Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document type | 6-K |
Entity registrant name | AngloGold Ashanti Limited |
Amendment flag | false |
Document period end date | Jun. 30, 2022 |
Document fiscal year focus | 2022 |
Document fiscal period focus | Q2 |
Entity central index key | 0001067428 |
Current fiscal year end date | --12-31 |
Group - Income Statement
Group - Income Statement - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | ||
Profit or loss [abstract] | ||||
Revenue from product sales | $ 2,155 | $ 1,965 | $ 4,029 | |
Cost of sales | (1,592) | (1,400) | (2,857) | |
Gross profit | 563 | 565 | 1,172 | |
Corporate administration, marketing and related expenses | (42) | (37) | (73) | |
Exploration and evaluation costs | (84) | (59) | (164) | |
Impairment, derecognition of assets and profit (loss) on disposal | (2) | (1) | 11 | |
Other (expenses) income | (13) | (26) | (136) | |
Operating profit (loss) | 422 | 442 | 810 | |
Interest income | 31 | 29 | 58 | |
Foreign exchange and fair value adjustments | (53) | (31) | (43) | |
Finance costs and unwinding of obligations | (65) | (55) | (116) | |
Share of associates and joint ventures’ profit (loss) | 72 | 122 | 249 | |
Profit (loss) before taxation | 407 | 507 | 958 | |
Taxation | (94) | (134) | (312) | |
Profit (loss) for the period | 313 | 373 | 646 | |
Allocated as follows: | ||||
Equity shareholders | 298 | 362 | 622 | |
Non-controlling interests | $ 15 | $ 11 | $ 24 | |
Earnings per share [abstract] | ||||
Basic profit (loss) per ordinary share (USD per share) | [1] | $ 0.71 | $ 0.86 | $ 1.48 |
Diluted profit (loss) per ordinary share (USD per share) | [2] | $ 0.71 | $ 0.86 | $ 1.48 |
[1]Calculated on the basic weighted average number of ordinary shares.[2]Calculated on the diluted weighted average number of ordinary shares. |
Group - Statement of Comprehens
Group - Statement of Comprehensive Income - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Profit (loss) for the period | $ 313 | $ 373 | $ 646 |
Items that will be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | (22) | (10) | (22) |
Items that will not be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of non-foreign operations | 3 | 2 | (3) |
Net (loss) gain on equity investments | (37) | (40) | (73) |
Actuarial gain (loss) recognised | 0 | 0 | (1) |
Deferred taxation thereon | 14 | (4) | (6) |
Other comprehensive income that will not be reclassified to profit or loss | (20) | (42) | (83) |
Other comprehensive income (loss) for the period, net of tax | (42) | (52) | (105) |
Total comprehensive income (loss) for the period, net of tax | 271 | 321 | 541 |
Allocated as follows: | |||
Equity shareholders | 256 | 310 | 517 |
Non-controlling interests | $ 15 | $ 11 | $ 24 |
Group - Statement of Financial
Group - Statement of Financial Position - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | [1] | Jun. 30, 2021 | [1] |
Non-current assets | |||||
Tangible assets | $ 4,081 | $ 3,493 | $ 3,147 | ||
Right of use assets | 202 | 175 | 163 | ||
Intangible assets | 116 | 122 | 127 | ||
Investments in associates and joint ventures | 1,162 | 1,647 | 1,696 | ||
Other investments | 18 | 117 | 148 | ||
Inventories | 6 | 27 | 47 | ||
Trade, other receivables and other assets | 218 | 237 | 254 | ||
Deferred taxation | 29 | 7 | 7 | ||
Cash restricted for use | 32 | 32 | 32 | ||
Total Non-current assets | 5,864 | 5,857 | 5,621 | ||
Current assets | |||||
Inventories | 720 | 703 | 690 | ||
Trade, other receivables and other assets | 335 | 260 | 277 | ||
Cash restricted for use | 34 | 26 | 29 | ||
Cash and cash equivalents | 1,266 | 1,154 | 1,081 | ||
Total Current assets | 2,355 | 2,143 | 2,077 | ||
Total assets | 8,219 | 8,000 | 7,698 | ||
EQUITY AND LIABILITIES | |||||
Share capital and premium | 7,237 | 7,223 | 7,221 | ||
Accumulated losses and other reserves | (2,994) | (3,181) | (3,373) | ||
Shareholders’ equity | 4,243 | 4,042 | 3,848 | ||
Non-controlling interests | 30 | 52 | 47 | ||
Total equity | 4,273 | 4,094 | 3,895 | ||
Non-current liabilities | |||||
Borrowings | 1,953 | 1,858 | 1,726 | ||
Lease liabilities | 138 | 124 | 124 | ||
Environmental rehabilitation and other provisions | 671 | 729 | 715 | ||
Provision for pension and post-retirement benefits | 75 | 77 | 85 | ||
Trade, other payables and provisions | 6 | 7 | 7 | ||
Deferred taxation | 322 | 313 | 267 | ||
Total Non-current liabilities | 3,165 | 3,108 | 2,924 | ||
Current liabilities | |||||
Borrowings | 52 | 51 | 203 | ||
Lease liabilities | 76 | 61 | 52 | ||
Trade, other payables and provisions | 637 | 647 | 589 | ||
Taxation | 16 | 39 | 35 | ||
Total Current liabilities | 781 | 798 | 879 | ||
Total liabilities | 3,946 | 3,906 | 3,803 | ||
Total equity and liabilities | $ 8,219 | $ 8,000 | $ 7,698 | ||
[1]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Group - Statement of Cash Flows
Group - Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |||||
Cash flows from operating activities | |||||||
Receipts from customers | $ 2,150 | $ 1,977 | $ 4,054 | ||||
Payments to suppliers and employees | (1,620) | (1,363) | (2,701) | ||||
Cash generated from operations | 530 | 614 | 1,353 | ||||
Dividends received from joint ventures | [1] | 549 | 71 | 231 | |||
Taxation refund | 0 | 7 | 20 | ||||
Taxation paid | (87) | (225) | (336) | ||||
Net cash inflow (outflow) from operating activities | 992 | 467 | 1,268 | ||||
Cash flows from investing activities | |||||||
Capital expenditure | (434) | (429) | (1,027) | ||||
Interest capitalised and paid | (1) | (9) | (14) | ||||
Acquisition of assets | [2] | (365) | 0 | 0 | |||
Acquisition of intangible assets | 0 | 0 | (1) | ||||
Dividends from other investments | 8 | 12 | 22 | ||||
Proceeds from disposal of tangible assets | 0 | 2 | 25 | ||||
Other investments and assets acquired | (16) | (5) | (4) | ||||
Proceeds from disposal of joint ventures | 0 | 2 | 2 | ||||
Loans advanced | 0 | (10) | (15) | ||||
Decrease (increase) in cash restricted for use | (10) | 13 | 14 | ||||
Interest received | 32 | 29 | 58 | ||||
Net cash inflow (outflow) from investing activities | (786) | (395) | (940) | ||||
Cash flows from financing activities | |||||||
Proceeds from borrowings | 202 | 7 | 822 | ||||
Repayment of borrowings | (96) | (7) | (820) | ||||
Repayment of lease liabilities | (40) | (30) | (63) | ||||
Finance costs - borrowings | (49) | (49) | (111) | ||||
Finance costs - leases | (5) | (5) | (9) | ||||
Other borrowing costs | (11) | 0 | (35) | ||||
Dividends paid | (69) | (207) | (240) | ||||
Net cash inflow (outflow) from financing activities | (68) | (291) | (456) | ||||
Net increase (decrease) in cash and cash equivalents | 138 | (219) | (128) | ||||
Translation | (26) | (30) | (48) | ||||
Cash and cash equivalents at beginning of period | 1,154 | [3] | 1,330 | 1,330 | |||
Cash and cash equivalents at end of period | $ 1,266 | $ 1,081 | [3] | $ 1,154 | [3] | ||
[1]Received from Kibali.[2]On 18 January 2022, AngloGold Ashanti announced the successful completion of the previously announced plan of arrangement with Corvus Gold Inc.(“Corvus”), pursuant to which AngloGold Ashanti agreed to acquire the remaining 80.5% of common shares of Corvus, not already owned by AngloGold Ashanti. On acquisition, AngloGold Ashanti obtained control over Corvus. Under the terms of the arrangement, the shareholders of Corvus (other than the AngloGold Ashanti group) received C$4.10 in cash per Corvus share.The acquisition was concluded to represent an asset acquisition under IFRS. The total consideration was $460m, including a non-cash consideration of $95m. The non-cash consideration primarily represents the fair value of $80m of the 19.5% Corvus investment held by the group, prior to the acquisition of the 80.5%, and previously accounted for as an equity investment at fair value through OCI. The cash consideration paid, including transaction costs, at an exchange rate of C$1.26/$, amounted to $365m. The Company has completed its analysis to assign fair values to all identifiable assets acquired and liabilities assumed. In accordance with asset acquisition accounting, the Company has allocated the total purchase consideration to these identifiable assets based on their relative fair values at the date of the acquisition to leased mineral properties & exploration results of $450m and water rights of $10m. |
Group - Statement of Changes in
Group - Statement of Changes in Equity - USD ($) $ in Millions | Total | Total | Share capital and premium | Other capital reserves | (Accumulated losses) Retained earnings | [1] | Fair value through OCI | Actuarial (losses) gains | Foreign currency translation reserve | [2] | Non-controlling interests | |
Equity at beginning of period at Dec. 31, 2020 | $ 3,773 | $ 3,728 | $ 7,214 | $ 77 | $ (2,308) | $ 131 | $ 1 | $ (1,387) | $ 45 | |||
Profit (loss) for the period | 373 | 362 | 362 | 11 | ||||||||
Other comprehensive income (loss) | (52) | (52) | (43) | (8) | ||||||||
Total comprehensive income (loss) for the period, net of tax | 321 | 310 | 0 | 0 | 362 | (43) | (1) | (8) | 11 | |||
Shares issued | 7 | 7 | 7 | |||||||||
Share-based payment for share awards net of exercised | 1 | 1 | 1 | |||||||||
Dividends paid | (199) | (199) | (199) | |||||||||
Dividends of subsidiaries | (8) | 0 | (8) | |||||||||
Translation | 0 | 1 | 1 | (1) | ||||||||
Equity at end of period at Jun. 30, 2021 | 3,895 | [3] | 3,848 | 7,221 | 79 | (2,145) | 88 | 0 | (1,395) | 47 | ||
Equity at beginning of period at Dec. 31, 2020 | 3,773 | 3,728 | 7,214 | 77 | (2,308) | 131 | 1 | (1,387) | 45 | |||
Profit (loss) for the period | 646 | |||||||||||
Other comprehensive income (loss) | (105) | |||||||||||
Total comprehensive income (loss) for the period, net of tax | 541 | |||||||||||
Shares issued | 9 | |||||||||||
Equity at end of period at Dec. 31, 2021 | 4,094 | [3] | 4,042 | 7,223 | 84 | (1,904) | 53 | (2) | (1,412) | 52 | ||
Profit (loss) for the period | 313 | 298 | 298 | 15 | ||||||||
Other comprehensive income (loss) | (42) | (42) | (23) | (19) | ||||||||
Total comprehensive income (loss) for the period, net of tax | 271 | 256 | 0 | 0 | 298 | (23) | 0 | (19) | 15 | |||
Shares issued | 14 | 14 | 14 | |||||||||
Share-based payment for share awards net of exercised | (7) | (7) | (7) | |||||||||
Dividends paid | (62) | (62) | (62) | |||||||||
Dividends of subsidiaries | (37) | 0 | (37) | |||||||||
Transfer on derecognition of equity investment | 0 | 0 | 69 | (69) | ||||||||
Equity at end of period at Jun. 30, 2022 | $ 4,273 | $ 4,243 | $ 7,237 | $ 77 | $ (1,599) | $ (39) | $ (2) | $ (1,431) | $ 30 | |||
[1]The (Accumulated losses) Retained earnings balances have been restated due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15.[2]Foreign currency translation reserve includes a loss of $1,396m (Dec 2021: $1,399m; Jun 2021: $1,394m) that will not re-cycle through the Income Statement on disposal of non-foreign operations, and a loss of $35m (Dec 2021: $13m; Jun 2021: $1m) relating to foreign operations that will re-cycle through the Income Statement on disposal.[3]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Group - Statement of Changes _2
Group - Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | $ 20 | $ 42 | $ 83 |
Foreign currency translation reserve | |||
Other comprehensive income that will be reclassified to profit or loss, net of tax | 35 | 1 | 13 |
Non-foreign operations | Foreign currency translation reserve | |||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | $ 1,396 | $ 1,394 | $ 1,399 |
Group - Statement of Financia_2
Group - Statement of Financial Position - Parenthetical (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | ||
Condensed Balance Sheet Statement1 [Line Items] | |||||
Tangible assets | $ 4,081 | $ 3,493 | [1] | $ 3,147 | [1] |
Accumulated losses and other reserves | $ (2,994) | (3,181) | [1] | (3,373) | [1] |
