Overview
Strategic report Directors’ remuneration report Directors’ report
Annual financial statements
Other information
AngloGold Ashanti plc
Guide to our
reporting 2023
Our reporting, which aims to facilitate better
communication with a range of stakeholders, provides
disclosure on certain aspects of our strategic, financial,
operational, governance, social and environmental
performance.
AngloGold Ashanti’s suite of reports for the year ended
31 December 2023, the 2023 financial year, comprises the
following:
• Annual Report on Form 20-F (20-F), our primary report,
produced in accordance with the reporting requirements
of the US Securities and Exchange Commission (SEC),
given our primary listing on the New York Stock
Exchange (NYSE)
• UK Annual Report (Annual Report), produced in
compliance with the UK Companies Act and comprising
the following:
• Strategic Report
• Directors’ Remuneration Report
• Directors’ Report
• Annual Financial Statements
• Sustainability Report, which is aligned with guidance
published by the Global Reporting Initiative (GRI)
Standards 2021 and the Sustainability Accounting
Standards Board (SASB)
• Mineral Resource and Mineral Reserve Report
Note:
• AngloGold Ashanti, the Company or the Group refers to AngloGold
Ashanti plc after 25 September 2023 or AngloGold Ashanti Ltd until
25 September 2023 – to read more, see 2023 at a glance
• Unless otherwise indicated, $ or dollar refers to the US dollar
throughout
• All information is attributable unless otherwise specified
• Metric tonnes (t) are used throughout, and all ounces are troy ounces
• Moz refers to million ounces; Mt refers to million tonnes; koz refers to
thousands of ounces and kt to thousands of tonnes
• Where relevant, all numbers include AGA Mineração’s Córrego do Sítio
(CdS) operation until it was placed on care and maintenance in August
2023, unless otherwise indicated
•
Rounding of numbers may result in computational discrepancies
• Unless otherwise stated, the Mineral Resource exclusive of Mineral
Reserve is defined as the inclusive Mineral Resource less the Mineral
Reserve before dilution and other factors are applied. Measured and
Indicated Mineral Resource is reported separately from Inferred
Mineral Resource in our reports
• Non-IFRS financial measures, also termed Alternative Performance
Measures (APMs), are identified throughout this report by APM
This is an interactive document with hyperlinks indicated in orange,
italicised font
•
Contents
Overview
About AngloGold Ashanti
2023 at a glance
Strategic report
Chairperson’s message
CEO’s statement
Purpose and values
Business model and strategy
Investor proposition
Principal risks and uncertainties
Delivering on our strategy and key performance
indicators
External operating environment
Regional reviews – operations and projects
Exploration and planning for the future
CFO’s report
Financial review
Board composition and resumes
Executive management
Corporate governance
Engaging with stakeholders
Addressing climate change
Reporting on our sustainability performance
Audit and Risk Committee: chairperson’s
statement
Directors’ statement of approval
Directors’ remuneration report
Section 1: Committee chairperson’s statement
Section 2: Annual remuneration report
Section 3: Directors’ remuneration policy
Directors’ report
Directors’ report for the year ended
31 December 2023
Annual financial statements
Independent auditors’ report
Group financial statements
Company financial statements
Other information
Shareholder information
Glossary of terms and abbreviations
Forward-looking statements
Administration
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Overview
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Annual Report 2023
Tropicana, Australia
AngloGold Ashanti plc
(AngloGold Ashanti) is
a global gold mining
company with a diverse,
high-quality portfolio of
operations, projects and
exploration activities in
nine countries, across
four continents.
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AngloGold Ashanti plc
About AngloGold Ashanti
Headquartered in Denver, in the United States, AngloGold
Ashanti plc (AngloGold Ashanti) has its primary listing on
the NYSE and secondary listings in South Africa and
Ghana. The Company is registered in England and Wales.
While focused primarily on gold mining, we pursue value-
creating opportunities involving other minerals when we can
leverage our existing assets, shareholdings, skills and
experience.
A geographically diverse shareholder base includes some of
the world’s largest financial institutions.
Our mission
To create value for our shareholders, employees and business
and social partners by safely and responsibly exploring for,
mining and marketing our products
Our values
Our six values guide all decisions made and actions taken in
the conduct of our business. These values link our activities to
our environmental, social and governance (ESG) goals and
commitments
Our purpose
Mining to empower
people and advance
societies
Obuasi, Ghana
Gold produced
People employed (1) (3) (4)
Net cash inflow from operating activities (2) (3)
Capital expenditure (3)
Total Mineral Reserve (3)
Total community investment (3) (4)
(1) Average employed, includes contractors
(2) Includes joint ventures but excludes corporate and other costs
(3) Includes projects
(4) Includes corporate and non-gold producing subsidiaries
2023 – a snapshot
• Produced 2.635Moz of gold, our principal
product, and 4.4Moz of silver as a by-product
(2022: 2.742Moz of gold; 3.6Moz of silver)
• Employed an average of 33,658 people
(including contractors) (2022: 32,594 people)
• At 31 December 2023:
• Reported a total gold Measured and Indicated
Mineral Resource of 59.9 Moz, a gold Inferred
Mineral Resource of 46.4Moz and a total gold
Mineral Reserve of 28.1Moz
•
Included a gold Measured and Indicated Mineral
Resource of 5.4Moz and a gold Inferred Mineral
Resource of 11.2Moz for the Beatty District in Nevada
• Recorded a market capitalisation of $7.8bn at
31 December 2023 (2022: $8.1bn)
•
Included in the JSE Top 40 Index, the S&P Global
CSA, the FTSE/JSE Responsible Investment Index
Series (the FTSE4Good Index), the Responsible
Mining Index and the Bloomberg 2023 Gender-
Equality Index
Group
2.635Moz
33,658 people
$1,061m
$1,127m
28.07Moz
$18.84m
Note: All the numbers for Group and the Americas region include AGA
Mineração’s Córrego do Sítio (CdS) operation that was placed on care
and maintenance in August 2023.
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Annual Report 2023
Americas
1. Argentina
Africa
5. Guinea
Cerro Vanguardia (92.5%)
Siguiri (85%)
2. Brazil
Serra Grande
AGA Mineração
3. Colombia
La Colosa
Quebradona
6. Ghana
Iduapriem
Obuasi
7. Democratic Republic of the
Congo (DRC)
Kibali (45%) (c)
4. United States of America
Expanded Silicon (a), North Bullfrog,
Mother Lode, Sterling (b)
8. Tanzania
Geita
Australia
9. Australia
Sunrise Dam
Tropicana (70%)
Notes:
(a) The Expanded Silicon Project includes the
Merlin deposit
(b) Sterling includes the Crown Block
(c) Kibali is operated by Barrick Gold Corporation
(Barrick)
0.532Moz
1.541Moz
0.562Moz
8,565 people
21,734 people
1,741 people
$1m (5)
$282m
6.16Moz
$5.01m
$1,043m
$710m
19.29Moz
$12.60m
$380m
$135m
2.61Moz
$0.85m
(5) The sum of net cash inflows from operations offset by net operational cash outflows associated with the projects
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AngloGold Ashanti plc
2023 at a glance
Major corporate restructuring
In 2023, our organisation undertook a significant corporate restructuring to enhance access to the world’s largest capital
market. A new company, AngloGold Ashanti plc(§), registered and incorporated in England and Wales, became the listed
parent company of the Group with AngloGold Ashanti Limited as its subsidiary at the end of September 2023.
To read more about this restructuring, see the Chairperson’s letter and CEO’s statement in this report as well as the many related
news releases published during the course of 2023.
Production and cost
guidance achieved owing to
overall strong operational
performance
Obuasi, Ghana
Free cash flow APM
$109m
(1)
(2022: $657m (2))
(1) Excludes corporate restructuring costs of $314m
(2) Includes Kibali legacy cash flow of $460m
Sunrise Dam, Australia
North Bullfrog – first-time
gold Mineral Reserve
declared
1.0Moz
at 0.43g/t
Revenue
$4.6bn
(2022: $4.5bn)
Dividends paid
$91m
(2022: $181m)
Proposed joint venture
announced between
Iduapriem in Ghana and
Gold Fields’ Tarkwa mine,
potentially creating Africa’s
largest gold mine
Major renewable
energy project underway at
Tropicana – will improve
energy supply security and
significantly reduce the site’s
natural gas consumption
Adjusted EBITDA APM
$1,420m
(2022: $1,792m (restated))
(§)
As explained in note 1.3.1 to the Group financial statements, the transaction is structured such that the AngloGold Ashanti plc Group is in substance a continuation
of the AngloGold Ashanti Limited Group therefore comparative information has been presented on this basis.
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Annual Report 2023
Annual Report 2023
Obuasi, Ghana
Merlin – first-time gold
Inferred Mineral Resource
declared of
9.1Moz
at 0.99g/t
(Loss)/Profit attributable to
equity shareholders
($235m)
(2022: $233m (restated))
TRIFR*
1.09
13% improvement
(2022: 1.26)
* Total recordable injury frequency rate per million
hours worked
Ratio of adjusted net debt APM
to adjusted EBITDA APM
0.89
(2022: 0.49)
Gold Mineral Reserve
up 2.2Moz
(pre-depletion)
14.40Moz added over past four years at a
cost of $62/oz
Total cash costs APM
Group:
$1,108/oz
Subsidiaries:
$1,174/oz
Joint ventures:
$802/oz
(2022: $1,024/oz, $1,066/oz and $725/oz
respectively)
Full Asset Potential Programme
delivers significant benefits
Serra Grande, Brazil
Reportable environmental
incidents
Area of land rehabilitated
during the year
One
(2022: Three)
265ha
(2022: 223ha)
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AngloGold Ashanti plc
Chairperson's message
The year in review was one of
fundamental change for
AngloGold Ashanti as we
improved and accelerated
execution of our strategy and
made important changes to our
corporate structure.
Corporate change and strategic execution
After a long history as a Johannesburg-based company, we
made the decision to move AngloGold Ashanti’s primary listing
to the NYSE, its headquarters to Denver, and its registered
domicile to the United Kingdom. This followed a careful review
of the company’s corporate structure and an extensive
dialogue with South African regulators, who granted
permission for the transition, and with shareholders who
provided near-unanimous support. We are grateful to the South
African authorities for the care and time taken to understand
the rationale for the move.
This shift places AngloGold Ashanti in the world’s largest
capital market, alongside the world’s most highly valued gold
producers. In time we believe this proximity will help to close
the valuation gap that has long existed with peers. Closing the
valuation gap requires that our focus remains on the execution
of our strategy, which requires sustainably improving cost
competitiveness while maintaining strict discipline in
managing our portfolio and allocating capital.
While our listing and headquarters have changed, many things
will not; we remain guided by a clear set of values that place a
premium on safety, integrity and excellence. The business will
continue to be run for the benefit of shareholders as well as
other stakeholders in the countries and communities in which
we operate.
We keep our name, AngloGold Ashanti, which speaks to our
proud heritage as a company born in Africa and with strong
links to the continent. We maintain listings in Ghana and South
Africa, where many of our shareholders remain.
Our Johannesburg office will continue to host many of our
functional disciplines to service our global portfolio, as well as
remaining the operational nerve centre for our African
operations.
Improving competitiveness
The new primary listing and domicile will help improve our
valuation only if the Company improves its position on the
industry cost curve. The large cost gap with peers that had
developed in prior years has been steadily closing over the
past 24 months and while much remains to be done, the
business is focused on the right areas to continue to address
that deficit.
Improvements identified in the Full Asset Potential Programme
delivered concrete benefits during 2023 in support of this cost
competitiveness goal. The Company was again able to achieve
production and cash cost guidance despite operating
challenges at the Cuiaba, Siguiri and Obuasi operations and in
the face of inflationary headwinds.
Looking to the future, the Board is encouraged by the strong
exploration results in the US, which ensures we maintain a
robust project pipeline. Progress on the feasibility and scoping
studies for North Bullfrog and the Extended Silicon Project
respectively, highlight the significant potential of this new gold
district and the expertise of our exploration and project teams.
Economic and political complexity
A broad review of the macro environment in 2023 attests to
the increasing complexity of geopolitical and geoeconomic
conditions which continued to cause unbearable human
suffering and trauma. The heightened geopolitical tensions
have not merely injected uncertainty and volatility into
commodity and financial markets but have impacted food
security and energy prices on the ground, which have further
increased the already-high cost of living for people in many of
our host countries and communities.
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Annual Report 2023
Inflation remained a feature of our operating environment.
While the IMF’s World Economic Outlook Update in
January 2024 confirmed that inflation was falling faster than
expected in many regions, it remains stubbornly high across
many developing markets, including those in which we
operate. At the same time, the World Bank Global Economic
Prospects 2024 report forecasts slowing global growth in
2024.
The combination of stubborn inflation and slow growth has the
potential to create – and in some cases worsen -- economic
and political fragility across many parts of the world.
This complex global landscape will feed into the political
sphere in a year in which elections are taking place in more
than 70 economies, including some of those in which we
operate. We continue to engage with a spectrum of
stakeholders and experts to understand the impact these
elections may have on the policies and economies on which
our operations depend.
Against this background of complex and rapid change, it
remains as important as ever to maintain – and indeed to
strengthen -- our hard-earned social licence to operate.
The long-term sustainability and success of our business
will ensure that we continue to make meaningful
contributions to the societies and communities in which we
work and live, our employees and suppliers, host
governments and providers of capital.
ESG – guided by our values
Our new purpose statement, rolled out during the year, will
underpin behaviours and business decisions. Ensuring that the
values are fully embedded in the culture is a very important
and has the full support of our CEO, the leadership team and
the Board.
Safety remains a key priority and it was encouraging to report
a second consecutive fatality-free year at our managed
operations, alongside another improvement in the total
recordable injury frequency rate, which remains well below the
ICMM member average.
It was also important to move from target setting to tangible
action in countering climate change. Significant progress was
made towards meeting our 2030 GHG emissions reduction
targets with construction starting on a large hybrid solar-wind
renewables facility at Tropicana in Australia, and the Geita
mine in Tanzania poised to switch from diesel generation to
the national grid which has a large hydroelectric power
component. Both projects are expected to be completed in
2024, and we expect to see significant reductions in GHG
emissions at two of our largest sites. We hope to announce
still more concrete progress in 2024 as we work steadily
toward our longer-term target goal of achieving net zero
Scope 1 and 2 GHG emissions by 2050, in line with the Paris
Agreement.
Additions to executive leadership and Board
Two new additions were made to AngloGold Ashanti’s
management team in 2023, with Gillian Doran, formerly Chief
Financial Officer of Rio Tinto’s aluminium business, starting
her role as our CFO and Executive Director in January, and
Richard Jordinson, a seasoned operator and company veteran,
taking the position of Chief Operating Officer in September.
Both are strong new additions to the cohesive executive
management Group charged with executing the company’s
strategy.
The process of delivering on our strategy is overseen by a
diverse and experienced Board of independent non-executive
directors to whose ranks I was pleased to welcome
Jinhee Magie and Diana Sands. Both have extensive industry,
corporate, market and technical experience that will greatly
enrich the Board.
Farewell and change in Board leadership
Since my nomination as Chairperson in December 2020,
AngloGold Ashanti has been on a complex and rewarding
journey. The last two-and-a-half years have been especially
rewarding as Alberto Calderon was appointed CEO and
immediately began executing on a clearly articulated set of
strategic initiatives to help this company reclaim its place
among the world’s most valued gold producers.
AngloGold Ashanti’s culture is being reshaped, including
through the adoption of a new set of values that emphasise
safety, integrity, respect and collaboration and place a
premium on excellence and sustainability. The Full Asset
Potential Programme has helped improve both performance
and consistency and been instrumental in narrowing the cost
gap with peers. Challenging assets are being dealt with and
safety is now best-in-class. The corporate foundation has
been strengthened by flawless completion of the redomicile
of the company.
With this strong foundation in place for the next phase in
AngloGold Ashanti’s strategic journey, I believe that the May
2024 Annual General Meeting is an ideal time to pass the
baton to a new Chairperson, and so I have decided not to stand
for re-election. I’m extremely pleased that, following an
evaluation of the external environment and the potential
internal candidates, the Board unanimously elected Jochen
Tilk as the new Chairperson-elect, to be confirmed by
shareholder vote at the upcoming AGM.
We are immensely fortunate to have someone of Jochen’s
calibre as a ready successor. He is a mining engineer and
former CEO of large natural resource companies including
Nutrien, Potash Corp. and Inmet. He has, since his
appointment as non-executive director in 2019, travelled to
several of our operating and project sites, and through his
chairmanship of the Board’s Investment Committee, built a
formidable knowledge of the business.
Vote of thanks
My fellow directors are an exceptional Group of professionals
who have demonstrated the highest levels of governance and
ethics in discharging their duties. They have my deep and
enduring gratitude, not only for their unwavering support and
expert guidance but for the manner in which they worked
alongside me to tackle the important strategic steps taken
during my tenure. I am inspired by their independence, their
diligence and their absolute commitment to ensuring that the
interests of stakeholders are properly represented at every
step. I am humbled by the trust they placed in me.
My appreciation also goes to Alberto and his management
team for their professionalism and unstinting dedication, as
well as to AngloGold Ashanti’s employees for their ceaseless
drive to improve safety, deliver on their commitments and
ensure the success of and sustainability of this company for
the benefit of those who depend on it.
My thanks go to all at AngloGold Ashanti who every day
exemplify the Company’s values, for their dedication and hard
work, which makes this the great organisation it is.
Maria Ramos
Chairperson
10 April 2024
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AngloGold Ashanti plc
CEO's statement
Repositioning
for the safe
delivery on our
commitments
Dear shareholders
As I reflect on 2023, a year that presented both significant
challenges and remarkable achievements for AngloGold
Ashanti, I am struck by the extraordinary resilience of our
people and the greatly improving prospects of our business.
This was a year marked by decisive action, a clear reset of our
corporate structure, and ultimately, substantial progress
toward delivery on our commitments.
We continued our strategic journey to safely regain the cost
competitiveness that had been lost by the Company in recent
years. It is with pride and humility that I can report a strong
safety performance, which is not only our priority but also the
bedrock of our strategy. In 2023, we reported a 13%
improvement in our total recordable injury frequency rate to
1.09 injuries per million hours worked and a second
consecutive year with no fatalities at the mines and plants we
operate. We are among the safest mining companies
anywhere and will spare no effort to ensure we can continue
that performance.
Corporate restructuring
The most significant milestone of 2023 was the successful
corporate restructuring of the business, which has seen the
transition of our primary listing to the NYSE, our headquarters
to Denver and our official domicile to the UK. This places us
directly in the world’s leading capital market, and the largest
equity market for gold shares, among the world’s most highly
valued producers. We believe this will, in time, lower our cost
of capital and position us well for future growth opportunities.
We also recognise that this redomiciliation is only one step –
albeit an important one – in the process of achieving a
fundamental revaluation of the Company relative to our North
American peers which have long traded at higher valuations.
Alongside the fundamental improvements we are making – in
both an absolute sense and relative to these peers – we
believe the new structure will in time enable AngloGold Ashanti
to trade and be valued more in line with this peer group.
I am grateful to South Africa’s financial and market regulators
for the manner of our engagement, in particular the care taken
to understand our unique circumstances and strategic
requirements. We retain an important corporate office in
Johannesburg that services many parts of our larger business,
and a secondary listing on the JSE, in Johannesburg, which
remains a deep and well-regulated capital market for us. This
retains our link to Africa, host to important production and
future growth, and source of exceptional talent in our business.
Delivery on commitments
Given the old saying that trust is earned in teaspoons and lost
in buckets, it’s been a priority for me – and for my colleagues
across the organisation – to make good on our commitments,
including our market guidance. I’m encouraged that we remain
one of the few large gold producers to have met our gold
production and total cash cost guidance during a period in
which we, like many in the industry, have faced fierce
inflationary headwinds and the usual assortment of production
challenges and interruptions.
The complex pivot to concentrate processing at Cuiabá, in
Brazil, to allow for additional engineering and technical work
during 2023 at our Calcinados TSF to meet international
safety standards currently considered best practice, could
have ended hopes of achieving production targets were it not
for the site team’s extraordinary recovery to meet budget. In
May, at Siguiri, a faulty weld made more than a decade ago
caused the failure of a carbon-in-leach tank in the plant,
curbing production for several weeks while repairs were
effected. Again, a resilient site team completed the job
ahead of schedule, and by year-end volumes had returned to
near-normal run-rates.
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At Obuasi, poor ground conditions in very high-grade areas
forced us to slowdown mining during the final third of the year,
as we took the decision to prioritise safety over ounces and
change the mining approach. While this was important to
mitigate safety risk in parts of the mine and caused a
reduction in expected production in 2023 and 2024, the
recovery was well on track by the end of the year, and the long-
term investment case and operating profile for this important
mine remain very much intact.
While input price increases slowed in the US and other
developed markets as higher interest rates did their work, it
should be noted that inflation remained worryingly high in
many developing markets.
This array of challenges – along with other, smaller setbacks –
were ultimately offset in large part by better understanding of
our orebodies (a product of higher sustaining capital
investment), and improved planning and operating discipline
from our site teams who were able to find incremental
efficiencies from our Full Asset Potential Programme (FP).
While we are determined to bend the curve on cost increases
in an absolute sense, as we bring in new, lower cost
production, we have made significant strides in closing the
relative performance gap with our major peer group. We know
there is more to do, and we are equal to that task.
Focus on growth
Another major milestone in 2023 was the important discovery
made by our own teams at the Merlin deposit in Nevada. At a gold
Inferred Mineral Resource of 9.1Moz at attractive grades, this is
the largest new gold discovery in the US in more than a decade
and is likely to be a game changer for the Company. Our total
Mineral Resource in southern Nevada, a short drive along the
highway from metropolitan Las Vegas and in the heart of one of
the world’s largest and most regulated mining jurisdiction, is now
16.6Moz, with the potential for more growth.
The proposed joint venture we announced in March in Ghana,
bringing together our Iduapriem mine and Gold Fields’ Tarkwa
mine to create potentially Africa’s largest Tier 1 gold mine, is
expected to create longer-term value, not only for AngloGold
Ashanti and Gold Fields but for the combined stakeholders in
our local host communities and for all of Ghana.
Tropicana, Australia
This combination puts together two parts of the same world-
class orebody, allowing us to share skills and infrastructure
to significantly enhance every aspect of this mining
operation, from exploration and planning to mining and
processing. We continue to engage with our stakeholders in
the country to ensure the value proposition is well
understood as we seek regulatory approval to formalise and
advance this new partnership.
AngloGold Ashanti’s discount relative to our peers has meant that
we have had to develop a strong exploration capability to ensure
we fill our growth pipeline with high-quality options at a
reasonable cost. We are among the industry’s most successful
explorers, growing our Mineral Reserve by 25% over the past six
years and by 14.4Moz before depletion over the past four years.
Safety first at Obuasi
We remain intent on realising the tremendous value of the
potential of the Obuasi orebody in Ghana, and are aiming to ramp
up this operation to a sustainable steady state annual production
run rate of more than 400,000oz by 2026 onwards, with tier one
costs. This remains a fabulous asset and will become one of our
centrepiece operations for the next two decades.
Obuasi’s migration to the more selective underhand drift and
fill mining method in very high-grade areas, where ground
conditions are challenging, is expected to take place
throughout 2024.
Decisive action
Taking firm action on our underperforming assets has been
another hallmark of the year. In August we announced that the
Córrego do Sítio (CdS) mine in Brazil would be placed on care
and maintenance. The mine had for a sustained period
reported challenging operating results characterised by poor
production and costs that remain well above the gold price.
CdS was unable to either sustain itself or to fund the capital
needed to ensure its long-term future and could not be cross-
subsidised indefinitely by our better performing mines.
In a similar vein we sold our stake in the Gramalote joint
venture to B2Gold, aiding the consolidation of ownership in a
project that had, despite several years of studies and
evaluation, not progressed to a decision point. We remain
active managers of our portfolio and do not shirk difficult
decisions as we seek to achieve a rerating in our stock.
Image to come
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Obuasi, Ghana
AngloGold Ashanti plc
CEO's statement
Decarbonisation
In 2022, we announced a plan to cut Scope 1 and 2
greenhouse gas emissions by 30% by 2030 (versus 2021
baseline) by implementing a combination of renewable energy
projects and initiatives to improve efficiency and/or use lower-
emission power sources.
In 2023, we took another major step forward in our
decarbonisation journey as we entered into an agreement to
build one of the largest renewable energy projects in
Australia’s natural resource sector and integrate it into the
power supply of our Tropicana mine. This agreement with
Pacific Energy will see the establishment of 62MW of wind and
solar generation capacity at the site, some 330km east-
northeast of Kalgoorlie in Western Australia. This project is
another important step forward for us, not only in helping us
realise our overall climate objectives, but also in improving
overall energy supply security and significantly reducing the
site’s natural gas consumption. It builds on the momentum of
the project started last year at the Geita mine in Tanzania,
which is replacing diesel generation at site with grid power
sourced from a more environmentally friendly combination of
energies including hydropower and natural gas.
Shareholders are invited to engage with our annual
Sustainability Report that we have published simultaneously
with this Annual Report, and in which we elaborate on the
material sustainability matters most relevant to our business,
what we are doing to maximise the opportunities they present
and to minimise and mitigate any risks.
Looking ahead
Our focus areas for the year ahead are deceptively simple.
The first is to keep our people safe. The second is to meet
guidance and maintain a strong balance sheet. We will also
work to achieve the ramp-up at Obuasi and to advance the
required permitting for North Bullfrog, the first of our Nevada
operations to advance to production. We will also work to
further optimise costs and combat inflation, which threatens to
erode the hard work of improving efficiency, margins and the
benefit of higher gold prices. We will remain focused on
actively managing our portfolio of mines. Intertwined with
these efforts is the vital task of improving our social licence to
operate, shorthand for reducing our environmental footprint
and increasing the benefits of our activities felt by the
communities that host our operations.
This is a modest list and the very definition of doing the basics
right. It will require enormous effort, dedication, initiative and
ingenuity from an AngloGold Ashanti team that is among the
very best in the mining business. We will spare no effort in
again delivering on these objectives.
In closing, I offer thanks to my colleagues across the business
for their unstinting effort in making good on our commitments.
Equally, I’m grateful to the Board for its counsel and continued
diligence in overseeing the delivery on our strategy, which
remains invaluable.
Alberto Calderon
Chief Executive Officer
10 April 2024
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Geita, Tanzania
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Purpose and values
Our new purpose statement
“Mining to empower people and advance societies”
Work to better understand and transform our organisational
culture continued in 2023. In addition to the launch of our
updated and refreshed corporate values, a new purpose
statement was developed and launched in early 2024.
AngloGold Ashanti’s purpose statement was generated
organically, taking into account feedback from within the
business, and workshopped by our executive committee and
senior leadership.
with input received from employees in all regions and areas of
operation. It captures our aspiration to positively impact our
employees, colleagues, and communities as well as the
economies in which we operate, helping them to develop and
grow. This we can do by profitably and safely mining gold.
The statement provides a sense of unity and common
purpose, and confirms that ESG considerations are intrinsic to
our business.
The statement is yet another outcome of the culture and
values survey conducted in 2021 which identified employees’
need for a simple message that encapsulates and defines why
AngloGold Ashanti exists.
Our new purpose statement describes why we choose to come
to work every day and goes beyond dollars and ounces. Our
purpose defines how we grow together, how we thrive and how
we leave a lasting legacy.
Our new purpose statement – Mining to empower people and
advance societies – is the product of extensive internal debate
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How we empower people
AngloGold Ashanti empowers people by fostering an inspiring
environment of continuous improvement. In short, by working
for AngloGold Ashanti, people will be given the means to play a
positive role within the organisation and in the countries in
which we operate.
How we advance societies
Through our business, which exists to bring value for
shareholders and stakeholders, we strive to add economic value
and provide access to opportunity. Our purpose statement
ensures we focus on the wellbeing of those affected by our
operations, aiming to positively impact the people in the
communities in which we operate, bringing positive economic
benefits and improving the quality of life.
Our refreshed values
AngloGold Ashanti is committed to creating an inclusive and collaborative environment based on trust, respect and dignity.
Our corporate values are fundamental to the conduct of our business, guiding how we behave, do our work and interact
with our colleagues, our neighbours, the environment and our partners.
Our values, which were refreshed following a culture and values assessment survey conducted in 2021, were launched in
March 2023. They are embedded in our policies, processes, and programmes – and underpin our purpose.
To embed our values in our corporate culture, we have:
• Conducted discipline-specific initiatives giving team members the opportunity to present and reflect on the values
• Circulated fact sheets to the global workforce, describing each value and examples of behaviour that exemplify each value
• Developed toolkits to guide leadership behaviour and to raise awareness of the refreshed values
•
Implemented culture action plans to embed our values at each site
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Business model and strategy
Delivery on our strategy involves optimising and balancing the use of resource inputs to enhance positive outcomes and
impacts, in the context of our external operating environment and resulting uncertainties, risks and material issues.
WHAT WE DO – OUR VALUE CHAIN
Explore, acquire and develop
Our aim is to grow, acquire and maintain a
pipeline of economically viable orebodies to
develop into high-quality, long-term mining
operations. Development and planning for the
lifecycle of a potential mine starts now and
includes the design of cost-efficient, safe and
environmentally responsible operations.
OUR STRATEGY
Mine and process
We operate and maintain mining and processing
infrastructure, and ensure a skilled, trained and
motivated workforce, to enable the cost-efficient,
safe and responsible production of gold.
Supporting our strategy for sustainable cash flow improvements and returns
Prioritise people,
safety, health and
sustainabilities
This focus area is the
foundation of our
business and strategy,
ensuring alignment
between our values and
corporate citizenship
responsibilities on the
one hand and the
business’s long-term
growth, sustainability
and profitability on the
other.
Maintain financial
flexibility
By ensuring financial
flexibility, we will
facilitate access to
funding to weather
periods of low gold
prices, to reward
shareholders and to act
on strategic
opportunities
throughout the
economic cycle.
Optimise overhead,
costs and capital
expenditure
Systems are in place to
ensure investment and
spending are optimally
structured and aligned
with core business
objectives. In so doing,
we aim to maximise our
margins throughout the
gold-price cycle,
withstanding and even
flourishing during
periods of low gold
prices and continuing to
invest in the
sustainability of our
business without
unnecessarily relying on
dilutive equity raising.
Maintain long-term
optionality
We aim to continually
replenish and increase
our Mineral Resource
and Mineral Reserve
pipeline to sustain the
business over time. Key
to achieving this are our
exploration activities,
project development
and targeted
acquisitions. By
discovering, acquiring,
developing and
exploiting viable
orebodies sustainably
and cost efficiently,
AngloGold Ashanti
positions itself to
create long-term value.
Improve portfolio
quality
We actively manage our
asset portfolio to
improve the overall mix
of our production base
as we strive for a
competitive business
valuation. This is key to
unlocking the full
underlying value of the
portfolio. We continue
to invest in upgrading
the overall quality and
longevity of our
portfolio.
CREATING VALUE – DELIVERING ON OUR STRATEGY
To successfully deliver on our strategy and purpose, it is essential that we:
• Understand our operating context
•
Identify risks, opportunities and material sustainability issues
• Strategise, allocate and manage scarce resources sustainably
In so doing, we will be better able to create and preserve value, and minimise its erosion.
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WHAT WE DO – OUR VALUE CHAIN
Sales and financial management
The sale of gold and by-products generates
revenue. Solid financial management of
revenue, costs and disciplined capital allocation
promotes positive, sustained cash flows and
returns.
Rehabilitation and closure
The life cycle of a mine includes planning for
environmental rehabilitation and responsible mine
closure. Our aim is to mitigate environmental impacts
throughout a mine’s life cycle, which together with
social closure transitioning will help sustain host
communities once mining has ceased.
WHAT WE NEED – INPUTS
WHAT WE DID – OUTPUTS
Our ability to create value depends on:
• Natural resources
• Efficient, optimal and
and assets
The quality of our
mineral assets (our
Mineral Resource and
Mineral Reserve) allows
for optionality in
delivering sustained
value over the long term.
•
• Human resources
Successful, profitable, safe
and sustainable operations
rely on the skills,
knowledge, productivity,
motivation and well-being
of employees, enabling us
to optimise value created.
safe operations,
including the efficient use
of often scarce natural
resources (water, energy,
land), requires well-
maintained mining
infrastructure, plant,
machinery and equipment.
Intellectual capital
The systems, processes,
technology and
governance structures,
supported by appropriate
policies and frameworks,
to enable the ethical, safe
and productive functioning
of our business.
Our principal output is gold which is used
globally, as jewellery and as a store of value
by central banks and investment entities.
In 2023, we:
Produced:
Gold*
Silver
Generated:
2.63Moz (2022: 2.74Moz)
4.40Moz (2022: 3.61Moz)
Revenue from product sales
$4.58bn (2022: $4.50bn)
Mining waste
Tailings deposited
42.87Mt (2022: 44.12Mt)
Overburden and waste rock
155.53Mt (2022: 155.55Mt)
• Financial capital
Robust financial
management, and
disciplined capital
allocation in particular,
together with a focus on
productivity, cost
discipline and operating
capital, aid delivery on
our strategy and
sustainable cash flow
improvements. This also
aids access to cost-
efficient capital to
sustain our business and
ensure future growth.
• Constructive
Emitted/discharged:
GHG emissions (CO2e)
1.47Mt (2022: 1.48Mt)
Operational water (total)
5,871ML (2022: 10,614ML)
*Includes AGA Mineração’s Córrego do Sítio (CdS) operation until August
2023 when it was placed on care and maintenance
stakeholder relations
and partnerships
Honest, constructive
stakeholder relations aid
understanding of
stakeholder needs and
expectations, underpinning
our licence to operate. All
stakeholder engagement is
guided by our values and
Code of Ethics.
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Investor proposition
OUR
PURPOSE
OUR
MISSION
OUR
VALUES
Mining to empower people and advance societies
To create value for our shareholders, employees and business and social partners by safely and
responsibly exploring for, mining and marketing our products
Our six values guide all decisions made and actions taken in the conduct of our business
OUR STRATEGY
Our purpose, together with our mission and values, guides us in delivering on our strategy. It guides our strategic decision making,
allowing us to balance the needs of our business, society (stakeholders) and the environment and to deliver sustainable value for all.
Strategic focus areas
Monitoring delivery on our strategy
We measure and monitor progress made in delivering on our strategy holistically, covering both financial and non-financial
performance. To do this we use selected KPIs based on our five strategic focus areas.
For more on this, see Delivering on our strategy and key performance indicators.
In implementing our strategy and striving to create value, we are committed to:
Safe, stable
operations
Lowering
costs
Maintaining a
robust balance
sheet
Making value
accretive
investments
Returning cash to
shareholders and creating
value for other stakeholders
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Our strengths and related strategic focus areas
Strategically
positioned
Focused on operating
excellence
Growth
prioritised
• Successful corporate
• Optimised operating model
• Decisive portfolio
transition – primary listing on
NYSE, headquartered in the US
(Denver), UK domicile
supports delivery of
production and cost guidance,
a key commitment to
stakeholders
management contributes to
ensuring a diversified, high-
quality portfolio of Tier 1 (1)
and Tier 2 (2) assets
• Fourth largest gold producer
• World-class ESG practices
• Sector-leading growth
globally with a diverse
portfolio of high-quality mines
and projects across four
continents
• Best-in-class safety record
• Decarbonisation plan in
execution
pipeline – Obuasi ramping up
to full production and large
Nevada discovery providing
low-cost production potential
in world’s leading gold
jurisdiction
• Well positioned in global
• Experienced, committed
• Clear capital allocation
capital markets and in the
world’s largest gold equity
market – will contribute to
lowering the cost of capital
management team
framework and robust, flexible
balance sheet with low
indebtedness and strong
liquidity
(1) Tier 1 assets are: Geita, Iduapriem, Obuasi, Kibali, Tropicana
(2) Tier 2 assets are: Sunrise Dam, Siguiri, Cerro Vanguardia, AGA Mineração (Cuiabá)
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Principal risks and uncertainties
Our principal and emerging risks
The current decade has presented a myriad of challenges and
complexities for companies to manage, particularly with respect to
exogenous factors like the global pandemic and the resultant
lockdowns, social and political polarisation with its resultant
conflicts, and also severe economic stresses both globally and in
various jurisdictions. The consequential impacts of these challenges
will likely be felt for years to come.
The review of principal risks through the Board and its various
structures provides for a comprehensive assessment of principal
risks, and aims to provide the appropriate expertise to address those
risks.
For detail on our themes and principal risks, see from page 20.
Interplay of risks
Risks cannot be considered in isolation. External factors and events
often contribute to, or change, several of our principal risks. An
example of this is the increase of artisanal and small-scale mining
(ASM), driven by a number of inter-dependent socio-economic
conditions, heightened geopolitical risk factors and the rising
attractiveness of this activity created by low barriers to entry,
climate change and regional conflict and widespread displacement
of people, rising cost of living and unemployment, and – of course –
record gold prices. These factors together have caused a
proliferation of ASM across the world’s gold mining regions which
has the potential to cause disruption to mining operations, increase
the threat of community safety incidents and threaten the social
licence to operate.
Greater challenges in protecting reputation
Corruption, misinformation, disinformation and sustained economic
stress and social inequality are factors contributing to greater
polarisation within a country, across regions and even among
nations. This polarisation contributes to rising social risk and often
to the rise of anti-mining sentiment and consequent reputational
risk, all of which must be anticipated and, to the greatest extent
possible, managed.
At AngloGold Ashanti the work we do to produce gold and
its by-products is done to add value for our investors and
other stakeholders. We must adapt to often-challenging
operational environments, which makes effective risk
management vital to the sustainable success of our
business.
A key element of our risk management process is to consider
threats to the business, and the mitigations needed to reduce
or eliminate them, and also the opportunities that could
potentially add value to our business and the steps needed to
capitalise on those.
Governance
The Board has ultimate oversight of AngloGold Ashanti’s risk
management practices and is responsible for setting
acceptable levels of appetite and tolerance for risk, and for
determining the nature and extent of the principal risks faced
by the Company. The Board focuses on the primary risk
categories which can encompass several principal risks that
are considered together; where necessary, any particular risk is
reviewed by the relevant Board committee.
Board sub-committees, notably the Audit and Risk Committee
and the Social, Ethics and Sustainability Committee, have
oversight of various principal risks to the business in line with
their respective mandates. These risks are reported on,
analysed, and debated, and where necessary actions are taken
to address them, to ensure effective oversight and
governance.
Group risk management framework
The Board uses an established Enterprise Risk Management
(ERM) framework to help ensure the company’s strategic
objectives are achieved in the appropriate way. This
framework considers complexity of risks faced and includes
exogenous risks, over which the Company has little or no
control. This assessment considers factors pertaining to the
broader industry and market, operations and business risks as
well as risks related to structures, finances and strategy. All
are considered in the context of an overarching legal and
regulatory framework.
The ERM framework incorporates measures to ensure optimal
business performance to the greatest extent possible. The
Board sets an acceptable level of risk appetite and ensures a
risk management framework is in place to support the
responsible execution of the strategic objectives that it sets.
The CEO and Executive Management have oversight of the risk
management approach under the stewardship of the CFO, who
has direct accountability for implementing, maintaining and
improving where necessary, the risk management system. This
sets the tone for our risk awareness and culture. It is then the
task of the broader leadership team to embed the risk
management process, to conduct appropriate monitoring and
review of the risks, as well as related reporting and
communication of those risks.
Defined levels of assurance start with management in day-to-
day activities where they consider risk and ensure measures
are in place to mitigate and manage that risk. The second level
lies in the Group’s broader control framework, while the third
level is independent and is carried out by the Group Internal
Audit function and also independent external audit providers.
Where required, additional external assurance providers may
be used to assess certain processes to assure mitigation of
risks.
See diagram alongside on page 19.
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Principal risks and uncertainties
Our principal risks
(Ψ) An integrated risk that impacts more than one category of risk.
Strategic focus areas
(1) On 31 March 2024, the Investment Committee ceased to exist and, with effect from 1 April 2024, its duties and responsibilities were assumed by the
Board of Directors.
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LICENCE TO OPERATE RISK
Principal risk
Description
Action/strategy to manage risk
Adverse
regulatory
changes to
mining rights
and fiscal
changes
Our mining rights in the countries in which we operate
could be altered, suspended, or cancelled for a variety of
reasons, including breaches in obligations in respect of
these mining rights. Title to AngloGold Ashanti’s
properties may be uncertain and subject to challenges.
• Conduct regular, inclusive, multi-stakeholder
engagement at all levels involving national and local
governments, communities, traditional leaders and
civil society groups
• Continuously monitor the legislative, regulatory and
political landscape
• Facilitate and/or encourage joint venture alliances
between established suppliers and local companies
to aid the growth of local industries
• Work to maintain compliance with relevant country
legislation and regulation
• Follow a robust government relations framework to
guide engagement
• Communicate the Group’s Tax Strategy to our
stakeholder base
Experience shows that the political landscape as well as
tax and economic laws and policies in our operating
jurisdictions can change rapidly. We operate in countries
that may, from time-to-time, experience a degree of
social and political instability as well as economic
uncertainty. Changes to the fiscal terms governing our
operations may have a material adverse impact on
operational results or financial condition, threaten the
viability of existing operations, and discourage future
investments in certain jurisdictions. This may have an
adverse impact on our ability to access new assets and
potentially reduce future growth opportunities.
The rise in resource nationalism is evidenced by
governments’ increasing appetite for greater control over
mineral rights and revenues. Some governments are
adopting nationalistic policies so they can maximise the
political and economic benefits from their mining and
energy sectors. They can achieve this in several ways,
the most common being increased taxation,
requirements for in-country beneficiation, contract
renegotiation, forced equity transfers and restrictions on
exports and expropriations.
Issues around taxation are increasing. To address this,
we constantly assess the impact of changes in the fiscal
environments in the countries where we operate. We
remain focused on ensuring tax compliance and
transparency in all jurisdictions.
Slowing economies and political risk in some
jurisdictions in which we operate see governments
moving to promote economic recovery and social
stability. Social inequality may impact political stability.
In recent years, West Africa has experienced a rise in the
number of military coups. In some instances, these
coups can lead to resource tenure uncertainty and
operational disruptions.
Geopolitical issues, too, can have direct or indirect
impacts on a country, impacting operations through
restrictions and supply chain disruptions.
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Principal risks and uncertainties
LICENCE TO OPERATE RISK
Principal risk
Description
Action/strategy to manage risk
Loss of or
threats to social
licence to
operate
AngloGold Ashanti is expected to operate in a
sustainable manner and to provide benefits and mitigate
adverse impacts to communities affected by our
operations. Failure to do so can result in legal suits,
additional costs to address social or environmental
impacts of operations, investor disinvestment and loss
of “social licence to operate”, and could adversely
impact our financial condition.
In some cases, community resettlement is necessary in
order to progress mining activities.
Stakeholder expectations may change rapidly with
greater demands being made by communities, and/or
governments. There is growing demand to support local
host communities and relinquish land for other
economic developments, or to support host
communities through, for example, the formalisation of
artisanal mining activities.
The greater demand for gold has also led to an increase
in artisanal and illegal small-scale mining. Artisanal and
illegal mining occurs on our properties, which can disrupt
our business, have adverse environmental, health, safety
and security impacts, and expose us to liability.
•
Implement targeted stakeholder mapping and
engagement
• Monitor legislative, regulatory and political
landscapes
• Meet local content and localisation requirements
• Share economic benefits and value creation with host
countries and communities
• Review sustainability performance with general
managers and increase overall awareness among the
senior management cohort across all operations
• Conduct periodic assessment status of social licence
to operate at operations
• Embed international human rights standards such as
the United Nations Guiding Principles (UNGPs) on
Business and Human Rights and promoting a culture
of respecting and protecting human rights where ever
we operate
• Support multi-stakeholder initiatives to formalise
artisanal and small-scale mining alongside host
governments and other parties
Iduapriem, Ghana
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LIQUIDITY RISK
Principal risk
Description
Action/strategy to manage risk
Failure to move
down the industry
cost curve –
all-in sustaining
cost APM
competitiveness
(Ω)
The profitability of mining companies’ operations and
the cash flows they generate are significantly affected by
fluctuations in input prices, many of which are linked to
the prices of oil and steel. Inflation may also have a
material adverse effect on operational results as could
rising labour costs.
Adverse gold
and commodity
price, and
currency
movements
Margins and free cash flow APM are at risk when the gold
price remains static or declines, when production targets
are not met or when all-in sustaining costs (AISC APM)
increase, potentially having an adverse impact on our
financial position.
Our ability to meet financial obligations is dependent on
the AISC APM achieved, our ability to generate cash and
price increases or disruptions, some of which are
outside our control and relate to commodity pricing,
supply, or logistics disruptions. Energy cost increases
and power fluctuations and stoppages could adversely
impact our results of operations and financial condition.
The price of gold, our primary product, and other
commodity market price fluctuations could adversely
affect the profitability of operations. Disruptions to
international credit markets and financial systems have
caused, and may cause in the future, a loss of investor
confidence resulting in widening credit spreads, a lack of
price transparency, increased credit losses and tighter
credit conditions.
Our business could be impacted by global economic
turmoil and the expectation of further economic
downturns. These events could bring inflationary cost
pressures, interest rate and exchange rate fluctuations
and commodity market price instability.
Fluctuations in currency exchange rates may reduce the
market value of our shares, as well as the value of any
dividends or distributions paid by the Company.
(Ψ) An integrated risk that impacts more than one category of risk.
•
Introduce lower cost ounces to the Mineral Reserve
and production profile
• Optimise capital expenditure to improve returns
• Protect pricing through gold and oil price hedges
where these are appropriate instruments to use
•
•
Improve effectiveness by ensuring better operational
outcomes, including lower costs
Implement the Full Asset Potential Programme
focused on sustainable continuous improvement
initiatives
• Standardise performance management reporting,
establish a framework that allows us to separate
controllable and non-controllable elements of our
cost base, gain an improved understanding of
performance and ensure focus by operations on
controllable elements
• Ensure adequate liquidity
• Enhance cost competitiveness by improving quality of
the portfolio
• Focus on cost, efficiencies, and capital discipline
• Maintain long-term optionality by ensuring
competitive project pipeline
•
Improve debt profile and cost of capital
• Conduct sensitivity analyses on gold price, production
and exchange rates
•
Improve cash flow by ensuring better operational
outcomes and reducing costs
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Principal risks and uncertainties
ASSET PORTFOLIO RISK
Principal risk
Description
Action/strategy to manage risk
Inability to
convert Mineral
Reserve and
Mineral
Resource
Some of our Mineral Reserve deposits and mining
operations are located in countries that may face
instability, and public health and security risks that could
adversely affect our mining concessions and our ability
to operate.
It is essential to continually replace Mineral Reserve
depletions to maintain or increase production in the long
term. If we fail to do this, our operational performance,
financial condition and prospects will be adversely
affected.
Our ability to replace Mineral Reserve is subject to
uncertainty and the risks inherent in exploration,
technical and economic pre-feasibility and feasibility
studies and other project evaluation activities, as well as
competition within the industry for exploration,
development and operational projects that meet
AngloGold Ashanti’s investment criteria. These factors
may result in reductions in Mineral Reserve estimates,
which could adversely affect life-of-mine plans and
consequently the total value of AngloGold Ashanti’s
mining asset base.
Our ability to sustain or increase our present levels of
gold production depends, in part, on the success of our
exploration activities and related projects, and we may
be unable to sustain or increase such production levels if
these are not successful.
AngloGold Ashanti is subject to risks related to the
development of existing and new mining projects that
may adversely affect its operational results and
profitability.
Mining is a long-term activity and assets may be in
jurisdictions with elevated risk. Political instability and
the potential for unstable business environments in
countries in which we operate may discourage future
investment in those jurisdictions, and could have an
adverse impact on AngloGold Ashanti’s ability to access
new assets, potentially reducing growth opportunities.
Failure to develop and operate projects in line with
expectations could negatively impact business
performance.
Delays in the delivery of projects as well as increased
costs attributable to a lack of community support can
lead to a drop in the project value or the inability to bring
the project to production. Where consultation with
stakeholders breaks down, disputes may lead to reduced
access to properties or delays in operations.
Failure to
successfully
deliver and ramp
up growth
projects
(Obuasi,
Quebradona and
Nevada)
Continue exploration activities and undertake studies to
estimate the technical and economic viability of mining
projects and determine appropriate mining methods and
metallurgical recovery processes.
Short- to medium-term action
• Create flexibility for mines to cope with unexpected
events that might interrupt and hinder delivery of the
mine plan by improving Mineral Reserve development
• Replenish mineral inventory through greenfield and
brownfield exploration
• Apply robust business planning, portfolio optimisation
and feasibility studies to support Mineral Reserve
conversion
Long-term action
• Target new discoveries through focused greenfield
exploration
• Maintain focus on brownfield exploration
• Rank opportunities
• Assess accretive acquisition opportunities that have
the capacity to increase our Mineral Reserve and
Mineral Resource
• Active oversight of capital discipline
• Review projects to assess progress and adherence to
our capital allocation framework
• Ensure appropriate project skills, systems, structures
and governance are in place
• Minimise supply chain disruptions, retain critical
supplies, reduce and or plan for extended lead times
• Feasibility studies undertaken to an appropriate level
of engineering to make informed decisions on capital
investment with a high degree of confidence in
project parameters
• Complete optimised feasibility study on Quebradona
and address gaps in Environmental Impact
Assessments required by regulators to secure
outstanding permits
• Undertake detailed engineering on the North Bullfrog
project to reduce risk prior to a construction decision
• Begin the pre-feasibility study on the Merlin deposit
as part of the broader Expanded Silicon project to
advance to next decision point in the stage gate
process
• Ensure targeted stakeholder mapping and
engagement
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EVENT RISK
Principal risk
Description
Action/strategy to manage risk
Possible
suspension and
or shutdown of
TSFs through
increased
regulatory
scrutiny and/or
occurrence of a
catastrophic
event
Adverse
implications of
digital threats/
breaches to
reputation and
operations
Potentially catastrophic events, such as a TSF failure,
could lead to the suspension of TSF operations, and
have adverse environmental and social consequences
and significant financial impact, causing fundamental
changes in the way we operate. Compliance with tailings
management requirements and standards, and
addressing potential liabilities are key to ensuring we
avoid negative impacts on communities, the
environment, operational results and/or reputation.
Our digital landscape is ever changing and under
constant threat, both externally and internally. Failure to
protect our digital environment can have a significant
impact on digital infrastructure, communications,
reputation, safety and production.
Breaches in cybersecurity and violations of data
protection laws may adversely impact or disrupt our
business. The sophistication and magnitude of
cybersecurity incidents are increasing and include
malicious software attempts to gain unauthorised
access to data and other electronic security and
protected information breaches. Breaches could lead to
production downtime, operational delays, safety
incidents, the compromising of confidential or protected
information, destruction or corruption of data, and other
manipulation or improper use of AngloGold Ashanti’s
systems and networks, or financial losses from any
remedial actions.
Digital technology security processes may not prevent all
future malicious actions, denial-of-service attacks, or
fraud, which could result in the corruption of operating
systems, theft of commercially sensitive data,
misappropriation of funds, and business and operational
disruption.
• Work to maintain comprehensive TSF governance
and robust management framework, standards and
guidelines developed to address tailings-related risks
AngloGold Ashanti must continuously monitor solutions
implemented to support its global digital technology and
communication networks, and applications to maintain a
suitable and well-managed environment.
•
Improve Company awareness of digital threats
• Embed cyber training and awareness
• Ensure effective disaster recovery for resilience
• Establish effective monitoring of the cyber landscape
and usage of technologies
• Ensure fully implemented security operations centre
• Continuous benchmarking of cyber security
performance
• Ensure appropriate risk controls and verifications are
undertaken such as penetration testing and phishing
simulations
• Undertake approaches to modernise the use of
technology in our business
• Establish insurance for cyber-related incidents
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Principal risks and uncertainties
PERFORMANCE RISK
Principal risk
Description
Action/strategy to manage risk
Failure to meet
our operational/
safety
performance
targets
Mining is inherently hazardous and the related risks of
events that cause disruptions to our mining operations
may adversely impact the environment or the health,
safety or security of our workers or the local community,
production, cash flows and profitability. The prevalence
of occupational and other diseases, and the potential
costs and liabilities related to this, could have an adverse
effect on the business.
• Deliver on business plans by focusing on integrated
business planning and execution
•
Improve Mineral Resource modelling and Mineral
Reserve life and planning certainty
• Maintain operational excellence programmes to
improve ability to meet budgets as well as
productivity and efficiencies
Our operations are subject to various climate change-
related physical risks which may adversely impact our
production activities, mine sites and personnel and/or
result in resource shortages or environmental damages.
Mining operations and projects are vulnerable to supply
chain disruptions, and operations and development
projects could be adversely affected by shortages of, as
well as extended lead times to deliver, strategic spares,
critical consumables, mining equipment or metallurgical
plant. Unplanned stoppages, unforeseen operational
interruptions, and operational accidents or injuries could
impact production and adversely impact business
performance. Reliance on contractors at certain
operations may expose AngloGold Ashanti to delays or
suspensions in mining activities and increased mining
costs.
• Focus on safe production across all operations to
achieve zero harm, including the implementation of
our refreshed safety strategy
• Continue monitoring employees’ physical and mental
health, as well as response planning
•
Implement Full Asset Potential Programme focused
on sustainable continuous improvement initiatives
• Robust weekly, monthly, quarterly and annual review
of operational performance at an executive level to
ensure compliance to plan, review of and action of
variances
Failure to attract
and retain
critical skills and
talent
Inability to retain and attract sufficient skilled and
experienced employees may harm our business and
growth prospects. Having the right people with the
required skills is vital to the efficient conduct of our
business and strategic delivery.
•
Implement development planning and deployment
initiatives to ensure internal skills building and a
future pipeline
• Develop value proposition for AngloGold Ashanti as
an employer of choice
We compete with mining and other companies for key
human resources with critical skills and inability to retain
key personnel could have an adverse effect on our
business.
•
•
Increase training capacity for scarce artisan skills
Implement short- and long-term incentive schemes
• Conduct employee engagement surveys and act on
Increased labour costs could have a material adverse
effect on AngloGold Ashanti’s results of operations and
financial condition.
Failure to move
down the
industry cost
curve – all-in
sustaining cost
competitiveness
(Ψ)
Our inability to move down the industry cost curve has
an impact on our performance to deliver on target and
improve cash flows.
See Liquidity Risks.
(Ψ) An integrated risk that impacts more than one category of risk.
feedback
• Enable flexible working functionality to attract a
diverse workforce
• Develop a global mobility programme to enable skills
retention
See Liquidity Risks.
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REPUTATIONAL RISK
Principal risk
Description
Action/strategy to manage risk
Inability to meet
investor
expectations to
mine responsibly –
ESG performance
Irresponsible mining practices and/or perceptions that
we are not sufficiently committed to ESG practices
could lead to investors divesting AngloGold Ashanti’s
shares, increased reputational risk, and an adverse
impact on the price of our shares and on our social
licence to operate.
Increased scrutiny and changing expectations from our
stakeholders, including communities, governments and
NGOs as well as investors, lenders and other market
participants, with respect to our environmental, social
and governance (ESG) performance and policies may
impact AngloGold Ashanti’s reputation. This could also
lead to additional costs to meet the expectations of
stakeholders, hinder access to capital or expose us to
additional risks, including disinvestment and litigation.
As we participate in the transition to a lower-carbon
economy, compliance with climate change-related
requirements, including new regulations and the
potential imposition of carbon taxes or GHG emissions
cap-and-trade schemes, or the elimination of related
subsidies, could result in significant additional costs
and expose us to additional liabilities.
• Conduct regular engagement and collaboration with
stakeholders
• Undertake transparent reporting and public
disclosure
• Review sustainability performance with general
managers and increase overall awareness among
senior management across all operations
• Maintain good corporate citizenship and governance
• Manage and limit environmental impacts and
progress achievement of targets
•
Integrate climate considerations into the business
and maintain physical climate risk assessments for
all operations
• Follow legislative and sentiment changes in climate
politics and implement climate change strategy
•
Implement a human rights framework
• Enhance diversity and inclusion practices
• Undertake long-term projects to reduce GHG
emissions from our operational activities
Iduapriem, Ghana
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Delivering on our strategy and key performance indicators
Delivering on our strategy and key performance indicators
AngloGold Ashanti is working to narrow the valuation gap with its North American-based peers by improving relative cost
performance, moving its primary listing to the United States, proposing a joint venture in Ghana to potentially create Africa’s largest
gold mine, closing loss-making operations and investing in new projects to grow production and improve margins.
AngloGold Ashanti ended 2023 on a solid footing with strong second-half performances from key assets allowing the Company to
achieve guidance on gold production and total cash cost, despite a range of operating challenges in the first half of the year. The
balance sheet remained robust, with leverage below target, even after self-funding investments in exploration and growth, the payment
of dividends and costs of redomiciling the Company. Most importantly of all, safety performance improved to a record – in 2023 there
were no fatalities at Company-operated mines and the lowest injury rates ever.
We adopt a holistic approach to manage the delivery of key performance indicators (KPIs) against the five strategic focus areas.
Performance by strategic focus area and related key performance indicators
Prioritise people, safety, health and sustainability
This strategic focus area embodies our corporate ethos and encompasses our sustainability performance. It underpins our business
strategy and delivery of sustained, long-term value creation and is aligned with our values and responsibilities as a corporate citizen.
This strategic focus area covers our employees, their safety, health and wellbeing, the diversity of our employee base, and also our
sustainability performance, which encompasses our social and environmental responsibilities.
People – key metrics, related targets and performance 2023
Metrics
Aims/targets
Performance
• Number of people
employed
• To have the right people and talent in the right
positions, empowered to ensure delivery of our
strategic business objectives
• Average of 33,658 people employed – including
19,615 contractors (2022: 32,594 including
18,599 contractors)
• Talent development
and deployment
• Achieve between 40% and 80% of planned
• Achieved 89% of planned successor/development
successor/development moves for middle and
senior management
moves
• Productivity
• Deliver an upward trend in employee productivity
• Group productivity of 13.43oz/total employee
• Gender diversity
• Cultivate and nurture a diverse and inclusive
workforce, and promote the employment of
females
• Achieve between 20% and 26% female
representation at senior and executive leadership
levels
• 50% of recruits should be female with 30% female
representation in talent and succession pools for
critical roles – aiming for 50% female
representation overall
costed (TEC) (2022: 14.08oz/TEC)
Female representation in 2023 was as follows:
• 13% of total permanent workforce (2022: 12%)
• 38% of executive management (2022: 38%)
• 20% of executive, senior and middle management
(2022: 20%)
• 42% of Board members (2022: 30%)
• 459 people or 28% of recruits were female (2022:
241; 19%)
Breakdown of permanent employees by gender
Executive management
Senior management
Middle management
Total: Executive, senior and middle
management
Female
3
48
2023
Male
5
211
Total
8
259
258
1,018
1,276
Female
3
42
247
2022
Male
5
220
Total
8
262
979
1,226
309
1,234
1,543
292
1,204
1,496
Total workforce
1,586
10,641
12,227
1,594
11,568
13,162
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Safety – key metrics, related targets and performance 2023
Metrics
Aims/targets
Performance
• Total recordable
• Continually improve safety performance
• Group TRIFR improved by 13% to 1.09 per million
injury frequency rate
(TRIFR)
hours worked (2022: 1.26 per million hours
worked)
• Number of fatalities
• Zero harm – no fatalities, no injuries
• No fatalities at Company-operated mines for
second consecutive year
• Major hazard control
• Between 90% and 100% critical control
• Achieved 100% compliance (2022: 99.3%)
compliance
verification compliance
• Number of high-
potential incidents
• Achieve a downward trend over time in the
occurrence of high-potential incidents
• Number of high-potential incidents declined to 63
from 71 in 2022
Health – key metrics, related targets and performance 2023
Metrics
Aims/targets
Performance
• Reduction in
• Reduce exposure by between 8% and 20%
• Achieved 22% reduction in workforce exposure
workforce exposed to
high respirable
crystalline silica dust
(2022: 21%)
• All occupational
• Reduce the rate of incidence of occupational
disease frequency
rate
disease among employees
•
Increased to 0.08 per million hours worked (2022:
0.04 per million hours worked)
Kibali, DRC
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Delivering on our strategy and key performance indicators
Environment – key metrics, related targets and performance 2023
Metrics
Aims/targets
Performance
• Greenhouse gas
• Achieve between 95% and 110% of budgeted
• Achieved 34.83t CO2e/t of ore treated (2022:
emissions
management
• Carbon (GHG)
emissions
carbon emissions intensity (between 31.382 and
36.337t CO2e/t of ore treated)
33.43t CO2e/t or ore treated)
• Reduction of 30% in absolute Scope 1 and 2
carbon (GHG) emissions by 2030 (2021 baseline
of 1.38Mt CO2e)
• Total Scope 1 and 2 GHG emissions of 1.469Mt
CO2e – marginally below 2022 level (2022:
1.475Mt CO2e)
• Net zero Scope 1 and 2 GHG emissions by 2050
• Number of reportable
• Zero incidents
environmental
incidents
• One reportable environmental incident (2022:
three) and an environmental incident rate of 1.18
incidents per million tonnes mined (2022: 1.24)
• Land area
• Rehabilitate available land areas cleared from
• 4,104ha of land rehabilitated in total to date with
rehabilitated and
value of related
rehabilitation
liabilities
further production use
• Limit increase in rehabilitation liabilities to the
extent possible
265ha rehabilitated during the year (2022:
3,861ha; 223ha respectively) – total area of
16,159ha disturbed and not yet rehabilitated
• Restoration and decommissioning liabilities of
$625m (2022: $578m)
• Water withdrawal,
water re-use and
related intensity
• Minimise new water withdrawals, maximise water
reuse where possible and prevent contamination
of water resources
• 106,540ML of water reused, equivalent to 70% of
total water needed to sustain site tasks (2022:
104,054ML; 67%)
• 29,932ML of water withdrawn to give a water
withdrawal intensity of 0.70kL/t of ore treated
(2022: 34,721ML; 0.79kL/t of ore treated
respectively)
Communities – key metrics, related targets and performance 2023
Metrics
Aims/targets
Performance
• Number of business
• At most, two significant community-related
• No significant community-related business
business disruptions annually
disruptions
• Deliver on our purpose to advance societies,
• $18.84m invested in communities (2022:
equitably sharing value created and supporting
host communities
$18.03m)
• $4.31bn spent on local procurement – 94% of
total procurement (2022: $3.97bn; 94%)
disruptions caused by
community unrest
• Community
investment
Iduapriem, Ghana
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Maintain financial flexibility
To maximise long-term shareholder value and returns, we aim to ensure that our balance sheet remains able to meet our core funding
needs. Our capital allocation framework thus prioritises investment in our asset base to support the health and sustainability of the
business.
The resulting sustained free cash flow APM is used to:
• Return cash to shareholders through our defined dividend pay-out ratio focused on dividend returns based on free cash flow APM
before capital expenditure
• Self-fund growth capital expenditure, with a disciplined focus on risk-adjusted returns
• Maintain a solid balance sheet, giving us strategic flexibility throughout the commodity cycle
Financial - key metrics, related targets and performance 2023
Metrics
Aims/targets
Performance
• Relative total
shareholder return
(TSR) – measured in
dollars
• Normalised cash
return on equity
(nCROE)
•
•
Improve shareholder returns relative to
comparator group
• Declined to negative 11.26% for the year
Improve free cash flow APM generation relative to
shareholders’ equity and the US cost of equity, on
a three-year trailing basis – increase nCROE by
between 7% and 19%
• nCROE of 18.43% – exceeded 2023 target
measure of 13%
Optimise overhead, costs and capital expenditure
Our operating model, together with the Full Asset Potential Programme, is aimed at ensuring operational excellence. This means we
aim to optimise efficiencies and cost effectiveness, improve productivity and ensure that all spending decisions are thoroughly
scrutinised and optimally structured.
Key metrics, related targets and performance 2023
Metrics
• Total cash costs APM
Aims/targets
• Reduce total cash costs APM to between
$1,050/oz and $1,130/oz (target measure
of $1,089/oz)
• All-in sustaining costs APM
• Reduce all-in sustaining costs APM to
between $1,437/oz and $1,531/oz (target
measure of $1,484/oz)
• Capital expenditure APM
• Apply capital allocation framework
Performance
• Achieved $1,125/oz, in line with the upper
end of the adjusted threshold measure (1) of
$1,130/oz
• Achieved $1,560/oz, exceeding the
adjusted stretch measure (1) of $1,531/oz
for 2023
• Total capital expenditure APM, including
joint ventures, of $1.13bn (2022: $1.12bn)
(1) 2023 targets were adjusted to take account of AGA Mineração’s CdS being placed on care and maintenance in August 2023
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Delivering on our strategy and key performance indicators
Improve portfolio quality
Initiatives such as our Full Asset Potential Programme aim to enhance the quality of our operating portfolio and to ensure optimal
performance. We are flexible in delivering on our mine plans, allowing for optimised results and we progress our projects to more than
replace production with a growing Mineral Reserve and Mineral Resource base.
Key metrics, related targets and performance 2023
Metrics
Aims/targets
• Production
• Annual production between 2.55Moz and
2.76Moz
Performance
• Produced 2.63Moz (1) versus 2.74Moz in 2022
• Recovered grade
•
Investment in Mineral
Resource and Mineral
Reserve development
•
•
Improved mineral product recovery and grade
• Total recovered grade of 1.95g/t (1) versus 1.98g/t
Improved confidence in our orebodies
in 2022
• 14.4Moz added to the Mineral Reserve over past
four years, before depletion, at a cost of $62/oz
• Growth in Mineral Reserve, before depletion, over
past six years exceeds 25%
(1) Includes AGA Mineração’s CdS operation until it was placed on care and maintenance in August 2023
Maintain long-term optionality
Focused and responsible management of our Mineral Resource and Mineral Reserve, our exploration programme and related planning
is vital in optimising the operating lives of our portfolio. Through continued exploration and acquisition of properties that fit with our
business and offer Mineral Reserve potential, we add to the long-term sustainability of AngloGold Ashanti.
Key metrics, related targets and performance 2023
Metrics
Aims/targets
Performance
• Mineral Reserve
additions (1)
• Mineral Resource
additions (1) (2)
• Additions of between 1.4Moz and 4.1Moz
• 2.2Moz added to the gold Mineral Reserve (pre-
depletion)
• Additions of between 3.5 and 10.6Moz
• 9.9Moz added to gold Mineral Resource (2) (pre-
depletion)
(1) Pre-depletion, assets sales, and mergers and acquisitions
(2) Mineral Resource inclusive of Mineral Reserve before dilution and other factors are applied
More detailed information on our Mineral Resource and Mineral Reserve is available in the Mineral Resource and Mineral Reserve
Report which is available online.
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External operating environment
Iduapriem, Ghana
We operate in dynamic and complex environments where
exogenous factors outside of our control can influence our
ability to deliver on our strategy and create value.
In 2023 this environment was characterised by global conflict,
heightened geopolitical tensions and a complicated global
economic landscape, along with food security issues and
preparation for upcoming elections in many of the countries in
which we operate.
Conflict and food security
The Russia/Ukraine conflict continued to have far-reaching
global impacts on the supply and price of energy and food,
given the important role those countries play in export
markets.
Africa has been especially hard-hit, with the Red Cross
estimating that as many as 149m people in the continent
suffer food insecurity. For millions more, the rising cost of
living has placed strain on personal expenditures and balance
sheets. Additional pressure has been placed on the continent
by attacks on ships in the Red Sea in early 2024, increasing
costs and limiting trade volumes through the Suez Canal.
The IMF noted in its October 2023 World Economic Outlook
that in addition to the significant humanitarian cost, the food
crisis, combined with higher energy prices and tightening
global liquidity conditions, has taken a significant macro-
economic toll.
While inflation fell faster than expected in most regions in
2023, according to the IMF, it remained stubbornly high in Sub-
Saharan Africa, and in low-income developing countries.
Such an environment has created potential for economic,
social, and political disruptions in many jurisdictions, which in
turn can lead governments and communities to seek greater
returns from the natural resources sector, whether through
employment, social investment, taxes or royalties.
ESG and social licence to operate
Our approach to ESG seeks to meet these heightened
expectations in a sustainable manner through a number of our
normal business activities and interventions. While corporate
social investment is an important part of the overall strategy to
improve the social licence to operate, far greater impact is
made by running a successful, profitable business that is able
to provide high-quality local jobs, both directly and indirectly, to
procure goods and services from local business, and to pay
taxes and royalties that fund all manner of government
services and investments in infrastructure, healthcare and
education, among others.
EY’s 2023 ranking of the top business risks and opportunities
in mining and metals noted that scrutiny from all stakeholder
groups was increasing, particularly around ESG, which would
need to be balanced with other business goals, including
productivity. This accords with the greater scrutiny and
oversight we experience from investors, rating agencies, host
governments, civil society and even our own employees.
The diversity of risks and opportunities at play add to the
challenge of ESG. Issues range from tailings management and
water stewardship to ensuring ethical supply chains and mine
closure, overlaid by complex regulations and ongoing data
integrity challenges. It is vital to have a clear view of high-
quality ESG data, with strong governance and controls in place
to track and report ESG metrics.
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External operating environment
Iduapriem, Ghana
In 2023, climate change continued to be a key focus as the
mining sector focused on decarbonisation. Government
support and the falling cost of renewables supported growth in
renewable energy contracts and investment in solar or wind
generation. At the same time miners needed to prepare for the
growing impact of climatic events, including on health and
safety.
Within the industry, skills shortages remained a challenge
during the year and were most acute in developed-market
mining economies where strong commodity prices continued
to drive competition for labour and to push up wages.
The causes of the talent shortages in these markets are
complex, but seem to impact trades and professions alike,
with university students steering away from mining-related
studies and the world’s mining schools facing pressure to
close. Added to this is the shift in mining workforce needs of
the future as automation and digitisation change how mining
work is done.
Inflation
Global inflation continued to pose a significant challenge to
economies worldwide, fuelled by supply chain disruptions left
over from the COVID-19 pandemic and also the ongoing
Russia-Ukraine war; the monetary policy lag of aggressive
interest rate hikes to be felt; and the impact of global conflicts
on the price for food and other staples.
Despite showing signs of easing in developed markets like the
US and Europe due to tighter monetary policy and lower energy
prices, inflation remained stubbornly high in developing
markets. This divergence stems from a dependence on
imported goods, particularly food and energy, as well as
currency weakness against the US dollar which was buoyed by
higher US interest rates, making those imports more expensive
in many developing markets.
Persistent inflation in poorer countries poses a serious threat,
straining household budgets, eroding purchasing power, and
potentially hindering economic growth.
Gold price
The gold price remained at high levels relative to the prior year
as it consolidated its credentials as a safe haven asset amidst
rising inflation, the ongoing Russia-Ukraine war and, in the final
quarter of the year, the outbreak of conflict in the Middle East.
Interestingly, the price remained strong in the face of climbing
interest rates, usually a downward force as the opportunity
cost for holding the metal, which offers no yield, climbs.
Investors pushed the price to a near historical high in early
December 2023, and it has remained above $2,000/oz for
much of the new year. This increase reflects gold’s status as
an inflation hedge and safe haven during times of turmoil and
volatility.
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Regional reviews
Africa
Operations and projects
Africa is home to five of our operations. In Ghana, we operate
the Iduapriem and Obuasi mines, in Guinea, the Siguiri mine
and in Tanzania, the Geita mine. A fifth operation, Kibali (45%
ownership) in the DRC, is managed by Barrick Gold
Corporation, our joint venture partner.
Greenfield exploration is currently underway in Tanzania with
brownfield exploration being conducted at all our African
assets. For more detail on our exploration activities in Africa,
see Exploration and planning for the future.
At the end of 2023, our Africa operations accounted for
19.3Moz (69%) of our total Mineral Reserve, a Measured and
Indicated Mineral Resource of 20.2Moz and an Inferred
Mineral Resource of 17.7Moz, which combined accounted for
36% of our total Mineral Resource.
Year at a glance
1.54Moz (1)
Gold produced (2)
59% of total production
(2022: 1.64Moz (1); 60%)
$1,043m
Net cash inflow from
operating activities (2)
(2022: $1,108m)
$1,050/oz (3)
21,734
0.39
Total cash costs (2)
(2022: $962/oz (3))
APM
$710m
Capital expenditure (2) APM
(2022: $576m)
People employed on
average (2), includes
14,424 contractors
(2022: 19,807; 13,070)
822kt
Scope 1 and 2 GHG
emissions (CO2e)
(2022: 812kt)
TRIFR (injuries per million
hours worked)
(2022: 0.33)
$12.60m
Community investment (2)
(2022: $10.19m)
(1) Total Africa subsidiaries and Kibali (Africa subsidiaries: 1.198Moz and Kibali: 343,000oz) (2022: Africa subsidiaries: 1.298Moz and Kibali: 337,000oz)
(2) Includes Kibali
(3) 2023: Africa subsidiaries: $1,121/oz; Kibali: $802/oz (2022: Africa subsidiaries: $1,023/oz; Kibali: $725/oz)
Regional performance 2023
• Production from the Africa region declined 6% to 1.54Moz
(2022: 1.64Moz) – increased production from Iduapriem
and Kibali was offset by declines at Geita, Siguiri and
Obuasi
• Total cash cost APM for the Africa subsidiaries increased by
9% to $1,121/oz (2022: $1,023/oz)
• All-in sustaining cost APM for the Africa subsidiaries was
$1,563/oz (2022: $1,291/oz) and for the Kibali joint venture
$951/oz (2022: $979/oz)
• Safety performance maintained – there were no fatalities at
Company-operated mines and the TRIFR was 0.39 injuries
per million hours worked (2022: 0.33)
• Regional capital expenditure APM (subsidiaries and joint
ventures) was $710m (2022: $576m), broken down by
operation as follows: Iduapriem $142m (2022: $146m);
Obuasi $214m (2022: $159m); Siguiri $78m (2022: $27m);
Geita $191m (2022: $154m); Kibali $85m (2022: $90m)
• All operations have the required certifications: ISO 45000
(health and safety) and ISO 14001 (environmental
management) and the International Cyanide Management
Code. Obuasi’s certification had been voluntarily suspended
in 2017 while on care and maintenance. After a successful
audit In December 2023, the mine was recommended for
certification to the International Cyanide Management
Institute (ICMI) by an independent third-party auditor.
Having evaluated the detailed audit report, the ICMI
confirmed the mine's certification on 27 March 2024
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AngloGold Ashanti plc
Regional reviews
Successes
Challenges
• Proposed joint venture between Iduapriem and Gold Fields’
Tarkwa mine, potentially creating Africa’s largest gold mine
• CIL tank failure at Siguiri’s processing plant in May 2023 due to a
faulty weld more than a decade ago - insurance claim lodged
• Received a cash distribution of $180m from the Kibali joint
venture, bringing the attributable share of outstanding cash
balances from the DRC to $51m at year end
• Poor ground conditions in high-grade areas encountered at Obuasi
slowed mining rates, adversely impacting grades, production and
costs
d
• Restoration of processing capacity at Siguiri in the second half of
the year, following the tank failure in May 2023, enabled the
resumption of processing of higher ore volumes
Performance by operation
Geita
Geita produced 485,000oz at a total cash cost APM of $984/oz
in 2023, compared to 521,000oz at a total cash cost APM of
$944/oz in 2022. Lower gold production was due mainly to a
decline in ore tonnes processed on the back of a planned mill
shutdown in the first half of 2023 and lower grades mined.
The higher total cash cost APM was mainly a result of lower gold
production, a change in mine plan and higher mining costs
resulting from an increase in open pit mining at Nyamulilima
and underground mining at Nyankanga, as well as an increase
in backfilling at Star and Comet and Nyankanga underground
mines. These costs were partially offset by favourable ore
stockpile inventory movements.
The Full Asset Potential Programme (FP) initiatives lifted
underground tonnes mined from Nyankanga, supported by
higher backfill volumes. The volume of open pit tonnes mined
improved in the second half of 2023, once new equipment was
mobilised. Plant throughput and recoveries continued to
exceed FP targets. Multiple design improvements, including a
smart cyclone, mill slicer and shear reactor, are at various
stages of implementation.
Geita’s 25-year special mining licence covering approximately
19km² is set to expire on 26 August 2024. The renewal
application was filed with the Mining Commission in Tanzania
in July 2023 and is currently pending.
Geita’s net VAT receivable closing balance at 31 December
2023 was $153m, unchanged from December 2022. In 2023,
$73m of verified VAT claims (from July 2020 onwards) were
offset against our corporate tax liability in Tanzania.
Discussions continue with the Tanzanian Revenue Authority to
resolve historical claims for VAT input credit refunds for the
period from July 2017 to June 2020.
Siguiri
Siguiri’s gold production fell 21% year on year. The mine
produced 221,000oz at a total cash cost APM of $1,650/oz for
the year compared to 279,000oz at a total cash cost APM of
$1,319/oz for 2022. The higher total cash cost APM per ounce
for the year was a result of lower gold production and
unfavourable ore stockpile inventory movements. The decline
in gold production was due mainly to lower ore tonnes
processed, lower mined grades, and the CIL tank failure. This
impacted metallurgical recoveries. Gold production was also
hit by community protests, with calls for additional
employment opportunities.
Gold production recovered strongly in the second half of the
year. The restoration of processing capacity enabled the
processing of higher volumes, although this was partly offset
by lower metallurgical recoveries due to the treatment of
carbonaceous material. However, recovery rates had improved
by year end as the remaining CIL tanks were re-commissioned
APM
(1) APM
(1) World Gold Council Standard
36
TRIFR(injuries per million hours worked)0.620.590.610.330.3920192020202120222023Attributable production (000oz)1,5381,6031,4191,6351,54120192020202120222023Productivity (oz/total employee costed)19.1920.2015.4515.9513.9420192020202120222023Cost performance ($/oz)7637939049621050899958116112271426Total cash costsAll-in sustaining costs20192020202120222023 Overview
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Phase 3 achieved the following milestones:
• Upgraded and licensed both the KMS rock and man winders
for operations with Ghanaian mining authorities
• Completed installation of two new shaft pipe columns
increasing dewatering capacity by 200 litres a second
• KMS shaft now complete and operational down to level 51
• Completed mining of a new ore pass between the
operational mine and 41 level rail
Kibali
The Kibali joint venture produced 343,000oz at a total cash
cost APM of $802/oz compared to 337,000oz at a total cash
cost APM of $725/oz in 2022. Gold production was higher year
on year, mainly due to the increase in ore tonnes processed,
despite lower grades mined. Higher oil and commodity prices
(diesel and reagents), and higher royalties contributed to
increased total cash costs per ounce APM. This increase was
partially offset by favourable ore stockpile inventory
movements.
Priorities 2024
• Safely maintain solid performance across the region
• Deliver on key project milestones at Obuasi and embed new
mining method
• Obuasi redevelopment project – Phase 3 is on track with
next key milestones including the completion of two new
ore passes between upper mine and the rail transport level,
the installation and commissioning of three new pump
stations and new ventilation shaft, commissioning of rail
system and clearing mud on 51 level and shaft bottom
• Renewal of Geita’s mining licence
• Conclude discussions with Ghana government regarding
the Iduapriem/Tarkwa joint venture
Obuasi, Ghana
and re-introduced into the processing circuit to restore plant
throughput to full capacity.
