Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document type | 6-K/A |
Entity registrant name | AngloGold Ashanti plc |
Amendment flag | true |
Document period end date | Jun. 30, 2023 |
Document fiscal year focus | 2023 |
Document fiscal period focus | Q2 |
Entity central index key | 0001973832 |
Current fiscal year end date | --12-31 |
Amendment Description | Explanatory NoteGeneralThis Amendment No. 1 on Form 6-K/A (the “Amended Half-Year 2023 Form 6-K”) filed by AngloGold Ashanti plc (the “Company”) amends and restates certain items in the report on Form 6-K initially filed by the Company’s predecessor, AngloGold Ashanti Limited (currently known as AngloGold Ashanti (Pty) Ltd), with the U.S. Securities and Exchange Commission (the “SEC”) on 4 August 2023 (at 8:11 a.m. Eastern Daylight Time), which contains AngloGold Ashanti Limited’s previously issued unaudited condensed consolidated interim financial statements as of and for each of the six-month periods ended 30 June 2023 and 2022 (the “Original Half-Year 2023 Form 6-K”) (the “Original Half-Year 2023 Financial statements”).BackgroundIn connection with the preparation of its consolidated financial statements as of and for the financial year ended 31 December 2023, the Company, as successor issuer to AngloGold Ashanti Limited, concluded that (i) AngloGold Ashanti Limited’s previously issued audited consolidated financial statements as of and for the financial year ended 31 December 2022, included in the annual report on Form 20-F for the financial year ended 31 December 2022 filed by AngloGold Ashanti Limited with the SEC on 17 March 2023 (the “Original Full-Year 2022 Financial Statements” and together with the Original Half-Year 2023 Financial Statements, the “Affected Financials”) and (ii) the Original Half-Year 2023 Financial Statements, contained an error in the calculation of the net deferred tax asset with regard to the Obuasi mine. Additionally, the Company also identified other errors which were not considered material to the Affected Financials. Non-RelianceAs previously reported, on 21 February 2024, the Audit and Risk Committee of the board of directors of the Company (the “Audit and Risk Committee”), based on the recommendation of, and after consultation with, the Company’s management, concluded that the Affected Financials should no longer be relied upon.Impact of the RestatementsThe Audit and Risk Committee evaluated the effect of these prior period errors and determined that the Company needed to restate the Affected Financials, in both cases in accordance with IFRS Accounting Standards. 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 $49 million, a reduction in profit for the six-month period ended 30 June 2023 by $79 million and no change in profit for the six-month period ended 30 June 2022. The restatement due to the other immaterial errors which were also corrected resulted in a reduction in profit for the financial year ended 31 December 2022 by $16 million, a reduction in profit for the six-month period ended 30 June 2023 by $1 million and an increase in profit for the six-month period ended 30 June 2022 by $3 million. The restatements had no impact on the Group’s debt, the financial maintenance covenants in its credit facilities or its statement of cash flows. Furthermore, certain other information has also been adjusted to reflect the effects of the corporate restructuring. For further information on the restatements, including the impact thereof on each financial statement line item, see Note 1.1 to the restated Original Half-Year 2023 Financial Statements included herein.Items Restated HereinFor the convenience of the reader, this Amended Half-Year 2023 Form 6-K presents the Original Half-Year 2023 Form 6-K in its entirety. Except as relating to the identified errors and the restatements described above, there were no changes to any other parts of the Original Half-Year 2023 Form 6-K. In addition, except as relating to the identified errors and the restatements described above, this Amended Half-Year 2023 Form 6-K is presented as of the date of the Original Half-Year 2023 Form 6-K and has not been updated to reflect events, results or developments that occurred at a later date or facts that became known to the Company subsequent to the submission of the Original Half-Year 2023 Form 6-K and should therefore be read in their historical context. Among other things, forward-looking statements made in the Original Half-Year 2023 Form 6-K have not been revised to reflect events, results or developments that occurred at a later date or facts that became known to the Company subsequent to the submission of the Original Half-Year 2023 Form 6-K, and such forward-looking statements should be read in conjunction with the Company’s filings with the SEC, including those subsequent to the submission of the Original Half-Year 2023 Form 6-K.Separately, the Company has also presented the restated Original Full-Year 2022 Financial Statements in its annual report on Form 20-F for the financial year ended 31 December 2023 filed by AngloGold Ashanti plc with the SEC on 25 April 2024. |
Group - Income Statement
Group - Income Statement - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |||||
Profit or loss [abstract] | |||||||
Revenue from product sales | [1] | $ 2,186 | $ 2,155 | $ 4,501 | |||
Cost of sales | [1] | (1,749) | (1,595) | (3,366) | |||
(Loss) gain on non-hedge derivatives and other commodity contracts | [1] | (2) | 0 | (6) | |||
Gross profit (loss) | [1] | 435 | 560 | 1,129 | |||
Corporate administration, marketing and related expenses | [1] | (44) | (42) | (79) | |||
Exploration and evaluation costs | [1] | (112) | (84) | (205) | |||
Impairment, derecognition of assets and profit (loss) on disposal | [1] | (126) | (2) | (315) | |||
Other (expenses) income | [1],[2] | (68) | (13) | (26) | |||
Finance income | [1] | 57 | 31 | 81 | |||
Foreign exchange and fair value adjustments | [1] | (75) | (53) | (125) | |||
Finance costs and unwinding of obligations | [1] | (75) | (65) | (149) | |||
Share of associates and joint ventures’ profit (loss) | [1] | 84 | 78 | 161 | |||
Profit (loss) before taxation | [1] | 76 | 410 | 472 | |||
Taxation | [1] | (111) | (94) | (221) | |||
Profit (loss) for the period | (35) | [1] | 316 | [1] | 251 | [3] | |
Allocated as follows: | |||||||
Equity shareholders | [1] | (39) | 302 | 233 | |||
Non-controlling interests | [1] | $ 4 | $ 14 | $ 18 | |||
Earnings per share [abstract] | |||||||
Basic earnings per ordinary share (USD per share) | [1],[4] | $ (0.09) | $ 0.72 | $ 0.55 | |||
Diluted earnings per ordinary share (USD per share) | [1],[5] | $ (0.09) | $ 0.72 | $ 0.55 | |||
[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 1.1. Other (expenses) income for the first half of 2023 was $55m higher compared to the first half of 2022. This was mainly due to an increase in environmental provisions for legacy tailings storage facilities (TSFs) of $57m (mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs) and an increase in legal and project fees of $16m (of which $14m related to AngloGold Ashanti’s proposed corporate restructuring), partially offset by other movements of $18m. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.1. |
Group - Statement of Comprehens
Group - Statement of Comprehensive Income - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |||||
Statement of comprehensive income [abstract] | |||||||
Profit (loss) for the period | $ (35) | [1] | $ 316 | [1] | $ 251 | [2] | |
Items that will be reclassified subsequently to profit or loss: | |||||||
Exchange differences on translation of foreign operations | [2] | (10) | (22) | (27) | |||
Items that will not be reclassified subsequently to profit or loss: | |||||||
Exchange differences on translation of non-foreign operations | [2] | (9) | 3 | (2) | |||
Net (loss) gain on equity investments | [2] | (2) | (37) | (50) | |||
Actuarial gain (loss) recognised | [2] | 0 | 0 | (10) | |||
Deferred taxation thereon | [2] | 0 | 14 | 14 | |||
Other comprehensive income that will not be reclassified to profit or loss | [2] | (11) | (20) | (48) | |||
Other comprehensive income (loss) for the period, net of tax | [2] | (21) | (42) | (75) | |||
Total comprehensive income (loss) for the period, net of tax | [2] | (56) | 274 | 176 | |||
Allocated as follows: | |||||||
Equity shareholders | [2] | (60) | 260 | 158 | |||
Non-controlling interests | [2] | $ 4 | $ 14 | $ 18 | |||
[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 1.1. 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 1.1. |
Group - Statement of Financial
Group - Statement of Financial Position - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Non-current assets | ||||
Tangible assets | [1] | $ 4,266 | $ 4,208 | $ 4,093 |
Right of use assets | [1] | 152 | 156 | 202 |
Intangible assets | [1] | 104 | 106 | 116 |
Investments in associates and joint ventures | [1] | 1,129 | 1,091 | 1,164 |
Other investments | [1] | 1 | 3 | 18 |
Inventories | [1] | 4 | 5 | 6 |
Trade, other receivables and other assets | [1] | 222 | 231 | 218 |
Reimbursive right for post-retirement benefits | [1] | 12 | 12 | 0 |
Deferred taxation | [1],[2] | 41 | 23 | 28 |
Cash restricted for use | [1] | 34 | 33 | 32 |
Total non-current assets | [1] | 5,965 | 5,868 | 5,877 |
Current assets | ||||
Inventories | [1] | 800 | 773 | 720 |
Trade, other receivables and other assets | [1] | 317 | 237 | 333 |
Cash restricted for use | [1] | 25 | 27 | 34 |
Cash and cash equivalents | [1] | 722 | 1,108 | 1,266 |
Total current assets | [1] | 1,864 | 2,145 | 2,353 |
Total assets | [1] | 7,829 | 8,013 | 8,230 |
EQUITY AND LIABILITIES | ||||
Share capital and premium | [1],[3] | 7,253 | 7,239 | 7,237 |
Accumulated losses and other reserves | [1] | (3,344) | (3,199) | (2,986) |
Shareholders’ equity | [1] | 3,909 | 4,040 | 4,251 |
Non-controlling interests | [1] | 33 | 35 | 32 |
Total equity | [1] | 3,942 | 4,075 | 4,283 |
Non-current liabilities | ||||
Borrowings | [1] | 1,896 | 1,965 | 1,953 |
Lease liabilities | [1] | 106 | 115 | 138 |
Environmental rehabilitation and other provisions | [1],[4] | 611 | 596 | 642 |
Provision for pension and post-retirement benefits | [1] | 68 | 71 | 75 |
Trade and other payables | [1] | 8 | 7 | 6 |
Deferred taxation | [1] | 341 | 300 | 323 |
Total non-current liabilities | [1] | 3,030 | 3,054 | 3,137 |
Current liabilities | ||||
Borrowings | [1] | 17 | 18 | 52 |
Lease liabilities | [1] | 72 | 71 | 76 |
Environmental rehabilitation and other provisions | [1],[4] | 103 | 81 | 71 |
Trade and other payables | [1] | 641 | 667 | 595 |
Taxation | [1] | 19 | 45 | 16 |
Bank overdraft | [1] | 5 | 2 | 0 |
Total current liabilities | [1] | 857 | 884 | 810 |
Total liabilities | [1] | 3,887 | 3,938 | 3,947 |
Total equity and liabilities | [1] | $ 7,829 | $ 8,013 | $ 8,230 |
[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 1.1. The restated statement of financial position reflects the group position prior to the completion of the corporate restructuring which occurred during September 2023. Mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs, as well as major restoration projects planned at Obuasi. |
Group - Statement of Cash Flows
Group - Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |||
Cash flows from operating activities | |||||
Cash generated from operations | $ 316 | $ 530 | $ 1,244 | ||
Dividends received from joint ventures | 37 | 549 | 694 | ||
Taxation refund | 0 | 0 | 32 | ||
Taxation paid | (60) | (87) | (166) | ||
Net cash inflow (outflow) from operating activities | 293 | 992 | 1,804 | ||
Cash flows from investing activities | |||||
Capital expenditure | (453) | (434) | (1,028) | ||
Interest capitalised and paid | (1) | (2) | |||
Acquisition of assets | 0 | (365) | (517) | ||
Dividends from associates and other investments | 6 | 8 | 18 | ||
Proceeds from disposal of tangible assets | 6 | 0 | 8 | ||
Other investments and assets acquired | 0 | (16) | (16) | ||
Loans advanced | (1) | 0 | (1) | ||
Decrease (increase) in cash restricted for use | (1) | (10) | (4) | ||
Interest received | 49 | 32 | 81 | ||
Net cash inflow (outflow) from investing activities | (394) | (786) | (1,461) | ||
Cash flows from financing activities | |||||
Proceeds from borrowings | 8 | 202 | 266 | ||
Repayment of borrowings | (74) | (96) | (184) | ||
Repayment of lease liabilities | (44) | (40) | (82) | ||
Finance costs - borrowings | (56) | (49) | (99) | ||
Finance costs - leases | (5) | (5) | (10) | ||
Other borrowing costs | (1) | (11) | (11) | ||
Dividends paid | (76) | (69) | (203) | ||
Net cash inflow (outflow) from financing activities | (248) | (68) | (323) | ||
Net increase (decrease) in cash and cash equivalents | (349) | 138 | 20 | ||
Translation | (40) | (26) | (68) | ||
Cash and cash equivalents at beginning of period | 1,106 | [1] | 1,154 | 1,154 | |
Cash and cash equivalents at end of period | [1] | $ 717 | $ 1,266 | $ 1,106 | |