Adjustments | |||||
Condensed Balance Sheet Statement1 [Line Items] | |||||
Tangible assets | 33 | 33 | |||
Accumulated losses and other reserves | $ 33 | $ 33 | |||
[1]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Group - Statement of Cash Flo_2
Group - Statement of Cash Flows - Parenthetical (Details) $ in Millions | 7 Months Ended | ||
Jan. 18, 2022 USD ($) $ / $ | Jul. 17, 2022 | Jan. 18, 2022 $ / shares | |
Corvus Gold Corporation | |||
Condensed Cash Flow Statement1 [Line Items] | |||
Percentage of shares acquired | 80.50% | ||
Consideration paid per share (in CAD per share) | $ / shares | $ 4.10 | ||
Consideration paid | $ 460 | ||
Consideration transferred, net of cash | $ 95 | ||
Exchange rate (CAD per USD) | $ / $ | 1.26 | ||
Cash consideration | $ 365 | ||
Corvus Gold Corporation | Mineral properties and exploration rights | |||
Condensed Cash Flow Statement1 [Line Items] | |||
Intangible exploration and evaluation assets | 450 | ||
Corvus Gold Corporation | Water rights | |||
Condensed Cash Flow Statement1 [Line Items] | |||
Intangible exploration and evaluation assets | 10 | ||
Corvus Gold Corporation | |||
Condensed Cash Flow Statement1 [Line Items] | |||
Fair value of investment prior to acquisition | $ 80 | ||
Proportion of voting rights held in associate | 19.50% |
Segmental reporting
Segmental reporting | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of entity's operating segments [Abstract] | |
Segmental reporting | Segmental reporting AngloGold Ashanti’s operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business. The reportable segment information is aligned with the group’s new operating model which was announced in 2021 and implemented during 2022. Under the new operating model, the manner in which the financial results are reported to the CODM and the composition of the operating segments continue to be reported per geographical region. In addition, a new segment, Projects has been introduced from the implementation of the new operating model (previously reported under the America’s segment). The Projects segment comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. The comparative information of the effected operating segment information has been restated. In addition to the geographical reportable segments structure, the group has voluntarily disaggregated and disclosed the financial information on a line-by-line basis for each mining operation to facilitate comparability of mine performance. Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Gold income US Dollar million Unaudited Unaudited Unaudited AFRICA * 1,386 1,360 2,644 Kibali - Attributable 45% 281 322 659 Iduapriem 224 186 361 Obuasi 165 164 204 Siguiri 321 252 545 Geita 395 436 875 AUSTRALIA * 475 398 890 Sunrise Dam 218 185 416 Tropicana - Attributable 70% 257 213 474 AMERICAS * 510 475 1,028 Cerro Vanguardia 168 130 279 AngloGold Ashanti Mineração 267 274 600 Serra Grande 75 71 149 2,371 2,233 4,562 Equity-accounted joint venture included above (281) (322) (659) 2,090 1,911 3,903 By-product revenue US Dollar million Unaudited Unaudited Unaudited AFRICA * 3 3 5 Kibali - Attributable 45% 1 1 2 Iduapriem — — 1 Obuasi 1 1 — Siguiri — — 1 Geita 1 1 1 AUSTRALIA * 2 2 4 Sunrise Dam 1 1 1 Tropicana - Attributable 70% 1 1 3 AMERICAS * 61 50 119 Cerro Vanguardia 44 40 93 AngloGold Ashanti Mineração 17 10 26 66 55 128 Equity-accounted joint venture included above (1) (1) (2) 65 54 126 Segmental reporting (continued) Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Cost of sales US Dollar million Unaudited Unaudited Unaudited AFRICA * 936 869 1,650 Kibali - Attributable 45% 163 178 350 Iduapriem 153 126 238 Obuasi 115 116 164 Siguiri 237 187 410 Geita 268 262 488 AUSTRALIA * 380 346 740 Sunrise Dam 185 176 364 Tropicana - Attributable 70% 180 155 346 Admin and other 15 15 30 AMERICAS * 439 364 822 Cerro Vanguardia 135 115 261 AngloGold Ashanti Mineração 223 195 435 Serra Grande 79 53 123 Admin and other 2 1 3 CORPORATE AND OTHER — (1) (5) 1,755 1,578 3,207 Equity-accounted joint venture included above (163) (178) (350) 1,592 1,400 2,857 Gross profit (1) US Dollar million Unaudited Unaudited Unaudited AFRICA * 452 493 999 Kibali - Attributable 45% 118 145 311 Iduapriem 71 61 124 Obuasi 51 48 41 Siguiri 84 65 135 Geita 128 174 388 AUSTRALIA * 97 53 153 Sunrise Dam 33 10 53 Tropicana - Attributable 70% 79 58 130 Admin and other (15) (15) (30) AMERICAS * 132 162 325 Cerro Vanguardia 77 55 111 AngloGold Ashanti Mineração 61 90 191 Serra Grande (4) 17 26 Admin and other (2) — (3) CORPORATE AND OTHER — 2 6 681 710 1,483 Equity-accounted joint venture included above (118) (145) (311) 563 565 1,172 (1) 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. Segmental reporting (continued) Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Amortisation US Dollar million Unaudited Unaudited Unaudited AFRICA * 162 126 268 Kibali - Attributable 45% 45 49 105 Iduapriem 32 8 19 Obuasi 16 11 22 Siguiri 24 22 47 Geita 45 36 75 AUSTRALIA * (1) 77 63 150 Sunrise Dam 26 25 60 Tropicana - Attributable 70% 50 37 88 Admin and other 1 1 2 AMERICAS * 88 72 161 Cerro Vanguardia 17 11 27 AngloGold Ashanti Mineração 51 49 108 Serra Grande 20 11 25 Admin and other — 1 1 CORPORATE AND OTHER 2 1 3 329 262 582 Equity-accounted joint venture included above (45) (49) (105) 284 213 477 (1) The Australia total assets include property, plant and equipment, cash, leased assets, inventory and others assets which the group is unable to allocate and disaggregate on a reasonable basis between the different mining operations, as some of these assets represent shared assets between the mining operations within the Australia geographical region. The amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets and for which the group can disaggregate and allocate on a reasonable basis to the different mining operations within the geographical region. Capital expenditure Restated (1) Restated (1) US Dollar million Unaudited Unaudited Unaudited AFRICA * 217 226 506 Kibali - Attributable 45% 38 32 72 Iduapriem 53 44 105 Obuasi 64 92 168 Siguiri 11 12 38 Geita 51 46 123 AUSTRALIA * 93 101 185 Sunrise Dam 20 39 62 Tropicana - Attributable 70% 73 62 122 Admin and other — — 1 AMERICAS * 154 109 346 Cerro Vanguardia 21 11 69 AngloGold Ashanti Mineração 104 72 195 Serra Grande 29 26 82 PROJECTS * (1) 7 25 52 Colombian projects 6 25 52 North American projects 1 — — CORPORATE AND OTHER 1 — 11 472 461 1,100 Equity-accounted joint venture included above (38) (32) (72) 434 429 1,028 (1) A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new operating model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated. Segmental reporting (continued) Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Total assets Restated (1)(3) Restated (1)(3) US Dollar million Unaudited Unaudited Unaudited AFRICA * 3,988 4,164 4,226 Kibali - Attributable 45% 1,120 1,647 1,604 Iduapriem 405 345 386 Obuasi 1,125 981 1,036 Siguiri 530 473 463 Geita 804 712 732 Admin and other 4 6 5 AUSTRALIA (2) 986 1,048 1,034 AMERICAS * 1,647 1,375 1,573 Cerro Vanguardia 514 459 491 AngloGold Ashanti Mineração 855 649 781 Serra Grande 250 192 252 Admin and other 28 75 49 PROJECTS * (3) 694 282 313 Colombian projects 216 196 211 North American projects 478 86 102 CORPORATE AND OTHER 904 829 854 8,219 7,698 8,000 *The operating segments continue to be presented per geographical region. The additional information disaggregated and disclosed for each mining operation has been provided by the group to facilitate comparability of mine performance. (1) The total asset balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. (2) The Australia total assets include property, plant and equipment, cash, leased assets, inventory and others assets which the group is unable to allocate and disaggregate on a reasonable basis between the different mining operations, as some of these assets represent shared assets between the mining operations within the Australia geographical region. The amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets and for which the group can disaggregate and allocate on a reasonable basis to the different mining operations within the geographical region. (3) A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new operating model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of interim financial reporting [Abstract] | |
Basis of preparation | Basis of preparation The financial statements in this report have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. The group prepares interim financial statements for the six months ended 30 June and 31 December, and annual financial statements for the year ended 31 December. The group’s accounting policies used in the preparation of these financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2021, except for the adoption of new or amended standards applicable from 1 January 2022 which other than the impact as set out below, had no material impact on the financial statements of the group. The group adopted and retrospectively applied the amendment to IAS 16 “ Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022, which resulted in a changed accounting policy and retrospective impact adjustments as disclosed in note 15. These condensed consolidated interim financial statements of AngloGold Ashanti Limited (“AngloGold Ashanti” or the “Company”) have been prepared in compliance with the framework concepts and the measurement and recognition requirements of the International Financial Reporting Standard (“IFRS”), IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”), the South African Institute of Chartered Accountants (“SAICA”) Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and in the manner required by the South African Companies Act, No. 71 of 2008 (as amended) for the preparation of financial information of the group for the six months ended 30 June 2022. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as at and for the year ended 31 December 2021. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of revenue [Abstract] | |
Revenue | Revenue Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Gold income 2,090 1,911 3,903 By-products 65 54 126 Revenue from product sales 2,155 1,965 4,029 |
Cost of sales
Cost of sales | 6 Months Ended |
Jun. 30, 2022 | |
Cost of Sales [Abstract] | |
Cost of sales | Cost of sales Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Cash operating costs 1,205 1,077 2,160 Royalties 88 80 162 Other cash costs 7 6 12 Total cash costs 1,300 1,163 2,334 Retrenchment costs 4 1 2 Rehabilitation and other non-cash costs (4) 12 38 Amortisation of tangible assets 243 182 411 Amortisation of right of use assets 40 30 63 Amortisation of intangible assets 1 1 3 Inventory change 8 11 6 1,592 1,400 2,857 |
Other expenses (income)
Other expenses (income) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of other operating income (expense) [Abstract] | |
Other expenses (income) | Other expenses (income) Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Care and maintenance — 13 45 Government fiscal claims 8 2 7 Legacy TSF obligations (7) 2 9 Pension and medical defined benefit provisions 3 3 7 Royalty received (1) (2) (2) Retrenchment and related costs — 1 18 Legal fees and project costs 1 — 10 Other indirect taxes 9 7 18 Premium on settlement of bonds — — 24 13 26 136 |
Finance costs and unwinding of
Finance costs and unwinding of obligations | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Finance costs and unwinding of obligations | Finance costs and unwinding of obligations Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Finance costs - borrowings 54 48 101 Finance costs - leases 5 5 9 Unwinding of obligations 6 2 6 65 55 116 |
Share of associates and joint v
