Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document type | 20-F |
Document registration statement | false |
Document annual report | true |
Document transition report | false |
Document shell company report | false |
Current fiscal year end date | --12-31 |
Document period end date | Dec. 31, 2023 |
Entity file number | 001-41815 |
Entity registrant name | AngloGold Ashanti plc |
Entity incorporation, state or country code | X0 |
Entity address, address line one | 4th Floor, Communications House |
Entity address, address line two | South Street |
Entity address, address line three | Staines-upon-Thames |
Entity address, city or town | Surrey |
Entity address, postal zip code | TW18 4PR |
Entity address, country | GB |
Entity common stock, shares outstanding (in shares) | 419,729,856 |
Entity well-known seasoned issuer | Yes |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity interactive data current | Yes |
Entity filer category | Large Accelerated Filer |
Entity emerging growth company | false |
ICFR auditor attestation flag | true |
Financial statement error correction | true |
Document Financial Statement Restatement Recovery Analysis [Flag] | true |
Document accounting standard | International Financial Reporting Standards |
Entity shell company | false |
Amendment flag | false |
Document fiscal year focus | 2023 |
Document fiscal period focus | FY |
Entity central index key | 0001973832 |
New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | Ordinary Shares |
Trading symbol | AU |
Security exchange name | NYSE |
3.375% Notes due 2028 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 3.375% Notes due 2028 |
Trading symbol | AU/28 |
Security exchange name | NYSE |
3.75% Notes due 2030 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 3.75% Notes due 2030 |
Trading symbol | AU/30 |
Security exchange name | NYSE |
6.50% Notes due 2040 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 6.50% Notes due 2040 |
Trading symbol | AU/40 |
Security exchange name | NYSE |
Business contact | |
Document Information [Line Items] | |
Entity address, address line one | Suite 1000 |
Entity address, address line two | 6363 S. Fiddlers Green Circle |
Entity address, city or town | Greenwood Village |
Entity address, postal zip code | CO 80111 |
Entity address, country | US |
Contact personnel name | Gillian Ann Doran |
City area code | +1 (720) |
Local phone number | 9538283 |
Contact personnel email address | gdoran@anglogoldashanti.com |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Auditor [Line Items] | ||
Auditor name | PricewaterhouseCoopers Inc., | Ernst & Young Inc |
Auditor location | Johannesburg, Republic of South Africa | Johannesburg, Republic of South Africa |
Auditor firm ID | 1308 | 1698 |
Group income statement
Group income statement - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | [1],[2] | Dec. 31, 2021 | [1],[2] | ||
Profit or loss [abstract] | ||||||
Revenue from product sales | $ 4,582 | $ 4,501 | $ 4,029 | |||
Cost of sales | (3,541) | (3,366) | (2,859) | |||
(Loss) gain on non-hedge derivatives and other commodity contracts | (14) | (6) | 0 | |||
Gross profit | 1,027 | 1,129 | 1,170 | |||
Corporate administration, marketing and related expenses | (94) | (79) | (73) | |||
Exploration and evaluation costs | (254) | (205) | (164) | |||
Net impairment, derecognition of assets and profit (loss) on disposal | (221) | (315) | 11 | |||
Corporate restructuring costs | [3] | (314) | (14) | 0 | ||
Other (expenses) income | [3] | (104) | (12) | (136) | ||
Finance income | 127 | 81 | 58 | |||
Foreign exchange and fair value adjustments | (154) | (125) | (46) | |||
Finance costs and unwinding of obligations | (157) | (149) | (116) | |||
Share of associates and joint ventures’ profit | 207 | 161 | 245 | |||
Profit before taxation | 63 | 472 | 949 | |||
Taxation | (285) | (221) | (311) | |||
Profit (loss) for the year | (222) | 251 | [4] | 638 | [4] | |
Attributable to: | ||||||
Equity shareholders | (235) | 233 | 614 | |||
Non-controlling interests | $ 13 | $ 18 | $ 24 | |||
Earnings (loss) per ordinary share | ||||||
Basic earnings (loss) per ordinary share (USD per share) | $ (0.56) | $ 0.55 | $ 1.46 | |||
Diluted earnings (loss) per ordinary share (USD per share) | $ (0.56) | $ 0.55 | $ 1.46 | |||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Corporate restructuring costs incurred are costs associated with the AngloGold Ashanti corporate restructuring and related taxes. This includes dividend withholding taxes of $221m (2022: nil ; 2021: nil ); Australian landholder duties of $49m (2022: nil ; 2021: nil ) and corporate advisory costs of $44m (2022: $14m ; 2021: nil ). The corporate restructuring costs of $14m for 2022 were previously included in other (expenses) income. Refer to note 1.3.1. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
Group statement of comprehensiv
Group statement of comprehensive income - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | [2] | Dec. 31, 2021 | [2] | ||
Disclosure of analysis of other comprehensive income by item [line items] | ||||||
Profit (loss) for the year | $ (222) | $ 251 | [1],[3] | $ 638 | [1],[3] | |
Items that will be reclassified subsequently to profit or loss: | ||||||
Items that will be reclassified subsequently to profit or loss: | 5 | (27) | (22) | |||
Exchange differences on translation of foreign operations | 5 | (27) | (22) | |||
Items that will not be reclassified subsequently to profit or loss: | ||||||
Items that will not be reclassified subsequently to profit or loss: | (2) | (48) | (83) | |||
Exchange differences on translation of non-foreign operations | [4] | (10) | (2) | (3) | ||
Net (loss) gain on equity investments | (2) | (50) | (73) | |||
Actuarial (loss) gain recognised | 11 | (10) | (1) | |||
Deferred taxation thereon | (1) | 14 | (6) | |||
Other comprehensive (loss) income for the year, net of tax | 3 | (75) | (105) | |||
Total comprehensive income for the year, net of tax | (219) | 176 | 533 | |||
Attributable to: | ||||||
Equity shareholders | (232) | 158 | 509 | |||
Non-controlling interests | $ 13 | $ 18 | $ 24 | |||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Exchange differences arising on translation of non-foreign operations following the completion of the corporate restructuring transaction in September 2023 will be recycled through the income statement on disposal. |
Group statement of financial po
Group statement of financial position - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | [1] | |
Non-current assets | ||||||
Tangible assets | $ 4,419 | $ 4,208 | $ 3,507 | |||
Right of use assets | 142 | 156 | 175 | |||
Intangible assets | 107 | 106 | 122 | |||
Investments in associates and joint ventures | 599 | 1,091 | 1,643 | |||
Other investments | 1 | 3 | 117 | |||
Loan receivable (2) | [2] | 358 | 0 | 0 | ||
Inventories | 2 | 5 | 27 | |||
Trade, other receivables and other assets | 254 | 231 | 237 | |||
Reimbursive right for post-retirement benefits | 35 | 12 | 0 | |||
Deferred taxation | 50 | 23 | 7 | |||
Cash restricted for use | 34 | 33 | 32 | |||
Non-current assets | 6,001 | 5,868 | 5,867 | |||
Current assets | ||||||
Loan receivable (2) | [2] | 148 | 0 | 0 | ||
Inventories | 829 | 773 | 703 | |||
Trade, other receivables and other assets | 199 | 237 | 257 | |||
Cash restricted for use | 34 | 27 | 26 | |||
Cash and cash equivalents | 964 | 1,108 | 1,154 | |||
Current assets | 2,174 | 2,145 | 2,140 | |||
Total assets | 8,175 | 8,013 | 8,007 | |||
EQUITY AND LIABILITIES | ||||||
Share capital and premium | 420 | 0 | 0 | |||
Accumulated losses and other reserves | 3,291 | 4,040 | 4,047 | |||
Shareholders’ equity | 3,711 | 4,040 | 4,047 | |||
Non-controlling interests | 29 | 35 | 54 | |||
Total equity | 3,740 | 4,075 | 4,101 | |||
Non-current liabilities | ||||||
Borrowings | 2,032 | 1,965 | 1,858 | |||
Lease liabilities | 98 | 115 | 124 | |||
Environmental rehabilitation and other provisions | 636 | 596 | 700 | |||
Provision for pension and post-retirement benefits | 64 | 71 | 77 | |||
Trade and other payables | 5 | 7 | 7 | |||
Deferred taxation | 395 | 300 | 313 | |||
Non-current liabilities | 3,230 | 3,054 | 3,079 | |||
Current liabilities | ||||||
Borrowings | 207 | 18 | 51 | |||
Lease liabilities | 73 | 71 | 61 | |||
Trade and other payables | [3] | 772 | 667 | 600 | ||
Environmental rehabilitation and other provisions | 80 | 81 | 76 | |||
Bank overdraft | 9 | 2 | 0 | |||
Taxation | 64 | 45 | 39 | |||
Current liabilities | 1,205 | 884 | 827 | |||
Total liabilities | 4,435 | 3,938 | 3,906 | |||
Total equity and liabilities | $ 8,175 | $ 8,013 | $ 8,007 | |||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short-term joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m . The short-term portion was based on the Kibali Goldmines S.A. future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum and is repayable on demand. S hort-term provisions, which were previously reported as part of trade and other payables and other provisions, are now reported as part of environmental rehabilitation and other provisions on the statement of financial position. Refer to note 1.3.2. |
Group statement of cash flows
Group statement of cash flows - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Cash flows from operating activities | ||||||
Cash generated from operations | $ 871 | $ 1,244 | [1] | $ 1,353 | [1] | |
Dividends received from joint ventures | 180 | 694 | [1] | 231 | [1] | |
Taxation refund | 36 | 32 | [1] | 20 | [1] | |
Taxation paid | (116) | (166) | [1] | (336) | [1] | |
Net cash inflow (outflow) from operating activities | 971 | 1,804 | [1] | 1,268 | [1] | |
Cash flows from investing activities | ||||||
Capital expenditure on tangible and intangible assets (1) | [2] | (1,042) | (1,028) | [1] | (1,028) | [1] |
Interest capitalised and paid | 0 | (2) | [1] | (14) | [1] | |
Acquisition of assets | 0 | (517) | [1] | 0 | [1] | |
Dividends from associates and other investments | 12 | 18 | [1] | 22 | [1] | |
Proceeds from disposal of tangible assets | 14 | 8 | [1] | 25 | [1] | |
Other investments and assets acquired | 0 | (16) | [1] | (4) | [1] | |
Proceeds from disposal of other investments | 20 | 0 | [1] | 0 | [1] | |
Proceeds from disposal of joint ventures | 0 | 0 | [1] | 2 | [1] | |
Loans advanced | (1) | (1) | [1] | (15) | [1] | |
Decrease (increase) in cash restricted for use | (9) | (4) | [1] | 14 | [1] | |
Interest received | 109 | 81 | [1] | 58 | [1] | |
Net cash inflow (outflow) from investing activities | (897) | (1,461) | [1] | (940) | [1] | |
Cash flows from financing activities | ||||||
Share securities tax on redomicile and reorganisation | (19) | 0 | [1] | 0 | [1] | |
Proceeds from borrowings | 343 | 266 | [1] | 822 | [1] | |
Repayment of borrowings | (87) | (184) | [1] | (820) | [1] | |
Repayment of lease liabilities | (94) | (82) | [1] | (63) | [1] | |
Finance costs - borrowings | (111) | (99) | [1] | (111) | [1] | |
Finance costs - leases | (11) | (10) | [1] | (9) | [1] | |
Other borrowing costs | (1) | (11) | [1] | (35) | [1] | |
Dividends paid | (107) | (203) | [1] | (240) | [1] | |
Cash inflow (outflow) from financing activities | (87) | (323) | [1] | (456) | [1] | |
Net increase (decrease) in cash and cash equivalents | (13) | 20 | [1] | (128) | [1] | |
Translation | (138) | (68) | [1] | (48) | [1] | |
Cash and cash equivalents at beginning of year (net of bank overdraft) | [1] | 1,106 | 1,154 | 1,330 | ||
Cash and cash equivalents at end of year (net of bank overdraft) | $ 955 | $ 1,106 | [1] | $ 1,154 | [1] | |
[1] The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method. Refer to note 1.3.2. Capital expenditure which previously included disclosure for sustaining and non-sustaining capital expenditure, is now reflected as total capital expenditure on tangible and intangible assets. |
Group statement of changes in e
Group statement of changes in equity - USD ($) $ in Millions | Total | Total | Share capital and premium | Reorganisation reserve | Other capital reserves | [1] | Retained earnings (Accumulated losses) | Fair value through OCI | Actuarial gains (losses) | Foreign currency translation reserve | [2] | Non- controlling interests | |
Equity beginning balance at Dec. 31, 2020 | $ 3,788 | $ 3,741 | $ 0 | $ 7,214 | $ 77 | $ (2,295) | $ 131 | $ 1 | $ (1,387) | $ 47 | |||
Profit (loss) for the year | 638 | [3],[4],[5] | 614 | 614 | 24 | ||||||||
Other comprehensive income (loss) | (105) | [4] | (105) | (78) | (2) | (25) | |||||||
Total comprehensive income for the year, net of tax | 533 | [4] | 509 | 614 | (78) | (2) | (25) | 24 | |||||
Shares issued | 9 | 9 | 9 | ||||||||||
Share-based payment for share awards net of exercised | 11 | 11 | 11 | ||||||||||
Dividends paid (note 11) | (224) | (224) | (224) | ||||||||||
Dividends of subsidiaries | (16) | 0 | (16) | ||||||||||
Translation | 0 | 1 | (4) | 6 | (1) | (1) | |||||||
Equity ending balance at Dec. 31, 2021 | 4,101 | [6] | 4,047 | 0 | 7,223 | 84 | (1,899) | 53 | (2) | (1,412) | 54 | ||
Profit (loss) for the year | 251 | [3],[4],[5] | 233 | 233 | 18 | ||||||||
Other comprehensive income (loss) | (75) | [4] | (75) | (36) | (10) | (29) | |||||||
Total comprehensive income for the year, net of tax | 176 | [4] | 158 | 233 | (36) | (10) | (29) | 18 | |||||
Shares issued | 16 | 16 | 16 | ||||||||||
Dividends paid (note 11) | (181) | (181) | (181) | ||||||||||
Dividends of subsidiaries | (37) | 0 | (37) | ||||||||||
Transfer on derecognition of equity investment | 0 | 0 | 69 | (69) | |||||||||
Translation | 0 | 0 | (3) | 4 | (1) | ||||||||
Equity ending balance at Dec. 31, 2022 | 4,075 | [6] | 4,040 | 0 | 7,239 | 81 | (1,774) | (52) | (13) | (1,441) | 35 | ||
Redomicile and reorganisation (note 1.1 and 22) | 0 | 0 | 420 | (420) | |||||||||
Profit (loss) for the year | (222) | (235) | (235) | 13 | |||||||||
Other comprehensive income (loss) | 3 | 3 | (2) | 10 | (5) | ||||||||
Total comprehensive income for the year, net of tax | (219) | (232) | (235) | (2) | 10 | (5) | 13 | ||||||
Shares issued | 15 | 15 | 15 | ||||||||||
Share-based payment for share awards net of exercised | (2) | (2) | (2) | ||||||||||
Dividends paid (note 11) | (91) | (91) | (91) | ||||||||||
Dividends of subsidiaries | (19) | 0 | (19) | ||||||||||
Issue of bonus shares | 6,500 | 6,500 | 6,500 | ||||||||||
Cancellation of bonus shares | (6,500) | (6,500) | (6,500) | ||||||||||
Transfer on derecognition of equity investment | 0 | 0 | (50) | 50 | |||||||||
Translation | 0 | 0 | (3) | 2 | 1 | ||||||||
Share securities tax on redomicile and reorganisation | (19) | (19) | (19) | ||||||||||
Equity ending balance at Dec. 31, 2023 | $ 3,740 | $ 3,711 | $ 420 | $ 6,815 | $ 76 | $ (2,148) | $ (4) | $ (2) | $ (1,446) | $ 29 | |||
[1] Other capital reserves include a surplus on disposal of Company shares held by companies prior to the formation of AngloGold Ashanti Limited of $8m ( 2022 : $8m ; 2021 : $9m ), surplus on equity transaction of joint venture of $36m ( 2022 : $36m ; 2021 : $36m ), equity items for share-based payments of $33m ( 2022 : $39m ; 2021 : $41m ) and other reserves. Foreign currency translation reserve includes a loss of $1,411m ( 2022 : $1,401m ; 2021 : $1,399m ) that will not re-cycle through the income statement and a loss of $35m ( 2022 : $40m : 2021 : $13m ) relating to the foreign operations that will re-cycle through the income statement on disposal. Following the completion of the corporate restructuring transaction in September 2023, the Group’s parent company changed from being a South African domiciled parent company to a UK parent company. As the functional currency of the UK parent company has been assessed to be USD, exchange differences of ZAR entities included in the Group arising on consolidation post the effective date of the corporate restructuring transaction, will be re-cycled through the income statement on disposal. The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
Group statement of changes in_2
Group statement of changes in equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Equity | $ 3,740 | $ 4,075 | [1] | $ 4,101 | [1] | |
Other comprehensive loss that will not be reclassified to profit or loss, net of tax | 2 | 48 | [2] | 83 | [2] | |
Other comprehensive income (loss) that will be reclassified to profit or loss, net of tax | 5 | (27) | [2] | (22) | [2] | |
Revaluation surplus on disposal of prior company shares | ||||||
Equity | 8 | 8 | 9 | |||
Surplus on equity transaction of joint venture | ||||||
Equity | 36 | 36 | 36 | |||
Equity items for share-based payments | ||||||
Equity | 33 | 39 | 41 | |||
Retained earnings (Accumulated losses) | ||||||
Equity | (2,148) | (1,774) | (1,899) | |||
Foreign currency translation reserve | ||||||
Equity | [3] | (1,446) | (1,441) | (1,412) | ||
Other comprehensive loss that will not be reclassified to profit or loss, net of tax | 1,411 | 1,401 | 1,399 | |||
Other comprehensive income (loss) that will be reclassified to profit or loss, net of tax | $ (35) | $ (40) | $ (13) | |||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Foreign currency translation reserve includes a loss of $1,411m ( 2022 : $1,401m ; 2021 : $1,399m ) that will not re-cycle through the income statement and a loss of $35m ( 2022 : $40m : 2021 : $13m ) relating to the foreign operations that will re-cycle through the income statement on disposal. Following the completion of the corporate restructuring transaction in September 2023, the Group’s parent company changed from being a South African domiciled parent company to a UK parent company. As the functional currency of the UK parent company has been assessed to be USD, exchange differences of ZAR entities included in the Group arising on consolidation post the effective date of the corporate restructuring transaction, will be re-cycled through the income statement on disposal. |
Group income statement - Parent
Group income statement - Parenthetical (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Profit or loss [abstract] | ||||||
Dividend withholding tax | $ 221 | $ 0 | $ 0 | |||
Landholder duties | 49 | 0 | 0 | |||
Advisory costs | 44 | 14 | 0 | |||
Expense of restructuring activities | [1] | $ 314 | $ 14 | [2],[3] | $ 0 | [2],[3] |
[1] Corporate restructuring costs incurred are costs associated with the AngloGold Ashanti corporate restructuring and related taxes. This includes dividend withholding taxes of $221m (2022: nil ; 2021: nil ); Australian landholder duties of $49m (2022: nil ; 2021: nil ) and corporate advisory costs of $44m (2022: $14m ; 2021: nil ). The corporate restructuring costs of $14m for 2022 were previously included in other (expenses) income. Refer to note 1.3.1. The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
Group statement of financial _2
Group statement of financial position - Parenthetical (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Joint ventures | |||
Condensed Balance Sheet Statement1 [Line Items] | |||
Long-term loan advanced to related parties | $ 358 | $ 0 | $ 0 |
Kibali | |||
Condensed Balance Sheet Statement1 [Line Items] | |||
Proportion of ownership interest in joint venture (in percent) | 45% | 45% | 45% |
Kibali | Joint ventures | |||
Condensed Balance Sheet Statement1 [Line Items] | |||
Current receivables due from related parties | $ 148 | ||
Long-term loan advanced to related parties | $ 358 | ||
Interest rate (in percent) | 7.875% |
STATEMENT OF COMPLIANCE
STATEMENT OF COMPLIANCE | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant accounting policies [Abstract] | |
STATEMENT OF COMPLIANCE | STATEMENT OF COMPLIANCE The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). Accounting standards, interpretations and amendments to published accounting standards The following new accounting standard and amendments to published accounting standards which were effective for the first time from 1 January 2023, were adopted, and had no material impact on the Group: • Amendments to IAS 12 ‘Income Taxes’ relating to deferred tax assets and liabilities arising from a single transaction. • Amendments to IAS 12 ‘Income Taxes’ which provides companies with temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform. • IFRS 17 ‘Insurance Contracts’ which is a new standard for the recognition, measurement, presentation and disclosure of insurance contracts. Accounting standards, amendments and interpretations issued which are relevant to the Group, but not yet effective The amendments to accounting standards issued which are relevant to the Group, but not yet effective on 31 December 2023, include: • Amendments to IFRS 7 ‘Financial Instruments: Disclosure’ and IAS 7 ‘Statement of Cash Flows’ relating to Supplier Finance Arrangements The amendments address the presentation of liabilities and the associated cash flows arising out of supplier finance arrangements, as well as disclosures required for such arrangements. The disclosure requirements in the amendments enhance the current requirements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The effect of the amendments to the accounting standard is not expected to have a material impact on the Group’s results. • Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ relating to Lack of Exchangeability The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. The effect of the amendment to the accounting standard is not expected to have a material impact on the Group’s results. 1.1 REPORTING ENTITY On 12 May 2023, the Group announced the intention to implement a corporate restructuring to reorganise its operations under a new parent company, AngloGold Ashanti plc, incorporated in England and Wales, with a primary listing of its ordinary shares on the New York Stock Exchange (NYSE). The corporate restructuring was implemented through the issue of ordinary shares of AngloGold Ashanti plc in exchange for the existing ordinary shares of AngloGold Ashanti Limited. On 25 September 2023, the Group completed its corporate restructuring with the commencement of trading of the ordinary shares of AngloGold Ashanti plc on the NYSE, maintaining the ticker symbol AU. Trading in the AngloGold Ashanti Limited American Depositary Shares (ADSs) on the NYSE ceased at the close of market on 22 September 2023 and the AngloGold Ashanti Limited ADS programme was terminated with effect from 25 September 2023. AngloGold Ashanti remains committed to the Johannesburg Stock Exchange (JSE) and A2X Market (A2X) in South Africa and the Ghana Stock Exchange (GSE) in Ghana on which it has maintained secondary listings. The ordinary shares of AngloGold Ashanti plc were listed on the JSE and A2X on 20 September 2023, maintaining the ticker symbol ANG. The ordinary shares and Ghanaian Depositary Shares of AngloGold Ashanti plc were listed on the GSE, maintaining the ticker symbols AGA and AAD, respectively, on 26 September 2023. The AngloGold Ashanti Group is now headquartered in Denver, Colorado, USA and retains a substantial corporate office in Johannesburg. The Company’s registered office and principal executive office are located in the United Kingdom. The AngloGold Ashanti plc consolidated financial statements are a continuation of the previous AngloGold Ashanti Limited consolidated financial statements with the comparative information adjusted to reflect the legal share capital of AngloGold Ashanti plc. 1.2 BASIS OF PREPARATION On 25 September 2023, the Group completed a corporate restructuring whereby its operations were reorganised under a new parent company, AngloGold Ashanti plc, which became the listed UK parent company of the Group and the successor issuer to AngloGold Ashanti Limited, the previous parent company. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention, except for the revaluation of certain assets and liabilities to fair value. The Group’s accounting policies are consistent in all material respects with those applied in the previous year, except for the impact of the corporate restructuring. The Group financial statements are presented in US dollars. All results are from continuing operations unless otherwise stated. The Group financial statements incorporate the financial statements of the Company, its subsidiaries and its interests in joint ventures and associates. The financial statements of all material subsidiaries, joint ventures and associates, are prepared for the same reporting period as the Company, using the same accounting policies. Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the Group owns more than 50% of the voting rights, unless the Group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity, the investment is accounted for as an associate, joint venture or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which control ceases. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control. Intra-group transactions, balances and unrealised gains and losses on transactions between Group companies, including any resulting tax effects are eliminated. Going concern The going concern assessment included the preparation of detailed cash flow forecasts for at least 12 months and updated life- of-mine plan models with longer term cash flow projections, which demonstrate that the Group will have sufficient cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due during the 12 months immediately following the date when the financial statements are authorised for issue. The Group’s base case going concern assessment is based upon management’s best estimate of gold and foreign exchange consensus prices, while simultaneously applying a risk adjustment factor to the estimated production which has been determined in line with approved life-of-mine plans and ongoing capital requirements. A further stress test has been prepared reflecting a reduction in the consensus gold price, prior to any mitigation strategies in order to assess whether financial maintenance covenants per the Group’s loan agreements are breached or financial liquidity headroom runs out. The result of this stress test demonstrated that the likelihood of a decrease in the gold price causing a risk of a financial liquidity shortfall or a breach in the financial maintenance covenants is remote. Having assessed the financial position and future plans of the Group, the Directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the consolidated financial statements. Climate change considerations The Company’s 2020/2021 TCFD-aligned Climate Change Report outlines the Board-approved Climate Change Strategy which seeks to embed the management of physical and transition climate risks and opportunities into the Company’s strategic and operational planning processes, a process that was enabled through a refreshed company-wide climate change governance framework. That Report also summarised, at a high level, findings from physical climate risk assessments conducted at each of the operating assets, considering a business-as-usual climate scenario. The potential effect of global decarbonisation scenarios and other transition risks on the Company’s business strategy and planning assumptions, such as evolving host country climate policies, the cost of energy and other key mining inputs which may be affected by carbon pricing, is an area that continues to be monitored and assessed. AngloGold Ashanti does not mine or extract fossil fuels such as coal, natural gas or oil. AngloGold Ashanti does, however, emit greenhouse gases (GHGs) directly through the combustion of fuels and other energy products at its gold mining operations and indirectly through the consumption of electricity purchased from national grids that include fossil-based energy in their electricity production. The Company continues to execute on its 2021 Board-approved Climate Change Strategy, with a particular focus on developing and implementing energy decarbonisation projects in support of its objective of reducing Scope 1 and 2 GHG emissions by 30% by 2030 as compared to a 2021 baseline, as announced in 2022. This mid-term target is a key milestone en-route to the Company’s overall objective of net zero Scope 1 and 2 GHG emissions by 2050, in line with the ambitions of the Paris Agreement. In addition, the Company has committed to explore opportunities, where feasible, to address Scope 3 GHG emissions consistent with its commitment, as a member of the International Council on Mining and Metals (ICMM), to set Scope 3 GHG emissions reduction targets. In 2023, AngloGold Ashanti advanced its collective understanding of the various approaches to applying scenario analyses and began efforts to quantify certain climate-related risk on its business plans. Having laid the groundwork for this in 2023, work on developing the financial models will be progressed during 2024 and with a goal to inform its scenario analysis approach moving forward. Management has considered certain implications of climate change when preparing the consolidated financial statements. These considerations, integral to the Group’s strategy and operations, were factored in across various areas: • Estimates utilised in determining future cash flows in life-of-mine models feeding the impairment process: • Mine sites are designed with a significant margin of safety to endure extreme weather events, such as heavy rainfall, high winds, and temperature fluctuations. This engineering means that the structures and operational activities are more durable than what the average weather conditions would require, resulting in an increased level of resilience against the increasing severity and frequency of weather events predicted by climate change models. • Estimates used in determining the environmental rehabilitation provision: • Rehabilitation designs are progressively adapted to address identified risks, including changing expectations of seasonal weather patterns. • Rehabilitation plans and estimates include long-term monitoring and maintenance protocols, which also serve to address unforeseen effects that may arise from a changing climatic patterns. • Inclusion of a contingency allowance or risk factor, which may encompass climate change impacts on rehabilitation success. • Rehabilitation and decommissioning works scheduling and costing considerations factor in weather conditions to mitigate risks of schedule and cost overruns. • Determination of targets for the Group’s Deferred Share Plan. The significant impacts of climate-related strategic decisions are reflected in management’s assessments and estimates, particularly concerning future cash flow projections supporting the recoverable amounts of mining assets once the strategic decisions have been approved by the Board, and the implementation of these is likely. While climate change considerations did not significantly affect key accounting judgements and estimates in the current year, the focus on climate-related strategic decisions, like decarbonisation projects and alternative energy sources, could potentially have a substantial impact in future periods, when entered into and concluded . 1.3 RESTATEMENTS 1.3.1 Corporate restructuring As described in note 1.1, the corporate restructuring transaction was completed on 25 September 2023. The acquisition of AngloGold Ashanti Limited by AngloGold Ashanti plc did not constitute a business combination as defined by IFRS 3 ‘Business Combinations’ and the predecessor accounting method was followed for the transaction using existing carrying values of assets and liabilities. This was because neither party to the transaction could be identified as the accounting acquirer and post the acquisition there was no change of economic substance or ownership in the Group. The shareholders of AngloGold Ashanti plc have the same commercial and economic interest as they had prior to the transaction and no new additional ordinary shares were issued as part of the transaction. The corporate restructuring transaction was implemented on a share-for-share basis with 419,685,792 AngloGold Ashanti plc ordinary shares issued at a nominal value of $1.00 each. Following the transaction, the consolidated financial statements of AngloGold Ashanti plc reflect that the transaction is in substance a continuation of the consolidated financial statements of AngloGold Ashanti Limited and the comparative information is presented as if the reorganisation had occurred at the beginning of the earliest period presented. In order to effect the reorganisation in the Group at the beginning of the earliest period presented, the share capital and share premium balances of AngloGold Ashanti Limited were represented to a reorganisation reserve. Post the corporate restructuring transaction, the reorganisation reserve was adjusted to reflect the issue of AngloGold Ashanti plc ordinary shares in exchange for AngloGold Ashanti Limited ordinary shares. Whilst the consolidated financial statements are a continuation of AngloGold Ashanti Limited, the share capital and share premium balances in the statement of changes in equity and statement of financial position for each of the financial years ended 31 December 2022 and 2021 have been represented to reflect the effect of the reorganisation. As a result of the corporate restructuring transaction, there were no changes to earnings per ordinary share (note 10) and dividends (note 11) for each of the financial years ended 31 December 2022 and 2021, as the earnings per ordinary share and dividends were based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity. The following disclosures have been impacted by the corporate restructuring transaction: • Segmental information (note 2): With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, the segment disclosures have been updated to reflect the country of domicile to be the United Kingdom. Comparative information has been restated. • Taxation (note 9): With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, the Group tax rate reconciliation for 31 December 2023 has been prepared using the UK corporate tax rate of 25% . The comparative information is presented using the South African corporate tax rate of 28% . Following the completion of the corporate restructuring transaction in September 2023, the Group’s parent company changed from being a South African domiciled parent company to a UK parent company. As the functional currency of the UK parent company has been assessed to be USD, exchange differences of ZAR entities included in the Group arising on consolidation post the effective date of the corporate restructuring transaction, will be re-cycled through the income statement on disposal. 1.3.2 Prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine and other restatements In connection with the preparation of the Group’s consolidated financial statements as of and for the financial year ended 31 December 2023, the Group concluded that its previously issued audited consolidated financial statements as of and for the financial year ended 31 December 2022 contained an error in the calculation related to the reported amount of the net deferred tax asset with regard to the Obuasi mine. The group has determined that the error related to an incorrect interpretation of Ghanaian tax laws and regulations combined with the use of the incorrect underlying data in the deferred tax model for the Obuasi mine, both of which consequently contributed to the misapplication of the requirements of IFRS Accounting Standards, as issued by the IASB, specifically, IAS 12 ‘Income Taxes’. Additionally, the Group also corrected other errors which were not considered material to the previously issued financial statements for the periods ended 31 December 2022 and 2021. The Group evaluated the effect of these prior period errors and determined that it needed to restate its consolidated financial statements as of and for the financial year ended 31 December 2022 and would restate its consolidated financial statements as of and for the financial year ended 31 December 2021, in both cases in accordance with IFRS Accounting Standards. As part of assessing the impact of the prior period errors, the Group applied the requirements of IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ and the guidance in the SEC Staff Accounting Bulletin No. 99 ‘Materiality’. The aggregate restatement due to the error related to the reported amount of the net deferred tax asset with regard to the Obuasi mine resulted in a reduction in profit for the financial year ended 31 December 2022 by $49m . The restatement due to the other errors which were also corrected resulted in a reduction in profit for the financial year ended 31 December 2022 by $16m and a reduction in profit for the financial year ended 31 December 2021 by $8m . The restatements had no impact on the Group’s debt, the financial maintenance covenants in its credit facilities or its statement of cash flows. The other errors which were corrected related to the follo wing: a. Kibali - Equity-accounted losses adjustment recorded in 2021 ( $6m ) and 2022 ( $3m ); b. Geita - Foreign exchange adjustment on VAT receivable reclassified from 2022 to 2021 ( $2m ); c. Rand Refinery - Derivative fair value adjustment reclassified from 2022 to 2021 ( $2m ); d. Mineração Serra Grande - Impairment adjustment recorded in 2022 ( $9m ); e. Siguiri - Deferred stripping adjustment recorded in 2021 ( $2m ) and 2022 ( $4m ); f. Group - Reclassification of environmental rehabilitation provisions from non-current provisions to current provisions in 2021 ( $29m ) and 2022 ( $38m ); g. Group - Reclassification of lease liabilities from current liabilities to non-current liabilities in 2022 ( $13m ); and h. Group - Reclassification of short-term provisions from trade and other payables to environmental rehabilitation and other provisions in 2021 ( $47m ) and 2022 ( $43m ). The impact of the above restatements on each financial statement line item is presented below. In addition, in the financial risk management note (note 31 ), liquidity risk disclosures on trade and other payables were adjusted to exclude non-financial liabilities in 2021 ( $150m ) and 2022 ( $145m ). Voluntary change in cash flow presentation The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method in accordance with IAS 7 ‘Statement of Cash Flows’. The revised presentation enhances transparency of the Group’s selected presentation of cash flows from operating activities. This resulted in the removal of additional disclosures relating to ‘receipts from customers’ (2022: $4,517m ; 2021: $4,054m ) and ‘payments to suppliers and employees’ (2022: $3,273m ; 2021: $2,701m ) as previously included in the statement of cash flows. 1.3 RESTATEMENTS continued 2021 Figures in millions Ref As reported on 31 December 2021 1.3.1 Corporate restructuring 1.3.2 Other restatements As restated on 31 December 2021 US Dollars Income statement Cost of sales e (2,857) — (2) (2,859) Gross profit e 1,172 — (2) 1,170 Foreign exchange and fair value adjustments b (43) — (3) (46) Share of associates and joint ventures' profit a,c 249 — (4) 245 Profit before taxation a,b,c,e 958 — (9) 949 Taxation b (312) — 1 (311) Profit for the year a,b,c,e 646 — (8) 638 Attributable to: Equity shareholders a,b,c,e 622 — (8) 614 Basic earnings per ordinary share (US cents) 148 — (2) 146 Diluted earnings per ordinary share (US cents) 148 — (2) 146 Headline earnings a,b,c,e 612 — (8) 604 Basic headline earnings per ordinary share (US cents) 146 — (2) 144 Diluted headline earnings per ordinary share (US cents) 146 — (2) 144 Statement of comprehensive income Total comprehensive income for the year, net of tax a,b,c,e 541 — (8) 533 Statement of financial position Tangible assets e 3,493 — 14 3,507 Investments in associates and joint ventures a,c 1,647 — (4) 1,643 Non-current assets a,c,e 5,857 — 10 5,867 — Trade, other receivables and other assets b 260 — (3) 257 Current assets b 2,143 — (3) 2,140 — Environmental rehabilitation and other provisions f 729 — (29) 700 Non-current liabilities f 3,108 — (29) 3,079 — Trade and other payables h 647 — (47) 600 Environmental rehabilitation and other provisions f,h — — 76 76 Current liabilities f 798 — 29 827 Statement of changes in equity Share capital and premium 7,223 (7,223) — — Reorganisation reserve — 7,223 — 7,223 Accumulated losses a,b,c,e (1,904) — 5 (1,899) Shareholders' equity 4,042 — 5 4,047 Non-controlling interests e 52 — 2 54 Total equity a,b,c,e 4,094 — 7 4,101 1.3 RESTATEMENTS continued 2022 Figures in millions Ref As reported on 31 December 2022 1.3.1 Corporate restructuring 1.3.2 Obuasi deferred tax restatement 1.3.2 Other restatements As restated on 31 December 2022 US Dollars Income statement Cost of sales e (3,362) — — (4) (3,366) Gross profit e 1,133 — — (4) 1,129 Impairment, derecognition of assets and profit (loss) on disposal d (304) — — (11) (315) Foreign exchange and fair value adjustments b (128) — — 3 (125) Share of associates and joint ventures' profit a,c 166 — — (5) 161 Profit before taxation a,b,c,d.e 489 — — (17) 472 Taxation b,d (173) — (49) 1 (221) Profit for the year a,b,c,d,e 316 — (49) (16) 251 Attributable to: Equity shareholders a,b,c,d,e 297 — (49) (15) 233 Non-controlling interests e 19 — — (1) 18 Basic earnings per ordinary share (US cents) 71 — (12) (4) 55 Diluted earnings per ordinary share (US cents) 71 — (12) (4) 55 Headline earnings a,b,c,e 544 — (49) (6) 489 Basic headline earnings per ordinary share (US cents) 129 — (12) (1) 116 Diluted headline earnings per ordinary share (US cents) 129 — (12) (1) 116 Statement of comprehensive income Total comprehensive income for the year, net of tax a,b,c,d,e 242 — (49) (17) 176 Statement of financial position Tangible assets d,e 4,209 — — (1) 4,208 Investments in associates and joint ventures a,c 1,100 — — (9) 1,091 Deferred taxation 72 — (49) — 23 Non-current assets a,c,d,e 5,927 — (49) (10) 5,868 Lease liabilities g 102 — — 13 115 Environmental rehabilitation and other provisions f 634 — — (38) 596 Non-current liabilities f,g 3,079 — — (25) 3,054 Lease liabilities g 84 — — (13) 71 Trade and other payables h 710 — — (43) 667 Environmental rehabilitation and other provisions f,h — — — 81 81 Current liabilities f,g 859 — — 25 884 Statement of changes in equity Share capital and premium 7,239 (7,239) — — — Reorganisation reserve — 7,239 — — 7,239 Accumulated losses a,b,c,d,e (1,715) — (49) (10) (1,774) Foreign currency translation reserve c (1,440) — — (1) (1,441) Shareholders' equity a,b,c,d,e 4,100 — (49) (11) 4,040 Non-controlling interests e 34 — — 1 35 Total equity a,b,c,d,e 4,134 — (49) (10) 4,075 |
SEGMENTAL INFORMATION
SEGMENTAL INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of entity's operating segments [Abstract] | |
SEGMENTAL INFORMATION | SEGMENTAL INFORMATION 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. Under the Group’s operating model, the financial results and the composition of the operating segments are reported to the CODM per geographical region and the Projects segment which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. 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. Figures in millions Gold income US Dollars 2023 2022 2021 Geographical analysis of gold income by origin is as follows: Africa (1) 3,068 2,981 2,644 Kibali - Attributable 45% 668 596 659 Iduapriem 522 443 361 Obuasi 439 431 204 Siguiri 505 591 545 Geita 934 920 875 Australia 1,081 967 890 Sunrise Dam 495 410 416 Tropicana - Attributable 70% 586 557 474 Americas 999 1,036 1,028 Cerro Vanguardia 317 319 279 AngloGold Ashanti Mineração (2) 515 557 600 Serra Grande 167 160 149 5,148 4,984 4,562 Equity-accounted joint ventures included above (668) (596) (659) 4,480 4,388 3,903 Geographical analysis of gold income by destination is as follows: United Kingdom # 2,223 2,557 1,891 Foreign entities * 2,257 1,831 2,012 South Africa # 120 103 110 Ghana (3) 169 — — North America 270 409 699 South America 31 33 34 Australia 1,081 967 890 Europe 586 319 279 4,480 4,388 3,903 * Entities are considered foreign in relation to the Group’s country of domicile. With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, as a result of the corporate restructuring in September 2023, the segment disclosures have been updated to reflect the country of domicile to be the United Kingdom. Comparative information has been restated. # The Siguiri gold production is sold through an agent to multiple customers, the destination of which was previously not determinable, and as a result was allocated to the Other category in the geographical analysis (2022: $591m ; 2021: $545m ). In the current financial year, the agent was able to provide the geographical analysis for the gold income including the comparative periods, which have been reclassified to South Africa (2022: $100m ; 2021: $100m ) and the United Kingdom (2022: $491m ; 2021: $445m ) accordingly. The Kibali gold production which was previously included in the geographical analysis (and allocated to South Africa) has been removed (2022: $596m ; 2021: $659m ) as this is not required for joint ventures. The Group's revenue is mainly derived from gold income. Approximately 67% (2022: 67% ; 2021: 66% ) of the Group's total gold produced is sold to three customers of the Group: ANZ Investment Bank Ltd in Australia 24% (2022: 22% ; 2021: 23% ), Standard Chartered Bank in the United Kingdom 23% (2022: 31% ; 2021: 34% ), and JP Morgan Chase NA London in the United Kingdom 20% (2022: 14% ; 2021: 9% ). Due to the diversity and depth of the total gold market, the bullion banks do not possess significant pricing power. Figures in millions By-product revenue US Dollars 2023 2022 2021 Africa (1) 5 4 5 Kibali - Attributable 45% 2 1 2 Iduapriem — 1 1 Obuasi 1 1 — Siguiri — — 1 Geita 2 1 1 Australia 4 4 4 Sunrise Dam 1 1 1 Tropicana - Attributable 70% 3 3 3 Americas 95 106 119 Cerro Vanguardia 93 75 93 AngloGold Ashanti Mineração 2 31 26 104 114 128 Equity-accounted joint ventures included above (2) (1) (2) 102 113 126 Figures in millions Cost of sales US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 2,111 2,008 1,652 Kibali - Attributable 45% 372 342 350 Iduapriem 387 314 238 Obuasi 313 266 164 Siguiri 473 492 412 Geita 566 594 488 Australia 867 783 740 Sunrise Dam 399 371 364 Tropicana - Attributable 70% 438 382 346 Administration and other 30 30 30 Americas 931 913 822 Cerro Vanguardia 307 273 261 AngloGold Ashanti Mineração 453 477 435 Serra Grande 169 162 123 Administration and other 2 1 3 Corporate and other 4 4 (5) 3,913 3,708 3,209 Equity-accounted joint ventures included above (372) (342) (350) 3,541 3,366 2,859 Figures in millions Gross profit (loss) (4) US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 961 977 997 Kibali - Attributable 45% 297 256 311 Iduapriem 135 130 124 Obuasi 127 165 41 Siguiri 31 99 133 Geita 370 327 388 Administration and other 1 — — Australia 220 188 153 Sunrise Dam 99 40 53 Tropicana - Attributable 70% 151 177 130 Administration and other (30) (29) (30) Americas 162 229 325 Cerro Vanguardia 102 122 111 AngloGold Ashanti Mineração 63 111 191 Serra Grande (2) (2) 26 Administration and other (1) (2) (3) Corporate and other (19) (9) 6 1,324 1,385 1,481 Equity-accounted joint ventures included above (297) (256) (311) 1,027 1,129 1,170 Figures in millions Amortisation US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 419 371 270 Kibali - Attributable 45% 99 95 105 Iduapriem 129 80 19 Obuasi 61 40 22 Siguiri 39 54 49 Geita 91 102 75 Australia 163 172 150 Sunrise Dam 58 54 60 Tropicana - Attributable 70% 104 117 88 Administration and other 1 1 2 Americas 170 185 161 Cerro Vanguardia 39 39 27 AngloGold Ashanti Mineração 88 106 108 Serra Grande 43 40 25 Administration and other — — 1 Corporate and other 5 4 3 757 732 584 Equity-accounted joint ventures included above (99) (95) (105) 658 637 479 Figures in millions Total assets (5)(6) US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 4,414 4,035 4,231 Kibali - Investment in joint venture and loan receivable 1,066 1,054 1,598 Iduapriem 526 436 386 Obuasi 1,288 1,219 1,036 Siguiri 486 457 477 Geita 1,042 864 729 Administration and other 6 5 5 Australia 942 960 1,034 Americas 1,254 1,395 1,573 Cerro Vanguardia 524 514 491 AngloGold Ashanti Mineração 584 625 781 Serra Grande 127 217 252 Administration and other 19 39 49 Projects 833 872 313 Colombian projects 194 244 211 North American projects 639 628 102 Corporate and other 732 751 856 8,175 8,013 8,007 Figures in millions Non-current assets (7) US Dollars 2023 2022 2021 Restated (8) Restated (8) Non-current assets considered material, by country are: United Kingdom 58 58 56 Foreign entities * 5,823 5,739 5,655 South Africa 47 40 65 DRC 919 1,054 1,598 Ghana 1,512 1,349 1,192 Tanzania 706 594 510 Australia 752 758 806 Brazil 510 648 796 United States 636 617 * Entities are considered foreign in relation to the Group’s country of domicile. With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, as a result of the corporate restructuring in September 2023, the segment disclosures have been updated to reflect the country of domicile to be the United Kingdom. Comparative information has been restated. Figures in millions Capital expenditure US Dollars 2023 2022 2021 Africa (1) 710 576 506 Kibali - Attributable 45% 85 90 72 Iduapriem 142 146 105 Obuasi 214 159 168 Siguiri 78 27 38 Geita 191 154 123 Australia 135 202 185 Sunrise Dam 47 50 62 Tropicana - Attributable 70% 87 152 122 Administration and other 1 — 1 Americas 254 322 346 Cerro Vanguardia 75 66 69 AngloGold Ashanti Mineração 124 199 195 Serra Grande 55 57 82 Projects 27 17 52 Colombian projects 11 16 52 North American projects 16 1 — Corporate and other 1 1 11 1,127 1,118 1,100 Equity-accounted joint ventures included above (85) (90) (72) 1,042 1,028 1,028 (1) Includes equity-accounted investments. (2) Includes income from sale of gold concentrate of $267m (2022: nil ; 2021: nil ). (3) With the introduction of new gold sales regulations in Ghana, 20% of gold produced in Ghana must be sold to the Bank of Ghana at arm’s length. (4) The Group's segmental profit measure is gross profit, which excludes the results of associates and joint ventures. For the reconciliation of gross profit to profit before taxation, refer to the Group income statement. (5) Total assets include allocated goodwill of $105m ( 2022 : $105m ; 2021 : $111m ) for Australia and nil ( 2022 : nil ; 2021 : $8m ) for Americas (note 14 ). (6) For the year ended 31 December 2023 , pre-tax net impairments and derecognition of assets of $227m were accounted for in the Americas ( $207m ) and in the Projects ( $25m ), partly offset by a profit on derecognition of assets in Africa ( $5m ). For the year ended 31 December 2022, pre-tax impairments and derecognition of assets of $319m were accounted for in the Americas ( $315m ) and Africa ( $4m ). (7) Non-current assets exclude financial instruments, deferred tax assets and reimbursive right for post-retirement benefits. (8) Comparative periods have been retrospectively restated. Refer to note 1.3. |
REVENUE FROM PRODUCT SALES
REVENUE FROM PRODUCT SALES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of revenue [Abstract] | |
REVENUE FROM PRODUCT SALES | REVENUE FROM PRODUCT SALES US Dollars Figures in millions 2023 2022 2021 Revenue consists of the following principal categories: Gold income (2) 4,480 4,388 3,903 Spot market sales 4,213 4,388 3,903 Concentrate sales (1) 267 — — By-products (2) 102 113 126 4,582 4,501 4,029 (1) There have been no material provisional price adjustments for the year ended 31 December 2023. (2) The disaggregation of revenue from contracts with customers by primary geographical region is described in the segmental information note (note 2 ). Accounting policies Revenue from product sales comprises sales of: • refined gold and doré bars; • by-products including silver and sulphuric acid; and • gold concentrate. Revenue from spot market sales are recognised at a point in time when control of the goods passes to the customer and the performance obligations of transferring control have been met. Control of the goods passes to the customer on settlement date. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred. Sales of gold concentrate are recorded when control of ownership passes to the customer, net of refining and treatment charges. Control of ownership passes to the customer either at the warehouse, on the date of issuance of a holding certificate to the customer, or at the time of shipment, depending on the terms agreed with the customer. Sales prices are provisionally set on a specified future date after shipment, based on market prices. Revenue is recorded using forward market gold prices on the expected date that the final sales will be determined. Changes in the fair value as a result of changes in forward gold prices are classified as provisional price adjustments and included as a component of revenue. |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Sales [Abstract] | |
COST OF SALES | COST OF SALES US Dollars Figures in millions 2023 2022 2021 Restated (2) Restated (2) Operating costs (1) 2,680 2,568 2,172 Royalties 190 185 162 Total operating costs 2,870 2,753 2,334 Retrenchment costs 4 6 2 Rehabilitation and other non-cash costs 21 — 38 Amortisation of tangible assets 579 555 413 Amortisation of right of use assets 78 81 63 Amortisation of intangible assets (note 14 ) 1 1 3 Inventory change (12) (30) 6 3,541 3,366 2,859 (1) Operating costs for 2023 include salaries and wages, stores and other consumables, fuel power and water, mining contractors (including variable lease payments), labour contractors and consultants, and other expenses (credits). (2) Comparative periods have been retrospectively restated. Refer to note 1.3. |
OTHER EXPENSE (INCOME)
OTHER EXPENSE (INCOME) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other Expense (Income) [Abstract] | |
OTHER EXPENSE (INCOME) | OTHER EXPENSE (INCOME) US Dollars Figures in millions 2023 2022 (2) 2021 Care and maintenance 52 — 45 Governmental fiscal claims 15 11 7 Legacy tailings storage facilities obligations 52 (16) 9 Pension and medical defined benefit 6 7 7 Royalties received (1) (2) (2) Retrenchment and related costs (1) 15 — 18 Legal fees and project costs (1) 1 10 Other indirect taxes (14) 11 18 Other income (20) — — Premium on settlement of bonds — — 24 104 12 136 (1) Includes retrenchment costs of $6m (2022: nil ; 2021: $14m ). (2) Corporate restructuring costs of $14m have been reclassified on a separate line on the face of the income statement. |
FINANCE COSTS AND UNWINDING OF
FINANCE COSTS AND UNWINDING OF OBLIGATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
FINANCE COSTS AND UNWINDING OF OBLIGATIONS | FINANCE COSTS AND UNWINDING OF OBLIGATIONS US Dollars Figures in millions 2023 2022 2021 Finance costs Finance costs on bonds, bank loans and other 113 102 109 Amortisation of fees 6 8 6 Lease finance charges 12 11 9 Less: interest capitalised — (2) (14) 131 119 110 Unwinding of obligations 26 30 6 Total finance costs and unwinding of obligations 157 149 116 The interest included within finance costs is calculated at effective interest rates. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of employee benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS US Dollars Figures in millions 2023 2022 2021 Salaries and wages (1) 691 656 609 Pension costs (2) 20 20 20 Share-based payment expense (note 8 ) 15 18 22 Other (3) 26 22 31 Included in cost of sales, other expenses and corporate administration, marketing and related expenses 752 716 682 (1) Salaries and wages includes executive directors’ and executive management’s salaries and other benefits and retrenchment costs. (2) Includes defined contribution pension costs. (3) Includes current medical expenses and defined benefit post-retirement medical expenses. The average number of attributable employees (including contractors) was: Average number of employees 2023* 2022 2021 Africa 21,734 19,807 17,260 Australia 1,741 1,532 1,332 Americas 8,565 9,498 9,972 Other, including corporate and non-gold producing subsidiaries 1,618 1,757 1,997 Total 33,658 32,594 30,561 * The approximate number of contractors employed on average during 2023 was 19,615 (2022: 18,599 ; 2021: 16,384 ). Accounting policies Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a liability and expense for termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after reporting date are discounted to present value. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of share-based payment arrangements [Abstract] | |
SHARE-BASED PAYMENTS | SHARE-BASED PAYMENTS US Dollars Figures in millions 2023 2022 2021 Equity-settled share incentive schemes Deferred Share Plan (DSP) 15 18 22 Total share-based payment expense 15 18 22 Equity-settled incentive schemes Previous equity schemes with outstanding awards exercisable included the Bonus Share Plan (BSP) and the Long-Term Incentive Plan (LTIP). The Deferred Share Plan (DSP) replaced all previous AngloGold Ashanti incentive schemes. Upon completion of the corporate restructuring in September 2023, the awards outstanding under the BSP and the LTIP were converted to awards with respect to AngloGold Ashanti plc shares and transferred to the DSP, with the terms and conditions remaining unchanged. Bonus Share Plan (BSP) Award date (unexercised awards) 2018 Calculated fair value (in ZAR) 119.14 Vesting date 50% 22 Feb 2019 Vesting date 50% 22 Feb 2020 Expiry date 22 Feb 2028 Number of shares 2023 2022 2021 Awards outstanding at beginning of year 626,522 849,683 1,005,977 Awards lapsed during the year — (3,581) — Awards exercised during the year (255,894) (219,580) (156,294) Awards transferred to DSP Scheme (370,628) — — Awards outstanding and exercisable at end of year — 626,522 849,683 Long-Term Incentive Plan (LTIP) Award date (unexercised awards) 2015 Calculated fair value (in ZAR) 129.94 Vesting date 3 Mar 2018 Expiry date 3 Mar 2025 Number of shares 2023 2022 2021 Awards outstanding at beginning of year 62,708 109,229 111,562 Awards exercised during the year (33,899) (46,521) (2,333) Awards transferred to DSP Scheme (28,809) — — Awards outstanding and exercisable at end of year — 62,708 109,229 Deferred Share Plan (DSP) The DSP was implemented with effect from 1 January 2018, with the first awards for the scheme allocated in March 2019. This represents a single scheme under which share awards have been allocated to certain employees from 2019 through early 2024, vesting equally over a period of two , three and five years depending on the level of seniority of the participant. Award date (unvested awards and awards vested during the year) 2023 2022 2021 Calculated fair value (in ZAR) 317.99 335.04 308.97 Award date 24 Feb 2023 24 Feb 2022 24 Feb 2021 Expiry date 25 Feb 2033 24 Feb 2032 25 Feb 2031 Number of shares 2023 2022 2021 Awards outstanding at beginning of year 2,483,608 2,692,383 2,289,762 Awards granted during the year 1,317,385 793,955 1,185,348 Awards lapsed during the year (224,391) (163,697) (322,814) Awards exercised during the year (863,641) (839,033) (459,913) Awards transferred from BSP scheme 370,628 — — Awards transferred from LTIP scheme 28,809 — — Awards outstanding at end of year 3,112,398 2,483,608 2,692,383 Awards exercisable at end of year 1,157,900 693,211 588,694 Accounting policies The Group’s management awards certain employee bonuses in the form of equity-settled share-based payments on a discretionary basis. The fair value of the equity instruments granted is calculated at grant date. For transactions with employees, fair value is based on market prices of the equity instruments granted, if available, taking into account the terms and conditions upon which those equity instruments were granted. If market prices of the equity instruments granted are not available, the fair value of the equity instruments granted is estimated using an appropriate valuation model. Vesting conditions, other than market conditions, are not taken into account when estimating the fair value of shares or share options at measurement date. Over the vesting period, the fair value at measurement date is recognised as an employee benefit expense with a corresponding increase in other capital reserves based on the Group’s estimate of the number of instruments that will eventually vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. When options are exercised or share awards vest, the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. Where the terms of an equity settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of the modification. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of income tax [Abstract] | |
