foreign entities | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 4,234 | 4,259 | 4,144 |
DRC | |||
Disclosure of operating segments [line items] | |||
Gold income | 468 | ||
Non-current assets considered material | 1,439 | 1,423 | 1,400 |
Ghana | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 550 | 533 | 520 |
Tanzania | |||
Disclosure of operating segments [line items] | |||
Gold income | 715 | 664 | 591 |
Non-current assets considered material | 369 | 422 | 437 |
Brazil | |||
Disclosure of operating segments [line items] | |||
Gold income | 634 | 705 | 659 |
Non-current assets considered material | 615 | 632 | 645 |
Guinea | |||
Disclosure of operating segments [line items] | |||
Gold income | 489 | ||
Australia | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 718 | 764 | 673 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,106 | 1,734 | 1,818 |
Goodwill | 0 | 0 | 8 |
Assets held for sale | 0 | 348 | 0 |
Impairments, derecognition of assets | 98 | 294 | 3 |
Continental Africa | |||
Disclosure of operating segments [line items] | |||
Total assets | 3,135 | 3,153 | 3,090 |
Impairments, derecognition of assets | 5 | 0 | 0 |
Australasia | |||
Disclosure of operating segments [line items] | |||
Total assets | 888 | 929 | 804 |
Goodwill | 108 | 119 | 110 |
Americas | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,286 | 1,258 | 1,273 |
Goodwill | 8 | 8 | 8 |
Impairments, derecognition of assets | 1 | 0 | 0 |
Other, including non-gold producing subsidiaries | |||
Disclosure of operating segments [line items] | |||
Total assets | 228 | 145 | 168 |
Consolidated and Separate | |||
Disclosure of operating segments [line items] | |||
Gold income | 4,386 | 4,809 | 4,518 |
By-products revenue | 139 | 155 | 139 |
Gross profit (loss) | 874 | 797 | 868 |
Cost of sales | 3,653 | 4,177 | 3,808 |
Amortisation | 795 | 959 | 923 |
Consolidated and Separate | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 721 | 953 | 811 |
Consolidated and Separate | South Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,445 | 1,659 | 1,719 |
Consolidated and Separate | North America | |||
Disclosure of operating segments [line items] | |||
Gold income | 450 | 456 | 893 |
Consolidated and Separate | Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 780 | 709 | 645 |
Consolidated and Separate | Europe | |||
Disclosure of operating segments [line items] | |||
Gold income | 387 | 399 | 377 |
Consolidated and Separate | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,324 | 1,586 | 884 |
Consolidated and Separate | South Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 602 | 1,101 | 1,173 |
By-products revenue | 6 | 15 | 23 |
Amortisation | 72 | 133 | 167 |
Consolidated and Separate | South Africa | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 73 | 150 | 182 |
Consolidated and Separate | Continental Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,983 | 1,895 | 1,663 |
By-products revenue | 3 | 3 | 4 |
Amortisation | 379 | 421 | 365 |
Consolidated and Separate | Continental Africa | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 313 | 409 | 291 |
Consolidated and Separate | Australasia | |||
Disclosure of operating segments [line items] | |||
Gold income | 780 | 709 | 646 |
By-products revenue | 2 | 2 | 2 |
Amortisation | 149 | 130 | 126 |
Consolidated and Separate | Australasia | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 156 | 153 | 109 |
Consolidated and Separate | Americas | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,021 | 1,104 | 1,036 |
By-products revenue | 128 | 135 | 110 |
Amortisation | 192 | 273 | 260 |
Consolidated and Separate | Americas | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 176 | 234 | 225 |
Consolidated and Separate | Other, including non-gold producing subsidiaries | |||
Disclosure of operating segments [line items] | |||
Amortisation | 3 | 2 | 5 |
Consolidated and Separate | Other, including non-gold producing subsidiaries | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 3 | 7 | 4 |
Consolidated and Separate | Operating segments | South Africa | |||
Disclosure of operating segments [line items] | |||
Gross profit (loss) | 21 | (3) | 149 |
Cost of sales | 590 | 1,129 | 1,064 |
Consolidated and Separate | Operating segments | Continental Africa | |||
Disclosure of operating segments [line items] | |||
Gross profit (loss) | 380 | 386 | 334 |
Cost of sales | 1,607 | 1,513 | 1,334 |
Consolidated and Separate | Operating segments | Australasia | |||
Disclosure of operating segments [line items] | |||
Gross profit (loss) | 160 | 159 | 106 |
Cost of sales | 622 | 551 | 542 |
Consolidated and Separate | Operating segments | Americas | |||
Disclosure of operating segments [line items] | |||
Gross profit (loss) | 310 | 253 | 283 |
Cost of sales | 838 | 987 | 863 |
Consolidated and Separate | Operating segments | Corporate and Other [Member] | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (4) | (3) | 5 |
Consolidated and Separate | Corporate and Other [Member] | |||
Disclosure of operating segments [line items] | |||
Gross profit (loss) | 3 | 2 | (4) |
Equity-accounted investments | |||
Disclosure of operating segments [line items] | |||
Gold income | (581) | (453) | (433) |
By-products revenue | (1) | (1) | (1) |
Gross profit (loss) | (102) | (13) | (27) |
Cost of sales | (480) | (441) | (407) |
Amortisation | (165) | (136) | (114) |
Capital expenditure | $ (69) | $ (123) | $ (100) |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of revenue [Abstract] | |||
Gold income (note 2) | $ 3,805 | $ 4,356 | $ 4,085 |
By-products (note 2) | 138 | 154 | 138 |
Revenue from product sales | $ 3,943 | $ 4,510 | $ 4,223 |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cost of Sales [Abstract] | |||
Cash operating costs | $ 2,356 | $ 2,728 | $ 2,444 |
Royalties | 135 | 116 | 105 |
Other cash costs | 14 | 19 | 24 |
Total cash costs | 2,505 | 2,863 | 2,573 |
Retrenchment costs | 4 | 6 | 14 |
Rehabilitation and other non-cash costs | 20 | 29 | 43 |
Amortisation of tangible assets (note 30 and note 34) | 625 | 817 | 789 |
Amortisation of intangible assets (note 30 and note 34) | 5 | 6 | 20 |
Inventory change | 14 | 15 | (38) |
Cost of sales | $ 3,173 | $ 3,736 | $ 3,401 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of other operating expenses [Abstract] | |||
Care and maintenance costs (note 34) | $ 74 | $ 62 | $ 70 |
Pension and medical defined benefit provisions | 10 | 9 | 25 |
Governmental fiscal claims, care and maintenance of old tailings operations and other | 13 | 17 | 15 |
Other operating expenses | $ 97 | $ 88 | $ 110 |
Special Items (Details)
Special Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Special Items [Line Items] | |||
Impairment and derecognition of assets | $ 104 | $ 297 | $ 3 |
Impairment of other investments | 0 | 3 | 0 |
Retrenchment and related costs | 34 | 88 | 1 |
Legal fees (recoveries) and other costs related to contract terminations and settlement costs | 17 | 71 | 11 |
Write-down of inventories | 1 | 3 | 12 |
Net (profit) loss on disposal of assets | 20 | (8) | (4) |
Royalties received | (10) | (18) | (9) |
Indirect tax expense (recoveries) | 4 | 2 | (2) |
Special items | 170 | 438 | 42 |
Debt Settlement Cost | |||
Special Items [Line Items] | |||
Repurchase premium and cost on settlement of debt facilities | $ 0 | $ 0 | $ 30 |
Finance Costs and Unwinding o_3
Finance Costs and Unwinding of Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |||
Finance costs on bonds, corporate notes, bank loans and other | $ 128 | $ 132 | $ 148 |
Amortisation of fees | 7 | 4 | 4 |
Finance lease charges | 5 | 6 | 6 |
Total finance costs | 140 | 142 | 158 |
Unwinding of obligations | 38 | 27 | 22 |
Total finance costs and unwinding of obligations (note 30 and 34) | $ 178 | $ 169 | $ 180 |
Share of Associates and Joint_3
Share of Associates and Joint Ventures' Profit (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | |||
Net interest received | $ 17 | $ 15 | $ 22 |
Profit (loss) before taxation | 278 | (63) | 269 |
Taxation | (128) | (108) | (189) |
Profit (loss) after taxation | (171) | 80 | |
Share of associates and joint ventures’ profit (loss) (note 30) | 122 | 22 | 11 |
Associates | |||
Disclosure of associates [line items] | |||
(Impairment) impairment reversal of investments in associates | 15 | 13 | (5) |
Joint ventures | |||
Disclosure of associates [line items] | |||
Impairment reversal of investments in joint ventures (note 17) | 14 | 2 | 11 |
Joint ventures | Associates | |||
Disclosure of associates [line items] | |||
Revenue | 582 | 454 | 442 |
Operating costs, special items and other expenses | (472) | (471) | (447) |
Net interest received | (8) | 1 | 3 |
Profit (loss) before taxation | 102 | (16) | (2) |
Taxation | (9) | 23 | 7 |
Profit (loss) after taxation | 93 | 7 | 5 |
Share of associates and joint ventures’ profit (loss) (note 30) | $ 122 | $ 22 | $ 11 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits | $ 797 | $ 1,024 | $ 918 |
Pension and medical defined benefit provisions | 10 | 9 | 25 |
Retrenchment costs | 30 | 92 | 16 |
Share-based payment expense (note 10) | 35 | 33 | 37 |
Included in cost of sales, other operating expenses, special items and corporate administration, marketing and other expenses | 947 | 1,270 | 1,095 |
Post-retirement medical | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
- current medical expenses | 39 | 58 | 51 |
Pension and medical defined benefit provisions | 9 | 10 | 10 |
Pension | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension and medical defined benefit provisions | 0 | 0 | 15 |
Defined contribution expenses | $ 37 | $ 53 | $ 48 |
Share-based Payments - Share-ba
Share-based Payments - Share-based Payment Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | $ 22 | $ 26 | $ 34 |
Cash-settled Long Term Incentive Plan (CSLTIP) | 13 | 7 | 3 |
Total share-based payment expense (note 9) | 35 | 33 | 37 |
Bonus Share Plan (BSP) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | 20 | 26 | 26 |
Long Term Incentive Plan (LTIP) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | 1 | (1) | 7 |
Other | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | $ 1 | $ 1 | $ 1 |
Share-based Payments - Equity-s
Share-based Payments - Equity-settled Plans (Details) | 12 Months Ended | |||
Dec. 31, 2018ZAR (R)shares | Dec. 31, 2017ZAR (R)shares | Dec. 31, 2016ZAR (R)shares | Dec. 31, 2015ZAR (R) | |
Bonus Share Plan (BSP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Calculated fair value | R | R 119.14 | R 152.87 | R 229.22 | |
Awards outstanding at beginning of year | 4,479,679 | 4,198,285 | 4,708,799 | |
Awards granted during the year | 2,492,584 | 1,926,549 | 2,103,767 | |
Awards lapsed during the year | (359,343) | (218,601) | (204,374) | |
Awards exercised during the year | (2,055,001) | (1,426,554) | (2,409,907) | |
Awards outstanding at end of year | 4,557,919 | 4,479,679 | 4,198,285 | |
Awards exercisable at end of year | 1,588,512 | 1,904,021 | 1,170,849 | |
Long Term Incentive Plan (LTIP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Calculated fair value | R | R 129.94 | |||
Awards outstanding at beginning of year | 2,466,357 | 4,363,330 | 6,028,193 | |
Awards lapsed during the year | (1,186,330) | (1,512,857) | (1,160,023) | |
Awards exercised during the year | (832,185) | (384,116) | (504,840) | |
Awards outstanding at end of year | 447,842 | 2,466,357 | 4,363,330 | |
Awards exercisable at end of year | 447,842 | 455,914 | 320,169 | |
Co-investment Plan (CIP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Awards outstanding at beginning of year | 95,378 | 97,651 | 145,040 | |
Awards granted during the year | 80,809 | 112,105 | 47,590 | |
Awards lapsed during the year | (11,633) | (62,775) | (18,570) | |
Awards exercised during the year | (51,976) | (51,603) | (76,409) | |
Awards outstanding at end of year | 112,578 | 95,378 | 97,651 |
Share-based Payments - Cash-set
Share-based Payments - Cash-settled Plans (Details) - Cash-settled Long Term Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Closing share price at 30 December: | $ 128.62 | $ 152.58 | |
Share units outstanding at beginning of year | 4,469,618 | 2,464,630 | 30,163 |
Share units granted during the year | 0 | 2,572,437 | 2,537,000 |
Share units lapsed during the year | (611,265) | (507,597) | (100,490) |
Share units exercised during the year | (42,592) | (59,852) | (2,043) |
Share units outstanding at end of year | 3,815,761 | 4,469,618 | 2,464,630 |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Major components of tax expense (income) [abstract] | |||
Normal taxation | $ 242 | $ 190 | $ 234 |
Prior year (over) under provision | 1 | (9) | (5) |
Deferred tax expense (income) [abstract] | |||
Impact of statutory tax rate change | (1) | (2) | 0 |
Taxation | 128 | 108 | 189 |
South Africa | |||
Major components of tax expense (income) [abstract] | |||
Normal taxation | 0 | 1 | 1 |
Prior year (over) under provision | (2) | 0 | (3) |
Deferred tax expense (income) [abstract] | |||
Impairment and disposal of tangible assets | (47) | (72) | 0 |
Other temporary differences | (34) | (62) | 12 |
Prior year (over) under provision | (2) | 15 | 25 |
Impact of estimated deferred tax rate change | (23) | 31 | 0 |
Taxation | (108) | (87) | 35 |
Foreign taxation | |||
Major components of tax expense (income) [abstract] | |||
Normal taxation | 243 | 201 | 246 |
Prior year (over) under provision | 1 | (26) | (10) |
Deferred tax expense (income) [abstract] | |||
Other temporary differences | (4) | 20 | (65) |
Prior year (over) under provision | 4 | 2 | (17) |
Impact of estimated deferred tax rate change | (7) | 0 | 0 |
Impact of statutory tax rate change | (1) | (2) | 0 |
Taxation | $ 236 | $ 195 | $ 154 |
Income Taxes - Disclosure Of Re
Income Taxes - Disclosure Of Reconciliation To South African Statutory Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Implied tax charge at 28% | $ 78 | $ (18) | $ 75 |
Expenses not tax deductible | 29 | 30 | 27 |
Share of associates and joint ventures' profit (loss) | (34) | (6) | (3) |
Tax rate differentials | 25 | 27 | 48 |
Exchange variations, translation and accounting adjustments | 20 | 7 | (20) |
Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change | (30) | 35 | 2 |
Tax allowances | (3) | (3) | (9) |
Impact of statutory tax rate change | (1) | (2) | 0 |
Adjustment in respect of prior years | 1 | (9) | (5) |
Income tax expense | $ 128 | $ 108 | 189 |
ISLE OF MAN | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Tax effect of revenues exempt from taxation | 0.00% | ||
United Kingdom | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Tax effect of revenues exempt from taxation | 19.00% | ||
Obuasi | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
UnusedTaxLossesForWhichNoDeferredTaxAssetIsRecognised | $ 13 | $ 18 | 22 |
AngloGold Ashanti Holdings plc | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
UnusedTaxLossesForWhichNoDeferredTaxAssetIsRecognised | 36 | 0 | 0 |
Tax effect of revenues exempt from taxation | 0 | 31 | 37 |
North America | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
UnusedTaxLossesForWhichNoDeferredTaxAssetIsRecognised | 6 | 0 | 0 |
OtherSubsidiaries | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Tax effect of revenues exempt from taxation | 6 | (2) | (2) |
Vaal River | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Tax effect of disposal of Vaal River assets | (18) | 0 | 0 |
Australia | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Loss on realisation of loan settlement | $ 0 | $ 0 | $ 17 |
Income Taxes - Unrecognised Tax
Income Taxes - Unrecognised Tax Losses (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses available to be utilised against future profits | $ 1,790 | $ 1,592 | $ 1,507 |
Deferred tax assets | 0 | 4 | 4 |
Tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 501 | 470 | 477 |
- utilisation required within one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses available to be utilised against future profits | 48 | 0 | 0 |
Between one and two years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses available to be utilised against future profits | 187 | 48 | 0 |
- utilisation required between two and five years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses available to be utilised against future profits | 300 | 333 | 321 |
- utilisation required between five and twenty years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses available to be utilised against future profits | 1,229 | 1,210 | 1,185 |
- utilisation in excess of twenty years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses available to be utilised against future profits | $ 26 | $ 1 | $ 1 |
Earnings (Loss) per Ordinary _3
Earnings (Loss) per Ordinary Share - Basic and DIluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Basic earnings (loss) per ordinary share (cents) | |||
Basic earnings (loss) per ordinary share (cents) | $ 0.32 | $ (0.46) | $ 0.15 |
Profits (losses) attributable to equity shareholders - continuing operations | $ 133 | $ (191) | $ 63 |
Weighted average number of shares | 417,122,155 | 415,440,077 | 412,585,042 |
Diluted earnings (loss) per ordinary share (cents) | |||
Diluted earnings (loss) per ordinary share (cents) | $ 0.32 | $ (0.46) | $ 0.15 |
Diluted profits (losses) attributable to equity shareholders - continuing operations | $ 133 | $ (191) | $ 63 |
Diluted weighted average number of ordinary shares outstanding | 417,379,405 | 415,440,077 | 414,706,400 |
Earnings (Loss) per Ordinary _4
Earnings (Loss) per Ordinary Share - Dilutive Shares (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of earnings per share [Abstract] | |||
Ordinary shares | 411,412,947 | 409,265,471 | 407,519,542 |
Fully vested options and currently exercisable | 5,709,208 | 6,174,606 | 5,065,500 |
Weighted average number of shares | 417,122,155 | 415,440,077 | 412,585,042 |
Dilutive potential of share options | 257,250 | 0 | 2,121,358 |
Fully diluted number of ordinary shares | 417,379,405 | 415,440,077 | 414,706,400 |
Profit (loss) attributable to equity shareholders | $ 133 | $ (191) | $ 63 |
Earnings (Loss) per Ordinary _5
Earnings (Loss) per Ordinary Share - Headline Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of earnings per share [Abstract] | |||
Profit (loss) attributable to equity shareholders from continuing and discontinued operations | $ 133 | $ (191) | $ 63 |
Net impairment (impairment reversal) and derecognition of assets | 102 | 298 | (16) |
Net (profit) loss on disposal of assets | 32 | (8) | 4 |
Exchange loss on foreign currency translation reserve release | 0 | 0 | 60 |
Taxation on items above | (47) | (72) | 0 |
Headline earnings (loss) | $ 220 | $ 27 | $ 111 |
Weighted average number of shares | 417,122,155 | 415,440,077 | 412,585,042 |
Diluted headline earnings (loss) | $ 220 | $ 27 | $ 111 |
Diluted weighted average number of ordinary shares outstanding | 417,379,405 | 415,440,077 | 414,706,400 |
Basic headline earnings (loss) per share (cents per share) | $ 0.53 | $ 0.06 | $ 0.27 |
Diluted headline earnings (loss) per share (cents per share) | $ 0.53 | $ 0.06 | $ 0.27 |
Dividends (Details)
Dividends (Details) $ / shares in Units, $ in Millions | Feb. 20, 2018$ / shares | Feb. 20, 2018R / shares | Feb. 21, 2017$ / shares | Feb. 21, 2017R / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Disclosure of share capital, reserves and other equity interest [Abstract] | ||||||
Dividends declared per share | (per share) | $ 0.06 | R 0.70 | $ 0.1 | R 1.30 | ||
Dividends paid | $ 24 | $ 39 |
Tangible Assets (Details)
Tangible Assets (Details) R in Millions | Feb. 14, 2019USD ($) | Oct. 19, 2017USD ($) | Oct. 19, 2017ZAR (R) | Dec. 31, 2018USD ($)$ / oz | Dec. 31, 2017USD ($)$ / oz | Dec. 31, 2016USD ($) |