Share of associates and joint ventures' profit | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of share of associates and joint ventures’ profit (loss) [Abstract] | |
Share of associates and joint ventures' profit | Share of associates and joint ventures ’ profit Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Revenue 298 341 697 Operating costs and other expenses (198) (186) (370) Net interest (paid) received (1) 4 7 Profit (loss) before taxation 99 159 334 Taxation (27) (37) (85) Profit (loss) after taxation 72 122 249 |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of income tax [Abstract] | |
Taxation | Taxation Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited South African taxation Normal taxation 1 — — Prior year (over) under provision — (1) (1) 1 (1) (1) Foreign taxation Normal taxation 87 115 252 Prior year under (over) provision — — (3) Deferred taxation Temporary differences 3 14 52 Prior year under (over) provision — — 4 Change in estimate 3 4 6 Change in statutory tax rate — 2 2 93 135 313 94 134 312 Income tax uncertainties AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with local government, and others are defined by the general corporate income tax laws of the country. The group has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the group is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the tax authorities over the interpretation or application of certain rules in respect of the group’s business conducted within the country involved. Significant judgement is required in determining the worldwide provisions 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. Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the group. Argentina - Cerro Vanguardia The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $6m (2021: $7m). Management has appealed this matter which has been heard by the Tax Court, with final evidence submitted in 2017. The matter is pending and judgement is expected in the next 24 months as at 30 June 2022. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made. Brazil - AGA Mineração and Serra Grande The Brazil Tax Authority has challenged various aspects of the companies’ tax returns for periods from 2005 to 2016 which individually and in aggregate are not considered to be material. Based on engagement with the Brazil Tax Authority, certain amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the findings. In December 2019, Serra Grande received a tax assessment of $22m (2021: $19m) relating to the amortisation of goodwill on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity. Management is of the opinion that the Brazil Tax Authority is unlikely to succeed in this matter. This is supported by external legal advice and therefore no provision has been made. Colombia - La Colosa and Gramalote The tax treatment of exploration expenditure has been investigated by the Colombian Tax Authority which resulted in claims for taxes and penalties of $74m (1) (2021: $74m) pertaining to the 2010 to 2014 tax years. These assessments were appealed in 2016 (in the case of La Colosa) and resulted in an adverse judgement on 22 October 2018, in the Administrative Court of Cundinamarca. An appeal was lodged and all arguments submitted to the Council of State on 21 August 2018, with an expected judgement in the next 12 to 18 months as at 30 June 2022. The deduction of exploration costs is prohibited from 2017 onwards following a change in legislation. Subsequent to this date, exploration costs have been treated in accordance with the amended legislation. In July 2019, the Supreme Administrative Court issued a ruling that duplicate penalties may not be charged. The impact of the ruling is that certain penalties will be waived, which reduces the overall exposure by $50m (2021: $48m). The matter is pending and may take two to four years to be resolved. Management is of the opinion that the Colombian Tax Authority is unlikely to succeed in this matter and therefore no provision has been made. (1) Includes reduction of overall exposure by $50m (2021: $48m) as described above. Ghana - Iduapriem The Ghana Revenue Authority completed a tax audit during the third quarter of 2020 for the 2018 year of assessment claiming a tax liability of $14m (2021: $14m). The claim relates to corporate income taxes, where certain business expenses have been disallowed as a deduction for tax purposes. Management filed an objection to the assessment in September 2020 and a tax appeal with the High Court during the fourth quarter of 2021. The Ghana Revenue Authority has proposed out of court settlement to close the matter. Management is of the opinion that the Ghana Revenue Authority is unlikely to succeed in this matter and therefore no provision has been made. Guinea - Siguiri The Guinea Tax Authority has challenged certain aspects of Société AngloGold Ashanti de Guinée S.A.'s tax return for the 2010 year of assessment totaling $8m (attributable) (2021: $8m (attributable)). Management has objected to the assessment. However, provision has been made for a portion of the total claims amounting to $2m (attributable) (2021: $2m (attributable)). A meeting was held in February 2022 under the Minister of Budget Tax advisor’s chairmanship, calling for the formation of a tripartite committee to review the claim and resolve the issue. The committee is yet to be constituted. Mali – Yatela and AGA Mali Services The Mali Tax Authority has challenged various aspects of Société des Mines de Yatela S.A. and Société AngloGold Ashanti Mali S.A.'s tax returns for periods of 2012 to 2019 totaling $4m (attributable) (2021: $4m (attributable)). Management is of the opinion that the Mali Tax Authority is unlikely to succeed in the tax matters and therefore no provision has been made. Tanzania - Geita Gold Mine The Tanzania Revenue Authority has raised audit findings on various tax matters for years from 2009 to 2020 amounting to $312m (2021: $291m) including an adjusted tax assessment relating to the 2020 tax year of $21m received in June 2022. In addition, the Tanzania Revenue Authority has issued Agency Notices on various local bank accounts of the Company in Tanzania, enforcing payments from those bank accounts, despite the matters being on appeal. In order to continue operating its bank accounts and to not impact operations, Geita paid $25m (2021: $25m) under protest. Management has objected and appealed through various levels of the administrative processes. Management is of the opinion that the claims of the Tanzania Revenue Authority are unlikely to succeed. In addition, it should be noted that amendments passed to Tanzanian legislation in 2017 amended the 2010 Mining Act and new Finance Act. Effective from 1 July 2017, the gold mining royalty rate increased to 6% (from 4%) and further a 1% clearing fee on the value of all minerals exported was imposed. The group has been paying the higher royalty and clearing fees since this date, under protest, and is of the view that this is in contravention of its Mining Development Agreement. Tax impacts of COVID-19 As a result of the COVID-19 pandemic, governments have responded with various stimulus packages, to provide relief to companies and individuals, to ensure business and employment continuity. This has been achieved through various tax and employment concessions, over varying periods, mostly commencing in April 2020. In North America, the US Government passed the Coronavirus Aid, Relief and Economic Security (CARES) Act on 27 March 2020. The bill provides various tax relief and incentives such as accelerated access to tax attributes created under the Tax Cuts and Jobs Act of 2017 (TCJA) and resulted in an alternative minimum tax refund of $7m received during 2021. Other tax jurisdictions have provided tax relief in various forms to companies which will impact on tax planning and tax payments in the light of the uncertainty created by the pandemic. Management continues to evaluate these tax measures and applies them when appropriate. |
Headline earnings
Headline earnings | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of earnings per share [Notes] [Abstract] | |
Headline earnings | Headline earnings (4) Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited The profit (loss) attributable to equity shareholders has been adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders 298 362 622 Net impairment on property, plant and equipment and right of use asset (1) — 2 2 Derecognition of assets (1) 1 — 4 (Profit) loss on disposal of tangible assets (1) 1 (1) (17) Taxation on net (profit) loss on disposal of tangible assets — — 1 Headline earnings (loss) 300 363 612 Headline earnings (loss) per ordinary share (US cents) (2) 71 87 146 Diluted headline earnings (loss) per ordinary share (US cents) (3) 71 87 146 (1) Tax effect has not been disclosed as the tax is less than $1m. (2) Calculated on the basic weighted average number of ordinary shares. (3) Calculated on the diluted weighted average number of ordinary shares. (4) Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements. Number of shares Ordinary shares 418,045,117 417,155,042 417,272,178 Fully vested options 1,949,302 1,834,464 2,483,449 Weighted average number of shares 419,994,419 418,989,506 419,755,627 Dilutive potential of share options 68,524 64,307 301,076 Dilutive number of ordinary shares 420,062,943 419,053,813 420,056,703 |
Share capital and premium
Share capital and premium | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital and premium | Share capital and premium As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Share capital Authorised: (1) 600,000,000 ordinary shares of 25 SA cents each 23 23 23 23 23 23 Issued and fully paid: 418,375,210 (Jun 2021: 417,345,340; Dec 2021: 417,501,452) ordinary shares in issue of 25 SA cents each 17 17 17 17 17 17 Share premium Balance at beginning of period 7,206 7,250 7,250 Ordinary shares issued 14 7 9 Preference shares redeemed (1) (53) 7,220 7,257 7,206 Less: held within the group Redeemable preference shares (53) Balance at end of period 7,220 7,204 7,206 Share capital and premium 7,237 7,221 7,223 (1) During December 2021 the A and B redeemable preference shares were redeemed and the preference share certificates cancelled. All redeemable preference shares were removed from authorised share capital at the Annual General Meeting held on 16 May 2022. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of borrowing costs [Abstract] | |
Borrowings | Borrowings AngloGold Ashanti’s borrowings are interest bearing. As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,909 1,931 1,931 Proceeds from borrowings 202 7 822 Repayment of borrowings (96) (7) (820) Finance costs paid on borrowings (43) (53) (115) Interest charged to the income statement 48 51 106 Other borrowing cost — — (11) Deferred loan fees (9) — (4) Translation (6) — — Closing balance 2,005 1,929 1,909 Reconciliation of finance costs paid (excluding lease finance costs) A reconciliation of the finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 43 53 115 Capitalised finance cost (1) (9) (14) Commitment fees, environmental guarantees fees and other 7 5 10 Total finance costs paid 49 49 111 Reconciliation of lease liabilities Opening balance 185 153 153 Lease liabilities recognised 75 54 103 Repayment of lease liabilities (40) (30) (63) Finance costs paid on lease liabilities (5) (5) (9) Interest charged to the income statement 5 5 9 Change in estimate (3) — — Translation (3) (1) (8) Closing balance 214 176 185 LIBOR linked borrowings The IBOR Phase 2 amendments became effective on 1 January 2021. The amendments had no material impact on the group financial statements as management is in the process of negotiating new reference rates on the IBOR linked borrowings, with bank syndicates. During the first half of 2022, the $1.4bn multi-currency RCF was repaid and replaced with a new five-year $1.4bn multi-currency RCF with interest charged at a margin of 1.45% above SOFR adjusted for CAS. The $65m Siguiri RCF, which was due to mature on 3 May 2002, was extended on 29 April 2022 for three months and the interest rate amended to a fixed rate plus 8.5%. The table below provides further detail on revolving credit facilities (RCFs) which reference LIBOR. These facilities have yet to transfer to an alternative benchmark interest rate: US Dollar million Carrying value Repayable Repayable Geita RCF ($150m) (1) 63 — — (1) The Geita RCF consists of a Tanzanian shilling component which is capped at the equivalent of US$87m and this component bears interest at 12.5%. The remaining component currently bears interest at LIBOR plus 6.7%. The Geita RCF was fully drawn at 30 June 2022. The Geita RCF matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. |