TAXATION | TAXATION Figures in millions US Dollars 2023 2022 2021 Restated (6) Restated (6) Current taxation Current year 233 199 251 Prior year under (over) provision (17) 32 (4) Impairment and disposal of tangible assets 1 — 1 217 231 248 Deferred taxation Current year 67 43 51 Change in estimate 25 3 6 Prior year under (over) provision 10 4 4 Impairment and disposal of tangible assets (34) (60) — Change in statutory tax rate — — 2 68 (10) 63 285 221 311 Figures in millions US Dollars 2023 2022 2021 Restated (6) Restated (6) Reconciliation to UK taxation rate (1) Implied tax charge at 25% (2022: 28% ; 2021: 28% ) 16 132 266 Increase (decrease) due to: Expenses not tax deductible (2) 90 83 22 Share of associates and joint ventures' profit (52) (45) (69) Tax rate differentials (3) and withholding taxes (4) 63 31 54 Exchange variations and translation adjustments (17) — 6 Deferred tax assets derecognised (recognised) at Obuasi 18 (58) — Current year tax losses (expense) not recognised: Obuasi 4 (6) 6 AngloGold Ashanti Holdings plc 26 24 25 North America 38 22 13 Siguiri (5) (6) (27) (37) SA Corporate 3 20 18 Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change 25 3 6 Restructuring costs 79 4 — Tax allowances 4 — — Impact of statutory tax rate change — — 2 Adjustment in respect of prior years (7) 36 — Other 1 2 (1) Income tax expense 285 221 311 (1) With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, as a result of the corporate restructuring in September 2023, the Group tax rate reconciliation for 31 December 2023 has been prepared using the enacted UK corporate tax rate of 25% . The comparative information is presented using the South African corporate tax rate of 28% . (2) Includes non-deductible corporate, legal, project, exploration and rehabilitation costs, impairments in Brazil and Colombia and British Virgin Islands group losses. (3) Due to different tax rates in various jurisdictions, primarily Tanzania, Ghana, Guinea, Australia, Brazil and Argentina. (4) Withholding taxes on dividends paid. (5) Siguiri current tax expense not recognised due to tax holiday. (6) Comparative periods have been retrospectively restated. Refer to note 1.3. Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules The Group is within the scope of the OECD Pillar Two model rules as the Pillar Two legislation was enacted on 11 July 2023 in the United Kingdom, the jurisdiction in which the Group’s parent company is incorporated, and will come into effect from 1 January 2024. Since the legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its Pillar Two effective tax rate per jurisdiction and the 15% minimum rate. Based on the assessment carried out so far, most jurisdictions relevant to the Group have a Pillar Two effective tax rate that exceeds 15% , however, there are a limited number of jurisdictions where the Pillar Two effective tax rate may be lower than 15% . The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions, with an estimated exposure ranging between $9m to $13m . Due to the complexities in applying the Pillar Two legislation and calculating Pillar Two income, the Group is still in the process of finalising its exposure to the Pillar Two legislation for when it comes into effect. Therefore, even for those entities with an accounting effective tax rate above 15% , there might still be Pillar Two tax implications. Unrecognised deferred tax assets Figures in millions US Dollars 2023 2022 2021 Restated (1) Restated (1) Analysis of unrecognised tax losses Available to be utilised against future profits - utilisation required within one year 108 107 54 - utilisation required between one and two years 1,037 100 177 - utilisation required between two and five years 191 1,180 1,380 - utilisation required between five and twenty years 1,035 956 989 - utilisation in excess of twenty years 835 588 449 3,206 2,931 3,049 At the statutory tax rates, the unrecognised value of deferred tax assets is: $921m (2022: $801m ; 2021: $847m ), mainly relating to tax losses incurred in the United Kingdom, North America, Ghana, Colombia and South Africa. (1) Comparative periods have been retrospectively restated. Refer to note 1.3. 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 historical 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 SA The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $1m ( 2022 : $4m ; 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 31 December 2023. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made. Brazil – AngloGold Ashanti 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. Serra Grande received tax assessments of $39m ( 2022 : $23m ; 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 The tax treatment of exploration expenditure has been challenged by the Colombian Tax Authority which resulted in claims for taxes and penalties of $8m ( 2022 : $42m ; 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 adverse judgements in the Administrative Court of Cundinamarca in 2018, which were subsequently appealed by AngloGold Ashanti. 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 (Council of State) issued a ruling that duplicate penalties may not be charged. The impact of the ruling was that certain penalties were waived. In 2022, the Council of State ruled against the Company upon appeal and ordered it to pay $34m of additional taxes (which included interest) in respect of the 2010 and 2011 tax returns, but it fully waived any related penalties. A revised tax reform was adopted in December 2022 in Colombia, which may lead to a reduction of interest charged on outstanding tax obligations in certain circumstances. In February 2023, the Company paid $ 25 m of additional taxes (which included interest) in respect of the 2011 income and equity tax returns, after taking into account a reduction of $6m in interest under the tax reform, in full settlement of the 2011 income and equity tax claims. In April 2023, the Company paid $3m of additional taxes (which included interest) in full settlement of the 2010 income tax claim. In February 2024, the Administrative Court of Cundinamarca ruled against the Company’s tax treatment of exploration expenditure in respect of its 2013 tax return. In February 2024, the Company appealed this ruling to the Council of State for resolution, which may take up to two years to be resolved. The Company’s lawsuit with respect to its 2014 tax return is still pending before the Administrative Court of Cundinamarca. Penalties of $8m (2022: $8m ; 2021: $9m ) pertaining to the 2013 and 2014 tax years were not recognised as a provision and are considered to be contingent, awaiting final judgement from the Colombian Courts. 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 totalling $8m (attributable) ( 2022 : $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) ( 2022 : $ 2 m (attributable); 2021 : $ 2 m (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. Members from government were appointed to the committee, but no meetings have been held to date. Mali – Yatela and AngloGold Ashanti 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 totalling $ 3 m (attributable) ( 2022 : $ 4 m (attributable); 2021 : $ 4 m (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 2022 amounting to $369m ( 2022 : $318m ; 2021 : $291m ) including adjusted tax assessments relating to the 2022 tax year, which was received in January 2024 totalling $44m . 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 made payments under protest for which a receivable of $23m ( 2022 : $24m ; 2021 : $25m ) was raised. Management has objected and appealed through various levels of the administrative processes. Management has obtained external legal advice and 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. Significant accounting judgements and estimates The Group tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate, prepared in accordance with IAS 12 ‘Income Taxes’, applies the UK domestic corporate tax rate of 25% for the 2023 year. The Group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on detailed cash flow forecasts for at least 12 months and updated life-of-mine plan models with longer term cash flow projections from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flow projections and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods. Accounting policies Deferred taxation is recognised on all qualifying temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets are only recognised to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets and liabilities are measured at future anticipated tax rates, which have been enacted or substantively enacted at the reporting date. Current and deferred tax is recognised as income or expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period in other comprehensive income or directly in equity, or an acquisition that is a business combination. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date. Interest and penalties, if any, are recognised in the income statement as part of taxation expense if based on the specific facts and circumstances, the entity has determined that the interest (receivable or payable) and penalties payable to the tax authorities are an income tax. |
EARNINGS (LOSS) PER ORDINARY SH
EARNINGS (LOSS) PER ORDINARY SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of earnings per share [Abstract] | |
EARNINGS (LOSS) PER ORDINARY SHARE | EARNINGS (LOSS) PER ORDINARY SHARE 2023 2022 2021 Restated (4) Restated (4) US cents per share Basic earnings (loss) per ordinary share (56) 55 146 The calculation of basic earnings (loss) per ordinary share is based on (loss)/profits attributable to equity shareholders of ($ 235 m) ( 2022 : $ 233 m; 2021 : $614m ) and 421,105,111 ( 2022 : 420,197,062 ; 2021 : 419,755,627 ) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share (56) 55 146 The calculation of diluted earnings (loss) per ordinary share is based on (loss)/profits attributable to equity shareholders of ($ 235 m) ( 2022 : $ 233 m; 2021 : $ 614 m) and 421,105,111 ( 2022 : 420,869,866 ; 2021 : 420,056,703 ) shares being the diluted number of ordinary shares. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares (1) 2023 2022 2021 Weighted average number of ordinary shares (2) 421,105,111 420,197,062 419,755,627 Dilutive potential of share options (3) — 672,804 301,076 Diluted weighted average number of ordinary shares 421,105,111 420,869,866 420,056,703 (1) As a result of the corporate restructuring transaction, there were no changes to earnings per ordinary share for each of the financial years ended 31 December 2022 and 2021, as it was based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity. (2) Employee compensation awards are included in basic earnings per ordinary share from the date that all necessary conditions have been satisfied and it is virtually certain that shares will be issued as a result of employees exercising their options. (3) Effect of share options for 2023 is anti-dilutive. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. 10 EARNINGS (LOSS) PER ORDINARY SHARE (continued) US Dollars Figures in millions 2023 2022 2021 Restated (4) Restated (4) Headline earnings (loss) (1) The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders (235) 233 614 Impairment of tangible assets, right of use assets and investment in joint venture, net 165 256 2 Impairment of tangible and right of use assets 192 315 2 Impairment of investment in joint venture 1 1 — Taxation on impairment of tangible assets, right of use assets and investment in joint venture (28) (60) — (Profit) loss on derecognition and disposal of tangible assets, net 24 — (12) (Profit) loss on derecognition of assets 35 4 4 (Profit) loss on disposal of tangible assets (6) (4) (17) Taxation on derecognition and disposal of tangible assets (5) — 1 (46) 489 604 US Cents Headline earnings (loss) per ordinary share (1) Headline earnings (loss) per ordinary share (2) (11) 116 144 Diluted headline earnings (loss) per ordinary share (3) (11) 116 144 (1) The financial measures “headline (loss) earnings” and “headline (loss) earnings per share” are not calculated in accordance with IFRS. These measures, however, are calculated according to the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA) at the request of the JSE Limited (JSE). These measures, however, are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the U.S. Securities and Exchange Commission (SEC) applicable to the use and disclosure of Non-GAAP financial measures. The tax effect of line items have not been disclosed if the tax is less than $1m or nil. (2) Calculated on the basic weighted average number of ordinary shares. (3) Calculated on the diluted weighted average number of ordinary shares. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
DIVIDENDS | DIVIDENDS US Dollars Figures in millions 2023 2022 2021 Ordinary shares (1) (2) Dividend number 122 of 705 SA cents per share was declared on 22 February 2021 and paid on 26 March 2021 ( 48 US cents per share) 199 Dividend number 123 of 87 SA cents per share was declared on 6 August 2021 and paid on 10 September 2021 ( 6 US cents per share) 25 Dividend number 124 of 217 SA cents per share was declared on 22 February 2022 and paid on 25 March 2022 ( 15 US cents per share) 62 Dividend number 125 of 493 SA cents per share was declared on 5 August 2022 and paid on 9 September 2022 ( 28 US cents per share) 119 Dividend number 126 of 322 SA cents per share was declared on 22 February 2023 and paid on 31 March 2023 ( 18 US cents per share) 76 Dividend number 127 of 70 SA cents per share was declared on 4 August 2023 and paid on 8 September 2023 ( 4 US cents per share) 15 91 181 224 (1) The dividend payout was based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity. See note 1.3.1. (2) For proposed dividends subsequent to year-end, refer to note 33 . |
TANGIBLE ASSETS
TANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
TANGIBLE ASSETS | TANGIBLE ASSETS Figures in millions Mine development costs Mine infrastructure Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (2) Total US Dollars Cost Balance at 1 January 2021 4,325 3,953 188 9 566 112 9,153 Additions (5) 342 17 — 5 644 19 1,027 Finance costs capitalised (3) — — — — 14 — 14 Disposals (2) (23) — — — (5) (30) Derecognition of assets (6) (74) (310) — — — — (384) Transfers and other movements (1) (6) 232 103 — (2) (320) — 13 Translation (107) (6) (3) — (5) — (121) Balance at 31 December 2021 Restated (4) 4,716 3,734 185 12 899 126 9,672 Accumulated amortisation and impairments Balance at 1 January 2021 3,119 2,930 156 5 26 — 6,236 Amortisation for the year 246 166 6 2 — — 420 Impairment of assets — 2 — — — — 2 Disposals (1) (22) — — — — (23) Derecognition of assets (6) (74) (306) — — — — (380) Transfers and other movements (1) (6) (4) (1) — — — — (5) Translation (78) (4) (3) — — — (85) Balance at 31 December 2021 Restated (4) 3,208 2,765 159 7 26 — 6,165 Net book value at 31 December 2021 Restated (4) 1,508 969 26 5 873 126 3,507 Cost Balance at 1 January 2022 Restated (4) 4,716 3,734 185 12 899 126 9,672 Additions (5) 407 8 — 1 610 2 1,028 Acquisition of assets — — 614 — — — 614 Finance costs capitalised (3) — — — — 2 — 2 Disposals (2) (14) — — — — (16) Derecognition of assets (6) (12) (22) — — (1) — (35) Transfers and other movements (1) (6) 302 401 — (1) (752) 1 (49) Translation (120) (8) (4) — (1) — (133) Balance at 31 December 2022 Restated (4) 5,291 4,099 795 12 757 129 11,083 Accumulated amortisation and impairments Balance at 1 January 2022 Restated (4) 3,208 2,765 159 7 26 — 6,165 Amortisation for the year 378 174 8 1 — — 561 Impairment of assets 114 152 16 — — 8 290 Disposals (1) (14) — — — — (15) Derecognition of assets (6) (11) (20) — — (1) — (32) Transfers and other movements (1) (6) — — — — 1 — 1 Translation (86) (5) (3) (1) — — (95) Balance at 31 December 2022 Restated (4) 3,602 3,052 180 7 26 8 6,875 Net book value at 31 December 2022 Restated 1,689 1,047 615 5 731 121 4,208 Figures in millions Mine development costs Mine infrastructure Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (2) Total US Dollars Cost Balance at 1 January 2023 5,291 4,099 795 12 757 129 11,083 Additions (5) 423 10 — — 0 607 2 1,042 Disposals (2) (43) — (4) (23) (22) (94) Derecognition of assets (5) (183) — — — — (188) Transfers and other movements (1) 415 456 — — (873) 7 5 Translation 1 (1) — — (1) — (1) Balance at 31 December 2023 6,123 4,338 795 8 467 116 11,847 Accumulated amortisation and impairments Balance at 1 January 2023 3,602 3,052 180 7 26 8 6,875 Amortisation for the year 410 171 — 1 — — 582 Impairment of assets 77 72 — 1 56 14 220 Impairment reversals of assets (27) (7) — — — (1) (35) Disposals (2) (43) — (3) — (9) (57) Derecognition of assets (3) (149) — — — — (152) Transfers and other movements (1) 2 (11) — — — — (9) Translation 4 — — — — — 4 Balance at 31 December 2023 4,063 3,085 180 6 82 12 7,428 Net book value at 31 December 2023 2,060 1,253 615 2 385 104 4,419 (1) Transfers and other movements include amounts from deferred stripping, changes in estimates of decommissioning assets and asset reclassifications. (2) Assets of $ 7 m ( 2022 : $ 7 m; 2021 : $ 6 m) have been pledged as security. (3) The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation was nil ( 2022 : 4.96% ; 2021 : 4.52% ). (4) Comparative periods have been retrospectively restated. Refer to note 1.3. (5) Additions which previously included disclosure for sustaining and non-sustaining capital expenditure, are now reflected as total additions. (6) Derecognition of assets was previously included in the Transfers and other movements line. Net impairment, derecognition of assets and profit (loss) on disposal: Figures in millions Tangible Assets Right of Use Assets Goodwill Total US Dollars 2023 Group income statement Impairment of assets (220) (10) — (230) Reversal of impairment of assets 35 3 — 38 Derecognition of assets (36) 1 — (35) Net profit (loss) on disposal of assets 6 — — 6 Net impairment, derecognition of assets and profit (loss) on disposal (215) (6) — (221) 2022 Group income statement Impairment of assets (Restated (1) ) (290) (17) (8) (315) Derecognition of assets (3) (1) — (4) Net profit (loss) on disposal of assets 4 — — 4 Net impairment, derecognition of assets and profit (loss) on disposal (289) (18) (8) (315) 2021 Group income statement Impairment of assets (2) — — (2) Derecognition of assets (4) — — (4) Net profit (loss) on disposal of assets 17 — — 17 Net impairment, derecognition of assets and profit (loss) on disposal 11 — — 11 (1) Comparative periods have been retrospectively restated. Refer to note 1.3. Impairment calculation assumptions – goodwill, tangible, right of use and intangible assets The Group’s non-financial assets, other than inventories and deferred tax assets, are assessed for impairment or reversal of impairment indicators at each reporting date or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Assumptions used for the impairment calculations: • The gold price assumption used in the impairment calculations represents management’s best estimate of the expected real short-term and long-term future price of gold based on consensus outlooks. • The exchange rate assumption used in the impairment calculation of Sunrise Dam (refer to note 14 ) represents management’s best estimate of the expected short-term and long-term exchange rates based on consensus outlooks. Assumptions Real gold price per oz Exchange rate (A$/US$) 2023 2022 2023 2022 Year 1 1,995 1,785 0.68 0.70 Year 2 1,998 1,777 0.71 0.70 Year 3 1,785 1,763 0.72 0.71 Year 4 1,694 1,729 0.70 0.71 Year 5 1,666 1,710 0.70 0.71 Long-term 1,666 1,731 0.70 0.71 Annual life-of-mine plans take into account the following: • Proven and Probable Mineral Reserve; • Value beyond Proven and Probable Mineral Reserve (including exploration potential) determined using the gold price assumption referred to above; and applying an appropriate conversion factor to such values, where applicable; • Foreign currency cash flows translated at estimated exchange rates, based on consensus outlooks, and then discounted using appropriate discount rates for that currency; • Cash flows used in impairment calculations are based on life-of-mine plans which range from four years to 26 years ; and • Variable operating cash flows are increased at local Consumer Price Index rates. Córrego do Sítio (CdS) CdS is owned and operated by AngloGold Ashanti Mineração (“AGA Mineração”) in Brazil. The CdS mine has been in operation since 1989 and consists of open pit and underground mines. Due to the challenging operating results, management assessed various options related to the CdS mine cash generating unit (CGU), and finally took the decision to place CdS on care and maintenance in August 2023. In 2022, an impairment loss of $151m ( $189m gross of taxes) was recognised in respect of the CdS mine CGU. During 2023, further impairment losses of $32m ( $47m gross of taxes) was recognised on the remaining asset balances. The impairment losses in 2022 and 2023 were recognised and included in the Americas segment. Cuiabá Cuiabá is owned and operated by AGA Mineração in Brazil. It has been in operation since 1834 and is an underground mine. The property is currently in the production stage. In 2022, an impairment loss of $57m ( $70m gross of taxes) was recognised in respect of the Cuiabá mine CGU due to the temporary suspension of filtered tailings deposition on the Calcinados TSF and processing of gold concentrate at the Queiroz metallurgical plant. During 2023, Cuiabá recognised further impairment losses of $45m ( $53m gross of taxes) largely due to the ongoing suspension of operating activities at the Queiroz metallurgical plant while additional engineering and geotechnical work at the related Calcinados TSF was completed, and a decision not to restart operations during the dry season (contrary to what was originally planned). At 31 December 2023, the Cuiabá mine CGU recognised an impairment reversal of $28m ( $38m gross of taxes) related to the prior year impairment. The current year impairment on the Queiroz metallurgical plant was not considered for reversal. The impairment reversal was largely due to certainty in the processing of gold concentrate and improved operating results at the Cuiabá mine. The recoverable amount of $438m was determined with reference to the CGU’s fair value less costs to dispose derived from a discounted cash flow model, using a discount rate of 8.2% (Dec 2022: 8.5% ), compared to the CGU’s carrying amount of $184m . This is a level 3 fair value measurement. The impairment loss in 2022 and the net impairment reversal in 2023 were recognised and included in the Americas segment. Serra Grande Mineração Serra Grande (“Serra Grande”) is wholly-owned by AngloGold Ashanti and is located in the northwest of Goiás State, central Brazil. It has been in operation since 1986 and consists of three underground and two open pit mines. The property is currently in the production stage. In 2022, an impairment loss of $48m ( $56m gross of taxes) was recognised in respect of the Serra Grande CGU largely due to a projection of lower grades and ounces and an increase in the interest rates which resulted in an increased discount rate. The Serra Grande CGU recognised further impairment losses of $90m ( $105m gross of taxes) during December 2023 largely due to continued projections of lower grades and ounces. The recoverable amount of $39m was determined with reference to the CGU’s fair value less costs to dispose derived from a discounted cash flow model, using a discount rate of 7% (Dec 2022: 8.5% ), compared to the CGU’s carrying amount of $129m . This is a level 3 fair value measurement. The impairment losses in 2022 and 2023 were recognised and included in the Americas segment. Gramalote In September 2023, AngloGold Ashanti completed the sale of its entire 50% indirect interest in the Gramalote project to B2Gold Corporation effective 5 October 2023. During 2023, Gramalote recognised an impairment loss of $25m ( $25m gross of taxes) as the recoverable amount of Gramalote, based on its fair value less costs to dispose, was lower than its carrying value. The recoverable amount of $42m was determined with reference to the cash payments in the sale transaction, derived from a discounted cash flow model, using a discount rate of 9.3% , compared to the carrying amount of $67m . This is a level 3 fair value measurement. The impairment loss was recognised and included in the Projects segment. Impairment allocation Cash Generating Unit Mine Development Cost Mine Infrastructure Exploration and evaluation costs Mineral Rights and Dumps Assets under construction Land and buildings Total Tangible Asset Impairment Goodwill Right of use assets Total Impairment Figures in millions 2023 US Dollars Americas segment CdS 30 9 — — 5 1 45 — 2 47 Cuiabá (27) 17 — — 29 (1) 18 — (3) 15 Serra Grande 47 39 — — 7 4 97 — 8 105 Projects Gramalote — — 1 — 15 9 25 — — 25 50 65 1 — 56 13 185 — 7 192 2022 Americas segment CdS 58 98 — 16 — 6 178 — 11 189 Cuiabá 34 30 — — — 1 65 — 5 70 Serra Grande 22 24 — — — 1 47 8 1 56 114 152 — 16 — 8 290 8 17 315 Sensitivity analysis - impairment of assets The assumptions that have the most influence on the impairment assessments and the life-of-mine plans which form the basis of the assessment is the expected gold commodity price and discount rate. Management determined a reasonably possible change of 6.9% in the gold price assumptions based on the standard deviation of both AngloGold Ashanti's gold price assumption over the past five years and market analysts' forecasted long-term assumptions. A 6.9% movement in the gold price (with all other variables held constant) would have resulted in the following increase (decrease) in recoverable amount of the CGU as at 31 December 2023: Figures in millions - US Dollars 2023 6.9% increase Serra Grande 39 Cuiabá 158 6.9% decrease Serra Grande (decrease limited to carrying value) (39) Cuiabá (189) Management determined a reasonable possible change of 100 basis points, based on the Group’s weighted average cost of capital rate over the past five financial years. A 100 basis point movement in the discount rate (with all other variables held constant) would have resulted in the following (decrease) increase in recoverable amount of the CGU as at 31 December 2023: Figures in millions - US Dollars 2023 100 basis point increase Serra Grande (1) Cuiabá (36) 100 basis point decrease Serra Grande 1 Cuiabá 41 Significant accounting judgements and estimates Amortisation The majority of mining assets are amortised using the units-of-production method (on an ounces basis) where the mine operating plan calls for production from a well-defined Proven and Probable Mineral Reserve. For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the estimated mine life based on Proven and Probable Mineral Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine as follows: • plant and machinery up to life-of-mine; • equipment and motor vehicles up to five years ; and • computer equipment up to three years . Assets are amortised to residual values. Residual values and useful lives are reviewed, and adjusted if appropriate, at the beginning of each financial year. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on Proven and Probable Mineral Reserve. This would generally arise from the following factors: • changes in Proven and Probable Mineral Reserve; • the grade of Mineral Reserve may vary significantly from time to time; • differences between actual commodity prices and commodity price assumptions; • unforeseen operational issues at mine sites; and • changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Changes in Proven and Probable Mineral Reserve could similarly impact the useful lives of assets amortised on the straight-line method, where those lives are limited to the life of the mine. Stripping costs The Group has a number of surface mining operations that are in the production phase for which production stripping costs are incurred. The benefits that accrue to the Group as a result of incurring production stripping costs include (a) ore that can be used to produce inventory and (b) improved access to a component of the ore body that will be mined in future periods. Components of the various ore bodies at the operations of the Group are determined based on the geological areas identified for each of the ore bodies and are reflected in the Mineral Reserve reporting of the Group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the Group uses the average stripping ratio measure as an indicator of the quantum of production stripping costs that should be capitalised. Once determined that any portion of the production stripping costs should be capitalised, the Group determines the amount of the production stripping costs that should be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be deferred. The average mine cost per tonne of the component is calculated as the total expected costs to be incurred to mine the relevant component of the ore body, divided by the number of tonnes expected to be mined from the component. The average mine cost per tonne of the component to which the stripping activity asset relates are recalculated annually in the light of additional knowledge and changes in estimates. Development expenditure Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions that may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. Impairment If there are impairment indicators, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used in impairment calculations, which are based on life-of-mine plans, are inherently uncertain and could materially change over time and impact the recoverable amount. Life-of-mine plans range from four years to 26 years . The cash flows are significantly affected by a number of factors including published Mineral Reserve, Mineral Resource, exploration potential and production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency exchange rates, estimates of costs to produce Mineral Reserve and future capital expenditure. The discount rate used is the weighted average cost of capital (WACC), which is derived from a pricing model. In determining the WACC for each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. The estimated future cash flows and discount rates are post-tax. Production start date The Group assesses the stage of each mine construction project to determine when a project moves into the production stage. The criteria used to assess the start date are determined by the unique nature of each mine construction project and include factors such as the complexity of a plant and its location. The Group considers various relevant criteria to assess when the construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria used in the assessment would include, but are not limited to the following: • the level of capital expenditure compared to the construction cost estimates; • completion of a reasonable period of testing of the constructed asset; • adequacy of stope face; • ability to produce metals in saleable form (within specifications); and • ability to sustain ongoing production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities, or ore reserve development. Mineral Reserve estimates The Group reports its Mineral Resource and Mineral Reserve in accordance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”). A Mineral Reserve estimate is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. In order to estimate the Mineral Reserve, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of the Mineral Reserve requires the size, shape and depth of ore bodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. With the change in the economic assumptions used to estimate the Mineral Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Reserve may change from period to period. Changes in the reported Mineral Reserve may affect the Group’s financial results and financial position in a number of ways, including the following: • asset carrying values may be affected due to changes in estimated future cash flows; • depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the units-of-production method, or where the useful economic lives of assets change; • overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation; • decommissioning site restoration and environmental provisions may change where changes in the estimated Mineral Reserve affect expectations about the timing or cost of these activities; and • the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. Accounting policies Tangible assets are recorded at cost less accumulated amortisation, accumulated impairments and reversal of impairments. Cost includes the present value of related future decommissioning costs. Interest on borrowings relating to the financing of major capital projects under construction is capitalised during the construction phase as part of the cost of the project. Such borrowing costs are capitalised over the period during which the asset is being acquired or constructed and borrowings have been incurred. Capitalisation ceases when construction is interrupted for an extended period or when the asset is substantially complete. Other borrowing costs are expensed as incurred. For assets amortised on the units-of-production method, amortisation is calculated to allocate the cost of each asset to its residual value over its estimated useful life. For assets not amortised on the units-of-production method, amortisation is calculated on a straight line basis over its expected useful life. Mine development costs Capitalised mine development costs include expenditure incurred to develop new ore bodies, to define further mineralisation in existing ore bodies and, to expand the capacity of a mine. Mine development costs include acquired Proven and Probable Mineral Reserve at cost at the acquisition date. These costs are amortised from the date on which the assets are ready for use as intended by management. Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on estimated Proven and Probable Mineral Reserve. The Proven and Probable Mineral Reserve reflects estimated quantities of Mineral Reserve which can be recovered economically in the future from known mineral deposits. Capitalised mine development costs also include stripping activity assets relating to production stripping activities incurred in the production phase of open-pit operations of the Group. Stripping activity assets are amortised on a units-of-production method based on the Mineral Reserve of the component of the orebody to which these assets relate. Amortisation of stripping activity assets is included in cost of sales. Mine infrastructure Mine plant facilities, including decommissioning assets, are amortised using the lesser of their useful life or units-of-production method based on estimated Proven and Probable Mineral Reserve. Land and assets under construction Land and assets under construction are not depreciated and are measured at historical cost less impairments. Mineral rights and dumps Mineral rights are amortised using the units-of-production method based on the estimated Proven and Probable Mineral Reserve. Dumps are amortised over the period of treatment. Exploration and evaluation assets All pre-licence and exploration costs, including geological and geographical costs, labour, Mineral Resource and exploratory drilling cost, are expensed as incurred, until it is concluded that a future economic benefit will more likely than not be realised. In evaluating if expenditures meet this criterion to be capitalised, several different sources of information are used depending on the level of exploration. While the criterion for concluding that expenditure should be capitalised is always probable, the information used to make that determination depends on the level of exploration: • Costs on greenfield sites, being those where the Group does not have any mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of Proven and Probable Mineral Reserve at this location; • Costs on brownfield sites, being those adjacent to mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of increased inclusive Proven and Probable Mineral Resource after which the expenditure is capitalised as mine development cost; and • Costs relating to extensions of mineral deposits, which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, are capitalised as mine development cost. Costs relating to property acquisitions are capitalised within mine development costs. Impairment of non-financial assets The Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. An impairment test is performed annually on all goodwill, intangible assets not yet in use and intangible assets with indefinite useful lives irrespective of whether any impairment indicators have been identified. For non-financial assets or cash generating units (CGUs), in circumstances in which indicators of impairment are identified, a formal impairment test is required to be carried out. The impairment test compares the assets or cash generating units (CGUs) carrying amount with its recoverable amount. The recoverable amount is the higher of the amounts calculated under the fair value less cost of disposal and value in use approaches. The future cash flows are adjusted for risks specific to the asset and is adjusted where applicable to consider any specific risks relating to the country where the asset or cash-generating unit is located. Future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money. A CGU is the smallest identifiable Group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The composition and nature of the Group’s CGUs vary and is determined largely by identifying the smallest identifiable group of assets that generates independent cash inflows and factors specific to the Group’s mining operations. The Group’s CGUs are generally at the individual mine level, with some operating mines consisting of a combination of shafts and/or pits. Exploration assets are tested for impairment whenever facts and circumstances indicate that the carrying amount is not recoverable. Assets will be allocated to CGUs or groups of CGUs based on how the entity manages its operations i.e., by mineral within a specific geographic area. An impairment loss is recognised for the amount by which the assets or CGUs carrying amount exceeds their recoverable amount. At the reporting date the Group assesses whether any of the indicators which gave rise to previously recognised impairments have changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original factors for reversal and if indicated, such reversal is recognised. |
RIGHT OF USE ASSETS AND LEASE L
RIGHT OF USE ASSETS AND LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Leases [Abstract] | |
RIGHT OF USE ASSETS AND LEASE LIABILITIES | RIGHT OF USE ASSETS AND LEASE LIABILITIES RIGHT OF USE ASSETS Figures in millions - US Dollars Mine Infrastructure Land and buildings Total Cost Balance at 1 January 2021 233 24 257 Additions 95 7 102 Derecognition and other movements (1) (22) (15) (37) Translation (9) — (9) Balance at 31 December 2021 297 16 313 Accumulated amortisation and impairments Balance at 1 January 2021 100 15 115 Amortisation for the year 61 2 63 Impairment — 1 1 Derecognition and other movements (1) (22) (15) (37) Translation (4) — (4) Balance at 31 December 2021 135 3 138 Net book value at 31 December 2021 162 13 175 Cost Balance at 1 January 2022 297 16 313 Additions 90 1 91 Derecognition and other movements (1) (34) — (34) Translation (8) (2) (10) Balance at 31 December 2022 345 15 360 Accumulated amortisation and impairments Balance at 1 January 2022 135 3 138 Amortisation for the year 78 3 81 Derecognition and other movements (1) (29) — (29) Impairment 17 — 17 Translation (4) 1 (3) Balance at 31 December 2022 197 7 204 Net book value at 31 December 2022 148 8 156 Cost Balance at 1 January 2023 345 15 360 Additions 77 6 83 Derecognition and other movements (1) (48) — (48) Translation (1) 1 — Balance at 31 December 2023 373 22 395 Accumulated amortisation and impairments Balance at 1 January 2023 197 7 204 Amortisation for the year 77 3 80 Derecognition and other movements (1) (38) — (38) Impairment (2) 10 — 10 Impairment reversal (2) (3) — (3) Balance at 31 December 2023 243 10 253 Net book value at 31 December 2023 130 12 142 (1) Derecognition and other movements include amounts relating to modifications and terminations of leased assets. (2) The Group recognised a net impairment loss of $192m (gross of taxation) during December 2023, of which a net $7m related to right of use assets. Refer to note 12 . LEASE EXPENSES Figures in millions - US Dollars 2023 2022 2021 Amounts recognised in the statement of cash flows including expenses on short- term leases, variable lease payments and leases on low value assets Total cash outflow on leases including expenses on short-term leases, variable lease payments and leases on low value assets 939 875 455 Amounts recognised in the income statement for lease payments not included in lease liabilities Expenses on short-term leases 32 19 48 Expenses on variable lease payments (1) 800 749 302 Expenses on leases of low value assets 2 15 33 (1) The variable lease payments consist mainly of mining and drilling contracts and constitutes 85% ( 2022: 86% ; 2021: 66% ) of total lease payments made during the period. The variable nature of these contracts is to allow equal sharing of pain and gain between the Group and its contractors. These payments are predominantly driven by performance measures on a per tonne or a per meter basis. The future cash flows to which the Group is potentially exposed to are not disclosed as their variability does not permit reliable forecasts. LEASE LIABILITIES Figures in millions - US Dollars 2023 2022 2021 Reconciliation of lease liabilities (1) A reconciliation of the lease liabilities included in the statement of financial position is set out in the following table: Opening balance 186 185 153 Lease liabilities recognised 83 90 103 Repayment of lease liabilities (94) (82) (63) Finance costs paid on lease liabilities (11) (10) (9) Interest charged to the income statement 12 11 9 Modifications and terminations (7) (7) — Translation 2 (1) (8) Closing balance 171 186 185 Lease liabilities (2) Non-current 98 115 124 Current 73 71 61 Total 171 186 185 (1) The Group leases a number of assets as part of its activities. These primarily include gas pipelines, ore haulage and site services, mining equipment and property. All lease contracts contain market review clauses in the event that the Group exercises its option to renew. A maturity analysis of lease liabilities is provided in note 31 . (2) In 2022, $13m was reclassified from current to non-current lease liabilities. Significant accounting judgements and estimates Various factors are considered in assessing whether an arrangement contains a lease, including whether a service contract includes the implicit right to substantially all the economic benefits from assets used in providing the service and whether the Group directs how and for what purpose the assets are used. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. The Company applies the considerations for short-term leases where leases are modified to extend the period by 12 months or less on expiry and these modifications are assessed on a standalone-basis. In determining the incremental borrowing rates, management considers the term of the lease, the nature of the asset being leased, in country borrowings as well as other sources of finance. Accounting policies The Group assesses whether a contract is or contains a lease, at inception of a contract. The Group recognises a right of use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less with no purchase option) and leases of low value assets, where the recognition exemption is applied. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The incremental borrowing rate is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The Group applies a single discount rate for contracts that share similar characteristics. The Group has determined that contracts that are denominated in the same currency will use a single discount rate. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: • the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or • a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, any initial direct costs and restoration costs as described below. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease term is determined as the non-cancellable period of a lease, together with: • periods covered by an option to extend the lease if the Group is reasonably certain to make use of that option; and / or • periods covered by an option to terminate the lease, if the Group is reasonably certain not to make use of that option. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’. The costs are included in the related right of use asset, unless those costs are incurred to produce inventories. Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right of use asset reflects that the Group expects to exercise a purchase option, the related right of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 ‘Impairment of Assets’ to determine whether a right of use asset is impaired and accounts for any identified impairment loss accordingly. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Figures in millions - US Dollars Goodwill Other Total Cost Balance at 1 January 2021 126 96 222 Additions — 1 1 Transfers and other movements (1) — (1) (1) Translation (7) (1) (8) Balance at 31 December 2021 119 95 214 Accumulated amortisation and impairments Balance at 1 January 2021 — 91 91 Amortisation for the year — 3 3 Transfers and other movements (1) — (1) (1) Translation — (1) (1) Balance at 31 December 2021 — 92 92 Net book value at 31 December 2021 119 3 122 Cost Balance at 1 January 2022 119 95 214 Additions — 1 1 Translation (6) (1) (7) Balance at 31 December 2022 113 95 208 Accumulated amortisation and impairments Balance at 1 January 2022 — 92 92 Amortisation for the year — 1 1 Impairment of goodwill 8 — 8 Translation — 1 1 Balance at 31 December 2022 8 94 102 Net book value at 31 December 2022 105 1 106 Cost Balance at 1 January 2023 (2) 105 95 200 Additions — 1 1 Transfers and other movements (1) — 1 1 Translation — (2) (2) Balance at 31 December 2023 105 95 200 Accumulated amortisation and impairments Balance at 1 January 2023 (2) — 94 94 Amortisation for the year — 1 1 Translation — (2) (2) Balance at 31 December 2023 — 93 93 Net book value as 31 December 2023 105 2 107 (1) Transfers and other movements include amounts from asset reclassifications and amounts written off. (2) The goodwill opening balances for cost and accumulated amortisation and impairments have been netted off to reflect the appropriate remaining goodwill balance. Impairment calculation assumptions for goodwill 2023 Based on an analysis carried out by the Group in 2023, the carrying value and fair value less costs to dispose of the CGU that includes significant goodwill is: 2023 US Dollars Figures in millions Carrying Value Fair value less costs to dispose Sunrise Dam 228 263 As at 31 December 2023, the recoverable amount of Sunrise Dam exceeded its carrying amount by $35m . Sunrise Dam had $105 m goodwill at 31 December 2023. The approved life-of-mine of Sunrise Dam is planned until 2028, however, for impairment testing purposes, resources not included in the current approved life-of-mine plan where management has high confidence in the orebody and economical recovery of gold, based on historical and similar geological experience, were included in the discounted cash flow model. The attributable resource value ounces have been included in the discounted cash flow model applied based on historical conversion factors in converting resources to reserves. The fair value less costs to dispose is derived from a discounted cash flow model using a real discount rate of 5% . This is a level 3 fair value measurement. It is estimated that a decrease of the gold price assumptions by 2.3% , or an increase in the discount rate of 5.1 % to 10.1 %, or an increase of 2.4% in the A$/US$ exchange rate, would cause the recoverable amount of this CGU to equal its carrying amount. The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing of goodwill are inextricably linked. 2022 Based on an analysis carried out by the Group in 2022, the carrying value and value in use of the CGU that includes significant goodwill is: 2022 US Dollars Figures in millions Carrying Value Value in use Sunrise Dam 230 293 As at 31 December 2022, the recoverable amount of Sunrise Dam exceeded its carrying amount by $63m . Sunrise Dam had $105m goodwill at 31 December 2022. The approved life-of-mine of Sunrise Dam is planned until 2028. The value in use is derived from a discounted cash flow model using a real discount rate of 4.6% . It is estimated that a decrease of the long-term real gold price of $1,731 /oz by 4.5% , or an increase in the discount rate of 4.6% to 13.9% , would cause the recoverable amount of this CGU to equal its carrying amount. The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing of goodwill are inextricably linked. Significant accounting judgements and estimates For significant accounting judgements and estimates relating to impairments see Note 12 . Accounting policies Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill. Goodwill is not amortised, is tested annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. |
PRINCIPAL OPERATING SUBSIDIARIE
PRINCIPAL OPERATING SUBSIDIARIES AND JOINT OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Interests In Other Entities [Abstract] | |
PRINCIPAL OPERATING SUBSIDIARIES AND JOINT OPERATIONS | PRINCIPAL OPERATING SUBSIDIARIES AND JOINT OPERATIONS AngloGold Ashanti plc is the ultimate parent of the Group. Its wholly-owned subsidiary, AngloGold Ashanti Holdings plc, a company incorporated in the Isle of Man, primarily holds all of the Group’s interests in companies incorporated outside of South Africa. The following table presents each of the Group’s principal operating subsidiaries and joint operations (including direct and indirect holdings), the percentage of shares of each subsidiary and joint operation owned and the country of incorporation at 31 December 2023. There are no significant restrictions on the ability of the Group’s subsidiaries or joint operations to transfer funds to AngloGold Ashanti plc in the form of cash dividends or repayment of loans or advances. Percentage held For the year ended 31 December Country of incorporation Holding 2023 2022 2021 Principal operating subsidiaries AngloGold Ashanti Australia Limited (1) Australia Indirect 100 100 100 AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti Limited) South Africa Direct 100 AngloGold Ashanti Holdings plc Isle of Man Direct 100 100 100 AngloGold Ashanti USA Incorporated United States of America Indirect 100 100 100 AngloGold Ashanti Córrego do Sítio Mineração S.A. Brazil Indirect 100 100 100 AngloGold Ashanti (Ghana) Limited (2) Ghana Indirect 100 100 100 AngloGold Ashanti (Iduapriem) Limited Ghana Indirect 100 100 100 Cerro Vanguardia S.A. Argentina Indirect 92.50 92.50 92.50 Geita Gold Mining Limited Tanzania Indirect 100 100 100 Mineração Serra Grande S.A. Brazil Indirect 100 100 100 Société AngloGold Ashanti de Guinée S.A. Republic of Guinea Indirect 85 85 85 Unincorporated joint operation Tropicana joint operation Australia Indirect 70 70 70 (1) Owner of the Sunrise Dam operation and the Tropicana joint operation in Australia. (2) Operates the Obuasi mine in Ghana. Non-controlling interests The Group has subsidiaries with non-controlling interests, however none of them were material to the statement of financial position. Accounting policies Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The functional currency of the parent company is United States Dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency using closing rates of exchange at the reporting date for assets and liabilities, average rates of exchange for the year for income and expense items and historical rates of exchange for equity items. All resulting exchange differences are recognised in other comprehensive income and presented as a separate component of equity (foreign currency translation reserve, or FCTR). Exchange differences arising from the translation of the net investment in foreign operations are accounted for as other comprehensive income on consolidation. On realisation of net investments in foreign operations, the resulting FCTR is recycled to the income statement. On disposal of non-foreign operations, where the parent’s functional currency, is the same as the subsidiary’s, associate’s, joint venture’s or branch’s functional currency, no reclassification of FCTR is required. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES US Dollars Figures in millions 2023 2022 2021 Restated (3) Restated (3) Carrying value Investments in associates 38 37 45 Investments in joint ventures (1) (2) 561 1,054 1,598 599 1,091 1,643 (1) During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short- term joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m . The short-term portion was based on the Kibali Goldmines S.A. future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum and is repayable on demand. (2) Cash dividends received from joint ventures of $180m (2022: $694m ; 2021: $231m ). (3) Comparative periods have been retrospectively restated. Refer to note 1.3. Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be material. Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2023 2022 2021 Restated (2) Restated (2) Aggregate statement of profit or loss for associates (attributable) Revenue 39 31 36 Operating (expenses) income (18) (16) (13) Taxation (5) (3) (2) Profit (loss) for the year (1) 16 12 21 Total comprehensive profit (loss) for the year, net of tax 16 12 21 (1) Includes share of non-controlling interest. (2) Comparative periods have been retrospectively restated. Refer to note 1.3. Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2023 2022 2021 Kibali Goldmines S.A. (1) 45.0 45.0 45.0 Exploration and mine development The Democratic Republic of the Congo (1) AngloGold Ashanti plc has a 50% interest in Kibali (Jersey) Limited which holds its effective 45% interest in Kibali Goldmines S.A. US Dollars Figures in millions 2023 2022 2021 Restated (1) Restated (1) Carrying value of joint ventures Kibali Goldmines S.A. 561 1,054 1,598 (Impairment) reversal of investment in joint venture Société d’Exploitation des Mines d’Or de Yatela (1) (1) — The cumulative unrecognised share of losses of the joint ventures: Société d’Exploitation des Mines d’Or de Yatela 2 2 2 (1) Comparative periods have been retrospectively restated. Refer to note 1.3. Summarised financial information of the Kibali joint venture is as follows (not attributable) (1) : US Dollars Figures in millions 2023 2022 2021 Restated (4) Restated (4) Statement of profit or loss Revenue 1,488 1,329 1,470 Other operating costs and expenses (682) (588) (551) Amortisation of tangible and intangible assets (214) (208) (244) Finance costs, unwinding of obligations and cash repatriation fee (19) (50) (6) Interest received 4 5 6 Share of profits of equity accounted joint venture 1 — — Taxation (185) (156) (181) Profit for the year 393 332 494 Total comprehensive income for the year, net of tax 393 332 494 Dividends received from joint venture (attributable) 180 694 231 Statement of financial position Non-current assets 2,485 2,420 2,361 Current assets 215 201 162 Cash and cash equivalents (2) 123 92 1,115 Total assets 2,823 2,713 3,638 Non-current financial liabilities 770 51 44 Other non-current liabilities 409 320 226 Current financial liabilities 308 56 14 Other current liabilities 144 105 107 Total liabilities 1,631 532 391 Net assets 1,192 2,181 3,247 Group’s share of net assets 596 1,091 1,624 Other (3) (35) (37) (26) Carrying amount of interest in joint venture 561 1,054 1,598 (1) At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises (“Customs Authority”) concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claimed that the exemption available to Kibali Goldmines S.A., which was granted in relation to the original mining lease, no longer applied. Finally, the Customs Authority claimed that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest , totalled $ 339 m (AngloGold Ashanti attributable share: $ 153 m). The Company has examined the Customs Authority claims and, except for certain immaterial items for which a provision has already been made, concluded that they were without merit, as they sought to challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, were in line with ministerial instruction letters. The Company engaged in discussions with the Customs Authority and Ministry of Finance to resolve the customs claims. As a result of these discussions, all of the customs claims have now been resolved with the exception of one immaterial claim for which a provision has already been made. (2) Kibali cash and cash equivalents are subject to various steps before they can be distributed to joint venture shareholders. Cash balances were reduced in 2022 due to repatriations in the form of dividends and repayment of shareholder loans. (3) Includes amounts relating to additional costs and contributions at acquisition as well as non-controlling interests related to SOKIMO. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. Accounting policies A joint venture is an entity in which the Group holds a long-term interest and which the Group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. In a joint venture the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. An associate is an investment over which the Group exercises significant influence, but not control or joint control, over the financial and operating policies and normally owns between 20% and 50% of the voting equity. Joint ventures and Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Any losses of equity- accounted investments are accounted for in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such investees. The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment / impairment reversals recognised, the share of post- acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment / impairment reversal has occurred; it is recognised in the period in which the impairment arose. If necessary, impairment and impairment reversals on loans and equity are reported under share of joint ventures and associates profit and loss. In the statement of cash flows, dividends received from joint ventures are included in operating activities as the Group has joint control over the strategic, financial and operating policy decisions. Dividends received from associates are included in investing activities as the Group only exercises significant influence over the financial and operating policies. |
