Notes:
•
All 2024 numbers include Centamin plc from the date of acquisition
(22 November 2024) to year end, unless specified otherwise
•
Unless otherwise indicated, $ or dollar refers to the US dollar throughout
•
AngloGold Ashanti’s 2024 reporting distinguishes between those operations that
are managed and those that are not managed. Managed operations are reported
on a consolidated basis, while non-managed joint ventures are equity-accounted
and reported in terms of the Company’s share of attributable earnings. The 2023
information has been restated to reflect the distinction between managed and
non-managed operations commensurate with the appropriate reporting basis.
•
Metric tonnes (t) are used throughout, and all ounces (oz) are troy ounces
•
Moz refers to million ounces; Mt refers to million tonnes; kt to thousands of
tonnes, and koz refers to thousands of ounces
•
Non-IFRS financial measures, also termed Alternative Performance Measures
(APMs), are identified throughout this report by APM. For information on these
APMs, see pages 232–247
•
All financial periods up to and including 31 December 2023 have been adjusted
to exclude the Córrego do Sítio (CdS) operation that was placed on care and
maintenance in August 2023. All gold production, gold sold, average gold price
received per ounceAPM, all-in sustaining costsAPM per ounce, total cash costsAPM
per ounce and productivity metrics in this document have been adjusted to
exclude the CdS operation, unless otherwise stated
•
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
•
This is an interactive document with hyperlinks indicated in blue or white,
underlined, italicised font
.
Guide to our reporting 2024
Our 2024 reporting promotes transparency and communication
with a range of stakeholders, providing considered,
comprehensive disclosure on AngloGold Ashanti’s strategic,
financial, operational, governance, social and environmental
performance for the financial year ended 31 December 2024.
Our reports are intended to address the information
requirements of investors and other interested stakeholders.
Our suite of reports includes the following:
•
Annual Report on Form 20-F (20-F), our primary report,
which given our primary listing on the New York Stock
Exchange (NYSE), is produced in accordance with the
reporting requirements of the US Securities and Exchange
Commission (SEC), to be filed in due course
•
Annual Report, produced in compliance with the UK Companies
Act 2006 and has the following components:
◦
Strategic Report
◦
Corporate Governance (includes the Directors’ report)
◦
Annual Financial Statements (AFS)
•
Notice of Meeting 2025
•
Sustainability Report, produced in accordance with the Global
Reporting Initiative (GRI) Standards 2021, including GRI 14:
Mining Sector 2024 Standard and the SASB Standards (now part
of the IFRS Foundation)
•
Mineral Resource and Mineral Reserve Report, aligned with SEC
mining property disclosure requirements set out in Subpart 1300
of Regulation S-K (17 CFR § 229.1300) (Regulation S-K 1300)
•
Operational Profiles
•
Human Rights Report and Modern Slavery Statement, to be
published later in the year
Overview
AngloGold Ashanti plc | Annual Report 2024
Our purpose
Mining to empower people and advance societies
Empowering people: by fostering an inspiring environment of
continuous improvement and operational excellence, people
who work for AngloGold Ashanti are empowered to play a
positive role, both within the organisation and in the countries
in which we operate.
Advancing societies: through our business, we strive to add
economic value and provide access to opportunity. Our aim
is to positively impact people in the communities in which we
operate, generating positive economic benefits and improving
their quality of life.
Our 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 mission
Allied to our purpose is 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.
To access our 2024 reports, scan the QR code below or
visit: reports.anglogoldashanti.com
AngloGold Ashanti plc
(AngloGold Ashanti) is a
global gold mining company
with a diverse, high-quality
portfolio of operations,
projects and exploration
activities in 11 countries,
across four continents.
About AngloGold Ashanti
2
2024 – a snapshot
4
Strategic Report
Chairperson’s message
6
CEO’s statement
8
Strategy
10
Business model
13
Materiality – process and issues
15
Principal risks, uncertainties and opportunities
17
Delivering on our strategy
27
Regional reviews – operations and projects
30
Africa
30
Americas
35
Australia
40
Exploration and planning for the future
44
CFO’s report
48
Financial review
50
Engaging with and creating value for stakeholders
63
Addressing climate change
72
Reporting on our sustainability performance
84
Corporate Governance
Board biographies
92
Executive management biographies
96
Corporate governance report
97
Nominations and Governance Committee report
105
Audit and Risk Committee report
109
Social, Ethics and Sustainability Committee report
114
Directors’ remuneration report
115
Section 1: Compensation and Human Resources
Committee Chairperson’s statement
116
Section 2: Annual remuneration report
119
Directors’ report
137
Annual Financial Statements
Independent auditors’ report
141
Group financial statements
148
Company financial statements
225
Other Information
Alternative performance measures
232
Exchange rates
248
Glossary of terms and abbreviations
249
Forward-looking statements
258
Corporate directory and contacts
260
Overview
AngloGold Ashanti plc | Annual Report 2024
Contents
1
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We welcome feedback on our reporting. Should you
have any comments or suggestions on how we
could improve the quality of our reports, contact our
investor relations team at:
investors@anglogoldashanti.com
Headquartered in Denver, Colorado, in the United States,
AngloGold Ashanti is registered in England and Wales.
At the end of the year, our diverse portfolio included:
•
11 operations in Argentina, Australia, Brazil, the
Democratic Republic of the Congo (DRC), Egypt,
Ghana, Guinea and Tanzania
•
Greenfield projects in Colombia, Côte d’Ivoire and the
United States
•
Greenfield exploration in Argentina, Australia, Brazil,
Côte d’Ivoire, Egypt, Tanzania and the United States
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.
AngloGold Ashanti has its primary listing on the NYSE and secondary
listings on the Johannesburg Stock Exchange (A2X and JSE) and the
Ghana Stock Exchange (GSE). A geographically diverse shareholder
base includes some of the world’s largest financial institutions.
Salient features 2024
1
In November 2024, acquired Centamin plc (Centamin)
and its interests in the Sukari gold mine and exploration
licences in Egypt, and a greenfield project and
exploration programme in Côte d’Ivoire
2
3
Produced 2.66Moz of gold, our
principal product, and 3.75Moz
of silver as a by-product (2023:
2.64Moz of gold; 4.70Moz of
silver)
Employed an average of 39,484
people (including contractors)
(2023: 33,658 people)
4
At 31 December 2024:
•
Reported a total gold Measured and Indicated
Mineral Resource of 67.1Moz, a gold Inferred
Mineral Resource of 55.0Moz and a total gold
Mineral Reserve of 31.2Moz
•
Centamin assets accounted for a gold Measured
and Indicated Mineral Resource of 2.9Moz, a gold
Inferred Mineral Resource of 2.4Moz and a gold
Mineral Reserve of 4.1Moz
5
Included in the JSE Top 40 Index, the S&P Global CSA,
the FTSE/JSE Responsible Investment Index Series
and the Bloomberg 2024 Gender-Equality Index
Clear capital allocation framework
Robust balance sheet with ample liquidity, low leverage
Focused on sustained shareholder returns
Creating and sharing value
World-class diversified portfolio
11 operating assets and a portfolio of high-quality
projects in 11 countries;
world’s fourth-largest gold producer
Strong pipeline
Large Indicated and Measured Mineral Resource
and Mineral Reserve
Proven asset optimisation programme
Full Asset Potential programme delivers real cost reductions
Sustainable business practices
Best-in-class safety record;
decarbonisation plan underway
Seasoned leadership
Experienced management; new operating model;
decisive action at under-performing assets
Overview
AngloGold Ashanti plc | Annual Report 2024
About AngloGold Ashanti
2
We are committed to lowering
costs, maintaining our robust
balance sheet, making value
accretive investments and
returning cash to
shareholders.
Investment case:
Overview
AngloGold Ashanti plc | Annual Report 2024
Our global footprint
3
Gold produced
2.66Moz
1.56
0.53
0.57
Africa
Americas
Australia
Net cash inflow (2) (3) (4) (5)
$2,215m
1,493
378
553
Africa
Americas
Australia
People employed (1) (4) (5)
39,484
27,930
8,509
1,777
Africa
Americas
Australia
Capital expenditure (4) (5)
$1,215m
814
247
153
Africa
Americas
Australia
Community investment (4) (5)
$20.64m
14.34
5.13
0.74
Africa
Americas
Australia
(1) Average employed, includes contractors
(2) Includes dividends from joint ventures
(3) The sum of net cash inflows from operations offset by net operational cash outflows associated with projects
(4) Includes corporate and non-gold producing subsidiaries
(5) Includes projects
Notes:
(a) Includes the Silicon and Merlin deposits
(b) Sterling includes the Crown Block
(c) Archean-Birimian Contact (ABC) exploration
programme
(d) Operated by Barrick Gold Corporation (Barrick)
(e) Acquired by AngloGold Ashanti through the
acquisition of Centamin in November 2024
Mineral Reserve (5)
31.25Moz
22.59
6.34
2.32
Africa
Americas
Australia
Overview
AngloGold Ashanti plc | Annual Report 2024
2024 – a snapshot
4
Production and cash cost guidance achieved owing to
overall strong operational performance
Free cash flow APM
$942m
942
109
657
2024
2023
2022
Total cash costs APM
$1,157/oz
1,157
1,115
1,005
2024
2023
2022
Dividends declared
$439m
439
95
195
2024
2023
2022
Revenue from product sales
$5.8bn
5.8
4.6
4.5
2024
2023
2022
Adjusted EBITDA APM
$2.75bn
2.75
1.42
1.79
2024
2023
2022
All-in sustaining costs APM
$1,611/oz
1,611
1,544
1,345
2024
2023
2022
TRIFR per million hours worked
0.98
0.98
1.09
1.26
2024
2023
2022
Adjusted net debtAPM to adjusted
EBITDAAPM
0.21
0.21
0.89
0.49
2024
2023
2022
Growth
In November 2024, AngloGold
Ashanti acquired gold mining and
exploration company Centamin plc
whose assets include:
•
Sukari, an operating gold mine
in Egypt with potential to
produce around 500,000oz
annually
•
Doropo, a greenfield project in
Côte d’Ivoire
•
The ABC exploration project in
Côte d’Ivoire
•
Various exploration leases in
Egypt’s Eastern Desert
At 31 December 2024, the
Centamin assets contributed a gold
Mineral Reserve of 4.1Moz and a
Measured and Indicated Mineral
Resource of 2.9Moz and an
Inferred Mineral Resource of
2.4Moz to AngloGold Ashanti.
Sukari, Egypt
Note:
APM refers to “alternative performance measures”, which are non-IFRS or Non-GAAP financial measures. These measures are:
•
All-in sustaining costs and all-in costs
•
Total cash costs
•
Average gold price received per ounce
•
Sustaining capital expenditure
•
Non-sustaining expenditure
•
Adjusted EBITDA
•
Adjusted net debt
•
Free cash flow
For more information on each of these measures, indicated by APM in the report, and how they are defined and calculated, see Alternative
performance measures (pages 232–247).
AngloGold Ashanti plc | Annual Report 2024
Strategic Report
MINING TO EMPOWER PEOPLE
AND ADVANCE SOCIETIES
Iduapriem, Ghana
Jochen Tilk
Chairperson
Dear Shareholders,
I am pleased to
report a year of
strong performance
from AngloGold
Ashanti, which has
continued to build on
the momentum
created by the
steadily improving
fundamentals at
our mines and the
successful corporate
restructuring in 2023.
The transformation began with our revised
operating model in 2022. This pivotal
restructuring of the Company’s architecture
simplified reporting lines, empowered the
operations by giving them more autonomy
and created clear accountability among the
organisation’s leaders. The results since
then speak for themselves.
Success breeds growth
The successful acquisition of Centamin plc
was made possible by our consistently
strong performance, which created a
currency we could use to do a deal that was
immediately accretive to our overall value,
and to our cash flow. This was our first
major transaction in more than two decades
and represents a natural progression of our
strategic journey, enhancing our portfolio
with the addition of the Tier 1 Sukari mine. It
is our pleasure and privilege to welcome
employees from Sukari and Centamin’s
exploration portfolio in Egypt and Côte
d’Ivoire to the AngloGold Ashanti family.
At Sukari, we will leverage our scale, our
global procurement and supply chain
infrastructure, and also the Full Asset
Potential framework, which has helped make
significant improvements across our
portfolio over the past two years. We are
also able to bring considerable resources
and expertise to Centamin’s prime
exploration portfolio.
At Obuasi, which remains a significant focus
of future, long-term growth, we continued to
face the challenge of poor ground conditions
in high-grade areas. Our ability to
successfully pivot our approach to mining
these high-grade but geologically complex
areas will determine our long-term success.
It is therefore gratifying to see the team
evaluate, trial and then start to implement a
carefully planned shift to the new, underhand
drift and fill mining method, which will be
used in these difficult areas.
You will read elsewhere in this report that
although Obuasi’s medium-term ramp-up will
take somewhat longer than originally expected,
this important orebody is still expected to
deliver around 400,000oz of annual production
at competitive costs by 2028.
Committed to our values
After six years on the Board of AngloGold
Ashanti, it is clear to me that the Company’s
ability to weather market cycles and a host
of challenges is fundamentally linked to an
unwavering commitment to its values that is
so evident across the business. Those
values are the rules that our people live by,
governing our behaviour and our response to
crisis and opportunity alike, and providing an
invaluable reference point whenever we
need to correct course.
We have made significant improvements
in our safety performance. Our injury rates in
2024 were at their lowest ever, and less than
half the ICMM member average.
The pride at this success, however,
is tainted by sadness at the loss of Obeid
Katalihwa, a contractor at our Geita mine in
Tanzania, who died as a result of injuries
sustained in a light vehicle accident. This
incident, which claimed the life of a husband
and father, was a tragic reminder that our
safety efforts must be doubled and
redoubled, as we continuously strive to
remove harm and injury from our operations.
Management has conducted a thorough
investigation of this incident and
implemented comprehensive measures
aimed at preventing similar accidents from
occurring. We remain resolute in our
commitment to achieving zero harm across
all our operations and continue to
strengthen our safety protocols and
practices. Our environmental stewardship,
commitment to community development,
and high standards of corporate
governance also continue to guide our
decisions and actions.
Complex geopolitical environment
From regulatory changes in various
jurisdictions to evolving community
expectations which inevitably rise alongside
the gold price, we face diverse challenges
across our operating regions. However, the
experience -- within the organisation and at
the Board -- in managing multiple operations
across different continents, combined with
a well-developed and applied risk
management framework, enables us to
navigate these challenges effectively while
maintaining our focus on sustainable
value creation.
The global economic and geopolitical
landscape remained complex and dynamic
throughout 2024, marked by persistent
inflationary pressures, monetary tightening
across major economies, and heightened
geopolitical tensions affecting commodity
markets. In our key operating jurisdictions
we witnessed varying degrees of political
transitions and policy shifts.
Ghana saw a change in government after
the national vote in December, while it
continued its economic recovery
programme under IMF guidance; Tanzania
saw local government elections during the
year ahead of the 2025 general elections.
In the Democratic Republic of Congo,
simmering security challenges near the
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Chairperson’s message
6
eastern city of Goma boiled over, leading to
the tragic deaths of thousands in the
ensuing conflict. Our joint venture operation,
more than 800km away, was unaffected at
the time of publication of this report in late
March 2025.
In Argentina, significant macro-economic
adjustments under the new administration
created not only a fluid economic and
operating environment, but some green
shoots of recovery.
In the US, the November election also led to
a change in the US President with early 2025
showing significant social, economic and
policy changes under the new
administration.
Despite these changes, the geographic
diversification of our portfolio proved
invaluable in maintaining operational
stability and delivering value to our
shareholders and the multitude of other
stakeholders who rely on our business in
one way or another. Our focus on the Full
Asset Potential programme, coupled with
robust risk management strategies and our
values-based approach, enabled us to
effectively respond to these evolving
circumstances while maintaining our
commitment to responsible mining
practices.
Clear focus on disciplined capital
allocation
Even as we navigated this complex
geopolitical environment, addressed the
inevitable operational challenges that come
along with mining, and completed a major
acquisition, management remained focused
on disciplined allocation of capital and
operational execution, which allowed the
benefit of the higher gold price to flow to the
bottom line. Operational resilience has
continued to improve, and cost control has
been remarkable, with cost increases held at
well below the Group inflation rate. Our
balance sheet is very robust with long-dated
debt maturities, ample liquidity and leverage
well below our target level.
The gold price has exceeded the
expectations of all but the most ardent bulls.
Central banks continue to build reserves,
with World Gold Council figures showing
sustained annual demand for the past three
years from this important sector remaining
above 1,000 tonnes, more than double the
levels of 2021. Portfolio managers and other
investors, seeking a hedge against inflation
or rising geopolitical uncertainty, continue to
add bullion to their holdings. With demand
continuing to grow, and the supply response
muted, the price reached new records in
early 2025.
While we do not assume that gold prices
will continue to rise or remain at current
levels in perpetuity, the 2024 financial result
shows the cash flow generation of the
business is significant.
The Board took these factors into account
during its review of the capital allocation
framework. Our priority remains ensuring
that the business remains well capitalised
and operates safely and sustainably,
supported by a strong balance sheet with
optimum leverage. After considering a range
of future production and gold price
sensitivities, and weighing our commitment
to provide a competitive return to
shareholders, we approved a change to our
dividend policy. See CFO’s report for more
details (pages 48 and 49).
Reduction of environmental footprint
We are working to do our part to reduce our
environmental footprint, most notably
through a programme to reduce absolute
Scope 1 and Scope 2 greenhouse gas
emissions by 30% at the turn of this decade,
and then to net zero by 2050. This
endeavour involves a series of projects that
add value to the business, reducing our
reliance on fossil-fuelled energy and on
complex supply lines that bring fuel to our
more remote sites. An impressive wind and
solar project at Tropicana in Australia was
completed in February 2025 and in Tanzania
we’ve switched from diesel self-generation
to the national grid, which has a large
renewable energy component. There are
more initiatives to follow in Guinea and
Ghana.
Artisanal mining challenge
Illegal mining remains a challenge,
particularly across Africa where a proud
tradition of artisanal gold mining is being
combined with a rise in new entrants to
informal and often illegal mining practices.
This growth in small-scale mining is being
catalysed by a growing cost of living and
unemployment crisis in many areas, the
movement of displaced people, and a higher
gold price that not only makes a host of new
orebodies viable to exploit, but also makes
this activity significantly more economically
attractive on a relative basis.
While there are clear benefits to poverty
alleviation in connection with artisanal and
small scale mining, the net result,
unfortunately, is widespread environmental
devastation, exploitation of vulnerable
groups, an unregulated value chain that is
exposed to criminality, and increased
encroachment on legitimate, licensed mining
concessions.
This places at risk the formal business
enterprises that pay significant taxes and
royalties, provide high-quality employment
and opportunities for untold numbers of
people, and which operate to the highest
standards under careful scrutiny.
We are engaged with our host governments
and many other stakeholders in a range of
efforts to find a solution to this challenge.
Vote of thanks
I would like to express my deep gratitude to
Maria Ramos, who retired as Chairperson
during 2024. Under her clear and principled
leadership, AngloGold Ashanti strengthened
its position as a world-class gold company
while striving for the highest levels of
corporate governance and sustainable
business practice. Her wisdom, guidance
and courage have left an indelible mark on
our Company's history.
I’d also like to offer my deepest gratitude to
Rhidwaan Gasant, who has served the
Company’s shareholders with distinction
during his time as a Non-executive Director,
as chair of the Audit and Risk Committee,
and as Lead Independent Director. His
unique perspective, extraordinary memory
and unimpeachable integrity has been
invaluable to the Board and to me personally,
and, on behalf of the Board, I wish him all the
very best in his retirement.
During the year we welcomed Bruce
Cleaver and Nicky Newton-King to the
Board as Non-executive Directors. Their
appointments bring to the Board extensive
executive and leadership experience,
coupled with wide-ranging expertise that
includes capital markets, strategy and
commercial insights across developed and
developing markets. Their perspectives will
be invaluable as we continue to create value
for our shareholders.
On behalf of the Board, I would like to thank
our CEO Alberto Calderon, the executive
team and the thousands of employees who
come to work each day at our offices and
mine sites, for their dedication and
commitment to making this business the
hallmark of success in the gold industry.
My thanks also go to our many stakeholders
for their continued support, and our
shareholders for entrusting their capital
to AngloGold Ashanti. We do not take this
responsibility lightly and we look forward
to building on our achievements in the
years ahead.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Chairperson’s message continued
7
Jochen Tilk
Chairperson
26 March 2025
Alberto Calderon
Chief Executive Officer
Our three-year
strategic
transformation
has again
delivered tangible
benefits, enabling
us to deliver
strong gains in
profits, free cash
flowAPM
and returns
for shareholders.
Significant strides have been made to
improve competitiveness since late 2021,
when we faced multiple challenges,
including: a complex and confusing
operating model; costs that were high on an
absolute basis and also relative to our peers;
a lack of predictability in our operating
outcomes; and a bow wave of capital
investment needed to improve the life and
stability in our mines. This all manifested in
a steep valuation discount versus similar
sized gold miners, which severely limited our
strategic options. Progress achieved since
then has been extraordinary.
Change for good
We’ve implemented a new operating model
and organisational structure that have not
only empowered decision making at our
mine sites, but also ensured that resources
are deployed where they’re most needed.
We’ve invested in developing talent and
attracting an impressive array of skills to
strengthen our senior leadership, functional
disciplines and operating ranks. We have
one of the strongest executive teams in the
mining industry and in the top levels of the
organisation we have the right people in the
right place.
We’ve modernised internal reporting to
provide our operators and leaders timely
access to current and comprehensive
performance statistics, making it far easier
to identify emerging risks and challenges,
and the Full Asset Potential programme has
fundamentally changed how we operate and
drive efficiencies across our operations.
With each passing day these initiatives are
more deeply embedded in our operating
culture, helping stabilise production, limit
cost increases to well below inflation and
improve our ability to deliver on guidance. In
addition to these fundamental changes to
the way the business is run, AngloGold
Ashanti has also moved its primary listing
and headquarters to the United States,
placing it in the world’s largest capital
market and alongside the industry’s highest
valued gold producing companies.
Rising to the challenge
The year in review was not without its
challenges. At Obuasi, we undertook an
intensive process to redefine our mining
approach, successfully implementing a
hybrid mining method combining
underhand drift and fill for high-grade
areas with sub-level open stoping where
ground conditions permit. This pivot
began showing positive results in the
fourth quarter and into the new year.
Our Australian mines faced unprecedented
rainfall early in the year, which placed large
parts of the operations under water and
caused road closures that halted all supply
lines. In Ghana, Iduapriem also struggled
with flooding during the rainy season, which
markedly hampered normal operations.
Siguiri, in Guinea, was confronted with a
steep drop in metallurgical recoveries from
its main ore source and the Kibali joint
venture in the DRC, operated by our partner
Barrick, saw production fall and costs rise as
it dealt with a larger-than-anticipated drop in
grades.
It is a great credit to our operating teams –
and also to the added resilience that Full
Asset Potential has provided – that the
portfolio was able to recover as well as it did.
Among the most notable performers were
Cuiabá, in Brazil, which made an astounding
operating turnaround from a difficult 2023
and Geita, in Tanzania, which delivered
another steady performance.
While we continue to actively manage
operational performance, we’ve been careful
to ensure the balance sheet remains strong,
with ample liquidity, long-dated maturities
and low leverage.
Fundamental improvements support
growth
This solid foundation, alongside the new
primary listing and more predictable
operating performance, helped our listed
equity price to outperform many of our
peers. It was against this supportive
backdrop that we were able to complete the
purchase of Centamin plc, our first major
acquisition in over two decades. Integration
of the Tier 1 Sukari mine in Egypt, a world-
class addition to our portfolio, will contribute
to reduced group costs and provide
immediate improvements to production and
cash flow.
After visiting Cairo in 2024 and the mine
itself in early 2025, I’m more convinced than
ever of the considerable potential to create
additional value for our shareholders at
Sukari through our proven operational
frameworks, by leveraging our existing
corporate infrastructure and bringing our
exploration know-how to bear on the exciting
tenements in Egypt’s under-explored Arabian
Nubian Shield.
Egypt has world-class geology, excellent
human capital and a clear strategy to
convert its nascent exploration potential into
a vibrant, sustainable mining industry over
the long term. The conditions bode well for
our future in this new jurisdiction for us.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
CEO’s statement
8
An improving portfolio
Elsewhere, our teams have continued
advancing our Tier 1 gold complex in
southern Nevada, progressing permitting at
North Bullfrog while drilling continued at the
Expanded Silicon project. Results during the
year have reinforced the exceptional scale
and quality of this discovery which we
believe will be a large, high-cash generative
mine over several decades, once it’s
developed.