[1] Cash and cash equivalents at the end of the period is net of a bank overdraft of $5m (Jun 2022: nil; Dec 2022: $2m). |
Group - Statement of Changes in
Group - Statement of Changes in Equity - USD ($) $ in Millions | Total | Total | Share capital and premium | Other capital reserves | (Accumulated losses) Retained earnings | Fair value through OCI | Actuarial (losses) gains | Foreign currency translation reserve | [1] | Non-controlling interests | ||
Equity at beginning of period at Dec. 31, 2021 | $ 4,101 | $ 4,047 | $ 7,223 | $ 84 | $ (1,899) | $ 53 | $ (2) | $ (1,412) | $ 54 | |||
Profit (loss) for the period | 316 | [2] | 302 | 302 | 14 | |||||||
Other comprehensive income (loss) | (42) | [3] | (42) | (23) | (19) | |||||||
Total comprehensive income (loss) for the period, net of tax | 274 | [3] | 260 | 0 | 0 | 302 | (23) | 0 | (19) | 14 | ||
Shares issued | 14 | 14 | 14 | |||||||||
Share-based payment for share awards net of exercised | (7) | (7) | (7) | |||||||||
Dividends paid | (62) | (62) | (62) | |||||||||
Dividends of subsidiaries | (37) | 0 | (37) | |||||||||
Transfer on derecognition of equity investment | 0 | 0 | 69 | (69) | ||||||||
Translation | 0 | (1) | (1) | 1 | ||||||||
Equity at end of period at Jun. 30, 2022 | 4,283 | [4] | 4,251 | 7,237 | 77 | (1,591) | (39) | (2) | (1,431) | 32 | ||
Equity at beginning of period at Dec. 31, 2021 | 4,101 | 4,047 | 7,223 | 84 | (1,899) | 53 | (2) | (1,412) | 54 | |||
Profit (loss) for the period | [3] | 251 | ||||||||||
Other comprehensive income (loss) | [3] | (75) | ||||||||||
Total comprehensive income (loss) for the period, net of tax | [3] | 176 | ||||||||||
Equity at end of period at Dec. 31, 2022 | 4,075 | [4] | 4,040 | 7,239 | 81 | (1,774) | (52) | (13) | (1,441) | 35 | ||
Profit (loss) for the period | (35) | [2] | (39) | (39) | 4 | |||||||
Other comprehensive income (loss) | (21) | [3] | (21) | (2) | (19) | |||||||
Total comprehensive income (loss) for the period, net of tax | (56) | [3] | (60) | 0 | 0 | (39) | (2) | 0 | (19) | 4 | ||
Shares issued | 14 | 14 | 14 | |||||||||
Share-based payment for share awards net of exercised | (9) | (9) | (9) | |||||||||
Dividends paid | (76) | (76) | (76) | |||||||||
Dividends of subsidiaries | (6) | 0 | (6) | |||||||||
Transfer on derecognition of equity investment | 0 | 0 | (50) | 50 | ||||||||
Translation | 0 | 0 | (4) | 3 | 1 | |||||||
Equity at end of period at Jun. 30, 2023 | $ 3,942 | [4] | $ 3,909 | $ 7,253 | $ 68 | $ (1,936) | $ (4) | $ (12) | $ (1,460) | $ 33 | ||
[1]Foreign currency translation reserve includes a loss of $1,410m (Jun 2022: $1,396m; Dec 2022: $1,401m) that will not re-cycle through the income statement on disposal of non-foreign operations, and a loss of $50m (Jun 2022: $35m; Dec 2022: $40m) relating to foreign operations that will re-cycle through the income statement on disposal.[2] Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.1. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.1. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.1. |
Group - Statement of Changes _2
Group - Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | [1] | $ 11 | $ 20 | $ 48 |
Foreign currency translation reserve | ||||
Other comprehensive income that will be reclassified to profit or loss, net of tax | 50 | 35 | 40 | |
Non-foreign operations | Foreign currency translation reserve | ||||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | $ 1,410 | $ 1,396 | $ 1,401 | |
[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 1.1. |
Group - Income Statement - Pare
Group - Income Statement - Parenthetical (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Condensed Income Statement1 [Line Items] | |
Increase in other (expenses) income | $ 55 |
Increase in legal and project fees | 16 |
Miscellaneous other operating income | 18 |
Implementation of major restructuring | |
Condensed Income Statement1 [Line Items] | |
Increase in legal and project fees | 14 |
Environment related provision | |
Condensed Income Statement1 [Line Items] | |
Increase in existing provisions, other provisions | $ 57 |
Group - Statement of Cash Flo_2
Group - Statement of Cash Flows - Parenthetical (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Statement of cash flows [abstract] | ||||
Bank overdraft | [1] | $ 5 | $ 2 | $ 0 |
[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 1.1. |
Segmental reporting
Segmental reporting | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of entity's operating segments [Abstract] | |
Segmental reporting | Segmental reporting AngloGold Ashanti’s operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business. Under the group’s operating model, the financial results and the composition of the operating segments are reported to the CODM per geographical region. In addition to the geographical reportable segments structure, the group has voluntarily disaggregated and disclosed the financial information on a line-by-line basis for each mining operation to facilitate comparability of mine performance. Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Gold income US Dollar million Unaudited Unaudited Audited AFRICA * 1,475 1,386 2,981 Kibali - Attributable 45% 298 281 596 Iduapriem 239 224 443 Obuasi 242 165 431 Siguiri 258 321 591 Geita 438 395 920 AUSTRALIA * 514 475 967 Sunrise Dam 250 218 410 Tropicana - Attributable 70% 264 257 557 AMERICAS * 453 510 1,036 Cerro Vanguardia 158 168 319 AngloGold Ashanti Mineração (1) 223 267 557 Serra Grande 72 75 160 2,442 2,371 4,984 Equity-accounted joint venture included above (298) (281) (596) 2,144 2,090 4,388 (1) Includes income from sale of gold concentrate. By-product revenue US Dollar million Unaudited Unaudited Audited AFRICA * 2 3 4 Kibali - Attributable 45% — 1 1 Iduapriem — — 1 Obuasi — 1 1 Siguiri 1 — — Geita 1 1 1 AUSTRALIA * 2 2 4 Sunrise Dam 1 1 1 Tropicana - Attributable 70% 1 1 3 AMERICAS * 38 61 106 Cerro Vanguardia 37 44 75 AngloGold Ashanti Mineração 1 17 31 42 66 114 Equity-accounted joint venture included above — (1) (1) 42 65 113 Segmental reporting (continued) Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Cost of sales Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) AFRICA * 1,060 939 2,008 Kibali - Attributable 45% 181 163 342 Iduapriem 195 153 314 Obuasi 157 115 266 Siguiri 234 240 492 Geita 293 268 594 AUSTRALIA * 414 380 783 Sunrise Dam 196 185 371 Tropicana - Attributable 70% 202 180 382 Administration and other 16 15 30 AMERICAS * 455 439 913 Cerro Vanguardia 151 135 273 AngloGold Ashanti Mineração 222 223 477 Serra Grande 80 79 162 Administration and other 2 2 1 CORPORATE AND OTHER 1 — 4 1,930 1,758 3,708 Equity-accounted joint venture included above (181) (163) (342) 1,749 1,595 3,366 Gross profit (1) Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) AFRICA * 417 449 977 Kibali - Attributable 45% 117 118 256 Iduapriem 45 71 130 Obuasi 85 51 165 Siguiri 23 81 99 Geita 146 128 327 Administration and other 1 — — AUSTRALIA * 102 97 188 Sunrise Dam 54 33 40 Tropicana - Attributable 70% 64 79 177 Administration and other (16) (15) (29) AMERICAS * 37 132 229 Cerro Vanguardia 44 77 122 AngloGold Ashanti Mineração 2 61 111 Serra Grande (8) (4) (2) Administration and other (1) (2) (2) CORPORATE AND OTHER (4) — (9) 552 678 1,385 Equity-accounted joint venture included above (117) (118) (256) 435 560 1,129 (1) The group’s segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit (loss) to profit (loss) before taxation, refer to the group income statement. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. Segmental reporting (continued) Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Amortisation Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) AFRICA * 197 165 371 Kibali - Attributable 45% 45 45 95 Iduapriem 66 32 80 Obuasi 30 16 40 Siguiri 15 27 54 Geita 41 45 102 AUSTRALIA * (1) 66 77 172 Sunrise Dam 25 26 54 Tropicana - Attributable 70% 40 50 117 Administration and other 1 1 1 AMERICAS * 80 88 185 Cerro Vanguardia 19 17 39 AngloGold Ashanti Mineração 42 51 106 Serra Grande 19 20 40 CORPORATE AND OTHER 2 2 4 345 332 732 Equity-accounted joint venture included above (45) (45) (95) 300 287 637 (1) The Australia amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets between the mining operations within the Australia geographical region and for which the group can disaggregate and allocate on a reasonable basis to the different mining operations within such region. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. Capital expenditure US Dollar million Unaudited Unaudited Audited AFRICA * 280 217 576 Kibali - Attributable 45% 44 38 90 Iduapriem 70 53 146 Obuasi 75 64 159 Siguiri 15 11 27 Geita 76 51 154 AUSTRALIA * 73 93 202 Sunrise Dam 22 20 50 Tropicana - Attributable 70% 51 73 152 AMERICAS * 134 154 322 Cerro Vanguardia 33 21 66 AngloGold Ashanti Mineração 74 104 199 Serra Grande 27 29 57 PROJECTS * 10 7 17 Colombian projects 5 6 16 North American projects 5 1 1 CORPORATE AND OTHER — 1 1 497 472 1,118 Equity-accounted joint venture included above (44) (38) (90) 453 434 1,028 Segmental reporting (continued) As at As at As at Jun Jun Dec 2023 2022 2022 Total assets Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) Restated (2) AFRICA * 4,198 3,997 4,035 Kibali - Attributable 45% 1,093 1,120 1,054 Iduapriem 496 405 436 Obuasi 1,233 1,125 1,219 Siguiri 428 542 457 Geita 942 801 864 Administration and other 6 4 5 AUSTRALIA * (1) 963 986 960 AMERICAS * 1,350 1,647 1,395 Cerro Vanguardia 513 514 514 AngloGold Ashanti Mineração 599 855 625 Serra Grande 218 250 217 Administration and other 20 28 39 PROJECTS * 874 694 872 Colombian projects 225 216 244 North American projects 649 478 628 CORPORATE AND OTHER 444 906 751 7,829 8,230 8,013 *The operating segments continue to be presented per geographical region. The additional information disaggregated and disclosed for each mining operation has been provided by the group to facilitate comparability of mine performance. (1) The Australia total assets include property, plant and equipment, cash, leased assets, inventory and other assets which the group is unable to allocate and disaggregate on a reasonable basis between the different mining operations within the Australia geographical region, as some of these assets represent shared assets between the mining operations within such region. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Basis of preparation | Basis of preparation The condensed consolidated interim financial statements in this report have been prepared in accordance with the historic cost convention except for certain financial instruments which are stated at fair value. The group prepares condensed consolidated interim financial statements for the six months ended 30 June and 31 December, and annual financial statements for the year ended 31 December. The group’s accounting policies used in the preparation of these condensed consolidated interim financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2022. The condensed consolidated interim financial statements of AngloGold Ashanti Limited (“AngloGold Ashanti” or the “Company”) have been prepared in compliance with the framework concepts and the measurement and recognition requirements of the International Financial Reporting Standard (“IFRS”), IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”), the South African Institute of Chartered Accountants (“SAICA”) Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and in the manner required by the South African Companies Act, No. 71 of 2008 for the preparation of financial information of the group for the six months ended 30 June 2023. These condensed consolidated interim financial statements should be read in conjunction with the Company’s restated audited consolidated financial statements and the notes thereto as at and for the year ended 31 December 2022. 1.1 Restatements Prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine and other restatements Please refer to the section “ Explanatory Note ” included at the beginning of this Amended Half-Year 2023 Form 6-K for a discussion of the non-reliance on and restatement of previously issued financial statements. With regard to the previously reported results in the Original Half-Year 2023 Form 6-K, the group concluded that these results contained an error in the calculation related to the reported amount of the net deferred tax asset with regard to the Obuasi mine. Additionally, the group also identified other errors which were not considered material to the previously issued financial statements as of and for each of the six-month periods ended 30 June 2023 and 2022 and the financial year ended 31 December 2022. The group evaluated the effect of these prior period errors and determined that it needed to restate its unaudited condensed consolidated interim financial statements as of and for each of the six-month periods ended 30 June 2023 and 2022 and its audited consolidated financial statements as of and for the financial year ended 31 December 2022. These restatements are in all cases in accordance with IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. 