Cash generated from operations
Cash generated from operations | 6 Months Ended |
Jun. 30, 2022 | |
Statement of cash flows [abstract] | |
Cash generated from operations | Cash generated from operations Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Profit (loss) before taxation 407 507 958 Adjusted for: Amortisation of tangible and right of use assets 283 212 474 Amortisation of intangible assets 1 1 3 Finance costs and unwinding of obligations 65 55 116 Environmental rehabilitation, silicosis and other provisions (40) (21) (20) Impairment, derecognition of assets and (profit) loss on disposal 2 2 7 Other expenses (income) 11 14 61 Profit (loss) on sale of assets — (2) (22) Interest income (31) (29) (58) Share of associates and joint ventures’ (profit) loss (72) (122) (249) Other non-cash movements 37 17 30 Movements in working capital (133) (20) 53 530 614 1,353 Movements in working capital: (Increase) decrease in inventories (7) 60 58 (Increase) decrease in trade and other receivables (98) (75) (49) Increase (decrease) in trade, other payables and provisions (28) (5) 44 (133) (20) 53 |
Financial risk management activ
Financial risk management activities | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial risk management activities | Financial risk management activities 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 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, other receivables and other assets and trade and other payables The carrying amounts approximate fair value due to their short-term nature. Other investments Listed equity investments classified as fair value through other comprehensive income (FVTOCI) are carried at fair value in level 1 of the fair value hierarchy and warrants classified as fair value through profit and loss (FVTPL) are carried at fair value in level 2 of the fair value hierarchy. Borrowings The rated bonds are carried at amortised cost and their fair values, in level 1 of the fair value hierarchy, are their closing market values at the reporting date which results in the difference noted in the table below. 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 the fair value. As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Carrying amount 2,005 1,929 1,909 Fair value 1,802 2,085 2,011 Other financial assets and financial liabilities The following tables set out the group’s financial assets and liabilities measured at fair value by level within the fair value hierarchy: Types of instruments: Securities Jun 2022 Jun 2021 Dec 2021 Unaudited Unaudited Unaudited US Dollar million Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value: Other equity securities FVOCI 15 15 147 147 116 116 Other equity securities FVTPL (1) 3 3 Deferred compensation asset 19 19 26 26 25 25 (1) Included in equity securities - FVTPL are warrants to purchase common shares in PureGold Mining Inc. (“PureGold”). The fair value of the warrants were less than $1m as at 30 June 2021 and 31 December 2021. Level 2 Financial assets The fair value measurements of the PureGold warrants as at 30 June 2022 have been categorised as Level 2 fair values based on observable market data other than quoted market prices. The warrants have been valued using the Black-Scholes Model which takes into account the following inputs: • Volatility of the underlying asset (i.e. the PureGold shares); • Strike price of the warrants; • Canadian risk free interest rate; and • Time to expiration. The warrants have expiration dates of 25 November 2022 and 15 April 2023. Level 3 financial assets On 12 February 2020, AngloGold Ashanti announced that it had reached an agreement to sell its remaining South African producing assets and related liabilities to Harmony Gold Mining Company Limited (Harmony). The transaction closed on 30 September 2020. Consideration for the transaction is in cash and deferred payments, subject to subsequent performance, and with additional proceeds if the West Wits assets are developed below current infrastructure. The two components of the deferred compensation assets are calculated as follows: a. $260 per ounce payable on all underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) in excess of 250,000 ounces per annum for 6 years commencing 1 January 2021. Using a probability weighted calculation of unobservable market data and estimated with reference to expected underlying discounted cash flows a deferred compensation asset of $19m is being recognised in the statement of financial position as at 30 June 2022. b. $20 per ounce payable on underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) below the datum of current infrastructure. At transaction date this constituted 8.53 million ounces of reserves. The consideration is dependent on Harmony developing below infrastructure. The performance of this obligation is outside the influence of AngloGold Ashanti as it depends on Harmony’s future investment decisions. Under the conditions prevailing as at 30 June 2022, no portion of deferred compensation below infrastructure has been recognised. Reconciliation of deferred compensation asset A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: As at As at Jun Dec 2022 2021 US Dollar million Unaudited Unaudited Opening balance 25 28 Unwinding of the deferred compensation asset 1 2 Changes in estimates - fair value adjustments (1) (7) (3) Translation — (2) Closing balance (2) 19 25 (1) Included in the Income Statement in Foreign exchange and fair value adjustments (2) Included in the Statement of Financial Position in Non-current Trade, other receivables and other assets Sensitivity analysis The table below illustrates the impact if the weighted number of ounces used in the weighted probability calculation increases or decreases over the period calculated on the fair value of the deferred compensation asset. Percentage Change in Percentage Change in Jun 2022 Dec 2021 Effect of changes in assumptions Increase in number of ounces +10% 2 +10% 3 Decrease in number of ounces -10% (2) -10% (3) The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony’s mining plans, which could differ from the actual mining plans followed by Harmony. Environmental obligations Pursuant to environmental regulations in the countries in which we operate, in connection with plans for the eventual end-of-life of our mines, we are obligated to rehabilitate the lands where such mines are located. In most cases, AngloGold Ashanti is required to provide financial guarantees for such work, including reclamation bonds or letters of credit issued by third party entities, independent trust funds or cash reserves maintained 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 estimated environmental rehabilitation obligations. In most cases, the environmental obligations will expire on completion of the rehabilitation although, in some cases, we may be required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed. In Australia, since 2014, we have paid into a Mine Rehabilitation Fund an amount of AUD $9.6m for a current carrying value of the liability of AUD $127.6m. At Iduapriem, we have provided a bond comprising of a cash component of $10.8m with a further bond guarantee amounting to $38.8m issued by ABSA Bank Ghana Limited and Standard Chartered Bank Ghana Ltd for a current carrying value of the liability of $49.7m. At Obuasi, we have provided a bond comprising of a cash component of $21.54m with a further bank guarantee amounting to $30m issued by Stanbic Bank Ghana Limited and United Bank for Africa Ghana Limited (UBA) for a current carrying value of the liability of $193.3m. In some circumstances we may be required to post further bonds in due course which will have a consequential income statement charge for the fees charged by the providers of the reclamation bonds. |
Capital commitments
Capital commitments | 6 Months Ended |
Jun. 30, 2022 | |
Capital commitments [abstract] | |
Capital commitments | Capital commitments As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Orders placed and outstanding on capital contracts at the prevailing rate of exchange 246 217 146 Liquidity and capital resources To service the above capital commitments 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 above commitments. The financing facilities which mature in the near future are disclosed in current liabilities. The group believes that sufficient measures are in place to ensure that these facilities can be refinanced. |
Contractual commitments and con
Contractual commitments and contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Contractual commitments and contingencies | Contractual commitments and contingencies AngloGold Ashanti’s material contingent liabilities and assets at 30 June 2022 and 31 December 2021 are detailed below: Litigation claims 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. 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. 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. Tax claims For a discussion on tax claims and tax uncertainties refer to note 7. |
New and amended standards adopt
New and amended standards adopted by the Group | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of reclassifications or changes in presentation [abstract] | |
Restatement of prior year disclosures | New and amended standards adopted by the group AngloGold Ashanti adopted amended IAS 16 “ Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. The cost allocation requires significant judgement in terms of this amendment. An entity applies the amendments retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The adoption of the amendment on 1 January 2022 resulted in a retrospective increase in property, plant and equipment and gross profit of $33m as at 31 December 2020. There was no impact on the 2021 results as no revenue was capitalised in 2021. The effects of the 2020 restatement is included in the accumulated losses opening balance of the 2021 financial reporting period. The impact arises from the reclassification of revenue, cost of sales, and tangible assets and the resulting amortisation recalculation, resulting exclusively from the redevelopment of the Obuasi mine. No other operation was impacted by the adoption of the amendment. June 2021 December 2021 US Dollar million As previously reported Adjustments Restated As previously reported Adjustments Restated Statement of financial position Tangible assets 3,114 33 3,147 3,460 33 3,493 (Accumulated losses) and other reserves (3,406) 33 (3,373) (3,214) 33 (3,181) Statement of changes in equity (Accumulated losses) Retained earnings (2,178) 33 (2,145) (1,937) 33 (1,904) In accordance with the transitional provisions in IAS 16, AngloGold Ashanti has applied IAS 16 retrospectively to each prior reporting period presented in accordance with IAS 8 Accounting policies, Changes in Accounting Estimates and Errors. |
COVID-19 pandemic