We have shown that we are active managers
of our portfolio by closing and selling assets,
and finding, developing and buying others.
We will continue to upgrade the quality of
our portfolio, with an absolute focus on
capital discipline and a long-term focus on
value creation for shareholders, as part of an
ongoing process to close the value gap with
our peers.
Safety
While our safety record remains among the
industry’s best as measured by the total
recordable injury frequency rate (TRIFR),
after three years with no fatalities at our
managed operations, we received a tragic
reminder in May 2024 that we’re only as
good as our last day with no injury. Obeid
Katalihwa, who worked for our drilling
contractor at Geita, lost his life when the
light motor vehicle he was driving
overturned.
An in-depth investigation into the incident
was carried out and the learnings shared
across the business. We have sharpened our
focus on the critical controls needed to
eliminate high-consequence, low-frequency
events like this one. We also continue to
invest considerable resources in
understanding the root causes of all
accidents – including high potential
incidents – in order to prevent recurrences.
This process is a strong indicator of the
strength of our safety culture, and the
effectiveness of our systems. It is worth
noting that we again saw improvements to
our TRIFR, an important lagging indicator,
which at 0.98 per million hours worked was
at its lowest ever and less than half of the
ICMM member average in 2023. We don’t
take that position for granted and will
continue to find ways to improve.
Reducing emissions
Our decarbonisation strategy achieved
significant milestones. Geita connected to
Tanzania’s national electricity grid, which
has a significant hydroelectic component.
We worked closely with the Tanzania Electric
Supply Company to achieve this transition.
This journey continued in Western Australia
where the major renewables facility at our
Tropicana mine achieved commercial
completion just after year end, on time and
on budget. This was a particularly
impressive performance given the flooding
caused by an extreme rain event in March
2024 that prevented access to the remote
site for three weeks.
There are additional projects planned in
Guinea and Ghana, as we look to achieve our
medium-term goal of reducing absolute
Scope 1 and Scope 2 greenhouse gas
emissions by 30% by 2030, from a 2021
baseline. The 2030 target will include Sukari
and its own decarbonisation programme,
also based on a 2021 baseline.
Looking ahead
As we enter 2025, our priorities are clear.
Safety remains our paramount focus as we
pursue our ultimate goal of zero harm
through enhanced controls and continuous
learning.
We will build on our improved cost
competitiveness by leveraging our
embedded operational excellence tools to
further close the gap with our peers.
Integration of Sukari into our business
presents an exciting opportunity to
demonstrate the effectiveness of our
operating model and unlock additional value.
Importantly, we are now strategically
positioned to further optimise our portfolio,
and we will be actively assessing options to
do so.
With strong operational foundations and
robust gold market fundamentals, we are
well-positioned to generate sustainable
value for our shareholders, through an
improved capital allocation policy.
We will continue to look for ways to improve
our licence to operate; we will continue to be
a meaningful taxpayer for our host
governments, while providing high-quality
jobs for local nationals, opportunities for
local suppliers to participate in our value
chain, and making meaningful contributions
in a variety of other ways to our host
communities and stakeholders.
In closing, I would like to thank the Board for
its continued and steadfast support as we
continue our work to transform this
Company and close the value gap with our
peers. I’d like to offer my particular gratitude
to our team for the hard work, enterprise and
sheer doggedness in not only getting the job
done, but doing it in the right way.
With that approach, I’m convinced that the
best is yet to come.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
CEO’s statement continued
9
Alberto Calderon
Chief Executive Officer
26 March 2025
Our strategy guides the choices we make and actions taken to ensure we create and
deliver value in line with our purpose and mission. Our strategy is in effect our purpose
in action. It aims to create and preserve value by generating sustainable cash flow
improvements. Positive cash flows and returns enable the sharing of value.
Our strategy
Ensuring delivery on our strategy
Successful 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.
To ensure we successfully deliver on our strategy and purpose, it is important to:
•
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.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Strategy
10
Our strategic focus areas and related objectives
Prioritise people, safety, health and sustainability
This 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.
Objectives
People, safety, health
We aim to:
•
Engage with, motivate and reward employees
•
Retain those employees vital to our long-term sustainability and
profitability
•
Promote inclusion, diversity and equity
•
Ensure our workplaces are free of injury and harm, and in which
employee safety, health and wellbeing are prioritised
•
Strive for zero harm, our ultimate goal
Sustainability (environment and communities)
We aim to:
•
Be a responsible environmental steward
•
Mitigate, minimise and remediate environmental impacts
•
Promote the efficient use of natural resources
•
Collaborate and partner with host communities to contribute to
social and economic development and build local and regional
capacity
•
Support and promote community resilience to ensure flourishing
societies endure beyond the life of our mines
Maintain financial flexibility
Financial flexibility facilitates access to funding to weather periods of low gold prices, to reward shareholders
and to act on strategic opportunities throughout the economic cycle.
Objectives
We strive to:
•
Ensure sufficient liquidity, including cash and available credit facilities, to meet core funding needs and growth requirements while
maintaining a leverage ratio of less than 1x throughout the cycle
•
Implement a flexible, robust, effective capital allocation framework
•
Maintain focus on cash generation
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Strategy continued
11
Geita, Tanzania
Our strategic focus areas and related objectives continued
Optimise overhead, costs and capital expenditure
Systems are in place to ensure investment and spending are optimally structured and aligned with core business
objectives.
Objectives
We aim to:
•
Maximise our margins throughout the gold-price cycle, withstanding and even flourishing during periods of low gold prices
•
Continue investing in the sustainability of our business without resorting to dilutive equity raising
•
Advance our cost control measures to close the cost gap with peers and achieve our guidance targets
Maintain long-term optionality
Continually replenishing and increasing our Mineral Resource and Mineral Reserve pipeline helps to sustain the
business over time. By discovering, acquiring, developing and exploiting viable orebodies sustainably and
efficiently, AngloGold Ashanti positions itself to create long-term value.
Objectives
•
We aim to maintain and replenish a pipeline of economically viable orebodies to support the delivery of sustained long-term value-
adding growth. Key to achieving this are our exploration activities, project development and targeted acquisitions.
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.
Objectives
Related objectives are to:
•
Develop new lower-cost mining operations
•
Extend the profitable lives of our existing operations through brownfields
•
Explore for and discover new Mineral Reserve
•
Make targeted acquisitions, implement joint ventures and divest when appropriate
•
Improve the efficiency of our mines, fleets and plants, a key aim of the Full Asset Potential (FAP) programme
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Strategy continued
12
Delivery on our strategy involves optimising and balancing the use of the resource inputs and relationships required to enhance
positive outcomes and impacts, given the prevailing external operating environment and resultant uncertainties, risks and material
issues. By managing these resources and relationships, we aim to maximise value creation and preservation.
Our business activities
Explore, acquire and develop
Mine and process
We aim to ensure a pipeline of economically viable
orebodies to develop into high-quality, long-term
mining operations. Planning for and developing a
potential mine entails designing cost-efficient, safe and
environmentally responsible operations over the
expected life of mine.
We maintain gold mining and processing infrastructure
that is operated by a skilled, trained and motivated
workforce to enable cost-efficient, safe and
responsible gold production.
Rehabilitation and closure
Sales and financial management
Mine planning encompasses the entire life cycle of a
mine, and includes environmental rehabilitation and
responsible mine closure. We aim to mitigate
environmental impacts throughout a mine’s life cycle.
This, together with social closure, will help sustain host
communities once mining has ceased.
The sale of gold and its by-products generates
revenue. Solid financial management of this revenue,
associated costs and disciplined capital allocation
promotes positive, sustained cash flows and returns.
Our business model supports delivery on our strategy
To successfully deliver on our strategy, we aim to optimise and balance the use of resource inputs to enhance positive outcomes and impacts.
In so doing, we are better able to create and preserve value and minimise its erosion. Our governance framework, code of ethics and values
guide us, ensuring that our actions and decisions are ethical.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Business model
13
INPUTS – 2024
The resources that we used and on which we relied:
Natural:
Financial:
Human:
Manufactured:
Intellectual:
A pipeline of economically
viable mineable orebodies
is essential to our
business, as are the land,
energy and water used in
the mining and
processing of ore.
•
Total gold Mineral
Reserve increased
from 28.1Moz at the
start of the year to
31.2Moz at
31 December 2024 –
includes depletion of
2.8Moz
•
Tonnes mined/treated:
44.23Mt (2023:
43.19Mt)
•
Water (excluding
Centamin): reused
107,020ML and
withdrew 26,424ML
(2023: reused
106,540ML and
withdrew 29,932ML)
•
Energy: consumed
22.87PJ (2023:
22.63PJ)
Access to cost-efficient
capital helps to fund and
sustain our business and
ensure growth. We invest
in our business to
enhance performance
and efficiency, improve
margins and sustainably
extend operating lives.
Main sources of financial
capital are operating cash
flow, borrowings (bond
and credit facilities), and
equity.
•
Operating costs of
$2,665m (2023:
$2,680m)
•
$283m invested in
growth (2023: $233m)
•
Centamin acquisition
of $2.2bn, comprising
$148m in cash and
$2.1bn in shares
At 31 December 2024, the
balance sheet was strong
with robust liquidity:
•
$1.4bn multi-currency
RCF, of which $1.2bn
is undrawn
•
Cash and cash
equivalents of around
$1.4bn
•
Total group liquidity of
approximately $2.6bn
Successful, profitable,
sustainable operations
rely on the skills,
knowledge, productivity,
motivation and wellbeing
of our employees, who
are the foundation of our
business.
•
Employed an average
of 39,484 people for
the year – 16,117
permanent employees
and 23,367
contractors (2023:
33,658 people –
14,043 permanent
employees and 19,615
contractors)
•
Productivity per
employee of 13.06oz
per employee costed
(2023: 13.85)
The efficient extraction
and processing of gold-
bearing ore requires well-
maintained mining
infrastructure, plant,
machinery and
equipment.
•
Total tangible and
right-of-use assets of
$8,635m (2023:
$4,561m)
•
Acquired Centamin
plc, whose assets
include the Sukari
mine, related
infrastructure and
various projects and
exploration licences
•
$932m invested in
sustaining and
enhancing
performance
(sustaining capital
expenditure APM) (2023:
$894m)
A strong governance
framework, organisational
systems and procedures
– underpinned by
technological innovation
to optimise systems and
process efficiencies, and
outcomes – are essential
to delivery on our vision,
mission and strategy.
•
Policies, governance
structures, and related
systems and
processes, supported
by the necessary
technological
infrastructure, are in
place to ensure the
ethical, productive and
safe functioning of our
business
OUTPUTS – what we did in 2024
Our main output is gold which is used principally in jewellery and as a store of value. Lesser volumes are used in the fields of medicine and
dentistry, technology and aerospace, among others.
We produced:
•
2.66Moz of gold (2023: 2.64Moz)
•
3.75Moz of silver (2023: 4.70Moz)
•
19.17t of sulphuric acid (2023: nil)
We generated:
•
Revenue of $5.8bn from product sales (2023: $4.6bn)
•
Mining waste that included:
◦
43.08Mt of deposited tailings and heap leach
waste (2023: 42.87Mt)
◦
165.62Mt of open pit overburden and waste rock
(2023: 160.52Mt)
We emitted/discharged:
•
1.50Mt in Scope 1 and Scope 2
GHG emissions (CO2 e) (2023:
1.47Mt)
•
6,066ML of operational water
(excluding Centamin) (2023:
5,871ML)
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Business model continued
14
We annually review those key material
sustainability issues that are most
relevant to our stakeholders and integral
to AngloGold Ashanti’s ability to
generate and sustain long-term value.
This process helps to ensure that our focus
remains aligned with the priorities of those
issues that matter most and supports our
commitment to transparency and
accountability in our reporting.
We are mindful of the needs of our
stakeholders, so while we have adopted a
‘double materiality’ process, we have at the
same time distinguished between those
issues that are material from an impact and
a financial perspective.
We define materiality as follows:
•
Impact materiality: Whether AngloGold
Ashanti’s undertakings have, or have the
potential to have, significant positive or
negative impacts on people or the
environment over the short, medium or
long term
•
Financial materiality: Whether a
sustainability matter triggers (or has the
potential to trigger) financial effects on a
company that may influence future cash
flows and/or the enterprise value of that
company in the short, medium or long
term, even if these are not currently
reflected in our financial statements
•
Double materiality: A combination of the
most significant impact and financial
materiality issues
Our process followed the ‘double materiality’ framework.
Phase 1:
Context
This involved a thorough review of potential material sustainability issues, drawing on insights from peer
reporting, alignment with current and emerging disclosure standards, and feedback from ratings agencies. This
approach ensured the issues considered were relevant, comprehensive, and reflected both industry best
practices and stakeholder expectations. This review resulted in an initial list of material sustainability issues,
which was carefully refined to identify the 17 issues most pertinent to our industry and sector.
Phase 2:
Discovery of impact
In this phase we undertook interviews with 11 external and 20 internal stakeholders to identify material
sustainability issues. They included:
•
External stakeholders: investors, market analysts, media and an industry body
•
Internal stakeholders: Board, executive management and senior leadership
This process resulted in the identification of 36 potential material sustainability issues that influence our ability
to create, sustain, or potentially erode social, environmental, and economic value from both an impact and
financial materiality perspective.
Phase 3:
Ranking
Finally, members of executive and senior management were asked to rank issues from the perspective of both
impact and financial materiality, based on the definitions above. Respondents were also asked to indicate the
time horizon – short, medium and long term – associated with impacts and, for financial materiality, whether
the issue was primarily a risk or an opportunity.
These issues were then reviewed by the internal sustainability team. The ranking was adjusted to reflect broader
industry sustainability issues and issues raised by stakeholders.
The final list of 14 material sustainability issues was reviewed and ratified by the Social, Ethics and
Sustainability Committee and Board.
The Company’s double materiality assessment is integrated into the Enterprise Risk Management (ERM) framework by incorporating both
financial materiality (impact on the Company’s financial performance) and environmental and social materiality (the Company’s impact on
the environment and society). This ensures that the assessment considers a comprehensive view of risks and opportunities that may
affect not only AngloGold Ashanti’s financial outcomes but also its broader societal and environmental responsibilities.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Materiality – process and issues
15
Outcomes of our 2024 assessment of material sustainability issues
We have identified 14 material sustainability issues – see overleaf on page 18 – that are currently most significant to the business.
While the framing of the issues has changed year on year, we do not believe that there have been significant additions or exclusions. We
are cognisant that material sustainability issues change over time (dynamic materiality), and we will continue to monitor the broader
range of issues, including emerging issues. While we have grouped the sustainability issues identified into four areas – environment,
social, governance and economic – we recognise that these issues are deeply inter-related and inter-dependent and should be
considered and managed accordingly.
The double materiality process was undertaken during 2024, and the issues identified were considered by the Board in February 2025.
This process is dynamic, and supports our understanding of:
•
Those sustainability matters that we need to monitor, manage and report on
•
How these matters are integrated into our risk management and financial processes. Efforts to integrate material sustainability
issues and quantify their financial impacts where relevant, including the development of essential systems and processes, will
continue into 2025
Material sustainability issue
Risk or
opportunity
Time frame
Materiality
Where discussed
Environment
Ensuring the safety and integrity of our tailings storage facilities
AR: p26
SR: p65
Ensuring effective and responsible rehabilitation and environmental and
social closure for mining communities and to minimise financial liability to
the extent possible
AR: p13, 90, 201
SR: p72
Pursuing climate action and resilience:
•
Decarbonising our operations through a sustained energy transition
•
Ensuring water security and stewardship
•
Preparing for and mitigating the impacts of climate change on the
business
AR: p74
SR: p60
Society
Ensuring the safety, health and wellbeing of employees and affected
communities around our operations
AR: p27
SR: p26
Securing and maintaining our social licence to operate:
•
Developing trust with and acceptance by our communities and other
local and regional stakeholders of our business through effective and
respectful engagement
•
Ensuring that we maximise positive social, economic and environmental
impacts on communities
AR: p23, 28
SR: p41
Addressing illegal mining on our lease areas and responsibly supporting
legitimate artisanal and small-scale mining around our operations
AR: p29
SR: p50
Addressing skills shortages through our employee value proposition and
developing local talent pools to fill skills gaps
AR: p27
SR: p31
Respecting human rights in the Company and our supply chain
AR: p69
SR: p53
Governance
Securing the mining and environmental licences and permits we need for
uninterrupted and progressive operation
AR: p23
SR: p76
Protecting and safeguarding digital infrastructure and data from cyber
threats
AR: p26
SR: p85
Adopting and promoting leading practices in governance, and ensuring the
highest levels of ethics (including anti-bribery and corruption) in the way we
do business
AR: p28, 99
SR: p76
Ensuring the security of our assets and people
SR: p55
Implementing robust risk management processes, and preparing for and
effectively managing emergencies to minimise impacts on people and
operations
AR: p26, 99
Economic
Achieving strong financial performance and resilience to withstand
economic and market fluctuations
AR: p24, 50, 52
SR: p23
Legend
Risk
Opportunity
Long term (longer
than 5 years)
Medium term (2–5
years)
Short term (up to 2
years)
Impact materiality
Financial materiality
AR - Annual Report
SR - Sustainability
Report
Strategic Report
AngloGold Ashanti plc / Annual Report 2024
Materiality – process and issues continued
16
AR
SD
Knowing and understanding how our risks are intertwined is
integral to our decision making.
Our approach
Our business requires a risk management
framework to support our strategy for future
growth. Appropriately managing threats and
opportunities must be embedded at all levels
in the organisation.
Governance of risk management
Our Board has oversight accountability for
establishing risk appetite and tolerance, and
ensuring effective risk management
practices throughout the organisation. The
Board carries out this accountability through
the Audit and Risk Committee, which is
responsible for reviewing and monitoring
assurances of AngloGold Ashanti’s system
of internal control. The Audit and Risk
Committee reviews the top principal risks
quarterly and considers the relevance of
each principal risk factor and the Company’s
corresponding level of risk exposure.
To strengthen our risk management
governance model, the formation of the
Executive Risk Management Committee
(ERMC) was approved by the Audit and Risk
Committee at its November 2024 meeting
when the adoption of a Risk Management
Charter was approved. The purpose of the
ERMC will be to assist the Executive
Committee in fulfilling its risk ownership
responsibilities and to ensure that the
requirements of the Group Risk
Management Framework, together with the
necessary risk management processes,
systems and accountabilities, are in place to
enable AngloGold Ashanti to respond to
changes in the operating environment.
In advising the Audit and Risk Committee,
the ERMC will aim to enhance oversight of
enterprise risk management and governance
practices, and will track and escalate risk to
achieve a more proactive forward-looking
approach.
Our process
Businesses typically exist to provide value
for stakeholders. Knowing what will
negatively impact value and how to reduce
that impact is vital to sustaining value at
each operation. Risk management
is an important part of the business process.
Our risk management framework is based
on ISO 31000, with all operations/business
units capturing applicable operational risks
in registers incorporated through a Group
risk registry system.
A key focus of the past year was improving
management reports of compliance with
risk methodology and developing a review
process of risks captured in the risk register.
Enhanced dashboards of risks reviewed by
management risk owners were implemented
to enable risk and assurance personnel to
more effectively track reviewed risks.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities
17
Tropicana, Australia
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities continued
18
Monitoring emerging risks
Given its geographical diversity, AngloGold
Ashanti has a multifaceted,
interconnected risk profile that requires
rigorous monitoring to identify emerging
risks. This monitoring involves consulting
a range of internal and external sources,
and covers a multitude of variables such
as geopolitics, resource nationalism and
future technologies, among others. Also
considered is the likely impact, whether
positive or negative, of such variables on
our business processes, ability to conduct
our business, licence to operate and
supply chain.
The likelihood of an emerging risk
occurring is considered over the short,
medium, and long term and is reported
quarterly to the Audit and Risk Committee.
How our risks are evolving
In 2024, we re-evaluated the context of
our principal risks in the light of our
strategic objectives. Key factors identified
as influencing our risks in the past year
were:
•
The importance of governance and
management of our tailings storage
facilities (TSFs) to prevent the
occurrence of a catastrophic event
•
Cyber awareness and the need to
increase and maintain awareness of
this in the workplace
•
Progress made in optimising our cost
base, which supports our commitment
to deliver further cost reductions
Growing our asset portfolio
While the Centamin acquisition in
November 2024 signalled a return to
growth for AngloGold Ashanti, it also adds
two new countries to our portfolio – Egypt
and Côte d’Ivoire. Integration of the
Centamin assets into our portfolio may
introduce certain risks and opportunities
to our value proposition. While these risks
and opportunities will be interrogated
further in 2025, we believe that the
opportunities presented by Centamin
outweigh the risks.
A detailed Centamin integration
programme is currently underway,
supported by rigorous project and risk
management processes. The programme
aims to seamlessly integrate the
Centamin assets to deliver the expected
synergies and opportunities.
Seeking opportunities
Our approach to opportunities is to seek
potential gain from significant events.
Opportunities are evaluated on a scale
ranging from ‘unwanted’ for potential
threats to ‘wanted’ for potential
opportunities. They are assessed using a
Group matrix aimed at maximising
opportunities and achieving our strategic
objectives.
Strategic Report
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Principal risks, uncertainties and opportunities continued
19
Sunrise Dam, Australia
Risk categories and principal risks
Risk
category
Principal
risks
Change in risk
profile
Committee
responsibility
Licence to
operate
•
Adverse regulatory changes to mining rights and
adverse fiscal changes
•
Audit and Risk Committee
•
Social, Ethics and
Sustainability Committee
•
Loss of or threats to social licence to operate (Ψ)
Liquidity
•
Failure to move down the industry cost curve –
all-in sustaining cost APM competitiveness (Ψ)
•
Audit and Risk Committee
•
Adverse gold and commodity prices, and
currency movements
Asset
portfolio
•
Inability to replace Mineral Reserve and Mineral
Resource (Ø)
•
Board
•
Failure to successfully deliver and ramp up
growth projects (Ø)
Event
•
Possible suspension and/or shutdown of TSFs
due to capacity constraints and/or event
•
Social, Ethics and
Sustainability Committee
•
Audit and Risk Committee
•
Adverse implications of digital breaches for
reputation and operations
Performance
•
Failure to meet our operational/safety
performance targets (Ø)
•
Audit and Risk Committee
•
Compensation and
Human Resources
Committee
•
Failure to attract and retain critical skills
and talent (Ø)
•
Failure to move down the industry cost curve –
all-in sustaining cost APM competitiveness (Ψ)
Reputation
•
Inability to meet expectations to mine
sustainably (ESG performance)
•
Social, Ethics and
Sustainability Committee
•
Loss of or threats to social licence to operate (Ψ)
(Ψ) An integrated risk that impacts more than one category of risk
(Ø) Interlinked risks impacting same risk category
Change in risk profile for 2024 versus 2023
Stable
Increase
Decrease
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities continued
20
Description of our principal risks by category
Risk category: Licence to operate
Related strategic
focus areas*:
Risk: Adverse regulatory changes to mining rights
and fiscal changes
Risk: Loss of or threats to social licence to operate (Ψ)
Description
Our mining rights have the potential of being altered, suspended, or
cancelled in the countries in which we operate for a variety of
reasons varying from changes in political, tax, and economic laws
and policies, inclusive of breaches in obligations in respect of these
mining rights. The laws, policies and regulations are increasingly
uncertain, changing and generally require progressively higher
payments to governments, notably in the form of increased royalties
and taxes, mandated beneficiation, export levies and increasing or
retaining state or national ownership of resources.
Description
AngloGold Ashanti is expected to operate in a sustainable manner
and to provide benefits to and mitigate adverse impacts on
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 to
progress mining activities. Stakeholder expectations may change
rapidly with greater demands 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.