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 six-month period ended 30 June 2023 by $79m, no change in profit for the six-month period ended 30 June 2022 and a reduction in profit for the financial year ended 31 December 2022 by $49m. The restatement due to the other immaterial errors which were also corrected resulted in a reduction in profit for the six-month period ended 30 June 2023 by $1m, an increase in profit for the six-month period ended 30 June 2022 by $3m and a reduction in profit for the financial year ended 31 December 2022 by $16m. 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 following: a. Kibali - Equity-accounted losses adjustment; b. Geita - Foreign exchange adjustment on VAT receivable reclassified; c. Rand Refinery - Derivative fair value adjustment reclassified; d. Mineração Serra Grande - Impairment adjustment recorded; e. Siguiri - Deferred stripping adjustment recorded; f. Group - Reclassification of environmental rehabilitation provisions from non-current provisions to current provisions; g. Group - Reclassification of lease liabilities from current liabilities to non-current liabilities; and h. Group - Reclassification of short-term provisions from trade and other payables to environmental rehabilitation and other provisions. The impact of the above restatements on each financial statement line item is presented below. June 2023 US dollar millions Ref As reported on 30 June 2023 1.1 Obuasi deferred tax restatement 1.1 Other restatements As restated on 30 June 2023 Income statement Other (expenses) income e (58) — (10) (68) Share of associates and joint ventures' profit (loss) a 75 — 9 84 Profit (loss) before taxation a,e 77 — (1) 76 Taxation (32) (79) — (111) Profit (loss) for the period a,e 45 (79) (1) (35) Attributable to: Equity shareholders 40 (79) — (39) Non-controlling interests e 5 (1) 4 Basic earnings per ordinary share (US cents) 10 (19) — (9) Diluted earnings per ordinary share (US cents) 10 (19) — (9) Headline earnings 140 (79) — 61 Basic headline earnings per ordinary share (US cents) 33 (19) — 14 Diluted headline earnings per ordinary share (US cents) 33 (19) — 14 Statement of comprehensive income Total comprehensive income for the period, net of tax a,e 24 (79) (1) (56) Statement of financial position Tangible assets d 4,277 — (11) 4,266 Deferred taxation 146 (105) — 41 Non-current assets d 6,081 (105) (11) 5,965 Deferred taxation 318 23 — 341 Non-current liabilities 3,007 23 — 3,030 Trade and other payables h 672 — (31) 641 Environmental rehabilitation and other provisions h 72 — 31 103 Current liabilities 857 — — 857 Statement of changes in equity (Accumulated losses ) retained earnings d,e (1,798) (128) (10) (1,936) Foreign currency translation reserve c (1,459) — (1) (1,460) Shareholders' equity c,d,e 4,048 (128) (11) 3,909 Total equity c,d,e 4,081 (128) (11) 3,942 Rounding of figures may result in computational discrepancies. June 2022 US dollar millions Ref As reported on 30 June 2022 1.1 Obuasi deferred tax restatement 1.1 Other restatements As restated on 30 June 2022 Income statement Cost of sales e (1,592) — (3) (1,595) Gross profit (loss) e 563 — (3) 560 Share of associates and joint ventures' profit (loss) a 72 — 6 78 Profit (loss) before taxation a,e 407 — 3 410 Profit (loss) for the period a,e 313 — 3 316 Attributable to: Equity shareholders a,e 298 — 4 302 Non-controlling interests 15 — (1) 14 Basic earnings per ordinary share (US cents) a 71 — 1 72 Diluted earnings per ordinary share (US cents) a 71 — 1 72 Headline earnings a,e 300 — 4 304 Basic headline earnings per ordinary share (US cents) a 71 — 1 72 Diluted headline earnings per ordinary share (US cents) a 71 — 1 72 Statement of comprehensive income Total comprehensive income for the period, net of tax a,e 271 — 3 274 Statement of financial position Tangible assets e 4,081 — 12 4,093 Investments in associates and joint ventures c 1,162 — 2 1,164 Deferred taxation e 29 — (1) 28 Non-current assets c,e 5,864 — 13 5,877 Trade, other receivables and other assets b 335 — (2) 333 Current assets b 2,355 — (2) 2,353 Environmental rehabilitation and other provisions f 671 — (29) 642 Deferred taxation e 322 — 1 323 Non-current liabilities e,f 3,165 — (28) 3,137 Trade and other payables h 637 — (42) 595 Environmental rehabilitation and other provisions f,h — — 71 71 Current liabilities f 781 — 29 810 Statement of changes in equity (Accumulated losses) retained earnings b,c,e (1,599) — 8 (1,591) Shareholders' equity b,c,e 4,243 — 8 4,251 Non-controlling interests e 30 — 2 32 Total equity b,c,e 4,273 — 10 4,283 Rounding of figures may result in computational discrepancies. 2022 US dollar millions Ref As reported on 1.1 Obuasi deferred tax restatement 1.1 Other restatements As restated on Income statement Cost of sales e (3,362) — (4) (3,366) Gross profit (loss) 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 (loss) a,c 166 — (5) 161 Profit (loss) before taxation a,b,c,d,e 489 — (17) 472 Taxation b,d (173) (49) 1 (221) Profit (loss) 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 (Accumulated losses) retained earnings 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 Rounding of figures may result in computational discrepancies. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of revenue [Abstract] | |
Revenue | Revenue Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 US Dollar million Unaudited Unaudited Audited Gold income 2,144 2,090 4,388 Spot market sales 2,053 2,090 4,388 Concentrate sales (1) 91 — — By-products 42 65 113 Revenue from product sales 2,186 2,155 4,501 (1) Sales of gold concentrate are recorded at the time of shipment, net of refining and treatment charges, which is also when control of ownership passes to 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. There have been no material provisional price adjustments for the six months ended 30 June 2023. |
Cost of sales
Cost of sales | 6 Months Ended |
Jun. 30, 2023 | |
Cost of Sales [Abstract] | |
Cost of sales | Cost of sales Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) Cash operating costs (1) 1,316 1,205 2,554 Royalties 91 88 185 Other cash costs 9 7 14 Total cash costs 1,416 1,300 2,753 Retrenchment costs 2 4 6 Rehabilitation and other non-cash costs 13 (4) — Amortisation of tangible assets 261 245 555 Amortisation of right of use assets 39 41 81 Amortisation of intangible assets — 1 1 Inventory change 18 8 (30) 1,749 1,595 3,366 (1) Cash operating costs for the first half of 2023 were $111m higher compared to the first half of 2022. This increase was mainly due to continued inflation and input price increases (which did not peak until the second and third quarters of 2022), higher operating expenditure and higher waste stripping costs at Tropicana, partially offset by weaker foreign exchange rates against the US Dollar. (2) |
Impairment, derecognition of as
Impairment, derecognition of assets and (loss) profit on disposal | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract] | |
Impairment, derecognition of assets and (loss) profit on disposal | Impairment, derecognition of assets and (loss) profit on disposal Impairments 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. Córrego do Sítio (“CdS”) CdS is owned and operated by AngloGold Ashanti Mineração (“AGA Mineração”) in Brazil. The CdS mining complex has been in operation since 1989 and consists of open pit and underground mines. The property is currently in a production stage. Management is currently assessing various options related to the CdS mining complex cash generating unit (“CGU”), ranging from operational improvements through the Full Asset Potential review programme to putting the operations under care and maintenance. In 2022, an impairment loss of $189m was recognised in respect of the CdS mining complex CGU. During the first half of 2023, the CdS mining complex CGU experienced further operational underperformance and as a result a further impairment loss of $39m was recognised on the remaining asset balances and new capital expenditures incurred during 2023. The impairment losses in 2022 and the first half of 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 $70m was recognised in respect of the Cuiabá mining complex CGU. During the first half of 2023, Cuiabá recognised a further impairment loss of $53m largely due to the current suspension of operating activities at the Queiroz metallurgical plant while additional buttressing at the Calcinados TSF is designed and completed, and a decision not to restart operations during the dry season (contrary to what was originally planned). The impairment losses in 2022 and the first half of 2023 were recognised and included in the Americas segment. Impairment Allocation: Tangible Assets Cash Generating Unit Mine Development Cost Mine Infrastructure Assets under construction Land Total Impairment US Dollar million Six months ended Jun 2023 Córrego do Sítio 26 7 5 1 39 Cuiabá — 25 28 — 53 26 32 33 1 92 Derecognition of assets Decommissioning assets of $29m at AGA Mineração and $9m at Serra Grande relating to legacy TSFs were derecognised, mainly due to the uncertainty of future economic benefits to be generated from these assets. |
Finance costs and unwinding of
Finance costs and unwinding of obligations | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Finance costs and unwinding of obligations | Finance costs and unwinding of obligations Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 US Dollar million Unaudited Unaudited Audited Finance costs - borrowings 58 54 108 Finance costs - leases 5 5 11 Unwinding of obligations 12 6 30 75 65 149 The interest included within finance costs is calculated at effective interest rates. |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of income tax [Abstract] | |
Taxation | Taxation Income tax uncertainties AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with local government, and others are defined by the general corporate income tax laws of the country. The group has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the group is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the tax authorities over the interpretation or application of certain rules in respect of the group’s business conducted within the country involved. Significant judgement is required in determining the worldwide provisions for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the group. Argentina - Cerro Vanguardia SA The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $3m (Jun 2022: $6m; Dec 2022: $4m). Management has appealed this matter which has been heard by the Tax Court, with final evidence submitted in 2017. The matter is pending and judgement is expected in the next 24 months as at 30 June 2023. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made. Brazil - AGA Mineração and Serra Grande The Brazil Tax Authority has challenged various aspects of the companies’ tax returns for periods from 2005 to 2016 which individually and in aggregate are not considered to be material. Based on engagement with the Brazil Tax Authority, certain amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the findings. In December 2019, Serra Grande received a tax assessment of $26m (Jun 2022: $22m; Dec 2022: $23m) relating to the amortisation of goodwill on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity. Management is of the opinion that the Brazil Tax Authority is unlikely to succeed in this matter. This is supported by external legal advice and therefore no provision has been made. Colombia - La Colosa and Gramalote The tax treatment of exploration expenditure has been challenged by the Colombian Tax Authority which resulted in claims for taxes and penalties of $10m (Jun 2022: $74m; Dec 2022: $42m) 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 issued a ruling that duplicate penalties may not be charged. The impact of the ruling is that certain penalties were waived. During November 2022, the Supreme Administrative Court issued final rulings on the tax treatment of exploration expenditure pertaining to the 2010 and 2011 tax years and partially allowed the tax claims against AngloGold Ashanti as submitted. The rulings, which included tax and interest, cannot be appealed and resulted in tax liabilities of $34m provided for in 2022. However, the Supreme Administrative Court fully waived penalties related to the 2010 and 2011 tax years. 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 $25m (which includes interest), 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 (which includes interest), in full settlement of the 2010 income tax claim. The Company’s lawsuits with respect to its 2013 and 2014 tax returns are still pending before the Administrative Court of Cundinamarca. Penalties of $10m (Jun 2022: $9m; Dec 2022: $8m) pertaining to the 2013 and 2014 tax years were not recognised as a provision and are considered to be contingent, awaiting judgement from the 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) (Jun 2022: $8m (attributable); Dec 2022: $8m (attributable)). Management has objected to the assessment. However, provision has been made for a portion of the total claims amounting to $2m (attributable) (Jun 2022: $2m (attributable); Dec 2022: $2m (attributable)). A meeting was held in February 2022 under the Minister of Budget Tax advisor’s chairmanship, calling for the formation of a tripartite committee to review the claim and resolve the issue. Members from government were appointed to the committee, but no meetings have been held to date. Mali - Yatela and AGA Mali Services The Mali Tax Authority has challenged various aspects of Société des Mines de Yatela S.A. and Société AngloGold Ashanti Mali S.A.’s tax returns for periods of 2012 to 2019 totalling $3m (attributable) (Jun 2022: $4m (attributable); Dec 2022: $4m (attributable)). Management is of the opinion that the Mali Tax Authority is unlikely to succeed in the tax matters and therefore no provision has been made. Tanzania - Geita Gold Mine The Tanzania Revenue Authority has raised audit findings on various tax matters for years from 2009 to 2021 amounting to $338m (Jun 2022: $312m; Dec 2022: $318m). 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 $24m (Jun 2022: $25m; Dec 2022: $24m) 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 6 Taxation (continued) 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. |