INVESTMENTS IN ASSOCIATES AND J
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended |
Dec. 31, 2023 | |
Interests In Other Entities [Abstract] | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | PRINCIPAL OPERATING SUBSIDIARIES AND JOINT OPERATIONS AngloGold Ashanti plc is the ultimate parent of the Group. Its wholly-owned subsidiary, AngloGold Ashanti Holdings plc, a company incorporated in the Isle of Man, primarily holds all of the Group’s interests in companies incorporated outside of South Africa. The following table presents each of the Group’s principal operating subsidiaries and joint operations (including direct and indirect holdings), the percentage of shares of each subsidiary and joint operation owned and the country of incorporation at 31 December 2023. There are no significant restrictions on the ability of the Group’s subsidiaries or joint operations to transfer funds to AngloGold Ashanti plc in the form of cash dividends or repayment of loans or advances. Percentage held For the year ended 31 December Country of incorporation Holding 2023 2022 2021 Principal operating subsidiaries AngloGold Ashanti Australia Limited (1) Australia Indirect 100 100 100 AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti Limited) South Africa Direct 100 AngloGold Ashanti Holdings plc Isle of Man Direct 100 100 100 AngloGold Ashanti USA Incorporated United States of America Indirect 100 100 100 AngloGold Ashanti Córrego do Sítio Mineração S.A. Brazil Indirect 100 100 100 AngloGold Ashanti (Ghana) Limited (2) Ghana Indirect 100 100 100 AngloGold Ashanti (Iduapriem) Limited Ghana Indirect 100 100 100 Cerro Vanguardia S.A. Argentina Indirect 92.50 92.50 92.50 Geita Gold Mining Limited Tanzania Indirect 100 100 100 Mineração Serra Grande S.A. Brazil Indirect 100 100 100 Société AngloGold Ashanti de Guinée S.A. Republic of Guinea Indirect 85 85 85 Unincorporated joint operation Tropicana joint operation Australia Indirect 70 70 70 (1) Owner of the Sunrise Dam operation and the Tropicana joint operation in Australia. (2) Operates the Obuasi mine in Ghana. Non-controlling interests The Group has subsidiaries with non-controlling interests, however none of them were material to the statement of financial position. Accounting policies Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The functional currency of the parent company is United States Dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency using closing rates of exchange at the reporting date for assets and liabilities, average rates of exchange for the year for income and expense items and historical rates of exchange for equity items. All resulting exchange differences are recognised in other comprehensive income and presented as a separate component of equity (foreign currency translation reserve, or FCTR). Exchange differences arising from the translation of the net investment in foreign operations are accounted for as other comprehensive income on consolidation. On realisation of net investments in foreign operations, the resulting FCTR is recycled to the income statement. On disposal of non-foreign operations, where the parent’s functional currency, is the same as the subsidiary’s, associate’s, joint venture’s or branch’s functional currency, no reclassification of FCTR is required. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES US Dollars Figures in millions 2023 2022 2021 Restated (3) Restated (3) Carrying value Investments in associates 38 37 45 Investments in joint ventures (1) (2) 561 1,054 1,598 599 1,091 1,643 (1) During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short- term joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m . The short-term portion was based on the Kibali Goldmines S.A. future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum and is repayable on demand. (2) Cash dividends received from joint ventures of $180m (2022: $694m ; 2021: $231m ). (3) Comparative periods have been retrospectively restated. Refer to note 1.3. Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be material. Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2023 2022 2021 Restated (2) Restated (2) Aggregate statement of profit or loss for associates (attributable) Revenue 39 31 36 Operating (expenses) income (18) (16) (13) Taxation (5) (3) (2) Profit (loss) for the year (1) 16 12 21 Total comprehensive profit (loss) for the year, net of tax 16 12 21 (1) Includes share of non-controlling interest. (2) Comparative periods have been retrospectively restated. Refer to note 1.3. Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2023 2022 2021 Kibali Goldmines S.A. (1) 45.0 45.0 45.0 Exploration and mine development The Democratic Republic of the Congo (1) AngloGold Ashanti plc has a 50% interest in Kibali (Jersey) Limited which holds its effective 45% interest in Kibali Goldmines S.A. US Dollars Figures in millions 2023 2022 2021 Restated (1) Restated (1) Carrying value of joint ventures Kibali Goldmines S.A. 561 1,054 1,598 (Impairment) reversal of investment in joint venture Société d’Exploitation des Mines d’Or de Yatela (1) (1) — The cumulative unrecognised share of losses of the joint ventures: Société d’Exploitation des Mines d’Or de Yatela 2 2 2 (1) Comparative periods have been retrospectively restated. Refer to note 1.3. Summarised financial information of the Kibali joint venture is as follows (not attributable) (1) : US Dollars Figures in millions 2023 2022 2021 Restated (4) Restated (4) Statement of profit or loss Revenue 1,488 1,329 1,470 Other operating costs and expenses (682) (588) (551) Amortisation of tangible and intangible assets (214) (208) (244) Finance costs, unwinding of obligations and cash repatriation fee (19) (50) (6) Interest received 4 5 6 Share of profits of equity accounted joint venture 1 — — Taxation (185) (156) (181) Profit for the year 393 332 494 Total comprehensive income for the year, net of tax 393 332 494 Dividends received from joint venture (attributable) 180 694 231 Statement of financial position Non-current assets 2,485 2,420 2,361 Current assets 215 201 162 Cash and cash equivalents (2) 123 92 1,115 Total assets 2,823 2,713 3,638 Non-current financial liabilities 770 51 44 Other non-current liabilities 409 320 226 Current financial liabilities 308 56 14 Other current liabilities 144 105 107 Total liabilities 1,631 532 391 Net assets 1,192 2,181 3,247 Group’s share of net assets 596 1,091 1,624 Other (3) (35) (37) (26) Carrying amount of interest in joint venture 561 1,054 1,598 (1) At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises (“Customs Authority”) concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claimed that the exemption available to Kibali Goldmines S.A., which was granted in relation to the original mining lease, no longer applied. Finally, the Customs Authority claimed that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest , totalled $ 339 m (AngloGold Ashanti attributable share: $ 153 m). The Company has examined the Customs Authority claims and, except for certain immaterial items for which a provision has already been made, concluded that they were without merit, as they sought to challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, were in line with ministerial instruction letters. The Company engaged in discussions with the Customs Authority and Ministry of Finance to resolve the customs claims. As a result of these discussions, all of the customs claims have now been resolved with the exception of one immaterial claim for which a provision has already been made. (2) Kibali cash and cash equivalents are subject to various steps before they can be distributed to joint venture shareholders. Cash balances were reduced in 2022 due to repatriations in the form of dividends and repayment of shareholder loans. (3) Includes amounts relating to additional costs and contributions at acquisition as well as non-controlling interests related to SOKIMO. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. Accounting policies A joint venture is an entity in which the Group holds a long-term interest and which the Group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. In a joint venture the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. An associate is an investment over which the Group exercises significant influence, but not control or joint control, over the financial and operating policies and normally owns between 20% and 50% of the voting equity. Joint ventures and Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Any losses of equity- accounted investments are accounted for in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such investees. The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment / impairment reversals recognised, the share of post- acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment / impairment reversal has occurred; it is recognised in the period in which the impairment arose. If necessary, impairment and impairment reversals on loans and equity are reported under share of joint ventures and associates profit and loss. In the statement of cash flows, dividends received from joint ventures are included in operating activities as the Group has joint control over the strategic, financial and operating policy decisions. Dividends received from associates are included in investing activities as the Group only exercises significant influence over the financial and operating policies. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of inventories [Abstract] | |
INVENTORIES | INVENTORIES US Dollars Figures in millions 2023 2022 2021 Raw materials - ore stockpiles 238 225 217 - heap-leach inventory 14 10 6 Work in progress - metals in process 51 66 49 - gold concentrate in process 1 — — Finished goods - gold doré/bullion 64 51 29 - by-products — 2 1 - gold concentrate 5 — — Total metal inventories 373 354 302 Mine operating supplies 456 419 401 829 773 703 (1) The amount of the write down of ore stockpiles, heap-leach inventory, work in process, finished goods and mine operating supplies to net realisable value, and recognised as an expense in cost of sales is $6m ( 2022 : $12m ; 2021 : $13m ). Significant accounting judgements and estimates Stockpiles and metals in process Costs that are incurred in or benefit the production process are accumulated in stockpiles and metals in process values. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on prevailing and long-term metals prices, less estimated costs to complete production and bring the product to sale. Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile ore tonnages are verified by periodic surveys. Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realisable value are accounted for on a prospective basis. Accounting policies Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and obsolete items. Cost is determined on the following bases: • metals in process are valued at the average total production cost at the relevant stage of production; • gold doré/bullion is valued on an average total production cost method; • ore stockpiles are valued at the average moving cost of mining and stockpiling the ore. Stockpiles are classified as a non-current asset where the stockpile exceeds current processing capacity; • by-products, which include silver and sulphuric acid, are valued using an average total production cost method; • mine operating supplies are valued at average cost; and • heap leach pad materials are measured on an average total production cost basis. A portion of the related depreciation, depletion and amortisation charge is included in the cost of inventory. Inventory write downs are included in cost of sales. |
TRADE, OTHER RECEIVABLES AND OT
TRADE, OTHER RECEIVABLES AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
TRADE, OTHER RECEIVABLES AND OTHER ASSETS | TRADE, OTHER RECEIVABLES AND OTHER ASSETS US Dollars Figures in millions 2023 2022 2021 Restated (2) Non-current Deferred compensation assets (financial assets) 42 12 25 Prepayments 14 19 14 Recoverable tax, rebates, levies and duties (1) 198 200 198 254 231 237 Current Trade receivables (financial assets) 25 20 50 Deferred compensation asset (financial assets) 6 — — Prepayments 41 58 41 Recoverable tax, rebates, levies and duties (1) 119 148 152 Other receivables (financial assets) 8 11 14 199 237 257 Total trade, other receivables and other assets 453 468 494 There is a concentration of risk in respect of amounts due from Revenue Authorities for recoverable tax, rebates, levies and duties from subsidiaries in the Africa Region segment. These values are summarised as follows: Recoverable value added tax 229 231 209 Appeal deposits 51 43 43 (1) Includes taxation asset, refer to note 27 . (2) Comparative periods have been retrospectively restated. Refer to note 1.3. 18 TRADE, OTHER RECEIVABLES AND OTHER ASSETS (continued) Geita Gold Mine Geita Gold Mining Limited (GGM) in Tanzania net indirect tax receivables balance was $153m ( 2022 : $153m ; 2021 : $139m ). Claims relating to periods from July 2022 totalling $73m were offset against provisional tax payments in 2023. Offset against provisional corporate tax payments amounted to $45m in 2022 and $54m in 2021, respectively. Amounts offset against VAT claims have been certified by an external advisor and verified by the Tanzania Revenue Authority (TRA). The remaining disputed balance relating to the period July 2017 to June 2020 was objected to as GGM believe that the claims have been correctly lodged pursuant to Tanzanian law. An amendment, effective 20 July 2017, to Tanzania's mining legislation included an amendment to the Value Added Tax Act, 2014 (No. 5) (2015 VAT Act) to the effect that no input tax credit can be claimed for the exportation of “raw minerals”. The Written Laws (Miscellaneous Amendments) (No. 2) Act, 2019, issued during 2019, provides a definition for "raw minerals". However, GGM has received notices from the TRA that they are not eligible for VAT relief from July 2017 onwards on the basis that all production constitutes “raw minerals” for this purpose. The basis for dispute of the disqualifications is on the interpretation of the legislation. Management's view is the definition of "raw minerals" provided in the Written Laws (Miscellaneous Amendments) (No. 2) Act, 2019 excludes gold doré. Gold bearing ore is mined from the open pit and underground mining operations, where it is further crushed and milled to maximise the gold recovery process, producing gold doré exceeding 80% purity as well as beneficiated products (concentrate). On this basis the mined doré and concentrate do not constitute “raw minerals” and accordingly the VAT claims are valid. Management have obtained legal opinions that support management's view that doré does not constitute a “raw mineral”. The Finance Act, 2020 (No. 8) became effective on 1 July 2020. The Finance Act amended the VAT Act by deleting the disqualification of VAT refunds due to the exportation of “raw minerals”. The deletion is intended to ensure the recovery of VAT refunds from July 2020, although the amendment cannot be applied retrospectively, the change in the VAT Act, together with the Written Laws (Miscellaneous Amendments) (No.2) Act 2019, confirms that doré bars are not “raw minerals” and that VAT refunds from July 2017 onwards are due to GGM. On 30 January 2021, management received a proposal from the TRA to settle VAT objections filed between 2017 and 2020, confirming the TRA's position to disqualify all VAT refunds requested by GGM for the period from July 2017 to June 2020. Management is not in agreement with the proposal and are pursuing legal remedies provided to taxpayers by Tanzanian law, as well as working with the TRA towards an agreement to resolve these matters. The total VAT claims submitted from July 2017 to June 2020 amount to $144m (net of foreign exchange revaluations). All disqualifications received from the TRA have been objected to by GGM in accordance with the provisions and time frames set out in the Tax Administration Act, 2015 (No.10). Claims of $81m ( 2022 : $64m ; 2021 : $50m ) were submitted to the TRA and the total outstanding claims amount to $200m (after taking into account offsets and foreign exchange revaluations). The net indirect tax receivable at 31 December 2023 of $153m , reflects a probability weighted scenario model of the discounting effects applied to the timing of when GGM expects to offset its indirect tax claims against future income taxes of GGM. Cerro Vanguardia (CVSA) On 4 September 2018, a decree was published by the Argentinean Government, which reintroduced export duties for products exported from Argentina. The export duty rate was 12% on the freight on board (FOB) value of goods exported, including gold, paid in country. The duty was limited so as not to exceed ARS $4 for each US dollar exported. On 14 December 2019, the Government of Argentina announced that the cap of ARS $4 for each US dollar exported, would be replaced by a flat rate of 12% for 2020. On 2 October 2020, the Government of Argentina extended the export duties until 31 December 2021, at a rate of 8% for gold bullion. On 31 December 2021, the Government of Argentina extended the export duties until 31 December 2023, at a rate of 8% for gold bullion. The extension of the rate of 8% post 31 December 2023 is pending before Congress. In terms of the Stability Agreement between CVSA and the Government of Argentina, CVSA has a right of refund or offset of these amounts paid since export duties were zero percent at the time of the establishment of the Stability Agreement. The Stability Agreement also provides for the refund of any amounts paid in excess of the tax rate ( 30% ) that applied at the time the Stability Agreement was entered into. Export duty refunds for the years 2018 to 2023 are outstanding as at 31 December 2023 and their fair value has been estimated using a probability weighted scenario model considering various recovery time frames, estimated Argentinean peso to USD exchange rates and discounting using a country risk adjusted rate. As a result of the taxation cap, net export duty receivables amount to $4m ( 2022 : $9m ; 2021 : $19m ), and reflects the discounting effects applied to when CVSA expects refund of these receivables. Significant accounting judgements and estimates Recoverable tax, rebates, levies and duties In a number of countries, particularly in Tanzania and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. The Group uses probability weighted discounting models together with the expected timing of recovery of these refunds to estimate their fair values and related discounting effects which are updated at each reporting period. Timing of the recoverability and the resultant probabilities is updated based on several factors including ongoing correspondence and meetings with the relevant authorities and available income taxes for off-sets, if applicable. Where the recovery of the indirect tax refunds is tied to off-set arrangements against income taxes, the modeled scenarios incorporate judgements around the applicable mine’s business plan and availability of future income tax off-sets. The Group consults tax and legal specialists to determine the current basis of applicable laws and regulations in the associated jurisdictions which are highly complex and subject to interpretation. Future changes to such laws and regulations or the interpretation thereof could have a material impact on the carrying value of these assets, results of operations and cash flows. In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Tanzania, Brazil and Argentina. If the outstanding input taxes are not received and these disputes are not resolved in a manner favourable to AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets and AngloGold Ashanti’s results of operations. |
CASH RESTRICTED FOR USE
CASH RESTRICTED FOR USE | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Additional Information [Abstract] | |
CASH RESTRICTED FOR USE | CASH RESTRICTED FOR USE US Dollars Figures in millions 2023 2022 2021 Non-current Cash restricted for environmental and rehabilitation obligations (1) 34 33 32 Current Cash restricted by prudential solvency requirements (2) 23 18 18 Cash balances held by joint operations (3) 11 9 8 34 27 26 Total cash restricted for use (note 31 ) 68 60 58 (1) Reclamation bonds provided to the Environmental Protection Agency in Ghana for environmental and rehabilitation obligations. (2) Cash held by the Group's captive insurance company to maintain the solvency capital requirement. (3) Cash held by joint operations for use within those entities only. Accounting policies Cash restricted for use comprises cash and cash equivalents including amounts held in escrow, trust, separate bank accounts and cash held by joint operations which are not available for general use by the Group. Cash restricted for use for more than 12 months after year-end is classified as a non-current financial asset. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS US Dollars Figures in millions 2023 2022 2021 Cash and cash equivalents (1) 964 1,108 1,154 Bank overdraft (9) (2) — Per the statement of cash flows 955 1,106 1,154 (1) Cash and cash equivalents include cash and deposits on call of $964m (2022: $870m ; 2021: $712m ) and money market instruments of nil (2022: $238m ; 2021: $442m ). Money market instruments were readily available for use by the Group. Accounting policies Cash and cash equivalents comprise cash on hand, deposits on call and other short-term highly liquid investments with a maturity period of three months or less at date of purchase. Cash and cash equivalents are stated at carrying amount which fairly approximates its fair value. For the purposes of the statement of cash flows, cash and cash equivalents is net of bank overdrafts as it forms an integral part of the Group’s cash management. |
SHARE CAPITAL AND PREMIUM
SHARE CAPITAL AND PREMIUM | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
SHARE CAPITAL AND PREMIUM | SHARE CAPITAL AND PREMIUM Number of shares 2023 2022 2021 Restated (1) Restated (1) Issued and fully paid ordinary shares Ordinary shares issued at the beginning of the year — — — Issued in terms of the corporate restructuring at a nominal value of $1 419,685,792 — — Issued in terms of employee share awards 44,064 — — Ordinary shares issued at the end of the year 419,729,856 — — (1) Comparative periods have been retrospectively restated. Refer to note 1.3. Corporate restructuring See note 1.3.1. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of borrowing costs [Abstract] | |
BORROWINGS | BORROWINGS Figures in millions US Dollars 2023 2022 2021 Expiry date Currency Interest Rate Contract Amount Available facilities (2) Utilised facilities Utilised facilities Utilised facilities Unsecured Debt arrangements (1) Rated bonds November, 2028 US dollar 3.375% 750 — 750 750 750 Rated bonds October, 2030 US dollar 3.75% 700 — 700 700 700 Rated bonds April, 2040 US dollar 6.5% 300 — 300 300 300 Unamortised loan costs (23) (26) (29) Interest accrued 11 11 12 1,738 1,735 1,733 Banking facilities Multi-currency revolving credit facility June, 2022 US dollar, Australian dollar LIBOR+ 1.45% , BBSY+ 1.45% — — — — 31 Siguiri revolving credit facility August, 2022 US dollar LIBOR+ 8.5% — — — — 35 Geita revolving credit facility December, 2024 US dollar, Tanzanian shilling SOFR+credit adj+ 6.7% , Tanzanian Treasury Bill+ 5% 289 103 189 151 110 Siguiri revolving credit facility October, 2025 US dollar SOFR+ 8% 65 — 68 67 — Multi-currency revolving credit facility June, 2028 US dollar, Australian dollar SOFR+credit adj+ 1.45% , BBSY+ 1.45% 1,400 1,150 244 30 — Commercial banking facilities None Rand Linked to an overnight bank lending rate 8 8 — — — 501 248 176 Total borrowings 2,239 1,983 1,909 22 BORROWINGS continued US Dollars Figures in millions 2023 2022 2021 Total borrowings 2,239 1,983 1,909 Current portion of borrowings (207) (18) (51) Total non-current borrowings 2,032 1,965 1,858 Amounts falling due Within one year 207 18 51 Between one and two years 65 149 31 Between two and five years 985 102 110 After five years 982 1,714 1,717 2,239 1,983 1,909 Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) (3) A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,983 1,909 1,931 Proceeds from borrowings 343 266 822 Repayment of borrowings (87) (184) (820) Finance costs paid on borrowings (99) (89) (115) Deferred loan fees (2) (8) (4) Other borrowing fees — — (11) Interest charged to the income statement 108 97 106 Translation (7) (8) — Closing balance 2,239 1,983 1,909 Reconciliation of finance costs paid: A reconciliation of the finance cost paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 99 89 115 Capitalised finance cost — (2) (14) Commitment fees, utilisation fees and other borrowing costs 12 12 10 Total finance costs paid 111 99 111 (1) The rated bonds are fully and unconditionally guaranteed by AngloGold Ashanti plc. (2) Represents undrawn capital on borrowings facilities. (3) Refer to note 13 for changes in lease liabilities arising from financing activities. |
ENVIRONMENTAL REHABILITATION AN
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS | ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS Figure in millions Provision for decommissioning Provision for restoration Provision for silicosis Other provisions (2) Total Balance at 1 January 2023 162 416 35 64 677 Changes in estimates - recognised in profit or loss (1) — 48 (6) 28 70 Change in estimates - capitalised (1) 4 — — — 4 Reclassifications — — (2) 2 — Utilised during the year — (28) (11) (21) (60) Unwinding of provision 6 17 2 1 26 Translation 1 (1) (1) — (1) Balance at 31 December 2023 173 452 17 74 716 Current 1 46 1 32 80 Non-current 172 406 16 42 636 US Dollars Figures in millions 2023 Expected cash flows Within one year 80 Between one and two years 50 Between two and five years 212 After five years 374 716 Sensitivity analysis - Provision for decommissioning (3) A change in discount rates and cash flows have a significant impact on the amounts recognised in the statement of financial position. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (8) 10% change in cash flows 17 Effect of decrease in assumptions: 10% change in discount rate 8 10% change in cash flows (17) Sensitivity analysis - Provision for restoration (3) A change in discount rates and cash flows have a significant impact on the amounts recognised in the income statement. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (10) 10% change in cash flows 45 Effect of decrease in assumptions: 10% change in discount rate 10 10% change in cash flows (45) Sensitivity analysis - Provision for silicosis (3) Significant judgements are applied in estimating the costs required to settle any qualifying silicosis claims and are based on certain assumptions which includes the number of claimants, take-up rates and disease progression rates. A 10% change in these assumptions would have the following impact: Effect of increase in assumptions: 10% change in take-up rates 5 10% change in number of cases 5 10% change in disease progression rate 2 Effect of decrease in assumptions: 10% change in take-up rates (5) 10% change in number of cases (5) 10% change in disease progression rate (2) (1) The change in estimates relating to the provision for decommissioning and restoration is attributable to shifts in discount rates from global economic assumption changes, alterations in mine plans affecting cash flows, updates in design for closure of tailings storage facilities and in revised methodology following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life-of-mine. (2) Other provisions comprise claims filed by former employees in respect of loss of employment, work-related accident injuries and diseases, governmental fiscal claims relating to levies, surcharges and environmental legal disputes and an onerous provision in Yatela. These liabilities are expected to be settled over the next five -year period. (3) The sensitivity analysis is based on the change of a single assumption, keeping all other assumptions constant. This may not be the case in practice where changes in assumptions may result in correlated changes in other assumptions, and a change in the provision amount. Inflation and discount rates applied Significant judgement is applied in estimating the cost of rehabilitation that will be required in future to rehabilitate the Group’s mines, related surface infrastructure and tailings storage facilities. The final cost may significantly differ from current estimates. The following inflation and discount rates were used in the calculation of the decommissioning and restoration provisions: 2023 Group rates (excluding Australia) USD inflation rate (range) 2.1% - 2.6% USD discount rate (range) 3.9% - 4.6% Australia AUD inflation rate (range) 2.4% - 3.5% AUD discount rate (range) 3.6% - 3.7% Environmental obligations Pursuant to environmental regulations in the countries in which the Group operates, in connection with plans for the eventual end-of-life of its mines, the Group is 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, the Group may be required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed. In Australia, since 2014, AngloGold Ashanti has paid into a Mine Rehabilitation Fund an amount of AUD $13m (2022: AUD $11m ; 2021: AUD $10m ) for a current carrying value of the liability of AUD $115m . At Iduapriem, AngloGold Ashanti has provided a bond comprising a cash component of $ 12m (2022: $12m ; 2021: $11m ) with a further bond guarantee amounting to $41m (2022: $14m ; 2021: $39m ) issued by ABSA Bank Ghana Limited, Standard Chartered Bank Ghana Ltd, Ecobank Ghana Ltd, United Bank for Africa, FirstRand Bank Ghana Ltd and Stanbic Bank Ghana Ltd for a current carrying value of the liability of $45m (2022: $46m ; 2021: $54m ). At Obuasi, AngloGold Ashanti has provided a bond comprising a cash component of $22m (2022: $22m ; 2021: $21m ) with a further bank guarantee amounting to $ 30m (2022: $30m ; 2021: $30m ) issued by United Bank for Africa, Stanbic Bank Ghana Ltd and Standard Chartered Bank Ghana PLC for a current carrying value of the liability of $168m (2022: $171m ; 2021: $217m ). In some circumstances AngloGold Ashanti 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. Significant accounting judgements and estimates Provision for environmental obligations The Group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for decommissioning and restoration obligations in the period in which they are incurred and the costs can be reasonably estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. Future changes to environmental laws and regulations, technology, life-of-mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and could have a material impact on AngloGold Ashanti’s business, financial condition, results of operations and cash flows. Provision for silicosis The Group, together with other mining companies, were named in a class action suit for silicosis and tuberculosis which was certified by the Johannesburg High Court in May 2016. On 26 July 2019, the Johannesburg High Court approved the settlement of the silicosis and tuberculosis class action suit between the Occupational Lung Disease Gold Working Group (the Working Group) – representing AngloGold Ashanti, Gold Fields, African Rainbow Minerals, Anglo American SA, Harmony and Sibanye Stillwater – and lawyers representing affected mineworkers (settlement agreement). A jointly controlled Special Purpose Vehicle has been set up to act as an agent for the Working Group in relation to certain matters set out in the settlement agreement and trust deed. Claims will be accepted for a twelve -year period with an effective date of December 2019. The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A settlement trust, known as the Tshiamiso Trust, was established to carry out the terms of the Settlement Agreement. Significant judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure. The final costs may differ from current cost estimates. The provision is based on actuarial assumptions including: • silicosis prevalence rates; • estimated settlement per claimant; • benefit take-up rates; • disease progression rates; • timing of cashflows; and • discount rate. Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and final costs of settlement. |
PROVISION FOR PENSION AND POST-
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of employee benefits [Abstract] | |
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS | PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS US Dollars Figures in millions 2023 2022 2021 Defined benefit plans The retirement schemes consist of the following: Post-retirement medical scheme for AngloGold Ashanti's South African employees 59 66 71 Other defined benefit plans 5 5 6 64 71 77 Post-retirement medical scheme for AngloGold Ashanti's South African employees The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. The last valuation was performed as at 31 December 2023. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 66 71 77 Interest cost 6 6 6 Benefits paid (6) (7) (8) Actuarial loss (gain) (2) (1) 1 Translation (5) (3) (5) Balance at end of year 59 66 71 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 10.77 % 10.88 % 9.79 % Expected increase in health care costs 7.37 % 7.49 % 7.23 % Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: Effect on post-retirement benefit obligation – 1% point increase 4 4 5 Effect on post-retirement benefit obligation – 1% point decrease (3) (4) (4) During 2022 and 2023, the Company purchased annuities to partly meet its obligations to pay medical aid contributions. One remaining premium of $20m is payable on 1 August 2024. The annuities are payable monthly and cover 100% of the medical aid contributions payable to retired members. Figures in millions 2023 2022 Reimbursive right for post-retirement benefits Balance at the beginning of the year 12 — Premiums paid 21 26 Benefits paid (6) (3) Interest income 2 1 Actuarial gain (loss) 7 (12) Translation (1) — Balance at end of year 35 12 The fair value of the right of reimbursement has been determined as the present value of expected future annuity payments payable by the insurer in respect of continuation members, less the present value of the outstanding medical aid premium payment payable on 1 August 2024. The future annuity payments make appropriate allowance for future increases in line with CPI. The main input used in the valuation model are healthcare cost inflation of 6.2% , demographic assumptions and medical aid contribution increases of 7.5% . This is considered a level 3 fair value input. Cash flows Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid through the purchased annuities: 2024 8 2025 8 2026 8 2027 7 2028 7 Thereafter 26 Significant accounting judgements and estimates Post-retirement obligations The determination of the Group's obligation and expense for post-retirement liabilities, including the Group’s reimbursive asset relating to annuities purchased to fund the obligation, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, health care inflation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While AngloGold Ashanti believes that these assumptions are appropriate, significant changes in the assumptions may materially affect post-retirement obligations as well as future expenses, which may result in an impact on earnings in the periods that the changes in these assumptions occur. Accounting policies Post-employment benefit obligations Some Group companies provide post-retirement health care benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology on the same basis as that used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These obligations are valued annually by independent qualified actuaries. Some of these obligations are funded with a purchased insurance policy to which the Group contributes premiums to. As this insurance policy does not meet the definition of a qualifying insurance policy the Group recognises its right to reimbursement under the insurance policy as a separate asset measured at fair value, similar to a defined benefit plan asset. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These assets are valued annually by independent qualified actuaries. |
DEFERRED TAXATION
DEFERRED TAXATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of income tax [Abstract] | |
DEFERRED TAXATION | DEFERRED TAXATION US Dollars Figures in millions 2023 2022 2021 Restated (1) Restated (1) Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets (owned) 630 536 442 Right of use assets 45 52 53 Inventories 26 19 13 Other 25 14 22 726 621 530 Assets Provisions 207 187 141 Lease liabilities 50 57 56 Tax losses 110 91 23 Other 14 9 4 381 344 224 Net deferred taxation liability 345 277 306 Included in the statement of financial position as follows: Deferred tax assets 50 23 7 Deferred tax liabilities 395 300 313 Net deferred taxation liability 345 277 306 (1) The 2022 comparative period has been retrospectively restated. The restatement has resulted in an increase in taxable temporary differences on tangible assets of $106m and on other of $1m , and an increase in deductible temporary differences on provisions of $56m and on tax losses of $2m . Refer to note 1.3. Provision has been made for taxes that may result from future remittances of undistributed earnings of foreign subsidiaries or foreign corporate joint ventures and associates, where the Group is able to assert that the undistributed earnings are not permanently reinvested. In all other cases, the foreign subsidiaries reinvest the undistributed earnings into future capital expansion projects, maintenance capital and ongoing working capital funding requirements. Unrecognised taxable temporary differences pertaining to undistributed earnings totalled $1,334m ( 2022 : $1,393m ; 2021 : $1,800m ). If remitted, the undistributed earnings may be subject to withholding taxes between 0% - 10%. |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
TRADE AND OTHER PAYABLES | TRADE AND OTHER PAYABLES US Dollars Figures in millions 2023 2022 2021 Restated (3) (4) Restated (3) (4) Financial liabilities Trade payables 464 391 406 Accruals (1) 128 151 67 Derivative financial liabilities 15 6 — Non financial liabilities Employee related payables (1) 114 116 122 Other payables (2) 51 3 5 Total trade and other payables 772 667 600 Current trade and other payables are non-interest bearing and are normally settled within 60 days. (1) Employee related payables and short-term provisions, which were previously reported as part of accruals, are now being reported separately as these are considered non financial liabilities. Short-term provisions are presented separately on the statement of financial position. Comparative figures have been reclassified. (2) Includes landholder duties of $49m in respect of the corporate restructuring, which are expected to be settled in 2024. (3) Short-term provisions of $43m for 2022 and $47m for 2021 were previously reported as part of trade and other payables and are now reported as part of environmental rehabilitation and other provisions on the statement of financial position. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. . |
TAXATION_2
TAXATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of income tax [Abstract] | |
TAXATION | TAXATION US Dollars Figures in millions 2023 2022 2021 Balance at beginning of year 8 (10) 139 Refunds during the year 36 32 20 Payments during the year (116) (166) (336) Taxation of items included in the income statement 217 231 248 Offset of VAT and other taxes (87) (84) (87) Transfer of Siguiri tax asset to non-current trade, other receivables and other assets — 4 — Withholding tax transferred from trade and other payables — — 7 Discounting of tax receivable — — 1 Translation (12) 1 (2) Balance at end of year 46 8 (10) Included in the statement of financial position as follows: Taxation asset included in trade, other receivables and other assets (18) (37) (49) Taxation liability 64 45 39 46 8 (10) |
CASH GENERATED FROM OPERATIONS
CASH GENERATED FROM OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Statement of cash flows [abstract] | |
CASH GENERATED FROM OPERATIONS | CASH GENERATED FROM OPERATIONS US Dollars Figures in millions 2023 2022 2021 Restated (1) Restated (1) Profit (loss) before taxation 63 472 949 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 9 6 — Amortisation of tangible and right of use assets (note 4 ) 657 636 476 Amortisation of intangible assets (note 4 ) 1 1 3 Finance costs and unwinding of obligations (note 6 ) 157 149 116 Environmental, rehabilitation, silicosis and other provisions (75) (85) (20) Impairment and derecognition of assets 234 319 7 Profit on sale of assets (14) (8) (22) Other expenses (income) (non cash portion) 71 9 61 Interest income (127) (81) (58) Share of associates and joint ventures’ (profit) loss (207) (161) (245) Other non-cash movements 27 25 28 Other exchange losses 168 102 2 Movements in working capital (93) (140) 56 871 1,244 1,353 Movements in working capital: (Increase) decrease in inventories (58) (54) 58 Increase in trade, other receivables and other assets (117) (152) (46) Increase in trade, other payables and provisions 82 66 44 (93) (140) 56 (1) Comparative periods have been retrospectively restated. Refer to note 1.3. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
RELATED PARTIES | RELATED PARTIES US Dollars Figures in millions 2023 2022 2021 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Associate - Rand Refinery (Pty) Ltd — — 7 Purchases and services acquired from related parties Associate - Rand Refinery (Pty) Ltd 12 14 14 Outstanding balances arising from sale of goods and services due by related parties Associate - Rand Refinery (Pty) Ltd — — 7 Amounts owed to/due by related parties above are unsecured and non-interest bearing. Short-term loan advanced to related parties Joint venture - Kibali Goldmines S.A. 148 — — Long-term loan advanced to related parties Joint venture - Kibali Goldmines S.A. 358 — — K ey management remuneration Key management remuneration includes executive and non-executive directors as well as executive management that held office in the current year. US Dollar thousands 2023 2022 2021 Base salary Pension scheme benefits Other benefits (2) DSP awards Buy-out share awards on recruitment (3) Total (1) Total Total Executive directors 2,201 452 876 5,807 563 9,899 8,764 5,636 (1) Remuneration for executive directors has been disclosed for the full 2023 financial year - this includes both AngloGold Ashanti Limited prior to the completion of the corporate restructuring and AngloGold Ashanti plc after the completion of the corporate restructuring. (2) Other benefits include family health insurance, group life insurance, cash in lieu of dividends, social security and a relocation allowance. (3) Buy-out awards granted to executive directors are in respect of incentive arrangements that were forfeited from previous employer. US Dollar thousands 2023 2022 2021 Base salary Pension scheme benefits Other benefits (2) DSP awards Total (1) Total Total Executive management 3,435 508 1,729 6,357 12,029 14,314 14,289 (1) Remuneration for executive management has been disclosed for the full 2023 financial year - this includes both AngloGold Ashanti Limited prior to the completion of the corporate restructuring and AngloGold Ashanti plc after the completion of the corporate restructuring. (2) Other benefits include family health insurance, group life insurance, cash in lieu of dividends, social security and a relocation allowance. US Dollar thousands 2023 2022 2021 Director fees (1) Committee fees (2) Travel allowance Total Total Total Non-executive directors 1,454 640 174 2,268 2,151 2,151 (1) Includes the annual base fee paid to non-executive directors as well as fees paid for special Board meetings. (2) Includes the fee paid to the individual for their committee membership and committee chairperson role, where applicable, as well as fees paid for special committee meetings. The table includes fees paid by AngloGold Ashanti Limited prior to the completion of the corporate restructuring on 25 September 2023 and payments made by AngloGold Ashanti plc after this date. |
CONTRACTUAL COMMITMENTS AND CON
CONTRACTUAL COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
CONTRACTUAL COMMITMENTS AND CONTINGENCIES | CONTRACTUAL COMMITMENTS AND CONTINGENCIES US Dollars Figures in millions 2023 2022 2021 Capital commitments Acquisition of tangible assets Contracted for 141 178 146 Not contracted for 392 259 547 Authorised by the directors 533 437 693 Allocated to: Non-sustaining capital - within one year 240 155 337 - thereafter 74 39 64 314 194 401 Sustaining capital - within one year 205 243 292 - thereafter 14 — — 219 243 292 Share of underlying capital commitments of joint ventures included above — — 4 Purchase obligations Contracted for - within one year 428 436 423 - thereafter 271 575 624 699 1,011 1,047 Purchase obligations Purchase obligations represent contractual obligations for the purchase of mining contract services, power, supplies, consumables, inventories, explosives and activated carbon. In June 2023, AngloGold Ashanti Australia Limited signed a 10 -year power purchase agreement with Pacific Energy Pty Ltd for the procurement of 48MW of renewable energy from a hybrid wind and solar plant, aimed at the decarbonisation of the Tropicana mine in Western Australia. The project is due for completion in early 2025. The expected cash flows over the 10 years commencing in 2025 is $192m (not included in the purchase obligations disclosed above). To service these capital commitments, purchase obligations and other operational requirements, the Group is dependent on existing cash resources, cash generated from operations and borrowings (in the form of bonds and credit facilities). As part of the management of liquidity, funding and interest rate risk, the Group regularly evaluates market conditions and may enter into transactions, from time to time, to repurchase outstanding debt, pursuant to open market purchases, privately negotiated transactions, tender offers or other means. 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 relevant Board approvals. 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. Litigation claims On 27 March 2023, Altius Royalty Corporation (Altius) initiated arbitration proceedings in Vancouver, B.C., Canada against AngloGold Ashanti North America Inc. (AGANA) regarding the geographic scope of a 1.5 percent net smelter returns royalty. Altius asserts the royalty should be broadly interpreted to cover nearly all claims controlled by AGANA in the Beatty, Nevada mining district, including claims related to the Expanded Silicon project as well as claims acquired in 2022 as part of the Corvus Gold Inc. and Coeur Sterling, Inc. acquisitions. AGANA intends to vigorously defend against Altius’ claims. The arbitration hearing was held in April 2024. The arbitration panel is expected to render a decision on this matter in due course. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGANA’s obligation in this matter. Tax claims For a discussion on tax claims and tax uncertainties refer to note 9 . Significant accounting judgements and estimates When a loss is considered probable and can be reliably estimated, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided. In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a disruptive effect on the normal functioning of the Group and/or whether the contingency could impact investment decisions. Such qualitative matters considered are reputational risks, regulatory compliance issues and reasonable investor considerations. As a global company, the Group is exposed to numerous legal risks. The outcome of currently pending and future proceedings cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the Group may be forced to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial position, results of operations or cash flows of the Group could be materially affected by the unfavourable outcome of litigation. |
FINANCIAL RISK MANAGEMENT ACTIV
FINANCIAL RISK MANAGEMENT ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL RISK MANAGEMENT ACTIVITIES | FINANCIAL RISK MANAGEMENT ACTIVITIES The Group’s financial assets and liabilities are classified as set out below: Figures in millions - US Dollars At fair value through profit or loss At fair value through other comprehensive income At amortised cost 2023 Financial assets Other investments 1 — — Trade, other receivables and other assets 48 — 33 Loan receivable — — 506 Restricted cash — — 68 Cash and cash equivalents — — 964 Financial liabilities Borrowings — — 2,239 Lease liabilities — — 171 Trade payables and accruals — — 592 Derivative financial liabilities 15 — — Bank overdraft — — 9 2022 Financial assets Other investments 1 2 — Trade, other receivables and other assets 12 — 31 Restricted cash — — 60 Cash and cash equivalents — — 1,108 Financial liabilities Borrowings — — 1,983 Lease liabilities — — 186 Trade payables and accruals — — 542 Derivative financial liabilities 6 — — Bank overdraft — — 2 2021 Financial assets Other investments 1 116 — Trade, other receivables and other assets 25 — 64 Restricted cash — — 58 Cash and cash equivalents — — 1,154 Financial liabilities Borrowings — — 1,909 Lease liabilities — — 185 Trade payables and accruals — — 473 In the normal course of its operations, the Group is exposed to gold price and other commodity price risk, foreign exchange risk, interest rate risk, liquidity risk and credit risk. In order to manage these risks, the Group may enter into transactions which make use of derivatives. The Group does not acquire, hold or issue derivatives for speculative purposes. The Group has developed a comprehensive risk management process to facilitate, control and monitor these risks. The Board has approved and monitors this risk management process, inclusive of documented treasury policies, counterparty limits and controlling and reporting structures. Managing risk in the Group Risk management activities within the Group are the ultimate responsibility of the board of directors. The Chief Financial Officer is responsible to the board of directors for the design, implementation and monitoring of the risk management plan. The Audit and Risk Committee is responsible for overseeing risk management plans and systems, as well as financial risks which include a review of treasury activities and the Group’s counterparties. The financial risk management objectives of the Group are defined as follows: • safeguarding the Group’s core earnings stream from its major assets through the effective control and management of gold price risk, other commodity risk, foreign exchange risk and interest rate risk; • effective and efficient usage of credit facilities in both the short and long-term through the adoption of reliable liquidity management planning and procedures; • ensuring that investment and hedging transactions are undertaken with creditworthy counterparties; and • ensuring that all contracts and agreements related to risk management activities are co-ordinated, consistent throughout the Group and that they comply with all relevant regulatory and statutory requirements. Capital management The primary objective of managing the Group's capital is to ensure that there is sufficient capital available to support the funding requirements of the Group, including capital expenditure, in a way that optimises the cost of capital, maximises shareholders' returns and ensures that the Group remains in a sound financial position. The capital structure of the Group consists of net debt (borrowings as detailed in note 22 , offset by cash and bank balances detailed in note 20 ) and equity of the Group (comprising share capital and premium and accumulated reserves and non- controlling interests). The Group manages and makes adjustments to the capital structure as opportunities arise in the market place, as and when borrowings mature, or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. The Group manages capital using various financial metrics including the ratio of Adjusted net debt to Adjusted EBITDA (leverage ratio). Both the calculation of Adjusted net debt and Adjusted EBITDA are based on the formula included in the Group’s Revolving Credit Facility (RCF) agreements. The leverage ratio of Adjusted net debt to Adjusted EBITDA should not exceed 3.5 times. The RCFs also make provision for the ability of the Group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain conditions, for one measurement period not exceeding six months, during the tenor of the RCFs. At 31 December 2023, the Group was in compliance with all of the financial maintenance covenants per its loan agreements. Market risk Commodity price risk Commodity price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold and Brent Crude oil. In order to manage gold price downside risk, the Group may enter into zero-cost collars for a portion of its production from time to time. During the first quarter of 2023, the Group entered into zero-cost collars for a total of approximately 136,000 ounces of gold for the period from February 2023 to December 2023, during the second quarter of 2023, the Group entered into zero-cost collars for a total of approximately 47,000 ounces of gold for the period from January 2024 to June 2024 and during the fourth quarter of 2023 the Group entered into zero-cost collars for a total of approximately 300,000 ounces of gold for the period from January 2024 to December 2024. In order to manage Brent Crude oil downside risk, the Group may enter into forward contracts for a portion of its oil consumption from time to time. During July 2022, the Group entered into forward contracts for a total of 999,000 barrels of Brent Crude oil for the period from January 2023 to December 2023 that would be cash settled on a monthly basis against the contract price. The average price achieved on the forward contracts was $89.20 per barrel of Brent Crude oil. There were no open contracts at the end of December 2023. The Group has not designated the instruments for hedge accounting. Figures in millions - US Dollars 2023 2022 Financial asset / (liability) Income statement gain / (loss) Financial asset / (liability) Income statement gain / (loss) Summary of derivatives Gold zero-cost collars (15) (13) — — Brent Crude oil forward contracts — (1) (6) (6) Foreign exchange risk The Group has transactional foreign exchange exposures, which arise from sales or purchases by an operating unit in currencies other than the unit's functional currency. The gold market is predominately priced in US dollars which exposes the Group to the risk of fluctuations in the Argentinean peso/US dollar, Australian dollar/US dollar and Tanzanian shilling/US dollar exchange rates. The table below shows the significant currency exposure which arises mainly on borrowings and cash denominated in a currency other than the functional currency of entities within the Group. The amounts have been presented in US dollar by converting the foreign currency amount at the closing rate at the reporting date. US Dollars Figures in millions 2023 2022 2021 Cash and cash equivalents Argentinean peso 89 116 129 South African rand 50 88 86 Australian dollar 47 33 52 Borrowings Australian dollar — 38 33 Tanzanian shilling 126 88 47 Sensitivity analysis The following table discloses the approximate foreign exchange risk sensitivities at 31 December (assuming all other variables remain constant). Management reasonably expects profit or loss to increase/(decrease) by the following sensitivities: US Dollar millions Figures in millions 2023 2022 (1) 2021 (1) Cash and cash equivalents Argentinean peso (ARS/$) Spot +10% (8) (6) (11) South African rand (ZAR/$) Spot +10% (5) (7) (7) Australian dollar (AUD/$) Spot +10% (4) (2) (4) Argentinean peso (ARS/$) Spot -10% 10 7 14 South Africa rand (ZAR/$) Spot -10% 6 9 9 Australian dollar (AUD/$) Spot -10% 5 2 4 Borrowings Tanzanian shilling (TZS/$) Spot +10% 11 9 5 Australian dollar (AUD/$) Spot +10% — 2 2 Tanzanian shilling (TZS/$) Spot -10% (14) (11) (6) Australian dollar (AUD/$) Spot -10% — (2) (2) (1) The sensitivity analysis for the comparative periods were calculated at Spot (+AR S 10 ) and Spot (-ARS 10 ) fo r Argentinean peso, Spot (+ZAR 1.5 ) and Spot (- ZAR 1.5 ) for South African rand, Spot (+AUD 0.1 ) and Spot (-AUD 0.1 ) for Australian dollar and Spot (+TZS 250 ) and Spot (-TZS 250 ) for Tanzanian shilling. Interest rate risk The Group's interest rate risk arises mainly from variable interest rate borrowings due to the volatility in the United States, Australian and Tanzanian interest rates. Interest rate risk arising from borrowings is offset by cash and cash equivalents and restricted cash held at variable rates. US Dollar millions Figures in millions 2023 2022 2021 Fixed rate instruments Borrowings 1,738 1,735 1,733 Variable rate instruments Restricted cash 68 60 58 Cash and cash equivalents 742 805 897 Borrowings 501 248 176 Joint venture loan receivable 506 — — Sensitivity analysis The following table shows the approximate interest rate sensitivities of financial assets and financial liabilities at 31 December (assuming that all other variables remain constant). Management reasonably expects profit or loss to increase/(decrease) by the following sensitivities: US Dollar millions Figures in millions 2023 2022 (1) 2021 (1) Joint venture loan receivable United States dollar (2) 1% increase 5 Cash and cash equivalents United States dollar 1% increase 5 5 3 Australian dollar 1% increase — 1 1 South African rand 1% increase — 1 1 Argentinean peso 1% increase 1 3 3 Borrowings United States dollar 1% increase (4) (1) (1) Australian dollar 1% increase — (1) (1) Tanzanian shilling 1% increase (1) (2) (1) (1) The sensitivity analysis for the comparative periods were calculated at 100 basis points increase for the United States dollar, 150 basis points increase for the Australian dollar, 150 basis points increase for South African rand and 250 basis points increase for the Argentinean peso. (2) Loan to Kibali (Jersey) Limited which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A. A decrease in interest rates would have the equal and opposite effect to the amounts disclosed above. Liquidity risk The Group manages liquidity risk by ensuring that it has sufficient committed borrowing and banking facilities after taking into consideration the actual and forecast cash flows, in order to meet the Group's short, medium and long-term funding and liquidity management requirements. In the ordinary course of business, the Group receives cash from the proceeds of its gold sales and is required to fund its working capital and capital expenditure requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market-related returns whilst minimising risks. The Group is able to actively source financing at competitive rates. The counterparties are financial and banking institutions and their credit ratings are regularly monitored. The Group has sufficient undrawn borrowing facilities available to fund its working capital and capital requirements (note 22 ). The contractual maturities of undiscounted financial liabilities, including interest payments, are as follows: Figures in millions - US Dollars Within one year Between one and two years Between two and five years After five years Total 2023 Derivative financial liabilities Gold zero-cost collar 15 — — — 15 Non-derivative financial liabilities Trade payables and accruals 592 — — — 592 Bank overdraft 9 — — — 9 Borrowings 312 160 1,255 1,277 3,004 Lease liabilities 75 65 18 29 187 1,003 225 1,273 1,306 3,807 2022 Derivative financial liabilities Oil forward contracts 6 — — — 6 Non-derivative financial liabilities Trade payables and accruals (Restated (1) ) 542 — — — 542 Bank overdraft 2 — — — 2 Borrowings 102 249 326 2,098 2,775 Lease liabilities 79 63 59 2 203 731 312 385 2,100 3,528 2021 Non-derivative financial liabilities Trade payables and accruals (Restated (1) ) 473 — — — 473 Borrowings 119 115 332 2,169 2,735 Lease liabilities 68 50 74 10 202 660 165 406 2,179 3,410 (1) Comparative periods have been retrospectively restated. Refer to note 26 . Credit risk Credit risk arises from the risk that a counterparty may default or not meet its obligations timeously. The Group minimises credit risk by ensuring that credit risk is spread over a number of counterparties. These counterparties are financial and banking institutions. Counterparty credit limits and exposures are reviewed by the Audit and Risk Committee. Where possible, management ensures that netting agreements are in place. No set-off is applied to the statement of financial position due to the different maturity profiles of assets and liabilities. Overview of the credit risk profile of financial institutions is as follows: US Dollars Figures in millions 2023 2022 2021 Cash and cash equivalents Low (AAA to A-) 82 % 81 % 74 % Medium (BBB to B-) 12 % 11 % 15 % High (CCC+ and below) 6 % 8 % 11 % Restricted cash Low (AAA to A-) 16 % 14 % 14 % Medium (BBB to B-) 84 % 86 % 86 % Trade receivables which are recognised on settlement mainly comprise banking institutions purchasing gold bullion and normal market settlement terms are two working days, therefore expected credit losses are not expected to be material. Trade and other receivables, that are past due but not impaired totalled $14m ( 2022 : $12m ; 2021 : $18m ). The Group does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparties. Fair value of financial instruments Fair value is determined using valuation techniques as outlined below, unless the instrument is traded in an active market. Where possible, inputs are based on quoted prices and other market determined variables. 