How we manage
•
Monitor changes in the regulatory landscape. We proactively
monitor developments in mining regulations, fiscal policies, and
related legislation to identify potential changes
•
Engage with regulatory authorities. We build relationships with
government departments and regulators to stay informed of
upcoming changes and potential impacts on mining rights and
tax regimes and to participate in public consultations to provide
input on regulatory changes
•
Participate in industry associations or formal alliances with
other mining companies and engage in efforts to influence
regulatory change
•
Encourage broader stakeholder engagement and develop
proactive strategies to address potential regulatory changes by
involving government and other stakeholders (including
diplomacy, international organisations and advisory boards)
•
Advocate stability agreements. Where possible, we negotiate
(or renegotiate as appropriate) stabilisation clauses that limit
the impact of future regulatory or fiscal changes
•
Use other legal avenues. If a regulatory change is in breach of a
stability agreement and/or adversely affects the organisation,
we pursue legal avenues, including the use of dispute settlement
provisions in stability agreements and/or court challenges
How we manage
•
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 of status of social licence to
operate at operations
•
Embed international human rights standards such as the United
Nations Guiding Principles on Business and Human Rights and
promote a culture of respecting and protecting human rights
wherever we operate
•
Support multi-stakeholder initiatives to formalise artisanal and
small-scale mining
Changes
There were no significant changes in the factors contributing to this
risk.
Changes
The contributing factor increasing the risk level is heightened ASM
activities that may potentially impact our concessions, especially at
Obuasi in Ghana, Siguiri in Guinea and Geita in Tanzania.
Risk owner:
Chief Legal Officer
Risk owner:
Chief Sustainability and Corporate Affairs Officer
* See Strategy (pages 10–12) for more on our strategic focus areas
(Ψ) An integrated risk that impacts more than one category of risk
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities continued
21
Description of our principal risks by category continued
Risk category: Liquidity
Related strategic
focus areas*:
Risk: Failure to move down the industry cost curve –
all-in sustaining costsAPM competitiveness (Ψ)
Risk: Adverse gold and commodity price and
currency movements
Description
Our ability to meet financial obligations depends on the all-in
sustaining costsAPM (AISC) 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.
Description
Our revenues are primarily derived from the sale of gold, silver and
sulphuric acid. The market prices of these commodities fluctuate
significantly, and these fluctuations are caused by numerous factors
beyond our control such as changes in gold demand.
How we manage
•
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 operational excellence 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 that operations are
focused on controllable elements
How we manage
•
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 a 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
Changes
Growth in free cash flowAPM and continued operational and
efficiency improvements contributed to a decrease in the risk level.
Changes
We captured the benefits of a healthy gold price contributing to a
decrease in the risk level.
Risk owner:
Chief Financial Officer
Risk owner:
Chief Financial Officer
* See Strategy (pages 10–12) for more on our strategic focus areas
(Ψ) An integrated risk that impacts more than one category of risk
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities continued
22
Description of our principal risks by category continued
Risk category: Asset portfolio
Related strategic
focus areas*:
Risk: Inability to replace Mineral Reserve and
Mineral Resource ** (Ø)
Risk: Failure to successfully deliver and ramp up
growth projects (Obuasi, Quebradona and Nevada) (Ø)
Description
Our ability to sustain or increase 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. The pursuit of assets, properties or
companies for acquisition may include production, development as
well as advanced stage exploration assets or properties. Any
acquisition or acquisitions may expose us to new geographic,
political, legal, social, operating, financial and geological risks.
Description
Development of our existing and new mining projects may be
subject to unexpected problems, costs and delays that could impact
our ability to develop or operate the relevant project as planned.
Delays in project delivery and increased costs attributable to a lack
of community support can lead to a drop in project value or an
inability to bring the project to production. Where stakeholder
consultation breaks down, disputes may lead to reduced property
access or delays in operations.
How we manage
•
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
How we manage
•
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 construction decision
•
Continue to progress the pre-feasibility study on the Merlin
deposit as part of the broader Expanded Silicon project to
advance to the next decision point in the stage gate process
Changes
The Centamin acquisition and its value proposition, which enhanced
the portfolio of assets in our Tier 1 asset base, contributed to a
decrease in the risk level.
Changes
There were no significant changes in the risk factors contributing to
the risk.
Risk owner:
Chief Development Officer
Risk owner:
Chief Technology Officer
* See Strategy (pages 10–12) for more on our strategic focus areas
** This risk was previously titled: Inability to convert Mineral Reserve and Mineral Resource
(Ø) The impact of each of these risks affects the other
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities continued
23
Description of our principal risks by category continued
Risk category: Event
Related strategic
focus areas*:
Risk: Possible suspension and/or shutdown of TSFs
due to capacity constraints and/or event **
Risk: Adverse implications of digital threats/breaches
for reputation and operations
Description
Tailings capacity constraints, severe weather events, or new
regulatory requirements could cause potential operational
disruptions or stoppages. Such events could have significant safety,
environmental and financial consequences. This could cause
fundamental changes in the way we operate.
Non-compliance with tailings management requirements and
standards, and potential liabilities in the event of a failure to timely
comply with these requirements or an incident involving a TSF,
could adversely impact our ability to operate, financial condition,
results of operations and reputation.
Description
We maintain global information, digital technology, communication
networks and applications to support our business activities. Our
digital landscape is ever-changing and under constant threat, both
externally and internally. We outsource several digital technology
functions and applications to third party vendors, and these
engagements may impact our cybersecurity position.
How we manage
•
Work to maintain comprehensive TSF governance at operational
and corporate level
•
Consistent and improved governance and compliance with
GISTM, applicable legislation and regulation, AngloGold Ashanti
standards and best practice
•
Sufficient planning of design, construction and budgeting for
life-of-mine plans
How we manage
•
Continuously monitor solutions implemented to support our
global digital technology and communication networks, and
applications to maintain a suitable and well-managed
environment
Prevention
•
Company awareness of threats including mandatory cyber
training and awareness
•
Effective monitoring of the landscape and usage of technologies
•
Appropriate risk controls and verifications (such as
configuration management/identity and access management)
•
Network segmentation
Reactive
•
Undertake approaches to modernise the use of technology in
our business
•
Security Operations Centre fully implemented
•
Ensuring effective disaster recovery for resilience
•
Evaluation of landscape control environment for operational
technology
•
Reassessment and renovation of legacy controls
•
Maintain and improve insurance for cyber-related incidents
Changes
All of our TSFs in Brazil have received the required periodic
certification.
Changes
There were no significant changes in the risk factors contributing to
this risk.
Risk owner:
Chief Technology Officer
Risk owner:
Chief Technology Officer
* See Strategy (pages 10–12) for more on our strategic focus areas
** This risk was previously titled: Possible suspension and or shutdown of TSFs through increased regulatory scrutiny and/or occurrence of a catastrophic event
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities continued
24
Description of our principal risks by category continued
Risk category: Performance
Related strategic
focus areas*:
Risk: Failure to meet our operational/safety
performance targets (Ø)
Risk: Failure to attract and retain critical
skills and talent (Ø)
Description
Our operations are subject to risks of hazards and other events that
may adversely impact our ability to produce gold and meet
production and cost targets.
Description
We compete globally with mining and other companies to attract
and retain key human resources, at all levels, who have the
appropriate technical skills and the operating and managerial
experience necessary to operate and supervise our business.
Having the right people with the required skills is vital to the efficient
conduct of our business and strategic delivery. Our success
depends largely upon the continued service of our senior
management, including the Chief Executive Officer and Chief
Financial Officer, the executive officers at each of our business
divisions, the general managers at our mines, and other senior
managers.
How we manage
•
Business plans by focusing on Mineral Resource modelling,
integrated business planning and execution
•
Improve Mineral Reserve life and planning certainty
•
Maintain operational excellence programmes aimed at
improving on budget, productivity and efficiencies
•
Focus on safe production across all operations to achieve zero
harm including the implementation of refreshed safety strategy
•
Continue ongoing monitoring of physical and mental health of
employees and response planning
•
Implement Full Asset Potential Review outcomes
•
Embed asset integrity programmes
How we manage
•
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
•
Increase training capacity for scarce skills
•
Implement short- and long-term incentive schemes
•
Conduct employee engagement surveys and act on feedback
•
Enable flexible working conditions to attract a diverse workforce
•
Develop a global mobility programme to enable skills
development and retention
•
Liaising with key government officials and regulators to develop
specialised skills-in-country
Changes
There were no significant changes in the factors contributing to
this risk.
Changes
There were no significant changes in the factors contributing to
this risk.
Risk owner:
Chief Operating Officer
Risk owner:
Chief People Officer
* See Strategy (pages 10–12) for more on our strategic focus areas
(Ø) Interlinked risks impacting same risk category
Strategic Report
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Principal risks, uncertainties and opportunities continued
25
Description of our principal risks by category continued
Risk category: Reputation
Related strategic
focus areas*:
Risk: Inability to meet expectations to mine sustainably – ESG performance **
Description
Increased scrutiny and changing stakeholder expectations, including from communities, governments and NGOs as well as from 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 stakeholder expectations, hinder access to capital or expose
us to additional risks, including disinvestment and litigation.
How we manage
•
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 inclusion, diversity and equity practices
•
Undertake long-term projects to reduce greenhouse gas emissions (GHG) from our operational activities
Changes
There were no significant changes in the factors contributing to this risk.
Risk owner:
Chief Sustainability and Corporate Affairs Officer
* See Strategy (pages 10–12) for more on our strategic focus areas
** This risk was previously titled: Inability to meet investor expectations to mine responsibly – ESG performance
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Principal risks, uncertainties and opportunities continued
26
AngloGold Ashanti continued working to improve relative cost performance and completed the acquisition of Centamin. The
Centamin assets complement our existing assets and will support delivery of our strategy.
Our continued focus on cost control, sustained and stronger operating improvements, and record gold prices all contributed to significant
year-on-year gains in earnings and free cash flowAPM. The marked operational turnaround of the Brazilian operations continued to gain
momentum while the Australian operations, Siguiri and Obuasi had recovered by year end from setbacks encountered earlier in the year. Our
exploration success continued with our total gold Mineral Reserve increasing before depletion for the seventh consecutive year – and this
excludes the addition of Centamin, whose acquisition represents a corporate milestone. Despite these achievements, there was a sobering
reminder of the importance of safety. The tragic loss of a contractor colleague reinforced our steadfast commitment to advancing safety
measures and ensuring employee wellbeing, which remains our priority.
We adopt a holistic approach in managing the delivery of key performance indicators (KPIs) against the five strategic focus areas.
Delivering by strategic focus area
Prioritise people, safety, health and sustainability
Related strategic initiatives
•
Zero harm – eliminating fatalities
•
Strategies and policies in place include:
◦
Climate change and decarbonisation strategies
◦
Inclusion, diversity and equity policy
•
TSF management
•
Social compacts with communities
•
Stakeholder engagement
Related KPIs
People, safety and health
•
Succession planning
•
Gender diversity
•
Safety performance
•
Major hazard control compliance
•
Number of high potential safety incidents
Sustainability (communities and the environment)
•
Reportable environmental incidents
•
Land rehabilitation
•
GHG management and emissions
•
Water stewardship projects
•
Resolution of community grievances
Delivery/performance in 2024
Features of our performance in this area include:
Safety: While overall safety performance improved, there was sadly one
fatality at Geita, a reminder that there is still room for improvement and
we have renewed commitment to instilling an ingrained safety culture
among employees.
Tailings management: Work continues to ensure that we meet our
commitment to comply with the Global Industry Standard on Tailings
Management (GISTM) targets by August 2025.
Energy transition: Significant progress has been made with completion
of the installation of renewable energy facilities at our Tropicana
operation in Australia, while projects are being planned for our Ghana
and Guinea operations. In Tanzania, we are converting from costly on-
site diesel-generated power to the national grid, which includes a
significant hydroelectric component.
To find out more about our related performance in 2024, see Addressing
climate change (see pages 72–83) and Reporting on our sustainability
performance (see pages 84–89).
Water: Progress was made in the areas of water stewardship and
biodiversity. We have fully committed to the ICMM’s new Nature
Position Statement launched in January 2024. This includes a
commitment to not mining or exploring in World Heritage Sites, to
respect all legally designated protected areas and to ensure, by
closure, no net loss of biodiversity at any of our mine sites
wherever possible, against a 2020 baseline.
Artisanal and small-scale mining: We continued to work with
governments, NGOs and others to address artisanal and small-
scale mining (ASM). Our understanding of the importance of
having options for alternative livelihoods that are better paying,
safer and lead to a better quality of life plays a role is addressing
ASM and feeds into our community initiatives.
To find out more about our related performance in 2024, see
Reporting on our sustainability performance (see pages 84–89).
Related risk categories
•
Licence to operate
•
Event
•
Performance
•
Reputation
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Delivering on our strategy
27
Delivering by strategic focus area continued
Maintain financial flexibility
Optimise overhead, costs and capital
expenditure
Related strategic initiatives
•
Revision to capital allocation framework
•
Cash conversion and working capital optimisation
•
Maintain a leverage ratio of less than 1 times through the cycle
Related strategic initiatives
•
Enhance cost and capital efficiency
•
Continuously refine our operating model to optimise
organisational effectiveness and boost productivity
•
Enhance asset integrity and reliability
•
Tracking performance relative to peers
Related KPIs
•
Total dollar shareholder returns (TSR)
•
Adjusted net debtAPM to adjusted EBITDAAPM
•
Free cash flowAPM
Related KPIs
•
Total cash costsAPM
•
All-in sustaining costsAPM
•
Capital expenditure
Delivery/performance in 2024
The balance sheet remained in a strong position after the funding
of all capital expenditure, the prior dividend payment and the cash
portion of the Centamin acquisition. A nine-fold increase in 2024
free cash flowAPM to $942m was delivered. By the end of the year,
adjusted net debt APM was $567m, and the adjusted net debt APM to
adjusted EBITDAAPM ratio was 0.21 times, the lowest since 2011. At
year end, approximately $2.6bn in liquidity was available, including
cash and cash equivalents of $1.4bn.
To find out more about our related performance in 2024, see the
CFO’s report (see pages 48–49) and the Financial review (see
pages 50–62).
Delivery/performance in 2024
Implementation of our Full Asset Potential (FAP) programme and
related initiatives continued, delivering improved efficiencies and
driving stronger cost performance in the year that offset
inflationary impacts. This afforded enhanced predictability and
resilience in withstanding disruptions to production.
Continued work is undertaken to ensure an optimal organisational
structure to support execution on our strategy.
To find out more about our related performance in 2024, see the
Regional reviews – operations and projects (see pages 30–43).
Related risk categories
•
Licence to operate
•
Liquidity
•
Asset portfolio
•
Event
•
Performance
•
Reputation
Related risk categories
•
Liquidity
•
Event
•
Performance
•
Reputation
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Delivering on our strategy continued
28
Delivering by strategic focus area continued
Improve portfolio quality
Maintain long-term optionality
Related strategic initiatives
•
New operating model
•
Full Asset Potential (FAP) programme
•
Acquisitions and disposals/closures
Related strategic initiatives
•
Invest in asset development
•
Prioritising Mineral Reserve development
•
Strategic acquisitions
Related KPIs
•
Gold production
•
Recovered grade
•
Volumes mined
Related KPIs
•
Additions to the total gold Mineral Reserve
•
Additions to the total gold Mineral Resource
•
Investment in Mineral Resource and Mineral Reserve
development
I
i
Delivery/performance in 2024
Initiatives such as our FAP programme aim to enhance the quality
of our operating portfolio and ensure optimal performance.
Implementation of the various FAP initiatives enabled flexible
delivery on our mine plans, allowing for optimised operational
results. Our operating asset portfolio was boosted by the inclusion
of Sukari following completion of the Centamin acquisition in
November 2024.
Gold production was 1% higher at 2.66Moz with several operations
demonstrating resilience. The marked operational turnaround at the
Brazilian operations, as well as higher production from those in
Argentina, Guinea and Australia, together with the addition of
Sukari, helped to offset declines at other operations. Gold
production at Geita remained steady. Overall, Group production was
supported by an uplift in underground recovered grade, which was
almost 8% higher at 3.92g/t while tonnes milled was on par with
that in 2023.
To find out more about our related performance in 2024, see the
Regional reviews – operations and projects (see pages 30–43).
Delivery/performance in 2024
AngloGold Ashanti has achieved significant exploration success
over the past five years, adding 20.9Moz to its gold Mineral
Reserve, before depletion and including the Centamin acquisition.
Our exploration programme has delivered annual increases in our
gold Mineral Reserve, before depletion, for seven consecutive years.
At the end of 2024, following completion of the Centamin
acquisition, we recorded a total gold Mineral Reserve of 31.2Moz, a
total gold Measured and Indicated Mineral Resource of 67.1Moz
and a total gold Inferred Mineral Resource of 55.0Moz.
To find out more about our related performance in 2024, see
Regional reviews – operations and projects (see pages 30–43) and
Exploration and planning for the future (see pages 44–47) in this
report and the Mineral Resource and Mineral Reserve Report 2024.
Related risk categories
•
Liquidity
•
Asset portfolio
•
Performance
•
Reputation
Related risk categories
•
Licence to operate
•
Liquidity
•
Asset portfolio
•
Event
•
Performance
•
Reputation
Strategic Report
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Delivering on our strategy continued
29
Strategic Report
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Regional reviews – operations and projects
Africa
30
Following the acquisition of Centamin in
November 2024, we now operate and manage
the Sukari mine in Egypt.
Greenfield exploration is currently underway in
Tanzania, and at our newly acquired assets in
Eqypt and Côte d’Ivoire. Brownfield exploration is
conducted at all our African operations. To read
about our exploration activities in Africa, see
Exploration and planning for the future (from
page 44).
At the end of 2024, our Africa operations’ gold
Mineral Reserve accounted for 72% or 22.6Moz
of our total gold Mineral Reserve (2023: 69% and
19.3Moz), and a gold Measured and Indicated
Mineral Resource of 26.4Moz, equivalent to 39%
of the Group total gold Measured and Indicated
Mineral Resource (2023: 20.2Moz, 34%) and a
gold Inferred Mineral Resource of 23.8Moz,
equivalent to 43% of the Group total gold
Inferred Mineral Resource (2023: 17.7Moz, 38%).
Across our African operations, our FAP
programme continues. It remains a cornerstone
of our ability to operate predictably, to drive
better cash flows and to improve the long-term
value of our business.
We monitor improvements to the fundamental
value drivers at each site – whether they be
mining volumes, recoveries, development or any
other aspect of our business that if enhanced
will boost production and improve cash flows.
Africa is home to six of our
operations. Our managed
operations are in Egypt, Ghana,
Guinea and Tanzania. In the
DRC, Kibali (ownership 45%) is
managed by Barrick, our joint
venture partner.
Location of our Africa operations and projects
Sukari, Egypt
2024 at a glance
Gold produced
1.56Moz (1)(2)
equivalent to 59% of total group production
Total cash costAPM
$1,157/oz (1)(3)
People employed on average
27,930 (1)
including 17,989 contractors
(2023: 1.58Moz; 60%)
(2023: $1,065/oz)
(2023: 21,734; 14,424)
TRIFR
0.49
injuries per million hours worked
Invested in communities
$14.34m
Productivity
12.31
oz per total employee costed
(2023: 0.39)
(2023: $12.60m)
(2023: 13.95)
Net cash inflow from operating activities
$1.49bn (1)
Capital expenditure
$814m (1)
Scope 1 and 2 GHG emissions (CO2e)
894kt
(2023: $1.04bn)
(2023: $710m)
(2023: 822kt)
(1) Includes Kibali
(2) 2024 production: Africa managed operations 1.254Moz and Kibali: 309,000oz (2023: Africa managed operations: 1.237Moz and Kibali: 343,000oz)
(3) 2024 total cash cost: Africa managed operations: $1,212/oz and Kibali: $935/oz (2023: Africa managed operations: $1,138/oz and Kibali: $802/oz)
Strategic Report
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Regional reviews – operations and projects continued
Africa
31
Obuasi, Ghana
Regional performance – Africa
TRIFR
(injuries per million hours worked)
0.59
0.61
0.33
0.39
0.49
2020
2021
2022
2023
2024
Gold production
(000oz)
1,603
1,464
1,685
1,580
1,563
2020
2021
2022
2023
2024
Productivity
(oz/total employee costed)
20.20
15.54
16.00
13.95
12.31
2020
2021
2022
2023
2024
Cost performance
($/oz)
793
914
972
1,065
1,157
958
1,164
1,233
1,440
1,598
Total cash costs
All-in sustaining costs
2020
2021
2022
2023
2024
(1) World Gold Council Standard
Performance by operation
Geita
Gold production remained stable year on year at 483,000oz in 2024
(2023: 485,000oz), with the slight decrease attributed to minor
mining and processing activity variances. Adverse weather during the
year was also challenging to operations.
The total cash costAPM per ounce remained unchanged at $984/oz,
though individual cost components varied. Declines in the cost of
labour, reagents and stores, as well as fuel savings, contributed to a
decrease in direct operating costs. Higher inventory credits were
driven by increased ore stockpiling from Nyamulilima Cut 2. Higher
royalties and production taxes offset these savings due to increased
gold prices.
The FAP programme contributed to an improvement in ore tonnes
mined in the higher-grade Nyankanga underground area, offsetting
lower open pit grades and lower tonnes processed.
Delivery of backfill directly to stopes via drill holes from surface,
rather than by truck, debottlenecked underground materials handling
capacity and improved overall stope availability.
Geita’s special mining licence covering approximately 19km² was
renewed in the year for 15 years.
During the year the mine connected to Tanzania’s national electricity
grid, Tanesco, which is ~45% supplied by renewable energy sources.
The switch to the national grid is expected to reduce Geita’s diesel
use for power generation by ~80%, its carbon emissions by at least
50,000t annually and the mine’s power costs. However, since
connecting to the grid, power supply has been unreliable, resulting in
additional use of diesel generators. For more detail, see Addressing
climate change (see page 72).
Geita’s net VAT receivable closing balance at 31 December 2024 was
$163m (2023: $153m) up from the previous year, mainly as a result
of foreign exchange adjustments and new claims submitted. The
offsetting of verified VAT claims against corporate tax payments
partially alleviated this.
Siguiri
Siguiri’s gold production was 273,000oz at a total cash cost APM of
$1,703/oz in 2024 versus 260,000oz and $1,650/oz in 2023. The 5%
year-on-year increase in production was due mainly to improved
metallurgical recovery following low-capex plant modifications
focused on carbon management and improvement in oxygen levels.
Tonnes mined increased by 35% due to improved equipment
availabilities and utilisation through the implementation of FAP
initiatives after transitioning to owner mining in mid-2023.
The recovered grade improved in the second half of the year after
adjustment to the mine plan to replace Bidini material in the plant
feed with ore from other sources. Challenges were experienced with
low metallurgical recoveries from this one source.
The 3% rise in total cash costsAPM was mainly driven by higher mining
and rehandling costs resulting from a 35% increase in tonnes mined
and a 1% increase in tonnes treated.
The low-capex modifications to the plant and improved mining
performance lifted production in the second half of the year with the
average metallurgical recovery rising to 90%.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Regional reviews – operations and projects continued
Africa
32
APM
APM (1)
Iduapriem
Iduapriem’s gold production was 237,000oz
at a total cash costAPM of $1,118/oz in 2024,
versus 268,000oz and $943/oz, respectively
in 2023.
Gold production fell by 12% year on year,
primarily due to a 23% reduction in ore
tonnes mined, driven by operational
challenges, lower equipment productivity,
and adverse weather conditions. The decline
in recovered grades (1.36g/t in 2024 versus
1.54g/t in 2023), further impacted output
mainly from the Block 7 and 8 Cut 2b and
Block 5. Lower-grade stockpile material was
also processed during the year, reducing
gold production.
The 19% increase in total cash costAPM per
ounce was mostly a result of lower gold
production and higher operating costs. Key
factors were increased mining contractor
costs, higher inventory movements due to
reduced ore delivery, and elevated royalties
on higher gold prices. This increase was
partially offset by savings in fuel, power,
service and refinery expenses, as well as the
earlier-than-expected completion of certain
consultancy activities, and lower labour
costs.
During the year, improvement work focused
on drill and blast performance and higher
equipment availabilities and utilisation to
increase mining rates and ore tonnes mined
to achieve better ore delivery to the plant.
Obuasi
Obuasi’s gold production was 221,000oz at a
total cash costAPM of $1,214/oz in 2024
compared to 224,000oz and $1,114/oz
respectively in 2023.
The marginal decrease of 1% in production
was due mainly to a 3% decline in the grade
treated (6.25g/t in 2024 versus. 6.44g/t in
2023) associated with delays in high-grade
stope production related to poor ground
conditions. Tonnes treated increased
slightly, while mill recovery remained stable
at 86%.
Total cash costAPM per ounce rose by 9%,
driven by a 9% increase in tonnes mined and
a 1% rise in tonnes treated.
During 2024, the site implemented measures
to address various mining challenges which
impacted stope availability and access to
high-grade areas. Difficult ground conditions
in high-grade areas characterised by
graphitic shear zones, excessive dilution and
ore hang up in sub-level open stopes (SLOS)
and poor flexibility in Block 8 slowed the
planned mining ramp-up.