Headline earnings
Headline earnings | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of earnings per share [Notes] [Abstract] | |
Headline earnings | Headline earnings (3) Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (4) Restated (4) Restated (4) The profit (loss) attributable to equity shareholders has been adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders (39) 302 233 Impairment on tangible assets and right of use assets 92 — 315 Taxation on impairment of tangible assets and right of use assets (21) — (60) Derecognition of assets 38 1 4 Taxation on derecognition of assets (6) — — (Profit) loss on disposal of tangible assets (4) 1 (4) Impairment (reversal) on equity-accounted investments 1 — 1 Headline earnings (loss) 61 304 489 Headline earnings (loss) per ordinary share (US cents) (1) 14 72 116 Diluted headline earnings (loss) per ordinary share (US cents) (2) 14 72 116 (1) Calculated on the basic weighted average number of ordinary shares. (2) Calculated on the diluted weighted average number of ordinary shares. (3) Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements. (4) Comparative periods have been retrospectively restated. Refer to note 1.1. Number of shares Ordinary shares 419,107,901 418,045,117 418,260,476 Fully vested options 1,710,644 1,949,302 1,936,586 Weighted average number of shares 420,818,545 419,994,419 420,197,062 Dilutive potential of share options — 68,524 672,804 Dilutive weighted average number of ordinary shares 420,818,545 420,062,943 420,869,866 |
Borrowings and lease liabilitie
Borrowings and lease liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of borrowing costs [Abstract] | |
Borrowings and lease liabilities | Borrowings and lease liabilities AngloGold Ashanti’s borrowings are interest bearing. As at As at As at Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (1) Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,983 1,909 1,909 Proceeds from borrowings 8 202 266 Repayment of borrowings (74) (96) (184) Finance costs paid on borrowings (49) (43) (89) Interest charged to the income statement 51 48 97 Deferred loan fees (2) (9) (8) Translation (4) (6) (8) Closing balance 1,913 2,005 1,983 Borrowings Non-current 1,896 1,953 1,965 Current 17 52 18 1,913 2,005 1,983 Reconciliation of finance costs paid (excluding lease finance costs) A reconciliation of the finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 49 43 89 Capitalised finance cost — (1) (2) Commitment fees, environmental guarantees fees and other 7 7 12 Total finance costs paid 56 49 99 Reconciliation of lease liabilities Opening balance 186 185 185 Lease liabilities recognised 37 75 90 Repayment of lease liabilities (44) (40) (82) Finance costs paid on lease liabilities (5) (5) (10) Interest charged to the income statement 5 5 11 Change in estimate (1) (3) (7) Translation — (3) (1) Closing balance 178 214 186 Lease liabilities Non-current 106 138 115 Current 72 76 71 178 214 186 (1) Comparative periods have been retrospectively restated. Refer to note 1.1. |
Cash generated from operations
Cash generated from operations | 6 Months Ended |
Jun. 30, 2023 | |
Statement of cash flows [abstract] | |
Cash generated from operations | Cash generated from operations Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) Restated (2) Profit (loss) before taxation 76 410 472 Adjusted for: Movement on non-hedge derivatives and other commodity contracts (2) — 6 Amortisation of tangible and right of use assets 300 286 636 Amortisation of intangible assets — 1 1 Finance costs and unwinding of obligations 75 65 149 Environmental rehabilitation, silicosis and other provisions (17) (40) (85) Impairment, derecognition of assets and (profit) loss on disposal 131 2 319 Other expenses (income) 57 11 9 Profit (loss) on sale of assets (6) — (8) Interest income (57) (31) (81) Share of associates and joint ventures’ (profit) loss (84) (78) (161) Other non-cash movements (23) 17 25 Other exchange losses (1) 52 20 102 Movements in working capital (186) (133) (140) 316 530 1,244 Movements in working capital: (Increase) decrease in inventories (19) (7) (54) (Increase) decrease in trade and other receivables (140) (98) (152) Increase (decrease) in trade, other payables and provisions (27) (28) 66 (186) (133) (140) (1) Other exchange losses, which were previously reported as part of other non-cash movements, are now being reported separately. The reclassification had no impact on any reported totals or on any amounts presented in the interim financial statements for the six months ended 30 June 2022 or the annual financial statements for the year ended 31 December 2022. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. |
Financial risk management activ
Financial risk management activities | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial risk management activities | Financial risk management activities Fair value 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). 10 Financial risk management activities (continued) The table below represents financial instruments measured at fair value at the reporting date, or for which fair value is disclosed at 30 June 2023. Fair value Carrying value Fair value Carrying value As at Jun As at Jun As at Dec As at Dec Financial instrument 2023 2023 2022 2022 Valuation method Significant inputs Fair value hierarchy Unaudited Audited At fair value through profit and loss Deferred compensation asset (1) 12 12 12 12 Probability weighted discounted cash flow $260 per ounce payable on all underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) in excess of 250,000 ounces per annum for 6 years commencing 1 January 2021, following the disposal of these operations to Harmony Gold Company Limited (Harmony). Level 3 Derivative financial asset - gold zero cost collar contracts (2) 3 3 — — Black-Scholes-Merton option pricing model Forward and spot prices, the outstanding number of ounces of gold on open contracts, risk free rates and volatilities. Level 2 Derivative financial liability - crude oil forward contracts (3) 7 7 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 Level 1 At amortised cost Borrowings - Rated bonds 1,569 1,736 1,578 1,735 Borrowings - Revolving Credit Facilities 177 177 248 248 (1) Included in the statement of financial position in non-current trade, other receivables and other assets. (2) Included in the statement of financial position in current trade, other receivables and other assets. (3) Included in the statement of financial position in current trade, other payables and provisions. Reconciliation of deferred compensation asset A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: As at As at Jun Dec 2023 2022 US Dollar million Unaudited Audited Opening balance 12 25 Unwinding of the deferred compensation asset — 1 Changes in estimates - fair value adjustments (1) 1 (13) Translation (1) (1) Closing balance 12 12 (1) Included in the income statement in foreign exchange and fair value adjustments Sensitivity analysis A reasonably 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. |
Capital commitments
Capital commitments | 6 Months Ended |
Jun. 30, 2023 | |
Capital commitments [abstract] | |
Capital commitments | Capital commitments As at As at As at Jun Jun Dec 2023 2022 2022 US Dollar million Unaudited Unaudited Audited Orders placed and outstanding on capital contracts at the prevailing rate of exchange 180 246 178 Liquidity and capital resources To service the above capital commitments and other operational requirements, the group is dependent on existing cash resources, cash generated from operations and 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 the relevant board approval. The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the extent that external borrowings are required, the group’s covenant performance indicates that existing financing facilities will be available to meet the above commitments. The financing facilities which mature in the near future are disclosed in current liabilities. The group believes that sufficient measures are in place to ensure that these facilities can be refinanced. |
Contractual commitments and con
Contractual commitments and contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Contractual commitments and contingencies | Contractual commitments and contingencies AngloGold Ashanti’s material contingent liabilities and assets at 30 June 2023 and 31 December 2022 are detailed below: Litigation claims Litigation - AngloGold Ashanti (Ghana) Limited (AGAG) received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by emission and/or other environmental impacts arising in connection with the current and/or historical operations of the Pompora Treatment Plant (PTP), which was decommissioned in 2000. The plaintiffs’ alleged injuries include respiratory infections, skin diseases and certain cancers. In April 2023, the court dismissed the matter for want of prosecution by the plaintiffs. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. In June 2023, the court dismissed the matter for want of prosecution by the plaintiffs. Litigation - 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 Silicon Project as well as claims recently acquired as part of the Corvus Gold Inc. and Coeur Sterling, Inc. acquisitions. AGANA intends to vigorously defend against Altius’ claims. The parties presently anticipate that the arbitration hearing will be held in the second quarter of 2024. 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 6. |
Segmental reporting (Tables)
Segmental reporting (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of entity's operating segments [Abstract] | |