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 table below represents financial instruments measured at fair value at the reporting date, or for which fair value is disclosed at 31 December. Figures in millions US Dollars Fair value Carrying value Fair value Carrying value Fair value Carrying value Valuation method Significant inputs Fair value hierarchy of inputs As at Dec As at Dec As at Dec As at Dec As at Dec As at Dec Financial instrument 2023 2022 2021 At fair value through profit and loss Deferred compensation asset - Mponeng (1) 26 26 12 12 25 25 Probability weighted discounted cash flow The production plan over the deferred compensation period and discount rates. Level 3 Deferred compensation asset – Gramalote (1) 22 22 — — — — Probability weighted discounted cash flow Stage gate payments over the deferred compensation period and discount rates. Level 3 Derivative financial liability - gold zero-cost collar contracts (2) 15 15 — — — — Black-Scholes-Merton option pricing model Forward and spot prices, the number of outstanding ounces of gold on open contracts, risk free rates and volatilities. Level 2 Derivative financial liability - Brent Crude oil forward contracts (2) — — 6 6 — — Black-Scholes-Merton option pricing model Forward and spot prices, the number of outstanding barrels of oil on open contracts, risk free rates and volatilities. Level 2 At fair value through other comprehensive income Listed equity investments — — 2 2 116 116 Level 1 At amortised cost Borrowings - Rated bonds 1,567 1,738 1,578 1,735 1,835 1,733 Level 1 Borrowings - Revolving Credit Facilities 501 501 248 248 176 176 Discounted cash flow Market related interest rates Level 3 (3) Joint venture loan receivable 506 506 — — — — Discounted cash flow Market related interest rates Level 3 (1) Included in the statement of financial position in current and non-current trade, other receivables and other assets. (2) Included in the statement of financial position in current trade and other payables. (3) The fair value hierarchy level has been revised to level 3. Reconciliation of the deferred compensation assets A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: US Dollar millions Figures in millions 2023 2022 2021 Opening balance 12 25 28 Unwinding of the deferred compensation asset 1 1 2 Changes in estimates - fair value adjustments (1) 14 (13) (3) Sale of Gramalote 22 Translation (1) (1) (2) Closing balance (2) 48 12 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. Significant accounting judgements and estimates Deferred compensation asset - Mponeng As at 31 December 2023, the deferred compensation asset ( $25m ) was valued using a discount rate of 8.4% (2022: 8.0% ) and production plans over the deferred compensation period as received from Harmony. The fair value calculated for the deferred compensation asset is level 3 in the fair value hierarchy due to the use of unobservable inputs. As at 31 December 2023, no portion of the deferred compensation related to Harmony developing below infrastructure has been included in the deferred compensation asset. A reasonable possible change in the number of ounces used in the weighted probability calculation would not have a material impact on the fair value of the deferred compensation asset. Deferred compensation asset - Gramalote As at 31 December 2023, the deferred compensation asset ( $23m ) was valued using a discount rate of 9.4% and future contingent considerations as per the purchase agreement. The assumptions used in the valuation included the timing and probability of contingent considerations. A reasonable possible change in the assumptions used in the weighted probability calculation would not have a material impact on the fair value of the deferred compensation asset. Accounting policies Financial instruments are initially recognised at fair value when the Group becomes a party to their contractual arrangements. Transaction costs directly attributable to the instrument’s acquisition or issue are included in the initial measurement of financial assets and financial liabilities, except financial instruments classified as at fair value through profit or loss (FVTPL), which are expensed. The subsequent measurement of financial instruments is dealt with below. Financial liabilities Financial liabilities are classified as measured at amortised cost using the effective interest rate method. Financial liabilities subsequently measured at amortised cost compromises of interest bearing borrowings, bank overdrafts and trade and other payables. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case a new financial liability based on the modified terms is recognised at fair value. Financial assets A financial asset is classified as measured at: • Amortised cost; • Fair value through other comprehensive income (FVTOCI) - equity instruments; or • FVTPL. Assets at amortised cost include trade, other receivables and other assets, cash restricted for use and cash and cash equivalents. Interest income from these financial assets is included in finance income using the effective interest rate method. The trade receivables from provisional gold concentrate sales are carried at fair value through profit or loss and are marked-to-market at the end of each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of revenue. On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset is included in profit or loss. Impairment losses are presented in the statement of profit or loss. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within foreign exchange and fair value adjustments in the period in which it arises. |
AUDITORS REMUNERATION
AUDITORS REMUNERATION | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
AUDITORS REMUNERATION | AUDITORS REMUNERATION The following table presents the aggregate fees for professional services and other services rendered to AngloGold Ashanti by (i) PricewaterhouseCoopers Inc. and PricewaterhouseCoopers LLP in 2023 and (ii) Ernst & Young Inc. in 2022 and 2021. Figures in millions 2023 2022 2021 US Dollars Audit fees (1) 8.10 6.45 5.87 Audit-related fees (2) 2.40 1.91 2.10 Tax fees (3) 0.10 0.22 0.03 All other fees (4) 0.10 0.02 0.01 Total 10.70 8.60 8.01 (1) The Audit fees consist of fees billed for the annual audit services engagement and other audit services, which are those services that only the external auditor reasonably can provide, and include the Company audit; statutory audits; attest services; and assistance with and review of documents filed with the SEC. (2) Audit-related fees consist of fees billed for assurance and related services. (3) Tax fees include fees billed for tax advice and tax compliance services. (4) All other fees include non-audit services such as advisory fees for the court-sanctioned capital reduction of AngloGold Ashanti plc and subscription fees for PwC’s digital platform on accounting and business insights. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend declaration - On 23 February 2024, the directors of AngloGold Ashanti announced the payment of a gross interim cash dividend per ordinary share of 19 US cents. |
Recovery of Erroneously Awarded
Recovery of Erroneously Awarded Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Restatement Determination Date:: 2024-02-21 | |
Erroneously Awarded Compensation Recovery | |
Restatement does not require Recovery | The Company conducted an analysis regarding whether recovery would be required in accordance with the Company’s Dodd-Frank compliant clawback policy and NYSE listing standards. This analysis was limited to the Company’s 2023 DSP since it was the only incentive-based compensation that is subject to recovery at this time. Of the five financial metrics that determined 2023 DSP payouts, the Company determined that two (total cash costs and production) were not affected by the restatement and a third (NCROE) would have resulted in a greater level of achievement under the 2023 DSP if based on the restated financial information. Of the remaining two metrics (relative TSR and all-in sustaining costs), the level of achievement had been below the threshold level, so there were no amounts earned in respect of those metrics that would potentially be subject to recovery. Therefore, the Company concluded that recovery of erroneously awarded compensation was not required as a result of the restatement described in “Item 18: Financial Statements—Note 1— Statement of Compliance—1.3 Restatements—1.3.2 Prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine and other restatements” . In addition, the adjustments described in “Item 18: Financial Statements—Note 1—Statement of Compliance—1.3 Restatements —1.3.1 Corporate restructuring” were merely to reflect the effects of the corporate restructuring and not due to the material noncompliance of the Company with any financial reporting requirement, and therefore did not require the recovery of compensation under the Company’s Dodd-Frank compliant clawback policy or NYSE listing standards. |
STATEMENT OF COMPLIANCE (Polici
STATEMENT OF COMPLIANCE (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant accounting policies [Abstract] | |
Statement of compliance | STATEMENT OF COMPLIANCE The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). |
Accounting standards, interpretations and amendments to published accounting standards | Accounting standards, interpretations and amendments to published accounting standards The following new accounting standard and amendments to published accounting standards which were effective for the first time from 1 January 2023, were adopted, and had no material impact on the Group: • Amendments to IAS 12 ‘Income Taxes’ relating to deferred tax assets and liabilities arising from a single transaction. • Amendments to IAS 12 ‘Income Taxes’ which provides companies with temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform. • IFRS 17 ‘Insurance Contracts’ which is a new standard for the recognition, measurement, presentation and disclosure of insurance contracts. |
Accounting standards, amendments and interpretations issued which are relevant to the Group, but not yet effective | Accounting standards, amendments and interpretations issued which are relevant to the Group, but not yet effective The amendments to accounting standards issued which are relevant to the Group, but not yet effective on 31 December 2023, include: • Amendments to IFRS 7 ‘Financial Instruments: Disclosure’ and IAS 7 ‘Statement of Cash Flows’ relating to Supplier Finance Arrangements The amendments address the presentation of liabilities and the associated cash flows arising out of supplier finance arrangements, as well as disclosures required for such arrangements. The disclosure requirements in the amendments enhance the current requirements and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. The effect of the amendments to the accounting standard is not expected to have a material impact on the Group’s results. • Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ relating to Lack of Exchangeability The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. The effect of the amendment to the accounting standard is not expected to have a material impact on the Group’s results. |
Reporting entity | REPORTING ENTITY On 12 May 2023, the Group announced the intention to implement a corporate restructuring to reorganise its operations under a new parent company, AngloGold Ashanti plc, incorporated in England and Wales, with a primary listing of its ordinary shares on the New York Stock Exchange (NYSE). The corporate restructuring was implemented through the issue of ordinary shares of AngloGold Ashanti plc in exchange for the existing ordinary shares of AngloGold Ashanti Limited. On 25 September 2023, the Group completed its corporate restructuring with the commencement of trading of the ordinary shares of AngloGold Ashanti plc on the NYSE, maintaining the ticker symbol AU. Trading in the AngloGold Ashanti Limited American Depositary Shares (ADSs) on the NYSE ceased at the close of market on 22 September 2023 and the AngloGold Ashanti Limited ADS programme was terminated with effect from 25 September 2023. AngloGold Ashanti remains committed to the Johannesburg Stock Exchange (JSE) and A2X Market (A2X) in South Africa and the Ghana Stock Exchange (GSE) in Ghana on which it has maintained secondary listings. The ordinary shares of AngloGold Ashanti plc were listed on the JSE and A2X on 20 September 2023, maintaining the ticker symbol ANG. The ordinary shares and Ghanaian Depositary Shares of AngloGold Ashanti plc were listed on the GSE, maintaining the ticker symbols AGA and AAD, respectively, on 26 September 2023. The AngloGold Ashanti Group is now headquartered in Denver, Colorado, USA and retains a substantial corporate office in Johannesburg. The Company’s registered office and principal executive office are located in the United Kingdom. The AngloGold Ashanti plc consolidated financial statements are a continuation of the previous AngloGold Ashanti Limited consolidated financial statements with the comparative information adjusted to reflect the legal share capital of AngloGold Ashanti plc. See note 1.3.1 for the accounting treatment of the corporate restructuring transaction. Corporate restructuring As described in note 1.1, the corporate restructuring transaction was completed on 25 September 2023. The acquisition of AngloGold Ashanti Limited by AngloGold Ashanti plc did not constitute a business combination as defined by IFRS 3 ‘Business Combinations’ and the predecessor accounting method was followed for the transaction using existing carrying values of assets and liabilities. This was because neither party to the transaction could be identified as the accounting acquirer and post the acquisition there was no change of economic substance or ownership in the Group. The shareholders of AngloGold Ashanti plc have the same commercial and economic interest as they had prior to the transaction and no new additional ordinary shares were issued as part of the transaction. The corporate restructuring transaction was implemented on a share-for-share basis with 419,685,792 AngloGold Ashanti plc ordinary shares issued at a nominal value of $1.00 each. Following the transaction, the consolidated financial statements of AngloGold Ashanti plc reflect that the transaction is in substance a continuation of the consolidated financial statements of AngloGold Ashanti Limited and the comparative information is presented as if the reorganisation had occurred at the beginning of the earliest period presented. In order to effect the reorganisation in the Group at the beginning of the earliest period presented, the share capital and share premium balances of AngloGold Ashanti Limited were represented to a reorganisation reserve. Post the corporate restructuring transaction, the reorganisation reserve was adjusted to reflect the issue of AngloGold Ashanti plc ordinary shares in exchange for AngloGold Ashanti Limited ordinary shares. Whilst the consolidated financial statements are a continuation of AngloGold Ashanti Limited, the share capital and share premium balances in the statement of changes in equity and statement of financial position for each of the financial years ended 31 December 2022 and 2021 have been represented to reflect the effect of the reorganisation. As a result of the corporate restructuring transaction, there were no changes to earnings per ordinary share (note 10) and dividends (note 11) for each of the financial years ended 31 December 2022 and 2021, as the earnings per ordinary share and dividends were based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity. The following disclosures have been impacted by the corporate restructuring transaction: • Segmental information (note 2): With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, the segment disclosures have been updated to reflect the country of domicile to be the United Kingdom. Comparative information has been restated. • Taxation (note 9): With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, the Group tax rate reconciliation for 31 December 2023 has been prepared using the UK corporate tax rate of 25% . The comparative information is presented using the South African corporate tax rate of 28% . Following the completion of the corporate restructuring transaction in September 2023, the Group’s parent company changed from being a South African domiciled parent company to a UK parent company. As the functional currency of the UK parent company has been assessed to be USD, exchange differences of ZAR entities included in the Group arising on consolidation post the effective date of the corporate restructuring transaction, will be re-cycled through the income statement on disposal. |
Basis of preparation | BASIS OF PREPARATION On 25 September 2023, the Group completed a corporate restructuring whereby its operations were reorganised under a new parent company, AngloGold Ashanti plc, which became the listed UK parent company of the Group and the successor issuer to AngloGold Ashanti Limited, the previous parent company. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention, except for the revaluation of certain assets and liabilities to fair value. The Group’s accounting policies are consistent in all material respects with those applied in the previous year, except for the impact of the corporate restructuring. The Group financial statements are presented in US dollars. All results are from continuing operations unless otherwise stated. The Group financial statements incorporate the financial statements of the Company, its subsidiaries and its interests in joint ventures and associates. The financial statements of all material subsidiaries, joint ventures and associates, are prepared for the same reporting period as the Company, using the same accounting policies. Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the Group owns more than 50% of the voting rights, unless the Group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity, the investment is accounted for as an associate, joint venture or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on which control ceases. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control. Intra-group transactions, balances and unrealised gains and losses on transactions between Group companies, including any resulting tax effects are eliminated. |
Going concern | Going concern The going concern assessment included the preparation of detailed cash flow forecasts for at least 12 months and updated life- of-mine plan models with longer term cash flow projections, which demonstrate that the Group will have sufficient cash, other liquid resources and undrawn credit facilities to enable it to meet its obligations as they fall due during the 12 months immediately following the date when the financial statements are authorised for issue. The Group’s base case going concern assessment is based upon management’s best estimate of gold and foreign exchange consensus prices, while simultaneously applying a risk adjustment factor to the estimated production which has been determined in line with approved life-of-mine plans and ongoing capital requirements. A further stress test has been prepared reflecting a reduction in the consensus gold price, prior to any mitigation strategies in order to assess whether financial maintenance covenants per the Group’s loan agreements are breached or financial liquidity headroom runs out. The result of this stress test demonstrated that the likelihood of a decrease in the gold price causing a risk of a financial liquidity shortfall or a breach in the financial maintenance covenants is remote. Having assessed the financial position and future plans of the Group, the Directors believe that it is appropriate to adopt the going concern basis of accounting in preparing the consolidated financial statements. |
Climate change considerations | Climate change considerations The Company’s 2020/2021 TCFD-aligned Climate Change Report outlines the Board-approved Climate Change Strategy which seeks to embed the management of physical and transition climate risks and opportunities into the Company’s strategic and operational planning processes, a process that was enabled through a refreshed company-wide climate change governance framework. That Report also summarised, at a high level, findings from physical climate risk assessments conducted at each of the operating assets, considering a business-as-usual climate scenario. The potential effect of global decarbonisation scenarios and other transition risks on the Company’s business strategy and planning assumptions, such as evolving host country climate policies, the cost of energy and other key mining inputs which may be affected by carbon pricing, is an area that continues to be monitored and assessed. AngloGold Ashanti does not mine or extract fossil fuels such as coal, natural gas or oil. AngloGold Ashanti does, however, emit greenhouse gases (GHGs) directly through the combustion of fuels and other energy products at its gold mining operations and indirectly through the consumption of electricity purchased from national grids that include fossil-based energy in their electricity production. The Company continues to execute on its 2021 Board-approved Climate Change Strategy, with a particular focus on developing and implementing energy decarbonisation projects in support of its objective of reducing Scope 1 and 2 GHG emissions by 30% by 2030 as compared to a 2021 baseline, as announced in 2022. This mid-term target is a key milestone en-route to the Company’s overall objective of net zero Scope 1 and 2 GHG emissions by 2050, in line with the ambitions of the Paris Agreement. In addition, the Company has committed to explore opportunities, where feasible, to address Scope 3 GHG emissions consistent with its commitment, as a member of the International Council on Mining and Metals (ICMM), to set Scope 3 GHG emissions reduction targets. In 2023, AngloGold Ashanti advanced its collective understanding of the various approaches to applying scenario analyses and began efforts to quantify certain climate-related risk on its business plans. Having laid the groundwork for this in 2023, work on developing the financial models will be progressed during 2024 and with a goal to inform its scenario analysis approach moving forward. Management has considered certain implications of climate change when preparing the consolidated financial statements. These considerations, integral to the Group’s strategy and operations, were factored in across various areas: • Estimates utilised in determining future cash flows in life-of-mine models feeding the impairment process: • Mine sites are designed with a significant margin of safety to endure extreme weather events, such as heavy rainfall, high winds, and temperature fluctuations. This engineering means that the structures and operational activities are more durable than what the average weather conditions would require, resulting in an increased level of resilience against the increasing severity and frequency of weather events predicted by climate change models. • Estimates used in determining the environmental rehabilitation provision: • Rehabilitation designs are progressively adapted to address identified risks, including changing expectations of seasonal weather patterns. • Rehabilitation plans and estimates include long-term monitoring and maintenance protocols, which also serve to address unforeseen effects that may arise from a changing climatic patterns. • Inclusion of a contingency allowance or risk factor, which may encompass climate change impacts on rehabilitation success. • Rehabilitation and decommissioning works scheduling and costing considerations factor in weather conditions to mitigate risks of schedule and cost overruns. • Determination of targets for the Group’s Deferred Share Plan. The significant impacts of climate-related strategic decisions are reflected in management’s assessments and estimates, particularly concerning future cash flow projections supporting the recoverable amounts of mining assets once the strategic decisions have been approved by the Board, and the implementation of these is likely. While climate change considerations did not significantly affect key accounting judgements and estimates in the current year, the focus on climate-related strategic decisions, like decarbonisation projects and alternative energy sources, could potentially have a substantial impact in future periods, when entered into and concluded |
Prior period error in the calculation of a deferred tax asset with respect to the Obuasi mine and other restatements | Prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine and other restatements In connection with the preparation of the Group’s consolidated financial statements as of and for the financial year ended 31 December 2023, the Group concluded that its previously issued audited consolidated financial statements as of and for the financial year ended 31 December 2022 contained an error in the calculation related to the reported amount of the net deferred tax asset with regard to the Obuasi mine. The group has determined that the error related to an incorrect interpretation of Ghanaian tax laws and regulations combined with the use of the incorrect underlying data in the deferred tax model for the Obuasi mine, both of which consequently contributed to the misapplication of the requirements of IFRS Accounting Standards, as issued by the IASB, specifically, IAS 12 ‘Income Taxes’. Additionally, the Group also corrected other errors which were not considered material to the previously issued financial statements for the periods ended 31 December 2022 and 2021. The Group evaluated the effect of these prior period errors and determined that it needed to restate its consolidated financial statements as of and for the financial year ended 31 December 2022 and would restate its consolidated financial statements as of and for the financial year ended 31 December 2021, in both cases in accordance with IFRS Accounting Standards. As part of assessing the impact of the prior period errors, the Group applied the requirements of IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ and the guidance in the SEC Staff Accounting Bulletin No. 99 ‘Materiality’. The aggregate restatement due to the error related to the reported amount of the net deferred tax asset with regard to the Obuasi mine resulted in a reduction in profit for the financial year ended 31 December 2022 by $49m . The restatement due to the other errors which were also corrected resulted in a reduction in profit for the financial year ended 31 December 2022 by $16m and a reduction in profit for the financial year ended 31 December 2021 by $8m . The restatements had no impact on the Group’s debt, the financial maintenance covenants in its credit facilities or its statement of cash flows. The other errors which were corrected related to the follo wing: a. Kibali - Equity-accounted losses adjustment recorded in 2021 ( $6m ) and 2022 ( $3m ); b. Geita - Foreign exchange adjustment on VAT receivable reclassified from 2022 to 2021 ( $2m ); c. Rand Refinery - Derivative fair value adjustment reclassified from 2022 to 2021 ( $2m ); d. Mineração Serra Grande - Impairment adjustment recorded in 2022 ( $9m ); e. Siguiri - Deferred stripping adjustment recorded in 2021 ( $2m ) and 2022 ( $4m ); f. Group - Reclassification of environmental rehabilitation provisions from non-current provisions to current provisions in 2021 ( $29m ) and 2022 ( $38m ); g. Group - Reclassification of lease liabilities from current liabilities to non-current liabilities in 2022 ( $13m ); and h. Group - Reclassification of short-term provisions from trade and other payables to environmental rehabilitation and other provisions in 2021 ( $47m ) and 2022 ( $43m ). The impact of the above restatements on each financial statement line item is presented below. In addition, in the financial risk management note (note 31 ), liquidity risk disclosures on trade and other payables were adjusted to exclude non-financial liabilities in 2021 ( $150m ) and 2022 ( $145m ). Voluntary change in cash flow presentation The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method in accordance with IAS 7 ‘Statement of Cash Flows’. The revised presentation enhances transparency of the Group’s selected presentation of cash flows from operating activities. This resulted in the removal of additional disclosures relating to ‘receipts from customers’ (2022: $4,517m ; 2021: $4,054m ) and ‘payments to suppliers and employees’ (2022: $3,273m ; 2021: $2,701m ) as previously included in the statement of cash flows. 1.3 RESTATEMENTS continued 2021 Figures in millions Ref As reported on 31 December 2021 1.3.1 Corporate restructuring 1.3.2 Other restatements As restated on 31 December 2021 US Dollars Income statement Cost of sales e (2,857) — (2) (2,859) Gross profit e 1,172 — (2) 1,170 Foreign exchange and fair value adjustments b (43) — (3) (46) Share of associates and joint ventures' profit a,c 249 — (4) 245 Profit before taxation a,b,c,e 958 — (9) 949 Taxation b (312) — 1 (311) Profit for the year a,b,c,e 646 — (8) 638 Attributable to: Equity shareholders a,b,c,e 622 — (8) 614 Basic earnings per ordinary share (US cents) 148 — (2) 146 Diluted earnings per ordinary share (US cents) 148 — (2) 146 Headline earnings a,b,c,e 612 — (8) 604 Basic headline earnings per ordinary share (US cents) 146 — (2) 144 Diluted headline earnings per ordinary share (US cents) 146 — (2) 144 Statement of comprehensive income Total comprehensive income for the year, net of tax a,b,c,e 541 — (8) 533 Statement of financial position Tangible assets e 3,493 — 14 3,507 Investments in associates and joint ventures a,c 1,647 — (4) 1,643 Non-current assets a,c,e 5,857 — 10 5,867 — Trade, other receivables and other assets b 260 — (3) 257 Current assets b 2,143 — (3) 2,140 — Environmental rehabilitation and other provisions f 729 — (29) 700 Non-current liabilities f 3,108 — (29) 3,079 — Trade and other payables h 647 — (47) 600 Environmental rehabilitation and other provisions f,h — — 76 76 Current liabilities f 798 — 29 827 Statement of changes in equity Share capital and premium 7,223 (7,223) — — Reorganisation reserve — 7,223 — 7,223 Accumulated losses a,b,c,e (1,904) — 5 (1,899) Shareholders' equity 4,042 — 5 4,047 Non-controlling interests e 52 — 2 54 Total equity a,b,c,e 4,094 — 7 4,101 1.3 RESTATEMENTS continued 2022 Figures in millions Ref As reported on 31 December 2022 1.3.1 Corporate restructuring 1.3.2 Obuasi deferred tax restatement 1.3.2 Other restatements As restated on 31 December 2022 US Dollars Income statement Cost of sales e (3,362) — — (4) (3,366) Gross profit e 1,133 — — (4) 1,129 Impairment, derecognition of assets and profit (loss) on disposal d (304) — — (11) (315) Foreign exchange and fair value adjustments b (128) — — 3 (125) Share of associates and joint ventures' profit a,c 166 — — (5) 161 Profit before taxation a,b,c,d.e 489 — — (17) 472 Taxation b,d (173) — (49) 1 (221) Profit for the year a,b,c,d,e 316 — (49) (16) 251 Attributable to: Equity shareholders a,b,c,d,e 297 — (49) (15) 233 Non-controlling interests e 19 — — (1) 18 Basic earnings per ordinary share (US cents) 71 — (12) (4) 55 Diluted earnings per ordinary share (US cents) 71 — (12) (4) 55 Headline earnings a,b,c,e 544 — (49) (6) 489 Basic headline earnings per ordinary share (US cents) 129 — (12) (1) 116 Diluted headline earnings per ordinary share (US cents) 129 — (12) (1) 116 Statement of comprehensive income Total comprehensive income for the year, net of tax a,b,c,d,e 242 — (49) (17) 176 Statement of financial position Tangible assets d,e 4,209 — — (1) 4,208 Investments in associates and joint ventures a,c 1,100 — — (9) 1,091 Deferred taxation 72 — (49) — 23 Non-current assets a,c,d,e 5,927 — (49) (10) 5,868 Lease liabilities g 102 — — 13 115 Environmental rehabilitation and other provisions f 634 — — (38) 596 Non-current liabilities f,g 3,079 — — (25) 3,054 Lease liabilities g 84 — — (13) 71 Trade and other payables h 710 — — (43) 667 Environmental rehabilitation and other provisions f,h — — — 81 81 Current liabilities f,g 859 — — 25 884 Statement of changes in equity Share capital and premium 7,239 (7,239) — — — Reorganisation reserve — 7,239 — — 7,239 Accumulated losses a,b,c,d,e (1,715) — (49) (10) (1,774) Foreign currency translation reserve c (1,440) — — (1) (1,441) Shareholders' equity a,b,c,d,e 4,100 — (49) (11) 4,040 Non-controlling interests e 34 — — 1 35 Total equity a,b,c,d,e 4,134 — (49) (10) 4,075 |
Revenue from product sales | Accounting policies Revenue from product sales comprises sales of: • refined gold and doré bars; • by-products including silver and sulphuric acid; and • gold concentrate. Revenue from spot market sales are recognised at a point in time when control of the goods passes to the customer and the performance obligations of transferring control have been met. Control of the goods passes to the customer on settlement date. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred. Sales of gold concentrate are recorded when control of ownership passes to the customer, net of refining and treatment charges. Control of ownership passes to the customer either at the warehouse, on the date of issuance of a holding certificate to the customer, or at the time of shipment, depending on the terms agreed with the customer. Sales prices are provisionally set on a specified future date after shipment, based on market prices. Revenue is recorded using forward market gold prices on the expected date that the final sales will be determined. Changes in the fair value as a result of changes in forward gold prices are classified as provisional price adjustments and included as a component of revenue. |
Employee benefits | Accounting policies Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises a liability and expense for termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after reporting date are discounted to present value. |
Share-based payments | Accounting policies The Group’s management awards certain employee bonuses in the form of equity-settled share-based payments on a discretionary basis. The fair value of the equity instruments granted is calculated at grant date. For transactions with employees, fair value is based on market prices of the equity instruments granted, if available, taking into account the terms and conditions upon which those equity instruments were granted. If market prices of the equity instruments granted are not available, the fair value of the equity instruments granted is estimated using an appropriate valuation model. Vesting conditions, other than market conditions, are not taken into account when estimating the fair value of shares or share options at measurement date. Over the vesting period, the fair value at measurement date is recognised as an employee benefit expense with a corresponding increase in other capital reserves based on the Group’s estimate of the number of instruments that will eventually vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. When options are exercised or share awards vest, the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. Where the terms of an equity settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of the modification. |
Significant accounting judgements and estimates | Significant accounting judgements and estimates The Group tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate, prepared in accordance with IAS 12 ‘Income Taxes’, applies the UK domestic corporate tax rate of 25% for the 2023 year. The Group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on detailed cash flow forecasts for at least 12 months and updated life-of-mine plan models with longer term cash flow projections from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flow projections and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future periods. Significant accounting judgements and estimates Amortisation The majority of mining assets are amortised using the units-of-production method (on an ounces basis) where the mine operating plan calls for production from a well-defined Proven and Probable Mineral Reserve. For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the estimated mine life based on Proven and Probable Mineral Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine as follows: • plant and machinery up to life-of-mine; • equipment and motor vehicles up to five years ; and • computer equipment up to three years . Assets are amortised to residual values. Residual values and useful lives are reviewed, and adjusted if appropriate, at the beginning of each financial year. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on Proven and Probable Mineral Reserve. This would generally arise from the following factors: • changes in Proven and Probable Mineral Reserve; • the grade of Mineral Reserve may vary significantly from time to time; • differences between actual commodity prices and commodity price assumptions; • unforeseen operational issues at mine sites; and • changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Changes in Proven and Probable Mineral Reserve could similarly impact the useful lives of assets amortised on the straight-line method, where those lives are limited to the life of the mine. Stripping costs The Group has a number of surface mining operations that are in the production phase for which production stripping costs are incurred. The benefits that accrue to the Group as a result of incurring production stripping costs include (a) ore that can be used to produce inventory and (b) improved access to a component of the ore body that will be mined in future periods. Components of the various ore bodies at the operations of the Group are determined based on the geological areas identified for each of the ore bodies and are reflected in the Mineral Reserve reporting of the Group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the Group uses the average stripping ratio measure as an indicator of the quantum of production stripping costs that should be capitalised. Once determined that any portion of the production stripping costs should be capitalised, the Group determines the amount of the production stripping costs that should be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be deferred. The average mine cost per tonne of the component is calculated as the total expected costs to be incurred to mine the relevant component of the ore body, divided by the number of tonnes expected to be mined from the component. The average mine cost per tonne of the component to which the stripping activity asset relates are recalculated annually in the light of additional knowledge and changes in estimates. Development expenditure Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions that may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. Impairment If there are impairment indicators, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used in impairment calculations, which are based on life-of-mine plans, are inherently uncertain and could materially change over time and impact the recoverable amount. Life-of-mine plans range from four years to 26 years . The cash flows are significantly affected by a number of factors including published Mineral Reserve, Mineral Resource, exploration potential and production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency exchange rates, estimates of costs to produce Mineral Reserve and future capital expenditure. The discount rate used is the weighted average cost of capital (WACC), which is derived from a pricing model. In determining the WACC for each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. The estimated future cash flows and discount rates are post-tax. Production start date The Group assesses the stage of each mine construction project to determine when a project moves into the production stage. The criteria used to assess the start date are determined by the unique nature of each mine construction project and include factors such as the complexity of a plant and its location. The Group considers various relevant criteria to assess when the construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria used in the assessment would include, but are not limited to the following: • the level of capital expenditure compared to the construction cost estimates; • completion of a reasonable period of testing of the constructed asset; • adequacy of stope face; • ability to produce metals in saleable form (within specifications); and • ability to sustain ongoing production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities, or ore reserve development. Mineral Reserve estimates The Group reports its Mineral Resource and Mineral Reserve in accordance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”). A Mineral Reserve estimate is an estimate of tonnage and grade or quality of Indicated and Measured Mineral Resource that can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. In order to estimate the Mineral Reserve, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of the Mineral Reserve requires the size, shape and depth of ore bodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. With the change in the economic assumptions used to estimate the Mineral Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Reserve may change from period to period. Changes in the reported Mineral Reserve may affect the Group’s financial results and financial position in a number of ways, including the following: • asset carrying values may be affected due to changes in estimated future cash flows; • depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the units-of-production method, or where the useful economic lives of assets change; • overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation; • decommissioning site restoration and environmental provisions may change where changes in the estimated Mineral Reserve affect expectations about the timing or cost of these activities; and • the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. Significant accounting judgements and estimates Various factors are considered in assessing whether an arrangement contains a lease, including whether a service contract includes the implicit right to substantially all the economic benefits from assets used in providing the service and whether the Group directs how and for what purpose the assets are used. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee. The Company applies the considerations for short-term leases where leases are modified to extend the period by 12 months or less on expiry and these modifications are assessed on a standalone-basis. In determining the incremental borrowing rates, management considers the term of the lease, the nature of the asset being leased, in country borrowings as well as other sources of finance. Significant accounting judgements and estimates For significant accounting judgements and estimates relating to impairments see Note 12 . Significant accounting judgements and estimates Stockpiles and metals in process Costs that are incurred in or benefit the production process are accumulated in stockpiles and metals in process values. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on prevailing and long-term metals prices, less estimated costs to complete production and bring the product to sale. Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile ore tonnages are verified by periodic surveys. Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realisable value are accounted for on a prospective basis. Significant accounting judgements and estimates Provision for environmental obligations The Group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which are subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best estimate for decommissioning and restoration obligations in the period in which they are incurred and the costs can be reasonably estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. Future changes to environmental laws and regulations, technology, life-of-mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and could have a material impact on AngloGold Ashanti’s business, financial condition, results of operations and cash flows. Provision for silicosis The Group, together with other mining companies, were named in a class action suit for silicosis and tuberculosis which was certified by the Johannesburg High Court in May 2016. On 26 July 2019, the Johannesburg High Court approved the settlement of the silicosis and tuberculosis class action suit between the Occupational Lung Disease Gold Working Group (the Working Group) – representing AngloGold Ashanti, Gold Fields, African Rainbow Minerals, Anglo American SA, Harmony and Sibanye Stillwater – and lawyers representing affected mineworkers (settlement agreement). A jointly controlled Special Purpose Vehicle has been set up to act as an agent for the Working Group in relation to certain matters set out in the settlement agreement and trust deed. Claims will be accepted for a twelve -year period with an effective date of December 2019. The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A settlement trust, known as the Tshiamiso Trust, was established to carry out the terms of the Settlement Agreement. Significant judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure. The final costs may differ from current cost estimates. The provision is based on actuarial assumptions including: • silicosis prevalence rates; • estimated settlement per claimant; • benefit take-up rates; • disease progression rates; • timing of cashflows; and • discount rate. Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and final costs of settlement. Significant accounting judgements and estimates Post-retirement obligations The determination of the Group's obligation and expense for post-retirement liabilities, including the Group’s reimbursive asset relating to annuities purchased to fund the obligation, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, health care inflation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While AngloGold Ashanti believes that these assumptions are appropriate, significant changes in the assumptions may materially affect post-retirement obligations as well as future expenses, which may result in an impact on earnings in the periods that the changes in these assumptions occur. Significant accounting judgements and estimates When a loss is considered probable and can be reliably estimated, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided. In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a disruptive effect on the normal functioning of the Group and/or whether the contingency could impact investment decisions. Such qualitative matters considered are reputational risks, regulatory compliance issues and reasonable investor considerations. As a global company, the Group is exposed to numerous legal risks. The outcome of currently pending and future proceedings cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the Group may be forced to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial position, results of operations or cash flows of the Group could be materially affected by the unfavourable outcome of litigation. Significant accounting judgements and estimates Deferred compensation asset - Mponeng As at 31 December 2023, the deferred compensation asset ( $25m ) was valued using a discount rate of 8.4% (2022: 8.0% ) and production plans over the deferred compensation period as received from Harmony. The fair value calculated for the deferred compensation asset is level 3 in the fair value hierarchy due to the use of unobservable inputs. As at 31 December 2023, no portion of the deferred compensation related to Harmony developing below infrastructure has been included in the deferred compensation asset. A reasonable possible change in the number of ounces used in the weighted probability calculation would not have a material impact on the fair value of the deferred compensation asset. Deferred compensation asset - Gramalote As at 31 December 2023, the deferred compensation asset ( $23m ) was valued using a discount rate of 9.4% and future contingent considerations as per the purchase agreement. The assumptions used in the valuation included the timing and probability of contingent considerations. A reasonable possible change in the assumptions used in the weighted probability calculation would not have a material impact on the fair value of the deferred compensation asset. |
Taxation | Accounting policies Deferred taxation is recognised on all qualifying temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets are only recognised to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets and liabilities are measured at future anticipated tax rates, which have been enacted or substantively enacted at the reporting date. Current and deferred tax is recognised as income or expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period in other comprehensive income or directly in equity, or an acquisition that is a business combination. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date. Interest and penalties, if any, are recognised in the income statement as part of taxation expense if based on the specific facts and circumstances, the entity has determined that the interest (receivable or payable) and penalties payable to the tax authorities are an income tax. |
Tangible assets | Accounting policies Tangible assets are recorded at cost less accumulated amortisation, accumulated impairments and reversal of impairments. Cost includes the present value of related future decommissioning costs. Interest on borrowings relating to the financing of major capital projects under construction is capitalised during the construction phase as part of the cost of the project. Such borrowing costs are capitalised over the period during which the asset is being acquired or constructed and borrowings have been incurred. Capitalisation ceases when construction is interrupted for an extended period or when the asset is substantially complete. Other borrowing costs are expensed as incurred. For assets amortised on the units-of-production method, amortisation is calculated to allocate the cost of each asset to its residual value over its estimated useful life. For assets not amortised on the units-of-production method, amortisation is calculated on a straight line basis over its expected useful life. |
Mine development costs | Mine development costs Capitalised mine development costs include expenditure incurred to develop new ore bodies, to define further mineralisation in existing ore bodies and, to expand the capacity of a mine. Mine development costs include acquired Proven and Probable Mineral Reserve at cost at the acquisition date. These costs are amortised from the date on which the assets are ready for use as intended by management. Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on estimated Proven and Probable Mineral Reserve. The Proven and Probable Mineral Reserve reflects estimated quantities of Mineral Reserve which can be recovered economically in the future from known mineral deposits. Capitalised mine development costs also include stripping activity assets relating to production stripping activities incurred in the production phase of open-pit operations of the Group. Stripping activity assets are amortised on a units-of-production method based on the Mineral Reserve of the component of the orebody to which these assets relate. Amortisation of stripping activity assets is included in cost of sales. |
Mine infrastructure | Mine infrastructure Mine plant facilities, including decommissioning assets, are amortised using the lesser of their useful life or units-of-production method based on estimated Proven and Probable Mineral Reserve. |
Land and assets under construction | Land and assets under construction Land and assets under construction are not depreciated and are measured at historical cost less impairments. |
Mineral rights and dumps | Mineral rights and dumps Mineral rights are amortised using the units-of-production method based on the estimated Proven and Probable Mineral Reserve. Dumps are amortised over the period of treatment. |
Exploration and evaluation assets | Exploration and evaluation assets All pre-licence and exploration costs, including geological and geographical costs, labour, Mineral Resource and exploratory drilling cost, are expensed as incurred, until it is concluded that a future economic benefit will more likely than not be realised. In evaluating if expenditures meet this criterion to be capitalised, several different sources of information are used depending on the level of exploration. While the criterion for concluding that expenditure should be capitalised is always probable, the information used to make that determination depends on the level of exploration: • Costs on greenfield sites, being those where the Group does not have any mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of Proven and Probable Mineral Reserve at this location; • Costs on brownfield sites, being those adjacent to mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of increased inclusive Proven and Probable Mineral Resource after which the expenditure is capitalised as mine development cost; and • Costs relating to extensions of mineral deposits, which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, are capitalised as mine development cost. Costs relating to property acquisitions are capitalised within mine development costs. |
Intangible assets | Accounting policies Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill. Goodwill is not amortised, is tested annually for impairment or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. |
Functional currency | Accounting policies Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The functional currency of the parent company is United States Dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss. |