Iduapriem
Gold production rose 8% to 268,000oz at a total cash cost APM
of $943/oz for the year, compared to 248,000oz at a total cash
cost APM of $970/oz in 2022.
Increased production was mainly due to improved grades
mined as the mine accessed higher grade ore tonnes from
Teberebie Cut 2, partially offsetting the lower ore tonnes
processed as the site commissioned the new TSF.
Total cash costs APM per ounce improved 3% year-on-year,
primarily as higher gold production and favourable ore
stockpile inventory movements more than offset higher
royalties paid (due to the higher average gold price received
per ounce).
During the year, we announced a proposed joint venture
between Iduapriem and Gold Fields’ Tarkwa mine, potentially
creating Africa’s largest gold mine. Discussions are ongoing.
Obuasi
In 2023, Obuasi produced 224,000oz at a total cash cost APM of
$1,114/oz, compared to 250,000oz at a total cash cost APM of
$914/oz in 2022. Lower gold production was due mainly to
lower grades mined, partially offset by higher volumes of ore
tonnes processed.
The poor ground conditions encountered in the higher-grade
stopes in the second half of the year prompted the decision to
slow production to ensure operator safety. The slower mining
rates contributed to reduced grades and lower volumes of
underground ore for processing, adversely impacting
production and costs. Total cash costs APM per ounce were
higher year-on-year, primarily due to lower gold production but
partially offset by favourable ore stockpile inventory
movements.
A trial of the underhand drift and fill mining method in high-
grade areas was initiated. This is a more selective mining
method suited to the challenging ground conditions often
associated with higher grades at Obuasi. Transition to this
mining method in higher-grade areas is expected to continue
throughout 2024, subject to the success of the trial.
In October, significantly larger drilling equipment (V30 reamer)
was introduced to establish new conventional stopes to enable
a safe return to previous production levels. At the end of 2023,
this modified approach to conventional sub-level open stoping
had yielded encouraging results, with tonnages consistently
exceeding 90,000t a month.
Obuasi is forecast to produce between 275,000oz and
300,000oz in 2024, and between 325,000oz and 375,000oz in
2025 as it continues its ramp-up to steady state production.
Project update – Obuasi redevelopment
Phase 3 of the Obuasi redevelopment project primarily
involves the refurbishing and returning to service of existing
infrastructure around the KMS shaft. This infrastructure
upgrade will provide direct access to the high-grade Block 11
and other underground mining areas and augment current
underground materials handling capacity. It is expected to be
completed by the end of 2024. It was extended during 2023
when mud encountered on levels 50 and 51 had to be cleared.
37
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Americas
Operations and projects
The Americas host three of our operations – one in Argentina
and two in Brazil – as well as one greenfields project in
Colombia. We also have a significant greenfields development
in Nevada in the United States. The operating sites are Cerro
Vanguardia in Argentina, and AGA Mineração and Serra
Grande in Brazil.
Our AGA Mineração operation comprises the Cuiabá and
Córrego do Sítio (CdS) mining complexes. The Cuiabá complex
includes the Cuiabá and Lamego mines. The CdS complex was
placed on care and maintenance towards the end of August
2023 due to ongoing and unsustainable losses.
In Colombia, the portfolio includes Quebradona in the
department of Antioquia. Our stake in Gramalote was sold
during the year while La Colosa, in the department of Tolima,
remains under force majeure.
In the United States, our greenfield concessions – which
include the adjacent North Bullfrog and Expanded Silicon
projects – are in the Beatty District in southern Nevada.
Exploration and studies are ongoing with regulatory approval
for the North Bullfrog project anticipated in the first half of
2025. For more detail on our exploration activities in the
Americas, see Exploration and planning for the future.
At the end of 2023, our Americas region accounted for a
Mineral Reserve of 2.6Moz, equivalent to 9% of the total Group
gold Mineral Reserve. The total Measured and Indicated
Mineral Resource for the region was 5.6Moz, and the Inferred
Mineral Resource, 6.7Moz.
The projects in Colombia and Nevada accounted for a Mineral
Reserve of 3.6Moz, a Measured and Indicated Mineral
Resource of 30.9Moz and an Inferred Mineral Resource of
18.5Moz.
Year at a glance
532,000oz
Gold produced
20% of total production
(2022: 569,000oz; 19%)
$1m (1)
Net cash inflow from
operating activities
(2022: $129m)
$1,211/oz
8,565
2.11
Total cash cost APM
(2022: $1,078/oz)
$254m
Capital expenditure APM
with an additional $27m
spent on projects
(2022: $322m; $17m)
People employed on
average, includes 3,046
contractors
(2022: 9,948; 3,405)
158kt
Scope 1 and 2 GHG
emissions (CO2 e)
(2022: 177kt)
TRIFR (injuries per million
hours worked)
(2022: 2.33)
$5.01m
Community investment (2)
(2022: $6.43m)
(1) The sum of net cash inflows from operations offset by net operational cash outflows associated with the projects
(2) Includes Gramalote
Regional performance 2023
• Lower production of 532,000oz (2022: 569,000oz) was due
to reduced output at all operations except Cuiabá
• CdS was placed in care and maintenance in August 2023
• Production achieved at a total cash cost APM of $1,211/oz,
an increase of 12% (2022: $1,078/oz)
• Safety – there were no occupational fatalities at Company-
operated mines and the TRIFR improved to 2.11 injuries per
million hours worked (2022: 2.33)
• The breakdown of regional operational capital expenditure
was as follows: Cerro Vanguardia $75m (2022: $66m);
AGA Mineração $124m (2022: $199m); Serra Grande $55m
(2022: $57m)
• Capital expenditure APM on the projects totalled $27m (2022:
$17m) – $11 in Colombia (2022: $16m) and $16m in the
United States (2022: $1m)
• All the Latin American operations maintained their
certification in terms of the International Cyanide
Management Code, ISO 45000 (health and safety) and ISO
14001 (environmental management)
• Gramalote in Colombia was sold to B2Gold during the third
quarter 2023
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were higher year-on-year mainly due to marginally lower gold
production, and lower by-product revenue from sulphuric acid
resulting from the ongoing suspension of operations at the
Queiroz plant. Higher operating costs related to labour, mining
contractors and consumables, additional costs to produce and
sell gold-in-concentrate, and additional operating costs related
to TSF management. These increases were partially offset by
lower royalties paid.
Cuiabá produced 252,000oz – 83,000oz of which was
gravimetric gold and 169,000oz gold-in-concentrate.
The focus of the Full Asset Potential Programme at Cuiabá in
2023 was to reduce mining dilution. The site implemented
several quality assurance and control routines before and after
blasting, including an integrated review of geology and
operations, which helped to improve the overall drilling and
blasting quality. In addition, development profiles were
reviewed as were the designs of the support required in
various underground areas. Overall, these measures
contributed to a significant improvement in mining dilution in
2023 (versus 2022 performance). This performance has now
stabilised at/below the 2024 target. The team continues to
look for further opportunities to improve.
During the first half of 2023, Cuiabá recognised an impairment
loss of $45m ($53m gross of taxes), largely due to the ongoing
suspension of operating activities at the Queiroz metallurgical
plant while additional engineering and geotechnical work at the
related Calcinados TSF was completed. Gold concentrate
sales during 2023 significantly improved operating results at
the Cuiabá mine compared to 2022, which resulted in the
recognition of a reversal of an impairment of $28m ($38m
gross of taxes) at 31 December 2023.
AGA Mineração – Cuiabá
Successes
Challenges
• New 9.1Moz gold Inferred
Mineral Resource declared
at the Merlin deposit in the
Expanded Silicon project in
the US, nearly doubling the
size of the Mineral Resource
at our Nevada properties
• At 31 December 2023, we
reported a total gold
Indicated and Measured
Mineral Resource of 5.4Moz
and a gold Inferred Mineral
Resource of 11.2Moz for
the Beatty District, Nevada
• North Bullfrog feasibility
study approved pending
permits
• North Bullfrog 1.0Moz gold
Mineral Reserve declared
• Deposition at the
Calcinados TSF served by
the Queiroz plant remained
suspended – during 2023,
solely gold-in-concentrate
production at Queiroz
• CdS placed on care and
maintenance (announced in
August 2023) following a
sustained period of
challenging operating
results characterised by
poor production and costs
that were well above the
gold price
• At Cerro Vanguardia, free
cash flow APM was
constrained by foreign
exchange restrictions and
export duties
Performance by operation
Cerro Vanguardia
Gold production declined by 11% year-on-year, mainly due to
both lower ore tonnes processed and lower grades mined.
Total cash costs APM per ounce were up at $1,045/oz (2022:
$913/oz), mainly due to cost increases related to labour, fuel,
power, explosives and services (annual inflation rate ended
2023 at 211.4% in Argentina), higher consumption of materials
and services as well as unfavourable ore stockpile inventory
movements. This was partially offset by higher by-product
income, the weakening of the Argentinean peso against the
dollar and capitalised stripping costs.
Free cash flow APM was impacted by foreign exchange
restrictions and export duties.
The Full Asset Potential Programme highlighted the
importance of open-pit waste movement. A high strip ratio
necessitates highly efficient material movement and the site
focussed on driving up the truck payload to reduce unit costs.
The installation of sideboards on truck bodies assisted in
increasing the average payload, from around 78 tonnes to 88
tonnes across the 90-tonne truck fleet.
Short interval control has also been established by integrating
onboard payload measurement with the fleet management
system to maintain improvements. The impact of improved
payloads translated into a notable improvement in open pit
waste movements throughout 2023. The current drive to
improve blasting efficiency (metres per blast) is also showing
promising results, and the roll-out will continue.
AGA Mineração
Gold production was marginally lower year-on-year as gold
production fell when the CdS mine was placed on care and
maintenance in August 2023. At the Cuiabá complex, gold
production was higher year-on-year owing to higher recovered
grades, partially offset by lower ore tonnes processed.
AGA Mineração produced 294,000oz at a total cash cost APM of
$1,210/oz for the year, compared to 311,000oz at a total cash
cost APM of $1,088/oz in 2022. Total cash costs APM per ounce
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Serra Grande
Serra Grande’s production was 86,000oz at a total cash cost APM
of $1,498/oz in 2023, compared to 88,000oz at a total cash cost
APM of $1,355/oz in 2022. Lower gold production year-on-year
was mainly a result of a decline in volumes processed, partially
offset by higher recovered grades.
Total cash costs APM per ounce increased year-on-year on lower
gold production, unfavourable ore stockpile inventory
movements as well as increases in operating costs relating to
labour, mining contractors and additional technical services
and the strengthening of the Brazilian real against the US
dollar.
Operations remained constrained with one of the initial
bottlenecks associated with load and haul, and more
specifically availability of the trucking fleet. As part of the Full
Asset Potential Programme’s focus on improving the volumes
of underground ore, a maintenance review and a revised
approach resulted in trucks being changed out to alleviate
what was a significant deficiency in availability. The overall
result was a 10-15% improvement in truck availability – from
the high 60% to the high 70%. As a result, ore movement
improved notably between the first and second halves of last
year. Development remains key in opening up the mine to
create flexibility and drive overall higher output.
An impairment loss of $90m ($105m gross of taxes) was
recognised for Serra Grande in December 2023, largely a result
of lower grade and ounce projections.
Serra Grande, Americas
APM
(1) APM
(1) World Gold Council Standard
40
TRIFR(injuries per million hours worked)3.843.683.552.332.1120192020202120222023Attributable production (000oz)71064955956953220192020202120222023Productivity (oz/total employee costed)11.399.707.747.708.0020192020202120222023Cost performance ($/oz)7367209171,0781,2111,0329721,5821,7181,810Total cash costsAll-in sustaining costs20192020202120222023 Overview
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Project update
Colombia
Quebradona
Since the decision by Colombia’s national environment agency
(ANLA) in November 2021 to archive our environmental
licence application for the Quebradona project and
confirmation of this decision in April 2022, AngloGold Ashanti
has been working to complete the data acquisition required on
the tunnel alignment area. In addition, an optimised feasibility
study is underway to implement improvements in water
management, operational flexibility, maintainability, and
constructability.
AngloGold Ashanti is in the process of preparing a new
Environmental Impact Assessment for the Quebradona project
to submit to ANLA in 2027 in connection with its
environmental licence application.
Gramalote
On 29 September 2023, the Company completed the sale of its
entire 50% indirect interest in the Gramalote project to B2Gold
Corp for a total consideration of up to $60m, $20m received as
a cash payment with the balance dependent on project
construction and production milestones that the Gramalote
Project reaches.
Nevada
Our project area in the Beatty district, Nevada, includes the
North Bullfrog, Silicon, Mother Lode, Merlin and Sterling
deposits. At 31 December 2023, a gold Measured and
Indicated Mineral Resource of 5.4Moz and a gold Inferred
Mineral Resource of 11.2Moz were recorded for the Beatty
District in Nevada.
North Bullfrog
The Board approved the North Bullfrog feasibility study,
subject to the receipt of the necessary permits and approvals.
Construction is contingent on the requisite permitting which is
expected in H1 2025.
Completed in 2023, the North Bullfrog Project feasibility study
proposes an open-pit mining alternative employing both gravity
milling and heap leaching for ore processing. Local, state and
federal permitting processes are underway and environmental
baseline studies are being reviewed by the agencies for
completeness.
The project, expected to be the first of the Nevada operations
to enter production, is slated to generate an internal rate of
return (IRR*) of of 13%, assuming a gold price of $1,600/oz. At
a gold price of $1,900/oz, the IRR* is estimated at 25%.
Regulatory approvals are expected during Q1 of 2025 and first
production at the end of 2025.
Quebradona, Colombia
North Bullfrog is currently expected to produce an average
117,000oz during the first five full years and an average of
62,000oz a year over its life, currently anticipated to be
13 years. All in sustaining costs APM are anticipated at $882/oz
over the first five full years and $854/oz over the life of the
mine. Initial project capital is expected to be $369m.
Development of North Bullfrog will allow AngloGold Ashanti to
build a cohesive project development team and improve
understanding of the permitting and project construction
process in Nevada.
Merlin deposit in the Expanded Silicon Project
The Merlin deposit, an exploration stage property, together
with the Silicon deposit, comprises the Expanded Silicon
Project.
A successful Mineral Resource conversion drilling programme
conducted at Merlin during the second half of the year yielded
encouraging results which were the basis of an initial
assessment completed by year end. With the successful
completion and approval of this concept study a 9.1Moz gold
Inferred Mineral Resource for Merlin was declared at an
average grade of 0.99g/t confirming another large discovery
contiguous to Silicon.
At 31 December 2023, the Silicon and Merlin deposits together
had a gold Measured and Indicated Mineral Resource of
3.4Moz and a gold Inferred Mineral Resource of 9.9Moz.
Priorities 2024
• Safely maintain solid performance across the region
• At North Bullfrog, local, state and federal permitting
processes are underway along with detailed engineering
work, key recruitment and operational readiness planning.
Long-lead time procurement commitments are expected in
H1 2024.
• The Merlin pre-feasibility study will continue in 2024,
focusing on mining, processing and infrastructure trade-off
studies. Infill and extension drilling will continue along with
hydrogeological, geotechnical and metallurgical testing.
• At Serra Grande, the focus will be on cost management and
full potential initiatives to maximise asset potential,
stabilise production and enhance productivity
• At Cuiabá, we will continue to process gold at the Queiroz
metallurgical plant and to mitigate the suspension of the
Calcinados TSF by exporting the concentrate produced
• At Cerro Vanguardia, the steady performance focus on
opportunities to improve cost competitiveness will be
maintained
*Actual IRR may differ materially from
any IRR indicated above, and may
therefore be lower, as a result of,
among other factors, changes in
economic, social, political and market
conditions, including related to
inflation or international conflicts, the
success of business and operating
initiatives, changes in the regulatory
environment and other government
actions, including environmental
approvals, fluctuations in gold prices
and exchange rates, the outcome of
pending or future litigation
proceedings, any supply chain
disruptions, any public health crises,
pandemics or epidemics, and other
business and operational risks and
challenges and other factors, including
mining accidents.
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Australia
Operations and projects
AngloGold Ashanti has two mining operations, Sunrise Dam
and Tropicana, in the north-eastern goldfields of Western
Australia. Sunrise Dam is wholly owned, while Tropicana is a
joint venture between AngloGold Ashanti (manager with 70%)
and Regis Resources Ltd (30%).
Greenfield exploration was carried out in Western Australia,
Queensland and New South Wales with brownfield exploration
conducted at the operations. For more detail on our
exploration activities in Australia, see Exploration and planning
for the future.
At the end of 2023, the Australia operations accounted for a
Mineral Reserve of 2.6Moz, around 9% of our total Mineral
Reserve, a Measured and Indicated Mineral Resource of
3.2Moz and an Inferred Mineral Resource of 3.6Moz.
Year at a glance
562,000oz
Gold produced
21% of total production
(2022: 538,000/oz; 19%)
$380m
Net cash inflow from
operating activities
(2022: $300m)
$1,251/oz
1,741
3.20
Total cash cost APM
(2022: $1,157/oz)
$135m
Capital expenditure APM
(2022: $202m)
People employed on
average, includes 1,394
contractors
(2022: 1,532; 1,218)
488kt
Scope 1 and 2 GHG
emissions (CO2 e)
(2022: 486kt)
TRIFR (injuries per million
hours worked)
(2022: 3.82)
$0.85m
Community investment
(2022: $0.98m)
Regional performance 2023
• Production from the Australia region rose on higher
production at both Sunrise Dam (up 9%) and Tropicana
(up 1%)
• Total cash cost APM of $1,251/oz recorded (2022: $1,157/
oz) – up 8%
• The all-in sustaining cost APM increased to $1,487/oz (2022:
$1,345/oz)
• Sunrise Dam accounted for $47m of regional capital
expenditure APM, Tropicana $87m and the Australian
administration office of $1m (2022: $50m for Sunrise Dam
and $152m for Tropicana)
• Regional safety performance continued to improve with an
overall TRIFR of 3.20 injuries per million hours worked
(2022: 3.82). There were no occupational fatalities at either
operation.
• Cyanide Code, ISO 45000 (health and safety) and ISO 14001
(environmental management) certification was renewed at
Sunrise Dam and Tropicana during the year.
Successes
Challenges
• Continued improvement in
• Skills shortages continued
regional safety
performance
• Full Asset Potential
Programme benefits
delivered at both sites
to place pressure on
productivity and mining
efficiency
•
Inflation remained a
challenge, offsetting
operating cost
improvements
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Performance by operation
Sunrise Dam
Improved mined grades from the underground mine and the
now-depleted Golden Delicious open pit along with higher
underground ore tonnes mined, partially offset by lower ore
tonnes processed, contributed to an increase in gold
production to 252,000oz for 2023, compared to 232,000oz in
2022. Higher gold production and favourable ore stockpile
inventory movements, as well as the weakening of the
Australian dollar against the US dollar, offset higher labour and
consumables costs and higher royalties paid, contributing to
lower total cash costs APM for 2023 of $1,318/oz compared to
$1,402/oz in 2022.
Mining of the satellite Golden Delicious pit was completed in
2023 along with mining of a smaller open pit at Mac. In the
underground mine, the Vogue and Frankie zones were the main
sources of ore.
Sunrise Dam realised the benefits of the Full Asset Potential
Programme in 2023. A focus on improving jumbo
performance, along with better spatial compliance and
efficiencies from the new fleet management system, lifted
underground tonnes mined by 10% to 2.66Mt for the year.
During the year, another related project indicated that cyanide
dosing in the leach tanks could improve metallurgical
recoveries by up to 0.6%.
Tropicana
A higher head grade, driven by an increase in full grade open
pit ore movement and a reduction in stockpile mill feed,
contributed to production of 310,000oz at Tropicana for 2023
compared to 306,000oz in 2022. The higher head grade was
partially offset by slightly lower ore tonnes processed, due to a
larger proportion of harder ore in the mill feed in the second
half. Higher waste stripping and drill and blast costs, partially
offset by favourable ore stockpile inventory movements and
the weakening of the Australian dollar against the US dollar,
contributed to a higher total cash cost APM of $1,105/oz for the
year compared to the $881/oz reported for 2022.
Full Asset Potential projects, including improvements to “use
of availability” rates, truck productivities, reduced re-entry
times after blasting and improved spatial compliance in
development and drilled stocks to create more flexibility, lifted
underground ore tonnes mined to 165,000tpm in H2 2023.
Construction of a renewable energy facility at Tropicana
started in the second half of the year and is on schedule for
completion in early 2025. The facility comprises four 6MW
wind turbines, a 24MW solar farm and a 14MW battery storage
system. It will integrate 62MW of clean energy into Tropicana’s
existing 54MW gas fired power system, reducing the site’s
diesel and gas consumption for power generation by 96% and
50% respectively, slashing carbon emissions by more than
65,000t annually over a 10-year period.
The new facility is expected to play an important role, together
with other pending and future plans to reduce absolute Scope
1 and 2 GHG emissions by 30% by 2030 (vs 2021 baseline), a
key part of our roadmap to achieve net zero Scope 1 and
Scope 2 GHG emissions by 2050.
APM
APM (1)
(1) World Gold Council Standard
43
TRIFR(injuries per million hours worked)7.333.746.593.823.2020192020202120222023Attributable production (000oz)61455449453856220192020202120222023Productivity (oz/total employee costed)44.8537.5030.9329.2727.5820192020202120222023Cost performance ($/oz)7309681,1961,1571,2519901,2251,5001,3451,487Total cash costsAll-in sustaining costs20192020202120222023 Overview
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Regional reviews
Priorities 2024
Sunrise Dam is targeting further increases in underground
tonnes mined to more than 245,000tpm from a rate of
~230,000tpm at year end. This will partially offset the impact
of completion of mining in the Golden Delicious open pit, which
had previously decreased the need to supplement mill feed
with stockpiled ore.
Vogue will continue as the main source of underground ore in
2024 with increased volumes planned from Frankie relative to
2023.
At Tropicana, a pre-feasibility study on mining underground ore
beneath the Havana pit was completed during the year and a
feasibility study initiated to focus on operational readiness and
detailed design. It is anticipated that construction of the
access decline will start in the second quarter of 2024.
The site plans to lift monthly underground ore production rates
from the 2023 level of 165,000 tonnes to 175,000 tonnes in
mid-2024, once ventilation constraints are resolved.
Open-pit ore production rates are also expected to rise in the
second half as the Havana 4 cutback strip ratio decreases. The
Havana pit will be the main source of open pit ore.
Sunrise Dam, Australia
44
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Exploration and planning for the future
Our exploration covers greenfields and brownfields
exploration programmes to support sustainability and
growth of our business. Greenfields exploration aims to
discover large, high-value Mineral Resources that will
eventually lead to the development of new gold mines.
Brownfields exploration focuses on delivering value
through accretive additions at existing mines, as well as
driving development of future mines at our advanced
projects.
Greenfields exploration
In 2023, $40.8m was spent on greenfields exploration. Our
greenfields exploration tenements cover over 12,400km2 of
highly prospective ground in five countries: Australia,
Argentina, Brazil, Tanzania, and the United States.
Africa
In Tanzania, greenfields exploration was restarted and field
activities began at three projects located in the Shinyanga and
Singida regions.
Americas
In the United States, 6,608m of diamond drilling was
completed at the Midnight Star and CR projects in Nevada.
Further targets remain to be tested at both projects. One
additional project (Lucille) was added to the greenfields
Nevada portfolio during 2023 and three projects are waiting for
permits from the relevant government agencies.
In Brazil, stream sediment sampling continued to define new
districts in the South Brasilia Belt (SSB) terrane. Infill stream
sediment and soil sampling at SBB defined targets at the Claro
project, which are ready for drill testing.
In Argentina, a 3,500km heliborne magnetic survey was
completed at the Organullo project in Salta Province.
Greenfields exploration at Organullo is managed by AngloGold
Ashanti under an option agreement with Latin Metals. At the
100% El Cori project, environmental surveys were completed
and drilling permits were submitted over four drill targets.
Tropicana, Australia
Australia
During 2023, greenfields exploration was carried out in the
Laverton district of Western Australia, in northern Queensland
and in New South Wales. The Laverton exploration has
focused on the advanced Corvette prospect.
In Queensland, 4,264m of diamond drilling returned low-level
anomalous results from Muldiva. Reconnaissance mapping,
rock chip sampling and soil sampling was completed at
several early-stage targets in the Chillagoe district. Field
reconnaissance took place on the Connors and Auburn Arc
tenements in the New England terrane.
Mud-rotary and diamond drilling (30 holes for 5,143m) was
completed at the Macquarie Arc project in New South Wales,
which is under an option agreement with Inflection Resources
to test for porphyry-related copper-gold mineralisation. The
drilling returned alteration assemblages indicative of a near-
porphyry environment at the Duck Creek, Myallmundi and
Trangie projects.
Brownfields exploration
In 2023, our brownfield exploration teams at operations across
the globe completed 558km of capital and 291km of expensed
drilling at a total cost of $82.8m and $65.3m, respectively.
These costs are attributable to AngloGold Ashanti and include
the Kibali JV, as well as Córrego do Sítio (CdS), which was
placed on care and maintenance in August 2023.
Additionally, 129km of drilling was completed at the Nevada
projects for a total cost of $73.9m, principally at the Merlin
deposit of the Expanded Silicon project. This has delivered
exceptional results and supported the declaration of a
significant first time 9.1Moz Inferred Mineral Resource, as well
as further definition and expansion of the mineralisation.
45
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Exploration and planning for the future
Africa
Geita
Exploration drilling programmes for 2023 completed a total of
147km drilling.
Capitalised drilling to support development and definition of
Mineral Resource took place across all operational areas and
at the Geita Hill Underground project. Infill drilling generally
confirmed existing models and at Geita Hill notably increased
resolution of orebody characteristics and geometries within
underground blocks 1 and 2.
Expensed drilling included testing for extensions of the main
deposits, as well as at exploration targets within the
Nyamulilima region and along the central district. Drilling to the
southern margin of the Nyamulilima open pit supported
expansion potential and showed underground potential at
depth. The Kalondwa Hill programmes in the central district
included infill of the main orezones, as well as establishing
mineralisation continuity along both western and northwestern
trends.
Kibali
Drilling of the KCD down-plunge continued, with programmes
supporting potential extensions of the 5000, 9000 and 11000
lodes. Recent drilling to the northwest of KCD supports an
emerging mineralised corridor parallel to KCD that has
potential for both underground and open pit targets.
At Agbarabo-Rhino, drilling of the high-grade Rhino oreshoot
down-plunge and lateral continuity of Agbarabo lenses
supports underground potential, with shallow mineralisation at
Rhino showing open pit potential close to the Kibali plant.
Drilling at Oere supports extension of mineralisation down-
plunge, highlighting an underground opportunity and raising
the possibility for further blind high-grade shoots in the KZ
North area. In KZ South, ongoing drill testing at Zambula has
returned promising results that support open pit potential of
this target.
Obuasi
In all, 40km of exploration drilling was completed in 2023.
Underground drilling was focused on improving confidence in
the Mineral Resource at Block 8 and Block 10 ahead of mining,
as well as probing and extending the known mineralisation in
these areas. Good continuity of the Obuasi fissure was noted
from the Block 10 programmes and at Block 8, testing of the
East Lode system refined the models and identified additional
multi-splayed lodes east of the known system.
Surface drilling took place at CVS and Cote d’Or, with the Cote
d’Or drilling aiming to test multiple lodes and infill the Mineral
Resource to further assess potential to serve as an additional
and independent underground mining area.
Iduapriem
Some 11km of exploration drilling were completed, focused on
capitalised infill at Block 3 west and Block 4 to support the
mine plan and add operational flexibility. The drilling
programmes delivered good results that supported definition
and expansion of the Mineral Resource.
Regional exploration activities continued across the mining
lease with reconnaissance mapping and soil geochemical
sampling at several targets.
Siguiri
During 2023, exploration activities included 93km of drilling
across blocks 1, 2 and 3. In Block 1, infill continued at Kami
and Bidini, with delineation of potential extensions at Kami,
Kozan, Seguelen and Balato pits. Good potential upside of the
oxide in the Kami East area was demonstrated by several
encouraging results. Reconnaissance drilling tested several
targets within the block.
In Block 2, infill at Saraya pit was accompanied by
reconnaissance drilling at several targets to identify potential
for continued mining operations in the block. In Block 3, drilling
at Kounkoun was completed to infill the Mineral Resource and
support the advancing project studies, delivering several
significant intersections that confirmed the robust and
relatively high-grade mineralisation of this deposit. Drilling
further supported geometallurgical studies and infrastructure
planning.
Americas
Nevada projects, US
Drilling in the eastern Beatty District took place at Silicon and
Merlin with up to twelve rigs in operation. Drilling has been
focused on the Mineral Resource delineation program at
Merlin, which has returned impressive results that support and
enhance the modelled mineralisation and continue to show
significant upside potential. Drilling also supported technical
studies to inform the Expanded Silicon project.
At the North Bullfrog project in the western Beatty District,
activities were mainly restricted to drilling support for
hydrogeological and geotechnical studies. However, a risk
amelioration drill programme to support a Measured Resource
was completed within the Sierra Blanca pit design and
informed an updated model.
Colombia projects
No exploration drilling took place at the projects. At
Quebradona, a re-logging programme was initiated to enhance
geological models based on improved differentiation of certain
lithologies and is ongoing. Limited geotechnical drilling was
completed and core sampling was undertaken to support
technical studies.
AGA Mineração, Brazil
At Cuiabá-Lamego, a total of 158km exploration drilling was
completed. Drilling at Cuiabá took place between levels 21 and
23 for the Fonte Grande Sul and Serrotinho orebodies, with
significant intercepts supporting improvements and additions
to the mineralisation model. Drilling of the Narrow Veins
between levels 17 and 21 also delivered good results,
particularly down-plunge at Balancão.
The secondary orebodies (VQZ, Galinheiro Footwall, and
Viana) continued to show promising results from drilling
between levels 15 and 21, most notably from the high-grade
quartz vein lenses of the VQZ both within the core of the
Cuiabá fold and in the footwall of the Serrotinho orebody.
Drilling at Lamego focused on Carruagem, with numerous
results that refined and extended the modelled mineralisation.
Drilling also took place at the Queimada and Arco da Velha
orebodies.
At the Descoberto regional prospect, a surface drilling
programme was completed and an induced polarisation
programme is ongoing. Surface channel sampling was
completed at the Lamego AVOx prospect.
Prior to being placed on care and maintenance in August 2023,
a total of 46km drilling was completed at Córrego do Sítio
(CdS) across several surface and underground areas of CdS I
and II. Subsequent work has focused on ensuring that
exploration activities to date are well documented.
46
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Outlook 2024
• Greenfields exploration remains focused on delivery of
another transformational, sustainable discovery in a
jurisdiction where we operate or are developing major
projects. Towards that end, progressing multiple
prospects towards drill testing is a priority for 2024.
• Brownfields exploration at the operations is geared
towards maintaining a healthy exploration pipeline, with a
strong emphasis on delivering high value ounces aligned
to operational needs. In the Nevada projects, exploration
efforts will be concentrated on continued delineation and
definition of the Merlin orebody to inform pre-feasibility
studies at the Expanded Silicon project.
Tropicana, Australia
Serra Grande, Brazil
Capitalised and expensed drilling programmes completed a
total of 71km drilling with a strong focus on infill and
confirmatory drilling to support the mine plan, notably at Inga,
Mangaba, Pequizão, and Limoeiro. Several of these
programmes also served to target infill and testing of upside
potential in adjacent orebodies close to mine infrastructure.
Cerro Vanguardia, Argentina
A total of 78km of exploration drilling was completed at Cerro
Vanguardia, with drilling mainly directed at delineating the
Mineral Resource and testing extensions of veins within the
mining lease.
Promising assays results were returned from partially covered
and/or blind veins at Dora, Doriana, Jani and El Lazo targets.
Late in the year, an extensive trenching and channel sampling
campaign was undertaken across numerous veins to support
drill targeting.
A reconnaissance programme at the Cóndor tenement drilled
several target structures, while at the Claudia JV, drilling was
completed over the Io vein and successfully defined
extensions under cover. Reconnaissance mapping and
sampling was also undertaken at several targets across the
Claudia JV area.
Australia
Sunrise Dam
Exploration drilling programmes completed a total of 92km
during 2023. Drilling was primarily concentrated in Frankie,
Astro-Flamingo, and Vogue, with the objective of bolstering
Mineral Resource to support mining operations. These areas
returned numerous significant intercepts and contributed to
ounce additions across several categories. The Frankie
programme notably led to a major improvements in the
modelling of high-grade ore shoots.
Surface drilling mainly tested near-surface targets at Pink Lady
and Wilga West, as well as drilling to support an upgrade of the
planned Neville open pit to Indicated Mineral Resource.
Tropicana
Brownfields exploration at Tropicana executed a total of 98km
of drilling. Regional drilling programmes were impacted in the
second half of the year by temporary access constraints,
resulting in near-mine programmes being brought forward.
Capitalised exploration focused on Boston Shaker, Havana and
Tropicana underground drilling, with results that generally
confirmed and enhanced existing models. Near-mine
expensed drill programmes delivered significant results from
targets testing depth extensions and high-grade plunges to
underground lodes at Boston Shaker and Havana South.
Regional expensed exploration drilling yielded significant
results along Tropicana’s northern corridor. Drilling south of
the mine at Bushwacker also returned encouraging intercepts.
Drone-based geophysical surveys were also completed to
support exploration targeting along the Angel Eyes-Double
Vision (northern corridor), Madras and Sanpan-Sazerac trends.
47
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CFO’s report
“A significant year of
transition, as we continued
to stabilise the business,
focus on organic growth, and
improve operational
efficiencies”
The year in review was a busy and productive one for
AngloGold Ashanti. We achieved a key milestone in our
strategy with the relocation of our corporate headquarters to
Denver and transitioning our primary listing to the NYSE. We
demonstrated strong operational performance, particularly in
the second half of the year, and resilience in the face of
significant operational headwinds.
Similarly, we took a major step forward to ensure the organic
growth of our business with the discovery of 9.1Moz of
Inferred Mineral Resource at our Merlin deposit in Nevada.
The strong operational performance was supported by the
strong gold price, with the realised price up around 8% versus
2022, at around $1,930/oz. We hedged about 135,000oz, 5% of
production, with a zero-cost collar between $1,950/oz and
$2,025/oz. This provided downside protection for our Brazilian
assets, undergoing a significant operational turnaround
process which makes them significantly exposed to a gold
price downturn.
While AISCAPM ended slightly above guidance, production and
cash costs were within the guidance range for the second
consecutive year, despite a challenging inflationary
environment and one-off factors that affected production from
Siguiri, Obuasi and Cuiabá.
Cost inflation of about 8.9% was a particularly challenging
aspect of the operating environment, as was a stronger
Brazilian real versus the US dollar, which pushed dollar-
denominated costs higher in one of our largest costs
jurisdictions.
Notwithstanding these factors, the increase in our cost base
was limited to 4%, demonstrating our continued focus on costs
and the strength of our Full Asset Potential Programme.
Net cash inflow from operating activities decreased to $971m
for the year ended 31 December 2023, compared to $1,804m
for the year ended 31 December 2022. The decrease was
primarily related to the non-recurrence of a $460m payment
from the Kibali joint venture in 2022, attributed to the release
of historical cash reserves held in the DRC, along with one-time
expenses of $314m in 2023 for our corporate restructuring.
Weak cash conversion has long been an Achilles heel for the
Company. A concerted effort to improve it, as well as to
optimise working capital management yielded a much
improved free cash flowAPM performance in the second half of
the year. Free cash flowAPM of $314m in the second half more
than offset first half outflows of $205m. These remain areas
of focus for us.
Maintaining a strong balance sheet is a central plank of our
strategy. We closed the year with strong liquidity, leverage
within our own conservative target range and no near-term
debt maturities. This was after self-funding our sustaining and
growth capital, dividend payments and the fees and taxes
related to our corporate restructuring and redomicile.
Our liquidity position, $955m in cash and $1,253m in untapped
revolving credit facilities (RCFs), incorporated repayment of
the RCF drawdown used for the corporate restructuring
expenses, ensuring no dilution for shareholders. Adjusted net
debt to adjusted EBITDAAPM was 0.89 times at year-end, below
our target of 1.0 times through the cycle.
On 29 September 2023, we completed the sale of our 50%
indirect interest in the Gramalote project to B2Gold Corp for a
total consideration of up to $60m, $20m received as a cash
payment with the balance dependent on project construction
and production milestones. The sale allows us to further
sharpen our focus on our remaining operations, which have
further room to optimise, and our pipeline of high-return
investment opportunities.
Net impairment losses of $192m were recorded for the year,
mainly at our Brazilian operations, where we also took decisive
steps to improve focus and the overall quality of the portfolio.
48
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Our credit ratings across all three major agencies have been
maintained, supported by a consistent engagement strategy
and underpinned by our diverse asset portfolio, prudent capital
allocation, careful risk management and our commitment to
maintain a robust financial position. In time, our new corporate
domicile in the UK, as well as the introduction of new, lower-
cost production from the US, will benefit our overall risk profile
with the potential, in turn, to benefit our credit rating.
I wish to record my gratitude to the broader finance team
across the Group which includes the regional finance teams,
financial reporting, planning and performance management,
tax, treasury, global supply chain and internal audit functions
for their considerable efforts in supporting the business as it
navigates the changeable and challenging operating
landscape.
I would also like to thank members of the Audit & Risk
Committee for their collective experience and diligent
oversight of our work, which has been invaluable.
Gillian Doran
Chief Financial Officer
10 April 2024
Tropicana, Australia
The CdS mine was placed in care and maintenance in August,
following a sustained period characterised by poor production
and costs well above the gold price. This also reinforced our
stance that loss-making assets cannot be cross-subsidised
indefinitely. In contrast, the complex transition to gold
concentrate sales at the nearby Cuiabá underground mine was
completed during the first half of 2023, accompanied by
significantly improved operating results versus the prior year.
This resulted in a $28m impairment reversal ($38m gross of
taxes) at year end. Note 12 of the Group financial statements
has information detailing these transactions.
During the year-end audit process, the finance team discovered
an error in the calculation of the deferred tax asset at Obuasi
gold mine, impacting the audited Group financial statements
for the year ended 31 December 2022. After discussions with
EY, the previous auditor, and PwC, the current auditors,
management restated the Group financial results in
compliance with IFRS. The error concerning the deferred tax
asset at the Obuasi mine is non-cash and does not affect
production, costs or cash flow. Further details on the
restatement can be found in note 1.3 of the Group financial
statements.
The root causes of this restatement, along with other control
weaknesses identified by the auditors, are receiving significant
attention for remediation and further improvement
opportunities. Despite these issues occurring during a year of
domicile and primary listing change, staff turnover, and the
transition to new auditors, management views them as
opportunities to strengthen internal controls, enhance systems
and processes, and bolster staff capabilities.
Other notable achievements in 2023 worth reflecting on are:
• Managing a complex audit transition after a decades-long
relationship with EY to our new external audit firm, PwC, in a
year marked by changes in our domicile and primary listing
• Successful and sustainable tax management in the ten
jurisdictions in which we operate by developing and
executing mutually beneficial strategies in often challenging
social, political, and economic conditions
• Standardising and updating our management reporting
framework, ensuring our business leaders receive accurate
information on asset performance, significantly quicker
than in prior years, allowing for more timely analysis,
trendspotting and allocation of resources to course-correct
where necessary
• Delivering a robust 2024 business plan alongside the site,
regional and corporate teams, including the impact of the
Full Asset Potential programme
The ongoing integration of the Company's new Operating
Model and effective implementation of enhancements detailed
in the Full Asset Potential programme have yielded tangible
benefits in achieving our objective to safely improve cost
competitiveness versus our major peers. There are further
opportunities to improve in this regard, which will be a
continued focus in 2024.
49
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AngloGold Ashanti plc
Financial review
Two-year summaries
Summarised Group financial results – income statement
US dollar millions
Revenue from product sales
Cost of sales
Loss on non-hedge derivatives and other commodity contracts
Gross profit
Corporate administration, marketing and related expenses
Exploration and evaluation costs
Net impairment, derecognition of assets and profit (loss) on disposal
Restructuring costs(2)
Other (expenses) income
Finance income
Foreign exchange and fair value adjustments
Finance costs and unwinding of obligations
Share of associates and joint ventures' profit
Profit before taxation
Taxation
(Loss) profit for the year
Attributable to:
Equity shareholders
Non-controlling interests
2023
4,582
(3,541)
(14)
1,027
(94)
(254)
(221)
(314)
(104)
127
(154)
(157)
207
63
(285)
(222)
(235)
13
(222)
Restated(1)
2022
4,501
(3,366)
(6)
1,129
(79)
(205)
(315)
(14)
(12)
81
(125)
(149)
161
472
(221)
251
233
18
251
(1) Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a deferred tax asset with respect to
the Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2 of the Group financial statements.
(2) Restructuring costs incurred are costs associated with the AngloGold Ashanti corporate restructuring and related taxes.
Revenue
Revenue from product sales rose by 2% over 2022 predominantly as a result of the increase in the average gold price of $135/oz
($1,928/oz in 2023 vs. $1,793/oz in 2022) partially offset by lower ounces sold (112koz) and a reduction in by-product revenue
mainly sulphuric acid due to suspension of operations of the Quieroz plant in Brazil.
Gold hedges
During the first quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 13koz of gold for the
period from February 2023 to December 2023 in order to manage gold price downside risk associated with Cuiabá partially
transitioning to gold concentrate sales and the high cost associated with CdS. During the second quarter of 2023, AngloGold
Ashanti entered into zero-cost collars for a total of approximately 47koz of gold for the period from January 2024 to June 2024.
During the fourth quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 300koz of gold for
the period from January 2024 to December 2024 in order to manage gold price downside risk of the high costs associated with the
Brazilian operations.
Oil hedges
During July 2022, AngloGold Ashanti entered into forward contracts for a total of 999,000 barrels of Brent Crude oil for the period
from January 2023 to December 2023 that would be cash settled on a monthly basis against the contract price. This comprised
approximately 40% of the Company’s total anticipated 2023 consumption. The average price achieved on the forward contracts
was $89.20 per barrel of Brent crude oil. There were no open contracts at the end of December 2023.
Geita, Tanzania
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Average gold price received
2023
2022
Gold income (US dollar million)
Realised gain on non-hedge derivatives (US dollar million)
Adjusted for non-controlling interests (US dollar million)
Attributable gold income including realised non-hedge derivatives (US
dollar million)
Attributable gold sold (000oz)
Average gold price received per ounce ($/oz)
Subsidiaries
Joint
ventures
Subsidiaries
Joint
ventures
4,480
2
(99)
4,383
2,273
1,928
668
—
—
668
343
1,948
4,388
—
(112)
4,276
2,385
1,793
596
—
—
596
332
1,795
$/oz
$/bbl
Gold Collar Hedge - Ceiling
Gold Collar Hedge - Floor
2024: 347koz hedged at a consolidated put
option of $1,993/oz and a consolidated call
option of $2,132/oz
2024: 999kbbl hedged at $89.20/bbl
Cost of sales
Cost of sales increased by 5% largely as a result of higher operating costs ($112m), increase in amortisation expenses on tangible
assets ($24m) and higher environmental rehabilitation charges ($21m).
Operating costs variance is largely as a result of inflationary challenges and pressure on mining contractors and labour, increased
engineering material costs, higher processing gold concentrate cost in Brazil along with the strengthening of the BRL against the US
dollar and additional costs associated with stockpile depletions at Siguiri following the CIL tank failure incident in May 2023.These
costs were slightly offset by lower mining contractor costs at Siguiri resultant of the transition from contractor mining to owner
mining in the second half of 2023, the collective weakening of the ZAR, AUD and ARS against the USD, lower fuel costs, favourable
ore stockpile movements at Geita and lower inventory write-offs in the current year compared to the previous year
The increase in amortisation of tangible assets was mainly due to the Obuasi redevelopment project continuing to ramp up to full
production and higher waste stripping costs at Iduapriem and Tropicana
Higher environmental rehabilitation costs are due to changes in global economic assumptions impacting discount rates,
adjustments in mine plans impacting cash flows and modifications to the design for closure of TSFs
51
Gold price (18 months to December 2023)Gold priceJul-22Dec-231,6001,8002,0002,200Oil price(18 months to December 2023)Oil price WTIBrent Crude $bblJul-22Dec-235075100125 Overview
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AngloGold Ashanti plc
Financial review
Embedded as part of cost of sales is the total cash costs. The split between subsidiaries and joint ventures is as follows:
Breakdown of total cash costs APM
US dollar million
Total cash costs
Cost of sales
– By-product revenue
– Inventory change
– Amortisation of tangible assets
– Amortisation of right of use assets
– Amortisation of intangible assets
– Environmental rehabilitation and other non-cash costs
– Retrenchment costs
Total cash costs
Adjusted for non-controlling interests and non-gold producing
companies
Total cash costs adjusted for non-controlling interests and non-gold
producing companies
Gold produced (000oz)
Total cash costs per ounce ($/oz)
2023
2022
Subsidiaries
ventures Subsidiaries(1)
Joint
Joint
ventures
3,541
(102)
12
(579)
(78)
(1)
(22)
(4)
2,767
(77)
2,690
2,292
1,174
372
(2)
2
(98)
(1)
—
2
—
275
—
275
343
802
3,366
(113)
30
(555)
(81)
(1)
—
(6)
2,640
(78)
2,562
2,405
1,066
342
(1)
3
(93)
(2)
—
(4)
—
245
—
245
337
725
(1) Comparative periods have been retrospectively restated. Refer to note 1.3 of the Group financial statements.
Total cash cost APM * – 2023 vs 2022 ($/oz)
Total cash costs per ounce* ended the year at $1,108/oz, falling within the guidance range. Biggest negative contributors to the year-on-
year variance were the impact of inflation, lower gold output and declining grades. This negative impact was partially offset by the
currencies of Argentina and Australia being, on average, weaker against the US dollar during 2023 as compared to 2022.
* Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023
52
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Annual Report 2023
Other income statement movements
Exploration and evaluation costs increased by $49m from 2022 primarily due to an increase in greenfields exploration mainly at
Nevada including costs spent on feasibility and pre-feasibility studies.
Net impairment expenditure of $192m in 2023 were processed mainly at our Brazil operations: CdS ($47m), Cuiabá ($15m), Serra
Grande ($105m) and Gramalote ($25m). The transition to gold concentrate sales during 2023 significantly improved operating
results at Cuiabá mine compared to 2022, which resulted in the recognition of an impairment reversal of $38m at 31 December
2023.
Other expenses increased by $92m over 2022 largely due to care and maintenance expenses ($52m) predominantly at CdS in
Brazil and legacy related TSFs costs ($52m) arising from legislative requirements in Brazil. This was partially alleviated by other
movements ($12m).
Finance costs and unwinding of obligations increased by $8m in 2023 mainly due to higher finance costs from borrowings
compared to 2022.
Taxation expense increase of $64m from the preceding year mainly attributable to higher deferred tax liabilities and lower deferred
tax assets raised on tax losses in Ghana. This was partly offset by lower taxation in Colombia due to the settlement in the current
year of the 2011 and 2010 tax claims raised in 2022.
Iduapriem, Ghana
53
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Annual Report 2023
Financial review
Total cash costs APM breakdown by operation
For the year ended 31 December 2023
(in US dollar millions, except as otherwise noted)
Corporate
and
other(1)
Kibali
Other
Ventures Iduapriem
Obuasi
Siguiri
Geita
Joint
Africa
other
Sunrise
Australia
Subsidiaries
Dam Tropicana
other Australia
Africa
Australia
Total cash costs
Cost of sales
– By-product revenue
– Inventory change
– Amortisation of tangible
assets
– Amortisation of right of use
assets
– Amortisation of intangible
assets
– Environmental rehabilitation
and other non-cash costs
– Retrenchment costs
Total cash costs
Adjusted for non-controlling
interests and non-gold
producing companies
Total cash costs adjusted for
non-controlling interests and
non-gold producing
companies
Gold produced (000oz)
Total cash costs per ounce
($/oz)
4
—
—
(3)
(1)
(1)
1
—
—
—
—
—
—
372
(2)
2
(98)
(1)
—
2
—
275
—
275
343
802
—
—
—
—
—
—
—
—
—
—
—
—
—
372
(2)
2
387
—
(2)
313
(1)
4
473
—
1
(98)
(126)
(61)
(39)
(1)
—
2
—
(3)
—
(3)
—
275
253
—
—
(6)
—
249
—
—
(6)
—
429
566
(2)
5
(68)
(23)
—
(1)
—
—
—
(1)
—
—
—
—
—
1,739
(3)
7
399
(1)
(6)
438
(3)
14
(294)
(43)
(97)
(26)
(15)
—
(16)
—
—
(1)
—
(7)
—
(2)
—
477
(1)
1,407
333
343
—
—
—
(64)
—
—
(64)
—
—
275
343
802
253
268
249
224
365
221
943
1,114
1,650
477
485
984
(1)
—
—
1,343
1,198
333
252
343
310
1,121
1,318
1,105
30
—
—
—
(1)
—
(1)
—
28
—
28
—
—
867
(4)
8
(140)
(23)
—
(4)
—
704
—
704
562
1,251
54
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Annual financial statements Other information
Total cash costs APM breakdown by operation (continued)
For the year ended 31 December 2023
(in US dollar millions, except as otherwise noted)
Americas
Cerro
Vanguardia
AGA
Mineração
Serra
Grande
Americas
Joint
other Americas Projects
Ventures Subsidiaries
Group
total (2)
Córrego do
Sítio
Adjusted to exclude the Córrego do Sítio operation
AGA
Mineração(
3)
Americas
(3)
Subsidiaries
(3)
Group total
(2)(3)
Total cash costs
Cost of sales
– By-product revenue
– Inventory change
– Amortisation of tangible
assets
– Amortisation of right of use
assets
– Amortisation of intangible
assets
– Environmental rehabilitation
and other non-cash costs
– Retrenchment costs
Total cash costs
Adjusted for non-controlling
interests and non-gold
producing companies
Total cash costs adjusted for
non-controlling interests and
non-gold producing companies
Gold produced (000oz)
Total cash costs per ounce
($/oz)
307
(93)
(2)
(39)
—
—
(1)
—
172
453
(2)
(2)
169
—
—
(66)
(37)
(22)
—
(4)
(2)
355
(6)
—
3
(1)
128
(13)
—
—
159
152
355
294
128
86
1,045
1,210
1,498
2
—
1
—
—
—
(1)
(1)
1
—
1
—
—
931
(95)
(3)
(142)
(28)
—
(3)
(4)
656
(13)
643
532
1,211
—
—
—
—
—
—
—
—
—
—
—
—
—
372
(2)
2
3,541
(102)
12
3,913
(104)
14
(98)
(579)
(677)
(1)
(78)
(79)
—
2
—
(1)
(1)
(22)
(4)
(20)
(4)
275
2,767
3,042
—
(77)
(77)
2,690
2,292
2,965
2,635
275
343
802
(1) Corporate includes non-gold producing subsidiaries
(2) Total including equity-accounted joint ventures
(3) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023
The Regional reviews section on pages 35 to 44 contains more details on total cash cost performance and variances.
55
104
—
(2)
(3)
(3)
—
(3)
—
93
—
93
42
349
(2)
—
827
(95)
(1)
3,437
(102)
14
3,809
(104)
16
(63)
(139)
(576)
(674)
(19)
(25)
(75)
(76)
—
(1)
(2)
262
—
—
(4)
563
(1)
(19)
(4)
(1)
(17)
(4)
2,674
2,949
—
(13)
(77)
(77)
262
252
550
490
2,597
2,250
2,872
2,593
1,174
1,125
2,217
1,041
1,124
1,154
1,108
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AngloGold Ashanti plc
Financial review
Adjusted EBITDA APM
Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDAAPM) for the year ended 31 December 2023 was $1,420m, compared with $1,792m for the year ended 31 December
2022. Adjusted EBITDAAPM was lower year-on-year mainly due to higher total operating costs, higher exploration and evaluation costs, higher environmental provisions for legacy TSFs as a result of new
legislation in Brazil relating to emergency response and safety management for TSFs, costs related to the corporate restructuring and lower gold sold. This decrease was partially offset by higher equity-
accounted joint venture income and the higher average gold price received per ounce.
For the year ended 31 December 2023
(in US dollar millions, except as otherwise noted)
Africa
Australia
Americas
Corporate
and other Kibali
Iduapriem Obuasi Siguiri Geita
Africa
other Africa
Sunrise
Dam
Tropicana
Australia
other
Australia
Cerro
Vanguardia
AGA
Mineração
Serra
Grande
Americas
other
Americas Projects
Less equity
accounted
investments
Sub-
total
Group
total
Adjusted EBITDA (1)
Profit (loss) before
taxation
Add back:
Finance costs
and unwinding of
obligations
Finance income
Amortisation of
tangible, right of
use and
intangible assets
Other
amortisation
Associates and
joint ventures
share of
amortisation,
interest, taxation
and other
EBITDA
Adjustments:
Foreign exchange
and fair value
adjustments
Care and
maintenance costs
(432)
233
124
116
32
325
41
871
99
149
(82)
166
201
(170)
(134)
(146)
(249)
(209)
147
(84)
63
87
(25)
5
—
3
(8)
99
—
2
—
129
—
7
(2)
61
—
8
(2)
25
(16)
39
—
91
—
—
—
—
—
45
(28)
419
—
—
—
58
—
2
—
104
—
8
(3)
1
—
10
(3)
163
—
3
—
(362)
327
—
255
—
182
—
77
—
425
—
—
41
1,307
—
157
—
255
—
(76)
—
336
(8)
—
21
—
4
—
7
—
3
—
15
—
—
—
50
—
—
—
(1)
—
(2)
—
(3)
—
4
(75)
39
(1)
—
168
(18)
—
9
(1)
88
1
3
(1)
43
—
1
(1)
—
—
17
(78)
170
—
1
160
(1)
(135)
(3)
8
157
(127)
—
3
757
3
(99)
658
—
3
—
—
—
—
—
3
(73)
(89)
(146)
(140)
(206)
935
199
21
202
956
5
49
3
—
147
137
(1)
175
(21)
154
—
49
3
52
—
52
56
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Annual Report 2023
Adjusted EBITDA APM continued
Africa
Australia
Americas
Corporate
and other Kibali
Iduapriem Obuasi Siguiri Geita
Africa
other Africa
Sunrise
Dam
Tropicana
Australia
other
Australia
Cerro
Vanguardia
AGA
Mineração
Serra
Grande
Americas
other
Americas Projects
Less equity
accounted
investments
Sub-
total
Group
total
—
—
—
—
—
—
—
—
16
1
—
18
1
19
—
19
Retrenchment and
related costs
Impairment,
derecognition of
assets and profit
(loss) on disposal
Unrealised non-
hedge derivative
loss
Joint ventures
share of costs
Realised other
commodity
contracts
Intergroup
interest, royalty,
dividend and
management
fees
—
9
—
7
—
—
—
—
(31)
45
—
—
—
—
(1)
(4)
—
—
—
—
—
—
—
—
—
—
—
(5)
—
2
—
—
2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1
—
—
—
—
Adjusted EBITDA
(385)
393
5
264
—
188
—
76
—
(45)
5
440
(2) 1,359
—
157
—
254
13
(65)
13
346
—
151
(1)
86
—
31
90
116
(5)
201
25
221
—
—
—
—
—
—
—
—
—
—
(4)
—
—
—
—
—
—
9
2
7
(1)
264
14
—
(164)
1,420
—
—
—
—
—
—
221
9
2
7
—
1,420
(1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
Rounding of figures may result in computational discrepancies.
57
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Financial review
Balance sheet
US dollar millions
ASSETS
Non-current assets
Tangible assets
Right of use assets
Intangible assets
Investments in associates and joint ventures
Other investments
Loan receivable (2)
Inventories
Trade, other receivables and other assets
Reimbursive right for post-retirement benefits
Deferred taxation
Cash restricted for use
Current assets
Loan receivable (2)
Inventories
Trade, other receivables and other assets
Cash restricted for use
Cash and cash equivalents
Total assets
EQUITY AND LIABILITIES
Share capital and premium
Accumulated profits and other reserves
Shareholders' equity
Non-controlling interests
Total equity
Non-current liabilities
Borrowings
Lease liabilities
Environmental rehabilitation and other provisions (3)
Provision for pension and post-retirement benefits
Trade and other payables
Deferred taxation
Current liabilities
Borrowings
Lease liabilities
Trade and other payables
Environmental rehabilitation and other provisions (3)
Bank overdraft
Taxation
Total liabilities
Total equity and liabilities
2023
2022
Restated (1)
4,419
142
107
599
1
358
2
254
35
50
34
6,001
148
829
199
34
964
2,174
8,175
420
3,291
3,711
29
3,740
2,032
98
636
64
5
395
3,230
207
73
772
80
9
64
1,205
4,435
8,175
4,208
156
106
1,091
3
—
5
231
12
23
33
5,868
—
773
237
27
1,108
2,145
8,013
—
4,040
4,040
35
4,075
1,965
115
596
71
7
300
3,054
18
71
667
81
2
45
884
3,938
8,013
(1) Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a
deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2. of the Group financial
statements.
(2) During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the
distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short-term
joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m, based on the Kibali Goldmines S.A. future estimated cash flows.
The loan bears semi-annual interest at 7.875% per annum and is repayable on demand.
(3) Short-term provisions, which were previously reported as part of trade and other payables, are now reported as part of environmental rehabilitation and other
provisions on the statement of financial position. Refer to note 1.3.2. of the Group financial statements.
58
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Tangible, right of use and intangible assets
The increase of $198m from $4,470m in 2022 to $4,668m in 2023 is predominantly attributable to tangible asset additions relating to
sustaining APM and non-sustaining capital APM. This was partly offset by amortisation charges across all operations and the net impact
of impairments mainly at the Brazil operations.
Investment in associates and joint ventures
The year-on-year decline is mainly due to cash dividends received from the Kibali joint venture in 2022 ($694m) compared to 2023
($180m) and the declaration of the dividend in specie. Refer to footnote 2.
Cash and cash equivalents
Ended the 31 December 2023 year at $ 955m (net of overdraft), a decline of $151m from the S1,106m (net of overdraft) as at 31
December 2022. At 31 December 2023, 77 % of the Company’s cash and cash equivalents were held in US dollars, 5% in Australian
dollars, 5% in South African rands, 9% in Argentinean pesos and 4% in other currencies. Amounts are converted to US dollars at
exchange rates as of 31 December 2023.
Inventory
The increase in inventory is mainly attributable to higher stock of consumables and supplies compounded by the impact of inflation,
higher ore stockpiles at Geita which was partly offset by lower inventory levels in Brazil following suspension of operations at the
Quieroz metallurgical plant and CdS being placed in care and maintenance in August 2023.
Environmental rehabilitation and other provisions
The increase in this provision is primarily attributed to changes in estimates resulting from changes in discount rates based on global
economic assumptions, modifications in mine plans impacting cash flows, updates in the design for the closure of TSFs, and revisions
in methodology following requests from environmental regulatory authorities.
Cerro Vanguardia, Argentina
59
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AngloGold Ashanti plc
Financial review
Adjusted net debt APM (1)
US dollar millions
Borrowings - non-current portion
Borrowings - current portion
Borrowings - total
Lease liabilities - non-current portion
Lease liabilities - current portion
Lease liabilities - total
Total borrowings
Less cash and cash equivalents (net of bank overdraft)
Net debt
Adjustments:
IFRS16 lease adjustments
Unamortised portion of borrowing costs
Cash restricted for use
Adjusted net debt
Adjusted net debt APM to adjusted EBITDA APM
Total borrowings to profit (loss) before taxation
(1) Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
APM
2023
2,032
207
2,239
98
73
171
2,410
(955)
1,455
(149)
30
(68)
1,268
2022
1,965
18
1,983
115
71
186
2,169
(1,106)
1,063
(158)
33
(60)
878
0.89:1
0.49:1
38.25:1
4.60:1
Adjusted net debt APM increased to $1,268m at 31 December 2023 from $878m at 31 December 2022. This year-on-year increase is
mainly due to lower cash generation from operating activities, lower dividends received from the Kibali joint venture and the once-off
costs associated with the corporate restructuring. The ratio of adjusted net debt APM to adjusted EBITDA APM was 0.89 times at
31 December 2023 from 0.49 times at 31 December 2022. The Company remains committed to maintaining a strong balance sheet
with an adjusted net debt APM to adjusted EBITDA APM target ratio of 1.0 times through the cycle. The balance sheet remained strong at
year-end. At 31 December 2023, the Company had cash and cash equivalents of approximately $955m (net of bank overdraft).
Long-term balance sheet improvement is achieved through disciplined capital allocation. Projects and strategic initiatives that have
been self-funded are:
• Obuasi development
• Corvus and Coeur Sterling acquisitions
• Major US exploration programme
• Corporate restructuring transaction
60
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Annual Report 2023
All-in sustaining cost/oz (AISC APM)
Subsidiaries AISCAPM increased by $213/oz from $1,439/oz in 2022
to $1,652/oz in 2023. This increase was mainly due to an increase
in cost of sales, sustaining capital expenditure and a decrease in
gold ounces sold. Sustaining capital expenditureAPM for subsidiaries
increased year-on-year mainly due to higher waste stripping
expenditure at: Iduapriem, Siguiri, Geita, Cerro Vanguardia and
Tropicana, the mining fleet acquisition at Obuasi; increased capital
expenditure to restore plant operations following the CIL tank failure
at Siguiri, as well as the TSF lift and the Tanesco national power grid
connection project at Geita. This was partially offset by decreased
capital expenditure from lower investment in TSF projects at Brazil
and a decline in 112,000 gold ounces from 2022 to 2023.
All-in sustaining cost APM (AISC) breakdown
(in US dollar millions, except as otherwise noted)
All-in sustaining costs
Cost of sales
By-product revenue
Realised other commodity contracts
Amortisation of tangible, intangible and right of use assets
Adjusted for decommissioning and inventory amortisation
Corporate administration, marketing and related expenses
Lease payment sustaining
Sustaining exploration and study costs
Total sustaining capital expenditure
All-in sustaining costs
Adjusted for non-controlling interests and non-gold producing companies
All-in sustaining costs adjusted for non-controlling interest and non-gold
producing companies
All-in sustaining costs
Non-sustaining project capital expenditure
Non-sustaining lease payments
Non-sustaining exploration and study costs
Care and maintenance
Closure and social responsibility costs not related to current operations
Other provisions
All-in costs
Adjusted for non-controlling interests and non-gold producing companies
All-in costs adjusted for non-controlling interest and non-gold producing
companies
Gold sold (000oz)
All-in sustaining cost per ounce ($/oz)
All-in cost per ounce ($/oz)
The gold sold ounces variance is due to a decrease at Obuasi,
Siguiri, Geita, Serra Grande and Cerro Vanguardia, partially offset
by higher output from Iduapriem, Cuiaba, Sunrise Dam and
Tropicana.
The Kibali Joint Venture, all-in sustaining costsAPM decreased by
$28/oz from $979/oz in 2022 to $951/oz in 2023. This decrease
was mainly due to lower sustaining capital expenditureAPM and an
increase in gold sales volumes that was partially offset by higher
cost of sales. Sustaining capital expenditureAPM for the Kibali joint
venture decreased year-on-year mainly due to lower waste
stripping and Mineral Reserve development costs capitalised.
Gold sold increased by 11,000 ounces, from 332,000 ounces in
2022 to 343,000 ounces in 2023.
2023
2022
Subsidiaries
Joint ventures
Subsidiaries(1)
Joint ventures
3,541
(102)
7
(658)
(5)
94
100
32
842
3,851
(96)
3,755
3,851
200
4
223
52
74
1
4,405
(99)
4,306
2,273
1,652
1,895
372
(2)
–
(99)
1
—
2
—
52
326
—
326
326
33
—
1
—
8
—
368
—
368
343
951
1,074
3,366
(113)
—
(637)
6
79
90
21
708
3,520
(88)
3,432
3,520
320
3
183
—
3
14
4,043
(90)
3,953
2,385
1,439
1,658
342
(1)
—
(95)
—
–
8
–
71
325
—
325
325
19
—
2
—
11
—
357
—
357
332
979
1,075
(1) Comparative periods have been retrospectively restated. Refer to note 1.3 of the Group financial statements.
AISC* ended the year at $1,538/oz, falling slightly above the guidance range. Biggest contributors to the year-on-year variance was the increase in cash costs, lower
gold output and higher sustaining capital spend
61
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All-in sustaining cost APM (AISC) breakdown by operation
For the year ended 31 December 2023
(in US dollar millions, except as otherwise noted)
Corporate
and other (1)
Kibali
Other
Joint
Ventures
Iduapriem
Obuasi
Siguiri
Geita Africa other
Subsidiaries
Africa
Australia
Sunrise
Dam
Tropicana
Australia
other
Australia
All-in sustaining costs
Cost of sales
By-product revenue
Realised other commodity contracts
Amortisation of tangible, intangible and right of use assets
Adjusted for decommissioning and inventory amortisation
Corporate administration, marketing and related expenses
Lease payment sustaining
Sustaining exploration and study costs
Total sustaining capital expenditure
All-in sustaining costs
Adjusted for non-controlling interests and non-gold producing companies
All-in sustaining costs adjusted for non-controlling interest and non-
gold producing companies
All-in sustaining costs
Non-sustaining project capital expenditure
Non-sustaining lease payments
Non-sustaining exploration and study costs
Care and maintenance
Closure and social responsibility costs not related to current operations
Other provisions
All-in costs
Adjusted for non-controlling interests and non-gold producing companies
All-in costs adjusted for non-controlling interest and non-gold producing
companies
Gold sold (000oz)
All-in sustaining cost per ounce ($/oz)
All-in cost per ounce ($/oz)
4
—
7
(5)
—
92
2
—
1
101
—
101
101
—
—
—
—
5
1
107
—
107
—
—
—
372
(2)
—
(99)
1
—
2
—
52
326
—
326
326
33
—
1
—
7
—
367
—
367
343
951
1,069
473
—
—
(39)
—
—
—
6
74
514
(77)
437
514
4
—
7
—
—
—
525
(79)
446
221
1,976
2,020
566
(2)
—
(91)
(1)
—
26
12
162
672
—
672
672
29
2
9
—
1
—
713
—
713
479
1,403
1,488
—
—
—
—
—
—
—
(1)
—
(1)
—
(1)
(1)
—
—
1
—
1
—
1
—
1
—
—
—
1,739
(3)
—
(320)
(1)
—
29
19
480
1,943
(77)
1,866
1,943
145
2
17
—
(3)
—
2,104
(79)
2,025
1,194
1,563
1,696
399
(1)
—
(58)
(1)
—
16
2
47
404
—
404
404
—
—
5
—
1
—
410
—
410
256
1,583
1,603
438
(3)
—
(104)
—
—
11
1
50
393
—
393
393
37
—
6
—
(1)
—
435
—
435
301
1,304
1,446
30
—
—
(1)
—
—
1
—
1
31
—
31
31
—
—
22
—
(1)
—
52
—
52
—
—
—
867
(4)
—
(163)
(1)
—
28
3
98
828
—
828
828
37
—
33
—
(1)
—
897
—
897
557
1,487
1,612
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1
—
1
—
1
—
—
—
372
(2)
—
(99)
1
—
2
—
52
326
—
326
326
33
—
1
—
8
—
368
—
368
343
951
1,074
387
—
—
(129)
—
—
3
—
96
357
—
357
357
46
—
—
—
(1)
—
402
—
402
268
313
(1)
—
(61)
—
—
—
2
148
401
—
401
401
66
—
—
—
(4)
—
463
—
463
226
1,329
1,500
1,777
2,050
62
Overview
Strategic report Directors’ remuneration report Directors’ report
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Annual Report 2023
All-in sustaining cost APM (AISC) breakdown by operation (continued)
For the year ended 31 December 2023
(in US dollar millions, except as otherwise noted)
Americas
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AGA
Mineração
Serra
Grande
Americas
other
Americas
Projects
Joint
Ventures
Subsidiaries Group total (2)
Córrego do
Sítio
AGA
Mineração (3)
Americas
(3)
Subsidiaries
(3)
Group total
(2)(3)
All-in sustaining costs
Cost of sales
By-product revenue
Realised other commodity contracts
Amortisation of tangible, intangible and right of use assets
Adjusted for decommissioning and inventory amortisation
Corporate administration, marketing and related expenses
Lease payment sustaining
Sustaining exploration and study costs
Total sustaining capital expenditure
All-in sustaining costs
Adjusted for non-controlling interests and non-gold producing
companies
All-in sustaining costs adjusted for non-controlling interest
and non-gold producing companies
All-in sustaining costs
Non-sustaining project capital expenditure
Non-sustaining lease payments
Non-sustaining exploration and study costs
Care and maintenance
Closure and social responsibility costs not related to current
operations
Other provisions
All-in costs
307
(93)
—
(39)
1
—
—
6
75
257
(19)
238
257
—
—
7
—
—
—
453
(2)
—
(88)
(3)
—
33
1
122
516
169
—
—
(43)
—
—
8
—
55
189
—
—
516
516
2
2
6
49
62
—
189
189
—
—
1
—
10
—
200
264
637
Adjusted for non-controlling interests and non-gold producing
companies
(20)
—
—
All-in costs adjusted for non-controlling interest and non-gold
producing companies
Gold sold (000oz)
All-in sustaining cost per ounce ($/oz)
All-in cost per ounce ($/oz)
244
151
1,581
1,616
637
285
1,807
2,231
200
86
2,198
2,325
2
—
—
—
—
—
(1)
1
—
2
—
2
2
—
—
1
—
1
—
4
—
4
—
—
—
931
(95)
—
(170)
(2)
—
40
8
252
964
(19)
945
964
2
2
15
49
73
—
—
—
—
—
(1)
2
1
2
11
15
—
15
15
16
—
158
3
—
—
372
(2)
—
(99)
1
—
2
—
52
326
—
326
326
33
—
1
—
8
—
3,541
(102)
7
(658)
(5)
94
100
32
842
3,851
3,913
(104)
7
(757)
(4)
94
102
32
894
4,177
(96)
(96)
3,755
3,851
200
4
223
52
74
1
4,081
4,177
233
4
224
52
82
1
104
—
—
(6)
—
—
7
—
19
124
—
124
124
2
2
3
34
4
—
349
(2)
—
(82)
(3)
—
26
1
103
392
—
392
392
—
—
3
15
58
—
827
(95)
—
(164)
(2)
—
33
8
233
840
(19)
821
840
—
—
12
15
69
—
3,437
(102)
7
(652)
(5)
94
93
32
823
3,727
3,809
(104)
7
(751)
(4)
94
95
32
875
4,053
(96)
(96)
3,631
3,727
198
2
220
18
70
1
3,957
4,053
231
2
221
18
78
1
1,105
192
368
4,405
4,773
169
468
936
4,236
4,604
(20)
—
1,085
522
1,810
2,076
192
—
—
—
—
368
343
951
1,074
(99)
(99)
—
—
(20)
(99)
(99)
4,306
2,273
1,652
1,895
4,674
2,616
1,560
1,787
169
43
2,894
3,949
468
242
1,615
1,927
916
479
1,713
1,909
4,137
2,230
1,628
1,855
4,505
2,573
1,538
1,751
(1) Corporate includes non-gold producing subsidiaries
(2) Total including equity-accounted joint ventures
(3) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023
63
Overview
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AngloGold Ashanti plc
Financial review
Breakdown of capital expenditure APM
For the year ended 31 December 2023
(in US dollar millions, except as otherwise noted)
Capital expenditure
Sustaining capital expenditure APM
Non-sustaining capital expenditure APM
Total capital expenditure APM
Kibali, DRC
Corporate
and other (1)
Kibali
Other
Joint
Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa
other Subsidiaries
Sunrise
Dam Tropicana
Australia
other
Australia
Africa
Australia
1
0
1
52
33
85
—
—
—
52
33
85
96
46
142
148
66
214
74
4
78
162
29
191
—
—
—
480
145
625
47
0
47
50
37
87
1
—
1
98
37
135
64
Overview
Strategic report Directors’ remuneration report Directors’ report
Annual financial statements
Other information
Annual Report 2023
Breakdown of capital expenditure APM (continued)
For the year ended 31 December 2023
(in US dollar millions, except as otherwise noted)
Capital expenditure
Sustaining capital expenditure APM
Non-sustaining capital expenditure APM
Total capital expenditure APM
Americas
Adjusted to exclude the Córrego do
Sítio operation
Cerro
Vanguardia
AGA
Mineração Serra Grande
Americas
other
Americas
Projects
Joint
Ventures
Subsidiaries
Córrego do
Sítio
AGA
Mineração (1)
Americas
(1)
Subsidiaries
(1)
75
0
75
122
2
124
55
0
55
—
—
—
252
2
254
11
16
27
52
33
842
200
85
1,042
19
2
21
103
—
103
233
—
823
198
233
1,021
(1) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023
Cerro Vanguardia, Argentina
65
Overview
Strategic report Directors’ remuneration report Directors’ report
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Other information
AngloGold Ashanti plc
Financial review
Summarised statements of cash flows
US dollar millions
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Net (decrease) increase in cash and cash equivalents
Translation
Cash and cash equivalents at beginning of period (net of bank overdraft)
Cash and cash equivalents at end of period (net of bank overdraft)
2023
2022
971
(897)
(87)
(13)
(138)
1,106
955
1,804
(1,461)
(323)
20
(68)
1,154
1,106
Cash flows from operating activities
Cash flows from operating activities decreased by $833m, from $1,804m in 2022 to $971m in 2023. This decrease in cash flows
from operating activities was mainly due to a decrease in dividends received from the Kibali joint venture, an increase in payments
to suppliers and employees as a result of higher gold production costs and inflation, and unfavourable working capital movements.
This decrease was partially offset by an increase in revenue resultant of the higher average gold price received per ounce, as well
as lower taxation paid due to lower profit before taxation in Brazil, lower provisional tax payments in Australia and higher VAT
offsets in Tanzania.
Cash flows from investing activities
Cash flows from investing activities amounted to a net outflow of $897m in 2023, $564m, lower than an outflow of $1,461m in
2022. This decrease in outflow from investing activities was largely due to the acquisition of assets (Corvus Gold and Coeur
Sterling) of $517m during 2022, which did not occur in 2023, proceeds from the disposal of Gramalote of $20m and higher interest
income mainly due to higher interest rates received.
Cash flows from financing activities
Cash flows from financing activities in 2023 amounted to a net outflow of $87m, which is a change of $236m from an outflow of
$323m in 2022. This decrease in outflow was mainly due to higher net proceeds from borrowings of $174m and lower dividends
paid of $96m. This was partially offset by an increase in repayment of lease liabilities and finance costs.
US dollar millions
Cash generated from operations before working capital
Movements in working capital
Dividends received from joint ventures
Taxation refund
Taxation paid
Net cash inflow from operating activities
Movements in working capital:
Increase in inventories
Increase in trade, other receivables and other assets
Increase in trade, other payables and provisions
Free cash flow APM ($m) (1)
Net cash inflow from operating activities
Corporate restructuring costs
Capital expenditure on tangible and intangible assets
Net cash from operating activities after capital expenditure and excluding corporate restructuring costs
Repayment of lease liabilities
Finance costs accrued and capitalised
Net cash (outflow)/inflow after capital expenditure and interest
Other net cash inflow from investing activities
Other
Add backs:
Cash restricted for use
Free cash flow APM
Kibali legacy free cash flow received
Free cash flow APM (excluding Kibali legacy free cash flow received)
(1) Adjusted to exclude corporate restructuring costs.
66
2023
964
(93)
180
36
(116)
971
(58)
(117)
82
(93)
2022
1,384
(140)
694
32
(166)
1,804
(54)
(152)
66
(140)
Year ended
Dec 2023
971
268
(1,042)
197
(94)
(132)
(29)
125
4
9
109
—
109
Year ended
Dec 2022
1,804
—
(1,028)
776
(82)
(132)
562
86
5
4
657
(460)
197
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Strategic report Directors’ remuneration report Directors’ report
Annual financial statements
Other information
Annual Report 2023
After accounting for non-sustaining capital expenditureAPM of $200m from subsidiaries, the Company recorded free cash inflowAPM * of
$109m for the year ended 31 December 2023, compared to free cash inflow APM * of $657m for the year ended 31 December 2022.
Free cash flowAPM* before non-sustaining capital expenditureAPM, the metric on which the dividend payment is based, was $342m for the
year ended 31 December 2023, compared to $996m for the year ended 31 December 2022.
Cumulative cash distributions received from Kibali for the year ended 31 December 2023 were $180m, compared to $694m received
during the year ended 31 December 2022 when the legacy cash build-up was released. At 31 December 2023, the Company’s
attributable share of the outstanding cash balances from the DRC was $51m, compared to $40m at 31 December 2022.
Free cash flowAMP* was impacted by continued lock-ups of value added tax (VAT) at Geita and Kibali and foreign exchange restrictions
and export duties at Cerro Vanguardia (CVSA):
•
•
•
In Tanzania, Geita’s net VAT receivable closing balance at 31 December 2023 was $153m, unchanged from December 2022. In 2023,
$73m of verified VAT claims (from July 2020 onwards) were offset against our corporate tax liability in Tanzania. Discussions
continue with the Tanzanian Revenue Authority to resolve historical claims for VAT input credit refunds for the period from July 2017
to June 2020.
In the DRC, the Company’s attributable share of the net recoverable VAT balance (including recoverable VAT on fuel duties and after
discounting provisions) decreased by $26m from 31 December 2022 to $60m at 31 December 2023 as a result of a new VAT offset
agreement signed with the DRC government in the fourth quarter of 2023.
In Argentina, the net export duty receivables (after discounting provisions) decreased by $5m† from the year ended 31 December
2022 balance of $9m† to $4m† at 31 December 2023 In addition, CVSA’s cash balance decreased from $116m† from the year ended
31 December 2022 to $89m† at 31 December 2023. The cash balance is available to be paid to AngloGold Ashanti’s offshore
($47m†) and onshore ($4m†) investment holding companies in the form of declared dividends.
• Applications have been made to the Argentinean Central Bank to approve the purchase of US dollars in order to distribute offshore
dividends related to the 2019, 2020 and 2021 financial years of $23m† to AngloGold Ashanti. During the second half of 2023, CVSA
submitted a new application to the Argentinean Central Bank to approve the purchase of US dollars in order to distribute additional
offshore dividends of $24m† for the declared dividends related to the 2022 financial year. Also, under a special regime established
for dividend payments, a new petition to distribute a portion of the offshore dividends applied for, in the amount of $45m, was
submitted to the Argentinean Central Bank during the third quarter of 2023. While the remaining approvals are pending, the cash
remains fully available for CVSA’s operational and exploration requirements.
* Excludes corporate restructuring costs of $314m
† US dollar equivalent and at prevailing exchange rates.
Use of non-GAAP measures and alternative performance measures (APMs)
The Financial Review contains multiple non-GAAP measures, which the Company believes that, in addition to conventional measures
prepared in accordance with GAAP, is used by certain investors to assess the performance of the Company. These do not have a
standard meaning and are intended to provide additional information which are not necessarily comparable with similar measures used
by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance
with GAAP. The definitions of these measures, and the reconciliation to the amounts presented in the consolidated financial
statements, and the reasons for these measures are reflected above and depicted by an APM symbol APM.