Disclosure of segmental information | Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Gold income US Dollar million Unaudited Unaudited Audited AFRICA * 1,475 1,386 2,981 Kibali - Attributable 45% 298 281 596 Iduapriem 239 224 443 Obuasi 242 165 431 Siguiri 258 321 591 Geita 438 395 920 AUSTRALIA * 514 475 967 Sunrise Dam 250 218 410 Tropicana - Attributable 70% 264 257 557 AMERICAS * 453 510 1,036 Cerro Vanguardia 158 168 319 AngloGold Ashanti Mineração (1) 223 267 557 Serra Grande 72 75 160 2,442 2,371 4,984 Equity-accounted joint venture included above (298) (281) (596) 2,144 2,090 4,388 (1) Includes income from sale of gold concentrate. By-product revenue US Dollar million Unaudited Unaudited Audited AFRICA * 2 3 4 Kibali - Attributable 45% — 1 1 Iduapriem — — 1 Obuasi — 1 1 Siguiri 1 — — Geita 1 1 1 AUSTRALIA * 2 2 4 Sunrise Dam 1 1 1 Tropicana - Attributable 70% 1 1 3 AMERICAS * 38 61 106 Cerro Vanguardia 37 44 75 AngloGold Ashanti Mineração 1 17 31 42 66 114 Equity-accounted joint venture included above — (1) (1) 42 65 113 Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Cost of sales Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) AFRICA * 1,060 939 2,008 Kibali - Attributable 45% 181 163 342 Iduapriem 195 153 314 Obuasi 157 115 266 Siguiri 234 240 492 Geita 293 268 594 AUSTRALIA * 414 380 783 Sunrise Dam 196 185 371 Tropicana - Attributable 70% 202 180 382 Administration and other 16 15 30 AMERICAS * 455 439 913 Cerro Vanguardia 151 135 273 AngloGold Ashanti Mineração 222 223 477 Serra Grande 80 79 162 Administration and other 2 2 1 CORPORATE AND OTHER 1 — 4 1,930 1,758 3,708 Equity-accounted joint venture included above (181) (163) (342) 1,749 1,595 3,366 Gross profit (1) Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) AFRICA * 417 449 977 Kibali - Attributable 45% 117 118 256 Iduapriem 45 71 130 Obuasi 85 51 165 Siguiri 23 81 99 Geita 146 128 327 Administration and other 1 — — AUSTRALIA * 102 97 188 Sunrise Dam 54 33 40 Tropicana - Attributable 70% 64 79 177 Administration and other (16) (15) (29) AMERICAS * 37 132 229 Cerro Vanguardia 44 77 122 AngloGold Ashanti Mineração 2 61 111 Serra Grande (8) (4) (2) Administration and other (1) (2) (2) CORPORATE AND OTHER (4) — (9) 552 678 1,385 Equity-accounted joint venture included above (117) (118) (256) 435 560 1,129 (1) The group’s segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit (loss) to profit (loss) before taxation, refer to the group income statement. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Amortisation Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) AFRICA * 197 165 371 Kibali - Attributable 45% 45 45 95 Iduapriem 66 32 80 Obuasi 30 16 40 Siguiri 15 27 54 Geita 41 45 102 AUSTRALIA * (1) 66 77 172 Sunrise Dam 25 26 54 Tropicana - Attributable 70% 40 50 117 Administration and other 1 1 1 AMERICAS * 80 88 185 Cerro Vanguardia 19 17 39 AngloGold Ashanti Mineração 42 51 106 Serra Grande 19 20 40 CORPORATE AND OTHER 2 2 4 345 332 732 Equity-accounted joint venture included above (45) (45) (95) 300 287 637 (1) The Australia amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets between the mining operations within the Australia geographical region and for which the group can disaggregate and allocate on a reasonable basis to the different mining operations within such region. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. Capital expenditure US Dollar million Unaudited Unaudited Audited AFRICA * 280 217 576 Kibali - Attributable 45% 44 38 90 Iduapriem 70 53 146 Obuasi 75 64 159 Siguiri 15 11 27 Geita 76 51 154 AUSTRALIA * 73 93 202 Sunrise Dam 22 20 50 Tropicana - Attributable 70% 51 73 152 AMERICAS * 134 154 322 Cerro Vanguardia 33 21 66 AngloGold Ashanti Mineração 74 104 199 Serra Grande 27 29 57 PROJECTS * 10 7 17 Colombian projects 5 6 16 North American projects 5 1 1 CORPORATE AND OTHER — 1 1 497 472 1,118 Equity-accounted joint venture included above (44) (38) (90) 453 434 1,028 As at As at As at Jun Jun Dec 2023 2022 2022 Total assets Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) Restated (2) AFRICA * 4,198 3,997 4,035 Kibali - Attributable 45% 1,093 1,120 1,054 Iduapriem 496 405 436 Obuasi 1,233 1,125 1,219 Siguiri 428 542 457 Geita 942 801 864 Administration and other 6 4 5 AUSTRALIA * (1) 963 986 960 AMERICAS * 1,350 1,647 1,395 Cerro Vanguardia 513 514 514 AngloGold Ashanti Mineração 599 855 625 Serra Grande 218 250 217 Administration and other 20 28 39 PROJECTS * 874 694 872 Colombian projects 225 216 244 North American projects 649 478 628 CORPORATE AND OTHER 444 906 751 7,829 8,230 8,013 *The operating segments continue to be presented per geographical region. The additional information disaggregated and disclosed for each mining operation has been provided by the group to facilitate comparability of mine performance. (1) The Australia total assets include property, plant and equipment, cash, leased assets, inventory and other assets which the group is unable to allocate and disaggregate on a reasonable basis between the different mining operations within the Australia geographical region, as some of these assets represent shared assets between the mining operations within such region. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. |
Basis of preparation (Tables)
Basis of preparation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Corporate information and statement of IFRS compliance [abstract] | |
Effect of restructuring initially recognised | The impact of the above restatements on each financial statement line item is presented below. June 2023 US dollar millions Ref As reported on 30 June 2023 1.1 Obuasi deferred tax restatement 1.1 Other restatements As restated on 30 June 2023 Income statement Other (expenses) income e (58) — (10) (68) Share of associates and joint ventures' profit (loss) a 75 — 9 84 Profit (loss) before taxation a,e 77 — (1) 76 Taxation (32) (79) — (111) Profit (loss) for the period a,e 45 (79) (1) (35) Attributable to: Equity shareholders 40 (79) — (39) Non-controlling interests e 5 (1) 4 Basic earnings per ordinary share (US cents) 10 (19) — (9) Diluted earnings per ordinary share (US cents) 10 (19) — (9) Headline earnings 140 (79) — 61 Basic headline earnings per ordinary share (US cents) 33 (19) — 14 Diluted headline earnings per ordinary share (US cents) 33 (19) — 14 Statement of comprehensive income Total comprehensive income for the period, net of tax a,e 24 (79) (1) (56) Statement of financial position Tangible assets d 4,277 — (11) 4,266 Deferred taxation 146 (105) — 41 Non-current assets d 6,081 (105) (11) 5,965 Deferred taxation 318 23 — 341 Non-current liabilities 3,007 23 — 3,030 Trade and other payables h 672 — (31) 641 Environmental rehabilitation and other provisions h 72 — 31 103 Current liabilities 857 — — 857 Statement of changes in equity (Accumulated losses ) retained earnings d,e (1,798) (128) (10) (1,936) Foreign currency translation reserve c (1,459) — (1) (1,460) Shareholders' equity c,d,e 4,048 (128) (11) 3,909 Total equity c,d,e 4,081 (128) (11) 3,942 Rounding of figures may result in computational discrepancies. June 2022 US dollar millions Ref As reported on 30 June 2022 1.1 Obuasi deferred tax restatement 1.1 Other restatements As restated on 30 June 2022 Income statement Cost of sales e (1,592) — (3) (1,595) Gross profit (loss) e 563 — (3) 560 Share of associates and joint ventures' profit (loss) a 72 — 6 78 Profit (loss) before taxation a,e 407 — 3 410 Profit (loss) for the period a,e 313 — 3 316 Attributable to: Equity shareholders a,e 298 — 4 302 Non-controlling interests 15 — (1) 14 Basic earnings per ordinary share (US cents) a 71 — 1 72 Diluted earnings per ordinary share (US cents) a 71 — 1 72 Headline earnings a,e 300 — 4 304 Basic headline earnings per ordinary share (US cents) a 71 — 1 72 Diluted headline earnings per ordinary share (US cents) a 71 — 1 72 Statement of comprehensive income Total comprehensive income for the period, net of tax a,e 271 — 3 274 Statement of financial position Tangible assets e 4,081 — 12 4,093 Investments in associates and joint ventures c 1,162 — 2 1,164 Deferred taxation e 29 — (1) 28 Non-current assets c,e 5,864 — 13 5,877 Trade, other receivables and other assets b 335 — (2) 333 Current assets b 2,355 — (2) 2,353 Environmental rehabilitation and other provisions f 671 — (29) 642 Deferred taxation e 322 — 1 323 Non-current liabilities e,f 3,165 — (28) 3,137 Trade and other payables h 637 — (42) 595 Environmental rehabilitation and other provisions f,h — — 71 71 Current liabilities f 781 — 29 810 Statement of changes in equity (Accumulated losses) retained earnings b,c,e (1,599) — 8 (1,591) Shareholders' equity b,c,e 4,243 — 8 4,251 Non-controlling interests e 30 — 2 32 Total equity b,c,e 4,273 — 10 4,283 Rounding of figures may result in computational discrepancies. 2022 US dollar millions Ref As reported on 1.1 Obuasi deferred tax restatement 1.1 Other restatements As restated on Income statement Cost of sales e (3,362) — (4) (3,366) Gross profit (loss) 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 (loss) a,c 166 — (5) 161 Profit (loss) before taxation a,b,c,d,e 489 — (17) 472 Taxation b,d (173) (49) 1 (221) Profit (loss) 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 (Accumulated losses) retained earnings 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 Rounding of figures may result in computational discrepancies. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of revenue [Abstract] | |
Disclosure of revenue | Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 US Dollar million Unaudited Unaudited Audited Gold income 2,144 2,090 4,388 Spot market sales 2,053 2,090 4,388 Concentrate sales (1) 91 — — By-products 42 65 113 Revenue from product sales 2,186 2,155 4,501 (1) Sales of gold concentrate are recorded at the time of shipment, net of refining and treatment charges, which is also when control of ownership passes to 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. There have been no material provisional price adjustments for the six months ended 30 June 2023. |
Cost of sales (Tables)
Cost of sales (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cost of Sales [Abstract] | |
Cost of sales by cost | Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) Cash operating costs (1) 1,316 1,205 2,554 Royalties 91 88 185 Other cash costs 9 7 14 Total cash costs 1,416 1,300 2,753 Retrenchment costs 2 4 6 Rehabilitation and other non-cash costs 13 (4) — Amortisation of tangible assets 261 245 555 Amortisation of right of use assets 39 41 81 Amortisation of intangible assets — 1 1 Inventory change 18 8 (30) 1,749 1,595 3,366 (1) Cash operating costs for the first half of 2023 were $111m higher compared to the first half of 2022. This increase was mainly due to continued inflation and input price increases (which did not peak until the second and third quarters of 2022), higher operating expenditure and higher waste stripping costs at Tropicana, partially offset by weaker foreign exchange rates against the US Dollar. (2) |
Impairment, derecognition of _2
Impairment, derecognition of assets and (loss) profit on disposal (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [abstract] | |
Disclosure of impairment allocation | Impairment Allocation: Tangible Assets Cash Generating Unit Mine Development Cost Mine Infrastructure Assets under construction Land Total Impairment US Dollar million Six months ended Jun 2023 Córrego do Sítio 26 7 5 1 39 Cuiabá — 25 28 — 53 26 32 33 1 92 |
Finance costs and unwinding o_2
Finance costs and unwinding of obligations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Disclosure of finance costs and unwinding of obligations by item | Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 US Dollar million Unaudited Unaudited Audited Finance costs - borrowings 58 54 108 Finance costs - leases 5 5 11 Unwinding of obligations 12 6 30 75 65 149 |
Headline earnings (Tables)
Headline earnings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of earnings per share [Abstract] | |
Headline earnings | Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (4) Restated (4) Restated (4) The profit (loss) attributable to equity shareholders has been adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders (39) 302 233 Impairment on tangible assets and right of use assets 92 — 315 Taxation on impairment of tangible assets and right of use assets (21) — (60) Derecognition of assets 38 1 4 Taxation on derecognition of assets (6) — — (Profit) loss on disposal of tangible assets (4) 1 (4) Impairment (reversal) on equity-accounted investments 1 — 1 Headline earnings (loss) 61 304 489 Headline earnings (loss) per ordinary share (US cents) (1) 14 72 116 Diluted headline earnings (loss) per ordinary share (US cents) (2) 14 72 116 (1) Calculated on the basic weighted average number of ordinary shares. (2) Calculated on the diluted weighted average number of ordinary shares. (3) Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements. (4) Comparative periods have been retrospectively restated. Refer to note 1.1. Number of shares Ordinary shares 419,107,901 418,045,117 418,260,476 Fully vested options 1,710,644 1,949,302 1,936,586 Weighted average number of shares 420,818,545 419,994,419 420,197,062 Dilutive potential of share options — 68,524 672,804 Dilutive weighted average number of ordinary shares 420,818,545 420,062,943 420,869,866 |
Borrowings and lease liabilit_2
Borrowings and lease liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of borrowing costs [Abstract] | |
Disclosure of detailed information about borrowings | AngloGold Ashanti’s borrowings are interest bearing. As at As at As at Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (1) Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,983 1,909 1,909 Proceeds from borrowings 8 202 266 Repayment of borrowings (74) (96) (184) Finance costs paid on borrowings (49) (43) (89) Interest charged to the income statement 51 48 97 Deferred loan fees (2) (9) (8) Translation (4) (6) (8) Closing balance 1,913 2,005 1,983 Borrowings Non-current 1,896 1,953 1,965 Current 17 52 18 1,913 2,005 1,983 Reconciliation of finance costs paid (excluding lease finance costs) A reconciliation of the finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 49 43 89 Capitalised finance cost — (1) (2) Commitment fees, environmental guarantees fees and other 7 7 12 Total finance costs paid 56 49 99 Reconciliation of lease liabilities Opening balance 186 185 185 Lease liabilities recognised 37 75 90 Repayment of lease liabilities (44) (40) (82) Finance costs paid on lease liabilities (5) (5) (10) Interest charged to the income statement 5 5 11 Change in estimate (1) (3) (7) Translation — (3) (1) Closing balance 178 214 186 Lease liabilities Non-current 106 138 115 Current 72 76 71 178 214 186 (1) Comparative periods have been retrospectively restated. Refer to note 1.1. |