Foreign currency translation | The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency using closing rates of exchange at the reporting date for assets and liabilities, average rates of exchange for the year for income and expense items and historical rates of exchange for equity items. All resulting exchange differences are recognised in other comprehensive income and presented as a separate component of equity (foreign currency translation reserve, or FCTR). Exchange differences arising from the translation of the net investment in foreign operations are accounted for as other comprehensive income on consolidation. On realisation of net investments in foreign operations, the resulting FCTR is recycled to the income statement. On disposal of non-foreign operations, where the parent’s functional currency, is the same as the subsidiary’s, associate’s, joint venture’s or branch’s functional currency, no reclassification of FCTR is required. |
Investments in associates and joint ventures | Accounting policies A joint venture is an entity in which the Group holds a long-term interest and which the Group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. In a joint venture the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. An associate is an investment over which the Group exercises significant influence, but not control or joint control, over the financial and operating policies and normally owns between 20% and 50% of the voting equity. Joint ventures and Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Any losses of equity- accounted investments are accounted for in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such investees. The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment / impairment reversals recognised, the share of post- acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment / impairment reversal has occurred; it is recognised in the period in which the impairment arose. If necessary, impairment and impairment reversals on loans and equity are reported under share of joint ventures and associates profit and loss. In the statement of cash flows, dividends received from joint ventures are included in operating activities as the Group has joint control over the strategic, financial and operating policy decisions. Dividends received from associates are included in investing activities as the Group only exercises significant influence over the financial and operating policies. |
Inventories | Accounting policies Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and obsolete items. Cost is determined on the following bases: • metals in process are valued at the average total production cost at the relevant stage of production; • gold doré/bullion is valued on an average total production cost method; • ore stockpiles are valued at the average moving cost of mining and stockpiling the ore. Stockpiles are classified as a non-current asset where the stockpile exceeds current processing capacity; • by-products, which include silver and sulphuric acid, are valued using an average total production cost method; • mine operating supplies are valued at average cost; and • heap leach pad materials are measured on an average total production cost basis. A portion of the related depreciation, depletion and amortisation charge is included in the cost of inventory. Inventory write downs are included in cost of sales. |
Trade, other receivables and other assets | Significant accounting judgements and estimates Recoverable tax, rebates, levies and duties In a number of countries, particularly in Tanzania and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. The Group uses probability weighted discounting models together with the expected timing of recovery of these refunds to estimate their fair values and related discounting effects which are updated at each reporting period. Timing of the recoverability and the resultant probabilities is updated based on several factors including ongoing correspondence and meetings with the relevant authorities and available income taxes for off-sets, if applicable. Where the recovery of the indirect tax refunds is tied to off-set arrangements against income taxes, the modeled scenarios incorporate judgements around the applicable mine’s business plan and availability of future income tax off-sets. The Group consults tax and legal specialists to determine the current basis of applicable laws and regulations in the associated jurisdictions which are highly complex and subject to interpretation. Future changes to such laws and regulations or the interpretation thereof could have a material impact on the carrying value of these assets, results of operations and cash flows. In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Tanzania, Brazil and Argentina. If the outstanding input taxes are not received and these disputes are not resolved in a manner favourable to AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets and AngloGold Ashanti’s results of operations. |
Cash restricted for use | Accounting policies Cash restricted for use comprises cash and cash equivalents including amounts held in escrow, trust, separate bank accounts and cash held by joint operations which are not available for general use by the Group. Cash restricted for use for more than 12 months after year-end is classified as a non-current financial asset. |
Cash and cash equivalents | Accounting policies Cash and cash equivalents comprise cash on hand, deposits on call and other short-term highly liquid investments with a maturity period of three months or less at date of purchase. Cash and cash equivalents are stated at carrying amount which fairly approximates its fair value. For the purposes of the statement of cash flows, cash and cash equivalents is net of bank overdrafts as it forms an integral part of the Group’s cash management. |
Impairment of non-financial assets | Impairment of non-financial assets The Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. An impairment test is performed annually on all goodwill, intangible assets not yet in use and intangible assets with indefinite useful lives irrespective of whether any impairment indicators have been identified. For non-financial assets or cash generating units (CGUs), in circumstances in which indicators of impairment are identified, a formal impairment test is required to be carried out. The impairment test compares the assets or cash generating units (CGUs) carrying amount with its recoverable amount. The recoverable amount is the higher of the amounts calculated under the fair value less cost of disposal and value in use approaches. The future cash flows are adjusted for risks specific to the asset and is adjusted where applicable to consider any specific risks relating to the country where the asset or cash-generating unit is located. Future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money. A CGU is the smallest identifiable Group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The composition and nature of the Group’s CGUs vary and is determined largely by identifying the smallest identifiable group of assets that generates independent cash inflows and factors specific to the Group’s mining operations. The Group’s CGUs are generally at the individual mine level, with some operating mines consisting of a combination of shafts and/or pits. Exploration assets are tested for impairment whenever facts and circumstances indicate that the carrying amount is not recoverable. Assets will be allocated to CGUs or groups of CGUs based on how the entity manages its operations i.e., by mineral within a specific geographic area. An impairment loss is recognised for the amount by which the assets or CGUs carrying amount exceeds their recoverable amount. At the reporting date the Group assesses whether any of the indicators which gave rise to previously recognised impairments have changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original factors for reversal and if indicated, such reversal is recognised. |
Leases | Accounting policies The Group assesses whether a contract is or contains a lease, at inception of a contract. The Group recognises a right of use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less with no purchase option) and leases of low value assets, where the recognition exemption is applied. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The incremental borrowing rate is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The Group applies a single discount rate for contracts that share similar characteristics. The Group has determined that contracts that are denominated in the same currency will use a single discount rate. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: • the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or • a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, any initial direct costs and restoration costs as described below. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease term is determined as the non-cancellable period of a lease, together with: • periods covered by an option to extend the lease if the Group is reasonably certain to make use of that option; and / or • periods covered by an option to terminate the lease, if the Group is reasonably certain not to make use of that option. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’. The costs are included in the related right of use asset, unless those costs are incurred to produce inventories. Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right of use asset reflects that the Group expects to exercise a purchase option, the related right of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The Group applies IAS 36 ‘Impairment of Assets’ to determine whether a right of use asset is impaired and accounts for any identified impairment loss accordingly. |
Environmental rehabilitation provisions | Accounting policies Environmental expenditure The Group has long term remediation obligations comprising decommissioning and restoration liabilities relating to its past operations which are based on the Group’s environmental management plans, in compliance with current environmental and regulatory requirements. Provisions for non-recurring remediation costs are made when there is a present obligation, it is probable that expenditure on remediation work will be required and the cost can be estimated within a reasonable range of possible outcomes. The costs are based on currently available facts, technology expected to be available at the time of the clean-up, laws and regulations presently or virtually certain to be enacted and prior experience in remediation of contaminated sites. Decommissioning costs The provision for decommissioning represents the cost that will arise from dismantling and removing an asset and restoring the site on which it is located. The obligation is incurred at the time the asset is put in place or as a consequence of using the asset for purposes other than to produce inventories. Accordingly, a provision and a decommissioning asset is recognised and included within mine infrastructure. Decommissioning costs are provided at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices. The unwinding of the decommissioning obligation is included in the income statement as finance costs. Estimated future costs of decommissioning obligations are reviewed regularly and adjusted as appropriate for new circumstances or changes in law or technology. Changes in estimates are capitalised or reversed against the relevant asset. Estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. Gains or losses from the expected disposal of assets are not taken into account when determining the provision. Restoration costs The provision for restoration represents the cost of restoring site damage as a result of operating the asset to produce inventories. Changes in the provision are recorded in the income statement as a cost of production. Restoration costs are estimated at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices and adjusted for risks specific to the liability. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. |
Other provisions | Other Litigation and administrative proceedings are evaluated on a case-by-case basis considering the information available, including that of legal counsel, to assess potential outcomes. Where it is considered probable that an obligation will result in an outflow of resources, a provision is recorded for the present value of the expected cash outflows if these are reasonably measurable. These provisions cover the estimated payments to plaintiffs, court fees and the cost of potential settlements. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement is recognised only when the reimbursement is virtually certain. The amount to be reimbursed is recognised as a separate asset. Where the Group has a joint and several liability with one or more other parties, no provision is recognised to the extent that those other parties are expected to settle part or all of the obligation. |
Post employment benefit obligations | Accounting policies Post-employment benefit obligations Some Group companies provide post-retirement health care benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology on the same basis as that used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These obligations are valued annually by independent qualified actuaries. Some of these obligations are funded with a purchased insurance policy to which the Group contributes premiums to. As this insurance policy does not meet the definition of a qualifying insurance policy the Group recognises its right to reimbursement under the insurance policy as a separate asset measured at fair value, similar to a defined benefit plan asset. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These assets are valued annually by independent qualified actuaries. |
Financial instruments | Accounting policies Financial instruments are initially recognised at fair value when the Group becomes a party to their contractual arrangements. Transaction costs directly attributable to the instrument’s acquisition or issue are included in the initial measurement of financial assets and financial liabilities, except financial instruments classified as at fair value through profit or loss (FVTPL), which are expensed. The subsequent measurement of financial instruments is dealt with below. |
Financial liabilities | Financial liabilities Financial liabilities are classified as measured at amortised cost using the effective interest rate method. Financial liabilities subsequently measured at amortised cost compromises of interest bearing borrowings, bank overdrafts and trade and other payables. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case a new financial liability based on the modified terms is recognised at fair value. |
Financial assets | Financial assets A financial asset is classified as measured at: • Amortised cost; • Fair value through other comprehensive income (FVTOCI) - equity instruments; or • FVTPL. Assets at amortised cost include trade, other receivables and other assets, cash restricted for use and cash and cash equivalents. Interest income from these financial assets is included in finance income using the effective interest rate method. The trade receivables from provisional gold concentrate sales are carried at fair value through profit or loss and are marked-to-market at the end of each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of revenue. On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset is included in profit or loss. Impairment losses are presented in the statement of profit or loss. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within foreign exchange and fair value adjustments in the period in which it arises. |
STATEMENT OF COMPLIANCE (Tables
STATEMENT OF COMPLIANCE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant accounting policies [Abstract] | |
Effect of restructuring | 2021 Figures in millions Ref As reported on 31 December 2021 1.3.1 Corporate restructuring 1.3.2 Other restatements As restated on 31 December 2021 US Dollars Income statement Cost of sales e (2,857) — (2) (2,859) Gross profit e 1,172 — (2) 1,170 Foreign exchange and fair value adjustments b (43) — (3) (46) Share of associates and joint ventures' profit a,c 249 — (4) 245 Profit before taxation a,b,c,e 958 — (9) 949 Taxation b (312) — 1 (311) Profit for the year a,b,c,e 646 — (8) 638 Attributable to: Equity shareholders a,b,c,e 622 — (8) 614 Basic earnings per ordinary share (US cents) 148 — (2) 146 Diluted earnings per ordinary share (US cents) 148 — (2) 146 Headline earnings a,b,c,e 612 — (8) 604 Basic headline earnings per ordinary share (US cents) 146 — (2) 144 Diluted headline earnings per ordinary share (US cents) 146 — (2) 144 Statement of comprehensive income Total comprehensive income for the year, net of tax a,b,c,e 541 — (8) 533 Statement of financial position Tangible assets e 3,493 — 14 3,507 Investments in associates and joint ventures a,c 1,647 — (4) 1,643 Non-current assets a,c,e 5,857 — 10 5,867 — Trade, other receivables and other assets b 260 — (3) 257 Current assets b 2,143 — (3) 2,140 — Environmental rehabilitation and other provisions f 729 — (29) 700 Non-current liabilities f 3,108 — (29) 3,079 — Trade and other payables h 647 — (47) 600 Environmental rehabilitation and other provisions f,h — — 76 76 Current liabilities f 798 — 29 827 Statement of changes in equity Share capital and premium 7,223 (7,223) — — Reorganisation reserve — 7,223 — 7,223 Accumulated losses a,b,c,e (1,904) — 5 (1,899) Shareholders' equity 4,042 — 5 4,047 Non-controlling interests e 52 — 2 54 Total equity a,b,c,e 4,094 — 7 4,101 1.3 RESTATEMENTS continued 2022 Figures in millions Ref As reported on 31 December 2022 1.3.1 Corporate restructuring 1.3.2 Obuasi deferred tax restatement 1.3.2 Other restatements As restated on 31 December 2022 US Dollars Income statement Cost of sales e (3,362) — — (4) (3,366) Gross profit e 1,133 — — (4) 1,129 Impairment, derecognition of assets and profit (loss) on disposal d (304) — — (11) (315) Foreign exchange and fair value adjustments b (128) — — 3 (125) Share of associates and joint ventures' profit a,c 166 — — (5) 161 Profit before taxation a,b,c,d.e 489 — — (17) 472 Taxation b,d (173) — (49) 1 (221) Profit for the year a,b,c,d,e 316 — (49) (16) 251 Attributable to: Equity shareholders a,b,c,d,e 297 — (49) (15) 233 Non-controlling interests e 19 — — (1) 18 Basic earnings per ordinary share (US cents) 71 — (12) (4) 55 Diluted earnings per ordinary share (US cents) 71 — (12) (4) 55 Headline earnings a,b,c,e 544 — (49) (6) 489 Basic headline earnings per ordinary share (US cents) 129 — (12) (1) 116 Diluted headline earnings per ordinary share (US cents) 129 — (12) (1) 116 Statement of comprehensive income Total comprehensive income for the year, net of tax a,b,c,d,e 242 — (49) (17) 176 Statement of financial position Tangible assets d,e 4,209 — — (1) 4,208 Investments in associates and joint ventures a,c 1,100 — — (9) 1,091 Deferred taxation 72 — (49) — 23 Non-current assets a,c,d,e 5,927 — (49) (10) 5,868 Lease liabilities g 102 — — 13 115 Environmental rehabilitation and other provisions f 634 — — (38) 596 Non-current liabilities f,g 3,079 — — (25) 3,054 Lease liabilities g 84 — — (13) 71 Trade and other payables h 710 — — (43) 667 Environmental rehabilitation and other provisions f,h — — — 81 81 Current liabilities f,g 859 — — 25 884 Statement of changes in equity Share capital and premium 7,239 (7,239) — — — Reorganisation reserve — 7,239 — — 7,239 Accumulated losses a,b,c,d,e (1,715) — (49) (10) (1,774) Foreign currency translation reserve c (1,440) — — (1) (1,441) Shareholders' equity a,b,c,d,e 4,100 — (49) (11) 4,040 Non-controlling interests e 34 — — 1 35 Total equity a,b,c,d,e 4,134 — (49) (10) 4,075 |
SEGMENTAL INFORMATION (Tables)
SEGMENTAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of entity's operating segments [Abstract] | |
Schedule of segmental information | Figures in millions Gold income US Dollars 2023 2022 2021 Geographical analysis of gold income by origin is as follows: Africa (1) 3,068 2,981 2,644 Kibali - Attributable 45% 668 596 659 Iduapriem 522 443 361 Obuasi 439 431 204 Siguiri 505 591 545 Geita 934 920 875 Australia 1,081 967 890 Sunrise Dam 495 410 416 Tropicana - Attributable 70% 586 557 474 Americas 999 1,036 1,028 Cerro Vanguardia 317 319 279 AngloGold Ashanti Mineração (2) 515 557 600 Serra Grande 167 160 149 5,148 4,984 4,562 Equity-accounted joint ventures included above (668) (596) (659) 4,480 4,388 3,903 Geographical analysis of gold income by destination is as follows: United Kingdom # 2,223 2,557 1,891 Foreign entities * 2,257 1,831 2,012 South Africa # 120 103 110 Ghana (3) 169 — — North America 270 409 699 South America 31 33 34 Australia 1,081 967 890 Europe 586 319 279 4,480 4,388 3,903 * Entities are considered foreign in relation to the Group’s country of domicile. With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, as a result of the corporate restructuring in September 2023, the segment disclosures have been updated to reflect the country of domicile to be the United Kingdom. Comparative information has been restated. # The Siguiri gold production is sold through an agent to multiple customers, the destination of which was previously not determinable, and as a result was allocated to the Other category in the geographical analysis (2022: $591m ; 2021: $545m ). In the current financial year, the agent was able to provide the geographical analysis for the gold income including the comparative periods, which have been reclassified to South Africa (2022: $100m ; 2021: $100m ) and the United Kingdom (2022: $491m ; 2021: $445m ) accordingly. The Kibali gold production which was previously included in the geographical analysis (and allocated to South Africa) has been removed (2022: $596m ; 2021: $659m ) as this is not required for joint ventures. The Group's revenue is mainly derived from gold income. Approximately 67% (2022: 67% ; 2021: 66% ) of the Group's total gold produced is sold to three customers of the Group: ANZ Investment Bank Ltd in Australia 24% (2022: 22% ; 2021: 23% ), Standard Chartered Bank in the United Kingdom 23% (2022: 31% ; 2021: 34% ), and JP Morgan Chase NA London in the United Kingdom 20% (2022: 14% ; 2021: 9% ). Due to the diversity and depth of the total gold market, the bullion banks do not possess significant pricing power. Figures in millions By-product revenue US Dollars 2023 2022 2021 Africa (1) 5 4 5 Kibali - Attributable 45% 2 1 2 Iduapriem — 1 1 Obuasi 1 1 — Siguiri — — 1 Geita 2 1 1 Australia 4 4 4 Sunrise Dam 1 1 1 Tropicana - Attributable 70% 3 3 3 Americas 95 106 119 Cerro Vanguardia 93 75 93 AngloGold Ashanti Mineração 2 31 26 104 114 128 Equity-accounted joint ventures included above (2) (1) (2) 102 113 126 Figures in millions Cost of sales US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 2,111 2,008 1,652 Kibali - Attributable 45% 372 342 350 Iduapriem 387 314 238 Obuasi 313 266 164 Siguiri 473 492 412 Geita 566 594 488 Australia 867 783 740 Sunrise Dam 399 371 364 Tropicana - Attributable 70% 438 382 346 Administration and other 30 30 30 Americas 931 913 822 Cerro Vanguardia 307 273 261 AngloGold Ashanti Mineração 453 477 435 Serra Grande 169 162 123 Administration and other 2 1 3 Corporate and other 4 4 (5) 3,913 3,708 3,209 Equity-accounted joint ventures included above (372) (342) (350) 3,541 3,366 2,859 Figures in millions Gross profit (loss) (4) US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 961 977 997 Kibali - Attributable 45% 297 256 311 Iduapriem 135 130 124 Obuasi 127 165 41 Siguiri 31 99 133 Geita 370 327 388 Administration and other 1 — — Australia 220 188 153 Sunrise Dam 99 40 53 Tropicana - Attributable 70% 151 177 130 Administration and other (30) (29) (30) Americas 162 229 325 Cerro Vanguardia 102 122 111 AngloGold Ashanti Mineração 63 111 191 Serra Grande (2) (2) 26 Administration and other (1) (2) (3) Corporate and other (19) (9) 6 1,324 1,385 1,481 Equity-accounted joint ventures included above (297) (256) (311) 1,027 1,129 1,170 Figures in millions Amortisation US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 419 371 270 Kibali - Attributable 45% 99 95 105 Iduapriem 129 80 19 Obuasi 61 40 22 Siguiri 39 54 49 Geita 91 102 75 Australia 163 172 150 Sunrise Dam 58 54 60 Tropicana - Attributable 70% 104 117 88 Administration and other 1 1 2 Americas 170 185 161 Cerro Vanguardia 39 39 27 AngloGold Ashanti Mineração 88 106 108 Serra Grande 43 40 25 Administration and other — — 1 Corporate and other 5 4 3 757 732 584 Equity-accounted joint ventures included above (99) (95) (105) 658 637 479 Figures in millions Total assets (5)(6) US Dollars 2023 2022 2021 Restated (8) Restated (8) Africa (1) 4,414 4,035 4,231 Kibali - Investment in joint venture and loan receivable 1,066 1,054 1,598 Iduapriem 526 436 386 Obuasi 1,288 1,219 1,036 Siguiri 486 457 477 Geita 1,042 864 729 Administration and other 6 5 5 Australia 942 960 1,034 Americas 1,254 1,395 1,573 Cerro Vanguardia 524 514 491 AngloGold Ashanti Mineração 584 625 781 Serra Grande 127 217 252 Administration and other 19 39 49 Projects 833 872 313 Colombian projects 194 244 211 North American projects 639 628 102 Corporate and other 732 751 856 8,175 8,013 8,007 Figures in millions Non-current assets (7) US Dollars 2023 2022 2021 Restated (8) Restated (8) Non-current assets considered material, by country are: United Kingdom 58 58 56 Foreign entities * 5,823 5,739 5,655 South Africa 47 40 65 DRC 919 1,054 1,598 Ghana 1,512 1,349 1,192 Tanzania 706 594 510 Australia 752 758 806 Brazil 510 648 796 United States 636 617 * Entities are considered foreign in relation to the Group’s country of domicile. With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, as a result of the corporate restructuring in September 2023, the segment disclosures have been updated to reflect the country of domicile to be the United Kingdom. Comparative information has been restated. Figures in millions Capital expenditure US Dollars 2023 2022 2021 Africa (1) 710 576 506 Kibali - Attributable 45% 85 90 72 Iduapriem 142 146 105 Obuasi 214 159 168 Siguiri 78 27 38 Geita 191 154 123 Australia 135 202 185 Sunrise Dam 47 50 62 Tropicana - Attributable 70% 87 152 122 Administration and other 1 — 1 Americas 254 322 346 Cerro Vanguardia 75 66 69 AngloGold Ashanti Mineração 124 199 195 Serra Grande 55 57 82 Projects 27 17 52 Colombian projects 11 16 52 North American projects 16 1 — Corporate and other 1 1 11 1,127 1,118 1,100 Equity-accounted joint ventures included above (85) (90) (72) 1,042 1,028 1,028 (1) Includes equity-accounted investments. (2) Includes income from sale of gold concentrate of $267m (2022: nil ; 2021: nil ). (3) With the introduction of new gold sales regulations in Ghana, 20% of gold produced in Ghana must be sold to the Bank of Ghana at arm’s length. (4) The Group's segmental profit measure is gross profit, which excludes the results of associates and joint ventures. For the reconciliation of gross profit to profit before taxation, refer to the Group income statement. (5) Total assets include allocated goodwill of $105m ( 2022 : $105m ; 2021 : $111m ) for Australia and nil ( 2022 : nil ; 2021 : $8m ) for Americas (note 14 ). (6) For the year ended 31 December 2023 , pre-tax net impairments and derecognition of assets of $227m were accounted for in the Americas ( $207m ) and in the Projects ( $25m ), partly offset by a profit on derecognition of assets in Africa ( $5m ). For the year ended 31 December 2022, pre-tax impairments and derecognition of assets of $319m were accounted for in the Americas ( $315m ) and Africa ( $4m ). (7) Non-current assets exclude financial instruments, deferred tax assets and reimbursive right for post-retirement benefits. (8) Comparative periods have been retrospectively restated. Refer to note 1.3. |
REVENUE FROM PRODUCT SALES (Tab
REVENUE FROM PRODUCT SALES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of revenue [Abstract] | |
Disclosure of revenue | US Dollars Figures in millions 2023 2022 2021 Revenue consists of the following principal categories: Gold income (2) 4,480 4,388 3,903 Spot market sales 4,213 4,388 3,903 Concentrate sales (1) 267 — — By-products (2) 102 113 126 4,582 4,501 4,029 (1) There have been no material provisional price adjustments for the year ended 31 December 2023. (2) The disaggregation of revenue from contracts with customers by primary geographical region is described in the segmental information note (note 2 ). |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cost of Sales [Abstract] | |
Cost of sales by cost | US Dollars Figures in millions 2023 2022 2021 Restated (2) Restated (2) Operating costs (1) 2,680 2,568 2,172 Royalties 190 185 162 Total operating costs 2,870 2,753 2,334 Retrenchment costs 4 6 2 Rehabilitation and other non-cash costs 21 — 38 Amortisation of tangible assets 579 555 413 Amortisation of right of use assets 78 81 63 Amortisation of intangible assets (note 14 ) 1 1 3 Inventory change (12) (30) 6 3,541 3,366 2,859 (1) Operating costs for 2023 include salaries and wages, stores and other consumables, fuel power and water, mining contractors (including variable lease payments), labour contractors and consultants, and other expenses (credits). (2) Comparative periods have been retrospectively restated. Refer to note 1.3. |
OTHER EXPENSE (INCOME) (Tables)
OTHER EXPENSE (INCOME) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other Expense (Income) [Abstract] | |
Disclosure of other expense (income) | US Dollars Figures in millions 2023 2022 (2) 2021 Care and maintenance 52 — 45 Governmental fiscal claims 15 11 7 Legacy tailings storage facilities obligations 52 (16) 9 Pension and medical defined benefit 6 7 7 Royalties received (1) (2) (2) Retrenchment and related costs (1) 15 — 18 Legal fees and project costs (1) 1 10 Other indirect taxes (14) 11 18 Other income (20) — — Premium on settlement of bonds — — 24 104 12 136 (1) Includes retrenchment costs of $6m (2022: nil ; 2021: $14m ). (2) Corporate restructuring costs of $14m have been reclassified on a separate line on the face of the income statement. |
FINANCE COSTS AND UNWINDING O_2
FINANCE COSTS AND UNWINDING OF OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Disclosure of finance costs and unwinding of obligations by item | US Dollars Figures in millions 2023 2022 2021 Finance costs Finance costs on bonds, bank loans and other 113 102 109 Amortisation of fees 6 8 6 Lease finance charges 12 11 9 Less: interest capitalised — (2) (14) 131 119 110 Unwinding of obligations 26 30 6 Total finance costs and unwinding of obligations 157 149 116 The interest included within finance costs is calculated at effective interest rates. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of employee benefits | US Dollars Figures in millions 2023 2022 2021 Salaries and wages (1) 691 656 609 Pension costs (2) 20 20 20 Share-based payment expense (note 8 ) 15 18 22 Other (3) 26 22 31 Included in cost of sales, other expenses and corporate administration, marketing and related expenses 752 716 682 |
Disclosure of number of employees | The average number of attributable employees (including contractors) was: Average number of employees 2023* 2022 2021 Africa 21,734 19,807 17,260 Australia 1,741 1,532 1,332 Americas 8,565 9,498 9,972 Other, including corporate and non-gold producing subsidiaries 1,618 1,757 1,997 Total 33,658 32,594 30,561 * The approximate number of contractors employed on average during 2023 was 19,615 (2022: 18,599 ; 2021: 16,384 ). |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of share-based payment expense | US Dollars Figures in millions 2023 2022 2021 Equity-settled share incentive schemes Deferred Share Plan (DSP) 15 18 22 Total share-based payment expense 15 18 22 |
Disclosure of fair value and terms of equity schemes | Award date (unexercised awards) 2018 Calculated fair value (in ZAR) 119.14 Vesting date 50% 22 Feb 2019 Vesting date 50% 22 Feb 2020 Expiry date 22 Feb 2028 Award date (unexercised awards) 2015 Calculated fair value (in ZAR) 129.94 Vesting date 3 Mar 2018 Expiry date 3 Mar 2025 Award date (unvested awards and awards vested during the year) 2023 2022 2021 Calculated fair value (in ZAR) 317.99 335.04 308.97 Award date 24 Feb 2023 24 Feb 2022 24 Feb 2021 Expiry date 25 Feb 2033 24 Feb 2032 25 Feb 2031 |
Disclosure of activity of equity schemes | Number of shares 2023 2022 2021 Awards outstanding at beginning of year 626,522 849,683 1,005,977 Awards lapsed during the year — (3,581) — Awards exercised during the year (255,894) (219,580) (156,294) Awards transferred to DSP Scheme (370,628) — — Awards outstanding and exercisable at end of year — 626,522 849,683 Number of shares 2023 2022 2021 Awards outstanding at beginning of year 62,708 109,229 111,562 Awards exercised during the year (33,899) (46,521) (2,333) Awards transferred to DSP Scheme (28,809) — — Awards outstanding and exercisable at end of year — 62,708 109,229 Number of shares 2023 2022 2021 Awards outstanding at beginning of year 2,483,608 2,692,383 2,289,762 Awards granted during the year 1,317,385 793,955 1,185,348 Awards lapsed during the year (224,391) (163,697) (322,814) Awards exercised during the year (863,641) (839,033) (459,913) Awards transferred from BSP scheme 370,628 — — Awards transferred from LTIP scheme 28,809 — — Awards outstanding at end of year 3,112,398 2,483,608 2,692,383 Awards exercisable at end of year 1,157,900 693,211 588,694 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of income tax [Abstract] | |
Disclosure of income tax expense | Figures in millions US Dollars 2023 2022 2021 Restated (6) Restated (6) Current taxation Current year 233 199 251 Prior year under (over) provision (17) 32 (4) Impairment and disposal of tangible assets 1 — 1 217 231 248 Deferred taxation Current year 67 43 51 Change in estimate 25 3 6 Prior year under (over) provision 10 4 4 Impairment and disposal of tangible assets (34) (60) — Change in statutory tax rate — — 2 68 (10) 63 285 221 311 |
Disclosure of tax rates | Figures in millions US Dollars 2023 2022 2021 Restated (6) Restated (6) Reconciliation to UK taxation rate (1) Implied tax charge at 25% (2022: 28% ; 2021: 28% ) 16 132 266 Increase (decrease) due to: Expenses not tax deductible (2) 90 83 22 Share of associates and joint ventures' profit (52) (45) (69) Tax rate differentials (3) and withholding taxes (4) 63 31 54 Exchange variations and translation adjustments (17) — 6 Deferred tax assets derecognised (recognised) at Obuasi 18 (58) — Current year tax losses (expense) not recognised: Obuasi 4 (6) 6 AngloGold Ashanti Holdings plc 26 24 25 North America 38 22 13 Siguiri (5) (6) (27) (37) SA Corporate 3 20 18 Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change 25 3 6 Restructuring costs 79 4 — Tax allowances 4 — — Impact of statutory tax rate change — — 2 Adjustment in respect of prior years (7) 36 — Other 1 2 (1) Income tax expense 285 221 311 (1) With the change in domicile of the Group’s parent company from South Africa to the United Kingdom, as a result of the corporate restructuring in September 2023, the Group tax rate reconciliation for 31 December 2023 has been prepared using the enacted UK corporate tax rate of 25% . The comparative information is presented using the South African corporate tax rate of 28% . (2) Includes non-deductible corporate, legal, project, exploration and rehabilitation costs, impairments in Brazil and Colombia and British Virgin Islands group losses. (3) Due to different tax rates in various jurisdictions, primarily Tanzania, Ghana, Guinea, Australia, Brazil and Argentina. (4) Withholding taxes on dividends paid. (5) Siguiri current tax expense not recognised due to tax holiday. (6) Comparative periods have been retrospectively restated. Refer to note 1.3. |
Disclosure of unrecognised tax losses | Unrecognised deferred tax assets Figures in millions US Dollars 2023 2022 2021 Restated (1) Restated (1) Analysis of unrecognised tax losses Available to be utilised against future profits - utilisation required within one year 108 107 54 - utilisation required between one and two years 1,037 100 177 - utilisation required between two and five years 191 1,180 1,380 - utilisation required between five and twenty years 1,035 956 989 - utilisation in excess of twenty years 835 588 449 3,206 2,931 3,049 At the statutory tax rates, the unrecognised value of deferred tax assets is: $921m (2022: $801m ; 2021: $847m ), mainly relating to tax losses incurred in the United Kingdom, North America, Ghana, Colombia and South Africa. (1) Comparative periods have been retrospectively restated. Refer to note 1.3. |
EARNINGS (LOSS) PER ORDINARY _2
EARNINGS (LOSS) PER ORDINARY SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of earnings per share | 2023 2022 2021 Restated (4) Restated (4) US cents per share Basic earnings (loss) per ordinary share (56) 55 146 The calculation of basic earnings (loss) per ordinary share is based on (loss)/profits attributable to equity shareholders of ($ 235 m) ( 2022 : $ 233 m; 2021 : $614m ) and 421,105,111 ( 2022 : 420,197,062 ; 2021 : 419,755,627 ) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share (56) 55 146 The calculation of diluted earnings (loss) per ordinary share is based on (loss)/profits attributable to equity shareholders of ($ 235 m) ( 2022 : $ 233 m; 2021 : $ 614 m) and 421,105,111 ( 2022 : 420,869,866 ; 2021 : 420,056,703 ) shares being the diluted number of ordinary shares. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares (1) 2023 2022 2021 Weighted average number of ordinary shares (2) 421,105,111 420,197,062 419,755,627 Dilutive potential of share options (3) — 672,804 301,076 Diluted weighted average number of ordinary shares 421,105,111 420,869,866 420,056,703 (1) As a result of the corporate restructuring transaction, there were no changes to earnings per ordinary share for each of the financial years ended 31 December 2022 and 2021, as it was based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity. (2) Employee compensation awards are included in basic earnings per ordinary share from the date that all necessary conditions have been satisfied and it is virtually certain that shares will be issued as a result of employees exercising their options. (3) Effect of share options for 2023 is anti-dilutive. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. 10 EARNINGS (LOSS) PER ORDINARY SHARE (continued) US Dollars Figures in millions 2023 2022 2021 Restated (4) Restated (4) Headline earnings (loss) (1) The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders (235) 233 614 Impairment of tangible assets, right of use assets and investment in joint venture, net 165 256 2 Impairment of tangible and right of use assets 192 315 2 Impairment of investment in joint venture 1 1 — Taxation on impairment of tangible assets, right of use assets and investment in joint venture (28) (60) — (Profit) loss on derecognition and disposal of tangible assets, net 24 — (12) (Profit) loss on derecognition of assets 35 4 4 (Profit) loss on disposal of tangible assets (6) (4) (17) Taxation on derecognition and disposal of tangible assets (5) — 1 (46) 489 604 US Cents Headline earnings (loss) per ordinary share (1) Headline earnings (loss) per ordinary share (2) (11) 116 144 Diluted headline earnings (loss) per ordinary share (3) (11) 116 144 (1) The financial measures “headline (loss) earnings” and “headline (loss) earnings per share” are not calculated in accordance with IFRS. These measures, however, are calculated according to the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA) at the request of the JSE Limited (JSE). These measures, however, are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the U.S. Securities and Exchange Commission (SEC) applicable to the use and disclosure of Non-GAAP financial measures. The tax effect of line items have not been disclosed if the tax is less than $1m or nil. (2) Calculated on the basic weighted average number of ordinary shares. (3) Calculated on the diluted weighted average number of ordinary shares. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Schedule of dividends paid | US Dollars Figures in millions 2023 2022 2021 Ordinary shares (1) (2) Dividend number 122 of 705 SA cents per share was declared on 22 February 2021 and paid on 26 March 2021 ( 48 US cents per share) 199 Dividend number 123 of 87 SA cents per share was declared on 6 August 2021 and paid on 10 September 2021 ( 6 US cents per share) 25 Dividend number 124 of 217 SA cents per share was declared on 22 February 2022 and paid on 25 March 2022 ( 15 US cents per share) 62 Dividend number 125 of 493 SA cents per share was declared on 5 August 2022 and paid on 9 September 2022 ( 28 US cents per share) 119 Dividend number 126 of 322 SA cents per share was declared on 22 February 2023 and paid on 31 March 2023 ( 18 US cents per share) 76 Dividend number 127 of 70 SA cents per share was declared on 4 August 2023 and paid on 8 September 2023 ( 4 US cents per share) 15 91 181 224 (1) The dividend payout was based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity. See note 1.3.1. (2) For proposed dividends subsequent to year-end, refer to note 33 . |
TANGIBLE ASSETS (Tables)
TANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, plant and equipment [abstract] | |
Disclosure of information about tangible assets | Figures in millions Mine development costs Mine infrastructure Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (2) Total US Dollars Cost Balance at 1 January 2021 4,325 3,953 188 9 566 112 9,153 Additions (5) 342 17 — 5 644 19 1,027 Finance costs capitalised (3) — — — — 14 — 14 Disposals (2) (23) — — — (5) (30) Derecognition of assets (6) (74) (310) — — — — (384) Transfers and other movements (1) (6) 232 103 — (2) (320) — 13 Translation (107) (6) (3) — (5) — (121) Balance at 31 December 2021 Restated (4) 4,716 3,734 185 12 899 126 9,672 Accumulated amortisation and impairments Balance at 1 January 2021 3,119 2,930 156 5 26 — 6,236 Amortisation for the year 246 166 6 2 — — 420 Impairment of assets — 2 — — — — 2 Disposals (1) (22) — — — — (23) Derecognition of assets (6) (74) (306) — — — — (380) Transfers and other movements (1) (6) (4) (1) — — — — (5) Translation (78) (4) (3) — — — (85) Balance at 31 December 2021 Restated (4) 3,208 2,765 159 7 26 — 6,165 Net book value at 31 December 2021 Restated (4) 1,508 969 26 5 873 126 3,507 Cost Balance at 1 January 2022 Restated (4) 4,716 3,734 185 12 899 126 9,672 Additions (5) 407 8 — 1 610 2 1,028 Acquisition of assets — — 614 — — — 614 Finance costs capitalised (3) — — — — 2 — 2 Disposals (2) (14) — — — — (16) Derecognition of assets (6) (12) (22) — — (1) — (35) Transfers and other movements (1) (6) 302 401 — (1) (752) 1 (49) Translation (120) (8) (4) — (1) — (133) Balance at 31 December 2022 Restated (4) 5,291 4,099 795 12 757 129 11,083 Accumulated amortisation and impairments Balance at 1 January 2022 Restated (4) 3,208 2,765 159 7 26 — 6,165 Amortisation for the year 378 174 8 1 — — 561 Impairment of assets 114 152 16 — — 8 290 Disposals (1) (14) — — — — (15) Derecognition of assets (6) (11) (20) — — (1) — (32) Transfers and other movements (1) (6) — — — — 1 — 1 Translation (86) (5) (3) (1) — — (95) Balance at 31 December 2022 Restated (4) 3,602 3,052 180 7 26 8 6,875 Net book value at 31 December 2022 Restated 1,689 1,047 615 5 731 121 4,208 Figures in millions Mine development costs Mine infrastructure Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (2) Total US Dollars Cost Balance at 1 January 2023 5,291 4,099 795 12 757 129 11,083 Additions (5) 423 10 — — 0 607 2 1,042 Disposals (2) (43) — (4) (23) (22) (94) Derecognition of assets (5) (183) — — — — (188) Transfers and other movements (1) 415 456 — — (873) 7 5 Translation 1 (1) — — (1) — (1) Balance at 31 December 2023 6,123 4,338 795 8 467 116 11,847 Accumulated amortisation and impairments Balance at 1 January 2023 3,602 3,052 180 7 26 8 6,875 Amortisation for the year 410 171 — 1 — — 582 Impairment of assets 77 72 — 1 56 14 220 Impairment reversals of assets (27) (7) — — — (1) (35) Disposals (2) (43) — (3) — (9) (57) Derecognition of assets (3) (149) — — — — (152) Transfers and other movements (1) 2 (11) — — — — (9) Translation 4 — — — — — 4 Balance at 31 December 2023 4,063 3,085 180 6 82 12 7,428 Net book value at 31 December 2023 2,060 1,253 615 2 385 104 4,419 (1) Transfers and other movements include amounts from deferred stripping, changes in estimates of decommissioning assets and asset reclassifications. (2) Assets of $ 7 m ( 2022 : $ 7 m; 2021 : $ 6 m) have been pledged as security. (3) The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation was nil ( 2022 : 4.96% ; 2021 : 4.52% ). (4) Comparative periods have been retrospectively restated. Refer to note 1.3. (5) Additions which previously included disclosure for sustaining and non-sustaining capital expenditure, are now reflected as total additions. (6) Derecognition of assets was previously included in the Transfers and other movements line. |
Disclosure of impairments and derecognitions of tangible assets | Net impairment, derecognition of assets and profit (loss) on disposal: Figures in millions Tangible Assets Right of Use Assets Goodwill Total US Dollars 2023 Group income statement Impairment of assets (220) (10) — (230) Reversal of impairment of assets 35 3 — 38 Derecognition of assets (36) 1 — (35) Net profit (loss) on disposal of assets 6 — — 6 Net impairment, derecognition of assets and profit (loss) on disposal (215) (6) — (221) 2022 Group income statement Impairment of assets (Restated (1) ) (290) (17) (8) (315) Derecognition of assets (3) (1) — (4) Net profit (loss) on disposal of assets 4 — — 4 Net impairment, derecognition of assets and profit (loss) on disposal (289) (18) (8) (315) 2021 Group income statement Impairment of assets (2) — — (2) Derecognition of assets (4) — — (4) Net profit (loss) on disposal of assets 17 — — 17 Net impairment, derecognition of assets and profit (loss) on disposal 11 — — 11 (1) Comparative periods have been retrospectively restated. Refer to note 1.3. Impairment allocation Cash Generating Unit Mine Development Cost Mine Infrastructure Exploration and evaluation costs Mineral Rights and Dumps Assets under construction Land and buildings Total Tangible Asset Impairment Goodwill Right of use assets Total Impairment Figures in millions 2023 US Dollars Americas segment CdS 30 9 — — 5 1 45 — 2 47 Cuiabá (27) 17 — — 29 (1) 18 — (3) 15 Serra Grande 47 39 — — 7 4 97 — 8 105 Projects Gramalote — — 1 — 15 9 25 — — 25 50 65 1 — 56 13 185 — 7 192 2022 Americas segment CdS 58 98 — 16 — 6 178 — 11 189 Cuiabá 34 30 — — — 1 65 — 5 70 Serra Grande 22 24 — — — 1 47 8 1 56 114 152 — 16 — 8 290 8 17 315 |
Key assumptions for the impairment calculations | Assumptions used for the impairment calculations: • The gold price assumption used in the impairment calculations represents management’s best estimate of the expected real short-term and long-term future price of gold based on consensus outlooks. • The exchange rate assumption used in the impairment calculation of Sunrise Dam (refer to note 14 ) represents management’s best estimate of the expected short-term and long-term exchange rates based on consensus outlooks. Assumptions Real gold price per oz Exchange rate (A$/US$) 2023 2022 2023 2022 Year 1 1,995 1,785 0.68 0.70 Year 2 1,998 1,777 0.71 0.70 Year 3 1,785 1,763 0.72 0.71 Year 4 1,694 1,729 0.70 0.71 Year 5 1,666 1,710 0.70 0.71 Long-term 1,666 1,731 0.70 0.71 |
Disclosure of sensitivity analysis | Figures in millions - US Dollars 2023 6.9% increase Serra Grande 39 Cuiabá 158 6.9% decrease Serra Grande (decrease limited to carrying value) (39) Cuiabá (189) Management determined a reasonable possible change of 100 basis points, based on the Group’s weighted average cost of capital rate over the past five financial years. A 100 basis point movement in the discount rate (with all other variables held constant) would have resulted in the following (decrease) increase in recoverable amount of the CGU as at 31 December 2023: Figures in millions - US Dollars 2023 100 basis point increase Serra Grande (1) Cuiabá (36) 100 basis point decrease Serra Grande 1 Cuiabá 41 |
RIGHT OF USE ASSETS AND LEASE_2
RIGHT OF USE ASSETS AND LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Leases [Abstract] | |
Disclosure of information about right of use assets | Figures in millions - US Dollars Mine Infrastructure Land and buildings Total Cost Balance at 1 January 2021 233 24 257 Additions 95 7 102 Derecognition and other movements (1) (22) (15) (37) Translation (9) — (9) Balance at 31 December 2021 297 16 313 Accumulated amortisation and impairments Balance at 1 January 2021 100 15 115 Amortisation for the year 61 2 63 Impairment — 1 1 Derecognition and other movements (1) (22) (15) (37) Translation (4) — (4) Balance at 31 December 2021 135 3 138 Net book value at 31 December 2021 162 13 175 Cost Balance at 1 January 2022 297 16 313 Additions 90 1 91 Derecognition and other movements (1) (34) — (34) Translation (8) (2) (10) Balance at 31 December 2022 345 15 360 Accumulated amortisation and impairments Balance at 1 January 2022 135 3 138 Amortisation for the year 78 3 81 Derecognition and other movements (1) (29) — (29) Impairment 17 — 17 Translation (4) 1 (3) Balance at 31 December 2022 197 7 204 Net book value at 31 December 2022 148 8 156 Cost Balance at 1 January 2023 345 15 360 Additions 77 6 83 Derecognition and other movements (1) (48) — (48) Translation (1) 1 — Balance at 31 December 2023 373 22 395 Accumulated amortisation and impairments Balance at 1 January 2023 197 7 204 Amortisation for the year 77 3 80 Derecognition and other movements (1) (38) — (38) Impairment (2) 10 — 10 Impairment reversal (2) (3) — (3) Balance at 31 December 2023 243 10 253 Net book value at 31 December 2023 130 12 142 (1) Derecognition and other movements include amounts relating to modifications and terminations of leased assets. (2) The Group recognised a net impairment loss of $192m (gross of taxation) during December 2023, of which a net $7m related to right of use assets. Refer to note 12 . |
Disclosure of quantitative information about leases for lessee | Figures in millions - US Dollars 2023 2022 2021 Amounts recognised in the statement of cash flows including expenses on short- term leases, variable lease payments and leases on low value assets Total cash outflow on leases including expenses on short-term leases, variable lease payments and leases on low value assets 939 875 455 Amounts recognised in the income statement for lease payments not included in lease liabilities Expenses on short-term leases 32 19 48 Expenses on variable lease payments (1) 800 749 302 Expenses on leases of low value assets 2 15 33 (1) The variable lease payments consist mainly of mining and drilling contracts and constitutes 85% ( 2022: 86% ; 2021: 66% ) of total lease payments made during the period. The variable nature of these contracts is to allow equal sharing of pain and gain between the Group and its contractors. These payments are predominantly driven by performance measures on a per tonne or a per meter basis. The future cash flows to which the Group is potentially exposed to are not disclosed as their variability does not permit reliable forecasts. Figures in millions - US Dollars 2023 2022 2021 Reconciliation of lease liabilities (1) A reconciliation of the lease liabilities included in the statement of financial position is set out in the following table: Opening balance 186 185 153 Lease liabilities recognised 83 90 103 Repayment of lease liabilities (94) (82) (63) Finance costs paid on lease liabilities (11) (10) (9) Interest charged to the income statement 12 11 9 Modifications and terminations (7) (7) — Translation 2 (1) (8) Closing balance 171 186 185 Lease liabilities (2) Non-current 98 115 124 Current 73 71 61 Total 171 186 185 (1) The Group leases a number of assets as part of its activities. These primarily include gas pipelines, ore haulage and site services, mining equipment and property. All lease contracts contain market review clauses in the event that the Group exercises its option to renew. A maturity analysis of lease liabilities is provided in note 31 . (2) In 2022, $13m was reclassified from current to non-current lease liabilities. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of reconciliation of changes in intangible assets and goodwill | Figures in millions - US Dollars Goodwill Other Total Cost Balance at 1 January 2021 126 96 222 Additions — 1 1 Transfers and other movements (1) — (1) (1) Translation (7) (1) (8) Balance at 31 December 2021 119 95 214 Accumulated amortisation and impairments Balance at 1 January 2021 — 91 91 Amortisation for the year — 3 3 Transfers and other movements (1) — (1) (1) Translation — (1) (1) Balance at 31 December 2021 — 92 92 Net book value at 31 December 2021 119 3 122 Cost Balance at 1 January 2022 119 95 214 Additions — 1 1 Translation (6) (1) (7) Balance at 31 December 2022 113 95 208 Accumulated amortisation and impairments Balance at 1 January 2022 — 92 92 Amortisation for the year — 1 1 Impairment of goodwill 8 — 8 Translation — 1 1 Balance at 31 December 2022 8 94 102 Net book value at 31 December 2022 105 1 106 Cost Balance at 1 January 2023 (2) 105 95 200 Additions — 1 1 Transfers and other movements (1) — 1 1 Translation — (2) (2) Balance at 31 December 2023 105 95 200 Accumulated amortisation and impairments Balance at 1 January 2023 (2) — 94 94 Amortisation for the year — 1 1 Translation — (2) (2) Balance at 31 December 2023 — 93 93 Net book value as 31 December 2023 105 2 107 (1) Transfers and other movements include amounts from asset reclassifications and amounts written off. (2) The goodwill opening balances for cost and accumulated amortisation and impairments have been netted off to reflect the appropriate remaining goodwill balance. |
Schedule of goodwill impairment assumptions | Based on an analysis carried out by the Group in 2023, the carrying value and fair value less costs to dispose of the CGU that includes significant goodwill is: 2023 US Dollars Figures in millions Carrying Value Fair value less costs to dispose Sunrise Dam 228 263 Based on an analysis carried out by the Group in 2022, the carrying value and value in use of the CGU that includes significant goodwill is: 2022 US Dollars Figures in millions Carrying Value Value in use Sunrise Dam 230 293 |
PRINCIPAL OPERATING SUBSIDIAR_2
PRINCIPAL OPERATING SUBSIDIARIES AND JOINT OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interests In Other Entities [Abstract] | |
Disclosure of interest in subsidiaries | The following table presents each of the Group’s principal operating subsidiaries and joint operations (including direct and indirect holdings), the percentage of shares of each subsidiary and joint operation owned and the country of incorporation at 31 December 2023. There are no significant restrictions on the ability of the Group’s subsidiaries or joint operations to transfer funds to AngloGold Ashanti plc in the form of cash dividends or repayment of loans or advances. Percentage held For the year ended 31 December Country of incorporation Holding 2023 2022 2021 Principal operating subsidiaries AngloGold Ashanti Australia Limited (1) Australia Indirect 100 100 100 AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti Limited) South Africa Direct 100 AngloGold Ashanti Holdings plc Isle of Man Direct 100 100 100 AngloGold Ashanti USA Incorporated United States of America Indirect 100 100 100 AngloGold Ashanti Córrego do Sítio Mineração S.A. Brazil Indirect 100 100 100 AngloGold Ashanti (Ghana) Limited (2) Ghana Indirect 100 100 100 AngloGold Ashanti (Iduapriem) Limited Ghana Indirect 100 100 100 Cerro Vanguardia S.A. Argentina Indirect 92.50 92.50 92.50 Geita Gold Mining Limited Tanzania Indirect 100 100 100 Mineração Serra Grande S.A. Brazil Indirect 100 100 100 Société AngloGold Ashanti de Guinée S.A. Republic of Guinea Indirect 85 85 85 Unincorporated joint operation Tropicana joint operation Australia Indirect 70 70 70 (1) Owner of the Sunrise Dam operation and the Tropicana joint operation in Australia. (2) Operates the Obuasi mine in Ghana. |
Disclosure of joint operations | The following table presents each of the Group’s principal operating subsidiaries and joint operations (including direct and indirect holdings), the percentage of shares of each subsidiary and joint operation owned and the country of incorporation at 31 December 2023. There are no significant restrictions on the ability of the Group’s subsidiaries or joint operations to transfer funds to AngloGold Ashanti plc in the form of cash dividends or repayment of loans or advances. Percentage held For the year ended 31 December Country of incorporation Holding 2023 2022 2021 Principal operating subsidiaries AngloGold Ashanti Australia Limited (1) Australia Indirect 100 100 100 AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti Limited) South Africa Direct 100 AngloGold Ashanti Holdings plc Isle of Man Direct 100 100 100 AngloGold Ashanti USA Incorporated United States of America Indirect 100 100 100 AngloGold Ashanti Córrego do Sítio Mineração S.A. Brazil Indirect 100 100 100 AngloGold Ashanti (Ghana) Limited (2) Ghana Indirect 100 100 100 AngloGold Ashanti (Iduapriem) Limited Ghana Indirect 100 100 100 Cerro Vanguardia S.A. Argentina Indirect 92.50 92.50 92.50 Geita Gold Mining Limited Tanzania Indirect 100 100 100 Mineração Serra Grande S.A. Brazil Indirect 100 100 100 Société AngloGold Ashanti de Guinée S.A. Republic of Guinea Indirect 85 85 85 Unincorporated joint operation Tropicana joint operation Australia Indirect 70 70 70 (1) Owner of the Sunrise Dam operation and the Tropicana joint operation in Australia. (2) Operates the Obuasi mine in Ghana. |
INVESTMENTS IN ASSOCIATES AND_2
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interests In Other Entities [Abstract] | |
Disclosure of interests in associates | US Dollars Figures in millions 2023 2022 2021 Restated (3) Restated (3) Carrying value Investments in associates 38 37 45 Investments in joint ventures (1) (2) 561 1,054 1,598 599 1,091 1,643 (1) During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short- term joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m . The short-term portion was based on the Kibali Goldmines S.A. future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum and is repayable on demand. (2) Cash dividends received from joint ventures of $180m (2022: $694m ; 2021: $231m ). (3) Comparative periods have been retrospectively restated. Refer to note 1.3. Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2023 2022 2021 Restated (2) Restated (2) Aggregate statement of profit or loss for associates (attributable) Revenue 39 31 36 Operating (expenses) income (18) (16) (13) Taxation (5) (3) (2) Profit (loss) for the year (1) 16 12 21 Total comprehensive profit (loss) for the year, net of tax 16 12 21 (1) Includes share of non-controlling interest. (2) Comparative periods have been retrospectively restated. Refer to note 1.3. |