Tropicana, Australia
67
Overview
Strategic report Directors’ remuneration report Directors’ report
Annual financial statements
Other information
AngloGold Ashanti plc
Board composition and resumes
Independent Non-Executive Directors
AngloGold Ashanti plc has a
unitary Board of Directors,
ten independent non-
executive directors and two
executive directors. Guided
by its commitment to sound
principles of corporate
governance, the Board of
Directors collectively
oversees the stewardship of
the Company and is
responsible for its long-term
success and sustainability.
Committees –
membership key
• Audit and Risk Committee
• Social, Ethics and
Sustainability Committee
• Compensation and Human
Resources Committee
• Nominations and
Governance Committee
•
Investment Committee
• Committee Chairperson
C
Note:
The date of appointment is the
date the director was
appointed to the AngloGold
Ashanti Limited Board. All
directors, other than Alberto
Calderon, were appointed to
the AngloGold Ashanti plc
Board (the Board) on 25
September 2023. Alberto
Calderon was appointed to the
Board on 10 February 2023.
For more on the 2023
corporate restructuring, see
the CEO’s statement.
Ms. Ramos and Ms. Richter
have elected not to stand for
re-election at the 2024 AGM
(scheduled for 28 May 2024)
and will retire from the Board
as chairperson and
independent non-executive
director, and independent non-
executive director,
respectively, with effect from
that date.
Subject to his re-election by
shareholders at the AGM, Mr.
Tilk will become Board
Chairperson with effect from
28 May 2024. Further details
on Board composition can be
found on page 75.
C
C
Maria Ramos (65)
Chairperson
Rhidwaan Gasant (64)
Lead Independent Non-
Executive Director
Kojo Busia (61)
Independent Non-Executive
Director
MSc, BCom (Hons), Banker
Diploma, Certified Associate of
the Institute of Bankers (SA)
BCompt (Hons), CA(SA),
ACIMA, CGMA, Executive
Development Programme
PhD, MA, BA
Appointed: June 2019
Appointed: August 2010
Appointed: August 2020
Rhidwaan Gasant was
previously the CFO of Engen
Limited, and the CEO of
Energy Africa Limited. He is
currently the independent
non-executive chairman of
Growthpoint Properties
Limited and chairs the board
audit committee of MTN
Nigeria Communications
Plc.
Kojo Busia has over 25 years
of professional experience in
African natural resources
governance and management
working at both bilateral and
multilateral organisations. He
is currently co-founding
director of Green Africa
Minerals FZCo. He recently
held the position of Chief of
the Natural Resources
Management Section,
Technology, Climate Change
and Natural Resource
Management Division, at the
United Nations Economic
Commission for Africa
(UNECA).
He previously served as
coordinator of the African
Mineral Development Centre
(AMDC) at the UNECA. Prior to
heading the AMDC, Dr. Busia
spent nearly a decade leading
the African Peer Review
Mechanism Support Section,
Governance and Public
Administration Division, also at
the UNECA. In addition, Dr.
Busia has served on several
advisory boards including the
Responsible Mining
Foundation Advisory Council,
Advisory Director of Global
Mining Sustainability, and
Mining Indaba’s Sustainability
Advisory Committee. He is a
founding director of the Africa
Resource Management,
Environment and Climate
Change Institute, a think-do-
tank recently established in
Accra, Ghana.
Appointed Chairperson in
December 2020
Maria Ramos is an
independent non-executive
director of Standard Chartered
Plc and serves on the board of
Compagnie Financière
Richemont SA. She served as
Group chief executive officer
of Absa Group (previously
Barclays Africa Group
Limited), retiring in 2019. Prior
to that she was CEO of
Transnet and served as
Director General of South
Africa’s National Treasury.
She recently served as
independent non-executive
director on the boards of the
Public Investment Corporation
and Saudi British Bank. She
also co-chaired the United
Nations Secretary General's
Task Force on Digital
Financing of the Sustainable
Development Goals.
Ms. Ramos has in the past
served as a non-executive and
independent director on the
boards of Sanlam Ltd, Remgro
Ltd and SABMiller Plc. She
was a member of the World
Economic Forum's
International Business Council
and member of its executive
committee and its chairperson
for two years.
She is a member of the Group
of Thirty and serves on the
International Advisory Board
of the Blavatnik School of
Government, Oxford
University.
Ms. Ramos has elected not to
stand for re-election at the
2024 AGM.
68
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Annual financial statements
Other information
Annual Report 2023
C
Alan Ferguson (66)
Independent Non-Executive
Director
Albert Garner (68)
Independent Non-Executive
Director
Scott Lawson (62)
Independent Non-Executive
Director
Jinhee Magie (56)
Independent Non-Executive
Director
BSc, CA (Scotland)
BSE
Civil Engineering, MBA
CPA, CA
Appointed: October 2018
Appointed: January 2015
Appointed: December 2021
Appointed: June 2023
Albert Garner has extensive
experience in capital
markets, corporate finance
and mergers and
acquisitions. He worked
with Lazard Frères & Co.
LLC for over 40 years in
various leadership positions
until his retirement at the
end of 2023. He was one of
the most senior bankers at
Lazard. He led their special
committee practice and
corporate finance practice.
He also chaired their
fairness opinion committee.
Mr. Garner became a
general partner in 1989 and
was Vice Chair of
Investment Banking upon
his retirement in 2023.
Scott Lawson has over 35
years in the mining industry
and is an experienced global
mining executive who has
served in a broad range of
roles. He is the former
executive vice president and
chief integration officer of
Newmont Corporation. Prior to
this Mr. Lawson served as
executive vice president and
chief technology officer and
other executive technical roles
for Newmont Corporation.
Mr. Lawson spent 22 years
with Rio Tinto in executive
roles with Rio Tinto Alcan, Rio
Tinto Technology and
Innovation and Rio Tinto
Kennecott. He is the former
senior vice president,
engineering services at
Peabody Energy responsible
for global engineering and
technical services support.
Jinhee Magie is the former
chief financial officer of Lundin
Mining Corporation, a
Canadian-based international
metals company, having
served over 14 years with the
company in various roles of
increasing responsibility. She
is a finance executive with
extensive public company
experience in the areas of
corporate strategy, capital
markets, mergers and
acquisitions and information
technology, particularly within
the mining industry. Ms. Magie
is a corporate director who
currently serves on the boards
of Lithium Americas Corp and
Star Royalties Limited.
Alan Ferguson is a former
chief financial officer of a
number of FTSE-listed entities,
including Lonmin Plc. Since
2011, he has held non-
executive directorships on a
number of boards including
Johnson Matthey, Croda
International and Marshall
Motors Holdings where he
chaired their audit committees
and was the Senior
Independent Director. He
currently serves on the board
of Harbour Energy, where he
chairs the audit committee. In
addition, Mr. Ferguson serves
as a member of the Business
Policy Panel of the Institute of
Chartered Accountants of
Scotland and is a member of
the leadership team of the UK
Audit Committee Chair's
Independent Forum.
Committees –
membership key
• Audit and Risk Committee
• Social, Ethics and
Sustainability Committee
• Compensation and Human
Resources Committee
• Nominations and
Governance Committee
•
Investment Committee
• Committee Chairperson
C
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AngloGold Ashanti plc
Board composition and resumes
Independent Non-Executive Directors
C
C
Maria Richter (69)
Independent Non-Executive Director
Diana Sands (58)
Independent Non-Executive Director
Jochen Tilk (60)
Independent Non-Executive Director
BA, Juris Doctor
CPA, MBA
Bachelor’s in Mining Engineering,
Master’s in Mining Engineering
Appointed: January 2015
Appointed: June 2023
Appointed: January 2019
Maria Richter is an experienced non-
executive director who has served on a
diverse range of US and international
company boards. She previously served
on the board of Barclays International,
Barclays Bank plc and National Grid plc
where she was the chairperson of the
finance committee and member of the
audit and nominations committees. She
currently sits on the boards of Rexel
Group, France, a global leader in the
professional distribution of energy
products and services, and Bessemer
Trust, a US wealth management
company, and is a member of the audit
and nominations committees of Rexel
and the remuneration committee of
Bessemer Trust.
During Ms. Richter’s professional career
she served in various positions at the
former Dewey Ballantine, Prudential,
Salomon Brothers Inc. and Morgan
Stanley & Co.
Ms. Richter has elected not to stand for
re-election at the 2024 AGM.
Diana Sands brings over 30 years of
business experience to her board roles.
She serves on the board of publicly held
SP+ Corporation, and on the board of
privately held Vmo Aircraft Leasing. She
also served on the board of PDC
Energy, Inc. until it was acquired by
Chevron Corporation. Ms. Sands
previously held senior executive finance
and governance positions at the Boeing
Company including SVP Office of
Internal Governance and Administration
which oversaw ethics and
investigations, compliance risk
management, internal audit, security,
and internal services. She was also
corporate controller, and head of
investor relations and financial
planning. Previously Ms. Sands worked
in the automotive and
telecommunications sectors and
started her career as a Certified Public
Accountant.
Jochen Tilk is the former executive chair of
Nutrien Inc., a Canadian global supplier of
agricultural products and services. He is
the former president and chief executive
officer of Potash Corporation. Mr. Tilk
previously spent 25 years with Inmet
Mining Corporation, a Canadian-based,
international metals company, with five of
those years as the company’s president
and chief executive officer. He is also a
director of Emera Inc., a publicly listed
energy utility company and vice-chair of the
Princess Margaret Cancer Foundation, a
not-for-profit organisation.
Subject to his re-election at the 2024 AGM,
Mr Tilk will be appointed Board
Chairperson.
Committees –
membership key
• Audit and Risk Committee
• Social, Ethics and
Sustainability Committee
• Compensation and Human
Resources Committee
• Nominations and
Governance Committee
•
Investment Committee
• Committee Chairperson
C
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Annual Report 2023
Executive Directors
Alberto Calderon (64)
Chief Executive Officer
PhD, MPhil, MA, Juris Doctor, BA
Appointed: September 2021
Alberto Calderon’s executive experience includes leadership
roles across the mining, petroleum, and energy sectors. He
served as the chief executive officer of Orica and was also an
executive at BHP Group Plc. During his time with BHP Group
Plc, Mr. Calderon held a number of key leadership positions,
including group executive and chief executive aluminum, nickel
and corporate development, group executive and chief
commercial officer.
Mr. Calderon was also CEO of Cerrejón Coal Company, an
integrated thermal coal mine in Colombia, and CEO of the
Colombian oil company, Ecopetrol. Prior to this, Mr. Calderon
held senior leadership positions in the International Monetary
Fund and the Colombian government and has been a board
member of a range of private, public and non-government
organisations.
Gillian Doran (47)
Chief Financial Officer
Fellow Member of Association of Chartered Certified Accountants (FCCA)
Appointed: January 2023
Gillian Doran brings more than 25 years of experience in finance
and commercial roles across a number of industries,
predominantly natural resources and also construction and
manufacturing. Prior to joining the Company, Ms. Doran served
as chief financial officer for Rio Tinto’s Global Aluminium
division. Ms. Doran’s career at Rio Tinto spanned over 15 years
in a number of senior finance roles within operations, regional
business unit and Group headquarters. A seasoned international
executive leader having previously worked and lived in Europe,
North America and Australia, Ms. Doran brings to AngloGold
Ashanti deep experience in financial accounting, planning,
performance management, investment, transformation and
strategy.
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AngloGold Ashanti plc
Executive management
Stewart Bailey (50)
Chief Sustainability and
Corporate Affairs Officer
Stewart Bailey’s portfolio
includes stakeholder
relations and the broader
ambit of sustainability policy
and oversight. He leads a
strong team of specialists
covering community and
government relations,
communications and
investor relations, reporting,
environment, security and
human rights. Throughout
approximately 14 years with
AngloGold Ashanti, based
both in the US and South
Africa, he has built an in-
depth knowledge of the
Group, its operations and its
stakeholders. He is a former
financial journalist with
Bloomberg LP in New York
and Johannesburg.
Alberto Calderon (64)
Gillian Doran (47)
Lisa Ali (56)
Chief Executive Officer *
Chief Financial Officer *
Chief People Officer
PhD, MPhil, MA, Juris Doctor,
BA
Fellow Member of
Association of Chartered
Certified Accountants (FCCA)
BSc (Hons) in Chemistry,
Analytical Chemistry,
Biochemistry; Executive MBA
Alberto Calderon’s executive
experience includes
leadership roles across the
mining, petroleum, and
energy sectors. He served as
the chief executive officer of
Orica and was also an
executive at BHP Group Plc.
During his time with BHP
Group Plc, Mr. Calderon held
a number of key leadership
positions, including group
executive and chief executive
aluminum, nickel and
corporate development,
group executive and chief
commercial officer.
Mr. Calderon was also CEO
of Cerrejón Coal Company,
an integrated thermal coal
mine in Colombia, and CEO
of the Colombian oil
company, Ecopetrol. Prior to
this, he held senior
leadership positions with the
International Monetary Fund
and the Colombian
government and has been a
board member of a range of
private, public and non-
government organisations.
Gillian Doran brings more
than 25 years of experience
in finance and commercial
roles across a number of
industries, predominantly
natural resources and also
construction and
manufacturing. Prior to
joining AngloGold Ashanti,
Ms. Doran served as chief
financial officer for Rio
Tinto’s Global Aluminium
division. Ms. Doran’s career
at Rio Tinto spanned over 15
years in a number of senior
finance roles within
operations, regional business
unit and Group headquarters.
A seasoned international
executive leader having
previously worked and lived
in Europe, North America and
Australia, Ms. Doran brings
to AngloGold Ashanti deep
experience in financial
accounting, planning,
performance management,
investment, transformation
and strategy.
Lisa Ali was appointed Chief
People Officer at AngloGold
Ashanti and a member of the
Executive Committee with
effect from 1 April 2022. In
this role, Ms. Ali is
responsible for Group human
resources.
Ms. Ali has over 30 years’
experience, mostly in the
extractive industries. Prior to
joining AngloGold Ashanti,
Ms. Ali served as Chief
People and Sustainability
Officer at Newcrest Mining
Limited, which she joined in
2020. Before that, Ms Ali was
Head of Transformation at
Trinidad Petroleum Holdings
Ltd. and its subsidiary
companies, and held several
senior positions at BP
International plc.
.
* Executive director
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Annual Report 2023
Terry Briggs (51)
Marcelo Godoy (52)
Richard Jordinson (63)
Lizelle Marwick (46)
Chief Development Officer
Chief Technology Officer
Chief Operating Officer
Chief Legal Officer
BSc ACSM
BProc, LLB, LLM
Richard Jordinson was
appointed as Chief Operating
Officer with effect from 1
October 2023. Mr. Jordinson
joined AngloGold Ashanti in
2012 as General Manager of
Sunrise Dam and
subsequently undertook a
variety of roles including
General Manager of Geita
Gold Mine and Senior Vice
President of AngloGold
Ashanti’s Ghana-Tanzania
Business Unit. He has over
38 years of industry
experience from across the
gold, iron ore, nickel, zinc and
lead mining sectors. He also
brings a proven track record
of adding value to the
portfolios he has helped lead
by bringing new operations
into production on time and
on budget and overseeing
complex transitions to
underground mining.
Lizelle Marwick was
appointed Executive Vice
President: General Counsel
and Compliance of the Group
on 1 July 2020, after
previously serving as Senior
Vice President: Deputy
General Counsel. She joined
AngloGold Ashanti in 2011
establishing and heading up
the legal function for the
Africa operations. She is
familiar with all aspects of
the organisation and well
versed on multi-jurisdictional
legal work covering a wide
range of subjects, with
extensive experience in
governance, corporate
transactions and government
negotiations. Prior to joining
AngloGold Ashanti, Ms.
Marwick practised law at
Bowman Gilfillan in South
Africa and at Herbert Smith
in the United Kingdom. She is
admitted as an attorney in
South Africa and a solicitor in
England and Wales.
BSc (Hons); MEng
Terry Briggs was appointed
as Chief Development Officer
of the Group and a member
of the Executive Committee
with effect from 1 April 2022.
His portfolio at AngloGold
Ashanti includes Corporate
Strategy and Business
Development, Global Projects
and Greenfields Exploration,
focussing on optimisation
and sustainable growth for
the Company.
Mr. Briggs has over 25 years
of experience, spanning site-
based technical and
operations management
roles at several underground
and open pit base and
precious metal operations
globally at all stages of
development from start-up to
closure. Prior to joining
AngloGold Ashanti, Mr.
Briggs spent over a dozen
years at Newmont
Corporation in various
leadership roles in Technical
Services, Corporate
Development and Finance,
where he played a prominent
role in a variety of large-scale
transactions and value-add
initiatives.
Mr. Briggs is a representative
on various geology and
mining industry bodies and
has authored several
publications on engineering,
geology and exploration. He
is also a Fellow of The
Australasian Institute of
Mining and Metallurgy
(FAusIMM).
PhD (Strategic Mine
Planning), Masters
(Geostatistics)
Marcelo Godoy has over 25
years of experience in the
mining industry and was
previously Senior Vice
President, Exploration at
Newmont Corporation where
he led the development of
numerous innovation
programs, including a world-
class orebody risk
management system that
delivered a step change in
the reliability of production
forecasts. Mr. Godoy is a
recognised leader in the field
of mine planning under
uncertainty and a champion
of diversity and inclusion.
Prior to joining Newmont, he
was Mining Sector Leader for
Golder Associates in South
America and a Director at
Golder's Global Board of
Directors. During his tenure
at Golder Associates, Mr.
Godoy managed major
mining feasibility studies and
reserve compliance audits
for the world’s top producers
of base metals, iron ore and
gold.
He brings to AngloGold
Ashanti experience in
resource modelling, mine
planning and project
development, as well as a
track record in leading
technical teams and
introducing technology to
drive sustainable competitive
advantage.
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AngloGold Ashanti plc
Corporate governance
AngloGold Ashanti’s Board continues to be guided by its
commitment to embedding sound governance principles
and practices at all levels of the Company.
Since the establishment of AngloGold Ashanti plc as holding
company for the AngloGold Ashanti Group, the Board has
worked to put in place principles and practices which reflect
the Company’s status as a company registered in England
and Wales with its primary listing on the New York Stock
Exchange (NYSE) (and secondary listings in South Africa and
Ghana), building on the strong background of good corporate
governance established under the South African regulatory
regime.
The Board believes that good governance underpins value
creation and the long-term sustainability of our business and
is crucial to the achievement of our business objectives and
delivery on our strategy. AngloGold Ashanti’s governance
structures and processes demonstrate our commitment to
high standards of business integrity and ethics and are
supported by our values-driven culture and Code of Business
Principles and Ethics (Our Code), as well as our Board
Corporate Governance Guidelines, Related Party Transactions
Policy, Code of Ethics for Senior Financial Officers and the
approved charters which govern the work of our various
Board committees. Our Code is fundamental to our culture of
performance with integrity and was updated during the year.
Our Code sets out our expectations for the conduct of our
directors, employees, contractors and consultants and
affirms our commitment to the highest standards of integrity
and ethics in the conduct of our business.
Since completion of the 2023 corporate restructuring,
meetings have covered standing agenda items in line with
those which applied for AngloGold Ashanti Limited, including
comprehensive CEO, CFO and COO reports covering, inter alia,
operational and safety reviews and performance, progress
towards strategic objectives, presentation of the financial
performance and forecasts by the CFO and reports from
chairpersons of Board committees. Prior to each Board
meeting, the independent non-executive directors hold a
closed session without executive directors or management
and then meet with the CEO without additional management.
In particular, the Board considered the following key matters:
• Matters relating to a court-sanctioned capital reduction
• Group Risk Management Framework and Plan
• Various operational and strategic projects requiring Board
approval
• An update to Our Code and the adoption of an incentive-
based compensation recovery plan
• The schedule of Board meetings and annual plan and
priorities for 2024
• The interrogation and approval of the budget and business
plan for 2024
The Board also participated in a training session covering
their duties and responsibilities as directors of a UK-
incorporated, US-listed, global company and corporate
governance matters.
Our Code underpins AngloGold Ashanti’s important values,
demonstrating alignment and consistency of a values-based
organisation.
Prior to the 2023 corporate restructuring, the Board of
AngloGold Ashanti Limited considered the following key
matters:
The Group is no longer subject to the King IV Principles which
apply to South African-listed companies, although the Board
believes that an ethical culture, good performance, effective
control and legitimacy remain important principles which
guide our approach.
As a US-listed entity, the Group is currently governed by the
requirements of the US Securities and Exchange Commission
(SEC) and the NYSE that apply to foreign private issuers. In
establishing its governance practices, the Board has also
considered the governance regulations which apply to US
domestic issuers and put in place a framework appropriate to
its current status and the Board’s ambition.
Key Board considerations
AngloGold Ashanti plc was established in February 2023 as a
private limited company with two directors who were
employees of the Group, including the CEO. On becoming the
listed holding company for the Group in September 2023,
AngloGold Ashanti plc put in place the current Board with 10
independent non-executive directors and 2 executive
directors. All 12 directors had previously been directors of,
AngloGold Ashanti Limited, the predecessor holding
company.
During the initial period from incorporation of the Company to
the 2023 corporate restructuring, the focus of the Board was
on actions to set up the Company, to effect the 2023
corporate restructuring and to help ensure the Company had
good governance practices in place for the future.
• The 2023 corporate restructuring of the Group which was
completed on 25 September 2023
• The approval of the final 2023 business plan and budget
• The Group’s principal risks and their allocation amongst
the Board committees for oversight and reporting back to
the Board
• The 2022 year end financial statements and reporting
(including the Annual Report on Form 20-F) and the 2023
half-yearly financial statements and reporting together
with supporting matters and dividend declaration
• Various operational and strategic projects requiring Board
approval or updates
• Our Code and Modern Slavery Report
• Various matters relating to non-executive director fees and
executive director remuneration and share plans
• Various corporate governance, Board and Board
committee related matters on the recommendation of the
Nominations and Governance Committee
• CEO and CFO 2022 performance and 2023 objectives
• Business strategy in a dedicated strategy session
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Annual Report 2023
In addition, the Board has unanimously voted to appoint
Mr. Jochen Tilk as Chairperson of the Board with effect from
28 May 2024, subject to his re-election by shareholders at the
AGM. Mr. Tilk has been an independent non-executive director
of the Company since January 2019. He holds a master’s
degree in mining engineering and has deep experience in the
global mining sector, and the Board has full confidence in his
ability to lead it forward and represent the interests of all
stakeholders. Mr. Tilk will also take over as chairperson of the
Nominations and Governance Committee (of which he is
currently a member) and will step down from the AngloGold
Ashanti plc Audit and Risk Committee and the AngloGold
Ashanti plc Social, Ethics and Sustainability Committee on the
same date.
All directors, other than Ms. Ramos and Ms. Richter, are
eligible and have offered themselves for election at this first
annual general meeting of the Company following their
appointment by the Board. Further details on each director are
provided on pages 68 to 71 and in the Notice of 2024 Annual
General Meeting.
Board succession planning
The Board, assisted by the Nominations and Governance
Committee, is required to regularly review its structure, size,
composition and looks to ensure a balance in skills, expertise and
diversity attributes as well as an optimal mix of tenure levels.
The Nominations and Governance Committee also ensures
that all directors are of high moral and ethical character and
can build constructive working relationships with fellow Board
members and management to meet the Company’s needs,
provide effective oversight and facilitate well-informed
decision-making.
The Nominations and Governance Committee and the Board
also regularly look at succession plans so that the Company
can proactively address anticipated director departures,
Board and committee chairperson changes as well as skills
that may be required due to changes in the governance and
regulatory landscape.
Board composition
The Board seeks to ensure AngloGold Ashanti remains a
responsible corporate citizen by delivering on its financial
performance objectives and pursuing environmental, social
and governance (ESG) principles by striving to enhance the
economic life of host communities and protecting and
minimising harm to the environment – see Climate change for
the Board’s response to climate change.
The Board acts with independence and believes its members
have the appropriate competencies and experience to
execute their fiduciary duties.
New directors are appointed by the Board on
recommendation by the Nominations and Governance
Committee. In line with its charter and our Corporate
Governance Guidelines, several factors, including best
practice, the candidate’s qualifications and skills and relevant
regulatory requirements, as well as regional demographics,
are considered by the Nominations and Governance
Committee in recommending new Board members – a list of
the qualifications and criteria for Board membership is
contained in the Nominations and Governance Committee
Charter. Our Corporate Governance Guidelines contain
provisions relating to the number of public companies on
which directors can serve. Director appointments are subject
to shareholder approval at the annual general meeting
following their appointment by the Board.
Pursuant to our Articles of Association, all directors must
retire at each annual general meeting and, if available for re-
election, offer themselves for re-election by shareholders.
Ms. Ramos and Ms. Richter have elected not to stand for re-
election at the 2024 AGM (scheduled for 28 May 2024) and
will retire from the Board as chairperson and independent
non-executive director, and independent non-executive
director, respectively, with effect from 28 May 2024. As a
result, Ms. Ramos will also step down from the Nominations
and Governance Committee and Ms. Richter will also step
down from Compensation and Human Resources Committee
(of which she is the chairperson), the Nominations and
Governance Committee and the Social, Ethics and
Sustainability Committee on the same date.
Geita, Tanzania
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AngloGold Ashanti plc
Corporate governance
Independence of directors and conflicts of
interest
AngloGold Ashanti is governed by a unitary Board of Directors,
which consists of twelve directors – ten independent non-
executive directors and two executive directors. In determining
director independence, we are guided by the NYSE
independence rules, our Corporate Governance Guidelines and
the Nominations and Governance Committee charter, as well
as best practice. All current non-executive directors were
assessed by the Board as being independent.
The Board has not established term limits or set formal age
policies. The Board and Nominations and Governance
Committee regularly review Board and committee
composition, tenure, refreshment and rotation matters. The
Nominations and Governance Committee reviews each
directors’ continuation on the Board in line with the
committee’s charter.
Directors are required to declare their interests annually and to
disclose any conflicts of interest. If a conflict arises, the Board
will assess the extent to which the conflict may impact the
performance of a director’s duties on the Board. Once a
conflict has been disclosed, it is managed appropriately by the
Board. The company secretary keeps a record of interests
declared and any new interest or potential conflict is declared
at each meeting. Directors also complete a quarterly
questionnaire covering these issues.
Board diversity profile
The Board is proud of its diversity and wants to see this
maintained and enhanced, recognising the benefits of
promoting broader diversity. Diversity covers gender, race and
ethnicity, culture, age, field of knowledge, skills and
experience, and geography. These attributes are considered in
determining the optimal composition of the Board as well as
succession planning, and when possible, will be balanced
appropriately for the Board to be effective as a whole.
The Board currently has five female directors and seven male
directors. Female Board members comprised approximately
42% of Board members. The Board remains committed to
maintaining its gender balance, however, it has decided not to
set a specific target for female Board membership.
AngloGold Ashanti aims to leverage the benefits of a globally
diverse Board. In 2023, directors were asked to confirm if they
identified as being from an under-represented community
(defined as Black, African American, North African, Middle
Eastern, Hispanic, Latino, Asian, Pacific Islander, Native
American, Native Hawaiian, or Alaskan Native, or gay, lesbian,
bisexual, or transgender). Five out of our 12 Board directors
(42%) have done so. The Board will continue to monitor the
diversity of race and ethnicity of Board members to ensure
that an appropriately balanced Board is in place. There is no
set target for racial diversity.
Under our Articles of Association, at least two of the directors
must be representatives from South Africa for the first five
years following the 2023 corporate restructuring, and at least
one thereafter, in line with discussions with South African
governmental bodies which approved the 2023 corporate
restructuring. Improving gender and racial and ethnic diversity
remains a strong focus for the Board during the recruitment
of new directors and succession planning.
The Board does not set an age limit for Board directors.
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Iduapriem, Ghana
Board characteristics
Annual Report 2023
0%
0%
Average period of
non-executive directors’
tenure: 5.29 years
77
Gender diversity (full Board)64%70%58%36%30%42%MaleFemale202120222023From an underrepresented community (full Board)42%58%YesNoTenure of non-executive directors30439 years or longer6 to 9 years3 to 6 yearsLess than 3 years0246Age profile (full Board)—%36%64%10%10%80%8%17%75%202120222023Between 40 and 50Between 50 and 60Between 60 and 69—%25%50%75%100%Geographical diversity (full Board)21312111South AfricanUS American/PanamanianUS AmericanBritishCanadianGhanaianColombian/AustralianIrish/Australian Overview
Strategic report Directors’ remuneration report Directors’ report
Annual financial statements
Other information
AngloGold Ashanti plc
Corporate governance
0%
Dealings in shares and closed periods
In accordance with statutory and regulatory requirements,
directors, chief officers and any restricted employees may not
deal directly or indirectly in the securities of the Company
during specific closed periods. All directors, chief officers and
the company secretary and their associates require prior
approval to deal in the Company’s securities. The company
secretary retains a record of all share dealings and approvals
given.
Directors’ time commitments and external
appointments
The Board appreciates the benefits that wider boardroom
exposure provides for directors. However, the number of
external appointments undertaken by a director is monitored
by our company secretary, our Nominations and Governance
Committee, and our Corporate Governance Guidelines contain
specific provisions covering the number of directorships an
individual can have on public company Boards to address
overboarding. When making new appointments, the Board
takes account of other demands on a potential director’s time
and, prior to appointment, significant commitments are
required to be disclosed with an indication of the time
involved.
For existing directors, our Corporate Governance Guidelines
provide for notification and input requirements before a
director can accept an invitation to serve on another public
company Board or its audit and risk or compensation
committees and must comply with certain requirements
relating to the number of Board and audit and risk committee
roles a director may hold.
Details of directors’ external appointments can be found on
our corporate website at www.anglogoldashanti.com.
Non-executive directors’ minimum
shareholding requirements
The Board sees the benefits of strengthening the alignment
between the interests of non-executive directors and those of
AngloGold Ashanti’s shareholders to ensure long-term
sustainable decision making. The Nominations and
78
Governance Committee has reviewed the minimum
shareholding policy which had been adopted for AngloGold
Ashanti Limited and, following Nominations and Governance
Committee recommendation, the Board adopted a similar
policy. This requires non-executive directors to acquire and
hold a minimum shareholding in AngloGold Ashanti shares,
equivalent to 150% of their annual base fee within four years
from 21 February 2024. However, in accordance with the
policy, a non-executive director may not hold shares in
AngloGold Ashanti which are material to his/her personal
wealth, as this may adversely impact the non-executive
director’s independence.
The Nominations and Governance Committee intends to
review the minimum shareholding policy during 2024, as part
of a wider review of NED fees taking into account governance
frameworks applicable to the Group and market and best
practice for US-listed companies.
Details on non-executive directors’ minimum shareholdings
may be found on pages 126 and 127.
Delegation of authority
In 2022, AngloGold Ashanti Limited undertook a
comprehensive review of the Group’s Delegation of Authority
framework. Following this rigorous review process, a single
group-wide Delegation of Authority, aligning all critical
decisions across the Group, was adopted to replace the
previous Group Delegation of Authority and various regional
and in-country Delegations of Authority. This single Group-
wide Delegation of Authority included Board authorities and
authorities of the CEO and the rest of the organisation.
AngloGold Ashanti plc has adopted a policy in the same
format as that used previously by AngloGold Ashanti Limited.
The Board is satisfied that the delegations in place contribute
to role clarity and the effective exercise of authority and
responsibilities.
Board skills matrix100%100%100%92%83%75%58%50%33%33%Skills percentileLeadership experienceStrategy developmentRisk managementBoard experienceCorporate governance/legalFinancial acumen/accountingEnvironment, health and safetyHuman resources/labourMining/engineeringTechnology and innovation00.20.40.60.811.2 Board and committee structure
AngloGold Ashanti Board
The overriding role of the Board is to seek to ensure the long-
term sustainability and success of the business, for the
mutual benefit of all stakeholders. Its overall role is one of
strategic leadership. This includes the setting, monitoring and
review of strategic targets and objectives, the approval of
capital expenditure, acquisitions and disposals, and oversight
of governance, internal controls and risk management. The
Board is currently supported by five committees to which it
delegates certain functions without abdicating any of its own
responsibilities. This process of formal delegation involves
documented and approved charters, which are reviewed
annually, or more often when required. On 31 March 2024, the
Investment Committee of the Board ceased to exist and, with
effect from 1 April 2024, its duties and responsibilities were
assumed by the Board.
The Board of AngloGold Ashanti Limited undertook reviews of
committee membership in February 2023 and appointed
Jinhee Magie and Diana Sands to the Board as additional
independent non-executive directors. AngloGold Ashanti plc
has maintained the same Board and committee membership
as AngloGold Ashanti Limited other than the Investment
Committee where Gillian Doran stepped down from the
AngloGold Ashanti plc Investment Committee. The Board
chairperson attends committee meetings by invitation of the
relevant committee chairperson and is a member of and
chairs the Nominations and Governance Committee.
The latest approved Corporate Governance Guidelines and
Committees’ charters, containing detailed information
regarding their respective responsibilities and mandates, are
available online. See Governance on our corporate website:
www.anglogoldashanti.com
Audit and Risk Committee
A Ferguson (Chairperson), A Garner, R Gasant, S Lawson,
J Magie, J Tilk
Oversees and monitors:
•
Integrity of annual and other financial statements and
financial information provided to shareholders and others
• Compliance with legal, regulatory and public disclosure
requirements
• Performance of independent auditors including their
qualifications, independence and appointment
• Company’s systems of internal controls, including internal
audit function
• Auditing, accounting and financial reporting process
generally
• Company’s cybersecurity programme
• Pre-approval of any non-audit services, in accordance with
the delegation of authority, and auditor remuneration
More detailed information on the committee’s achievements
is available on pages 106 to 108.
Annual Report 2023
Social, Ethics and Sustainability Committee
K Busia (Chairperson), R Gasant, S Lawson, M Richter,
D Sands, J Tilk
Key responsibilities are to:
• Assist the Board in discharging its oversight
responsibilities relating to safety, security, health, human
rights, environment management, sustainability and ethics
and social matters
• Ensure that AngloGold Ashanti upholds the principles of
good corporate citizenship and conducts its business in
an ethical and sustainable manner, while developing
government and stakeholder relationships
• Oversee AngloGold Ashanti’s disclosures and reporting
relating to the ESG matters within its remit and any related
assurance work
For more information on the work accomplished by the
committee during the year see the Sustainability Report 2023
Compensation and Human Resources
Committee
M Richter (Chairperson), A Ferguson, A Garner, R Gasant,
D Sands
Assists the Board in ensuring that AngloGold Ashanti sets
compensation fairly, responsibly and transparently to
promote the achievement of strategic objectives and positive
outcomes in the short, medium and long term by:
• Reviewing and determining compensation of executive
directors and members of the Executive Committee
• Approving and recommending compensation plans and
programmes
• Overseeing human resources policies and strategy, aimed
at creating and sustaining the technical and managerial
excellence required to support the attainment of the
Company’s global objectives and achieve a globally
competitive workforce
More information on the committee’s achievements is
available in the Directors’ Remuneration Report, from page
112.
Nominations and Governance Committee
M Ramos (Chairperson), K Busia, A Ferguson, R Gasant,
M Richter, J Tilk
• Oversees succession planning for the Board and the
Company’s senior executives and assists the Board
regarding identification, selection, qualification,
recruitment and retention of Board members and
candidates for nomination to the Board as executive or
non-executive directors
• Advises on corporate governance matters, including size,
composition and structure of the Board and its
committees, and more generally on appropriateness of
the corporate governance mechanisms and frameworks
within the Company
• Oversees an annual evaluation of the Board and its
committees, and considers independence
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Overview
Strategic report Directors’ remuneration report Directors’ report
Annual financial statements
Other information
AngloGold Ashanti plc
Corporate governance
Investment Committee (1)
J Tilk (Chairperson), K Busia, A Garner, S Lawson, J Magie
• Assesses individual capital projects and investment and
divestment opportunities to ensure that they are in
accordance with AngloGold Ashanti’s primary mission to
create sustained shareholder value in the long term
• Seeks to ensure that project and investment evaluation
guidelines, including appropriate strategic, operational,
financial, technical and sustainability guidelines and other
procedures for the allocation of capital, are consistently
and properly applied
• Oversees the integrity of and approves the Mineral
Resource and Mineral Reserve Report
Executive Committee
The Executive Committee is a management committee
composed of the chief officers of the Group.
As CEO, Alberto Calderon is responsible for the execution
of AngloGold Ashanti’s strategy and reports to the Board.
He chairs the Executive Committee that is responsible for
the day-to-day management of the Group’s affairs. The
committee’s work is supported by country and regional
management teams as well as by Group corporate
functions.
See Executive Management in this report for detail on the
individual members of this committee.
Board and committee meeting attendance
AngloGold Ashanti plc has been the listed holding company of the Group since 25 September 2023. Directors’ attendance at Board
and committee meetings since this date until 31 December 2023 was as follows:
Meeting attendance for the AngloGold Ashanti plc Board from 25 September to 31 December 2023 (2)
Board
Audit and Risk
Investment (1)
Compensation
and Human
Resources
Social,
Ethics and
Sustainability
Nominations and
Governance
Number of meetings held
MDC Ramos
KOF Busia
A Calderon
G Doran
AM Ferguson
AH Garner
R Gasant
SP Lawson
J Magie
MC Richter
D Sands
JE Tilk
1
1
1
1
1
1
1
1
1
1
1
1
1
2
n/a
n/a
n/a
n/a
2
1
2
2
2
n/a
n/a
2
1
n/a
1
n/a
n/a
n/a
1
n/a
1
1
n/a
n/a
1
1
n/a
n/a
n/a
n/a
1
1
1
n/a
n/a
1
1
n/a
1
n/a
1
n/a
n/a
n/a
n/a
1
1
n/a
1
1
1
1
1
1
n/a
n/a
1
n/a
1
n/a
n/a
1
n/a
1
(1) On 31 March 2024, the Investment Committee ceased to exist and, with effect from 1 April 2024, its duties and responsibilities were assumed by the Board of
Directors.
(2) Where directors have been unable to attend meetings due to illness or conflicts in their schedules, they have received and reviewed the materials for that
meeting and have been given the opportunity to relay their comments in advance, and follow up with the relevant chairperson of the meeting if necessary.
Note: n/a indicates the director concerned is not a member of the relevant committee.
Below, we have also provided details of Board and committee meeting attendance for AngloGold Ashanti Limited, the predecessor
listed holding company of the Group, during 2023. This information is for the period from 1 January until 25 September 2023:
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Annual Report 2023
Meeting attendance for the AngloGold Ashanti Limited Board from 1 January to 25 September 2023 (*)
Board
(excluding
Independent
Board) (1)
Independent
Board (2)
Audit and Risk
(3)
Investment (3)
Remuneration
and Human
Resources (3)
Social,
Ethics and
Sustainability (3)
Nominations
and Governance
(4)
Number of
meetings held
MDC Ramos (5)
KOF Busia
A Calderon
G Doran (6)
AM Ferguson
AH Garner (7)
R Gasant (8)
SP Lawson (7)
J Magie (9)
MC Richter (10)
D Sands (9)
JE Tilk
12
12
12
10
12
12
11
12
12
4
12
4
10
4
4
4
n/a
n/a
4
4
4
4
0
4
0
3
7
n/a
n/a
n/a
n/a
7
4
7
4
3
1
n/a
6
4
n/a
4
n/a
3
n/a
4
1
4
1
n/a
n/a
3
5
n/a
n/a
n/a
n/a
5
5
4
n/a
n/a
5
1
n/a
4
1
4
n/a
n/a
n/a
n/a
3
4
n/a
3
1
3
7
7
7
n/a
n/a
7
n/a
7
n/a
n/a
7
n/a
7
(*) Where directors have been unable to attend meetings due to illness or conflicts in their schedules, they have received and reviewed the materials for that
meeting and have been given the opportunity to relay their comments in advance, and follow up with the relevant Chairman of the meeting if necessary.
(1) During 2023, the AngloGold Ashanti Limited Board held five scheduled Board meetings (including its annual strategy session) and seven special Board meetings
covering matters relating to the 2023 corporate restructuring of the Group which completed on 25 September 2023.
(2) During 2023, the AngloGold Ashanti Limited Board held four meetings of independent directors to consider various matters relating to the 2023 corporate
restructuring of the Group which completed on 25 September 2023. These meetings have been shown separately from other Board meetings and are in addition
to the 12 Board meetings.
(3) All Board committees, other than the Nominations and Governance Committee, held four scheduled meetings during the year, including one meeting focused on
the 2022 year-end reports. Other special meetings were held by the Audit and Risk and Remuneration and Human Resources Committee as required.
(4) During 2023, the Nominations and Governance Committee held three scheduled meetings and four special Nominations and Governance Committee meetings,
mainly relating to the search for two additional independent non-executive directors which resulted in the appointment of Ms Magie and Ms Sands. In addition to
these meetings, members of the Nominations and Governance Committee participated in interviews with potential new Board directors – these interviews are
not included in the table above.
(5) Ms. Ramos stepped down as a member of the Social, Ethics and Sustainability Committee on 22 February 2023.
(6) Ms. Doran was appointed as a member of the Investment Committee on 22 February 2023 and stepped down from it on 25 September 2023 upon completion of
the corporate restructuring.
(7) Mr. Garner and Mr. Lawson were appointed as members of the Audit and Risk Committee on 15 May 2023.
(8) Mr. Gasant stepped down as a member of the Investment Committee and was appointed as a member of the Social, Ethics and Sustainability Committee on
22February 2023.
(9) Ms. Magie and Ms. Sands were appointed as directors and took up their roles with relevant committees with effect from 1 June 2023.
(10) Ms. Richter stepped down as a member of the Audit and Risk Committee and was appointed as a member of the Social, Ethics and Sustainability Committee on
22 February 2023.
Note: n/a indicates the director concerned is not a member of the relevant committee.
Board and committee effectiveness
In line with its charter, the Nominations and Governance
Committee will oversee an annual evaluation of the Board and
its committees.
The Board recognises the need to focus on building a strong
culture within the organisation and has endorsed and
supported the culture journey and values refresh implemented
by AngloGold Ashanti. The Board is conscious of its own
culture, how it aligns with the Company’s culture and how it
can best enable leadership on this journey.
The Nominations and Governance Committee plans to
undertake an evaluation in the second half of 2024.
The Board chairperson and chairs of the relevant committees
keep regular dialogue with other Board members and the
Lead Independent Director is also available for discussions
with directors if needed.
There is an induction programme for all new directors to
enable them to become familiar with the Company, their
duties and responsibilities as directors and receive
information required to be effective in their role. The Board
also provides continuing professional training and
development for directors, which covers topics relevant to the
operations of the Company, industry and the regulatory and
governance environment.
Company secretary
The company secretary is responsible for developing,
implementing and maintaining effective processes and
procedures to support the Board and its committees in the
discharge of their duties and responsibilities. The company
secretary advises the Board and individual directors on their
fiduciary duties and on corporate governance requirements
and best practices.
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AngloGold Ashanti plc
Corporate governance
Other governance practices
Legal, ethical and regulatory compliance
The Group’s geographical spread makes its legal and
regulatory environment diverse and complex. The Board has
oversight responsibility for ensuring that the Company
complies with applicable laws and regulations, codes and
standards, and has delegated this responsibility to the Audit
and Risk Committee.
Group Compliance plays an essential role in designing and
implementing appropriate compliance policies and
procedures.
During 2023, Group Compliance continued with activities
aimed at enhancing the Company’s governance. Key among
these activities were:
• The development, amendment, review, approval and
publication of all Group-wide documents. A number of new
policies, standards and procedures were developed during
the year. Policies demonstrate the organisation’s
aspirational commitments to achieve its objectives and
describe the behaviours and actions of the organisation.
Beneath each policy, Group-wide standards set out the
minimum mandatory requirements for how AngloGold
Ashanti will deliver the commitments presented in the
policies. Group-wide procedures set out how mandatory
requirements must be performed to mitigate key risks. A
new Group-wide documents portal was launched in
September 2023. The portal is the key reference location
where all mandatory Group-wide policies, standards,
procedures and the Group Delegation of Authority can be
found in one place
• The revision and publication of revised standards on Anti-
bribery and Anti-corruption, Conflicts of Interest, Speak-Up,
Gifts and Hospitality, Personal Data and Document
Retention
• The development of new online compliance training to be
rolled out in 2024. The training covers our Code of
Business Principles and Ethics, our values, anti-bribery and
anti-corruption, payments to government officials, political
donations and activities, gifts and hospitality, engagement
of third parties and intermediaries, conflicts of interest,
reporting wrongdoing and Speak-Up (see below)
• Tracking and monitoring compliance with laws and
regulations, including self-certification processes and legal
registers, by country
• AngloGold Ashanti is continuing its robust Speak-Up
platform, administered by a third-party, to which all
employees, directors, officers and external parties have
access via hotlines, email and web facilities. Reporting is
anonymous unless the reporter specifically nominates to
disclose his or her identity. All concerns are carefully
investigated, and feedback is provided through the third-
party service partner to the person raising the concern.
Speak-Up results are communicated biannually to the
Audit and Risk Committee as well as the Social, Ethics and
Sustainability Committee and quarterly to the Serious
Concerns Committee, a management committee.
Whistleblowing plays a key role in giving credence to the
Board’s commitment to ethical leadership and responsible
corporate citizenship
• Continued development of a compliance programme
aligned with “best practice” principles identified by, among
others, bodies responsible for the prosecution of violations
of key extra-territorial legislation such as the US Foreign
Corrupt Practices Act and UK Bribery Act, and that are
adaptable at an operational level to enhance the
effectiveness of the compliance framework
82
• Continued embedding of our responsible sourcing
programme to align suppliers with our business ethics and
values. Our Supplier Code of Conduct encourages all
suppliers, including contractors, to align their businesses
with our internal policies and codes of ethical behaviour,
particularly on human rights practices, labour relations and
employment practices, the environment, our anti-bribery
and corruption policies and standards, and safety policies,
standards and procedures. Our approach to suppliers
involves mandating that responsible environmental, social
and governance practices are carried out by those we
associate and/or do business with. Suppliers are assessed
on their governance conduct in addition to their socio-
economic behaviour
• Regular assessment of the online registers for gifts,
hospitality and sponsorship and conflicts of interest
• Business unit assessments for risks related to bribery and
corruption, including virtual assessments as part of our
combined assurance audit programme.
External and internal standards and regulations
AngloGold Ashanti complies with legislative and regulatory
requirements, including several external and voluntary
industry and international standards and recommendations
that are relevant to the business.
AngloGold Ashanti is a member of and/or a signatory to the
following:
• Extractive Industries Transparency Initiative (EITI)
•
•
International Council on Mining and Metals (ICMM)
International Cyanide Management Code
• Principles of the United Nations Global Compact (UNGC)
• United Nations Guiding Principles on Business and Human
Rights
• United Nations Women Empowerment Principles (WEP)
• Voluntary Principles on Security and Human Rights
(VPSHR)
• World Gold Council’s Conflict-Free Gold Standard and
Responsible Gold Mining Principles
In addition, we have Group policies and charters to which we
adhere. Increasingly, customers and consumers want
assurance that the gold they are purchasing has not
contributed to conflict or human rights abuse. This has
resulted in several measures being introduced by industry-
related organisations of which we are part, to prevent gold
and other commodities from being used to fund conflict and
other violations of human rights.
By virtue of its securities being registered with the SEC,
AngloGold Ashanti is also subject to the various securities
laws applicable in the United States. This is in addition to
being subject to the various listing requirements applicable
for all the stock exchanges on which the Company’s shares or
depositary receipts are listed. These are the New York,
Johannesburg and Ghana stock exchanges.
Annual Report 2023
procurement policy which aims to stimulate economic
development within the communities and countries in which
we operate. The success of this commitment is evident when
considering the 94% localisation spend achieved for 2023
(2022: 94%) on a global basis. Following the 2023 corporate
restructuring which led to the establishment of AngloGold
Ashanti plc as the holding company for the Group with its
primary listing on the NYSE, there is no legal obligation for the
Company to continue its support of localisation obligations
within South Africa. Despite this, the Company remains
committed to supporting these localisation obligations as a
good corporate citizen.
2024 focus areas
In line with AngloGold Ashanti’s status as a signatory to the
UN WEP and the UN Global Compact, WEP is receiving focus
and is being included as part of our Sustainable Mining Plan.
These principles will form part of our responsible sourcing
objective and human rights policies. In support of this
objective, the Company amended its vendor onboarding
questionnaire during late 2023 to obtain, track changes and
report on Women Empowerment Principles. Reporting of
these metrics will only be available from 2024 onwards.
Regarding the screenings for new vendor onboarding
requests received during 2024 and for the periodic vendor
reviews of existing vendors, these metrics will be disclosed in
our 2024 annual reporting statement.
Considerable emphasis is being placed on greater supply
chain transparency and reporting of ESG impacts. Risk
exposures are driving our level of enhancement to improve
the integration of risk assessments into identifying new and
emerging sustainability risks in existing suppliers, including
potential integration of real-time data.
Modern Slavery Statement
AngloGold Ashanti respects the human rights of all
employees and contractors, and all those in our value
chain. We have an approach of zero tolerance to modern
slavery and we are committed to ensuring we reduce and/
or eliminate the risk of modern slavery and human rights
violations in our business and supply chain.
We require that all have a safe, clean working environment,
that they are free of discrimination and intimidation, and
that child or forced labour is prohibited, among others. We
also require respect for the rights of privacy and
protection of access to personal information.
To enhance our governance, modern slavery supply chain
risks are integrated into our broader Human Rights
Framework. Our Supplier Code of Conduct encourages all
suppliers and contractors to align their businesses with
our internal policies and codes of ethical behaviour on
human rights practices, labour relations and employment
practices, among others.
We publish both a Modern Slavery Statement and a Human
Rights Report annually, the current versions of which are
available on our corporate website. The Modern Slavery
Statement 2023 will be published in May 2024.
Tax strategy and tax management policy
Our tax strategy, which is aligned with our business strategy
and its objectives, is to manage all our global tax obligations
in a transparent, responsible and sustainable manner, within
the governance framework established by our Tax
Management Policy while respecting the differing interests of
all our stakeholders.
Climate change
The Board recognises that the impacts of climate change
could exacerbate existing mining-related risks and affect
ecosystems, communities and employees.
The Board previously approved a Climate Change Strategy,
and the Company published its inaugural Climate Change
Report in late 2021, which is aligned to the
recommendations of the Task Force on Climate-related
Financial Disclosures. Furthermore, as a member of the
ICMM, AngloGold Ashanti was part of a landmark climate
change commitment to achieve net zero Scope 1 and Scope
2 GHG emissions by 2050 and to accelerate action on Scope
3 GHG emissions, including exploring opportunities, where
feasible, to reduce such emissions and to set credible
targets in partnership with its suppliers.
During 2022, the Board endorsed the Company’s
commitment to achieve a 30% reduction in its absolute
Scope 1 and 2 GHG emissions by 2030 (as compared to
2021) through a combination of renewable energy projects,
fleet electrification and lower-emission thermal power
sources. The capital cost required to achieve these
reductions over the next eight years was anticipated to be
approximately $1.1 billion, of which about $350m would be
funded over that period by the Company and the balance
through third-party funding, including from providers of
renewable energy infrastructure. Climate change will remain
a priority in future years and the Board will monitor the
Company’s progress towards its GHG emission reduction
targets. See Addressing climate change.
Governance of supply chain management and
procurement policies
Effective supply chain management, undertaken with integrity,
fairness and transparency and in line with our values and
governance principles, adds value to our business, by
improving efficiency, relationships and reputation, ultimately,
impacting our long-term sustainability. As a global company,
responsible management of our supply chain is an
increasingly important ethical, equality and human rights
consideration.
Responsible supply chain management has the potential to
add value to communities, local governments and society,
particularly in developing countries. We have adopted a cross-
functional approach to supply chain management to ensure
best practice, which includes complying with international
human rights and labour standards and the economic
participation of local stakeholders.
Our Supplier Code of Conduct continues to set expectations
for our suppliers. All suppliers are required to review,
understand and comply with our Supplier Code of Conduct, all
relevant laws and industry regulations and notify AngloGold
Ashanti if they become aware of any action which does not
comply with any of these. This is a condition of doing
business with AngloGold Ashanti. A breach or other violation
of the Supplier Code of Conduct could result in a review or
termination of the supplier’s contract with AngloGold Ashanti.
Our suppliers shall conduct business activities with integrity,
dignity and respect, including not taking unfair advantage of
AngloGold Ashanti or other parties through misrepresentation
of facts or any dishonest practices.
Responsible sourcing
We make a positive contribution towards an enduring world.
This value is supported by our commitment to do no harm, to
make responsible use of natural resources, and to contribute
to sustainable development, as well as by our local
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AngloGold Ashanti plc
Corporate governance
The principles governing the Group’s tax strategy and policy
are reviewed and approved by the Board which, through the
Audit and Risk Committee, monitors adherence to the policy.
We recognise that AngloGold Ashanti must earn and
maintain its social licence to operate in partnership with
government and community stakeholders, thus contributing
towards our sustainable future in the countries where we
operate. Aligned with our values, business strategy and
sustainability strategy, we acknowledge our obligations as a
responsible corporate citizen and that our operations
contribute material tax revenues, in terms of both taxes
borne and taxes collected, to the economies of the countries
in which we conduct our business.
As a member of the EITI, a global standard to promote open
and accountable management of natural resources,
AngloGold Ashanti is committed to reporting the amounts
paid to governments in respect of our operations in those
countries that have implemented the standard. AngloGold
Ashanti is a member of ICMM and participates actively in
the Tax Working Group and engages on relevant tax matters
and policy developments.
Our Tax Management Policy governs the management of
tax throughout AngloGold Ashanti and confirms the
defined parameters within which the Board-approved tax
strategy is applied.
The tax governance framework requires AngloGold Ashanti to
have a combination of suitably skilled resources and internal
processes, together with internal and external assurance.
Our approach to transparency and tax
Our approach to tax is underpinned by the AngloGold
Ashanti values, which include sustainability. We also value
the communities and societies in which we operate and
seek to positively impact through AngloGold Ashanti
having been there.
The principles set out below govern our global approach to
tax:
• Commitment to compliance: We respect and comply with
the legal framework of the countries in which we operate,
meeting our tax obligations on time. We comply with local
and global rules with respect to transfer pricing and cross-
border transactions.
• Corporate citizenship: We engage constructively with tax
authorities in the countries in which we operate in an open
and fair manner. We support sustainable relationships in
dealing with global tax authorities. We communicate with
tax authorities to resolve uncertainties as soon as
practical.
• Transparency in our dealings with governments: We are
transparent with regard to the taxes paid to governments
as we believe that this allows our stakeholders to
understand the contribution we make and the integrity of
our tax systems.
• Effective risk management and governance: We are
committed to strong governance. We identify, investigate,
assess and report tax risks in terms of our global audit and
risk framework. On a quarterly basis, we report on tax risks
and uncertainties to the Audit and Risk Committee.
84
• Business rationale: AngloGold Ashanti tests the
commercial rationale of its transactions. We seek to
manage our tax affairs in a manner that contributes to
sustainable business performance and long-term
shareholder value. Accordingly, we do not engage in
aggressive tax planning.
• We advocate fair tax treatment: We engage in the tax
reform processes of international tax rules and local tax
rules in the jurisdictions in which we operate. This
supports the principle that tax systems should be fair,
certain, efficient and competitive in order to support
growth, jobs and long-term sustainable tax contributions.
Digital technology
Digital technology is integral to AngloGold Ashanti's business
functions and operations, serving as a critical enabler for
value delivery and the effective management of associated
risks. The Board has entrusted the oversight of digital
technology to the Audit and Risk Committee, leading to the
establishment of a comprehensive Digital Technology
Governance Framework, which supports effective and
efficient management and decision-making concerning the
use of technology resources. Aligned with the Company’s
objectives, it serves as a strategic guide in navigating the
digital landscape and managing technology-related risks.
To emphasise our commitment to responsible technology
use, we have adopted a dedicated policy addressing the
governance of digital technology. This policy provides a
structured foundation, focused on secure and ethical use of
our digital assets.
We have set up mechanisms to regularly inform both the
Board and the Audit and Risk Committee about any potential
cybersecurity threats and the measures and strategies taken
to counteract them. The Audit and Risk Committee charter
has been tailored to grant the committee specific
responsibilities in monitoring and reviewing our cybersecurity
programme. This includes active engagement in discussions
with management on material cybersecurity incidents, related
threats, vulnerabilities, defences, and planned responses. The
quarterly committee meetings are designed to ensure
ongoing diligence in managing cybersecurity risks.
To maintain a forward-looking approach, the Audit and Risk
Committee receives regular updates on our digital technology
strategy, which aligns our technology initiatives with broader
corporate objectives.
Our commitment to assurance is demonstrated through
annual audits conducted by both internal and external
providers. Identified failures or non-compliance issues are
addressed promptly by our digital technology function, with a
focus on continuous improvement. Furthermore, annual risk
assessments are integrated into our company-wide risk
management system.
Formal processes and the establishment of a Cybersecurity
Operation Centre underscores our proactive approach to
managing threats. The primary objective is to actively protect
the confidentiality, integrity, and availability of our digital
technology assets.
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Annual Report 2023
Engaging with stakeholders
We believe it is important to listen to and engage with a diverse range of stakeholders. Open, honest and transparent
stakeholder engagement helps us to better understand our external operating environment, stakeholder expectations, and
risks and opportunities. We understand the importance and desirability of maintaining our reputation for high standards of
business conduct and acting with integrity in our dealings with stakeholders. Effective stakeholder engagement and active
management of stakeholder relations, concerns and expectations underpin our ability to deliver on our strategy. This section
outlines the main ways in which the Board and executive management interact and communicate with stakeholders to promote
fairness and equality.
Section 172(1) statement
This section on stakeholders and our engagement with them explains how the Board takes account of stakeholder interests in its
deliberations, decision-making and actions. It briefly describes our key stakeholders, and summarises their main concerns and
interests, and how the Board considered such concerns and interests in their deliberations. This section serves as our
Section 172(1) statement, illustrating how AngloGold Ashanti’s directors fulfilled their Section 172 duties in 2023.
Board engagement in 2023
While there is no formal programme in place for direct Board
engagement with stakeholders, the Board engages with
stakeholders as and when required.
The complex corporate restructuring and associated
transaction undertaken in 2023 involved engagement with
regulators, host governments, employees and other
stakeholders across multiple jurisdictions.
The individual CEO and CFO remuneration scorecards for 2023
included effective stakeholder engagement.
Key stakeholders 2023
In the Board’s view, key stakeholders in 2023 were:
Investors, includes shareholders, providers of
capital, debt funders
Employees
Government and regulators
Suppliers and customers
Communities and environment
Industry partners and peers
Board oversight and accountability –
governance in action
Ultimate responsibility for stakeholder engagement lies with
the Board and is assisted in this by the Social, Ethics and
Sustainability Committee. This committee is responsible for
and has oversight of our stakeholder engagement framework
and structures, which it reviews annually. An external
assurance provider, IBIS, is engaged to review AngloGold
Ashanti’s stakeholder engagement activities.
While managing engagement with stakeholders and their
interests is an important Board focus, the day-to-day
management is delegated to executive management.
Significant stakeholder engagement is conducted at all levels
of the organisation and in all regions of operation.
Constructive stakeholder engagement is vital in ensuring our
licence to operate – both regulatory and social.
Given its responsibility for stakeholder engagement, the Social,
Ethics and Sustainability Committee receives quarterly reports
and, over the year, considers a wide range of concerns
expressed by stakeholders covering safety and health,
environment, social and community matters, security and
human rights, inclusivity, equity and diversity as well as
community and government engagement with communities.
After each meeting, the committee chairperson reports to the
Board on any significant concerns raised, which are then taken
into account in Board discussions and decision making.
The CEO, CFO, CPO and CSCAO and other members of
executive management report regularly on stakeholder
engagement to the Board, either directly or via the committees.
They provide feedback and detail on such interaction across
the organisation and related significant concerns raised. These
reports are duly interrogated by the Board and its committees.
The Board requires that the implications for stakeholders and
their interests be considered in all actions taken, decisions
made and proposals submitted by executive management.
Furthermore, the Board is mindful of the need to treat all
stakeholders fairly, with no stakeholder or shareholder having
greater influence than or being favoured over another. In this
section, we outline how the Board and executive management
interact with and communicate with stakeholders to promote
fairness and equality.
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Engaging with stakeholders
INVESTORS*
Our globally diverse shareholders include global fund managers, pension funds, institutional
investors as well as individuals. We also engage with investment and ESG analysts and financial
media.
$91m paid in
dividends
(2022: $181m)
27.68%
combined shareholding of three
largest shareholders at end
December 2023
(2022: 22.93%)
204,456 shares
held by directors and executive
management
(2022: 147,324)
$18.69
NYSE closing share price at
31 December 2023
(2022:$19.42)
*Includes shareholders,
providers of capital, debt
funders
Why and how we engage
The long-term success of the Company relies on investor support.
An understanding of investor views is fundamental to how we run
our business and determine our strategy and related strategic
priorities. Investor views are considered as appropriate in every
decision made by the Board. We aim for transparent and
consistent investor engagement on our performance and progress
in delivering on our strategy to manage expectations and enhance
investor sentiment, our reputation and market valuation, and to
improve our access to capital.
The CEO, CFO and CSCAO, supported by the investor relations
team, are responsible for shareholder and investor
engagement. Such engagement, which is regular and carried
out through a variety of channels, is conducted in line with our
policies and procedures. Such engagement provides
shareholders with a platform to voice concerns, pose
questions, and gain insights into our overall performance and
strategic direction.
The Board and relevant committees receive regular quarterly
reports from those executive directors and members of
executive management involved in day-to-day engagement with
investors.
Engagement with investors on executive compensation was
led by the Compensation and Human Resources Committee
chairperson, Maria Richter, in 2023. This engagement
acknowledges the importance of aligning compensation
practices with investor expectations, a key aspect of
maintaining investor confidence.
An important form of engagement with shareholders and
investors is the annual general meeting (AGM). Led by the
Chairperson, the AGM provides an opportunity for
shareholders to vote on various matters – the election/re-
election of directors and our remuneration policy.
Investors may also request ad hoc meetings with Board
members to allow for one-on-one discussions, and to address
specific concerns or topics of interest raised.
Principal concerns of investors in 2023
• Financial and operating performance – Obuasi ramp-up and
inflationary cost pressures
• Remuneration policy
• ESG performance, in particular the impact of climate
change and our approach to decarbonisation
• Cash lock-up challenges
• Supply chain impact of geopolitical conflicts (Ukraine and
Middle East)
• Operating and political landscape
• Corporate restructuring and redomicile
Board oversight and response
AngloGold Ashanti’s Board-approved strategy is designed
to support sustainable cash flow improvements and returns
to enable us to maximise long-term shareholder value. It is
thus committed to maintaining an appropriate balance
between shareholder cash returns and investment in the
business, and in so doing, promoting investor confidence.
The Compensation and Human Resources Committee
chairperson consults regularly with shareholders and proxy
advisers to explain our remuneration policy and how it is
implemented. Our remuneration framework and policy are
adapted to reflect points raised during consultation. The
review of the remuneration policy conducted in 2023
involved actively engaging with our largest shareholders to
understand their views on the proposed change to separate
short-term and long-term incentives. Feedback from
investors will inform implementation of this policy in 2024,
and in particular the choice of performance measures.
Shareholders will vote on the new policy at the 2024 AGM
to be held in May 2024.
Extensive engagement was conducted with investors on
the corporate restructuring concluded in September 2023,
for which we received almost unanimous support.
The CFO engaged with three credit ratings agencies on the
Company’s strategy, operational performance, and cost
initiatives which resulted in AngloGold Ashanti’s ratings
being maintained by all three agencies.
The Board, supported by the Social, Ethics and Sustainability
Committee, regularly considers ESG issues and our related
performance, including climate change. The committee
meets quarterly, with the committee chairperson reporting to
the Board after each committee meeting.
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EMPLOYEES
Engaged, motivated employees are critical to AngloGold Ashanti’s long-term success. They
provide the skills and expertise required for efficient operations and successful delivery on our
strategy. Employee engagement during the year covered the rollout of our revised values, the
corporate restructuring, operational and financial updates and, early in 2024, the launch of our
purpose statement.
33,658 employees
(including 19,615 contractors) on
four continents
(2022: 32,594; 18,599)
$7.76m
invested in employee training and
development
(2022: $8.94m )
$551m
paid in salaries/wages and benefits,
equivalent to $16,370 per employee
(2022: $534m; $16,383 per employee)
15 hours
of training on average per employee
(2022: 8 hours)
Why and how we engage
Constructive employee engagement promotes stable, positive
employee relations, enhances productivity and promotes
alignment on our strategic objectives.
Line management, supported by the human resources
function, is the main point of engagement. Engagement is
frequent and ongoing, formal and informal, and includes
official company communications, as well as company-wide
town hall meetings, in-house presentations and awareness
campaigns on various topics such as safety, health, business
performance, diversity and human rights. Communication
media used includes email, newsletters, employee briefs, video
bulletins, the intranet, social media platforms and personal
communication with line management.
The CPO, supported by the human resources team, is
responsible for employee engagement, related structures and
frameworks, and reports to the Board and its committees.
The Compensation and Human Resources Committee (and
previously the AngloGold Ashanti Limited Remuneration and
Human Resources Committee) receives regular updates on the
development and rollout of the Company’s values and purpose,
and provides reports to the Board after each committee
meeting.
Principal concerns of employees in 2023
• Remuneration
•
Inflation and cost of living pressures
• Training and development; career opportunities
• Health, safety and wellbeing
•
Inclusion, diversity and equity
• Employment; business continuity/future of AngloGold
Ashanti
• Organisational culture
Board oversight and response
As our strategy prioritises people, employee health and
safety are priority focus areas for the Board.
The Compensation and Human Resources Committee and
the Social, Ethics and Sustainability Committee assist the
Board with oversight of employee-related engagement and
concerns. The Chief People Officer, the Chief Corporate
Affairs and Sustainability Officer, the Chief Legal Officer,
and appropriate members of their teams who are
responsible for embedding culture, ensuring a safe and
healthy work environment and that colleagues can raise
concerns in a confidential manner, report regularly to the
relevant committees on employee-related matters giving
the Board insight into employees’ concerns.
The Social, Ethics and Sustainability Committee oversees
matters relating to employee safety and health, among
others. The Compensation and Human Resources
Committee oversees matters relating to employee
remuneration and rewards, with the chairperson of this
committee being the appointed People-related non-
executive Director.
While the Board does not engage directly with employees,
the CEO and Executive Management do, and in 2023, they
engaged with employees on concerns relating to the
relisting, new domicile and relocation of AngloGold
Ashanti from South Africa, among others. Four town hall
meetings were held during the year. Employees have
direct access to the CEO and executive management who
provide feedback to the Board on employee concerns and
matters.
Although there was no global employees survey in 2023, a
touchpoint survey was held to assess the progress being
made with the values rollout. The next culture survey is
planned for early 2025 and the related preparatory work is
due to begin shortly.
The Board regularly monitors the state of labour relations
(at least annually) and as well as the health of the
organisational culture, on both of which aspects it
receives regular updates.
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Engaging with stakeholders
GOVERNMENTS
AND
REGULATORS
National, state, regional and local governments as well as various regulators and departments
(mining, environmental, social, labour, taxation) are significant stakeholders. They develop and
implement policy frameworks, legislation and associated regulations that have the potential to
significantly affect AngloGold Ashanti or our operations.
$497m
paid in royalties and taxation
(2022: $492m)
$201m
paid in personal income tax on
behalf of employees
(2022: $182m)
Board oversight and response
Primary responsibility for and oversight of engagement
with governments and regulators resides with the Social,
Ethics and Sustainability Committee, which has
government relations as a permanent agenda item. The
committee reports to the Board after each of its quarterly
meetings.
Dr Kojo Busia, the Chairperson of this committee, is the
non-executive director responsible for government
engagement.
Board members, including the Chairperson, engaged with
various levels of governments and regulators, among
them the National Treasury in South Africa regarding the
change in primary listing from the JSE to the NYSE and the
change in corporate domicile and headquarters.
Sunrise Dam, Australia
Why and how we engage
Constructive, positive engagement with governments is
important, and relates to our licence to operate, our right to
mine and explore, the receipt and maintenance of all necessary
permits and regulatory compliance, and infrastructural and
socio-economic partnerships.
Ongoing engagement aims to: communicate the state of the
business, our challenges and opportunities; mitigate regulatory
and political risks; encourage certainty; strengthen our social
licence to operate; and promote an environment conducive to
investment and development. Such engagement also presents
an opportunity to promote adherence to our governance
standards and policies.
Proactive engagement with governments includes regulatory
submissions, formal and informal discussions on significant
issues, and service delivery collaborations. Direct engagement
by corporate and site teams with national, regional and local
governments and regulators in each jurisdiction occurs
alongside engagement with those parties through industry
bodies. The subject matter spanned a variety of issues – from
updates on our corporate restructuring, our operating
performance and status of various projects, to communication
about the benefits of our operations for local communities and
value chains. These meetings also allowed our teams to
remain abreast of changing political and regulatory dynamics.
At executive level, the CSCAO, supported by the government
relations department, headed by the Senior Vice President:
Government Relations, and members of the in-country
executive teams, is responsible for government and regulatory
engagement and reports quarterly on this to the Social, Ethics
and Sustainability Committee.
Engagement conducted in 2023 covered, among others, the
status of the production ramp-up at Obuasi in Ghana,
compliance with government requirements regarding TSFs,
CdS being placed on care and maintenance in Brazil, and the
status of our projects in Colombia, and ongoing business
across our operating jurisdictions.
Principal concerns of governments and
regulators in 2023
• Compliance and regulatory changes
• Project updates
• Taxation
• Repatriation of funds
• Localisation
• Benefits of mining
• TSF management
• Permitting
• Land compensation
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SUPPLIERS
AND
CUSTOMERS
Suppliers provide inputs – raw materials, products and services – essential to the conduct of our
business. AngloGold Ashanti has many suppliers, ranging from established multi-national
corporations, local strategic partnerships (such as joint ventures) to smaller, more localised
businesses and labour contractors. Solid business relationships with our customers who purchase
our gold ensure an efficient sale and delivery process.
$4.58bn
spent in total on the procurement of
goods and services
(2022: $4.20bn)
$4.31bn
spent on local preferential
procurement (includes in-country
spend), 94% of total procurement
(2022: $3.97bn; 94%)
Why and how we engage with suppliers
Engagement with suppliers aims to ensure they are aligned
with our business ethics and values, internal policies and
standards, and codes of behaviour by making sure they
understand and comply with our Supplier Code of Conduct.
Constructive supplier engagement is critical in facilitating
efficient cost management and control, in line with our
strategy.
Suppliers are monitored throughout their term of engagement
to assess the level of work performance, the quality of product
provided and to address any risks and shortcomings identified.
Depending on the nature, materiality and criticality of the
supplier, engagement is either informal or formal. Supplier
engagement is conducted by means of various channels
including supplier events, host community procurement
forums, regional regulatory forums, supplier capability
development initiatives and our responsible sourcing
programme. Promotion of local and in-country procurement is
a priority.
Before they are added to our vendor supplier database, all
prospective suppliers complete a supplier self-assessment
questionnaire the response to which is vetted by the
compliance department to identify and highlight potential risks
associated with the supplier. In addition, all existing suppliers
are required to complete periodic maintenance assessments.
Suppliers are additionally categorised in terms of their
associated risk. High-risk suppliers are subject to risk
monitoring by an independent market intelligence contractor.
This includes monitoring of adverse media and sanction alerts,
production, cyber security, country, civil liberties and freedom
status risks. Where a risk is identified or suspected, suppliers
are approached and a corrective action plan developed.
In 2023, 86% of suppliers were screened using human rights
priorities.
The CFO is ultimately accountable for the supply chain
function and has a strong supply chain leadership team,
regional and site supply chain teams as support. These teams
roles are also supported by functional disciplines, including
Compliance, Risk, Finance, Internal Audit, Safety, Health and
Security as well as by business stakeholders.
Principal concerns of suppliers in 2023
• Responsible sourcing
• Procurement opportunities
• Localisation
• Supply chain risks, including modern slavery and labour
rights abuses
• Supplier relationship management
• Supplier performance
• ESG monitoring
• Promotion of transparency and access to information
Why and how we engage with customers
Gold-bearing ore mined is processed and treated to produce
doré (unrefined gold bars) on site at our gold plants and then
dispatched to precious metals refineries – in South Africa,
Australia and Switzerland – for refining to a purity of at least
99.5%, in line with the standards of ‘good delivery’ as specified
by the London Bullion Market Association (LBMA). The refined
gold bars are then sold directly to bullion banks. As operations
at the Queiroz plant have been suspended, we are currently
selling gold-in-concentrate in Brazil under specific contractual
arrangements.
AngloGold Ashanti places strong emphasis on building and
maintaining solid business relationships with the refineries
and banks involved in the sale of our gold. These partnerships
are important in ensuring an efficient and timely process for
the selling of our gold, especially those with LBMA-accredited
refineries. A key strategy is to engage in regular dialogue with
our refinery and banking partners to understand their specific
requirements and expectations.
Board oversight and response
The Audit and Risk Committee assists the Board with
oversight of supplier and customer performance and any
other related concerns. The committees report quarterly to
the Board with the CFO reporting on related expenditure
and supplier performance.
No material supplier concerns were raised or brought to
the attention of the Board in 2023.
Three high-value supplier commitments, each exceeding
$230m, were presented to the Board for review during
2023 and were approved. All contracts exceeding $100m
in value that are related to budgeted commitments arising
from a competitive sourcing process require Board
approval. Contracts relating to unbudgeted commitments
arising from an uncompetitive sourcing process that are
valued at $20m or more also require Board approval.
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Engaging with stakeholders
COMMUNITIES
AND
ENVIRONMENT
Our communities are those located close to or in the vicinity of our operations and projects, on
whose goodwill we depend, and who are directly or indirectly impacted by our mining activities.
Many of our employees reside in these communities.
Our business depends on access to economically viable gold deposits but mining is environmentally
disruptive, with many of our activities impacting land, air, water, biodiversity and the host
communities with whom we share these natural resources. Our environmental management
programme aims to mitigate damage caused by land disturbance, to protect biodiversity and to
ensure the responsible consumption of natural resources and management of waste.
$18.84m
invested in communities
(2022: $18.0m)
0
human rights incidents or allegations
under VPSHR
(2022: two (self-reported))
109
community grievances reported,
92% resolved
(2022: 146 ; 65%)
4,104ha
cumulative area rehabilitated to
date
(2022: 3,861ha)
Why and how we engage
We are accountable to host and local communities to be a
responsible corporate citizen. We strive to engage consistently
and transparently with communities on a range of issues, such
as jobs and local procurement, and on the impact of our
operations on the local environment.
We are committed to mutually beneficial community
partnerships, and in this we are guided by the principles
outlined in our Sustainability Policy and directed by our Social
Performance Management Standards. Our approach revolves
around inclusive stakeholder engagement, proactive risk and
impact management, and the implementation of programmes
that foster mutual, lasting value creation.
Our societal engagement is aimed at informing stakeholders,
managing expectations, upholding human rights and ensuring
community and asset security. Engagement is critical to
community collaboration and to successfully developing and
implementing local socio-economic development
programmes. These programmes contribute to economic
growth, stimulate income-generating opportunities and create
employment. Mutually beneficial community partnerships
enhance shared value creation and support our social licence
to operate. Our community engagement strategy identifies
potential areas of interest and concern within local
communities.
All sites have both a stakeholder engagement plan and a
socio-economic development plan.
Various channels are used for engagement, including
community forums in which AngloGold Ashanti, the
community and local authorities are represented. Grievance
mechanisms, together with accompanying resolution
procedures, enable communities to lodge complaints that can
be resolved.
Constructive community engagement supports our social
licence to operate and promotes mutual understanding of
needs and expectations. Community engagement and related
action are underpinned by our values.
The CSCAO, supported by the government, community
relations and environmental management teams, is
responsible for community and environment-related
engagement.
Principal community and environmental
concerns in 2023
• Employment and procurement opportunities
• Business continuity and future employment (Brazil, Ghana,
Guinea, Argentina)
• Artisanal and small-scale mining/illegal mining
• Environmental and social impact of mining activities on
communities (noise, dust, water, land, climate adaptation
and mine rehabilitation)
• TSF management and community safety
• Economic inclusion through local enterprise and economic
development programmes
• Community consultation and consent
• Legacy projects in South Africa (post asset sale in 2020/1)
Board oversight and response
The Board, supported by the Social, Ethics and
Sustainability Committee, considers community- and
environment-related issues. The committee oversees
matters relating to safety, security, health, human rights,
environmental management, sustainability, ethics and
other social matters to ensure the principles of good
corporate citizenship are upheld and that our business is
conducted ethically and sustainably.
The CSCAO, together with members of his team, provide
quarterly updates to the Social, Ethics and Sustainability
Committee and Board on all social, community, climate
and environmental issues as well as any related
engagement. The committee chair reports to the Board
after each quarterly meeting and its minutes are provided
in full to the Board. The Board and committee review
progress made against published targets and agree any
corrective action if necessary.
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INDUSTRY
PARTNERS AND
PEERS
National or local mining/industry bodies, the International Council on Mining and Metals (ICMM) and
World Gold Council (WGC), among others, provide a joint platform for addressing industry-related
developments and concerns, as well as for sharing lessons learnt and best practice. For the list of
entities and organisations of which AngloGold Ashanti is a member and/or signatory, see page 78.
Why and how we engage
Engagement with our industry partners and peers aims to
garner support and promote collaboration with other shared
stakeholders – governments, regulators, employees, unions
and communities – on matters of mutual concern, and to work
together to reduce regulatory and political uncertainty, and to
promote long-term partnerships. Such collaborations include
joint efforts to find solutions to sector or industry challenges
and to support any new developments to promote the future of
the industry.
We engage with our peers through various country-level
forums and various global industry bodies such as the ICMM
and the WGC, among others. Collaboration with our mining
peers, both locally and globally, helps ensure we stay abreast
of developing trends, allowing us to provide input on major
developing issues that affect mining companies in general,
and AngloGold Ashanti in particular, and to contribute to a
collective voice for the sector. Much of the discourse in these
forums centres on broader environmental, social and
governance topics, including the ongoing development of good
practice and how to optimally communicate the significant
socio-economic contribution being made by the industry.
We continued to apply the ICMM’s Performance Standards and
the WGC’s Responsible Mining Principles.
Engagement, which is led by the CEO and designated area
leads, involves various platforms including focused
workshops, webinars, conferences, physical and virtual
meetings and other industry forums.
AGA Mineração, Brazil
Principal concerns of industry partners and
peers in 2023
•
Inclusion, diversity and equity
• Human rights guidance
• Safety performance
• Scope 3 GHG emissions
• Nature
• Water stewardship
• TSF and GISTM conformance
• Convergence of mining standards
• Communicating mining’s socio-economic contribution
Board oversight and response
This engagement is largely management-led. The CEO,
who is a member of the Board, frequently participates in
this stakeholder engagement. Updates on engagement
with sector peers and industry partners, such as the ICMM
and WGC (Responsible Gold Mining Principles) are
responsible to the Social, Ethics and Sustainability
Committee, specifically on ESG-related matters.
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Addressing climate change
Impact of climate change on mining
Climate change poses unique challenges and risks for mining
companies, a result of both its potential direct physical impacts
and the risks arising from the transition to low-carbon operations.