COVID-19 pandemic | 6 Months Ended |
Jun. 30, 2022 | |
COVID-19 pandemic [Abstract] | |
COVID-19 pandemic | COVID-19 pandemic AngloGold Ashanti continues to respond to the evolving COVID-19 pandemic, while contributing to the global effort to stop the spread of the virus and provide public health and economic relief to local communities. Operations continue to implement and strengthen controls on-site and in communities, including facilitating access to vaccines. The Company continues to monitor the pandemic and update guidelines and response plans to ensure preparedness while maintaining programmes for awareness, prevention, surveillance, early detection and control at group and site level. COVID-19 continues to present challenges in 2022 with absenteeism due to isolation and quarantine requirements as well as some travel restrictions and shortages of critical skills that continue to challenge operations in Argentina, Australia, Brazil and Ghana, albeit at varying levels. |
Announcements and subsequent ev
Announcements and subsequent events | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Additional Information [Abstract] | |
Announcements and subsequent events | Announcements and subsequent events AngloGold Ashanti’s CFO Christine Ramon retired in June 2022 On 30 June 2022, Ms. Christine Ramon took early retirement from her role as Chief Financial Officer, after more than seven years with the Company. Effective 1 July 2022, Mr. Ian Kramer has been appointed as Interim Chief Financial Officer until such date as a replacement Chief Financial Officer has been appointed. Debt Refinancing During June 2022, AngloGold Ashanti signed a new five-year unsecured multi-currency revolving credit facility (“RCF”) maturing in June 2027, with two one-year extensions on application, with a syndicate of 13 banks. This new US$1.4bn multi-currency RCF also allows for a drawing in Australian Dollars to a maximum of A$500m. This new US$1.4bn multi-currency RCF replaces the previous US$1.4bn RCF (including an A$500m RCF) put in place in 2018. AngloGold Ashanti approved to list on A2X AngloGold Ashanti was approved for a secondary listing on A2X Markets (“A2X”) and its shares were available for trading from 6 June 2022. AngloGold Ashanti’s listings on the Johannesburg Stock Exchange (“JSE”), the New York Stock Exchange (“NYSE”), the Australian Securities Exchange (“ASX”) and Ghana Stock Exchange (“GhSE”) were maintained. The issued share capital is unaffected by the additional listing on A2X. A2X is a licenced stock exchange authorised to provide a secondary listing venue for companies. Gramalote Project Subsequent to 30 June 2022, based on the preliminary results of the optimised feasibility study for the Gramalote Project in Colombia, a joint operation between the Company and B2Gold, both partners have determined that the project does currently not meet their investment thresholds for development of the project at this time. Therefore, in conjunction with finalising the Gramalote feasibility study by the end of the third quarter of 2022, the Company and B2Gold intend to jointly complete a comprehensive review of the alternatives relating to the project. The decision was considered to be an impairment indicator. The Company has performed an impairment test on the Gramalote Project cash-generating unit (“CGU”) and the analysis concluded that the carrying value of the Gramalote Project CGU is not impaired. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Common Domain Members [Abstract] | |
Basis of preparation |
Segmental reporting (Tables)
Segmental reporting (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of entity's operating segments [Abstract] | |
Disclosure of segmental information | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Gold income US Dollar million Unaudited Unaudited Unaudited AFRICA * 1,386 1,360 2,644 Kibali - Attributable 45% 281 322 659 Iduapriem 224 186 361 Obuasi 165 164 204 Siguiri 321 252 545 Geita 395 436 875 AUSTRALIA * 475 398 890 Sunrise Dam 218 185 416 Tropicana - Attributable 70% 257 213 474 AMERICAS * 510 475 1,028 Cerro Vanguardia 168 130 279 AngloGold Ashanti Mineração 267 274 600 Serra Grande 75 71 149 2,371 2,233 4,562 Equity-accounted joint venture included above (281) (322) (659) 2,090 1,911 3,903 By-product revenue US Dollar million Unaudited Unaudited Unaudited AFRICA * 3 3 5 Kibali - Attributable 45% 1 1 2 Iduapriem — — 1 Obuasi 1 1 — Siguiri — — 1 Geita 1 1 1 AUSTRALIA * 2 2 4 Sunrise Dam 1 1 1 Tropicana - Attributable 70% 1 1 3 AMERICAS * 61 50 119 Cerro Vanguardia 44 40 93 AngloGold Ashanti Mineração 17 10 26 66 55 128 Equity-accounted joint venture included above (1) (1) (2) 65 54 126 Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Cost of sales US Dollar million Unaudited Unaudited Unaudited AFRICA * 936 869 1,650 Kibali - Attributable 45% 163 178 350 Iduapriem 153 126 238 Obuasi 115 116 164 Siguiri 237 187 410 Geita 268 262 488 AUSTRALIA * 380 346 740 Sunrise Dam 185 176 364 Tropicana - Attributable 70% 180 155 346 Admin and other 15 15 30 AMERICAS * 439 364 822 Cerro Vanguardia 135 115 261 AngloGold Ashanti Mineração 223 195 435 Serra Grande 79 53 123 Admin and other 2 1 3 CORPORATE AND OTHER — (1) (5) 1,755 1,578 3,207 Equity-accounted joint venture included above (163) (178) (350) 1,592 1,400 2,857 Gross profit (1) US Dollar million Unaudited Unaudited Unaudited AFRICA * 452 493 999 Kibali - Attributable 45% 118 145 311 Iduapriem 71 61 124 Obuasi 51 48 41 Siguiri 84 65 135 Geita 128 174 388 AUSTRALIA * 97 53 153 Sunrise Dam 33 10 53 Tropicana - Attributable 70% 79 58 130 Admin and other (15) (15) (30) AMERICAS * 132 162 325 Cerro Vanguardia 77 55 111 AngloGold Ashanti Mineração 61 90 191 Serra Grande (4) 17 26 Admin and other (2) — (3) CORPORATE AND OTHER — 2 6 681 710 1,483 Equity-accounted joint venture included above (118) (145) (311) 563 565 1,172 (1) 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. Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Amortisation US Dollar million Unaudited Unaudited Unaudited AFRICA * 162 126 268 Kibali - Attributable 45% 45 49 105 Iduapriem 32 8 19 Obuasi 16 11 22 Siguiri 24 22 47 Geita 45 36 75 AUSTRALIA * (1) 77 63 150 Sunrise Dam 26 25 60 Tropicana - Attributable 70% 50 37 88 Admin and other 1 1 2 AMERICAS * 88 72 161 Cerro Vanguardia 17 11 27 AngloGold Ashanti Mineração 51 49 108 Serra Grande 20 11 25 Admin and other — 1 1 CORPORATE AND OTHER 2 1 3 329 262 582 Equity-accounted joint venture included above (45) (49) (105) 284 213 477 (1) The Australia total assets include property, plant and equipment, cash, leased assets, inventory and others assets which the group is unable to allocate and disaggregate on a reasonable basis between the different mining operations, as some of these assets represent shared assets between the mining operations within the Australia geographical region. The amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets and for which the group can disaggregate and allocate on a reasonable basis to the different mining operations within the geographical region. Capital expenditure Restated (1) Restated (1) US Dollar million Unaudited Unaudited Unaudited AFRICA * 217 226 506 Kibali - Attributable 45% 38 32 72 Iduapriem 53 44 105 Obuasi 64 92 168 Siguiri 11 12 38 Geita 51 46 123 AUSTRALIA * 93 101 185 Sunrise Dam 20 39 62 Tropicana - Attributable 70% 73 62 122 Admin and other — — 1 AMERICAS * 154 109 346 Cerro Vanguardia 21 11 69 AngloGold Ashanti Mineração 104 72 195 Serra Grande 29 26 82 PROJECTS * (1) 7 25 52 Colombian projects 6 25 52 North American projects 1 — — CORPORATE AND OTHER 1 — 11 472 461 1,100 Equity-accounted joint venture included above (38) (32) (72) 434 429 1,028 (1) A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new operating model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated. Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 Total assets Restated (1)(3) Restated (1)(3) US Dollar million Unaudited Unaudited Unaudited AFRICA * 3,988 4,164 4,226 Kibali - Attributable 45% 1,120 1,647 1,604 Iduapriem 405 345 386 Obuasi 1,125 981 1,036 Siguiri 530 473 463 Geita 804 712 732 Admin and other 4 6 5 AUSTRALIA (2) 986 1,048 1,034 AMERICAS * 1,647 1,375 1,573 Cerro Vanguardia 514 459 491 AngloGold Ashanti Mineração 855 649 781 Serra Grande 250 192 252 Admin and other 28 75 49 PROJECTS * (3) 694 282 313 Colombian projects 216 196 211 North American projects 478 86 102 CORPORATE AND OTHER 904 829 854 8,219 7,698 8,000 *The operating segments continue to be presented per geographical region. The additional information disaggregated and disclosed for each mining operation has been provided by the group to facilitate comparability of mine performance. (1) The total asset balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. (2) The Australia total assets include property, plant and equipment, cash, leased assets, inventory and others assets which the group is unable to allocate and disaggregate on a reasonable basis between the different mining operations, as some of these assets represent shared assets between the mining operations within the Australia geographical region. The amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets and for which the group can disaggregate and allocate on a reasonable basis to the different mining operations within the geographical region. (3) A new segment for Projects (previously reported under the Americas segment) has been introduced due to the implementation of the new operating model which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Comparative information has been restated. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of revenue [Abstract] | |
Disclosure of revenue | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Gold income 2,090 1,911 3,903 By-products 65 54 126 Revenue from product sales 2,155 1,965 4,029 |
Cost of sales (Tables)
Cost of sales (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cost of Sales [Abstract] | |
Cost of sales by cost | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Cash operating costs 1,205 1,077 2,160 Royalties 88 80 162 Other cash costs 7 6 12 Total cash costs 1,300 1,163 2,334 Retrenchment costs 4 1 2 Rehabilitation and other non-cash costs (4) 12 38 Amortisation of tangible assets 243 182 411 Amortisation of right of use assets 40 30 63 Amortisation of intangible assets 1 1 3 Inventory change 8 11 6 1,592 1,400 2,857 |
Other expenses (income) (Tables
Other expenses (income) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of other operating income (expense) [Abstract] | |
Schedule of other expenses (income) | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Care and maintenance — 13 45 Government fiscal claims 8 2 7 Legacy TSF obligations (7) 2 9 Pension and medical defined benefit provisions 3 3 7 Royalty received (1) (2) (2) Retrenchment and related costs — 1 18 Legal fees and project costs 1 — 10 Other indirect taxes 9 7 18 Premium on settlement of bonds — — 24 13 26 136 |
Finance costs and unwinding o_2
Finance costs and unwinding of obligations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Disclosure of finance costs and unwinding of obligations by item | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Finance costs - borrowings 54 48 101 Finance costs - leases 5 5 9 Unwinding of obligations 6 2 6 65 55 116 |
Share of associates and joint_2
Share of associates and joint ventures' profit (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of share of associates and joint ventures’ profit (loss) [Abstract] | |
Share of associates and joint ventures' profit (loss) | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Revenue 298 341 697 Operating costs and other expenses (198) (186) (370) Net interest (paid) received (1) 4 7 Profit (loss) before taxation 99 159 334 Taxation (27) (37) (85) Profit (loss) after taxation 72 122 249 |