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | $ 3,742,000,000 | $ 4,111,000,000 | ||||
Additions | ||||||
Impairment and derecognition of assets | 104,000,000 | 288,000,000 | $ 3,000,000 | |||
Ending balance | $ 3,381,000,000 | $ 3,742,000,000 | 4,111,000,000 | |||
Long-term real gold price used in assumptions | $ / oz | 1,239 | 1,240 | ||||
Weighted average cost of capital used | 8.30% | 7.50% | ||||
Change in weighted average cost of capital used | 0.20% | |||||
Consideration received in sale | $ (1) | |||||
Bottom of range | ||||||
Additions | ||||||
Life of mine plans | 2 years | |||||
Top of range | ||||||
Additions | ||||||
Life of mine plans | 41 years | |||||
Mine development costs | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | $ 1,583,000,000 | $ 1,780,000,000 | ||||
Additions | ||||||
Ending balance | 1,490,000,000 | 1,583,000,000 | 1,780,000,000 | |||
Mine infrastructure | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 1,586,000,000 | 1,784,000,000 | ||||
Additions | ||||||
Ending balance | 1,301,000,000 | 1,586,000,000 | 1,784,000,000 | |||
Mineral rights and dumps | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 39,000,000 | 51,000,000 | ||||
Additions | ||||||
Ending balance | 39,000,000 | 39,000,000 | 51,000,000 | |||
Exploration and evaluation assets | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 2,000,000 | 2,000,000 | ||||
Additions | ||||||
Ending balance | 1,000,000 | 2,000,000 | 2,000,000 | |||
Assets under construction | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 464,000,000 | 424,000,000 | ||||
Additions | ||||||
Ending balance | 485,000,000 | 464,000,000 | 424,000,000 | |||
Land and buildings | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 68,000,000 | 70,000,000 | ||||
Additions | ||||||
Ending balance | 65,000,000 | 68,000,000 | 70,000,000 | |||
Cost | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 11,414,000,000 | 11,975,000,000 | 12,067,000,000 | |||
Additions | ||||||
- project capital | 177,000,000 | 156,000,000 | 93,000,000 | |||
- stay-in-business capital | 467,000,000 | 665,000,000 | 611,000,000 | |||
- capitalised leased assets | 2,000,000 | |||||
Disposals | (39,000,000) | (21,000,000) | (91,000,000) | |||
Transfers and other movements | (250,000,000) | (506,000,000) | (1,049,000,000) | |||
Transfer to non-current assets and liabilities held for sale | (1,148,000,000) | |||||
Translation | (402,000,000) | 293,000,000 | 342,000,000 | |||
Ending balance | 11,367,000,000 | 11,414,000,000 | 11,975,000,000 | |||
Cost | Mine development costs | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 5,562,000,000 | 5,943,000,000 | 6,282,000,000 | |||
Additions | ||||||
- project capital | 2,000,000 | 28,000,000 | 25,000,000 | |||
- stay-in-business capital | 294,000,000 | 371,000,000 | 363,000,000 | |||
- capitalised leased assets | 0 | |||||
Disposals | (5,000,000) | (1,000,000) | (45,000,000) | |||
Transfers and other movements | 60,000,000 | (168,000,000) | (884,000,000) | |||
Transfer to non-current assets and liabilities held for sale | (785,000,000) | |||||
Translation | (239,000,000) | 174,000,000 | 202,000,000 | |||
Ending balance | 5,674,000,000 | 5,562,000,000 | 5,943,000,000 | |||
Cost | Mine infrastructure | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 4,382,000,000 | 4,576,000,000 | 4,432,000,000 | |||
Additions | ||||||
- project capital | 0 | 3,000,000 | 4,000,000 | |||
- stay-in-business capital | 20,000,000 | 37,000,000 | 54,000,000 | |||
- capitalised leased assets | 2,000,000 | |||||
Disposals | (30,000,000) | (20,000,000) | (46,000,000) | |||
Transfers and other movements | (41,000,000) | (21,000,000) | 25,000,000 | |||
Transfer to non-current assets and liabilities held for sale | (281,000,000) | |||||
Translation | (119,000,000) | 88,000,000 | 105,000,000 | |||
Ending balance | 4,212,000,000 | 4,382,000,000 | 4,576,000,000 | |||
Cost | Mine infrastructure | Assets held under finance leases | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 56,000,000 | 58,000,000 | ||||
Additions | ||||||
Ending balance | 45,000,000 | 56,000,000 | 58,000,000 | |||
Cost | Mineral rights and dumps | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 892,000,000 | 919,000,000 | 914,000,000 | |||
Additions | ||||||
- project capital | 0 | 0 | 0 | |||
- stay-in-business capital | 3,000,000 | 0 | 1,000,000 | |||
- capitalised leased assets | 0 | |||||
Disposals | 0 | 0 | 0 | |||
Transfers and other movements | 0 | (27,000,000) | 0 | |||
Transfer to non-current assets and liabilities held for sale | (7,000,000) | |||||
Translation | (7,000,000) | 7,000,000 | 4,000,000 | |||
Ending balance | 888,000,000 | 892,000,000 | 919,000,000 | |||
Cost | Exploration and evaluation assets | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 5,000,000 | 5,000,000 | 5,000,000 | |||
Additions | ||||||
- project capital | 0 | 0 | 0 | |||
- stay-in-business capital | 0 | 0 | 0 | |||
- capitalised leased assets | 0 | |||||
Disposals | (1,000,000) | 0 | 0 | |||
Transfers and other movements | 0 | 0 | 0 | |||
Transfer to non-current assets and liabilities held for sale | 0 | |||||
Translation | 0 | 0 | 0 | |||
Ending balance | 4,000,000 | 5,000,000 | 5,000,000 | |||
Cost | Assets under construction | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 490,000,000 | 450,000,000 | 356,000,000 | |||
Additions | ||||||
- project capital | 175,000,000 | 125,000,000 | 64,000,000 | |||
- stay-in-business capital | 149,000,000 | 257,000,000 | 192,000,000 | |||
- capitalised leased assets | 0 | |||||
Disposals | 0 | 0 | 0 | |||
Transfers and other movements | (270,000,000) | (291,000,000) | (190,000,000) | |||
Transfer to non-current assets and liabilities held for sale | (72,000,000) | |||||
Translation | (32,000,000) | 21,000,000 | 28,000,000 | |||
Ending balance | 512,000,000 | 490,000,000 | 450,000,000 | |||
Cost | Land and buildings | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 83,000,000 | 82,000,000 | 78,000,000 | |||
Additions | ||||||
- project capital | 0 | 0 | 0 | |||
- stay-in-business capital | 1,000,000 | 0 | 1,000,000 | |||
- capitalised leased assets | 0 | |||||
Disposals | (3,000,000) | 0 | 0 | |||
Transfers and other movements | 1,000,000 | 1,000,000 | 0 | |||
Transfer to non-current assets and liabilities held for sale | (3,000,000) | |||||
Translation | (5,000,000) | 3,000,000 | 3,000,000 | |||
Ending balance | 77,000,000 | 83,000,000 | 82,000,000 | |||
Assets pledged as security | 10,000,000 | 11,000,000 | 12,000,000 | |||
Cost | Land and buildings | Assets held under finance leases | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 6,000,000 | 7,000,000 | ||||
Additions | ||||||
Ending balance | 3,000,000 | 6,000,000 | 7,000,000 | |||
Accumulated amortisation and impairments | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 7,672,000,000 | 7,864,000,000 | 8,009,000,000 | |||
Additions | ||||||
Amortisation for the year | 634,000,000 | 829,000,000 | 806,000,000 | |||
Impairment and derecognition of assets | 104,000,000 | 253,000,000 | 3,000,000 | |||
Disposals | (35,000,000) | (21,000,000) | (86,000,000) | |||
Transfers and other movements | (205,000,000) | (516,000,000) | (1,037,000,000) | |||
Transfer to non-current assets and liabilities held for sale | (859,000,000) | |||||
Translation | (184,000,000) | 122,000,000 | 169,000,000 | |||
Ending balance | 7,986,000,000 | 7,672,000,000 | 7,864,000,000 | |||
Accumulated amortisation and impairments | First Uranium | ||||||
Additions | ||||||
Impairment and derecognition of assets | 93,000,000 | 13,000,000 | ||||
Accumulated amortisation and impairments | TauTona | ||||||
Additions | ||||||
Impairment and derecognition of assets | 0 | 79,000,000 | ||||
Accumulated amortisation and impairments | Kopanang | ||||||
Additions | ||||||
Impairment and derecognition of assets | 0 | 35,000,000 | ||||
Accumulated amortisation and impairments | Surface Operations | ||||||
Additions | ||||||
Impairment and derecognition of assets | 1,000,000 | 9,000,000 | ||||
Accumulated amortisation and impairments | Moab Khotsong | ||||||
Additions | ||||||
Impairment and derecognition of assets | 0 | 112,000,000 | ||||
Accumulated amortisation and impairments | Mponeng | ||||||
Additions | ||||||
Impairment and derecognition of assets | 4,000,000 | 2,000,000 | ||||
Accumulated amortisation and impairments | Obuasi | ||||||
Additions | ||||||
Impairment and derecognition of assets | 5,000,000 | 0 | ||||
Accumulated amortisation and impairments | Other | ||||||
Additions | ||||||
Impairment and derecognition of assets | 1,000,000 | 3,000,000 | ||||
Accumulated amortisation and impairments | Mine development costs | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 3,979,000,000 | 4,163,000,000 | 4,488,000,000 | |||
Additions | ||||||
Amortisation for the year | 397,000,000 | 553,000,000 | 546,000,000 | |||
Impairment and derecognition of assets | 0 | 182,000,000 | 1,000,000 | |||
Disposals | (5,000,000) | (1,000,000) | (43,000,000) | |||
Transfers and other movements | (52,000,000) | (326,000,000) | (964,000,000) | |||
Transfer to non-current assets and liabilities held for sale | (685,000,000) | |||||
Translation | (135,000,000) | 93,000,000 | 135,000,000 | |||
Ending balance | 4,184,000,000 | 3,979,000,000 | 4,163,000,000 | |||
Accumulated amortisation and impairments | Mine infrastructure | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 2,796,000,000 | 2,792,000,000 | 2,618,000,000 | |||
Additions | ||||||
Amortisation for the year | 233,000,000 | 272,000,000 | 254,000,000 | |||
Impairment and derecognition of assets | 104,000,000 | 62,000,000 | 2,000,000 | |||
Disposals | (27,000,000) | (20,000,000) | (43,000,000) | |||
Transfers and other movements | (153,000,000) | (163,000,000) | (70,000,000) | |||
Transfer to non-current assets and liabilities held for sale | (169,000,000) | |||||
Translation | (42,000,000) | 22,000,000 | 31,000,000 | |||
Ending balance | 2,911,000,000 | 2,796,000,000 | 2,792,000,000 | |||
Accumulated amortisation and impairments | Mineral rights and dumps | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 853,000,000 | 868,000,000 | 862,000,000 | |||
Additions | ||||||
Amortisation for the year | 2,000,000 | 3,000,000 | 4,000,000 | |||
Impairment and derecognition of assets | 0 | 8,000,000 | 0 | |||
Disposals | 0 | 0 | 0 | |||
Transfers and other movements | 0 | (27,000,000) | 0 | |||
Transfer to non-current assets and liabilities held for sale | (4,000,000) | |||||
Translation | (6,000,000) | 5,000,000 | 2,000,000 | |||
Ending balance | 849,000,000 | 853,000,000 | 868,000,000 | |||
Accumulated amortisation and impairments | Exploration and evaluation assets | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 3,000,000 | 3,000,000 | 2,000,000 | |||
Additions | ||||||
Amortisation for the year | 1,000,000 | 0 | 1,000,000 | |||
Impairment and derecognition of assets | 0 | 0 | 0 | |||
Disposals | (1,000,000) | 0 | 0 | |||
Transfers and other movements | 0 | 0 | 0 | |||
Transfer to non-current assets and liabilities held for sale | 0 | |||||
Translation | 0 | 0 | 0 | |||
Ending balance | 3,000,000 | 3,000,000 | 3,000,000 | |||
Accumulated amortisation and impairments | Assets under construction | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 26,000,000 | 26,000,000 | 29,000,000 | |||
Additions | ||||||
Amortisation for the year | 0 | 0 | 0 | |||
Impairment and derecognition of assets | 0 | 1,000,000 | 0 | |||
Disposals | 0 | 0 | 0 | |||
Transfers and other movements | 0 | 0 | (3,000,000) | |||
Transfer to non-current assets and liabilities held for sale | (1,000,000) | |||||
Translation | 1,000,000 | 0 | 0 | |||
Ending balance | 27,000,000 | 26,000,000 | 26,000,000 | |||
Accumulated amortisation and impairments | Land and buildings | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 15,000,000 | 12,000,000 | 10,000,000 | |||
Additions | ||||||
Amortisation for the year | 1,000,000 | 1,000,000 | 1,000,000 | |||
Impairment and derecognition of assets | 0 | 0 | 0 | |||
Disposals | (2,000,000) | 0 | 0 | |||
Transfers and other movements | 0 | 0 | 0 | |||
Transfer to non-current assets and liabilities held for sale | 0 | |||||
Translation | (2,000,000) | 2,000,000 | 1,000,000 | |||
Ending balance | $ 12,000,000 | $ 15,000,000 | $ 12,000,000 | |||
Disposal groups classified as held for sale | Moab Khotsong | ||||||
Additions | ||||||
Consideration received in sale | $ 300,000,000 | |||||
Disposal groups classified as held for sale | Kopanang | ||||||
Additions | ||||||
Consideration received in sale | R | R 100 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | $ 138 | $ 145 | |
Amortisation for the year | 5 | 6 | $ 20 |
Ending balance | 123 | 138 | 145 |
Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 299 | 564 | 558 |
Additions | 1 | 1 | 5 |
Disposals | (3) | ||
Transfer to non-current assets and liabilities held for sale | 0 | (17) | |
Transfers and other movements | 4 | (264) | (4) |
Translation | (18) | 15 | 5 |
Ending balance | 283 | 299 | 564 |
Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 161 | 419 | 397 |
Amortisation for the year | 5 | 6 | 20 |
Disposals | (3) | ||
Impairment | 9 | ||
Transfer to non-current assets and liabilities held for sale | (15) | ||
Transfers and other movements | 4 | (264) | (3) |
Translation | (7) | 6 | 5 |
Ending balance | 160 | 161 | 419 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 127 | 126 | |
Ending balance | 116 | 127 | 126 |
Goodwill | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 127 | 379 | 380 |
Additions | 0 | 0 | 0 |
Disposals | 0 | ||
Transfer to non-current assets and liabilities held for sale | 0 | 0 | |
Transfers and other movements | 0 | (263) | 0 |
Translation | (11) | 11 | (1) |
Ending balance | 116 | 127 | 379 |
Goodwill | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 0 | 253 | 254 |
Disposals | 0 | ||
Impairment | 9 | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||
Transfers and other movements | 0 | (263) | 0 |
Translation | 0 | 1 | (1) |
Ending balance | 0 | 0 | 253 |
Software and licences | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 8 | 13 | |
Ending balance | 6 | 8 | 13 |
Software and licences | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 112 | 125 | 118 |
Additions | 1 | 1 | 5 |
Disposals | (2) | ||
Transfer to non-current assets and liabilities held for sale | 0 | (17) | |
Transfers and other movements | 4 | (1) | (4) |
Translation | (7) | 4 | 6 |
Ending balance | 108 | 112 | 125 |
Software and licences | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 104 | 112 | 93 |
Amortisation for the year | 3 | 3 | 16 |
Disposals | (2) | ||
Impairment | 0 | ||
Transfer to non-current assets and liabilities held for sale | (15) | ||
Transfers and other movements | 4 | (1) | (3) |
Translation | (7) | 5 | 6 |
Ending balance | 102 | 104 | 112 |
Royalty tax rate concession and other | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 3 | 6 | |
Ending balance | 1 | 3 | 6 |
Royalty tax rate concession and other | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 60 | 60 | 60 |
Additions | 0 | 0 | 0 |
Disposals | (1) | ||
Transfer to non-current assets and liabilities held for sale | 0 | 0 | |
Transfers and other movements | 0 | 0 | 0 |
Translation | 0 | 0 | 0 |
Ending balance | 59 | 60 | 60 |
Royalty tax rate concession and other | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 57 | 54 | 50 |
Amortisation for the year | 2 | 3 | 4 |
Disposals | (1) | ||
Impairment | 0 | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||
Transfers and other movements | 0 | 0 | 0 |
Translation | 0 | 0 | 0 |
Ending balance | $ 58 | $ 57 | $ 54 |
Intangible Assets - Calculation
Intangible Assets - Calculation of Goodwill Impairment (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)$ / oz | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 116 | $ 127 | $ 126 |
Cash-generating units | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 116 | 127 | 126 |
Sunrise Dam CGU | |||
Disclosure of information for cash-generating units [line items] | |||
Value in use | 750 | 402 | 487 |
Goodwill | $ 108 | $ 119 | $ 110 |
Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant | 8.30% | 8.30% | 8.80% |
First Uranium CGU | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 8 | ||
Serra Grande CGU | |||
Disclosure of information for cash-generating units [line items] | |||
Carrying Value | 104 | ||
Value in use | 259 | ||
Amount by which unit's recoverable amount exceeds its carrying amount | 155 | ||
Goodwill | $ 8 | $ 8 | $ 8 |
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in dollars per ounce) | $ / oz | 1,239 | ||
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount | 15.00% |
Material partly-owned subsidi_3
Material partly-owned subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of subsidiaries [line items] | ||||
Accumulated balances of material non-controlling interests | $ 42 | $ 41 | $ 39 | |
Profit (loss) for the year | 150 | (171) | 80 | |
Total comprehensive income (loss) for the year, net of tax | 9 | (17) | 267 | |
Attributable to non-controlling interests | 17 | 20 | 17 | |
Non-current assets | 5,416 | 5,726 | 5,987 | |
Current assets | 1,227 | 1,493 | 1,166 | |
Non-current liabilities | (3,156) | (3,660) | (3,639) | |
Current liabilities | (793) | (855) | (760) | |
Total equity | 2,694 | 2,704 | 2,754 | $ 2,467 |
Cash inflow (outflow) from operating activities | 857 | 997 | 1,186 | |
Cash inflow (outflow) from investing activities | (335) | (862) | (702) | |
Cash inflow (outflow) from financing activities | (393) | (148) | (763) | |
Net increase (decrease) in cash and cash equivalents | $ 129 | $ (13) | $ (279) | |
Cerro Vanguardia S.A. (CVSA) | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interest holding | 7.50% | 7.50% | 7.50% | |
Profit allocated to material non-controlling interests | $ 9 | $ 7 | $ 6 | |
Accumulated balances of material non-controlling interests | 14 | 13 | 15 | |
Revenue | 498 | 517 | 472 | |
Profit (loss) for the year | 119 | 96 | 81 | |
Total comprehensive income (loss) for the year, net of tax | 119 | 96 | 81 | |
Attributable to non-controlling interests | 9 | 7 | 6 | |
Dividends paid to non-controlling interests | (7) | (9) | (6) | |
Non-current assets | 176 | 193 | 241 | |
Current assets | 215 | 171 | 177 | |
Non-current liabilities | (112) | (103) | (108) | |
Current liabilities | (78) | (84) | (107) | |
Total equity | 201 | 177 | 203 | |
Cash inflow (outflow) from operating activities | 179 | 189 | 110 | |
Cash inflow (outflow) from investing activities | (36) | (55) | (57) | |
Cash inflow (outflow) from financing activities | (140) | (118) | (97) | |
Net increase (decrease) in cash and cash equivalents | $ 3 | $ 16 | $ (44) | |
Société AngloGold Ashanti de Guinée S.A. (Siguiri) | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interest holding | 15.00% | 15.00% | 15.00% | |
Profit allocated to material non-controlling interests | $ 8 | $ 13 | $ 11 | |
Accumulated balances of material non-controlling interests | 32 | 32 | 28 | |
Revenue | 365 | 489 | 367 | |
Profit (loss) for the year | 56 | 88 | 74 | |
Total comprehensive income (loss) for the year, net of tax | 56 | 88 | 74 | |
Attributable to non-controlling interests | 8 | 13 | 11 | |
Dividends paid to non-controlling interests | (8) | (10) | (9) | |
Non-current assets | 257 | 206 | 174 | |
Current assets | 157 | 189 | 178 | |
Non-current liabilities | (64) | (101) | (79) | |
Current liabilities | (137) | (82) | (85) | |
Total equity | 213 | 212 | 188 | |
Cash inflow (outflow) from operating activities | 84 | 152 | 120 | |