With anecdotal evidence suggesting that the physical effects of
climate change are being increasingly felt at a global scale, the
frequency of extreme weather events in many of our mining
regions is under increased scrutiny and has aided in improving
site-level awareness of operational risks. We have also
recognised the risk that a changing climate change poses to
socio-economic development locally and globally and we are
committed to minimising current and future climate risks.
The physical impacts of climate change – which include extreme
temperatures, especially heat waves, prolonged droughts and
water-scarcity as well as other extreme weather events such as
flooding and intense storms – can potentially disrupt mining
operations. They could also lead to increased competition for
scarce water resources with local and host communities.
AngloGold Ashanti is committed to reducing its carbon emissions
in order to limit its contribution to a changing climate and to
managing and adapting to the risks of climate change. We
acknowledge our inherent responsibility to identify and address
the climate-related risks to our business, to collaborate with
diverse stakeholders in combating climate change and to help
build the resilience of host societies to future climate impacts.
As an ICMM member, our mitigation commitments are fully
aligned with the ambitions of the Paris Agreement.
Climate-related physical risks
Climate change is expected to further exacerbate existing
weather-related risks on mining infrastructure and its workforce,
and to alter the balance of natural ecosystems and communities'
way of life.
The physical impacts of climate change, such as changes in
rainfall rates or patterns, could disrupt our mining operations,
processing plants and TSFs, as well as damage roads, transport
and energy infrastructure both on- and off-site. This in turn could
result in increased operating and capital costs. At a human level,
the physical impacts of climate change can affect productivity,
and employee and community health and safety.
Mine site vulnerabilities
Over 2020 and 2021, AngloGold Ashanti completed climate
change-related physical risk assessments for all operating assets,
using the worst-case climate scenario (RCP 8.5). These
assessments indicated that while many of the physical climate
risks identified were already being addressed at those sites
through a variety of management controls, it was possible that
additional adaptation may be needed.
The physical climate risks identified are listed in the table below.
Physical climate-related risks and operations/projects potentially affected
Climate event
Related physical risk
Operations/projects affected
Extreme rainfall
• Supply chain disruptions – especially bulk reagent
deliveries
• Sunrise Dam and Tropicana
• Geotechnical instability and erosion, potentially
affecting pit walls, mine infrastructure, TSFs,
rehabilitated areas, waste rock dumps and filtered
tailings, among others
• Geita, Iduapriem, Obuasi and Siguiri
• AGA Mineração and Serra Grande
• Quebradona
• Potential adverse impacts on pollution control
• Cerro Vanguardia
• Halt to construction activities
• Quebradona
Extreme temperatures
• Spontaneous combustion/fires
• Sunrise Dam and Tropicana
Storms
• Lightning strikes and fires
• Sunrise Dam and Tropicana
Water stress
• Failure to deliver on rehabilitation objectives and
reduced habitat regeneration
• Geita, Iduapriem, Obuasi and Siguiri
• Reduced availability of water – related
community and stakeholder concerns
• Geita, Iduapriem, Obuasi and Siguiri
• Cerro Vanguardia
• Reduced supply of groundwater/decrease in
• AGA Mineração and Serra Grande
water supply leading to water supply constraint
issues
• Elevated dust emissions and reduced ability to
suppress dust – related community concerns
• AGA Mineração and Serra Grande
• Changes to water management regimes
• AGA Mineração and Serra Grande
Rise in sea levels and
storm surge
• Disruptions to operations and exports (from Port
of Buenaventura owing to storm surges)
• Quebradona
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Since there is limited variation in climate modelling predictions
over the shorter term, we believe that our 2020/21 physical
climate predictions and risk assessments remain relevant. We
anticipate reviewing our physical climate change risk
assessments in 2025/26.
Community vulnerabilities
AngloGold Ashanti understands that climate change has the
potential to impact host communities, and that adaptation and
response planning should extend beyond the mine gate. As the
adaptive capacity of local communities can be limited in certain
circumstances, which has the potential to indirectly affect mine
site operations.
To enhance the resilience of local communities, our operations
have, in collaboration with international, local governmental, and
community agents, implemented site-specific programmes as
part of community development projects and community safety
programmes, which range from awareness-raising to adaptive
business and agricultural projects. This has helped in
strengthening community safety and health resilience.
Continued support from the Company and our partners, such as
the Global Fund to Fight Aids, Tuberculosis and Malaria, for our
malaria prevention campaigns in Africa is playing a major role in
enhancing the health resilience of local communities. Iduapriem
has updated its community safety plan to include climate change-
related initiatives that include working with nearby communities
to identify and address climate-related risks and vulnerabilities.
Obuasi’s 10-year Socio-economic Development Plan has projects
targeted at increasing the community's resilience to climate
change impacts. The mine, in collaboration with our stakeholders
and the NGO Solidaridad West Africa, is implementing the Climate
Resilient Oil Palm Project to contribute to climate adaptation and
mitigation while simultaneously promoting economic growth in
our host communities.
In Brazil, our Environmental Education Centre runs awareness-
raising programmes on the effects of climate change and how
local action may contribute to the global agenda for climate
change mitigation. In preparation for local efforts, the community
is educated on the effects of climate change, waste management,
recycling, and other environmental issues. In Tanzania, Geita
mine partnered with the Tanzania Forest Service to prevent
deforestation following an increase in encroachment activities
within the mine's concession, which spans the Geita Forest
Reserve.
Climate-related transition risks
Reducing our GHG emissions and transitioning to a low-carbon
future presents both risk and opportunities for our operations.
They include policy and regulatory/legal risks, technology risks,
market risks and reputational risks.
The introduction of carbon prices by host countries as a policy
lever is recognised as an important climate transition risk which
presents itself across all the countries in which we have
operations and projects. Carbon price risk is likely to intensify
with increasing pressure to decarbonise host country economies
and meet the commitments those countries have made in terms
of the Paris Agreement. Carbon prices are typically introduced
through the imposition of carbon taxes, the removal of subsidies
or emission caps on industries.
In 2021, we engaged the Carbon Trust to develop a qualitative risk
framework to gauge AngloGold Ashanti’s exposure to carbon
price risk in each country of operation. While the results are
somewhat subjective, the framework provides a relative scoring
of carbon price risk across our countries of operation. It
considers ten criteria on a scale of low to high risk.
The ten criteria can be grouped into four primary dimensions; the
existing carbon regulations in each country, our future production
and emissions profile in each jurisdiction, each country’s
emissions reduction ambitions, and the policy gap between
existing policies and the country’s stated climate ambitions.
The results provide possible insights on which countries might
invoke aggressive carbon price policies to meet their Nationally
Determined Contributions (NDC) pledges, with larger gaps
between a country’s commitment and its existing climate policies
signalling a stronger driver for carbon pricing risk.
Using the same methodology, we updated the assessment to
reflect revisions in country-level policies, and changes to
AngloGold Ashanti’s forecast emissions in each jurisdiction, the
results of which are presented below.
Iduapriem, Tanzania
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Addressing climate change
Relative carbon pricing risk by country of operation*
(*) Note that the DRC is not included as the Kibali operation is managed by our joint venture partner, Barrick.
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Our climate strategy
Launched in 2021, our Climate Change Strategy involves the
management of physical and transition climate risks within our
strategic and operational planning processes. It is focused on
achieving net zero Scope 1 and Scope 2 GHG emissions by 2050.
This strategy aims to manage physical and transition climate
risks within our strategic and operational planning processes and
encompasses a four-pillar framework, aligned with the TCFD
recommendations (governance, strategy, risk management, and
climate metrics and targets) underpinning the evolution in our
approach to climate change.
To help achieve our 2050 net zero Scope 1 and Scope 2 GHG
emissions targets, the Decarbonisation Strategy, a key
component of our Climate Change Strategy, and the
accompanying Roadmap to Net Zero were officially launched in
October 2022. In terms of the roadmap, we have committed to a
30% reduction in our annual absolute Scope 1 and 2 GHG
emissions by 2030 compared to the 2021 baseline of 1.4Mt CO2e.
We also committed to working with key suppliers to address,
where feasible, Scope 3 GHG emissions in support of our ICMM
commitments.
The decarbonisation roadmap outlines a multi-pronged approach
involving the implementation of renewable energy projects;
electrification of our mining fleet; and the use of lower-emission
power sources. There is a parallel focus on strengthening
AngloGold Ashanti’s climate resilience across the business, value
chain, host communities and operational environments.
Greenhouse gas disclosure – metrics, performance and targets
Annual energy usage and related GHG emissions performance
2023
2022
2021
2020
2019
Energy usage
Direct energy use (1)
Indirect energy use (1)
Total
Total
Energy intensity
GHG emissions (2)
Scope 1
Scope 2
Total – Scope 1 and 2
GHG emissions intensity
PJ
PJ
PJ
million kWh equivalent
GJ/t of ore treated (3)
Mt CO2e
Mt CO2e
Mt CO2e
t CO2e/t of ore treated (3)
kg CO2e/GJ
19.49
3.14
22.63
6,285
0.53
1.300
0.169
1.469
34.26
64.91
19.42
3.32
22.74
6,318
0.52
1.299
0.175
1.475
33.43
64.84
19.03
3.01
22.04
6,123
0.50
1.192
0.189
1.380
31.32
62.62
18.26
2.74
21.00
5,833
0.49
1.123
0.181
1.304
30.54
62.10
18.48
2.21
20.69
5,747
0.51
1.133
0.135
1.268
31.03
61.29
(1) Split between direct and indirect energy use restated for 2021 and 2022
(2) AngloGold Ashanti’s GHG emissions accounting is founded on the WRI/WBCSD’s Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard
(Revised Edition). Emissions are calculated on an operational control basis using country-specific emission factors for the different energy products being
consumed, where available. Alternatively, emissions factors are based on the IPCC 5th Assessment Report (AR5)
(3) Per tonne of gold-bearing ore mined and treated/processed to extract the gold
Regional/operational(2) breakdown of energy usage and related GHG performance – 2023
Energy performance
GHG emissions performance
Energy
consumption (PJ
(1))
10.29
1.87
1.41
3.11
3.90
3.97
1.69
Energy
consumption
(million kWh)
2,857
518
393
863
1,083
1,102
469
Energy intensity
(GJ/tonne
treated)
0.44
0.34
1.11
0.28
0.71
0.60
0.56
Scope 1
(Mt CO2e)
0.653
0.154
0.138
0.239
0.291
0.158
0.106
Scope 2
(Mt CO2e)
0.169
0.052
0.117
0
0
0
0
1.58
0.7
8.37
2.94
5.44
0
22.63
439
194
2,326
815
1,510
0
6,285
0.73
0.62
0.63
0.75
0.57
0
0.53
0.035
0.018
0.488
0.165
0.323
0
0
0
0
0
0
1.3
0
0.169
Total:
Scope 1
and 2
(Mt CO2e)
0.822
0.154
0.138
0.239
0.291
0.158
0.106
0.035
0.018
0.488
0.165
0.323
0
1.469
Emissions intensity
(t/tonne treated)
35.49
28.40
107.68
21.76
53.16
25.05
34.98
16.00
15.62
36.49
42.25
34.11
0
34.26
Africa
Iduapriem
Obuasi
Siguiri
Geita
Americas
Cerro Vanguardia
AGA Mineração
Serra Grande
Australia
Sunrise Dam
Tropicana
United Kingdom and
offshore area
Total
(1) One petajoule (PJ) is equivalent to 277,778MWh
(2) Energy usage is reported for operating mines only. Energy consumption at standalone offices and/or exploration sites is deemed immaterial to the Company’s
overall energy use, and are therefore not accounted for
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Renewable versus non-renewable energy use (PJ)
Non-renewable energy used
Scope 1
Scope 2
Renewable energy used
Hydropower and solar (1)
Total
Renewable energy as a % of total energy used
(1) 2022 renewable energy total corrected
2023
1.64
19.49
1.5
22.63
6.6 %
2022
1.58
19.42
1.74
22.74
7.6 %
2021
2.52
19.03
0.49
22.04
2.2 %
Performance 2023: Scope 1 and 2 emissions of 1.47Mt are 6% above the 2021 baseline of 1.38Mt.
To achieve our 2030 targets, we are working with our sites to target areas to achieve the maximum potential reduction. A pipeline of
initiatives is being tracked to help ensure successful implementation with the majority expected to deliver benefits by 2027.
For more on our pathway to net zero, GHG emissions reduction pipeline and the discussion on emissions, see Climate action and
resilience, pages 42-45, in our Sustainability Report.
Decarbonisation is a long-term investment process. Given that the underlying long-term emissions trajectory is upwards – a function of
increasing energy requirements as mines become deeper and expand – it is only when a significant renewable energy source replaces
a fossil fuel source that this trajectory can be altered.
(Mt CO2e)
Data assurance
AngloGold Ashanti plc is committed to obtaining assurance
over certain specified metrics, including those related to GHG
emissions and energy use. IBIS ESG Consulting Africa (Pty)
Ltd (IBIS) was commissioned to conduct an independent
third-party assurance of this data for the year ended
31 December 2023. The assured energy and GHG-related
data is published above. For more details on the assurance
process and its conclusions, see the Assurance statement
(pages 66-68) in our Sustainability Report 2023
What we are doing to address the challenge
of climate change – status 2023
AngloGold Ashanti’s response to climate change and efforts to
reduce GHG emissions currently include:
• Continuing to optimise fossil energy usage
•
•
Increasing our use of renewable energy
Implementing plans to reduce Scope 1 and 2 GHG emissions
• Continuing to improve the recording and monitoring of Scope
3 GHG emissions and, as a member of the ICMM, collaborating
with suppliers and service providers on their Scope 3 GHG
emissions reporting, and to make progress toward setting
reduction targets for our Scope 3 GHG emissions
•
Investing in a range of projects to reduce emissions from our
operations as a strategic priority
Projects and initiatives currently underway
• Tropicana: At Tropicana, we signed an agreement with Pacific
Energy to construct the renewable wind and solar project,
while continuing to operate the combined renewables-gas
power station under a 10-year build-own-operate contract. The
renewables integration is expected to almost eliminate
Tropicana’s diesel consumption for power generation and
reduce gas consumption for power generation by
approximately 50%, cutting carbon emissions by more than
65,000 tonnes per annum on average over the life of this
agreement.
• Sunrise Dam: A three-party agreement between AngloGold
Ashanti, Barminco and Sandvik was reached to trial the world’s
largest battery electric underground mining truck at Sunrise
Dam. This technology will produce zero GHG emissions and
generate 80% less heat.
• Ghana: We are currently advancing a 100MW solar plant in
conjunction with the Volta River Authority, our current service
provider. Key priorities include agreeing power tariffs that will
be incorporated into a 10-year power purchase agreement and
definition of the methodologies to be used in Carbon Credit
Certificates.
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• Geita: The work at Geita to switch over to the national utility is
progressing toward completion in 2024. The project team is
working closely with the national utility to ensure alignment of
work streams ahead of the switch over. The Statcom
containers, transformers and heat exchangers were installed
on site, a key milestone for 2023. To increase the stability of
the national grid (largely hydro and natural gas powered)
during the dry season, we have factored in the need to
supplement grid electricity and have made provision for
additional diesel to power our gensets in 2024.
• Siguiri: In 2023 we identified a preferred 150ha location for a
planned c.40MW solar project. A multi-disciplinary team is
currently identifying the most suitable candidate to build, own
and operate the project. In 2024, we will start environmental
studies and applications for the required government permits.
• AGA Mineração: By replacing existing diesel power load haul
dumpers (LHDs) and light vehicles with battery electric
equivalents (BEVs) at our Cuiabá mine, we can reduce heat
load and diesel particulate matter. BEVs also serve to reduce
the amount of ventilation required to cool the underground
mine. A trial to test the viability of an electric loader began in
December and is set to last 18 months. The results of this trial
will be shared across the Group to build a solid knowledge
base for the further rollout of BEVs.
• Cerro Vanguardia: We are in the process of completing a
strategic asset review to maximise the long-term value of the
mine. This analysis will consider the additional resources and
potential for regional exploration opportunities to increase
Cerro Vanguardia’s life-of-mine. The outcome of this study will
inform the viability of installing wind turbines at the site.
• Quebradona: This project presents a unique opportunity to
source 100% renewable electricity from the national grid and
use it to electrify both underground mining activities and TSF
transport. The Colombia project team has recently completed
a small-scale test to prove the viability and benefits of green
Tropicana, Australia
hydrogen. This will be leveraged to provide power to the much
larger trucks for the sites logistics needs.
• Nevada projects: In 2024 we will expand the scope of the
expanded Silicon project pre-feasibility study to include trade-
off studies to consider various clean energy solutions,
including trolley assist versus normal haulage, solar power
versus grid to generate power, and rail-veyor options.
Energy efficiency projects
Our primary approach to decarbonisation is the switching of
energy sources from fossil fuels to renewable energy. This
process has started with electrical energy switching – captured
by the projects underway. While we are not actively pursuing
energy efficiency to reduce our GHG emissions, opportunities
remain to reduce energy costs and improve energy efficiency,
particularly around the use of heavy mining equipment, but also
on installed electrical plant and equipment. One such example is
the use of biodiesel at our Brazilian operations.
Biodiesel, a renewable fuel manufactured from vegetable oils,
animal fats, or recycled restaurant grease, can be used in diesel
vehicles or any equipment that operates on diesel fuel. Its
physical properties are similar to those of petroleum diesel.
In Brazil, biodiesel is produced domestically from soybean oil
which accounts for more than 70% of all the feedstocks used by
the industry. Brazil's National Council for Energy Policy, or CNPE,
mandated the country's biodiesel content to 12% of the national
energy mix as from April 2023, and this is likely to increase to
14% in 2024. Introducing a 12% biodiesel into the fuel mix at the
Brazil operations has had the collective benefit of reducing GHG
emissions by 6.4kt CO2e in 2023. Of this, Cuiaba consumes the
most fuel and consequently had the largest reduction in GHG
emissions of 2.63kt CO2e followed by Serra Grande at 2.14kt
CO2e. Other entities collectively accounted for a 1.4kt CO2e
reduction in related emissions.
Preparatory ground work for solar park
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Addressing climate change
Reporting in line with TCFD
AngloGold Ashanti first reported against the TCFD recommendations in 2021, since then we have incrementally improved our
processes and actions in relation to climate change and our reporting on the subject has been integrated into our existing reports. Our
initial focus for reporting was Scope 1 and 2 GHG emissions, however, we have begun work on identifying and understanding our Scope
3 GHG emissions. While much has been done, we acknowledge that much remains to be done.
Details on the financial impact of climate change can be located in the Climate change considerations section in Note 1.2 of the Group
financial statements as well as under the Purchase obligations section in Note 30 of the Group financial statements. While climate
change considerations did not significantly affect key accounting judgements and estimates in the current year, the focus on climate-
related strategic decisions, like decarbonisation projects and alternative energy sources, is anticipated to have a substantial impact in
future periods.
The table below presents our disclosures in terms of the TCFD recommendations.
Governance
Recommended disclosure
Status 2023
Board oversight of climate
change and related risks and
opportunities
Climate change risk and decarbonisation are Board-level governance issues. The Board, assisted
primarily by the Social, Ethics and Sustainability (SES) and also by the Audit and Risk (A&R)
committees, is ultimately accountable for climate change-related matters, monitoring progress and
delivery on our Climate Change Strategy. These committees have oversight of related risk processes
and controls.
At Board level, the SES Committee chairperson, Dr Kojo Busia, has primary responsibility for ESG
matters, including climate change.
The Board approved our Climate Change Strategy in 2021. The related Decarbonisation Strategy and
Roadmap to Net Zero were approved and launched in 2022. The SES Committee receives quarterly
updates on progress being made regarding the Roadmap while the A&R Committee is updated
quarterly on our principal risks, including those relating to or affected by climate change.
Climate change features as both a potential risk and a material sustainability issue, affecting many
aspects of our business and our ability to deliver on our strategy. Together with decarbonisation, it is
considered at SES and A&R committee meetings. The Board is apprised quarterly of any significant
developments in relation to climate change (and other significant environmental events) as
necessary. Additional meetings to discuss decarbonisation plans and related investments are
undertaken with these committees as required.
Board knowledge and training on climate change
The majority of directors attended in-house climate change training during 2021 and 2022.
Tropicana, Australia
Concrete pour for wind turbine foundation (January 2024)
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Governance
Recommended disclosure
Status 2023
Management’s role in
assessing and managing
climate-related risks and
opportunities
Led by the CEO, the Executive Committee is accountable to the Board. The CSCAO is responsible for
climate-related matters, while the operating sites are responsible for the execution of decarbonisation
projects. Governance of these projects resides within the Chief Technical Officer portfolio.
Responsibility for integrating climate-related transition and physical risk management is shared across the
operations. The General Manager at each mine is the owner of the physical and transition risks for that
operation. Integration of these risks into the Group ERM is supported by the Group Risk function and the site
and business unit risk leads.
Our Climate Change Working Group and its mandate have been incorporated into the newly established
Climate and Decarbonisation Steering Committee. Its members include a cross section of functional
leaders from across the organisation. This working Group reports quarterly on climate matters and
decarbonisation to the CSCAO and the SES Committee.
A decarbonisation project team, led by the Vice President: Decarbonisation, is responsible for developing,
managing, monitoring and delivering AngloGold Ashanti’s decarbonisation strategy.
Established in 2022, the Management Investment Committee is a multi-disciplinary committee comprising
senior executives who review all capital projects, including decarbonisation projects. The committee is
chaired by our COO and meets monthly to review major investment projects, recommending selected
projects for Board approval.
In the past year, the committee approved and supported the Tropicana hybrid wind and solar renewables
project; Geita’s transition from diesel-powered generators to the national power grid; the preliminary
assessment to establish the viability of a solar park at Siguiri; and the battery electric trials at Sunrise Dam
and Cuiabá.
In 2022, an internal climate change-focused Sustainability and Accounting Reporting Forum was set up in
response to emerging rules on climate reporting. Through the forum, we track and analyse emerging
climate reporting requirements such as the proposed SEC climate change regulations and the new ISSB
Disclosure Standards on Climate Reporting (IFRS S2), which now has responsibility for guiding TCFD
reporting. This will enable us to develop robust systems for climate-related reporting and assurance.
In 2023, we advanced our collective understanding of the various approaches being taken in applying
scenario analyses to develop an indicative quantification of climate-related risk on annual business plans. In
so doing, important data gaps identified are being addressed prior to our undertaking these analyses. These
gaps include quantifying a range of relevant market pricing responses under different climate scenarios, the
range of costs in pursuing our decarbonisation ambitions and potential technology gaps, carbon offset
options and expected policy shift factors across the jurisdictions in which we operate.
Performance and remuneration
Performance management KPIs have been set that require all levels of management (including the
executive) to identify, assess and manage risks (including those in relation to climate change) within their
remit. Performance against these KPIs is assessed regularly.
There is a clear link between the achievement of our decarbonisation strategy and targets and executive
remuneration. Currently, executive remuneration performance awards are defined in terms of the Deferred
Share Plan which allocated 7.5% of the performance awards to the management of GHG emissions.
See Section 2: Annual Remuneration Report and Delivering on our strategy and key performance indicators.
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Addressing climate change
Strategy
Recommended disclosure
Status 2023
Describe the:
• Climate-related risks and
opportunities identified
over the short, medium
and long term
The aim of our Climate Change and Decarbonisation strategy is to achieve net zero Scope 1 and
Scope 2 GHG emissions by 2050. See Climate change strategy.
All life-of-mine planning and capital expenditure schedules take into account renewable energy
projects – for both existing operations and project development. Alternative energy supply and mine
configuration options are costed into the financial evaluation conducted for projects.
•
Impact of climate‑related
risks and opportunities on
our business, strategy and
financial planning
We take a strategic approach to risk and seek to ensure that climate-related risks and opportunities
have been systematically integrated into our existing risk management framework, that they are linked
to guidance and included in our decision-making processes. AngloGold Ashanti conducts annual risk
and materiality assessments.
• Resilience of our strategy,
and business to climate-
related risks and
opportunities (taking into
consideration different
climate-related scenarios,
including a 2oC or lower
scenario)
Our 2023 materiality process identified the following as priority climate-related material sustainability
issues:
• Energy security and decarbonisation, which encompasses the impacts of climate change
• Managing water as a finite and at-risk resource: the availability of water can be and is often
impacted by physical climate-related risks
Our Climate Change Strategy drives the identification and management of physical and transition
climate risks within our strategic and operational planning processes. For more detail on these risks,
see Physical climate risks (page 92) and Transition risks of climate change (pages 93 and 94)
The market for gold has been considered extensively by the Word Gold Council (WGC), and as a
relative risk (between gold and other commodities), climate change is seen as an opportunity for gold.
The WGC’s research showed that, compared to other commodities, gold has a very small carbon
footprint. Thus, where portfolios have carbon caps/limits, gold would be favoured as an investment
over commodities with significantly higher carbon emissions, such as iron ore, coal or copper. See
Climate Change Report 2020/1, pages 17 and 18.
In identifying our principal risks and material sustainability issues, we have in place measures to
monitor their impacts and the success of plans implemented to mitigate these impacts. These risks
are also addressed through our business strategy, our sustainability strategy and framework, our
commitment to the SDGs - SDG 13 (Climate Action) in particular – and through our financial planning
process. This includes ensuring we:
• Deliver on our targets for the reduction of our GHG emissions
• Meet rapidly changing investor and societal expectations on climate change and decarbonisation
• Consider climate change impacts in our business and purchasing decisions
• Monitor and keep abreast of global climate change reporting requirements
Tropicana, Australia
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Risk management
Recommended
disclosure
Describe:
• The processes in place
to identify and assess
climate-related risks
• The processes in place
to manage climate-
related risks
• How processes for
identifying, assessing
and managing climate-
related risks are
integrated into
AngloGold Ashanti’s
overall risk
management
Sunrise Dam, Australia
Status 2023
We have mapped physical climate change risks across our operations, supply chains and communities
(facilitated by an external party). In 2023, we undertook a desktop review of the continued applicability of
each physical climate risk on a site-by-site basis and incorporated the applicable set of risks back into the
ERM. To date, none have been quantified as having financially material mitigation costs – although this
could change as understanding of climate risk evolves.
Updates to the baseline climate risk assessments are conducted at least annually to re-evaluate existing
and identify emerging climate related risks, including the effectiveness of mitigating actions resulting
from process changes, significant incidents, or disasters, or by instruction from regulatory bodies, among
others.
Climate legislation-related risks, including the imposition of asset-level GHG emission caps and allowance
requirements, and the reputational risk of not meeting our energy transition and decarbonisation plans,
have been incorporated into our ERM process which is overseen by the A&R Committee.
As part of our scenario analysis work in 2023, we looked to assess, understand and develop an indicative
quantification of climate-related risk on the annual business plan. This followed our work in 2021 to carry
out a review of physical risks facing our assets in a Representative Concentration Pathway (RCP) 8.5
scenario. The list of risks identified in this analysis can be found at page 92. The risks identified in this
scenario analysis remain relevant and we anticipate updating them in 2025/2026.
We have also considered the risk to vulnerable communities and climate-related transition risks in this
context. See page 93 for more detail. Work done during the year increased our understanding of the
complexity and the extent of the planning required to develop the necessary financial sensitivity models
and to link these to our business planning tool. Having laid the groundwork for this in 2023, work on
developing the financial models will be addressed in 2024 and help feed into our scenario analysis
approach moving forward.
See Management’s role in assessing and managing climate-related risks and opportunities. We have
incorporated the findings of physical climate change risk assessments undertaken in 2021, into our ERM
system, integrating existing site-specific threats as far as possible. As we advance our understanding of
these physical and transitional risks, they too will be integrated into existing site risk registers. Our
climate-related transitional risks relate mainly to climate regulations, for example, the new Emissions Levy
Act in Ghana and requirements in relation to Australia's national Safeguard Mechanism. This is not an
acute, standalone risk, but factors into decisions on decarbonisation. This underscores our belief that
climate considerations are key modifiers of our existing risk profile and should not be managed as an
isolated issue.
We have engaged with a wide range of stakeholders on climate change and decarbonisation. These
stakeholders included: shareholders, employees, communities, governments and industry bodies.
Stakeholder feedback is embedded in our ERM Framework. While day-to-day stakeholder engagement and
communication is a management activity, the Board has ultimate responsibility and oversight.
For more detail on how we manage risks and our Enterprise Risk Management Framework, see Principal
risks and uncertainties.
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Addressing climate change
Metrics and targets
Recommended disclosure
Status 2023
Metrics used to assess
climate-related risks and
opportunities (as per our
strategy and risk
management process)
Scope 1, Scope 2 and, if
appropriate, Scope 3 GHG
emissions, and related risks
Targets used to manage
climate-related risks and
opportunities and
performance against target
We monitor and report on a range of metrics to assess climate-related risks and opportunities,
including Scope 1 and 2 GHG emissions, energy use and energy and GHG intensity per tonne treated,
metrics that are in common use in the mining sector. Work has begun to determine the components
of and estimate Scope 3 GHG emissions.
Our performance:
GHG emissions
Scope 1
Scope 2
Total
2023
1.300Mt
0.169Mt
1,469Mt
Proportion of
total
88 %
12 %
100 %
2022
1.299Mt
0.175Mt
1.474Mt
Proportion of
total
88 %
12 %
100 %
See Greenhouse gas emissions – metrics, performance and targets.
The proportion of renewable energy used has decreased from 7.7% of total energy/electric power
used in 2022 to 6.6% in 2023.
Related risks
The bulk of our GHG emissions are Scope 1, owing to the consumption of fossil fuels in fixed power
generators and heavy mine equipment (HME). Currently, there are few viable alternatives for HME
energy sources, which presents a risk to achieving our 2050 ambitions if commercially viable options
fail to emerge timeously.
Scope 3 GHG emissions
We began reporting Scope 3 GHG emissions in 2021 and recognise that although accounting for and
reducing Scope 3 GHG emissions is inherently complex, it is also important. In 2023, the ICMM
published a Scope 3 Emissions Accounting and Reporting Guide for members. We began and will
continue using the Guide to mature our Scope 3 accounting process, which is in its third year.
To date, we have identified those Scope 3 Categories that comprise the bulk of our Scope 3 GHG
emissions. There are 15 categories according to the GHG Protocol. We have also identified a core set
of products that produce the bulk of the Category 1 emissions, enabling us to prioritise discussions
with the relevant suppliers on their emission reduction ambitions.
At the same time, we recognise that our current estimate of Category 1 emissions currently excludes
the procurement of non-material goods and services, which typically comprise many smaller
consumables, products and third-party services. We are evaluating whether to estimate these on a
spend basis in our Scope 3 GHG accounts, recognising that our ability to influence reductions in these
emissions will not be a priority.
Over 2023 we initiated and advanced a multi-disciplinary process to framing our Scope 3 GHG targets.
Our approach entailed first developing an in-depth understanding of our Scope 3 GHG emission
hotspots, engaging the related suppliers and exploring additional internal opportunities for Scope 3
GHG emission reductions. In December, a Scope 3 Target Setting Guide was released by the ICMM,
which we will draw upon to finalise the ongoing work of framing our Scope 3 GHG emission reduction
objectives.
As reported above, our Climate Change Strategy, Decarbonisation Strategy and Roadmap to Net Zero
together outline our approach to climate change and how we plan to achieve net zero Scope 1 and 2
GHG emissions by 2050.
In terms of our Roadmap to Net Zero, we have committed to reducing our absolute Scope 1 and 2
GHG emissions by 30% by 2030, compared to the 2021 baseline.
The roadmap outlines a multi-pronged approach involving the implementation of renewable energy
projects; electrification of our mining fleet; and the use of lower-emission power sources.
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Reporting on our sustainability performance
Assurance
Our Sustainability Report 2023 was externally assured by IBIS
ESG Consulting Africa, and this Assurance Statement is
available in the Sustainability Report, pages 66- 68.
Information included in this Strategic Report is consistent and
comparable with that in the Sustainability Report.
External recognition
We engage with several third-party entities that rank our
sustainability or ESG performance, including MSCI, S&P Global
Inc., Responsible Mining Index (RMI) and Sustainalytics. The
resultant rankings are based on our ESG-related disclosures,
risks and performance, and provide useful external feedback
and benchmarks against our peers.
Our Sustainability Report 2023 provides a comprehensive
overview of our approach to sustainability and our non-
financial performance. This is in line with our commitment
to transparent and comprehensive disclosure and
engagement.
The Sustainability Report is prepared with reference to the
Global Reporting Initiative (GRI) Standards 2021 and the
Sustainability Accounting Standards Board (SASB). Our ESG
reporting is also informed by the United Nations Sustainable
Development Goals (SDGs), the Accountability AA1000
Stakeholder Management Standard and the Recommendations
of the Task Force on Climate-related Financial Disclosures. We
also publish a detailed ESG Data Workbook and GRI and SASB
content indices on our website, which are not incorporated by
reference in this report.
AngloGold Ashanti is a signatory to the United Nations Global
Compact (UNGC) and the Sustainability Report supplements
and supports our 2022 UNGC Communication on Progress
(COP), which was submitted to the UNGC South Africa in
January 2023. We also report against the Voluntary Principles
of Security and Human Rights (VPSHR) and the Extractive
Industries Transparency Initiative (EITI). Our reporting is also
aligned with the Sustainable Development Framework of the
International Council on Mining and Metals (ICMM), of which
AngloGold Ashanti is a member, and with the World Gold
Council’s (WGC) Responsible Gold Mining Principles.
Non-Financial and Sustainability Information Statement
Pertinent non-financial and sustainability information is presented throughout this Strategic Report, in accordance with Sections
414CA and 414CB of the UK Companies Act 2006. The table below sets out where stakeholders may find the relevant non-financial
information in this report:
Reporting requirement
Some related policies and management standards
Business model
Environmental matters
• Group Policy: Sustainability
• Commitment to Global Industry Standard on
Tailings Management
Standards:
• Biodiversity
• Closure Planning
• Environmental incident classification and
reporting
• Waste
• Water
Group policies:
• People
• Health, Safety and Security
Employees
Where to see more about these matters and our
impact in this report
Business model and strategy
Delivering on our strategy and key performance
indicators (Environment)
Principal risks and uncertainties
Engaging with stakeholders
Addressing climate change
Purpose and values
Delivering on our strategy and key performance
indicators (People, Safety and Health)
• Global Diversity and Inclusion Framework
Principal risks and uncertainties
•
ICMM Health and Safety Performance Indicators
Engaging with stakeholders
• Group Standard: Speak-up
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Reporting on our sustainability performance
Reporting requirement
Some related policies and management standards
Social matters
Group Policy:
• Sustainability
Standards:
• Stakeholder engagement
• Community Complaints and Grievances
• Community Incident
• Cultural Heritage and Sacred Sites
•
Indigenous People
• Socioeconomic Contribution
• Artisanal and Small-Scale Mining
Where to see more about these matters and our
impact in this report
Purpose and values
Delivering on our strategy and key performance
indicators
Principal risks and uncertainties
Engaging with stakeholders
Respect for human rights
• Code of Business Principles and Ethics
Purpose and values
• Group policy: Business Integrity
Standards:
• Human Rights
• Discrimination and Harassment
• Human Rights Due Diligence
Delivering on our strategy and key performance
indicators (Communities)
Engaging with stakeholders
Anti-corruption and anti-
bribery matters
• Code of Business Principles and Ethics
Corporate governance
• Supplier Code of Conduct
• Whistleblowing Policy (Australia)
Delivering on our strategy and key performance
indicators (communities)
• Group standard: Anti-bribery and anti-corruption
Engaging with stakeholders
Principal risks
Non-financial KPIs
Safety performance
(TRIFR)
Gender diversity
GHG emissions intensity
Principal risks and uncertainties
Delivering on our strategy and key performance
indicators – Safety
Delivering on our strategy and key performance
indicators – People
Delivering on our strategy and key performance
indicators – Environment
More detailed information on our non-financial and sustainability performance is available in our Sustainability Report.
Tropicana, Australia
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Non-Financial and Sustainability Information Statement: Climate-Related Disclosure
Pillar
Governance
Strategy
Climate-related disclosure
• Description of the company’s arrangements in relation to assessing and managing
climate-related risks and opportunities
• Description of:
◦ Principal climate-related risks and opportunities arising in connection with the
company’s operations
◦ Time periods by reference to which those risks and opportunities are assessed
◦ Opportunities on the company’s business model and strategy
• Description of the actual and potential impacts of the principal climate-related
risks
• An analysis of the resilience of the company’s business model and strategy, taking
into consideration different climate-related scenarios
TCFD
disclosure
Pages 83, 98
and 99
Pages 92 to
94
Pages 92 to
94 and 100
Pages 100
and 101
Risk management
• A description of how the company identifies, assesses and manages climate-
Page 101
related risks and opportunities
Metrics and targets
• A description of how processes for identifying, assessing and managing climate-
related risks are integrated into the company’s overall risk management process
Page 101
• A description of the targets used by the company to manage climate-related risks
and to realise climate-related opportunities and of performance against those
targets
Pages 95, 96
and 102
• A description of the key performance indicators used to assess progress against
targets used to manage climate-related risks and realise climate-related
opportunities and of the calculations on which those key performance indicators
are based
Pages 95, 96
and 102
Decisions and actions taken for the long-term sustainability and benefit of AngloGold Ashanti
Action/decision/
event
Exploration
programme
Project pipeline
Related strategic
focus area
Maintain long-
term optionality
Improve portfolio
quality
Long-term contribution/benefit to value
Aimed at ensuring a long-term Mineral Resource pipeline of both
Inferred and Measured and Indicated Resource available for
conversion to the Mineral Reserve category. Our exploration
programme – both greenfields and brownfields – and the
acquisition of potentially viable orebodies, aim to ensure a positive
long-term outlook of our business.
Section
reference
Exploration and
planning for the
future
Maintain long-
term optionality
Improve portfolio
quality
Advancing our Mineral Reserve enables us to create a pipeline of
projects that can be developed into profitable new gold mines that
will extend our overall operating life and ensure AngloGold Ashanti’s
long-term continuity. Projects currently in development are located
in Colombia and in Nevada, in the US.
Exploration and
planning for the
future
Corporate transition
and restructure
Financial
flexibility
Our climate change
and decarbonisation
strategy
People, safety,
health and
sustainability
Regional reviews
– Americas
Chairperson’s
message
CEO’s statement
Addressing
climate change
The decision to move AngloGold Ashanti’s primary listing to the
NYSE and its headquarters to Denver, was aimed at positioning the
Company in the world’s largest capital market, together with its
largest peers. This proximity, together with improved operational
performance, will contribute to reducing the valuation gap between
AngloGold Ashanti and its peers and enhancing absolute and
relative total shareholder returns. These moves will also enhance
our access to capital and lower the cost of that capital.
Our aim is to reduce our GHG emissions so as to limit our
contribution to a changing climate and to manage and adapt our
operations to the risks of climate change to ensure their survival. To
deliver on this strategy, we have in place initiatives to improve our
energy efficiency, and the related GHG emissions, and to reduce our
reliance on fossil-fuel generated energy and correspondingly
increase the proportion of renewable energy used. Our overall aim is
to achieve net zero Scope 1 and 2 GHG emissions by 2050, with an
interim 30% reduction targeted for 2030 (as compared to 2021).
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Audit and Risk Committee: chairperson’s statement
It is my pleasure to present, on behalf of the Audit and Risk Committee (the Committee), an overview of the activities
performed during the 2023 financial year. A year of many firsts as the Committee navigated the rollout of the major corporate
restructuring that culminated in the formation of AngloGold Ashanti plc, our United Kingdom-domiciled parent company,
changing the primary listing to the NYSE, coupled with a change in external auditors. The activities and matters deliberated on
during our scheduled meetings extend far beyond compliance and relate to the Committee's role in supporting value creation
and delivery of AngloGold Ashanti’s strategic objectives.
Role of the committee
It is the Committee’s principal duty to oversee the integrity of
the Group’s internal control environment, established and
maintained by management, and to ensure that financial
statements give a true and fair view of the financial position of
the Group and Company and the results of their operations, i.e.
are free of material misstatement in accordance with:
• UK adopted international accounting standards as applied
in accordance with the provisions of the UK Companies Act
2006 as disclosed in the Group financial statements
contained in the UK Annual Report
• United Kingdom Generally Accepted Accounting Practice
(United Kingdom Accounting Standards, including FRS 102
“The Financial Reporting Standard applicable in the UK and
Republic of Ireland”) and the UK Companies Act 2006 for
the Company stand-alone financial statement of AngloGold
Ashanti plc
•
IFRS Accounting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB) for the
Group financial statements included in the Annual Report
on Form 20-F to be filed with the US Securities and
Exchange Commission
The AngloGold Ashanti Board assumes ultimate responsibility
for the functions performed by the Committee, relating to the
safeguarding of assets, accounting systems and practices,
internal control processes and preparation of financial
statements in compliance with all applicable legal and
regulatory requirements and accounting standards. As
chairperson of the Committee, I report to the Board on the
Committee’s activities and matters discussed at each meeting,
highlighting key matters that the Committee believes require
action and provide recommendations for their resolution.
The Committee specifically oversees and monitors:
•
Integrity of annual and other financial statements and
financial information provided to shareholders and others
• Compliance with legal, regulatory and public disclosure
requirements
• Performance of independent auditors including their
qualifications, independence and appointment
• Company’s systems of risk management, internal controls,
including internal audit function
• Auditing, accounting and financial reporting process
generally
• Company’s cybersecurity programme
• Pre-approval of any non-audit services, in accordance with
the delegation of authority and auditor remuneration
Governance and composition
The Committee’s mandate is clearly spelled out in its formally-
approved charter which is available on our corporate website,
www.anglogoldashanti.com. This charter is reviewed and
approved by the Board annually, or more frequently if required.
The Committee is an independent committee comprising six
independent non-executive directors that collectively possess
the independence, skills and knowledge to oversee and assess
the strategies and the processes developed and implemented
by management to manage the business within a diverse and
continually evolving business environment.
The members of the Committee who met nine times during
2023 are myself, Alan Ferguson, who was elected Chairperson
of the Committee, Rhidwaan Gasant, Albert Garner,
Scott Lawson, Jinhee Magie and Jochen Tilk. Maria Richter
ceased to be a member effective 22 February 2023.
Further detail on the qualifications, expertise and experience of
the Committee as well as meeting attendance and the
evaluation of the effectiveness and performance of the
Committee can be found in the Corporate governance section
of this report, on pages 74 to 84.
In addition to the members of the Committee, meetings were
normally also attended by the Chief Executive Officer, Chief
Financial Officer, Senior Vice President: Group Finance, Chief
Legal Officer, Senior Vice President: Group Internal Audit, Vice
President: Global Taxation, Head of Group Risk, Senior Vice
President Digital Technology, Chief Technology Officer, Vice
President Group Compliance, the External Auditors (as defined
below), as well as other members of management on invitation
in an ex-officio capacity and provided responses to questions
raised by committee members during meetings.
At the scheduled quarterly meetings, the full Committee meets
separately, where necessary, during closed sessions with
management, Group Internal Audit and
PricewaterhouseCoopers LLP in the United Kingdom (PwC UK)
and PricewaterhouseCoopers Inc. in South Africa (PwC SA)
(together, the External Auditors, or PwC). In addition, Ernst and
Young, the previous external auditor attended the Committee
for the finalisation of the 2022 year-end as well as for the
finalisation of the restatement of the 2022 and 2021 financial
numbers in the 2023 financial statements.
Discharging our duties
The Committee’s duties as required by the Board-approved
charter are set out in the Committee's annually updated work
plan. Some highlights on how these duties were discharged
during 2023:
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Financial reporting
• Reviewed half and full year results as well as trading statements and market updates
• Reviewed and assessed the Key Audit Matters raised as part of the 2023 year-end audit:
• Assessment of impairment and impairment reversals for tangible, intangible and right of use assets (group) – assessed the
impairment considerations for all business units including the discount rates used, the adequacy of headroom available between
the carrying value of the cash generating unit and the outcome of the detailed impairment calculations, which resulted in some
impairments and impairment reversals
• Provisions for environmental rehabilitation (group) - considered the governance processes around the accounting of these
provisions and the judgements applied around discounting factors, life-of-mine assumptions and commitments made impacting
these provisions
• Corporate restructuring (group and company) – considered the accounting and tax implications in line with the applicable
accounting standards and multiple tax jurisdictions respectively
• Assessed other accounting judgements and estimates
• Reviewed tax provisions and contingencies
• Assessed the distributable reserves available, going concern assumptions, the liquidity and solvency requirements prior to the
Board declaring a dividend
• Considered the integrity of the Group’s UK Annual Report including the Annual Financial Statements and recommended these for
approval to the Board
• Discussed the Deferred Tax issue at Obuasi that necessitated a restatement of the financial statements for the year ended
31 December 2022 and the interim financial report for the period ended 30 June 2023 with management and PwC as well as with
EY, the auditors of the 2022 Financial Statements, and agreed with the conclusions reached and the consequential restatement
and disclosure in the 2023 annual report
• Reviewed and assessed the disclosure of contingent liabilities, commitments and impact of outstanding litigation in the financial
reports
• Reviewed, assessed and approved adjusted and unadjusted audit differences reported by the External Auditors and
• Noted the management representation letter for the interim and final reporting period
Governance and compliance
• Reviewed developments in reporting standards, corporate governance best practices and legislation
• Reviewed and assessed the expertise and experience of the finance function, Chief Financial Officer and Group Internal Audit
• Reviewed and approved the Group Internal Audit Charter
• Reviewed the Committee’s charter
• Held separate closed meetings where management is not present with the External Auditors and Group Internal Audit respectively
to facilitate an exchange of views and discuss any concerns, strengthening the independent oversight of the Committee
• Oversaw the transition process between EY and the appointed External Auditors, PwC effective, for the 2023 year-end
• Received semi-annual updates on compliance related matters and monitored the execution of the global compliance governance
framework that allows for a systematic risk-based approach for group and business units to identify and monitor compliance with
major laws, regulations, standards and codes and
• Received a summary of key matters discussed at regional management audit and risk committees assessing the impact thereof
on governance and internal control
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Audit and Risk Committee: chairperson’s statement
Internal control and risk management
• Assessed the systems to identify, manage and monitor financial, non-financial and fraud risks
• Assessed and monitored the impact of AngloGold Ashanti’s change in domicile to the UK and the move of its primary listing to the
NYSE on the internal control environment
• Received and reviewed outcomes from the Speak-Up process relevant to the Committee’s mandate
• Monitored the governance of digital technology, received and reviewed detailed reports on the Group’s information and technology
framework and cyber security, including inherent risks and vulnerabilities with an increasing focus on operational technology and
assess the cybersecurity training initiatives
• Received and considered quarterly reports from the Group Risk Manager in relation to the key strategic and operational risks facing
AngloGold Ashanti
• Received updates on the top group risks including the causes and mitigating actions
• Reviewed the effectiveness of management’s framework and processes used to evaluate AngloGold Ashanti’s internal control over
financial reporting, including the estimation of Mineral Reserve and Mineral Resource
• Reviewed the Group’s insurance renewal process
• Oversaw the SOX compliance efforts of management, receiving quarterly updates on controls associated with financial reporting
and assessed the final conclusion reached by the Chief Executive Officer and Chief Financial Officer on the effectiveness of the
internal controls over financial reporting and their assessment of significant deficiencies and material weaknesses as well as the
detailed planned remediation steps developed to be implemented by management
• Reviewed the scope, resources, independence and results of Group Internal Audit
• Approved the Group Internal Audit plan and monitored the execution thereof
• Ensured that the combined assurance model remained fit for purpose and
• Monitored the remediation of high-risk internal audit findings
External Auditors – PwC
• Assessed their effectiveness and the quality of their 2023 audit
• Assessed the suitability of PricewaterhouseCoopers LLP (PwC UK) and that of the lead engagement audit partner Kevin McGhee
(UK-based) responsible for the audit of the Group and Company financial statements included in the 2023 UK Annual Report
• Assessed the suitability of PricewaterhouseCoopers Inc. (PwC SA) and that of the lead engagement audit partner Johan Potgieter
(South Africa-based) responsible for the audit of the Group financial statements included in the 2023 Annual Report on Form 20-F
to be filed with the SEC
• Approved their respective terms of engagement, fees, and integrated audit plans
• Assessed their independence and concluded that there were no impediments on the External Auditors’ independence
• Pre-approved all non-audit services, assessed their impact on independence and concluded that independence requirements were
not breached under SEC, International Code of Ethics for Professional Accountants (IESBA) or FRC requirements; and
• Assessed their suitability for recommendation of re-appointment to the Board
Iduapriem, Ghana
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Internal audit
Group Internal Audit is a key independent assurance partner
that serves management and the Board by performing
independent evaluations of the adequacy and effectiveness of
the Group’s internal controls, financial reporting controls and
records, information systems, risk management and
operations. Group Internal Audit functions under the leadership
of the Senior Vice President: Group Internal Audit
(Thienus Coetzee). The Senior Vice President: Group Internal
Audit has direct access to the chairpersons of both the
Committee and the Board and reports functionally to the
Committee and administratively to the Chief Financial Officer.
Although not a member of the Executive Committee the Senior
Vice President: Group Internal Audit, attends these meetings
by invitation. As part of its mandated responsibilities, the
Committee has assessed the expertise, experience and
effectiveness of the Senior Vice President: Group Internal Audit
in terms of the annually reviewed and approved internal audit
charter and is satisfied that the internal audit function is
independent and appropriately resourced.
The Committee considered the combined assurance approach
Group Internal Audit adopted in 2023 to provide the necessary
assurance around the effectiveness of governance, risk
management and internal control and is comfortable that the
approach was appropriate. The Committee noted that there
were no differences of opinion between Group Internal Audit
and management.
The Committee considered the internal control heat-map for
AngloGold Ashanti as presented by Group Internal Audit and
monitored the implementation of significant audit
recommendations through a formal tracking process and is
satisfied with the remedial action taken by management in
addressing identified control weaknesses.
As chairperson, I meet with the Senior Vice President: Group
Internal Audit and selected members of the internal audit team
in private before each meeting and on an ad hoc basis
throughout the year.
External audit
Effective from 2023, PwC UK has been appointed to audit the
financial statements of the Group and the Company included in
the Group's UK Annual Report and PwC SA has been appointed
to audit the Group financial statements included in the Group's
Annual Report on Form 20-F. The External Auditors concluded
their first audit cycle of AngloGold Ashanti for the year ended 31
December 2023. The audit cycle at AngloGold Ashanti is
continuous as PwC SA performs a half yearly review on the
financial results of the Group. During November 2023, the
annual integrated audit plan, the associated fees and the 2023
global engagement letter were tabled at the Committee for
consideration and approval, for both PwC UK responsible for the
audit opinion on the Company stand-alone financial statements
and the Group UK Annual Report, as well as PwC SA for the
2023 Annual Report on Form 20-F to be filed in due course.
As chairperson, I meet with the primary engagement team
members in private before each scheduled meeting where I am
also briefed on general matters relating to the accounting and
auditing profession as it may impact AngloGold Ashanti.
As part of its ongoing assessment of the independence and
effectiveness of the External Auditors, the Committee also
considered, during its evaluation of PwC, factors such as:
• Quality of planning, delivery and execution of the audit
• Quality and knowledge of the audit team, specifically the
senior team, including the lead engagement partner
• Robustness of the audit, including the audit team’s ability to
challenge management as well as demonstrating
professional scepticism and independence
During 2023, the External Auditors’ remuneration was $10.7m
comprising of audit fees of $8.1m, audit-related fees of $2.4m,
tax fees of $0.1m and all other fees of $0.1m. The audit
related, non-audit and tax service fees were approved by the
Committee in line with the Group Standard, and these fell well
within the thresholds set according to US and UK regulatory
requirements.
The Committee did not note any significant adverse findings
and considers the service provided by the External Auditors to
have been independent and robust.
Finance function and the Chief Financial
Officer
In evaluating the finance function the Committee considered
its interactions with the senior finance team throughout the
year, the private discussions held with the CFO and input from
the auditors both internal and external. It also examined the
root cause analysis performed on the significant deficiencies
and material weaknesses identified during the year and the
associated remediation steps. It put this in the context of a
year of great change with a major corporate restructuring
being carried out, which necessitated changes in reporting, at
the same time as working with a new firm of auditors following
a tender process concluded in 2022. The Committee also
received feedback on an internal assessment conducted on
the skills, expertise and resourcing of the finance function.
Following this the Committee concluded that:
•
•
•
•
the finance function’s management philosophy and control
environment were consistent
the organisational structure of the finance function was
appropriate, in that it had the required authority and
responsibility that promoted accountability and control,
while recognising that improvements were planned in 2024
in this area
the finance function has properly applied accounting
principles in the preparation of the financial statements and
the accounting of complex and non-routine transactions
the Group’s financial reporting procedures were generally
effective and reliable with required guidance given to
operations during the year
and, as a result, the Committee was satisfied with the overall
adequacy and appropriateness of the function while
recognising areas of improvement required.
The Committee further reviewed the expertise and experience
of the Chief Financial Officer, Gillian Doran, and was satisfied
with the appropriateness thereof.
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Audit and Risk Committee: chairperson’s statement
Tax governance and strategy
The Committee approved the Group’s tax strategy and tax
management policy, which together, set out the Group’s
approach to tax in areas such as tax efficiency, tax risk
management and tax governance and oversight, which is more
fully explained on pages 83 to 84.
The Committee received and reviewed detailed quarterly
reports on the Group’s tax position including uncertain tax
positions, effective tax rates, tax provisions, recoverability of
tax receivables, indirect taxes (including any claims from
revenue authorities), status of the Group’s tax compliance
globally and relevant global fiscal developments impacting the
Group's tax status.
Speak-Up
The Committee received updates on AngloGold Ashanti’s
Speak-Up process. Where appropriate the Committee will
directly oversee an investigation of a whistle-blowing report.
The Committee is comfortable that the Speak-Up process is
robust and that each report received is taken seriously and
rigorously investigated. It is also pleased that the process is
well publicised across the organisation.
Reports received and investigated did not reveal any
malpractice relating to accounting practices, the internal
financial controls, the internal audit function, the content of the
Company’s and Group’s financial statements or questionable
accounting or auditing matters that were significant to the
Group’s annual financial statements.
Annual financial statements
The Committee has considered, evaluated and discussed the
Group and company financial statements for the year ended
31 December 2023 with the management team and the
External Auditors. During the process, the Committee
considered and:
• evaluated significant judgmental and reporting decisions,
including the restatement of the financial statements for
the years ended 31 December 2022 and 2021 and the
interim financial report for the period ended 30 June 2023
• concluded that the going-concern basis of reporting is
appropriate
• evaluated the material factors and risks that could impact
on the consolidated annual financial statements
• discussed the treatment of significant and unusual
transactions with management and the External Auditors
and
• evaluated the root causes that led to significant
deficiencies and material weaknesses identified
The Committee concluded that, despite the material
weaknesses raised that the Group and company financial
statements for the year ended 31 December 2023 complies, in
all material aspects, with the requirements of the UK-adopted
international accounting standards and FRS102 respectively
as well as the UK Companies Act and that the Annual Report
contains a fair, balanced, and understandable assessment of
AngloGold Ashanti’s performance and prospects. The
Committee therefore recommended the approval of the annual
financial statements to the Board. The Board subsequently
adopted and approved the annual financial statements.
Events post period end
Management confirmed to the Committee that all significant
post period-end events have been appropriately considered
and disclosed in the annual financial statements.
Looking forward
The Committee recognises that its work is increasingly broad
and complex and as a committee it is required to stay on top
of developments impacting AngloGold Ashanti. During 2024,
the Committee will monitor the following:
• Remediation of reported material weaknesses and
improvements to the finance function’s organisational
design and structure
•
Investment activities in line with approved governance
structures
• Ever-evolving requirements, especially disclosure
requirements in terms of ESG
• Cyber environment and the Group’s prevention and defence
capabilities in terms of risk exposure (both for information
technology and operational technology)
• Start to consider the internal controls required to manage
the likely transition from IFRS to US GAAP reporting
requirements for the financial statements included in the
Annual Report on Form 20-F filed with the SEC
Conclusion
The Committee is satisfied that it has considered and
discharged its responsibilities in accordance with its mandate
articulated in its charter during the year under review. In
signing this report on behalf of the Committee, I would like to
thank my fellow committee members, the External Auditors,
Group Internal Audit, and management for their contributions
to the Committee during this financial year.
Alan Ferguson
Chairperson: Audit and Risk Committee
10 April 2024
Directors’ statement of
approval
This Strategic report is delivered in accordance with a
resolution of the Board, and has been signed on behalf of
the Board by:
Maria Ramos
Chairperson
10 April 2024
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Sunrise Dam, Australia
Directors’
remuneration
report
MINING TO
EMPOWER PEOPLE
AND ADVANCE
SOCIETIES
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Section 1: Annual statement by the Compensation and Human
Resources Committee Chairperson
Ensuring fair, responsible and transparent remuneration
Dear Shareholder,
The past year was transformational for AngloGold Ashanti. In
September 2023 we announced the completion of a corporate
restructuring which resulted in the creation of AngloGold
Ashanti plc, a UK incorporated company which owns all Group
assets, has a primary listing on the New York Stock Exchange
(NYSE), and secondary listings in South Africa and Ghana.
It is in this context that the Compensation and Human
Resources Committee (“the Committee”) reviewed its
approach to executive remuneration to make sure it is fit for
purpose, aligns with market expectations and best practices
and supports the strategic priorities of the business and the
interests of our shareholders and other stakeholders.
The restructuring has also led to a change in how we are
required to report on executive remuneration. This can be seen
in the slight changes to the Annual Remuneration Report
(Section 2 of this report), which is in line with UK reporting
requirements, and sets out details of remuneration for
Directors of AngloGold Ashanti plc. As a UK incorporated
company, we are required to seek shareholder approval for a
Remuneration Policy at the 2024 AGM (as set out in Section 3
of this remuneration report). This will be subject to a binding
resolution. The Remuneration Policy considers disclosures
appropriate for a NYSE listed company while also maintaining
disclosures applied prior to the corporate redomicile that met
South African requirements.
The Executive Directors continue to be paid in line with the
legacy AngloGold Ashanti Limited arrangements until such
time as the new Remuneration Policy is approved.
Performance context
The year in review was one of profound change for the
business, with the successful shift of the corporate domicile to
the UK, the company headquarters to Denver, Colorado and the
primary listing to the NYSE, while maintaining important
secondary listings in South Africa and Ghana. This complex
transaction, dealing with regulators, host governments,
employees and a host of other stakeholders across multiple
jurisdictions, received almost unanimous shareholder support
and culminated in a seamless transition in September 2023.
The new corporate structure places AngloGold Ashanti
alongside its highest-rated global gold mining peers in the
world’s largest capital market and source of most of the
world’s investment in gold mining companies, creating a
strong platform for shareholder value creation over the long
term. It is important to note that this change was not without
disruption, however, as it impacted AngloGold Ashanti’s
weighting in certain indices, including the main index for South
Africa’s JSE bourse, and likely caused selling as funds that
track the index rebalanced their holdings to more closely
mirror the benchmark.
The Company achieved another record safety performance,
with its industry-leading total recordable injury frequency rate
again coming in well below the average for members of the
ICMM. No fatalities were recorded at Company-operated
mines for a second consecutive year. This achievement is hard
won, and every member of AngloGold Ashanti’s leadership
team is at pains to stress the result is only as good as the last
injury-free day, ensuring that complacency is guarded against
and that a premium is placed on learning from missteps,
accidents and near misses.
Operators were tested throughout the year, with some key
factors lowering production volumes in the first nine months.
A detailed description of the financial and operating
performance can be found in the CFO’s Statement and Regional
review in this Annual Report, but some key performance
milestones are detailed below.
There was significant advancement on the Full Asset Potential
Programme, with assessments completed at all sites in 2023
(except Obuasi which is still ramping up production). The
Programme has started to deliver productivity and cost
benefits.
An enforced suspension of concentrate processing at Cuiabá,
in Brazil, to allow for additional engineering and geotechnical
work to be completed during 2023 at the Calcinados tailing
storage facility (TSF) to evaluate options for alignment of the
TSF with international standards currently considered best
practice, forced a complex reorganisation of that operation to
allow for the export of concentrate to a third-party processor. It
was pleasing to see the lower volumes of the first half rebound
in the second, as the site team rallied and exceeded target for
the year.
At Siguiri, in Guinea, a weld fail from a structural enhancement
of the tank almost 15 years ago caused the failure of a large
CIL tank in the processing plant in May, curbing production for
several weeks while repairs were effected. Again, a resilient
site team completed the job ahead of schedule and by year-
end volumes were back at their normal run-rate.
Finally, at Obuasi, in Ghana, poor ground conditions in very
high-grade areas forced a marked slowdown in mining during
the final third of the year, as the management team took the
correct decision to prioritise safety over ounces and pivot to a
different mining approach. While this change is important to
mitigate safety risk in parts of the mine and resulted in a
reduction in expected production in 2023 and 2024, the
recovery appeared to be on track by the end of the year and the
long-term investment case and operating profile for this
important mine remain very much intact.
Despite these significant challenges, the management team
delivered production within the guidance range for the year,
albeit at the lower end.
The cost environment remained challenging, with inflation
remaining stubborn in most developing markets, despite
moderating in developed market jurisdictions. This pressure
was compounded by the loss in production explained above,
which is always an added weight for a company with a high
fixed cost base.
Nonetheless, the increase year-on-year in total cash costs APM
(adjusted to exclude the Córrego do Sítio (CdS) operation that
was placed on care and maintenance in August 2023) was
contained at 11%, with the final figure of $1,108/oz also within
the adjusted annual guidance range.
A cornerstone for any mining company is a strong balance
sheet. Management was able to maintain low rates of leverage
even after self-funding investment for the year, including
sustaining and significant growth capital, an intensive
exploration drive in Nevada, and the one-off taxes and costs
related to the Company’s redomicile. The ratio of adjusted net
debt to adjusted EBITDA APM remained below the 1.0 times
target at year end, helped by strong free cash flow APM
generation in the second half of the year as a 15% increase in
production versus the first half coincided with a 10% reduction
in cash costs APM per ounce over the same period and a rise in
the gold price.
The ability to continue filling the project pipeline with viable
options for expansion or new projects is fundamental. Once
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again, AngloGold Ashanti managed to deliver an outcome,
where the gold Mineral Reserve increased 2.2Moz pre-
depletion to a total gold Mineral Reserve of 28.1Moz at
31 December 2023 and the gold Mineral Resource increased
5.6Moz pre-depletion. The Measured and Indicated Mineral
Resource is 59.9Moz and Inferred Mineral Resource is
46.4Moz at 31 December 2023. The highlight was undoubtedly
the significant first-time gold Inferred Mineral Resource at the
Merlin deposit, in the Expanded Silicon project, of 9.1Moz,
thought to be the largest new gold discovery in the US in the
past decade.
This new find takes AngloGold Ashanti’s total Mineral
Resource in the Beatty District to a total of 16.6Moz. The
opportunity for generating substantial value is significant,
particularly in what is one of the most coveted mining
jurisdictions globally.
The Board of Directors and management team are mindful that
we cannot afford to conduct business as usual as the evidence
mounts of a changing climate. After almost two decades of
work to continually reduce greenhouse gas emissions (GHG)
and reduce the emissions-intensity of our mines, we have set
clear and challenging targets for a further 30% reduction in our
Scope 1 and 2 GHG output by 2030, measured off a 2021
baseline. Two major steps to achieve that goal were taken
during the year – the first being the transition from thermal
generators to cleaner grid power at Geita, which was near
complete by year-end, and will be commissioned by mid-year
2024. The second is the move to cut Tropicana’s emissions by
half through starting construction of a wind and solar farm in
2023 which will introduce renewable electricity into the energy
mix which is well underway as we enter 2024. In addition to
these two projects, we also benefit from being connected into
a hydro-power grid in Brazil and received recognition for
sourcing 100% green power.
2023 pay outcomes
For the 2023 year, pay levels for Executive Directors were
considered in the general context of both market and
economic conditions as well as the level of increases made
across the Company and overall affordability. No salary
increase was awarded to Alberto Calderon in 2022 and it was
determined that a 3.5% increase be awarded in 2023, to align
with executive market movements and internal pay practices.
Gillian Doran commenced employment in January 2023.
Neither Executive Director received any increases to their
compensation as a result of the restructuring.
As noted above, while significant progress was made during
2023, notably the seamless transition to the new corporate
structure and delivery of outstanding safety performance, the
business also faced a number of operational challenges. While
performance improved during the second half of the year, the
overall results including production and total cash costs APM
were within guidance (adjusted to exclude the CdS operation
that was placed on care and maintenance in August 2023).
This performance was reflected in outcomes under the
Deferred Share Plan (DSP) which were below the on-target
level at 75.20%, and lower than the prior year at 94.86%.
Further details of the incentive outcomes for the year can be
found on page 119.
2024 remuneration policy
Since 2018, AngloGold Ashanti Limited has delivered variable
pay through a single incentive plan – the Deferred Share Plan
(“DSP”). This plan was carried over to AngloGold Ashanti plc
with the restructuring. Under this structure, performance is
assessed based on a single scorecard, which determines a
cash award and/or a deferred cash or share award each year.
Although this structure has had strong shareholder support in
recent years, many of our major investors have stated a
preference for a more conventional incentive structure
consisting of separate short-term and long-term incentive
plans, more in line with our peer group.
While the current single incentive structure has the benefit of
simplicity, it has its disadvantages. Firstly, the structure lacks a
material weighting on forward-looking, long-term targets,
which limits our ability to incentivise performance linked to our
long-term strategic ambitions. Secondly, the structure we
currently employ can limit our ability to compete for talent, as
the structure is unfamiliar to potential employees. Our analysis
shows that key competitors use a more conventional structure
with separate annual bonus and long-term incentives.
Therefore, from 2024, we are proposing to move to a more
standard approach, comprising two separate plans:
• Annual bonus – a simple cash bonus based on short-term
objectives covering both company and individual
performance
• Performance-based long-term incentive – annual grants of
share awards that vest after three years if forward-looking
performance objectives are met. These objectives will be
directly linked to the execution of our strategic ambitions
and creation of shareholder value
In developing this approach, the Committee has applied the
following core principles:
• No change to on-target incentive opportunities – the new
structure will maintain the on-target opportunities from the
previous policy approved by shareholders
• Weighting towards share-based pay – maintain the mix of
cash and/or shares from the existing package, to maintain
current alignment with shareholders’ interests
•
Increased focus on forward-looking long-term
performance – proportion of variable pay linked to long-
term performance to be substantially increased
• Balanced scorecard linked to key value drivers – scorecard
for short-term and long-term to be linked to financial and
non-financial metrics including strategic objectives that
create value for our shareholders
•
Inclusion of ESG measures – in both annual bonus and
long-term incentive plans
• Share ownership – executives expected to build and
maintain material holdings in stock to encourage long-term
stewardship and alignment with our shareholders
• Alignment with sector peers and NYSE best practice –
remain competitive in global talent market, while continuing
to apply best practice for large, global listed companies
For the CEO, the current on-target incentive opportunity is 300%
of salary, with up to 100% of salary delivered in cash and 200%
of salary delivered in deferred shares. Under the proposed
approach, subject to modification as described below, the
structure will be an annual bonus with an on-target opportunity
of 100% of salary, and a performance-based long-term incentive
with an on-target opportunity of 200% of salary.
Therefore, two-thirds of the on-target incentive opportunity
would be delivered in shares and based on forward-looking
long-term targets. While the mix of cash and shares remains
consistent with the current pay model, the proportion of the
incentive package linked to long-term performance would be
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Section 1: Annual statement by the Compensation and Human
Resources Committee Chairperson
substantially increased from 28% to 67%. This focus on
forward-looking long-term performance is more appropriate
given the long-term nature of the business and our strategy.
The vesting of share awards would also be simplified to vest
at the end of the three-year performance period, rather than
vesting annually over five years in equal tranches under the
current DSP.
Under the new Performance Share Plan (“PSP”), the maximum
vesting level will be set at 200% of target opportunity levels
(DSP is set at 150% of target opportunity). This reflects the
forward-looking nature of the targets and typical market
practice for US-listed companies. Outcomes at the top-end
would require significant outperformance of expectations.
In moving from the backward-looking performance periods
under the DSP, to the forward-looking performance
assessment of the PSP, the Committee was aware of the need
to manage the transition in a balanced and fair way for
management and shareholders, with no gaps or overlaps in the
performance periods that apply under the scheme, and no
increase or decrease in target remuneration opportunity for
participants.
Therefore, as the 2023 DSP award was made based on multi-
year performance over the period 2021 to 2023 and the first
PSP award will be granted in 2024, subject to performance
over the period 2024 to 2026, transition arrangements needed
to be put in place to incentivise performance over the periods
2022 to 2024 and 2023 to 2025.
It is proposed that this will be achieved by granting two
separate transition incentive awards in respect of these
periods. These awards will be of equal value to the relative TSR
element of the DSP (i.e. a target opportunity of 48% of salary
for the CEO and 43% of salary for the CFO), and will be
measured in accordance with the TSR vesting schedule and
peer groups used under the DSP. These awards will be
delivered one third in cash and two thirds in shares which will
vest after three years. No transition arrangements will be put in
place for the other three year look back metrics of the DSP
scorecard.
In order to ensure that overall incentive opportunities remain
appropriate, the target bonus and PSP opportunity for 2024
and 2025 awards will be reduced so that the overall total target
remuneration remains unchanged. Further details are set out in
the Remuneration Policy.
The Committee believes that this approach provides a fair and
balanced structure which means management will be
incentivised to deliver strong performance for our
shareholders throughout the transition period.
Engagement with shareholders
As part of the policy review, we actively engaged with our
largest shareholders to understand their views on the
proposed change to separate short-term and long-term
incentive plans, and on the detailed operation of the incentive
schemes.
Feedback from investors has been consistently supportive of
the proposed changes to the incentive structure to move to a
more “market standard” model, and the feedback on the
implementation of the policy has informed the intended
operation of the plans in 2024, and in particular the choice of
performance measures. We will continue to engage with
shareholders on executive pay.
Implementation for 2024
The Committee recognises that the approach to pay needs to
reflect and evolve in light of the primary listing in the US, and
the nature of the market in which we compete for talent.
Although we have considered how practice in the US differs
from other markets, the Committee has sought to take a
balanced and measured approach.
Annual increases for 2024 were again determined considering
the following factors: alignment with the Company’s
philosophy; the application of fair, equitable and responsible
pay; our market position versus peers; and shareholder
feedback. It was determined that there would be a 2% increase
for the CEO, which is lower than the rate for other management
roles and wider employees (average 4.77%). The CFO’s salary
has been adjusted upwards by 15% primarily to reflect her
performance and provide competitive pay relative to the
market.
For 2024, the annual bonus for Executive Directors will be
based 80% on Company performance and 20% on individual
strategic objectives.
Details of the measures and weightings are provided on page
131. The Company scorecard has been simplified to focus on
production, costs and free cash flow APM (65% combined), and
will incentivise management to deliver the key drivers of robust
financial performance.
For PSP awards to be granted in 2024, performance will be
measured over the three years to 31 December 2026 and will
be based on relative TSR (40%), relative cost improvement
(25%), delivery of growth projects (25%) and ESG targets linked
to greenhouse gas emissions (10%). Further details, including
the vesting schedules and peer groups to be used, are
provided on page 129. As a result, once through the transition
period, the overall proportion of on-target variable pay
opportunity linked to relative TSR will increase from 48% of
salary for the CEO under the current DSP to 80% of salary
under the proposed model.
Farewell, thanks and welcome
After more than nine years on the Board and five years as the
Chairperson of this Committee, I have decided not to stand for
re-election at the 2024 Annual General Meeting. As I retire, I
would like to bid you a heartfelt farewell.
To the Committee members, Rhidwaan Gasant, Albert Garner
and Alan Ferguson, I would like to extend my gratitude for their
ongoing dedication and support over the years and especially
in this year full of change. To our new Committee member
Diana Sands, a warm welcome, Diana has integrated smoothly
into the Committee and provided valuable contributions.
With the reorganisation and the time and effort of introducing
the new incentive plan, the Committee’s key insights and
unwavering focus on fair, transparent and ethical pay is greatly
appreciated and I will miss the engagement.
To the executive leadership team, thank you for your
unwavering support and the drive and determination to deliver
strong and consistent results for our business and our
shareholders.
Finally, to our shareholders, I would like to thank you for the
ongoing engagement and support, particularly around the
incentive scheme design which provided valuable insights.
Maria Richter
Chairperson: Compensation and Human Resources
Committee
10 April 2024
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Section 2: Annual Remuneration Report
Key responsibilities
AngloGold Ashanti and the Board are responsible for ensuring
that remuneration practices are equitable, that good
governance is upheld and applied through the remuneration
framework at every level to ensure fair, responsible,
transparent and competitive remuneration to attract, motivate
and retain a skilled, global workforce.
The activities of the Committee, as defined by the Board, are
governed by a Committee Charter. This was agreed in 2023 on
the formation of the Committee and the most recently
approved version (February 2024) is available on our corporate
website. See Committee Charter.
The Committee is comprised solely of non-executive directors,
all of whom are independent under the NYSE Listing Standards
(including the additional independence requirements specific
to compensation committee membership). During 2023, the
Committee comprised: Maria Richter (Chairperson), Alan
Ferguson, Albert Garner, Rhidwaan Gasant and Diana Sands.
Further details can be seen in Corporate governance in the
Strategic Report and in the Directors’ Report.
The Committee has access to both executive and senior
management who are regularly invited to join and present at
meetings. In addition, the Committee receives advice from the
independent remuneration advisers or other external advisers
as required.
Principles
AngloGold Ashanti applies a set of key principles in
determining and managing remuneration. These key principles
are as follows:
• Alignment with strategic objectives and shareholder
interests
• Remunerate to motivate and reward the right performance
and behaviour of employees and executives
• Ensure that performance metrics are challenging,
substantial and cover all key aspects of the business,
including financial and non-financial drivers and positive
outcomes across the economic, social and environmental
context in which AngloGold Ashanti operates and do not
promote or reward excessive risk taking
• Ensure that the remuneration of executive management is
fair, responsible and transparent in the context of overall
employee remuneration in the organisation
• Promote an ethical culture and responsible corporate
citizenship
• Ensure that the remuneration structure is aligned to
AngloGold Ashanti’s values and that the correct governance
frameworks are applied across remuneration decisions and
practices
• Provide competitive rewards to attract and retain senior
talent using appropriate global remuneration benchmarks
• The use of performance measures
Fair and responsible pay
AngloGold Ashanti strives to uphold fair and responsible pay
practices and aims to ensure that the business meets short-
term objectives while creating shared and sustainable value
over the long term, within the economic, social and
environmental context in which it operates. The remuneration
framework, which is aligned with global best practice,
emphasises the importance of fair and responsible
remuneration to ensure the Company employs the skilled
executives and staff vital to the success of the Company.
The Remuneration Policy, which necessarily evolves along with
the dynamic market and operating landscape, currently
reflects the principles of fair and responsible pay as follows:
• Taking an impartial view on pay
• Doing away with pay differentials that cannot be explained
or justified
• Ensuring that pay parity is achieved across the Group and
eliminating pay discrimination
•
Identifying and addressing unfair practices
• Applying the approved delegation of authority on all aspects
of remuneration
• Having independent remuneration consultants providing
advice and recommendations
• Using external market benchmarks, but evaluated within the
context of skills, experience and job performance
• Ensuring that correct behaviours are rewarded and
inappropriate behaviour is discouraged
Setting Executive Management pay
Executive and senior management pay is reviewed against a
global benchmark every two years. Mercer, an independent
remuneration consultant, conducts a bespoke survey on the
Company’s behalf. The comparator group is reviewed regularly
and ranked in terms of several criteria that the Committee
feels adequately aligns with AngloGold Ashanti, including size,
complexity, geographic spread and industry.
The table below summarises the 2023 comparator group:
Comparator benchmark group
Agnico Eagle Mines Limited
Canada
Anglo American Platinum Limited
South Africa
Antofagasta plc
United Kingdom
Barrick Gold Corporation
B2Gold Corporation
Gold Fields Limited
Kinross Gold Corporation
Newcrest Mining Limited (1)
Newmont Corporation
Sibanye-Stillwater Limited
South32 Limited
Yamana Gold Incorporated (2)
Canada
Canada
South Africa
Canada
Australia
United States
South Africa
Australia
Canada
(1) Acquired by Newmont Corporation in November 2023.
(2) Acquired by Agnico Eagle Mines and Pan American Silver in March 2023.
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Section 2: Annual Remuneration Report
Single total figure of remuneration for the year ended 31 December 2023
Executive Directors (audited)
Although the Company is only technically required to disclose data for the period from the appointment of the Executive Directors to the
Board of AngloGold Ashanti plc on 25 September 2023, remuneration for the full financial year and prior year comparable has been
shown in the interests of full transparency.
Single total figure remuneration 2023 ($)
Salary Benefits(2)
Pension
fixed pay DSP cash
shares DSP total
Total
DSP
Buy-out share
awards on
recruitment (5)
Total
variable
pay
Total (1)
A Calderon (3)
GA Doran (4)
2023 1,656,000 622,585
409,860
2,688,445 1,493,050 2,986,099 4,479,149
—
4,479,149
7,167,594
2022 1,600,000
9,870
396,000
2,005,870 1,694,208 3,388,416 5,082,624
—
5,082,624
7,088,494
2023 545,516
253,012
41,996
840,524
418,062
909,899
1,327,961
563,005
1,890,966
2,731,490
2022
—
—
—
—
—
—
—
—
—
—
(1) Remuneration for both Executive Directors has been disclosed for the full 2023 financial year - this includes for both AngloGold Ashanti Limited prior to the
reorganisation and AngloGold Ashanti plc after the reorganisation.
(2) The Executive Directors were provided with family health insurance, Group life insurance, cash in lieu of dividends, social security and other benefits. This includes a
relocation allowance of $570,498 for A Calderon and $205,398 for GA Doran for their relocation to Denver, Colorado. The total value of these benefits is included
above.
(3) A Calderon was appointed as an Executive Director of AngloGold Ashanti plc with effect from 10 February 2023 but did not receive any additional compensation for
his dual-role prior to the reorganisation.
(4) GA Doran was appointed as an Executive Director and CFO for AngloGold Ashanti Limited with effect from 1 January 2023. She was appointed as an Executive
Director of AngloGold Ashanti plc with effect from 25 September 2023.
(5) Buy-out awards granted to GA Doran were in respect of incentive arrangements that were forfeited from her previous employer. These awards are deferred awards
which vest at the original vesting dates aligned to the forfeited awards.
Other Executive Directors during the period
As part of the corporate restructuring, RPH Hayes was appointed as an Executive Director of AngloGold Ashanti plc for the period from
10 February to 25 September 2023. No additional compensation for his director duties was awarded to him while he was in the role.
Base salary
In 2023, while employed as CEO and Executive Director by AngloGold Ashanti Limited, A Calderon was paid on split contracts between
South Africa, The United Kingdom and Australia. In early 2023, the Committee considered his salary level which included a market
comparison against the peer comparator group. During this exercise it was noted that most increases at an executive level were both
below inflation and the broader workforce. It was therefore determined to grant him a 3.5% salary increase (below the inflation rates
considered for other employees). At the time of the reorganisation on 25 September 2023, he was moved to a single US contract with
no change to the value of his base salary.
GA Doran was appointed as CFO and Executive Director for AngloGold Ashanti Limited in January 2023. At the time she was appointed
on South African and US split contracts with her base salary applied over the two jurisdictions. At the time of the reorganisation on
25 September 2023, she was appointed as CFO and Executive Director of AngloGold Ashanti plc and moved to a single US contract with
no changes to the value of her base salary.