Taxation (Tables)
Taxation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of income tax [Abstract] | |
Disclosure of income tax expense | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited South African taxation Normal taxation 1 — — Prior year (over) under provision — (1) (1) 1 (1) (1) Foreign taxation Normal taxation 87 115 252 Prior year under (over) provision — — (3) Deferred taxation Temporary differences 3 14 52 Prior year under (over) provision — — 4 Change in estimate 3 4 6 Change in statutory tax rate — 2 2 93 135 313 94 134 312 |
Headline earnings (Tables)
Headline earnings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of earnings per share [Abstract] | |
Headline earnings | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited The profit (loss) attributable to equity shareholders has been adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders 298 362 622 Net impairment on property, plant and equipment and right of use asset (1) — 2 2 Derecognition of assets (1) 1 — 4 (Profit) loss on disposal of tangible assets (1) 1 (1) (17) Taxation on net (profit) loss on disposal of tangible assets — — 1 Headline earnings (loss) 300 363 612 Headline earnings (loss) per ordinary share (US cents) (2) 71 87 146 Diluted headline earnings (loss) per ordinary share (US cents) (3) 71 87 146 (1) Tax effect has not been disclosed as the tax is less than $1m. (2) Calculated on the basic weighted average number of ordinary shares. (3) Calculated on the diluted weighted average number of ordinary shares. (4) Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements. Number of shares Ordinary shares 418,045,117 417,155,042 417,272,178 Fully vested options 1,949,302 1,834,464 2,483,449 Weighted average number of shares 419,994,419 418,989,506 419,755,627 Dilutive potential of share options 68,524 64,307 301,076 Dilutive number of ordinary shares 420,062,943 419,053,813 420,056,703 |
Share capital and premium (Tabl
Share capital and premium (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of share capital and premium | As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Share capital Authorised: (1) 600,000,000 ordinary shares of 25 SA cents each 23 23 23 23 23 23 Issued and fully paid: 418,375,210 (Jun 2021: 417,345,340; Dec 2021: 417,501,452) ordinary shares in issue of 25 SA cents each 17 17 17 17 17 17 Share premium Balance at beginning of period 7,206 7,250 7,250 Ordinary shares issued 14 7 9 Preference shares redeemed (1) (53) 7,220 7,257 7,206 Less: held within the group Redeemable preference shares (53) Balance at end of period 7,220 7,204 7,206 Share capital and premium 7,237 7,221 7,223 (1) During December 2021 the A and B redeemable preference shares were redeemed and the preference share certificates cancelled. All redeemable preference shares were removed from authorised share capital at the Annual General Meeting held on 16 May 2022. |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of borrowing costs [Abstract] | |
Disclosure of detailed information about borrowings | AngloGold Ashanti’s borrowings are interest bearing. As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,909 1,931 1,931 Proceeds from borrowings 202 7 822 Repayment of borrowings (96) (7) (820) Finance costs paid on borrowings (43) (53) (115) Interest charged to the income statement 48 51 106 Other borrowing cost — — (11) Deferred loan fees (9) — (4) Translation (6) — — Closing balance 2,005 1,929 1,909 Reconciliation of finance costs paid (excluding lease finance costs) A reconciliation of the finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 43 53 115 Capitalised finance cost (1) (9) (14) Commitment fees, environmental guarantees fees and other 7 5 10 Total finance costs paid 49 49 111 US Dollar million Carrying value Repayable Repayable Geita RCF ($150m) (1) 63 — — (1) The Geita RCF consists of a Tanzanian shilling component which is capped at the equivalent of US$87m and this component bears interest at 12.5%. The remaining component currently bears interest at LIBOR plus 6.7%. The Geita RCF was fully drawn at 30 June 2022. The Geita RCF matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. |
Reconciliation of lease labilities | Reconciliation of lease liabilities Opening balance 185 153 153 Lease liabilities recognised 75 54 103 Repayment of lease liabilities (40) (30) (63) Finance costs paid on lease liabilities (5) (5) (9) Interest charged to the income statement 5 5 9 Change in estimate (3) — — Translation (3) (1) (8) Closing balance 214 176 185 |
Cash generated from operations
Cash generated from operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Statement of cash flows [abstract] | |
Schedule of cash generated from operations | Six months Six months Year ended ended ended Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Profit (loss) before taxation 407 507 958 Adjusted for: Amortisation of tangible and right of use assets 283 212 474 Amortisation of intangible assets 1 1 3 Finance costs and unwinding of obligations 65 55 116 Environmental rehabilitation, silicosis and other provisions (40) (21) (20) Impairment, derecognition of assets and (profit) loss on disposal 2 2 7 Other expenses (income) 11 14 61 Profit (loss) on sale of assets — (2) (22) Interest income (31) (29) (58) Share of associates and joint ventures’ (profit) loss (72) (122) (249) Other non-cash movements 37 17 30 Movements in working capital (133) (20) 53 530 614 1,353 Movements in working capital: (Increase) decrease in inventories (7) 60 58 (Increase) decrease in trade and other receivables (98) (75) (49) Increase (decrease) in trade, other payables and provisions (28) (5) 44 (133) (20) 53 |
Financial risk management act_2
Financial risk management activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of carrying amount and fair value | As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Carrying amount 2,005 1,929 1,909 Fair value 1,802 2,085 2,011 A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: As at As at Jun Dec 2022 2021 US Dollar million Unaudited Unaudited Opening balance 25 28 Unwinding of the deferred compensation asset 1 2 Changes in estimates - fair value adjustments (1) (7) (3) Translation — (2) Closing balance (2) 19 25 (1) Included in the Income Statement in Foreign exchange and fair value adjustments (2) Included in the Statement of Financial Position in Non-current Trade, other receivables and other assets Sensitivity analysis The table below illustrates the impact if the weighted number of ounces used in the weighted probability calculation increases or decreases over the period calculated on the fair value of the deferred compensation asset. Percentage Change in Percentage Change in Jun 2022 Dec 2021 Effect of changes in assumptions Increase in number of ounces +10% 2 +10% 3 Decrease in number of ounces -10% (2) -10% (3) The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony’s mining plans, which could differ from the actual mining plans followed by Harmony. |
Disclosure of fair value of assets measured on a recurring basis | The following tables set out the group’s financial assets and liabilities measured at fair value by level within the fair value hierarchy: Types of instruments: Securities Jun 2022 Jun 2021 Dec 2021 Unaudited Unaudited Unaudited US Dollar million Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets measured at fair value: Other equity securities FVOCI 15 15 147 147 116 116 Other equity securities FVTPL (1) 3 3 Deferred compensation asset 19 19 26 26 25 25 (1) Included in equity securities - FVTPL are warrants to purchase common shares in PureGold Mining Inc. (“PureGold”). The fair value of the warrants were less than $1m as at 30 June 2021 and 31 December 2021. |
Capital commitments (Tables)
Capital commitments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Contractual Capital Commitments [Abstract] | |
Summary of capital commitments | As at As at As at Jun Jun Dec 2022 2021 2021 US Dollar million Unaudited Unaudited Unaudited Orders placed and outstanding on capital contracts at the prevailing rate of exchange 246 217 146 |
New and amended standards ado_2
New and amended standards adopted by the Group (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of reclassifications or changes in presentation [abstract] | |
Summary of reclassification of Income Statement | June 2021 December 2021 US Dollar million As previously reported Adjustments Restated As previously reported Adjustments Restated Statement of financial position Tangible assets 3,114 33 3,147 3,460 33 3,493 (Accumulated losses) and other reserves (3,406) 33 (3,373) (3,214) 33 (3,181) Statement of changes in equity (Accumulated losses) Retained earnings (2,178) 33 (2,145) (1,937) 33 (1,904) |
Segmental reporting (Details)
Segmental reporting (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of operating segments [line items] | ||||||
Gold income | $ 2,090 | $ 1,911 | $ 3,903 | |||
By-product revenue | 65 | 54 | 126 | |||
Cost of sales | 1,592 | 1,400 | 2,857 | |||
Gross profit | 563 | 565 | 1,172 | |||
Amortisation | 284 | 213 | 477 | |||
Capital expenditure | 434 | 429 | 1,028 | |||
Total assets | 8,219 | 7,698 | [1] | 8,000 | [1] | |
Tangible assets | 4,081 | 3,147 | [1] | 3,493 | [1] | |
Adjustments | ||||||
Disclosure of operating segments [line items] | ||||||
Gross profit | $ 33 | |||||
Tangible assets | 33 | 33 | ||||
Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 2,371 | 2,233 | 4,562 | |||
By-product revenue | 66 | 55 | 128 | |||
Cost of sales | 1,755 | 1,578 | 3,207 | |||
Gross profit | 681 | 710 | 1,483 | |||
Amortisation | 329 | 262 | 582 | |||
Capital expenditure | 472 | 461 | 1,100 | |||
Africa | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 1,386 | 1,360 | 2,644 | |||
By-product revenue | 3 | 3 | 5 | |||
Cost of sales | 936 | 869 | 1,650 | |||
Gross profit | 452 | 493 | 999 | |||
Amortisation | 162 | 126 | 268 | |||
Capital expenditure | 217 | 226 | 506 | |||
Total assets | 3,988 | 4,164 | 4,226 | |||
Africa | Operating segments | Kibali - Attributable 45% | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 281 | 322 | 659 | |||
By-product revenue | 1 | 1 | 2 | |||
Cost of sales | 163 | 178 | 350 | |||
Gross profit | 118 | 145 | 311 | |||
Amortisation | 45 | 49 | 105 | |||
Capital expenditure | 38 | 32 | 72 | |||
Total assets | 1,120 | 1,647 | 1,604 | |||
Africa | Operating segments | Iduapriem | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 224 | 186 | 361 | |||
By-product revenue | 0 | 0 | 1 | |||
Cost of sales | 153 | 126 | 238 | |||
Gross profit | 71 | 61 | 124 | |||
Amortisation | 32 | 8 | 19 | |||
Capital expenditure | 53 | 44 | 105 | |||
Total assets | 405 | 345 | 386 | |||
Africa | Operating segments | Obuasi | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 165 | 164 | 204 | |||
By-product revenue | 1 | 1 | 0 | |||
Cost of sales | 115 | 116 | 164 | |||
Gross profit | 51 | 48 | 41 | |||
Amortisation | 16 | 11 | 22 | |||
Capital expenditure | 64 | 92 | 168 | |||
Total assets | 1,125 | 981 | 1,036 | |||
Africa | Operating segments | Siguiri | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 321 | 252 | 545 | |||
By-product revenue | 0 | 0 | 1 | |||
Cost of sales | 237 | 187 | 410 | |||
Gross profit | 84 | 65 | 135 | |||
Amortisation | 24 | 22 | 47 | |||
Capital expenditure | 11 | 12 | 38 | |||
Total assets | 530 | 473 | 463 | |||
Africa | Operating segments | Geita | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 395 | 436 | 875 | |||
By-product revenue | 1 | 1 | 1 | |||
Cost of sales | 268 | 262 | 488 | |||
Gross profit | 128 | 174 | 388 | |||
Amortisation | 45 | 36 | 75 | |||
Capital expenditure | 51 | 46 | 123 | |||
Total assets | 804 | 712 | 732 | |||
Africa | Operating segments | Admin and other | ||||||