SLOS performance was optimised with the
introduction of a new Easer L drill rig to
improve stope slot blasting performance
and dedicated stoping and charge crews. By
year end, the SLOS annual production
baseline had stabilised at around 200,000oz.
A trial of the underhand drift and fill (UHDF)
mining method for use in the high-grade
areas with poor ground conditions was
successful, demonstrating improved safety,
minimised dilution and maximum extraction.
A hybrid mining approach has been adopted,
using SLOS in lower-grade areas and UHDF
in higher-grade areas to deliver a safer, more
predictable ramp-up profile.
During 2024, Phase 3 work involving the
refurbishment of the Kwesi Mensa shaft and
associated infrastructure continued. The
Kwesi Mensa ventilation shaft – believed to
be the world’s largest raise bore shaft – was
successfully completed. The resultant
ventilation improvements will support a
ramp-up in mined volumes from the Block
10 mining area. Also, as part of Phase 3, the
underground rail transport system
was completed.
These upgrades will facilitate the
development of several mining fronts in
Block 1 and Block 10, optimising the
significant infrastructure already in place.
Kibali
Attributable gold production for Kibali was
309,000oz at a total cash costAPM of $935/oz in
2024 versus 343,000oz and $802/oz in 2023.
Gold production declined by 10%, mainly due
to lower recovered grades from open-pit
areas mined, driven by operational
challenges and high initial waste stripping.
This decrease was partially offset by higher
open-pit tonnes treated compared to 2023.
Total cash costAPM per ounce increased by
17%, a result of higher operating costs and
lower production volumes. The cost increase
was primarily attributed to greater open-pit
mining volumes, reduced stockpile credits
due to less full-grade ore mined, and a higher
stripping ratio. Increased waste-stripping
capital credits partially mitigated these
factors. The weakening of the Congolese
franc against the dollar had a minimal
impact on overall costs due to limited
exposure to local currency expenses.
Sukari
Following its acquisition in late November
2024 , the Sukari gold mine contributed
40,000oz to production at a total cash
costAPM of $1,165/oz and contributed $61m
to group free cash flowAPM for 2024.
Sukari is North Africa’s pre-eminent gold
mine and a Tier 1 addition to our portfolio.
The mine conducts both underground and
open pit mining.
Centamin acquisition
AngloGold Ashanti completed the
takeover of Centamin plc in November
2024, acquiring the operating Sukari
mine and exploration licences in Egypt’s
Eastern Desert, one of the world’s most
under-explored prospective mining
districts. The acquisition included the
Doropo Project and the Archean-
Birimian Contact (ABC) exploration
property in Côte d’Ivoire.
Sukari is located approximately 700km
from Cairo and 25km from Marsa Alam
on the Red Sea. First gold was poured in
June 2009 and commercial production
began on 1 April 2010, making Sukari
the first modern gold mine in Egypt, a
country which in ancient times was a
prolific producer of the precious metal.
The acquisition provides a compelling
strategic fit for AngloGold Ashanti,
aligning with our core competencies in
exploration, operation of large open-pit
and underground gold mines in Africa
and asset optimisation. Synergies are
expected to be captured through
streamlining corporate costs, leveraging
AngloGold Ashanti’s scale to gain
procurement benefits and by applying
our FAP optimisation process.
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33
Greenfield projects – update
Doropo
AngloGold Ashanti acquired the Doropo
project with the acquisition of Centamin in
November 2024. Doropo is located in a
remote area in the far northeast of Côte
d’Ivoire, in the Bounkani region, one of the
least developed in the country.
A definitive feasibility study completed by
Centamin prior to our acquisition confirmed
the project’s economics and potential for a
commercial-scale operation. The study
indicates that the Mineral Reserve estimate
supports a 10-year life of mine and an
average annual production rate of 167,000
ounces at an all-in sustaining costAPM of
$1,047/oz.
The study also sought to minimise the social
impact on local communities. The required
physical, biological and social baseline
studies and draft management plans in
supporting the impact assessment were
also completed prior to acquisition with
regulatory approval of the Environmental
and Social Impact Assessment being
received together with the environmental
permit in June 2024.
Doropo: Mineral Resource and Mineral
Reserve*
At 31 December 2024, a gold Mineral
Reserve of 1.7Moz was recorded together
with a gold Measured and Indicated Mineral
Resource of 0.8Moz and a gold Inferred
Mineral Resource of 0.3Moz.
Priorities 2025
Operations
•
At Obuasi, continue implementation of
the UHDF mining method and stoping
improvements
•
Regarding Iduapriem, continue to
engage with the Government of Ghana
on the proposed Tarkwa-Iduapriem joint
venture with Gold Fields to potentially
create Africa’s largest gold mine
•
At Siguiri, improve mining volumes
through ongoing improvements to fleet
availability and utilisation; and introduce
gravity recovery in the processing plant
to further improve metallurgical recovery
•
At Geita, upgrade ventilation at the Star
and Comet underground mine, focus on
FAP initiatives, including tele-remote
underground mining from surface, and
continue to work with Tanesco to
improve grid stability from current 75%
availability to 100% while extending the
transmission line from the national grid
to replace diesel-generated power at Star
and Comet, and Nyamulilima
(commissioning planned for 2026)
•
At Sukari, integrate the mine into
AngloGold Ashanti’s business systems
and processes, leveraging the FAP
framework and supply chain purchasing
capacity
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34
Sukari, Egypt
* Upon issuance of an exploitation permit, the Government of Côte d'Ivoire is entitled to a free-carried interest in the Doropo project. Consequently, the Mineral Resource
and Mineral Reserve for the Doropo project are limited to the Mineral Resource and Mineral Reserve expected to be attributable to AngloGold Ashanti (90%).
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Regional reviews – operations and projects
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Operating sites in our Americas region are
Cerro Vanguardia in Argentina, and AGA
Mineração and Serra Grande in Brazil.
The AGA Mineração operation comprises the
Cuiabá and Córrego do Sítio (CdS) mining
complexes. The Cuiabá complex includes the
Cuiabá and Lamego mines as well as the
Queiroz gold plant. The CdS complex was placed
on care and maintenance in August 2023.
In Colombia, our portfolio includes the
Quebradona project in the department of
Antioquia. La Colosa, in the department of
Tolima, remains under force majeure.
In the United States, our greenfield concessions
include the North Bullfrog Project and the
separate Expanded Silicon Project, which
includes the current Silicon and Merlin deposits.
Exploration and studies are ongoing. For more
detail on our exploration activities in the
Americas, see below and Exploration and
planning for the future (from page 44).
At the end of 2024, our Americas region,
including projects, accounted for a gold Mineral
Reserve of 6.3Moz, equivalent to 20% of our
total gold Mineral Reserve (2023: 6.2Moz,
equivalent to 22% of the total).
At the end of 2024, our Americas region
(including projects) accounted for a total gold
Measured and Indicated Mineral Resource of
36.3Moz, equivalent to 54% of our Group total
gold Measured and Indicated Mineral Resource
(2023: 36.5Moz, 61%) and a total gold Inferred
Mineral Resource of 27.9Moz, equivalent to 51%
of our Group total Inferred Mineral Resource
(2023: 25.2Moz, 54%).
Of this, our Colombia and Nevada projects
together accounted for a gold Mineral Reserve
of 3.7Moz (2023: 3.6Moz), a Measured and
Indicated Mineral Resource of 30.9Moz and an
Inferred Mineral Resource of 21.6Moz (2023:
30.9Moz and 18.5Moz respectively).
Our Americas region hosts
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,
United States.
(a) Includes the Silicon and Merlin deposits
Location of our Americas operations and projects
Cerro Vanguardia , Argentina
2024 at a glance
Gold produced
526,000oz
equivalent to 20% of total group production
Total cash cost APM
$1,027/oz
People employed on average
8,509
including 3,501 contractors
(2023: 502,000oz; 19%)
(2023: $1,122/oz)
(2023: 8,565; 3,046)
TRIFR
1.80
injuries per million hours worked
Invested in communities
$5.13m
Productivity
9.50
oz per total employee costed
(2023: 2.11)
(2023: $5.01m) (2)
(2023: 8.84)
Net cash inflow from operating activities (1)
$378m
Capital expenditure
$209m
An additional $38m invested in projects
Scope 1 and 2 GHG emissions (CO2e)
147kt
(2023: $1m)
(2023: $254m; $27m)
(2023: 158kt)
(1) The sum of net cash inflows from operations offset by net operational cash outflows for projects
(2) Includes Gramalote
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Cuiabá complex, AGA Mineração, Brazil
Regional performance – Americas
TRIFR
(injuries per million hours worked)
3.68
3.55
2.33
2.11
1.80
2020
2021
2022
2023
2024
Gold production
(000oz)
548
493
513
502
526
2020
2021
2022
2023
2024
Productivity
(oz/total employee costed)
10.78
8.74
8.60
8.84
9.50
2020
2021
2022
2023
2024
Cost performance
($/oz)
685
832
956
1,122
1,027
962
1,455
1,549
1,710
1,514
Total cash costs
All-in sustaining costs
2020
2021
2022
2023
2024
(1) World Gold Council Standard
Performance by operation
Cerro Vanguardia
Gold production was 175,000oz (2023: 164,000oz), up 7% year on
year, due mainly to better operational performance, and improved
grades and heap leach performance.
Total cash costsAPM per ounce rose to $1,073/oz (2023: $1,045/oz),
primarily due to cost increases related to wages, materials, and
services. The weakening of the Argentinian peso against the US
dollar partially offsets this increase. Additional cost pressures came
from higher royalties, reflecting increased gold sales and prices and
greater consumption of materials and services due to higher mining
activity. The cost increase was also mitigated by higher by-product
revenue from improved silver prices ($28/oz in 2024 versus $23/oz
in 2023).
The FAP programme contributed positively to results, a highlight of
which was the payload project, with the increase of the open pit
trucks payload from an average of 77t per trip to 90t per trip (nominal
capacity), an improvement of 17%, by ensuring the full use of the
trucks’ nominal capacity during material transportation. Mine
recovery and dilution, mainly in the underground mine, also improved
in the year.
Cerro Vanguardia acquired the mineral rights to the Michelle project,
a 14,328ha property located northwest of its operation. This project,
which is in the early to intermediate exploration stage, represents an
opportunity to extend Cerro Vanguardia’s life of mine beyond 2028,
provided that exploration results are positive. An exploration and
investment plan will be implemented during 2025 to update existing
Mineral Resource and discover new opportunities in this strategic
area.
AGA Mineração
Gold production from the Cuiabá complex was 271,000oz
(143,000oz of concentrate and 128,000oz of gold bars), an 8%
improvement year on year, a function of the higher grade recovered,
both in mine and at the plant, improved development performance,
and implementation of FAP initiatives aimed at improving dilution
control and recovery rates.
The total cash cost APM was $876/oz (2023: $1,041/oz), an
improvement of 16% mainly due to higher production levels and
reduced operating costs. Key savings resulted from the insourcing of
services and process improvements, as well as reduced costs for
legal compliance activities relating to the Queiroz plant in 2024
compared to 2023. The resumption of processing and refining
operations at the plant contributed to reduced logistical and
transport costs, further boosting efficiencies. In addition, 12-hour
shifts were implemented for the underground mine with the full
support of employees.
The focus of the FAP programme at Cuiabá was to increase the
quality of mine development with the insourcing of services and
improved fleet availability. FAP initiatives contributed to improved
mine dilution, from 33% in 2023 to 28% by year end, a result of the
reduction in the volume of waste material moved from the mine and
fed into the plant.
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Americas
37
APM
APM (1)
The plant aimed to optimise gold production
volumes by increasing recovery rates, which
rose from 95.5% in 2023 to 96.4% in 2024,
with a greater participation of gravimetric
gold (simpler and cheaper to process).
Córrego do Sítio (CdS) remains on care and
maintenance with continuous efforts to
optimise costs.
At both the Cuiabá and CdS complexes, all
TSF structures are safe and stable. There
were no emergency-level incidents in 2024.
The TSFs are fully compliant with applicable
legal requirements and have been certified
by external consultants and validated by the
ANM (National Mining Agency in Brazil).
Serra Grande
Production for the year of 80,000oz (2023:
86,000oz) was impacted by the six-month
rehabilitation programme conducted on the
main production decline, resulting in fewer
tonnes being processed. This was partially
offset by a slight increase in the grade
recovered.
Despite the reduced volumes mined,
the mine achieved a total cash cost of
$1,411/oz compared to $1,498/oz in 2023.
Lower variable costs from reduced mining
and processing volumes drove lower costs.
Cost savings were achieved through
insourcing underground development
activities, supported by a favourable
exchange rate. These initiatives included
land acquisition, the installation of
emergency pathways and refuge chambers,
and critical risk engineering actions.
In 2024, under the FAP programme, two key
projects focused on increasing operational
flexibility – the ‘remaining ounces’ initiative
revisited areas of opportunity in the mine
that had not been planned for the year,
contributing 13koz to production for the
year, while the Open Pit Mina III project
contributed 6koz.
In line with the site strategy, these projects
prioritised development, which increased by
17% year on year, and focused on
exploration in shallower mining areas that
helped expand the Mineral Resource and
future mine flexibility.
Projects – performance update
Quebradona
The Colombia team is continuing with work
on the review and gap analysis, and the
incorporation of further information
identified as part of the environmental
licensing authority’s (ANLA) archiving
decision in Q4 2021. Since then, the team
has focused on developing a strategy to
collect hydrogeological, hydrological, and
geotechnical data that ANLA deemed
necessary for the licence application.
The optimised feasibility study (OFS) was
completed to provide the technical
information required to submit a new
environmental impact assessment
application. Due to changes in the site
layout, additional geotechnical investigations
were conducted. The mining method and
process flow sheet have been developed.
The underground access tunnels, portal and
processing plant have been relocated to
more efficient locations. The TSF was
redesigned to align with more stringent
parameters (EIA requirement), and water
management was reviewed to minimise
intake and discharge from natural sources
and maximise the recycling of treated
contact water.
Quebradona: Mineral Reserve and
Mineral Resource
At 31 December 2024, Quebradona had
an estimated Mineral Reserve of 2.6Moz
of gold and 3,250Mlb of copper.
The estimated Measured and Indicated
Mineral Resource is 2.1Moz of gold and
2,902Mlb of copper, with an estimated
Inferred Mineral Resource of 2.3Moz of
gold and 3,231Mlb of copper.
Nevada projects
In the United States, two greenfields projects
are being progressed within the Beatty
District in southern Nevada, they are:
•
North Bullfrog, where detailed
engineering is ongoing
•
Expanded Silicon, where a pre-feasibility
study and Mineral Resource definition
drilling focused on the Merlin deposit are
underway
The total recordable incident frequency rate
of 3.61 (2023: 6.28) per million hours worked
for the Nevada projects in 2024 was the
lowest on record.
Nevada: Mineral Reserve and Mineral
Resource
At 31 December 2024, a gold Mineral
Reserve of 1.1Moz, a gold Measured and
Indicated Mineral Resource of 5.4Moz
and a gold Inferred Mineral Resource of
14.3Moz were estimated for the Beatty
District in Nevada.
North Bullfrog
The North Bullfrog project has undergone
multiple stage gate reviews. In November
2024, the NBP received approval from the
Management Investment Committee to
pursue the engineering design through the
detailed engineering phase of the project.
A capital control estimate is expected to be
available by the end of the second quarter of
2025.
Federal and Nevada permitting are
underway, and the detailed design effort is
supporting it. In 2024, the project received
the first round of National Environmental
Policy Act (NEPA) public comments
requesting an investigation of mine
alternatives that consume less water over
the life of the operation.
A mine alternative and its companion
groundwater flow model was recently
completed and submitted to the Bureau of
Land Management for consideration.
Nevada permitting is focused on advancing
the standard air and water pollution control
permits required for a mine. The alternative
mine plan for this project has reduced
anticipated water consumption over the
estimated life of mine by more than half.
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Americas
38
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 15%, assuming a long-term gold
price of $1,800/oz. At a long-term gold price
of $2,200/oz, the IRR* is estimated at 29%.
North Bullfrog is currently expected to
produce an average of 105,000oz during the
first five years and an average of 76,000oz
per year over its anticipated 11 years. All-in
sustaining costsAPM are forecast at $934/oz
over the life of the mine. Project capital is
expected to be $476m (nominal).
Expanded Silicon
This project includes the Silicon and Merlin
deposits. A pre-feasibility study focused on
the Merlin deposit was initiated this year
with the goal of completing the engineering
and study work needed to support the
development of a mineable Mineral Reserve
in the eastern side of the Beatty District. This
is a continuation of the Expanded Silicon
conceptual study completed in 2023.
During 2024, a total of 132km of drilling was
completed in the Merlin and Silicon area.
Most of the drilling done was part of the
Mineral Resource definition programme,
with some holes completed to support the
hydrogeology and geotechnical
programmes. This drilling programme
resulted in a meaningful increase in the
Inferred Mineral Resource at Merlin, which
will inform the pre-feasibility study.
Priorities 2025
Operations
Across all operations our aim is to maintain
a solid performance by focusing on
opportunities to improve cost
competitiveness and consolidate each
operations’ safety and sustainability journey
and reduce its risk exposure.
In particular:
•
At Cerro Vanguardia, an operational
priority is to progress work related to the
Michelle project and update the existing
Mineral Resource to increase the life of
mine
•
At AGA Mineração, priorities are to
introduce mine deepening projects at
Cuiabá and stabilise production at the
Queiroz plant, and increase flexibility and
establish alternatives (tailings disposal,
by-products)
•
At Serra Grande, the priority is to focus
on increasing mining flexibility to de-risk
the production plan
Projects
At Quebradona, priorities include:
•
Following the completion of the OFS
study in 2024, the plan for 2025 focuses
on (i) the review of the overall project
closure strategy aiming to identify an
acid rock drainage management
approach that can be licensable and (ii)
confirmation of cost reduction in the TSF
foundation design with the potential to
improve the IRR by around 2% by Q2
2025. The OFS report would be updated
according to these de-risking and
potential upside improvement activities
•
Additionally, work will progress on
commitments derived from the
approved third exploration phase
extension, initiatives to sustain and
enhance the social licence to operate,
and preparation of the revised EIA for
submission in 2027. Modification of the
mining permit is also expected to move
forward, with submission planned by
2027
At North Bullfrog, our priorities are to:
•
Continue NEPA-compliance work with a
focus on completion of the draft
environmental impact study milestone
•
Complete Phase 1 of detailed
engineering
•
Make final investment decision
At Expanded Silicon, priorities are to:
•
Advance the pre-feasibility study
•
Continue infill drilling at Merlin to achieve
an Indicated Mineral Resource
classification and progression to a
Mineral Reserve declaration
•
Make strategic land and water
acquisitions to support permitting
•
Complete exploration permitting
Strategic Report
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39
* 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.
Strategic Report
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Regional reviews – operations and projects
Australia
40
Greenfields exploration was carried out in
Western Australia, Queensland and New
South Wales, with brownfields exploration
conducted at both operations.
For more detail on our exploration activities in
Australia, see Exploration and planning for the
future (from page 44).
At the end of 2024, the Australia operations
accounted for a gold Mineral Reserve of 2.3Moz,
equivalent to 7% of our Group total Mineral
Reserve (2023: 2.6Moz, 9%), a gold Measured
and Indicated Mineral Resource of 4.4Moz,
equivalent to 7% of our total gold Measured and
Indicated Mineral Resource (2023: 3.2Moz, 5%),
and a gold Inferred Mineral Resource of 3.4Moz,
equivalent to 6% of our total gold Inferred
Resource (2023: 3.6Moz, 8%).
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%).
Location of our Australia operations
Sunrise Dam, Australia
2024 at a glance
Gold produced
572,000oz
equivalent to 21% of total group production
Total cash cost APM
$1,287/oz
People employed on average
1,777
including 1,413 contractors
(2023: 562,000oz; 21%)
(2023: $1,251/oz)
(2023: 1,741; 1,394)
TRIFR
2.36
injuries per million hours worked
Invested in communities
$0.74m
Productivity
26.81
oz per total employee costed
(2023: 3.20)
(2023: $0.85m)
(2023: 26.93)
Net cash inflow from operating activities (1)
$553m
Capital expenditure
$153m
Scope 1 and 2 GHG emissions (CO2e)
463kt
(2023: $380m)
(2023: $135m)
(2023: 488kt)
(1) The sum of net cash inflows from operations offset by net operational cash outflows for projects
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Australia
41
Tropicana, Australia
Regional performance – Australia
TRIFR
(injuries per million hours worked)
3.74
6.59
3.82
3.20
2.36
2020
2021
2022
2023
2024
Gold production
(000oz)
554
494
538
562
572
2020
2021
2022
2023
2024
Productivity
(oz/total employee costed)
37.50
30.93
29.27
26.93
26.81
2020
2021
2022
2023
2024
(1) The 2023 productivity figure for Australia has been corrected. The previous report
inadvertently reflected the productivity for Sunrise Dam instead of total Australia
Cost performance
($/oz)
968
1,196
1,157
1,251
1,287
1,225
1,500
1,345
1,487
1,526
Total cash costs
All-in sustaining costs
2020
2021
2022
2023
2024
(2) World Gold Council Standard
Performance by operation
Sunrise Dam
Gold production benefited from improved mined grades in the
underground mine and the contribution of about 400,000t of ore from
the small Neville East pit, which offset slightly lower underground ore
tonnes mined.
A 3% increase in metallurgical recovery contributed to higher gold
production of 259,000oz in 2024 compared to 252,000oz in 2023.
Approximately 2.5Mtpa of underground ore was mined, largely from
the Vogue and Frankie zones.
Costs were largely contained with a 2% increase in total cash costAPM
to $1,343/oz was largely due to higher underground mining costs,
which were driven by longer haul distances and additional ground
support requirements. Processing costs also rose due to additional
plan shutdown activities during the year.
FAP projects in the processing plant saw improved run time and
carbon management, which, along with an optimum blend of
underground, open pit and stockpiled ore, contributed to the improved
metallurgical recoveries.
The FAP refresh programme identified 37 improvement opportunities,
including a concentrate leach project which was under construction
by year end and on track for commissioning during 2025. Concentrate
leach is expected to improve metallurgical recoveries by up to 3%.
Tropicana
Gold production at Tropicana was impacted by heavy rains and
flooding in the first quarter of the year. Flooding interrupted the power
supply to the processing plant and required mining operations to be
suspended. Supplies of fuel, consumables and reagents to the site
were also interrupted for approximately three weeks due to flooding
along parts of the 375-kilometre access road.
Although the flooding delayed mining the final portion of the Havana 5
open pit, the site recovered strongly in the second half to produce
313,000oz in 2024 compared to 310,000oz in 2023. A total cash cost
of $1,132/oz was recorded, with the annual increase limited to just
2%, thanks to a steady performance in the underground mine and
slightly higher mined grades from the open pit and underground
mines, which helped to offset the impact of disruptions to mining and
processing activities following heavy rains.
Ore production from the Tropicana and Boston Shaker underground
mines increased in the second half, helped by the introduction of 24-
hour firing and mine design improvements. In September, a major
upgrade to the Boston Shaker ventilation system was commissioned,
more than doubling airflow to the mine and facilitating access to
deeper ore zones.
Development of the Havana underground mine was approved in
August 2024 and the Havana portal was established in September.
The project is expected to produce approximately 185,000oz over a
three-year mine life, with the first stope scheduled by March 2027.
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AngloGold Ashanti plc | Annual Report 2024
Regional reviews – operations and projects continued
Australia
42
APM
APM (2)
(1)
FAP-related work in 2024 contributed to
improvements in mining fleet maintenance
and open-pit waste movement.
Processing plant throughput was slightly
lower in 2024 at 8.9Mt (2023: 9.5Mt), largely
due to the March weather event and
unplanned downtime with the high-pressure
grinding roll circuit. Metallurgical recoveries
were steady at 90%.
The renewable energy facility was
commissioned on schedule and on budget in
February 2025. Comprising four 6MW wind
turbines, a 24MW solar farm and a 14MW
battery storage system, the facility
integrates 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, and slashing carbon
emissions by more than 65,000tpa over a
10-year period.
Priorities 2025
At Sunrise Dam: The primary ventilation fan
in the GQ ore zone commissioned late in
2024 will facilitate mining of the GQ and
Frankie zones, support a strategy to lift the
annual number of underground stopes
mined from 70 to 95 and increase the annual
underground ore mining rate to 2.9Mt.