Disclosure of interests in joint ventures | US Dollars Figures in millions 2023 2022 2021 Restated (3) Restated (3) Carrying value Investments in associates 38 37 45 Investments in joint ventures (1) (2) 561 1,054 1,598 599 1,091 1,643 (1) During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short- term joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m . The short-term portion was based on the Kibali Goldmines S.A. future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum and is repayable on demand. (2) Cash dividends received from joint ventures of $180m (2022: $694m ; 2021: $231m ). (3) Comparative periods have been retrospectively restated. Refer to note 1.3. Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2023 2022 2021 Kibali Goldmines S.A. (1) 45.0 45.0 45.0 Exploration and mine development The Democratic Republic of the Congo (1) AngloGold Ashanti plc has a 50% interest in Kibali (Jersey) Limited which holds its effective 45% interest in Kibali Goldmines S.A. US Dollars Figures in millions 2023 2022 2021 Restated (1) Restated (1) Carrying value of joint ventures Kibali Goldmines S.A. 561 1,054 1,598 (Impairment) reversal of investment in joint venture Société d’Exploitation des Mines d’Or de Yatela (1) (1) — The cumulative unrecognised share of losses of the joint ventures: Société d’Exploitation des Mines d’Or de Yatela 2 2 2 (1) Comparative periods have been retrospectively restated. Refer to note 1.3. Summarised financial information of the Kibali joint venture is as follows (not attributable) (1) : US Dollars Figures in millions 2023 2022 2021 Restated (4) Restated (4) Statement of profit or loss Revenue 1,488 1,329 1,470 Other operating costs and expenses (682) (588) (551) Amortisation of tangible and intangible assets (214) (208) (244) Finance costs, unwinding of obligations and cash repatriation fee (19) (50) (6) Interest received 4 5 6 Share of profits of equity accounted joint venture 1 — — Taxation (185) (156) (181) Profit for the year 393 332 494 Total comprehensive income for the year, net of tax 393 332 494 Dividends received from joint venture (attributable) 180 694 231 Statement of financial position Non-current assets 2,485 2,420 2,361 Current assets 215 201 162 Cash and cash equivalents (2) 123 92 1,115 Total assets 2,823 2,713 3,638 Non-current financial liabilities 770 51 44 Other non-current liabilities 409 320 226 Current financial liabilities 308 56 14 Other current liabilities 144 105 107 Total liabilities 1,631 532 391 Net assets 1,192 2,181 3,247 Group’s share of net assets 596 1,091 1,624 Other (3) (35) (37) (26) Carrying amount of interest in joint venture 561 1,054 1,598 (1) At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises (“Customs Authority”) concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claimed that the exemption available to Kibali Goldmines S.A., which was granted in relation to the original mining lease, no longer applied. Finally, the Customs Authority claimed that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest , totalled $ 339 m (AngloGold Ashanti attributable share: $ 153 m). The Company has examined the Customs Authority claims and, except for certain immaterial items for which a provision has already been made, concluded that they were without merit, as they sought to challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, were in line with ministerial instruction letters. The Company engaged in discussions with the Customs Authority and Ministry of Finance to resolve the customs claims. As a result of these discussions, all of the customs claims have now been resolved with the exception of one immaterial claim for which a provision has already been made. (2) Kibali cash and cash equivalents are subject to various steps before they can be distributed to joint venture shareholders. Cash balances were reduced in 2022 due to repatriations in the form of dividends and repayment of shareholder loans. (3) Includes amounts relating to additional costs and contributions at acquisition as well as non-controlling interests related to SOKIMO. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. Accounting policies A joint venture is an entity in which the Group holds a long-term interest and which the Group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. In a joint venture the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. An associate is an investment over which the Group exercises significant influence, but not control or joint control, over the financial and operating policies and normally owns between 20% and 50% of the voting equity. Joint ventures and Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Any losses of equity- accounted investments are accounted for in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to such investees. The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment / impairment reversals recognised, the share of post- acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment / impairment reversal has occurred; it is recognised in the period in which the impairment arose. If necessary, impairment and impairment reversals on loans and equity are reported under share of joint ventures and associates profit and loss. In the statement of cash flows, dividends received from joint ventures are included in operating activities as the Group has joint control over the strategic, financial and operating policy decisions. Dividends received from associates are included in investing activities as the Group only exercises significant influence over the financial and operating policies. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of inventories [Abstract] | |
Disclosure of inventory by type | US Dollars Figures in millions 2023 2022 2021 Raw materials - ore stockpiles 238 225 217 - heap-leach inventory 14 10 6 Work in progress - metals in process 51 66 49 - gold concentrate in process 1 — — Finished goods - gold doré/bullion 64 51 29 - by-products — 2 1 - gold concentrate 5 — — Total metal inventories 373 354 302 Mine operating supplies 456 419 401 829 773 703 (1) The amount of the write down of ore stockpiles, heap-leach inventory, work in process, finished goods and mine operating supplies to net realisable value, and recognised as an expense in cost of sales is $6m ( 2022 : $12m ; 2021 : $13m ). |
TRADE, OTHER RECEIVABLES AND _2
TRADE, OTHER RECEIVABLES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of trade, other receivables and other assets by type | US Dollars Figures in millions 2023 2022 2021 Restated (2) Non-current Deferred compensation assets (financial assets) 42 12 25 Prepayments 14 19 14 Recoverable tax, rebates, levies and duties (1) 198 200 198 254 231 237 Current Trade receivables (financial assets) 25 20 50 Deferred compensation asset (financial assets) 6 — — Prepayments 41 58 41 Recoverable tax, rebates, levies and duties (1) 119 148 152 Other receivables (financial assets) 8 11 14 199 237 257 Total trade, other receivables and other assets 453 468 494 There is a concentration of risk in respect of amounts due from Revenue Authorities for recoverable tax, rebates, levies and duties from subsidiaries in the Africa Region segment. These values are summarised as follows: Recoverable value added tax 229 231 209 Appeal deposits 51 43 43 (1) Includes taxation asset, refer to note 27 . (2) Comparative periods have been retrospectively restated. Refer to note 1.3. |
CASH RESTRICTED FOR USE (Tables
CASH RESTRICTED FOR USE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Additional Information [Abstract] | |
Cash restricted for use by type | US Dollars Figures in millions 2023 2022 2021 Non-current Cash restricted for environmental and rehabilitation obligations (1) 34 33 32 Current Cash restricted by prudential solvency requirements (2) 23 18 18 Cash balances held by joint operations (3) 11 9 8 34 27 26 Total cash restricted for use (note 31 ) 68 60 58 (1) Reclamation bonds provided to the Environmental Protection Agency in Ghana for environmental and rehabilitation obligations. (2) Cash held by the Group's captive insurance company to maintain the solvency capital requirement. (3) Cash held by joint operations for use within those entities only. |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents by type | US Dollars Figures in millions 2023 2022 2021 Cash and cash equivalents (1) 964 1,108 1,154 Bank overdraft (9) (2) — Per the statement of cash flows 955 1,106 1,154 (1) Cash and cash equivalents include cash and deposits on call of $964m (2022: $870m ; 2021: $712m ) and money market instruments of nil (2022: $238m ; 2021: $442m ). Money market instruments were readily available for use by the Group. |
SHARE CAPITAL AND PREMIUM (Tabl
SHARE CAPITAL AND PREMIUM (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of share capital | Number of shares 2023 2022 2021 Restated (1) Restated (1) Issued and fully paid ordinary shares Ordinary shares issued at the beginning of the year — — — Issued in terms of the corporate restructuring at a nominal value of $1 419,685,792 — — Issued in terms of employee share awards 44,064 — — Ordinary shares issued at the end of the year 419,729,856 — — (1) Comparative periods have been retrospectively restated. Refer to note 1.3. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of borrowing costs [Abstract] | |
Disclosure of information about borrowings | Figures in millions US Dollars 2023 2022 2021 Expiry date Currency Interest Rate Contract Amount Available facilities (2) Utilised facilities Utilised facilities Utilised facilities Unsecured Debt arrangements (1) Rated bonds November, 2028 US dollar 3.375% 750 — 750 750 750 Rated bonds October, 2030 US dollar 3.75% 700 — 700 700 700 Rated bonds April, 2040 US dollar 6.5% 300 — 300 300 300 Unamortised loan costs (23) (26) (29) Interest accrued 11 11 12 1,738 1,735 1,733 Banking facilities Multi-currency revolving credit facility June, 2022 US dollar, Australian dollar LIBOR+ 1.45% , BBSY+ 1.45% — — — — 31 Siguiri revolving credit facility August, 2022 US dollar LIBOR+ 8.5% — — — — 35 Geita revolving credit facility December, 2024 US dollar, Tanzanian shilling SOFR+credit adj+ 6.7% , Tanzanian Treasury Bill+ 5% 289 103 189 151 110 Siguiri revolving credit facility October, 2025 US dollar SOFR+ 8% 65 — 68 67 — Multi-currency revolving credit facility June, 2028 US dollar, Australian dollar SOFR+credit adj+ 1.45% , BBSY+ 1.45% 1,400 1,150 244 30 — Commercial banking facilities None Rand Linked to an overnight bank lending rate 8 8 — — — 501 248 176 Total borrowings 2,239 1,983 1,909 22 BORROWINGS continued US Dollars Figures in millions 2023 2022 2021 Total borrowings 2,239 1,983 1,909 Current portion of borrowings (207) (18) (51) Total non-current borrowings 2,032 1,965 1,858 Amounts falling due Within one year 207 18 51 Between one and two years 65 149 31 Between two and five years 985 102 110 After five years 982 1,714 1,717 2,239 1,983 1,909 Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) (3) A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,983 1,909 1,931 Proceeds from borrowings 343 266 822 Repayment of borrowings (87) (184) (820) Finance costs paid on borrowings (99) (89) (115) Deferred loan fees (2) (8) (4) Other borrowing fees — — (11) Interest charged to the income statement 108 97 106 Translation (7) (8) — Closing balance 2,239 1,983 1,909 Reconciliation of finance costs paid: A reconciliation of the finance cost paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 99 89 115 Capitalised finance cost — (2) (14) Commitment fees, utilisation fees and other borrowing costs 12 12 10 Total finance costs paid 111 99 111 (1) The rated bonds are fully and unconditionally guaranteed by AngloGold Ashanti plc. (2) Represents undrawn capital on borrowings facilities. (3) Refer to note 13 for changes in lease liabilities arising from financing activities. |
ENVIRONMENTAL REHABILITATION _2
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of environmental rehabilitation and other provisions | Figure in millions Provision for decommissioning Provision for restoration Provision for silicosis Other provisions (2) Total Balance at 1 January 2023 162 416 35 64 677 Changes in estimates - recognised in profit or loss (1) — 48 (6) 28 70 Change in estimates - capitalised (1) 4 — — — 4 Reclassifications — — (2) 2 — Utilised during the year — (28) (11) (21) (60) Unwinding of provision 6 17 2 1 26 Translation 1 (1) (1) — (1) Balance at 31 December 2023 173 452 17 74 716 Current 1 46 1 32 80 Non-current 172 406 16 42 636 US Dollars Figures in millions 2023 Expected cash flows Within one year 80 Between one and two years 50 Between two and five years 212 After five years 374 716 Sensitivity analysis - Provision for decommissioning (3) A change in discount rates and cash flows have a significant impact on the amounts recognised in the statement of financial position. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (8) 10% change in cash flows 17 Effect of decrease in assumptions: 10% change in discount rate 8 10% change in cash flows (17) Sensitivity analysis - Provision for restoration (3) A change in discount rates and cash flows have a significant impact on the amounts recognised in the income statement. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (10) 10% change in cash flows 45 Effect of decrease in assumptions: 10% change in discount rate 10 10% change in cash flows (45) Sensitivity analysis - Provision for silicosis (3) Significant judgements are applied in estimating the costs required to settle any qualifying silicosis claims and are based on certain assumptions which includes the number of claimants, take-up rates and disease progression rates. A 10% change in these assumptions would have the following impact: Effect of increase in assumptions: 10% change in take-up rates 5 10% change in number of cases 5 10% change in disease progression rate 2 Effect of decrease in assumptions: 10% change in take-up rates (5) 10% change in number of cases (5) 10% change in disease progression rate (2) (1) The change in estimates relating to the provision for decommissioning and restoration is attributable to shifts in discount rates from global economic assumption changes, alterations in mine plans affecting cash flows, updates in design for closure of tailings storage facilities and in revised methodology following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life-of-mine. (2) Other provisions comprise claims filed by former employees in respect of loss of employment, work-related accident injuries and diseases, governmental fiscal claims relating to levies, surcharges and environmental legal disputes and an onerous provision in Yatela. These liabilities are expected to be settled over the next five -year period. (3) The sensitivity analysis is based on the change of a single assumption, keeping all other assumptions constant. This may not be the case in practice where changes in assumptions may result in correlated changes in other assumptions, and a change in the provision amount. Inflation and discount rates applied Significant judgement is applied in estimating the cost of rehabilitation that will be required in future to rehabilitate the Group’s mines, related surface infrastructure and tailings storage facilities. The final cost may significantly differ from current estimates. The following inflation and discount rates were used in the calculation of the decommissioning and restoration provisions: 2023 Group rates (excluding Australia) USD inflation rate (range) 2.1% - 2.6% USD discount rate (range) 3.9% - 4.6% Australia AUD inflation rate (range) 2.4% - 3.5% AUD discount rate (range) 3.6% - 3.7% |
Disclosure of discount rates and inflation | The following inflation and discount rates were used in the calculation of the decommissioning and restoration provisions: 2023 Group rates (excluding Australia) USD inflation rate (range) 2.1% - 2.6% USD discount rate (range) 3.9% - 4.6% Australia AUD inflation rate (range) 2.4% - 3.5% AUD discount rate (range) 3.6% - 3.7% |
PROVISION FOR PENSION AND POS_2
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of pension and post-retirement benefits | US Dollars Figures in millions 2023 2022 2021 Defined benefit plans The retirement schemes consist of the following: Post-retirement medical scheme for AngloGold Ashanti's South African employees 59 66 71 Other defined benefit plans 5 5 6 64 71 77 Post-retirement medical scheme for AngloGold Ashanti's South African employees The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. The last valuation was performed as at 31 December 2023. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 66 71 77 Interest cost 6 6 6 Benefits paid (6) (7) (8) Actuarial loss (gain) (2) (1) 1 Translation (5) (3) (5) Balance at end of year 59 66 71 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 10.77 % 10.88 % 9.79 % Expected increase in health care costs 7.37 % 7.49 % 7.23 % Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: Effect on post-retirement benefit obligation – 1% point increase 4 4 5 Effect on post-retirement benefit obligation – 1% point decrease (3) (4) (4) During 2022 and 2023, the Company purchased annuities to partly meet its obligations to pay medical aid contributions. One remaining premium of $20m is payable on 1 August 2024. The annuities are payable monthly and cover 100% of the medical aid contributions payable to retired members. Figures in millions 2023 2022 Reimbursive right for post-retirement benefits Balance at the beginning of the year 12 — Premiums paid 21 26 Benefits paid (6) (3) Interest income 2 1 Actuarial gain (loss) 7 (12) Translation (1) — Balance at end of year 35 12 The fair value of the right of reimbursement has been determined as the present value of expected future annuity payments payable by the insurer in respect of continuation members, less the present value of the outstanding medical aid premium payment payable on 1 August 2024. The future annuity payments make appropriate allowance for future increases in line with CPI. The main input used in the valuation model are healthcare cost inflation of 6.2% , demographic assumptions and medical aid contribution increases of 7.5% . This is considered a level 3 fair value input. Cash flows Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid through the purchased annuities: 2024 8 2025 8 2026 8 2027 7 2028 7 Thereafter 26 |
DEFERRED TAXATION (Tables)
DEFERRED TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of income tax [Abstract] | |
Disclosure of deferred taxation | US Dollars Figures in millions 2023 2022 2021 Restated (1) Restated (1) Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets (owned) 630 536 442 Right of use assets 45 52 53 Inventories 26 19 13 Other 25 14 22 726 621 530 Assets Provisions 207 187 141 Lease liabilities 50 57 56 Tax losses 110 91 23 Other 14 9 4 381 344 224 Net deferred taxation liability 345 277 306 Included in the statement of financial position as follows: Deferred tax assets 50 23 7 Deferred tax liabilities 395 300 313 Net deferred taxation liability 345 277 306 (1) The 2022 comparative period has been retrospectively restated. The restatement has resulted in an increase in taxable temporary differences on tangible assets of $106m and on other of $1m , and an increase in deductible temporary differences on provisions of $56m and on tax losses of $2m . Refer to note 1.3. |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Disclosure of trade, other payables and deferred income by nature | US Dollars Figures in millions 2023 2022 2021 Restated (3) (4) Restated (3) (4) Financial liabilities Trade payables 464 391 406 Accruals (1) 128 151 67 Derivative financial liabilities 15 6 — Non financial liabilities Employee related payables (1) 114 116 122 Other payables (2) 51 3 5 Total trade and other payables 772 667 600 Current trade and other payables are non-interest bearing and are normally settled within 60 days. (1) Employee related payables and short-term provisions, which were previously reported as part of accruals, are now being reported separately as these are considered non financial liabilities. Short-term provisions are presented separately on the statement of financial position. Comparative figures have been reclassified. (2) Includes landholder duties of $49m in respect of the corporate restructuring, which are expected to be settled in 2024. (3) Short-term provisions of $43m for 2022 and $47m for 2021 were previously reported as part of trade and other payables and are now reported as part of environmental rehabilitation and other provisions on the statement of financial position. (4) Comparative periods have been retrospectively restated. Refer to note 1.3. . |
TAXATION (Tables)_2
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of income tax [Abstract] | |
Disclosure of income tax payable | US Dollars Figures in millions 2023 2022 2021 Balance at beginning of year 8 (10) 139 Refunds during the year 36 32 20 Payments during the year (116) (166) (336) Taxation of items included in the income statement 217 231 248 Offset of VAT and other taxes (87) (84) (87) Transfer of Siguiri tax asset to non-current trade, other receivables and other assets — 4 — Withholding tax transferred from trade and other payables — — 7 Discounting of tax receivable — — 1 Translation (12) 1 (2) Balance at end of year 46 8 (10) Included in the statement of financial position as follows: Taxation asset included in trade, other receivables and other assets (18) (37) (49) Taxation liability 64 45 39 46 8 (10) |
CASH GENERATED FROM OPERATIONS
CASH GENERATED FROM OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement of cash flows [abstract] | |
Disclosure of cash generated from operations | US Dollars Figures in millions 2023 2022 2021 Restated (1) Restated (1) Profit (loss) before taxation 63 472 949 Adjusted for: Movement on non-hedge derivatives and other commodity contracts 9 6 — Amortisation of tangible and right of use assets (note 4 ) 657 636 476 Amortisation of intangible assets (note 4 ) 1 1 3 Finance costs and unwinding of obligations (note 6 ) 157 149 116 Environmental, rehabilitation, silicosis and other provisions (75) (85) (20) Impairment and derecognition of assets 234 319 7 Profit on sale of assets (14) (8) (22) Other expenses (income) (non cash portion) 71 9 61 Interest income (127) (81) (58) Share of associates and joint ventures’ (profit) loss (207) (161) (245) Other non-cash movements 27 25 28 Other exchange losses 168 102 2 Movements in working capital (93) (140) 56 871 1,244 1,353 Movements in working capital: (Increase) decrease in inventories (58) (54) 58 Increase in trade, other receivables and other assets (117) (152) (46) Increase in trade, other payables and provisions 82 66 44 (93) (140) 56 (1) Comparative periods have been retrospectively restated. Refer to note 1.3. |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | US Dollars Figures in millions 2023 2022 2021 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Associate - Rand Refinery (Pty) Ltd — — 7 Purchases and services acquired from related parties Associate - Rand Refinery (Pty) Ltd 12 14 14 Outstanding balances arising from sale of goods and services due by related parties Associate - Rand Refinery (Pty) Ltd — — 7 Amounts owed to/due by related parties above are unsecured and non-interest bearing. Short-term loan advanced to related parties Joint venture - Kibali Goldmines S.A. 148 — — Long-term loan advanced to related parties Joint venture - Kibali Goldmines S.A. 358 — — |
Disclosure of key management remuneration | US Dollar thousands 2023 2022 2021 Base salary Pension scheme benefits Other benefits (2) DSP awards Buy-out share awards on recruitment (3) Total (1) Total Total Executive directors 2,201 452 876 5,807 563 9,899 8,764 5,636 (1) Remuneration for executive directors has been disclosed for the full 2023 financial year - this includes both AngloGold Ashanti Limited prior to the completion of the corporate restructuring and AngloGold Ashanti plc after the completion of the corporate restructuring. (2) Other benefits include family health insurance, group life insurance, cash in lieu of dividends, social security and a relocation allowance. (3) Buy-out awards granted to executive directors are in respect of incentive arrangements that were forfeited from previous employer. US Dollar thousands 2023 2022 2021 Base salary Pension scheme benefits Other benefits (2) DSP awards Total (1) Total Total Executive management 3,435 508 1,729 6,357 12,029 14,314 14,289 (1) Remuneration for executive management has been disclosed for the full 2023 financial year - this includes both AngloGold Ashanti Limited prior to the completion of the corporate restructuring and AngloGold Ashanti plc after the completion of the corporate restructuring. (2) Other benefits include family health insurance, group life insurance, cash in lieu of dividends, social security and a relocation allowance. US Dollar thousands 2023 2022 2021 Director fees (1) Committee fees (2) Travel allowance Total Total Total Non-executive directors 1,454 640 174 2,268 2,151 2,151 (1) Includes the annual base fee paid to non-executive directors as well as fees paid for special Board meetings. (2) Includes the fee paid to the individual for their committee membership and committee chairperson role, where applicable, as well as fees paid for special committee meetings. The table includes fees paid by AngloGold Ashanti Limited prior to the completion of the corporate restructuring on 25 September 2023 and payments made by AngloGold Ashanti plc after this date. |
CONTRACTUAL COMMITMENTS AND C_2
CONTRACTUAL COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of operating and finance leases | US Dollars Figures in millions 2023 2022 2021 Capital commitments Acquisition of tangible assets Contracted for 141 178 146 Not contracted for 392 259 547 Authorised by the directors 533 437 693 Allocated to: Non-sustaining capital - within one year 240 155 337 - thereafter 74 39 64 314 194 401 Sustaining capital - within one year 205 243 292 - thereafter 14 — — 219 243 292 Share of underlying capital commitments of joint ventures included above — — 4 Purchase obligations Contracted for - within one year 428 436 423 - thereafter 271 575 624 699 1,011 1,047 |
FINANCIAL RISK MANAGEMENT ACT_2
FINANCIAL RISK MANAGEMENT ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of detailed information about financial instruments | The Group’s financial assets and liabilities are classified as set out below: Figures in millions - US Dollars At fair value through profit or loss At fair value through other comprehensive income At amortised cost 2023 Financial assets Other investments 1 — — Trade, other receivables and other assets 48 — 33 Loan receivable — — 506 Restricted cash — — 68 Cash and cash equivalents — — 964 Financial liabilities Borrowings — — 2,239 Lease liabilities — — 171 Trade payables and accruals — — 592 Derivative financial liabilities 15 — — Bank overdraft — — 9 2022 Financial assets Other investments 1 2 — Trade, other receivables and other assets 12 — 31 Restricted cash — — 60 Cash and cash equivalents — — 1,108 Financial liabilities Borrowings — — 1,983 Lease liabilities — — 186 Trade payables and accruals — — 542 Derivative financial liabilities 6 — — Bank overdraft — — 2 2021 Financial assets Other investments 1 116 — Trade, other receivables and other assets 25 — 64 Restricted cash — — 58 Cash and cash equivalents — — 1,154 Financial liabilities Borrowings — — 1,909 Lease liabilities — — 185 Trade payables and accruals — — 473 Figures in millions - US Dollars 2023 2022 Financial asset / (liability) Income statement gain / (loss) Financial asset / (liability) Income statement gain / (loss) Summary of derivatives Gold zero-cost collars (15) (13) — — Brent Crude oil forward contracts — (1) (6) (6) A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: US Dollar millions Figures in millions 2023 2022 2021 Opening balance 12 25 28 Unwinding of the deferred compensation asset 1 1 2 Changes in estimates - fair value adjustments (1) 14 (13) (3) Sale of Gramalote 22 Translation (1) (1) (2) Closing balance (2) 48 12 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. |
Quantitative data for entity's exposure to risk | The table below shows the significant currency exposure which arises mainly on borrowings and cash denominated in a currency other than the functional currency of entities within the Group. The amounts have been presented in US dollar by converting the foreign currency amount at the closing rate at the reporting date. US Dollars Figures in millions 2023 2022 2021 Cash and cash equivalents Argentinean peso 89 116 129 South African rand 50 88 86 Australian dollar 47 33 52 Borrowings Australian dollar — 38 33 Tanzanian shilling 126 88 47 Interest rate risk arising from borrowings is offset by cash and cash equivalents and restricted cash held at variable rates. US Dollar millions Figures in millions 2023 2022 2021 Fixed rate instruments Borrowings 1,738 1,735 1,733 Variable rate instruments Restricted cash 68 60 58 Cash and cash equivalents 742 805 897 Borrowings 501 248 176 Joint venture loan receivable 506 — — |
Sensitivity analysis for types of market risk | The following table discloses the approximate foreign exchange risk sensitivities at 31 December (assuming all other variables remain constant). Management reasonably expects profit or loss to increase/(decrease) by the following sensitivities: US Dollar millions Figures in millions 2023 2022 (1) 2021 (1) Cash and cash equivalents Argentinean peso (ARS/$) Spot +10% (8) (6) (11) South African rand (ZAR/$) Spot +10% (5) (7) (7) Australian dollar (AUD/$) Spot +10% (4) (2) (4) Argentinean peso (ARS/$) Spot -10% 10 7 14 South Africa rand (ZAR/$) Spot -10% 6 9 9 Australian dollar (AUD/$) Spot -10% 5 2 4 Borrowings Tanzanian shilling (TZS/$) Spot +10% 11 9 5 Australian dollar (AUD/$) Spot +10% — 2 2 Tanzanian shilling (TZS/$) Spot -10% (14) (11) (6) Australian dollar (AUD/$) Spot -10% — (2) (2) (1) The sensitivity analysis for the comparative periods were calculated at Spot (+AR S 10 ) and Spot (-ARS 10 ) fo r Argentinean peso, Spot (+ZAR 1.5 ) and Spot (- ZAR 1.5 ) for South African rand, Spot (+AUD 0.1 ) and Spot (-AUD 0.1 ) for Australian dollar and Spot (+TZS 250 ) and Spot (-TZS 250 ) for Tanzanian shilling. Management reasonably expects profit or loss to increase/(decrease) by the following sensitivities: US Dollar millions Figures in millions 2023 2022 (1) 2021 (1) Joint venture loan receivable United States dollar (2) 1% increase 5 Cash and cash equivalents United States dollar 1% increase 5 5 3 Australian dollar 1% increase — 1 1 South African rand 1% increase — 1 1 Argentinean peso 1% increase 1 3 3 Borrowings United States dollar 1% increase (4) (1) (1) Australian dollar 1% increase — (1) (1) Tanzanian shilling 1% increase (1) (2) (1) (1) The sensitivity analysis for the comparative periods were calculated at 100 basis points increase for the United States dollar, 150 basis points increase for the Australian dollar, 150 basis points increase for South African rand and 250 basis points increase for the Argentinean peso. (2) Loan to Kibali (Jersey) Limited which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A. |
Maturity analysis for financial liabilities | Figures in millions - US Dollars Within one year Between one and two years Between two and five years After five years Total 2023 Derivative financial liabilities Gold zero-cost collar 15 — — — 15 Non-derivative financial liabilities Trade payables and accruals 592 — — — 592 Bank overdraft 9 — — — 9 Borrowings 312 160 1,255 1,277 3,004 Lease liabilities 75 65 18 29 187 1,003 225 1,273 1,306 3,807 2022 Derivative financial liabilities Oil forward contracts 6 — — — 6 Non-derivative financial liabilities Trade payables and accruals (Restated (1) ) 542 — — — 542 Bank overdraft 2 — — — 2 Borrowings 102 249 326 2,098 2,775 Lease liabilities 79 63 59 2 203 731 312 385 2,100 3,528 2021 Non-derivative financial liabilities Trade payables and accruals (Restated (1) ) 473 — — — 473 Borrowings 119 115 332 2,169 2,735 Lease liabilities 68 50 74 10 202 660 165 406 2,179 3,410 (1) Comparative periods have been retrospectively restated. Refer to note 26 . |
Disclosure of maturity analysis for non-derivative financial liabilities | Figures in millions - US Dollars Within one year Between one and two years Between two and five years After five years Total 2023 Derivative financial liabilities Gold zero-cost collar 15 — — — 15 Non-derivative financial liabilities Trade payables and accruals 592 — — — 592 Bank overdraft 9 — — — 9 Borrowings 312 160 1,255 1,277 3,004 Lease liabilities 75 65 18 29 187 1,003 225 1,273 1,306 3,807 2022 Derivative financial liabilities Oil forward contracts 6 — — — 6 Non-derivative financial liabilities Trade payables and accruals (Restated (1) ) 542 — — — 542 Bank overdraft 2 — — — 2 Borrowings 102 249 326 2,098 2,775 Lease liabilities 79 63 59 2 203 731 312 385 2,100 3,528 2021 Non-derivative financial liabilities Trade payables and accruals (Restated (1) ) 473 — — — 473 Borrowings 119 115 332 2,169 2,735 Lease liabilities 68 50 74 10 202 660 165 406 2,179 3,410 (1) Comparative periods have been retrospectively restated. Refer to note 26 . |
Analysis of credit exposure | Overview of the credit risk profile of financial institutions is as follows: US Dollars Figures in millions 2023 2022 2021 Cash and cash equivalents Low (AAA to A-) 82 % 81 % 74 % Medium (BBB to B-) 12 % 11 % 15 % High (CCC+ and below) 6 % 8 % 11 % Restricted cash Low (AAA to A-) 16 % 14 % 14 % Medium (BBB to B-) 84 % 86 % 86 % |
Disclosure of fair value measurement of assets | The table below represents financial instruments measured at fair value at the reporting date, or for which fair value is disclosed at 31 December. Figures in millions US Dollars Fair value Carrying value Fair value Carrying value Fair value Carrying value Valuation method Significant inputs Fair value hierarchy of inputs As at Dec As at Dec As at Dec As at Dec As at Dec As at Dec Financial instrument 2023 2022 2021 At fair value through profit and loss Deferred compensation asset - Mponeng (1) 26 26 12 12 25 25 Probability weighted discounted cash flow The production plan over the deferred compensation period and discount rates. Level 3 Deferred compensation asset – Gramalote (1) 22 22 — — — — Probability weighted discounted cash flow Stage gate payments over the deferred compensation period and discount rates. Level 3 Derivative financial liability - gold zero-cost collar contracts (2) 15 15 — — — — Black-Scholes-Merton option pricing model Forward and spot prices, the number of outstanding ounces of gold on open contracts, risk free rates and volatilities. Level 2 Derivative financial liability - Brent Crude oil forward contracts (2) — — 6 6 — — Black-Scholes-Merton option pricing model Forward and spot prices, the number of outstanding barrels of oil on open contracts, risk free rates and volatilities. Level 2 At fair value through other comprehensive income Listed equity investments — — 2 2 116 116 Level 1 At amortised cost Borrowings - Rated bonds 1,567 1,738 1,578 1,735 1,835 1,733 Level 1 Borrowings - Revolving Credit Facilities 501 501 248 248 176 176 Discounted cash flow Market related interest rates Level 3 (3) Joint venture loan receivable 506 506 — — — — Discounted cash flow Market related interest rates Level 3 (1) Included in the statement of financial position in current and non-current trade, other receivables and other assets. (2) Included in the statement of financial position in current trade and other payables. (3) The fair value hierarchy level has been revised to level 3. |
Disclosure of fair value measurement of liabilities | The table below represents financial instruments measured at fair value at the reporting date, or for which fair value is disclosed at 31 December. Figures in millions US Dollars Fair value Carrying value Fair value Carrying value Fair value Carrying value Valuation method Significant inputs Fair value hierarchy of inputs As at Dec As at Dec As at Dec As at Dec As at Dec As at Dec Financial instrument 2023 2022 2021 At fair value through profit and loss Deferred compensation asset - Mponeng (1) 26 26 12 12 25 25 Probability weighted discounted cash flow The production plan over the deferred compensation period and discount rates. Level 3 Deferred compensation asset – Gramalote (1) 22 22 — — — — Probability weighted discounted cash flow Stage gate payments over the deferred compensation period and discount rates. Level 3 Derivative financial liability - gold zero-cost collar contracts (2) 15 15 — — — — Black-Scholes-Merton option pricing model Forward and spot prices, the number of outstanding ounces of gold on open contracts, risk free rates and volatilities. Level 2 Derivative financial liability - Brent Crude oil forward contracts (2) — — 6 6 — — Black-Scholes-Merton option pricing model Forward and spot prices, the number of outstanding barrels of oil on open contracts, risk free rates and volatilities. Level 2 At fair value through other comprehensive income Listed equity investments — — 2 2 116 116 Level 1 At amortised cost Borrowings - Rated bonds 1,567 1,738 1,578 1,735 1,835 1,733 Level 1 Borrowings - Revolving Credit Facilities 501 501 248 248 176 176 Discounted cash flow Market related interest rates Level 3 (3) Joint venture loan receivable 506 506 — — — — Discounted cash flow Market related interest rates Level 3 (1) Included in the statement of financial position in current and non-current trade, other receivables and other assets. (2) Included in the statement of financial position in current trade and other payables. (3) The fair value hierarchy level has been revised to level 3. |
AUDITORS REMUNERATION (Tables)
AUDITORS REMUNERATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Schedule of auditors remuneration | The following table presents the aggregate fees for professional services and other services rendered to AngloGold Ashanti by (i) PricewaterhouseCoopers Inc. and PricewaterhouseCoopers LLP in 2023 and (ii) Ernst & Young Inc. in 2022 and 2021. Figures in millions 2023 2022 2021 US Dollars Audit fees (1) 8.10 6.45 5.87 Audit-related fees (2) 2.40 1.91 2.10 Tax fees (3) 0.10 0.22 0.03 All other fees (4) 0.10 0.02 0.01 Total 10.70 8.60 8.01 (1) The Audit fees consist of fees billed for the annual audit services engagement and other audit services, which are those services that only the external auditor reasonably can provide, and include the Company audit; statutory audits; attest services; and assistance with and review of documents filed with the SEC. (2) Audit-related fees consist of fees billed for assurance and related services. (3) Tax fees include fees billed for tax advice and tax compliance services. (4) All other fees include non-audit services such as advisory fees for the court-sanctioned capital reduction of AngloGold Ashanti plc and subscription fees for PwC’s digital platform on accounting and business insights. |
STATEMENT OF COMPLIANCE (Detail
STATEMENT OF COMPLIANCE (Details) - Narrative - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Significant accounting policies [Line Items] | ||||||
Issued in terms of the corporate restructuring at a nominal value of $1 (in shares) | 419,685,792 | 0 | 0 | |||
Par value per share (in cents per share) | $ 1 | |||||
Applicable tax rate | 25% | 28% | 28% | |||
Profit (loss) | $ 222 | $ (251) | [1],[2],[3] | $ (638) | [1],[2],[3] | |
Emissions reduction | 30% | |||||
Foreign exchange and fair value adjustments | $ 154 | 125 | [1],[3] | 46 | [1],[3] | |
Share of associates and joint ventures’ profit | (207) | (161) | [1],[3] | (245) | [1],[3] | |
Profit on disposal of joint ventures | 14 | 6 | [1],[3] | 0 | [1],[3] | |
Net impairment, derecognition of assets and profit (loss) on disposal | 221 | 315 | [1],[3] | (11) | [1],[3] | |
Cost of sales | 3,541 | 3,366 | [1],[3] | 2,859 | [1],[3] | |
Environmental rehabilitation and other provisions | (636) | (596) | [4] | (700) | [4] | |
Environmental rehabilitation and other provisions | 80 | 81 | [4] | 76 | [4] | |
Current lease liabilities | (73) | (71) | [4] | (61) | [4] | |
Lease liabilities - non-current portion (note 13) | 98 | 115 | [4] | 124 | [4] | |
Trade and other payables | [5] | 772 | 667 | [4] | 600 | [4] |
Receipts from customers | 4,517 | 4,054 | ||||
Payments to suppliers and employees | 3,273 | 2,701 | ||||
Non-financial liabilities | 145 | 150 | ||||
Kibali | ||||||
Significant accounting policies [Line Items] | ||||||
Profit (loss) | $ (393) | (332) | (494) | |||
Increase (decrease) due to corrections of prior period errors | ||||||
Significant accounting policies [Line Items] | ||||||
Profit (loss) | 16 | 8 | ||||
Foreign exchange and fair value adjustments | (3) | 3 | ||||
Share of associates and joint ventures’ profit | 5 | 4 | ||||
Net impairment, derecognition of assets and profit (loss) on disposal | 11 | |||||
Cost of sales | 4 | 2 | ||||
Environmental rehabilitation and other provisions | 38 | 29 | ||||
Environmental rehabilitation and other provisions | 81 | 76 | ||||
Current lease liabilities | 13 | |||||
Lease liabilities - non-current portion (note 13) | 13 | |||||
Trade and other payables | (43) | (47) | ||||
Increase (decrease) due to corrections of prior period errors | Rand Refinery | ||||||
Significant accounting policies [Line Items] | ||||||
Profit on disposal of joint ventures | (2) | 2 | ||||
Increase (decrease) due to corrections of prior period errors | Kibali | ||||||
Significant accounting policies [Line Items] | ||||||
Share of associates and joint ventures’ profit | 3 | 6 | ||||
Increase (decrease) due to corrections of prior period errors 2 | ||||||
Significant accounting policies [Line Items] | ||||||
Environmental rehabilitation and other provisions | 38 | 29 | ||||
Increase (decrease) due to corrections of prior period errors 1 | ||||||
Significant accounting policies [Line Items] | ||||||
Environmental rehabilitation and other provisions | 43 | 47 | ||||
Obuasi | Increase (decrease) due to corrections of prior period errors | ||||||
Significant accounting policies [Line Items] | ||||||
Profit (loss) | 49 | |||||
Foreign exchange and fair value adjustments | 0 | |||||
Share of associates and joint ventures’ profit | 0 | |||||
Net impairment, derecognition of assets and profit (loss) on disposal | 0 | |||||
Cost of sales | 0 | |||||
Environmental rehabilitation and other provisions | 0 | |||||
Environmental rehabilitation and other provisions | 0 | |||||
Current lease liabilities | 0 | |||||
Lease liabilities - non-current portion (note 13) | 0 | |||||
Trade and other payables | 0 | |||||
Geita | Increase (decrease) due to corrections of prior period errors | ||||||
Significant accounting policies [Line Items] | ||||||
Foreign exchange and fair value adjustments | (2) | 2 | ||||
Serra Grande | Increase (decrease) due to corrections of prior period errors | ||||||
Significant accounting policies [Line Items] | ||||||
Net impairment, derecognition of assets and profit (loss) on disposal | 9 | |||||
Siguiri | Increase (decrease) due to corrections of prior period errors | ||||||
Significant accounting policies [Line Items] | ||||||
Cost of sales | $ 4 | $ 2 | ||||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. S hort-term provisions, which were previously reported as part of trade and other payables and other provisions, are now reported as part of environmental rehabilitation and other provisions on the statement of financial position. Refer to note 1.3.2. |
STATEMENT OF COMPLIANCE - Restr
STATEMENT OF COMPLIANCE - Restructuring (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Income statement | |||||||
Cost of sales | $ (3,541) | $ (3,366) | [1],[2] | $ (2,859) | [1],[2] | ||
Gross profit | 1,027 | 1,129 | [1],[2] | 1,170 | [1],[2] | ||
Impairment, derecognition of assets and profit (loss) on disposal | (221) | (315) | [1],[2] | 11 | [1],[2] | ||
Foreign exchange and fair value adjustments | (154) | (125) | [1],[2] | (46) | [1],[2] | ||
Share of associates and joint ventures’ profit | 207 | 161 | [1],[2] | 245 | [1],[2] | ||
Profit before taxation | 63 | 472 | [1],[2] | 949 | [1],[2] | ||
Taxation | (285) | (221) | [1],[2] | (311) | [1],[2] | ||
Profit (loss) for the year | (222) | 251 | [1],[2],[3] | 638 | [1],[2],[3] | ||
Attributable to: | |||||||
Equity shareholders | (235) | 233 | [1],[2] | 614 | [1],[2] | ||
Non-controlling interests | $ 13 | $ 18 | [1],[2] | $ 24 | [1],[2] | ||
Basic earnings (loss) per ordinary share (USD per share) | $ (0.56) | $ 0.55 | [1],[2] | $ 1.46 | [1],[2] | ||
Diluted earnings (loss) per ordinary share (USD per share) | $ (0.56) | $ 0.55 | [1],[2] | $ 1.46 | [1],[2] | ||
Headline earnings | $ (46) | $ 489 | $ 604 | ||||
Basic headline earnings (loss) per share (USD per share) | $ (0.11) | $ 1.16 | $ 1.44 | ||||
Diluted headline earnings (loss) per share (USD per share) | $ (0.11) | $ 1.16 | $ 1.44 | ||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | $ (219) | $ 176 | [3] | $ 533 | [3] | ||
Statement of financial position | |||||||
Tangible assets | 4,419 | 4,208 | [4] | 3,507 | [4] | ||
Investments in associates and joint ventures | 599 | 1,091 | [4] | 1,643 | [4] | ||
Deferred taxation | 50 | 23 | [4] | 7 | [4] | ||
Non-current assets | 6,001 | 5,868 | [4] | 5,867 | [4] | ||
Trade, other receivables and other assets | 199 | 237 | [4] | 257 | [4] | ||
Current assets | 2,174 | 2,145 | [4] | 2,140 | [4] | ||
Lease liabilities | 98 | 115 | [4] | 124 | [4] | ||
Environmental rehabilitation and other provisions | 636 | 596 | [4] | 700 | [4] | ||
Non-current liabilities | 3,230 | 3,054 | [4] | 3,079 | [4] | ||
Lease liabilities | 73 | 71 | [4] | 61 | [4] | ||
Trade and other payables | [5] | 772 | 667 | [4] | 600 | [4] | |
Environmental rehabilitation and other provisions | 80 | 81 | [4] | 76 | [4] | ||
Current liabilities | 1,205 | 884 | [4] | 827 | [4] | ||
Statement of changes in equity | |||||||
Equity | 3,740 | 4,075 | [4] | 4,101 | [4] | $ 3,788 | |
Share capital and premium | |||||||
Statement of changes in equity | |||||||
Equity | 420 | 0 | 0 | 0 | |||
Reorganisation reserve | |||||||
Statement of changes in equity | |||||||
Equity | 6,815 | 7,239 | 7,223 | 7,214 | |||
Accumulated losses | |||||||
Income statement | |||||||
Profit (loss) for the year | (235) | 233 | 614 | ||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | (235) | 233 | 614 | ||||
Statement of changes in equity | |||||||
Equity | (2,148) | (1,774) | (1,899) | (2,295) | |||
Foreign currency translation reserve | |||||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | [6] | (5) | (29) | (25) | |||
Statement of changes in equity | |||||||
Equity | [6] | (1,446) | (1,441) | (1,412) | (1,387) | ||
Shareholders' equity | |||||||
Income statement | |||||||
Profit (loss) for the year | (235) | 233 | 614 | ||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | (232) | 158 | 509 | ||||
Statement of changes in equity | |||||||
Equity | 3,711 | 4,040 | 4,047 | 3,741 | |||
Non- controlling interests | |||||||
Income statement | |||||||
Profit (loss) for the year | 13 | 18 | 24 | ||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | 13 | 18 | 24 | ||||
Statement of changes in equity | |||||||
Equity | $ 29 | 35 | 54 | $ 47 | |||
As previously reported | |||||||
Income statement | |||||||
Cost of sales | (3,362) | (2,857) | |||||
Gross profit | 1,133 | 1,172 | |||||
Impairment, derecognition of assets and profit (loss) on disposal | (304) | ||||||
Foreign exchange and fair value adjustments | (128) | (43) | |||||
Share of associates and joint ventures’ profit | 166 | 249 | |||||
Profit before taxation | 489 | 958 | |||||
Taxation | (173) | (312) | |||||
Profit (loss) for the year | 316 | 646 | |||||
Attributable to: | |||||||
Equity shareholders | 297 | $ 622 | |||||
Non-controlling interests | $ 19 | ||||||
Basic earnings (loss) per ordinary share (USD per share) | $ 0.71 | $ 1.48 | |||||
Diluted earnings (loss) per ordinary share (USD per share) | $ 0.71 | $ 1.48 | |||||
Headline earnings | $ 544 | $ 612 | |||||
Basic headline earnings (loss) per share (USD per share) | $ 1.29 | $ 1.46 | |||||
Diluted headline earnings (loss) per share (USD per share) | $ 1.29 | $ 1.46 | |||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | $ 242 | $ 541 | |||||
Statement of financial position | |||||||
Tangible assets | 4,209 | 3,493 | |||||
Investments in associates and joint ventures | 1,100 | 1,647 | |||||
Deferred taxation | 72 | ||||||
Non-current assets | 5,927 | 5,857 | |||||
Trade, other receivables and other assets | 260 | ||||||
Current assets | 2,143 | ||||||
Lease liabilities | 102 | ||||||
Environmental rehabilitation and other provisions | 634 | 729 | |||||
Non-current liabilities | 3,079 | 3,108 | |||||
Lease liabilities | 84 | ||||||
Trade and other payables | 710 | 647 | |||||
Environmental rehabilitation and other provisions | 0 | 0 | |||||
Current liabilities | 859 | 798 | |||||
Statement of changes in equity | |||||||
Equity | 4,134 | 4,094 | |||||
As previously reported | Share capital and premium | |||||||
Statement of changes in equity | |||||||
Equity | 7,239 | 7,223 | |||||
As previously reported | Reorganisation reserve | |||||||
Statement of changes in equity | |||||||
Equity | 0 | 0 | |||||
As previously reported | Accumulated losses | |||||||
Statement of changes in equity | |||||||
Equity | (1,715) | (1,904) | |||||
As previously reported | Foreign currency translation reserve | |||||||
Statement of changes in equity | |||||||
Equity | (1,440) | ||||||
As previously reported | Shareholders' equity | |||||||
Statement of changes in equity | |||||||
Equity | 4,100 | 4,042 | |||||
As previously reported | Non- controlling interests | |||||||
Statement of changes in equity | |||||||
Equity | 34 | 52 | |||||
Increase (decrease) due to corporate restructuring | |||||||
Income statement | |||||||
Cost of sales | 0 | 0 | |||||
Gross profit | 0 | 0 | |||||
Impairment, derecognition of assets and profit (loss) on disposal | 0 | ||||||
Foreign exchange and fair value adjustments | 0 | 0 | |||||
Share of associates and joint ventures’ profit | 0 | 0 | |||||
Profit before taxation | 0 | 0 | |||||
Taxation | 0 | 0 | |||||
Profit (loss) for the year | 0 | 0 | |||||
Attributable to: | |||||||
Equity shareholders | 0 | $ 0 | |||||
Non-controlling interests | $ 0 | ||||||
Basic earnings (loss) per ordinary share (USD per share) | $ 0 | $ 0 | |||||
Diluted earnings (loss) per ordinary share (USD per share) | $ 0 | $ 0 | |||||
Headline earnings | $ 0 | $ 0 | |||||
Basic headline earnings (loss) per share (USD per share) | $ 0 | $ 0 | |||||
Diluted headline earnings (loss) per share (USD per share) | $ 0 | $ 0 | |||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | $ 0 | $ 0 | |||||
Statement of financial position | |||||||
Tangible assets | 0 | 0 | |||||
Investments in associates and joint ventures | 0 | 0 | |||||
Deferred taxation | 0 | ||||||
Non-current assets | 0 | 0 | |||||
Trade, other receivables and other assets | 0 | ||||||
Current assets | 0 | ||||||
Lease liabilities | 0 | ||||||
Environmental rehabilitation and other provisions | 0 | 0 | |||||
Non-current liabilities | 0 | 0 | |||||
Lease liabilities | 0 | ||||||
Trade and other payables | 0 | 0 | |||||
Environmental rehabilitation and other provisions | 0 | 0 | |||||
Current liabilities | 0 | 0 | |||||
Statement of changes in equity | |||||||
Equity | 0 | 0 | |||||
Increase (decrease) due to corporate restructuring | Share capital and premium | |||||||
Statement of changes in equity | |||||||
Equity | (7,239) | (7,223) | |||||
Increase (decrease) due to corporate restructuring | Reorganisation reserve | |||||||
Statement of changes in equity | |||||||
Equity | 7,239 | 7,223 | |||||
Increase (decrease) due to corporate restructuring | Accumulated losses | |||||||
Statement of changes in equity | |||||||
Equity | 0 | 0 | |||||
Increase (decrease) due to corporate restructuring | Foreign currency translation reserve | |||||||
Statement of changes in equity | |||||||
Equity | 0 | ||||||
Increase (decrease) due to corporate restructuring | Shareholders' equity | |||||||
Statement of changes in equity | |||||||
Equity | 0 | 0 | |||||
Increase (decrease) due to corporate restructuring | Non- controlling interests | |||||||
Statement of changes in equity | |||||||
Equity | 0 | 0 | |||||
Increase (decrease) due to corrections of prior period errors | |||||||
Income statement | |||||||
Cost of sales | (4) | (2) | |||||
Gross profit | (4) | (2) | |||||
Impairment, derecognition of assets and profit (loss) on disposal | (11) | ||||||
Foreign exchange and fair value adjustments | 3 | (3) | |||||
Share of associates and joint ventures’ profit | (5) | (4) | |||||
Profit before taxation | (17) | (9) | |||||
Taxation | 1 | 1 | |||||
Profit (loss) for the year | (16) | (8) | |||||
Attributable to: | |||||||
Equity shareholders | (15) | $ (8) | |||||
Non-controlling interests | $ (1) | ||||||
Basic earnings (loss) per ordinary share (USD per share) | $ (0.04) | $ (0.02) | |||||
Diluted earnings (loss) per ordinary share (USD per share) | $ (0.04) | $ (0.02) | |||||
Headline earnings | $ (6) | $ (8) | |||||
Basic headline earnings (loss) per share (USD per share) | $ (0.01) | $ (0.02) | |||||
Diluted headline earnings (loss) per share (USD per share) | $ (0.01) | $ (0.02) | |||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | $ (17) | $ (8) | |||||
Statement of financial position | |||||||
Tangible assets | (1) | 14 | |||||
Investments in associates and joint ventures | (9) | (4) | |||||
Deferred taxation | 0 | ||||||
Non-current assets | (10) | 10 | |||||
Trade, other receivables and other assets | (3) | ||||||
Current assets | (3) | ||||||
Lease liabilities | 13 | ||||||
Environmental rehabilitation and other provisions | (38) | (29) | |||||
Non-current liabilities | (25) | (29) | |||||
Lease liabilities | (13) | ||||||
Trade and other payables | (43) | (47) | |||||
Environmental rehabilitation and other provisions | 81 | 76 | |||||
Current liabilities | 25 | 29 | |||||
Statement of changes in equity | |||||||
Equity | (10) | 7 | |||||
Increase (decrease) due to corrections of prior period errors | Obuasi | |||||||
Income statement | |||||||
Cost of sales | 0 | ||||||
Gross profit | 0 | ||||||
Impairment, derecognition of assets and profit (loss) on disposal | 0 | ||||||
Foreign exchange and fair value adjustments | 0 | ||||||
Share of associates and joint ventures’ profit | 0 | ||||||
Profit before taxation | 0 | ||||||
Taxation | (49) | ||||||
Profit (loss) for the year | (49) | ||||||
Attributable to: | |||||||
Equity shareholders | (49) | ||||||
Non-controlling interests | $ 0 | ||||||
Basic earnings (loss) per ordinary share (USD per share) | $ (0.12) | ||||||
Diluted earnings (loss) per ordinary share (USD per share) | $ (0.12) | ||||||
Headline earnings | $ (49) | ||||||
Basic headline earnings (loss) per share (USD per share) | $ (0.12) | ||||||
Diluted headline earnings (loss) per share (USD per share) | $ (0.12) | ||||||
Statement of comprehensive income | |||||||
Total comprehensive income for the year, net of tax | $ (49) | ||||||
Statement of financial position | |||||||
Tangible assets | 0 | ||||||
Investments in associates and joint ventures | 0 | ||||||
Deferred taxation | (49) | ||||||
Non-current assets | (49) | ||||||
Lease liabilities | 0 | ||||||
Environmental rehabilitation and other provisions | 0 | ||||||
Non-current liabilities | 0 | ||||||
Lease liabilities | 0 | ||||||
Trade and other payables | 0 | ||||||
Environmental rehabilitation and other provisions | 0 | ||||||
Current liabilities | 0 | ||||||
Statement of changes in equity | |||||||
Equity | (49) | ||||||
Increase (decrease) due to corrections of prior period errors | Geita | |||||||
Income statement | |||||||
Foreign exchange and fair value adjustments | 2 | (2) | |||||
Increase (decrease) due to corrections of prior period errors | Serra Grande | |||||||
Income statement | |||||||
Impairment, derecognition of assets and profit (loss) on disposal | (9) | ||||||
Increase (decrease) due to corrections of prior period errors | Siguiri | |||||||
Income statement | |||||||
Cost of sales | (4) | (2) | |||||
Increase (decrease) due to corrections of prior period errors | Share capital and premium | |||||||
Statement of changes in equity | |||||||
Equity | 0 | 0 | |||||
Increase (decrease) due to corrections of prior period errors | Share capital and premium | Obuasi | |||||||
Statement of changes in equity | |||||||
Equity | 0 | ||||||
Increase (decrease) due to corrections of prior period errors | Reorganisation reserve | |||||||
Statement of changes in equity | |||||||
Equity | 0 | 0 | |||||
Increase (decrease) due to corrections of prior period errors | Reorganisation reserve | Obuasi | |||||||
Statement of changes in equity | |||||||
Equity | 0 | ||||||
Increase (decrease) due to corrections of prior period errors | Accumulated losses | |||||||
Statement of changes in equity | |||||||
Equity | (10) | 5 | |||||
Increase (decrease) due to corrections of prior period errors | Accumulated losses | Obuasi | |||||||
Statement of changes in equity | |||||||
Equity | (49) | ||||||
Increase (decrease) due to corrections of prior period errors | Foreign currency translation reserve | |||||||
Statement of changes in equity | |||||||
Equity | (1) | ||||||
Increase (decrease) due to corrections of prior period errors | Foreign currency translation reserve | Obuasi | |||||||
Statement of changes in equity | |||||||
Equity | 0 | ||||||
Increase (decrease) due to corrections of prior period errors | Shareholders' equity | |||||||
Statement of changes in equity | |||||||
Equity | (11) | 5 | |||||
Increase (decrease) due to corrections of prior period errors | Shareholders' equity | Obuasi | |||||||
Statement of changes in equity | |||||||
Equity | (49) | ||||||
Increase (decrease) due to corrections of prior period errors | Non- controlling interests | |||||||
Statement of changes in equity | |||||||
Equity | 1 | 2 | |||||
Increase (decrease) due to corrections of prior period errors | Non- controlling interests | Obuasi | |||||||
Statement of changes in equity | |||||||
Equity | 0 | ||||||
Increase (decrease) due to corrections of prior period errors 1 | |||||||
Statement of financial position | |||||||
Environmental rehabilitation and other provisions | 43 | 47 | |||||
Increase (decrease) due to corrections of prior period errors 2 | |||||||
Statement of financial position | |||||||
Environmental rehabilitation and other provisions | $ 38 | $ 29 | |||||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. S hort-term provisions, which were previously reported as part of trade and other payables and other provisions, are now reported as part of environmental rehabilitation and other provisions on the statement of financial position. Refer to note 1.3.2. Foreign currency translation reserve includes a loss of $1,411m ( 2022 : $1,401m ; 2021 : $1,399m ) that will not re-cycle through the income statement and a loss of $35m ( 2022 : $40m : 2021 : $13m ) relating to the foreign operations that will re-cycle through the income statement on disposal. Following the completion of the corporate restructuring transaction in September 2023, the Group’s parent company changed from being a South African domiciled parent company to a UK parent company. As the functional currency of the UK parent company has been assessed to be USD, exchange differences of ZAR entities included in the Group arising on consolidation post the effective date of the corporate restructuring transaction, will be re-cycled through the income statement on disposal. |