Cash generated from operations
Cash generated from operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Statement of cash flows [abstract] | |
Schedule of cash generated from operations | Six months Six months Year ended ended ended Jun Jun Dec 2023 2022 2022 Unaudited Unaudited Audited US Dollar million Restated (2) Restated (2) Restated (2) Profit (loss) before taxation 76 410 472 Adjusted for: Movement on non-hedge derivatives and other commodity contracts (2) — 6 Amortisation of tangible and right of use assets 300 286 636 Amortisation of intangible assets — 1 1 Finance costs and unwinding of obligations 75 65 149 Environmental rehabilitation, silicosis and other provisions (17) (40) (85) Impairment, derecognition of assets and (profit) loss on disposal 131 2 319 Other expenses (income) 57 11 9 Profit (loss) on sale of assets (6) — (8) Interest income (57) (31) (81) Share of associates and joint ventures’ (profit) loss (84) (78) (161) Other non-cash movements (23) 17 25 Other exchange losses (1) 52 20 102 Movements in working capital (186) (133) (140) 316 530 1,244 Movements in working capital: (Increase) decrease in inventories (19) (7) (54) (Increase) decrease in trade and other receivables (140) (98) (152) Increase (decrease) in trade, other payables and provisions (27) (28) 66 (186) (133) (140) (1) Other exchange losses, which were previously reported as part of other non-cash movements, are now being reported separately. The reclassification had no impact on any reported totals or on any amounts presented in the interim financial statements for the six months ended 30 June 2022 or the annual financial statements for the year ended 31 December 2022. (2) Comparative periods have been retrospectively restated. Refer to note 1.1. |
Financial risk management act_2
Financial risk management activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of fair value of financial instruments | The table below represents financial instruments measured at fair value at the reporting date, or for which fair value is disclosed at 30 June 2023. Fair value Carrying value Fair value Carrying value As at Jun As at Jun As at Dec As at Dec Financial instrument 2023 2023 2022 2022 Valuation method Significant inputs Fair value hierarchy Unaudited Audited At fair value through profit and loss Deferred compensation asset (1) 12 12 12 12 Probability weighted discounted cash flow $260 per ounce payable on all underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) in excess of 250,000 ounces per annum for 6 years commencing 1 January 2021, following the disposal of these operations to Harmony Gold Company Limited (Harmony). Level 3 Derivative financial asset - gold zero cost collar contracts (2) 3 3 — — Black-Scholes-Merton option pricing model Forward and spot prices, the outstanding number of ounces of gold on open contracts, risk free rates and volatilities. Level 2 Derivative financial liability - crude oil forward contracts (3) 7 7 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 Level 1 At amortised cost Borrowings - Rated bonds 1,569 1,736 1,578 1,735 Borrowings - Revolving Credit Facilities 177 177 248 248 (1) Included in the statement of financial position in non-current trade, other receivables and other assets. (2) Included in the statement of financial position in current trade, other receivables and other assets. (3) Included in the statement of financial position in current trade, other payables and provisions. A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: As at As at Jun Dec 2023 2022 US Dollar million Unaudited Audited Opening balance 12 25 Unwinding of the deferred compensation asset — 1 Changes in estimates - fair value adjustments (1) 1 (13) Translation (1) (1) Closing balance 12 12 (1) Included in the income statement in foreign exchange and fair value adjustments Sensitivity analysis A reasonably 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. |
Capital commitments (Tables)
Capital commitments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Contractual Capital Commitments [Abstract] | |
Summary of capital commitments | As at As at As at Jun Jun Dec 2023 2022 2022 US Dollar million Unaudited Unaudited Audited Orders placed and outstanding on capital contracts at the prevailing rate of exchange 180 246 178 |
Segmental reporting (Details)
Segmental reporting (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Disclosure of operating segments [line items] | ||||
Gold income | $ 2,144 | $ 2,090 | $ 4,388 | |
By-product revenue | 42 | 65 | 113 | |
Cost of sales | [1] | 1,749 | 1,595 | 3,366 |
Gross profit | [1] | 435 | 560 | 1,129 |
Amortisation | 300 | 287 | 637 | |
Capital expenditure | 453 | 434 | 1,028 | |
Total assets | [2] | 7,829 | 8,230 | 8,013 |
Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 2,442 | 2,371 | 4,984 | |
By-product revenue | 42 | 66 | 114 | |
Cost of sales | 1,930 | 1,758 | 3,708 | |
Gross profit | 552 | 678 | 1,385 | |
Amortisation | 345 | 332 | 732 | |
Capital expenditure | 497 | 472 | 1,118 | |
AFRICA | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 1,475 | 1,386 | 2,981 | |
By-product revenue | 2 | 3 | 4 | |
Cost of sales | 1,060 | 939 | 2,008 | |
Gross profit | 417 | 449 | 977 | |
Amortisation | 197 | 165 | 371 | |
Capital expenditure | 280 | 217 | 576 | |
Total assets | 4,198 | 3,997 | 4,035 | |
AFRICA | Operating segments | Kibali - Attributable 45% | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 298 | 281 | 596 | |
By-product revenue | 0 | 1 | 1 | |
Cost of sales | 181 | 163 | 342 | |
Gross profit | 117 | 118 | 256 | |
Amortisation | 45 | 45 | 95 | |
Capital expenditure | 44 | 38 | 90 | |
Total assets | 1,093 | 1,120 | 1,054 | |
AFRICA | Operating segments | Iduapriem | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 239 | 224 | 443 | |
By-product revenue | 0 | 0 | 1 | |
Cost of sales | 195 | 153 | 314 | |
Gross profit | 45 | 71 | 130 | |
Amortisation | 66 | 32 | 80 | |
Capital expenditure | 70 | 53 | 146 | |
Total assets | 496 | 405 | 436 | |
AFRICA | Operating segments | Obuasi | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 242 | 165 | 431 | |
By-product revenue | 0 | 1 | 1 | |
Cost of sales | 157 | 115 | 266 | |
Gross profit | 85 | 51 | 165 | |
Amortisation | 30 | 16 | 40 | |
Capital expenditure | 75 | 64 | 159 | |
Total assets | 1,233 | 1,125 | 1,219 | |
AFRICA | Operating segments | Siguiri | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 258 | 321 | 591 | |
By-product revenue | 1 | 0 | 0 | |
Cost of sales | 234 | 240 | 492 | |
Gross profit | 23 | 81 | 99 | |
Amortisation | 15 | 27 | 54 | |
Capital expenditure | 15 | 11 | 27 | |
Total assets | 428 | 542 | 457 | |
AFRICA | Operating segments | Geita | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 438 | 395 | 920 | |
By-product revenue | 1 | 1 | 1 | |
Cost of sales | 293 | 268 | 594 | |
Gross profit | 146 | 128 | 327 | |
Amortisation | 41 | 45 | 102 | |
Capital expenditure | 76 | 51 | 154 | |
Total assets | 942 | 801 | 864 | |
AFRICA | Operating segments | Administration and other | ||||
Disclosure of operating segments [line items] | ||||
Gross profit | 1 | 0 | 0 | |
Total assets | 6 | 4 | 5 | |
AUSTRALIA | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 514 | 475 | 967 | |
By-product revenue | 2 | 2 | 4 | |
Cost of sales | 414 | 380 | 783 | |
Gross profit | 102 | 97 | 188 | |
Amortisation | 66 | 77 | 172 | |
Capital expenditure | 73 | 93 | 202 | |
Total assets | 963 | 986 | 960 | |
AUSTRALIA | Operating segments | Sunrise Dam | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 250 | 218 | 410 | |
By-product revenue | 1 | 1 | 1 | |
Cost of sales | 196 | 185 | 371 | |
Gross profit | 54 | 33 | 40 | |
Amortisation | 25 | 26 | 54 | |
Capital expenditure | 22 | 20 | 50 | |
AUSTRALIA | Operating segments | Tropicana - Attributable 70% | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 264 | 257 | 557 | |
By-product revenue | 1 | 1 | 3 | |
Cost of sales | 202 | 180 | 382 | |
Gross profit | 64 | 79 | 177 | |
Amortisation | 40 | 50 | 117 | |
Capital expenditure | 51 | 73 | 152 | |
AUSTRALIA | Operating segments | Administration and other | ||||
Disclosure of operating segments [line items] | ||||
Cost of sales | 16 | 15 | 30 | |
Gross profit | (16) | (15) | (29) | |
Amortisation | 1 | 1 | 1 | |
AMERICAS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 453 | 510 | 1,036 | |
By-product revenue | 38 | 61 | 106 | |
Cost of sales | 455 | 439 | 913 | |
Gross profit | 37 | 132 | 229 | |
Amortisation | 80 | 88 | 185 | |
Capital expenditure | 134 | 154 | 322 | |
Total assets | 1,350 | 1,647 | 1,395 | |
AMERICAS | Operating segments | Cerro Vanguardia | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 158 | 168 | 319 | |
By-product revenue | 37 | 44 | 75 | |
Cost of sales | 151 | 135 | 273 | |
Gross profit | 44 | 77 | 122 | |
Amortisation | 19 | 17 | 39 | |
Capital expenditure | 33 | 21 | 66 | |
Total assets | 513 | 514 | 514 | |
AMERICAS | Operating segments | AngloGold Ashanti Mineração | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 223 | 267 | 557 | |
By-product revenue | 1 | 17 | 31 | |
Cost of sales | 222 | 223 | 477 | |
Gross profit | 2 | 61 | 111 | |
Amortisation | 42 | 51 | 106 | |
Capital expenditure | 74 | 104 | 199 | |
Total assets | 599 | 855 | 625 | |
AMERICAS | Operating segments | Serra Grande | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 72 | 75 | 160 | |
Cost of sales | 80 | 79 | 162 | |
Gross profit | (8) | (4) | (2) | |
Amortisation | 19 | 20 | 40 | |
Capital expenditure | 27 | 29 | 57 | |
Total assets | 218 | 250 | 217 | |
AMERICAS | Operating segments | Administration and other | ||||
Disclosure of operating segments [line items] | ||||
Cost of sales | 2 | 2 | 1 | |
Gross profit | (1) | (2) | (2) | |
Total assets | 20 | 28 | 39 | |
PROJECTS | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Capital expenditure | 10 | 7 | 17 | |
Total assets | 874 | 694 | 872 | |
PROJECTS | Operating segments | Colombian projects | ||||
Disclosure of operating segments [line items] | ||||
Capital expenditure | 5 | 6 | 16 | |
Total assets | 225 | 216 | 244 | |
PROJECTS | Operating segments | North American projects | ||||
Disclosure of operating segments [line items] | ||||
Capital expenditure | 5 | 1 | 1 | |
Total assets | 649 | 478 | 628 | |
CORPORATE AND OTHER | Operating segments | ||||
Disclosure of operating segments [line items] | ||||
Cost of sales | 1 | 0 | 4 | |
Gross profit | (4) | 0 | (9) | |
Amortisation | 2 | 2 | 4 | |
Capital expenditure | 0 | 1 | 1 | |
Total assets | 444 | 906 | 751 | |
Equity-accounted joint venture included above | Elimination of intersegment amounts | ||||
Disclosure of operating segments [line items] | ||||
Gold income | 298 | 281 | 596 | |
By-product revenue | 0 | 1 | 1 | |
Cost of sales | 181 | 163 | 342 | |
Gross profit | 117 | 118 | 256 | |
Amortisation | 45 | 45 | 95 | |
Capital expenditure | $ 44 | $ 38 | $ 90 | |
[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 1.1. 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 1.1. |
Basis of preparation - Narrativ
Basis of preparation - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||||
Profit (loss) | $ 35 | [1] | $ (316) | [1] | $ (251) | [2] |
Increase (decrease) due to corrections of prior period errors | Other immaterial errors | ||||||
Disclosure of reclassifications or changes in presentation [line items] | ||||||
Profit (loss) | 1 | (3) | 16 | |||
Obuasi | Increase (decrease) due to corrections of prior period errors | Net deferred tax asset | ||||||
Disclosure of reclassifications or changes in presentation [line items] | ||||||
Profit (loss) | $ 79 | $ 0 | $ 49 | |||
[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 1.1. 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 1.1. |
Basis of preparation - Schedule
Basis of preparation - Schedule of Restatement (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |||||
Income statement | ||||||||
Other (expenses) income | [1],[2] | $ (68) | $ (13) | $ (26) | ||||
Cost of sales | [1] | (1,749) | (1,595) | (3,366) | ||||
Gross profit | [1] | 435 | 560 | 1,129 | ||||
Impairment, derecognition of assets and profit (loss) on disposal | [1] | (126) | (2) | (315) | ||||
Foreign exchange and fair value adjustments | [1] | (75) | (53) | (125) | ||||
Share of associates and joint ventures’ profit (loss) | [1] | 84 | 78 | 161 | ||||
Profit (loss) before taxation | [1] | 76 | 410 | 472 | ||||
Taxation | [1] | (111) | (94) | (221) | ||||
Profit (loss) for the period | (35) | [1] | 316 | [1] | 251 | [3] | ||
Attributable to: | ||||||||
Equity shareholders | (39) | 302 | 233 | |||||
Non-controlling interests | [1] | $ 4 | $ 14 | $ 18 | ||||
Basic earnings per ordinary share (USD per share) | [1],[4] | $ (0.09) | $ 0.72 | $ 0.55 | ||||