Underground ore development will focus on
access to the Frankie zone and setting up
the Astro zone for mining in 2026. The small
Neville open pit will be mined during 2025.
At Tropicana: The underground mine plan
has been updated to introduce larger stopes
in the Boston Shaker underground mine. The
Havana 4 pit will be the main source of open
pit ore during 2025 while waste stripping
continues in the Havana 6 pit.
Exploration will continue to focus on
assessing the long-term underground
potential of the site, and the discovery of
satellite open pit ore bodies within trucking
distance of the processing plant.
Encouraging drilling results during 2024
showed potential for depth extensions to the
Tropicana and Boston Shaker
mineralisation. Regional drilling along a
north-south corridor also delivered
encouraging results at the Rosetta prospect.
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Regional reviews – operations and projects continued
Australia
43
Tropicana, Australia
AngloGold Ashanti follows a clear
strategy of organic and inorganic growth
to drive a sustainable future. We have a
long and successful track record of
organic growth through our greenfields
and brownfields exploration
programmes. Greenfields exploration
aims to discover large, high-value
deposits that will lead to the
development of new, standalone gold
mines. Brownfields exploration focuses
on delivering value-accretive additions to
sustain and grow our existing mines, as
well as driving development of future
mines at our advanced projects.
Greenfields exploration
In 2024, $47.6m was spent on
greenfields exploration. Our greenfields
exploration tenements cover over
23,700km2 of highly prospective ground
in seven countries: Australia, Argentina,
Brazil, Tanzania, Egypt, Côte d’Ivoire, and
the United States.
Africa
In Tanzania, geological mapping was
conducted at the Kame project, and the
aircore drilling campaign was concluded
at the Mchanga project.
In Egypt, delineation drilling continued at the
Little Sukari prospect in the Nugrus Block,
for a total of 15,144m reverse circulation
(RC) drilling and 10,089m of diamond drilling
(DD). A pole-dipole IP survey commenced at
the Umm Majal prospect and is expected to
conclude during Q1 2025.
In Côte d’Ivoire, at the ABC project, termite
mound sampling was undertaken, with
21,476 samples collected for 2024.
Americas
In the USA, 2,629m of reverse circulation
(RC) drilling and 2,645m of diamond drilling
(DD) were completed during 2024 at the
Midnight Star project in Nevada, with low-
level results returned. One additional project
(Duke) was added to the Greenfields Nevada
portfolio in 2024.
In Brazil, stream sediment and soil sampling
continued at the Unai District and Claro
Prospect within the SBB Terrane. Two drill
targets were tested at Claro, with 2,628m of
RC drilling completed. In the Unai District,
the Cafazel prospect was tested with
2,572m of RC drilling completed.
At the 100%-held El Cori project in Argentina,
eight DD holes were completed for 2,931m
to test the Indigo high-sulphidation
epithermal target.
Australia
In Australia, exploration was carried out in
the Laverton District of Western Australia, in
northern Queensland, and central New South
Wales. Laverton exploration focused on the
Pearl project, with 850m of DD completed.
In Queensland, reconnaissance mapping,
rock chip sampling and soil sampling were
completed at several early-stage targets in
the Connors and Auburn Arc tenements in
the New England Terrane.
Mud-rotary and diamond drilling (eight holes
for 5,337m of DD) 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 Cu-Au mineralisation. The drilling
returned alteration assemblages indicative
of a near-porphyry environment at the Duck
Creek, Moonagee and Trangie projects.
A farm-in agreement with Kincora Copper
commenced in the second quarter of 2024,
also in the Macquarie Arc. Six mud rotary
and diamond drill holes were completed for
1,057m DD, targeting magmatic complexes
in the Nyngan District.
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AngloGold Ashanti plc | Annual Report 2024
Exploration and planning for the future
44
Nevada, United States
Brownfields exploration
Brownfield exploration teams across the
operations completed a total of 1,039km
of drilling for a total cost of $156.3m.
This covers both capitalised drilling to
delineate and define Mineral Resource,
and expensed exploration to test new
targets or extensions of known
orebodies. Costs presented are
attributable to AngloGold Ashanti and
include the Kibali joint venture.
Additionally, 135km of drilling were
completed at the Nevada projects at a
total cost of $79.9m, the majority of
which was allocated to the Merlin
deposit that underpins the Expanded
Silicon project.
Africa
Geita
Exploration drilling programmes at Geita
completed a total of 171km for both
capitalised and expensed projects.
Exploration to delineate and define the
underground Mineral Resource was done at
Star & Comet Cut 3 and 5, Ridge 8,
Nyankanga Blocks 1, 2 and 4, and Geita Hill
Blocks 1 to 5. Results overall confirmed and
increased confidence in existing models.
Surface drilling at Nyamulilima Open Pit,
including the ‘Saddle’ area between Cut 2
and 3, also confirmed existing models and
demonstrated open-ended down-dip
potential below currently planned pit shells.
At Nyankanga, drill-testing of extensions in
both Block 1 and Block 4 showed potential
continuity of high-grade zones along the
Nyankanga Shear. In Block 1, this was south-
east along strike towards Lone Cone. Block
4 was tested along strike to east and west,
and several hundred metres beyond
previous intersections down-dip. At Geita
Hill, delineation drilling showed continuity of
the main orebody at Geita Hill Block 5 both
up-dip towards the pit and down-dip. At the
Geita Hill-Lone Cone area and Copcot,
drilling tested a sub-parallel shear zone with
encouraging results.
Within the Central Trend between
Nyankanga and Star & Comet, surface
drilling took place at Kalondwa Hill and
westwards to the Fikiri-Jumanne target,
with narrow high-grade intersections
reported. Delineation drilling at Kalondwa Hill
also showed upside potential 500m
northwest of the designed pit.
Kibali
Step-out drilling of KCD down-plunge
confirmed extension of high-grade
mineralisation in the 3000 and 5000 lodes,
with infill supporting Mineral Resource
delineation and definition in the lodes.
Further down-plunge step-out drilling is
planned.
The Agbarabo-Kombokolo-Rhino area
continues to show good prospectivity for
open pit and underground, with potential for
further undiscovered ore shoots between,
below, and above known lodes. Along the
ARK trend, drilling at Airbo Hill followed up a
significant mineralised intercept down-
plunge, supporting combined Airbo-
Kombokolo open pit potential.
Southwest of KCD, drilling was also
completed at the Aindi Watsa target to
assess open pit potential with encouraging
results confirming mineralisation within a
1.8km strike along the shear.
In Dembu, 10km west of KCD, several
prospective, structurally complex trends
were identified. Mapping and sampling
validated the prospectivity of the area and
generated three targets (Lulu, Gombari and
Hotel) for follow-up exploration.
Obuasi
Exploration activities were focused
underground with a total of 44km drilled.
Drilling took place in Sansu, Block 1, Block 8,
and Block 10. The drilling has refined
modelling of the Obuasi Fissure and
improved confidence in the Mineral
Resource ahead of mining. The exploration
drilling is also testing fringes and extensions
of modelled areas as access allows. In Block
8, this approach had identified an
unmodelled splay of the East Lode system
towards Sansu, which is proving to have
good continuity in some areas and seems
particularly well-developed around 32 Level.
Drilling also took place below the backfilled
Old Chief Pit from the ore development drive
at shallow levels to assess potential for
near-surface stope areas to support
operational flexibility. The drilling
encountered groundwater issues but is
ongoing and has confirmed continuity of the
Obuasi Fissure.
Iduapriem
A total of 33km of exploration drilling was
completed at Iduapriem during 2024, most
of which was allocated to the upgrading of
Mineral Resource confidence down-dip in
Blocks 2, 3, 4 and 5 of the Teberebie basin.
At Block 7 and 8, wide step-out drilling was
completed below the Waste Dump 4
extension area while it remains accessible,
which confirmed and refined deeper
Teberebie basin mineralisation in that area.
Reconnaissance RC drilling along the Mile 8
hydrothermal target tested surface
geochemical anomalism along the Kawere
Trend, with diamond drilling initiated to
follow up on encouraging results from a
priority zone along the trend. Regional
mapping also supported targeting in the Mile
5 and Mile 8 area.
Siguiri
During 2024, exploration at Siguiri totalled
76km of drilling. An additional 18km of
close-spaced drilling was performed in
support of the Kounkoun Feasibility Study in
Block 3. Kami and Kosise were priority
projects in Block 1 for Mineral Resource
delineation and definition, as well as testing
of extensions in Kami North, below pit and
south of Kosise. Results were generally
positive and support an increase in the
Mineral Resource in both areas. Exploration
teams also supported geometallurgical
drilling for the Siguiri Metallurgical
Recovery Project across several key pits
and stockpiles.
Reconnaissance exploration in Block 1
included testing of Balato North, Silakoro
North, and Sokunu NW targets. Good
intercepts were reported from each area,
although the core drilling at Silakoro North
was of a lower tenor than expected from RC
drilling, which is being investigated. In Block
3, several targets were drilled, including
Kolita North, Kolita South, and KK3 East.
Moderate to weak results were returned
from the Kolita targets, despite some
positive visual observations. Assay results
are pending for KK3 East.
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AngloGold Ashanti plc | Annual Report 2024
Exploration and planning for the future continued
45
Sukari
Exploration drilling in 2024 totalled 25 km,
targeting the southern extensions of Horus
– Horus South and Horus Deeps South, with
a focus on delineating Mineral Resource.
Drilling results confirmed the continuity of
the granodiorite and mineralisation at Horus
Deeps South. Significant ore-grade
intercepts supported the development of the
Horus 485mRL exploration drive, with the
first drilling phase in Horus South having
occurred in January 2025.
Geological modelling of Horus South
places the granodiorite between the
Sukari Transfer Fault and the Akbah
Wahid Fault. Initial interpretations suggested
these two structures converged and
terminated the granodiorite to the south.
However, initial drilling results indicate that
the structures merge into a shear zone
where the granodiorite is emplaced.
This opens potential for the mineralised
granodiorite to extend further south than
previously expected.
Americas
Nevada projects, United States
Exploration in the Beatty District focused on
drilling at the Merlin deposit at a spacing
deemed suitable for defining an Indicated
Mineral Resource, with the aim to support
development of Mineral Reserve and inform
pre-feasibility studies.
The programme used two reverse circulation
and seven diamond core rigs, with 132km
drilled during 2024. High-grade zones and
well-mineralised stratigraphic units were
refined and expanded, enhancing the
mineralisation model and leading to an
increase in the declared Inferred Mineral
Resource. Exploration also supported
technical studies, with geotechnical drilling
completed and installation of several water
wells and piezometers for hydrogeological
purposes.
At the North Bullfrog project in the western
Beatty District, 3km drilling was completed
early in 2024, mainly for geotechnical
purposes, as well as five core holes drilled to
twin existing RC holes and support Mineral
Resource evaluation.
A drone-based geophysical survey was
completed late in 2024 over the area to
ensure good baseline data is available prior
to development and inform future
exploration targeting.
Colombia projects
No exploration drilling took place at the
Colombia projects during 2024.
AGA Mineração, Brazil
At Cuiabá-Lamego, a total of 153km
exploration drilling was completed, with
105km at Cuiabá and 48km at Lamego. The
drilling programme at Cuiabá made
extensive use of the dedicated exploration
hanging-wall drive at Level 20 to test the
Fonte Grande Sul and Serrotinho main
orebodies between levels 23 and 25. Good
results were reported throughout 2024 from
both orebodies; additionally, projection
down-plunge of the Fonte Grande Left Side
oreshoot was confirmed.
Drilling of the Narrow Vein orebodies took
place at Balancão (Level 21), Galinheiro
(levels 15 and 20), and testing extensions
at Canta Galo from Level 23 with some
encouraging results. The focus for the
secondary orebodies was on Viana
between levels 22 and 23, which returned
consistently high grades, and the ‘bulk zone’
of the VQZ orebody between levels 13 and
14, as well as the VQZ central domain at
levels 15, 16 and 20.
At Lamego, the drilling programme at
Carruagem focused on the deeper edges
of the modelled Mineral Resource between
levels 10 and 11, as well as testing remnant
shallow opportunities at levels 1 and 5. In
the deeper drilling, a relatively low tenor area
was identified, associated with a foliation
zone; however, this seems locally developed
with indications of improved grades down-
plunge. Delineation drilling at level 5 returned
good results from the overturned limb of the
Carruagem SW orebody. Drilling also took
place at the Queimada orebody, testing
remnant areas at level 3, and potential
extensions at level 6 that confirmed
continuity of the orebody along strike to
the north.
Serra Grande, Brazil
Exploration at Serra Grande completed
51km of drilling during 2024, the majority
allocated to Mineral Resource definition
drilling in support of the mine plan. The
focus areas were the Structure III orebodies
at Ingá, Mina Nova, and Mina III, and the
Structure IV orebodies at Pequizão,
Mangaba and Limoeiro. Good results were
received from most areas, confirming the
models and providing potential mining
flexibility in shallow areas such as Mina
Nova and Mina III. Definition drilling was also
done at Baru.
Several of the programmes also allowed for
testing of additional targets such as the Ingá
Superior Zone, which returned encouraging
results. Exploration drilling also tested
extensions to main mining areas at VQZ,
Inga and Pequizão, and opportunities within
near-infrastructure shallow areas such as
Ingá (up-plunge), Mina III and Corpo Sul.
Cerro Vanguardia, Argentina
A total of 85km of exploration drilling was
completed at Cerro Vanguardia, with the
exploration emphasis towards testing
priority vein targets and delineating Mineral
Resource within the mining lease. Good
results were received from several veins,
including Dora and Doriana in the western
lease area, El Lazo in the south, Vanguardia
in the north, and Lucy, Potrero, Osvaldo Diez
and Tres Patas in the central area.
Exploration also included trenching and
channel sampling of several veins, and a
ground magnetic survey was completed in
the southern lease to aid targeting of blind
veins under gravel cover.
Exploration was completed over the
adjoining Cóndor tenement, northwest of the
mining lease, early in 2024, with several
targets drill tested. At the Claudia joint
venture, south of the mining lease, two
phases of drilling took place during 2024,
with the first programme testing targets in
the northern JV and the second informed by
a ground geophysical survey over the central
Curahue trend.
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AngloGold Ashanti plc | Annual Report 2024
Exploration and planning for the future continued
46
Australia
Sunrise Dam
Exploration drilling programmes completed
a total of 124km during 2024. Underground
exploration was focused on Astro and
Frankie in the northern underground mine
area and the Vogue orebody in the south.
Exploration at Astro was notably successful,
exceeding expected ounce delivery.
Elsewhere, drilling helped refine the
geological model and specific domains,
such as Frankie 2B, performed well.
Other underground targets tested
during 2024 were MWS, Wobbegong and
Western Ramps.
Up-plunge extensions of the Astro orebody
were drill-tested from surface to identify
potential near-surface upside and aid
positioning of the planned exploration drive
to surface. During 2024, surface mining
opportunities were prioritised and the
exploration team accelerated drilling
accordingly to support near-term open pit
assessment, with Mineral Resource
delineation and definition drilling at Neville
East, Pink Lady, New Mexico and Superbowl.
Potential extensions at Neville East and Pink
Lady were also tested. Regionally,
reconnaissance drilling was completed at
the Wilga West target.
Tropicana
Exploration at Tropicana mine lease and
across the Tropicana Joint Venture
exploration tenements completed a total of
160km drilling in 2024. Capitalised Mineral
Resource delineation and definition drill
programmes were focused on underground
drilling at Boston Shaker and Tropicana.
Underground targets were also tested at
Havana South, Havana Offset and Cobbler,
with some encouraging results.
Regional surface exploration programmes
were completed across several targets
to the north and south of the mine.
Drilling to the north of the mine returned
several encouraging intercepts at North
Corridor, Rosetta, Hat Trick and Angel Eyes.
Work is ongoing along this northern trend to
improve geological interpretations and
advance priority targets, with the aim of
delineating new open pit potential along
the trend.
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Exploration and planning for the future continued
47
Outlook 2025
Greenfields exploration remains focused on delivery of another transformational, sustainable discovery in a jurisdiction where we operate or
are developing major projects. Having initiated drill testing across multiple projects and jurisdictions in 2024, we will continue to advance the
most prospective targets in our portfolio in 2025. This will include working with our joint venture partners and continuing to generate new
opportunities aligned to our strategy.
Brownfields exploration at our operations is designed to secure confidence in our mine plans, assess opportunities for operational flexibility,
and continue to test priority growth targets. Exploration at each operation is designed to ensure the appropriate pipeline balance between
these three fundamental objectives of confidence, flexibility, and growth.
At the Nevada projects, continued development of the Merlin orebody to inform and support pre-feasibility studies at the Expanded Silicon
project remain the focus, with ongoing regional works to build a solid foundation for long-term exploration and development within the
Beatty district.
Sunrise Dam, Australia
Gillian Doran
Chief Financial Officer
Setting the stage
for sustained
growth and
unparalleled
value creation
I am pleased to reflect on a year where
AngloGold Ashanti has not only navigated
economic challenges but has also continued
laying the foundations for accelerating
growth, cost efficiencies and value creation
on a sustainable basis.
Navigating economic turbulence and
capitalising on gold’s strength
The macro-economic landscape presented
challenges, with fluctuating currencies and
shifting inflation rates, yet we remained
steadfast. Gold's role as a safe-haven asset
has again been reaffirmed, closing the year
at $2,624/oz, up 27%, driven by central bank
buying, monetary easing, global economic
uncertainties and geopolitical tensions.
Our expert management of diverse
economic environments, supported by
effective tax strategies across 11
jurisdictions, reinforced our strategic
resilience and adaptability in the face of
global headwinds.
Embracing an unhedged future
As of 31 December 2024, all of our gold
hedges have expired, leaving AngloGold
Ashanti completely unhedged starting
1 January 2025. This move positions us to
fully benefit from any future rises in gold
prices and underscores our confidence in
our ability to manage economic fluctuations
independently.
Driving operational excellence and
cost efficiency
We achieved guidance on production and
total cash costsAPM while coming in
marginally above guidance on AISCAPM. The
solid gold production performance from
AngloGold Ashanti’s managed operations,
alongside continued implementation of the
Full Asset Potential (FAP) programme and
increased vigilance on expenditures at the
site level, delivered a strong overall cost
performance despite persistent inflation
across several of our operating jurisdictions.
The Australian operations rebounded from
climatic adversities, while Brazilian activities
showed notable upswing post the Queiroz
plant's restart. Continued optimisation at
Obuasi aligns with revised mine plans,
enhancing production efficiencies.
Transforming financial health with
strategic discipline
In just over two years as CFO, I have
witnessed firsthand the significant impact of
our finance initiatives in reshaping our cost
competitiveness. We have fostered a culture
of cost discipline that transcends
dependencies on gold price fluctuations,
driving this mindset throughout AngloGold
Ashanti. With a relentless focus on cash
conversion and the management of working
capital, we have solidified our financial
foundation.
The FAP programme underpinned the
strength in cost management, keeping
Group total cash costsAPM tightly controlled
with only a 4% increase to $1,157/oz in
2024, up from $1,115/oz in 2023. Managed
operations demonstrated resilience with a
rise of just 2% to $1,187/oz, echoing our
commitment to cost control. The 4%
increase in the average unit total cash
costAPM was less than the aggregate Group
inflation rate of about 7%. Inflationary
pressures were partially offset by favourable
exchange rate movements.
All-in sustaining costsAPM (AISC) increased
by 4% to $1,611/oz, reflecting our ongoing
commitment to investing in operational
sustainability.
Enhancing portfolio quality
Our focus on the Brazilian operations led to a
turnaround here, particularly with the
resumption of processing operations at the
Queiroz plant. This prompted the reversal of
impairments of $60m for our Cuiabá
operations, linked to Queiroz's past
suspension. No new impairment triggers
were found for our other operations.
AngloGold Ashanti’s sale of its Yatela mine
interests to the Malian government in
October 2024, along with the subsequent
conclusion of the sale processes, has
marked the end of our mining
presence in Mali.
Strategic growth and shareholder
value
The successful acquisition of Centamin plc,
finalised on 22 November 2024, marks a
strategic milestone and another step on the
path of accelerating growth. This net $2bn
combination, involving cash and AngloGold
Ashanti shares, bolsters our global footprint
and operational efficacy, enhancing our long-
term outlook in key markets.
In alignment with this strategic expansion,
our revised capital allocation framework and
dividend policy are designed to deliver
enhanced shareholder returns. By targeting
a 50% payout of free cash flowAPM (subject
to maintaining an adjusted net debtAPM to
adjusted EBITDAAPM ratio of 1.0x), which
includes a base dividend of $0.50 per share
per annum, we are ensuring predictable and
sustainable value for our investors.
In a significant expansion of our strategic
options, we enhanced our Mineral Resource
base in Nevada, adding length to our growth
trajectory and fortifying our long-term
resource optionality. This expansion
underscores our proactive approach in
capitalising on geological potential to drive
future growth.
Unprecedented financial growth and
strengthened credit ratings
We achieved a remarkable nine-fold increase
in free cash flowAPM, soaring from $109m in
the prior year to $942m.
By the end of the year, we had successfully
reduced our adjusted net debtAPM from
$1,268m in December 2023 to $567m in
December 2024, achieving an impressive
adjusted net debtAPM to adjusted EBITDAAPM
ratio of 0.21x, the strongest leverage ratio
we've seen since 2011. This fortified
financial position supports our robust
liquidity of around $2.6bn, positioning us
well for continued strategic investments.
The outcome of our UK redomicile and US
primary listing is building pathways to
enhanced creditworthiness and financial
robustness. Moody’s affirmed our Baa3
rating with a Stable Outlook, while Fitch
improved our outlook to Stable, maintaining
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AngloGold Ashanti plc | Annual Report 2024
CFO’s report
48
a 'BBB-' rating – a testament to our cost
stewardship and financial strength.
Fortifying our governance
framework and cybersecurity
strategy
In response to identified control weaknesses
from prior audits, we've made significant
efforts to enhance our governance
framework, reinforcing internal controls,
upgrading systems and processes, and
improving staff awareness and capability
development. Under my leadership this year
and with the oversight of the Audit and Risk
Committee, we successfully remediated two
of three material weaknesses identified in
2023: the net deferred tax asset at Obuasi
and the Information Technology General
Controls related to the SAP ERP system.
Considerable efforts have been dedicated to
addressing the remaining weakness
concerning impairment controls for goodwill,
intangible assets, and long-lived assets. A
comprehensive remediation plan has been
established, and I will continue to oversee its
execution to ensure ongoing progress.
Our cybersecurity strategy involves
continuous risk assessments and
implementing strategic risk mitigation
measures. By proactively identifying
potential cyber threats, we ensure robust
controls adaptive to emerging trends and
attack vectors, safeguarding our digital
assets and stakeholder trust.
Looking ahead
As we move further into 2025, our finance
transformation initiatives continue to
support robust financial outcomes alongside
our continued focus on standardisation and
excellence in performance management.
Integrating and transitioning Centamin's
systems and processes into our framework
will be key in enhancing our financial control
environment, with a focus on aligning
systems, embedding SOX controls and
streamlining financial processes.
We are diligently progressing with the
essential foundational work necessary for
our transition to US reporting frameworks
with each step being meticulously managed
to ensure effective adoption of these
standards.
In closing, I extend my deepest appreciation
to the Board, my fellow executive colleagues
and to each and every member of my
passionate finance team. Your collaborative
spirit and dedication have been pivotal to our
achievements and enduring capacity to
deliver stakeholder value.
We remain focused on leading with purpose
and sustaining unparalleled value delivery.