Benefits
Both Executive Directors receive Company-provided healthcare, Group life cover for both death and disability, tax services of an
independent tax advisor and their spouses may accompany them on one business class trip per annum paid for by the Company.
During the year, both Executive Directors relocated to Denver, Colorado. To facilitate this move, they both received a relocation
allowance at the time of their moves, (A Calderon - $570,498; GA Doran – $205,398), in line with the Company’s standard policy
applicable at the time of their relocation for globally mobile employees across the business. This approach provides certainty and a cap
on the potential costs of relocation to the Company.
Pension
A Calderon is a member of the International Pension Plan, with the Company contributing 24.75% of his base salary to the plan on a
monthly basis. He also maintains his Australian Superannuation benefit, a defined contribution retirement plan, but this has no
company contributions.
Before the reorganisation, GA Doran was a member of the International Pension Plan for the South African portion of her base salary
and the US Executive Deferral Plan for the US portion of her base salary, which provided for a Company contribution of 12.5% of her
base salary and cash bonus. With the reorganisation, she moved her pension entirely to the US Executive Deferral Plan with a 12.5%
company contribution.
GA Doran – payment in lieu of pension, change of control
At the time of the reorganisation, the change of control in the US Executive Deferral Plan was triggered for all plan participants resulting
in a payout of GA Doran’s accrued pension contributions to 25 September 2023 to the value of $20,592. This payout was required under
the terms of the plan and US tax law as a result of the reorganisation and to avoid the imposition of a 20% penalty tax.
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DSP performance in the 2023 financial year (audited)
Overview of DSP
The DSP was implemented by AngloGold Ashanti Limited in 2018 as a single incentive scheme comprising short- and long-term
metrics. Upon the restructuring, this plan was carried over to AngloGold Ashanti plc. As noted in the Chairperson’s statement, 2023 is
intended to be the final year that this plan will be operated. Details of the revised approach to incentives for 2024 are set out on in
Section 3: Directors’ remuneration policy, page 130.
The DSP award is payable in cash and where applicable (depending on stratum level), the balance will be delivered in one of two
compensation components, either deferred cash or deferred shares, vesting equally over either a two-, three-, or five- year period.
Deferred shares are awarded as conditional rights to shares with dividend equivalents.
The total incentive is determined based on a combination of Company and individual performance measures, which are defined
annually with weightings applied to each measure. Each metric is weighted and has a threshold, target and stretch achievement level
assigned, based on the Company budget and the desired stretch targets for the year.
At the end of each financial year, the performance of the Company, the CEO and the CFO is assessed by the Committee and the Board
against the defined metrics to determine the quantum of the cash portion and the quantum of the deferred portion as per the
calculations below:
Cash portion:
Base pay x individual performance weighting x on-target
cash percentage x individual performance modifier
(KPIs: 1 – 4 rating)
Plus
Base pay x Company performance weighting x on-target
cash percentage x Company performance modifier
Deferred shares:
Base pay x individual performance weighting x on-target
deferred percentage x individual performance modifier
(KPIs: 1 – 4 rating)
Plus
Base pay x Company performance weighting x on-target
deferred percentage x Company performance modifier
For Executive Directors, awards are based 80% on Company performance and 20% on individual performance. Any DSP share awards
earned vest equally over the five years. The Executive Management team and other key employees also participate in the DSP.
Sunrise Dam, Australia
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Section 2: Annual Remuneration Report
2023 DSP performance outcomes
The Committee approved the 2023 DSP Company performance achievement of 75.20% of target. The Company reported record safety
performance with an industry-leading total recordable injury frequency rate and made significant strategic progress through the year.
However, relative TSR performance was marginally below the threshold performance level and production and costs measures were
below target levels. The overall outcomes for both the CEO and the CFO are below the on-target level.
During the year, management assessed the CdS mine in Brazil, and in August made the decision to place it on care and maintenance in
the interests of protecting long-term shareholder value. While CdS was included in the assessment at the start of the period, it was
excluded from the point at which it was placed on care and maintenance in line with typical market practice. This resulted in a small
upward adjustment of 1.76% of target due to minor changes to the production and cash costs.
In the Group consolidated financial statements, note 1.3.2 discloses errors in prior periods’ financial results that were retrospectively
adjusted. An assessment was performed and it was concluded that these restatements had no impact on clawback or recovery
provisions for DSP payouts.
The table below summarises the performance measures, their weightings, and performance against those metrics applicable to the
DSP for 2023:
DSP
performance
measure
Financial
measures
Future
optionality
Safety
measures
Relative total shareholder
return (measured in USD)
Normalised cash return on
equity (nCROE)
Production (1)
Total cash cost APM (1)
All-in sustaining costs APM (1)
Mineral Reserve additions
(pre-depletion, asset sales,
mergers and acquisitions)
Mineral Resource
additions(2) (pre-depletion,
asset sales, mergers and
acquisitions)
Total Recordable Injury
Frequency Rate (TRIFR)
Major hazard control
verification compliance
Health: Reduction in
workforce exposed to high
respirable crystalline silica
dust
2023
Target
Weighting
Threshold
measures (50%
of target)
Target
measures
(100%)
Stretch
measures
(150% of
target)
Performance Achievement
20%
15%
15%
10%
5%
Median TSR of
comparators
$ COE (7%)
2.552Moz
$1,130/oz
$1,531/oz
Halfway
between
median and
upper quartile
Upper quartile
TSR of
comparators
$ COE +6%
(13%)
$ COE +12%
(19%)
<2% below
threshold
0.00%
15.74%
18.43%
2.694Moz
$1,089/oz
$1,484/oz
2.766Moz
$1,050/oz
$1,437/oz
2.633Moz
$1,125
$1,560
11.80%
5.64%
0.00%
5.5%
Plus 1.4Moz
Plus 2.7Moz
Plus 4.1Moz
2.19Moz
4.42%
5.5%
Plus 3.5Moz
Plus 7.1Moz
Plus 10.6Moz
9.89Moz
7.69%
4%
4%
2.5%
performance
improvement
(1.67)
90% critical
control
verification
compliance
≥5%
performance
improvement
(1.62)
95% critical
control
verification
compliance
≥7.5%
performance
improvement
(1.58)
100% critical
control
verification
compliance
1.09
100.00%
12.00%
2.5%
8% reduction
13% reduction
20% reduction
21.80%
Health,
environment
and
community
Environment: Greenhouse
gas emissions management
7.5%
Community: Business
disruptions as a result of
community unrest
Gender diversity
Talent development and
deployment
2%
2%
2%
People
110% of
budgeted carbon
emission
intensity
(36.337)
100% of
budgeted
carbon
emission
intensity
(33.034)
95% of
budgeted
carbon
emission
intensity
(31.382)
34.826
12.22%
2
1
0
0
20% female
representation
23% female
representation
26% female
representation
17.43%
40%
50%
80%
89.00%
3.00%
75.20%
Total (% of target)
(1) Targets were adjusted to cater for CdS being placed on care and maintenance in August 2023.
(2) Mineral Resource inclusive of Mineral Reserve before dilution and other factors are applied.
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Comparator Group ranking and achievements for the relative TSR metric for 2023
Relative TSR was measured on a three-year trailing average based against seven peers (Agnico Eagle Ltd, Barrick Gold Corp, Gold ETF,
Gold Fields Ltd, Kinross Gold Corp, Newcrest Mining Ltd and Newmont Mining Corp). For the three-year period to 31 December 2023,
AngloGold Ashanti was ranked fifth and was therefore positioned <2% below threshold; therefore, the achievement was calculated at
0%, as it is below threshold.
Impact on Executive Directors
Alberto Calderon: Total remuneration outcomes
Maximum DSP cash bonus opportunity: 150% of salary (target opportunity of 100%
of salary)
Maximum DSP share awards opportunity: 300% of salary (target opportunity of 200%
of salary)
Final cash bonus results: 90.16%
Final share award results: 180.32%
Total DSP opportunity: 450% of salary (target opportunity of 300% of salary)
Final DSP result for 2023: 270.48%
Alberto Calderon: Key objectives and achievements 2023
Scorecard
Weighting Performance achieved
Health, Safety, Environment and
Community
Safety (10%)
Health, Environment and Community
(10%)
20%
• TRIFR improved by 13% to a record 1.09 per million hours worked in 2023 –
significantly below the 2022 ICMM member average of 2.66. Lost Time Injury
Frequency Rate (LTIFR) improved by 26% to 0.48 per million hours worked in
2023. The number of High-Potential Incidents (HPIs) improved by 11% to 63 in
2023. The Company recorded a second consecutive fatality-free year at
Company- operated mines
• Clear climate strategy developed and being implemented in connection with
project evaluation ahead of investment decision. Reportable environment
incident rate in 2023 – 66% lower than in 2022
• Honouring legacy projects in South Africa where AngloGold Ashanti will invest
$10 million over five years in various education and rural development projects
Financial and production
15%
Performance including the normalising for CdS (only for the period that it was in
care and maintenance, September to December 2023):
Achievement against budget
production in ounces (5%), total cash
cost APM/oz (5%) and AISC APM/oz
(5%)
Production (000oz) – Actual 2023: 2,633 (Budget 2023 – 2,694)
Total cash cost APM ($/oz) – Actual 2023: 1,125 (Budget 2023 – 1,089)
All-in sustaining costs APM ($/oz) – Actual 2023: 1,560 (Budget 2023 – 1,484)
Competitiveness and growth
40%
Full Asset Potential Programme:
• Significantly advance Full Asset
Potential Programme: implement
related measures to close the gap
on four to five operations during
the following 24 months (20%)
• Build major projects for the
Company’s long-term future
Our Full Asset Potential programme continued to build momentum in 2023 with
~$200 million in incremental EBITDA against the FY 2022 period delivered in
2023 (Obuasi is excluded as it continues to ramp up). A Management Investment
Committee was introduced to improve overall governance around capital
expenditure ensuring rigorous discipline in capital investment and external
contract awards
Growth and capital projects:
Significant achievements have been made across the portfolio. Most notably the
Company made an important new gold discovery in the United States, declaring a
gold Inferred Mineral Resource of 9.1Moz at an average grade of 0.99g/t, at the
Merlin deposit, in the Expanded Silicon project, in Nevada. This is the largest new
discovery in the United States in more than a decade
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Section 2: Annual Remuneration Report
Alberto Calderon: Key objectives and achievements 2023
(continued)
Scorecard
Individual KPIs
• Embed new values, culture and
effective talent management
• Effective stakeholder
management
Weighting Performance achieved
25%
• Led the global launch of refreshed values and continued to reinforce
expectations with leaders and employees on all site visits during the year.
• Extensive engagement undertaken with analysts, shareholders, and potential
investors across major capital markets, covering 70% in all of shareholder
funds, in planned engagements during the year.
• Met with senior members of governments in jurisdictions in which we operate
to discuss operations and projects pertinent to their countries, and met with
members of the US Senate, Colorado’s state government and business
associations to discuss AngloGold Ashanti’s establishment of corporate
headquarters in the state of Colorado and its plans for capital investments in
the United States.
• Good progress on internal succession plans with clear development paths.
Total
100%
Alberto Calderon: Performance incentive outcome
2023 DSP performance outcome
Total % for Company performance
Weighting
A - Company performance weighted outcome
Individual performance results
Individual performance weighting
Performance rating award correlation
B - DSP opportunity based on individual performance
Total % of DSP pay opportunity (A+B)
On-target total cash bonus opportunity (as % of base pay)
On-target total deferred share award opportunity (as % of base pay)
Final cash bonus result (as % of base pay)
Final deferred share award result (as % of base pay)
Base pay as at 31 December 2023
Annual cash portion of DSP
Annual deferred share portion of DSP (to vest over five years)
Total 2023 deferred share plan award
Tropicana, Australia
Weighting
100.00%
DSP award outcome
75.20%
80.00%
=
60.16%
20.00%
X
150.00%
=
30.00%
90.16%
X
100.00%
200.00%
=
90.16%
180.32%
x
$1,656,000
=
$1,493,050
$2,986,099
$4,479,149
120
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Gillian Doran: Total remuneration outcomes
Maximum DSP cash bonus opportunity: 127.5% of salary (target opportunity
of 85% of salary)
Final cash bonus results: 76.64%
Maximum DSP share awards opportunity: 277.5% of salary (target
opportunity of 185% of salary)
Final share award results: 166.80%
Total DSP opportunity: 405% of salary (target opportunity of 270% of salary) Final DSP result for 2023: 243.44%
Gillian Doran: Key objectives and achievements 2023
Scorecard
Weighting
Performance achieved
Leadership and
stakeholder
engagement
10%
• Maintained effective relationships with all relevant internal and external shareholders and
stakeholders, including banks, equity and debt investors, ratings agencies, auditors, joint
venture partners and executive management
Projects
10%
• Effectively supported the Company’s operations and functions by leading teams to deliver
performance
• Continued to provide input in shaping execution of the Company’s strategy while providing
appropriate guidance on financial performance
• Successful delivery of corporate restructuring and transition, which is the move to a UK
domicile and New York Stock Exchange primary listing. Executed the project in line with
planned accounting, treasury, and tax outcomes
• Successful on-boarding of the Company’s new auditors, PwC
Liquidity, credit
ratings and balance
sheet management
15%
• Maintained a strong balance sheet as a key focus for the year, which included repaying the
drawdown on the $1.4 billion 2022 multi-currency revolving credit facility for the payment of
the corporate restructuring transaction shortly after year-end
• Engaged three ratings agencies on the Company’s strategy (including the corporate
restructuring), operational performance, and cost initiatives which resulted in ratings being
maintained by all three credit ratings agencies
• Successfully completed the transition and accountability of the budget process, as well as
building a targeted business analysis team that resulted in a new structure which provides
effective insights, analysis and robust governance for shaping the Company’s strategy
• Targeted focus on cash conversion and working capital management yielding strong free
cash flow performance for the full year
Cost discipline and
cash preservation
measures
35%
•
Implemented a rigorous performance management framework providing executive and
operational leadership with accurate, timely and transparent reporting focused on optimising
business requirements
• Maintained focus on optimising costs and capital expenditure
• Continued to enhance supply chain processes by conducting a review of external contracts in
each asset aiming to identify opportunities for cost optimisation as well as minimising value
leakage
Governance and risk
management
20%
• Demonstrated clear expectations for the controls and governance environment, including
setting up the management investment structure to manage capital approval and allocation
processes
People
10%
• Successfully embedded new Company values and culture framework by being actively
• Embedded a stronger governance and compliance culture by learning through internal audit
findings and focusing on building effective control structures
involved in the launch of our new corporate values as well as displaying appropriate role
model behaviours for all employees
• Effective implementation of talent and succession management outcomes focused on
creating a balance between recruiting the right external talent and developing internal talent
for key roles
• Continued to advocate for developing females in mining by promoting female talent and
providing appropriate mentorship
Total
100%
121
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Other information
AngloGold Ashanti plc
Section 2: Annual Remuneration Report
Gillian Doran: Performance incentive outcomes
(continued)
2023 DSP performance outcome
Total % for Company performance
Weighting
A - Company performance weighted outcome
Individual performance results
Individual performance weighting
Performance rating award correlation
B - DSP opportunity based on individual performance
Total % of DSP pay opportunity (A+B)
On-target total cash bonus opportunity (as % of base pay)
On-target total deferred share award opportunity (as % of base pay)
Final cash bonus result (as % of base pay)
Final deferred share award result (as % of base pay)
Base pay as at 31 December 2023
Annual cash portion of DSP
Annual deferred share portion of DSP (to vest over five years)
Total 2023 deferred share plan award
Cuiabá, Brazil
Weighting
100.00%
DSP award outcome
75.2%
80.00%
=
60.16%
20.00%
X
150.00%
=
30.00%
90.16%
X
85.00%
185.00%
=
76.64%
166.80%
X
$545,516
=
$418,062
$909,899
$1,327,961
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Directors’ current shareholdings (audited)
The Committee is of the opinion that share ownership by the Executive Directors demonstrates their commitment to AngloGold
Ashanti’s success and serves to reinforce alignment between executive and shareholder interests. AngloGold Ashanti Limited
introduced a minimum shareholder requirement (MSR) for Executive Directors in 2013 that continues to be applied for AngloGold
Ashanti plc as per the table below:
Director MSR requirement
Within six years of appointment/
from introduction of revised
MSR
CEO
300% of net annual base salary
CFO
250% of net annual base salary
Normally progress towards half of
the guideline is expected after
three years
Holding
requirement
Post-termination holding period
effective 1 January 2022
Throughout
employment as
a director
The post-termination MSR will be required based on the MSR policy at
the time of termination. Should the executive depart (or no longer serve
as a director or executive management team member) before they have
achieved the MSR, all vested shares allocated effective 1 January 2022
onwards from the Company’s share incentive will be held for one-year
post-termination. The holding will be up to their required MSR
The following count towards an individual MSR:
• Ordinary shares purchased on the market, either directly or indirectly
• Vested share awards from AngloGold Ashanti’s share incentive schemes
Director shareholding and MSR achievement
Ordinary
shares owned
as at
31 December
2022
Ordinary
shares as at
31 December
2023
Vested and
unexercised
DSP share
awards as at
31 December
2023
Unvested
DSP shares
awards as at
31 December
2023 (3)
Unvested buy
out share
awards as at
31 December
2023 (3)
Six-year target
achievement
date
MSR holding as at
31 December 2023
as a percentage
of net base pay
26,370
26,080
8,320
224,933
— September 2027
—
5,582
—
—
22,956
January 2029
56%
32%
Executive
A Calderon (1)
GA Doran (2)
(1) A Calderon had a compulsory sale of 290 securities after the delisting from the Australian Securities Exchange.
(2) Appointed Executive Director with effect from 1 January 2023 and the three-year MSR achievement is due in January 2026.
(3) Unvested awards are not considered when calculating the MSR.
During 2023, no DSP share awards were exercised by the Executive Directors.
Share awards granted in the year (audited)
The following share awards were made to the Executive Directors during the year. Awards granted to A Calderon were DSP share
awards based on performance achieved over the period to 31 December 2022 and are subject to deferral over a five-year period with no
further performance conditions applying.
Awards granted to GA Doran were as a result of a buy-out in respect of incentive arrangements that were forfeited based on submitted
proof of such forfeiture from her previous employer. These awards are deferred awards which vest at the original vesting dates aligned
to the forfeited awards over three years and have no further performance conditions.
Share awards granted 2023
Executive
A Calderon
GA Doran
Scheme
DSP
DSP (buy-out award
on recruitment)
Basis of award
(% of salary)
Face value ($)
Number of shares
Vesting period
211.78%
3,388,416
191,652
Over five years
—%
563,005
31,844
Over three years
The above awards were granted on 24 February 2023. The number of shares awarded was calculated based on a share price of $17.68, being the five-day volume
weighted average share price prior to grant.
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Section 2: Annual Remuneration Report
Review of past performance
The graph below illustrates AngloGold Ashanti’s five year
share performance position against the NYSE Arca Gold
Miners Index:
CEO pay history
The table below summarises CEO remuneration outcomes for
2023. Over time, this will build to show CEO remuneration for
AngloGold Ashanti Plc over a ten-year period.
CEO total remuneration ($)
DSP award (% of maximum)
2023
7,167,594
60.10%
Chief Executive pay ratio
As the Company has fewer than 250 employees in the UK,
there is no formal requirement to disclose the CEO pay ratio.
However, the Committee is mindful of the relationship between
executive remuneration and that of our broader workforce and
therefore looks at the differential between CEO pay and that of
the wider workforce from a number of perspectives, including
looking at year-to-year changes and how the wage differential
compares with pay/remuneration practices in companies in
our benchmarking peer group, recognising that reporting
requirements differ across jurisdictions.
The CEO pay ratio is determined using the CEO’s total
remuneration against pay for all AngloGold Ashanti employees,
measured over the 12 months resulting in a median pay
differential of 216:1. Having reviewed the outcomes of this
exercise, the Committee is comfortable that the wage
differential is consistent with AngloGold Ashanti’s reward
principles and practices, and is not out of line with
remuneration trends in other global gold mining companies.
Overview of Executive Management pay
The Committee is also responsible for oversight of the
remuneration of the executive management team. Under UK
law, the Company is not required to disclose remuneration
details for executive roles other than the Executive Directors.
However, to provide continuity with previous disclosure made
by AngloGold Ashanti Limited, under South African
requirements, below we provide an overview of our executive
management remuneration outcomes for 2023, and the related
incentive structures in place.
In 2023, in addition to the CEO and CFO, executive
management comprised Lisa Ali, Chief People Officer; Stewart
Bailey, Chief Sustainability & Corporate Affairs Officer; Terry
Briggs, Chief Development Officer; Marcelo Godoy, Chief
Technology Officer; Ludwig Eybers, Chief Operating Officer
(retired 30 June 2023); Richard Jordinson, Chief Operating
Officer (from 1 October 2023); and Lizelle Marwick, Chief Legal
Officer.
Throughout 2023, our executive management team received a
base salary, pension benefits, other benefits including
relocation allowances and participated in the DSP. For 2023,
the total salary paid for this population was $3.4m, the total for
pension contributions was $0.5m, and the total for benefits,
relocation allowances and medical insurance was $1.8m.
The executive management team participated in the 2023 DSP,
using the same performance scorecard measures and
outcomes as that for Executive Directors set out on page 118,
with a 20% weighting for individual performance.
The target opportunity was 249% of salary, and a maximum
opportunity of 150% of target. Based on performance achieved
over 2023, the average DSP outcome for this group was 185%
of target, resulting in an overall total DSP award of $6.3m. One
third was paid in cash ($2m), and two thirds was paid in shares
deferred over a five year period ($4.3m).
For 2024, the executive management team will transition from
the DSP to the annual bonus and PSP model on the same
basis as the Executive Directors.
124
AngloGold Ashanti's share performance vs NYSE Arca Gold Miners IndexNYSE Arca Gold Miners IndexAngloGold Ashanti20182019202020212022202350100150200250 Overview
Strategic report Directors’ remuneration report Directors’ report
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Annual Report 2023
Non-Executive Directors
Fees and allowances
The table below sets out the Non-Executive Director (NED) fees which were approved by AngloGold Ashanti Limited shareholders in
2023. NEDs were paid in line with this table prior to the restructuring and thereafter for 2023. No changes were made to NED fees
during 2023. Since the restructuring, responsibility for the NED remuneration structure has been with the Nominations and Governance
Committee which has requested a full review of NED fees for 2024.
Board meetings
• The remuneration payable in terms of Board fees is for five Board meetings annually
• Each Non-Executive Director is entitled to an allowance for each Board meeting attended, in addition to the five
Board meetings scheduled per annum
Chairperson
Lead Independent Director
Non-Executive Directors
Allowance per meeting for attendance at special Board meetings by the Chairperson
Allowance per meeting for attendance at special Board meetings by each Non-Executive Director
Committee meetings
• Remuneration payable for four meetings per annum
• Each Non-Executive Director will be entitled to an allowance for each Board committee meeting attended by such
Director in respect of those committees which meet on an ad hoc basis, including any special purpose committee
established by the Board or required by statutes or regulation as follows:
Chairperson of the Audit and Risk Committee
Members of the Audit and Risk Committee
Chairperson of the Remuneration and Human Resources Committee
Members of the Remuneration and Human Resources Committee
Chairperson of the Investment Committee
Members of the Investment Committee
Chairperson of the Social, Ethics and Sustainability Committee
Members of the Social, Ethics and Sustainability Committee
Chairperson of the Nominations and Governance Committee
Members of the Nominations and Governance Committee
Additional fee per meeting for ad hoc committee meetings
Board travel allowance per overnight away (in addition to the travel allowance payable, the Company will cover
reasonable accommodation and sundry costs)
Obuasi, Ghana
Fee
($)
295,800
163,200
122,400
13,000
3,500
35,000
20,000
35,000
20,000
32,500
20,000
32,500
20,000
32,500
20,000
3,500
1,250
125
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Section 2: Annual Remuneration Report
The table below details the fees and allowances paid to NEDs during the year in line with the fee structure as approved by AngloGold
Ashanti Limited shareholders. A full review of NED fees, including shareholding requirements, will be undertaken during 2024 taking into
account the governance frameworks applicable to the Group, market and best practice for US listed companies.
Non-Executive Directors: Fees and allowances ($) (audited)
US dollars
Director’s
fees (1)
Committee
fees (2)
Travel
allowance
Total
Director’s
fees (1)
Committee
fees (2)
Travel
allowance
Total
MDC Ramos (Chairperson)
328,800
36,375
6,250
371,425
308,800
56,000
8,750
373,550
2023
2022
R Gasant (Lead
Independent Director)
KOF Busia
AM Ferguson
AH Garner
SP Lawson
J Magie (3)
NVB Magubane(4)
MC Richter
D Sands (3)
JE Tilk
Total
177,200
136,400
136,400
136,400
136,400
64,700
-
136,400
64,700
89,000
78,000
87,500
62,000
62,000
23,500
-
80,500
20,000
136,400
101,500
6,250
38,750
17,500
16,250
18,750
18,750
-
15,000
18,750
17,500
272,450
166,700
104,500
253,150
125,900
241,400
125,900
214,650
125,900
217,150
125,900
106,950
-
-
95,300
231,900
125,900
103,450
-
86,500
89,000
50,500
50,500
-
30,000
85,500
-
10,000
26,250
33,750
13,750
18,750
-
8,750
18,750
-
281,200
238,650
248,650
190,150
195,150
-
134,050
230,150
-
255,400
125,900
110,000
23,750
259,650
1,453,800
640,375
173,750
2,267,925
1,326,200
662,500
162,500
2,151,200
(1)
(2)
Includes the annual base fee paid to the NEDs as well as fees paid for special Board meetings.
Includes the fee paid to the individual for their committee membership and committee chairperson role, where applicable, as well as fees paid for special
committee meetings.
(3) J Magie and D Sands were appointed as directors on 1 June 2023.
(4) NVB Magubane passed away on 30 October 2022 and fees payable prior to this date are shown for 2022.
The table above includes fees paid by AngloGold Ashanti Limited prior to 25 September 2023 and payments made by AngloGold
Ashanti plc after this date.
Shareholdings and Minimum Shareholding Requirements (MSR)
The NEDs have a minimum shareholding policy which requires them to hold shares in AngloGold Ashanti equivalent to 150% of their
annual base fee. Normally NEDs are expected to meet this requirement within the later of four years of appointment and the adoption of
the policy, or any increase in fee level, with progress towards half of the guideline expected after two years. If a decline in the share
price causes a NED to fall below MSR based on the prevailing market price, the NED is not required to purchase further shares although
the NED must refrain from disposing of any shares until compliance has been achieved.
This policy was introduced by AngloGold Ashanti Limited in 2022 and a similar policy has been adopted by AngloGold Ashanti plc. Since
the restructuring, responsibility for reviewing this policy has been with the Nominations and Governance Committee and this Committee
is responsible for making recommendations to the Board for NED fees.
As noted above, a full review of NED fees, including shareholding requirements, will be undertaken during 2024, taking into account the
governance frameworks applicable to the Group, market and best practice for US listed companies.
In the interests of transparency the following table illustrates the level of compliance with this minimum shareholding requirement.
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Non-Executive Directors: Shareholdings (audited)
Shares held (Ordinary shares)
Minimum Shareholding Requirement (MSR)
31 December 2022
31 December 2023
Four-year target
achievement date
MSR holding as at
31 December 2023
as a percentage of
annual base fee(4)
MDC Ramos (Chairperson)
R Gasant (Lead Independent director)
KOF Busia
AM Ferguson
AH Garner
SP Lawson
J Magie (1)
NVB Magubane (2)
MC Richter (3)
D Sands (1)
JE Tilk
—
—
2,000
5,000
22,500
2,830
N/A
-
11,300
N/A
2,800
4,000
-
4,000
5,000
30,000
2,830
5,000
-
11,300
3,000
2,800
February 2028
February 2028
February 2028
February 2028
February 2028
February 2028
February 2028
N/A
February 2028
February 2028
February 2028
25%
0%
63%
76%
458%
43%
76%
0%
173%
46%
43%
(1) Ms Magie and Ms Sands were appointed as directors of AngloGold Ashanti Limited on 1 June 2023.
(2) NVB Magubane passed away on 30 October 2022.
(3) 1,000 shares are held indirectly by Ms Richter’s husband.
(4) For the purpose of the MSR, shares are valued on the basis of the greater of a) the original purchase price, b) the share price on the date on which this policy was
adopted being 21 February 2024, and c) the prevailing market price on 31 December each year. The four year target runs from February 2024.
The NEDs did not participate in the Company’s share incentive scheme and therefore have no unvested share awards as at
31 December 2023.
Statement of shareholders’ voting at AGM
The Remuneration Policy and implementation report for the 2022 reporting period were tabled by AngloGold Ashanti Limited for two
separate, non-binding advisory votes at the Annual General Meeting (AGM) held on 15 May 2023, in line with the JSE Listings
Requirements and King IV recommendations. The table below details the results of these resolutions.
Votes
Remuneration policy (non-binding)
Remuneration implementation report
For
(%)
90.17
90.32
Against
(%)
Withheld
(number of votes)
9.83
9.68
1,756,581
1,655,237
There were no significant issues raised by shareholders. However, AngloGold Ashanti Limited proactively engaged with shareholders
both individually and collectively.
AngloGold Ashanti plc is not subject to the provisions of the JSE Listing Requirements or King VI recommendations. For 2024
shareholders will be required to vote on the Directors’ Remuneration Report and the Director’s Remuneration Policy.
Advisers to the Compensation and Human Resources Committee
The Committee, which is comprised solely of independent Non-Executive Directors, engages independent advisers in relation to
remuneration related matters. After a detailed tender process, Deloitte LLP was appointed as the independent remuneration advisers
for AngloGold Ashanti Limited with effect from May 2022 and has been retained as advisers by AngloGold Ashanti plc.
Deloitte is a member of the Remuneration Consulting Group and, as such, operates under the Code of Conduct in relation to executive
remuneration consulting. During the year, the Committee reviewed the advice provided by Deloitte and confirmed that it has been
objective and independent. The Committee also determined that the Deloitte partner who provides remuneration advice to the
Committee does not have any connections with the Company that may impact their independence.
During the year, Deloitte provided advice to the Committee on a range of remuneration topics, including market updates, advice on
share incentive schemes, annual reporting and legislative and governance guidance. Their consultants attended all Committee
meetings. In relation to their advice, the total Deloitte fees for 2023 were $181,818. During the year, Deloitte also provided the Company
with unrelated advice and consultancy in respect of salary benchmarking, performance metric setting, communication plans and annual
reporting. In addition, Deloitte also provided technical accounting advisory services, as well as other employee and tax-related services
to the Group during the year.
The Committee also made use of the services of Mercer, who provided global survey data and analysis. Mercer’s charges for the
bespoke executive survey amounted to $42,245.
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Section 2: Annual Remuneration Report
Remuneration in 2024
The table below outlines the proposed 2024 implementation of the Remuneration Policy, subject to shareholder approval.
Base salary
Benefits and
pension
Annual bonus
For 2024, A Calderon will have a base salary of $1,689,120 (2% increase) and GA Doran will have a base salary of
$627,343 (15% increase). The increase in the CEO’s salary is less than the average salary increase awarded to the
US workforce (4%) and less than increases awarded in the market. The salary awarded for the CFO reflects Gillian’s
performance and the required market position.
No change for 2024, the Executive Directors will continue to receive benefits and pension contributions in line with
their current terms. No further relocation payments will be made.
Target award opportunities for 2024 will be:
A Calderon: 85% of salary (reduced from 100% of salary to accommodate Transition Awards)
GA Doran: 76% of salary (reduced from 90% of salary to accommodate Transition Awards)
Awards for Executive Directors will be based 80% on Company performance and 20% on individual strategic
objectives.
The Company scorecard will be based on the following measures:
• Production – weighting 25%
• Costs (AISC 15% and total cash costs 15%) – weighting 30%
• Free cash flow (pre growth capital) – weighting 10%
• Future pipeline – Mineral Resource and Mineral Reserve – weighting 15%
• People and ESG – weighting 20%
The targets for these measures are considered to be commercially sensitive and will be disclosed in the 2024
Annual Report; free cash flow targets will be calibrated based on actual gold prices.
Performance
Share Plan
Awards will be granted following the approval of the Remuneration Policy at the 2024 AGM. Target award
opportunities for 2024 will be:
A Calderon: 170% of salary (reduced from 200% of salary to accommodate Transition Awards)
GA Doran: 152% of salary (reduced from 180% of salary to accommodate Transition Awards)
Awards for Executive Directors will be based on the following measures:
• Relative TSR versus gold mining peers – weighting 40%
•
Improving costs relative to gold peers – weighting 25%
• Growth – executing project delivery on key assets– weighting 25%
• ESG – weighting 10%
Relative TSR and relative AISC measures: Performance will be measured against a defined peer group of
companies (Gold Fields, Barrick Gold, Newmont, Kinross, Agnico Eagle, B2Gold, IAMGOLD, Evolution Mining,
Northern Star, Endeavour, SSR Mining, Harmony and Sibanye-Stillwater) over the three years to 31 December 2026.
Threshold vesting of 50% of target will be for 35th percentile performance, target vesting of 100% of target will be
for 50th percentile performance, and maximum vesting of 200% of target will be for 80th percentile performance.
Growth pipeline: This measure will be based on the execution plans for North Bullfrog, the Expanded Silicon project
and Obuasi over the period to the end of 2026. Performance will be assessed against a robust scorecard which will
be disclosed following the performance period.
ESG: This measure will be based on the decarbonisation of the operational energy mix over the three years to
31 December 2026. Based on the cumulative annual carbon intensity budgets over the period, aligning with
AngloGold Ashanti's goal to achieve a 30% reduction in Scope 1 and 2 emissions by 2030, as compared to 2021.
Threshold vesting of 50% of target will be for achieving 110% of the carbon intensity budget, target vesting of 100%
of target will be for meeting the carbon intensity budget, and maximum vesting of 200% of target will be for
achieving 95% of the carbon intensity budget.
Following the approval of the Remuneration Policy, transition terms will be implemented to incentivise performance
over the periods 2022 to 2024 and 2023 to 2025. This will be accomplished by granting two separate transition
incentive awards in respect of these periods. These awards will be of equal value to the TSR element of the DSP
(i.e. a target opportunity of 45% of salary for the CEO and 42% of salary for the CFO). To ensure that overall
incentive opportunities remain appropriate, the target bonus and PSP opportunity for 2024 and 2025 awards will be
reduced so that the overall total target remuneration remains unchanged. These awards will be measured in
accordance to the TSR vesting schedule and peer groups used under the legacy DSP.
These awards will be delivered one third in cash and two thirds in shares which will vest after three years. No
transition arrangements will be put in place for the other three year look back metrics of the DSP scorecard.
Transition
arrangements
Non-Executive
Directors
The NED fees and payment structure was carried over from AngloGold Ashanti Limited as part of the
reorganisation. A full review of the NED fees will be completed in 2024 taking into account the governance
frameworks applicable to the Group, market and best practice for US listed companies and the evolving time
commitment associated with the role.
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Change in Directors’ pay for the year in comparison to that of AngloGold Ashanti employees
A Calderon
GA Doran
MDC Ramos (Chairperson)
R Gasant (Lead Independent Director)
KOF Busia
AM Ferguson
AH Garner
SP Lawson
J Magie
NVB Magubane (deceased)
MC Richter
D Sands
JE Tilk
AngloGold Ashanti employees – average
Base salary/ fee
Benefits Total DSP award
2022 to 2023
(% change)
2022 to 2023
(% change)
2022 to 2023
(% change)
3.50%
—%
(0.57%)
(3.11%)
6.08%
(2.92%)
12.88%
11.27%
—%
(100.00%)
0.76%
—%
(1.64%)
4.77%
6207.85%
(11.87%)
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
—%
16.67%
23.42%
There was no change to the NED fee policy for 2023, so the changes listed in the table above represent additional fees paid to each
director, including those for ad-hoc meetings and travel allowances in 2023.
The change in A Calderon’s benefits is due to the payment of a one-off relocation allowance in 2023, in line with the Company’s
standard policy for internationally mobile employees.
Relative importance of spend on:
US dollar millions
Total staff costs
Dividends paid
2023
752
91
2022
716
181
% change
5.03%
(49.72) %
Payments for loss of office and payments to past directors (audited)
No payments were made to past Directors in the period.
Obuasi, Ghana
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Section 3: Directors Remuneration Policy
Introduction
The following section sets out our Directors’ Remuneration
Policy, prepared in accordance with legislation applicable to
UK incorporated listed companies. This Remuneration Policy
is subject to a binding shareholder vote at the 2024 AGM to
be held on 28 May 2024 and, if approved, will be effective
from this date. This is the first policy prepared in line with the
UK legal requirements. Although the Company is subject to
UK legal requirements, the content of the policy reflects the
fact that the Company’s headquarters are in the US, and the
Company therefore primarily competes in the US market for
Executive Director talent.
In determining the new Remuneration Policy, the Committee
followed a robust process during the year, including
discussions with shareholders, Committee members and
advisors on the content of the Remuneration Policy. The
Committee considered input from management and our
independent advisers while ensuring that conflicts of interest
were suitably mitigated. It also took into account the views of
the Nominations and Governance Committee which is
responsible for reviewing and recommending to the Board
director compensation for service on the Board and its
committees.
When developing the approach to pay the Committee took
into account market practice for both US-listed companies
and peers in the global gold mining sector. These are key
reference points to ensure that the approach to pay adopted
supports the business in a highly competitive global talent
market.
The Committee values the views of the Company’s
shareholders and guidance received from shareholder
representative bodies. As well as taking into account evolving
best practice, the Committee proactively consulted with our
major shareholders to ensure that their views were
represented in discussions on remuneration matters.
As part of the review of the Remuneration Policy the
Committee consulted with major shareholders and took their
feedback into account in setting the policy and the ongoing
operation of remuneration, in particular regarding
performance measures and targets. The structural changes
made as part of this review are in direct response to
feedback provided in prior years.
Remuneration Policy applicable to Executive Directors
The table below summarises each element of the policy for Executive Directors, with further details set out after the table.
Remuneration Policy table – Executive Directors
Base salary
Purpose and link to
strategy
A competitive salary is provided to employees to ensure that their experience, skills/contributions and
appropriate market comparisons are fairly reflected and applied.
Operation
Base salaries are normally reviewed annually, and any increases are normally effective from 1 January each
year.
Employee base salaries are determined by considering various factors including performance, market
comparison against companies with a similar geographic spread; market complexity, size and industry; and
internal peer comparisons.
Opportunity
There is no maximum salary level or maximum increase that may be offered; salary increases will normally
take into account typical increases awarded to other employees in the Company.
Performance details
None.
Benefits
Purpose and link to
strategy
Operation
Benefits are provided to ensure competitiveness in the respective markets.
Benefits are provided based on relevant market trends and can include items such as medical insurance, life
assurance, disability and accidental death insurance, assistance with tax filing, cash in lieu of untaken leave
(above legislated minimum leave requirements), and occasional spousal travel.
AngloGold Ashanti employs a skilled workforce with employees who are globally mobile to service the
organisation primarily in remote locations or areas where the required skill set is not available locally. The
mobile workforce is tasked with developing and growing skills locally.
The mobile workforce is given expatriate benefits associated to their specific move type. These may include
housing, schooling, international medical aid and home leave trips in line with the nature, duration and
location of the assignment and, where appropriate, tax equalisation.
Opportunity
There is no maximum level of benefits (as the cost of certain benefits will depend on the individual’s
personal circumstances) but they will be set at a level the Committee determines appropriate and in line
with market expectations.
Performance details
None.
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Retirement benefits
Purpose and link to
strategy
Retirement benefits are provided to ensure competitiveness in the respective markets and recognise an
employee’s long-term commitment to the Company.
Operation
Opportunity
Retirement related benefits (including participation in pension schemes) may be provided. Retirement
benefits are typically based on the jurisdiction in which the employee operates and include international
pension funds (where appropriate). At the time of the reorganisation, the Chief Executive Officer elected to
continue with his current international retirement fund.
Retirement benefits will be set taking into account the relevant talent market. The Chief Executive Officer is
currently a member of the AngloGold Ashanti International Retirement Fund and receives a pension
contribution of 24.75% of base salary. The Chief Financial Officer is currently a member of the Executive
Deferral Plan and receives a pension contribution of 12.5% of base salary and short-term incentive.
Performance details
None.
Annual bonus
Purpose and link to
strategy
Rewards performance on an annual basis against key financial, operational and individual objectives, as well
as strategic priorities.
Operation
Performance normally measured over the financial year. Bonus level determined by the Committee based
on performance against targets.
Consistent with US market practice, awards are normally paid in cash. The Committee may elect to deliver a
portion of earned awards in deferred shares or cash, where appropriate. In such circumstances, the
Committee will determine the terms of any such award (e.g. entitlement to dividend equivalents).
Measures and targets are reviewed annually. Recovery provisions (i.e. malus and clawback) apply.
Opportunity
Target opportunity of up to 100% of salary per annum, maximum opportunity of up to 150% of salary per
annum. Further detail of opportunities for 2024 are set out in the Annual Report on Remuneration.
The payout for different levels of performance (including threshold, up to 50% of target opportunity) will be
set by the Committee, taking into account the stretch and nature of the underlying target.
Performance details
The details of the measures, target and weightings may be set and varied by the Committee year-on-year,
based on the Company’s strategic goals. Targets will normally include a combination of financial,
operational and strategic objectives.
Iduapriem, Ghana
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Section 3: Directors’ Remuneration Policy
Performance Share Plan (PSP)
Purpose and link to
strategy
Recognises and rewards delivery of Company performance and shareholder value over the longer term.
Share-based to provide greater alignment with shareholder interests.
Operation
Awards of conditional share awards (or economic equivalent) with vesting normally dependent on
performance. Performance normally measured over a period of three financial years.
The Committee reviews the metrics, targets and weightings prior to each grant to ensure that they remain
appropriate. Recovery provisions (i.e. malus and clawback) apply. Dividend equivalents may accrue, to the
extent awards vest.
Opportunity
Target opportunity of up to 200% of salary per annum in respect of any financial year. Maximum award of up
to 400% of salary per annum in respect of any financial year. Further detail of opportunities for 2024 are set
out in the Annual Report on Remuneration.
For achievements at threshold levels of performance, up to 50% of on-target opportunity under each
element may vest, but this may vary based on the stretch of the relevant performance criteria.
The detail of any measures, targets and weightings may be set and varied by the Committee year-on-year,
based on the Company’s strategic goals. Targets may include a combination of financial, operational and/or
strategic objectives. Metrics and targets are reviewed prior to each grant to ensure that they remain aligned
with the Group’s strategic objectives.
Performance details
Transition awards
Purpose and link to
strategy
Provide a fair and balanced incentive for management to deliver performance in the interests of
shareholders during the transition of incentive plans.
Operation
Awards will apply in 2024 and 2025 only:
Opportunity
•
the 2024 awards will be based on performance over the three years to 31 December 2024; and
• 2025 awards will be based on performance over the three years to 31 December 2025.
Once performance has been assessed, awards will be delivered – one third in cash and two thirds in shares
that will generally be deferred for three years.
Recovery provisions (i.e. malus and clawback) apply. Dividend equivalents may accrue during the deferral
period.
The award opportunity will be equal to the TSR element of legacy Deferred Share Plan (DSP) awards. Target
opportunity of up to 45% of salary per annum in respect of any financial year. Maximum award of up to
67.5% of salary per annum in respect of any financial year. Where a transition award is made the annual
bonus and/or PSP opportunity for that year will be reduced to maintain the overall on-target incentive
opportunity. Further detail of the opportunities for 2024 are set out in the Annual Report on Remuneration.
For achievements at threshold levels of performance, up to 50% of on-target opportunity under each
element may vest.
Performance details
Awards will be based on relative TSR performance over the relevant performance period. The detail of the
measure may be set and varied by the Committee.
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Detailed provisions
Although the Committee intends to operate the incentive
arrangements within the limits set out in the Remuneration
Policy Table above, in exceptional circumstances the approach
(including maximum incentive opportunities and vesting
criteria) may be varied where the Committee deems there to be
a clear commercial rationale for doing so, taking into account
strategic priorities and talent market trends. Where such
discretion is used, the Committee would suitably engage with
major shareholders to explain the basis of any such award, and
would review the vesting criteria to ensure that they were
commensurate with the award levels proposed.
All share awards are subject to the terms of the relevant plan
rules under which the award has been granted. The Committee
may adjust or amend awards in accordance with the
provisions of the relevant plan rules. This includes making
adjustments to awards to reflect one-off corporate events,
such as a change in the Company’s capital structure. In
accordance with the plan rules, awards may be settled in cash
rather than shares, where the Committee considers this
appropriate.
The Committee may approve payments to satisfy
commitments agreed prior to the implementation of this
policy. This includes previous DSP share awards and buy-out
awards agreed on recruitment that are currently unvested.
Further details of outstanding awards are set out in the Annual
Report on Remuneration. The Committee may also approve
payments outside of this Policy, in order to satisfy any legacy
arrangements made to an employee prior to (and not in
contemplation of) promotion to the Board of Directors. This
Policy applies equally to any individual who is required to be
treated as a director under the applicable regulations.
The Committee may make minor amendments to the
Remuneration Policy to aid its operation or implementation
without seeking shareholder approvals (e.g. for regulatory,
exchange control, tax or administrative purposes or to take
account of a change in legislation) provided that any such
change is not to the material advantage of employees.
Where required the Committee will subject changes to an
additional vote.
Recovery provisions
The Committee has discretion to apply malus and reduce,
including to zero, an award that has not yet accrued or vested
to an individual where (but not limited to):
• A participant was, in the reasonable opinion of the
Committee, deliberately misleading the Company or any
subsidiary, the market and/or the Company’s shareholders
concerning the financial performance of the Company
• A participant caused harm to the Company’s reputation
• A participant’s actions amounted to misconduct, including
but not limited to the participant acting fraudulently,
dishonestly or being in material breach of their obligations,
as described in the Company’s Disciplinary Code and
Procedure Policy
• A participant’s actions amounted to negligence,
incompetence or poor performance
• There is a material error in the Company’s financial
statements, which results in a restatement
• There is a material downturn in the financial performance of
the Company at any time before the applicable vesting date
• There is a material failure of risk management in the
Company
• The discovery that any information or the assessment of
any performance condition(s) used to determine an award
was based on a material error, or inaccurate or misleading
information, or
• Any other matter which, in the reasonable opinion of the
Committee, is required to be taken into account to comply
with prevailing legal and/or regulatory requirements, which
for the avoidance of doubt, includes the applicable laws
published by a regulator from time to time
The Committee will consider applying clawback at any time
during the three years from the date of vesting of the variable
remuneration, being the cash incentive, deferred cash or
deferred share allocation (the clawback period), based on the
following limited trigger events:
• There is a material failure of risk management in the
Company or in the relevant business unit, considering the
participant’s involvement and responsibility for that incident
• The discovery of action or conduct of a participant which in
the opinion of the Committee amounts to gross misconduct
that occurred prior to award or vesting
• There is a material error in the Company’s financial
statements, which results in a restatement, which may have
resulted in an over-allocation of cash incentive, deferred
cash or deferred share allocations
• The discovery of events that occurred prior to vesting that
have had a significant detrimental impact on the reputation
of the Company or the relevant business unit or have led to
the censure of the Company or a Group company by a
regulatory authority
• Where there is an error in the calculation of any
performance condition which may have resulted in an
overpayment
In addition, the Committee has adopted a recovery policy in
accordance with NYSE Listing Standards. This policy provides
for the recovery of incentive-based compensation received by
current or former executive officers where such compensation
is based on erroneously reported financial information and an
accounting restatement is required. The policy applies to all
forms of incentive compensation that are granted or earned or
vested based wholly or in part upon the attainment of financial
reporting measures. Recovery applies to compensation
erroneously “received” (as defined in the NYSE listing
standards) during the three completed fiscal years
immediately preceding the earlier of the date the Company
concluded it was required, or reasonably should have
concluded that the Company was required, to prepare a
financial restatement, or was directed by a court of competent
jurisdiction, regulator, or other legally authorised body to
prepare a financial restatement. The amount of erroneously
awarded compensation required to be repaid will be
determined on a gross basis without regard to any taxes owed
or paid on the receipt or settlement of the incentive-based
compensation.
The Committee believes it is important that the performance
conditions applying to incentive arrangements are aligned with
the short- and long-term objectives of the Company, while
supporting the Company’s purpose, culture and values.
We operate in a dynamic market with evolving challenges and
the Committee reviews the performance measures and targets
each year to ensure that they remain relevant and stretching.
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Section 3: Directors’ Remuneration Policy
Further details of the performance measures are set out in the
Annual Report on Remuneration. The performance measures
in the annual bonus are selected as they are the key drivers of
business performance. The targets for the annual bonus are
set with reference to the corporate strategy and internal
budgets as well as external context (e.g. market forecasts).
This approach seeks to ensure that the threshold and stretch
targets are appropriately challenging. The PSP performance
measures focus on the delivery of long-term strategic priorities
and returns to shareholders. Target-setting follows a similar
approach to that used for the annual bonus. The Committee
may vary or rebalance the weighting of the performance
metrics for future annual bonus and PSP awards, in order to
ensure that they remain aligned with the Company’s strategic
objectives.
Where appropriate, the Committee may adjust the targets for
awards or the calculation of performance measures and
vesting outcomes for events not foreseen at the time the
targets were set (e.g. following M&A activity) to ensure they
continue to align with strategic goals or to ensure they remain
a fair reflection of performance. When making such
judgements, the Committee may take into account all such
factors deemed relevant.
The Committee also retains the ability to adjust incentive
outcomes to ensure that they remain reflective of underlying
performance of participants or the Group or where the
formulaic outcome is not appropriate in the context of
circumstances that were unexpected or unforeseen when the
targets were set.
Remuneration principles – Directors and all
employees
The Remuneration Policy ensures that the key principles that
define the Director remuneration are the same as those that
apply to the executives and all other employees. In the same
way, the performance measures used to determine the variable
pay outcomes for the Directors and all other employees are
linked to the Company’s strategic objectives and focused on
delivering on both internal and external stakeholder priorities.
AngloGold Ashanti strives to uphold fair and responsible pay
practices across the Group, taking into account the economic,
social and environment context in which it operates.
The remuneration framework seeks to create alignment with
delivery of our corporate goals and share the success of
sustainable value creation over the long term.
AngloGold Ashanti applies key principles when determining
remuneration including:
• Align with strategic objectives and shareholder interests
• Align executive remuneration with the Company’s pay
philosophy
• Remunerate to motivate and reward the right performance
and behaviour of employees and executives
• Aim to ensure that performance metrics are challenging,
substantial and cover all key aspects of the business
including financial and non-financial drivers, positive
outcomes across the economic, social and environmental
context in which AngloGold Ashanti operates and do not
promote or reward excessive risk taking
• Aim to ensure that the remuneration outcome is fair,
responsible and transparent
• Promote an ethical culture and responsible corporate
citizenship
• Aim to ensure that the remuneration structure is aligned to
AngloGold Ashanti’s values
• Provide competitive rewards to attract and retain highly
skilled executives and staff vital to the success of the
organisation
Although the Company does not directly consult with employees
on the specifics of senior executive remuneration, the approach
to pay in the wider organisation is a key consideration when
determining senior executive remuneration. Factors considered
include salary budgets across the Group, pay ratios, changes in
complexity and size of the Company, benchmark data from peer
companies, individual position to market, company affordability,
company performance, individual performance, internal equity,
employee skill and experience, and geographical differences in
pay, practices for different groups of employees. Furthermore
there is no prescribed maximum on annual salary increases. The
Committee considers the factors above when determining the
increase to be awarded.
Although the principles used to determine pay across the
organisation are consistent, detailed structures are tailored based
on role and seniority. The structure of incentive arrangements for
the wider senior leadership team are consistent with that for
Executive Directors, with incentive opportunities scaled based on
seniority and aligned with market practice.
Long-term share awards are generally targeted at those
individuals who have the greatest influence on the Company’s
long-term performance. Incentives at more junior levels tend to be
aligned with more operational and individual performance factors.
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Illustration of potential outcomes in directors’ remuneration under the policy
The charts below show the total remuneration potential for the Executive Directors, in accordance with the Remuneration Policy, under
various performance scenarios.
$000
$000
10%
51%
19%
20%
10%
40%
20%
30%
100%
0
10%
49%
18%
23%
10%
37%
19%
34%
100%
The value of the PSP will fluctuate based on the share price
over the relevant vesting and holding period. For example, if
the share price increases by 50% over the relevant vesting and
holding period, the maximum values shown in the charts above
would increase to $14.6m for A Calderon and $5.0m for GA
Doran. Conversely, if the share price was to fall by 50%, the
maximum values shown in the charts above would reduce to
$7.7m for A Calderon and $2.7m for GA Doran.
Approach to recruitment
The Company operates in a highly competitive and global
talent market. The remuneration arrangements need to be
sufficiently flexible to enable the Company to attract and
recruit the talent required to deliver the Group’s strategic
goals. Generally the structure of remuneration for new
appointments will be consistent with the terms of the policy
set out above, however it is recognized that the approach may
need to be tailored in certain circumstances.
When recruiting employees, a comparative benchmarking
exercise is undertaken to determine the size, nature and
complexity of the role, and skills availability in the market prior
to making a competitive offer.
The following principles are applied when recruiting external
hires:
• Fixed pay would take into account various factors including
the scope of the role, market practice and the experience of
the individual. Benefits may need to be tailored based on
the individual circumstances (e.g. relocation, housing or
travel allowances may be required).
• The overall maximum incentive opportunity will be
consistent with the policy table above. Where appropriate
the Committee may adjust the balance between short-term
and long-term incentives, or the structure of these awards,
based on the commercial priorities at the time (e.g. lower
bonus plus higher long-term share awards, or the use of
time vested long-term share awards).
• The Company may buy out remuneration or contractual
terms which are forfeited on joining the Company. The
terms of any buy out will seek to replicate this value and
take an appropriate form, taking into account the terms of
the arrangements forfeited (e.g. timing and performance
conditions) and would be subject to proof of forfeiture.
• For internal appointments or where an individual joins
following corporate activity (e.g. acquisition), the Company
would normally seek to honour any legacy arrangements in
line with their original terms and conditions.
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Chief Executive Officer (Alberto Calderon)$2,153$7,220$11,190Fixed payAnnual bonusPSPTransition awardMinimumTargetMaximum—2,5005,0007,50010,00012,500Chief Financial Officer (Gillian Doran)$753$2,507$3,860Fixed payAnnual bonusPSPTransition awardMinimumTargetMaximum01,0002,0003,0004,000 Overview
Strategic report Directors’ remuneration report Directors’ report
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AngloGold Ashanti plc
Section 3: Directors’ Remuneration Policy
Approach to departing Executive Directors
Executive Directors have termination periods defined in their
contracts. In addition, incentive scheme rules clearly specify
termination provisions by termination category.
A Calderon’s contract is for a fixed period to 31 August 2026
and may be terminated by either the executive or the Company
giving 12 months’ notice. GA Doran’s contract has no fixed
period and may be terminated by either the executive or the
Company giving six months’ notice. Contractual terms for any
future appointments will reflect the circumstances at the time
and practice in the relevant talent market.
Contracts contain non-compete and non-solicit clauses with
key suppliers and colleagues for a period equal to the
Executive Directors' contracts notice period (less any period
spent on garden leave). This provision applies after
termination of employment with the Company for any reason.
The Executive Directors will receive their normal remuneration
during the restraint period.
The Company may pay an amount considered to be
reasonable by the Committee in respect of fees for legal and
tax advice and outplacement support for the departing
executive. The Committee reserves the right to make any other
payments in connection with the executive’s cessation of
employment where the payments are made in good faith, in
discharge of an existing legal obligation (or by way of
damages for breach of such obligation) or by way of
settlement of any claim arising in connection with the
cessation of a Director’s office or employment.
In the event of a termination by notice, the Company has the
discretion to allow the employee to either work out their notice
period or to pay the guaranteed pay for the stipulated notice
period in lieu of notice. Guaranteed pay includes base salary
and other benefits, as detailed in the table below, but excludes
variable pay. In addition, termination-related benefits, such as
legal costs and the costs of meeting any settlement
agreement, may be provided. Legislation and contractual
obligations take precedent in any termination agreement,
however, the table below recommends the typical standard
Group practice:
Voluntary
resignation
Dismissal/
termination for
cause
Base pay including
benefits (including
retirement benefits,
and medical
provisions) will be
paid over the notice
period or as a lump
sum.
Base pay including
benefits (including
retirement benefits,
and medical
provisions) will be
paid until
employment
ceases.
No bonus.
No bonus.
Fixed pay
Annual
bonus
Iduapriem, Ghana
Reasons for termination
Mutual separation, normal and early retirement, retrenchment and death
Base pay including benefits (including retirement benefits, and medical
provisions) will be paid over the notice period or as a lump sum.
Discretion to pro-rate for period worked. Where appropriate bonus opportunity
may be taken into account when making a lump sum payment in lieu of
notice.
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Voluntary
resignation
Dismissal/
termination for
cause
PSP
Unvested awards
lapse.
Unvested
awards lapse.
Unvested awards
lapse.
Unvested
awards lapse.
Legacy
deferred
share
awards
(including
Transition
Awards)
Reasons for termination
Mutual separation, normal and early retirement, retrenchment and death
Mutual separation: upon termination of employment, vested but unexercised
shares may be exercised within six months following the termination date.
Discretion may be applied for the participant to continue to hold unvested
shares post termination of employment to vest at the original vesting date
with the standard performance conditions. Upon vesting of these shares,
participant has up to six months to exercise vested shares. Where
appropriate, the Committee retains the discretion to time pro-rate the shares.
Retrenchment and retirement (early, normal and late): upon separation of
employment, vested but unexercised shares may be exercised within six
months following the separation date. The participant will continue to hold
unvested shares post separation of employment to vest at the original vesting
date with the standard performance conditions. Upon vesting of these shares,
the participant has up to six months to exercise vested shares. Where
appropriate, the Committee retains the discretion to time pro-rate the shares.
Death: upon death of an employee, the vesting date will be accelerated, and
the participant’s estate shall be entitled to receive the full vested but
unexercised and unvested shares within a reasonable period.
Mutual separation: upon termination of employment, vested but unexercised
shares may be exercised within six months following the termination date.
The participant will continue to hold unvested shares post termination of
employment to vest at the original vesting date. Upon vesting of these shares
the participant has up to six months to exercise vested shares.
Retrenchment and retirement (early, normal and late): upon separation of
employment, vested but unexercised shares may be exercised within six
months following the separation date. The participant will continue to hold
unvested shares post separation of employment to vest at the original vesting
date. Upon vesting of these shares, the participant has up to six months to
exercise vested shares.
Death: upon death of an employee, the vesting date will be accelerated, and
the participant’s estate shall be entitled to receive the full vested but
unexercised and unvested shares within a reasonable period.
Executive Director service contracts
New service contracts were adopted for the Executive Directors at the time of the restructuring, but the changes did not result in an
increase in compensation for the Executive Directors.
Executive Directors have the following contracts:
• A Calderon (CEO) has a defined expiry date of 31 August 2026 or, if earlier, 12-month notice to be given by either party
• GA Doran (CFO) has a rolling contract which is terminable on six months’ notice by either party
The Executive Directors service contracts are available for inspection at our UK registered office during normal business hours.
Non-Executive Director letters of appointment
Non-Executive Directors are appointed via letters of appointment which can be terminated with one month’s notice. Continued
appointment is subject to the Company’s articles of association, satisfactory performance, election by shareholders at each AGM, the
relevant statutory provisions and an annual performance review.
Change of control
Executive management team contracts are reviewed regularly to reflect evolving market practice and Group requirements. Reflecting
mainstream US market practice, service contracts include certain change of control provisions (included in the table below). The
change of control provision is subject to the following triggers:
• The acquisition of all or part of AngloGold Ashanti, or
• A number of shareholders holding less than 35% of the Company’s issued share capital consorting to gain a majority of the Board
and make management decisions, and
• Executive management team member contracts are either terminated or their role and employment conditions are curtailed
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Section 3: Directors’ Remuneration Policy
In the event of a change of control becoming effective, the executive management team member will in certain circumstances be
subject to both the notice period and the additional change of control contract terms.
Executive Director contracts provide that, in the event of ceasing employment within 24 months of a change of control as a result of
their employment being terminated (other than for misconduct or incapacity), or resignation by the Executive Director as a result of their
role being significantly diminished or their employment conditions being reduced, the following are applicable:
• All salary, benefits and bonuses in lieu of their notice pay;
• An additional payment of salary and benefits inclusive of the value of any pension contributions that would have been made by the
Company in the notice period following the termination date (less such tax and national insurance contributions as the Company is
obliged to deduct from the sum); and
• The vesting date for outstanding awards will be accelerated to the date of termination and the participant may be entitled to receive
shares as determined by the Committee taking into account the period that the participant has been in employment during the
vesting period and achievement of performance conditions. The vesting treatment of the balance may be varied to take into account
the circumstances of the transaction.
Compensation element
Period
Notice period:
Salary, benefits and bonuses in lieu of notice period.
Up to a maximum of 12 months, aligned with the
existing notice period.
Change of control:
Salary and benefits following termination date.
Up to a maximum of 18 months.
Remuneration Policy for Non-Executive Chairperson and other Non-Executive Directors
The Non-Executive Chairperson and Non-Executive Directors receive fees and benefits aligned with the roles and duties they perform on
behalf of the Company.
Non-Executive Director Remuneration
Operation
Fees are set at an appropriate rate to attract individuals of the calibre required in a global talent market.
Fees are normally reviewed annually. Fees reflect Board commitments. Role appropriate benefits may be provided.
The Company may also pay reasonable expenses (including any associated taxes) incurred in the course of
performing their role.
Fees may be delivered in cash or in shares.
Opportunity
Fee opportunity reflects responsibility and time commitment of each NED.
Additional fees may be paid for additional time commitments or for further responsibilities such as chairing or
membership of Board committees or for the Lead Independent Director role.
Fees may be delivered in cash or in shares. In line with practice for US-listed companies any fees delivered in shares
may be structured as awards under the new incentive plan, the 2024 Omnibus Incentive Compensation Plan (or any
other successor plan adopted by the Company from time-to-time), but will not be subject to any performance
conditions.
There are no recovery provisions.
Benefits may be paid that are associated with the NED roles, these include travel and accommodation costs, tax
costs and tax services that assist with tax preparation and tax return assistance that arise from their pay and
benefits.
Additional fees are paid for additional time commitments or for further responsibilities such as chairing committees.
The value of benefits provided will be reasonable in the market context and take account of the individual
circumstances and benefits provided in comparable roles. These benefits can be paid directly or may be reimbursed.
This Directors’ remuneration report is approved by order of the Board.
Maria Ramos
Board Chairperson
10 April 2024
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Directors’ report
for the year ended 31 December 2023
The Directors present their report and the audited financial statements for the year ended 31 December 2023.
AngloGold Ashanti’s directors
AngloGold Ashanti plc currently has 12 Directors comprising
10 Independent Non-executive Directors and two Executive
Directors. Details of the Directors of the Company, including
biographies, who held office for the year ended
31 December 20231 and up to the date of signing of the
financial statements can be located in the Board composition
and resumes section of the Strategic Report.
Details of the directors standing for election or re-election at
our 2024 AGM will be set out in the notice of that meeting.
Corporate governance arrangements
AngloGold Ashanti plc is a public limited company
incorporated under the laws of England and Wales, however its
ordinary shares are not listed on any securities exchange in the
United Kingdom and the Company is not subject to the UK
Listing Rules or the UK Corporate Governance Code. The
Company has a primary listing on the New York Stock
Exchange (NYSE) and secondary listings in South Africa and
Ghana. For the purposes of the New York Stock Exchange, the
Company is a foreign private issuer, as defined by the US
Securities and Exchange Commission and is not subject to the
corporate governance rules which would apply to a US
domestic issuer listed on the NYSE. The Company is generally
no longer regulated by the Johannesburg Stock Exchange
Listing Requirements following its 2023 corporate
restructuring.
In light of the above, the Company has not applied any single
external corporate governance code and instead has applied
the corporate governance arrangements set out on in the
Corporate governance section in the Strategic Report.
Directors’ interests
The beneficial interests in the Ordinary shares of the Company
by the Directors of AngloGold Ashanti plc at 31 December
2023 can be located in the Directors’ Remuneration Report:
Section 2.
Directors’ indemnities
Each director is covered by appropriate directors' and officers'
liability insurance, and there are also Deeds of Indemnity in
place between the Company and each director. These Deeds
of Indemnity provide for the Company to indemnify the
directors, to the extent permitted by law, in respect of any
proceedings brought by third parties against them personally
in their capacity as directors of the Company. The Company
would also fund on-going costs in defending a legal action as
they are incurred or are to be incurred.
Company details and branches outside
the UK
The Company is a public limited company incorporated in
England and Wales with registered number 14654651. The
Company’s registered office address is 4th Floor,
Communications House, South Street, Staines-Upon-Thames,
Surrey, United Kingdom, TW18 4PR.
AngloGold Ashanti’s operations are divided into the Africa,
Australia and Americas regions. These regions correspond
with AngloGold Ashanti’s business segments.
Day-to-day management of the Group is entrusted to
AngloGold Ashanti’s executive management team, led by the
Chief Executive Officer. Support is provided to the executive
management team in managing AngloGold Ashanti’s corporate
activities at both the central and local levels. AngloGold
Ashanti plc has investments in principal subsidiaries and joint
venture interests. Please refer to Note 15 of the Group
Financial Statements for further details.
Political donations
The Company has not made any political donations, or
incurred any political expenditure, in the period under review. In
addition, the Company has not made any contributions to a
non-UK political party during the period under review.
Furthermore, the Company has not sought shareholder
approval for political donations to date; however, a resolution
will be presented to shareholders at the AGM scheduled for
28 May 2024, seeking authority for the Company and any of its
subsidiaries to make political donations. Further information
can be found in Resolution 17 of the Notice of 2024 AGM.
Dividends and share buybacks
The Company did not declare any dividends during the year
under review. On 23 February 2024, the Company announced
that an interim dividend in respect of the year ended
31 December 2023 of 19 US Cents per Ordinary Share would be
paid on or around 28 March 2024 to shareholders on the register
on 15 March 2024, with an ex-dividend date of 14 March 2024
for the New York Stock Exchange and 13 March 2024 for each of
the Johannesburg Stock Exchange and the Ghana Stock
Exchange.
The Company has not purchased or acquired any of its own
shares, including under any of the exceptions set out in s. 659 of
the UK Companies Act 2006 or in the circumstances
contemplated by s.662(1)(c) or s.662(1)(d) of the UK Companies
Act 2006, during the year under review.
The previous holding company of the AngloGold Ashanti Group,
AngloGold Ashanti Limited, declared dividends in the year under
review as follows: a final dividend relating to FY 2022 of
322 South African cents per Ordinary Share (18 US Cents per
Ordinary Share based on an exchange rate of approximately
ZAR17.53/$) on 22 February 2023, which was paid on
31 March 2023. In addition, an interim dividend in respect of the
half year ended 30 June 2023 of 70 South African cents per
Ordinary Share (4 US Cents per Ordinary Share based on an
exchange rate of approximately ZAR17.68/$) was declared on
4 August 2023 and paid on 8 September 2023 shortly before the
full implementation of the 2023 corporate restructuring.
Financial risk management objectives,
policies and hedging arrangements
Under the financial and risk management policy, hedges may
be put in place once approved by the Board, using approved
instruments over the Group’s planned gold production and
resultant gold sales and currency exposures. The financial and
risk management policy sets trading limits for the various
levels of treasury management from dealer, through treasurer,
executive management team and Board members.
(1) All Directors were appointed to AngloGold Ashanti plc on 25 September 2023, except for Alberto Calderon who was appointed on 10 February 2023. Robert
Hayes was a Director of the Company from its incorporation on 10 February 2023 until 25 September 2023. Further details regarding when each Director
was first appointed to AngloGold Ashanti Limited, which was the listed South African parent company of the Group until 25 September 2023, can be found
in Board composition and resumes.
1
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The financial risk management objectives of the Group are as
follows:
• Safeguarding the Group’s core earnings stream from its
major assets through the effective control and
management of gold and other commodity price risk,
foreign exchange risk and interest rate risk;
• Effective and efficient usage of credit facilities in both the
short- and long-term through the adoption of reliable
liquidity management planning and procedures;
• Ensuring that investment and hedging transactions are
undertaken with creditworthy counterparts; and
• Ensuring that all contracts and agreements related to
financial risk management activities are co-ordinated and
consistent throughout the Group and comply where
necessary with all relevant regulatory and statutory
requirements.
Note 31 to the Group financial statements, containing more
information on AngloGold Ashanti’s financial risk management
objectives, policies and hedging arrangements, is incorporated
into this report by reference.
Additional disclosures
Matters reported in the Strategic report:
The Strategic report sets out other items required to be
disclosed in the Directors’ report which are considered to be of
strategic importance:
• Details of the Company’s activities in the development field,
and the likely future developments in the business of the
Company are set out under Projects in the Regional Review
– Americas section as well as in Exploration and planning
for the future in the Strategic Report;
• Employee diversity, equity, inclusion, equal employment,
communication and employee involvement in the company
performance. These are set out in the Delivering on our
strategy and key performance indicators and Stakeholder
engagement sections of the Strategic report;
• Details of how the Company fosters its relationships with
its suppliers, customers and others can be found in the
Engaging with Stakeholders section of the Strategic report;
and
• Greenhouse gas reporting and energy consumption set out
in Addressing climate change of the Strategic report.
Subsequent events
Note 34 to the Group financial statements, containing details
of subsequent events, is incorporated into this report by
reference.
Details about the resignation of Ms. Maria Ramos as
Chairperson and independent non-executive director and the
resignation of Ms. Maria Richter as independent non-executive
director, as well as details about Mr. Jochen Tilk, who will
become Chairperson of the Board with effect from 28 May
2024 (subject to his re-election by shareholders at the AGM)
can be found on page 75.
Independent auditors
PricewaterhouseCoopers LLP, the Company’s Statutory
Auditor (Auditor), has indicated its willingness to continue in
office and, on the recommendation of the Audit and Risk
Committee and in accordance with section 489 of the UK
Companies Act 2006, a resolution to re-appoint the Auditor will
be proposed at the 2024 AGM.
Statement of directors’ responsibilities in
respect of the financial statements
The directors are responsible for preparing the UK Annual
Report and the financial statements in accordance with
applicable law and regulation.
Company law requires the directors to prepare financial
statements for each financial year. Under that law the directors
have prepared the Group financial statements in accordance
with UK-adopted international accounting standards and the
company financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (United
Kingdom Accounting Standards, comprising FRS 102 “The
Financial Reporting Standard applicable in the UK and Republic
of Ireland”, and applicable law).
Under company law, directors must not approve the financial
statements unless they are satisfied that they give a true and
fair view of the state of affairs of the Group and company and
of the profit or loss of the Group for that period. In preparing
the financial statements, the directors are required to:
• select suitable accounting policies and then apply them
consistently;
• state whether applicable UK-adopted international
accounting standards have been followed for the Group
financial statements and United Kingdom Accounting
Standards, comprising FRS 102 have been followed for the
company financial statements, subject to any material
departures disclosed and explained in the financial
statements;
• make judgements and accounting estimates that are
reasonable and prudent; and
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the Group
and company will continue in business.
The directors are responsible for safeguarding the assets of
the Group and company and hence for taking reasonable steps
for the prevention and detection of fraud and other
irregularities.
The directors are also responsible for keeping adequate
accounting records that are sufficient to show and explain the
Group’s and company’s transactions and disclose with
reasonable accuracy at any time the financial position of the
Group and company and enable them to ensure that the
financial statements and the Directors’ Remuneration Report
comply with the Companies Act 2006.
The directors are responsible for the maintenance and integrity
of the company’s website. Legislation in the United Kingdom
governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Directors’ confirmations
In the case of each director in office at the date the directors’
report is approved:
• so far as the director is aware, there is no relevant audit
•
information of which the Group’s and company’s auditors
are unaware; and
they have taken all the steps that they ought to have taken
as a director in order to make themselves aware of any
relevant audit information and to establish that the Group’s
and company’s auditors are aware of that information.
This Directors’ report is approved by order of the Board.
Maria Ramos
Board Chairperson
10 April 2024
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Annual Report 2023
Independent auditors’ report to the members of
AngloGold Ashanti plc
Report on the audit of the group financial statements
Opinion
In our opinion, AngloGold Ashanti plc’s group financial statements:
• give a true and fair view of the state of the group’s affairs as at 31 December 2023 and of its loss and cash flows for the year then
ended;
• have been properly prepared in accordance with UK-adopted international accounting standards; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report 2023 (the “Annual Report”), which comprise: the Group
Statement of Financial Position as at 31 December 2023; the Group Income Statement, the Group Statement of Comprehensive Income,
the Group Statement of Cash Flows and the Group Statement of Changes in Equity for the year then ended; and the notes to the
financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of
our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Our audit approach
Context
This is our first year as external auditors of the group and the first accounting period following the corporate restructuring in which
AngloGold Ashanti plc became the new UK ultimate parent company of the group. As part of our audit transition, together with our
component audit teams, we performed procedures over opening balances by reviewing the group's predecessor auditors' working
papers in South Africa and in the other key countries in which the group has operations. We also re-evaluated the predecessor auditors'
conclusions in respect of key accounting judgements that impact the group's opening balance sheet at 1 January 2023. Together with
our component audit teams, we performed audit procedures in advance of the year end, the objective of which was to enable early
consideration of as many key accounting judgements as possible and to identify specific areas where additional audit attention might
be required. The audit transition and early audit procedures were important in determining our group audit scope and areas of focus. As
we undertook our first year audit, we updated our risk assessment to reflect audit findings, including our assessment of the group's
control environment and considered the impact on our planned audit approach.
Overview
Audit scope
• Our group audit included full scope audits at nine components, which included the group's material equity accounted joint venture,
and an audit of specific account balances at a further six components.
• Taken together, the components at which audit work was performed accounted for 100% of group revenue, 97% of group absolute
profit before taxation and 95% of group total assets.
Key audit matters
• Assessment of impairment and impairment reversals for tangible, intangible and right of use assets
• Provisions for environmental rehabilitation
• Corporate restructuring
Materiality
• Overall materiality: $45.8 million based on 1% of the group's revenue.
• Performance materiality: $27.4 million.
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources
in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our
procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
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Key audit matter
How our audit addressed the key audit matter
Assessment of impairment and impairment reversals for
tangible, intangible and right of use assets
As at 31 December 2023, the group has tangible assets of $4,419
million (2022: $4,208 million), intangible assets of $107 million
(2022: $106 million), which includes goodwill of $105 million
(2022: $105 million), and right of use assets of $142 million
(2022: $156 million).
In accordance with IAS 36 ‘Impairment of assets’, management is
required to perform an impairment assessment of tangible,
intangible and right of use assets when an indicator of
impairment, or reversal of impairment, exists. Goodwill is required
to be tested for impairment at least annually.
We focussed on this area due to the magnitude of the balances
and because management’s assessment of whether there are
indicators of impairment or reversal of impairment, and the
determination of the recoverable amount involves judgments,
particularly about the future results of each cash generating unit
(CGU) and the discount rates applied to future cash flow
forecasts.
One CGU, Sunrise Dam, has goodwill and requires an annual
impairment test. In addition, management’s indicator assessment
identified that there were indicators of impairment or reversal of
impairment in the following CGUs:
• Córrego do Sítio;
• Cuiabá; and
• Serra Grande.
Management determined the recoverable amounts of these CGUs
on a fair value less costs of disposal (FVLCD) basis, which was
based on the latest life of mine plans and other key assumptions
such as gold price and an appropriate discount rate.
The agreement to sell Gramalote was also an indicator of
impairment in that CGU.
Based on the determined recoverable amounts, management
recorded a net impairment of tangible assets of $185 million and
right-of-use assets of $7 million in the Córrego do Sítio, Cuiabá,
Serra Grande and Gramalote CGUs. There was no impairment
identified in the Sunrise Dam CGU however the carrying value is
sensitive to changes in the gold price.
Refer to notes 12, 13 and 14 to the group financial statements.
For all CGUs with material tangible, intangible and right of use
assets, we undertook the following audit procedures to test
management’s assessment for indicators of impairment or
impairment reversal:
• we understood management’s processes and evaluated the
design and implementation of controls in respect of the
indicator assessment process;
• we assessed the appropriateness of management’s
identification of the group’s CGUs; and
• we evaluated and challenged management’s assessment,
including its completeness, by reference to internal and
external factors, including operational performance in the year,
macroeconomic factors such as forecast gold prices, interest
rates and foreign exchange rates, and changes in the life of
mine plans.
For each CGU where indicators of impairment were identified at
the year end, and for the Sunrise Dam CGU where an annual
goodwill impairment test was required, management prepared a
detailed cash flow model on a FVLCD basis to estimate the
recoverable amount. Our procedures in respect of each model
included:
• verifying the integrity of formulae and the mathematical
accuracy of management’s valuation models;
• considering the impact of the latest life of mine assumptions
and ensuring that the valuation model reflects the latest plans
and, where relevant, appropriate value has been attributed to
residual reserves and resources to the extent this would be
undertaken by a third party market participant. This included
assessing the competence and objectivity of management’s
internal and external technical experts in preparing the plan;
• assessing the reliability of management’s forecast capital and
operating expenses by comparing budgeted results with actual
performance in prior periods;
• with the support of our valuations experts, assessing the
discount rate used in each model and whether it fell within a
reasonable range taking into account external market data. Our
assessment of discount rates also included consideration of
country and asset specific risks and challenging management
to ensure that these had been appropriately captured in either
the discount rate or underlying cash flow forecasts;
• benchmarking management’s forecast gold price and foreign
exchange assumptions against independently sourced
consensus data to assess whether they fell within an external
analyst range;
• verifying that costs and benefits of the implementation of
projects to reduce carbon emissions in line with the group’s
climate strategy were appropriately included in cash flow
forecasts, where such costs and benefits have been
incorporated into the approved life of mine plan; and
• assessing whether the assumptions had been determined and
applied on a consistent basis, where relevant, across the
group.
In addition, we assessed the disclosures made related to
impairment and impairment reversal in notes 12, 13 and 14, as
well as the sensitivities disclosed in notes 12 and 14 to the group
financial statements.
Based on the procedures performed, we noted no material issues
arising from our work.
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Key audit matter
How our audit addressed the key audit matter
Provisions for environmental rehabilitation
As at 31 December 2023, the group has made provision for
environmental rehabilitation that comprises a provision for
decommissioning of $173 million (2022: $162 million) and a
provision for restoration of $452 million (2022: $416 million).
We assessed management’s process for the review of
environmental restoration and decommissioning provisions and,
for those estimates we considered to be material, performed
detailed testing in respect of the cost estimates.
IAS 37 ‘Provisions, contingent liabilities and contingent assets’
requires provisions to be recorded at the present value of the
expected cash flows to settle obligations arising from past
events.
We focussed on this area due to the magnitude of the balances
and because management’s determination of the present value of
expected cash flows involves estimation, particularly about the
quantum and timing of future costs, taking into account the
unique nature of each mining operation. These calculations also
require management to determine an appropriate discount rate.