Diluted earnings per ordinary share (USD per share) | [1],[5] | $ (0.09) | $ 0.72 | $ 0.55 | ||||
Headline earnings (loss) | $ 61 | $ 304 | $ 489 | |||||
Headline earnings (loss) per ordinary share (USD cents per share) | $ 0.14 | $ 0.72 | $ 1.16 | |||||
Diluted headline earnings (loss) per ordinary share (USD cents per share) | $ 0.14 | $ 0.72 | $ 1.16 | |||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | [3] | $ (56) | $ 274 | $ 176 | ||||
Statement of financial position | ||||||||
Tangible assets | [6] | 4,266 | 4,093 | 4,208 | ||||
Investments in associates and joint ventures | [6] | 1,129 | 1,164 | 1,091 | ||||
Deferred taxation | [6],[7] | 41 | 28 | 23 | ||||
Non-current assets | [6] | 5,965 | 5,877 | 5,868 | ||||
Trade, other receivables and other assets | [6] | 317 | 333 | 237 | ||||
Current assets | [6] | 1,864 | 2,353 | 2,145 | ||||
Non-current | [6] | 106 | 138 | 115 | ||||
Environmental rehabilitation and other provisions | [6],[8] | 611 | 642 | 596 | ||||
Deferred taxation | [6] | 341 | 323 | 300 | ||||
Non-current liabilities | [6] | 3,030 | 3,137 | 3,054 | ||||
Current | [6] | 72 | 76 | 71 | ||||
Trade and other payables | [6] | 641 | 595 | 667 | ||||
Environmental rehabilitation and other provisions | [6],[8] | 103 | 71 | 81 | ||||
Current liabilities | [6] | 857 | 810 | 884 | ||||
Statement of changes in equity | ||||||||
Total equity | 3,942 | [6] | 4,283 | [6] | 4,075 | [6] | $ 4,101 | |
(Accumulated losses) Retained earnings | ||||||||
Income statement | ||||||||
Profit (loss) for the period | (39) | 302 | ||||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | (39) | 302 | ||||||
Statement of changes in equity | ||||||||
Total equity | (1,936) | (1,591) | (1,774) | (1,899) | ||||
Foreign currency translation reserve | ||||||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | [9] | (19) | (19) | |||||
Statement of changes in equity | ||||||||
Total equity | [9] | (1,460) | (1,431) | (1,441) | (1,412) | |||
Total | ||||||||
Income statement | ||||||||
Profit (loss) for the period | (39) | 302 | ||||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | (60) | 260 | ||||||
Statement of changes in equity | ||||||||
Total equity | 3,909 | 4,251 | 4,040 | 4,047 | ||||
Non-controlling interests | ||||||||
Income statement | ||||||||
Profit (loss) for the period | 4 | 14 | ||||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | 4 | 14 | ||||||
Statement of changes in equity | ||||||||
Total equity | 33 | 32 | 35 | $ 54 | ||||
Increase (decrease) due to corrections of prior period errors | Other immaterial errors | ||||||||
Income statement | ||||||||
Other (expenses) income | (10) | |||||||
Cost of sales | (3) | (4) | ||||||
Gross profit | (3) | (4) | ||||||
Impairment, derecognition of assets and profit (loss) on disposal | (11) | |||||||
Foreign exchange and fair value adjustments | 3 | |||||||
Share of associates and joint ventures’ profit (loss) | 9 | 6 | (5) | |||||
Profit (loss) before taxation | (1) | 3 | (17) | |||||
Taxation | 0 | 1 | ||||||
Profit (loss) for the period | (1) | 3 | (16) | |||||
Attributable to: | ||||||||
Equity shareholders | 0 | 4 | (15) | |||||
Non-controlling interests | $ (1) | $ (1) | $ (1) | |||||
Basic earnings per ordinary share (USD per share) | $ 0 | $ 0.01 | $ (0.04) | |||||
Diluted earnings per ordinary share (USD per share) | $ 0 | $ 0.01 | $ (0.04) | |||||
Headline earnings (loss) | $ 0 | $ 4 | $ (6) | |||||
Headline earnings (loss) per ordinary share (USD cents per share) | $ 0 | $ 0.01 | $ (0.01) | |||||
Diluted headline earnings (loss) per ordinary share (USD cents per share) | $ 0 | $ 0.01 | $ (0.01) | |||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | $ (1) | $ 3 | $ (17) | |||||
Statement of financial position | ||||||||
Tangible assets | (11) | 12 | (1) | |||||
Investments in associates and joint ventures | 2 | (9) | ||||||
Deferred taxation | 0 | (1) | 0 | |||||
Non-current assets | (11) | 13 | (10) | |||||
Trade, other receivables and other assets | (2) | |||||||
Current assets | (2) | |||||||
Non-current | 13 | |||||||
Environmental rehabilitation and other provisions | (29) | (38) | ||||||
Deferred taxation | 0 | 1 | ||||||
Non-current liabilities | 0 | (28) | (25) | |||||
Current | (13) | |||||||
Trade and other payables | (31) | (42) | (43) | |||||
Environmental rehabilitation and other provisions | 31 | 71 | 81 | |||||
Current liabilities | 0 | 29 | 25 | |||||
Statement of changes in equity | ||||||||
Total equity | (11) | 10 | (10) | |||||
Increase (decrease) due to corrections of prior period errors | (Accumulated losses) Retained earnings | Other immaterial errors | ||||||||
Statement of changes in equity | ||||||||
Total equity | (10) | 8 | (10) | |||||
Increase (decrease) due to corrections of prior period errors | Foreign currency translation reserve | Other immaterial errors | ||||||||
Statement of changes in equity | ||||||||
Total equity | (1) | (1) | ||||||
Increase (decrease) due to corrections of prior period errors | Total | Other immaterial errors | ||||||||
Statement of changes in equity | ||||||||
Total equity | (11) | 8 | (11) | |||||
Increase (decrease) due to corrections of prior period errors | Non-controlling interests | Other immaterial errors | ||||||||
Statement of changes in equity | ||||||||
Total equity | 2 | 1 | ||||||
As previously reported | ||||||||
Income statement | ||||||||
Other (expenses) income | (58) | |||||||
Cost of sales | (1,592) | (3,362) | ||||||
Gross profit | 563 | 1,133 | ||||||
Impairment, derecognition of assets and profit (loss) on disposal | (304) | |||||||
Foreign exchange and fair value adjustments | (128) | |||||||
Share of associates and joint ventures’ profit (loss) | 75 | 72 | 166 | |||||
Profit (loss) before taxation | 77 | 407 | 489 | |||||
Taxation | (32) | (173) | ||||||
Profit (loss) for the period | 45 | 313 | 316 | |||||
Attributable to: | ||||||||
Equity shareholders | 40 | 298 | 297 | |||||
Non-controlling interests | $ 5 | $ 15 | $ 19 | |||||
Basic earnings per ordinary share (USD per share) | $ 0.10 | $ 0.71 | $ 0.71 | |||||
Diluted earnings per ordinary share (USD per share) | $ 0.10 | $ 0.71 | $ 0.71 | |||||
Headline earnings (loss) | $ 140 | $ 300 | $ 544 | |||||
Headline earnings (loss) per ordinary share (USD cents per share) | $ 0.33 | $ 0.71 | $ 1.29 | |||||
Diluted headline earnings (loss) per ordinary share (USD cents per share) | $ 0.33 | $ 0.71 | $ 1.29 | |||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | $ 24 | $ 271 | $ 242 | |||||
Statement of financial position | ||||||||
Tangible assets | 4,277 | 4,081 | 4,209 | |||||
Investments in associates and joint ventures | 1,162 | 1,100 | ||||||
Deferred taxation | 146 | 29 | 72 | |||||
Non-current assets | 6,081 | 5,864 | 5,927 | |||||
Trade, other receivables and other assets | 335 | |||||||
Current assets | 2,355 | |||||||
Non-current | 102 | |||||||
Environmental rehabilitation and other provisions | 671 | 634 | ||||||
Deferred taxation | 318 | 322 | ||||||
Non-current liabilities | 3,007 | 3,165 | 3,079 | |||||
Current | 84 | |||||||
Trade and other payables | 672 | 637 | 710 | |||||
Environmental rehabilitation and other provisions | 72 | 0 | 0 | |||||
Current liabilities | 857 | 781 | 859 | |||||
Statement of changes in equity | ||||||||
Total equity | 4,081 | 4,273 | 4,134 | |||||
As previously reported | (Accumulated losses) Retained earnings | ||||||||
Statement of changes in equity | ||||||||
Total equity | (1,798) | (1,599) | (1,715) | |||||
As previously reported | Foreign currency translation reserve | ||||||||
Statement of changes in equity | ||||||||
Total equity | (1,459) | (1,440) | ||||||
As previously reported | Total | ||||||||
Statement of changes in equity | ||||||||
Total equity | 4,048 | 4,243 | 4,100 | |||||
As previously reported | Non-controlling interests | ||||||||
Statement of changes in equity | ||||||||
Total equity | 30 | 34 | ||||||
Obuasi | Increase (decrease) due to corrections of prior period errors | Net deferred tax asset | ||||||||
Income statement | ||||||||
Other (expenses) income | 0 | |||||||
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 | |||||||
Share of associates and joint ventures’ profit (loss) | 0 | 0 | 0 | |||||
Profit (loss) before taxation | 0 | 0 | 0 | |||||
Taxation | (79) | (49) | ||||||
Profit (loss) for the period | (79) | 0 | (49) | |||||
Attributable to: | ||||||||
Equity shareholders | (79) | 0 | (49) | |||||
Non-controlling interests | $ 0 | $ 0 | ||||||
Basic earnings per ordinary share (USD per share) | $ (0.19) | $ 0 | $ (0.12) | |||||
Diluted earnings per ordinary share (USD per share) | $ (0.19) | $ 0 | $ (0.12) | |||||
Headline earnings (loss) | $ (79) | $ 0 | $ (49) | |||||
Headline earnings (loss) per ordinary share (USD cents per share) | $ (0.19) | $ 0 | $ (0.12) | |||||
Diluted headline earnings (loss) per ordinary share (USD cents per share) | $ (0.19) | $ 0 | $ (0.12) | |||||
Statement of comprehensive income | ||||||||
Total comprehensive income for the period, net of tax | $ (79) | $ 0 | $ (49) | |||||
Statement of financial position | ||||||||
Tangible assets | 0 | 0 | 0 | |||||
Investments in associates and joint ventures | 0 | 0 | ||||||
Deferred taxation | (105) | 0 | (49) | |||||
Non-current assets | (105) | 0 | (49) | |||||
Trade, other receivables and other assets | 0 | |||||||
Current assets | 0 | |||||||
Non-current | 0 | |||||||
Environmental rehabilitation and other provisions | 0 | 0 | ||||||
Deferred taxation | 23 | 0 | ||||||
Non-current liabilities | 23 | 0 | 0 | |||||
Current | 0 | |||||||
Trade and other payables | 0 | 0 | 0 | |||||
Environmental rehabilitation and other provisions | 0 | 0 | 0 | |||||
Current liabilities | 0 | 0 | 0 | |||||
Statement of changes in equity | ||||||||
Total equity | (128) | 0 | (49) | |||||
Obuasi | Increase (decrease) due to corrections of prior period errors | (Accumulated losses) Retained earnings | Net deferred tax asset | ||||||||
Statement of changes in equity | ||||||||
Total equity | (128) | 0 | (49) | |||||
Obuasi | Increase (decrease) due to corrections of prior period errors | Foreign currency translation reserve | Net deferred tax asset | ||||||||
Statement of changes in equity | ||||||||
Total equity | 0 | 0 | ||||||
Obuasi | Increase (decrease) due to corrections of prior period errors | Total | Net deferred tax asset | ||||||||
Statement of changes in equity | ||||||||
Total equity | $ (128) | 0 | (49) | |||||
Obuasi | Increase (decrease) due to corrections of prior period errors | Non-controlling interests | Net deferred tax asset | ||||||||
Statement of changes in equity | ||||||||
Total equity | $ 0 | $ 0 | ||||||
[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 1.1. Other (expenses) income for the first half of 2023 was $55m higher compared to the first half of 2022. This was mainly due to an increase in environmental provisions for legacy tailings storage facilities (TSFs) of $57m (mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs) and an increase in legal and project fees of $16m (of which $14m related to AngloGold Ashanti’s proposed corporate restructuring), partially offset by other movements of $18m. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.1. Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a net deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.1. Mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs, as well as major restoration projects planned at Obuasi. |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Mining Revenue [Line Items] | ||||
Gold income | $ 2,144 | $ 2,090 | $ 4,388 | |
By-products | 42 | 65 | 113 | |
Revenue from product sales | [1] | 2,186 | 2,155 | 4,501 |
Spot market sales | ||||
Mining Revenue [Line Items] | ||||
Gold income | 2,053 | 2,090 | 4,388 | |
Concentrate sales (1) | ||||
Mining Revenue [Line Items] | ||||
Gold income | $ 91 | $ 0 | $ 0 | |
[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 1.1. |
Cost of sales (Details)
Cost of sales (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Cost of Sales [Abstract] | ||||
Cash operating costs | $ 1,316 | $ 1,205 | $ 2,554 | |
Royalties | 91 | 88 | 185 | |
Other cash costs | 9 | 7 | 14 | |
Total cash costs | 1,416 | 1,300 | 2,753 | |
Retrenchment costs | 2 | 4 | 6 | |
Rehabilitation and other non-cash costs | 13 | (4) | 0 | |
Amortisation of tangible assets | 261 | 245 | 555 | |
Amortisation of right of use assets | 39 | 41 | 81 | |
Amortisation of intangible assets | 0 | 1 | 1 | |
Inventory change | 18 | 8 | (30) | |
Cost of sales | [1] | 1,749 | $ 1,595 | $ 3,366 |
Increase in cash operating costs | $ 111 | |||
[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 1.1. |
Impairment, derecognition of _3
Impairment, derecognition of assets and (loss) profit on disposal -Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | $ 92 | |
Córrego do Sítio | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 39 | $ 189 |
Cuiabá | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 53 | $ 70 |