Disclosure of operating segments [line items] | ||||||
Total assets | 4 | 6 | 5 | |||
Australia | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 475 | 398 | 890 | |||
By-product revenue | 2 | 2 | 4 | |||
Cost of sales | 380 | 346 | 740 | |||
Gross profit | 97 | 53 | 153 | |||
Amortisation | 77 | 63 | 150 | |||
Capital expenditure | 93 | 101 | 185 | |||
Total assets | 986 | 1,048 | 1,034 | |||
Australia | Operating segments | Sunrise Dam | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 218 | 185 | 416 | |||
By-product revenue | 1 | 1 | 1 | |||
Cost of sales | 185 | 176 | 364 | |||
Gross profit | 33 | 10 | 53 | |||
Amortisation | 26 | 25 | 60 | |||
Capital expenditure | 20 | 39 | 62 | |||
Australia | Operating segments | Tropicana - Attributable 70% | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 257 | 213 | 474 | |||
By-product revenue | 1 | 1 | 3 | |||
Cost of sales | 180 | 155 | 346 | |||
Gross profit | 79 | 58 | 130 | |||
Amortisation | 50 | 37 | 88 | |||
Capital expenditure | 73 | 62 | 122 | |||
Australia | Operating segments | Admin and other | ||||||
Disclosure of operating segments [line items] | ||||||
Cost of sales | 15 | 15 | 30 | |||
Gross profit | (15) | (15) | (30) | |||
Amortisation | 1 | 1 | 2 | |||
Capital expenditure | 0 | 0 | 1 | |||
Americas | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 510 | 475 | 1,028 | |||
By-product revenue | 61 | 50 | 119 | |||
Cost of sales | 439 | 364 | 822 | |||
Gross profit | 132 | 162 | 325 | |||
Amortisation | 88 | 72 | 161 | |||
Capital expenditure | 154 | 109 | 346 | |||
Total assets | 1,647 | 1,375 | 1,573 | |||
Americas | Operating segments | Cerro Vanguardia | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 168 | 130 | 279 | |||
By-product revenue | 44 | 40 | 93 | |||
Cost of sales | 135 | 115 | 261 | |||
Gross profit | 77 | 55 | 111 | |||
Amortisation | 17 | 11 | 27 | |||
Capital expenditure | 21 | 11 | 69 | |||
Total assets | 514 | 459 | 491 | |||
Americas | Operating segments | AngloGold Ashanti Mineração | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 267 | 274 | 600 | |||
By-product revenue | 17 | 10 | 26 | |||
Cost of sales | 223 | 195 | 435 | |||
Gross profit | 61 | 90 | 191 | |||
Amortisation | 51 | 49 | 108 | |||
Capital expenditure | 104 | 72 | 195 | |||
Total assets | 855 | 649 | 781 | |||
Americas | Operating segments | Serra Grande | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 75 | 71 | 149 | |||
Cost of sales | 79 | 53 | 123 | |||
Gross profit | (4) | 17 | 26 | |||
Amortisation | 20 | 11 | 25 | |||
Capital expenditure | 29 | 26 | 82 | |||
Total assets | 250 | 192 | 252 | |||
Americas | Operating segments | Admin and other | ||||||
Disclosure of operating segments [line items] | ||||||
Cost of sales | 2 | 1 | 3 | |||
Gross profit | (2) | 0 | (3) | |||
Amortisation | 0 | 1 | 1 | |||
Total assets | 28 | 75 | 49 | |||
Equity-accounted joint ventures included above | Elimination of intersegment amounts | ||||||
Disclosure of operating segments [line items] | ||||||
Gold income | 281 | 322 | 659 | |||
By-product revenue | 1 | 1 | 2 | |||
Cost of sales | 163 | 178 | 350 | |||
Gross profit | 118 | 145 | 311 | |||
Amortisation | 45 | 49 | 105 | |||
Capital expenditure | 38 | 32 | 72 | |||
Corporate and other | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Cost of sales | 0 | 1 | 5 | |||
Gross profit | 0 | 2 | 6 | |||
Amortisation | 2 | 1 | 3 | |||
Capital expenditure | 1 | 0 | 11 | |||
Total assets | 904 | 829 | 854 | |||
Projects | Operating segments | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditure | 7 | 25 | 52 | |||
Total assets | 694 | 282 | 313 | |||
Projects | Operating segments | Colombian projects | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditure | 6 | 25 | 52 | |||
Total assets | 216 | 196 | 211 | |||
Projects | Operating segments | North American projects | ||||||
Disclosure of operating segments [line items] | ||||||
Capital expenditure | 1 | 0 | 0 | |||
Total assets | $ 478 | $ 86 | $ 102 | |||
[1]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of revenue [Abstract] | |||
Gold income | $ 2,090 | $ 1,911 | $ 3,903 |
By-products | 65 | 54 | 126 |
Revenue from product sales | $ 2,155 | $ 1,965 | $ 4,029 |
Cost of sales (Details)
Cost of sales (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Cost of Sales [Abstract] | |||
Cash operating costs | $ 1,205 | $ 1,077 | $ 2,160 |
Royalties | 88 | 80 | 162 |
Other cash costs | 7 | 6 | 12 |
Total cash costs | 1,300 | 1,163 | 2,334 |
Retrenchment costs | 4 | 1 | 2 |
Rehabilitation and other non-cash costs | (4) | 12 | 38 |
Amortisation of tangible assets | 243 | 182 | 411 |
Amortisation of right of use assets | 40 | 30 | 63 |
Amortisation of intangible assets | 1 | 1 | 3 |
Inventory change | 8 | 11 | 6 |
Cost of sales | $ 1,592 | $ 1,400 | $ 2,857 |
Other expenses (income) (Detail
Other expenses (income) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of other operating income (expense) [Abstract] | |||
Care and maintenance | $ 0 | $ 13 | $ 45 |
Government fiscal claims | 8 | 2 | 7 |
Legacy TSF obligations | (7) | 2 | 9 |
Pension and medical defined benefit provisions | 3 | 3 | 7 |
Royalty received | (1) | (2) | (2) |
Retrenchment and related costs | 0 | 1 | 18 |
Legal fees and project costs | 1 | 0 | 10 |
Other indirect taxes | 9 | 7 | 18 |
Premium on settlement of bonds | 0 | 0 | 24 |
Other operating income (expense) | $ 13 | $ 26 | $ 136 |
Finance costs and unwinding o_3
Finance costs and unwinding of obligations (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |||
Finance costs - borrowings | $ 54 | $ 48 | $ 101 |
Finance costs - leases | 5 | 5 | 9 |
Unwinding of obligations | 6 | 2 | 6 |
Finance costs and unwinding of obligations | $ 65 | $ 55 | $ 116 |
Share of associates and joint_3
Share of associates and joint ventures' profit (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of associates [line items] | |||
Profit (loss) before taxation | $ 407 | $ 507 | $ 958 |
Taxation | (94) | (134) | (312) |
Associates | Joint ventures | |||
Disclosure of associates [line items] | |||
Revenue | 298 | 341 | 697 |
Operating costs and other expenses | (198) | (186) | (370) |
Net interest (paid) received | (1) | 4 | 7 |
Profit (loss) before taxation | 99 | 159 | 334 |
Taxation | (27) | (37) | (85) |
Profit (loss) for the period | $ 72 | $ 122 | $ 249 |
Taxation - Income tax benefit (
Taxation - Income tax benefit (expense) (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Deferred taxation | |||
Taxation | $ 94 | $ 134 | $ 312 |
South Africa | |||
Disclosure of Income Taxes [Line Items] | |||
Normal taxation | 1 | 0 | 0 |
Prior year under (over) provision | 0 | (1) | (1) |
Deferred taxation | |||
Taxation | 1 | (1) | (1) |
Foreign taxation | |||
Disclosure of Income Taxes [Line Items] | |||
Normal taxation | 87 | 115 | 252 |
Prior year under (over) provision | 0 | 0 | (3) |
Deferred taxation | |||
Temporary differences | 3 | 14 | 52 |
Prior year (over) under provision | 0 | 0 | 4 |
Change in estimate | 3 | 4 | 6 |
Change in statutory tax rate | 0 | 2 | 2 |
Taxation | $ 93 | $ 135 | $ 313 |
Taxation - Narrative (Details)
Taxation - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of contingent liabilities [line items] | |||
Income taxes refund | $ 7 | ||
Argentina Tax Authority | |||
Disclosure of contingent liabilities [line items] | |||
Loss contingency, damages sought | $ 6 | 7 | |
Brazil Tax Authority | |||
Disclosure of contingent liabilities [line items] | |||
Loss contingency, damages sought | 22 | 19 | |
Columbian Tax Authority | |||
Disclosure of contingent liabilities [line items] | |||
Loss contingency, damages sought | 74 | 74 | |
Loss contingency, reduction of damages sought | 50 | 48 | |
Ghana Tax Authority | |||
Disclosure of contingent liabilities [line items] | |||
Loss contingency, damages sought | 14 | 14 | |
Guinea Tax Authority | |||
Disclosure of contingent liabilities [line items] | |||
Loss contingency, damages sought | 8 | 8 | |
Legal proceedings provision | $ 2 | 2 | 2 |
Mali Tax Authority | |||
Disclosure of contingent liabilities [line items] | |||
Loss contingency, damages sought | 4 | 4 | |
Tanzania Revenue Authority | Provision for income tax | |||
Disclosure of contingent liabilities [line items] | |||
Loss contingency, damages sought | 312 | 291 | |
Loss contingency, increase in damages sought | $ 21 | ||
Loss contingency, damages paid under protest | $ 25 | $ 25 |
Headline earnings - Schedule of
Headline earnings - Schedule of earnings (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of earnings per share [Abstract] | |||
Profit (loss) attributable to equity shareholders | $ 298 | $ 362 | $ 622 |
Net impairment on property, plant and equipment and right of use asset | 0 | 2 | 2 |
Derecognition of assets | 1 | 0 | 4 |
(Profit) loss on disposal of tangible assets | 1 | (1) | (17) |
Taxation on net (profit) loss on disposal of tangible assets | 0 | 0 | 1 |
Headline earnings (loss) | $ 300 | $ 363 | $ 612 |
Headline earnings (loss) per ordinary share (USD cents per share) | $ 0.71 | $ 0.87 | $ 1.46 |
Diluted headline earnings (loss) per ordinary share (USD cents per share) | $ 0.71 | $ 0.87 | $ 1.46 |
Threshold for disclosure of tax effect | $ 1 |
Headline earnings - Dilutive sh
Headline earnings - Dilutive shares (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of earnings per share [Abstract] | |||
Ordinary shares (in shares) | 418,045,117 | 417,155,042 | 417,272,178 |
Fully vested options (in shares) | 1,949,302 | 1,834,464 | 2,483,449 |
Weighted average number of shares (in shares) | 419,994,419 | 418,989,506 | 419,755,627 |
Dilutive potential of share options (in shares) | 68,524 | 64,307 | 301,076 |
Dilutive number of ordinary shares (in shares) | 420,062,943 | 419,053,813 | 420,056,703 |
Share capital and premium (Deta
Share capital and premium (Details) $ in Millions | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Dec. 31, 2021 USD ($) shares | Jun. 30, 2022 R / shares | Dec. 31, 2021 R / shares | Jun. 30, 2021 R / shares | |||
Issued and fully paid: | ||||||||
Share capital | $ 17 | $ 17 | $ 17 | |||||
Share Premium [Abstract] | ||||||||
Balance at beginning of period | 7,206 | 7,250 | 7,250 | |||||
Ordinary shares issued | 14 | 7 | 9 | |||||
Preference shares redeemed | (53) | |||||||
Balance at end of period | 7,220 | 7,257 | 7,206 | |||||
Less held Within The Group [Abstract] | ||||||||
Redeemable preference shares | 53 | |||||||
Share Premium, net of treasury shares | 7,220 | 7,204 | 7,206 | |||||
Share capital and premium | $ 7,237 | $ 7,221 | [1] | $ 7,223 | [1] | |||
Ordinary shares | ||||||||
Authorised: | ||||||||
Number of shares authorised (in shares) | shares | 600,000,000 | 600,000,000 | 600,000,000 | |||||
Issued and fully paid: | ||||||||
Number of shares issued and fully paid (in shares) | shares | 418,375,210 | 417,501,452 | 417,345,340 | |||||
Authorised | ||||||||
Issued and fully paid: | ||||||||
Share capital | $ 23 | $ 23 | $ 23 | |||||
Authorised | Ordinary shares | ||||||||
Authorised: | ||||||||
Par value per share (USD per share) | R / shares | R 0.25 | R 0.25 | R 0.25 | |||||
Issued and fully paid: | ||||||||
Par value per share (USD per share) | R / shares | 0.25 | R 0.25 | R 0.25 | |||||
Share capital | 23 | 23 | 23 | |||||
Issued and fully paid: | Ordinary shares | ||||||||
Authorised: | ||||||||
Par value per share (USD per share) | R / shares | 0.25 | |||||||
Issued and fully paid: | ||||||||
Par value per share (USD per share) | R / shares | R 0.25 | |||||||
Share capital | $ 17 | $ 17 | $ 17 | |||||
[1]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Borrowings - Schedule of borrow
Borrowings - Schedule of borrowings (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of borrowing costs [Abstract] | |||
Opening balance | $ 1,909 | $ 1,931 | $ 1,931 |