Management reviews the environmental rehabilitation provision,
including the potential impact of climate change, at each reporting
period, using experts to provide support where appropriate.
Management determined the provision for restoration and the
provision for decommissioning taking into account the effects of
any changes in local regulation, mining disturbances,
rehabilitation activities that have taken place during the year, and
management’s anticipated approach to restoration and
rehabilitation.
Refer to note 23 to the group financial statements.
As this is our first year as auditors of the group, for all of the
group’s material environmental restoration and decommissioning
provisions, we engaged our own internal experts to assess the
work performed by management’s experts. Our procedures
included:
• validating the existence of legal and/or constructive
obligations with respect to the provision and considering
whether the intended method of restoration and rehabilitation
was appropriate;
• evaluating the competence and objectivity of management’s
experts who produced closure cost estimates;
•
•
•
reading correspondence between management and
management’s experts, as well as with mining regulatory
bodies, where applicable, and also holding meetings with the
experts, where relevant, to understand their methodology and
inputs;
review of any potential contingent liabilities which are not
provided for, and identification of any other potential costs
requiring recognition or disclosure that could be material; and
in assessing the appropriateness of closure cost estimates, we
focused on validating that costs underpinning the accounting
provision represent management’s and the experts’ best
estimate of expenditure, based on the current extent of mine
disturbance as well as any risk adjustments included in the
estimate.
In addition, we assessed the timing of the cash flows and
discount rates applied to calculate the present value of estimated
costs by comparing the rates applied by management to the
yields on government bonds with maturities approximating the
timing of cash flows for each territory and currency. We also
confirmed that management’s inflation assumptions were
reasonable.
We validated the integrity of formulae and mathematical accuracy
of management’s calculations.
Based on the procedures performed, we noted no material issues
arising from our work.
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Key audit matter
Corporate restructuring
How our audit addressed the key audit matter
The group undertook a corporate restructuring transaction which
completed on 25 September 2023 and involved AngloGold
Ashanti plc becoming the ultimate parent company of the group in
a share-for-share exchange with the existing shareholders of
AngloGold Ashanti Limited. The transaction involved a number of
interconnected legal steps, including a capital reduction.
We evaluated the corporate restructuring by performing the
following procedures:
• we agreed each of the transaction steps to supporting legal
documentation and assessed the appropriateness of the
accounting treatment for each step; and
We focussed on this area due to the pervasive impact on the
presentation of the group financial statements.
Management determined that the restructuring did not constitute
a business combination as defined in IFRS 3 ‘Business
combinations’ and elected to prepare the group financial
statements as if the restructure had occurred at the beginning of
the earliest period presented. As a result, share capital and share
premium balances of AngloGold Ashanti Limited were re-
presented to a reorganisation reserve, and adjusted to reflect the
issued share capital of AngloGold Ashanti plc.
• we evaluated and challenged management's assessment that
the corporate restructuring did not constitute a business
combination as defined in IFRS 3, and that the presentation of
the group financial statements as if the restructure had
occurred at the beginning of the earliest period presented was
appropriate.
We considered the appropriateness of the disclosures made in
the group financial statements.
Based on the procedures performed, we noted no material issues
arising from our work.
Refer to note 1.3.1 to the group financial statements.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements
as a whole, taking into account the structure of the group, the accounting processes and controls, and the industry in which it operates.
The group is organised into four reportable segments - three based on geographical region (Africa, Australia and Americas) plus
Projects. The Africa, Australia, Americas and Projects segments are further divided into specific mining operations or exploration
projects. The Africa segment includes a material equity accounted joint venture which is not operated by the group. All of the group’s
mining activities are primarily focussed on the exploration for, and production of, gold. We identified each mining operation and project
as a component, with each component typically representing a discrete operation, except in the case of Australia which was defined as
one component. The group’s accounting processes are structured around a local finance function at each component or geographical
location, supported by the group’s central functions which are primarily located in Johannesburg, South Africa, and Denver, United
States.
In establishing the overall approach to the group audit, we determined the type of work that needed to be performed at each component
by us as the group engagement team and by our component audit teams from other PwC network firms operating under our instruction.
In determining our audit scope, we considered our overall assessment of risk and materiality, as well as components with specific
inherent risks and the overall coverage obtained over each material line item in the group financial statements.
We determined that nine components required an audit of their complete financial information, two of which were individually
financially significant. In addition, six components required an audit of specific account balances, one of which was the company.
Where work was performed by component auditors, we determined the level of involvement we needed to have in the audit work at
those components to be able to conclude whether sufficient appropriate audit evidence had been obtained as a basis for our opinion on
the group financial statements as a whole. Our oversight procedures included the issuance of formal written instructions to the
component auditors setting out the work to be performed at each component, regular communication throughout the audit cycle
including calls through video conferencing, participation in key meetings and review of component auditor work papers. In addition,
members of the group audit team visited component audit teams and local operations in South Africa, Australia, Tanzania, Ghana and
Brazil during the audit.
Taken together, the components where we performed our audit work accounted for 100% of the group's revenue, 97% of the group's
absolute profit before taxation and 95% of the group’s total assets. This, together with the additional procedures performed centrally by
the group audit team, including testing the consolidation process and review of the annual report and financial statements, gave us the
evidence we needed for our opinion on the financial statements as a whole.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the process that management adopted to assess the extent of
the potential impact of climate risk on the group's financial statements. In addition to enquiries with management, we also read the
disclosures included in the Addressing climate change section of the Strategic report and note 1.2 'Climate change considerations' in
the group financial statements.
We challenged the completeness of management's climate risk assessment by challenging the consistency of management’s climate
impact assessment with minutes of the Board and the Social, Ethics and Sustainability Committee, including whether management
have taken account of all relevant aspects of climate change such as physical and transition risks.
Management's Climate Change Strategy is focused on achieving net zero Scope 1 and Scope 2 GHG emissions by 2050. In terms of the
roadmap to achieving this, management have committed to a 30% reduction in annual absolute Scope 1 and Scope 2 GHG emissions
by 2030 compared to the 2021 baseline. They have also committed to working with key suppliers to address, where feasible, Scope 3
emissions in support of their International Council on Mining and Metals (ICMM) commitments.
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Management considers the impact of climate risk does give rise to a potential material financial statement impact. The key areas of the
financial statements where management evaluated that climate risk has a potential impact are related to estimates used in life of mine
models feeding the impairment process, estimates used in determining the environmental rehabilitation provision, and determination of
targets for the group's deferred share plan.
Using our knowledge of the business we concluded that management’s risk assessment was reasonable and consequently we focused
our audit work on the impact of climate change on impairment of tangible assets, intangible assets and right of use assets and
provisions for environmental rehabilitation, as further described in the relevant key audit matters above.
We also considered the consistency of the disclosures in relation to climate change in the Addressing climate change section of the
Strategic report with the financial statements and our knowledge obtained from our audit.
Our procedures did not identify any material impact in the context of our audit of the financial statements as a whole, or our key audit
matters for the year ended 31 December 2023.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These,
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit
procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both
individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Overall group
materiality
How we
determined it
Rationale for
benchmark
applied
$45.8 million.
1% of the group's revenue
We consider revenue to be the most appropriate benchmark to determine materiality for the group as revenue,
which is predominantly a product of production and gold price, is a key metric used to assess the performance of
the group, and provides a more consistent measure of performance when profitability varies significantly from year
to year.
For each component in the scope of our group audit, we allocated a materiality that is less than our overall group materiality. The range
of materiality allocated across components was between $1.7 million and $26.4 million. Certain components were audited to a local
statutory audit materiality that was also less than our overall group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our
audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining
sample sizes. Our performance materiality was approximately 60% of overall materiality, amounting to $27.4 million for the group
financial statements.
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk assessment and
aggregation risk and the effectiveness of controls - and concluded that an amount at the lower end of our normal range was
appropriate.
We agreed with those charged with governance that we would report to them misstatements identified during our audit above
$2.2 million as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group's ability to continue to adopt the going concern basis of accounting included:
• Obtaining and examining management’s base case forecast and downside scenarios and checking that the forecasts have been
subject to Board review and approval;
• Considering the historical reliability of management forecasting by comparing budgeted results with actual performance;
• Checking key inputs into the base case forecast to ensure that these were consistent with work performed over other relevant
accounting estimates in the financial statements;
• Confirming that the downside scenarios applied by management represent severe but plausible downside scenarios in the context of
our understanding of the business;
• Checking the covenants applicable to the group’s borrowings and examining whether management’s assessment supports ongoing
compliance with those covenants;
• Reading management’s paper to the Audit and Risk Committee and the Board in respect of going concern and agreeing the
forecasts set out in this paper to the underlying base case forecast; and
• Reading and evaluating the adequacy of the disclosures made in the financial statements related to going concern.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
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In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group's ability to
continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this
report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report
thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other
information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any
form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are
required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic report and Directors' report, we also considered whether the disclosures required by the UK Companies
Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and
matters as described below.
Strategic report and Directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors'
report for the year ended 31 December 2023 is consistent with the financial statements and has been prepared in accordance with
applicable legal requirements.
In light of the knowledge and understanding of the group and its environment obtained in the course of the audit, we did not identify any
material misstatements in the Strategic report and Directors' report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors’ responsibilities in respect of the financial statements, the directors are
responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that
they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and
regulations related to the failure to comply with environmental regulations, health and safety regulations and anti-bribery and corruption
laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also
considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and
applicable tax legislation in the jurisdictions in which the group has material operations. We evaluated management’s incentives and
opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the
principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. The group
engagement team shared this risk assessment with the component auditors so that they could include appropriate audit procedures in
response to such risks in their work. Audit procedures performed by the group engagement team and/or component auditors included:
• Understanding and evaluating the design and implementation of controls designed to prevent and detect irregularities and fraud;
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• Enquiries of management, those charged with governance and those responsible for legal and compliance matters, including the
group’s in-house legal function and internal audit, to identify actual and potential litigation and claims and any known or suspected
instances of non‑compliance with laws and regulations and fraud;
• Enquiry of staff in the group's tax function to identify any instances of non-compliance with laws and regulations;
• Reviewing minutes of meetings of those charged with governance;
• Reviewing internal audit reports;
• Assessment of matters reported on the group's whistleblowing process and the results of management's investigation of such
matters, where appropriate;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and
regulations;
• Challenging assumptions and judgements made by management in respect of significant accounting judgements and estimates,
and assessing these judgements and estimates for management bias; and
•
Identifying and testing journal entries based on our risk assessment, in particular any journal entries posted with unusual account
combinations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-
compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also,
the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We
will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling
to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3
of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• certain disclosures of directors’ remuneration specified by law are not made.
We have no exceptions to report arising from this responsibility.
Other matter
We have reported separately on the company financial statements of AngloGold Ashanti plc for the period ended 31 December 2023
and on the information in the Directors' remuneration report that is described as having been audited.
Kevin McGhee (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
10 April 2024
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Independent auditors’ report to the members of
AngloGold Ashanti plc
Report on the audit of the company financial statements
Opinion
In our opinion, AngloGold Ashanti plc’s company financial statements:
• give a true and fair view of the state of the company’s affairs as at 31 December 2023;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom
Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and
applicable law); and
• have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report 2023 (the “Annual Report”), which comprise: the Company
Statement of Financial Position as at 31 December 2023; the Company Statement of Changes in Equity for the period then ended; and
the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our
responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of
our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Our audit approach
Context
This is our first period as external auditors of the company as it is the company's first accounting period. During the period, as part of a
corporate restructuring, the company became the new UK ultimate parent company of the group.
Overview
Audit scope
• The audit included substantive procedures over all material balances, transactions and disclosures.
Key audit matters
• Corporate restructuring
Materiality
• Overall materiality: $77.9 million based on 1% of the company's total assets.
• Performance materiality: $58.4 million.
The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to
fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources
in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our
procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
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Key audit matter
Corporate restructuring
How our audit addressed the key audit matter
The group undertook a corporate restructuring transaction which
completed on 25 September 2023 and involved AngloGold
Ashanti plc becoming the ultimate parent company of the group in
a share-for-share exchange with the existing shareholders of
AngloGold Ashanti Limited. The transaction involved a number of
interconnected legal steps, including a capital reduction.
We evaluated the corporate restructuring by performing the
following procedures:
• we agreed each of the transaction steps to supporting legal
documentation and assessed the appropriateness of the
accounting treatment for each step; and
We focussed on this area due to the pervasive impact on the
presentation of the company financial statements.
As part of the corporate restructure, AngloGold Ashanti plc
acquired AngloGold Ashanti Holdings plc. As a result, on
22 September 2023, AngloGold Ashanti plc recognised an
investment in subsidiaries amounting to $7,777 million.
Management elected to initially recognise the investment at its
fair value derived from the market capitalisation of the group.
Refer to notes 1, 4, 6, 9 and 10 to the company financial
statements.
• we audited the fair value of the investment in subsidiaries at
initial recognition in the company financial statements.
We considered the appropriateness of the disclosures made in
the company financial statements.
Based on the procedures performed, we noted no material issues
arising from our work.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements
as a whole, taking into account the structure of the company, the accounting processes and controls, and the industry in which it
operates.
The company is a holding company which exists to hold an investment in subsidiaries that comprises the remainder of the group. We
focussed our audit work on the corporate restructuring and the investment in subsidiaries, given the company’s relationship with the
group.
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the extent of the potential impact of climate risk on the
company’s financial statements, and we remained alert when performing our audit procedures for any indicators of the impact of
climate risk. Our procedures did not identify any material impact as a result of climate risk on the company’s financial statements.
Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These,
together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit
procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both
individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Overall company
materiality
$77.9 million.
How we determined it
1% of the company's total assets
Rationale for
benchmark applied
We consider total assets to be the most appropriate benchmark to determine materiality for the company as
it is the ultimate holding company of the group which predominantly holds a material investment in
subsidiaries.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our
audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining
sample sizes. Our performance materiality was 75% of overall materiality, amounting to $58.4 million for the company financial
statements.
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk assessment and
aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of our normal range was
appropriate.
We agreed with those charged with governance that we would report to them misstatements identified during our audit above
$3.9 million as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting
included:
• Obtaining and examining management’s base case forecast and downside scenarios for the group and checking that the forecasts
have been subject to Board review and approval, as the company's ability to continue as a going concern is linked to the going
concern of the group;
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• Considering the historical reliability of management forecasting by comparing budgeted results with actual performance;
• Checking key inputs into the base case forecast to ensure that these were consistent with work performed over other relevant
accounting estimates in the financial statements;
• Checking the covenants applicable to the group’s borrowings and examining whether management’s assessment supports ongoing
compliance with those covenants;
• Reading management’s paper to the Audit and Risk Committee and the Board in respect of going concern and agreeing the
forecasts set out in this paper to the underlying base case forecast; and
• Reading and evaluating the adequacy of the disclosures made in the financial statements related to going concern.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least
twelve months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to
continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report
thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other
information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any
form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are
required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material
misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report based on these responsibilities.
With respect to the Strategic report and Directors' report, we also considered whether the disclosures required by the UK Companies
Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and
matters as described below.
Strategic report and Directors' report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic report and Directors'
report for the period ended 31 December 2023 is consistent with the financial statements and has been prepared in accordance with
applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify
any material misstatements in the Strategic report and Directors' report.
Directors' Remuneration
In our opinion, the part of the Directors' remuneration report to be audited has been properly prepared in accordance with the
Companies Act 2006.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors’ responsibilities in respect of the financial statements, the directors are
responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that
they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
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AngloGold Ashanti plc
Annual Report 2023
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and
regulations related to the Companies Act 2006 and applicable tax legislation, and we considered the extent to which non-compliance
might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent
manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related
to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement
team included:
• Understanding and evaluating the design and implementation of controls designed to prevent and detect irregularities and fraud;
• Enquiries of management, those charged with governance and those responsible for legal and compliance matters, including the
group’s in-house legal function and internal audit, to identify actual and potential litigation and claims and any known or suspected
instances of non‑compliance with laws and regulations and fraud;
• Enquiry of staff in the group's tax function to identify any instances of non-compliance with laws and regulations;
• Reviewing minutes of meetings of those charged with governance;
• Assessment of matters reported on the group's whistleblowing process and the results of management's investigation of such
matters, where appropriate;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and
regulations;
• Challenging assumptions made by management in respect of significant accounting estimates, and assessing these estimates for
management bias; and
•
Identifying and testing journal entries based on our risk assessment, in particular any journal entries posted with unusual account
combinations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-
compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also,
the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud
may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing
techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We
will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling
to enable us to draw a conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3
of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from
branches not visited by us; or
• certain disclosures of directors’ remuneration specified by law are not made; or
•
the financial statements and the part of the Directors' remuneration report to be audited are not in agreement with the accounting
records and returns.
We have no exceptions to report arising from this responsibility.
Other matter
We have reported separately on the group financial statements of AngloGold Ashanti plc for the year ended 31 December 2023.
Kevin McGhee (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
10 April 2024
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AngloGold Ashanti plc
Group Income Statement
For the year ended 31 December 2023
US dollar millions
Note
2023
2022
2021
Restated (1) (3)
Restated (1) (3)
Revenue from product sales
Cost of sales
Loss on non-hedge derivatives and other commodity contracts
Gross profit
Corporate administration, marketing and related expenses
Exploration and evaluation costs
Net impairment, derecognition of assets and profit (loss) on disposal
Corporate restructuring costs (2)
Other (expenses) income (2)
Finance income
Foreign exchange and fair value adjustments
Finance costs and unwinding of obligations
Share of associates and joint ventures' profit
Profit before taxation
Taxation
(Loss) profit for the year
Attributable to:
Equity shareholders
Non-controlling interests
(Loss) earnings per ordinary share
Basic (loss) earnings per ordinary share (US cents)
Diluted (loss) earnings per ordinary share (US cents)
3
4
12
5
6
9
10
10
4,582
(3,541)
(14)
1,027
(94)
(254)
(221)
(314)
(104)
127
(154)
(157)
207
63
(285)
(222)
(235)
13
(222)
(56)
(56)
4,501
(3,366)
(6)
1,129
(79)
(205)
(315)
(14)
(12)
81
(125)
(149)
161
472
(221)
251
233
18
251
55
55
4,029
(2,859)
—
1,170
(73)
(164)
11
—
(136)
58
(46)
(116)
245
949
(311)
638
614
24
638
146
146
(1)
The operating profit sub-total which was previously included in the presentation of the income statement has been removed.
(2) Corporate restructuring costs incurred are costs associated with the AngloGold Ashanti corporate restructuring and related taxes. This includes dividend
withholding taxes of $221m (2022: nil; 2021: nil); Australian landholder duties of $49m (2022: nil; 2021: nil) and corporate advisory costs of $44m (2022: $14m;
2021: nil). The corporate restructuring costs of $14m for 2022 were previously included in other (expenses) income. Refer to note 1.3.1.
(3) Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a deferred tax asset with respect to the
Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2.
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Group Statement of Comprehensive Income
For the year ended 31 December 2023
US dollar millions
(Loss) profit for the year
Items that will be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations
Items that will not be reclassified subsequently to profit or loss:
Exchange differences on translation of non-foreign operations (2)
Net loss on equity investments
Actuarial gain (loss) recognised
Deferred taxation thereon
Other comprehensive income (loss) for the year, net of tax
2023
2022
2021
Restated (1)
Restated (1)
(222)
251
638
5
5
(2)
(10)
(2)
11
(1)
3
(27)
(27)
(48)
(2)
(50)
(10)
14
(75)
(22)
(22)
(83)
(3)
(73)
(1)
(6)
(105)
533
509
24
533
Total comprehensive (loss) income for the year, net of tax
(219)
176
Attributable to:
Equity shareholders
Non-controlling interests
(232)
13
(219)
158
18
176
(1) Comparative periods have been retrospectively restated, where indicated, due to the prior period error in the calculation of a deferred tax asset with respect to the
Obuasi mine. Other errors have also been retrospectively restated. Refer to note 1.3.2.
(2) Exchange differences arising on translation of non-foreign operations following the completion of the corporate restructuring transaction in September 2023 will be
recycled through the income statement on disposal.
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Group Statement of Financial Position
As at 31 December 2023
US dollar millions
ASSETS
Non-current assets
Tangible assets
Right of use assets
Intangible assets
Investments in associates and joint ventures
Other investments
Loan receivable (2)
Inventories
Trade, other receivables and other assets
Reimbursive right for post-retirement benefits
Deferred taxation
Cash restricted for use
Current assets
Loan receivable (2)
Inventories
Trade, other receivables and other assets
Cash restricted for use
Cash and cash equivalents
Total assets
EQUITY AND LIABILITIES
Share capital and premium
Accumulated profits and other reserves
Shareholders' equity
Non-controlling interests
Total equity
Non-current liabilities
Borrowings
Lease liabilities
Environmental rehabilitation and other provisions
Provision for pension and post-retirement benefits
Trade and other payables
Deferred taxation
Current liabilities
Borrowings
Lease liabilities
Trade and other payables (3)
Environmental rehabilitation and other provisions (3)
Bank overdraft
Taxation
Total liabilities
Total equity and liabilities
Note
2023
2022
Restated (1)
2021
Restated (1)
12
13
14
16
18
24
25
19
17
18
19
20
21
22
13
23
24
25
22
13
26
23
20
27
4,419
142
107
599
1
358
2
254
35
50
34
6,001
148
829
199
34
964
2,174
8,175
420
3,291
3,711
29
3,740
2,032
98
636
64
5
395
3,230
207
73
772
80
9
64
1,205
4,435
8,175
4,208
156
106
1,091
3
—
5
231
12
23
33
5,868
—
773
237
27
1,108
2,145
8,013
—
4,040
4,040
35
4,075
1,965
115
596
71
7
300
3,054
18
71
667
81
2
45
884
3,938
8,013
3,507
175
122
1,643
117
—
27
237
—
7
32
5,867
—
703
257
26
1,154
2,140
8,007
—
4,047
4,047
54
4,101
1,858
124
700
77
7
313
3,079
51
61
600
76
—
39
827
3,906
8,007
(1) Comparative periods have been retrospectively restated, where indicated, due to the corporate restructuring and due to the prior period error in the calculation of a
deferred tax asset with respect to the Obuasi mine. Other errors have also been retrospectively restated. Refer to notes 1.3.1 and 1.3.2.
(2) During 2023, Kibali (Jersey) Limited, which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A., declared a dividend in specie through the
distribution of a loan receivable to its shareholders. The investment in joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short-term
joint venture loan receivable of $148m and a long-term joint venture loan receivable of $358m. The short-term portion was based on the Kibali Goldmines S.A.
future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum and is repayable on demand.
(3) Short-term provisions, which were previously reported as part of trade and other payables and other provisions, are now reported as part of environmental
rehabilitation and other provisions on the statement of financial position. Refer to note 1.3.2.
The Group financial statements for AngloGold Ashanti plc (registration number: 14654651) were approved by the Board of Directors on
10 April 2024.
Alberto Calderon
Chief Executive Officer
Gillian Doran
Chief Financial Officer
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Group Statement of Cash Flows
For the year ended 31 December 2023
US dollar millions
Note
2023
2022
2021
Cash flows from operating activities
Cash generated from operations
Dividends received from joint ventures
Taxation refund
Taxation paid
Net cash inflow from operating activities
Cash flows from investing activities
28
27
27
871
180
36
(116)
971
Capital expenditure on tangible and intangible assets
12, 14
(1,042)
Interest capitalised and paid
Acquisition of assets
Dividends from associates and other investments
Proceeds from disposal of tangible assets
Other investments and assets acquired
Proceeds from disposal of other investments
Proceeds from disposal of joint ventures
Loans advanced
(Increase) decrease in cash restricted for use
Interest received
Net cash outflow from investing activities
Cash flows from financing activities
Share securities tax on redomicile and reorganisation
Proceeds from borrowings
Repayment of borrowings
Repayment of lease liabilities
Finance costs - borrowings
Finance costs - leases
Other borrowing costs
Dividends paid
Net cash outflow from financing activities
22
22
13
22
13
Net (decrease) increase in cash and cash equivalents
Translation
Cash and cash equivalents at beginning of period (net of bank overdraft)
Cash and cash equivalents at end of period (net of bank overdraft)
20
—
—
12
14
—
20
—
(1)
(9)
109
(897)
(19)
343
(87)
(94)
(111)
(11)
(1)
(107)
(87)
(13)
(138)
1,106
955
1,244
694
32
(166)
1,804
(1,028)
(2)
(517)
18
8
(16)
—
—
(1)
(4)
81
1,353
231
20
(336)
1,268
(1,028)
(14)
—
22
25
(4)
—
2
(15)
14
58
(1,461)
(940)
—
266
(184)
(82)
(99)
(10)
(11)
(203)
(323)
20
(68)
1,154
1,106
—
822
(820)
(63)
(111)
(9)
(35)
(240)
(456)
(128)
(48)
1,330
1,154
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Group Statement of Changes in Equity
For the year ended 31 December 2023
Equity holders of the parent
Share
capital
and
premium
Reorganisation
reserve
Other
capital
reserves
(1)
Retained
earnings
(Accumulated
losses)
Fair
value
through
OCI
Actuarial
gains
(losses)
Foreign
currency
translation
reserve (2)
Non-
controlling
interests
Total
equity
Total
7,214
—
—
—
9
—
—
—
—
77
—
—
—
—
11
—
—
(4)
7,223
84
(1,899)
US dollar millions
Balance at 31 December 2020
Restated (note 1.3)
Profit for the year
Other comprehensive loss
Total comprehensive income (loss)
Shares issued
Share-based payment for share
awards net of exercised
Dividends paid (note 11)
Dividends of subsidiaries
Translation
Balance at 31 December 2021
Restated (note 1.3)
Profit for the year
Other comprehensive loss
Total comprehensive income (loss)
Shares issued
Dividends paid (note 11)
Dividends of subsidiaries
Transfer on derecognition of equity
investment
Translation
Balance at 31 December 2022
Restated (note 1.3)
(Loss) profit for the year
Other comprehensive (loss) income
Total comprehensive (loss) income
Shares issued
Share-based payment for share
awards net of exercised
Dividends paid (note 11)
Dividends of subsidiaries
Redomicile and reorganisation
(note 1.1 and 21)
Share securities tax on redomicile
and reorganisation
Issue of bonus shares
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
420
(420)
—
6,500
Cancellation of bonus shares
(6,500)
Transfer on derecognition of equity
investment
Translation
Balance at 31 December 2023
—
—
420
—
—
—
16
—
—
—
—
7,239
—
—
—
15
—
—
—
(19)
—
—
—
—
6,815
—
—
—
—
—
—
—
(3)
81
—
—
—
—
(2)
—
—
—
—
—
—
—
(3)
76
(2,295)
131
614
—
614
—
—
(224)
—
6
233
—
233
—
(181)
—
69
4
—
(78)
(78)
—
—
—
—
—
53
—
(36)
(36)
—
—
—
(69)
—
1
—
(2)
(2)
—
—
—
—
(1)
(1,387) 3,741
47
3,788
—
614
(25)
(105)
(25)
509
—
—
—
—
—
9
11
(224)
—
1
24
—
24
—
—
—
638
(105)
533
9
11
(224)
(16)
(16)
(1)
—
(2)
(1,412) 4,047
54
4,101
—
(10)
(10)
—
—
—
—
(1)
—
233
(29)
(75)
(29)
158
—
—
—
—
—
16
(181)
—
—
—
18
—
18
—
—
251
(75)
176
16
(181)
(37)
(37)
—
—
—
—
(1,774)
(52)
(13)
(1,441) 4,040
35
4,075
(235)
—
(235)
—
—
(91)
—
—
—
—
—
—
(2)
(2)
—
—
—
—
—
—
—
—
(50)
2
50
—
—
10
10
—
—
—
—
—
—
—
—
—
1
—
(235)
(5)
3
(5)
(232)
—
—
—
—
—
—
15
(2)
(91)
—
—
(19)
13
—
13
—
—
—
(19)
—
—
(222)
3
(219)
15
(2)
(91)
(19)
—
(19)
—
6,500
—
6,500
—
(6,500)
—
(6,500)
—
—
—
—
—
—
—
—
(2,148)
(4)
(2)
(1,446) 3,711
29
3,740
(1) Other capital reserves include a surplus on disposal of Company shares held by companies prior to the formation of AngloGold Ashanti Limited of $8m (2022: $8m;
2021: $9m), surplus on equity transaction of joint venture of $36m (2022: $36m; 2021: $36m), equity items for share-based payments of $33m (2022: $39m;
2021: $41m) and other reserves.
(2) Foreign currency translation reserve includes a loss of $1,411m (2022: $1,401m; 2021: $1,399m) that will not re-cycle through the income statement, and a loss of
$35m (2022: $40m: 2021: $13m) relating to the foreign operations that will re-cycle through the income statement on disposal. Following the completion of the
corporate restructuring transaction in September 2023, the Group’s parent company changed from being a South African domiciled parent company to a UK parent
company. As the functional currency of the UK parent company has been assessed to be USD, exchange differences of ZAR entities included in the Group arising
on consolidation post the effective date of the corporate restructuring transaction, will be re-cycled through the income statement on disposal.
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Group Notes to the financial statements
For the year ended 31 December 2023
1. STATEMENT OF COMPLIANCE
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and with
the requirements of the UK Companies Act 2006 as applicable to companies reporting under those standards.
Accounting standards, interpretations and amendments to published accounting standards
The following new accounting standard and amendments to published accounting standards which were effective for the first time
from 1 January 2023, were adopted, and had no material impact on the Group:
• Amendments to IAS 12 ‘Income Taxes’ relating to deferred tax assets and liabilities arising from a single transaction.
• Amendments to IAS 12 ‘Income Taxes’ which provides companies with temporary relief from accounting for deferred taxes arising
from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform.
•
IFRS 17 ‘Insurance Contracts’ which is a new standard for the recognition, measurement, presentation and disclosure of
insurance contracts.
Accounting standards, amendments and interpretations issued which are relevant to the Group, but not
yet effective
The amendments to accounting standards issued which are relevant to the Group, but not yet effective on 31 December 2023, include:
• Amendments to IFRS 7 ‘Financial Instruments: Disclosure’ and IAS 7 ‘Statement of Cash Flows’ relating to Supplier
Finance Arrangements
The amendments address the presentation of liabilities and the associated cash flows arising out of supplier finance arrangements, as
well as disclosures required for such arrangements. The disclosure requirements in the amendments enhance the current requirements
and are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s
liabilities, cash flows and exposure to liquidity risk. The effect of the amendments to the accounting standard is not expected to have a
material impact on the Group’s results.
• Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ relating to Lack of Exchangeability
The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange
rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to
understand the impact of a currency not being exchangeable. The effect of the amendment to the accounting standard is not expected
to have a material impact on the Group’s results.
1.1. REPORTING ENTITY
On 12 May 2023, the Group announced the intention to implement a corporate restructuring to reorganise its operations under a new
parent company, AngloGold Ashanti plc, incorporated in England and Wales, with a primary listing of its ordinary shares on the New
York Stock Exchange (NYSE). The corporate restructuring was implemented through the issue of ordinary shares of AngloGold Ashanti
plc in exchange for the existing ordinary shares of AngloGold Ashanti Limited.
On 25 September 2023, the Group completed its corporate restructuring with the commencement of trading of the ordinary shares of
AngloGold Ashanti plc on the NYSE, maintaining the ticker symbol AU. Trading in the AngloGold Ashanti Limited American Depositary
Shares (ADSs) on the NYSE ceased at the close of market on 22 September 2023 and the AngloGold Ashanti Limited ADS program was
terminated with effect from 25 September 2023. AngloGold Ashanti remains committed to the Johannesburg Stock Exchange (JSE)
and A2X Market (A2X) in South Africa and the Ghana Stock Exchange (GSE) in Ghana on which it has maintained secondary listings.
The ordinary shares of AngloGold Ashanti plc were listed on the JSE and A2X on 20 September 2023, maintaining the ticker symbol
ANG. The ordinary shares and Ghanaian Depositary Shares of AngloGold Ashanti plc were listed on the GSE, maintaining the ticker
symbols AGA and AAD, respectively, on 26 September 2023.
The AngloGold Ashanti Group is now headquartered in Denver, Colorado, USA and retains a substantial corporate office in
Johannesburg. The Company’s registered office and principal executive office are located in the UK. The AngloGold Ashanti plc
consolidated financial statements are a continuation of the previous AngloGold Ashanti Limited consolidated financial statements with
the comparative information only adjusted to reflect the legal share capital of AngloGold Ashanti plc.
See note 1.3.1 for the accounting treatment of the corporate restructuring transaction.
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Group Notes to the financial statements
For the year ended 31 December 2023
1.2. BASIS OF PREPARATION
On 25 September 2023, the Group completed a corporate restructuring whereby its operations were reorganised under a new parent
company, AngloGold Ashanti plc, which became the listed UK parent company of the Group and the successor issuer to AngloGold
Ashanti Limited, the previous parent company.
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention, except for the
revaluation of certain assets and liabilities to fair value. The Group’s accounting policies are consistent in all material respects with
those applied in the previous year, except for the impact of the corporate restructuring.
The Group financial statements are presented in US dollars. All results are from continuing operations unless otherwise stated.
The Group financial statements incorporate the financial statements of the Company, its subsidiaries and its interests in joint ventures
and associates. The financial statements of all material subsidiaries, joint ventures and associates, are prepared for the same reporting
period as the Company, using the same accounting policies.
Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control
would generally exist where the Group owns more than 50% of the voting rights, unless the Group and other investors collectively
control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the
entity, the investment is accounted for as an associate, joint venture or a joint operation. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are deconsolidated from the date on which control ceases. The Group re-
assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the
elements of control. Intra-group transactions, balances and unrealised gains and losses on transactions between Group companies,
including any resulting tax effects are eliminated.
Going concern
The going concern assessment included the preparation of detailed cash flow forecasts for at least 12 months and updated life-of-mine
plan models with longer term cash flow projections, which demonstrate that the Group will have sufficient cash, other liquid resources
and undrawn credit facilities to enable it to meet its obligations as they fall due during the 12 months immediately following the date
when the financial statements are authorised for issue.
The Group’s base case going concern assessment is based upon management’s best estimate of gold and foreign exchange
consensus prices, while simultaneously applying a risk adjustment factor to the estimated production which has been determined in
line with approved life-of-mine plans and ongoing capital requirements. A further stress test has been prepared reflecting a reduction in
the consensus gold price, prior to any mitigation strategies in order to assess whether financial maintenance covenants per the Group’s
loan agreements are breached or financial liquidity headroom runs out. The result of this stress test demonstrated that the likelihood of
a decrease in the gold price causing a risk of a financial liquidity shortfall or a breach in the financial maintenance covenants is remote.
Having assessed the financial position and future plans of the Group, the Directors believe that it is appropriate to adopt the going
concern basis of accounting in preparing the consolidated financial statements.
Climate change considerations
The Company’s 2020/2021 TCFD-aligned Climate Change Report outlines the Board-approved Climate Change Strategy which seeks to
embed the management of physical and transition climate risks and opportunities into the Company’s strategic and operational
planning processes, a process that was enabled through a refreshed company-wide climate change governance framework. That
Report also summarised, at a high level, findings from physical climate risk assessments conducted at each of the operating assets,
considering a business-as-usual climate scenario.
The potential effect of global decarbonisation scenarios and other transition risks on the Company’s business strategy and planning
assumptions, such as evolving host country climate policies, the cost of energy and other key mining inputs which may be affected by
carbon pricing, is an area that continues to be monitored and assessed.
AngloGold Ashanti does not mine or extract fossil fuels such as coal, natural gas or oil. AngloGold Ashanti does, however, emit
greenhouse gases (GHGs) directly through the combustion of fuels and other energy products at its gold mining operations and
indirectly through the consumption of electricity purchased from national grids that include fossil-based energy in their electricity
production.
The Company continues to execute on its 2021 Board-approved Climate Change Strategy, with a particular focus on developing and
implementing energy decarbonisation projects in support of its objective of reducing Scope 1 and 2 GHG emissions by 30% by 2030 as
compared to a 2021 baseline, as announced in 2022. This mid-term target is a key milestone en-route to the Company’s overall
objective of net zero Scope 1 and 2 GHG emissions by 2050, in line with the ambitions of the Paris Agreement. In addition, the Company
has committed to explore opportunities, where feasible, to address Scope 3 GHG emissions consistent with its commitment, as a
member of the International Council on Mining and Metals (ICMM), to set Scope 3 GHG emissions reduction targets.
In 2023, AngloGold Ashanti advanced its collective understanding of the various approaches to applying scenario analyses and began
efforts to quantify certain climate-related risk on its business plans. Having laid the groundwork for this in 2023, work on developing the
financial models will be progressed during 2024 and with a goal to inform its scenario analysis approach moving forward.
Management has considered certain implications of climate change when preparing the consolidated financial statements. These
considerations, integral to the Group’s strategy and operations, were factored in across various areas:
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• Estimates utilised in determining future cash flows in life-of-mine models feeding the impairment process:
• Mine sites are designed with a significant margin of safety to endure extreme weather events, such as heavy rainfall, high winds,
and temperature fluctuations. This engineering means that the structures and operational activities are more durable than what
the average weather conditions would require, resulting in an increased level of resilience against the increasing severity and
frequency of weather events predicted by climate change models.
• Estimates used in determining the environmental rehabilitation provision:
• Rehabilitation designs are progressively adapted to address identified risks, including changing expectations of seasonal weather
patterns.
• Rehabilitation plans and estimates include long-term monitoring and maintenance protocols, which also serve to address
unforeseen effects that may arise from a changing climatic patterns.
•
Inclusion of a contingency allowance or risk factor, which may encompass climate change impacts on rehabilitation success.
• Rehabilitation and decommissioning works scheduling and costing considerations factor in weather conditions to mitigate risks
of schedule and cost overruns.
• Determination of targets for the Group's Deferred Share Plan.
The significant impacts of climate-related strategic decisions are reflected in management’s assessments and estimates, particularly
concerning future cash flow projections supporting the recoverable amounts of mining assets once the strategic decisions have been
approved by the Board, and the implementation of these is likely. While climate change considerations did not significantly affect key
accounting judgements and estimates in the current year, the focus on climate-related strategic decisions, like decarbonisation projects
and alternative energy sources, could potentially have a substantial impact in future periods, when entered into and concluded.
1.3 RESTATEMENTS
1.3.1 Corporate restructuring
As described in note 1.1, the corporate restructuring transaction was completed on 25 September 2023. The acquisition of AngloGold
Ashanti Limited by AngloGold Ashanti plc did not constitute a business combination as defined by IFRS 3 ‘Business Combinations’ and
the predecessor accounting method was followed for the transaction using existing carrying values of assets and liabilities. This was
because neither party to the transaction could be identified as the accounting acquirer and post the acquisition there was no change of
economic substance or ownership in the Group. The shareholders of AngloGold Ashanti plc have the same commercial and economic
interest as they had prior to the transaction and no new additional ordinary shares were issued as part of the transaction.
The corporate restructuring transaction was implemented on a share-for-share basis with 419,685,792 AngloGold Ashanti plc ordinary
shares issued at a nominal value of $1.00 each. Following the transaction the consolidated financial statements of AngloGold Ashanti
plc reflect that the transaction is in substance a continuation of the consolidated financial statements of AngloGold Ashanti Limited
and the comparative information is presented as if the reorganisation had occurred at the beginning of the earliest period presented. In
order to effect the reorganisation in the Group at the beginning of the earliest period presented, the share capital and share premium
balances of AngloGold Ashanti Limited were represented to a reorganisation reserve. Post the corporate restructuring transaction, the
reorganisation reserve was adjusted to reflect the issue of AngloGold Ashanti plc ordinary shares in exchange for AngloGold Ashanti
Limited ordinary shares. Whilst the consolidated financial statements are a continuation of AngloGold Ashanti Limited, the share capital
and share premium balances in the statement of changes in equity and statement of financial position for each of the financial years
ended 31 December 2022 and 2021 have been represented to reflect the effect of the reorganisation. As a result of the corporate
restructuring transaction, there were no changes to earnings per ordinary share (note 10) and dividends (note 11) for each of the
financial years ended 31 December 2022 and 2021, as the earnings per ordinary share and dividends was based on the ordinary shares
of AngloGold Ashanti Limited, the previous parent entity.
The following disclosures have been impacted by the corporate restructuring transaction:
• Segmental information (note 2): With the change in domicile of the Group’s parent company from South Africa to the UK, the
segment disclosures have been updated to reflect the country of domicile to be the UK. Comparative information has been restated.
• Taxation (note 9): With the change in domicile of the Group’s parent company from South Africa to the UK, the Group tax rate
reconciliation for 31 December 2023 has been prepared using the UK corporate tax rate of 25%. The comparative information is
presented using the South African corporate tax rate of 28%.
Following the completion of the corporate restructuring transaction in September 2023, the Group’s parent company changed from
being a South African domiciled parent company to a UK parent company. As the functional currency of the UK parent company has
been assessed to be USD, exchange differences of ZAR entities included in the Group arising on consolidation post the effective date of
the corporate restructuring transaction, will be re-cycled through the income statement on disposal.
1.3.2 Prior period error in the calculation of a deferred tax asset with respect to the Obuasi mine and other
restatements
In connection with the preparation of the Group’s consolidated financial statements as of and for the financial year ended 31 December
2023, the Group concluded that its previously issued audited consolidated financial statements as of and for the financial year ended
31 December 2022 contained an error in the calculation related to the reported amount of the deferred tax asset with regard to the
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Obuasi mine. Additionally, the Group also corrected other errors which were not considered material to the previously issued financial
statements for the periods ended 31 December 2022 and 2021.
The Group evaluated the effect of these prior period errors and determined that it needed to restate its consolidated financial
statements as of and for the financial year ended 31 December 2022 and would restate its consolidated financial statements as of and
for the financial year ended 31 December 2021, in both cases in accordance with IAS 8 ‘Accounting Policies, Changes in Accounting
Estimates and Errors’. The aggregate restatement due to the error related to the reported amount of the deferred tax asset with regard
to the Obuasi mine resulted in a reduction in profit for the financial year ended 31 December 2022 by $49m. The restatement due to the
other errors which were also corrected resulted in a reduction in profit for the financial year ended 31 December 2022 by $16m and a
reduction in profit for the financial year ended 31 December 2021 by $8m. The restatements had no impact on the Group’s debt, the
financial maintenance covenants in its credit facilities or its statement of cash flows.
The other errors which were corrected related to the following:
a.
Kibali - Equity-accounted losses adjustment recorded in 2021 ($6m) and 2022 ($3m);
b. Geita - Foreign exchange adjustment on VAT receivable reclassified from 2022 to 2021 ($2m);
c.
Rand Refinery - Derivative fair value adjustment reclassified from 2022 to 2021 ($2m);
d. Mineração Serra Grande - Impairment adjustment recorded in 2022 ($9m);
e.
f.
Siguiri - Deferred stripping adjustment recorded in 2021 ($2m) and 2022 ($4m);
Group - Reclassification of environmental rehabilitation provisions from non-current provisions to current provisions in 2021
($29m) and 2022 ($38m);
g. Group - Reclassification of lease liabilities from current liabilities to non-current liabilities in 2022 ($13m); and
h. Group - Reclassification of short-term provisions from trade and other payables to environmental rehabilitation and other
provisions in 2021 ($47m) and 2022 ($43m).
The impact of the above restatements on each financial statement line item is presented below.
The Group has voluntarily opted to revise the presentation of the statement of cash flows to reflect the indirect method in accordance
with IAS 7 ‘Statement of Cash Flows’. This resulted in the removal of additional disclosures relating to ‘receipts from customers’ (2022:
$4,517m; 2021: $4,054m) and ‘payments to suppliers and employees’ (2022: $3,273m; 2021: $2,701m) as previously included in the
statement of cash flows.
In addition, in the financial risk management note (note 31), liquidity risk disclosures on trade and other payables were adjusted to
exclude non-financial liabilities in 2021 ($150m) and 2022 ($145m).
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Group Notes to the financial statements
For the year ended 31 December 2023
2021
As reported
on 31
December
2021
1.3.1
Corporate
restructuring
1.3.2 Other
restatements
As restated
on 31
December
2021
US dollar millions
Income statement
Cost of sales
Gross profit
Foreign exchange and fair value adjustments
Share of associates and joint ventures' profit
Profit before taxation
Taxation
Profit for the year
Attributable to:
Equity shareholders
Basic earnings per ordinary share (US cents)
Diluted earnings per ordinary share (US cents)
Headline earnings
Basic headline earnings per ordinary share (US cents)
Diluted headline earnings per ordinary share (US cents)
Ref
e
e
b
a,c
a,b,c,e
b
a,b,c,e
a,b,c,e
a,b,c,e
(2,857)
1,172
(43)
249
958
(312)
646
622
148
148
612
146
146
Statement of comprehensive income
Total comprehensive income for the year, net of tax
a,b,c,e
541
Statement of financial position
Tangible assets
Investments in associates and joint ventures
Non-current assets
Trade, other receivables and other assets
Current assets
Environmental rehabilitation and other provisions
Non-current liabilities
Trade and other payables
Environmental rehabilitation and other provisions
Current liabilities
Statement of changes in equity
Share capital and premium
Reorganisation reserve
Accumulated losses
Shareholders' equity
Non-controlling interests
Total equity
3,493
1,647
5,857
260
2,143
729
3,108
647
—
798
7,223
—
(1,904)
4,042
52
4,094
e
a,c
a,c,e
b
b
f
f
h
f,h
f
a,b,c,e
e
a,b,c,e
163
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(7,223)
7,223
—
—
—
—
(2)
(2)
(3)
(4)
(9)
1
(8)
(8)
(2)
(2)
(8)
(2)
(2)
(2,859)
1,170
(46)
245
949
(311)
638
614
146
146
604
144
144
(8)
533
14
(4)
10
(3)
(3)
(29)
(29)
(47)
76
29
—
—
5
5
2
7
3,507
1,643
5,867
—
257
2,140
—
700
3,079
600
76
827
—
7,223
(1,899)
4,047
54
4,101
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Group Notes to the financial statements
For the year ended 31 December 2023
2022
As reported
on
31 December
2022
1.3.1
Corporate
restructuring
1.3.2 Obuasi
deferred tax
restatement
1.3.2 Other
restatements
As restated
on
31 December
2022
(3,362)
1,133
(304)
(128)
166
489
(173)
316
297
19
71
71
544
129
129
US dollar millions
Income statement
Cost of sales
Gross profit
Impairment, derecognition of assets and
profit (loss) on disposal
Foreign exchange and fair value
adjustments
Share of associates and joint ventures'
profit
Profit before taxation
Taxation
Profit for the year
Attributable to:
Equity shareholders
Non-controlling interests
Basic earnings per ordinary share (US
cents)
Diluted earnings per ordinary share (US
cents)
Ref
e
e
d
b
a,c
a,b,c,d,e
b,d
a,b,c,d,e
a,b,c,d,e
e
Headline earnings
a,b,c,e
Basic headline earnings per ordinary share
(US cents)
Diluted headline earnings per ordinary
share (US cents)
Statement of comprehensive income
Total comprehensive income for the year,
net of tax
Statement of financial position
Tangible assets
Investments in associates and joint
ventures
Deferred taxation
Non-current assets
Lease liabilities
Environmental rehabilitation and other
provisions
Non-current liabilities
Lease liabilities
Trade and other payables
Environmental rehabilitation and other
provisions
Current liabilities
Statement of changes in equity
Share capital and premium
Reorganisation reserve
Accumulated losses
Foreign currency translation reserve
Shareholders' equity
Non-controlling interests
Total equity
a,b,c,d,e
242
d,e
a,c
a,c,d,e
g
f
f,g
g
h
f,h
f,g
a,b,c,d,e
c
a,b,c,d,e
e
a,b,c,d,e
4,209
1,100
72
5,927
102
634
3,079
84
710
—
859
7,239
—
(1,715)
(1,440)
4,100
34
4,134
164
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(7,239)
7,239
—
—
—
—
—
—
—
—
—
—
—
(49)
(49)
(49)
—
(12)
(12)
(49)
(12)
(12)
(4)
(4)
(3,366)
1,129
(11)
(315)
3
(5)
(17)
1
(16)
(15)
(1)
(4)
(4)
(6)
(1)
(1)
(125)
161
472
(221)
251
233
18
55
55
489
116
116
(49)
(17)
176
—
—
(49)
(49)
—
—
—
—
—
—
—
—
—
(49)
—
(49)
—
(49)
(1)
(9)
—
(10)
13
(38)
(25)
(13)
(43)
81
25
—
—
(10)
(1)
(11)
1
(10)
4,208
1,091
23
5,868
115
596
3,054
71
667
81
884
—
7,239
(1,774)
(1,441)
4,040
35
4,075
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2. SEGMENTAL INFORMATION
AngloGold Ashanti’s operating segments are being reported based on the financial information regularly provided to the Chief Executive
Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the
Executive Committee are responsible for geographic regions of the business.
Under the Group’s operating model, the financial results and the composition of the operating segments are reported to the CODM per
geographical region and the Projects segment which comprises all the major non-sustaining capital projects with the potential to be
developed into operating entities.
In addition to the geographical reportable segments structure, the Group has voluntarily disaggregated and disclosed the financial
information on a line-by-line basis for each mining operation to facilitate comparability of mine performance.
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2.1. SEGMENTAL INFORMATION – Gold income
US dollar millions
Geographical analysis of gold income by origin is as follows:
Africa (1)
Kibali - Attributable 45%
Iduapriem
Obuasi
Siguiri
Geita
Australia
Sunrise Dam
Tropicana - Attributable 70%
Americas
Cerro Vanguardia
AngloGold Ashanti Mineração (2)
Serra Grande
Equity-accounted joint ventures included above
Geographical analysis of gold income by destination is as follows:
United Kingdom #
Foreign entities *
South Africa #
Ghana (3)
North America
South America
Australia
Europe
Gold income
2023
2022
2021
3,068
668
522
439
505
934
1,081
495
586
999
317
515
167
5,148
(668)
4,480
2,223
2,257
120
169
270
31
1,081
586
4,480
2,981
596
443
431
591
920
967
410
557
1,036
319
557
160
4,984
(596)
4,388
2,557
1,831
103
—
409
33
967
319
4,388
2,644
659
361
204
545
875
890
416
474
1,028
279
600
149
4,562
(659)
3,903
1,891
2,012
110
—
699
34
890
279
3,903
*
#
Entities are considered foreign in relation to the Group’s country of domicile. With the change in domicile of the Group’s parent company from South Africa to the
UK, as a result of the corporate restructuring in September 2023, the segment disclosures have been updated to reflect the country of domicile to be the United
Kingdom. Comparative information has been restated.
The Siguiri gold production is sold through an agent to multiple customers, the destination which was previously not determinable, and as a result was allocated to
the Other category in the geographical analysis (2022: $591m; 2021: $545m). In the current financial year, the agent was able to provide the geographical analysis
for the gold income including the comparative periods, which have been reclassified to South Africa (2022: $100m; 2021: $100m) and the United Kingdom (2022:
$491m; 2021: $445m) accordingly.
The Group's revenue is mainly derived from gold income. Approximately 67% (2022: 67%; 2021: 66%) of the Group's total gold produced is sold to three customers
of the Group: ANZ Investment Bank Ltd in Australia 24% (2022: 22%; 2021: 23%), Standard Chartered Bank in the United Kingdom 23% (2022: 31%; 2021: 34%), and
JP Morgan Chase NA London in the United Kingdom 20% (2022: 14%; 2021: 9%). Due to the diversity and depth of the total gold market, the bullion banks do not
possess significant pricing power.
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2.2. SEGMENTAL INFORMATION – By-product revenue
US dollar millions
Africa (1)
Kibali - Attributable 45%
Iduapriem
Obuasi
Siguiri
Geita
Australia
Sunrise Dam
Tropicana - Attributable 70%
Americas
Cerro Vanguardia
AngloGold Ashanti Mineração
Equity-accounted joint ventures included above
By-product revenue
2023
2022
2021
5
2
—
1
—
2
4
1
3
95
93
2
104
(2)
102
4
1
1
1
—
1
4
1
3
106
75
31
114
(1)
113
5
2
1
—
1
1
4
1
3
119
93
26
128
(2)
126
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2.3. SEGMENTAL INFORMATION – Cost of sales
US dollar millions
Africa (1)
Kibali - Attributable 45%
Iduapriem
Obuasi
Siguiri
Geita
Australia
Sunrise Dam
Tropicana - Attributable 70%
Administration and other
Americas
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Administration and other
Corporate and other
Cost of sales
2023
2022
2021
Restated (8)
Restated (8)
2,111
2,008
1,652
372
387
313
473
566
867
399
438
30
931
307
453
169
2
4
342
314
266
492
594
783
371
382
30
913
273
477
162
1
4
350
238
164
412
488
740
364
346
30
822
261
435
123
3
(5)
3,209
(350)
2,859
Equity-accounted joint ventures included above
3,913
(372)
3,541
3,708
(342)
3,366
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2.4. SEGMENTAL INFORMATION – Gross profit
US dollar millions
Africa (1)
Kibali - Attributable 45%
Iduapriem
Obuasi
Siguiri
Geita
Administration and other
Australia
Sunrise Dam
Tropicana - Attributable 70%
Administration and other
Americas
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Administration and other
Corporate and other
Equity-accounted joint ventures included above
Gross profit (4)
2023
2022
2021
Restated (8)
Restated (8)
961
297
135
127
31
370
1
220
99
151
977
256
130
165
99
327
—
188
40
177
(30)
(29)
162
102
63
(2)
(1)
(19)
1,324
(297)
1,027
229
122
111
(2)
(2)
(9)
1,385
(256)
1,129
997
311
124
41
133
388
—
153
53
130
(30)
325
111
191
26
(3)
6
1,481
(311)
1,170
169
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2.5. SEGMENTAL INFORMATION –Amortisation
US dollar millions
Africa (1)
Kibali - Attributable 45%
Iduapriem
Obuasi
Siguiri
Geita
Australia
Sunrise Dam
Tropicana - Attributable 70%
Administration and other
Americas
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Administration and other
Corporate and other
Equity-accounted joint ventures included above
Amortisation
2023
2022
2021
Restated (8)
Restated (8)
419
99
129
61
39
91
163
58
104
1
170
39
88
43
—
5
757
(99)
658
371
95
80
40
54
102
172
54
117
1
185
39
106
40
—
4
732
(95)
637
270
105
19
22
49
75
150
60
88
2
161
27
108
25
1
3
584
(105)
479
170
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Group Notes to the financial statements
For the year ended 31 December 2023
2.6. SEGMENTAL INFORMATION – Total assets
US dollar millions
Africa (1)
Kibali - Investment in joint venture and loan receivable
Iduapriem
Obuasi
Siguiri
Geita
Administration and other
Australia
Americas
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Administration and other
Projects
Colombian projects
North American projects
Corporate and other
Total assets(5)(6)
2023
2022
2021
Restated (8)
Restated (8)
4,414
1,066
526
1,288
486
1,042
6
942
1,254
524
584
127
19
833
194
639
732
8,175
4,035
1,054
436
1,219
457
864
5
960
1,395
514
625
217
39
872
244
628
751
8,013
4,231
1,598
386
1,036
477
729
5
1,034
1,573
491
781
252
49
313
211
102
856
8,007
171
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Group Notes to the financial statements
For the year ended 31 December 2023
2.7. SEGMENTAL INFORMATION – Non-current assets
US dollar millions
Non-current assets considered material, by country are:
United Kingdom
Foreign entities *
South Africa
DRC
Ghana
Tanzania
Australia
Brazil
United States
Non-current assets (7)
2023
2022
2021
Restated (8)
Restated (8)
58
5,823
47
919
1,512
706
752
510
636
58
5,739
40
1,054
1,349
594
758
648
617
56
5,655
65
1,598
1,192
510
806
796
* Entities are considered foreign in relation to the Group’s country of domicile. With the change in domicile of the Group’s parent company from South Africa to the UK,
as a result of the corporate restructuring in September 2023, the segment disclosures have been updated to reflect the country of domicile to be the United Kingdom.
Comparative information has been restated.
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For the year ended 31 December 2023
2.8. SEGMENTAL INFORMATION – Capital expenditure
US dollar millions
Africa (1)
Kibali - Attributable 45%
Iduapriem
Obuasi
Siguiri
Geita
Australia
Sunrise Dam
Tropicana - Attributable 70%
Administration and other
Americas
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Projects
Colombian projects
North American projects
Corporate and other
Equity-accounted joint ventures included above
(1)
(2)
Includes equity-accounted investments.
Includes income from sale of gold concentrate of $267m (2022: nil; 2021: nil).
Capital expenditure
2023
2022
2021
710
85
142
214
78
191
135
47
87
1
254
75
124
55
27
11
16
1
576
90
146
159
27
154
202
50
152
—
322
66
199
57
17
16
1
1
506
72
105
168
38
123
185
62
122
1
346
69
195
82
52
52
—
11
1,127
(85)
1,042
1,118
(90)
1,028
1,100
(72)
1,028
(3) With the introduction of new gold sales regulations in Ghana, 20% of gold produced in Ghana must be sold to the Bank of Ghana at arm’s length.
(4) The Group's segmental profit measure is gross profit, which excludes the results of associates and joint ventures. For the reconciliation of gross profit to profit
before taxation, refer to the Group income statement.
(5) Total assets include allocated goodwill of $105m (2022: $105m; 2021: $111m) for Australia and nil (2022: nil; 2021: $8m) for Americas (note 14).
(6) For the year ended 31 December 2023, pre-tax net impairments and derecognition of assets of $227m were accounted for in the Americas ($207m) and in the
Projects ($25m), partly offset by a profit on derecognition of assets in Africa ($5m). For the year ended 31 December 2022, pre-tax impairments and derecognition
of assets of $319m were accounted for in the Americas ($315m) and Africa ($4m).
(7) Non-current assets exclude financial instruments, deferred tax assets and reimbursive right for post-retirement benefits.
(8) Comparative periods have been retrospectively restated. Refer to note 1.3.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
3 REVENUE FROM PRODUCT SALES
Revenue consists of the following principal categories:
Gold income (2)
Spot market sales
Concentrate sales (1)
By-products (2)
4,480
4,213
267
102
4,582
4,388
4,388
—
113
4,501
3,903
3,903
—
126
4,029
(1) There have been no material provisional price adjustments for the year ended 31 December 2023.
(2) The disaggregation of revenue from contracts with customers by primary geographical region is described in the segmental information note (note 2).
Accounting policies
Revenue from product sales comprises sales of:
•
refined gold and doré bars;
• by-products including silver and sulphuric acid; and
• gold concentrate.
Revenue from spot market sales are recognised at a point in time when control of the goods passes to the customer and the
performance obligations of transferring control have been met. Control of the goods passes to the customer on settlement
date. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods
transferred.
Sales of gold concentrate are recorded when control of ownership passes to the customer, net of refining and treatment
charges. Control of ownership passes to the customer either at the warehouse, on the date of issuance of a holding certificate
to the customer, or at the time of shipment, depending on the terms agreed with the customer. Sales prices are provisionally
set on a specified future date after shipment, based on market prices. Revenue is recorded using forward market gold prices
on the expected date that the final sales will be determined. Changes in the fair value as a result of changes in forward gold
prices are classified as provisional price adjustments and included as a component of revenue.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
4 COST OF SALES
Operating costs (1)
Royalties
Total operating costs
Retrenchment costs
Rehabilitation and other non-cash costs
Amortisation of tangible assets
Amortisation of right of use assets
Amortisation of intangible assets (note 14)
Inventory change
2023
2022
Restated (2)
2021
Restated (2)
2,680
190
2,870
4
21
579
78
1
(12)
3,541
2,568
185
2,753
6
—
555
81
1
(30)
3,366
2,172
162
2,334
2
38
413
63
3
6
2,859
(1) Operating costs for 2023 include salaries and wages, stores and other consumables, fuel power and water, mining contractors (including variable lease
payments), labour contractors (including variable lease payments) and consultants, and other expenses (credits).
(2) Comparative periods have been retrospectively restated. Refer to note 1.3.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022 (2)
2021
5 OTHER EXPENSES (INCOME)
Care and maintenance
Governmental fiscal claims
Legacy tailings storage facilities obligations
Pension and medical defined benefit
Royalties received
Retrenchment and related costs (1)
Legal fees and project costs
Other indirect taxes
Other income
Premium on settlement of bonds
52
15
52
6
(1)
15
(1)
(14)
(20)
—
104
—
11
(16)
7
(2)
—
1
11
—
—
12
45
7
9
7
(2)
18
10
18
—
24
136
(1)
Includes retrenchment costs of $6m (2022: nil; 2021: $14m).
(2) Corporate restructuring costs of $14m have been reclassified on a separate line on the face of the income statement.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
6
FINANCE COSTS AND UNWINDING OF
OBLIGATIONS
Finance costs
Finance costs on bonds, bank loans and other
Amortisation of fees
Lease finance charges
Less: interest capitalised
Unwinding of obligations
Total finance costs and unwinding of obligations
The interest included within finance costs is calculated at effective interest rates.
113
6
12
—
131
26
157
102
8
11
(2)
119
30
149
109
6
9
(14)
110
6
116
177
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
7
EMPLOYEE BENEFITS
Salaries and wages (1)
Pension costs (2)
Share-based payment expense (note 8)
Other (3)
Included in cost of sales, other expenses and corporate administration,
marketing and related expenses
691
20
15
26
752
(1) Salaries and wages includes Executive Directors' and Prescribed Officers' salaries and other benefits and retrenchment costs.
(2) Includes defined contribution pension costs.
(3) Includes current medical expenses and defined benefit post-retirement medical expenses.
The average number of attributable employees (including contractors) was:
Average number of employees
Africa
Australia
Americas
Other, including corporate and non-gold producing subsidiaries
Total
2023*
21,734
1,741
8,565
1,618
33,658
* The approximate number of contractors employed on average during 2023 was 19,615 (2022: 18,599; 2021: 16,384).
656
20
18
22
716
2022
19,807
1,532
9,498
1,757
32,594
609
20
22
31
682
2021
17,260
1,332
9,972
1,997
30,561
Accounting policies
Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee
accepts voluntary redundancy in exchange for these benefits. The Group recognises a liability and expense for termination
benefits when it is demonstrably committed to either terminating the employment of current employees according to a
detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to
encourage voluntary redundancy based on the number of employees expected to accept the offer. Benefits falling due more
than 12 months after reporting date are discounted to present value.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
8 SHARE-BASED PAYMENTS
Equity-settled share incentive schemes
Deferred Share Plan (DSP)
Total share-based payment expense
15
15
18
18
22
22
Equity-settled incentive schemes
Previous equity schemes with outstanding awards exercisable included the Bonus Share Plan (BSP) and the Long-Term Incentive
Plan (LTIP). The Deferred Share Plan (DSP) replaced all previous AngloGold Ashanti incentive schemes. Upon completion of the
corporate restructuring in September 2023, the awards outstanding under the BSP and the LTIP were converted to awards with
respect to AngloGold Ashanti plc awards and transferred to the DSP, with the terms and conditions remaining unchanged.
Bonus Share Plan (BSP)
Award date (unexercised awards)
Calculated fair value (in ZAR)
Vesting date 50%
Vesting date 50%
Expiry date
Number of shares
Awards outstanding at beginning of year
Awards lapsed during the year
Awards exercised during the year
Awards transferred to DSP Scheme
Awards outstanding and exercisable at end of year
Long-Term Incentive Plan (LTIP)
Award date (unexercised awards)
Calculated fair value (in ZAR)
Vesting date
Expiry date
Number of shares
Awards outstanding at beginning of year
Awards exercised during the year
Awards transferred to DSP Scheme
Awards outstanding and exercisable at end of year
2018
119.14
22 Feb 2019
22 Feb 2020
22 Feb 2028
2023
626,522
—
(255,894)
(370,628)
—
2022
2021
849,683
(3,581)
(219,580)
—
626,522
1,005,977
—
(156,294)
—
849,683
2015
129.94
3 Mar 2018
3 Mar 2025
2021
111,562
(2,333)
—
109,229
2023
2022
62,708
(33,899)
(28,809)
—
109,229
(46,521)
—
62,708
Deferred Share Plan (DSP)
The DSP was implemented with effect from 1 January 2018, with the first awards for the scheme allocated in March 2019. This
represents a single scheme under which share awards have been allocated to certain employees from 2019 through early 2024,
vesting equally over a period of 2, 3 and 5 years depending on the level of seniority of the participant.
Award date (unvested awards and awards vested during the year)
2023
2022
2021
Calculated fair value (in ZAR)
Award date
Expiry date
317.99
335.04
308.97
24 Feb 2023
24 Feb 2022
24 Feb 2021
25 Feb 2033
24 Feb 2032
25 Feb 2031
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Group Notes to the financial statements
For the year ended 31 December 2023
Deferred Share Plan (DSP) CONTINUED
Number of shares
Awards outstanding at beginning of year
Awards granted during the year
Awards lapsed during the year
Awards exercised during the year
Awards transferred from BSP scheme
Awards transferred from LTIP scheme
Awards outstanding at end of year
Awards exercisable at end of year
Accounting policies
2023
2022
2021
2,483,608
1,317,385
(224,391)
(863,641)
370,628
28,809
3,112,398
1,157,900
2,692,383
793,955
(163,697)
(839,033)
—
—
2,289,762
1,185,348
(322,814)
(459,913)
—
—
2,483,608
693,211
2,692,383
588,694
The Group’s management awards certain employee bonuses in the form of equity-settled share-based payments on a
discretionary basis.
The fair value of the equity instruments granted is calculated at grant date. For transactions with employees, fair value is
based on market prices of the equity instruments granted, if available, taking into account the terms and conditions upon
which those equity instruments were granted. If market prices of the equity instruments granted are not available, the fair
value of the equity instruments granted is estimated using an appropriate valuation model. Vesting conditions, other than
market conditions, are not taken into account when estimating the fair value of shares or share options at measurement date.
Over the vesting period, the fair value at measurement date is recognised as an employee benefit expense with a
corresponding increase in other capital reserves based on the Group’s estimate of the number of instruments that will
eventually vest. The income statement charge or credit for a period represents the movement in cumulative expense
recognised as at the beginning and end of that period. Vesting assumptions for non-market conditions are reviewed at each
reporting date to ensure they reflect current expectations.
When options are exercised or share awards vest, the proceeds received, net of any directly attributable transaction costs, are
credited to share capital (nominal value) and share premium.
Where the terms of an equity settled award are modified, as a minimum, an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based
payment arrangement, or is otherwise beneficial to the employee, as measured at the date of the modification.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
9 TAXATION
Current taxation
Current year
Prior year (over) under provision
Impairment and disposal of tangible assets
Deferred taxation
Current year
Change in estimate
Prior year under provision
Impairment and disposal of tangible assets
Change in statutory tax rate
US dollar millions
Reconciliation to UK taxation rate (1)
Implied tax charge at 25% (2022: 28%; 2021: 28%)
Increase (decrease) due to:
Expenses not tax deductible (2)
Share of associates and joint ventures' profit
Tax rate differentials (3) and withholding taxes (4)
Exchange variations and translation adjustments
Current year tax losses (expense) not recognised:
Obuasi
AngloGold Ashanti Holdings plc
North America
Siguiri (5)
SA Corporate
Change in planned utilisation of deferred tax assets and impact of
estimated deferred tax rate change
Restructuring costs
Tax allowances
Impact of statutory tax rate change
Adjustment in respect of prior years
Other
Income tax expense
2023
2022
Restated (6)
2021
Restated (6)
233
(17)
1
217
67
25
10
(34)
—
68
199
32
—
231
43
3
4
(60)
—
(10)
251
(4)
1
248
51
6
4
—
2
63
285
221
311
2023
2022
Restated (6)
2021
Restated (6)
16
90
(52)
63
(17)
22
26
38
(6)
3
25
79
4
—
(7)
1
285
132
83
(45)
31
—
(64)
24
22
(27)
20
3
4
—
—
36
2
221
266
22
(69)
54
6
6
25
13
(37)
18
6
—
—
2
—
(1)
311
(1) With the change in domicile of the Group’s parent company from South Africa to the UK, as a result of the corporate restructuring in September 2023, the
Group tax rate reconciliation for 31 December 2023 has been prepared using the enacted UK corporate tax rate of 25%. The comparative information is
presented using the South African corporate tax rate of 28%.
(2)
Includes non-deductible corporate, legal, project, exploration and rehabilitation costs, impairments in Brazil and Colombia and British Virgin Islands group
losses.
(3) Due to different tax rates in various jurisdictions, primarily Tanzania, Ghana, Guinea, Australia, Brazil and Argentina.
(4) Withholding taxes on dividends paid.
(5) Siguiri current tax expense not recognised due to tax holiday.
(6) Comparative periods have been retrospectively restated. Refer to note 1.3.
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Group Notes to the financial statements
For the year ended 31 December 2023
9. TAXATION CONTINUED
Organisation for Economic Co-operation and Development (OECD) Pillar Two model rules
The Group is within the scope of the OECD Pillar Two model rules as the Pillar Two legislation was enacted on 11 July 2023 in
the UK, the jurisdiction in which the Group’s parent company is incorporated, and will come into effect from 1 January 2024.
Since the legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies
the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income
taxes, as provided in the amendments to IAS 12 issued in May 2023.
Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its Pillar Two effective tax
rate per jurisdiction and the 15% minimum rate. Based on the assessment carried out so far, most jurisdictions relevant to the
Group have a Pillar Two effective tax rate that exceeds 15%, however, there are a limited number of jurisdictions where the
Pillar Two effective tax rate may be lower than 15%. The Group does not expect a material exposure to Pillar Two income
taxes in those jurisdictions, with an estimated exposure ranging between $9m to $13m.
Due to the complexities in applying the Pillar Two legislation and calculating Pillar Two income, the Group is still in the
process of finalising its exposure to the Pillar Two legislation for when it comes into effect. Therefore, even for those entities
with an accounting effective tax rate above 15%, there might still be Pillar Two tax implications.
Unrecognised deferred tax assets
US dollar millions
Analysis of unrecognised tax losses
Available to be utilised against future profits
-
-
-
-
-
utilisation required within one year
utilisation required between one and two years
utilisation required between two and five years
utilisation required between five and twenty years
utilisation in excess of twenty years
2023
2022
Restated (1)
2021
Restated (1)
108
1,037
191
1,035
835
3,206
107
100
1,180
956
588
2,931
54
177
1,380
989
449
3,049
At the statutory tax rates, the unrecognised value of deferred tax assets is: $921m (2022: $801m; 2021: $847m), mainly
relating to tax losses incurred in the United Kingdom, North America, Ghana, Colombia and South Africa.
(1) Comparative periods have been retrospectively restated. Refer to note 1.3.
Income tax uncertainties
AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income
taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by
contractual agreements with local government, and others are defined by the general corporate income tax laws of the
country. The Group has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably
determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax
rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the Group is
subject to a review of its 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 $1m
(2022: $4m; 2021: $7m). Management has appealed this matter which has been heard by the Tax Court, with final evidence
submitted in 2017. The matter is pending and judgement is expected in the next 24 months as at 31 December 2023.
Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made.
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Group Notes to the financial statements
For the year ended 31 December 2023
9
TAXATION CONTINUED
Brazil – AngloGold Ashanti Mineração and Serra Grande
The Brazil Tax Authority has challenged various aspects of the companies’ tax returns for periods from 2005 to 2016 which
individually and in aggregate are not considered to be material. Based on engagement with the Brazil Tax Authority, certain
amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the
findings. Serra Grande received tax assessments of $39m (2022: $23m; 2021: $19m) relating to the amortisation of goodwill
on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity.
Management is of the opinion that the Brazil Tax Authority is unlikely to succeed in this matter. This is supported by external
legal advice and therefore no provision has been made.
Colombia – La Colosa
The tax treatment of exploration expenditure has been challenged by the Colombian Tax Authority which resulted in claims for
taxes and penalties of $8m (2022: $42m; 2021: $74m) pertaining to the 2010 to 2014 tax years.
These assessments were appealed in 2016 (in the case of La Colosa) and resulted in adverse judgements in the
Administrative Court of Cundinamarca in 2018, which were subsequently appealed by AngloGold Ashanti. The deduction of
exploration costs is prohibited from 2017 onwards following a change in legislation. Subsequent to this date, exploration
costs have been treated in accordance with the amended legislation. In July 2019, the Supreme Administrative Court (Council
of State) issued a ruling that duplicate penalties may not be charged. The impact of the ruling was that certain penalties were
waived.
In 2022, the Supreme Administrative Court (Council of State) ruled against the Company upon appeal and ordered it to pay
$34m of additional taxes (which included interest) in respect of the 2010 and 2011 tax returns, but it fully waived any related
penalties. A revised tax reform was adopted in December 2022 in Colombia, which may lead to a reduction of interest charged
on outstanding tax obligations in certain circumstances. In February 2023, the Company paid $25m of additional taxes (which
included interest) in respect of the 2011 income and equity tax returns, after taking into account a reduction of $6m in interest
under the tax reform, in full settlement of the 2011 income and equity tax claims. In April 2023, the Company paid $3m of
additional taxes (which included interest) in full settlement of the 2010 income tax claim. In February 2024, the Administrative
Court of Cundinamarca ruled against the Company’s tax treatment of exploration expenditure in respect of its 2013 tax return.
The Company plans to appeal this ruling to the Supreme Administrative Court (Council of State) for resolution, which may take
up to two years to be resolved. The Company’s lawsuit with respect to its 2014 tax return is still pending before the
Administrative Court of Cundinamarca. Penalties of $8m (2022: $8m; 2021: $9m) pertaining to the 2013 and 2014 tax years
were not recognised as a provision and are considered to be contingent, awaiting final judgement from the Colombian Courts.
Guinea – Siguiri
The Guinea Tax Authority has challenged certain aspects of Société AngloGold Ashanti de Guinée S.A.'s tax return for the
2010 year of assessment totalling $8m (attributable) (2022: $8m (attributable); 2021: $8m (attributable)). Management has
objected to the assessment. However, provision has been made for a portion of the total claims amounting to $2m
(attributable) (2022: $2m (attributable); 2021: $2m (attributable)). A meeting was held in February 2022 under the Minister of
Budget Tax advisor’s chairmanship, calling for the formation of a tripartite committee to review the claim and resolve the
issue. Members from government were appointed to the committee, but no meetings have been held to date.
Mali – Yatela and AngloGold Ashanti Mali Services
The Mali Tax Authority has challenged various aspects of Société des Mines de Yatela S.A. and Société AngloGold Ashanti
Mali S.A.'s tax returns for periods of 2012 to 2019 totalling $3m (attributable) (2022: $4m (attributable); 2021: $4m
(attributable)). Management is of the opinion that the Mali Tax Authority is unlikely to succeed in the tax matters and therefore
no provision has been made.
Tanzania – Geita Gold Mine
The Tanzania Revenue Authority has raised audit findings on various tax matters for years from 2009 to 2022 amounting to
$369m (2022: $318m; 2021: $291m) including adjusted tax assessments relating to the 2022 tax year, which was received in
January 2024 totalling $44m. In addition, the Tanzania Revenue Authority has issued Agency Notices on various local bank
accounts of the Company in Tanzania, enforcing payments from those bank accounts, despite the matters being on appeal. In
order to continue operating its bank accounts and to not impact operations, Geita made payments under protest for which a
receivable of $23m (2022: $24m; 2021: $25m) was raised. Management has objected and appealed through various levels of
the administrative processes. Management has obtained external legal advice and is of the opinion that the claims of the
Tanzania Revenue Authority are unlikely to succeed.
In addition, it should be noted that amendments passed to Tanzanian legislation in 2017 amended the 2010 Mining Act and
new Finance Act. Effective from 1 July 2017, the gold mining royalty rate increased to 6% (from 4%) and further a 1% clearing
fee on the value of all minerals exported was imposed. The Group has been paying the higher royalty and clearing fees since
this date, under protest, and is of the view that this is in contravention of its Mining Development Agreement.
183
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Group Notes to the financial statements
For the year ended 31 December 2023
9
TAXATION CONTINUED
Significant accounting judgements and estimates
The Group tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate,
prepared in accordance with IAS 12 ‘Income Taxes’, applies the UK domestic corporate tax rate of 25% for the 2023 year.
The Group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that
the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income
tax assets requires the Group to make significant estimates related to expectations of future taxable income. Estimates of
future taxable income are based on detailed cash flow forecasts for at least 12 months and updated life-of-mine plan
models with longer term cash flow projections from operations and the application of existing tax laws in each jurisdiction.
To the extent that future cash flow projections and taxable income differ significantly from estimates, the ability of the
Group to realise the net deferred tax assets recorded at the reporting date could be impacted.
Additionally, future changes in tax laws in the jurisdictions in which the Group operates could limit the ability of the Group to
obtain tax deductions in future periods.
Accounting policies
Deferred taxation is recognised on all qualifying temporary differences at the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax assets are only recognised to the extent that it is probable that the deductible temporary differences will
reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be
utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date.
Deferred tax assets and liabilities are measured at future anticipated tax rates, which have been enacted or substantively
enacted at the reporting date.
Current and deferred tax is recognised as income or expense and included in profit or loss for the period, except to the
extent that the tax arises from a transaction or event which is recognised, in the same or a different period in other
comprehensive income or directly in equity, or an acquisition that is a business combination.
Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting
date. Interest and penalties, if any, are recognised in the income statement as part of taxation expense if based on the
specific facts and circumstances, the entity has determined that the interest (receivable or payable) and penalties payable to
the tax authorities are an income tax.
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Group Notes to the financial statements
For the year ended 31 December 2023
US cents per share
10 (LOSS) EARNINGS PER ORDINARY SHARE
2023
2022
Restated (4)
2021
Restated (4)
Basic (loss) earnings per ordinary share
(56)
55
146
The calculation of basic (loss) earnings per ordinary share is based on (loss)/profits
attributable to equity shareholders of ($235m) (2022: $233m; 2021: $614m) and
421,105,111 (2022: 420,197,062; 2021: 419,755,627) shares being the weighted
average number of ordinary shares in issue during the financial year.
Diluted (loss) earnings per ordinary share
(56)
55
146
The calculation of diluted (loss) earnings per ordinary share is based on (loss)/profits
attributable to equity shareholders of ($235m) (2022: $233m; 2021: $614m) and
421,105,111 (2022: 420,869,866; 2021: 420,056,703) shares being the diluted number
of ordinary shares.
In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into
consideration:
Number of shares (1)
Weighted average number of ordinary shares (2)
Dilutive potential of share options (3)
Diluted weighted average number of ordinary shares
2023
2022
2021
421,105,111
420,197,062
419,755,627
—
421,105,111
672,804
420,869,866
301,076
420,056,703
(1) As a result of the corporate restructuring transaction there were no changes to earnings per ordinary share for each of the financial years ended
(2)
31 December 2022 and 2021, as it was based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity.
Employee compensation awards are included in basic earnings per ordinary share from the date that all necessary conditions have been satisfied and it is
virtually certain that shares will be issued as a result of employees exercising their options.
(3) Effect of share options for 2023 is anti-dilutive.
(4) Comparative periods have been retrospectively restated. Refer to note 1.3.