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Financial review continued
49
Gillian Doran
Chief Financial Officer
26 March 2025
Sukari, Egypt
2024
2023
Revenue
5,793
4,582
Bullion sales
5,359
4,213
Concentrate sales
314
267
By-product revenue
120
102
Cost of sales
3,726
3,541
Of which:
Operating costs
2,665
2,680
Royalties
246
190
Amortisation
752
658
Expenses
395
978
Of which:
Net impairment, asset
derecognition and disposal
(58)
221
Corporate restructuring costs
—
314
Other expenses/income
144
104
Associates and JV profit
(155)
(207)
Taxation
623
285
Current tax
454
217
Deferred tax
169
68
Profit for the period
1,049
(222)
Of which:
Basic earnings (loss) per
share (US cents)
233
(56)
Headline earnings (loss) per
share (US cents)
221
(11)
Of which equity shareholders
received ($m)
1,004
(235)
2024
2023
Total assets
13,157
8,175
Of which:
Tangible assets
8,512
4,419
Inventory
1,213
831
Cash
1,425
964
Total liabilities
4,644
4,435
Borrowings
1,984
2,239
Environmental rehabilitation
700
625
Total equity
8,513
3,740
Total return to shareholders
25 %
(3) %
Total dividends per share (US
cents)
91c
23c
Centamin acquisition
At 31 December 2024, the balance sheet reflected the acquisition
by AngloGold Ashanti of Centamin whose primary asset is the
Sukari gold mine in Egypt. The acquisition, which was completed
on 22 November 2024, was for a consideration of approximately
$2.2bn, comprising a combination of AngloGold Ashanti shares
and cash. The provisional fair value of material assets acquired,
and material liabilities assumed at the acquisition date on a
provisional basis was as follows:
US dollar millions
2024
Assets
Tangible assets
3,677
Right-of-use assets
4
Inventories
330
Trade and other receivables
56
Cash and cash equivalents
216
Liabilities
Environmental rehabilitation and other provisions
(51)
Lease liabilities
(4)
Trade and other payables
(118)
Net identifiable assets
4,110
Total consideration paid
(2,226)
Non-controlling interest
1,884
Strategic Report
AngloGold Ashanti plc | Annual Report 2024
Financial review *
50
26%
5%
60%
119%
C
(*) Our financial results are prepared in accordance with IFRS, see page 153 for
further information. The detailed reconciliations of our alternative
performance measures (APMs) are set out on pages 232–247.
Income statement ($m)
A
Less
B
Less
Equals
Cash costs
Less
D
573%
Statement of financial position ($m)
Less
Less
G
E
F
Leverage cover (adjusted net debtAPM/adjusted EBITDAAPM) = 0.21 x
61%
5%
128%
119%
Revenue *
Gold sold annually
(koz)
2,624
2,679
0
1,000
2,000
3,000
2023
2024
Gold ounces sold 2024
(koz)
309
2,370
Non-managed
Managed
Average gold price
received by managed
operations ($/oz)
1,927
2,393
0
1,000
2,000
3,000
2023
2024
Revenue from product
sales ($bn)
4.6
5.8
0.0
2.5
5.0
7.5
2023
2024
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Financial review continued
51
A
Revenue from product sales increased by 26% from $4.6bn in 2023 to $5.8bn in 2024 primarily due to a 24% increase in the average gold
price received per ounceAPM and a 2% increase in ounces sold.
Gold ounces sold from managed operations grew 4% year on year while gold ounces from non-managed joint ventures fell 10% for the same
period.
Cuiabá (AGA Mineração) had a strong year, continuing its performance turnaround with an 8% improvement in gold output from 252,000oz in
2023 to 271,000oz in 2024, helped by the resumption of processing and refining operations to produce gold concentrate at the Queiroz
metallurgical plant in September 2024.
For the breakdown of average gold price received per ounceAPM, refer to Alternative performance measures (pages 232–247).
Around 90% of Group by-product revenue is generated from silver sales at the Cerro Vanguardia mine in Argentina. By-product revenue
increased by 18% year on year mainly due to higher silver prices ($28/oz in 2024 vs. $23/oz in 2023) despite lower silver output.
APM
* Revenue excludes income from equity-accounted joint ventures
Cost of sales
Operating costs ($m)
2,680
2,665
0
1,000
2,000
3,000
2023
2024
Royalties ($m)
190
246
0
100
200
300
2023
2024
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Financial review continued
52
B
Operating costs include salaries and wages, stores and other consumables, fuel, power
and water, mining contractors, labour, contractors and consultants, and other expenses.
The 1% decrease in operating costs is mainly due to cost control initiatives to combat
inflation. The biggest decreases were seen in the Brazilian operations achieved through
insourcing services and process improvements, which reduced contractor costs, savings
from lower legal compliance activities, a non-recurrence of a plant stoppage, and reduced
technical consulting expenses, further aided by the weakening of the Brazilian real.
Global cost increases at other operations in labour and contractor expenses partially
offset this. Siguiri's additional costs arose from integrating former contractor staff and
equipment into the business following the owner-mining transition, while higher costs for
reagents, cement, and power impacted Obuasi. Inflationary pressures impacted
Argentina, while adverse weather events and longer haul distances contributed to rising
costs at locations such as Tropicana and Sunrise Dam.
Royalties, generally calculated as a percentage of revenue, increased from $190m in 2023
to $246m in 2024, primarily due to the increase in the average gold price received per
ounceAPM and gold sales. On average, a $100/oz move in the gold price attracts around
$5/oz in royalties.
Total cash costsAPM per ounce for the Group rose 4% year on year to $1,157/oz in 2024 versus $1,115/oz in 2023. Total cash costs APM per
ounce for managed operations rose by only 2% year on year to $1,187/oz in 2024 versus $1,162/oz in 2023, despite inflationary pressures
on labour, material and contractor costs, and the impact of higher royalties paid, driven by the increase in the average gold price received
per ounceAPM. The overall cost performance came amid an inflation rate of approximately 7% and cost increases that were approximately
2% higher and related to royalties based on the higher gold price receivedAPM. The higher inflation rate was partly offset by a cumulative
foreign currency exchange rate that was about 4% weaker against the US dollar. See overleaf (page 53) for more details on inflation and
foreign currency exchange rate impacts.
-
2024
2023
Inflation and exchange rates
Local CPI(1)
Local FX: US$(2)
Local CPI(1)
Local FX: US$(2)
USA
2.9%
3.4%
Ghana
23.8%
(25.6%)
23.2%
(30.7%)
Argentina
117.8%
(210.2%)
211.4%
(126.1%)
Australia
2.4%
(0.7%)
4.1%
(4.4%)
Tanzania
3.1%
(7.9%)
3.0%
(4.2%)
Guinea
6.4%
(0.3%)
9.3%
2.1%
Brazil
4.8%
(7.9%)
4.6%
3.3%
Colombia
5.2%
5.9%
9.3%
(1.7%)
Average inflation
6.6%
8.4%
Information sourced from Bloomberg and not always up to current reporting date
(1) Percentage change in respective index CPI – Consumer Price Index
(2) Percentage variance of annual FX rate (FX – Foreign Exchange)
For a reconciliation between cost of sales and total cash costsAPM please refer to Alternative performance measures on pages 232–247.
Amortisation* ($m)
658
752
0
500
1,000
2023
2024
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AngloGold Ashanti plc | Annual Report 2024
Financial review continued
53
Amortisation increased from $658m in 2023 to $752m in 2024, mainly on tangible
assets. At Geita the increase was driven by higher amortisation on heavy mining
equipment (HME) assets, increased deferred stripping, and Mineral Reserve
development amortisation. Brazil saw higher amortisation due to the restart of the
Queiróz metallurgical plant at Cuiabá, while Iduapriem experienced decreases from
lower deferred stripping amortisation.
* Refers to amortisation included in cost of sales only
The mining industry continues to grapple with rising input costs that negatively affect total operating expenses. Despite inflationary
pressures on the cost of labour, materials, and contractor services, AngloGold Ashanti recorded a reduction in its realised inflation rate to
6.6% in 2024 from 8.4% in 2023, indicating a positive trend toward price stability.
The US CPI moderated to 2.9% in 2024 from 3.4% in 2023, while in Argentina inflation declined significantly, from 211.4% to 117.8%. In
Brazil, inflation was stable at approximately 4.8%, highlighting the progress being made globally in managing inflationary pressures.
During the financial year ending 31 December 2024, the depreciation of the Brazilian real, Australian dollar and Argentinean peso against
the US dollar favourably impacted AngloGold Ashanti's US dollar-denominated operating costs, helping to mitigate some cost pressures
and supporting the Company's financial performance.
Expenses
Year-on-year movements ($m)
279
314
-40
-52
-100
-50
0
50
100
150
200
250
300
350
Net impairment, asset derecognitions and
asset disposal
Corporate restructuring costs
Other expenses/income
Share of associates and joint ventures' profit
Expenses reduced by $583m from $978m in 2023 to $395m in 2024 mainly due to:
▪
Net impairment, derecognition of assets and asset disposals was a loss of $221m in 2023 compared to a gain of $58m in 2024,
representing a change of $279m. Net Impairment, derecognition of assets and asset disposals in 2024 was mainly due to the
reversal of impairment of the Cuiabá Complex of $60m (gross of taxation) as a result of the restart of the Queiroz metallurgical plant
in September 2024 and profit on asset derecognition of $13m at Siguiri partially offset by losses on derecognition of assets at Serra
Grande of $12m and a loss of $2m recorded on the sale of Yatela in Mali.
▪
Corporate restructuring costs of $314m related to the primary listing move and redomicile in the prior period which did not recur in
the current period.
▪
Other expenses/income increased by $40m, from an expense of $104m in 2023 to an expense of $144m in 2024. The increase
during 2024 compared to 2023 was largely due to an increase of $42m for legal fees and project costs (mainly relating to the
Centamin acquisition).
▪
Share of associates and joint ventures’ profit decreased by $52m from a profit of $207m in 2023 to a profit of $155m in 2024,
mainly due to a decrease in equity earnings of $53m at Kibali due to an increase in taxation resulting from the introduction of a
super profits tax.
Taxation
Taxation charge ($m)
285
623
0
250
500
750
2023
2024
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Financial review continued
54
C
D
The taxation charge increased from $285m in 2023 to $623m in 2024 due to an
increase in current tax of $237m and an increase in deferred tax of $101m. The
increase in current tax was mainly due to higher taxable income resulting from the
higher average gold price receivedAPM. The increase in deferred tax was mainly due to
higher deferred tax liabilities arising from higher capital expenditure in the current year
and lower deferred tax assets on tax losses at Obuasi.
Tangible assets
Cash ($m)
964
1,425
0
500
1,000
1,500
2023
2024
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Financial review continued
55
E
The increase in tangible assets, excluding Centamin, from $4.4bn in 2023 to $4.8bn in
2024 is as a result of increased expenditure at Iduapriem driven by higher capital
spending on phase 2 of the Beposo TSF project, along with increased sustaining
capital expenditure APM and waste stripping activities. Siguiri's expenditure rose due to
the owner mining optimisation strategy necessitating new mining fleet acquisitions.
The North America projects experienced higher capital associated with the North
Bullfrog Project.
The increase in inventory in particular is a result of the acquisition of Centamin, with
the assumed fair value at the acquisition date provisionally allocated as $148m to non-
current inventories and $182m to current inventories. The Sukari mine has a significant
long-term stockpile within non-current inventories. For more details on inventory
movement, refer to movements in working capital, page 58.
Liquidity as at 31 December 2024 ($bn)
1.2
1.4
Unutilised portion of RCFs**
Cash and cash equivalents
0
0.5
1
1.5
2
2.5
3
2.6*
* Total calculated with ZAR150m O/N facility at R18.8506/$
** US$1.4bn multi-currency RCF includes a capped facility of A$500m ($/A$0.6187)
At 31 December 2024, the balance sheet remained robust, with strong liquidity comprising the $1.4bn multi-currency RCF, of which
around $1.2bn is undrawn, the undrawn South African R150m ($8m) RMB corporate overnight facility, and cash and cash equivalents
(net of bank overdraft) of approximately $1.4bn. Group liquidity remained at approximately $2.6bn.
Tangible assets ($m)
4,419
3,677
Centamin
0
5,000
10,000
2023
2024
Inventory ($m)
831
330
Centamin
0
500
1,000
1,500
2023
2024
8,512
1,213
Total liabilities
No data to display
Strategic Report
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Financial review continued
56
F
Bonds maturity schedule as at 31 December
($m)
750
700
300
0
200
400
600
800
2028
2030
2040
Excluding the provisional fair value of $51m assumed at the
acquisition date for Centamin, the remaining movement in
environmental rehabilitation is primarily attributed to the recognition
of changes in estimates. These changes arise from variations in
discount rates, adjustments in global economic assumptions,
alterations in mine plans affecting cash flows, and modifications in
the designs for the closure of tailings storage facilities.
Environmental rehabilitation ($m)
625
51
Centamin
0
250
500
750
2023
2024
Borrowings ($m)
2,239
1,984
—
500
1,000
1,500
2,000
2,500
2023
2024
700
Total equity
Leverage ratio
0.89
0.21
0
0.5
1
2023
2024
Total shareholder
returns (%)
-3
25
-10
0
10
20
30
2023
2024
Dividends declared
($m)
95
439
0
250
500
2023
2024
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Financial review continued
57
G
x
x
x
x
x
The balance sheet remained in a strong
position after funding all capital
expenditure, the prior dividend payment
and the cash portion of the acquisition of
Centamin. At the end of 2024, adjusted
net debtAPM was $567m, and the
adjusted net debtAPM to adjusted
EBITDAAPM ratio was 0.21 times, the
lowest since 2011.
The transition in TSR from -3% to 25%
signifies a substantial positive shift in
AngloGold Ashanti’s performance from a
shareholder perspective. Our share price
on the NYSE opened the year at $18.69
and closed at $23.08, with a dividend
yield of approximately 1.5%. This
improvement demonstrates our recovery
from a period of negative returns. In
2024, we achieved significant growth
and delivered robust returns to our
shareholders.
An interim dividend for the six months
ended 30 June 2024 of 22 US cents per
share or $92m was declared. An interim
dividend of $347m, or 69 US cents per
share, was declared for the second half
of 2024. This takes the total dividend
declaration for 2024 to $439m, or 91 US
cents per share.
Serra Grand, Brazil
Cash flow from/used in:
2024
2023
Operating activities
1,968
971
Of which:
Cash generated from
operations
2,063
871
Taxation paid
(189)
(116)
Investing activities
762
897
Of which:
Capital expenditure
1,090
1,042
Acquisition of subsidiary,
net of cash acquired
(68)
—
Repayment of loans
advanced to JVs
(149)
—
Other investments and
assets acquired
30
—
Financing activities
727
87
Of which:
Repayment of borrowings
909
87
Interest on borrowings
126
111
Proceeds from borrowings
(655)
(343)
Net cash movement
479
(13)
Translation
(37)
(138)
Cash balance at the
beginning of the year
955
1,106
Cash balance at year end
1,397 *
955
*
Comprises cash and cash equivalents of $1,425m less bank overdraft of $28m
Movements in working capital ($m)
2024
2023
Increase in inventories
(78)
(58)
Increase in trade, other receivables and
other assets
(182)
(117)
Increase in trade, other payables and
provisions
6
82
(254)
(93)
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Financial review continued
58
Statement of cash flows ($m)
J
H
I
Less
Less
Equals
103%
15%
736%
The year-on-year cash outflow variance is attributed to higher
stockpile levels at Cerro Vanguardia, including the impact of
inflation (-$21m) and higher gold-in-process at Cuiabá (-$16m).
This was partly offset by lower unsold gold at the Australian
operations due to the timing of gold pours on-site, shipments
and gold sales (+$19m).
Cash flows from trade and other receivables were influenced by
higher gold debtors, mainly at Sukari and Siguiri, due to the
timing of gold sales, the VAT lock-up at Geita and foreign
exchange controls and export duties at Cerro Vanguardia.
•
In Tanzania, net overdue recoverable VAT input credits
increased to $163m in 2024 from $153m in 2023, due to
$80m in new claims and $18m in adjustments, offset by
$88m in verified claims against corporate taxes. AngloGold
Ashanti plans to continue this offsetting strategy.
•
In Argentina, net export duty receivables decreased from
$4m to $3m by year end 2024. Cerro Vanguardia’s cash
balance rose by $45m, or 51%, to $134m, supporting
operational and exploration needs. In Q4 2024, $50m in
offshore dividends were paid to AngloGold Ashanti through
a currency swap.
•
In the DRC, AngloGold Ashanti recovered $11m in VAT
refunds. The net recoverable VAT balance, including fuel
duty, increased by $5m, reaching $65m by the end of 2024.
Due to the timing of payments, the increase in trade and other
payables was higher in the prior year at Tropicana, the Ghanaian
operations and Geita.
Operating activities
Cash flow from operating
activities ($m)
971
1,968
0
1,000
2,000
2023
2024
Investing activities
Cash flow used in investing
activities ($m)
-897
-762
-1,000
-750
-500
-250
0
2023
2024
Financing activities
Cash flow used in financing
activities ($m)
-87
-727
-1,000
-750
-500
-250
0
2023
2024
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Financial review continued
59
H
Net cash inflow from operating activities was $1,968m in 2024, compared
to $971m in 2023. This 103% increase was mainly due to increased
revenue across our mining operations (the result of an increase in the
average gold price received per ounceAPM) and the absence of one time
redomicile costs that occurred in the previous year, partially offset by an
increase in outflows from working capital items, lower dividends from
Kibali and an increase in net tax paid. Working capital movement has been
explained on the previous page.
I
Cash flows from investing activities decreased from an outflow of $897m in
2023 to an outflow of $762m in 2024.The decrease was largely due to loan
payments received from the Kibali joint venture of $149m in 2024, and net
cash acquired on the recent acquisition of Centamin of $68m. This was
partially offset by increased capital expenditure of $48m, other investments
and assets acquired of $30m in the current year and net cash acquired on
the recent acquisition of Centamin of $68m. This was partially offset by
increased capital expenditures of $48m and other investments and assets
acquired of $30m in the current year, primarily related to the additional
investment in G2 Goldfields, Inc.
Cash outflow from financing activities increased from $87m in 2023 to
$727m in 2024. This increase in outflow was mainly due to higher net
repayments on borrowings, increased finance costs on borrowings, higher
dividends paid, partially offset by lower cash outflows from share securities
tax associated with the Company’s redomicile and reorganisation in 2023.
J
Free cash flow APM
2025
Free cash flow APM generation
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AngloGold Ashanti plc | Annual Report 2024
Financial review continued
60
(1) Operating costs adjusted to exclude $31m Centamin acquisition costs in 2024 and corporate restructure costs of $268m in 2023
Free cash flowAPM surged to $942m from $109m in 2023, driven by effective cost management, capital discipline, and the successful
capture of higher gold prices, with gold price gains contributing $1.1bn (+$464/oz) and leading to an $833m increase in after-tax free
cash flow. Gold sales volumes increased by $95m, bolstered by higher sales at Cerro Vanguardia, Tropicana, Siguiri, and the acquisition
of Sukari. Operating costs were contained below inflation, with a modest rise of $74m primarily due to increased royalty costs, labour,
stores, and reagent expenses. Working capital outflows amounted to $254m, an increase from $93m in 2023. This rise was primarily
driven by a $78m increase in inventories and a $182m increase in trade receivables, largely attributed to gold debtors, recoverable taxes
— particularly in Argentina and Geita – and costs associated with the Centamin acquisition. Our commitment to maintaining safe, stable
operations is reflected in our capital expenditures, with higher sustaining capitalAPM spend at our African operations and at Sunrise Dam,
partially offset by lower spending in Brazil, and higher non-sustaining capitalAPM at Tropicana and the North American projects.
Additionally, we invested $30m in G2 Goldfields Inc., underscoring our dedication to long-term strategic growth initiatives.
New dividend policy improves competitiveness
As a result of improved operational fundamentals, a robust balance sheet, and increased confidence in the Company’s outlook, the Board
has approved a revised dividend policy aimed at delivering enhanced and sustainable shareholder returns. Under the new policy,
AngloGold Ashanti will target a 50% payout of free cash flowAPM, where free cash flowAPM is defined as operating cash flow less capital
expenditure of managed operations, subject to maintaining an adjusted net debtAPM to adjusted EBITDAAPM ratio of 1x.
Additionally, the revised policy introduces a base dividend of $0.50 per share per annum, payable in quarterly increments of $0.125 per
share. This base dividend represents the minimum payout ensuring a stable return to shareholders through commodity price cycles. This
enhanced policy reflects the Company’s commitment to strong capital discipline, financial resilience, and the delivery of long-term value
to shareholders, while providing greater predictability and downside protection in varying market conditions. The new policy is an
important part of a balanced capital allocation framework. The leverage target — a maximum of 1x adjusted net debtAPM to adjusted
EBITDAAPM, through the cycle — remains unchanged, as does ensuring a well capitalised portfolio and the ability to fund growth projects.
New capital allocation framework
More generous dividend policy affirms strong cash flow generation and positive outlook
Cash flow from operations
Operational excellence
Sustaining capital expenditure APM
Safe, stable operations
Robust balance sheet
< 1.0 x adjusted net debtAPM/ adjusted EBITDAAPM
Base dividend
Minimum payout $0.125 per quarter
Growth capital expenditureAPM
Investing in future low cost growth
Top-up dividend
Payout to achieve 50% free cash flowAPM target
Excess cash optionality
(1) Free cash flow APM is equal to operating cash flow less capital expenditure.
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Financial review continued
61
50% of free cash flowAPM (1)
Guidance 2025 – 2026
Growing margins and shareholder returns
2025
2026
Gold production (koz)
Group: Total gold production
2,900 – 3,225
2,900 – 3,225
Managed operations
2,590 – 2,885
Non-managed joint ventures
310 – 340
Africa (2)
1,935 – 2,160
Australia
500 – 550
Americas
465 – 515
Costs(1) ($/oz)
Group: All-in sustaining costs APM
1,580 – 1,705
1,580 – 1,705
Managed operations
1,600 – 1,725
Non-managed joint ventures
1,160 – 1,260
Africa (2)
1,530
Australia
1,700
Americas
1,700
Group: Total cash costs APM
1,125 – 1,225
1,125 – 1,225
Managed operations
1,130 – 1,230
Non-managed joint ventures
970 – 1,050
Africa (2)
1,090
Australia
1,425
Americas
1,225
Capital expenditure (1)(2) ($m)
Group: Total capital expenditure
1,620 – 1,770
1,710 – 1,860
Managed operations
1,505 – 1,635
Non-managed joint ventures
115 – 135
Group: Sustaining capital expenditure APM
1,085 – 1,185
1,085 – 1,185
Managed operations
1,035 – 1,125
Non-managed joint ventures
50 – 60
Group: Non-sustaining capital expenditureAPM
535 - 585
625 – 675
Managed operations
470 – 510
Non-managed joint ventures
65 – 75
(1)
The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on
the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be
reliably estimated due to their dependence on future uncertainties and adjusting items, including, among other factors, changes in economic, social, political and market
conditions, including these 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,
that the Company cannot reasonably predict at this time but which may be material.
Outlook economic assumptions for 2025 guidance are as follows: A$0.65/$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl. Outlook economic assumptions for
2026 guidance are as follows: $0.67/A$, BRL5.96/$, AP1,254/$, ZAR18.00/$ and Brent $70/bbl.
Cost and capital forecast ranges for 2025 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into future value,
using an appropriate “inflation” rate. Cost and capital forecast ranges for 2026 are expressed in “real” terms. “Real” cash flows are adjusted for “inflation” in order to reflect
the change in value of money over time. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or
operating mines and have not been reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control,
including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any
expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's
business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be
significant. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2023 filed with the United
States Securities and Exchange Commission (SEC) and AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 to be filed with the
SEC.
(2)
Includes Sukari.
Strategic Report
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Financial review continued
62
Our stakeholders are the people,
communities and organisations that
have an interest in, or might be affected
by, AngloGold Ashanti and its activities.
Understanding our stakeholders
The purpose of stakeholder engagement is
to ensure that the perspectives, concerns
and expectations of stakeholders are
understood and taken into account when key
operational, investment or business
decisions are being made. Engaging with
and listening to our stakeholders supports
the successful conduct of our business and
delivery of our strategy.
AngloGold Ashanti has identified seven key
stakeholder groups as set out below. In
discharging its duties under section 172(1)
of the UK Companies Act 2006, the Board
has had regard to these key stakeholders
and the associated impacts in its decision
making, although some factors may have
been more relevant than others, depending
on the nature of the matter under
discussion. At times these competing views
can be contradictory and in order to achieve
long-term success, it is the Board’s role to
navigate these complexities.
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. The Board
requires that the implications for
stakeholders and their interests be
considered in actions taken, decisions made
and proposals submitted by executive
management. Information flows up to the
Board via an established governance
framework, details of which are set out in the
Corporate governance report on pages 97–
104.
Healthy stakeholder communication and
relationships provides the opportunity to
collaborate in devising solutions to
challenges and issues faced.
We understand the importance of
maintaining our reputation for ethical
business conduct and of acting with integrity
in our dealings with stakeholders.
Undertaking engagement with stakeholders
and considering their interests are important
elements of the Board’s focus, however
most of the day-to-day engagement
activities are delegated to executive
management. Significant stakeholder
interaction 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.
Further details on how the Board and Group
interacted with key stakeholders during 2024
are set out on pages 65–71.