AngloGold Ashanti Mineração | ||
Disclosure of information for cash-generating units [line items] | ||
Retirements, property, plant and equipment | 29 | |
Serra Grande | ||
Disclosure of information for cash-generating units [line items] | ||
Retirements, property, plant and equipment | $ 9 |
Impairment, derecognition of _4
Impairment, derecognition of assets and (loss) profit on disposal (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | $ 92 | |
Córrego do Sítio | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 39 | $ 189 |
Cuiabá | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 53 | $ 70 |
Mine Development Cost | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 26 | |
Mine Development Cost | Córrego do Sítio | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 26 | |
Mine Development Cost | Cuiabá | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 0 | |
Mine Infrastructure | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 32 | |
Mine Infrastructure | Córrego do Sítio | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 7 | |
Mine Infrastructure | Cuiabá | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 25 | |
Assets under construction | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 33 | |
Assets under construction | Córrego do Sítio | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 5 | |
Assets under construction | Cuiabá | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 28 | |
Land | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 1 | |
Land | Córrego do Sítio | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | 1 | |
Land | Cuiabá | ||
Disclosure of information for cash-generating units [line items] | ||
Total Impairment | $ 0 |
Finance costs and unwinding o_3
Finance costs and unwinding of obligations (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Disclosure of finance costs and unwinding of obligations [Abstract] | ||||
Finance costs - borrowings | $ 58 | $ 54 | $ 108 | |
Finance costs - leases | 5 | 5 | 11 | |
Unwinding of obligations | 12 | 6 | 30 | |
Finance costs and unwinding of obligations | [1] | $ 75 | $ 65 | $ 149 |
[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 1.1. |
Share of associates and joint v
Share of associates and joint ventures' profit (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Disclosure of associates [line items] | ||||
Profit (loss) before taxation | [1] | $ 76 | $ 410 | $ 472 |
Taxation | [1] | $ (111) | $ (94) | $ (221) |
[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 1.1. |
Taxation (Details)
Taxation (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2023 | Feb. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Argentina tax authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Loss contingency, damages sought | $ 3 | $ 6 | $ 4 | ||
Brazil tax authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Loss contingency, damages sought | 26 | 22 | 23 | ||
Columbian tax authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Loss contingency, damages sought | 10 | 74 | 42 | ||
Legal proceedings provision | 34 | ||||
Penalties not provided for | 10 | 9 | 8 | ||
Columbian tax authority | Taxation Paid | |||||
Disclosure of contingent liabilities [line items] | |||||
Income taxes paid (refund) | $ 3 | $ 25 | |||
Tax effect of foreign tax rates | $ 6 | ||||
Guinea tax authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Loss contingency, damages sought | 8 | 8 | 8 | ||
Legal proceedings provision | 2 | 2 | 2 | ||
Mali tax authority | |||||
Disclosure of contingent liabilities [line items] | |||||
Loss contingency, damages sought | 3 | 4 | 4 | ||
Tanzania revenue authority | Provision for income tax | |||||
Disclosure of contingent liabilities [line items] | |||||
Loss contingency, damages sought | 338 | 312 | 318 | ||
Loss contingency, damages paid under protest | $ 24 | $ 25 | $ 24 |
Headline earnings - Schedule of
Headline earnings - Schedule of earnings (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of earnings per share [Abstract] | |||
Profit (loss) attributable to equity shareholders | $ (39) | $ 302 | $ 233 |
Impairment on tangible assets and right of use assets | 92 | 0 | 315 |
Taxation on impairment of tangible assets and right of use assets | (21) | 0 | (60) |
Derecognition of assets | 38 | 1 | 4 |
Taxation on derecognition of assets | 6 | 0 | 0 |
(Profit) loss on disposal of tangible assets | (4) | 1 | (4) |
Impairment (reversal) on equity-accounted investments | 1 | 0 | 1 |
Headline earnings (loss) | $ 61 | $ 304 | $ 489 |
Headline earnings (loss) per ordinary share (USD cents per share) | $ 0.14 | $ 0.72 | $ 1.16 |
Diluted headline earnings (loss) per ordinary share (USD cents per share) | $ 0.14 | $ 0.72 | $ 1.16 |
Headline earnings - Dilutive sh
Headline earnings - Dilutive shares (Details) - shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of earnings per share [Abstract] | |||
Ordinary shares (in shares) | 419,107,901 | 418,045,117 | 418,260,476 |
Fully vested options (in shares) | 1,710,644 | 1,949,302 | 1,936,586 |
Weighted average number of shares (in shares) | 420,818,545 | 419,994,419 | 420,197,062 |
Dilutive potential of share options (in shares) | 0 | 68,524 | 672,804 |
Dilutive weighted average number of ordinary shares (in shares) | 420,818,545 | 420,062,943 | 420,869,866 |
Share capital and premium (Deta
Share capital and premium (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Share Premium [Abstract] | ||||
Ordinary shares issued | $ 14 | $ 14 | ||
Less held Within The Group [Abstract] | ||||
Share capital and premium | [1],[2] | $ 7,253 | $ 7,237 | $ 7,239 |
[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 1.1. The restated statement of financial position reflects the group position prior to the completion of the corporate restructuring which occurred during September 2023. |
Borrowings and lease liabilit_3
Borrowings and lease liabilities - Schedule of borrowings (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Disclosure of borrowing costs [Abstract] | ||||
Opening balance | $ 1,983 | $ 1,909 | $ 1,909 | |
Proceeds from borrowings | 8 | 202 | 266 | |
Repayment of borrowings | (74) | (96) | (184) | |
Finance costs paid on borrowings | (49) | (43) | (89) | |
Interest charged to the income statement | 51 | 48 | 97 | |
Deferred loan fees | (2) | (9) | (8) | |
Translation | (4) | (6) | (8) | |
Closing balance | 1,913 | 2,005 | 1,983 | |
Borrowings | ||||
Non-current | [1] | 1,896 | 1,953 | 1,965 |
Current | [1] | 17 | 52 | 18 |
Finance costs paid on borrowings | 49 | 43 | 89 | |
Capitalised finance cost | 0 | (1) | (2) | |
Commitment fees, environmental guarantees fees and other | 7 | 7 | 12 | |
Total finance costs paid | $ 56 | $ 49 | $ 99 | |
[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 1.1. |
Borrowings and lease liabilit_4
Borrowings and lease liabilities - Reconciliation of lease liabilities (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Disclosure of borrowing costs [Abstract] | ||||
Opening balance | $ 186 | $ 185 | $ 185 | |
Lease liabilities recognised | 37 | 75 | 90 | |
Repayment of lease liabilities | (44) | (40) | (82) | |
Finance costs paid on lease liabilities | (5) | (5) | (10) | |
Interest charged to the income statement | 5 | 5 | 11 | |
Change in estimate | 1 | 3 | 7 | |
Translation | 0 | (3) | (1) | |
Closing balance | 178 | 214 | 186 | |
Lease liabilities | ||||
Non-current | [1] | 106 | 138 | 115 |
Current | [1] | $ 72 | $ 76 | $ 71 |
[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 1.1. |
Cash generated from operation_2
Cash generated from operations (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Statement of cash flows [abstract] | ||||
Profit (loss) before taxation | [1] | $ 76 | $ 410 | $ 472 |
Adjusted for: | ||||
Movement on non-hedge derivatives and other commodity contracts | (2) | 0 | 6 | |
Amortisation of tangible and right of use assets | 300 | 286 | 636 | |
Amortisation of intangible assets | 0 | 1 | 1 | |
Finance costs and unwinding of obligations | [1] | 75 | 65 | 149 |
Environmental rehabilitation, silicosis and other provisions | (17) | (40) | (85) | |
Impairment, derecognition of assets and (profit) loss on disposal | 131 | 2 | 319 | |
Other expenses (income) | 57 | 11 | 9 | |
Profit (loss) on sale of assets | (6) | 0 | (8) | |
Interest income | (57) | (31) | (81) | |
Share of associates and joint ventures’ (profit) loss | (84) | (78) | (161) | |
Other non-cash movements | (23) | 17 | 25 | |
Other exchange losses | 52 | 20 | 102 | |
Movements in working capital | (186) | (133) | (140) | |
Cash generated from operations | 316 | 530 | 1,244 | |
(Increase) decrease in inventories | (19) | (7) | (54) | |
(Increase) decrease in trade and other receivables | (140) | (98) | (152) | |
Increase (decrease) in trade, other payables and provisions | (27) | (28) | 66 | |
Movements in working capital | $ (186) | $ (133) | $ (140) | |
[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 1.1. |
Financial risk management act_3
Financial risk management activities - Fair value of financial instruments (Details) $ in Millions | 6 Months Ended | ||
Jan. 01, 2021 oz | Jun. 30, 2023 USD ($) $ / oz | Dec. 31, 2022 USD ($) | |
South African assets | Discontinued operations | |||
Disclosure of fair value measurement of assets [line items] | |||
Deferred consideration production threshold, period | 6 years | ||
Portion of consideration received consisting of deferred consideration, above production threshold (in USD per ounce) | $ / oz | 260 | ||
Consideration receivable, initial production threshold | oz | 250,000 | ||
At amortised cost | Borrowings - Rated bonds | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities, at fair value | $ 1,569 | $ 1,578 | |
Financial liabilities | 1,736 | 1,735 | |
At amortised cost | Borrowings - Revolving Credit Facilities | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities, at fair value | 177 | 248 | |
Financial liabilities | 177 | 248 | |
Level 2 | Derivative financial liability -crude oil forward contracts and gold zero cost collar contracts | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities, at fair value | 7 | 6 | |
Financial liabilities | 7 | 6 | |
Financial assets at fair value through profit or loss | Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets, at fair value | 12 | 12 | |
Financial assets | 12 | 12 | |
Financial assets at fair value through profit or loss | Level 2 | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets, at fair value | 3 | 0 | |
Financial assets | 3 | 0 | |
Listed equity investments | Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets, at fair value | 0 | 2 | |
Financial assets | $ 0 | $ 2 |
Financial risk management act_4
Financial risk management activities - Reconciliation of deferred compensation asset (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Opening balance | $ 12 | $ 25 |
Unwinding of the deferred compensation asset | 0 | 1 |
Changes in estimates - fair value adjustments | 1 | (13) |
Translation | (1) | (1) |
Closing balance | $ 12 | $ 12 |
Capital commitments (Details)
Capital commitments (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Capital commitments [abstract] | |||
Orders placed and outstanding on capital contracts at the prevailing rate of exchange | $ 180 | $ 178 | $ 246 |
Contractual commitments and c_2
Contractual commitments and contingencies - Contingencies (Details) - plaintiff | Mar. 27, 2023 | Apr. 02, 2013 |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | ||
Number of plaintiffs | 152 | |
Net smelter returns royalty | 1.50% |
New and amended standards adopt
New and amended standards adopted by the Group - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Disclosure of reclassifications or changes in presentation [line items] | ||||
Gross profit | [1] | $ 435 | $ 560 | $ 1,129 |
[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 1.1. |
New and amended standards ado_2
New and amended standards adopted by the Group (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | ||||
Disclosure of reclassifications or changes in presentation [line items] | ||||||||
Tangible assets | [1] | $ 4,266 | $ 4,208 | $ 4,093 | ||||
Accumulated losses and other reserves | [1] | (3,344) | (3,199) | (2,986) | ||||
Equity | 3,942 | [1] | 4,075 | [1] | 4,283 | [1] | $ 4,101 | |
(Accumulated losses) Retained earnings | ||||||||
Disclosure of reclassifications or changes in presentation [line items] | ||||||||
Equity | (1,936) | (1,774) | (1,591) | $ (1,899) | ||||
As previously reported | ||||||||
Disclosure of reclassifications or changes in presentation [line items] | ||||||||
Tangible assets | 4,277 | 4,209 | 4,081 | |||||
Equity | 4,081 | 4,134 | 4,273 | |||||
As previously reported | (Accumulated losses) Retained earnings | ||||||||
Disclosure of reclassifications or changes in presentation [line items] | ||||||||
Equity | $ (1,798) | $ (1,715) | $ (1,599) | |||||
[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 1.1. |