SEGMENTAL INFORMATION - Gold an
SEGMENTAL INFORMATION - Gold and By Product Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Gold income | $ 4,480 | $ 4,388 | $ 3,903 |
By-product revenue | $ (102) | $ (113) | $ (126) |
Gold, ounces | Three customers | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers | 67% | 67% | 66% |
Gold, ounces | ANZ Investment Bank Ltd | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers | 24% | 22% | 23% |
Gold, ounces | Standard Chartered Bank | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers | 23% | 31% | 34% |
Gold, ounces | JP Morgan Chase N.A London in the United Kingdom | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers | 20% | 14% | 9% |
Geographical segments | |||
Disclosure of operating segments [line items] | |||
Gold income | $ 4,480 | $ 4,388 | $ 3,903 |
United Kingdom | |||
Disclosure of operating segments [line items] | |||
Gold income | 2,223 | 2,557 | 1,891 |
United Kingdom | Increase (decrease) due to corrections of prior period errors | |||
Disclosure of operating segments [line items] | |||
Gold income | 491 | 445 | |
Foreign entities | |||
Disclosure of operating segments [line items] | |||
Gold income | 2,257 | 1,831 | 2,012 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 120 | 103 | 110 |
South Africa | Increase (decrease) due to corrections of prior period errors | |||
Disclosure of operating segments [line items] | |||
Gold income | 100 | 100 | |
Ghana | |||
Disclosure of operating segments [line items] | |||
Gold income | 169 | 0 | 0 |
North America | |||
Disclosure of operating segments [line items] | |||
Gold income | 270 | 409 | 699 |
South America | |||
Disclosure of operating segments [line items] | |||
Gold income | 31 | 33 | 34 |
Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,081 | 967 | 890 |
Europe | |||
Disclosure of operating segments [line items] | |||
Gold income | 586 | 319 | 279 |
Other | As previously reported | |||
Disclosure of operating segments [line items] | |||
Gold income | 591 | 545 | |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Gold income | 5,148 | 4,984 | 4,562 |
Gold income, excluding equity accounted investments | 4,480 | 4,388 | 3,903 |
By-product revenue | (104) | (114) | (128) |
Operating segments | Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 3,068 | 2,981 | 2,644 |
By-product revenue | (5) | (4) | (5) |
Operating segments | Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,081 | 967 | 890 |
By-product revenue | (4) | (4) | (4) |
Operating segments | Americas | |||
Disclosure of operating segments [line items] | |||
Gold income | 999 | 1,036 | 1,028 |
By-product revenue | (95) | (106) | (119) |
Operating segments | Kibali - Attributable 45% | Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 668 | 596 | 659 |
By-product revenue | (2) | (1) | (2) |
Operating segments | Kibali - Attributable 45% | Africa | As previously reported | |||
Disclosure of operating segments [line items] | |||
Gold income | 596 | 659 | |
Operating segments | Iduapriem | Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 522 | 443 | 361 |
By-product revenue | 0 | (1) | (1) |
Operating segments | Obuasi | Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 439 | 431 | 204 |
By-product revenue | (1) | (1) | 0 |
Operating segments | Siguiri | Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 505 | 591 | 545 |
By-product revenue | 0 | 0 | (1) |
Operating segments | Geita | Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 934 | 920 | 875 |
By-product revenue | (2) | (1) | (1) |
Operating segments | Sunrise Dam | Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 495 | 410 | 416 |
By-product revenue | (1) | (1) | (1) |
Operating segments | Tropicana - Attributable 70% | Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 586 | 557 | 474 |
By-product revenue | (3) | (3) | (3) |
Operating segments | Cerro Vanguardia | Americas | |||
Disclosure of operating segments [line items] | |||
Gold income | 317 | 319 | 279 |
By-product revenue | (93) | (75) | (93) |
Operating segments | AngloGold Ashanti Mineração | Americas | |||
Disclosure of operating segments [line items] | |||
Gold income | 515 | 557 | 600 |
By-product revenue | (2) | (31) | (26) |
Operating segments | Serra Grande | Americas | |||
Disclosure of operating segments [line items] | |||
Gold income | 167 | 160 | 149 |
Elimination of intersegment amounts | Equity-accounted joint ventures included above | |||
Disclosure of operating segments [line items] | |||
Gold income | 668 | 596 | 659 |
By-product revenue | $ (2) | $ (1) | $ (2) |
SEGMENTAL INFORMATION - Profit
SEGMENTAL INFORMATION - Profit (Loss) and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of operating segments [line items] | |||||
Cost of sales | $ 3,541 | $ 3,366 | [1],[2] | $ 2,859 | [1],[2] |
Gross profit | 1,027 | 1,129 | [1],[2] | 1,170 | [1],[2] |
Amortisation | 658 | 637 | 479 | ||
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 3,913 | 3,708 | 3,209 | ||
Gross profit | 1,324 | 1,385 | 1,481 | ||
Amortisation | 757 | 732 | 584 | ||
Africa | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 2,111 | 2,008 | 1,652 | ||
Gross profit | 961 | 977 | 997 | ||
Amortisation | 419 | 371 | 270 | ||
Africa | Operating segments | Kibali - Attributable 45% | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 372 | 342 | 350 | ||
Gross profit | 297 | 256 | 311 | ||
Amortisation | 99 | 95 | 105 | ||
Africa | Operating segments | Iduapriem | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 387 | 314 | 238 | ||
Gross profit | 135 | 130 | 124 | ||
Amortisation | 129 | 80 | 19 | ||
Africa | Operating segments | Obuasi | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 313 | 266 | 164 | ||
Gross profit | 127 | 165 | 41 | ||
Amortisation | 61 | 40 | 22 | ||
Africa | Operating segments | Siguiri | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 473 | 492 | 412 | ||
Gross profit | 31 | 99 | 133 | ||
Amortisation | 39 | 54 | 49 | ||
Africa | Operating segments | Geita | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 566 | 594 | 488 | ||
Gross profit | 370 | 327 | 388 | ||
Amortisation | 91 | 102 | 75 | ||
Africa | Operating segments | Administration and other | |||||
Disclosure of operating segments [line items] | |||||
Gross profit | 1 | 0 | 0 | ||
Australia | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 867 | 783 | 740 | ||
Gross profit | 220 | 188 | 153 | ||
Amortisation | 163 | 172 | 150 | ||
Australia | Operating segments | Sunrise Dam | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 399 | 371 | 364 | ||
Gross profit | 99 | 40 | 53 | ||
Amortisation | 58 | 54 | 60 | ||
Australia | Operating segments | Tropicana - Attributable 70% | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 438 | 382 | 346 | ||
Gross profit | 151 | 177 | 130 | ||
Amortisation | 104 | 117 | 88 | ||
Australia | Operating segments | Administration and other | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 30 | 30 | 30 | ||
Gross profit | (30) | (29) | (30) | ||
Amortisation | 1 | 1 | 2 | ||
Americas | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 931 | 913 | 822 | ||
Gross profit | 162 | 229 | 325 | ||
Amortisation | 170 | 185 | 161 | ||
Americas | Operating segments | Cerro Vanguardia | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 307 | 273 | 261 | ||
Gross profit | 102 | 122 | 111 | ||
Amortisation | 39 | 39 | 27 | ||
Americas | Operating segments | AngloGold Ashanti Mineração | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 453 | 477 | 435 | ||
Gross profit | 63 | 111 | 191 | ||
Amortisation | 88 | 106 | 108 | ||
Americas | Operating segments | Serra Grande | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 169 | 162 | 123 | ||
Gross profit | (2) | (2) | 26 | ||
Amortisation | 43 | 40 | 25 | ||
Americas | Operating segments | Administration and other | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 2 | 1 | 3 | ||
Gross profit | (1) | (2) | (3) | ||
Amortisation | 0 | 0 | 1 | ||
Corporate and other | Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | (4) | (4) | 5 | ||
Gross profit | 19 | 9 | (6) | ||
Amortisation | (5) | (4) | (3) | ||
Equity-accounted joint ventures included above | Elimination of intersegment amounts | |||||
Disclosure of operating segments [line items] | |||||
Cost of sales | 372 | 342 | 350 | ||
Gross profit | 297 | 256 | 311 | ||
Amortisation | $ 99 | $ 95 | $ 105 | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
SEGMENTAL INFORMATION - Assets,
SEGMENTAL INFORMATION - Assets, Non-Current Assets, Capital Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of operating segments [line items] | |||||
Total assets | $ 8,175 | $ 8,013 | [1] | $ 8,007 | [1] |
Capital expenditure | 1,042 | 1,028 | 1,028 | ||
Gold income | 4,480 | 4,388 | 3,903 | ||
Net impairment and derecognition of assets | 227 | 319 | |||
Concentrate sales | |||||
Disclosure of operating segments [line items] | |||||
Gold income | 267 | 0 | 0 | ||
Africa | |||||
Disclosure of operating segments [line items] | |||||
Net impairment and derecognition of assets | 4 | ||||
Australia | |||||
Disclosure of operating segments [line items] | |||||
Goodwill | 105 | 105 | 111 | ||
Americas | |||||
Disclosure of operating segments [line items] | |||||
Goodwill | 0 | 0 | 8 | ||
Net impairment and derecognition of assets | 315 | ||||
Projects | |||||
Disclosure of operating segments [line items] | |||||
Net impairment and derecognition of assets | 25 | ||||
United Kingdom | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 58 | 58 | 56 | ||
Foreign entities | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 5,823 | 5,739 | 5,655 | ||
South Africa | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 47 | 40 | 65 | ||
DRC | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 919 | 1,054 | 1,598 | ||
Ghana | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 1,512 | 1,349 | 1,192 | ||
Tanzania | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 706 | 594 | 510 | ||
Australia | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 752 | 758 | 806 | ||
Brazil | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 510 | 648 | 796 | ||
United States | |||||
Disclosure of operating segments [line items] | |||||
Non-current assets | 636 | 617 | |||
Americas | |||||
Disclosure of operating segments [line items] | |||||
Net impairment and derecognition of assets | 207 | ||||
Africa | |||||
Disclosure of operating segments [line items] | |||||
Net impairment and derecognition of assets | (5) | ||||
Operating segments | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 8,175 | 8,013 | 8,007 | ||
Capital expenditure | 1,127 | 1,118 | 1,100 | ||
Gold income | 5,148 | 4,984 | 4,562 | ||
Operating segments | Africa | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 4,414 | 4,035 | 4,231 | ||
Capital expenditure | 710 | 576 | 506 | ||
Gold income | 3,068 | 2,981 | 2,644 | ||
Operating segments | Africa | Kibali - Attributable 45% | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 1,066 | 1,054 | 1,598 | ||
Capital expenditure | 85 | 90 | 72 | ||
Gold income | 668 | 596 | 659 | ||
Operating segments | Africa | Iduapriem | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 526 | 436 | 386 | ||
Capital expenditure | 142 | 146 | 105 | ||
Gold income | 522 | 443 | 361 | ||
Operating segments | Africa | Obuasi | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 1,288 | 1,219 | 1,036 | ||
Capital expenditure | 214 | 159 | 168 | ||
Gold income | 439 | 431 | 204 | ||
Operating segments | Africa | Siguiri | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 486 | 457 | 477 | ||
Capital expenditure | 78 | 27 | 38 | ||
Gold income | 505 | 591 | 545 | ||
Operating segments | Africa | Geita | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 1,042 | 864 | 729 | ||
Capital expenditure | 191 | 154 | 123 | ||
Gold income | 934 | 920 | 875 | ||
Operating segments | Africa | Administration and other | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 6 | 5 | 5 | ||
Operating segments | Australia | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 942 | 960 | 1,034 | ||
Capital expenditure | 135 | 202 | 185 | ||
Gold income | 1,081 | 967 | 890 | ||
Operating segments | Australia | Sunrise Dam | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditure | 47 | 50 | 62 | ||
Gold income | 495 | 410 | 416 | ||
Operating segments | Australia | Tropicana - Attributable 70% | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditure | 87 | 152 | 122 | ||
Gold income | 586 | 557 | 474 | ||
Operating segments | Australia | Administration and other | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditure | 1 | 0 | 1 | ||
Operating segments | Americas | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 1,254 | 1,395 | 1,573 | ||
Capital expenditure | 254 | 322 | 346 | ||
Gold income | 999 | 1,036 | 1,028 | ||
Operating segments | Americas | Cerro Vanguardia | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 524 | 514 | 491 | ||
Capital expenditure | 75 | 66 | 69 | ||
Gold income | 317 | 319 | 279 | ||
Operating segments | Americas | AngloGold Ashanti Mineração | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 584 | 625 | 781 | ||
Capital expenditure | 124 | 199 | 195 | ||
Gold income | 515 | 557 | 600 | ||
Operating segments | Americas | Serra Grande | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 127 | 217 | 252 | ||
Capital expenditure | 55 | 57 | 82 | ||
Gold income | 167 | 160 | 149 | ||
Operating segments | Americas | Administration and other | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 19 | 39 | 49 | ||
Operating segments | Projects | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 833 | 872 | 313 | ||
Capital expenditure | 27 | 17 | 52 | ||
Operating segments | Projects | Colombian projects | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 194 | 244 | 211 | ||
Capital expenditure | 11 | 16 | 52 | ||
Operating segments | Projects | North American projects | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 639 | 628 | 102 | ||
Capital expenditure | 16 | 1 | 0 | ||
Operating segments | Corporate and other | |||||
Disclosure of operating segments [line items] | |||||
Total assets | 732 | 751 | 856 | ||
Capital expenditure | 1 | 1 | 11 | ||
Elimination of intersegment amounts | Equity-accounted joint ventures included above | |||||
Disclosure of operating segments [line items] | |||||
Capital expenditure | 85 | 90 | 72 | ||
Gold income | $ 668 | $ 596 | $ 659 | ||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
REVENUE FROM PRODUCT SALES (Det
REVENUE FROM PRODUCT SALES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Gold income | $ 4,480 | $ 4,388 | $ 3,903 | ||
By-products | 102 | 113 | 126 | ||
Revenue from product sales | 4,582 | 4,501 | [1],[2] | 4,029 | [1],[2] |
Spot market sales | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Gold income | 4,213 | 4,388 | 3,903 | ||
Concentrate sales | |||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||||
Gold income | $ 267 | $ 0 | $ 0 | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
COST OF SALES (Details)
COST OF SALES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cost of Sales [Abstract] | |||||
Operating costs | $ 2,680 | $ 2,568 | $ 2,172 | ||
Royalties | 190 | 185 | 162 | ||
Total operating costs | 2,870 | 2,753 | 2,334 | ||
Retrenchment costs | 4 | 6 | 2 | ||
Rehabilitation and other non-cash costs | 21 | 0 | 38 | ||
Amortisation of tangible assets | 579 | 555 | 413 | ||
Amortisation of right of use assets | 78 | 81 | 63 | ||
Amortisation of intangible assets (note 14) | 1 | 1 | 3 | ||
Inventory change | (12) | (30) | 6 | ||
Cost of sales | $ 3,541 | $ 3,366 | [1],[2] | $ 2,859 | [1],[2] |
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
OTHER EXPENSE (INCOME) (Details
OTHER EXPENSE (INCOME) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of Other Expense (Income) [Abstract] | ||||||
Care and maintenance | $ 52 | $ 0 | $ 45 | |||
Governmental fiscal claims | 15 | 11 | 7 | |||
Legacy tailings storage facilities obligations | 52 | (16) | 9 | |||
Pension and medical defined benefit | 6 | 7 | 7 | |||
Royalties received | (1) | (2) | (2) | |||
Retrenchment and related costs | 15 | 0 | 18 | |||
Legal fees and project costs | (1) | 1 | 10 | |||
Other indirect taxes | (14) | 11 | 18 | |||
Other income | (20) | 0 | 0 | |||
Premium on settlement of bonds | 0 | 0 | 24 | |||
Other (expenses) income (2) | [1] | 104 | 12 | [2],[3] | 136 | [2],[3] |
Retrenchment costs | 6 | 0 | 14 | |||
Expense of restructuring activities | [1] | $ 314 | $ 14 | [2],[3] | $ 0 | [2],[3] |
[1] Corporate restructuring costs incurred are costs associated with the AngloGold Ashanti corporate restructuring and related taxes. This includes dividend withholding taxes of $221m (2022: nil ; 2021: nil ); Australian landholder duties of $49m (2022: nil ; 2021: nil ) and corporate advisory costs of $44m (2022: $14m ; 2021: nil ). The corporate restructuring costs of $14m for 2022 were previously included in other (expenses) income. Refer to note 1.3.1. The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
FINANCE COSTS AND UNWINDING O_3
FINANCE COSTS AND UNWINDING OF OBLIGATIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of finance costs and unwinding of obligations [Abstract] | |||||
Finance costs on bonds, bank loans and other | $ 113 | $ 102 | $ 109 | ||
Amortisation of fees | 6 | 8 | 6 | ||
Lease finance charges | 12 | 11 | 9 | ||
Less: interest capitalised | 0 | (2) | (14) | ||
Total finance costs | 131 | 119 | 110 | ||
Unwinding of obligations | 26 | 30 | 6 | ||
Total finance costs and unwinding of obligations | $ 157 | $ 149 | [1],[2] | $ 116 | [1],[2] |
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of Employee Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of employee benefits [Abstract] | |||
Salaries and wages | $ 691 | $ 656 | $ 609 |
Pension costs | 20 | 20 | 20 |
Share-based payment expense (note 8) | 15 | 18 | 22 |
Other | 26 | 22 | 31 |
Included in cost of sales, other expenses and corporate administration, marketing and related expenses | $ 752 | $ 716 | $ 682 |
EMPLOYEE BENEFITS - Number of e
EMPLOYEE BENEFITS - Number of employees (Details) - Employees | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Average number of employees | 33,658 | 32,594 | 30,561 |
Average number of contractors | 19,615 | 18,599 | 16,384 |
Africa | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Average number of employees | 21,734 | 19,807 | 17,260 |
Australia | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Average number of employees | 1,741 | 1,532 | 1,332 |
Americas | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Average number of employees | 8,565 | 9,498 | 9,972 |
Other, including corporate and non-gold producing subsidiaries | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Average number of employees | 1,618 | 1,757 | 1,997 |
SHARE-BASED PAYMENTS - Share-ba
SHARE-BASED PAYMENTS - Share-based Payment Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Total share-based payment expense | $ 15 | $ 18 | $ 22 |
Deferred Share Plan (DSP) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | $ 15 | $ 18 | $ 22 |
SHARE-BASED PAYMENTS - Equity-s
SHARE-BASED PAYMENTS - Equity-settled Plans (Details) | 12 Months Ended | ||||||
Dec. 31, 2023 ZAR (R) shares | Dec. 31, 2022 ZAR (R) shares | Dec. 31, 2021 ZAR (R) shares | Feb. 22, 2020 | Feb. 22, 2019 | Dec. 31, 2018 ZAR (R) | Dec. 31, 2015 ZAR (R) | |
Bonus Share Plan (BSP) | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Calculated fair value (in ZAR) | R | R 119.14 | ||||||
Awards outstanding at beginning of year (in shares) | 626,522 | 849,683 | 1,005,977 | ||||
Awards lapsed during the year (in shares) | 0 | (3,581) | 0 | ||||
Awards exercised during the year (in shares) | (255,894) | (219,580) | (156,294) | ||||
Awards transferred to other schemes (in shares) | (370,628) | 0 | 0 | ||||
Awards outstanding at end of year (in shares) | 0 | 626,522 | 849,683 | ||||
Awards exercisable at end of year (in shares) | 0 | 626,522 | 849,683 | ||||
Long Term Incentive Plan (LTIP) | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Calculated fair value (in ZAR) | R | R 129.94 | ||||||
Awards outstanding at beginning of year (in shares) | 62,708 | 109,229 | 111,562 | ||||
Awards exercised during the year (in shares) | (33,899) | (46,521) | (2,333) | ||||
Awards transferred to other schemes (in shares) | (28,809) | 0 | 0 | ||||
Awards outstanding at end of year (in shares) | 0 | 62,708 | 109,229 | ||||
Awards exercisable at end of year (in shares) | 0 | 62,708 | 109,229 | ||||
Deferred Share Plan (DSP) | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Calculated fair value (in ZAR) | R | R 317.99 | R 335.04 | R 308.97 | ||||
Awards outstanding at beginning of year (in shares) | 2,483,608 | 2,692,383 | 2,289,762 | ||||
Awards granted during the year (in shares) | 1,317,385 | 793,955 | 1,185,348 | ||||
Awards lapsed during the year (in shares) | (224,391) | (163,697) | (322,814) | ||||
Awards exercised during the year (in shares) | (863,641) | (839,033) | (459,913) | ||||
Awards outstanding at end of year (in shares) | 3,112,398 | 2,483,608 | 2,692,383 | ||||
Awards exercisable at end of year (in shares) | 1,157,900 | 693,211 | 588,694 | ||||
Deferred Share Plan (DSP) | Long Term Incentive Plan (LTIP) | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Awards transferred to other schemes (in shares) | 28,809 | ||||||
Deferred Share Plan (DSP) | Bonus Share Plan (BSP) | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Awards transferred to other schemes (in shares) | 370,628 | ||||||
Tranche One | Bonus Share Plan (BSP) | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Award vesting percentage (in percent) | 50% | ||||||
Tranche Two | Bonus Share Plan (BSP) | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Award vesting percentage (in percent) | 50% |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
DSP 2 year | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Award vesting period | 2 years |
DSP 3 year | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Award vesting period | 3 years |
DSP 5 year | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Award vesting period | 5 years |
TAXATION - Income Tax Benefit (
TAXATION - Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Current taxation | |||||
Current year | $ 233 | $ 199 | $ 251 | ||
Prior year under (over) provision | (17) | 32 | (4) | ||
Current taxation | 217 | 231 | 248 | ||
Deferred taxation | |||||
Current year | 67 | 43 | 51 | ||
Prior year under (over) provision | 10 | 4 | 4 | ||
Change in statutory tax rate | 0 | 0 | 2 | ||
Deferred taxation | 68 | (10) | 63 | ||
Income tax expense | 285 | 221 | [1],[2] | 311 | [1],[2] |
Current taxation | |||||
Deferred taxation | |||||
Change in estimate | 25 | 3 | 6 | ||
Impairment and disposal of tangible assets | (34) | (60) | 0 | ||
South Africa | |||||
Current taxation | |||||
Impairment and disposal of tangible assets | $ 1 | $ 0 | $ 1 | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
TAXATION - Disclosure Of Reconc
TAXATION - Disclosure Of Reconciliation To UK Taxation Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||||
Implied tax charge at 25% (2022:28%; 2021: 28%) | $ 16 | $ 132 | $ 266 | ||
Expenses not tax deductible | 90 | 83 | 22 | ||
Share of associates and joint ventures' profit | (52) | (45) | (69) | ||
Tax rate differentials and withholding taxes | 63 | 31 | 54 | ||
Exchange variations and translation adjustments | (17) | 0 | 6 | ||
Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change | 25 | 3 | 6 | ||
Restructuring costs | 79 | 4 | 0 | ||
Tax allowances | 4 | 0 | 0 | ||
Impact of statutory tax rate change | 0 | 0 | 2 | ||
Adjustment in respect of prior years | (7) | 36 | 0 | ||
Income tax expense | $ 285 | $ 221 | [1],[2] | $ 311 | [1],[2] |
Applicable tax rate | 25% | 28% | 28% | ||
Obuasi | |||||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||||
Deferred tax assets derecognised (recognised) at Obuasi | $ 18 | $ (58) | $ 0 | ||
Current year tax losses (expense) not recognised: | 4 | (6) | 6 | ||
AngloGold Ashanti Holdings plc | |||||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||||
Current year tax losses (expense) not recognised: | 26 | 24 | 25 | ||
North America | |||||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||||
Current year tax losses (expense) not recognised: | 38 | 22 | 13 | ||
Siguiri | |||||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||||
Current year tax losses (expense) not recognised: | (6) | (27) | (37) | ||
SA Corporate | |||||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||||
Current year tax losses (expense) not recognised: | 3 | 20 | 18 | ||
Other | |||||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||||
Other | $ 1 | $ 2 | $ (1) | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
TAXATION - Narrative (Details)
TAXATION - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2023 | Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of contingent liabilities [line items] | |||||
Reduction of taxation | $ (63) | $ (31) | $ (54) | ||
Tax receivable from payments made | 18 | 37 | 49 | ||
Argentina Tax Authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Tax assessment | 1 | 4 | 7 | ||
Brazil Tax Authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Tax assessment | 39 | 23 | 19 | ||
Columbian Tax Authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Tax assessment | 8 | 42 | 74 | ||
Provision for settlement | 34 | ||||
Income taxes paid (refund) | $ 3 | $ 25 | |||
Reduction of taxation | $ 6 | ||||
Penalties not provided for | 8 | 8 | 9 | ||
Guinea Tax Authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Tax assessment | 8 | 8 | 8 | ||
Provision for settlement | 2 | 2 | 2 | ||
Mali Tax Authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Tax assessment | 3 | 4 | 4 | ||
Tanzania Revenue Authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Additional tax assessment | 44 | ||||
Tax receivable from payments made | 23 | 24 | 25 | ||
Tanzania Revenue Authority | Income tax | |||||
Disclosure of contingent liabilities [line items] | |||||
Tax assessment | $ 369 | $ 318 | $ 291 | ||
Minimum | |||||
Disclosure of contingent liabilities [line items] | |||||
Average effective tax rate | 15% | ||||
Minimum | Forecast | |||||
Disclosure of contingent liabilities [line items] | |||||
Exposure to Pillar II rules | $ 9 | ||||
Maximum | |||||
Disclosure of contingent liabilities [line items] | |||||
Average effective tax rate | 15% | ||||
Maximum | Forecast | |||||
Disclosure of contingent liabilities [line items] | |||||
Exposure to Pillar II rules | $ 13 |
TAXATION - Unrecognised Tax Los
TAXATION - Unrecognised Tax Losses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Available to be utilised against future profits | $ 3,206 | $ 2,931 | $ 3,049 | ||
Deferred taxation | 50 | 23 | [1] | 7 | [1] |
Tax losses | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred taxation | 921 | 801 | 847 | ||
Within one year | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Available to be utilised against future profits | 108 | 107 | 54 | ||
Between one and two years | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Available to be utilised against future profits | 1,037 | 100 | 177 | ||
Between two and five years | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Available to be utilised against future profits | 191 | 1,180 | 1,380 | ||
Later than five years and not later than twenty years | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Available to be utilised against future profits | 1,035 | 956 | 989 | ||
Later than twenty years | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Available to be utilised against future profits | $ 835 | $ 588 | $ 449 | ||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
EARNINGS (LOSS) PER ORDINARY _3
EARNINGS (LOSS) PER ORDINARY SHARE - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Basic earnings (loss) per ordinary share | |||||
Profit (loss) from continuing operations attributable to ordinary equity holders of parent entity | $ (235) | $ 233 | $ 614 | ||
Weighted average number of ordinary shares (in shares) | 421,105,111 | 420,197,062 | 419,755,627 | ||
Basic earnings (loss) per ordinary share (USD per share) | $ (0.56) | $ 0.55 | [1],[2] | $ 1.46 | [1],[2] |
Diluted earnings (loss) per ordinary share | |||||
Profit (loss) from continuing operations attributable to ordinary equity holders of parent entity including dilutive effects | $ (235) | $ 233 | $ 614 | ||
Diluted weighted average number of shares (in shares) | 421,105,111 | 420,869,866 | 420,056,703 | ||
Diluted earnings (loss) per ordinary share (USD per share) | $ (0.56) | $ 0.55 | [1],[2] | $ 1.46 | [1],[2] |
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
EARNINGS (LOSS) PER ORDINARY _4
EARNINGS (LOSS) PER ORDINARY SHARE - Dilutive Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of earnings per share [Abstract] | |||
Weighted average number of ordinary shares (in shares) | 421,105,111 | 420,197,062 | 419,755,627 |
Dilutive potential of share options (in shares) | 0 | 672,804 | 301,076 |
Diluted weighted average number of ordinary shares (in shares) | 421,105,111 | 420,869,866 | 420,056,703 |
EARNINGS (LOSS) PER ORDINARY _5
EARNINGS (LOSS) PER ORDINARY SHARE - Headline Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Earnings (loss) per ordinary share | |||||
Profit (loss) attributable to equity shareholders | $ (235) | $ 233 | [1],[2] | $ 614 | [1],[2] |
Impairment of tangible assets, right of use assets and investment in joint venture, net | 165 | 256 | 2 | ||
Impairment of tangible and right of use assets | 192 | 315 | 2 | ||
Impairment of investment in joint venture | 1 | 1 | 0 | ||
Taxation on impairment of tangible assets, right of use assets and investment in joint venture | (28) | (60) | 0 | ||
(Profit) loss on derecognition and disposal of tangible assets, net | 24 | 0 | (12) | ||
(Profit) loss on derecognition of assets | 35 | 4 | 4 | ||
(Profit) loss on disposal of tangible assets | (6) | (4) | (17) | ||
Taxation on derecognition and disposal of tangible assets | (5) | 0 | 1 | ||
Headline earnings (loss) | $ (46) | $ 489 | $ 604 | ||
Basic headline earnings (loss) per share (USD per share) | $ (0.11) | $ 1.16 | $ 1.44 | ||
Diluted headline earnings (loss) per share (USD per share) | $ (0.11) | $ 1.16 | $ 1.44 | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
DIVIDENDS (Details)
DIVIDENDS (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||||||||||
Sep. 08, 2023 USD ($) | Aug. 04, 2023 R / shares | Aug. 04, 2023 $ / shares | Mar. 31, 2023 USD ($) | Feb. 22, 2023 R / shares | Feb. 22, 2023 $ / shares | Sep. 09, 2022 USD ($) | Aug. 05, 2022 R / shares | Aug. 05, 2022 $ / shares | Mar. 25, 2022 USD ($) | Feb. 22, 2022 R / shares | Feb. 22, 2022 $ / shares | Sep. 10, 2021 USD ($) | Aug. 06, 2021 R / shares | Aug. 06, 2021 $ / shares | Mar. 26, 2021 USD ($) | Feb. 22, 2021 R / shares | Feb. 22, 2021 $ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |||||||||||||||||||||
Dividends declared (USD per share) | (per share) | R 0.70 | $ 0.04 | R 3.22 | $ 0.18 | R 4.93 | $ 0.28 | R 2.17 | $ 0.15 | R 0.87 | $ 0.06 | R 7.05 | $ 0.48 | |||||||||
Dividends paid, ordinary shares | $ 15 | $ 76 | $ 119 | $ 62 | $ 25 | $ 199 | $ 91 | $ 181 | $ 224 |
TANGIBLE ASSETS - Reconciliatio
TANGIBLE ASSETS - Reconciliation of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | [1] | $ 4,208 | $ 3,507 | |||
Ending balance | 4,419 | 4,208 | [1] | $ 3,507 | [1] | |
Assets pledged as security | $ 7 | $ 7 | $ 6 | |||
Capitalisation rate of borrowing costs eligible for capitalisation | 0% | 4.96% | 4.52% | |||
Mine development costs | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | $ 1,689 | $ 1,508 | ||||
Ending balance | 2,060 | 1,689 | $ 1,508 | |||
Mine infrastructure | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 1,047 | 969 | ||||
Ending balance | 1,253 | 1,047 | 969 | |||
Mineral rights and dumps | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 615 | 26 | ||||
Ending balance | 615 | 615 | 26 | |||
Exploration and evaluation assets | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 5 | 5 | ||||
Ending balance | 2 | 5 | 5 | |||
Assets under construction | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 731 | 873 | ||||
Ending balance | 385 | 731 | 873 | |||
Land and buildings | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 121 | 126 | ||||
Ending balance | 104 | 121 | 126 | |||
Cost | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 11,083 | 9,672 | 9,153 | |||
Additions | 1,042 | 1,028 | 1,027 | |||
Acquisition of assets | 614 | |||||
Finance costs capitalised | 2 | 14 | ||||
Disposals | (94) | (16) | (30) | |||
Derecognition of assets | (188) | (35) | (384) | |||
Transfers and other movements | 5 | (49) | 13 | |||
Translation | (1) | (133) | (121) | |||
Ending balance | 11,847 | 11,083 | 9,672 | |||
Cost | Mine development costs | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 5,291 | 4,716 | 4,325 | |||
Additions | 423 | 407 | 342 | |||
Acquisition of assets | 0 | |||||
Finance costs capitalised | 0 | 0 | ||||
Disposals | (2) | (2) | (2) | |||
Derecognition of assets | (5) | (12) | (74) | |||
Transfers and other movements | 415 | 302 | 232 | |||
Translation | 1 | (120) | (107) | |||
Ending balance | 6,123 | 5,291 | 4,716 | |||
Cost | Mine infrastructure | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 4,099 | 3,734 | 3,953 | |||
Additions | 10 | 8 | 17 | |||
Acquisition of assets | 0 | |||||
Finance costs capitalised | 0 | 0 | ||||
Disposals | (43) | (14) | (23) | |||
Derecognition of assets | (183) | (22) | (310) | |||
Transfers and other movements | 456 | 401 | 103 | |||
Translation | (1) | (8) | (6) | |||
Ending balance | 4,338 | 4,099 | 3,734 | |||
Cost | Mineral rights and dumps | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 795 | 185 | 188 | |||
Additions | 0 | 0 | 0 | |||
Acquisition of assets | 614 | |||||
Finance costs capitalised | 0 | 0 | ||||
Disposals | 0 | 0 | 0 | |||
Derecognition of assets | 0 | 0 | 0 | |||
Transfers and other movements | 0 | 0 | 0 | |||
Translation | 0 | (4) | (3) | |||
Ending balance | 795 | 795 | 185 | |||
Cost | Exploration and evaluation assets | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 12 | 12 | 9 | |||
Additions | 0 | 1 | 5 | |||
Acquisition of assets | 0 | |||||
Finance costs capitalised | 0 | 0 | ||||
Disposals | (4) | 0 | 0 | |||
Derecognition of assets | 0 | 0 | 0 | |||
Transfers and other movements | 0 | (1) | (2) | |||
Translation | 0 | 0 | 0 | |||
Ending balance | 8 | 12 | 12 | |||
Cost | Assets under construction | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 757 | 899 | 566 | |||
Additions | 607 | 610 | 644 | |||
Acquisition of assets | 0 | |||||
Finance costs capitalised | 2 | 14 | ||||
Disposals | (23) | 0 | 0 | |||
Derecognition of assets | 0 | (1) | 0 | |||
Transfers and other movements | (873) | (752) | (320) | |||
Translation | (1) | (1) | (5) | |||
Ending balance | 467 | 757 | 899 | |||
Cost | Land and buildings | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | 129 | 126 | 112 | |||
Additions | 2 | 2 | 19 | |||
Acquisition of assets | 0 | |||||
Finance costs capitalised | 0 | 0 | ||||
Disposals | (22) | 0 | (5) | |||
Derecognition of assets | 0 | 0 | 0 | |||
Transfers and other movements | 7 | 1 | 0 | |||
Translation | 0 | 0 | 0 | |||
Ending balance | 116 | 129 | 126 | |||
Accumulated amortisation and impairments | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | (6,875) | (6,165) | (6,236) | |||
Disposals | 57 | 15 | 23 | |||
Derecognition of assets | 152 | 32 | 380 | |||
Transfers and other movements | (9) | 1 | (5) | |||
Translation | 4 | (95) | (85) | |||
Amortisation for the year | 582 | 561 | 420 | |||
Impairment of assets | 220 | 290 | 2 | |||
Impairment reversals of assets | (35) | |||||
Ending balance | (7,428) | (6,875) | (6,165) | |||
Accumulated amortisation and impairments | Mine development costs | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | (3,602) | (3,208) | (3,119) | |||
Disposals | 2 | 1 | 1 | |||
Derecognition of assets | 3 | 11 | 74 | |||
Transfers and other movements | 2 | 0 | (4) | |||
Translation | 4 | (86) | (78) | |||
Amortisation for the year | 410 | 378 | 246 | |||
Impairment of assets | 77 | 114 | 0 | |||
Impairment reversals of assets | (27) | |||||
Ending balance | (4,063) | (3,602) | (3,208) | |||
Accumulated amortisation and impairments | Mine infrastructure | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | (3,052) | (2,765) | (2,930) | |||
Disposals | 43 | 14 | 22 | |||
Derecognition of assets | 149 | 20 | 306 | |||
Transfers and other movements | (11) | 0 | (1) | |||
Translation | 0 | (5) | (4) | |||
Amortisation for the year | 171 | 174 | 166 | |||
Impairment of assets | 72 | 152 | 2 | |||
Impairment reversals of assets | (7) | |||||
Ending balance | (3,085) | (3,052) | (2,765) | |||
Accumulated amortisation and impairments | Mineral rights and dumps | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | (180) | (159) | (156) | |||
Disposals | 0 | 0 | 0 | |||
Derecognition of assets | 0 | 0 | 0 | |||
Transfers and other movements | 0 | 0 | 0 | |||
Translation | 0 | (3) | (3) | |||
Amortisation for the year | 0 | 8 | 6 | |||
Impairment of assets | 0 | 16 | 0 | |||
Impairment reversals of assets | 0 | |||||
Ending balance | (180) | (180) | (159) | |||
Accumulated amortisation and impairments | Exploration and evaluation assets | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | (7) | (7) | (5) | |||
Disposals | 3 | 0 | 0 | |||
Derecognition of assets | 0 | 0 | 0 | |||
Transfers and other movements | 0 | 0 | 0 | |||
Translation | 0 | (1) | 0 | |||
Amortisation for the year | 1 | 1 | 2 | |||
Impairment of assets | 1 | 0 | 0 | |||
Impairment reversals of assets | 0 | |||||
Ending balance | (6) | (7) | (7) | |||
Accumulated amortisation and impairments | Assets under construction | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | (26) | (26) | (26) | |||
Disposals | 0 | 0 | 0 | |||
Derecognition of assets | 0 | 1 | 0 | |||
Transfers and other movements | 0 | 1 | 0 | |||
Translation | 0 | 0 | 0 | |||
Amortisation for the year | 0 | 0 | 0 | |||
Impairment of assets | 56 | 0 | 0 | |||
Impairment reversals of assets | 0 | |||||
Ending balance | (82) | (26) | (26) | |||
Accumulated amortisation and impairments | Land and buildings | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Beginning balance | (8) | 0 | 0 | |||
Disposals | 9 | 0 | 0 | |||
Derecognition of assets | 0 | 0 | 0 | |||
Transfers and other movements | 0 | 0 | 0 | |||
Translation | 0 | 0 | 0 | |||
Amortisation for the year | 0 | 0 | 0 | |||
Impairment of assets | 14 | 8 | 0 | |||
Impairment reversals of assets | (1) | |||||
Ending balance | $ (12) | $ (8) | $ 0 | |||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
TANGIBLE ASSETS - Net impairmen
TANGIBLE ASSETS - Net impairment and derecognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impairment of assets | $ (230) | $ (315) | $ (2) | ||
Reversal of impairment of assets | 38 | ||||
Derecognition of assets | (35) | (4) | (4) | ||
Net profit (loss) on disposal of assets | 6 | 4 | 17 | ||
Net impairment, derecognition of assets and profit (loss) on disposal | (221) | (315) | [1],[2] | 11 | [1],[2] |
Tangible Assets | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impairment of assets | (220) | (290) | (2) | ||
Reversal of impairment of assets | 35 | ||||
Derecognition of assets | (36) | (3) | (4) | ||
Net profit (loss) on disposal of assets | 6 | 4 | 17 | ||
Net impairment, derecognition of assets and profit (loss) on disposal | (215) | (289) | 11 | ||
Right of use assets | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impairment of assets | (10) | (17) | 0 | ||
Reversal of impairment of assets | 3 | ||||
Derecognition of assets | 1 | (1) | 0 | ||
Net profit (loss) on disposal of assets | 0 | 0 | 0 | ||
Net impairment, derecognition of assets and profit (loss) on disposal | (6) | (18) | 0 | ||
Goodwill | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Impairment of assets | 0 | (8) | 0 | ||
Reversal of impairment of assets | 0 | ||||
Derecognition of assets | 0 | 0 | 0 | ||
Net profit (loss) on disposal of assets | 0 | 0 | 0 | ||
Net impairment, derecognition of assets and profit (loss) on disposal | $ 0 | $ (8) | $ 0 | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
TANGIBLE ASSETS - Impairment as
TANGIBLE ASSETS - Impairment assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 $ / oz uSD / $ | Dec. 31, 2022 $ / oz uSD / $ | |
Year 1 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exchange rate (A$/US$) | uSD / $ | 0.68 | 0.70 |
Year 1 | Real gold price per oz | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Significant unobservable input, assets (in USD per ounce) | $ / oz | 1,995 | 1,785 |
Year 2 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exchange rate (A$/US$) | uSD / $ | 0.71 | 0.70 |
Year 2 | Real gold price per oz | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Significant unobservable input, assets (in USD per ounce) | $ / oz | 1,998 | 1,777 |
Year 3 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exchange rate (A$/US$) | uSD / $ | 0.72 | 0.71 |
Year 3 | Real gold price per oz | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Significant unobservable input, assets (in USD per ounce) | $ / oz | 1,785 | 1,763 |
Year 4 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exchange rate (A$/US$) | uSD / $ | 0.70 | 0.71 |
Year 4 | Real gold price per oz | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Significant unobservable input, assets (in USD per ounce) | $ / oz | 1,694 | 1,729 |
Year 5 | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exchange rate (A$/US$) | uSD / $ | 0.70 | 0.71 |
Year 5 | Real gold price per oz | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Significant unobservable input, assets (in USD per ounce) | $ / oz | 1,666 | 1,710 |
After five years | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exchange rate (A$/US$) | uSD / $ | 0.70 | 0.71 |
After five years | Real gold price per oz | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Significant unobservable input, assets (in USD per ounce) | $ / oz | 1,666 | 1,731 |
TANGIBLE ASSETS - Narrative (De
TANGIBLE ASSETS - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) mineSite | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss recognised in profit or loss | $ 230 | $ 315 | $ 2 |
Reversal of impairment of assets | $ 38 | ||
Capitalisation rate of borrowing costs eligible for capitalisation | 0% | 4.96% | 4.52% |
Motor vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life of tangible assets | 5 years | ||
Computer equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life of tangible assets | 3 years | ||
Gramalote | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss recognised in profit or loss | $ 25 | ||
Impairment loss, net of tax | 25 | ||
FV less costs to sell | $ 42 | ||
Discount rate used in current estimate of value in use | 9.30% | ||
Carrying Value | $ 67 | ||
Unincorporated joint operation | 50% | ||
CdS | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss recognised in profit or loss | $ 47 | $ 189 | |
Impairment loss, net of tax | 32 | 151 | |
Cuiabá | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss recognised in profit or loss | 53 | 70 | |
Impairment loss, net of tax | 45 | $ 57 | |
Impairment reversal, net of tax | 28 | ||
Reversal of impairment of assets | 38 | ||
FV less costs to sell | $ 438 | ||
Discount rate used in current estimate of value in use | 8.20% | ||
Discount rate used in previous estimate of value in use | 8.50% | ||
Carrying Value | $ 184 | ||
Serra Grande | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment loss recognised in profit or loss | 105 | $ 56 | |
Impairment loss, net of tax | 90 | $ 48 | |
FV less costs to sell | $ 39 | ||
Discount rate used in current estimate of value in use | 7% | ||
Discount rate used in previous estimate of value in use | 8.50% | ||
Carrying Value | $ 129 | ||
Underground mines | mineSite | 3 | ||
Open pit mines | mineSite | 2 | ||
Bottom of range | Mine infrastructure | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life of tangible assets | 4 years | ||
Top of range | Mine infrastructure | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life of tangible assets | 26 years |
TANGIBLE ASSETS - Impairment Al
TANGIBLE ASSETS - Impairment Allocation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | $ 185 | ||
Impairment of Goodwill | 0 | ||
Right of use assets | 7 | ||
Total Impairment | 192 | $ 315 | $ 2 |
Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 290 | ||
Impairment of Goodwill | 8 | ||
Right of use assets | 17 | ||
Total Impairment | 315 | ||
Mine development costs | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 50 | ||
Mine development costs | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 114 | ||
Mine infrastructure | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 65 | ||
Mine infrastructure | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 152 | ||
Exploration and evaluation assets | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 1 | ||
Exploration and evaluation assets | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | ||
Assets under construction | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 56 | ||
Assets under construction | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | ||
Land and buildings | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 13 | ||
Land and buildings | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 8 | ||
Mineral rights and dumps | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | ||
Mineral rights and dumps | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 16 | ||
CdS | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 45 | 178 | |
Impairment of Goodwill | 0 | 0 | |
Right of use assets | 2 | 11 | |
Total Impairment | 47 | 189 | |
CdS | Mine development costs | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 30 | 58 | |
CdS | Mine infrastructure | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 9 | 98 | |
CdS | Exploration and evaluation assets | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | 0 | |
CdS | Assets under construction | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 5 | 0 | |
CdS | Land and buildings | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 1 | 6 | |
CdS | Mineral rights and dumps | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | 16 | |
Cuiabá | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 18 | 65 | |
Impairment of Goodwill | 0 | 0 | |
Right of use assets | (3) | 5 | |
Total Impairment | 15 | 70 | |
Cuiabá | Mine development costs | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | (27) | 34 | |
Cuiabá | Mine infrastructure | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 17 | 30 | |
Cuiabá | Exploration and evaluation assets | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | 0 | |
Cuiabá | Assets under construction | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 29 | 0 | |
Cuiabá | Land and buildings | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | (1) | 1 | |
Cuiabá | Mineral rights and dumps | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | 0 | |
Serra Grande | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 97 | 47 | |
Impairment of Goodwill | 0 | 8 | |
Right of use assets | 8 | 1 | |
Total Impairment | 105 | 56 | |
Serra Grande | Mine development costs | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 47 | 22 | |
Serra Grande | Mine infrastructure | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 39 | 24 | |
Serra Grande | Exploration and evaluation assets | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | 0 | |
Serra Grande | Assets under construction | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 7 | 0 | |
Serra Grande | Land and buildings | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 4 | 1 | |
Serra Grande | Mineral rights and dumps | Americas | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | $ 0 | |
Gramalote | Projects | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 25 | ||
Impairment of Goodwill | 0 | ||
Right of use assets | 0 | ||
Total Impairment | 25 | ||
Gramalote | Mine development costs | Projects | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | ||
Gramalote | Mine infrastructure | Projects | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 0 | ||
Gramalote | Exploration and evaluation assets | Projects | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 1 | ||
Gramalote | Assets under construction | Projects | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 15 | ||
Gramalote | Land and buildings | Projects | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | 9 | ||
Gramalote | Mineral rights and dumps | Projects | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Total Tangible Asset Impairment | $ 0 |
TANGIBLE ASSETS - Sensitivity A
TANGIBLE ASSETS - Sensitivity Analysis - Impairment (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Serra Grande | 6.9% increase/decrease in gold price | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Effect of increase in assumption in statement of financial position | $ 39 |
Effect of decrease in assumption in statement of financial position | (39) |
Serra Grande | 100bps increase/decrease in discount rate | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Effect of increase in assumption in statement of financial position | (1) |
Effect of decrease in assumption in statement of financial position | 1 |
Cuiabá | 6.9% increase/decrease in gold price | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Effect of increase in assumption in statement of financial position | 158 |
Effect of decrease in assumption in statement of financial position | (189) |
Cuiabá | 100bps increase/decrease in discount rate | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |
Effect of increase in assumption in statement of financial position | (36) |
Effect of decrease in assumption in statement of financial position | $ 41 |
RIGHT OF USE ASSETS AND LEASE_3
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Right of Use Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | [1] | $ 156 | $ 175 | |||
Amortisation for the year | 78 | 81 | $ 63 | |||
Impairment | 7 | |||||
Right of use assets at period end | 142 | 156 | [1] | 175 | [1] | |
Impairment loss recognised in profit or loss | 230 | 315 | 2 | |||
Cost | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | 360 | 313 | 257 | |||
Additions | 83 | 91 | 102 | |||
Derecognition and other movements | (48) | (34) | (37) | |||
Translation | 0 | (10) | (9) | |||
Right of use assets at period end | 395 | 360 | 313 | |||
Accumulated amortisation and impairments | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | (204) | (138) | (115) | |||
Derecognition and other movements | (38) | (29) | (37) | |||
Translation | (3) | (4) | ||||
Amortisation for the year | 80 | 81 | 63 | |||
Impairment | 17 | 1 | ||||
Impairment of right of use assets | 10 | |||||
Impairment reversal (2) | (3) | |||||
Right of use assets at period end | (253) | (204) | (138) | |||
Mine infrastructure | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | 148 | 162 | ||||
Right of use assets at period end | 130 | 148 | 162 | |||
Mine infrastructure | Cost | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | 345 | 297 | 233 | |||
Additions | 77 | 90 | 95 | |||
Derecognition and other movements | (48) | (34) | (22) | |||
Translation | (1) | (8) | (9) | |||
Right of use assets at period end | 373 | 345 | 297 | |||
Mine infrastructure | Accumulated amortisation and impairments | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | (197) | (135) | (100) | |||
Derecognition and other movements | (38) | (29) | (22) | |||
Translation | (4) | (4) | ||||
Amortisation for the year | 77 | 78 | 61 | |||
Impairment | 7 | 17 | 0 | |||
Impairment of right of use assets | 10 | |||||
Impairment reversal (2) | (3) | |||||
Right of use assets at period end | (243) | (197) | (135) | |||
Land and buildings | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | 8 | 13 | ||||
Right of use assets at period end | 12 | 8 | 13 | |||
Land and buildings | Cost | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | 15 | 16 | 24 | |||
Additions | 6 | 1 | 7 | |||
Derecognition and other movements | 0 | 0 | (15) | |||
Translation | 1 | (2) | 0 | |||
Right of use assets at period end | 22 | 15 | 16 | |||
Land and buildings | Accumulated amortisation and impairments | ||||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||||
Right of use assets at period start | (7) | (3) | (15) | |||
Derecognition and other movements | 0 | 0 | (15) | |||
Translation | 1 | 0 | ||||
Amortisation for the year | 3 | 3 | 2 | |||
Impairment | 0 | 1 | ||||
Impairment of right of use assets | 0 | |||||
Impairment reversal (2) | 0 | |||||
Right of use assets at period end | $ (10) | $ (7) | $ (3) | |||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
RIGHT OF USE ASSETS AND LEASE_4
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Lease Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amounts recognised in the statement of cash flows including expenses on short-term leases, variable lease payments and leases on low value assets | |||
Total cash outflow on leases including expenses on short-term leases, variable lease payments and leases on low value assets | $ 939 | $ 875 | $ 455 |
Amounts recognised in the income statement | |||
Expenses on short-term leases | 32 | 19 | 48 |
Expenses on variable lease payments | 800 | 749 | 302 |
Expenses on leases of low value assets | $ 2 | $ 15 | $ 33 |
Lease payments percentage | 85% | 86% | 66% |
RIGHT OF USE ASSETS AND LEASE_5
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Reconciliation of Lease Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Lease liabilities | $ 186 | $ 185 | $ 153 | ||
Lease liabilities recognised | 83 | 90 | 103 | ||
Repayment of lease liabilities | (94) | (82) | [1] | (63) | [1] |
Finance costs paid on lease liabilities | (11) | (10) | [1] | (9) | [1] |
Interest charged to the income statement | 12 | 11 | 9 | ||
Modifications and terminations | (7) | (7) | 0 | ||
Translation | 2 | (1) | (8) | ||
Closing balance | 171 | 186 | 185 | ||
Non-current | 98 | 115 | [2] | 124 | [2] |
Current | $ 73 | 71 | [2] | $ 61 | [2] |
Increase (decrease) due to corrections of prior period errors | |||||
Disclosure of maturity analysis of operating lease payments [line items] | |||||
Non-current | 13 | ||||
Current | $ (13) | ||||
[1] The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Reconciliation of Changes in Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | [1] | $ 106 | $ 122 | |||
Amortisation for the year | 1 | 1 | $ 3 | |||
Impairment of Goodwill | 0 | |||||
Ending balance | 107 | 106 | [1] | 122 | [1] | |
Cost | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 208 | 214 | 222 | |||
Additions | 1 | 1 | ||||
Transfers and other movements | (1) | |||||
Translation | (7) | (8) | ||||
Ending balance | 208 | 214 | ||||
Cost less impairments | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 200 | |||||
Additions | 1 | |||||
Transfers and other movements | 1 | |||||
Translation | (2) | |||||
Ending balance | 200 | 200 | ||||
Accumulated amortisation and impairments | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | (102) | (92) | (91) | |||
Transfers and other movements | (1) | |||||
Amortisation for the year | 1 | 3 | ||||
Impairment of Goodwill | 8 | |||||
Translation | 1 | (1) | ||||
Ending balance | (102) | (92) | ||||
Accumulated amortisation and impairments, less impairment write off | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | (94) | |||||
Amortisation for the year | 1 | |||||
Translation | (2) | |||||
Ending balance | (93) | (94) | ||||
Goodwill | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 105 | 119 | ||||
Ending balance | 105 | 105 | 119 | |||
Goodwill | Cost | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 113 | 119 | 126 | |||
Additions | 0 | 0 | ||||
Transfers and other movements | 0 | |||||
Translation | (6) | (7) | ||||
Ending balance | 113 | 119 | ||||
Goodwill | Cost less impairments | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 105 | |||||
Additions | 0 | |||||
Transfers and other movements | 0 | |||||
Translation | 0 | |||||
Ending balance | 105 | 105 | ||||
Goodwill | Accumulated amortisation and impairments | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | (8) | 0 | 0 | |||
Transfers and other movements | 0 | |||||
Amortisation for the year | 0 | 0 | ||||
Impairment of Goodwill | 8 | |||||
Translation | 0 | 0 | ||||
Ending balance | (8) | 0 | ||||
Goodwill | Accumulated amortisation and impairments, less impairment write off | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 0 | |||||
Amortisation for the year | 0 | |||||
Translation | 0 | |||||
Ending balance | 0 | 0 | ||||
Other | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 1 | 3 | ||||
Ending balance | 2 | 1 | 3 | |||
Other | Cost | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 95 | 95 | 96 | |||
Additions | 1 | 1 | ||||
Transfers and other movements | (1) | |||||
Translation | (1) | (1) | ||||
Ending balance | 95 | 95 | ||||
Other | Cost less impairments | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | 95 | |||||
Additions | 1 | |||||
Transfers and other movements | 1 | |||||
Translation | (2) | |||||
Ending balance | 95 | 95 | ||||
Other | Accumulated amortisation and impairments | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | (94) | (92) | (91) | |||
Transfers and other movements | (1) | |||||
Amortisation for the year | 1 | 3 | ||||
Impairment of Goodwill | 0 | |||||
Translation | 1 | (1) | ||||
Ending balance | (94) | $ (92) | ||||
Other | Accumulated amortisation and impairments, less impairment write off | ||||||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | ||||||
Beginning balance | (94) | |||||
Amortisation for the year | 1 | |||||
Translation | (2) | |||||
Ending balance | $ (93) | $ (94) | ||||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
INTANGIBLE ASSETS - Impairment
INTANGIBLE ASSETS - Impairment Calculation Assumptions for Goodwill (Details) - Sunrise Dam $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / Ounce | |
Disclosure of information for cash-generating units [line items] | ||