Section 172(1) statement
The UK Companies Act 2006 (the Act) requires the Annual Report to provide information that enables our stakeholders to assess how the
directors have performed their duties under section 172(1) of the Act. The Act provides that AngloGold Ashanti directors must act in a way
that they consider in good faith and would be most likely to promote the success of the Company for the benefit of shareholders as a
whole. In doing so, they must take into consideration a broad range of interested groups, such as employees, suppliers and customers, and
ensure that there is a proper perspective of the impact on both internal and external stakeholders interests in order to secure the
Company’s long-term success. This section on engaging with and creating value for stakeholders sets out how the directors, both
individually and collectively, take account of stakeholder interests in deliberations, decision making and actions. It serves as our section
172(1) statement and summarises how the Board has discharged its duties under section 172 of the Act.
Key stakeholders 2024
Investors
Employees
Suppliers
Customers
Governments and
regulators
Communities and
the environment
Industry partners
and peers
Either directly or indirectly, these six stakeholder groupings individually play an essential role in ensuring that we retain
our licence to operate, and are represented in our economic value-added statement, either in terms of value generated
or value distributed (see overleaf).
Engagement with
industry partners
and peers has
positive benefits
for AngloGold
Ashanti.
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Engaging with and creating value for stakeholders
63
We create and distribute value in tangible and intangible ways. Details of the economic value generated and distributed by
AngloGold Ashanti is set out below.
Economic value generated
2024
2023
US dollar millions
$m
%
$m
%
Gold sales and by-product income
5,793
95
4,582
93
Interest received
142
2
127
3
Royalties received
—
—
1
—
Profit from sale of assets
14
—
14
—
Income from investments
155
3
207
4
Other income
8
—
20
—
Total economic value generated
6,112
100
4,951
100
Economic value distributed (1)
US dollar millions
2024
2023
Provider of capital
311
248
Finance costs and unwinding of obligations
139
157
Dividends
172
91
Employees (2)
575
551
Government
978
697
Current tax (3)
454
217
Royalties (4)
189
164
Employee taxes (4)
221
201
Production, property and other taxes (4)
114
115
Community (5)
19
17
Suppliers and services (6)
2,465
2,777
Total economic value distributed
4,348
4,290
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64
(1) Economic value distribution involves providing human, financial,
social, natural and manufactured capital, guided by business
objectives and key issues identified through the operating process
to ensure sustainable long-term value retention for stakeholders,
underpinned by our key behavioural programme operational
excellence, implemented at every step of the business from
exploration through the entire chain to divestment/disposal
(2) Payments to employees include salaries, wages and other benefits
but excludes employee-related taxes
(3) Current taxation includes normal taxation and withholding taxation
on dividends paid per jurisdiction in which the Group operates
(4) Employee, production, property and other taxes and royalties are
reported on a cash basis and exclude equity-accounted joint
ventures and projects of a capital nature
(5) Community and social investments exclude expenditure by equity-
accounted joint ventures
(6) Suppliers and services excludes capital expenditure
Economic value distributed
Employees
Government
Community
Suppliers and services
Providers of capital
57%
36%
7%
22%
13%
1%
Total economic value distributed
INVESTORS
Investors include our shareholders,
providers of capital, and debt funders.
Our globally diverse shareholders include
global fund managers, pension funds,
institutional investors as well as
individuals who are often current or
former employees. The long-term
support of investors ensures the
sustainability of our business.
Dividends declared:
$439m
(2023: $95m)
Dividend yield:
1.48%
(2023: 1.16%)
Total return to
shareholders:
25.32%
(2023: -2.64%)
Closing share price on
NYSE at year end:
$23.08
(2023: $18.69)
Paid to providers of capital*:
$1,035m
(2023: $198m)
*Repayment of borrowings including
related finance costs. More details can
be found in Note 24 of the AFS
Combined shareholding of
two largest shareholders
at end December 2024:
18.91%
(2023: 25.91%)
Why and how we engage
An understanding of investor views is an
important input helping to inform how we
run our business and determine our strategy
and related strategic priorities. Investor
views are considered where appropriate in
the Board’s decision making. 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.
AngloGold Ashanti has an active investor
engagement programme for key financial
stakeholders, including institutional
shareholders.
The Company’s Annual General Meeting
(AGM), provides an important opportunity
for shareholders to vote on various
matters including the election or
re-election of directors and our directors’
remuneration policy.
Following his appointment, the Board
Chairperson also held introductory meetings
with some of the Company’s largest
institutional investors, with more planned for
2025.
News and regulatory updates are made
available on an ongoing basis on the
corporate website, along with key
publications such as the Annual Report and
Form 20-F.
Board engagement and oversight
The Board receives periodic updates on
investor and financial market sentiment,
providing insight into recent share price
movements and key changes in the share
register. Any significant concerns are
communicated to the Board. The CEO, CFO
and CSCAO, supported by the investor
relations team, are responsible for
shareholder and investor engagement. The
Board also receives updates from the CEO
and CFO regarding shareholder feedback
following the financial results releases.
Following the 2024 AGM, the Board received
investor feedback from the CSCAO and
considered the voting outcomes. The Board
reflected on those South African and US
shareholders who were unable to support a
precautionary enabling authority at the AGM
regarding political donations and noted the
ongoing engagement to explain our rationale
for continuing to seek this authority.
Other engagement in 2024 included:
•
Extensive engagement by the CEO, CFO
and the investors relations team with
investors and sell-side analysts on the
Centamin acquisition
•
Engagement by the CFO with credit
rating agencies on our strategy and
performance
What mattered most to investors
in 2024
•
Financial performance – cost and
working capital management, the make
up of free cash flowAPM and inflationary
pressures
•
Operating performance
•
Greater insight into the revised capital
allocation framework, particularly in
relation to dividends
•
Centamin acquisition and the potential
to add value following completion of the
transaction – to read more, see page 33
•
Project delivery – particularly Obuasi
(change in mining method and business
viability) and the Nevada projects
•
Implications of direct gold sales to
certain central banks in Africa
•
Remuneration with a focus on the
gender pay gap
•
Skills shortage and potential impact
•
Main material sustainability concerns
cover TSFs, the environment, climate
change, communities and inclusion,
diversity and equity (ID&E)
Value creation
Our strategy’s overarching objective is to
create sustainable cash flow improvements
and returns. A key executive remuneration
metric is shareholder returns, which are in
turn an outcome of our capital allocation
programme. This programme prioritises
sustaining capital and capital investment in
growth (including acquisitions) – both of
which aim to deliver on our strategic
objectives to improve the quality and
maintain the long-term optionality of our
portfolio – and the payment of dividends.
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65
EMPLOYEES
Engaged, motivated employees are
critical to AngloGold Ashanti’s long-term
success, providing the skills and
expertise required for efficient
operations and delivery on our strategy.
AngloGold Ashanti is committed to
supporting our people to develop a
shared understanding of the critical
behaviours and skills required for
successful performance and providing
them with the opportunity to progress
within the Company. Engagement helps
retain existing talent and recruitment
within the sector.
People employed (1):
39,484, including 23,367
contractors
(2023: 33,658 and 19,615 respectively)
Paid in salaries/wages and benefits:
$796m (2023: $752m (2))
This is equivalent to
$22,905/employee (3)
(2023: $22,342/employee)
Invested in employee training and
development:
$8.41m
(2023: $7.76m)
Average number of hours of training per
employee (4):
44 hours
(2023: 19 hours)
Why and how we engage
Constructive employee engagement
promotes stable, positive employee
relations, enhances productivity and
promotes alignment with our strategic
objectives. Engagement also aims to
motivate employees, and so enhance
productivity. We aim to ensure we attract,
develop and retain the talent and skills
required to develop, grow and sustain our
business. Developing, attracting and
retaining talent is both a top risk and a key
material issue.
Line management, supported by the human
resources function, is the main point of
engagement with employees. 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.
Other communication methods used include
email, newsletters, employee briefs, video
bulletins, the intranet and social media
platforms. Employees also have access to
Speak-up, a confidential ethics hotline, which
allows employees to raise concerns and
report misconduct.
Board oversight and response
The CPO, supported by the human
resources team, reports to the Board and
its Committees on employee engagement
and on the related structures and
frameworks. In particular the Compensation
and Human Resources Committee receives
regular updates on the Company’s human
resources strategy.
The CEO, CFO and executive management
participate in direct employee engagement
throughout the year, including town hall
meetings and regular electronic
communication to all employees. This is
supported by the overarching engagement
around employee safety and health, a key
focus of the Board.
The Board values interaction with employees
who present during Board meetings and
participate in informal sessions. This
provides the opportunity to listen to ideas,
suggestions and concerns and take action
as appropriate.
The Audit and Risk Committee and the
Social, Ethics and Sustainability Committee
monitor ethical concerns reported via the
Speak-up hotline.
The Board maintains oversight of employee
matters and receives updates on any key
management changes in the CEO report,
health and safety reports, the results of
any employee surveys undertaken and,
during 2024, has monitored continuing
review on optimisation of the Company’s
operating model.
What mattered most to employees
in 2024
•
Remuneration, inflation and cost of living
pressures
•
Job security and organisational
restructuring
•
Training and development; career
opportunities and employee recognition
•
Health, safety and wellbeing
•
Inclusion, diversity and equity
Value creation
We aim to equip and empower our people to
work safely and excel in performing their jobs.
A key objective of our operating model is
ensuring that the right people, with the required
skills, talents and ambition, are suitably
equipped and placed in the right roles, and in so
doing, ensuring that employees are motivated,
engaged and therefore committed, productive
and rewarded accordingly.
Engaging top-tier talent and encouraging an
inclusive and diverse working culture that
promotes and supports performance and
innovation, gives our business a clear
competitive advantage.
In addition, focusing on localised employment
promotes goodwill among host communities
and enhances our licence to operate. Our
people are critical to our business and all that
we do. Their overall wellbeing is central to our
success, making their safety, health and
wellbeing a priority.
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(1) The average number of employees (excluding
Centamin) for 2024 is 33,981, of whom 20,299
are contractors
(2) The 2023 figure has been revised to include the
aggregate of employee costs and related taxes
(3) Excludes Centamin
(4) Definition revised to the number of training
hours divided by the total number of employees
who participated in training during the year.
2023 data recalculated
SUPPLIERS
Suppliers provide inputs such as raw
materials, products and services, which
are essential to the conduct of our
business. Our many suppliers range from
established multi-national corporations
to local strategic partnerships, such as
joint ventures, and smaller, more
localised businesses and labour
contractors.
Spent in total on the procurement of goods
and services:
$4.69bn
(2023: $4.58bn)
Local supplier spend:
$4.31bn
(2023: $4.31bn)
Local supplier spend as a proportion of
total preferential procurement:
92%
(2023: 94%)
Number of suppliers
more than 10,000 active
suppliers globally
Why and how we engage
Supplier engagement aims to ensure that
suppliers are aligned with our business
ethics and values, as well as relevant
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. Engagement is
tailored depending on the nature, materiality
and criticality of the supplier. Supplier
engagement channels are many and varied,
and include supplier events such as the
Mining Indaba, the Mine Expo, 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.
Supplier engagement is not limited to
dealings with the suppliers only. In many
jurisdictions, continuous stakeholder
engagement, including with regulatory
bodies, is necessary as part of the
procurement process to agree, in a
collaborative manner, which suppliers will be
awarded work. When necessary, this
includes addressing localisation
considerations by introducing joint venture
arrangements or the apportioning of work to
meet regulatory requirements.
In 2024, 88% of suppliers were screened
using human rights priorities.
Board engagement and oversight
The CFO is ultimately accountable for the
supply chain function and has a strong
supply chain leadership team, as well as
regional and site supply chain teams as
support. These teams are in turn supported
by functional disciplines, including
Compliance, Risk, Finance, Internal Audit,
Safety, Health and Security as well as by
business stakeholders.
The Audit and Risk Committee assists the
Board with oversight of supplier
performance and any related concerns. The
CFO updates the Committee quarterly on
key supply chain activities, related
expenditure and supplier performance.
The Board approves any changes to the
Supplier Code of Conduct which
transparently sets out expectations for
external suppliers. The Board also approves
any contracts that exceed the levels set out
in the Group-wide Delegation of Authority.
Several high-value supplier commitments
were presented to the Board for review and
approval during 2024. The Board also
considers and approves the Company’s
annual Modern Slavery Statement.
What mattered most to suppliers
in 2024
•
Responsible sourcing
•
Procurement opportunities
•
Supply chain risks, including modern
slavery and labour rights abuses
•
Supplier relationship management
•
Contract management
•
ESG monitoring
Value creation
Our operational and capital spend, especially
that incurred in-country, generates extensive
indirect positive impacts. It contributes to
the economic viability of suppliers and local
economic activity, creates indirect
employment downstream, and is
instrumental in empowering people and
advancing societies. Responsible sourcing
is a key focus of our Supplier Code of
Conduct, which sets out the sustainability
requirements and work principles with
which all our suppliers around the world
should comply.
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Engaging with and creating value for stakeholders continued
67
CUSTOMERS
Our customers include bullion banks and
more recently the Bank of Ghana. Our
product is refined gold and doré bars
which must meet exact specifications for it
to be sold. These specifications are set and
governed by the industry oversight body,
the London Bullion Market Association
(LBMA). Solid business relationships with
customers who purchase our gold ensure
an efficient sale and delivery process.
Revenue from product sales:
$5.79bn
(2023: $4.58bn)
Total gold sold:
2.679Moz
(2023: 2.624Moz)
Global gold investment demand
1.180t*
(24% of total demand)
(2023: 946t; 19% respectively)
Global gold jewellery demand
2.004t*
(40% of total demand)
(2023: 2.191t; 44% respectively)
Why and how we engage
Engagement with customers is bilateral and
any special arrangements are agreed on a
one-on-one basis at the quarter or year-end
sales. Engagement is undertaken as and
when required and focuses on
understanding the specific requirements
and expectations of our customers.
Around 65% (2023: 67%) of the gold
produced by AngloGold Ashanti and sold to
the external market is purchased by ANZ
Investment Bank Ltd in Australia (24%),
Standard Chartered Bank in the United
Kingdom (22%) and JP Morgan Chase NA
London in the United Kingdom (19%).
Although these three entities purchase most
of the gold we produce, we are not
dependent on them or their geographical
regions for sales, as our gold can be traded
via a host of commodity traders globally.
All gold concentrate produced at Cuiabá in
Brazil was sold to Harttree Metals LLC. All
gold and silver production from Sukari is
sold to MKS PAMP, a precious metals refiner
and trading house based in Switzerland.
Given the diversity and depth of the global
gold market, these bullion banks have no
significant ability to influence the gold price.
We publish our annual Conflicts Minerals
Disclosure on Form SD in accordance with
our SEC reporting obligations.
Board engagement and oversight
The Board, via the Audit and Risk
Committee, monitors gold sales and
customer performance and related
concerns, with the Committee in turn
supported by the CFO and the Finance team
at a management level.
What mattered most to customers
in 2024
•
Consistent supply and timely delivery of
high-quality bullion
•
Reassurance that gold supplied is
ethically, safely and responsibly
produced and that no child or slave
labour was used in its production
•
Banking partners wanting an increased
share of our ancillary business as a
result of intensifying regulations that
are increasing their cost of capital,
leading to a drive by banks to seek
business opportunities to justify client
capital allocations.
Value creation
We deliver value by ensuring that the gold
we sell meets the requirement that it has not
been produced using child or slave labour
nor acquired from conflict areas. Assurance
of the purity of gold produced is provided by
the LBMA (99.99%). AngloGold Ashanti only
uses LBMA accredited refineries, allowing us
to trade our gold with ease. It is becoming
increasingly necessary to ensure that gold
sold has been responsibly mined.
In addition, with the restart of processing
operations at our Queiroz gold plant in Brazil
during the third quarter of 2024, production
of gold bullion has resumed with the
accompanying economic benefits for both
AngloGold Ashanti and our customers.
LBMA and London Good Delivery status
LBMA is an independent authority that aims to ensure integrity and transparency for the global precious metals industry by advancing
standards and developing market solutions. The standards for acceptable gold bullion are known as “London Good Delivery”, an
accreditation managed by the LBMA. Gold refineries apply to the LBMA for Good Delivery Status, which confers on the refineries the right
to deliver their refined bars into London in settlement of contracts. All AngloGold Ashanti refineries have Good Delivery Status. The LBMA
also requires accredited refineries to prove chain of custody of the gold it refines and minimum requirements for refined production.
LBMA has developed a secure digital supply chain solution to improve the investment appeal of gold, strengthening its provenance and
integrity by digitising every ounce mined. This initiative, a partnership with the WGC, will track gold on an electronic platform using
blockchain technology. Tracking gold bars throughout the supply chain will ensure responsible gold sourcing and product integrity and
help customers and market participants to have further confidence in the responsible sourcing and authenticity of their gold. AngloGold
Ashanti is participating in this initiative along with many other miners and stakeholders within the gold value chain, including refiners.
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Engaging with and creating value for stakeholders continued
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* Source: World Gold Council, Gold Demand Trends, Q4 and Full Year 2024
GOVERNMENTS AND REGULATORS#
National, state, regional and local
governments as well as various
regulators and departments (including
mining, environmental, social, labour, and
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. Engagement promotes
understanding of areas of common
interest, helping to ensure our licence
to operate.
Taxes paid:*
$602m
(2023: $427m)
* Relates to current taxation, withholding taxation,
production, property and other taxes and excludes
employee taxes
Paid in personal income tax on behalf of
employees:*
$234m
(2023: $217m)
* 2023 number disclosed in the previous year excluded
equity accounted joint ventures
Paid to government as dividends:
$80m*
(2023: $20m)
* Increase relates to dividends/profit share paid to
Egyptian government
Paid in royalties:
$189m
(2023: $168m)
Why and how we engage
Constructive, positive engagement with
governments and regulators 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 is aimed at
relationship building, understanding the
overall tax landscape, operational and
financial performance updates, permission
for strategic initiatives and dispute
resolution so as to mitigate regulatory and
political risks. During such engagement, we
communicate the state of our business, as
well as challenges and opportunities
encountered. The aim is to 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.
In 2024, the subject matter spanned a
variety of issues including the Centamin
acquisition and renewal application for tax
exemption (Egypt); taxation matters in
Tanzania; our operating performance and
the status of various projects (Colombia and
Nevada); and engagements on the Tarkwa-
Iduapriem joint venture (Ghana). These
meetings also allowed our teams to remain
abreast of changing political and regulatory
dynamics.
Board oversight and response
Primary responsibility for and oversight
of engagement with governments and
regulators resides with the Social, Ethics
and Sustainability Committee, which
receives an update on government relations
at each scheduled meeting. The Committee
reports to the Board after each of its
quarterly meetings.
At executive level, the CSCAO, supported
by the government relations department
and members of the in-country executive
teams, is responsible for government and
regulatory engagement and reports on key
matters to the Social, Ethics and
Sustainability Committee.
What mattered most to governments
in 2024
•
Taxation
•
Compliance and regulatory changes
•
Repatriation of funds
•
Benefits of mining, job creation and
community initiatives
•
Permitting
•
Project updates
Value creation
AngloGold Ashanti contributes both directly
and indirectly to the countries in which we
operate. This contribution is made by way of
the taxes and royalties paid, jobs created,
upskilling of local employees and transfer of
skills and through local procurement and
business opportunities. In addition, we
contribute through the education, health and
infrastructure programmes implemented.
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Engaging with and creating value for stakeholders continued
69
# Includes equity-accounted joint ventures
COMMUNITIES AND THE
ENVIRONMENT
Host communities are those located
close to 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.
Economically viable gold reserves are the
backbone of our business and
commercial operations, even though
mining is environmentally disruptive,
affecting land, air, water, biodiversity, and
host communities with whom we share
these resources.
Investment in communities:
$20.64m
(2023: $18.84m)
Number of community
grievances reported:
112
(93% resolved)
(2023: 109: 92% resolved)
Number of human rights
incidents under VPSHR:
0
(2023: 0)
Number of reportable
environmental incidents:
1
(2023: 1)
Renewable energy use:
6.3% of total
energy usage
(2023: 6.6%)
Proportion of water
recycled:
70%
(2023: 70%)
Why and how we engage
As a responsible corporate entity, we are
committed to conducting business in a
responsible and ethical manner regarding
the environment and communities.
We engage communities in a consistent
and transparent manner on a variety of
issues, including community development,
local employment and procurement
opportunities, and the management of
operational impacts on the environment.
Our environmental management programme
aims to mitigate damage caused by land
disturbance, protect biodiversity, and ensure
the responsible consumption of natural
resources and management of waste.
Our sites manage engagements and benefit-
sharing programmes through their
respective stakeholder engagement plans
and socio-economic development plans.
Engagement takes place through a variety
of platforms, including community forums
attended by representatives from the
Company, the community, and local
authorities.
Grievance mechanisms, together with
supporting resolution procedures, offer a
channel for communities to lodge
grievances that can be resolved, including
those related to environmental impacts.
To earn and maintain our social licence, we
promote socio-economic development by
sharing mining benefits and adhering to our
values.
The CSCAO, supported by the community
relations and environmental management
disciplines as well as the respective
Business Units, is responsible for
community and environment-related
engagements.
Board oversight and response
The Board, supported by the Social, Ethics
and Sustainability Committee, considers
community- and environment-related issues.
It 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 provides quarterly updates to
the Social, Ethics and Sustainability
Committee on all social, community, climate
and environmental issues and any related
engagement. The Committee reviews
progress made against published targets.
The Committee Chairperson reports to the
Board on key matters discussed after each
meeting.
The Board receives updates on ongoing
exploration and development projects, with
community engagement and the impact on
the environment features in viability
considerations. The Board is mindful of the
impact and disruption that new projects can
have on the environment and mitigation
initiatives are discussed and challenged as
appropriate.
What mattered most to communities
in 2024 (including environmental
concerns)
•
Local employment and procurement
opportunities
•
Business continuity and future
employment (Argentina, Brazil, Ghana)
•
Artisanal and small-scale mining/illegal
mining
•
Environmental and social impact of
mining activities (e.g. land acquisition,
climate adaptation and mine
rehabilitation/closure)
•
TSF management and community safety
•
Local enterprise and economic
development programmes
•
Community consultation and consent
Value creation
We seek to obtain and retain our social
license to operate by supporting the
empowerment and advancement of
societies through making sustained and
positive contributions to local communities
leveraging on strong local partnerships,
social and economic development, and
capacity-building, thereby ensuring
community resilience.
We seek to minimise environmental impact,
manage risks to air, land, biodiversity, and
water resources, and promote responsible
environmental stewardship while addressing
climate change challenges.
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70
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, concerns, and for sharing
lessons learnt, including best practice.
Key benefits for AngloGold Ashanti of engagement with industry partners and peers:
•
Reduces risk and uncertainty by
facilitating navigation of regulatory and
political environments
•
Boosts reputation and influence within
industry, facilitating strategic
partnerships and joint ventures
•
Enables us to remain at the forefront of
industry trends and standards
•
Supports our commitment to
sustainable and responsible mining,
contributing to long-term operational
success and stakeholder trust
Why and how we engage
Engagement with 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, to work together to reduce
regulatory and political uncertainty and to
promote long-term partnerships. Such
collaboration includes joint efforts to resolve
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 global industry bodies such as the
ICMM and the WGC, among others.
Peer collaboration, both locally and globally,
helps ensure we stay abreast of developing
trends, allowing us to provide input on
issues that might affect mining companies
in general, and AngloGold Ashanti in
particular, and to contribute to a collective
voice for the sector.
We have strong engagement and
collaborative partnerships with our peers
across our operating jurisdictions.
Much of the discourse in industry partner
forums centres on broader environmental,
social and governance topics, including the
ongoing development of good practice on
how to optimally communicate the
significant socio-economic contribution
being made by the industry, and ongoing
efforts to create a global, consolidated
mining standard.
We continue to apply the ICMM’s
Performance Standards and the WGC’s
Responsible Mining Principles. Engagement
involves various platforms including focused
workshops, webinars, conferences, physical
and virtual meetings and other industry
forums.
A notable focus of engagement in 2024 was
our contribution to the ICMM’s tax report,
which highlights the mining industry’s
contribution to host countries.
Board oversight and response
This engagement is largely led by the CEO
and designated area leads. Updates on
engagement with sector peers and industry
partners, such as the ICMM and WGC, are
made to the Social, Ethics and
Sustainability Committee, specifically on
ESG-related matters.