Cash inflow (outflow) from investing activities | (96) | (82) | (59) | |
Cash inflow (outflow) from financing activities | (6) | (58) | (53) | |
Net increase (decrease) in cash and cash equivalents | $ (18) | $ 12 | $ 8 |
Investments in Associates and_3
Investments in Associates and Joint Ventures (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Interests In Other Entities [Abstract] | |||
Investments in associates | $ 36 | $ 36 | $ 20 |
Investments in joint ventures | 1,492 | 1,471 | 1,428 |
Investments in associates and joint ventures | $ 1,528 | $ 1,507 | $ 1,448 |
Investments in Associates and_4
Investments in Associates and Joint Ventures - Interests in Associates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of associates [line items] | |||
Taxation | $ (128) | $ (108) | $ (189) |
Profit (loss) for the year | 150 | (171) | 80 |
Total comprehensive income (loss) for the year, net of tax | 9 | (17) | 267 |
Immaterial associates | |||
Disclosure of associates [line items] | |||
Revenue | 19 | 21 | 30 |
Operating costs and expenses | (4) | (11) | (38) |
Taxation | (1) | 2 | (1) |
Profit (loss) for the year | 14 | 12 | (9) |
Total comprehensive income (loss) for the year, net of tax | $ 14 | $ 12 | $ (9) |
Investments in Associates and_5
Investments in Associates and Joint Ventures - Investments in Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | $ 1,492 | $ 1,471 | $ 1,428 | |
Statement of profit or loss | ||||
Amortisation of tangible and intangible assets | 630 | 823 | 809 | |
Finance costs and unwinding of obligations | (178) | (169) | (180) | |
Interest income | 17 | 15 | 22 | |
Taxation | (128) | (108) | (189) | |
Profit (loss) for the year | 150 | (171) | 80 | |
Total comprehensive income (loss) | 9 | (17) | 267 | |
Statement of financial position | ||||
Non-current assets | 5,416 | 5,726 | 5,987 | |
Cash and cash equivalents | 329 | 205 | 215 | $ 484 |
Total assets | 6,643 | 7,219 | 7,153 | |
Total liabilities | $ 3,949 | $ 4,515 | $ 4,399 | |
KibaliJerseyLimited | ||||
Disclosure of joint ventures [line items] | ||||
Ownership interest in joint venture | 50.00% | |||
Kibali | ||||
Disclosure of joint ventures [line items] | ||||
Ownership interest in joint venture | 45.00% | 45.00% | 45.00% | |
Investments in joint ventures | $ 1,439 | $ 1,423 | $ 1,400 | |
Statement of profit or loss | ||||
Revenue | 1,098 | 755 | 709 | |
Other operating costs and expenses | (539) | (530) | (471) | |
Amortisation of tangible and intangible assets | (330) | (264) | (211) | |
Finance costs and unwinding of obligations | (4) | (5) | (5) | |
Interest income | 3 | 4 | 5 | |
Taxation | (16) | 54 | 23 | |
Profit (loss) for the year | 212 | 14 | 50 | |
Total comprehensive income (loss) | 212 | 14 | 50 | |
Dividends received from joint venture (attributable) | 89 | 0 | 30 | |
Statement of financial position | ||||
Non-current assets | 2,659 | 2,834 | 2,805 | |
Current assets | 205 | 166 | 179 | |
Cash and cash equivalents | 124 | 3 | 19 | |
Total assets | 2,988 | 3,003 | 3,003 | |
Non-current financial liabilities | 29 | 41 | 47 | |
Other non-current liabilities | 24 | 23 | 32 | |
Current financial liabilities | 11 | 7 | 10 | |
Other current liabilities | 64 | 107 | 133 | |
Total liabilities | 128 | 178 | 222 | |
Net assets | 2,860 | 2,825 | 2,781 | |
Immaterial joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | 53 | 48 | 28 | |
Statement of profit or loss | ||||
Revenue | 112 | 113 | 114 | |
Other operating costs and expenses | (92) | (94) | (95) | |
Amortisation of tangible and intangible assets | (15) | (16) | (18) | |
Taxation | (2) | (2) | (3) | |
Profit (loss) for the year | 3 | 1 | (2) | |
Total comprehensive income (loss) | 3 | 1 | (2) | |
Sadiola (note 8) | ||||
Disclosure of joint ventures [line items] | ||||
Reversal (impairment) of investments in joint ventures | 14 | 2 | 11 | |
Morila | ||||
Disclosure of joint ventures [line items] | ||||
Cumulative unrecognised share of losses of the joint ventures: | 8 | 7 | 9 | |
Yatela | ||||
Disclosure of joint ventures [line items] | ||||
Cumulative unrecognised share of losses of the joint ventures: | 3 | 2 | 3 | |
Entity's Share Of Net Assets For Joint Ventures [Member] | Kibali | ||||
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | 1,430 | 1,413 | 1,391 | |
Entity's Share Other For Joint Ventures [Member] | Kibali | ||||
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | $ 9 | $ 10 | $ 9 |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets [line items] | |||
Balance at beginning of year | $ 138 | $ 130 | |
Balance at end of year | 147 | 138 | $ 130 |
Listed investments | Book Value Of Listed Investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 84 | 57 | |
Balance at end of year | 100 | 84 | 57 |
Non-current investments | |||
Disclosure of financial assets [line items] | |||
Total value of non-current investments | 141 | 131 | 125 |
Non-current investments | Listed investments | Equity investments at fair value through profit and loss (FVTPL) | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 26 | ||
Additions | 2 | ||
Disposals | (2) | ||
Fair value adjustments | (3) | ||
Translation | (4) | ||
Balance at end of year | 19 | 26 | |
Non-current investments | Listed investments | Equity investments at fair value though OCI (FVTOCI) | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 47 | ||
Additions | 13 | ||
Disposals | (7) | ||
Fair value adjustments | 10 | ||
Balance at end of year | 63 | 47 | |
Non-current investments | Listed investments | Available-for-sale | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 73 | 46 | |
Balance at end of year | 82 | 73 | 46 |
Non-current investments | Listed investments | Available-for-sale | International Tower Hill Mines Limited (ITH) | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 7 | 9 | |
Balance at end of year | 0 | 7 | 9 |
Non-current investments | Listed investments | Available-for-sale | Corvus Gold Corporation | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 25 | 7 | |
Balance at end of year | 43 | 25 | 7 |
Non-current investments | Listed investments | Available-for-sale | Various listed investments held by Environmental Rehabilitation Trust Fund | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 22 | 18 | |
Balance at end of year | 16 | 22 | 18 |
Non-current investments | Listed investments | Available-for-sale | Pure Gold Mining | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 11 | 8 | |
Balance at end of year | 18 | 11 | 8 |
Non-current investments | Listed investments | Available-for-sale | Other | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 8 | 4 | |
Balance at end of year | 5 | 8 | 4 |
Non-current investments | Listed investments | Held-to-maturity investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 4 | 6 | |
Balance at end of year | 4 | 6 | |
Non-current investments | Listed investments | Financial assets at amortised cost | |||
Disclosure of financial assets [line items] | |||
Balance at end of year | 12 | ||
Non-current investments | Unlisted investments | Held-to-maturity investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 54 | 73 | 57 |
Additions | 48 | 81 | 66 |
Maturities | (45) | (73) | (58) |
Transfer to non-current assets and liabilities held for sale | 0 | (32) | 0 |
Other | (2) | 0 | 1 |
Translation | (8) | 5 | 7 |
Balance at end of year | 47 | 54 | 73 |
Non-current investments | Unlisted investments | Held-to-maturity investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 54 | 73 | |
Balance at end of year | 47 | 54 | 73 |
Non-current investments | Unlisted investments | Held-to-maturity investments | Other | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 1 | 4 | |
Balance at end of year | 1 | 1 | 4 |
Non-current investments | Unlisted investments | Held-to-maturity investments | Negotiable Certificates of Deposit - Environmental Rehabilitation Trust Fund administered by Ashburton Investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 53 | 69 | |
Balance at end of year | 46 | 53 | 69 |
Current investments | Listed investments | Equity investments at fair value though OCI (FVTOCI) | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 6 | ||
Balance at end of year | 6 | ||
Current investments | Listed investments | Available-for-sale | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | $ 7 | 5 | |
Balance at end of year | $ 7 | $ 5 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-current | |||
Raw materials - ore stockpiles | $ 106 | $ 100 | $ 84 |
Raw materials | |||
- ore stockpiles | 251 | 261 | 233 |
- heap-leach inventory | 3 | 5 | 3 |
Work in progress | |||
- metals in process | 44 | 58 | 77 |
Finished goods | |||
- gold doré/bullion | 57 | 59 | 60 |
- by-products | 0 | 5 | 4 |
Total metal inventories | 355 | 388 | 377 |
Mine operating supplies | 297 | 295 | 295 |
Current inventories | 652 | 683 | 672 |
Total inventories | 758 | 783 | 756 |
Write-down of inventories | $ 19 | $ 17 | $ 30 |
Trade, other receivables and _3
Trade, other receivables and other assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current | |||
Prepayments | $ 18 | $ 17 | $ 9 |
Recoverable tax, rebates, levies and duties | 84 | 50 | 25 |
Non-current | 102 | 67 | 34 |
Current | |||
Trade and loan receivables | 33 | 27 | 35 |
Prepayments | 42 | 62 | 85 |
Recoverable tax, rebates, levies and duties | 116 | 127 | 124 |
Other receivables | 18 | 6 | 11 |
Trade and other current receivables | 209 | 222 | 255 |
Total trade, other receivables and other assets | 311 | 289 | 289 |
Trade receivables pledged as collateral | 2 | ||
Disclosure of operating segments [line items] | |||
Receivables from taxes other than income tax | 194 | 174 | 135 |
Tanzania | |||
Disclosure of operating segments [line items] | |||
Receivables from taxes other than income tax | 84 | 67 | |
Indirect Tax Increase | |||
Disclosure of operating segments [line items] | |||
Receivables from taxes other than income tax | 17 | ||
Set Off Amount Against Other Corporate Taxes | |||
Disclosure of operating segments [line items] | |||
Receivables from taxes other than income tax | 33 | ||
Total Claims Since July 2017 | |||
Disclosure of operating segments [line items] | |||
Receivables from taxes other than income tax | 82.7 | ||
Total Claims For 2018 | |||
Disclosure of operating segments [line items] | |||
Receivables from taxes other than income tax | 56.4 | ||
Continental Africa | |||
Disclosure of operating segments [line items] | |||
Recoverable value added tax | 126 | 106 | 61 |
Recoverable fuel duties | 41 | 38 | 39 |
Appeal deposits | $ 10 | $ 10 | $ 8 |
Cash Restricted for Use (Detail
Cash Restricted for Use (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Non-current | $ 35 | $ 37 | $ 36 |
Current restricted cash | 31 | 28 | 19 |
Total cash restricted for use (note 33 and 34) | 66 | 65 | 55 |
Cash restricted by prudential solvency requirements and other | |||
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Current restricted cash | 24 | 18 | 16 |
Cash balances held by the Tropicana - joint venture | |||
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Current restricted cash | $ 7 | $ 10 | $ 3 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Additional Information [Abstract] | ||||
Cash and deposits on call | $ 312 | $ 170 | $ 167 | |
Money market instruments | 17 | 35 | 48 | |
Total cash and cash equivalents (note 33 and note 34) | $ 329 | $ 205 | $ 215 | $ 484 |
Share Capital and Premium (Deta
Share Capital and Premium (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2018R / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 16 | $ 16 | $ 16 | ||||
Balance at beginning of year | $ 7,171 | $ 7,145 | $ 7,103 | ||||
Ordinary shares issued | 37 | 26 | 42 | ||||
Balance at end of year | 7,208 | 7,171 | 7,145 | ||||
Share premium | $ 7,171 | $ 7,145 | $ 7,103 | 7,208 | 7,171 | 7,145 | |
Redeemable preference shares held within the group | (53) | (53) | (53) | ||||
Share premium, net of treasury shares | 7,155 | 7,118 | 7,092 | ||||
Share capital and premium | $ 7,171 | 7,134 | 7,108 | ||||
Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 600,000,000 | ||||||
Par value per share | R / shares | R 0.25 | ||||||
Series A redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 2,000,000 | ||||||
Par value per share | R / shares | 0.50 | ||||||
Number of shares issued and fully paid | shares | 2,000,000 | ||||||
Series B redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 5,000,000 | ||||||
Par value per share | R / shares | 0.01 | ||||||
Number of shares issued and fully paid | shares | 778,896 | ||||||
Series A and B redeemable preference shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Treasury shares held within the group | shares | 2,778,896 | ||||||
Series C redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 30,000,000 | ||||||
Par value per share | R / shares | 0 | ||||||
Authorised | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 23 | 23 | 23 | ||||
Authorised | Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 23 | 23 | 23 | ||||
Authorised | Series A redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Authorised | Series B redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Authorised | Series C redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Issued and fully paid | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 16 | 16 | 16 | ||||
Issued and fully paid | Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 16 | $ 16 | $ 16 | ||||
Par value per share | R / shares | R 0.25 | ||||||
Number of shares issued and fully paid | shares | 412,769,980 | 410,054,615 | 408,233,760 | ||||
Issued and fully paid | Series A redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 0 | $ 0 | $ 0 | ||||
Issued and fully paid | Series B redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Treasury shares held within the group | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 0 | $ 0 | $ 0 |
Borrowings (Details)
Borrowings (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2018AUD ($) | Oct. 31, 2018AUD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Finance leases | $ (9,000,000) | $ (15,000,000) | $ (15,000,000) | |||||||||
Total borrowings (note 34) | 2,050,000,000 | 2,268,000,000 | 2,178,000,000 | |||||||||
Current portion of borrowings | (139,000,000) | (38,000,000) | (34,000,000) | |||||||||
Total non-current borrowings | 1,911,000,000 | 2,230,000,000 | 2,144,000,000 | |||||||||
Total current borrowings | 139,000,000 | 38,000,000 | 34,000,000 | |||||||||
Total borrowings | $ 2,268,000,000 | $ 2,178,000,000 | $ 2,737,000,000 | 2,050,000,000 | 2,268,000,000 | 2,178,000,000 | ||||||
(note 34) | 2,268,000,000 | 2,178,000,000 | 2,737,000,000 | 2,050,000,000 | 2,268,000,000 | 2,178,000,000 | ||||||
Undrawn borrowing facilities | 1,788,000,000 | 1,515,000,000 | 1,361,000,000 | |||||||||
Opening balance | 2,268,000,000 | 2,178,000,000 | 2,737,000,000 | |||||||||
Proceeds from borrowings | 753,000,000 | 815,000,000 | 787,000,000 | |||||||||
Repayment of borrowings | (967,000,000) | (767,000,000) | (1,333,000,000) | |||||||||
Finance costs paid on borrowings | (117,000,000) | (125,000,000) | (159,000,000) | |||||||||
Interest charged to the income statement | 127,000,000 | 130,000,000 | 145,000,000 | |||||||||
Fair value adjustments on issued bonds | 0 | 0 | (9,000,000) | |||||||||
Translation | (14,000,000) | 37,000,000 | 10,000,000 | |||||||||
Closing balance | 2,050,000,000 | 2,268,000,000 | 2,178,000,000 | |||||||||
Finance costs paid on borrowings | (117,000,000) | (125,000,000) | (159,000,000) | |||||||||
Commitment fees, environmental guarantee fees and other borrowing costs | 13,000,000 | 13,000,000 | 13,000,000 | |||||||||
Finance costs paid on borrowings | 130,000,000 | 138,000,000 | 172,000,000 | |||||||||
US dollar | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 1,807,000,000 | 1,844,000,000 | 1,844,000,000 | 1,896,000,000 | 1,807,000,000 | 1,844,000,000 | ||||||
(note 34) | 1,807,000,000 | 1,844,000,000 | 1,844,000,000 | 1,896,000,000 | 1,807,000,000 | 1,844,000,000 | ||||||
Opening balance | 1,807,000,000 | 1,844,000,000 | ||||||||||
Closing balance | 1,896,000,000 | 1,807,000,000 | 1,844,000,000 | |||||||||
Australian dollar | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 221,000,000 | 225,000,000 | 225,000,000 | 48,000,000 | 221,000,000 | 225,000,000 | ||||||
(note 34) | 221,000,000 | 225,000,000 | 225,000,000 | 48,000,000 | 221,000,000 | 225,000,000 | ||||||
Opening balance | 221,000,000 | 225,000,000 | ||||||||||
Closing balance | 48,000,000 | 221,000,000 | 225,000,000 | |||||||||
SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 237,000,000 | 106,000,000 | 106,000,000 | 75,000,000 | 237,000,000 | 106,000,000 | ||||||
(note 34) | 237,000,000 | 106,000,000 | 106,000,000 | 75,000,000 | 237,000,000 | 106,000,000 | ||||||
Opening balance | 237,000,000 | 106,000,000 | ||||||||||
Closing balance | 75,000,000 | 237,000,000 | 106,000,000 | |||||||||
Tanzanian shilling | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 0 | 0 | 0 | 29,000,000 | 0 | 0 | ||||||
(note 34) | 0 | 0 | 0 | 29,000,000 | 0 | 0 | ||||||
Opening balance | 0 | 0 | ||||||||||
Closing balance | 29,000,000 | 0 | 0 | |||||||||
Brazilian real | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | ||||||
(note 34) | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | ||||||
Opening balance | 3,000,000 | 3,000,000 | ||||||||||
Closing balance | 2,000,000 | 3,000,000 | 3,000,000 | |||||||||
- utilisation required within one year | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 38,000,000 | 34,000,000 | 34,000,000 | 139,000,000 | 38,000,000 | 34,000,000 | ||||||
(note 34) | 38,000,000 | 34,000,000 | 34,000,000 | 139,000,000 | 38,000,000 | 34,000,000 | ||||||
Opening balance | 38,000,000 | 34,000,000 | ||||||||||
Closing balance | 139,000,000 | 38,000,000 | 34,000,000 | |||||||||
Between one and two years | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 219,000,000 | 170,000,000 | 170,000,000 | 734,000,000 | 219,000,000 | 170,000,000 | ||||||
(note 34) | 219,000,000 | 170,000,000 | 170,000,000 | 734,000,000 | 219,000,000 | 170,000,000 | ||||||
Opening balance | 219,000,000 | 170,000,000 | ||||||||||
Closing balance | 734,000,000 | 219,000,000 | 170,000,000 | |||||||||
Between two and five years | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 1,687,000,000 | 902,000,000 | 902,000,000 | 860,000,000 | 1,687,000,000 | 902,000,000 | ||||||
(note 34) | 1,687,000,000 | 902,000,000 | 902,000,000 | 860,000,000 | 1,687,000,000 | 902,000,000 | ||||||
Opening balance | 1,687,000,000 | 902,000,000 | ||||||||||
Closing balance | 860,000,000 | 1,687,000,000 | 902,000,000 | |||||||||
After five years | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings | 324,000,000 | 1,072,000,000 | 1,072,000,000 | 317,000,000 | 324,000,000 | 1,072,000,000 | ||||||
(note 34) | 324,000,000 | 1,072,000,000 | 1,072,000,000 | 317,000,000 | 324,000,000 | 1,072,000,000 | ||||||
Opening balance | 324,000,000 | 1,072,000,000 | ||||||||||
Closing balance | $ 317,000,000 | $ 324,000,000 | $ 1,072,000,000 | |||||||||
Rated bonds - issued July 2012 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | 750,000,000 | |||||||||||
$700m Rated bonds- issued April 2010 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | $ 700,000,000 | |||||||||||
Interest rate | 5.375% | 5.375% | 5.375% | |||||||||
Term of facility | 10 years | |||||||||||
$300m Rated bonds- issued April 2010 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | $ 300,000,000 | |||||||||||
Interest rate | 6.50% | 6.50% | 6.50% | |||||||||
Term of facility | 30 years | |||||||||||