Carrying Value | $ 228 | $ 230 |
Fair value less costs to dispose | 263 | 293 |
Amount by which unit's recoverable amount exceeds its carrying amount | 35 | 63 |
Goodwill | $ 105 | $ 105 |
Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant (in percent) | 5% | 4.60% |
Actuarial assumption of discount rates | ||
Disclosure of information for cash-generating units [line items] | ||
Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant (in percent) | 10.10% | 13.90% |
Percentage of reasonably possible increase in actuarial assumption (in percent) | 5.10% | 4.60% |
Long-term real gold price | ||
Disclosure of information for cash-generating units [line items] | ||
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in percent) | (2.30%) | (4.50%) |
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in USD per ounce) | $ / Ounce | 1,731 | |
AUD/USD Exchange rate | ||
Disclosure of information for cash-generating units [line items] | ||
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in percent) | 2.40% |
PRINCIPAL OPERATING SUBSIDIAR_3
PRINCIPAL OPERATING SUBSIDIARIES AND JOINT OPERATIONS (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Tropicana joint operation | |||
Disclosure of subsidiaries [line items] | |||
Unincorporated joint operation | 70% | 70% | 70% |
AngloGold Ashanti Australia Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti Limited) | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | ||
AngloGold Ashanti Holdings plc | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
AngloGold Ashanti USA Incorporated | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
AngloGold Ashanti Córrego do Sítio Mineração S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
AngloGold Ashanti (Ghana) Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
AngloGold Ashanti (Iduapriem) Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
Cerro Vanguardia S.A. (CVSA) | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 92.50% | 92.50% | 92.50% |
Geita Gold Mining Limited | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
Mineração Serra Grande S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 100% | 100% | 100% |
Société AngloGold Ashanti de Guinée S.A. | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 85% | 85% | 85% |
INVESTMENTS IN ASSOCIATES AND_3
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Carrying Value of Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of joint ventures [line items] | |||||
Investments in associates | $ 38 | $ 37 | $ 45 | ||
Investments in joint ventures | 561 | 1,054 | 1,598 | ||
Total investments in subsidiaries, joint ventures and associates reported in separate financial statements | 599 | 1,091 | [1] | 1,643 | [1] |
Dividends received from joint venture (attributable) | 180 | 694 | 231 | ||
Kibali | |||||
Disclosure of joint ventures [line items] | |||||
Investments in joint ventures | $ 561 | $ 1,054 | $ 1,598 | ||
Proportion of ownership interest in joint venture (in percent) | 45% | 45% | 45% | ||
Dividends received from joint venture (attributable) | $ 180 | $ 694 | $ 231 | ||
Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Long-term loan advanced to related parties | 358 | $ 0 | $ 0 | ||
Joint ventures | Kibali | |||||
Disclosure of joint ventures [line items] | |||||
Current receivables due from related parties | 148 | ||||
Long-term loan advanced to related parties | $ 358 | ||||
Interest rate (in percent) | 7.875% | ||||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
INVESTMENTS IN ASSOCIATES AND_4
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Interests in Associates (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of associates [line items] | |||||
Taxation | $ (285) | $ (221) | [1],[2] | $ (311) | [1],[2] |
Profit (loss) for the year | (222) | 251 | [1],[2],[3] | 638 | [1],[2],[3] |
Total comprehensive income for the year, net of tax | (219) | 176 | [3] | 533 | [3] |
Immaterial associates | |||||
Disclosure of associates [line items] | |||||
Revenue | 39 | 31 | 36 | ||
Operating (expenses) income | (18) | (16) | (13) | ||
Taxation | (5) | (3) | (2) | ||
Profit (loss) for the year | 16 | 12 | 21 | ||
Total comprehensive income for the year, net of tax | $ 16 | $ 12 | $ 21 | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. |
INVESTMENTS IN ASSOCIATES AND_5
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in Joint Ventures (Details) $ in Millions | 2 Months Ended | 12 Months Ended | ||||
Feb. 28, 2022 USD ($) claim | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |||
Disclosure of joint ventures [line items] | ||||||
Carrying value of joint ventures | $ 561 | $ 1,054 | $ 1,598 | |||
(Impairment) reversal of investment in joint venture | (192) | (315) | (2) | |||
Statement of profit or loss | ||||||
Revenue | 4,582 | 4,501 | [1],[2] | 4,029 | [1],[2] | |
Finance costs, unwinding of obligations and cash repatriation fee | (157) | (149) | [1],[2] | (116) | [1],[2] | |
Taxation | (285) | (221) | [1],[2] | (311) | [1],[2] | |
Profit (loss) for the year | (222) | 251 | [1],[2],[3] | 638 | [1],[2],[3] | |
Total comprehensive income for the year, net of tax | (219) | 176 | [3] | 533 | [3] | |
Dividends received from joint venture (attributable) | 180 | 694 | 231 | |||
Statement of financial position | ||||||
Non-current assets | 6,001 | 5,868 | [4] | 5,867 | [4] | |
Cash and cash equivalents | 964 | 1,108 | [4] | 1,154 | [4] | |
Total assets | 8,175 | 8,013 | [4] | 8,007 | [4] | |
Total liabilities | $ 4,435 | $ 3,938 | [4] | $ 3,906 | [4] | |
DRC | Claims from Direction Générale des Douanes et Accises | Kibali Goldmines S.A and AngloGold Ashanti | ||||||
Statement of financial position | ||||||
Number of legal claims | claim | 15 | |||||
DRC | Litigation | Claims from Direction Générale des Douanes et Accises | ||||||
Statement of financial position | ||||||
Estimated financial effect of contingent liabilities | $ 153 | |||||
DRC | Litigation | Claims from Direction Générale des Douanes et Accises | Kibali Goldmines S.A and AngloGold Ashanti | ||||||
Statement of financial position | ||||||
Estimated financial effect of contingent liabilities | $ 339 | |||||
Kibali Goldmines S.A. | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture (in percent) | 45% | 45% | 45% | |||
Carrying value of joint ventures | $ 561 | $ 1,054 | $ 1,598 | |||
Statement of profit or loss | ||||||
Revenue | 1,488 | 1,329 | 1,470 | |||
Other operating costs and expenses | (682) | (588) | (551) | |||
Amortisation of tangible and intangible assets | (214) | (208) | (244) | |||
Finance costs, unwinding of obligations and cash repatriation fee | (19) | (50) | (6) | |||
Interest received | 4 | 5 | 6 | |||
Share of profits of equity accounted joint venture | 1 | 0 | 0 | |||
Taxation | (185) | (156) | (181) | |||
Profit (loss) for the year | 393 | 332 | 494 | |||
Total comprehensive income for the year, net of tax | 393 | 332 | 494 | |||
Dividends received from joint venture (attributable) | 180 | 694 | 231 | |||
Statement of financial position | ||||||
Non-current assets | 2,485 | 2,420 | 2,361 | |||
Current assets | 215 | 201 | 162 | |||
Cash and cash equivalents | 123 | 92 | 1,115 | |||
Total assets | 2,823 | 2,713 | 3,638 | |||
Non-current financial liabilities | 770 | 51 | 44 | |||
Other non-current liabilities | 409 | 320 | 226 | |||
Current financial liabilities | 308 | 56 | 14 | |||
Other current liabilities | 144 | 105 | 107 | |||
Total liabilities | 1,631 | 532 | 391 | |||
Net assets | $ 1,192 | 2,181 | 3,247 | |||
Kibali Jersey Limited | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture (in percent) | 50% | |||||
Société d’Exploitation des Mines d’Or de Yatela | ||||||
Disclosure of joint ventures [line items] | ||||||
(Impairment) reversal of investment in joint venture | $ (1) | (1) | 0 | |||
The cumulative unrecognised share of losses of the joint ventures: | 2 | 2 | 2 | |||
Group’s share of net assets | Kibali Goldmines S.A. | ||||||
Disclosure of joint ventures [line items] | ||||||
Carrying value of joint ventures | 596 | 1,091 | 1,624 | |||
Other | Kibali Goldmines S.A. | ||||||
Disclosure of joint ventures [line items] | ||||||
Carrying value of joint ventures | $ 35 | $ 37 | $ 26 | |||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Raw materials | |||||
- ore stockpiles | $ 238 | $ 225 | $ 217 | ||
- heap-leach inventory | 14 | 10 | 6 | ||
Work in progress | |||||
- metals in process | 51 | 66 | 49 | ||
- gold concentrate in process | 1 | 0 | 0 | ||
Finished goods | |||||
- gold doré/bullion | 64 | 51 | 29 | ||
- by-products | 0 | 2 | 1 | ||
- gold concentrate | 5 | 0 | 0 | ||
Total metal inventories | 373 | 354 | 302 | ||
Mine operating supplies | 456 | 419 | 401 | ||
Current inventories | 829 | 773 | [1] | 703 | [1] |
Write-down of inventories | $ 6 | $ 12 | $ 13 | ||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
TRADE, OTHER RECEIVABLES AND _3
TRADE, OTHER RECEIVABLES AND OTHER ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2020 | Sep. 04, 2018 | ||
Non-current | |||||||
Deferred compensation assets (financial assets) | $ 42 | $ 12 | $ 25 | ||||
Prepayments | 14 | 19 | 14 | ||||
Recoverable tax, rebates, levies and duties | 198 | 200 | 198 | ||||
Non-current | 254 | 231 | [1] | 237 | [1] | ||
Current | |||||||
Trade receivables (financial assets) | 25 | 20 | 50 | ||||
Deferred compensation asset (financial assets) | 6 | 0 | 0 | ||||
Prepayments | 41 | 58 | 41 | ||||
Recoverable tax, rebates, levies and duties | 119 | 148 | 152 | ||||
Other receivables (financial assets) | 8 | 11 | 14 | ||||
Trade, other receivables and other assets | 199 | 237 | [1] | 257 | [1] | ||
Total trade, other receivables and other assets | 453 | 468 | 494 | ||||
Tanzania | |||||||
Current | |||||||
Receivables from taxes other than income tax | 153 | 153 | 139 | ||||
Argentina | |||||||
Current | |||||||
Receivables from taxes other than income tax | 4 | 9 | 19 | ||||
Taxation cap on annual taxes and duties paid by CVSA (in percent) | 30% | ||||||
Claims from August 2021 set off amount against other corporate taxes | |||||||
Current | |||||||
Receivables from taxes other than income tax | 73 | 45 | 54 | ||||
Total claims since July 2017 | |||||||
Current | |||||||
Receivables from taxes other than income tax | $ 144 | ||||||
Total claims during 2022 | |||||||
Current | |||||||
Receivables from taxes other than income tax | 81 | ||||||
Total Claims During 2021 | |||||||
Current | |||||||
Receivables from taxes other than income tax | 64 | ||||||
Total claims during 2020 | |||||||
Current | |||||||
Receivables from taxes other than income tax | 50 | ||||||
Total claims since July 2017 | |||||||
Current | |||||||
Receivables from taxes other than income tax | 200 | ||||||
Discounted net indirect tax receivable | |||||||
Current | |||||||
Receivables from taxes other than income tax | 153 | ||||||
Africa region | |||||||
Current | |||||||
Recoverable value added tax | 229 | 231 | 209 | ||||
Appeal deposits | $ 51 | $ 43 | $ 43 | ||||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
CASH RESTRICTED FOR USE (Detail
CASH RESTRICTED FOR USE (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Restrictions On Cash And Cash Equivalents [Line Items] | |||||
Non-current | $ 34 | $ 33 | [1] | $ 32 | [1] |
Current | 34 | 27 | [1] | 26 | [1] |
Total cash restricted for use (note 31) | 68 | 60 | 58 | ||
Cash restricted by prudential solvency requirements | |||||
Restrictions On Cash And Cash Equivalents [Line Items] | |||||
Current | 23 | 18 | 18 | ||
Cash balances held by - joint operations | |||||
Restrictions On Cash And Cash Equivalents [Line Items] | |||||
Current | $ 11 | $ 9 | $ 8 | ||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [2] | ||
Cash and cash equivalents [abstract] | |||||||
Cash and cash equivalents | $ 964 | $ 1,108 | [1] | $ 1,154 | [1] | ||
Bank overdraft | (9) | (2) | [1] | 0 | [1] | ||
Per the statement of cash flows | 955 | 1,106 | [2] | 1,154 | [2] | $ 1,330 | |
Cash and deposits on call | 964 | 870 | 712 | ||||
Money market instruments | $ 0 | $ 238 | $ 442 | ||||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method. Refer to note 1.3.2. |
SHARE CAPITAL AND PREMIUM (Deta
SHARE CAPITAL AND PREMIUM (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | |||
Ordinary shares issued at the beginning of the year (in shares) | 0 | 0 | 0 |
Issued in terms of the corporate restructuring at a nominal value of $1 (in shares) | 419,685,792 | 0 | 0 |
Ordinary shares issued at the end of the year (in shares) | 419,729,856 | 0 | 0 |
Deferred Share Plan (DSP) | |||
Disclosure of classes of share capital [line items] | |||
Issued in terms of employee share awards (in shares) | 44,064 | ||
Bonus share plan, Co-investment plan, and Long term incentive plan | |||
Disclosure of classes of share capital [line items] | |||
Issued in terms of employee share awards (in shares) | 0 | 0 |
SHARE CAPITAL AND PREMIUM - Nar
SHARE CAPITAL AND PREMIUM - Narrative (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||
Ordinary shares (in shares) | 419,729,856 | 0 | 0 | 0 |
Par value per share (in cents per share) | $ 1 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 2,239 | $ 1,983 | $ 1,909 | $ 1,931 |
Debt arrangements | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | 1,738 | 1,735 | 1,733 | |
Debt arrangements | Unamortised loan costs | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | (23) | (26) | (29) | |
Debt arrangements | Interest accrued | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | 11 | 11 | 12 | |
Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 501 | 248 | 176 | |
Rated bonds, November 2028 | Debt arrangements | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (in percent) | 3.375% | |||
Notional amount | $ 750 | |||
Available facilities (2) | 0 | |||
Rated bonds, November 2028 | Debt arrangements | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 750 | 750 | 750 | |
Rated bonds, October 2030 | Debt arrangements | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (in percent) | 3.75% | |||
Notional amount | $ 700 | |||
Available facilities (2) | 0 | |||
Rated bonds, October 2030 | Debt arrangements | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 700 | 700 | 700 | |
Rated bonds, April 2040 | Debt arrangements | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (in percent) | 6.50% | |||
Notional amount | $ 300 | |||
Available facilities (2) | 0 | |||
Rated bonds, April 2040 | Debt arrangements | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | 300 | 300 | 300 | |
Multi-currency revolving credit facility, June 2022 | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notional amount | 0 | |||
Available facilities (2) | 0 | |||
Multi-currency revolving credit facility, June 2022 | Banking facilities | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 0 | 0 | 31 | |
Multi-currency revolving credit facility, June 2022 | LIBOR | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (in percent) | 1.45% | |||
Multi-currency revolving credit facility, June 2022 | BBSY | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (in percent) | 1.45% | |||
Siguiri revolving credit facility, August 2022 | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notional amount | $ 0 | |||
Available facilities (2) | 0 | |||
Siguiri revolving credit facility, August 2022 | Banking facilities | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 0 | 0 | 35 | |
Siguiri revolving credit facility, August 2022 | LIBOR | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (in percent) | 8.50% | |||
Geita revolving credit facility | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Interest rate (in percent) | 5% | |||
Notional amount | $ 289 | |||
Available facilities (2) | 103 | |||
Geita revolving credit facility | Banking facilities | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 189 | 151 | 110 | |
Geita revolving credit facility | SOFR | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (in percent) | 6.70% | |||
Siguiri revolving credit facility, October 2025 | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notional amount | $ 65 | |||
Available facilities (2) | 0 | |||
Siguiri revolving credit facility, October 2025 | Banking facilities | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 68 | 67 | 0 | |
Siguiri revolving credit facility, October 2025 | SOFR | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (in percent) | 8% | |||
Multi-currency revolving credit facility, June 2028 | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notional amount | $ 1,400 | |||
Available facilities (2) | 1,150 | |||
Multi-currency revolving credit facility, June 2028 | Banking facilities | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 244 | 30 | 0 | |
Multi-currency revolving credit facility, June 2028 | BBSY | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (in percent) | 1.45% | |||
Multi-currency revolving credit facility, June 2028 | SOFR | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Adjustment to interest rate basis (in percent) | 1.45% | |||
Commercial banking facilities | Banking facilities | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Notional amount | $ 8 | |||
Available facilities (2) | 8 | |||
Commercial banking facilities | Banking facilities | Gross carrying amount | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Utilised facilities | $ 0 | $ 0 | $ 0 |
BORROWINGS - Continued (Details
BORROWINGS - Continued (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of detailed information about borrowings [line items] | |||||
Total borrowings | $ 2,239 | $ 1,983 | $ 1,909 | ||
Current portion of borrowings | (207) | (18) | (51) | ||
Total non-current borrowings | 2,032 | 1,965 | [1] | 1,858 | [1] |
Reconciliation of borrowings (excluding lease liabilities) | |||||
Opening balance | 1,983 | 1,909 | 1,931 | ||
Proceeds from borrowings | 343 | 266 | [2] | 822 | [2] |
Repayment of borrowings | (87) | (184) | [2] | (820) | [2] |
Finance costs paid on borrowings | (99) | (89) | (115) | ||
Deferred loan fees | (2) | (8) | (4) | ||
Other borrowing fees | 0 | 0 | (11) | ||
Interest charged to the income statement | 108 | 97 | 106 | ||
Translation | (7) | (8) | 0 | ||
Closing balance | 2,239 | 1,983 | 1,909 | ||
Capitalised finance cost | 0 | (2) | (14) | ||
Commitment fees, utilisation fees and other borrowing costs | 12 | 12 | 10 | ||
Total finance costs paid | 111 | 99 | 111 | ||
Within one year | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total borrowings | 207 | 18 | 51 | ||
Reconciliation of borrowings (excluding lease liabilities) | |||||
Opening balance | 18 | 51 | |||
Closing balance | 207 | 18 | 51 | ||
Between one and two years | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total borrowings | 65 | 149 | 31 | ||
Reconciliation of borrowings (excluding lease liabilities) | |||||
Opening balance | 149 | 31 | |||
Closing balance | 65 | 149 | 31 | ||
Between two and five years | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total borrowings | 985 | 102 | 110 | ||
Reconciliation of borrowings (excluding lease liabilities) | |||||
Opening balance | 102 | 110 | |||
Closing balance | 985 | 102 | 110 | ||
After five years | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Total borrowings | 982 | 1,714 | 1,717 | ||
Reconciliation of borrowings (excluding lease liabilities) | |||||
Opening balance | 1,714 | 1,717 | |||
Closing balance | $ 982 | $ 1,714 | $ 1,717 | ||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method. Refer to note 1.3.2. |
ENVIRONMENTAL REHABILITATION _3
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of other provisions | ||
Balance at 1 January 2023 | $ 716 | $ 677 |
Reclassifications | 0 | |
Utilised during the year | (60) | |
Unwinding of provision | 26 | |
Translation | (1) | |
Balance at 31 December 2023 | 716 | |
Current | 80 | |
Non-current | 636 | |
Recognised in profit (loss) | ||
Reconciliation of other provisions | ||
Change in estimates | 70 | |
Capitalised | ||
Reconciliation of other provisions | ||
Change in estimates | 4 | |
Provision for decommissioning | ||
Reconciliation of other provisions | ||
Balance at 1 January 2023 | 173 | 162 |
Reclassifications | 0 | |
Utilised during the year | 0 | |
Unwinding of provision | 6 | |
Translation | 1 | |
Balance at 31 December 2023 | 173 | |
Current | 1 | |
Non-current | 172 | |
Provision for decommissioning | Recognised in profit (loss) | ||
Reconciliation of other provisions | ||
Change in estimates | 0 | |
Provision for decommissioning | Capitalised | ||
Reconciliation of other provisions | ||
Change in estimates | 4 | |
Provision for restoration | ||
Reconciliation of other provisions | ||
Balance at 1 January 2023 | 452 | 416 |
Reclassifications | 0 | |
Utilised during the year | (28) | |
Unwinding of provision | 17 | |
Translation | (1) | |
Balance at 31 December 2023 | 452 | |
Current | 46 | |
Non-current | 406 | |
Provision for restoration | Recognised in profit (loss) | ||
Reconciliation of other provisions | ||
Change in estimates | 48 | |
Provision for restoration | Capitalised | ||
Reconciliation of other provisions | ||
Change in estimates | 0 | |
Provision for silicosis | ||
Reconciliation of other provisions | ||
Balance at 1 January 2023 | 17 | 35 |
Reclassifications | (2) | |
Utilised during the year | (11) | |
Unwinding of provision | 2 | |
Translation | (1) | |
Balance at 31 December 2023 | 17 | |
Current | 1 | |
Non-current | 16 | |
Provision for silicosis | Recognised in profit (loss) | ||
Reconciliation of other provisions | ||
Change in estimates | (6) | |
Provision for silicosis | Capitalised | ||
Reconciliation of other provisions | ||
Change in estimates | 0 | |
Other provisions | ||
Reconciliation of other provisions | ||
Balance at 1 January 2023 | 74 | $ 64 |
Reclassifications | 2 | |
Utilised during the year | (21) | |
Unwinding of provision | 1 | |
Translation | 0 | |
Balance at 31 December 2023 | 74 | |
Current | 32 | |
Non-current | 42 | |
Other provisions | Recognised in profit (loss) | ||
Reconciliation of other provisions | ||
Change in estimates | 28 | |
Other provisions | Capitalised | ||
Reconciliation of other provisions | ||
Change in estimates | $ 0 |
ENVIRONMENTAL REHABILITATION _4
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS - Sensitivity analysis (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Disclosure of other provisions [line items] | |
Payments to environment fund | $ 716 |
Within one year | |
Disclosure of other provisions [line items] | |
Payments to environment fund | 80 |
Between one and two years | |
Disclosure of other provisions [line items] | |
Payments to environment fund | 50 |
Between two and five years | |
Disclosure of other provisions [line items] | |
Payments to environment fund | 212 |
After five years | |
Disclosure of other provisions [line items] | |
Payments to environment fund | 374 |
Provision for decommissioning | 10% increase in discount rate | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | (8) |
Provision for decommissioning | 10% increase in cash flows | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | 17 |
Provision for decommissioning | 10% decrease in discount rate | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | 8 |
Provision for decommissioning | 10% decrease in cash flows | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | (17) |
Provision for restoration | 10% increase in discount rate | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | (10) |
Provision for restoration | 10% increase in cash flows | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | 45 |
Provision for restoration | 10% decrease in discount rate | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | 10 |
Provision for restoration | 10% decrease in cash flows | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | $ (45) |
Provision for silicosis | |
Disclosure of other provisions [line items] | |
Provisions, settlement term | 12 years |
Provision for silicosis | 10% increase in take-up rates | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | $ 5 |
Provision for silicosis | 10% increase in number of cases | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | 5 |
Provision for silicosis | 10% increase in disease progression rate | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | 2 |
Provision for silicosis | 10% derease in take-up rates | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | (5) |
Provision for silicosis | 10% decrease in number of cases | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | (5) |
Provision for silicosis | 10% decrease in disease progression rate | |
Disclosure of other provisions [line items] | |
Increase (decrease) in other provision amount due to change in assumptions | $ (2) |
Other provisions | Top of range | |
Disclosure of other provisions [line items] | |
Provisions, settlement term | 5 years |
ENVIRONMENTAL REHABILITATION _5
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS - Inflation/discount rates (Details) - Environmental obligations | Dec. 31, 2023 |
United States | Bottom of range | |
Disclosure of other provisions [line items] | |
Inflation rate (in percent) | 2.10% |
Discount rate (in percent) | 3.90% |
United States | Top of range | |
Disclosure of other provisions [line items] | |
Inflation rate (in percent) | 2.60% |
Discount rate (in percent) | 4.60% |
Australia | Bottom of range | |
Disclosure of other provisions [line items] | |
Inflation rate (in percent) | 2.40% |
Discount rate (in percent) | 3.60% |
Australia | Top of range | |
Disclosure of other provisions [line items] | |
Inflation rate (in percent) | 3.50% |
Discount rate (in percent) | 3.70% |
ENVIRONMENTAL REHABILITATION _6
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS - Narrative (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 AUD ($) | Dec. 31, 2022 AUD ($) | Dec. 31, 2021 AUD ($) | Dec. 31, 2023 AUD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of other provisions [line items] | |||||||
Payments to environment fund | $ 716,000 | ||||||
Environmental obligations | Iduapriem | |||||||
Disclosure of other provisions [line items] | |||||||
Carrying value of liability | 45,000 | $ 46,000 | $ 54,000 | ||||
Bonds issued, undiscounted cash flows | 12,000 | 12,000 | 11,000 | ||||
Bond guarantees issued by banks | 41,000 | 14,000 | 39,000 | ||||
Environmental obligations | Obuasi | |||||||
Disclosure of other provisions [line items] | |||||||
Carrying value of liability | 168,000 | 171,000 | 217,000 | ||||
Bonds issued, undiscounted cash flows | 22,000 | 22,000 | 21,000 | ||||
Bond guarantees issued by banks | $ 30,000 | $ 30,000 | $ 30,000 | ||||
Environmental obligations | Australia | |||||||
Disclosure of other provisions [line items] | |||||||
Payments to environment fund | $ 13 | $ 11 | $ 10 | ||||
Carrying value of liability | $ 115 | ||||||
Provision for silicosis | |||||||
Disclosure of other provisions [line items] | |||||||
Provisions, settlement term | 12 years | 12 years |
PROVISION FOR PENSION AND POS_3
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2023 USD ($) premium | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | $ 64 | $ 71 | $ 77 | |
Changes in reimbursement rights | ||||
Balance at the beginning of the year | 12 | 0 | ||
Premiums paid | 21 | 26 | ||
Benefits paid | (6) | (3) | ||
Interest income | 2 | 1 | ||
Actuarial gain (loss) | 7 | (12) | ||
Translation | (1) | 0 | ||
Balance at end of year | 35 | 12 | 0 | |
2024 | ||||
Changes in reimbursement rights | ||||
Estimated future benefit payments | 8 | |||
2025 | ||||
Changes in reimbursement rights | ||||
Estimated future benefit payments | 8 | |||
2026 | ||||
Changes in reimbursement rights | ||||
Estimated future benefit payments | 8 | |||
2027 | ||||
Changes in reimbursement rights | ||||
Estimated future benefit payments | 7 | |||
2028 | ||||
Changes in reimbursement rights | ||||
Estimated future benefit payments | 7 | |||
Thereafter | ||||
Changes in reimbursement rights | ||||
Estimated future benefit payments | 26 | |||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 59 | 66 | 71 | |
Benefit obligation | ||||
Balance at beginning of year | 66 | 71 | 77 | |
Interest cost | 6 | 6 | 6 | |
Benefits paid | (6) | (7) | (8) | |
Actuarial loss (gain) | (2) | (1) | 1 | |
Translation | (5) | (3) | (5) | |
Balance at end of year | $ 59 | $ 66 | $ 71 | |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Number of premiums payable | premium | 1 | |||
Contribution % | 100% | |||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | Present value of defined benefit obligation [member] | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Discount rate (in percent) | 10.77% | 10.88% | 9.79% | |
Expected increase in health care costs (in percent) | 7.37% | 7.49% | 7.23% | |
Post-retirement medical scheme for AngloGold Ashanti's South African employees | Plan assets [member] | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Expected increase in health care costs (in percent) | 7.50% | |||
Changes in reimbursement rights | ||||
Healthcare cost inflation | 6.20% | |||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | Not later than two years | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 20 | |||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | Health care cost trend rates | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Percentage of reasonably possible increase in actuarial assumption (in percent) | 1% | |||
Increase in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 4 | $ 4 | $ 5 | |
Percentage of reasonably possible decrease in actuarial assumption (in percent) | 1% | |||
Decrease in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (3) | (4) | (4) | |
Other defined benefit plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | $ 5 | $ 5 | $ 6 |
DEFERRED TAXATION (Details)
DEFERRED TAXATION (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | $ 395 | $ 300 | [1] | $ 313 | [1] |
Deferred tax assets | 50 | 23 | [1] | 7 | [1] |
Net deferred taxation liability | 345 | 277 | 306 | ||
Unrecognised taxable temporary differences pertaining to undistributed earnings | 1,334 | 1,393 | 1,800 | ||
Increase (decrease) due to corrections of prior period errors | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | 0 | ||||
Tangible assets (owned) | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 630 | 536 | 442 | ||
Tangible assets (owned) | Increase (decrease) due to corrections of prior period errors | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 106 | ||||
Right of use assets | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 45 | 52 | 53 | ||
Inventories | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 26 | 19 | 13 | ||
Provisions | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | 207 | 187 | 141 | ||
Provisions | Increase (decrease) due to corrections of prior period errors | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | 56 | ||||
Lease liabilities | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | 50 | 57 | 56 | ||
Tax losses | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | 110 | 91 | 23 | ||
Tax losses | Increase (decrease) due to corrections of prior period errors | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax assets | 2 | ||||
Other | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 25 | 14 | 22 | ||
Deferred tax assets | 14 | 9 | 4 | ||
Other | Increase (decrease) due to corrections of prior period errors | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 1 | ||||
Temporary differences | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred tax liabilities | 726 | 621 | 530 | ||
Deferred tax assets | $ 381 | $ 344 | $ 224 | ||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
TRADE AND OTHER PAYABLES (Detai
TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Disclosure of other provisions [line items] | ||||||
Trade payables | $ 464 | $ 391 | $ 406 | |||
Accruals | 128 | 151 | 67 | |||
Derivative financial liabilities | 15 | 6 | 0 | |||
Employee related payables | 114 | 116 | 122 | |||
Other payables | 51 | 3 | 5 | |||
Total trade and other payables | 772 | 667 | 600 | |||
Current restructuring provision | 49 | |||||
Environmental rehabilitation and other provisions | 80 | 81 | [1] | 76 | [1] | |
Trade and other payables | [2] | $ (772) | (667) | [1] | (600) | [1] |
Increase (decrease) due to corrections of prior period errors | ||||||
Disclosure of other provisions [line items] | ||||||
Environmental rehabilitation and other provisions | 81 | 76 | ||||
Trade and other payables | 43 | 47 | ||||
Increase (decrease) due to corrections of prior period errors 1 | ||||||
Disclosure of other provisions [line items] | ||||||
Environmental rehabilitation and other provisions | $ 43 | $ 47 | ||||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. S hort-term provisions, which were previously reported as part of trade and other payables and other provisions, are now reported as part of environmental rehabilitation and other provisions on the statement of financial position. Refer to note 1.3.2. |
TAXATION (Details)
TAXATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Reconciliation of Current Tax Liability [Roll Forward] | |||||
Balance at beginning of year | $ 10 | ||||
Balance at beginning of year | $ 8 | $ 139 | |||
Refunds during the year | 36 | 32 | [1] | 20 | [1] |
Payments during the year | (116) | (166) | [1] | (336) | [1] |
Taxation of items included in the income statement | 217 | 231 | 248 | ||
Offset of VAT and other taxes | (87) | (84) | (87) | ||
Transfer of Siguiri tax asset to non-current trade, other receivables and other assets | 0 | (4) | 0 | ||
Withholding tax transferred from trade and other payables | 0 | 0 | 7 | ||
Discounting of tax receivable | 0 | 0 | 1 | ||
Translation | (12) | 1 | (2) | ||
Balance at end of year | 10 | ||||
Balance at end of year | 46 | 8 | |||
Included in the statement of financial position as follows: | |||||
Taxation asset included in trade, other receivables and other assets | (18) | (37) | (49) | ||
Taxation liability | 64 | 45 | [2] | 39 | [2] |
Current tax assets | $ (10) | ||||
Current tax liabilities | $ 46 | $ 8 | |||
[1] The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method. Refer to note 1.3.2. Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
CASH GENERATED FROM OPERATION_2
CASH GENERATED FROM OPERATIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Statement of cash flows [abstract] | |||||
Profit before taxation | $ 63 | $ 472 | [1],[2] | $ 949 | [1],[2] |
Adjusted for: | |||||
Movement on non-hedge derivatives and other commodity contracts | 9 | 6 | 0 | ||
Amortisation of tangible and right of use assets (note 4) | 657 | 636 | 476 | ||
Amortisation of intangible assets (note 4) | 1 | 1 | 3 | ||
Finance costs and unwinding of obligations (note 6) | 157 | 149 | [1],[2] | 116 | [1],[2] |
Environmental, rehabilitation, silicosis and other provisions | (75) | (85) | (20) | ||
Impairment and derecognition of assets | 234 | 319 | 7 | ||
Profit on sale of assets | (14) | (8) | (22) | ||
Other expenses (income) (non cash portion) | 71 | 9 | 61 | ||
Interest income | (127) | (81) | (58) | ||
Share of associates and joint ventures’ (profit) loss | (207) | (161) | (245) | ||
Other non-cash movements | 27 | 25 | 28 | ||
Other exchange losses | 168 | 102 | 2 | ||
Movements in working capital | (93) | (140) | 56 | ||
Cash generated from operations | 871 | 1,244 | [3] | 1,353 | [3] |
(Increase) decrease in inventories | (58) | (54) | 58 | ||
Increase in trade, other receivables and other assets | (117) | (152) | (46) | ||
Increase in trade, other payables and provisions | 82 | 66 | 44 | ||
Movements in working capital | $ (93) | $ (140) | $ 56 | ||
[1] The operating profit sub-total which was previously included in the presentation of the income statement has been removed Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2. The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method. Refer to note 1.3.2. |
RELATED PARTIES - Related Party
RELATED PARTIES - Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Associate - Rand Refinery (Pty) Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Sales and services rendered to related parties | $ 0 | $ 0 | $ 7 |
Purchases and services acquired from related parties | 12 | 14 | 14 |
Amounts receivable, related party transactions | 0 | 0 | 7 |
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 148 | 0 | 0 |
Long-term loan advanced to related parties | $ 358 | $ 0 | $ 0 |
RELATED PARTIES - Key managemen
RELATED PARTIES - Key management remuneration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Executive directors | |||
Disclosure of transactions between related parties [line items] | |||
Base salary | $ 2,201 | ||
Pension scheme benefits | 452 | ||
Other benefits | 876 | ||
DSP awards | 5,807 | ||
Buy-out share awards on recruitment | 563 | ||
Total | 9,899 | $ 8,764 | $ 5,636 |
Executive management | |||
Disclosure of transactions between related parties [line items] | |||
Base salary | 3,435 | ||
Pension scheme benefits | 508 | ||
Other benefits | 1,729 | ||
DSP awards | 6,357 | ||
Total | 12,029 | 14,314 | 14,289 |
Non-executive directors | |||
Disclosure of transactions between related parties [line items] | |||
Total | 2,268 | $ 2,151 | $ 2,151 |
Director fees | 1,454 | ||
Committee fees | 640 | ||
Travel allowance | $ 174 |
CONTRACTUAL COMMITMENTS AND C_3
CONTRACTUAL COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Capital commitments | |||
Acquisition of tangible assets contracted for | $ 141 | $ 178 | $ 146 |
Acquisition of tangible assets not contracted for | 392 | 259 | 547 |
Capital commitments | 533 | 437 | 693 |
Purchase obligations [Abstract] | |||
Purchase obligations | 699 | 1,011 | 1,047 |
Within one year | |||
Purchase obligations [Abstract] | |||
Purchase obligations | 428 | 436 | 423 |
- thereafter | |||
Purchase obligations [Abstract] | |||
Purchase obligations | 271 | 575 | 624 |
Joint ventures | |||
Capital commitments | |||
Capital commitments | 0 | 0 | 4 |
Non-sustaining capital | |||
Capital commitments | |||
Capital commitments | 314 | 194 | 401 |
Non-sustaining capital | Within one year | |||
Capital commitments | |||
Capital commitments | 240 | 155 | 337 |
Non-sustaining capital | - thereafter | |||
Capital commitments | |||
Capital commitments | 74 | 39 | 64 |
Sustaining capital | |||
Capital commitments | |||
Capital commitments | 219 | 243 | 292 |
Sustaining capital | Within one year | |||
Capital commitments | |||
Capital commitments | 205 | 243 | 292 |
Sustaining capital | - thereafter | |||
Capital commitments | |||
Capital commitments | $ 14 | $ 0 | $ 0 |
CONTRACTUAL COMMITMENTS AND C_4
CONTRACTUAL COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Mar. 27, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Purchase obligations | $ 699 | $ 1,011 | $ 1,047 | |
Net smelter returns royalty % | 1.50% | |||
AngloGold Ashanti Australia Limited | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Purchase obligation term | 10 years | |||
Purchase obligations | $ 192 |
FINANCIAL RISK MANAGEMENT ACT_3
FINANCIAL RISK MANAGEMENT ACTIVITIES - Financial assets and liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Financial assets | |||||||
Other investments | $ 1 | $ 3 | [1] | $ 117 | [1] | ||
Trade, other receivables and other assets | 453 | 468 | 494 | ||||
Loan receivable | [2] | 148 | 0 | [1] | 0 | [1] | |
Restricted cash | 68 | 60 | 58 | ||||
Cash and cash equivalents | 964 | 1,108 | [1] | 1,154 | [1] | ||
Financial liabilities | |||||||
Utilised facilities | 2,239 | 1,983 | 1,909 | $ 1,931 | |||
Lease liabilities | 171 | 186 | 185 | $ 153 | |||
Trade payables and accruals | 772 | 667 | 600 | ||||
Derivative financial liabilities | 15 | 6 | 0 | ||||
Bank overdraft | 9 | 2 | [1] | 0 | [1] | ||
At fair value through profit or loss | |||||||
Financial liabilities | |||||||
Utilised facilities | 0 | 0 | 0 | ||||
Lease liabilities | 0 | 0 | 0 | ||||
Trade payables and accruals | 0 | 0 | 0 | ||||
Derivative financial liabilities | 15 | 6 | |||||
Bank overdraft | 0 | 0 | |||||
At amortised cost | |||||||
Financial liabilities | |||||||
Utilised facilities | 2,239 | 1,983 | 1,909 | ||||
Lease liabilities | 171 | 186 | 185 | ||||
Trade payables and accruals | 592 | 542 | 473 | ||||
Derivative financial liabilities | 0 | 0 | |||||
Bank overdraft | 9 | 2 | |||||
At fair value through profit or loss | |||||||
Financial assets | |||||||
Other investments | 1 | 1 | 1 | ||||
Trade, other receivables and other assets | 48 | 12 | 25 | ||||
Loan receivable | 0 | ||||||
Restricted cash | 0 | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
Equity investments at fair value through OCI (FVTOCI) | |||||||
Financial assets | |||||||
Other investments | 0 | 2 | 116 | ||||
Trade, other receivables and other assets | 0 | 0 | 0 | ||||
Loan receivable | 0 | ||||||
Restricted cash | 0 | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | ||||
At amortised cost | |||||||
Financial assets | |||||||
Other investments | 0 | 0 | 0 | ||||
Trade, other receivables and other assets | 33 | 31 | 64 | ||||
Loan receivable | 506 | ||||||
Restricted cash | 68 | 60 | 58 | ||||
Cash and cash equivalents | $ 964 | $ 1,108 | $ 1,154 | ||||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short-term joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m . The short-term portion was based on the Kibali Goldmines S.A. future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum and is repayable on demand. |
FINANCIAL RISK MANAGEMENT ACT_4
FINANCIAL RISK MANAGEMENT ACTIVITIES - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) oz | Jun. 30, 2023 oz | Mar. 31, 2023 oz | Dec. 31, 2023 USD ($) barrel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Gold volume relating to zero cost collars (in ounces) | oz | 300,000 | 47,000 | 136,000 | ||||
Barrels of brent crude oil | barrel | 999,000 | ||||||
Deferred compensation asset | $ 48 | $ 48 | $ 12 | $ 25 | $ 28 | ||
Mponeng | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Deferred compensation asset | $ 25 | $ 25 | |||||
Discount rate (in percent) | 8.40% | 8.40% | 8% | ||||
Gramalote | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Deferred compensation asset | $ 23 | $ 23 | |||||
Discount rate (in percent) | 9.40% | 9.40% | |||||
Financial assets past due but not impaired | Trade and other receivables | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Financial assets | $ 14 | $ 14 | $ 12 | $ 18 | |||
Maximum | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Maximum debt covenant ratio allowed per agreement | 3.5 | 3.5 | |||||
Leverage ratio allowed under debt agreements | 4.5 | 4.5 | |||||
Minimum | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Leverage ratio allowed under debt agreements | 3.5 | 3.5 |
FINANCIAL RISK MANAGEMENT ACT_5
FINANCIAL RISK MANAGEMENT ACTIVITIES - Commodity risk (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / barrel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset / (liability) | $ (15) | $ (6) | $ 0 |
Average price on forward contracts (in USD per barrel) | $ / barrel | 89.20 | ||
Gold zero-cost collars | Commodity price risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset / (liability) | $ (15) | 0 | |
Income statement gain / (loss) | (13) | 0 | |
Brent Crude oil forward contracts | Commodity price risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset / (liability) | 0 | (6) | |
Income statement gain / (loss) | $ (1) | $ (6) |
FINANCIAL RISK MANAGEMENT ACT_6
FINANCIAL RISK MANAGEMENT ACTIVITIES - Foreign Exchange Risk (Details) - Foreign exchange risk - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | Argentinean peso | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | $ 89 | $ 116 | $ 129 |
Cash and cash equivalents | South African rand | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | 50 | 88 | 86 |
Cash and cash equivalents | Australian dollar | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | 47 | 33 | 52 |
Borrowings | Australian dollar | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | 0 | 38 | 33 |
Borrowings | Tanzanian shilling | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | $ 126 | $ 88 | $ 47 |
FINANCIAL RISK MANAGEMENT ACT_7
FINANCIAL RISK MANAGEMENT ACTIVITIES - Foreign exchange rate risk sensitivity (Details) - Foreign exchange risk $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 ARS ($) | Dec. 31, 2022 ZAR (R) | Dec. 31, 2022 AUD ($) | Dec. 31, 2022 TZS (Tsh) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 ARS ($) | Dec. 31, 2021 ZAR (R) | Dec. 31, 2021 AUD ($) | Dec. 31, 2021 TZS (Tsh) | |
Argentinean peso (ARS/$) | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Increase in risk variable | $ 10 | $ 10 | |||||||||
Decrease in risk variable | $ 10 | $ 10 | |||||||||
Argentinean peso (ARS/$) | Cash and cash equivalents | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Impact on profit (loss) for 10% increase in risk variable | $ (8) | ||||||||||
Impact on profit (loss) for increase in risk variable | $ (6) | $ (11) | |||||||||
Impact on profit (loss) for 10% decrease in risk variable | 10 | ||||||||||
Impact on profit (loss) for decrease in risk variable | 7 | 14 | |||||||||
South African rand (ZAR/$) | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Increase in risk variable | R | R 1.5 | R 1.5 | |||||||||
Decrease in risk variable | R | R 1.5 | R 1.5 | |||||||||
South African rand (ZAR/$) | Cash and cash equivalents | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Impact on profit (loss) for 10% increase in risk variable | (5) | ||||||||||
Impact on profit (loss) for increase in risk variable | (7) | (7) | |||||||||
Impact on profit (loss) for 10% decrease in risk variable | 6 | ||||||||||
Impact on profit (loss) for decrease in risk variable | 9 | 9 | |||||||||
Australian dollar (AUD/$) | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Increase in risk variable | $ 0.1 | $ 0.1 | |||||||||
Decrease in risk variable | $ 0.1 | $ 0.1 | |||||||||
Australian dollar (AUD/$) | Cash and cash equivalents | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Impact on profit (loss) for 10% increase in risk variable | (4) | ||||||||||
Impact on profit (loss) for increase in risk variable | (2) | (4) | |||||||||
Impact on profit (loss) for 10% decrease in risk variable | 5 | ||||||||||
Impact on profit (loss) for decrease in risk variable | 2 | 4 | |||||||||
Australian dollar (AUD/$) | Borrowings | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Impact on profit (loss) for 10% increase in risk variable | 11 | ||||||||||
Impact on profit (loss) for increase in risk variable | 9 | 5 | |||||||||
Impact on profit (loss) for 10% decrease in risk variable | (14) | ||||||||||
Impact on profit (loss) for decrease in risk variable | (11) | (6) | |||||||||
Tanzanian shilling (TZS/$) | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Increase in risk variable | Tsh | Tsh 250 | Tsh 250 | |||||||||
Decrease in risk variable | Tsh | Tsh 250 | Tsh 250 | |||||||||
Tanzanian shilling (TZS/$) | Borrowings | |||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||||||
Impact on profit (loss) for 10% increase in risk variable | 0 | ||||||||||
Impact on profit (loss) for increase in risk variable | 2 | 2 | |||||||||
Impact on profit (loss) for 10% decrease in risk variable | $ 0 | ||||||||||
Impact on profit (loss) for decrease in risk variable | $ (2) | $ (2) |
FINANCIAL RISK MANAGEMENT ACT_8
FINANCIAL RISK MANAGEMENT ACTIVITIES - Interest Rate Risk (Details) - Interest rate risk - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Borrowings | Fixed rate instruments | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | $ 1,738 | $ 1,735 | $ 1,733 |
Borrowings | Variable rate instruments | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | 501 | 248 | 176 |
Restricted cash | Variable rate instruments | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | 68 | 60 | 58 |
Cash and cash equivalents | Variable rate instruments | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | 742 | 805 | 897 |
Joint venture loan receivable | Variable rate instruments | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Risk exposure associated with instruments sharing characteristic | $ 506 | $ 0 | $ 0 |
FINANCIAL RISK MANAGEMENT ACT_9
FINANCIAL RISK MANAGEMENT ACTIVITIES - Interest rate risk sensitivity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Kibali | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Proportion of ownership interest in joint venture (in percent) | 45% | 45% | 45% |
United States dollar | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in risk variable | 1% | 1% | |
United States dollar | Joint venture loan receivable | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | $ 5 | ||
United States dollar | Cash and cash equivalents | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | 5 | $ 5 | $ 3 |
United States dollar | Borrowings | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | (4) | $ (1) | $ (1) |
Australian dollar | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in risk variable | 1.50% | 1.50% | |
Australian dollar | Cash and cash equivalents | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | 0 | ||
Impact on profit (loss) for increase in risk variable | $ 1 | $ 1 | |
Australian dollar | Borrowings | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | 0 | ||
Impact on profit (loss) for increase in risk variable | $ (1) | $ (1) | |
South African rand (ZAR/$) | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in risk variable | 1.50% | 1.50% | |
South African rand (ZAR/$) | Cash and cash equivalents | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | 0 | ||
Impact on profit (loss) for increase in risk variable | $ 1 | $ 1 | |
Argentinean peso | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in risk variable | 2.50% | 2.50% | |
Argentinean peso | Cash and cash equivalents | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | 1 | ||
Impact on profit (loss) for increase in risk variable | $ 3 | $ 3 | |
Tanzanian shilling (TZS/$) | Borrowings | Interest rate risk | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact on profit (loss) for 1% increase in risk variable | $ (1) | ||
Impact on profit (loss) for increase in risk variable | $ (2) | $ (1) |
FINANCIAL RISK MANAGEMENT AC_10
FINANCIAL RISK MANAGEMENT ACTIVITIES - Liquidity risk (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | $ 15 | $ 6 | $ 0 | |||
Trade payables and accruals | 772 | 667 | 600 | |||
Bank overdraft | 9 | 2 | [1] | 0 | [1] | |
Utilised facilities | 2,239 | 1,983 | 1,909 | $ 1,931 | ||
Lease liabilities | 171 | 186 | 185 | $ 153 | ||
Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Trade payables and accruals | 592 | 542 | 473 | |||
Bank overdraft | 9 | 2 | ||||
Utilised facilities | 3,004 | 2,775 | 2,735 | |||
Lease liabilities | 187 | 203 | 202 | |||
Financial liabilities | 3,807 | 3,528 | 3,410 | |||
Within one year | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Utilised facilities | 207 | 18 | 51 | |||
Within one year | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Trade payables and accruals | 592 | 542 | 473 | |||
Bank overdraft | 9 | 2 | ||||
Utilised facilities | 312 | 102 | 119 | |||
Lease liabilities | 75 | 79 | 68 | |||
Financial liabilities | 1,003 | 731 | 660 | |||
Between one and two years | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Utilised facilities | 65 | 149 | 31 | |||
Between one and two years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Trade payables and accruals | 0 | 0 | 0 | |||
Bank overdraft | 0 | 0 | ||||
Utilised facilities | 160 | 249 | 115 | |||
Lease liabilities | 65 | 63 | 50 | |||
Financial liabilities | 225 | 312 | 165 | |||
Between two and five years | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Utilised facilities | 985 | 102 | 110 | |||
Between two and five years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Trade payables and accruals | 0 | 0 | 0 | |||
Bank overdraft | 0 | 0 | ||||
Utilised facilities | 1,255 | 326 | 332 | |||
Lease liabilities | 18 | 59 | 74 | |||
Financial liabilities | 1,273 | 385 | 406 | |||
After five years | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Utilised facilities | 982 | 1,714 | 1,717 | |||
After five years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Trade payables and accruals | 0 | 0 | 0 | |||
Bank overdraft | 0 | 0 | ||||
Utilised facilities | 1,277 | 2,098 | 2,169 | |||
Lease liabilities | 29 | 2 | 10 | |||
Financial liabilities | 1,306 | 2,100 | $ 2,179 | |||
Gold zero-cost collars | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 15 | |||||
Gold zero-cost collars | Within one year | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 15 | |||||
Gold zero-cost collars | Between one and two years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | |||||
Gold zero-cost collars | Between two and five years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | |||||
Gold zero-cost collars | After five years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | $ 0 | |||||
Brent Crude oil forward contracts | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 6 | |||||
Brent Crude oil forward contracts | Within one year | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 6 | |||||
Brent Crude oil forward contracts | Between one and two years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | |||||
Brent Crude oil forward contracts | Between two and five years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | 0 | |||||
Brent Crude oil forward contracts | After five years | Liquidity risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Derivative financial liabilities | $ 0 | |||||
[1] Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. |
FINANCIAL RISK MANAGEMENT AC_11
FINANCIAL RISK MANAGEMENT ACTIVITIES - Credit Risk Exposure (Details) - Credit risk | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | AAA to A- Rating | |||
Disclosure of detailed information about financial instruments [line items] | |||
Risk exposure % | 82% | 81% | 74% |
Cash and cash equivalents | BBB To B- Rating | |||
Disclosure of detailed information about financial instruments [line items] | |||
Risk exposure % | 12% | 11% | 15% |
Cash and cash equivalents | CCC+ And Below Rating | |||
Disclosure of detailed information about financial instruments [line items] | |||
Risk exposure % | 6% | 8% | 11% |
Restricted cash | AAA to A- Rating | |||
Disclosure of detailed information about financial instruments [line items] | |||
Risk exposure % | 16% | 14% | 14% |
Restricted cash | BBB To B- Rating | |||
Disclosure of detailed information about financial instruments [line items] | |||
Risk exposure % | 84% | 86% | 86% |
FINANCIAL RISK MANAGEMENT AC_12
FINANCIAL RISK MANAGEMENT ACTIVITIES - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||||
Deferred compensation asset | $ 48 | $ 12 | $ 25 | $ 28 |
Derivative financial liabilities | 15 | 6 | 0 | |
Borrowings | 2,239 | 1,983 | 1,909 | $ 1,931 |
Level 2 | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Joint venture loan receivable | 506 | 0 | 0 | |
Level 2 | Borrowings - Revolving Credit Facilities | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings | 501 | 248 | 176 | |
Level 2 | Gold zero-cost collars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial liabilities | 15 | 0 | 0 | |
Level 2 | Brent Crude oil forward contracts | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial liabilities | 0 | 6 | 0 | |
Level 2 | Recurring fair value measurement | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Joint venture loan receivable | 506 | 0 | 0 | |
Level 2 | Recurring fair value measurement | Borrowings - Revolving Credit Facilities | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings | 501 | 248 | 176 | |
Level 2 | Recurring fair value measurement | Gold zero-cost collars | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial liabilities | 15 | 0 | 0 | |
Level 2 | Recurring fair value measurement | Brent Crude oil forward contracts | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Derivative financial liabilities | 0 | 6 | 0 | |
Level 1 | Borrowings - Rated bonds | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings | 1,738 | 1,735 | 1,733 | |
Level 1 | Listed equity investments | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at fair value through other comprehensive income | 0 | 2 | 116 | |
Level 1 | Recurring fair value measurement | Borrowings - Rated bonds | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Borrowings | 1,567 | 1,578 | 1,835 | |
Level 1 | Recurring fair value measurement | Listed equity investments | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at fair value through other comprehensive income | 0 | 2 | 116 | |
Gramalote | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Deferred compensation asset | 23 | |||
Gramalote | Level 3 | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Deferred compensation asset | 22 | 0 | 0 | |
Gramalote | Level 3 | Recurring fair value measurement | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Deferred compensation asset | 22 | 0 | 0 | |
Mponeng | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Deferred compensation asset | 25 | |||
Mponeng | Level 3 | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Deferred compensation asset | 26 | 12 | 25 | |
Mponeng | Level 3 | Recurring fair value measurement | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Deferred compensation asset | $ 26 | $ 12 | $ 25 |
FINANCIAL RISK MANAGEMENT AC_13
FINANCIAL RISK MANAGEMENT ACTIVITIES - Reconciliation of Deferred Compensation Asset (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [line items] | |||
Opening balance | $ 12 | $ 25 | $ 28 |
Unwinding of the deferred compensation asset | 1 | 1 | 2 |
Changes in estimates - fair value adjustments | 14 | (13) | (3) |
Sale of Gramalote | 22 | ||
Translation | (1) | (1) | (2) |
Closing balance | $ 48 | $ 12 | $ 25 |
AUDITORS REMUNERATION (Details)
AUDITORS REMUNERATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |||
Audit fees | $ 8,100 | $ 6,450 | $ 5,870 |
Audit-related fees | 2,400 | 1,910 | 2,100 |
Tax fees | 100 | 220 | 30 |
All other fees | 100 | 20 | 10 |
Total | $ 10,700 | $ 8,600 | $ 8,010 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Feb. 23, 2024 $ / shares | Aug. 04, 2023 R / shares | Aug. 04, 2023 $ / shares | Feb. 22, 2023 R / shares | Feb. 22, 2023 $ / shares | Aug. 05, 2022 R / shares | Aug. 05, 2022 $ / shares | Feb. 22, 2022 R / shares | Feb. 22, 2022 $ / shares | Aug. 06, 2021 R / shares | Aug. 06, 2021 $ / shares | Feb. 22, 2021 R / shares | Feb. 22, 2021 $ / shares |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Dividends declared (ZAR/USD per share) | (per share) | R 0.70 | $ 0.04 | R 3.22 | $ 0.18 | R 4.93 | $ 0.28 | R 2.17 | $ 0.15 | R 0.87 | $ 0.06 | R 7.05 | $ 0.48 | |
Declaration of dividends | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Dividends declared (ZAR/USD per share) | $ 0.19 |