Proceeds from borrowings | 202 | 7 | 822 |
Repayment of borrowings | (96) | (7) | (820) |
Finance costs paid on borrowings | (43) | (53) | (115) |
Interest charged to the income statement | 48 | 51 | 106 |
Other borrowing cost | 0 | 0 | (11) |
Deferred loan fees | (9) | 0 | (4) |
Translation | (6) | 0 | 0 |
Closing balance | 2,005 | 1,929 | 1,909 |
Finance costs paid on borrowings | 43 | 53 | 115 |
Capitalised finance cost | (1) | (9) | (14) |
Commitment fees, environmental guarantees fees and other | 7 | 5 | 10 |
Total finance costs paid | $ 49 | $ 49 | $ 111 |
Borrowings - Reconciliation of
Borrowings - Reconciliation of lease liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of borrowing costs [Abstract] | |||
Opening balance | $ 185 | $ 153 | $ 153 |
Lease liabilities recognised | 75 | 54 | 103 |
Repayment of lease liabilities | (40) | (30) | (63) |
Finance costs paid on lease liabilities | (5) | (5) | (9) |
Interest expense on lease liabilities | 5 | 5 | 9 |
Change in estimate | (3) | 0 | 0 |
Translation | (3) | (1) | (8) |
Closing balance | $ 214 | $ 176 | $ 185 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | $ 1,400 |
Borrowings maturity term | 5 years |
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | London Interbank Offered Rate (LIBOR) | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings, adjustment to interest rate basis | 1.45% |
Siguiri RCF ($65m) | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | $ 65 |
Siguiri RCF ($65m) | Fixed interest rate | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings, adjustment to interest rate basis | 8.50% |
Borrowings - LIBOR linked borro
Borrowings - LIBOR linked borrowings (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Geita RCF ($143m) | |
Disclosure of detailed information about borrowings [line items] | |
Notional amount | $ 150 |
Borrowings, adjustment to interest rate basis | 6.70% |
Geita RCF ($143m) | Financial liabilities at amortised cost | |
Disclosure of detailed information about borrowings [line items] | |
Unsecured bank loans received | $ 63 |
Geita RCF ($143m) | Financial liabilities at amortised cost | Repayable within one year | |
Disclosure of detailed information about borrowings [line items] | |
Unsecured bank loans received | 0 |
Geita RCF ($143m) | Financial liabilities at amortised cost | Repayable within one to two years | |
Disclosure of detailed information about borrowings [line items] | |
Unsecured bank loans received | 0 |
Unsecured $150 million revolving credit facility | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings maximum, Tanzanian Shilling facility | $ 87 |
Tanzanian Shilling components of unsecured $150 million multicurrency facility | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings, interest rate | 12.50% |
Cash generated from operation_2
Cash generated from operations (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Statement of cash flows [abstract] | |||
Profit (loss) before taxation | $ 407 | $ 507 | $ 958 |
Adjusted for: | |||
Amortisation of tangible and right of use assets | 283 | 212 | 474 |
Amortisation of intangible assets | 1 | 1 | 3 |
Finance costs and unwinding of obligations | 65 | 55 | 116 |
Environmental rehabilitation, silicosis and other provisions | (40) | (21) | (20) |
Impairment, derecognition of assets and (profit) loss on disposal | 2 | 2 | 7 |
Other expenses (income) | 11 | 14 | 61 |
Profit (loss) on sale of assets | 0 | (2) | (22) |
Interest income | (31) | (29) | (58) |
Share of associates and joint ventures’ (profit) loss | (72) | (122) | (249) |
Other non-cash movements | 37 | 17 | 30 |
Movements in working capital | (133) | (20) | 53 |
Cash generated from operations | 530 | 614 | 1,353 |
(Increase) decrease in inventories | (7) | 60 | 58 |
(Increase) decrease in trade and other receivables | (98) | (75) | (49) |
Increase (decrease) in trade, other payables and provisions | (28) | (5) | 44 |
Movements in working capital | $ (133) | $ (20) | $ 53 |
Financial risk management act_3
Financial risk management activities - Fair value of financial instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Disclosure of detailed information about financial instruments [abstract] | |||
Carrying amount | $ 2,005 | $ 1,909 | $ 1,929 |
Fair value | $ 1,802 | $ 2,011 | $ 2,085 |
Financial risk management act_4
Financial risk management activities - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | ||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | $ 8,219 | $ 8,000 | [1] | $ 7,698 | [1] |
Other equity securities FVOCI | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | 15 | 116 | 147 | ||
Other equity securities FVOCI | Level 1 | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | 15 | 116 | 147 | ||
Other equity securities FVTPL | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | 3 | ||||
Other equity securities FVTPL | Level 2 | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | 3 | ||||
Deferred compensation asset | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | 19 | 25 | 26 | ||
Deferred compensation asset | Level 3 | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | $ 19 | 25 | 26 | ||
Other equity securities FVTPL, Warrants | |||||
Disclosure of fair value measurement of assets [line items] | |||||
Financial assets measured at fair value: | $ 1 | $ 1 | |||
[1]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Financial risk management act_5
Financial risk management activities - Fair value narrative (Details) $ in Thousands, $ in Millions | 6 Months Ended | |||||||
Jan. 01, 2021 oz | Feb. 12, 2020 oz $ / oz | Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | |||
Disclosure of fair value measurement of assets [line items] | ||||||||
Deferred compensation asset | $ 8,219,000 | $ 8,000,000 | [1] | $ 7,698,000 | [1] | |||
Provision for decommissioning, restoration and rehabilitation costs | Australia | ||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||
Annual payment to trust fund | $ 9.6 | |||||||
Carrying value of liability | $ 127.6 | |||||||
Provision for decommissioning, restoration and rehabilitation costs | Ghana | Iduapriem | ||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||
Carrying value of liability | 49,700 | |||||||
Cash component of bond | 10,800 | |||||||
Bond guarantees issued by banks | 38,800 | |||||||
Provision for decommissioning, restoration and rehabilitation costs | Ghana | Obuasi | ||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||
Carrying value of liability | 193,300 | |||||||
Cash component of bond | 21,540 | |||||||
Bond guarantees issued by banks | 30,000 | |||||||
Deferred compensation asset | ||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||
Deferred compensation asset | 19,000 | 25,000 | 26,000 | |||||
Deferred compensation asset | Level 3 | ||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||
Deferred compensation asset | $ 19,000 | 25,000 | $ 26,000 | |||||
South African assets | Deferred compensation asset | Level 3 | ||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||
Deferred compensation asset | $ 19,000 | |||||||
South African assets | Discontinued operations | ||||||||
Disclosure of fair value measurement of assets [line items] | ||||||||
Portion of consideration received consisting of deferred consideration, above production threshold (in USD per ounce) | $ / oz | 260 | |||||||
Consideration receivable, initial production threshold | oz | 250,000 | |||||||
Deferred consideration production threshold, period | 6 years | |||||||
Portion of consideration received consisting of deferred consideration, below datum of current infrastructure (in USD per ounce) | $ / oz | 20 | |||||||
Transaction date ounces of reserves | oz | 8,530,000 | |||||||
[1]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Financial risk management act_6
Financial risk management activities - Reconciliation of deferred compensation asset (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [line items] | ||
Opening balance | $ 25 | $ 28 |
Unwinding of the deferred compensation asset | 1 | 2 |
Changes in estimates - fair value adjustments | (7) | (3) |
Translation | 0 | (2) |
Closing balance | 19 | 25 |
10% increase in number of ounces | ||
Effect of changes in assumptions | ||
Change in deferred compensation asset $m | 2 | 3 |
10% decrease in number of ounces | ||
Effect of changes in assumptions | ||
Change in deferred compensation asset $m | $ (2) | $ (3) |
Capital commitments (Details)
Capital commitments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Capital commitments [abstract] | |||
Orders placed and outstanding on capital contracts at the prevailing rate of exchange | $ 246 | $ 146 | $ 217 |
Contractual commitments and c_2
Contractual commitments and contingencies - Contingencies (Details) | Apr. 02, 2013 plaintiff |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Number of plaintiffs | 152 |
New and amended standards ado_3
New and amended standards adopted by the Group - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reclassifications or changes in presentation [line items] | ||||
Gross profit | $ 563 | $ 565 | $ 1,172 | |
Adjustments | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Gross profit | $ 33 |
New and amended standards ado_4
New and amended standards adopted by the Group (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |||
Disclosure of reclassifications or changes in presentation [line items] | |||||||
Tangible assets | $ 4,081 | $ 3,493 | [1] | $ 3,147 | [1] | ||
Accumulated losses and other reserves | (2,994) | (3,181) | [1] | (3,373) | [1] | ||
(Accumulated losses) Retained earnings | 4,273 | 4,094 | [1] | 3,895 | [1] | $ 3,773 | |
(Accumulated losses) Retained earnings | |||||||
Disclosure of reclassifications or changes in presentation [line items] | |||||||
(Accumulated losses) Retained earnings | [2] | $ (1,599) | (1,904) | (2,145) | $ (2,308) | ||
As previously reported | |||||||
Disclosure of reclassifications or changes in presentation [line items] | |||||||
Tangible assets | 3,460 | 3,114 | |||||
Accumulated losses and other reserves | (3,214) | (3,406) | |||||
As previously reported | (Accumulated losses) Retained earnings | |||||||
Disclosure of reclassifications or changes in presentation [line items] | |||||||
(Accumulated losses) Retained earnings | (1,937) | (2,178) | |||||
Adjustments | |||||||
Disclosure of reclassifications or changes in presentation [line items] | |||||||
Tangible assets | 33 | 33 | |||||
Accumulated losses and other reserves | 33 | 33 | |||||
Adjustments | (Accumulated losses) Retained earnings | |||||||
Disclosure of reclassifications or changes in presentation [line items] | |||||||
(Accumulated losses) Retained earnings | $ 33 | $ 33 | |||||
[1]The tangible assets and accumulated losses and other reserve balances for 30 June 2021 and 31 December 2021 have been retrospectively restated and increased with $33m due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15.[2]The (Accumulated losses) Retained earnings balances have been restated due to the initial application of the amendment to IAS 16 “Property, Plant and Equipment - Proceeds before Intended Use” on 1 January 2022. Refer to note 15. |
Announcements and subsequent _2
Announcements and subsequent events (Details) $ in Millions, $ in Billions | 1 Months Ended | |||
Jun. 30, 2022 USD ($) year bank | Jun. 30, 2022 AUD ($) | Dec. 31, 2018 USD ($) | Dec. 31, 2018 AUD ($) | |
Disclosure of associates [line items] | ||||
Extension option term | 1 year | |||
Unsecured multi-currency RCF | ||||
Disclosure of associates [line items] | ||||
Borrowings maturity term | 5 years | |||
Number of extension options | year | 2 | |||
Number of banks | bank | 13 | |||
Notional amount | $ 1.4 | $ 1.4 | ||
Borrowings, maximum capacity | $ 500 | $ 500 |