Syndicated revolving credit facility ($1bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | $ 1,000,000,000 | |||||||||||
Unsecured One Point Four Billion Dollar Multi Currency Syndicated Loan Facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | 1,400,000,000 | 0 | 0 | |||||||||
Face amount of facility | $ 1,400,000,000 | 1,400,000,000 | ||||||||||
Borrowings Maximum Australian dollar Facility | $ 500,000,000 | $ 500,000,000 | ||||||||||
Term of facility | 5 years | |||||||||||
Unsecured One Point Four Billion Dollar Multi Currency Syndicated Loan Facility | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis | 1.45% | 1.45% | ||||||||||
Unsecured One Hundred and Fifteen Million Dollar Multi Currency Loan Facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | 57,000,000 | 0 | 0 | |||||||||
Face amount of facility | $ 115,000,000 | 115,000 | ||||||||||
BorrowingsMaximumTanzanianShillingFacility | $ 45,000,000 | $ 450,000,000 | ||||||||||
Term of facility | 3 years | |||||||||||
Unsecured One Hundred and Fifteen Million Dollar Multi Currency Loan Facility | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis | 6.70% | |||||||||||
Unsecured Bonds Issued July Two Thousand and Thirteen [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 5.125% | 5.125% | 5.125% | |||||||||
Syndicated revolving credit facility ($1bn) - US dollar | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | $ 0 | 965,000,000 | 950,000,000 | |||||||||
Face amount of facility | 1,000,000,000 | |||||||||||
Syndicated revolving credit facility (A$500m) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | 0 | 226,000,000 | 191,000,000 | |||||||||
Face amount of facility | $ 500,000,000 | $ 500,000,000 | ||||||||||
Syndicated loan facility (R1.5bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | R | R 1,500,000,000 | |||||||||||
Syndicated revolving credit facility (R2.5bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | $ 174,000,000 | 146,000,000 | 0 | |||||||||
Face amount of facility | R | R 2,500,000,000 | |||||||||||
Syndicated revolving credit facility (R2.5bn) | JIBAR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis | 1.80% | 1.80% | 1.80% | |||||||||
Syndicated loan facility (R1.4bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | R | R 1,400,000,000 | |||||||||||
Syndicated loan facility (R1.4bn) | JIBAR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis | 1.65% | 1.65% | 1.65% | |||||||||
Syndicated loan facility (R1bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | $ 35,000,000 | 0 | 0 | |||||||||
Face amount of facility | R | R 1,000,000,000 | |||||||||||
Syndicated loan facility (R1bn) | JIBAR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis | 1.30% | 1.30% | 1.30% | |||||||||
Syndicated revolving credit facility (R1.5bn) - SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | $ 0 | 0 | 21,000,000 | |||||||||
Face amount of facility | R | R 1,500,000,000 | |||||||||||
Syndicated revolving credit facility (R1.4bn) - SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | 70,000,000 | 32,000,000 | 102,000,000 | |||||||||
Face amount of facility | R | 1,400,000,000 | |||||||||||
FirstRand Bank Limited - SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | 52,000,000 | 61,000,000 | 37,000,000 | |||||||||
Face amount of facility | R | R 750,000,000 | |||||||||||
Revolving Credit Facilities - $100m | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Undrawn borrowing facilities | 0 | 85,000,000 | 60,000,000 | |||||||||
Face amount of facility | $ 100,000,000 | |||||||||||
Revolving Credit Facilities - $100m | Bottom of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 6.20% | 6.20% | 6.20% | |||||||||
Revolving Credit Facilities - $100m | Top of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 8.00% | 8.00% | 8.00% | |||||||||
Other | Top of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 4.50% | 4.50% | 4.50% | |||||||||
Other | Average | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | |||||||||
Turbine Square Two (Pty) Limited [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Finance leases | $ 9,000,000 | 15,000,000 | 15,000,000 | |||||||||
Interest rate | 9.80% | 9.80% | 9.80% | |||||||||
Australian Gas Pipeline | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Finance leases | $ 48,000,000 | 58,000,000 | 57,000,000 | |||||||||
Interest rate | 6.75% | 6.75% | 6.75% | |||||||||
Other | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Finance leases | $ 4,000,000 | 5,000,000 | 5,000,000 | |||||||||
Other | Bottom of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | |||||||||
Other | Top of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 14.70% | 14.70% | 14.70% | |||||||||
Tanzanian Portion Of One Hundred Million Dollar Facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | $ 35,000,000 | |||||||||||
Guinea Portion Of One Hundred Million Dollar Facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Face amount of facility | $ 65,000,000 | |||||||||||
Term of facility | 3 years | |||||||||||
Tanzanian Shilling Components Of Unsecured One Hundred and Fifteen Million Dollar MutiCurrency Facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate | 12.50% | 12.50% | 12.50% | |||||||||
US Dollar Components Of Unsecured one Hundred and Fifteen Million Dollar MutiCurrency Facility | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis | 6.70% | 6.70% | 6.70% | |||||||||
Debt carried at amortised cost | Rated bonds - issued July 2012 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured bonds | $ 761,000,000 | 759,000,000 | 758,000,000 | |||||||||
Debt carried at amortised cost | Rated bonds - issued April 2010 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured bonds | 1,002,000,000 | 1,001,000,000 | 1,000,000,000 | |||||||||
Debt carried at amortised cost | Syndicated revolving credit facility ($1bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 32,000,000 | 45,000,000 | |||||||||
Debt carried at amortised cost | Unsecured One Hundred and Fifteen Million Dollar Multi Currency Loan Facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 60,000,000 | 0 | 0 | |||||||||
Debt carried at amortised cost | Syndicated revolving credit facility (A$500m) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 163,000,000 | 168,000,000 | |||||||||
Debt carried at amortised cost | Syndicated loan facility (R1.5bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 0 | 88,000,000 | |||||||||
Debt carried at amortised cost | Syndicated revolving credit facility (R2.5bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 56,000,000 | 0 | |||||||||
Debt carried at amortised cost | Syndicated loan facility (R1.4bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 28,000,000 | 81,000,000 | 0 | |||||||||
Debt carried at amortised cost | Syndicated loan facility (R1bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 35,000,000 | 81,000,000 | 0 | |||||||||
Debt carried at amortised cost | Revolving Credit Facilities - $100m | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 103,000,000 | 16,000,000 | 41,000,000 | |||||||||
Debt carried at amortised cost | Other | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | $ 0 | $ 1,000,000 | $ 1,000,000 | |||||||||
Australian Gas Pipeline One [Member] | Australian Gas Pipeline | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Term of facility | 10 years | |||||||||||
Australian Gas Pipeline Two [Member] | Australian Gas Pipeline | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Term of facility | 12 years |
Environmental Rehabilitation _3
Environmental Rehabilitation and Other Provisions (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)oz | Dec. 31, 2017USD ($)oz | Dec. 31, 2016USD ($)oz | |
Disclosure of other provisions [line items] | |||
Environmental rehabilitation and other provisions | $ 827,000,000 | $ 942,000,000 | $ 877,000,000 |
Provision for decommissioning | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 286,000,000 | 279,000,000 | 272,000,000 |
Charge to income statement | 1,000,000 | 2,000,000 | 0 |
Change in estimates | (47,000,000) | 4,000,000 | (12,000,000) |
Unwinding of obligation | 12,000,000 | 12,000,000 | 12,000,000 |
Transfer to non-current assets and liabilities held for sale | 0 | (20,000,000) | 0 |
Utilised during the year | (1,000,000) | (2,000,000) | (2,000,000) |
Translation | (14,000,000) | 11,000,000 | 9,000,000 |
Ending balance | 237,000,000 | 286,000,000 | 279,000,000 |
Provision for restoration | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 409,000,000 | 426,000,000 | 411,000,000 |
Charge to income statement | 2,000,000 | 8,000,000 | 10,000,000 |
Change in estimates | (28,000,000) | (17,000,000) | (2,000,000) |
Unwinding of obligation | 12,000,000 | 10,000,000 | 8,000,000 |
Transfer to non-current assets and liabilities held for sale | 0 | (3,000,000) | 0 |
Transfer to current portion | 0 | (17,000,000) | 0 |
Utilised during the year | (3,000,000) | (4,000,000) | (3,000,000) |
Translation | (7,000,000) | 6,000,000 | 2,000,000 |
Ending balance | 385,000,000 | 409,000,000 | 426,000,000 |
Other provisions | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 247,000,000 | 172,000,000 | 164,000,000 |
Charge to income statement | 24,000,000 | 17,000,000 | 11,000,000 |
Change in estimates | 18,000,000 | 15,000,000 | 5,000,000 |
Additions | 0 | 64,000,000 | 0 |
Unwinding of obligation | 7,000,000 | 1,000,000 | 1,000,000 |
Transfer to trade and other payables | (26,000,000) | (6,000,000) | (2,000,000) |
Utilised during the year | (35,000,000) | (35,000,000) | (30,000,000) |
Translation | (30,000,000) | 19,000,000 | 23,000,000 |
Ending balance | $ 205,000,000 | 247,000,000 | 172,000,000 |
Percentage of gold production to be sold | 25.00% | ||
Maximum amount of gold to be sold (in oz) | oz | 312,500 | ||
Sales price per ounce of gold to be sold | $ 400 | ||
Annual percentage increase in sales price per ounce of gold to be sold | 1.00% | ||
Gold forward price per ounce | $ 1,283 | $ 1,303 | $ 1,152 |
Remaining gold to be delivered (in oz) | oz | 144,517 | 170,435 | 197,528 |
Provision for Silicosis Settlement | |||
Disclosure of other provisions [line items] | |||
Legal proceedings provision | $ 47,000,000 | $ 63,000,000 |
Environmental Rehabilitation _4
Environmental Rehabilitation and Other Provisions - Provision for Silicosis Settlement (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Short term silicosis settlement provision | $ 16 | |
Provision for Silicosis Settlement | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Provision for settlement | 47 | $ 63 |
Short term silicosis settlement provision | $ 16 |
Provision for Pension and Pos_3
Provision for Pension and Post-retirement Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of defined benefit plans [line items] | |||
Defined benefit plans | $ 100 | $ 122 | $ 118 |
Benefit obligation | |||
Net periodic benefit cost | 947 | 1,270 | 1,095 |
2019 | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Estimated future benefit payments | 9 | ||
2020 | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Estimated future benefit payments | 9 | ||
2021 | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Estimated future benefit payments | 9 | ||
2022 | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Estimated future benefit payments | 9 | ||
2023 | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Estimated future benefit payments | 9 | ||
Thereafter | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Estimated future benefit payments | 48 | ||
Medical scheme | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plans | 93 | 114 | 109 |
Benefit obligation | |||
Balance at beginning of year | 115 | 109 | 97 |
Interest cost | 9 | 10 | 10 |
Benefits paid | (10) | (9) | (8) |
Actuarial (gain) loss | (5) | (8) | (2) |
Translation | (16) | 13 | 12 |
Balance at end of year | 93 | 115 | 109 |
Net periodic benefit cost | $ 9 | $ 10 | $ 10 |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Discount rate | 9.57% | 9.29% | 9.31% |
Expected increase in health care costs | 7.35% | 7.75% | 8.30% |
Health care cost trend assumed for next year | 7.35% | 7.75% | 8.30% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 7.35% | 7.75% | 8.30% |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 9 | ||
Medical scheme | Effect on total service and interest cost | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 1 | $ 1 | $ 1 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (1) | (1) | (1) |
Medical scheme | Effect on post-retirement benefit obligation | |||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 7 | 10 | 10 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (7) | (8) | (9) |
Other defined benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plans | 7 | 8 | 9 |
Classified as held for sale | Medical scheme | |||
Disclosure of defined benefit plans [line items] | |||
Post Retirement Medical Scheme Transferred To Non Current Liabilities Held For Sale | 0 | (1) | 0 |
Not classified as held for sale | Medical scheme | |||
Benefit obligation | |||
Balance at beginning of year | 114 | 109 | |
Balance at end of year | $ 93 | $ 114 | $ 109 |
Deferred Taxation (Details)
Deferred Taxation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | $ 315 | $ 363 | $ 496 |
Deferred tax assets | 0 | 4 | 4 |
Net deferred taxation liability | 315 | 359 | 492 |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 359 | 492 | 513 |
Taxation of items included in income statement | (30) | (68) | (45) |
Taxation on items included in other comprehensive income | 5 | (6) | 2 |
Transfer to non-current assets and liabilities held for sale | 0 | (73) | 0 |
Translation | (19) | 14 | 22 |
Closing balance | 315 | 359 | 492 |
Unrecognised taxable temporary differences pertaining to undistributed earnings | 413 | 384 | 366 |
Tangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 521 | 604 | 730 |
Inventories | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 37 | 33 | 31 |
Provisions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 218 | 229 | 245 |
Tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 24 | 60 | 31 |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 5 | 15 | 10 |
Deferred tax assets | 6 | 4 | 3 |
Temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 563 | 652 | 771 |
Deferred tax assets | $ 248 | $ 293 | $ 279 |
Trade, Other Payables and Def_3
Trade, Other Payables and Deferred Income (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Additional Information [Abstract] | |||
Non-current | $ 3 | $ 3 | $ 4 |
Current | |||
Trade payables | 350 | 358 | 381 |
Accruals and deferred income(1) | 186 | 228 | 206 |
Short-term provisions | 20 | 22 | 0 |
Derivatives | 9 | 0 | 0 |
Other payables | 29 | 30 | 28 |
Total current trade, other payables and deferred income | 594 | 638 | 615 |
Total trade, other payables and deferred income | 597 | $ 641 | $ 619 |
Short term silicosis settlement provision | $ 16 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current Tax Liability [Abstract] | ||||||
Balance at beginning of year | $ 50 | $ 97 | $ 64 | |||
Refunds during the year | 5 | 14 | 12 | |||
Taxation paid | (171) | (174) | (165) | |||
Taxation of items included in the income statement | 242 | 190 | 234 | |||
Offset of VAT and other taxes | (63) | (78) | (47) | |||
Translation | (9) | 1 | (1) | |||
Balance at end of year | 54 | 50 | 97 | |||
Taxation asset included in trade and other receivables | $ (6) | $ (3) | $ (14) | |||
Taxation liability | 60 | 53 | 111 | |||
Current tax liabilities | $ 50 | $ 97 | $ 64 | $ 54 | $ 50 | $ 97 |
Cash Generated From Operation_2
Cash Generated From Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of cash flows [abstract] | |||
Profit (loss) before taxation | $ 278 | $ (63) | $ 269 |
Adjusted for: | |||
Movement on non-hedge derivatives and other commodity contracts | 3 | (10) | (19) |
Amortisation of tangible assets (note 4) | 625 | 817 | 789 |
Finance costs and unwinding of obligations (note 7) | 178 | 169 | 180 |
Environmental, rehabilitation and other expenditure | (35) | (30) | (13) |
Special items | 106 | 394 | 44 |
Amortisation of intangible assets (notes 4 and 15) | 5 | 6 | 20 |
Fair value adjustments | 3 | 0 | (9) |
Interest received | (17) | (15) | (22) |
Share of associates and joint ventures’ (profit) loss (note 8) | (122) | (22) | (11) |
Exchange loss on foreign currency reserve release | 0 | 0 | 60 |
Movements in working capital | (131) | (156) | (76) |
Other non-cash movements | 39 | 61 | 90 |
Cash generated from operations | 932 | 1,151 | 1,302 |
(Increase) decrease in inventories | (9) | (67) | (48) |
(Increase) decrease in trade, other receivables and other assets | (72) | (86) | (131) |
Increase (decrease) in trade, other payables and deferred income | (50) | (3) | 103 |
Movements in working capital | $ (131) | $ (156) | $ (76) |
Related Parties - Related Party
Related Parties - Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Maximum cap of off-shore pay to executives | 40.00% | ||
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Sales and services rendered to related parties | $ 10 | $ 12 | $ 16 |
Purchases and services acquired from related parties | 0 | 3 | 6 |
Outstanding balances arising from sale of goods and services due by related parties | 0 | 2 | 8 |
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Purchases and services acquired from related parties | 19 | 16 | 15 |
Outstanding balances arising from sale of goods and services due by related parties | $ 19 | $ 7 | $ 0 |
Related Parties - Directors and
Related Parties - Directors and Key Management Personnel (Details) R in Thousands | Jan. 01, 2021USD ($)shares | Jan. 01, 2020USD ($)shares | Jan. 01, 2019USD ($)shares | Sep. 01, 2018USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2018ZAR (R)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares |
Share-based Payment Activity [Abstract] | ||||||||
Key Management Personnel Sign On Cash Incentive | $ | $ 1,000,000 | $ 400,000 | $ 800,000 | $ 2,200,000 | ||||
Total Executive Directors and Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 20,564,000 | R 272,398 | $ 11,074,000 | $ 9,870,000 | ||||
Pension scheme benefits | R | 9,314 | |||||||
Other benefits and encashed leave | R | 25,509 | |||||||
Total salary and benefits (IFRS) | R | 171,486 | |||||||
Pre-tax gains on share awards exercised | R | 100,912 | |||||||
Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 9,002,000 | 119,244 | 3,291,000 | 2,779,000 | ||||
Pension scheme benefits | R | 4,421 | |||||||
Other benefits and encashed leave | R | 21,402 | |||||||
Total salary and benefits (IFRS) | R | 63,966 | |||||||
Pre-tax gains on share awards exercised | R | 55,278 | |||||||
KPM Dushnisky | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 2,243,000 | 29,712 | 0 | 0 | ||||
Pension scheme benefits | R | 1,421 | |||||||
Other benefits and encashed leave | R | 16,022 | |||||||
Total salary and benefits (IFRS) | R | 29,712 | |||||||
Pre-tax gains on share awards exercised | R | 0 | |||||||
KC Ramon | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 1,417,000 | 18,766 | 1,157,000 | 947,000 | ||||
Pension scheme benefits | R | 725 | |||||||
Other benefits and encashed leave | R | 1,162 | |||||||
Total salary and benefits (IFRS) | R | 18,766 | |||||||
Pre-tax gains on share awards exercised | R | 0 | |||||||
S Venkatakrishnan | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 5,342,000 | 70,766 | 2,134,000 | 1,832,000 | ||||
Pension scheme benefits | R | 2,275 | |||||||
Other benefits and encashed leave | R | 4,218 | |||||||
Total salary and benefits (IFRS) | R | 15,488 | |||||||
Pre-tax gains on share awards exercised | R | 55,278 | |||||||
Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 11,562,000 | 153,154 | 7,783,000 | 7,091,000 | ||||
Pension scheme benefits | R | 4,893 | |||||||
Other benefits and encashed leave | R | 4,107 | |||||||
Total salary and benefits (IFRS) | R | 107,520 | |||||||
Pre-tax gains on share awards exercised | R | 45,634 | |||||||
CE Carter | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 2,235,000 | 29,601 | 1,887,000 | 1,535,000 | ||||
Pension scheme benefits | R | 1,381 | |||||||
Other benefits and encashed leave | R | 985 | |||||||
Total salary and benefits (IFRS) | R | 19,973 | |||||||
Pre-tax gains on share awards exercised | R | 9,628 | |||||||
GJ Ehm | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 2,304,000 | 30,528 | 1,449,000 | 1,693,000 | ||||
Pension scheme benefits | R | 248 | |||||||
Other benefits and encashed leave | R | 694 | |||||||
Total salary and benefits (IFRS) | R | 16,654 | |||||||
Pre-tax gains on share awards exercised | R | 13,874 | |||||||
L Eybers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 1,216,000 | 16,112 | 1,051,000 | 0 | ||||
Pension scheme benefits | R | 248 | |||||||
Other benefits and encashed leave | R | 1,369 | |||||||
Total salary and benefits (IFRS) | R | 16,112 | |||||||
Pre-tax gains on share awards exercised | R | 0 | |||||||
DC Noko | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 2,715,000 | 35,961 | 938,000 | 961,000 | ||||
Pension scheme benefits | R | 658 | |||||||
Other benefits and encashed leave | R | 406 | |||||||
Total salary and benefits (IFRS) | R | 13,829 | |||||||
Pre-tax gains on share awards exercised | R | 22,132 | |||||||
ME Sanz Perez | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 1,034,000 | 13,702 | 885,000 | 1,640,000 | ||||
Pension scheme benefits | R | 869 | |||||||
Other benefits and encashed leave | R | 150 | |||||||
Total salary and benefits (IFRS) | R | 13,702 | |||||||
Pre-tax gains on share awards exercised | R | 0 | |||||||
CB Sheppard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 1,101,000 | 14,580 | 862,000 | 721,000 | ||||
Pension scheme benefits | R | 696 | |||||||
Other benefits and encashed leave | R | 389 | |||||||
Total salary and benefits (IFRS) | R | 14,580 | |||||||
Pre-tax gains on share awards exercised | R | 0 | |||||||
TR Sibisi | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 957,000 | 12,670 | 711,000 | 541,000 | ||||
Pension scheme benefits | R | 793 | |||||||
Other benefits and encashed leave | R | 114 | |||||||
Total salary and benefits (IFRS) | R | 12,670 | |||||||
Pre-tax gains on share awards exercised | R | 0 | |||||||
Retired prescribed officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | 0 | |||||||
Pension scheme benefits | R | ||||||||
Other benefits and encashed leave | R | ||||||||
Total salary and benefits (IFRS) | R | 0 | |||||||
Pre-tax gains on share awards exercised | R | ||||||||
Non-Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 2,148,500 | 1,960,000 | 2,072,000 | |||||
Director fees | $ | 1,377,000 | |||||||
Committee fees | $ | 577,750 | |||||||
Travel allowance | $ | 193,750 | |||||||
SM Pityana (Chairman) | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 441,000 | 372,000 | 378,000 | |||||
Director fees | $ | 342,000 | |||||||
Committee fees | $ | 87,750 | |||||||
Travel allowance | $ | 11,250 | |||||||
AH Garner | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 200,000 | 201,000 | 200,000 | |||||
Director fees | $ | 134,000 | |||||||
Committee fees | $ | 38,500 | |||||||
Travel allowance | $ | 27,500 | |||||||
MJ Kirkwood | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 246,750 | 231,000 | 249,000 | |||||
Director fees | $ | 134,000 | |||||||
Committee fees | $ | 79,000 | |||||||
Travel allowance | $ | 33,750 | |||||||
NP January-Bardill | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 197,500 | 180,000 | 189,000 | |||||
Director fees | $ | 134,000 | |||||||
Committee fees | $ | 56,000 | |||||||
Travel allowance | $ | 7,500 | |||||||
R Gasant | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 229,500 | 182,000 | 193,000 | |||||
Director fees | $ | 134,000 | |||||||
Committee fees | $ | 83,000 | |||||||
Travel allowance | $ | 12,500 | |||||||
RJ Ruston | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 260,750 | 212,000 | 231,000 | |||||
Director fees | $ | 134,000 | |||||||
Committee fees | $ | 80,500 | |||||||
Travel allowance | $ | 46,250 | |||||||
MDC Richter | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 235,250 | 203,000 | 200,000 | |||||
Director fees | $ | 134,000 | |||||||
Committee fees | $ | 67,500 | |||||||
Travel allowance | $ | 33,750 | |||||||
DL Hodgson | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 189,750 | 167,000 | 176,000 | |||||
Director fees | $ | 134,000 | |||||||
Committee fees | $ | 47,000 | |||||||
Travel allowance | $ | 8,750 | |||||||
AM Ferguson | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 52,500 | 0 | 0 | |||||
Director fees | $ | 30,000 | |||||||
Committee fees | $ | 10,000 | |||||||
Travel allowance | $ | 12,500 | |||||||
Retired non-executive officer | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Total Compensation | $ | 95,500 | $ 212,000 | $ 256,000 | |||||
Director fees | $ | 67,000 | |||||||
Committee fees | $ | 28,500 | |||||||
Travel allowance | $ | $ 0 | |||||||
Bonus Share Plan (BSP) | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 4,557,919 | 4,479,679 | 4,479,679 | 4,198,285 | 4,708,799 | |||
Awards granted during the year | 2,492,584 | 2,492,584 | 1,926,549 | 2,103,767 | ||||
Awards lapsed during the year | 359,343 | 359,343 | 218,601 | 204,374 | ||||
Awards outstanding at end of year | 4,557,919 | 4,557,919 | 4,479,679 | 4,198,285 | ||||
Awards vested at end of year | 1,588,512 | 1,904,021 | 1,170,849 | |||||
Bonus Share Plan (BSP) | Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 2,470,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 145,459 | 421,567 | 421,567 | |||||
Awards granted during the year | 156,851 | 156,851 | ||||||
Exercised during the year | 295,683 | 295,683 | ||||||
Awards lapsed during the year | 137,276 | 137,276 | ||||||
Awards outstanding at end of year | 145,459 | 145,459 | 421,567 | |||||
Awards vested at end of year | 68,386 | |||||||
Key management personnel compensation, share-based payment | $ | $ 2,470,000 | |||||||
Fair Value Of Unexercised Options | $ | 1,675,000 | |||||||
Bonus Share Plan (BSP) | KC Ramon | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 145,459 | 89,825 | 89,825 | |||||
Awards granted during the year | 55,634 | 55,634 | ||||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 145,459 | 145,459 | 89,825 | |||||
Awards vested at end of year | 68,386 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 1,675,000 | |||||||
Bonus Share Plan (BSP) | S Venkatakrishnan | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 2,470,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 0 | 331,742 | 331,742 | |||||
Awards granted during the year | 101,217 | 101,217 | ||||||
Exercised during the year | 295,683 | 295,683 | ||||||
Awards lapsed during the year | 137,276 | 137,276 | ||||||
Awards outstanding at end of year | 0 | 0 | 331,742 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 2,470,000 | |||||||
Fair Value Of Unexercised Options | $ | 0 | |||||||
Bonus Share Plan (BSP) | Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 1,391,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 587,877 | 443,484 | 443,484 | |||||
Awards granted during the year | 291,643 | 291,643 | ||||||
Exercised during the year | 147,250 | 147,250 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 587,877 | 587,877 | 443,484 | |||||
Awards vested at end of year | 196,167 | |||||||
Key management personnel compensation, share-based payment | $ | $ 1,391,000 | |||||||
Fair Value Of Unexercised Options | $ | 6,771,000 | |||||||
Bonus Share Plan (BSP) | CE Carter | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 305,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 67,173 | 56,933 | 56,933 | |||||
Awards granted during the year | 47,873 | 47,873 | ||||||
Exercised during the year | 37,633 | 37,633 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 67,173 | 67,173 | 56,933 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 305,000 | |||||||
Fair Value Of Unexercised Options | $ | 774,000 | |||||||
Bonus Share Plan (BSP) | GJ Ehm | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 185,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 141,275 | 117,164 | 117,164 | |||||
Awards granted during the year | 45,993 | 45,993 | ||||||
Exercised during the year | 21,882 | 21,882 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 141,275 | 141,275 | 117,164 | |||||
Awards vested at end of year | 78,492 | |||||||
Key management personnel compensation, share-based payment | $ | $ 185,000 | |||||||
Fair Value Of Unexercised Options | $ | 1,627,000 | |||||||
Bonus Share Plan (BSP) | L Eybers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 81,534 | 36,959 | 36,959 | |||||
Awards granted during the year | 44,575 | 44,575 | ||||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 81,534 | 81,534 | 36,959 | |||||
Awards vested at end of year | 27,908 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 939,000 | |||||||
Bonus Share Plan (BSP) | DC Noko | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 901,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 52,531 | 101,548 | 101,548 | |||||
Awards granted during the year | 38,718 | 38,718 | ||||||
Exercised during the year | 87,735 | 87,735 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 52,531 | 52,531 | 101,548 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 901,000 | |||||||
Fair Value Of Unexercised Options | $ | 605,000 | |||||||
Bonus Share Plan (BSP) | ME Sanz Perez | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 106,045 | 67,902 | 67,902 | |||||
Awards granted during the year | 38,143 | 38,143 | ||||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 106,045 | 106,045 | 67,902 | |||||
Awards vested at end of year | 53,203 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 1,221,000 | |||||||
Bonus Share Plan (BSP) | CB Sheppard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 80,288 | 39,357 | 39,357 | |||||
Awards granted during the year | 40,931 | 40,931 | ||||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 80,288 | 80,288 | 39,357 | |||||
Awards vested at end of year | 24,754 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 925,000 | |||||||
Bonus Share Plan (BSP) | TR Sibisi | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 59,031 | 23,621 | 23,621 | |||||
Awards granted during the year | 35,410 | 35,410 | ||||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 59,031 | 59,031 | 23,621 | |||||
Awards vested at end of year | 11,810 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | $ 680,000 | |||||||
Long Term Incentive Plan (LTIP) | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 447,842 | 2,466,357 | 2,466,357 | 4,363,330 | 6,028,193 | |||
Awards lapsed during the year | 1,186,330 | 1,186,330 | 1,512,857 | 1,160,023 | ||||
Awards outstanding at end of year | 447,842 | 447,842 | 2,466,357 | 4,363,330 | ||||
Awards vested at end of year | 447,842 | 455,914 | 320,169 | |||||
Long Term Incentive Plan (LTIP) | Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 1,703,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 290,744 | 993,116 | 993,116 | |||||
Exercised during the year | 203,786 | 203,786 | ||||||
Awards lapsed during the year | 498,586 | 498,586 | ||||||
Awards outstanding at end of year | 290,744 | 290,744 | 993,116 | |||||
Awards vested at end of year | 60,149 | |||||||
Key management personnel compensation, share-based payment | $ | $ 1,703,000 | |||||||
Fair Value Of Unexercised Options | $ | 3,348,000 | |||||||
Long Term Incentive Plan (LTIP) | KC Ramon | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 290,744 | 358,334 | 358,334 | |||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 67,590 | 67,590 | ||||||
Awards outstanding at end of year | 290,744 | 290,744 | 358,334 | |||||
Awards vested at end of year | 60,149 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 3,348,000 | |||||||
Long Term Incentive Plan (LTIP) | S Venkatakrishnan | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 1,703,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 0 | 634,782 | 634,782 | |||||
Exercised during the year | 203,786 | 203,786 | ||||||
Awards lapsed during the year | 430,996 | 430,996 | ||||||
Awards outstanding at end of year | 0 | 0 | 634,782 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 1,703,000 | |||||||
Fair Value Of Unexercised Options | $ | 0 | |||||||
Long Term Incentive Plan (LTIP) | Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 2,054,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 1,496,192 | 1,985,733 | 1,985,733 | |||||
Exercised during the year | 211,919 | 211,919 | ||||||
Awards lapsed during the year | 277,622 | 277,622 | ||||||
Awards outstanding at end of year | 1,496,192 | 1,496,192 | 1,985,733 | |||||
Awards vested at end of year | 90,255 | |||||||
Key management personnel compensation, share-based payment | $ | $ 2,054,000 | |||||||
Fair Value Of Unexercised Options | $ | 17,229,000 | |||||||
Long Term Incentive Plan (LTIP) | CE Carter | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 422,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 230,595 | 352,962 | 352,962 | |||||
Exercised during the year | 50,219 | 50,219 | ||||||
Awards lapsed during the year | 72,148 | 72,148 | ||||||
Awards outstanding at end of year | 230,595 | 230,595 | 352,962 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 422,000 | |||||||
Fair Value Of Unexercised Options | $ | 2,655,000 | |||||||
Long Term Incentive Plan (LTIP) | GJ Ehm | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 862,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 230,595 | 387,556 | 387,556 | |||||
Exercised during the year | 86,659 | 86,659 | ||||||
Awards lapsed during the year | 70,302 | 70,302 | ||||||
Awards outstanding at end of year | 230,595 | 230,595 | 387,556 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 862,000 | |||||||
Fair Value Of Unexercised Options | $ | 2,655,000 | |||||||
Long Term Incentive Plan (LTIP) | L Eybers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 131,569 | 146,061 | 146,061 | |||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 14,492 | 14,492 | ||||||
Awards outstanding at end of year | 131,569 | 131,569 | 146,061 | |||||
Awards vested at end of year | 14,034 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 1,515,000 | |||||||
Long Term Incentive Plan (LTIP) | DC Noko | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 770,000 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 208,850 | 339,221 | 339,221 | |||||
Exercised during the year | 75,041 | 75,041 | ||||||
Awards lapsed during the year | 55,330 | 55,330 | ||||||
Awards outstanding at end of year | 208,850 | 208,850 | 339,221 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 770,000 | |||||||
Fair Value Of Unexercised Options | $ | 2,405,000 | |||||||
Long Term Incentive Plan (LTIP) | ME Sanz Perez | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 277,544 | 332,634 | 332,634 | |||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 55,090 | 55,090 | ||||||
Awards outstanding at end of year | 277,544 | 277,544 | 332,634 | |||||
Awards vested at end of year | 69,081 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 3,196,000 | |||||||
Long Term Incentive Plan (LTIP) | CB Sheppard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 221,068 | 231,328 | 231,328 | |||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 10,260 | 10,260 | ||||||
Awards outstanding at end of year | 221,068 | 221,068 | 231,328 | |||||
Awards vested at end of year | 7,140 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | 2,546,000 | |||||||
Long Term Incentive Plan (LTIP) | TR Sibisi | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 195,971 | 195,971 | 195,971 | |||||
Exercised during the year | 0 | 0 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 195,971 | 195,971 | 195,971 | |||||
Awards vested at end of year | 0 | |||||||
Key management personnel compensation, share-based payment | $ | $ 0 | |||||||
Fair Value Of Unexercised Options | $ | $ 2,257,000 | |||||||
Co-investment Plan (CIP) | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 112,578 | 95,378 | 95,378 | 97,651 | 145,040 | |||
Awards granted during the year | 80,809 | 80,809 | 112,105 | 47,590 | ||||
Awards lapsed during the year | 11,633 | 11,633 | 62,775 | 18,570 | ||||
Awards outstanding at end of year | 112,578 | 112,578 | 95,378 | 97,651 | ||||
Co-investment Plan (CIP) | Executive Directors | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 23,270 | 41,082 | 41,082 | |||||
Awards granted during the year | 16,950 | 16,950 | ||||||
Exercised during the year | 23,129 | 23,129 | ||||||
Awards lapsed during the year | 11,633 | 11,633 | ||||||
Awards outstanding at end of year | 23,270 | 23,270 | 41,082 | |||||
Fair Value Of Unexercised Options | $ | $ 268,000 | |||||||
Co-investment Plan (CIP) | KC Ramon | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 23,270 | 17,817 | 17,817 | |||||
Awards granted during the year | 16,950 | 16,950 | ||||||
Exercised during the year | 11,497 | 11,497 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 23,270 | 23,270 | 17,817 | |||||
Fair Value Of Unexercised Options | $ | $ 268,000 | |||||||
Co-investment Plan (CIP) | S Venkatakrishnan | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 0 | 23,265 | 23,265 | |||||
Awards granted during the year | 0 | 0 | ||||||
Exercised during the year | 11,632 | 11,632 | ||||||
Awards lapsed during the year | 11,633 | 11,633 | ||||||
Awards outstanding at end of year | 0 | 0 | 23,265 | |||||
Fair Value Of Unexercised Options | $ | $ 0 | |||||||
Co-investment Plan (CIP) | Prescribed Officers | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 89,308 | 54,296 | 54,296 | |||||
Awards granted during the year | 63,859 | 63,859 | ||||||
Exercised during the year | 28,847 | 28,847 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 89,308 | 89,308 | 54,296 | |||||
Fair Value Of Unexercised Options | $ | $ 1,028,000 | |||||||
Co-investment Plan (CIP) | CE Carter | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 949 | 1,897 | 1,897 | |||||
Awards granted during the year | 0 | 0 | ||||||
Exercised during the year | 948 | 948 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 949 | 949 | 1,897 | |||||
Fair Value Of Unexercised Options | $ | $ 11,000 | |||||||
Co-investment Plan (CIP) | GJ Ehm | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 16,500 | 9,000 | 9,000 | |||||
Awards granted during the year | 12,000 | 12,000 | ||||||
Exercised during the year | 4,500 | 4,500 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 16,500 | 16,500 | 9,000 | |||||
Fair Value Of Unexercised Options | $ | $ 190,000 | |||||||
Co-investment Plan (CIP) | L Eybers | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 16,788 | 7,218 | 7,218 | |||||
Awards granted during the year | 13,179 | 13,179 | ||||||
Exercised during the year | 3,609 | 3,609 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 16,788 | 16,788 | 7,218 | |||||
Fair Value Of Unexercised Options | $ | $ 193,000 | |||||||
Co-investment Plan (CIP) | DC Noko | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 15,370 | 12,929 | 12,929 | |||||
Awards granted during the year | 10,606 | 10,606 | ||||||
Exercised during the year | 8,165 | 8,165 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 15,370 | 15,370 | 12,929 | |||||