US dollar millions
Headline (loss) earnings (1)
2023
2022
Restated (4)
2021
Restated (4)
The profit attributable to equity shareholders was adjusted by the following to arrive
at headline (loss) earnings :
(Loss) profit attributable to equity shareholders
Impairment of tangible assets, right of use assets and investment in joint venture,
net
Impairment of tangible and right of use assets
Impairment of investment in joint venture
(235)
165
192
1
233
256
315
1
Taxation on impairment of tangible assets, right of use assets and investment in
joint venture
(28)
(60)
Profit (loss) on derecognition and disposal of tangible assets, net
Loss on derecognition of assets
Profit on disposal of tangible assets
Taxation on derecognition and disposal of tangible assets
Headline earnings (loss) per ordinary share (1)
Headline (loss) earnings per ordinary share (2)
Diluted headline (loss) earnings per ordinary share (3)
24
35
(6)
(5)
—
4
(4)
—
(46)
489
US Cents
(11)
(11)
116
116
614
2
2
—
—
(12)
4
(17)
1
604
144
144
(1) The financial measures “headline (loss) earnings” and “headline earnings per share” are not calculated in accordance with IFRS. These measures are
calculated according to the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA) at the request of the
JSE Limited (JSE). These measures, however, are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP
financial measures for purposes of the rules and regulations of the U.S. Securities and Exchange Commission (SEC) applicable to the use and disclosure of
Non-GAAP financial measures.
(2) Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary shares.
(4) Comparative periods have been retrospectively restated. Refer to note 1.3.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
11 DIVIDENDS
Ordinary shares (1) (2)
Dividend number 122 of 705 SA cents per share was declared on 22 February 2021 and
paid on 26 March 2021 (48 US cents per share)
Dividend number 123 of 87 SA cents per share was declared on 6 August 2021 and paid
on 10 September 2021 (6 US cents per share)
Dividend number 124 of 217 SA cents per share was declared on 22 February 2022 and
paid on 25 March 2022 (15 US cents per share)
Dividend number 125 of 493 SA cents per share was declared on 5 August 2022 and paid
on 9 September 2022 (28 US cents per share)
Dividend number 126 of 322 SA cents per share was declared on 22 February 2023 and
paid on 31 March 2023 (18 US cents per share)
Dividend number 127 of 70 SA cents per share was declared on 4 August 2023 and paid
on 8 September 2023 (4 US cents per share)
2023
2022
2021
199
25
62
119
76
15
91
181
224
(1) The dividend payout was based on the ordinary shares of AngloGold Ashanti Limited, the previous parent entity. See note 1.3.1.
(2) For proposed dividends subsequent to year end, refer to note 34.
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Group Notes to the financial statements
For the year ended 31 December 2023
12 TANGIBLE ASSETS
Mine
development
costs
Mine infra-
structure
Mineral
rights and
dumps
Exploration
and
evaluation
assets
Assets
under
construction
Land and
buildings(2)
Total
US dollar millions
Cost
Balance at 1 January 2021
Additions (5)
Finance costs capitalised (3)
Disposals
Derecognition of assets (6)
Transfers and other movements (1)
Translation
Balance at 31 December 2021 Restated (4)
Accumulated amortisation and
impairments
Balance at 1 January 2021
Amortisation for the year
Impairment of assets
Disposals
Derecognition of assets (6)
Transfers and other movements (1)
Translation
Balance at 31 December 2021 Restated (4)
Net book value at 31 December 2021
Restated (4)
Cost
Balance at 1 January 2022 Restated
Additions (5)
Acquisition of assets
Finance costs capitalised (3)
Disposals
Derecognition of assets (6)
Transfers and other movements (1)
Translation
Balance at 31 December 2022 Restated (4)
Accumulated amortisation and
impairments
4,325
3,953
188
342
—
(2)
(74)
232
(107)
17
—
(23)
(310)
103
(6)
4,716
3,734
—
—
—
—
—
(3)
185
3,119
2,930
156
246
—
(1)
(74)
(4)
(78)
166
2
(22)
(306)
(1)
(4)
3,208
2,765
6
—
—
—
—
(3)
159
1,508
969
26
4,716
407
—
—
(2)
(12)
302
(120)
3,734
8
—
—
(14)
(22)
401
(8)
5,291
4,099
185
—
614
—
—
—
—
(4)
795
Balance at 1 January 2022 Restated
3,208
2,765
159
Amortisation for the year
Impairment of assets
Disposals
Derecognition of assets (6)
Transfers and other movements (1)
Translation
Balance at 31 December 2022 Restated (4)
Net book value at 31 December 2022
Restated (4)
378
114
(1)
(11)
—
(86)
174
152
(14)
(20)
—
(5)
3,602
3,052
8
16
—
—
—
(3)
180
1,689
1,047
615
187
9
5
—
—
—
(2)
—
12
5
2
—
—
—
—
—
7
5
12
1
—
—
—
—
(1)
—
12
7
1
—
—
—
—
(1)
7
5
566
644
14
—
—
(320)
(5)
899
26
—
—
—
—
—
—
26
873
899
610
—
2
—
(1)
(752)
(1)
757
26
—
—
—
(1)
1
—
26
112
19
—
(5)
—
—
—
126
—
—
—
—
—
—
—
—
9,153
1,027
14
(30)
(384)
13
(121)
9,672
6,236
420
2
(23)
(380)
(5)
(85)
6,165
126
3,507
126
2
—
—
—
—
1
—
9,672
1,028
614
2
(16)
(35)
(49)
(133)
129
11,083
—
—
8
—
—
—
—
8
6,165
561
290
(15)
(32)
1
(95)
6,875
731
121
4,208
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AngloGold Ashanti plc
Group Notes to the financial statements
For the year ended 31 December 2023
12 TANGIBLE ASSETS CONTINUED
Mine
development
costs
Mine infra-
structure
Mineral
rights and
dumps
Exploration
and
evaluation
assets
Assets under
construction
Land and
buildings(2)
Total
US dollar millions
Cost
Balance at 1 January 2023
Additions
Disposals
Derecognition of assets
Transfers and other movements (1)
Translation
5,291
423
(2)
(5)
415
1
4,099
10
(43)
(183)
456
(1)
795
—
—
—
—
—
Balance at 31 December 2023
6,123
4,338
795
Accumulated amortisation and impairments
Balance at 1 January 2023
Amortisation for the year
Impairment of assets
Impairment reversals of assets
Disposals
Derecognition of assets
Transfers and other movements (1)
Translation
Balance at 31 December 2023
Net book value at 31 December 2023
3,602
3,052
180
410
77
(27)
(2)
(3)
2
4
4,063
2,060
171
72
(7)
(43)
(149)
(11)
—
3,085
1,253
—
—
—
—
—
—
—
180
615
12
—
(4)
—
—
—
8
7
1
1
—
(3)
—
—
—
6
2
757
607
(23)
—
(873)
(1)
467
26
—
56
—
—
—
—
—
82
385
129
11,083
2
1,042
(22)
—
7
—
(94)
(188)
5
(1)
116
11,847
8
—
14
(1)
(9)
—
—
—
12
104
6,875
582
220
(35)
(57)
(152)
(9)
4
7,428
4,419
(1) Transfers and other movements include amounts from deferred stripping, changes in estimates of decommissioning assets and asset reclassifications.
(2) Assets of $7m (2022: $7m; 2021: $6m) have been pledged as security.
(3) The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation was nil (2022: 4.96%; 2021: 4.52%).
(4) Comparative periods have been retrospectively restated. Refer to note 1.3.
(5) Additions which previously included disclosure for sustaining and non-sustaining capital expenditure, are now reflected as total additions.
(6) Derecognition of assets were previously included in the transfers and other movements line.
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Group Notes to the financial statements
For the year ended 31 December 2023
12 TANGIBLE ASSETS CONTINUED
Net impairment, derecognition of assets and profit (loss) on disposal:
US dollar millions
Tangible Assets
Right of Use
Assets
2023
Goodwill
Total
Group income statement
Impairment of assets
Reversal of impairment of assets
Derecognition of assets
Net profit (loss) on disposal of assets
Net impairment, derecognition of assets and profit (loss) on disposal
Group income statement
Impairment of assets (Restated (1) )
Derecognition of assets
Net profit (loss) on disposal of assets
Net impairment, derecognition of assets and profit (loss) on disposal
Group income statement
Impairment of assets
Derecognition of assets
Net profit (loss) on disposal of assets
Net impairment, derecognition of assets and profit (loss) on disposal
(1) Comparative periods have been retrospectively restated. Refer to note 1.3.
(220)
35
(36)
6
(215)
(290)
(3)
4
(289)
(2)
(4)
17
11
—
—
—
—
—
(230)
38
(35)
6
(221)
(8)
(315)
—
—
(4)
4
(8)
(315)
(10)
3
1
—
(6)
2022
(17)
(1)
—
(18)
2021
—
—
—
—
—
—
—
—
(2)
(4)
17
11
Impairment calculation assumptions – goodwill, tangible, right of use and intangible assets
The Group’s non-financial assets, other than inventories and deferred tax assets, are assessed for impairment or reversal of
impairment indicators at each reporting date or whenever events or changes in circumstances indicate that the carrying value may
not be recoverable.
Assumptions used for the impairment calculations:
• The gold price assumption used in the impairment calculations represents management’s best estimate of the expected real
short-term and long-term future price of gold based on consensus outlooks.
• The exchange rate assumption used in the impairment calculation of Sunrise Dam (refer to note 14) represents management’s
best estimate of the expected short-term and long-term exchange rates based on consensus outlooks.
Assumptions
Real gold price per oz
Exchange rate (A$/US$)
2023
2022
2023
2022
Year 1
Year 2
Year 3
Year 4
Year 5
Long-term
1,785
1,777
1,763
1,729
1,710
1,731
0.68
0.71
0.72
0.70
0.70
0.70
0.70
0.70
0.71
0.71
0.71
0.71
1,995
1,998
1,785
1,694
1,666
1,666
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Group Notes to the financial statements
For the year ended 31 December 2023
12
TANGIBLE ASSETS CONTINUED
Annual life-of-mine plans take into account the following:
• Proven and Probable Mineral Reserve;
• Value beyond Proven and Probable Mineral Reserve (including exploration potential) determined using the gold price assumption
referred to above and applying an appropriate conversion factor to such values, where applicable;
• Foreign currency cash flows translated at estimated exchange rates, based on consensus outlooks, and then discounted using
appropriate discount rates for that currency;
• Cash flows used in impairment calculations are based on life-of-mine plans which range from 4 years to 26 years; and
• Variable operating cash flows are increased at local Consumer Price Index rates.
Córrego do Sítio (CdS)
CdS is owned and operated by AngloGold Ashanti Mineração (“AGA Mineração”) in Brazil. The CdS mine has been in operation since
1989 and consists of open pit and underground mines. Due to the challenging operating results, management assessed various
options related to the CdS mine cash generating unit (CGU), and finally took the decision to place CdS on care and maintenance in
August 2023. In 2022, an impairment loss of $151m ($189m gross of taxes) was recognised in respect of the CdS mine CGU.
During 2023, further impairment losses of $32m ($47m gross of taxes) was recognised on the remaining asset balances. The
impairment losses in 2022 and 2023 were recognised and included in the Americas segment.
Cuiabá
Cuiabá is owned and operated by AGA Mineração in Brazil. It has been in operation since 1834 and is an underground mine. The
property is currently in the production stage. In 2022, an impairment loss of $57m ($70m gross of taxes) was recognised in respect
of the Cuiabá mine CGU due to the temporary suspension of filtered tailings deposition on the Calcinados TSF and processing of
gold concentrate at the Queiroz metallurgical plant. During 2023, Cuiabá recognised further impairment losses of $45m ($53m
gross of taxes) largely due to the ongoing suspension of operating activities at the Queiroz metallurgical plant while additional
engineering and geotechnical work at the related Calcinados TSF was completed, and a decision not to restart operations during the
dry season (contrary to what was originally planned).
At 31 December 2023 Cuiabá mine CGU recognised an impairment reversal of $28m ($38m gross of taxes) related to the prior year
impairment. The current year impairment on the Queiroz metallurgical plant was not considered for reversal. The impairment
reversal was largely due to certainty in the processing of gold concentrate and improved operating results at the Cuiabá mine. The
recoverable amount of $438m was determined with reference to the CGUs fair value less costs to dispose derived from a
discounted cash flow model, using a discount rate of 8.2% (Dec 2022: 8.5%), compared to the CGUs carrying amount of $184m.
This is a level 3 fair value measurement. The impairment loss in 2022 and the net impairment reversal in 2023 were recognised and
included in the Americas segment.
Serra Grande
Mineração Serra Grande (Serra Grande) is wholly-owned by AngloGold Ashanti and is located in the northwest of Goiás State,
central Brazil. It has been in operation since 1986 and consists of three underground and two open pit mines. The property is
currently in the production stage. In 2022, an impairment loss of $48m ($56m gross of taxes) was recognised in respect of the
Serra Grande CGU largely due to a projection of lower grades and ounces and an increase in the interest rates which resulted in an
increased discount rate. The Serra Grande CGU recognised further impairment losses of $90m ($105m gross of taxes) during
December 2023 largely due to continued projections of lower grades and ounces. The recoverable amount of $39m was determined
with reference to the CGU’s fair value less costs to dispose derived from a discounted cash flow model, using a discount rate of 7%
(Dec 2022: 8.5%), compared to the CGU’s carrying amount of $129m. This is a level 3 fair value measurement. The impairment
losses in 2022 and 2023 were recognised and included in the Americas segment.
Gramalote
In September 2023, AngloGold Ashanti completed the sale of its entire 50% indirect interest in the Gramalote project to B2Gold
Corporation effective 5 October 2023. During 2023, Gramalote recognised an impairment loss of $25m ($25m gross of taxes) as
the recoverable amount of Gramalote, based on its fair value less costs to dispose, was lower than its carrying value. The
recoverable amount of $42m was determined with reference to the cash payments in the sale transaction, derived from a
discounted cash flow model, using a discount rate of 9.3%, compared to the carrying amount of $67m. This is a level 3 fair value
measurement. The impairment loss was recognised and included in the Projects segment.
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Group Notes to the financial statements
For the year ended 31 December 2023
12 TANGIBLE ASSETS CONTINUED
Impairment allocation
Cash Generating Unit
US dollar millions
Americas segment
CdS
Cuiabá
Serra Grande
Projects
Gramalote
Americas segment
CdS
Cuiabá
Serra Grande
Mine
Development
Cost
Mine
Infrastructure
Exploration
and
evaluation
costs
Mineral
Rights and
Dumps
Assets
under
construction
Land and
buildings
Total
Tangible
Asset
Impairment
Goodwill
Right of use
assets
Total
Impairment
30
(27)
47
—
50
58
34
22
114
9
17
39
—
65
98
30
24
152
—
—
—
1
1
—
—
—
—
—
—
—
—
—
16
—
—
16
2023
5
29
7
15
56
2022
—
—
—
—
1
(1)
4
9
13
6
1
1
8
45
18
97
25
185
178
65
47
290
—
—
—
—
—
—
—
8
8
2
(3)
8
—
7
11
5
1
17
47
15
105
25
192
189
70
56
315
Sensitivity analysis - impairment of assets
The assumptions that have the most influence on the impairment assessments and the life-of-mine plans which form the basis of
the assessment is the expected gold commodity price and discount rate.
Management determined a reasonably possible change of 6.9% in the gold price assumptions based on the standard deviation of
both AngloGold Ashanti's gold price assumption over the past five years and market analysts' forecasted long-term assumptions. A
6.9% movement in the gold price (with all other variables held constant) would have resulted in the following increase (decrease) in
recoverable amount of the CGU as at 31 December 2023:
US dollar millions
6.9% increase
Serra Grande
Cuiabá
6.9% decrease
Serra Grande (decrease limited to carrying value)
Cuiabá
2023
39
158
(39)
(189)
Management determined a reasonable possible change of 100 basis points, based on the Group’s weighted average cost of capital
rate over the past five financial years. A 100 basis point movement in the discount rate (with all other variables held constant) would
have resulted in the following (decrease) increase in recoverable amount of the CGU as at 31 December 2023:
US dollar millions
100 basis point increase
Serra Grande
Cuiabá
100 basis point decrease
Serra Grande
Cuiabá
191
2023
(1)
(36)
1
41
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AngloGold Ashanti plc
Group Notes to the financial statements
For the year ended 31 December 2023
12 TANGIBLE ASSETS CONTINUED
Significant accounting judgements and estimates
Amortisation
The majority of mining assets are amortised using the units-of-production method (on an ounces basis) where the mine operating
plan calls for production from a well-defined Proven and Probable Mineral Reserve.
For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the
estimated mine life based on Proven and Probable Mineral Reserve as the useful lives of these assets are considered to be limited
to the life of the relevant mine as follows:
• plant and machinery up to life-of-mine;
• equipment and motor vehicles up to five years; and
• computer equipment up to three years.
Assets are amortised to residual values. Residual values and useful lives are reviewed, and adjusted if appropriate, at the
beginning of each financial year.
The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future
is different from current forecast production based on Proven and Probable Mineral Reserve. This would generally arise from the
following factors:
• changes in Proven and Probable Mineral Reserve;
•
the grade of Mineral Reserve may vary significantly from time to time;
• differences between actual commodity prices and commodity price assumptions;
• unforeseen operational issues at mine sites; and
• changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates.
Changes in Proven and Probable Mineral Reserve could similarly impact the useful lives of assets amortised on the straight-line
method, where those lives are limited to the life of the mine.
Stripping costs
The Group has a number of surface mining operations that are in the production phase for which production stripping costs are
incurred. The benefits that accrue to the Group as a result of incurring production stripping costs include (a) ore that can be used
to produce inventory and (b) improved access to a component of the ore body that will be mined in future periods.
Components of the various ore bodies at the operations of the Group are determined based on the geological areas identified for
each of the ore bodies and are reflected in the Mineral Reserve reporting of the Group. In determining whether any production
stripping costs should be capitalised as a stripping activity asset, the Group uses the average stripping ratio measure as an
indicator of the quantum of production stripping costs that should be capitalised. Once determined that any portion of the
production stripping costs should be capitalised, the Group determines the amount of the production stripping costs that should
be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be
deferred.
The average mine cost per tonne of the component is calculated as the total expected costs to be incurred to mine the relevant
component of the ore body, divided by the number of tonnes expected to be mined from the component. The average mine cost
per tonne of the component to which the stripping activity asset relates are recalculated annually in the light of additional
knowledge and changes in estimates.
Development expenditure
Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by
management in determining when a project has reached a stage at which economically recoverable reserves exist such that
development may be sanctioned. In exercising this judgement, management is required to make certain estimates and
assumptions that may change as new information becomes available. If, after having started the development activity, a
judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement.
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Group Notes to the financial statements
For the year ended 31 December 2023
Impairment
If there are impairment indicators, estimates are prepared of expected future cash flows for each group of assets. Expected future
cash flows used in impairment calculations, which are based on life-of-mine-- plans, are inherently uncertain and could materially
change over time and impact the recoverable amount. Life-of-mine plans range from 4 years to 26 years. The cash flows are
significantly affected by a number of factors including published Mineral Reserve, Mineral Resource, exploration potential and
production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency
exchange rates, estimates of costs to produce Mineral Reserve and future capital expenditure. The discount rate used is the
weighted average cost of capital (WACC), which is derived from a pricing model. In determining the WACC for each cash
generating unit, sovereign and mining risk factors are considered to determine country specific risks. The estimated future cash
flows and discount rates are post-tax.
Production start date
The Group assesses the stage of each mine construction project to determine when a project moves into the production stage.
The criteria used to assess the start date are determined by the unique nature of each mine construction project and include
factors such as the complexity of a plant and its location. The Group considers various relevant criteria to assess when the
construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria
used in the assessment would include, but are not limited to the following:
•
the level of capital expenditure compared to the construction cost estimates;
• completion of a reasonable period of testing of the constructed asset;
• adequacy of stope face;
• ability to produce metals in saleable form (within specifications); and
• ability to sustain ongoing production of metal.
When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases
and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or
improvements, underground mine development, deferred stripping activities, or ore reserve development.
Mineral Reserve estimates
The Group reports its Mineral Resource and Mineral Reserve in accordance with Subpart 1300 of Regulation S-K (17 CFR
§ 229.1300) (“Regulation S-K 1300”). A Mineral Reserve estimate is an estimate of tonnage and grade or quality of Indicated and
Measured Mineral Resource that can be the basis of an economically viable project. More specifically, it is the economically
mineable part of a Measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may
occur when the material is mined or extracted. In order to estimate the Mineral Reserve, estimates and assumptions are required
about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates,
production costs, transport costs, commodity demand, commodity prices and exchange rates.
Estimating the quantity and/or grade of the Mineral Reserve requires the size, shape and depth of ore bodies to be determined by
analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult
geological judgements and calculations to interpret the data.
With the change in the economic assumptions used to estimate the Mineral Reserve from period to period, and because additional
geological data is generated during the course of operations, estimates of the Mineral Reserve may change from period to period.
Changes in the reported Mineral Reserve may affect the Group’s financial results and financial position in a number of ways,
including the following:
• asset carrying values may be affected due to changes in estimated future cash flows;
• depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by
the units-of-production method, or where the useful economic lives of assets change;
• overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged
in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation;
• decommissioning site restoration and environmental provisions may change where changes in the estimated Mineral Reserve
affect expectations about the timing or cost of these activities; and
•
the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits.
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Group Notes to the financial statements
For the year ended 31 December 2023
12
TANGIBLE ASSETS CONTINUED
Accounting policies
Tangible assets are recorded at cost less accumulated amortisation, accumulated impairments and reversal of impairments. Cost
includes the present value of related future decommissioning costs.
Interest on borrowings relating to the financing of major capital projects under construction is capitalised during the construction
phase as part of the cost of the project. Such borrowing costs are capitalised over the period during which the asset is being acquired
or constructed and borrowings have been incurred. Capitalisation ceases when construction is interrupted for an extended period or
when the asset is substantially complete. Other borrowing costs are expensed as incurred.
For assets amortised on the units-of-production method, amortisation is calculated to allocate the cost of each asset to its residual
value over its estimated useful life. For assets not amortised on the units-of-production method, amortisation is calculated on a
straight line basis over its expected useful life.
Mine development costs
Capitalised mine development costs include expenditure incurred to develop new ore bodies, to define further mineralisation in
existing ore bodies and, to expand the capacity of a mine. Mine development costs include acquired Proven and Probable Mineral
Reserve at cost at the acquisition date. These costs are amortised from the date on which the assets are ready for use as intended by
management.
Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on
estimated Proven and Probable Mineral Reserve. The Proven and Probable Mineral Reserve reflects estimated quantities of Mineral
Reserve which can be recovered economically in the future from known mineral deposits.
Capitalised mine development costs also include stripping activity assets relating to production stripping activities incurred in the
production phase of open-pit operations of the Group. Stripping activity assets are amortised on a units-of-production method based
on the Mineral Reserve of the component of the orebody to which these assets relate. Amortisation of stripping activity assets is
included in cost of sales.
Mine infrastructure
Mine plant facilities, including decommissioning assets, are amortised using the lesser of their useful life or units-of-production
method based on estimated Proven and Probable Mineral Reserve.
Land and assets under construction
Land and assets under construction are not depreciated and are measured at historical cost less impairments.
Mineral rights and dumps
Mineral rights are amortised using the units-of-production method based on the estimated Proven and Probable Mineral Reserve.
Dumps are amortised over the period of treatment.
Exploration and evaluation assets
All pre-licence and exploration costs, including geological and geographical costs, labour, Mineral Resource and exploratory drilling
cost, are expensed as incurred, until it is concluded that a future economic benefit will more likely than not be realised. In evaluating if
expenditures meet this criterion to be capitalised, several different sources of information are used depending on the level of
exploration. While the criterion for concluding that expenditure should be capitalised is always probable, the information used to make
that determination depends on the level of exploration:
• Costs on greenfield sites, being those where the Group does not have any mineral deposits which are already being mined or
developed under the planned method of extraction, are expensed as incurred until the Group is able to demonstrate that future
economic benefits are probable, which generally will be the establishment of Proven and Probable Mineral Reserve at this location;
• Costs on brownfield sites, being those adjacent to mineral deposits which are already being mined or developed under the planned
method of extraction, are expensed as incurred until the Group is able to demonstrate that future economic benefits are probable,
which generally will be the establishment of increased inclusive Proven and Probable Mineral Resource after which the expenditure
is capitalised as mine development cost; and
• Costs relating to extensions of mineral deposits, which are already being mined or developed, including expenditure on the
definition of mineralisation of such mineral deposits, are capitalised as mine development cost.
Costs relating to property acquisitions are capitalised within mine development costs.
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Group Notes to the financial statements
For the year ended 31 December 2023
12 TANGIBLE ASSETS CONTINUED
Impairment of non-financial assets
The Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date or whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether there is any
indication of impairment. An impairment test is performed annually on all goodwill, intangible assets not yet in use and intangible
assets with indefinite useful lives irrespective of whether any impairment indicators have been identified.
For non-financial assets or cash generating units (CGUs), in circumstances in which indicators of impairment are identified, a formal
impairment test is required to be carried out. The impairment test compares the assets or CGUs carrying amount with its recoverable
amount. The recoverable amount is the higher of the amounts calculated under the fair value less cost of disposal and value in use
approaches.
The future cash flows are adjusted for risks specific to the asset and is adjusted where applicable to consider any specific risks
relating to the country where the asset or cash-generating unit is located. Future cash flows are discounted to their present value
using a discount rate that reflects current market assessments of the time value of money.
A CGU is the smallest identifiable Group of assets that generates cash inflows that are largely independent of the cash inflows from
other assets or groups of assets. The composition and nature of the Group’s CGUs vary and is determined largely by identifying the
smallest identifiable group of assets that generates independent cash inflows and factors specific to the Group’s mining operations.
The Group’s CGUs are generally at the individual mine level, with some operating mines consisting of a combination of shafts and/or
pits.
Exploration assets are tested for impairment whenever facts and circumstances indicate that the carrying amount is not recoverable.
Assets will be allocated to CGUs or groups of CGUs based on how the entity manages its operations i.e., by mineral within a specific
geographic area. An impairment loss is recognised for the amount by which the assets or CGUs carrying amount exceeds their
recoverable amount.
At the reporting date the Group assesses whether any of the indicators which gave rise to previously recognised impairments have
changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original
factors for reversal and if indicated, such reversal is recognised.
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Group Notes to the financial statements
For the year ended 31 December 2023
13 RIGHT OF USE ASSETS AND LEASE LIABILITIES
RIGHT OF USE ASSETS
US dollar millions
Cost
Balance at 1 January 2021
Additions
Derecognition and other movements (1)
Translation
Balance at 31 December 2021
Accumulated amortisation and impairments
Balance at 1 January 2021
Amortisation for the year
Impairment
Derecognition and other movements (1)
Translation
Balance at 31 December 2021
Net book value at 31 December 2021
Cost
Balance at 1 January 2022
Additions
Derecognition and other movements (1)
Translation
Balance at 31 December 2022
Accumulated amortisation and impairments
Balance at 1 January 2022
Amortisation for the year
Derecognition and other movements (1)
Impairment
Translation
Balance at 31 December 2022
Net book value at 31 December 2022
Cost
Balance at 1 January 2023
Additions
Derecognition and other movements (1)
Translation
Balance at 31 December 2023
Accumulated amortisation and impairments
Balance at 1 January 2023
Amortisation for the year
Derecognition and other movements (1)
Impairment (2)
Impairment reversal (2)
Balance at 31 December 2023
Net book value at 31 December 2023
Mine
infrastructure
Land and
buildings
Total
233
95
(22)
(9)
297
100
61
—
(22)
(4)
135
162
297
90
(34)
(8)
345
135
78
(29)
17
(4)
197
148
345
77
(48)
(1)
373
197
77
(38)
10
(3)
243
130
24
7
(15)
—
16
15
2
1
(15)
—
3
13
16
1
—
(2)
15
3
3
—
—
1
7
8
15
6
—
1
22
7
3
—
—
—
10
12
257
102
(37)
(9)
313
115
63
1
(37)
(4)
138
175
313
91
(34)
(10)
360
138
81
(29)
17
(3)
204
156
360
83
(48)
—
395
204
80
(38)
10
(3)
253
142
(1) Derecognition and other movements include amounts relating to modifications and terminations of leased assets.
(2) The Group recognised a net impairment loss of $192m (gross of taxation) during December 2023, of which a net $7m related to right of use assets. Refer
to note 12.
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Group Notes to the financial statements
For the year ended 31 December 2023
13 RIGHT OF USE ASSETS AND LEASE LIABILITIES CONTINUED
LEASE EXPENSES
US dollar millions
Amounts recognised in the statement of cash flows including expenses on
short-term leases, variable lease payments and leases on low value assets
Total cash outflow on leases including expenses on short-term leases, variable
lease payments and leases on low value assets
Amounts recognised in the income statement for lease payments not included
in lease liabilities
Expenses on short-term leases
Expenses on variable lease payments (1)
Expenses on leases of low value assets
2023
2022
2021
939
875
455
32
800
2
19
749
15
48
302
33
(1) The variable lease payments consist mainly of mining and drilling contracts and constitutes 85% (2022: 86%; 2021: 66%) of total lease payments made
during the period. The variable nature of these contracts is to allow equal sharing of pain and gain between the Group and its contractors. These
payments are predominantly driven by performance measures on a per tonne or a per meter basis. The future cash flows to which the Group is potentially
exposed to are not disclosed as their variability does not permit reliable forecasts.
LEASE LIABILITIES
US dollar millions
Reconciliation of lease liabilities (1)
A reconciliation of the lease liabilities included in the statement of financial
position is set out in the following table:
Opening balance
Lease liabilities recognised
Repayment of lease liabilities
Finance costs paid on lease liabilities
Interest charged to the income statement
Modifications and terminations
Translation
Closing balance
Lease liabilities (2)
Non-current
Current
Total
2023
2022
2021
186
83
(94)
(11)
12
(7)
2
171
98
73
171
185
90
(82)
(10)
11
(7)
(1)
186
115
71
186
153
103
(63)
(9)
9
—
(8)
185
124
61
185
(1) The Group leases a number of assets as part of its activities. These primarily include gas pipelines, ore haulage and site services, mining equipment and
property. All lease contracts contain market review clauses in the event that the Group exercises its option to renew. A maturity analysis of lease liabilities
is provided in note 31.
(2) In 2022, $13m was reclassified from current to non-current lease liabilities.
Significant accounting judgements and estimates
Various factors are considered in assessing whether an arrangement contains a lease, including whether a service contract
includes the implicit right to substantially all the economic benefits from assets used in providing the service and whether the
Group directs how and for what purpose the assets are used.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise
an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only
included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a
significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of
the lessee. The Company applies the considerations for short-term leases where leases are modified to extend the period by
12 months or less on expiry and these modifications are assessed on a standalone-basis.
In determining the incremental borrowing rates, management considers the term of the lease, the nature of the asset being
leased, in country borrowings as well as other sources of finance.
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Group Notes to the financial statements
For the year ended 31 December 2023
13 RIGHT OF USE ASSETS AND LEASE LIABILITIES CONTINUED
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of a contract. The Group recognises a right of use
asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less with no purchase option) and leases of low value assets,
where the recognition exemption is applied. For these leases, the Group recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time
pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present
value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If
this rate cannot be readily determined, the Group uses its incremental borrowing rate. The incremental borrowing rate is the
rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset
in a similar economic environment with similar terms, security and conditions. The Group applies a single discount rate for
contracts that share similar characteristics. The Group has determined that contracts that are denominated in the same
currency will use a single discount rate. Contracts may contain both lease and non-lease components. The Group allocates the
consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.
Lease payments included in the measurement of the lease liability comprise:
•
fixed lease payments (including in-substance fixed payments), less any lease incentives;
• variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement
date;
• amount expected to be payable by the lessee under residual value guarantees;
•
the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
• payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the
effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever:
•
•
the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease
liability is remeasured by discounting the revised lease payments using a revised discount rate;
the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual
value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount
rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is
used); or
• a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease
liability is remeasured by discounting the revised lease payments using a revised discount rate.
The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before
the commencement day, any initial direct costs and restoration costs as described below. They are subsequently measured at
cost less accumulated depreciation and impairment losses.
The lease term is determined as the non-cancellable period of a lease, together with:
• periods covered by an option to extend the lease if the Group is reasonably certain to make use of that option; and / or
• periods covered by an option to terminate the lease, if the Group is reasonably certain not to make use of that option.
Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is
located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is
recognised and measured under IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’. The costs are included in the
related right of use asset, unless those costs are incurred to produce inventories.
Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the right of use asset reflects that the Group expects to exercise a
purchase option, the related right of use asset is depreciated over the useful life of the underlying asset. The depreciation starts
at the commencement date of the lease.
The Group applies IAS 36 ‘Impairment of Assets’ to determine whether a right of use asset is impaired and accounts for any
identified impairment loss accordingly.
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Group Notes to the financial statements
For the year ended 31 December 2023
14 INTANGIBLE ASSETS
US dollar millions
Cost
Balance at 1 January 2021
Additions
Transfers and other movements (1)
Translation
Balance at 31 December 2021
Accumulated amortisation and impairments
Balance at 1 January 2021
Amortisation for the year
Transfers and other movements (1)
Translation
Balance at 31 December 2021
Net book value at 31 December 2021
Cost
Balance at 1 January 2022
Additions
Translation
Balance at 31 December 2022
Accumulated amortisation and impairments
Balance at 1 January 2022
Amortisation for the year
Impairment of goodwill
Translation
Balance at 31 December 2022
Net book value at 31 December 2022
Cost
Balance at 1 January 2023 (2)
Additions
Transfers and other movements (1)
Translation
Balance at 31 December 2023
Accumulated amortisation and impairments
Balance at 1 January 2023 (2)
Amortisation for the year
Translation
Balance at 31 December 2023
Net book value as 31 December 2023
Goodwill
Other
Total
126
—
—
(7)
119
—
—
—
—
—
119
119
—
(6)
113
—
—
8
—
8
105
105
—
—
—
105
—
—
—
—
105
96
1
(1)
(1)
95
91
3
(1)
(1)
92
3
95
1
(1)
95
92
1
—
1
94
1
95
1
1
(2)
95
94
1
(2)
93
2
222
1
(1)
(8)
214
91
3
(1)
(1)
92
122
214
1
(7)
208
92
1
8
1
102
106
200
1
1
(2)
200
94
1
(2)
93
107
(1) Transfers and other movements include amounts from asset reclassifications and amounts written off.
(2) The goodwill opening balances for cost and accumulated amortisation and impairments have been netted off to reflect the appropriate remaining goodwill
balance.
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Group Notes to the financial statements
For the year ended 31 December 2023
14 INTANGIBLE ASSETS CONTINUED
Impairment calculation assumptions for goodwill
2023
Based on an analysis carried out by the Group in 2023, the carrying value and fair value less costs to dispose of the CGU that
includes significant goodwill is:
US dollar millions
Sunrise Dam
2023
Carrying value
Fair value less
costs to dispose
228
263
As at 31 December 2023, the recoverable amount of Sunrise Dam exceeded its carrying amount by $35m. Sunrise Dam had
$105m goodwill at 31 December 2023. The approved life-of-mine of Sunrise Dam is planned until 2028, however, for impairment
testing purposes resources not included in the current approved life-of-mine plan where management has high confidence in the
orebody and economical recovery of gold, based on historic and similar geological experience, were included in the discounted
cash flow model. The attributable resource value ounces have been included in the discounted cash flow model applied based
on historical conversion factors in converting resources to reserves. The fair value less costs to dispose is derived from a
discounted cash flow model using a real discount rate of 5%. This is a level 3 fair value measurement.
It is estimated that a decrease of the gold price assumptions by 2.3%, or an increase in the discount rate of 5.1% to 10.1%, or an
increase of 2.4% in the A$/US$ exchange rate, would cause the recoverable amount of this CGU to equal its carrying amount.
The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other
assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of
changes on the other variables used to measure the recoverable amount because these assumptions and others used in
impairment testing of goodwill are inextricably linked.
2022
Based on an analysis carried out by the Group in 2022, the carrying value and value in use of the CGU that includes significant
goodwill is:
US dollar millions
Sunrise Dam
2022
Carrying value
Value in use
230
293
As at 31 December 2022, the recoverable amount of Sunrise Dam exceeded its carrying amount by $63m. Sunrise Dam had
$105m goodwill at 31 December 2022. The approved life-of-mine of Sunrise Dam is planned until 2028. The value in use is
derived from a discounted cash flow model using a real discount rate of 4.6%.
It is estimated that a decrease of the long-term real gold price of $1,731/oz by 4.5%, or an increase in the discount rate of 4.6%
to 13.9%, would cause the recoverable amount of this CGU to equal its carrying amount. The sensitivity analysis has been
provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in
each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to
measure the recoverable amount because these assumptions and others used in impairment testing of goodwill are inextricably
linked.
Significant accounting judgements and estimates
For significant accounting judgements and estimates relating to impairments see Note 12.
Accounting policies
Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over
the fair value of the attributable Mineral Resource including value beyond Proven and Probable Mineral Reserve, exploration
properties and net assets is recognised as goodwill.
Goodwill is not amortised, is tested annually for impairment or whenever events or changes in circumstances indicate that the
carrying amount may not be recoverable and carried at cost less accumulated impairment losses. Gains and losses on the
disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating
units for the purpose of impairment testing.
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Group Notes to the financial statements
For the year ended 31 December 2023
15 PRINCIPAL OPERATING SUBSIDIARIES AND JOINT OPERATIONS
AngloGold Ashanti plc is the ultimate parent of the Group. Its wholly-owned subsidiary, AngloGold Ashanti Holdings plc, a company
incorporated in the Isle of Man, primarily holds all of the Group’s interests in companies incorporated outside of South Africa. The
following table presents each of the Group’s principal operating subsidiaries and joint operations (including direct and indirect
holdings), the percentage of shares of each subsidiary and joint operation owned and the country of incorporation at 31 December
2023. There are no significant restrictions on the ability of the Group’s subsidiaries or joint operations to transfer funds to
AngloGold Ashanti plc in the form of cash dividends or repayment of loans or advances. Refer to note 33 for a complete list of
related undertakings.
For the year ended 31 December
Country of incorporation
Holding
2023
2022
2021
Percentage held
Principal operating subsidiaries
AngloGold Ashanti Australia Limited (1)
AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti
Limited)
AngloGold Ashanti Holdings plc
AngloGold Ashanti USA Incorporated
United States of America
AngloGold Ashanti Córrego do Sítio Mineração S.A.
AngloGold Ashanti (Ghana) Limited (2)
AngloGold Ashanti (Iduapriem) Limited
Cerro Vanguardia S.A.
Geita Gold Mining Limited
Mineração Serra Grande S.A.
Brazil
Ghana
Ghana
Argentina
Tanzania
Brazil
Société AngloGold Ashanti de Guinée S.A.
Republic of Guinea
Unincorporated joint operation
Australia
Indirect
100
100
100
South Africa
Isle of Man
Direct
Direct
Indirect
Indirect
Indirect
Indirect
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Indirect
92.50 92.50
92.50
Indirect
Indirect
Indirect
100
100
85
100
100
85
100
100
85
Tropicana joint operation
Australia
Indirect
70
70
70
(1) Owner of the Sunrise Dam operation and the Tropicana joint operation in Australia.
(2) Operates the Obuasi mine in Ghana.
Non-controlling interests
The Group has subsidiaries with non-controlling interests, however none of them were material to the statement of financial
position.
Accounting policies
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (the ‘functional currency’). The functional currency of the parent company is
United States Dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from
the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in profit or loss.
The results and financial position of all Group entities (none of which has the currency of a hyperinflationary economy) that have a
functional currency different from the presentation currency are translated into the presentation currency using closing rates of
exchange at the reporting date for assets and liabilities, average rates of exchange for the year for income and expense items and
historical rates of exchange for equity items. All resulting exchange differences are recognised in other comprehensive income
and presented as a separate component of equity (foreign currency translation reserve, or FCTR).
Exchange differences arising from the translation of the net investment in foreign operations are accounted for as other
comprehensive income on consolidation. On realisation of net investments in foreign operations, the resulting FCTR is recycled to
the income statement. On disposal of non-foreign operations, where the parent’s functional currency, is the same as the
subsidiary’s, associate’s, joint venture’s or branch’s functional currency, no reclassification of FCTR is required.
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Group Notes to the financial statements
For the year ended 31 December 2023
16 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
US dollar millions
Carrying value
Investments in associates
Investments in joint ventures (1) (2)
2023
2022
Restated (3)
2021
Restated (3)
38
561
599
37
1,054
1,091
45
1,598
1,643
(1) During 2023, Kibali (Jersey) Limited (Kibali) declared a dividend in specie through the distribution of a loan receivable to its shareholders. The investment in
joint ventures was reduced in 2023, due to the non-cash dividend distributed as a short-term joint venture loan receivable of $148m and a long-term joint
venture loan receivable of $358m, based on the Kibali Goldmines S.A. future estimated cash flows. The loan bears semi-annual interest at 7.875% per annum
and is repayable on demand.
(2) Cash dividends received from joint ventures of $180m (2022: $694m; 2021: $231m).
(3) Comparative periods have been retrospectively restated. Refer to note 1.3.
Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be
material.
Summarised financial information of immaterial associates is as follows:
US dollar millions
Aggregate statement of profit or loss for associates (attributable)
Revenue
Operating expenses
Taxation
Profit for the year (1)
Total comprehensive income for the year, net of tax
(1) Includes share of non-controlling interest.
(2) Comparative periods have been retrospectively restated. Refer to note 1.3.
Investments in material joint ventures comprise:
2023
2022
Restated (2)
2021
Restated (2)
39
(18)
(5)
16
16
31
(16)
(3)
12
12
36
(13)
(2)
21
21
Name
Effective %
2023
2022
2021
Description
Country of incorporation
and operation
Kibali Goldmines S.A.(1)
45.0
45.0
45.0
Exploration and mine
development
The Democratic Republic of
the Congo
(1) AngloGold Ashanti plc has a 50% interest in Kibali which holds its effective 45% interest in Kibali Goldmines S.A.
US dollar millions
Carrying value of joint ventures
Kibali
2023
2022
Restated (1)
2021
Restated (1)
561
1,054
1,598
Impairment of investment in joint venture
Société d’Exploitation des Mines d’Or de Yatela
(1)
(1)
The cumulative unrecognised share of losses of the joint ventures:
Société d’Exploitation des Mines d’Or de Yatela
2
2
(1) Comparative periods have been retrospectively restated. Refer to note 1.3.
—
2
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Group Notes to the financial statements
For the year ended 31 December 2023
16 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES CONTINUED
Summarised financial information of the Kibali joint venture is as follows (not attributable) (1):
US dollar millions
2023
2022
Restated (4)
2021
Restated (4)
Statement of profit or loss
Revenue
Other operating costs and expenses
Amortisation of tangible and intangible assets
Finance costs, unwinding of obligations and cash repatriation fee
Interest received
Share of profits of equity accounted joint venture
Taxation
Profit for the year
Total comprehensive income for the year, net of tax
Dividends received from joint venture (attributable)
Statement of financial position
Non-current assets
Current assets
Cash and cash equivalents (2)
Total assets
Non-current financial liabilities
Other non-current liabilities
Current financial liabilities
Other current liabilities
Total liabilities
Net assets
Group's share of net assets
Other (3)
Carrying amount of interest in joint venture
1,488
(682)
(214)
(19)
4
1
1,329
(588)
(208)
(50)
5
—
(185)
(156)
393
393
180
2,485
215
123
2,823
770
409
308
144
1,631
332
332
694
2,420
201
92
2,713
51
320
56
105
532
1,192
596
(35)
561
2,181
1,091
(37)
1,054
1,470
(551)
(244)
(6)
6
—
(181)
494
494
231
2,361
162
1,115
3,638
44
226
14
107
391
3,247
1,624
(26)
1,598
(1) At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the
Congo, received fifteen claims from the Direction Générale des Douanes et Accises (“Customs Authority”) concerning customs duties. The Customs
Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In
addition, they claimed that the exemption available to Kibali Goldmines S.A., which was granted in relation to the original mining lease, no longer applied.
Finally, the Customs Authority claimed that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including
substantial penalties and interest, totalled $339m (AngloGold Ashanti attributable share: $153m). The Company has examined the Customs Authority
claims and, except for certain immaterial items for which a provision has already been made, concluded that they were without merit, as they sought to
challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, were in line with
ministerial instruction letters. The Company engaged in discussions with the Customs Authority and Ministry of Finance to resolve the customs claims. As a
result of these discussions, all of the customs claims have now been resolved with the exception of one immaterial claim for which a provision has already
been made.
(2) Kibali cash and cash equivalents are subject to various steps before they can be distributed to joint venture shareholders. Cash balances were reduced in
2022 due to repatriations in the form of dividends and repayment of shareholder loans.
(3)
Includes amounts relating to additional costs and contributions at acquisition as well as non-controlling interests related to SOKIMO.
(4) Comparative periods have been retrospectively restated. Refer to note 1.3.
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AngloGold Ashanti plc
Group Notes to the financial statements
For the year ended 31 December 2023
16 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES CONTINUED
Accounting policies
A joint venture is an entity in which the Group holds a long-term interest and which the Group and one or more other ventures jointly
control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities
requiring unanimous consent of the parties sharing control. In a joint venture the Group has rights to the net assets of the
arrangement, rather than rights to its assets and obligations for its liabilities. An associate is an investment over which the Group
exercises significant influence, but not control or joint control, over the financial and operating policies and normally owns between
20% and 50% of the voting equity.
Joint ventures and Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Any losses
of equity-accounted investments are accounted for in the consolidated financial statements until the investment in such investments
is written down to zero. Thereafter, losses are accounted for only insofar as the Group is committed to providing financial support to
such investees.
The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding
on loans advanced if the loan forms part of the net investment in the investee, any impairment / impairment reversals recognised, the
share of post-acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted
investments is reviewed when indicators arise and if any impairment / impairment reversal has occurred; it is recognised in the period
in which the impairment arose. If necessary, impairment and impairment reversals on loans and equity are reported under share of
joint ventures and associates profit and loss.
In the statement of cash flows, dividends received from joint ventures are included in operating activities as the Group has joint control
over the strategic, financial and operating policy decisions. Dividends received from associates are included in investing activities as
the Group only exercises significant influence over the financial and operating policies.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
17 INVENTORIES
Raw materials
- ore stockpiles
- heap-leach inventory
Work in progress
- metals in process
- gold concentrate in process
Finished goods
- gold doré/bullion
- by-products
- gold concentrate
Total metal inventories
Mine operating supplies
2023
2022
2021
238
14
51
1
64
—
5
373
456
829
225
10
66
—
51
2
—
354
419
773
217
6
49
—
29
1
—
302
401
703
(1) The amount of the write-down of ore stockpiles, heap-leach inventory, work in process, finished goods and mine operating supplies to net realisable value,
and recognised as an expense in cost of sales is $6m (2022: $12m; 2021: $13m).
Significant accounting judgements and estimates
Stockpiles and metals in process
Costs that are incurred in or benefit the production process are accumulated in stockpiles and metals in process values. Net
realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on
prevailing and long-term metals prices, less estimated costs to complete production and bring the product to sale.
Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed
from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the
expected processing method. Stockpile ore tonnages are verified by periodic surveys.
Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually
recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As
a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results
over time.
Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-
downs to net realisable value are accounted for on a prospective basis.
Accounting policies
Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and obsolete items.
Cost is determined on the following bases:
• metals in process are valued at the average total production cost at the relevant stage of production;
• gold doré/bullion is valued on an average total production cost method;
• ore stockpiles are valued at the average moving cost of mining and stockpiling the ore. Stockpiles are classified as a non-current
asset where the stockpile exceeds current processing capacity;
• by-products, which include silver and sulphuric acid, are valued using an average total production cost method;
• mine operating supplies are valued at average cost; and
• heap leach pad materials are measured on an average total production cost basis.
A portion of the related depreciation, depletion and amortisation charge is included in the cost of inventory. Inventory write downs are
included in cost of sales.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
18 TRADE, OTHER RECEIVABLES AND OTHER ASSETS
Non-current
Deferred compensation assets (financial assets)
Prepayments
Recoverable tax, rebates, levies and duties (1)
Current
Trade receivables (financial assets)
Deferred compensation asset (financial assets)
Prepayments
Recoverable tax, rebates, levies and duties (1)
Other receivables (financial assets)
Total trade, other receivables and other assets
There is a concentration of risk in respect of amounts due from Revenue Authorities
for recoverable tax, rebates, levies and duties from subsidiaries in the Africa Region
segment. These values are summarised as follows:
Recoverable value added tax
Appeal deposits
(1) Includes taxation asset, refer to note 27.
(2) Comparative periods have been retrospectively restated. Refer to note 1.3.
2023
2022
2021
Restated (2)
42
14
198
254
25
6
41
119
8
199
453
229
51
12
19
200
231
20
—
58
148
11
237
468
231
43
25
14
198
237
50
—
41
152
14
257
494
209
43
Geita Gold Mine
Geita Gold Mining Limited (GGM) in Tanzania net indirect tax receivables balance was $153m (2022: $153m; 2021: $139m).
Claims relating to periods from July 2022 totalling $73m were offset against provisional tax payments in 2023. Offset against
provisional corporate tax payments amounted to $45m in 2022 and $54m in 2021, respectively. Amounts offset against VAT
claims have been certified by an external advisor and verified by the Tanzania Revenue Authority (TRA). The remaining disputed
balance relating to the period July 2017 to June 2020 was objected to as GGM believe that the claims have been correctly lodged
pursuant to Tanzanian law.
An amendment, effective 20 July 2017, to Tanzania's mining legislation included an amendment to the Value Added Tax Act, 2014
(No. 5) (2015 VAT Act) to the effect that no input tax credit can be claimed for the exportation of “raw minerals”. The Written
Laws (Miscellaneous Amendments) (No. 2) Act, 2019, issued during 2019, provides a definition for "raw minerals". However, GGM
has received notices from the TRA that they are not eligible for VAT relief from July 2017 onwards on the basis that all production
constitutes “raw minerals” for this purpose.
The basis for dispute of the disqualifications is on the interpretation of the legislation. Management's view is the definition of
"raw minerals" provided in the Written Laws (Miscellaneous Amendments) (No. 2) Act. 2019 excludes gold doré. Gold bearing ore
is mined from the open pit and underground mining operations, where it is further crushed and milled to maximise the gold
recovery process, producing gold doré exceeding 80% purity as well as beneficiated products (concentrate). On this basis the
mined doré and concentrate do not constitute “raw minerals” and accordingly the VAT claims are valid. Management have
obtained legal opinions that support management's view that doré does not constitute a “raw mineral”.
The Finance Act 2020 (No. 8) became effective on 1 July 2020. The Finance Act amended the VAT Act by deleting the
disqualification of VAT refunds due to the exportation of “raw minerals”. The deletion is intended to ensure the recovery of VAT
refunds from July 2020, although the amendment cannot be applied retrospectively, the change in the VAT Act, together with the
Written Laws (Miscellaneous Amendments) (No.2) Act 2019, confirms that doré bars are not “raw minerals” and that VAT refunds
from July 2017 onwards are due to GGM. On 30 January 2021, management received a proposal from the TRA to settle VAT
objections filed between 2017 and 2020, confirming the TRA's position to disqualify all VAT refunds requested by GGM for the
period from July 2017 to June 2020. Management is not in agreement with the proposal and are pursuing legal remedies provided
to taxpayers by Tanzanian law, as well as working with the TRA towards an agreement to resolve these matters.
The total VAT claims submitted from July 2017 to June 2020 amount to $144m (net of foreign exchange revaluations). All
disqualifications received from the TRA have been objected to by GGM in accordance with the provisions and time frames set out
in the Tax Administration Act, 2015 (No. 10). Claims of $81m (2022: $64m; 2021: $50m) were submitted to the TRA and the total
outstanding claims amount to $200m (after taking into account offsets and foreign exchange revaluations). The net indirect tax
receivable at 31 December 2023 of $153m, reflects a probability weighted scenario model of the discounting effects applied to
the timing of when GGM expects to offset its indirect tax claims against future income taxes of GGM.
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Group Notes to the financial statements
For the year ended 31 December 2023
18 TRADE, OTHER RECEIVABLES AND OTHER ASSETS CONTINUED
Cerro Vanguardia (CVSA)
On 4 September 2018, a decree was published by the Argentinean Government, which reintroduced export duties for products
exported from Argentina. The export duty rate was 12% on the freight on board (FOB) value of goods exported, including gold, paid
in country. The duty was limited so as not to exceed ARS $4 for each US dollar exported. On 14 December 2019, the Government
of Argentina announced that the cap of ARS $4 for each US dollar exported, would be replaced by a flat rate of 12% for 2020. On
2 October 2020, the Government of Argentina extended the export duties until 31 December 2021, at a rate of 8% for gold bullion.
On 31 December 2021, the Government of Argentina extended the export duties until 31 December 2023, at a rate of 8% for gold
bullion. The extension of the rate of 8% post 31 December 2023 is pending before Congress. In terms of the Stability Agreement
between CVSA and the Government of Argentina, CVSA has a right of refund or offset of these amounts paid since export duties
were zero percent at the time of the establishment of the Stability Agreement. The Stability Agreement also provides for the
refund of any amounts paid in excess of the tax rate (30%) that applied at the time the Stability Agreement was entered into.
Export duty refunds for the years 2018 to 2023 are outstanding as at 31 December 2023 and their fair value has been estimated
using a probability weighted scenario model considering various recovery time frames, estimated Argentinean peso to USD
exchange rates and discounting using a country risk adjusted rate. As a result of the taxation cap, net export duty receivables
amount to $4m (2022: $9m; 2021: $19m), and reflects the discounting effects applied to when CVSA expects refund of these
receivables.
Significant accounting judgements and estimates
Recoverable tax, rebates, levies and duties
In a number of countries, particularly in Tanzania and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain
outstanding for periods longer than those provided for in the respective statutes. The Group uses probability weighted discounting
models together with the expected timing of recovery of these refunds to estimate their fair values and related discounting effects
which are updated at each reporting period. Timing of the recoverability and the resultant probabilities is updated based on several
factors including ongoing correspondence and meetings with the relevant authorities and available income taxes for off-sets, if
applicable. Where the recovery of the indirect tax refunds is tied to off-set arrangements against income taxes, the modeled
scenarios incorporate judgements around the applicable mine’s business plan and availability of future income tax off-sets. The
Group consults tax and legal specialists to determine the current basis of applicable laws and regulations in the associated
jurisdictions which are highly complex and subject to interpretation. Future changes to such laws and regulations or the
interpretation thereof could have a material impact on the carrying value of these assets, results of operations and cash flows.
In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Tanzania, Brazil
and Argentina. If the outstanding input taxes are not received and these disputes are not resolved in a manner favourable to
AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets and AngloGold Ashanti’s results
of operations.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
19 CASH RESTRICTED FOR USE
Non-current
Cash restricted for environmental and rehabilitation obligations (1)
Current
Cash restricted by prudential solvency requirements (2)
Cash balances held by joint operations (3)
Total cash restricted for use (note 31)
34
23
11
34
68
33
18
9
27
60
32
18
8
26
58
(1) Reclamation bonds provided to the Environmental Protection Agency in Ghana for environmental and rehabilitation obligations.
(2) Cash held by the Group's captive insurance company to maintain the solvency capital requirement.
(3) Cash held by joint operations for use within those entities only.
Accounting policies
Cash restricted for use comprises cash and cash equivalents including amounts held in escrow, trust, separate bank accounts
and cash held by joint operations which are not available for general use by the Group. Cash restricted for use for more than
12 months after year end is classified as a non-current financial asset.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
20 CASH AND CASH EQUIVALENTS
Cash and cash equivalents (1)
Bank overdraft
Per the statement of cash flows
964
(9)
955
1,108
(2)
1,106
1,154
—
1,154
(1) Cash and cash equivalents include cash and deposits on call of $964m (2022: $870m; 2021: $712m) and money market instruments of nil (2022: $238m;
2021: $442m). Money market instruments were readily available for use by the Group.
Accounting policies
Cash and cash equivalents comprise cash on hand, deposits on call and other short-term highly liquid investments with a maturity
period of three months or less at date of purchase. Cash and cash equivalents are stated at carrying amount which fairly
approximates its fair value. For the purposes of the statement of cash flows, cash and cash equivalents is net of bank overdrafts as it
forms an integral part of the Group’s cash management.
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Group Notes to the financial statements
For the year ended 31 December 2023
Number of shares
21 SHARE CAPITAL AND PREMIUM
Issued and fully paid ordinary shares
2023
2022
Restated (1)
2021
Restated (1)
Ordinary shares issued at the beginning of the year
—
Issued in terms of the corporate restructuring at a nominal value of $1
419,685,792
Issued in terms of employee share awards
Ordinary shares issued at the end of the year
44,064
419,729,856
—
—
—
—
—
—
—
—
(1) Comparative periods have been retrospectively restated. Refer to note 1.3.
Corporate restructuring
See note 1.3.1.
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Group Notes to the financial statements
For the year ended 31 December 2023
Expiry date
Currency
Interest Rate
2023
2022
2021
Contract
Amount
Available
facilities (2)
Utilised
facilities
Utilised
facilities
Utilised
facilities
US dollar millions
22 BORROWINGS
Unsecured
Debt arrangements (1)
Rated bonds
Rated bonds
Rated bonds
Unamortised loan costs
Interest accrued
November 2028
October 2030
April 2040
US dollar
US dollar
US dollar
3.375%
3.75%
6.5%
Banking facilities
Multi-currency revolving credit facility
Siguiri revolving credit facility
June 2022
August 2022
US dollar, Australian dollar
US dollar
LIBOR+1.45%, BBSY+1.45%
LIBOR+8.5%
Geita revolving credit facility
Siguiri revolving credit facility
December 2024
October 2025
US dollar, Tanzanian shilling
US dollar
Multi-currency revolving credit facility
June 2028
US dollar, Australian dollar
Commercial banking facilities
None
Rand
SOFR+credit adj+6.7%
Tanzanian Treasury Bill+5%
SOFR+8%
SOFR+credit adj+1.45%,
BBSY+1.45%
Linked to an overnight bank
lending rate
Total borrowings
211
750
700
300
—
—
289
65
—
—
—
—
—
103
—
1,400
1,150
8
8
750
700
300
(23)
11
1,738
750
700
300
(26)
11
1,735
750
700
300
(29)
12
1,733
—
—
189
68
244
—
501
2,239
—
—
151
67
30
—
31
35
110
—
—
—
248
1,983
176
1,909
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For the year ended 31 December 2023
22
BORROWINGS CONTINUED
US dollar millions
Total borrowings
Current portion of borrowings
Total non-current borrowings
Amounts falling due
Within one year
Between one and two years
Between two and five years
After five years
Change in liabilities arising from financing activities:
Reconciliation of borrowings (excluding lease liabilities) (3)
A reconciliation of the total borrowings included in the statement of financial
position is set out in the following table:
Opening balance
Proceeds from borrowings
Repayment of borrowings
Finance costs paid on borrowings
Deferred loan fees
Other borrowing fees
Interest charged to the income statement
Translation
Closing balance
Reconciliation of finance costs paid:
A reconciliation of the finance cost paid included in the statement of cash
flows is set out in the following table:
Finance costs paid on borrowings
Capitalised finance cost
Commitment fees, utilisation fees and other borrowing costs
Total finance costs paid
(1) The rated bonds are fully and unconditionally guaranteed by AngloGold Ashanti plc.
(2) Represents undrawn capital on borrowings facilities.
(3) Refer to note 13 for changes in lease liabilities arising from financing activities.
2023
2022
2021
2,239
(207)
2,032
207
65
985
982
2,239
1,983
343
(87)
(99)
(2)
—
108
(7)
1,983
(18)
1,965
18
149
102
1,714
1,983
1,909
266
(184)
(89)
(8)
—
97
(8)
1,909
(51)
1,858
51
31
110
1,717
1,909
1,931
822
(820)
(115)
(4)
(11)
106
—
2,239
1,983
1,909
99
—
12
111
89
(2)
12
99
115
(14)
10
111
212
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Group Notes to the financial statements
For the year ended 31 December 2023
23 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS
US dollar millions
Provision for
decommissioning
Provision for
restoration
Provision for
silicosis
Other provisions (2)
Balance at 1 January 2023
Changes in estimates - recognised in profit
or loss (1)
Change in estimates - capitalised (1)
Reclassifications
Utilised during the year
Unwinding of provision
Translation
Balance at 31 December 2023
Current
Non-current
162
—
4
—
—
6
1
173
1
172
416
48
—
—
(28)
17
(1)
452
46
406
35
(6)
—
(2)
(11)
2
(1)
17
1
16
64
28
—
2
(21)
1
—
74
32
42
US dollar millions
Expected cash flows
Within one year
Between one and two years
Between two and five years
After five years
Sensitivity analysis - Provision for decommissioning(3)
A change in discount rates and cash flows have a significant impact on the amounts recognised in the
statement of financial position. A 10% change in the discount rate and cash flows would have the
following impact:
Effect of increase in assumptions:
10% change in discount rate
10% change in cash flows
Effect of decrease in assumptions:
10% change in discount rate
10% change in cash flows
Sensitivity analysis - Provision for restoration(3)
A change in discount rates and cash flows have a significant impact on the amounts recognised in the
income statement. A 10% change in the discount rate and cash flows would have the following impact:
Effect of increase in assumptions:
10% change in discount rate
10% change in cash flows
Effect of decrease in assumptions:
10% change in discount rate
10% change in cash flows
Sensitivity analysis - Provision for silicosis(3)
Significant judgements are applied in estimating the costs required to settle any qualifying silicosis
claims and are based on certain assumptions which includes the number of claimants, take-up rates
and disease progression rates. A 10% change in these assumptions would have the following impact:
Effect of increase in assumptions:
10% change in take-up rates
10% change in number of cases
10% change in disease progression rate
Effect of decrease in assumptions:
10% change in take-up rates
10% change in number of cases
10% change in disease progression rate
213
Total
677
70
4
—
(60)
26
(1)
716
80
636
2023
80
50
212
374
716
(8)
17
8
(17)
(10)
45
10
(45)
5
5
2
(5)
(5)
(2)
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AngloGold Ashanti plc
Group Notes to the financial statements
For the year ended 31 December 2023
23 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS CONTINUED
(1) The change in estimates relating to the provision for decommissioning and restoration is attributable to shifts in discount rates from global economic
assumption changes, alterations in mine plans affecting cash flows, updates in design for closure of tailings storage facilities and in revised methodology
following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life-of-mine.
(2) Other provisions comprise claims filed by former employees in respect of loss of employment, work-related accident injuries and diseases, governmental
fiscal claims relating to levies, surcharges and environmental legal disputes, a shareholder claim related to stamp duties and an onerous provision in Yatela.
These liabilities are expected to be settled over the next five-year period.
(3) The sensitivity analysis is based on the change of a single assumption, keeping all other assumptions constant. This may not be the case in practice where
changes in assumptions may result in correlated changes in other assumptions, and a change in the provision amount.
Inflation and discount rates applied
Significant judgement is applied in estimating the cost of rehabilitation that will be required in future to rehabilitate the Group’s mines, related
surface infrastructure and tailings storage facilities. The final cost may significantly differ from current estimates. The following inflation and
discount rates were used in the calculation of the decommissioning and restoration provisions:
US dollar millions
Group rates (excluding Australia)
USD inflation rate (range)
USD discount rate (range)
Australia
AUD inflation rate (range)
AUD discount rate (range)
Environmental obligations
2023
2.1% - 2.6%
3.9% - 4.6%
2.4% - 3.5%
3.6% - 3.7%
Pursuant to environmental regulations in the countries in which the Group operates, in connection with plans for the eventual end-
of-life of its mines, the Group is obligated to rehabilitate the lands where such mines are located. In most cases, AngloGold Ashanti
is required to provide financial guarantees for such work, including reclamation bonds or letters of credit issued by third party
entities, independent trust funds or cash reserves maintained by the operation, to the respective environmental protection agency,
or such other government department with responsibility for environmental oversight in the respective country, to cover the
estimated environmental rehabilitation obligations.
In most cases, the environmental obligations will expire on completion of the rehabilitation although, in some cases, the Group may
be required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed.
In Australia, since 2014, AngloGold Ashanti has paid into a Mine Rehabilitation Fund an amount of AUD $13m (2022: AUD $11m;
2021: AUD $10m). At Iduapriem, AngloGold Ashanti has provided a bond comprising a cash component of $12m (2022: $12m;
2021:$11m) with a further bond guarantee amounting to $41m (2022: $14m; 2021: $39m) issued by ABSA Bank Ghana Limited,
Standard Chartered Bank Ghana Ltd, Ecobank Ghana Ltd, United Bank for Africa, First Rand Bank Ghana Ltd and Stanbic Bank
Ghana Ltd for a current carrying value of the liability of $45m (2022: $46m; 2021: $54m). At Obuasi, AngloGold Ashanti has provided
a bond comprising a cash component of $22m (2022: $22m; 2021: $21m) with a further bank guarantee amounting to $30m (2022:
$30m; 2021: $30m) issued by United Bank for Africa, Stanbic Bank Ghana Ltd and Standard Chartered Bank Ghana PLC for a current
carrying value of the liability of $168m (2022: $171m; 2021: $217m). In some circumstances AngloGold Ashanti may be required to
post further bonds in due course which will have a consequential income statement charge for the fees charged by the providers of
the reclamation bonds.
214
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Group Notes to the financial statements
For the year ended 31 December 2023
23 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS CONTINUED
Environmental obligations CONTINUED
Significant accounting judgements and estimates
Provision for environmental obligations
The Group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which are
subject to various laws and regulations governing the protection of the environment. The Group recognises management’s best
estimate for decommissioning and restoration obligations in the period in which they are incurred and the costs can be reasonably
estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage
caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates
and discount rates. Future changes to environmental laws and regulations, technology, life-of-mine estimates, inflation rates, foreign
currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and
could have a material impact on AngloGold Ashanti’s business, financial condition, results of operations and cash flows.
Provision for silicosis
The Group, together with other mining companies, were named in a class action suit for silicosis and tuberculosis which was certified
by the Johannesburg High Court in May 2016. On 26 July 2019, the Johannesburg High Court approved the settlement of the silicosis
and tuberculosis class action suit between the Occupational Lung Disease Gold Working Group (the Working Group) – representing
AngloGold Ashanti, Gold Fields, African Rainbow Minerals, Anglo American SA, Harmony and Sibanye Stillwater – and lawyers
representing affected mineworkers (settlement agreement). A jointly controlled Special Purpose Vehicle has been set up to act as an
agent for the Working Group in relation to certain matters set out in the settlement agreement and trust deed. Claims will be accepted
for a twelve-year period with an effective date of December 2019.
The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A
settlement trust, known as the Tshiamiso Trust, was established to carry out the terms of the Settlement Agreement. Significant
judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure.
The final costs may differ from current cost estimates. The provision is based on actuarial assumptions including:
• silicosis prevalence rates;
• estimated settlement per claimant;
• benefit take-up rates;
• disease progression rates;
•
timing of cashflows; and
• discount rate.
Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and
final costs of settlement.
215
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AngloGold Ashanti plc
Group Notes to the financial statements
For the year ended 31 December 2023
23 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS CONTINUED
Environmental obligations CONTINUED
Accounting policies
Environmental expenditure
The Group has long term remediation obligations comprising decommissioning and restoration liabilities relating to its past
operations which are based on the Group’s environmental management plans, in compliance with current environmental and
regulatory requirements. Provisions for non-recurring remediation costs are made when there is a present obligation, it is probable
that expenditure on remediation work will be required and the cost can be estimated within a reasonable range of possible outcomes.
The costs are based on currently available facts, technology expected to be available at the time of the clean-up, laws and regulations
presently or virtually certain to be enacted and prior experience in remediation of contaminated sites.
Decommissioning costs
The provision for decommissioning represents the cost that will arise from dismantling and removing an asset and restoring the site
on which it is located. The obligation is incurred at the time the asset is put in place or as a consequence of using the asset for
purposes other than to produce inventories. Accordingly, a provision and a decommissioning asset is recognised and included within
mine infrastructure.
Decommissioning costs are provided at the present value of the expenditures expected to settle the obligation, using estimated cash
flows based on current prices. The unwinding of the decommissioning obligation is included in the income statement as finance
costs. Estimated future costs of decommissioning obligations are reviewed regularly and adjusted as appropriate for new
circumstances or changes in law or technology. Changes in estimates are capitalised or reversed against the relevant asset.
Estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money.
Gains or losses from the expected disposal of assets are not taken into account when determining the provision.
Restoration costs
The provision for restoration represents the cost of restoring site damage as a result of operating the asset to produce inventories.
Changes in the provision are recorded in the income statement as a cost of production.
Restoration costs are estimated at the present value of the expenditures expected to settle the obligation, using estimated cash flows
based on current prices and adjusted for risks specific to the liability. The estimates are discounted at a pre-tax rate that reflects
current market assessments of the time value of money.
Other
Litigation and administrative proceedings are evaluated on a case-by-case basis considering the information available, including that
of legal counsel, to assess potential outcomes. Where it is considered probable that an obligation will result in an outflow of
resources, a provision is recorded for the present value of the expected cash outflows if these are reasonably measurable. These
provisions cover the estimated payments to plaintiffs, court fees and the cost of potential settlements.
Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement
is recognised only when the reimbursement is virtually certain. The amount to be reimbursed is recognised as a separate asset.
Where the Group has a joint and several liability with one or more other parties, no provision is recognised to the extent that those
other parties are expected to settle part or all of the obligation.
216
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
24 PROVISION FOR PENSION AND POST-
RETIREMENT BENEFITS
Defined benefit plans
The retirement schemes consist of the following:
Post-retirement medical scheme for AngloGold Ashanti's South African
employees
Other defined benefit plans
Post-retirement medical scheme for AngloGold Ashanti's South African
employees
The provision for post-retirement medical funding represents the
provision for health care benefits for employees and retired employees
and their registered dependants.
The post-retirement benefit costs are assessed in accordance with the
advice of independent professionally qualified actuaries. The actuarial
method used is the projected unit credit funding method. The last
valuation was performed as at 31 December 2023.
Information with respect to the defined benefit liability is as follows:
Benefit obligation
Balance at beginning of year
Interest cost
Benefits paid
Actuarial (gain) loss
Translation
Balance at end of year
Assumptions
59
5
64
66
5
71
71
6
77
66
6
(6)
(2)
(5)
59
71
6
(7)
(1)
(3)
66
77
6
(8)
1
(5)
71
Assumptions used to determine benefit obligations at the end of the
year are as follows:
Discount rate
Expected increase in health care costs
10.77 %
7.37 %
10.88 %
7.49 %
9.79 %
7.23 %
Assumed health care cost trend rates have a significant effect on the
amounts reported for health care plans. A 1% point change in assumed
health care cost trend rates would have the following effect:
Effect on post-retirement benefit obligation - 1% point increase
Effect on post-retirement benefit obligation - 1% point decrease
4
(3)
4
(4)
5
(4)
During 2022 and 2023, the Company purchased annuities to partly meet
its obligations to pay medical aid contributions. A remaining premium of
$20m is payable on 1 August 2024. The annuities are payable monthly
and covers 100% of the medical aid contributions payable to retired
members.
217
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
24 PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS CONTINUED
Reimbursive right for post-retirement benefits
Balance at the beginning of the year
Premiums paid
Benefits paid
Interest income
Actuarial gain (loss)
Translation
Balance at end of year
The fair value of the right of reimbursement has been determined as the present value of expected
future annuity payments payable by the insurer in respect of continuation members, less the present
value of the outstanding medical aid premium payment payable on 1 August 2024. The future
annuity payments make appropriate allowance for future increases in line with CPI. The main input
used in the valuation model are healthcare cost inflation of 6.2%, demographic assumptions and
medical aid contribution increases of 7.5%. This is considered a level 3 fair value input.
Cash flows
Estimated future benefit payments
The following medical benefit payments, which reflect the expected future service, as appropriate,
are expected to be paid through the purchased annuities:
2024
2025
2026
2027
2028
Thereafter
—
26
(3)
1
(12)
—
12
12
21
(6)
2
7
(1)
35
8
8
8
7
7
26
Significant accounting judgements and estimates
Post-retirement obligations
The determination of the Group's obligation and expense for post-retirement liabilities, including the Group’s reimbursive asset
relating to annuities purchased to fund the obligation, depends on the selection of certain assumptions used by actuaries to
calculate amounts. These assumptions include, among others, the discount rate, health care inflation costs, rates of increase in
compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While
AngloGold Ashanti believes that these assumptions are appropriate, significant changes in the assumptions may materially
affect post-retirement obligations as well as future expenses, which may result in an impact on earnings in the periods that the
changes in these assumptions occur.
Accounting policies
Post-employment benefit obligations
Some Group companies provide post-retirement health care benefits to their retirees. The entitlement to these benefits is usually
conditional on the employee remaining in service up to retirement age and completion of a minimum service period. The
expected costs of these benefits are accrued over the period of employment using an accounting methodology on the same
basis as that used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and
changes in actuarial assumptions are recorded in other comprehensive income immediately. These obligations are valued
annually by independent qualified actuaries.
Some of these obligations are funded with a purchased insurance policy to which the Group contributes premiums to. As this
insurance policy does not meet the definition of a qualifying insurance policy the Group recognises its right to reimbursement
under the insurance policy as a separate asset measured at fair value, similar to a defined benefit plan asset. Actuarial gains and
losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income
immediately. These assets are valued annually by independent qualified actuaries.
218
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
25 DEFERRED TAXATION
Deferred taxation relating to temporary differences is made up as follows:
Liabilities
Tangible assets (owned)
Right of use assets
Inventories
Other
Assets
Provisions
Lease liabilities
Tax losses
Other
Net deferred taxation liability
Included in the statement of financial position as follows:
Deferred tax assets
Deferred tax liabilities
Net deferred taxation liability
2023
2022
Restated (1)
2021
630
45
26
25
726
207
50
110
14
381
345
50
395
345
536
52
19
14
621
187
57
91
9
344
277
23
300
277
442
53
13
22
530
141
56
23
4
224
306
7
313
306
(1) The 2022 comparative period has been retrospectively restated. Refer to note 1.3.
Provision has been made for taxes that may result from future remittances of undistributed earnings of foreign subsidiaries or
foreign corporate joint ventures and associates, where the Group is able to assert that the undistributed earnings are not
permanently reinvested. In all other cases, the foreign subsidiaries reinvest the undistributed earnings into future capital
expansion projects, maintenance capital and ongoing working capital funding requirements. Unrecognised taxable temporary
differences pertaining to undistributed earnings totalled $1,334m (2022: $1,393m; 2021: $1,800m). If remitted, the undistributed
earnings may be subject to withholding taxes between 0% - 10%.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
26 TRADE AND OTHER PAYABLES
Financial liabilities
Trade payables
Accruals (1)
Derivative financial liabilities
Non financial liabilities
Employee related payables (1)
Other payables (2)
Total trade and other payables
2023
2022
Restated (3) (4)
2021
Restated (3) (4)
464
128
15
114
51
772
391
151
6
116
3
667
406
67
—
122
5
600
Current trade and other payables are non-interest bearing and are normally settled within 60 days.
(1) Employee related payables and short-term provisions, which were previously reported as part of accruals, are now being reported separately as these are
considered non financial liabilities. Short-term provisions are presented separately on the statement of financial position. Comparative figures have been
reclassified.
(2)
Includes landholder duties of $49m in respect of the corporate restructuring, which are expected to be settled in 2024.
(3) Short-term provisions of $43m for 2022 and $47m for 2021 were previously reported as part of trade and other payables and are now reported as part of
environmental rehabilitation and other provisions on the statement of financial position.
(4) Comparative periods have been retrospectively restated. Refer to note 1.3.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
27 TAXATION LIABILITY
Balance at beginning of year
Refunds during the year
Payments during the year
Taxation of items included in the income statement
Offset of VAT and other taxes
Transfer of Siguiri tax asset to non-current trade, other receivables and other
assets
Withholding tax transferred from trade and other payables
Discounting of tax receivable
Translation
Balance at end of year
Included in the statement of financial position as follows:
Taxation asset included in trade, other receivables and other assets
Taxation liability
8
36
(116)
217
(87)
—
—
—
(12)
46
(18)
64
46
(10)
32
(166)
231
(84)
4
—
—
1
8
(37)
45
8
139
20
(336)
248
(87)
—
7
1
(2)
(10)
(49)
39
(10)
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
Restated (1)
2021
Restated (1)
28 CASH GENERATED FROM OPERATIONS
Profit before taxation
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts
Amortisation of tangible and right of use assets (note 4)
Amortisation of intangible assets (note 4)
Finance costs and unwinding of obligations (note 6)
Environmental, rehabilitation, silicosis and other provisions
Impairment and derecognition of assets
Profit on sale of assets
Other expenses (non-cash portion)
Interest income
Share of associates and joint ventures' profit
Other non-cash movements
Other exchange losses
Movements in working capital
Movements in working capital:
(Increase) decrease in inventories
Increase in trade, other receivables and other assets
Increase in trade, other payables and provisions
(1) Comparative periods have been retrospectively restated. Refer to note 1.3.
63
9
657
1
157
(75)
234
(14)
71
(127)
(207)
27
168
(93)
871
(58)
(117)
82
(93)
472
6
636
1
149
(85)
319
(8)
9
(81)
(161)
25
102
(140)
1,244
(54)
(152)
66
(140)
949
—
476
3
116
(20)
7
(22)
61
(58)
(245)
28
2
56
1,353
58
(46)
44
56
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
29 RELATED PARTIES
Material related party transactions were as follows
(not attributable):
Sales and services rendered to related parties
Associates
Purchases and services acquired from related parties
Associates
Outstanding balances arising from sale of goods and services due by
related parties
Associates
Amounts owed to/due by related parties above are unsecured and non-
interest bearing.
Loan advanced to joint ventures and associates
—
12
—
—
14
—
7
14
7
Joint ventures
506
—
—
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Group Notes to the financial statements
For the year ended 31 December 2023
29
RELATED PARTIES CONTINUED
Key management remuneration
Key management remuneration includes executive and non-executive directors as well as executive management that held office in the
current year. Refer to the Remuneration Report for full details of remuneration of key management personnel.
US dollar thousands
2023
2022
2021
Base salary
Pension
scheme
benefits
Other
benefits (2)
DSP
awards
Buy-out
share
awards on
recruitment
(3)
Total (1)
Total
Total
Executive Directors
2,201
452
876
5,807
563
9,899
8,764
5,636
(1)
Remuneration for executive directors has been disclosed for the full 2023 financial year - this includes both AngloGold Ashanti Limited prior to the completion of
the corporate restructuring and AngloGold Ashanti plc after the completion of the corporate restructuring.
(2) Other benefits include family health insurance, group life insurance, cash in lieu of dividends, social security and a relocation allowance.
(3) Buy-out awards granted to executive directors are in respect of incentive arrangements that were forfeited from previous employer.
US dollar thousands
2023
Base salary
Pension
scheme
benefits
Other
benefits(2)
DSP awards
Total (1)
2022
Total
2021
Total
Executive Management
3,435
508
1,729
6,357
12,029
14,314
14,289
(1) Remuneration for executive management has been disclosed for the full 2023 financial year - this includes both AngloGold Ashanti Limited prior to the completion
of the corporate restructuring and AngloGold Ashanti plc after the completion of the corporate restructuring.
(2) Other benefits include family health insurance, group life insurance, cash in lieu of dividends, social security and a relocation allowance.