Fair Value Of Unexercised Options | $ | $ 177,000 | |||||||
Co-investment Plan (CIP) | ME Sanz Perez | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 16,039 | 9,109 | 9,109 | |||||
Awards granted during the year | 11,484 | 11,484 | ||||||
Exercised during the year | 4,554 | 4,554 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 16,039 | 16,039 | 9,109 | |||||
Fair Value Of Unexercised Options | $ | $ 185,000 | |||||||
Co-investment Plan (CIP) | CB Sheppard | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 14,358 | 8,016 | 8,016 | |||||
Awards granted during the year | 10,350 | 10,350 | ||||||
Exercised during the year | 4,008 | 4,008 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 14,358 | 14,358 | 8,016 | |||||
Fair Value Of Unexercised Options | $ | $ 165,000 | |||||||
Co-investment Plan (CIP) | TR Sibisi | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards outstanding at beginning of year | 9,304 | 6,127 | 6,127 | |||||
Awards granted during the year | 6,240 | 6,240 | ||||||
Exercised during the year | 3,063 | 3,063 | ||||||
Awards lapsed during the year | 0 | 0 | ||||||
Awards outstanding at end of year | 9,304 | 9,304 | 6,127 | |||||
Fair Value Of Unexercised Options | $ | $ 107,000 | |||||||
Deferred Share Plan (DSP) | Executive Directors | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 157,524 | 157,524 | ||||||
Fair Value Of Unexercised Options | $ | $ 2,244,000 | |||||||
Deferred Share Plan (DSP) | KPM Dushnisky | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 67,742 | 67,742 | ||||||
Fair Value Of Unexercised Options | $ | $ 965,000 | |||||||
Deferred Share Plan (DSP) | KC Ramon | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 89,782 | 89,782 | ||||||
Fair Value Of Unexercised Options | $ | $ 1,279,000 | |||||||
Deferred Share Plan (DSP) | Prescribed Officers | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 527,961 | 527,961 | ||||||
Fair Value Of Unexercised Options | $ | $ 7,521,000 | |||||||
Deferred Share Plan (DSP) | CE Carter | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 98,451 | 98,451 | ||||||
Fair Value Of Unexercised Options | $ | $ 1,402,000 | |||||||
Deferred Share Plan (DSP) | GJ Ehm | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 82,037 | 82,037 | ||||||
Fair Value Of Unexercised Options | $ | $ 1,169,000 | |||||||
Deferred Share Plan (DSP) | L Eybers | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 77,380 | 77,380 | ||||||
Fair Value Of Unexercised Options | $ | $ 1,102,000 | |||||||
Deferred Share Plan (DSP) | DC Noko | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 67,548 | 67,548 | ||||||
Fair Value Of Unexercised Options | $ | $ 962,000 | |||||||
Deferred Share Plan (DSP) | ME Sanz Perez | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 67,712 | 67,712 | ||||||
Fair Value Of Unexercised Options | $ | $ 965,000 | |||||||
Deferred Share Plan (DSP) | CB Sheppard | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 71,409 | 71,409 | ||||||
Fair Value Of Unexercised Options | $ | $ 1,017,000 | |||||||
Deferred Share Plan (DSP) | TR Sibisi | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 63,424 | 63,424 | ||||||
Fair Value Of Unexercised Options | $ | $ 904,000 | |||||||
Share Sign On Incentive | ||||||||
Share-based Payment Activity [Abstract] | ||||||||
Awards granted during the year | 87,939 | 87,939 | 175,877 | 351,755 | 351,755 | |||
Value Of Shares Granted At Grant Date | $ | $ 700,000 | $ 700,000 | $ 1,400,000 | $ 2,800,000 | ||||
Fair Value Of Awards At Measurement Date | $ | $ 1,012,000 | $ 1,012,000 | $ 2,025,000 | $ 4,049,000 | ||||
Salary | Total Executive Directors and Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | R 77,352 | |||||||
Salary | Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 23,427 | |||||||
Salary | KPM Dushnisky | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 5,740 | |||||||
Salary | KC Ramon | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 8,692 | |||||||
Salary | S Venkatakrishnan | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 8,995 | |||||||
Salary | Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 53,925 | |||||||
Salary | CE Carter | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 9,557 | |||||||
Salary | GJ Ehm | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 8,693 | |||||||
Salary | L Eybers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 7,946 | |||||||
Salary | DC Noko | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 7,014 | |||||||
Salary | ME Sanz Perez | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 6,953 | |||||||
Salary | CB Sheppard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 7,415 | |||||||
Salary | TR Sibisi | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 6,347 | |||||||
Salary | Retired prescribed officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | ||||||||
Performance related payments | Total Executive Directors and Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 59,311 | |||||||
Performance related payments | Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 14,716 | |||||||
Performance related payments | KPM Dushnisky | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 6,529 | |||||||
Performance related payments | KC Ramon | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 8,187 | |||||||
Performance related payments | S Venkatakrishnan | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 0 | |||||||
Performance related payments | Prescribed Officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 44,595 | |||||||
Performance related payments | CE Carter | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 8,050 | |||||||
Performance related payments | GJ Ehm | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 7,019 | |||||||
Performance related payments | L Eybers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 6,549 | |||||||
Performance related payments | DC Noko | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 5,751 | |||||||
Performance related payments | ME Sanz Perez | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 5,730 | |||||||
Performance related payments | CB Sheppard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 6,080 | |||||||
Performance related payments | TR Sibisi | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R | 5,416 | |||||||
Performance related payments | Retired prescribed officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Short-term benefits | R |
Related Parties - Directors_ an
Related Parties - Directors’ and Prescribed Officers’ interests in AngloGold Ashanti Shares (Details) | Mar. 18, 2019shares | Mar. 15, 2019shares | Mar. 13, 2019shares | Mar. 11, 2019shares | Mar. 07, 2019shares | Mar. 05, 2019shares | Mar. 01, 2019shares | Feb. 28, 2019shares | Feb. 27, 2019shares | Feb. 21, 2019shares | Feb. 20, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares |
Directors and Key Management Personnel | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 441,764 | 449,601 | 365,494 | |||||||||||
Indirect Beneficial Holding | 33,581 | 33,581 | 13,747 | |||||||||||
Non-Executive Directors | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 46,290 | 34,290 | 26,790 | |||||||||||
Indirect Beneficial Holding | 1,000 | 1,000 | 1,000 | |||||||||||
SM Pityana (Chairman) | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 2,990 | 2,990 | 2,990 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | ||||||||||||
MDC Richter | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 9,300 | 7,300 | 7,300 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | ||||||||||||
DL Hodgson | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 1,500 | 1,500 | 1,500 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | ||||||||||||
MJ Kirkwood | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 15,000 | 15,000 | 15,000 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | ||||||||||||
RJ Ruston | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 0 | 0 | 0 | |||||||||||
Indirect Beneficial Holding | 1,000 | 1,000 | 1,000 | |||||||||||
AH Garner | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 17,500 | 7,500 | 0 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | ||||||||||||
Executive Directors | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 101,062 | 264,733 | 225,757 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
S Venkatakrishnan | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 0 | 236,468 | 213,423 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
KPM Dushnisky | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 50,000 | 0 | 0 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
KC Ramon | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 51,062 | 28,265 | 12,334 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
Company Secretary | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 26,204 | 13,994 | 7,921 | |||||||||||
Indirect Beneficial Holding | 16,368 | 16,368 | 12,747 | |||||||||||
ME Sanz Perez | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 26,204 | 13,994 | 7,921 | |||||||||||
Indirect Beneficial Holding | 16,368 | 16,368 | 12,747 | |||||||||||
Total Executive Directors and Prescribed Officers | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 268,208 | 136,584 | 105,026 | |||||||||||
Indirect Beneficial Holding | 16,213 | 16,213 | 0 | |||||||||||
CE Carter | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 51,748 | 50,800 | 43,229 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
GJ Ehm | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 35,058 | 30,319 | 33,782 | |||||||||||
Indirect Beneficial Holding | 16,213 | 16,213 | 0 | |||||||||||
L Eybers | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 17,207 | 4,812 | 0 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
DC Noko | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 139,853 | 41,224 | 28,015 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
CB Sheppard | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 14,428 | 5,344 | 0 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
TR Sibisi | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Direct Beneficial Holding | 9,914 | 4,085 | 0 | |||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | |||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | KPM Dushnisky | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 135,000 | 40,877 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | KC Ramon | Stock Purchase One | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 6,320 | |||||||||||||
Beneficial holdings sold | 6,733 | |||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | KC Ramon | Stock Purchase Two | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 8,475 | |||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | ME Sanz Perez | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 4,555 | 5,742 | ||||||||||||
Beneficial holdings sold | 2,073 | 2,613 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | CE Carter | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 949 | |||||||||||||
Beneficial holdings sold | 427 | |||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | L Eybers | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 3,609 | 6,589 | ||||||||||||
Beneficial holdings sold | 1,643 | 2,998 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | DC Noko | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 5,303 | |||||||||||||
Beneficial holdings sold | 4,581 | 2,413 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | DC Noko | Stock Purchase One | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 5,303 | |||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | DC Noko | Stock Purchase Two | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 4,764 | |||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | CB Sheppard | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 5,175 | 4,008 | ||||||||||||
Beneficial holdings sold | 2,355 | |||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | CB Sheppard | Stock Purchase One | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 5,175 | |||||||||||||
Beneficial holdings sold | 1,824 | 2,355 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | TR Sibisi | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Beneficial holdings acquired | 3,120 | 3,064 | ||||||||||||
Beneficial holdings sold | 1,420 | 1,395 | ||||||||||||
American Depository Shares | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Number of foreign held shares equal to one company share | 1 | |||||||||||||
CHESS Depository Shares | ||||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||||
Number of foreign held shares equal to one company share | 5 |
Contractual Commitments and C_3
Contractual Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | $ 265 | $ 90 | $ 88 |
Operating lease charges | 353 | 247 | 198 |
Minimum finance lease payments | 93 | 119 | 126 |
Amounts representing finance charges | (32) | (41) | (49) |
Present value of amounts representing finance charges | 0 | 0 | 0 |
Present value of minimum finance lease payments | 61 | 78 | 77 |
Capital commitments [abstract] | |||
Contractual capital commitments | 99 | 87 | 58 |
Capital commitments but not contracted for | 792 | 113 | 587 |
Capital commitments | 891 | 200 | 645 |
Purchase obligations | 963 | 698 | 874 |
- utilisation required within one year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | 102 | 45 | 47 |
Minimum finance lease payments | 12 | 14 | 12 |
Present value of minimum finance lease payments | 7 | 8 | 6 |
Capital commitments [abstract] | |||
Purchase obligations | 305 | 274 | 605 |
Between one and three years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | 96 | 38 | 36 |
Minimum finance lease payments | 23 | 27 | 25 |
Present value of minimum finance lease payments | 16 | 18 | 15 |
Between three and five years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments | 17 | 24 | 26 |
Present value of minimum finance lease payments | 12 | 17 | 18 |
Therafter | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | 67 | 7 | 5 |
More than five years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments | 41 | 54 | 63 |
Present value of minimum finance lease payments | 26 | 35 | 38 |
Thereafter | |||
Capital commitments [abstract] | |||
Purchase obligations | 658 | 424 | 269 |
Joint ventures | |||
Capital commitments [abstract] | |||
Capital commitments | 91 | 21 | 138 |
Project capital | |||
Capital commitments [abstract] | |||
Capital commitments | 754 | 104 | 507 |
Project capital | - utilisation required within one year | |||
Capital commitments [abstract] | |||
Capital commitments | 446 | 104 | 252 |
Project capital | Thereafter | |||
Capital commitments [abstract] | |||
Capital commitments | 308 | 0 | 255 |
Stay-in-business capital | |||
Capital commitments [abstract] | |||
Capital commitments | 137 | 96 | 138 |
Stay-in-business capital | - utilisation required within one year | |||
Capital commitments [abstract] | |||
Capital commitments | 125 | 84 | 135 |
Stay-in-business capital | Thereafter | |||
Capital commitments [abstract] | |||
Capital commitments | $ 12 | $ 12 | $ 3 |
Contractual Commitments and C_4
Contractual Commitments and Contingencies - Contingencies (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 20, 2014 |
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | $ 262 | $ 271 | $ 253 | |
Litigation | AngloGold Ashanti (Ghana) Limited | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 97 | 97 | 97 | $ 97 |
Litigation | Newmont Mining Co. Litigation | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 0 | 0 | 0 | |
Other tax disputes | Brazilian Federal Tax Assessments | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 21 | 24 | 15 | |
Tax dispute | Brazilian Federal Tax Assessments | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 21 | 24 | 15 | |
Tax dispute | AngloGold Ashanti Colombia S.A. | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 144 | 150 | 141 | |
Tax dispute | Columbian Tax Office Assessment | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 20 | 21 | 21 | |
Tax dispute | Columbian Tax Office Interest and Penalties | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 115 | 129 | 120 | |
Tax dispute | Columbian Tax Office Interest and Penalties | Additional Penalties and Interest | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 9 | |||
Groundwater pollution | Groundwater contamination plumes | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 0 | 0 | 0 | |
Groundwater pollution | Deep groundwater pollution | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | $ 0 | $ 0 | $ 0 |
Financial Risk Management Act_3
Financial Risk Management Activities - Non-hedge Derivatives (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |
Unrealized Gain Loss On Gold Derivative Instruments | $ 3.6 |
Unrealized Gain Loss On Oil Derivative Instruments | $ 5.6 |
Financial Risk Management Act_4
Financial Risk Management Activities - Maturities of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 562 | $ 615 | $ 596 |
Gold and oil derivative contracts | 9 | ||
Borrowings | 2,752 | 3,087 | 3,082 |
USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 2,549 | 2,527 | 2,672 |
AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 63 | 253 | 267 |
TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 37 | ||
ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 103 | 307 | 143 |
- utilisation required within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 562 | 615 | 596 |
Gold and oil derivative contracts | 9 | ||
Borrowings | 133 | 137 | 127 |
- utilisation required within one year | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 112 | $ 98 | $ 100 |
Effective rate % | 5.80% | 5.40% | 5.40% |
- utilisation required within one year | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 7 | $ 16 | $ 16 |
Effective rate % | 6.80% | 5.10% | 5.40% |
- utilisation required within one year | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 5 | ||
Effective rate % | 12.50% | ||
- utilisation required within one year | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 9 | $ 23 | $ 11 |
Effective rate % | 9.00% | 8.90% | 8.90% |
Between one and two years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 0 | $ 0 | $ 0 |
Gold and oil derivative contracts | 0 | ||
Borrowings | 836 | 343 | 287 |
Between one and two years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 790 | $ 145 | $ 100 |
Effective rate % | 5.80% | 5.40% | 5.40% |
Between one and two years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 7 | $ 174 | $ 89 |
Effective rate % | 6.80% | 5.10% | 5.30% |
Between one and two years | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 3 | ||
Effective rate % | 12.50% | ||
Between one and two years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 36 | $ 24 | $ 98 |
Effective rate % | 9.00% | 8.90% | 8.90% |
Between two and five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 0 | $ 0 | $ 0 |
Gold and oil derivative contracts | 0 | ||
Borrowings | 1,120 | 1,912 | 1,155 |
Between two and five years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 1,025 | $ 1,643 | $ 1,023 |
Effective rate % | 6.00% | 5.50% | 5.50% |
Between two and five years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 23 | $ 25 | $ 119 |
Effective rate % | 6.80% | 6.80% | 6.00% |
Between two and five years | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 29 | ||
Effective rate % | 12.50% | ||
Between two and five years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 43 | $ 244 | $ 13 |
Effective rate % | 9.70% | 9.10% | 11.20% |
After five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 0 | $ 0 | $ 0 |
Gold and oil derivative contracts | 0 | ||
Borrowings | 663 | 695 | 1,513 |
After five years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 622 | $ 641 | $ 1,449 |
Effective rate % | 6.50% | 6.50% | 5.50% |
After five years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 26 | $ 38 | $ 43 |
Effective rate % | 6.80% | 6.80% | 6.80% |
After five years | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 0 | ||
Effective rate % | 0.00% | ||
After five years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 15 | $ 16 | $ 21 |
Effective rate % | 14.70% | 15.50% | 14.00% |
Financial Risk Management Act_5
Financial Risk Management Activities - Credit Risk Exposure (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 147,000,000 | $ 138,000,000 | $ 130,000,000 |
Other investments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 59,000,000 | 58,000,000 | 79,000,000 |
Financial assets | 147,000,000 | 138,000,000 | 130,000,000 |
Other investments | Release on impairment of available-for-sale financial assets | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 0 | 3,000,000 | 0 |
Trade and other receivables | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 41,000,000 | 33,000,000 | 46,000,000 |
Trade and other receivables | Past due | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 22,000,000 | 20,000,000 | 9,000,000 |
Cash restricted for use (note 21) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 66,000,000 | 65,000,000 | 55,000,000 |
Cash and cash equivalents (note 22) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 329,000,000 | 205,000,000 | 215,000,000 |
Total financial assets | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | $ 495,000,000 | $ 361,000,000 | $ 395,000,000 |
Financial Risk Management Act_6
Financial Risk Management Activities - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial assets | |||
Carrying amount | $ 147 | $ 138 | $ 130 |
Borrowings | |||
Financial liabilities | |||
Carrying amount | 2,050 | 2,268 | 2,178 |
Fair value | 2,084 | 2,377 | 2,203 |
Other investments | |||
Financial assets | |||
Carrying amount | 147 | 138 | 130 |
Fair value | $ 147 | $ 140 | $ 132 |
Financial Risk Management Act_7
Financial Risk Management Activities - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of fair value measurement of assets [line items] | |||
Assets | $ 6,643 | $ 7,219 | $ 7,153 |
Fair Value Through Profit Or Loss, Equity Securities | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 19 | ||
Fair Value Through Profit Or Loss, Equity Securities | Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 19 | ||
Fair Value Through Profit Or Loss, Equity Securities | Level 2 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 0 | ||
Fair Value Through Profit Or Loss, Equity Securities | Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 0 | ||
Fair Value Through Other Comprehensive Income, Equity Securities | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 69 | ||
Fair Value Through Other Comprehensive Income, Equity Securities | Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 69 | ||
Fair Value Through Other Comprehensive Income, Equity Securities | Level 2 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 0 | ||
Fair Value Through Other Comprehensive Income, Equity Securities | Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | $ 0 | ||
Available-for-sale financial assets, Equity securities | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 80 | 51 | |
Available-for-sale financial assets, Equity securities | Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 80 | 51 | |
Available-for-sale financial assets, Equity securities | Level 2 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 0 | 0 | |
Available-for-sale financial assets, Equity securities | Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | $ 0 | $ 0 |
Financial Risk Management Act_8
Financial Risk Management Activities - Interest Rate Risk (Details) Tsh in Millions, R$ in Millions, R in Millions, $ in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2018AUD ($) | Dec. 31, 2018TZS (Tsh) | Dec. 31, 2018BRL (R$) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR (R) | Dec. 31, 2016AUD ($) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Borrowings | $ 2,752 | $ 3,087 | $ 3,082 | ||||||||
Change in interest amount | 1 | ||||||||||
USD denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Borrowings | 2,549 | 2,527 | 2,672 | ||||||||
AUD denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Borrowings | 63 | 253 | 267 | ||||||||
ZAR denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Borrowings | 103 | $ 307 | $ 143 | ||||||||
TZS Denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Borrowings | $ 37 | ||||||||||
Interest rate risk [member] | Financial Assets | USD denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
Change in interest amount | $ 1 | $ 1 | |||||||||
Interest rate risk [member] | Financial Assets | AUD denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | ||||||
Change in interest amount | $ 1 | $ 1 | |||||||||
Interest rate risk [member] | Financial Assets | ZAR denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 1.50% | 1.50% | 1.50% | ||||||||
Change in interest amount | $ 0 | R 2 | |||||||||
Interest rate risk [member] | Financial Assets | BRL denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | ||||||
Change in interest amount | $ 1 | R$ 2 | |||||||||
Interest rate risk [member] | Financial Liabilities | USD denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
Change in interest amount | $ 1 | $ 1 | |||||||||
Interest rate risk [member] | Financial Liabilities | AUD denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||
Change in interest amount | $ 2 | $ 3 | $ 1 | $ 2 | |||||||
Interest rate risk [member] | Financial Liabilities | ZAR denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Change in interest amount | $ 1 | R 14 | $ 3 | R 41 | $ 1 | R 18 | |||||
Interest rate risk [member] | Financial Liabilities | TZS Denominated | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Change in interest rate basis points | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | ||||||
Change in interest amount | $ 1 | Tsh 1,680 |
Financial Risk Management Act_9
Financial Risk Management Activities - Foreign Exchange Risk (Details) - Foreign exchange risk - Borrowings $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
ZAR | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in spot rate | 1.5 | 1.5 | 1.5 |
Change in borrowings total due to increase in spot rate | $ (7) | $ (26) | $ (10) |
Decrease in spot rate | (1.5) | (1.5) | (1.5) |
Change in borrowings total due to decrease in spot rate | $ 9 | $ 33 | $ 13 |
TZS | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in spot rate | 250 | ||
Change in borrowings total due to increase in spot rate | $ (3) | ||
Decrease in spot rate | (250) | ||
Change in borrowings total due to decrease in spot rate | $ 4 | ||
AUD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in spot rate | 0.1 | 0.1 | 0.1 |
Change in borrowings total due to increase in spot rate | $ (3) | $ (16) | $ (15) |
Decrease in spot rate | (0.1) | (0.1) | (0.1) |
Change in borrowings total due to decrease in spot rate | $ 4 | $ 19 | $ 18 |
Financial Risk Management Ac_10
Financial Risk Management Activities - Environmental Obligations (Details) $ in Thousands, R in Millions, $ in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2018AUD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Disclosure of other provisions [line items] | |||||
Financial assets | $ 147,000 | $ 138,000 | $ 130,000 | ||
Cash component of bond | 13,000 | $ 18,000 | $ 23,000 | ||
Environmental obligations | South Africa | |||||
Disclosure of other provisions [line items] | |||||
Financial assets | R | R 1,077 | ||||
Bond guarantees issued by banks | R | 549 | ||||
Carrying value of liability | R | R 796 | ||||
Environmental obligations | Australia | |||||
Disclosure of other provisions [line items] | |||||
Carrying value of liability | $ 125.5 | ||||
Annual payment to trust fund | $ 5.5 | ||||
Environmental obligations | Ghana | Iduapriem | |||||
Disclosure of other provisions [line items] | |||||
Bond guarantees issued by banks | 36,400 | ||||
Carrying value of liability | 42,800 | ||||
Cash component of bond | 9,990 | ||||
Environmental obligations | Ghana | Obuasi | |||||
Disclosure of other provisions [line items] | |||||
Bond guarantees issued by banks | 30,000 | ||||
Carrying value of liability | 163,200 | ||||
Cash component of bond | $ 20,600 |
Capital Management (Details)
Capital Management (Details) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) | Dec. 31, 2018AUD ($) | Oct. 31, 2018AUD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2016 | Apr. 30, 2011ZAR (R) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Maximum debt covenant ratio allowed per the agreements | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | ||||
Bottom of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Leverage ratio allowed under debt agreements | 3.5 | 3.5 | 3.5 | ||||||
Top of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Leverage ratio allowed under debt agreements | 4.5 | 4.5 | 4.5 | ||||||
DMTNP | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 10,000,000,000 | ||||||||
Unsecured One Hundred and Fifteen Million Dollar Multi Currency Loan Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 115,000,000 | $ 115,000 | |||||||
Term of facility | 3 years | ||||||||
BorrowingsMaximumTanzanianShillingFacility | $ 45,000,000 | 450,000,000 | |||||||
Unsecured One Hundred and Fifteen Million Dollar Multi Currency Loan Facility | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 6.70% | ||||||||
Unsecured One Hundred and Fifteen Million Dollar Multi Currency Loan Facility | Lending Agent Reference Rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 5.00% | ||||||||
Unsecured One Point Four Billion Dollar Multi Currency Syndicated Loan Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 1,400,000,000 | $ 1,400,000,000 | |||||||
Term of facility | 5 years | ||||||||
Borrowings Maximum Australian dollar Facility | $ 500,000,000 | $ 500,000,000 | |||||||
Unsecured One Point Four Billion Dollar Multi Currency Syndicated Loan Facility | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.45% | 1.45% | |||||||
Unsecured One Point Four Billion Dollar Multi Currency Syndicated Loan Facility | Bank Bill Swap Bid Rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.45% | 1.45% | |||||||
Syndicated loan facility (R1bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 1,000,000,000 | ||||||||
Syndicated loan facility (R1bn) | JIBAR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.30% | 1.30% | 1.30% | ||||||
Syndicated loan facility (R1.4bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 1,400,000,000 | ||||||||
Syndicated loan facility (R1.4bn) | JIBAR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.65% | 1.65% | 1.65% | ||||||
Syndicated revolving credit facility (R2.5bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 2,500,000,000 | ||||||||
Syndicated revolving credit facility (R2.5bn) | JIBAR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.80% | 1.80% | 1.80% | ||||||
Syndicated loan facility (R1.5bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 1,500,000,000 | ||||||||
Rated bonds - issued July 2012 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 750,000,000 | ||||||||
$700m Rated bonds- issued April 2010 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 700,000,000 | ||||||||
Term of facility | 10 years | ||||||||
$300m Rated bonds- issued April 2010 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 300,000,000 | ||||||||
Term of facility | 30 years | ||||||||
Syndicated revolving credit facility (A$500m) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 500,000,000 | $ 500,000,000 | |||||||
Unsecured One Billion US Dollar based Syndicated Loan Facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 1,000,000,000 |
Capital Management - Gearing Ra
Capital Management - Gearing Ratio (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Gearing Ratio [Abstract] | ||||
Borrowings | $ 2,050 | $ 2,268 | $ 2,178 | $ 2,737 |
Corporate office lease (note 24) | (9) | (15) | (15) | |
Unamortised portion of rated bonds | 13 | 18 | 23 | |
Cash restricted for use (note 21) | (66) | (65) | (55) | |
Cash and cash equivalents (note 22) | (329) | (205) | (215) | $ (484) |
Net debt | 1,659 | 2,001 | 1,916 | |
Profit (loss) before taxation | 278 | (63) | 269 | |
Adjusted EBITDA | ||||
Finance costs and unwinding of obligations (note 7) | 178 | 169 | 180 | |
Interest income | (17) | (15) | (22) | |
Amortisation of tangible and intangible assets (note 4) | 630 | 823 | 809 | |
Other (gains) losses | 9 | 11 | 88 | |
Dividends income | (2) | 0 | 0 | |
Realised gain on other commodity contracts | (5) | 0 | 0 | |
Impairment and derecognition of assets (note 6) | 104 | 297 | 3 | |
Impairment of other investments (note 6) | 0 | 3 | 0 | |
Write-down of inventories (note 6) | 1 | 3 | 12 | |
Retrenchments costs | 32 | 90 | 14 | |
Care and maintenance costs (note 5) | 74 | 62 | 70 | |
Net (profit) loss on disposal of assets (note 6) | 20 | (8) | (4) | |
(Gain) loss on unrealised non-hedge derivatives and other commodity contracts | 3 | (10) | (18) | |
Repurchase premium and cost on settlement of issued bonds | 0 | 0 | (30) | |
Associates and joint ventures’ special items | (2) | (2) | (11) | |
Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other | 159 | 116 | 137 | |
Fair value adjustments | 3 | 0 | (9) | |
Other amortisation | 15 | 7 | 0 | |
Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) | $ 1,480 | $ 1,483 | $ 1,548 | |
Gearing ratio (Net debt to Adjusted EBITDA) | 1.12 | 1.35 | 1.24 | |
Maximum debt covenant ratio allowed per the agreements | 3.5 | 3.5 | 3.5 |
Recent Developments (Details)
Recent Developments (Details) | Feb. 19, 2019R / shares$ / shares | Feb. 19, 2019R / shares | Feb. 14, 2019USD ($) | Feb. 20, 2018$ / shares | Feb. 20, 2018R / shares | Feb. 21, 2017$ / shares | Feb. 21, 2017R / shares | Dec. 31, 2018USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Consideration paid (received) | $ 1 | |||||||
Estimated Provision for Decommissioning Restoration and Rehabilitation Costs | $ 19,700,000 | |||||||
Dividends declared per share | (per share) | $ 0.06 | R 0.70 | $ 0.1 | R 1.30 | ||||
Declaration of Dividends | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Dividends declared per share | (per share) | $ 0.07 | R 0.95 | ||||||
Foreign exchange rate | R / shares | 13.7619 | 13.7619 |
Supplemental Condensed Consol_3
Supplemental Condensed Consolidating Financial Information (Details) | 12 Months Ended |
Dec. 31, 2018 | |
AngloGold Ashanti Holdings plc (IOMco) | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Supplemental Condensed Consol_4
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statement [Line Items] | |||
Revenue from product sales | $ 3,943 | $ 4,510 | $ 4,223 |
Cost of sales | (3,173) | (3,736) | (3,401) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 2 | 10 | 19 |
Gross profit (loss) | 772 | 784 | 841 |
Corporate administration, marketing and other expenses | (76) | (64) | (61) |
Exploration and evaluation costs | (102) | (114) | (133) |
Other operating income (expenses) | (97) | (88) | (110) |
Special items | (170) | (438) | (42) |
Operating profit (loss) | 327 | 80 | 495 |
Dividend income | 2 | 0 | 0 |
Interest income | 17 | 15 | 22 |
Other gains (losses) | (9) | (11) | (88) |
Finance costs and unwinding of obligations | (178) | (169) | (180) |
Fair value adjustments | (3) | 0 | 9 |
Share of associates and joint ventures’ profit (loss) | 122 | 22 | 11 |
Equity gain (loss) in subsidiaries | 0 | 0 | 0 |
Profit (loss) before taxation | 278 | (63) | 269 |
Taxation | (128) | (108) | (189) |
Profit (loss) after taxation | (171) | 80 | |
Preferred stock dividends | 0 | 0 | |
Profit (loss) for the year | 150 | (171) | 80 |
Equity shareholders | 133 | (191) | 63 |
Non-controlling interests | 17 | 20 | 17 |
Comprehensive income (loss) | 9 | (17) | 267 |
Comprehensive (income) loss attributable to non-controlling interests | (17) | (20) | (17) |
Comprehensive income (loss) attributable to AngloGold Ashanti | (8) | (37) | 250 |
Reportable Legal Entities | AngloGold Ashanti (the “Guarantor”) | |||
Condensed Income Statement [Line Items] | |||
Revenue from product sales | 498 | 1,001 | 1,131 |
Cost of sales | (494) | (1,030) | (981) |
Gain (loss) on non-hedge derivatives and other commodity contracts | (4) | 0 | 0 |
Gross profit (loss) | 0 | (29) | 150 |
Corporate administration, marketing and other expenses | (12) | (7) | 17 |
Exploration and evaluation costs | (4) | (10) | (14) |
Other operating income (expenses) | (46) | (9) | (26) |
Special items | (15) | (414) | 54 |
Operating profit (loss) | (77) | (469) | 181 |
Dividend income | 2 | ||
Interest income | 0 | 1 | 6 |
Other gains (losses) | 0 | 0 | 1 |
Finance costs and unwinding of obligations | (23) | (22) | (18) |
Fair value adjustments | 0 | 0 | |
Share of associates and joint ventures’ profit (loss) | 6 | 13 | (13) |
Equity gain (loss) in subsidiaries | 142 | 212 | (61) |
Profit (loss) before taxation | 50 | (265) | 96 |
Taxation | 83 | 104 | (4) |
Profit (loss) after taxation | (161) | 92 | |
Preferred stock dividends | (30) | (29) | |
Profit (loss) for the year | 133 | (191) | 63 |
Equity shareholders | 133 | (191) | 63 |
Non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) | (8) | (37) | 250 |
Comprehensive (income) loss attributable to non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to AngloGold Ashanti | (8) | (37) | 250 |
Reportable Legal Entities | IOMco (the “Issuer”) | |||
Condensed Income Statement [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Gain (loss) on non-hedge derivatives and other commodity contracts | 0 | 0 | 0 |
Gross profit (loss) | 0 | 0 | 0 |
Corporate administration, marketing and other expenses | (20) | (7) | (6) |
Exploration and evaluation costs | 0 | 0 | 0 |
Other operating income (expenses) | 3 | 0 | 2 |
Special items | 8 | (6) | (35) |
Operating profit (loss) | (9) | (13) | (39) |
Dividend income | 0 | ||
Interest income | 4 | 3 | 3 |
Other gains (losses) | (6) | 1 | (1) |
Finance costs and unwinding of obligations | (107) | (107) | (131) |
Fair value adjustments | 0 | 9 | |
Share of associates and joint ventures’ profit (loss) | 0 | 0 | 2 |
Equity gain (loss) in subsidiaries | 490 | 447 | 389 |
Profit (loss) before taxation | 372 | 331 | 232 |
Taxation | 0 | 0 | 0 |
Profit (loss) after taxation | 331 | 232 | |
Preferred stock dividends | 0 | 0 | |
Profit (loss) for the year | 372 | 331 | 232 |
Equity shareholders | 372 | 331 | 232 |
Non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) | 320 | 365 | 234 |
Comprehensive (income) loss attributable to non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to AngloGold Ashanti | 320 | 365 | 234 |
Reportable Legal Entities | Other subsidiaries (the “Non-Guarantor Subsidiaries”) | |||
Condensed Income Statement [Line Items] | |||
Revenue from product sales | 3,445 | 3,539 | 3,150 |
Cost of sales | (2,679) | (2,707) | (2,420) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 6 | 11 | 18 |
Gross profit (loss) | 772 | 843 | 748 |
Corporate administration, marketing and other expenses | (13) | (2) | (3) |
Exploration and evaluation costs | (98) | (104) | (119) |
Other operating income (expenses) | (54) | (79) | (86) |
Special items | (155) | (27) | 29 |