US dollar thousands
2023
2022
2021
Director fees (1)
Committee fees (2) Travel allowance
Total
Total
Total
Non-executive Directors
1,454
640
174
2,268
2,151
2,151
(1)
(2)
Includes the annual base fee paid to Non-executive Directors as well as fees paid for special Board meetings.
Includes the fee paid to the individual for their committee membership and committee chairperson role, where applicable, as well as fees paid for special committee
meetings.
The table includes fees paid by AngloGold Ashanti Limited prior to the completion of the corporate restructuring on 25 September 2023
and payments made by AngloGold Ashanti plc after this date.
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Group Notes to the financial statements
For the year ended 31 December 2023
US dollar millions
2023
2022
2021
30 CONTRACTUAL COMMITMENTS AND
CONTINGENCIES
Capital commitments
Acquisition of tangible assets
Contracted for
Not contracted for
Authorised by the directors
Allocated to:
Non-sustaining capital
- within one year
- thereafter
Sustaining capital
- within one year
- thereafter
Share of underlying capital commitments of joint ventures included above
Purchase obligations
Contracted for
- within one year
- thereafter
141
392
533
240
74
314
205
14
219
—
428
271
699
178
259
437
155
39
194
243
—
243
—
146
547
693
337
64
401
292
—
292
4
436
575
1,011
423
624
1,047
Purchase obligations
Purchase obligations represent contractual obligations for the purchase of mining contract services, power, supplies,
consumables, inventories, explosives and activated carbon.
In June 2023, AngloGold Ashanti Australia Limited signed a 10-year power purchase agreement with Pacific Energy Pty Ltd for the
procurement of 48MW of renewable energy from a hybrid wind and solar plant, aimed at the decarbonisation of the Tropicana
mine in Western Australia. The project is due for completion in early 2025. The expected cash flows over the 10 years
commencing in 2025 is $192m (not included in the purchase obligations disclosed above).
To service these capital commitments, purchase obligations and other operational requirements, the Group is dependent on
existing cash resources, cash generated from operations and borrowings (in the form of bonds and credit facilities). As part of the
management of liquidity, funding and interest rate risk, the Group regularly evaluates market conditions and may enter into
transactions, from time to time, to repurchase outstanding debt, pursuant to open market purchases, privately negotiated
transactions, tender offers or other means.
Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to
foreign investment, exchange control laws and regulations, and the quantity of foreign exchange available in offshore countries. In
addition, distributions from joint ventures are subject to relevant Board approvals.
The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the extent that
external borrowings are required, the Group’s covenant performance indicates that existing financing facilities will be available to
meet the above commitments. The financing facilities which mature in the near future are disclosed in current liabilities. The
Group believes that sufficient measures are in place to ensure that these facilities can be refinanced.
Litigation claims
On 27 March 2023, Altius Royalty Corporation (Altius) initiated arbitration proceedings in Vancouver, B.C., Canada against
AngloGold Ashanti North America Inc. (AGANA) regarding the geographic scope of a 1.5 percent net smelter returns royalty. Altius
asserts the royalty should be broadly interpreted to cover nearly all claims controlled by AGANA in the Beatty, Nevada mining
district, including claims related to the Expanded Silicon project as well as claims acquired in 2022 as part of the Corvus Gold Inc.
and Coeur Sterling, Inc. acquisitions. AGANA intends to vigorously defend against Altius’ claims. The 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 9.
225
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Group Notes to the financial statements
For the year ended 31 December 2023
30 CONTRACTUAL COMMITMENTS AND CONTINGENCIES CONTINUED
Tax claims CONTINUED
Significant accounting judgements and estimates
When a loss is considered probable and can be reliably estimated, a liability is recorded in the amount of the best estimate for
the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful
estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the
potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is
not uncommon for such matters to be resolved over many years, during which time relevant developments and new information
is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate
a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided.
In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a
disruptive effect on the normal functioning of the Group and/or whether the contingency could impact investment decisions.
Such qualitative matters considered are reputational risks, regulatory compliance
investor
considerations.
issues and reasonable
As a global company, the Group is exposed to numerous legal risks. The outcome of currently pending and future proceedings
cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difficult and complex legal issues
and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular
case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any
pending legal matter, the Group may be forced to incur charges in excess of the presently established provisions and related
insurance coverage. It is possible that the financial position, results of operations or cash flows of the Group could be materially
affected by the unfavourable outcome of litigation.
226
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Group Notes to the financial statements
For the year ended 31 December 2023
31
FINANCIAL RISK MANAGEMENT ACTIVITIES
The Group’s financial assets and liabilities are classified as set out below.
US dollar millions
2023
Financial assets
Other investments
Trade, other receivables and other assets
Loan receivable
Restricted cash
Cash and cash equivalents
Financial liabilities
Borrowings
Lease liabilities
Trade payables and accruals
Derivative financial liabilities
Bank overdraft
2022
Financial assets
Other investments
Trade, other receivables and other assets
Restricted cash
Cash and cash equivalents
Financial liabilities
Borrowings
Lease liabilities
Trade payables and accruals
Derivative financial liabilities
Bank overdraft
2021
Financial assets
Other investments
Trade, other receivables and other assets
Restricted cash
Cash and cash equivalents
Financial liabilities
Borrowings
Lease liabilities
Trade payables and accruals
At fair value through
profit or loss
At fair value through
other comprehensive
income
At amortised
cost
1
48
—
—
—
—
—
—
15
—
1
12
—
—
—
—
—
6
—
1
25
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2
—
—
—
—
—
—
—
—
116
—
—
—
—
—
—
—
33
506
68
964
2,239
171
592
—
9
—
31
60
1,108
1,983
186
542
—
2
—
64
58
1,154
1,909
185
473
In the normal course of its operations, the Group is exposed to gold price and other commodity price risk, foreign exchange risk, interest
rate risk, liquidity risk and credit risk. In order to manage these risks, the Group may enter into transactions which make use of
derivatives. The Group does not acquire, hold or issue derivatives for speculative purposes. The Group has developed a comprehensive
risk management process to facilitate, control and monitor these risks. The Board has approved and monitors this risk management
process, inclusive of documented treasury policies, counterparty limits and controlling and reporting structures.
227
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Group Notes to the financial statements
For the year ended 31 December 2023
31 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
Managing risk in the Group
Risk management activities within the Group are the ultimate responsibility of the board of directors. The Chief Financial Officer is
responsible to the board of directors for the design, implementation and monitoring of the risk management plan. The Audit and Risk
Committee is responsible for overseeing risk management plans and systems, as well as financial risks which include a review of
treasury activities and the Group’s counterparties.
The financial risk management objectives of the Group are defined as follows:
• safeguarding the Group's core earnings stream from its major assets through the effective control and management of gold price
risk, other commodity risk, foreign exchange risk and interest rate risk;
• effective and efficient usage of credit facilities in both the short and long-term through the adoption of reliable liquidity management
planning and procedures;
• ensuring that investment and hedging transactions are undertaken with creditworthy counterparties; and
• ensuring that all contracts and agreements related to risk management activities are co-ordinated, consistent throughout the Group
and that they comply with all relevant regulatory and statutory requirements.
Capital management
The primary objective of managing the Group's capital is to ensure that there is sufficient capital available to support the funding
requirements of the Group, including capital expenditure, in a way that optimises the cost of capital, maximises shareholders' returns
and ensures that the Group remains in a sound financial position.
The capital structure of the Group consists of net debt (borrowings as detailed in note 22, offset by cash and bank balances detailed in
note 20) and equity of the Group (comprising share capital and premium and accumulated reserves and non-controlling interests).
The Group manages and makes adjustments to the capital structure as opportunities arise in the market place, as and when borrowings
mature, or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof.
The Group manages capital using various financial metrics including the ratio of Adjusted net debt to Adjusted EBITDA (leverage ratio).
Both the calculation of Adjusted net debt and Adjusted EBITDA are based on the formula included in the Group’s Revolving Credit
Facility (RCF) agreements. The leverage ratio of Adjusted net debt to Adjusted EBITDA should not exceed 3.5 times. The RCFs also
make provision for the ability of the Group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain
conditions, for one measurement period not exceeding six months, during the tenor of the RCFs. At 31 December 2023, the Group was
in compliance with all of the financial maintenance covenants per its loan agreements.
Market risk
Commodity price risk
Commodity price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of
gold and Brent Crude oil. In order to manage gold price downside risk, the Group may enter into zero-cost collars for a portion of its
production from time to time. During the first quarter of 2023, the Group entered into zero-cost collars for a total of approximately
136,000 ounces of gold for the period from February 2023 to December 2023, during the second quarter of 2023, the Group entered into
zero-cost collars for a total of approximately 47,000 ounces of gold for the period from January 2024 to June 2024 and during the
fourth quarter of 2023 the Group entered into zero-cost collars for a total of approximately 300,000 ounces of gold for the period from
January 2024 to December 2024.
The Group has not designated the instruments for hedge accounting.
US dollar millions
2023
2022
Financial asset /
(liability)
Income statement
gain / (loss)
Financial asset /
(liability)
Income statement
gain / (loss)
Summary of derivatives
Gold zero-cost collars
Crude oil forward contracts
(15)
—
(13)
(1)
—
(6)
—
(6)
228
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Group Notes to the financial statements
For the year ended 31 December 2023
31 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
Foreign exchange risk
The Group has transactional foreign exchange exposures, which arise from sales or purchases by an operating unit in currencies other
than the unit's functional currency. The gold market is predominately priced in US dollars which exposes the Group to the risk of
fluctuations in the Argentinean peso/US dollar, Australian dollar/US dollar and Tanzanian shilling/US dollar exchange rates.
The table below shows the significant currency exposure which arises mainly on borrowings and cash denominated in a currency other
than the functional currency of entities within the Group. The amounts have been presented in US dollar by converting the foreign
currency amount at the closing rate at the reporting date.
US dollar millions
Cash and cash equivalents
Argentinean peso
South African rand
Australian dollar
Borrowings
Australian dollar
Tanzanian shilling
2023
2022
2021
89
50
47
—
126
116
88
33
38
88
129
86
52
33
47
Sensitivity analysis
The following table discloses the approximate foreign exchange risk sensitivities at 31 December (assuming all other variables remain
constant). Management reasonably expects profit or loss to increase/(decrease) by the following sensitivities:
US dollar millions
Cash and cash equivalents
Argentinean peso (ARS/$)
South African rands (ZAR/$)
Australian dollar (AUD/$)
Argentinean peso (ARS/$)
South Africa rands (ZAR/$)
Australian dollar (AUD/$)
Borrowings
Tanzanian shilling (TZS/$)
Australian dollar (AUD/$)
Tanzanian shilling (TZS/$)
Australian dollar (AUD/$)
Spot +10%
Spot +10%
Spot +10%
Spot -10%
Spot -10%
Spot -10%
Spot +10%
Spot +10%
Spot -10%
Spot -10%
2023
2022 (1)
2021 (1)
(8)
(5)
(4)
10
6
5
11
—
(14)
—
(6)
(7)
(2)
7
9
2
9
2
(11)
(2)
(11)
(7)
(4)
14
9
4
5
2
(6)
(2)
(1) The sensitivity analysis for the comparative periods were calculated at Spot (+ARS10) and Spot (-ARS10) for Argentinean peso, Spot (+ZAR1.5) and Spot (-ZAR1.5)
for South African rands, Spot (+AUD0.1) and Spot (-AUD0.1) for Australian dollar and Spot (+TZS250) and Spot (-TZS250) for Tanzanian shilling.
Interest rate risk
The Group's interest rate risk arises mainly from variable interest rate borrowings due to the volatility in the United States, Australian
and Tanzanian interest rates. Interest rate risk arising from borrowings is offset by cash and cash equivalents and restricted cash held
at variable rates.
229
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Group Notes to the financial statements
For the year ended 31 December 2023
31 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
US dollar millions
Fixed rate instruments
Borrowings
Variable rate instruments
Restricted cash
Cash and cash equivalents
Borrowings
Joint venture loan receivable
2023
2022
2021
1,738
1,735
1,733
68
742
501
506
60
805
248
—
58
897
176
—
Sensitivity analysis
The following table shows the approximate interest rate sensitivities of financial assets and financial liabilities at 31 December
(assuming that all other variables remain constant).
Management reasonably expects profit or loss to increase/(decrease) by the following sensitivities:
US dollar millions
Joint venture loan receivable
United States dollar (2)
Cash and cash equivalents
United States dollar
Australian dollar
South African rands
Argentinean peso dollar
Borrowings
United States dollar
Australian dollar
Tanzanian shilling
1% increase
1% increase
1% increase
1% increase
1% increase
1% increase
1% increase
1% increase
2023
2022 (1)
2021 (1)
5
5
—
—
1
(4)
—
(1)
5
1
1
3
(1)
(1)
(2)
3
1
1
3
(1)
(1)
(1)
(1) The sensitivity analysis for the comparative periods were calculated at 100 basis points increase for the United States dollar, 150 basis points increase for the
Australian dollar, 150 basis points increase for South African rands and 250 basis points increase for the Argentinean peso.
(2) Loan to Kibali (Jersey) Limited which holds AngloGold Ashanti’s effective 45% interest in Kibali Goldmines S.A.
A decrease in interest rates would have the equal and opposite effect to the amounts disclosed above.
Liquidity risk
The Group manages liquidity risk by ensuring that it has sufficient committed borrowing and banking facilities after taking into
consideration the actual and forecast cash flows, in order to meet the Group's short, medium and long-term funding and liquidity
management requirements.
In the ordinary course of business, the Group receives cash from the proceeds of its gold sales and is required to fund its working
capital and capital expenditure requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve
market-related returns whilst minimising risks. The Group is able to actively source financing at competitive rates. The counterparties
are financial and banking institutions and their credit ratings are regularly monitored.
The Group has sufficient undrawn borrowing facilities available to fund its working capital and capital requirements (note 22).
The contractual maturities of undiscounted financial liabilities, including interest payments, are as follows:
230
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For the year ended 31 December 2023
31 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
US dollar millions
2023
Derivative financial liabilities
Gold zero-cost collar
Non-derivative financial liabilities
Trade payables and accruals
Bank overdraft
Borrowings
Lease liabilities
2022
Derivative financial liabilities
Oil forward contracts
Non-derivative financial liabilities
Trade payables and accruals (Restated (1) )
Bank overdraft
Borrowings
Lease liabilities
2021
Non-derivative financial liabilities
Trade payables and accruals (Restated (1) )
Borrowings
Lease liabilities
Within one year
Between one
and two years
Between two
and five years After five years
Total
15
592
9
312
75
1,003
—
—
—
160
65
225
—
—
—
1,255
18
1,273
6
—
—
542
2
102
79
731
473
119
68
660
—
—
249
63
312
—
115
50
165
—
—
326
59
385
—
332
74
406
—
—
—
1,277
29
1,306
—
—
—
2,098
2
2,100
—
2,169
10
2,179
15
592
9
3,004
187
3,807
6
542
2
2,775
203
3,528
473
2,735
202
3,410
(1) Comparative periods have been retrospectively restated. Refer to note 26.
Credit risk
Credit risk arises from the risk that a counterparty may default or not meet its obligations timeously. The Group minimises credit risk by
ensuring that credit risk is spread over a number of counterparties. These counterparties are financial and banking institutions.
Counterparty credit limits and exposures are reviewed by the Audit and Risk Committee. Where possible, management ensures that
netting agreements are in place. No set-off is applied to the statement of financial position due to the different maturity profiles of
assets and liabilities.
Overview of the credit risk profile of financial institutions is as follows:
US dollar millions
Cash and cash equivalents
Low (AAA to A-)
Medium (BBB to B-)
High (CCC+ and below)
Restricted cash
Low (AAA to A-)
Medium (BBB to B-)
2023
2022
2021
82 %
12 %
6 %
16 %
84 %
81 %
11 %
8 %
14 %
86 %
74 %
15 %
11 %
14 %
86 %
231
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Group Notes to the financial statements
For the year ended 31 December
31 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
Trade receivables which are recognised on settlement mainly comprise banking institutions purchasing gold bullion and normal market
settlement terms are two working days, therefore expected credit losses are not expected to be material. Trade and other receivables,
that are past due but not impaired totalled $14m (2022: $12m; 2021: $18m).
The Group does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the
credit standing of counterparties.
Fair value of financial instruments
Fair value is determined using valuation techniques as outlined below, unless the instrument is traded in an active market. Where
possible, inputs are based on quoted prices and other market determined variables.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments:
Level 1:
quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2:
inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or
indirectly (derived from prices); and
Level 3:
inputs for the asset or liability that are not based on observable market data (unobservable inputs).
232
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For the year ended 31 December 2023
31 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 31 December.
Fair
value
Carrying
value
Fair
value
Carrying
value
Fair
value
Carrying
value
As at Dec As at Dec As at Dec As at Dec As at Dec As at Dec
2022
2023
2021
Valuation method
Significant inputs
Fair value
hierarchy of
inputs
Financial instrument
At fair value through profit and
loss
Deferred compensation asset -
Mponeng (1)
26
26
12
12
25
25
Deferred compensation asset -
Gramalote (1)
22
22
—
Derivative financial liability - gold
zero-cost collar contracts (2)
15
15
—
—
—
Derivative financial liability - Brent
Crude oil forward contracts (2)
At fair value through other
comprehensive income
Listed equity investments
At amortised cost
Borrowings - Rated bonds
Borrowings - Revolving Credit
Facilities
Joint venture loan receivable
—
—
—
—
6
2
6
2
—
—
—
—
—
—
116
116
(1) Included in the statement of financial position in current and non-current trade, other receivables and other assets.
(2) Included in the statement of financial position in current trade and other payables.
(3) The fair value hierarchy level has been revised to level 3.
233
Probability weighted
discounted cash flow
The production plan over
the deferred compensation
period and discount rates.
Probability weighted
discounted cash flow
Black-Scholes-Merton
option pricing model
Black-Scholes-Merton
option pricing model
Stage gate payments over
the deferred compensation
period and discount rates.
Forward and spot prices,
the number of outstanding
ounces of gold on open
contracts, risk free rates
and volatilities.
Forward and spot prices,
the number of outstanding
barrels of oil on open
contracts, risk free rates
and volatilities.
Level 3
Level 3
Level 2
Level 2
Level 1
Level 1
Level 3 (3)
Level 3
1,567
1,738
1,578
1,735
1,835
1,733
501
506
501
506
248
248
176
176
Discounted cash flow
—
—
—
—
Discounted cash flow
Market related interest
rates
Market related interest
rates
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For the year ended 31 December 2023
31 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
Reconciliation of the deferred compensation assets
A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table:
US dollar millions
2023
2022
2021
Opening balance
Unwinding of the deferred compensation asset
Changes in estimates - fair value adjustments (1)
Sale of Gramalote
Translation
Closing balance (2)
(1) Included in the income statement in foreign exchange and fair value adjustments.
(2) Included in the statement of financial position in non-current trade, other receivables and other assets.
12
1
14
22
(1)
48
25
1
(13)
—
(1)
12
28
2
(3)
—
(2)
25
Significant accounting judgements and estimates
Deferred compensation asset – Mponeng
As at 31 December 2023, the deferred compensation asset ($25m) was valued using a discount rate of 8.4% (2022: 8.0%) and
production plans over the deferred compensation period as received from Harmony. The fair value calculated for the deferred
compensation asset is level 3 in the fair value hierarchy due to the use of unobservable inputs. As at 31 December 2023, no portion of
the deferred compensation related to Harmony developing below infrastructure has been included in the deferred compensation
asset.
A reasonable possible change in the number of ounces used in the weighted probability calculation would not have a material impact
on the fair value of the deferred compensation asset.
Deferred compensation asset – Gramalote
As at 31 December 2023, the deferred compensation asset ($23m) was valued using a discount rate of 9.4% and future contingent
considerations as per the purchase agreement. The assumptions used in the valuation included the timing and probability of
contingent considerations.
A reasonable possible change in the assumptions used in the weighted probability calculation would not have a material impact on
the fair value of the deferred compensation asset.
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Group Notes to the financial statements
For the year ended 31 December 2023
31 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
Sensitivity analysis CONTINUED
Accounting policies
Financial instruments are initially recognised at fair value when the Group becomes a party to their contractual arrangements.
Transaction costs directly attributable to the instrument’s acquisition or issue are included in the initial measurement of financial
assets and financial liabilities, except financial instruments classified as at fair value through profit or loss (FVTPL), which are
expensed. The subsequent measurement of financial instruments is dealt with below.
Financial liabilities
Financial liabilities are classified as measured at amortised cost using the effective interest rate method. Financial liabilities
subsequently measured at amortised cost compromises of interest bearing borrowings, bank overdrafts and trade and other
payables.
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The Group also
derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In
this case a new financial liability based on the modified terms is recognised at fair value.
Financial assets
A financial asset is classified as measured at:
• Amortised cost;
• Fair value through other comprehensive income (FVTOCI) - equity instruments; or
• FVTPL.
Assets at amortised cost include trade, other receivables and other assets, cash restricted for use and cash and cash equivalents.
Interest income from these financial assets is included in finance income using the effective interest rate method. The trade
receivables from provisional gold concentrate sales are carried at fair value through profit or loss and are marked-to-market at the end
of each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a
component of revenue.
On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the
asset is included in profit or loss. Impairment losses are presented in the statement of profit or loss. A gain or loss on a debt
investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within foreign exchange and fair
value adjustments in the period in which it arises.
32 AUDITORS REMUNERATION
The following table presents the aggregate fees for professional services and other services rendered by PricewaterhouseCoopers Inc.,
PricewaterhouseCoopers LLP and Ernst & Young Inc. to AngloGold Ashanti.
US dollar millions
Audit fees(1)
Audit-related fees(2)
Tax fees(3)
All other fees(4)
Total
2023
2022
8.10
2.40
0.10
0.10
10.70
6.45
1.91
0.22
0.02
8.60
2021
5.87
2.10
0.03
0.01
8.01
(1)
(2)
(3)
(4)
The Audit fees consist of fees billed for the annual audit services engagement and other audit services, which are those services that only the external auditor
reasonably can provide, and include the Company audit; statutory audits; attest services; and assistance with and review of documents filed with the SEC.
Audit-related fees consist of fees billed for assurance and related services.
Tax fees include fees billed for tax advice and tax compliance services.
All other fees include non-audit services such as advisory fees for the court-sanctioned capital reduction of AngloGold Ashanti plc and subscription fees for
PwC’s digital platform on accounting and business insights.
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Group Notes to the financial statements
For the year ended 31 December 2023
33
RELATED UNDERTAKINGS
In accordance with section 409 of the UK Companies Act 2006, the following is a full list of related undertakings of the group.
The name of the company, country of incorporation, the percentage of equity owned by the group and the registered office address are
included in the following tables. Refer to Group note 15 for Principal operating subsidiaries and joint operations.
At 31 December 2023, the subsidiaries, associated undertakings and significant holdings in companies other than subsidiary
companies were:
% held (2) Registered address
Main activity
Name of company
Argentina
AngloGold Argentina SA
AngloGold Argentina Exploraciones SA
Cerro Vanguardia SA
Australia
AngloGold Investments Australia Pty Ltd
AngloGold Ashanti Australia Limited
Moto Goldmines Australia Pty Ltd (5)
Border Energy Pty Ltd (5)
Wesmount Resources NL (5)
Border Resources NL (5)
Brazil
Mineração Serra Grande SA
Mineração Morro Velho Ltda
Mineração Dorica Ltda (4)
100
100
92.5
100
100
50
50
50
50
100
100
100
Mineração Ribeirao dos Cristais Ltda
100
AngloGold Ashanti Corrego do Sitio
Mineração SA
British Virgin Islands
GSM Gold Limited
100
100
AngloGold Exploration (Tanzania) Limited 100
AngloGold Ashanti Tanzania Investments
Limited
AngloGold Ashanti Guinea Holdings
Limited
AngloGold Ashanti Mali Holdings 2
Limited
Sadiola Exploration Limited
100
100
100
50
Kenieba Exploration Company Limited
100
Av. Leandro N. Alem 882, piso 13, Ciudad Autónoma
de Buenos Aires, Argentina
Investment holding
Av. Leandro N. Alem 882, piso 13, Ciudad Autónoma
de Buenos Aires, Argentina
Investment holding
Zapiola 331, Rio Gallegos, Santa Cruz, Argentina
Mining
Level 10, 140 St Georges Terrace, Perth WA 6000
Investment holding
Level 10, 140 St Georges Terrace, Perth WA 6000
Mining
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
Dormant
Dormant
Dormant
Dormant
Rodovia GO 336, s/n°, km 97, Município de Crixás,
Estado de Goiás, CEP: 76.510-000
Mining
Rua Enfermeiro José Caldeira, n° 7, sala 5, bairro
Centro, Município de Nova Lima, Estado de Minas
Gerais, CEP: 34.000-495
Rua Senador Milton Campos, n° 35, sala 607, Vila da
Serra, Município de Nova Lima, Estado de Minas
Gerais, CEP: 34006-050
Rua Senador Milton Campos, n° 35, sala 606, Vila da
Serra, Município de Nova Lima, Estado de Minas
Gerais, CEP: 34006-050
Fazenda São Bento, s/nº, Distrito Barra Feliz,
Município de Santa Bárbara, Estado de Minas Gerais,
CEP: 35960-000.
Mining
Mining
Mining
Mining
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment Holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold Ashanti Guinea Exploration
Holdings Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Holding Company
236
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Annual financial statements
Other information
Annual Report 2023
Group Notes to the financial statements
For the year ended 31 December 2023
Name of company
% held (2) Registered address
Main activity
AngloGold South America Limited
Sao Bento Gold Company Limited
AngloGold CV 1 Limited
AngloGold CV 2 Limited
AngloGold CV 3 Limited
100
100
100
100
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold Ashanti Argentina Investments
Limited (4)
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold Ashanti Colombia Holdings
Limited
AngloGold Ashanti International Services
Limited
Canada
0858065B.C. Ltd (5)
Moto Goldmines Ltd (5)
Colombia
100
100
50
50
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Service company
Suite 1700, Park Place, 666 Burrard Street, Vancouver,
British Columbia, V6C 2X8, Canada
Dormant
Suite 1700, Park Place, 666 Burrard Street, Vancouver,
British Columbia, V6C 2X8, Canada
Investment holding
AngloGold Ashanti Colombia S.A.S
100
Minera De Cobre Quebradona S.A.S, B.I.C 100
Carrera 43A #1Sur-220 Piso 9 Edificio Porvenir,
Medellín Colombia
Carrera 43A #1Sur-220 Piso 9 Edificio Porvenir,
Medellín Colombia
Exploration
Exploration
Fundacion Para el Desarrollo de Jerico
100
Carrera 4 # 6-50 piso 2 Jericó, Antioquia. Colombia
Not-for-profit community
foundation
Democratic Republic of the Congo
Bilanga Palm Oil SARL (5)
Milona Enterprises SARL (5)
Kibali Goldmines SA (5)
Ghana
AngloGold Ashanti (Ghana) Limited
AngloGold Ashanti Obuasi Community
Trust Fund
AGC Share Scheme Trustee Limited
AngloGold Ashanti (Ghana) Malaria
Control
AngloGold Ashanti School
AngloGold Ashanti Health Foundation
AngloGold Ashanti (Iduapriem) Limited
AngloGold Ashanti Iduapriem Community
Trust Fund
Isle of Man
50
50
45
100
100
100
100
100
100
100
100
AngloGold Ashanti Holdings plc (3)
100
AngloGold Prospects (East Africa) Limited 100
AngloGold Ashanti GEC Limited
100
Jersey
Carrera 4 # 6-50 piso 2 Jericó, Antioquia. Colombia
Dormant
Carrera 4 # 6-50 piso 2 Jericó, Antioquia. Colombia
Dormant
Carrera 4 # 6-50 piso 2 Jericó, Antioquia. Colombia
Mining
Gold House, 1 Patrice Lumumba Road, Accra, Ghana Mining
Gold House, 1 Patrice Lumumba Road, Accra, Ghana
Trust Fund
Gold House, 1 Patrice Lumumba Road, Accra, Ghana
Employee Share Scheme
Trustee
Gold House, 1 Patrice Lumumba Road, Accra, Ghana
Health Services
Gold House, 1 Patrice Lumumba Road, Accra, Ghana
School
Gold House, 1 Patrice Lumumba Road, Accra, Ghana
Health Services
Gold House, 1 Patrice Lumumba Road, Accra, Ghana Mining
Gold House, 1 Patrice Lumumba Road, Accra, Ghana
Trust Fund
Falcon Cliff, Palace Road, Douglas, Isle Of Man, IM2
4LB
Investment Holding
Falcon Cliff, Palace Road, Douglas, Isle Of Man, IM2
4LB
Investment holding
Falcon Cliff, Palace Road, Douglas, Isle Of Man, IM2
4LB
Global employment
Kibali (Jersey) Limited
50
3rd Floor, Unity Chambers, 28 Halkett Street, St Helier,
Jersey, JE2 4WJ
Investment holding
237
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Annual financial statements
Other information
AngloGold Ashanti plc
Group Notes to the financial statements
For the year ended 31 December 2023
Name of company
% held (2) Registered address
Main activity
KAS 1 Limited (5)
Kibali Services Limited (5)
Palm Oil (Jersey) Limited (5)
Moto (Jersey) 1 Limited (5)
Moto (Jersey) 2 Limited (5)
Kibali 2 (Jersey) Limited (5)
Republic of Guinea
25
50
50
50
50
50
3rd Floor, Unity Chambers, 28 Halkett Street, St Helier,
Jersey, JE2 4WJ
Service provider
3rd Floor, Unity Chambers, 28 Halkett Street, St Helier,
Jersey, JE2 4WJ
Service provider
3rd Floor, Unity Chambers, 28 Halkett Street, St Helier,
Jersey, JE2 4WJ
Investment holding
3rd Floor, Unity Chambers, 28 Halkett Street, St Helier,
Jersey, JE2 4WJ
Investment holding
3rd Floor, Unity Chambers, 28 Halkett Street, St Helier,
Jersey, JE2 4WJ
Investment holding
3rd Floor, Unity Chambers, 28 Halkett Street, St Helier,
Jersey, JE2 4WJ
Nominee shareholder
Société AngloGold Ashanti de Guinee SA
85
AGAGEL Mandiana Sau
AGAGEL Shira Sau
AGAGEL Niandan Sau
Republic of Mali
100
100
100
Immeuble Ali HAMADE, en face de l’Ambassade du
Japon à Landréah, Commune de Dixinn, Conakry,
République de Guinée
Mining
Cité Chemin de Fer, Immeuble Boké, 2e étage, BP:
1006, Quartier Coronthie, Commune de Kaloum,
Conakry, République de Guinée
Cité Chemin de Fer, Immeuble Boké, 2e étage, BP:
1006, Quartier Coronthie, Commune de Kaloum,
Conakry, République de Guinée
Cité Chemin de Fer, Immeuble Boké, 2e étage, BP:
1006, Quartier Coronthie, Commune de Kaloum,
Conakry, République de Guinée
Exploration
Exploration
Exploration
AngloGold Ashanti Mali SA
100
Societe d’Exploitation des Mines d’Or de
Yatela SA
80
Hamdallaye ACI 2000 Bamako, Bassekou GAMBY
Building , 1st Floor, Street 311, Door 669, BP E1194,
Republic of Mali
Hamdallaye ACI 2000 Bamako, Bassekou GAMBY
Building , 1st Floor, Street 311, Door 669, BP E1194,
Republic of Mali
Services
Mining
Republic of Malta
AngloGold Finance Australia Holdings
Limited
AngloGold Finance Australia Limited
South Africa
AngloGold Ashanti (Pty) Ltd (1) (3)
Rand Refinery (Pty) Limited
Gold of Africa Collection (section 21
association)
iGolide (Proprietary) Limited
Free State Consolidated Gold Mines
(Operations) (Pty) Limited
AGRe Insurance Company Limited
Tanzania
Geita Greenfields Mineral Exploration
Limited
Geita Gold Mining Limited
Samax Resources Limited – Registered
Branch
100
100
100
42.4
100
100
100
100
100
100
100
Level 1, LM Complex, Brewery Street, Zone 3 Central
Business District, Birkirkara, CBD3040, Malta
Investment holding
Level 1, LM Complex, Brewery Street, Zone 3 Central
Business District, Birkirkara, CBD3040, Malta
Investment holding
112 Oxford Road, Houghton Estate, Johannesburg,
2198 / Private Bag X20, Rosebank, 2196, South Africa
Investment Holding
Refinery Road, Industries West, Germiston, 1401,
South Africa
Refinery
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Custody of Gold of Africa
collection
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Medical Scheme
Administrator
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Mining & Quarrying
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Insurance
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar Es
Salaam
Exploration
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar Es
Salaam
Mining
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar Es
Salaam
Investment holding
238
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Annual financial statements
Other information
Annual Report 2023
Group Notes to the financial statements
For the year ended 31 December 2023
Name of company
% held (2) Registered address
Main activity
Geita Mine JV
100
Samax Resources (Tanzania) Limited
100
Samax (Tanzania) Limited
100
Uganda
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar Es
Salaam
Mining
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar Es
Salaam
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar Es
Salaam
Investment holding
Investment holding
Border Energy East Africa Pty Ltd (5)
50
Plot 5, Wampewo Avenue, P.O. Box 34493, Kampala,
Uganda
Dormant
United Kingdom
Cluff Oil Limited
100
Cluff Mineral Exploration Limited
100
Samax Resources Limited
100
Chevaning Mining Company Limited
100
AngloGold Ashanti UK Colombia Holdings
Ltd
100
AngloGold Ashanti International
Exploration Holdings Limited
100
AngloGold Ashanti Australia Investments
Limited
100
United States of America
AngloGold Ashanti USA Incorporated
100
AngloGold Ashanti North America Inc
100
AngloGold (USA) Trading Company
100
AngloGold Mineral Ventures Company
100
Jerritt Canyon Joint Venture
AngloGold Ashanti (Nevada) Corp
Rocky Mountain Gold Innovations Inc
71
100
100
AngloGold Ashanti (USA) Exploration Inc
100
AngloGold (Canada) Exploration Inc
100
AngloGold Ashanti (U.S.A.) Holdings Inc
100
Corvus Gold (USA) Inc
Raven Gold Alaska Inc
Corvus Gold Nevada Inc.
100
100
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom, TW18
4PR
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom, TW18
4PR
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom, TW18
4PR
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom, TW18
4PR
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom, TW18
4PR
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom, TW18
4PR
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom, TW18
4PR
Investment holding
Investment holding
Investment holding
Investment holding
Investment holding
Investment holding
Holding company
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Exploration
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment and Asset Holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment and Asset Holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Investment holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Asset holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Asset holding
239
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Annual financial statements
Other information
AngloGold Ashanti plc
Group Notes to the financial statements
For the year ended 31 December 2023
Name of company
% held (2) Registered address
Main activity
SoN Land & Water, LLC
Mother Lode Mining Company LLC
AngloGold Ashanti Sterling Inc.
AngloGold Ashanti (Canada) Exploration
Limited
AngloGold Ashanti (Canada) Exploration
Company
100
100
100
100
100
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Asset holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Asset holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Asset holding
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Prospecting
6363 S. Fiddlers Green Circle, Suite 1000, Greenwood
Village, CO 80111
Exploration
(1) Following the corporate restructuring, AngloGold Ashanti Limited was re-registered as AngloGold Ashanti (Pty) Ltd.
(2) All entities are indirectly held by AngloGold Ashanti plc unless otherwise indicated
(3) Direct holding
(4) Percentage holding via nominee holding
(5) Effective holding
The AngloGold Ashanti Employee Benefit Trust (EBT) services are provided by a third party, Zedra Trust Company (Guernsey) Limited, to
facilitate the holding and distribution of AngloGold Ashanti shares for the benefit of the employees who receive shares under the AngloGold
Ashanti share scheme. The AngloGold Ashanti EBT is not directly controlled by AngloGold Ashanti248/4290, but is consolidated into the Group
in terms of IFRS10.
240
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Annual Report 2023
Group Notes to the financial statements
For the year ended 31 December 2023
34 SUBSEQUENT EVENTS
Dividend declaration - On 21 February 2024, the directors of AngloGold Ashanti announced the payment of a gross interim cash
dividend per ordinary share of 19 US cents.
241
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Other information
AngloGold Ashanti plc
Company Statement of Financial Position
As at 31 December 2023
US dollar millions
Non current assets
Investment in subsidiaries
Current assets
Cash at bank and in hand
Total Assets
Capital and reserves
Share capital
Merger reserve
Retained earnings
Total equity
Current Liabilities
Trade and other payables
Total equity and liabilities
Note
2023
6
7,777
12
7,789
420
569
6,749
7,738
8
9
7
51
7,789
The profit for the period from 10 February 2023 (date of incorporation) to 31 December 2023 is $249m.
The notes on pages 244 to 247 are an integral part of these financial statements. The company financial statements of AngloGold
Ashanti plc (registration number: 14654651) on pages 242 to 247 were authorised for issue by the Board of Directors on 10 April 2024
and were signed on its behalf by:
Alberto Calderon
Chief Executive Officer
Gillian Doran
Chief Financial Officer
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Annual Report 2023
Company Statement of Changes in Equity
For the period from 10 February 2023 (date of incorporation) to 31 December 2023
US dollar millions
Note Share capital
Merger
Reserve
Retained
earnings
Total equity
Balance on incorporation (10 February 2023)
Proceeds from shares issued
Creation of the merger reserve on corporate restructuring
Issue of bonus shares
Cancellation of bonus shares
Total transactions with owners, recognised directly in equity
Total profit and comprehensive income for the period
8
9
10
10
—
420
—
—
—
7,069
6,500
(6,500)
(6,500)
420
—
—
569
—
—
—
—
—
6,500
6,500
249
—
420
7,069
—
—
7,489
249
Balance as at 31 December 2023
420
569
6,749
7,738
The notes on pages 244 to 247 are an integral part of these financial statements.
243
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AngloGold Ashanti plc
Company Notes to the financial statements
For the period ended 31 December 2023
1. General information
AngloGold Ashanti plc (previously AngloGold Ashanti (UK) Limited) (AGA plc) is a public company incorporated under the laws of
England and Wales. The Company was incorporated on 10 February 2023 as a private limited company, and re-registered on
8 June 2023 as a public company, wholly owned by AngloGold Ashanti Limited (AGAL), a company registered in South Africa. The
address of the Company's registered office is 4th Floor, Communications House, South Street, Staines-Upon-Thames, Surrey,
United Kingdom, TW18 4PR. The principal activity of the Company is to hold the interest in the group’s principal subsidiaries and
joint operations (including direct and indirect holdings).
On 12 May 2023, AGAL announced a corporate restructuring and a change to domicile and primary listing location. On
25 September 2023, the Company completed the corporate restructuring and implemented a number of inter-conditional steps,
including:
• The incorporation of AngloGold Ashanti plc which made an offer to purchase 100% of AngloGold Ashanti Holdings plc (AGAH) and
resulted in AngloGold Ashanti plc holding all of the operations and assets located outside South Africa previously held by AGAL
(the previous parent entity).
• The acquisition of all the issued shares of AGAL by AngloGold Ashanti plc in exchange for the issue of new AngloGold Ashanti plc
ordinary shares through a scheme of arrangement in terms of section 114 of the South African Companies Act 2008 between
AGAL and its shareholders.
• The delisting of AGAL shares from all the exchanges on which they were listed and AngloGold Ashanti plc obtained a primary
listing on the New York Stock Exchange, with secondary listings on the Johannesburg Stock Exchange, A2X Market and Ghana
Stock Exchange.
2. Statement of compliance
The financial statements of AngloGold Ashanti plc have been prepared in compliance with United Kingdom Accounting Standards,
including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic
of Ireland’ (‘FRS 102’) and the Companies Act 2006.
3. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below.
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost convention. The presentational and
functional currency is US Dollars, being the currency of the primary economic environment in which the Company operates.
AngloGold Ashanti plc, as a parent company of the Group, has taken exemption from disclosure of its individual income statement
and statement of comprehensive income under section 408 of the Companies Act 2006.
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the Company's accounting policies. The areas
involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial
statements are disclosed in Note 4.
Going concern basis
Having assessed the financial position and future plans of the Company (including the ability of subsidiary entities to stream
dividends to the Company), the Directors believe that it is appropriate to adopt the going concern basis of accounting in preparing
the financial statements. The directors have reviewed the financial projections of the Company. These show that the Company
will be able to pay (or otherwise discharge) its debts as they fall due during the 12 months immediately following the date when
the financial statements are authorised for issue.
Exemptions for qualifying entities under FRS 102
AGA plc has taken advantage of the following disclosure exemptions under FRS 102 as these have been included in the Group
consolidated financial statements.
• From the financial instrument disclosures, required under FRS 102 paragraphs, 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv),
11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A, as the information is provided in the consolidated financial statement
disclosures
• From disclosing share-based payment arrangements, required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23,
concerning its own equity instruments, as the company financial statements are presented with the consolidated financial
statements and the relevant disclosures are included therein, and
• From disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.
• From the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d).
Income from shares in group undertakings
Dividend income is recognised when the right to receive payment is established.
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Company Notes to the Financial Statements
For the period ended 31 December
3. Summary of significant accounting policies CONTINUED
Investment in subsidiaries
Investment in subsidiaries are held at cost less impairment. At each reporting date the investment in subsidiaries are assessed to
determine whether there is an indication of impairment. Where indicators of impairment are identified a formal impairment test is
carried out. If the investment in subsidiary is impaired, the impairment loss is the difference between the carrying amount and the
recoverable amount. The impairment loss is recognised in profit or loss.
Cash at bank and in hand
Cash at bank and in hand comprise current balances with banks and similar institutions and highly liquid investments with
maturities of three months or less. They are readily convertible into known amounts of cash and have an insignificant risk of
changes in value.
Contingencies
Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (i) it is not probable that there
will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will
be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent
liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.
Share capital
Ordinary and preference shares are classified as equity. Equity instruments are measured at the fair value of the cash or other
resources received or receivable, net of the direct costs of issuing the equity instruments. Share capital denominated in a currency
other than the functional currency is not revalued.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the
transaction.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at
historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair
value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange
rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.
Related party transactions
The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose
transactions with members of the same group that are wholly owned.
4. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company’s accounting policies, which are described in note 3, the Directors are required to make
judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimates is revised if the revision affects both current and future periods.
The estimates and underlying assumptions that have a significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year, are discussed below.
Investment in subsidiaries
As part of the corporate restructuring AGA plc made an offer to purchase 100% of AGAH at fair value. The market capitalisation of
the AGA plc Group at 22 September 2023 was used as a base to determine the fair value of the investment in AGAH. The market
capitalisation amount was adjusted for the liabilities that remained in AGAL (the previous parent entity) to arrive at a fair value for
AGA plc.
There are no significant judgements impacting these financial statements.
245
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Annual financial statements
Other information
AngloGold Ashanti plc
Company Notes to the Financial Statements
For the period ended 31 December
5. Taxation
The following is a reconciliation of the statutory income tax rate to AGA plc’s effective income tax rate expressed as a percentage
of profit before taxation:
US dollar millions
Statutory tax at UK rate
Income not subject to tax
6.
Investment in subsidiaries
US dollar millions
Balance on incorporation (10 February 2023)
Acquisition of subsidiaries (1)
Repayment of capital (1)
Corporate restructuring cost
Closing balance at 31 December 2023
2023
63
(63)
—
2023
—
15,238
(7,507)
46
7,777
(1) As part of the corporate restructuring AGA plc acquired 100% of AGAH from AGAL for $7.7bn, with the issuance of a loan note as consideration. AGA plc
subsequently acquired 100% of AGAL for $7.5bn. The investment in AGAL was subsequently repaid through a distribution in specie of the loan note received by
AGAL, which settled and cancelled the loan notes issued by AGA plc.
The Company has the following direct interests in subsidiary undertakings which arose on the corporate restructuring of the AngloGold
Ashanti plc group. For the full list of subsidiaries refer to Group note 33.
Name
Country of
Incorporation
Registered
Office Address
Principal
Activities
% Equity
Interest
AngloGold Ashanti Holdings plc
Isle of Man
AngloGold Ashanti (Proprietary) Limited
(previously AngloGold Ashanti Limited)
South Africa
Falcon Cliff,
Palace Road,
Douglas,
Isle of Man,
IM2 4LB
Holding
company
112 Oxford
Road,
Houghton
Estate,
Johannesburg,
2198
Holding and
services
company
Investment in
Subsidiaries (US
dollar millions)
2023
100
7,777
100
—
At the reporting date the carrying value of the investment in AGAH was assessed for impairment indicators. There were no indicators
that the fair value of the investment in AGAH had declined significantly, therefore the recoverable amount was not calculated.
7. Trade and other payables
US dollar millions
Australia landholder duty payable (1)
Amounts owed to group undertakings (2)
2023
49
2
51
(1) Landholder duty is payable in Australia in respect of the AGAH sale. The landholder duty is calculated at 5.15% of the market value of the underlying land and
dutiable chattels of AGAH that are located in Western Australia. AGA plc and AGAH are jointly and severally liable to pay the landholder duty, but AGAH has a
statutory right to recover any duty it pays from AGA plc.
(2) Amounts owed to group undertakings are settled within 60 days and is not interest bearing.
8. Share capital
Disclosed as part of Note 21 in the notes to the Group financial statements.
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Company Notes to the Financial Statements
For the period ended 31 December
9. Merger reserve
The merger reserve was created under section 612 of the Companies Act of 2006 when the Company allotted shares to secure
100% of the equity holding of AGAH. The difference between the fair value of AGA plc at the acquisition date and the aggregate
nominal value of shares issued, is recorded as a merger reserve.
10. Capital reduction
In order to create distributable reserves, a court sanctioned capital reduction process was undertaken to convert $6.5 billion of the
merger reserve to distributable reserves. This was done through the issue of bonus shares out of the merger reserve to AngloGold
Ashanti plc registered shareholders and the subsequent cancellation of those shares.
11. Contingent liabilities
The Company has fully and unconditionally guaranteed all payments and other obligations of AGAH ($1,750m as at 31 December
2023) regarding the issued $700m 3.75% rated bonds due 1 October 2030, the issued $300m 6.5% rated bonds due 15 April 2040
and the issued $750m 3.375% rated bonds due 1 November 2028.
12. Ultimate controlling party
There is no ultimate controlling party of the Company.
13. Subsequent events
Disclosed as part of Note 34 in the notes to the Group financial statements.
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AngloGold Ashanti plc
Geita, Tanzania
Other
information
MINING TO
EMPOWER PEOPLE
AND ADVANCE
SOCIETIES
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Shareholder information
At 31 December
According to information available to the directors, the following are the only shareholders whose holdings, directly or indirectly, are 5%
or more of the ordinary issued share capital of the Company:
Shareholders or their subsidiaries directly or indirectly
holding >5% of AngloGold Ashanti’s capital
Public Investment Corporation of South Africa
Black Rock Inc.
Van Eck Associates Corporation
Ordinary shares held
2023
Number
2022
%
Number
74,537,976
34,192,912
25,813,417
17.76
8.15
6.15
44,332,506
28,084,210
23,586,972
%
10.59
6.71
5.63
ANNUAL REPORTS
Should you wish to receive a printed copy of AngloGold Ashanti’s UK Annual Report 2023, please request same from the contact
persons listed at the end of this report, or from the Company’s website, or from companysecretary@anglogoldashanti.com, or Private
Bag X 20, Rosebank 2196.
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Glossary of terms and abbreviations
Financial terms
2028 notes
2030 notes
2040 notes
Adjusted EBITDA
All-in costs
All-in sustaining costs (AISC)
Alternative Performance
Measures (APM)
Average gold price received per
ounce ($/oz)
Average number of employees
The $750 million aggregate principal amount of 3.375 percent notes due 2028.
The $700 million aggregate principal amount of 3.750 percent notes due 2030.
The $300 million aggregate principal amount of 6.50 percent notes due 2040.
“Adjusted EBITDA” is a Non-GAAP measure and, as calculated and reported by AngloGold
Ashanti, includes profit (loss) before taxation, amortisation of tangible, intangible and right of use
assets, retrenchment costs at the operations, interest and dividend income, other gains (losses),
care and maintenance costs, finance costs and unwinding of obligations, impairment and
derecognition of assets, impairment of investments, profit (loss) on disposal of assets and
investments, gain (loss) on unrealised non-hedge derivatives and other commodity contracts, fair
value adjustments, repurchase premium and costs on settlement of issued bonds and the share
of associates’ EBITDA. The Adjusted EBITDA calculation is based on the formula included in
AngloGold Ashanti’s Revolving Credit Facility Agreements for compliance with the debt covenant
formula.
“All-in costs” is a Non-GAAP measure/APM comprising “all-in sustaining costs” including
additional costs which reflect the varying costs of producing gold over the life-cycle of a mine
including costs incurred at new operations and costs related to growth projects at existing
operations, which are expected to increase production. “All-in costs per ounce” ($/oz) is arrived
at by dividing the US dollar value of this cost metric by the ounces of gold sold.
“All-in sustaining costs” is a Non-GAAP measure/APM which is an extension of the existing “total
cash costs” metric and incorporates all costs related to sustaining production and in particular,
recognises sustaining capital expenditures associated with developing and maintaining gold
mines. In addition, this metric includes the cost associated with Corporate Office structures that
support these operations, the community and environmental rehabilitation costs attendant with
responsible mining and any exploration and evaluation cost associated with sustaining current
operations. “All-in sustaining costs per ounce” ($/oz) is arrived at by dividing the US dollar value
of this cost metric by the ounces of gold sold.
These measures are the equivalent of the Non-GAAP financial measures and include, without
limitation, “total cash costs ”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in
sustaining costs per ounce”, “all-in costs”, “all-in costs per ounce”, “average gold price received
per ounce”, “capital expenditure”, "sustaining capital expenditure", "non-sustaining capital
expenditure", “Adjusted EBITDA”, “Adjusted net debt” and “free cash flow”. In this report, these
APMs are indicated by the icon APM.
“Average gold price received per ounce” is a Non-GAAP measure which gives an indication of
revenue earned per ounce of gold sold and includes gold income and realised non-hedge
derivatives in its calculation and serves as a benchmark of performance against the market spot
gold price. This metric is calculated by dividing attributable gold income (price received) by
attributable ounces of gold sold.
The monthly average number of production and non-production employees and contractors
employed during the year, where contractors are defined as individuals who have entered into a
fixed-term contract of employment with a Group company or subsidiary. Employee numbers of
joint ventures represent the Group’s attributable share.
Capital or total capital
(expenditure)
Total capital expenditure on tangible assets.
EBITDA
Earnings before interest, taxation, depreciation and amortisation.
Effective tax rate
Current and deferred taxation charge for the year as a percentage of profit before taxation.
GAAP
Market spot gold price
Non-sustaining capital
(expenditure)
General Accepted Accounting Principles, the accounting standard adopted by the SEC and used
mostly by companies based in the United States
The price of gold traded at any given moment on the Over-The-Counter (OTC) wholesale market
of which the transaction will be settled in two business days’ time.
“Non-sustaining capital (expenditure)” is a non-GAAP measure comprising capital expenditure
incurred at new operations and capital expenditure related to ‘major projects’ at existing
operations where these projects will materially increase production.
Ounces of gold produced
The attributable number of gold ounces produced by the Group.
Ounces of gold sold
The attributable number of gold ounces sold by the Group.
Price received per ounce ($/oz)
The attributable gold income, including realised non-hedge derivatives, divided by attributable
ounces of gold sold.
Rated bonds
The 2028 notes, the 2030 notes and the 2040 notes.
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Financial terms
Region
Related party
Defines the operational management divisions within AngloGold Ashanti, namely Africa (DRC,
Ghana, Guinea and Tanzania), Australia and the Americas (Argentina and Brazil and projects in
the United States and Columbia).
Parties are considered related if one party has the ability to control the other party or exercise
significant influence over the other party in making financial and operating decisions or if such
parties are under common control
Significant influence
The ability, directly or indirectly, to participate in, but not exercise control over, the financial and
operating policy decision of an entity so as to obtain economic benefit from its activities.
Sustaining capital (expenditure)
Total cash costs
“Sustaining capital (expenditure) is a Non-GAAP measure comprising capital expenditure
incurred to sustain and maintain existing assets at their current productive capacity in order to
achieve constant planned levels of productive output and capital expenditure to extend useful
lives of existing production assets. This includes replacement of vehicles, plant and machinery,
Mineral Reserve development, deferred stripping and capital expenditure related to financial
benefit initiatives, safety, health and the environment.
“Total cash costs” is a Non-GAAP measure and, as calculated and reported by AngloGold
Ashanti, include costs for all mining, processing, onsite administration costs, royalties and
production taxes, as well as contributions from by-products, but exclude amortisation of tangible,
intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment
costs, corporate administration, marketing and related costs, capital costs and exploration costs.
“Total cash costs per ounce” ($/oz) is calculated by dividing attributable total cash costs by
attributable ounces of gold produced.
Weighted average number of
ordinary shares
The number of ordinary shares in issue at the beginning of the year, increased by shares issued
during the year, weighted on a time basis for the period during which they have participated in the
income of the Group, and increased by share options that are virtually certain to be exercised.
Currencies
$, US$, USD, US dollar or dollar
United States dollar
ARS or Argentinean peso
Argentinean peso
A$, AUD or Australian dollar
Australian dollar
BRL or Brazilian real
£, GBP or British pound
Brazilian real
British pound
C$, CAD or Canadian dollar
Canadian dollar
COP or Colombian peso
CDF or Congolese franc
€ or Euro
Colombian peso
Congolese franc
European euro
GHS, Gh¢, Ghanaian cedi or cedi
Ghanaian cedi
TZS or Tanzanian shilling
Tanzanian shilling
ZAR, R, South African rand or rand South African rand
Mining and other terms
By-products
Carbon-in-leach (CIL)
Chief officers
Depletion
Development
Any potentially economic or saleable products that emanate from the core process of producing
gold or copper, including silver, molybdenum and sulphuric acid.
Gold is leached conventionally from a slurry of ore with cyanide in agitated tanks. The leached
slurry then passes into the CIP circuit where activated carbon granules are mixed with the slurry
and gold is adsorbed on to the activated carbon. The gold-loaded carbon is separated from the
slurry and treated in an elution circuit to remove the gold.
AngloGold Ashanti’s Chief Officers are those in Executive Management and are members of the
Executive Committee.
The decrease in the quantity of ore in a deposit or property resulting from extraction or
production.
The process of accessing an orebody through shafts and/or tunneling in underground mining
operations.
Doré
Impure alloy of gold and silver produced at a mine to be refined to a higher purity.
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Glossary of terms and abbreviations
Mining and other terms
Economically viable
Exploration results
Economically viable, when used in the context of Mineral Reserve determination, means that the
Qualified Person has determined, using a discounted cash flow analysis, or has otherwise
analytically determined, that extraction of the Mineral Reserve is economically viable under
reasonable investment and market assumptions.
Exploration results are data and information generated by mineral exploration programs (i.e.,
programs consisting of sampling, drilling, trenching, analytical testing, assaying, and other similar
activities undertaken to locate, investigate, define or delineate a mineral prospect or mineral
deposit) that are not part of a disclosure of Mineral Resource or Mineral Reserve. A registrant
must not use exploration results alone to derive estimates of tonnage, grade, and production
rates, or in an assessment of economic viability.
Exploration stage property
An exploration stage property is a property that has no Mineral Reserve disclosed.
Exploration target
Feasibility study
An exploration target is a statement or estimate of the exploration potential of a mineral deposit
in a defined geological setting where the statement or estimate, quoted as a range of tonnage and
a range of grade (or quality), relates to mineralisation for which there has been insufficient
exploration to estimate a Mineral Resource.
A feasibility study is a comprehensive technical and economic study of the selected development
option for a mineral project, which includes detailed assessments of all applicable modifying
factors, as defined by this section, together with any other relevant operational factors, and
detailed financial analyses that are necessary to demonstrate, at the time of reporting, that
extraction is economically viable. The results of the study may serve as the basis for a final
decision by a proponent or financial institution to proceed with, or finance, the development of the
project. A feasibility study is more comprehensive, and with a higher degree of accuracy, than a
pre-feasibility study. It must contain mining, infrastructure, and process designs completed with
sufficient rigour to serve as the basis for an investment decision or to support project financing.
The confidence level in the results of a feasibility study is higher than the confidence level in the
results of a pre-feasibility study. Terms such as full, final, comprehensive, bankable, or definitive
feasibility study are equivalent to a feasibility study.
Genset
A power generator supplying electricity to site in Tanzania.
Gold produced or Gold production Refined gold in a saleable form derived from the mining process.
Grade
Indicated Mineral Resource
Inferred Mineral Resource
Initial assessment (also known as
a concept study, scoping study,
conceptual study and preliminary
economic assessment)
Leaching
Life of mine (LOM)
The quantity of ore contained within a unit weight of mineralised material generally expressed in
grams per metric tonne (g/t) or ounce per short tonne for gold bearing material or Percentage
copper (%Cu) for copper bearing material.
An Indicated Mineral Resource is that part of a Mineral Resource for which quantity and grade or
quality are estimated on the basis of adequate geological evidence and sampling. The level of
geological certainty associated with an Indicated Mineral Resource is sufficient to allow a
Qualified Person to apply modifying factors in sufficient detail to support mine planning and
evaluation of the economic viability of the deposit. Because an Indicated Mineral Resource has a
lower level of confidence than the level of confidence of a Measured Mineral Resource, an
Indicated Mineral Resource may only be converted to a Probable Mineral Reserve.
An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or
quality are estimated on the basis of limited geological evidence and sampling. The level of
geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant
technical and economic factors likely to influence the prospects of economic extraction in a
manner useful for evaluation of economic viability. Because an Inferred Mineral Resource has the
lowest level of geological confidence of all Mineral Resource, which prevents the application of
the modifying factors in a manner useful for evaluation of economic viability, an Inferred Mineral
Resource may not be considered when assessing the economic viability of a mining project, and
may not be converted to a Mineral Reserve.
An initial assessment is a preliminary technical and economic study of the economic potential of
all or parts of mineralisation to support the disclosure of Mineral Resource. The initial
assessment must be prepared by a Qualified Person and must include appropriate assessments
of reasonably assumed technical and economic factors, together with any other relevant
operational factors, that are necessary to demonstrate at the time of reporting that there are
reasonable prospects for economic extraction. An initial assessment is required for disclosure of
Mineral Resource but cannot be used as the basis for disclosure of Mineral Reserve.
Dissolution of gold from crushed or milled material, including reclaimed slime, prior to adsorption
on to activated carbon or direct zinc precipitation.
Number of years for which an operation is planning to mine and treat ore, and is taken from the
current mine plan.
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Mining and other terms
Measured Mineral Resource
Metallurgical plant
Milling
Mineralisation
Mineral deposit
Mineral Reserve
Mineral Resource
Modifying factors
Open-pit mining
Ounce (oz) (troy)
A Measured Mineral Resource is that part of a Mineral Resource for which quantity and grade or
quality are estimated on the basis of conclusive geological evidence and sampling. The level of
geological certainty associated with a Measured Mineral Resource is sufficient to allow a
Qualified Person to apply modifying factors, as defined in this section, in sufficient detail to
support detailed mine planning and final evaluation of the economic viability of the deposit.
Because a Measured Mineral Resource has a higher level of confidence than the level of
confidence of either an Indicated Mineral Resource or an Inferred Mineral Resource, a Measured
Mineral Resource may be converted to a Proven Mineral Reserve or to a Probable Mineral
Reserve.
A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona
(and, in some cases, valuable by-products).
A process of reducing broken ore to a size at which concentrating or leaching can be undertaken.
The process or processes by which a mineral or minerals are introduced into rock, resulting in a
potentially valuable deposit.
A mineral deposit is a concentration (or occurrence) of material of possible economic interest in
or on the earth’s crust.
A Mineral Reserve is an estimate of tonnage and grade or quality of Indicated and Measured
Mineral Resource that, in the opinion of the Qualified Person, can be the basis of an economically
viable project. More specifically, it is the economically mineable part of a Measured or Indicated
Mineral Resource, which includes diluting materials and allowances for losses that may occur
when the material is mined or extracted. Mineral Reserve is subdivided in order of increasing
confidence into Probable Mineral Reserve and Proven Mineral Reserve. Mineral Reserve is
aggregated from the Proven and Probable Mineral Reserve categories. A Measured Mineral
Resource may be converted to either a Proven Mineral Reserve or a Probable Mineral Reserve
depending on uncertainties associated with modifying factors that are taken into account in the
conversion from Mineral Resource to Mineral Reserve. The Mineral Reserve tonnages and grades
are estimated and reported as delivered to plant (i.e., the point where material is delivered to the
processing facility).
A Mineral Resource is a concentration or occurrence of material of economic interest in or on the
Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for
economic extraction. A Mineral Resource is a reasonable estimate of mineralisation, taking into
account relevant factors such as cut-off grade, likely mining dimensions, location or continuity,
that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or
in part, become economically extractable. It is not merely an inventory of all mineralisation drilled
or sampled. Mineral Resource is subdivided and must be so reported, in order of increasing
confidence in respect of geoscientific evidence, into Inferred, Indicated or Measured categories.
The Mineral Resource tonnages and grades are reported in situ and stockpiled material is
reported as broken material.
Modifying factors are the factors that a Qualified Person must apply to Indicated and Measured
Mineral Resource and then evaluate in order to establish the economic viability of Mineral
Reserve. A Qualified Person must apply and evaluate modifying factors to convert Measured and
Indicated Mineral Resource to Proven and Probable Mineral Reserve. These factors include but
are not restricted to: mining; processing; metallurgical; infrastructure; economic; marketing; legal;
environmental compliance; plans, negotiations, or agreements with local individuals or groups;
and governmental factors. The number, type and specific characteristics of the modifying factors
applied will necessarily be a function of and depend upon the mineral, mine, property, or project.
An excavation made at the surface of the ground for the purpose of extracting minerals, inorganic
and organic, from their natural deposits, which excavation is open to the surface.
Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to
31.1035 grams.
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Glossary of terms and abbreviations
Mining and other terms
Preliminary feasibility study (pre-
feasibility study or PFS)
A comprehensive study of a range of options for the technical and economic viability of a mineral
project that has advanced to a stage where a Qualified Person has determined (in the case of
underground mining) a preferred mining method, or (in the case of surface mining) a pit
configuration, and in all cases has determined an effective method of mineral processing and an
effective plan to sell the product. A pre-feasibility study includes a financial analysis based on
reasonable assumptions, based on appropriate testing, about the modifying factors and the
evaluation of any other relevant factors that are sufficient for a Qualified Person to determine if all
or part of the Indicated and Measured Mineral Resource may be converted to Mineral Reserve at
the time of reporting. The financial analysis must have the level of detail necessary to
demonstrate, at the time of reporting, that extraction is economically viable. A pre-feasibility study
is less comprehensive and results in a lower confidence level than a feasibility study. A pre-
feasibility study is more comprehensive and results in a higher confidence level than an initial
assessment.
Probable Mineral Reserve
A Probable Mineral Reserve is the economically mineable part of an Indicated and, in some cases,
a Measured Mineral Resource.
Production stage property
A production stage property is a property with material extraction of Mineral Reserve.
Productivity
Proven Mineral Reserve
Qualified Person
An expression of labour productivity based on the ratio of ounces of gold produced per month to
the total number of employees in mining operations.
A Proven Mineral Reserve is the economically mineable part of a Measured Mineral Resource and
can only result from conversion of a Measured Mineral Resource.
A Qualified Person, in respect of the Company's material properties, is an individual who is (1) a
mineral industry professional with at least five years of relevant experience in the type of
mineralisation and type of deposit under consideration and in the specific type of activity that
person is undertaking on behalf of the registrant; and (2) an eligible member or licensee in good
standing of a recognised professional organisation at the time the technical report is prepared.
Regulation S-K 1300 details further recognised professional organisations and also relevant
experience.
Quartz
A hard mineral consisting of silica dioxide found widely in all rocks.
Recovered grade
The recovered mineral content per unit of ore treated.
Reef
Refining
Regulation S-K 1300
Rehabilitation
Shaft
Statcom
Stoping
Stripping ratio
Tailings
Tonnage
Tonne
Tonnes treated
A gold-bearing horizon, sometimes a conglomerate band, that may contain economic levels of
gold. Reef can also be any significant or thick gold bearing quartz vein.
The final purification process of a metal or mineral.
Subpart 1300 of Regulation S-K (17 CFR § 229.1300) which contains the SEC’s mining property
disclosure requirements for mining registrants.
The process of reclaiming land disturbed by mining to allow an appropriate post-mining use.
Rehabilitation standards are defined by country-specific laws, including but not limited to the US
Bureau of Land Management, the US Forest Service, and the relevant Australian mining
authorities, and address among other issues, ground and surface water, topsoil, final slope
gradient, waste handling and re-vegetation issues.
A vertical or sub-vertical excavation used for accessing an underground mine; for transporting
personnel, equipment and supplies; for hoisting ore and waste; for ventilation and utilities; and/or
as an auxiliary exit.
A power regulator or power stabiliser for the electrical system. These stabilisers assist with
management of fluctuations in the power supply and ensuring its stability.
The process of excavating ore underground.
The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes
mined divided by ore tonnes mined.
Finely ground rock of low residual value from which valuable minerals have been extracted.
Quantity of material measured in tonnes.
Used in metric statistics. Equal to 1,000 kilograms.
This is the volume of gold-bearing ore processed and treated at our on-site gold plants to extract
the gold, and silver. Tonnes treated are often used to calculate efficiency or intensity of use data
such as GHG emissions and water used per tonne treated
Total employee costed
see Productivity
Total recordable injury frequency
rate (TRIFR)
The total number of recordable injuries and fatalities that occurs per million hours worked.
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Mining and other terms
Underground mining
Waste
Yield
Abbreviations
The extraction of rocks, minerals and industrial materials, other than coal, oil and gas, from the
earth by developing entries or shafts from the surface to the seam or deposit before recovering
the product by underground extraction methods.
Material that contains insufficient mineralisation for consideration for future treatment and, as
such, is discarded.
The amount of valuable mineral or metal recovered from each unit mass of ore expressed as
grams per metric tonne.
A2X
AAIL
ADS
AGA
AGAH
AGM
AISC
ANLA
ASM
Au
AusIMM
BBSY
BEV(s)
bn
CDO*
CdS
CEO*
CFO*
CIL
Coeur Sterling
Corvus Gold
CO2e
COO*
CPI
CPO*
CSCAO*
CTO*
CVSA
A2X Markets
AngloGold Ashanti (Iduapriem) Limited
American Depositary Share
AngloGold Ashanti plc
AngloGold Ashanti Holdings plc
Annual General Meeting
All-in sustaining costs
Colombian National Environmental Licensing Authority
Artisanal and small-scale mining
Gold
The Australasian Institute of Mining and Metallurgy
Bank Bill Swap Bid Rate
Battery electric equivalents
Billion
Chief Development Officer
Córrego do Sítio
Chief Executive Officer
Chief Financial Officer
Carbon-in-leach
Coeur Sterling, Inc.
Corvus Gold Inc.
Carbon dioxide equivalent
Chief Operating Officer
Consumer Prices Index
Chief People Officer
Chief Sustainability and Corporate Affairs Officer
Chief Technology Officer
Cerro Vanguardia S.A.
Cyanide Code
International Cyanide Management Code for the Manufacture, Transport, and Use of Cyanide In
the Production of Gold
DRC
DSP
ERM
ESG
EVP/COO
EY
FRC
Democratic Republic of the Congo
Deferred Share Plan
Enterprise risk management
Environmental, social and governance
Executive Vice President/Chief Operating Officer
Ernst & Young Inc.
Financial Reporting Council, an independent regulator in the UK and Ireland
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Glossary of terms and abbreviations
Abbreviations
FTSE
Financial Times Stock Exchange index series (eg FTSE 100 Index, FTSE 350 Index, etc), of shares/
companies listed on the London Stock Exchange (LSE). The FTSE4Good Index Series benchmark
and cover tradeable indices on various exchanges, including the JSE, and measure company
performance by using globally recognised ESG standards to facilitate and promote socially
responsible investment.
FVTOCI
FVTPL
G or g
g/t
GGM
GHG
GISTM
GJ
Gold Fields
GRI
GSE
HME
IASB
IBIS
ICMM
IFRS
IMF
ISSB
JSE
JV
KCD
King IV
kg
km
km2
koz
LBMA
LIBOR
M or m
ML
Moz
Mtpa
NED
NGO
NYSE
oz
PCAOB
PJ
PwC
PwC SA
PwC UK
SASB
SDGs
SEC
Fair value through other comprehensive income
Fair value through profit or loss
Grams
Grams per metric tonne
Geita Gold Mine
Greenhouse gas
Global Industry Standard on Tailings Management
Gigajoule
Gold Fields Limited
Global Reporting Initiative
Ghana Stock Exchange
Heavy mobile equipment
International Accounting Standards Board
IBIS ESG Consulting Africa (Pty) Ltd
International Council on Mining & Metals
International Financial Reporting Standards as issued by the IASB
International Monetary Fund
International Sustainability Standards Board
Johannesburg Stock Exchange
Joint venture
Karagba, Chauffeur and Durba
The King Report on Corporate Governance for South Africa, 2016
Kilograms
Kilometres
Square kilometres
Thousand ounces
London Bullion Market Association
London Interbank Offer Rate
Metre or million, depending on context
Megalitres
Million ounces
Million tonnes (metric) per annum
Non-Executive Director
Non-governmental organisation
New York Stock Exchange
Ounces (troy)
United States Public Company Accounting Oversight Board
Petajoules, 1PJ is equivalent to 1 million GJ or 277,778MWh
PricewaterhouseCoopers Inc. and PricewaterhouseCoopers LLP
PricewaterhouseCoopers Inc.
PricewaterhouseCoopers LLP
Sustainability Accounting Standards Board
Sustainable development goals
United States Securities and Exchange Commission
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Abbreviations
SES
SOFR
SOX
T or t
TCFD
TEC
TRA
TRIFR
TSF
UK
UNECA
UNGC
UNGP
Social, ethics and sustainability
Secured Overnight Financing Rate
United States Sarbanes-Oxley Act of 2002, as amended
Tonnes (metric)
Task Force on Climate-related Financial Disclosures
Total employee costed
Tanzanian Revenue Authority
Total recordable injury frequency rate
Tailings storage facility
United Kingdom
United Nations Economic Commission for Africa
United Nations Global Compact
United Nations Guiding Principles for Business and Human Rights
US/U.S./USA/United States
United States of America
VAT
VPSHR
WGC
Value added tax
Voluntary Principles on Security and Human Rights
World Gold Council
* Indicates chief officers who make up AngloGold Ashanti’s Executive Committee.
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Forward-looking statements
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those
concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-
in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth
prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project
milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and
production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and
capital resources and capital expenditures, the consequences of the COVID-19 pandemic and the outcome and consequences of
any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking
statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These
forward-looking statements or forecasts are not limited to historical facts, but rather reflect our current beliefs and expectations
concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as
“believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”,
“should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases,
and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements
that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or
forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results,
performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements
expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in
such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to
have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the
forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions,
including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory
environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the
outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics
(including the COVID-19 pandemic), the failure to maintain effective internal control over financial reporting or effective disclosure
controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material
weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges
and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on
Form 20-F for the year ended 31 December 2023 to be filed with the United States Securities and Exchange Commission (“SEC”).
These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance,
actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or
unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or
achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti
undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable
law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf
are qualified by the cautionary statements herein.
NON-GAAP FINANCIAL MEASURES
This document may contain certain “Non-GAAP” financial measures, including, without limitation, “total cash costs”, “total cash costs
per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs”, “all-in costs per ounce”, “average gold price
received per ounce”, "sustaining capital expenditure", "non-sustaining capital expenditure", “Adjusted EBITDA”, “Adjusted net debt” and
“free cash flow”. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP
financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from
operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures
may not be comparable to similarly titled measures other companies may use. Reconciliations from IFRS to the Non-GAAP financial
measures used in this document can be found either in this document, in AngloGold Ashanti’s Preliminary Financial Update for the six
months and the year ended 31 December 2023, or in its FY 2023 Earnings Release for the six months and the year ended 31 December
2023, each of which is available on AngloGold Ashanti’s website.
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2023 MINERAL RESOURCE AND MINERAL RESERVE INFORMATION
The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR §
229.1300) (“Regulation S-K 1300”). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold
Ashanti’s Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold,
copper, silver, sulphur and molybdenum estimated at 31 December 2023 and are based on information available at the time of
estimation. Such estimates are, or will be, to a large extent, based on the prices of the respective commodities and interpretations of
geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results.
AngloGold Ashanti publishes its Mineral Resource and Mineral Reserve on an annual basis and has re-estimated its Mineral Resource
and Mineral Reserve at 31 December 2023, taking into account economic assumptions, changes to future production, capital
expenditure and operating costs (if any), depletion, additions as well as any acquisitions or disposals during 2023. The legal tenure of
each material property has been verified to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been
confirmed to be covered by the required mining permits or there exists a realistic expectation, based on applicable laws and regulations,
that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished
in the ordinary course and in a timeframe consistent with AngloGold Ashanti’s (or its joint venture partners’) current mine plans. For the
Mineral Reserve, the term “economically viable” means that profitable extraction or production has been established or analytically
demonstrated in, at a minimum, a pre-feasibility study, to be economically viable under reasonable investment and market
assumptions. Mineral Reserve is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Probable
and Proven Mineral Reserve categories. Mineral Reserve is aggregated from the Probable and Proven Mineral Reserve categories.
Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Probable and Proven Mineral Reserve are
estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility) and exclude losses
during metallurgical treatment. In compliance with Regulation S-K 1300, the Mineral Resource herein is reported as exclusive of the
Mineral Reserve before dilution and other factors are applied, unless otherwise stated. Mineral Resource is subdivided and reported, in
order of increasing geoscientific knowledge and confidence, into Inferred, Indicated and Measured Mineral Resource categories.
Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Inferred, Indicated and Measured Mineral
Resource are those contained in situ prior to losses during metallurgical treatment. While it would be reasonable to expect that the
majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of
Inferred Mineral Resource, it should not be assumed that such upgrading will always occur.
If estimations are required to be revised using significantly lower commodity prices, increases in operating costs, reductions in
metallurgical recovery or other modifying factors, this could result in the Mineral Resource or Mineral Reserve not being mined or
processed profitably, material write-downs of AngloGold Ashanti’s investment in mining properties, goodwill and increased
amortisation, reclamation and closure charges. If AngloGold Ashanti determines that certain of its Mineral Resource or Mineral Reserve
+
have become uneconomic, this may ultimately lead to a reduction in its aggregate reported Mineral Resource or Mineral Reserve,
respectively. Consequently, if AngloGold Ashanti’s actual Mineral Resource and Mineral Reserve is less than current estimates, its
business, prospects, results of operations and financial position may be materially impaired.
The pre-feasibility and feasibility studies for undeveloped ore bodies derive estimates of capital expenditure and operating costs based
upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery
rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors.
Actual operating and capital expenditure cost and economic returns on projects may differ significantly from original estimates.
Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the
economic feasibility of production may change. The Mineral Resource is subject to further exploration and development, and is subject
to additional risks, and no assurance can be given that they will eventually convert to future Mineral Reserve.
For additional information, refer to Table 1 (Summary Mineral Resource) and Table 2 (Summary Mineral Reserve) to Paragraph (b) of
Item 1303 (Summary disclosure) of Regulation S-K, which are included in AngloGold Ashanti’s annual report on Form 20-F for the year
ended 31 December 2023 to be filed with the SEC. These summary tables include each class of Mineral Resource (Inferred, Indicated
and Measured) together with total Measured and Indicated Mineral Resource, and each class of Mineral Reserve (Probable and Proven)
together with total Mineral Reserve. The Mineral Resource at the end of the fiscal year ended 31 December 2023 was estimated using a
gold price of $1,750/oz and a copper price of $3.50/lb, unless otherwise stated. The Mineral Reserve at the end of the fiscal year ended
31 December 2022 was estimated using a gold price of $1,400/oz, and a copper price of $2.90/lb, unless otherwise stated.
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Notes
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Administration
AngloGold Ashanti plc
Incorporated in England and Wales
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
Directors
Executive
A Calderon▲º (Chief Executive Officer)
GA Doran▲◊ (Chief Financial Officer)
Share codes:
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE: AU
JSE: ANG
A2X: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
JSE Sponsor:
The Standard Bank of South Africa
Limited
Auditors: PricewaterhouseCoopers LLP
Offices
Registered and Corporate
4th Floor, Communications House
South Street
Staines-upon-Thames
Surrey TW18 4PR
United Kingdom
Telephone: +44 (0) 203 968 3320
Fax: +44 (0) 203 968 3325
Australia
Level 10, AMP Building,
140 St George’s Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 773400
Fax: +233 303 778155
South Africa
112 Oxford Road
Houghton Estate,
Johannesburg, 2198
(Private Bag X 20, Rosebank, 2196)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Non-Executive
MDC Ramos^ (Chairperson)
KOF Busia△
AM Ferguson*
AH Garner#
R Gasant^
SP Lawson#
J Magie§
MC Richter#~
DL Sands#
JE Tilk§
*British §Canadian #American
▲Australian ~Panamanian ◊Irish
^South African △Ghanaian ºColombian
Officers
Catherine Stead
Vice President: Company Secretary
Company secretarial e-mail
Companysecretary@anglogoldashanti.com
Investor Relations contacts
Yatish Chowthee
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
E-mail: yrchowthee@anglogoldashanti.com
Andrea Maxey
Telephone: +61 08 9425 4603
Mobile: +61 400 072 199
E-mail: amaxey@anglogoldashanti.com
AngloGold Ashanti website
www.anglogoldashanti.com
Share Registrars
United States
Computershare Trust Company, N.A.
150 Royall Street
Suite 101
Canton, MA 02021
United States of America
Telephone US: 866-644-4127
Telephone non-US: +1-781-575-2000
Shareholder Online Inquiries:
https://www-us.computershare.com/
Investor/#Contact
Website:
www.computershare.com/investor
South Africa
Computershare Investor Services (Pty)
Limited
Rosebank Towers, 15 Biermann Avenue
Rosebank, 2196
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
E-mail: queries@computershare.co.za
Website: www.computershare.com
Ghana
Central Securities Depository (GH) LTD
4th Floor, Cedi House
PMB CT 465, Cantonments
Accra, Ghana
Telephone: +233 302 689313
Fax: +233 302 689315
Ghana depositary
NTHC Limited
18 Gamel Abdul Nasser Avenue
Ringway Estate
Accra, Ghana
Telephone: +233 302 235814/6
Fax: +233 302 229975
AngloGold Ashanti posts information that may be important to investors on the main page
of its website at www.anglogoldashanti.com and under the “Investors” tab on the main
page. This information is updated periodically. AngloGold Ashanti intends to use its
website as a means of disclosing material non-public information to the public in a broad,
non-exclusionary manner and for complying with its disclosure obligations. Accordingly,
investors should visit this website regularly to obtain important information about
AngloGold Ashanti, in addition to following its press releases, documents it files with, or
furnishes to, the United States Securities and Exchange Commission (SEC) and public
conference calls and webcasts. No material on the AngloGold Ashanti website forms any
part of, or is incorporated by reference into, this document. References herein to the
AngloGold Ashanti website shall not be deemed to cause such incorporation.
PUBLISHED BY ANGLOGOLD ASHANTI
261