Operating profit (loss) | 452 | 631 | 569 |
Dividend income | 0 | ||
Interest income | 13 | 11 | 13 |
Other gains (losses) | (3) | (12) | (28) |
Finance costs and unwinding of obligations | (48) | (40) | (31) |
Fair value adjustments | (3) | 0 | |
Share of associates and joint ventures’ profit (loss) | 107 | 9 | 30 |
Equity gain (loss) in subsidiaries | 0 | 0 | 0 |
Profit (loss) before taxation | 518 | 599 | 553 |
Taxation | (211) | (212) | (184) |
Profit (loss) after taxation | 387 | 369 | |
Preferred stock dividends | 0 | (29) | |
Profit (loss) for the year | 307 | 387 | 340 |
Equity shareholders | 290 | 367 | 323 |
Non-controlling interests | 17 | 20 | 17 |
Comprehensive income (loss) | 301 | 422 | 388 |
Comprehensive (income) loss attributable to non-controlling interests | (17) | (20) | (17) |
Comprehensive income (loss) attributable to AngloGold Ashanti | 284 | 402 | 371 |
Consolidation adjustments | |||
Condensed Income Statement [Line Items] | |||
Revenue from product sales | 0 | (30) | (58) |
Cost of sales | 0 | 1 | 0 |
Gain (loss) on non-hedge derivatives and other commodity contracts | 0 | (1) | 1 |
Gross profit (loss) | 0 | (30) | (57) |
Corporate administration, marketing and other expenses | (31) | (48) | (69) |
Exploration and evaluation costs | 0 | 0 | 0 |
Other operating income (expenses) | 0 | 0 | 0 |
Special items | (8) | 9 | (90) |
Operating profit (loss) | (39) | (69) | (216) |
Dividend income | 0 | ||
Interest income | 0 | 0 | 0 |
Other gains (losses) | 0 | 0 | (60) |
Finance costs and unwinding of obligations | 0 | 0 | 0 |
Fair value adjustments | 0 | 0 | |
Share of associates and joint ventures’ profit (loss) | 9 | 0 | (8) |
Equity gain (loss) in subsidiaries | (632) | (659) | (328) |
Profit (loss) before taxation | (662) | (728) | (612) |
Taxation | 0 | 0 | (1) |
Profit (loss) after taxation | (728) | (613) | |
Preferred stock dividends | 30 | 58 | |
Profit (loss) for the year | (662) | (698) | (555) |
Equity shareholders | (662) | (698) | (555) |
Non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) | (604) | (767) | (605) |
Comprehensive (income) loss attributable to non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to AngloGold Ashanti | $ (604) | $ (767) | $ (605) |
Supplemental Condensed Consol_5
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Financial Position (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-current assets | ||||
Tangible assets | $ 3,381 | $ 3,742 | $ 4,111 | |
Intangible assets | 123 | 138 | 145 | |
Investments in associates and joint ventures | 1,528 | 1,507 | 1,448 | |
Other investments | 141 | 131 | 125 | |
Inventories | 106 | 100 | 84 | |
Trade, other receivables and other assets | 102 | 67 | 34 | |
Deferred taxation | 0 | 4 | 4 | |
Cash restricted for use | 35 | 37 | 36 | |
Total Non-current assets | 5,416 | 5,726 | 5,987 | |
Current assets | ||||
Other investments | 6 | 7 | 5 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 861 | 905 | 927 | |
Cash restricted for use | 31 | 28 | 19 | |
Cash and cash equivalents | 329 | 205 | 215 | $ 484 |
Current assets other than non-current assets held for sale | 1,227 | 1,145 | 1,166 | |
Non-current assets held for sale | 0 | 348 | 0 | |
Total Current assets | 1,227 | 1,493 | 1,166 | |
Total assets | 6,643 | 7,219 | 7,153 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 7,171 | 7,134 | 7,108 | |
Accumulated losses and other reserves | (4,519) | (4,471) | (4,393) | |
Shareholders’ equity | 2,652 | 2,663 | 2,715 | |
Non-controlling interests | 42 | 41 | 39 | |
Equity | 2,694 | 2,704 | 2,754 | 2,467 |
Non-current liabilities | 3,156 | 3,660 | 3,639 | |
Current liabilities including intergroup balances | 793 | 729 | 760 | |
Non-current liabilities held for sale | 0 | 126 | 0 | |
Total liabilities | 3,949 | 4,515 | 4,399 | |
Total equity and liabilities | 6,643 | 7,219 | 7,153 | |
Consolidation adjustments | ||||
Non-current assets | ||||
Tangible assets | 0 | 0 | 0 | |
Intangible assets | (1) | (2) | (2) | |
Investments in associates and joint ventures | (6,508) | (6,611) | (5,477) | |
Other investments | (2) | (2) | (2) | |
Inventories | 0 | 0 | 0 | |
Trade, other receivables and other assets | (29) | (29) | (29) | |
Deferred taxation | 0 | 0 | ||
Cash restricted for use | 0 | 0 | 0 | |
Total Non-current assets | (6,540) | (6,644) | (5,510) | |
Current assets | ||||
Other investments | 0 | 0 | 0 | |
Inventories, trade and other receivables, intergroup balances and other current assets | (1,111) | (877) | (1,462) | |
Cash restricted for use | 0 | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Current assets other than non-current assets held for sale | (1,111) | (877) | ||
Non-current assets held for sale | 0 | |||
Total Current assets | (877) | (1,462) | ||
Total assets | (7,651) | (7,521) | (6,972) | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | (6,917) | (6,920) | (6,963) | |
Accumulated losses and other reserves | 1,904 | 1,872 | 3,063 | |
Shareholders’ equity | (5,013) | (5,048) | (3,900) | |
Non-controlling interests | 0 | 0 | 0 | |
Equity | (5,013) | (5,048) | (3,900) | |
Non-current liabilities | 0 | 0 | 0 | |
Current liabilities including intergroup balances | (2,638) | (2,473) | (3,072) | |
Non-current liabilities held for sale | 0 | |||
Total liabilities | (2,638) | (2,473) | (3,072) | |
Total equity and liabilities | (7,651) | (7,521) | (6,972) | |
AngloGold Ashanti (the “Guarantor”) | Reportable Legal Entities | ||||
Non-current assets | ||||
Tangible assets | 625 | 739 | 1,160 | |
Intangible assets | 1 | 1 | 4 | |
Investments in associates and joint ventures | 2,383 | 2,371 | 2,109 | |
Other investments | 2 | 2 | 2 | |
Inventories | 1 | 0 | 0 | |
Trade, other receivables and other assets | 0 | 0 | 0 | |
Deferred taxation | 0 | 0 | ||
Cash restricted for use | 0 | 0 | 0 | |
Total Non-current assets | 3,012 | 3,113 | 3,275 | |
Current assets | ||||
Other investments | 0 | 0 | 0 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 390 | 471 | 429 | |
Cash restricted for use | 0 | 0 | 0 | |
Cash and cash equivalents | 7 | 11 | 44 | 19 |
Current assets other than non-current assets held for sale | 397 | 482 | ||
Non-current assets held for sale | 310 | |||
Total Current assets | 792 | 473 | ||
Total assets | 3,409 | 3,905 | 3,748 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 7,171 | 7,134 | 7,108 | |
Accumulated losses and other reserves | (4,519) | (4,471) | (4,393) | |
Shareholders’ equity | 2,652 | 2,663 | 2,715 | |
Non-controlling interests | 0 | 0 | 0 | |
Equity | 2,652 | 2,663 | 2,715 | |
Non-current liabilities | 319 | 527 | 496 | |
Current liabilities including intergroup balances | 438 | 591 | 537 | |
Non-current liabilities held for sale | 124 | |||
Total liabilities | 757 | 1,242 | 1,033 | |
Total equity and liabilities | 3,409 | 3,905 | 3,748 | |
IOMco (the “Issuer”) | Reportable Legal Entities | ||||
Non-current assets | ||||
Tangible assets | 0 | 0 | 0 | |
Intangible assets | 0 | 0 | 0 | |
Investments in associates and joint ventures | 4,255 | 4,376 | 3,478 | |
Other investments | 3 | 6 | 3 | |
Inventories | 0 | 0 | 0 | |
Trade, other receivables and other assets | 29 | 29 | 29 | |
Deferred taxation | 0 | 0 | ||
Cash restricted for use | 0 | 0 | 0 | |
Total Non-current assets | 4,287 | 4,411 | 3,510 | |
Current assets | ||||
Other investments | 6 | 6 | 5 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 416 | 145 | 807 | |
Cash restricted for use | 0 | 1 | 1 | |
Cash and cash equivalents | 97 | 21 | 32 | 222 |
Current assets other than non-current assets held for sale | 519 | 173 | ||
Non-current assets held for sale | 0 | |||
Total Current assets | 173 | 845 | ||
Total assets | 4,806 | 4,584 | 4,355 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 6,096 | 6,096 | 6,139 | |
Accumulated losses and other reserves | (3,310) | (3,491) | (3,765) | |
Shareholders’ equity | 2,786 | 2,605 | 2,374 | |
Non-controlling interests | 0 | 0 | 0 | |
Equity | 2,786 | 2,605 | 2,374 | |
Non-current liabilities | 1,734 | 1,764 | 1,799 | |
Current liabilities including intergroup balances | 286 | 215 | 182 | |
Non-current liabilities held for sale | 0 | |||
Total liabilities | 2,020 | 1,979 | 1,981 | |
Total equity and liabilities | 4,806 | 4,584 | 4,355 | |
Other subsidiaries (the “Non-Guarantor Subsidiaries”) | Reportable Legal Entities | ||||
Non-current assets | ||||
Tangible assets | 2,756 | 3,003 | 2,951 | |
Intangible assets | 123 | 139 | 143 | |
Investments in associates and joint ventures | 1,398 | 1,371 | 1,338 | |
Other investments | 138 | 125 | 122 | |
Inventories | 105 | 100 | 84 | |
Trade, other receivables and other assets | 102 | 67 | 34 | |
Deferred taxation | 4 | 4 | ||
Cash restricted for use | 35 | 37 | 36 | |
Total Non-current assets | 4,657 | 4,846 | 4,712 | |
Current assets | ||||
Other investments | 0 | 1 | 0 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 1,166 | 1,166 | 1,153 | |
Cash restricted for use | 31 | 27 | 18 | |
Cash and cash equivalents | 225 | 173 | 139 | $ 243 |
Current assets other than non-current assets held for sale | 1,422 | 1,367 | ||
Non-current assets held for sale | 38 | |||
Total Current assets | 1,405 | 1,310 | ||
Total assets | 6,079 | 6,251 | 6,022 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 821 | 824 | 824 | |
Accumulated losses and other reserves | 1,406 | 1,619 | 702 | |
Shareholders’ equity | 2,227 | 2,443 | 1,526 | |
Non-controlling interests | 42 | 41 | 39 | |
Equity | 2,269 | 2,484 | 1,565 | |
Non-current liabilities | 1,103 | 1,369 | 1,344 | |
Current liabilities including intergroup balances | 2,707 | 2,396 | 3,113 | |
Non-current liabilities held for sale | 2 | |||
Total liabilities | 3,810 | 3,767 | 4,457 | |
Total equity and liabilities | $ 6,079 | $ 6,251 | $ 6,022 |
Supplemental Condensed Consol_6
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Cash generated from (used by) operations | $ 932 | $ 1,151 | $ 1,302 |
Net movement in intergroup receivables and payables | 0 | 0 | 0 |
Dividends received from joint ventures | 91 | 6 | 37 |
Taxation refund | 5 | 14 | 12 |
Taxation paid | (171) | (174) | (165) |
Net cash inflow (outflow) from operating activities | 857 | 997 | 1,186 |
Cash flows from investing activities | |||
Capital expenditure | (652) | (829) | (706) |
Expenditure on intangible assets | (1) | (5) | |
Dividends from other investments | 2 | 0 | 0 |
Proceeds from disposal of assets | 313 | 7 | 4 |
Other investments acquired | (81) | (91) | (73) |
Proceeds from disposal of other investments | 98 | 78 | 61 |
Investments in associates and joint ventures | (8) | (27) | (11) |
Proceeds from disposal of associates and joint ventures | 0 | 0 | 10 |
Net loans repaid by (advanced to) associates and joint ventures | 17 | (6) | (4) |
Cash payment to settle the sale of environmental trust fund | (32) | 0 | 0 |
Reduction in investment in subsidiary | 0 | ||
Disposal (acquisition) of subsidiaries | 0 | 0 | 0 |
Decrease (increase) in cash restricted for use | (4) | (8) | 8 |
Interest received | 12 | 15 | 14 |
Net cash inflow (outflow) from investing activities | (335) | (862) | (702) |
Cash flows from financing activities | |||
Reduction in share capital | 0 | 0 | |
Proceeds from borrowings | 753 | 815 | 787 |
Repayment of borrowings | (967) | (767) | (1,333) |
Finance costs paid | (130) | (138) | (172) |
Bond settlement premium, RCF and bond transaction costs | (10) | 0 | (30) |
Dividends paid | (39) | (58) | (15) |
Intergroup dividends received (paid) | 0 | 0 | 0 |
Net cash inflow (outflow) from financing activities | (393) | (148) | (763) |
Net increase (decrease) in cash and cash equivalents | 129 | (13) | (279) |
Translation | (5) | 3 | 10 |
Cash and cash equivalents at beginning of year | 205 | 215 | 484 |
Cash and cash equivalents at end of year | 329 | 205 | 215 |
Consolidation adjustments | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | 8 | 3 | (38) |
Net movement in intergroup receivables and payables | 12 | (31) | 2 |
Dividends received from joint ventures | 0 | 0 | 0 |
Taxation refund | 0 | 0 | 0 |
Taxation paid | 0 | 0 | 0 |
Net cash inflow (outflow) from operating activities | 20 | (28) | (36) |
Cash flows from investing activities | |||
Capital expenditure | 0 | 0 | 0 |
Expenditure on intangible assets | 0 | 0 | |
Dividends from other investments | 0 | ||
Proceeds from disposal of assets | 6 | 0 | 0 |
Other investments acquired | 0 | 0 | 0 |
Proceeds from disposal of other investments | 0 | 3 | 0 |
Investments in associates and joint ventures | 0 | 2 | 0 |
Proceeds from disposal of associates and joint ventures | 0 | ||
Net loans repaid by (advanced to) associates and joint ventures | 0 | (2) | 0 |
Cash payment to settle the sale of environmental trust fund | 0 | ||
Reduction in investment in subsidiary | (42) | ||
Disposal (acquisition) of subsidiaries | 0 | 0 | 6 |
Decrease (increase) in cash restricted for use | (1) | 0 | 0 |
Interest received | 0 | 0 | 0 |
Net cash inflow (outflow) from investing activities | 5 | (39) | 6 |
Cash flows from financing activities | |||
Reduction in share capital | 43 | (6) | |
Proceeds from borrowings | 0 | 0 | 0 |
Repayment of borrowings | 0 | 0 | 0 |
Finance costs paid | 0 | 0 | 0 |
Bond settlement premium, RCF and bond transaction costs | 0 | 0 | |
Dividends paid | 0 | 0 | 0 |
Intergroup dividends received (paid) | 1 | 0 | 0 |
Net cash inflow (outflow) from financing activities | 1 | 43 | (6) |
Net increase (decrease) in cash and cash equivalents | 26 | (24) | (36) |
Translation | (26) | 24 | 36 |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
AngloGold Ashanti (the “Guarantor”) | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | (120) | (5) | 245 |
Net movement in intergroup receivables and payables | 73 | 10 | (8) |
Dividends received from joint ventures | 0 | 0 | 0 |
Taxation refund | 0 | 3 | 3 |
Taxation paid | 0 | 0 | (4) |
Net cash inflow (outflow) from operating activities | (47) | 8 | 236 |
Cash flows from investing activities | |||
Capital expenditure | (64) | (143) | (171) |
Expenditure on intangible assets | (1) | (2) | |
Dividends from other investments | 2 | ||
Proceeds from disposal of assets | 303 | 3 | 0 |
Other investments acquired | 0 | 0 | 0 |
Proceeds from disposal of other investments | 0 | 0 | 0 |
Investments in associates and joint ventures | 0 | 0 | 0 |
Proceeds from disposal of associates and joint ventures | 0 | ||
Net loans repaid by (advanced to) associates and joint ventures | 9 | 0 | 0 |
Cash payment to settle the sale of environmental trust fund | (32) | ||
Reduction in investment in subsidiary | 42 | ||
Disposal (acquisition) of subsidiaries | 0 | 0 | (6) |
Decrease (increase) in cash restricted for use | 0 | 0 | 1 |
Interest received | 0 | 1 | 2 |
Net cash inflow (outflow) from investing activities | 218 | (98) | (176) |
Cash flows from financing activities | |||
Reduction in share capital | 0 | 0 | |
Proceeds from borrowings | 407 | 539 | 256 |
Repayment of borrowings | (570) | (428) | (291) |
Finance costs paid | (12) | (15) | (11) |
Bond settlement premium, RCF and bond transaction costs | 0 | 0 | |
Dividends paid | (24) | (39) | 0 |
Intergroup dividends received (paid) | 25 | 0 | 7 |
Net cash inflow (outflow) from financing activities | (174) | 57 | (39) |
Net increase (decrease) in cash and cash equivalents | (3) | (33) | 21 |
Translation | (1) | 0 | 4 |
Cash and cash equivalents at beginning of year | 11 | 44 | 19 |
Cash and cash equivalents at end of year | 7 | 11 | 44 |
IOMco (the “Issuer”) | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | (18) | (15) | (11) |
Net movement in intergroup receivables and payables | (215) | (102) | 169 |
Dividends received from joint ventures | 91 | 6 | 37 |
Taxation refund | 0 | 0 | 0 |
Taxation paid | 0 | 0 | 0 |
Net cash inflow (outflow) from operating activities | (142) | (111) | 195 |
Cash flows from investing activities | |||
Capital expenditure | 0 | 0 | 0 |
Expenditure on intangible assets | 0 | 0 | |
Dividends from other investments | 0 | ||
Proceeds from disposal of assets | 0 | 0 | 0 |
Other investments acquired | 0 | (5) | 0 |
Proceeds from disposal of other investments | 0 | 0 | 0 |
Investments in associates and joint ventures | 0 | (15) | 0 |
Proceeds from disposal of associates and joint ventures | 10 | ||
Net loans repaid by (advanced to) associates and joint ventures | 10 | (6) | (2) |
Cash payment to settle the sale of environmental trust fund | 0 | ||
Reduction in investment in subsidiary | 0 | ||
Disposal (acquisition) of subsidiaries | (7) | (2) | (2) |
Decrease (increase) in cash restricted for use | 1 | 0 | 0 |
Interest received | 1 | 3 | 0 |
Net cash inflow (outflow) from investing activities | 5 | (25) | 6 |
Cash flows from financing activities | |||
Reduction in share capital | (43) | 6 | |
Proceeds from borrowings | 45 | 155 | 330 |
Repayment of borrowings | (80) | (170) | (951) |
Finance costs paid | (102) | (103) | (145) |
Bond settlement premium, RCF and bond transaction costs | (10) | (30) | |
Dividends paid | 0 | 0 | 0 |
Intergroup dividends received (paid) | 360 | 286 | 399 |
Net cash inflow (outflow) from financing activities | 213 | 125 | (391) |
Net increase (decrease) in cash and cash equivalents | 76 | (11) | (190) |
Translation | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 21 | 32 | 222 |
Cash and cash equivalents at end of year | 97 | 21 | 32 |
Other subsidiaries (the “Non-Guarantor Subsidiaries”) | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | 1,062 | 1,168 | 1,106 |
Net movement in intergroup receivables and payables | 130 | 123 | (163) |
Dividends received from joint ventures | 0 | 0 | 0 |
Taxation refund | 5 | 11 | 9 |
Taxation paid | (171) | (174) | (161) |
Net cash inflow (outflow) from operating activities | 1,026 | 1,128 | 791 |
Cash flows from investing activities | |||
Capital expenditure | (588) | (686) | (535) |
Expenditure on intangible assets | 0 | (3) | |
Dividends from other investments | 0 | ||
Proceeds from disposal of assets | 4 | 4 | 4 |
Other investments acquired | (81) | (86) | (73) |
Proceeds from disposal of other investments | 98 | 75 | 61 |
Investments in associates and joint ventures | (8) | (14) | (11) |
Proceeds from disposal of associates and joint ventures | 0 | ||
Net loans repaid by (advanced to) associates and joint ventures | (2) | 2 | (2) |
Cash payment to settle the sale of environmental trust fund | 0 | ||
Reduction in investment in subsidiary | 0 | ||
Disposal (acquisition) of subsidiaries | 7 | 2 | 2 |
Decrease (increase) in cash restricted for use | (4) | (8) | 7 |
Interest received | 11 | 11 | 12 |
Net cash inflow (outflow) from investing activities | (563) | (700) | (538) |
Cash flows from financing activities | |||
Reduction in share capital | 0 | 0 | |
Proceeds from borrowings | 301 | 121 | 201 |
Repayment of borrowings | (317) | (169) | (91) |
Finance costs paid | (16) | (20) | (16) |
Bond settlement premium, RCF and bond transaction costs | 0 | 0 | |
Dividends paid | (15) | (19) | (15) |
Intergroup dividends received (paid) | (386) | (286) | (406) |
Net cash inflow (outflow) from financing activities | (433) | (373) | (327) |
Net increase (decrease) in cash and cash equivalents | 30 | 55 | (74) |
Translation | 22 | (21) | (30) |
Cash and cash equivalents at beginning of year | 173 | 139 | 243 |
Cash and cash equivalents at end of year | $ 225 | $ 173 | $ 139 |
CalculationOfImpairmentsDetails
CalculationOfImpairmentsDetails (Details) $ in Millions | Dec. 31, 2018USD ($) |
Mponeng CGU | |
DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitLineItem [Line Items] | |
Carrying value | $ 533 |
Value in use | 547 |
Kibali CGU | |
DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitLineItem [Line Items] | |
Carrying value | 1,439 |
Value in use | $ 1,484 |