What mattered most to industry
partners and peers in 2024
•
Convergence of Mining Standards
(ICMM and WGC)
•
Nature Position Statement (ICMM)
•
Indigenous Peoples Position Statement
(ICMM)
•
Collective goal on ID&E (ICMM)
•
Development of GTMI (ICMM)
•
ASM and illegal mining (WGC)
AngloGold Ashanti is a member of and/or a signatory to the following, among others:
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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.
Launched in 2021, our Climate Change
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) which
underpins our approach to climate change.
In late 2024, AngloGold Ashanti acquired the
former Centamin plc assets. Integration and
alignment of these assets’ climate risk
assessments, mitigation ambitions and
related programmes into AngloGold
Ashanti’s climate change approach,
will take place during the course of 2025
and have thus not been included in this
report. The Sukari mine’s energy
consumption and Scope 1 and Scope 2 GHG
emissions for the period following
acquisition, however, have been
incorporated into AngloGold Ashanti’s Group
totals in this report.
Anecdotal evidence suggests that the
physical effects of climate change are being
increasingly felt at a global scale and the
frequency of extreme weather events in
many of our mining regions is under
increased scrutiny. This has aided improved
site-level awareness of the operational risks
presented by extreme weather events. We
also recognise the risk that a changing
climate poses to socio-economic
development locally and globally.
AngloGold Ashanti has committed to
mitigating its contribution to climate change,
and as an ICMM member our commitment
to reduce absolute Scope 1 and Scope 2
GHG emissions is fully aligned with the
ambitions of the Paris Agreement of
reducing emissions to net zero by 2050.
We also acknowledge an 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 current
and future climate impacts.
Climate-related physical risks
Climate change is expected to 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 prolonged extreme temperatures
and droughts, intense storms or 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 or lead to
increased competition for scarce water
resources with local and host communities.
At a community level, the physical impacts
of climate change can affect employee and
community health and safety.
Mine site vulnerabilities
Over 2020 and 2021, AngloGold Ashanti
completed baseline climate change-related
physical risk assessments for all its
operating assets.The assessments were
founded on worst-case scenario climate
model projections (Representative
Concentration Pathway 8.5) for a
20-year period with 2030 as the midpoint,
relative to the observed climate record
between 2000 and 2019. This approach
allowed for the physical risk caused by
projected changes in key climate variables
to be assessed over short- (1–5 years),
medium- (5–10 years) and long-term
(10+ years) horizons. The projection
period was also relevant to the remaining
operational life and the closure phases of
most assets in the portfolio.
The risk assessments concluded 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. It was also noted the many sites
had been auto-adapting after experiencing
disruptive events. As an example, in 2024,
significant rains and subsequent flooding in
the area where the Tropicana mine is
located resulted in the temporary
suspension of mining and processing
operations. Supplies of fuel, consumables
and reagents to the site were interrupted for
approximately three weeks due to flooding
along parts of the 375-kilometre access
road. This could have been prolonged, had
the mine not boosted flood defences along
the road after significant rains a decade
earlier. The mine’s contingency and recovery
measures enabled it to limit the production
impact and most of the delayed production
was clawed back over the year. In addition,
the flood waters were used beneficially
across the site over subsequent months,
resulting in reduced withdrawals from its
hypersaline water-supply wellfields.
A summary of the principal physical climate
risks identified are listed in the table overleaf.
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Addressing climate change
72
Serra Grande, Brazil
Physical climate-related risks and operations/projects potentially affected*
Climate event
Related physical risk
Operations/projects potentially 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
•
Reduced supply of groundwater/decrease in water
supply leading to water supply constraint issues
•
AGA Mineração and Serra Grande
•
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
With limited variation in climate model
predictions expected over the short term, we
believe that our baseline physical climate
predictions and risk assessments have
largely remained relevant. However, we also
recognise that major updates to climate
models, typically occurring over five to seven
years, may have changes of relevance to
infrastructure planning and adaptation, and
will align our review of worst-case climate
model predictions and related physical
climate change risk assessments on a
similar timescale.
Community vulnerabilities
Climate change has the potential to impact
host communities. Adaptation and response
planning considerations should therefore
extend beyond the mine gate, to strengthen
the adaptive capacity of local communities
where it is limited, minimising the potential
of indirect impacts to mine site operations.
To enhance the resilience of local
communities, our operations have, in
collaboration with international, local
government and community agents,
implemented community development
projects and community safety programmes
to strengthen community safety and health
resilience. Awareness-raising programmes
on the effects of climate change and sharing
of skills for enabling local action are
undertaken to support local climate
adaptation and resilience. These
programmes promote sustainable resource
use, minimising the climate impact of waste
and on water source pollution.
We continue focused efforts to improve how
neighbouring communities respond to
physical climate risk brought about by
extreme weather. In Brazil, Ghana, Guinea
and Tanzania, our mines are collaborating
with local stakeholders and authorities to
minimise the impacts of these weather
events. Some of the collaborative efforts
include flood awareness and response
campaigns, community safety drills in the
event of floods and veld fires, supporting
infrastructure maintenance planning, and
upgrades to better regulate the effects of
these.
We also enhanced our efforts of creating
climate resilient livelihoods, through the
initiation of Group-wide review of socio-
economic development plans. The Obuasi
mine, through the 10-year Socio-economic
Development Plan, is implementing projects
targeted at increasing the community's
resilience to climate change impacts. In
collaboration with our stakeholders and the
NGO Solidaridad West Africa, the
implementation of the Climate Resilient Oil
Palm Project was progressed, and 30,000
climate-resistant seedlings were distributed
to 660 farmers. This project will contribute
to enhancing the resilience of livelihood for
the palm oil farmers. Finally, with ongoing
support from the Company and partners
such as the Global Fund, our malaria
prevention campaigns in Africa continue to
play a major role in enhancing the health
resilience of local communities.
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, technology, market and
reputational risk and opportunities.
Australia’s Safeguard Mechanism required
both Sunrise Dam and Tropicana to
establish by July 2023 production-adjusted
emission baselines. By year end, both mines
were required to purchase and surrender
Australian Carbon Credit Units (ACCUs) to
ensure compliance. The cost was, however,
not material to AngloGold Ashanti.
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* The physical climate risk assessments above predate the Nevada projects. These projects will be considered in the next update.
Ghana promulgated regulations for a carbon
emissions levy in 2023, which imposes a
charge on each tonne of CO2e emitted per
month. The emissions levy will apply to
Iduapriem, but the costs are not expected to
be material. The Ghana Revenue Authority
has not yet implemented the emissions levy.
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 may 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.
A qualitative framework was developed by
the Carbon Trust in 2021 to periodically
gauge AngloGold Ashanti’s exposure to
carbon price risk in each country of
operation. It scores 10 criteria over four
themes which include each country’s
existing carbon policies, its future carbon
policy roadmap, alignment of its Nationally
Determined Contributions (NDCs) to the
objectives of the Paris Agreement and
AngloGold Ashanti’s planned emissions level
in the country over the life of mine. Each
criteria is scored between 1 (low) and 5
(high), and then weighted into a final score,
providing a continuum of relative carbon
price risk across our countries of operation.
Updated in early 2024 to reflect revisions in
country-level policies, and changes to
AngloGold Ashanti’s forecast emissions per
each jurisdiction, the results showed
material shifts in carbon price risk across
our countries of operation.
The most notable changes in 2024 were in
the United States and Australia, after both
had strengthened their commitment to the
Paris Agreement. A second factor for the
United States was the forecast future GHG
emissions at projects in Nevada. The Trump
administration’s announcement of its intent
to withdraw the US from the Paris
Agreement will likely materially reduce this
relative risk, at least for the next four years.
2021
USA
Australia
Tanzania
Guinea
Argentina
Brazil
Ghana
Colombia
1.80
2.80
2.85
2.95
3.00
3.05
3.15
3.85
2024
Argentina
Brazil
Tanzania
Colombia
Guinea
Ghana
USA
Australia
2.40
2.55
2.80
3.20
3.30
3.45
3.50
3.70
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Increasing risk
Tropicana, Australia
Our climate mitigation strategy
In 2022, we announced our commitment to
reduce absolute Scope 1 and Scope 2 GHG
emissions by 30% by 2030 (compared to the
2021 baseline) through a defined renewable
energy project pipeline and initiatives to
improve efficiency or use lower-emission
power sources.
As a member of the International Council on
Mining and Metals, we were also part of a
landmark climate change commitment to
achieve net zero Scope 1 and Scope 2 GHG
emissions by 2050.
In addition, we are continuing our efforts to
address our Scope 3 GHG emissions by
setting credible targets in partnership with
suppliers. Unlike Scope 1 and 2 emissions
over which companies have considerable
control, Scope 3 emissions are generated in
the upstream and downstream value chain,
where companies have limited control.
We made significant progress towards our
reduction targets by entering into an
agreement in June 2023 with Pacific Energy
to construct and operate 62MW of wind and
solar generation capacity at our Tropicana
mine in Western Australia.
The facility, one of Australia’s largest off-grid
hybrid power systems, will significantly
reduce Tropicana’s diesel and gas
consumption for power generation and slash
the site’s carbon emissions by an average of
65ktCO2 annually over a 10-year period. It
was completed on time and on budget in
February 2025.
The next step in our decarbonisation journey
involved connecting the Geita gold mine in
Tanzania to the country’s electricity grid,
which is approximately 45% supplied by
renewable energy sources. Geita will reduce
diesel used for power generation by up to
80%. Sourcing power from the Tanzania grid
is part of the Company’s strategy of
transitioning towards cleaner sources of
energy. The grid connection will see Geita
reduce its carbon emissions by ~50ktCO2e
annually.
Sukari’s emissions reduction initiatives will
support achievement of a 30% reduction in
emissions by 2030, measured off a 2021
baseline. The integration of Sukari’s
emissions profile into that of AngloGold
Ashanti will collectively support our
commitment to reduce absolute Scope 1
and 2 GHG emissions by 30% by 2030
(compared to our commitment
communicated in October 2022).
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
2024
2023
2022
2021
2020
Energy usage
Direct energy use
PJ
19.56
19.49
19.42
19.03
18.26
Indirect energy use
PJ
3.31
3.14
3.32
3.01
2.74
Total (3)
PJ
22.87
22.63
22.74
22.04
21.00
Total (3)
million kWh equivalent
6,353
6,285
6,318
6,123
5,833
Energy intensity (3)
GJ/t of ore treated (3)
0.54
0.53
0.52
0.50
0.49
GHG emissions (1)
Scope 1 (3)
Mt CO2e
1.314
1.300
1.299
1.192
1.123
Scope 2
Mt CO2e
0.19
0.169
0.175
0.189
0.181
Total – Scope 1 and 2 (3)
Mt CO2e
1.504
1.469
1.475
1.380
1.304
GHG emissions intensity (3)
t CO2e/t of ore treated (2)
35.23
34.26
33.43
31.32
30.54
kg CO2e/GJ
65.76
64.91
64.84
62.62
62.10
(1)
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)
(2)
Per tonne of gold-bearing ore mined and treated/processed to extract the gold
(3)
Group totals include energy and emissions for Sukari for the period in 2024 following acquisition
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Regional/operational(2)(3) breakdown of energy usage and related GHG performance – 2024
Energy performance
GHG emissions performance
Energy
consumption
(PJ (1))
Energy
consumption
(million kWh)
Energy
intensity (GJ/
tonne treated)
Scope 1
(Mt CO2e)
Scope 2
(Mt CO2e)
Total:
Scope 1 and 2
(Mt CO2e)
Emissions
intensity
(t/tonne
treated)
Africa
11.21
3,114
0.47
0.704
0.19
0.894
37.1
Iduapriem
1.95
543
0.36
0.108
0.053
0.161
29.77
Obuasi
1.54
428
1.20
0.026
0.123
0.149
115.74
Siguiri
3.37
935
0.30
0.258
0
0.258
23.28
Geita
3.93
1,092
0.72
0.28
0.014
0.294
54.06
Sukari (4)
0.42
116
0.49
0.03
0
0.03
36.48
Americas
3.65
1,014
0.98
0.147
0
0.147
39.47
Cerro Vanguardia
1.65
459
1.32
0.104
0
0.104
83.37
AGA Mineração
1.34
371
0.94
0.027
0
0.027
18.97
Serra Grande
0.66
184
0.64
0.015
0
0.015
14.73
Australia
8.01
2,225
0.63
0.463
0
0.463
36.14
Sunrise Dam
2.92
812
0.75
0.164
0
0.164
42.06
Tropicana
5.08
1,412
0.57
0.299
0
0.299
33.55
United Kingdom and
offshore area
0
—
0
0
0
0
0
Total
22.87
6,353
0.54
1.314
0.19
1.504
35.23
(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 is therefore not accounted for in renewable versus non-renewable energy use (PJ)
(3)
Rounding of numbers may result in discrepancies at the regional level due to adjustments from the third decimal to the second decimal place
(4)
Energy and emissions at Sukari mine for the period in 2024 following acquisition
Regional/operational(2)(3) breakdown of energy usage and related GHG performance – 2023
Energy
consumption
(PJ (1))
Energy
consumption
(million kWh)
Energy
intensity (GJ/
tonne treated)
Scope 1
(Mt CO2e)
Scope 2
(Mt CO2e)
Total:
Scope 1 and 2
(Mt CO2e)
Emissions
intensity
(t/tonne
treated)
Africa
10.29
2,857
0.44
0.653
0.169
0.822
35.49
Iduapriem
1.87
518
0.34
(4) 0.102
0.052
0.154
28.40
Obuasi
1.41
393
1.11
(4) 0.021
0.117
0.138
107.68
Siguiri
3.11
863
0.28
0.239
0
0.239
21.76
Geita
3.90
1,083
0.71
0.291
0
0.291
53.16
Americas
3.97
1,102
0.60
0.158
0
0.158
25.05
Cerro Vanguardia
1.69
469
0.56
0.106
0
0.106
34.98
AGA Mineração
1.58
439
0.73
0.035
0
0.035
16.00
Serra Grande
0.70
194
0.62
0.018
0
0.018
15.62
Australia
8.37
2,326
0.63
0.488
0
0.488
36.49
Sunrise Dam
2.94
815
0.75
0.165
0
0.165
42.25
Tropicana
5.44
1,510
0.57
0.323
0
0.323
34.11
United Kingdom and
offshore area
0
0
0
0
0
0
0
Total
22.63
6,285
0.53
1.300
0.169
1.469
34.26
Energy performance
GHG emissions performance
(1) One petajoule (PJ) is equivalent to 277,778MW
(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 is therefore not accounted for
(3) Rounding of numbers may result in discrepancies at the regional level due to adjustments from the third decimal to the second decimal place
(4) The Scope 1 category for Obuasi and Iduapriem has been corrected. The previous report inadvertently included the combined values of Scope 1 and Scope 2 under the Scope
1 category. The aggregate numbers remain accurate and are unaffected by this correction
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Addressing climate change continued
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Renewable versus non-renewable energy use (PJ)
Non-renewable energy used
2024
2023
2022
Scope 1 (1) (2)
19.54
19.49
19.42
Scope 2 (2)
1.90
1.64
1.58
Renewable energy used
Hydropower and solar (1)
1.43
1.50
1.74
Total (1)
22.87
22.63
22.74
Renewable energy as a % of total energy used
6.3 %
6.6 %
7.6 %
Performance 2024: Group Scope 1 and 2 emissions of 1.47Mt were 6% above the 2021 baseline of 1.38Mt (excluding Sukari restatement).
(1)
Group totals include energy and emissions for Sukari for the period in 2024 following acquisition
(2)
Energy consumption data for 2023 and 2022 has been revised to correct previous misclassification between Scope 1 and Scope 2 categories
Annual Scope 3 GHG emission estimates (000t CO2e)
2024
2023
2022
2021
Scope 3 - upstream
828.12
823.42
849.68
799.25
Scope 3 - downstream
19.91
29.05
5.72
8.72
Total
848.03
852.47
855.4
807.97
Note: Upstream emissions exclude non-material Goods and Services (Category 1 of the GHG Protocol). GHG Protocol Categories 8 and 11-15, are not applicable to AngloGold
Ashanti’s operations. Downstream emissions from 2023 include gold concentrate shipping in Brazil and updated refining emission factors. Sukari mine is excluded from
AngloGold Ashanti’s 2024 Scope 3 estimate. Observed differences in totals due to rounding.
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 ahead of time. In
2024, AngloGold Ashanti’s Scope 1 and
Scope 2 emissions of 1.47Mt CO2e
(excluding Sukari; 1.50Mt CO2e including
Sukari) shows a flat trend in emissions
compared to 2023, with the benefit of Geita’s
grid connection and the implementation of
Tropicana’s renewable project expected to
ramp up in 2025.
Decarbonisation is a long-term investment
process. Given that the underlying long-term
emissions trajectory is upwards from our
strategic planning scenarios – 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.
For more on our pathway to net zero, GHG
emissions reduction pipeline and the
discussion on emissions, see Climate action
and pursuing resilience, pages 60–64 in our
Sustainability Report 2024.
Data assurance
AngloGold Ashanti is committed to
obtaining assurance of 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 2024. The assured energy
and GHG-related data is published
above. For more details on the
assurance process and its conclusions,
see the Assurance statement in our
Sustainability Report 2024 (pages 94–
96).
What we are doing to address climate
change challenges – status 2024
AngloGold Ashanti’s response to climate change
and efforts to reduce GHG emissions currently
include:
•
Introduction of climate-related KPIs into the
annual strategic planning modelling scenarios
•
Annual carbon refresh programme
introducing new initiatives into the existing
project pipeline
•
Establishing shared best practice forums and
engaging with original equipment
manufacturers (OEMs) of heavy mining
equipment (HME) and strategic partners on
potential decarbonisation pathways
•
Continuing to optimise fossil energy usage
•
Increasing our use of renewable energy
•
Implementing plans to reduce absolute Scope
1 and 2 GHG emissions
•
Continuing to improve the accounting 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 making
progress toward the setting of reduction
targets for our Scope 3 GHG emissions in
partnership with our suppliers
•
Investing in a range of projects to reduce
emissions from our operations as a strategic
priority
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Reducing absolute Scope 1
and 2 GHG emissions by 30%
by 2030
Scope 1
Scope 2
Target
2021 2022 2023 2024
2030
0.00
1.00
Projects and initiatives currently
underway
•
Tropicana: Final commissioning took
place on time and on budget in February
2025 at the largest off-grid renewables
project in partnership with Pacific Energy
to construct the 62MW 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. The trial was completed in
December 2024 and informs the
transition strategy of our fleet to
electrification.
•
Ghana: We are well advanced on
finalising a grid linked phased 100MW
solar plant in conjunction with the Volta
River Authority, our current service
provider. Key priorities include signing-
off the power tariff that will be
incorporated into an addendum to the
existing 10-year power purchase
agreement and definition of the
methodologies to be used in being
issued recognised Renewable Energy
Certificates. Clearing of the first of the
identified sites has begun, as has access
road construction. The solar panels and
inverters were delivered in December
2024.
•
Obuasi: Trucks transporting rock on 41
level were replaced by a rail system,
reducing diesel consumption and
contributing to an emissions reduction
of 4kt CO2e. In addition, surface
compressors were replaced by smaller,
more efficient underground versions that
contributed to a further reduction of
5kt CO2e.
•
Iduapriem: A 336kW solar plant has
been installed at Iduapriem to power the
camp, further demonstrating our
commitment to greener energy.
•
Geita: The work at Geita to connect to
the national utility was completed in
November 2024. Sourcing power from
the Tanzania grid (~45% hydro and
natural gas powered) is in line with our
strategy to transition towards cleaner
sources of energy. The project team
worked closely with the national utility,
Tanesco, to ensure alignment of work
streams ahead of the switch over. The
switch to the national grid is expected to
reduce Geita’s diesel use for power
generation by up to 80% and its carbon
emissions by at least 50kt CO2e
annually. However, since connecting to
the grid, the power supply has been
unreliable, resulting in additional use of
diesel generators. Technical teams
continue to work with Tanesco to
increase the stability of the national grid
and improve availability from 75% to
design capacity of 100%. We have made
provision for additional diesel to power
back-up generation to supplement grid
electricity in 2025 and prevent any
interruptions to production. Our next
step is to begin extending the
transmission line to replace diesel
generation at Star and Comet,
contributing an additional reduction in
emissions of 12kt CO2e.
•
Siguiri: We advanced the solar and
battery solution by shortlisting potential
turnkey suppliers to build, own, operate
and transfer the agreed solution to
Siguiri. To ensure better alignment with
the community, we rescoped the
solution to include additional power
generation from biogas. Biogas has the
advantage of further reducing emissions,
creating jobs and having the potential for
Siguiri to be a zero emitter for power
generation. In 2025, we will conclude our
“Go to Market” process and subject to
internal approval could proceed to
implementation later in the year.
•
AGA Mineração: The 18-month trial to
test the viability of an electric loader
which began in December 2023 has
provided valuable insights which have
been shared across the Group to build a
solid knowledge base for the further
rollout of BEVs within our BEV Shared
Learnings Platform. Early results show
that the loader has similar availability
and productivity to its diesel equivalent
whilst reducing the in stope temperature
by 12%. The Queiroz plant resumed the
processing of gold concentrate in 2024,
thus eliminating the need to transport
concentrate to China and so improving
our emissions intensity by 25%.
•
Serra Grande: The electrification of three
diesel pumping stations helped to
reduce diesel consumption by 222kL.
Work to improve the power capacity
from 22.5MW to 60MW to provide life-of-
mine demand has been completed. This
was achieved with an upgrade to the
transmission lines and substation, and
by replacing diesel power generation.
•
Cerro Vanguardia: The strategic asset
review to maximise the mine’s long-term
value was completed and recommended
that subject matter experts be brought in
to assist with an on-site carbon
emissions audit to identify and scope
out reductions.
•
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 hydrogen. This will be leveraged to
provide power to the much larger trucks
for the site’s logistics needs.
•
Nevada projects: In 2025, we will
expand the scope of the Merlin project
pre-feasibility study to include trade-off
studies to consider various clean energy
solutions, including conveyor belt versus
trolley assist versus normal truck
haulage, solar power versus grid to
generate power, and dynamic energy
transfer truck options.
Energy transition projects
Our primary approach to decarbonisation is
switching energy sources from fossil fuels to
renewable energy, then transitioning new
equipment onto this infrastructure. A second
stream of our decarbonisation journey is the
use of alternative renewable fuels. 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.
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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
increased to 14% in 2024. Introducing a 14%
biodiesel into the fuel mix at the Brazil
operations has had the collective benefit of
5.3kt CO2e in 2024. Of this, Cuiabá
consumes the most fuel and consequently
had the largest reduction in GHG emissions
of 2.44kt CO2e followed by Serra Grande at
1.94kt CO2e. Other entities collectively
accounted for a 0.90kt CO2e reduction in
related emissions.
Aligning our reporting with the
TCFD framework
AngloGold Ashanti first considered the TCFD
recommendations in its reporting in 2021.
We have since incrementally improved our
processes and actions in relation to climate
change and reporting on the subject has
been integrated into our existing reports. Our
initial focus was to address 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 1.3 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 high-level disclosures in alignment with the TCFD Recommendations.
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 Committee and also by the Audit and Risk Committee, 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 Social, Ethics and Sustainability Committee has primary responsibility for ESG
governance and oversight, 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 Social, Ethics and Sustainability Committee
receives quarterly updates on progress being made regarding the Roadmap while the Audit and Risk
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
meetings of both these committees. 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. During 2024, the
Social, Ethics and Sustainability Committee attended awareness training on evolving voluntary and
regulatory reporting requirements, some of which contain material climate change reporting components.
Governance
Recommended disclosure
Status 2024
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AGA Mineração, Brazil
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 Technology Officer’s 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 were incorporated into the Decarbonisation Steering
Committee in 2024. Its members include members of the executive team who meet quarterly on climate
matters and decarbonisation project progress and who in turn report to the CSCAO and the Social, Ethics
and Sustainability Committee.
A decarbonisation project team, led by the Vice President: Decarbonisation, is responsible for developing,
managing, tracking and delivering AngloGold Ashanti’s decarbonisation strategy. This is supported by
business unit and site teams which deliver on the detailed management of the projects. As we continue to
improve our processes, we have introduced a new requirement for the sites to produce an emissions profile
for each of the strategic options presented at our annual planning workshop. Once the preferred options for
emissions profiles are consolidated to form a company view, an analysis is completed to assess the
progress we are making towards delivering on our 2030 and 2050 commitments. This process then leads to
a refresh programme which is run with sites to generate new ideas and initiatives to fill our existing pipeline
of decarbonisation projects. As with our current portfolio of projects, only initiatives which are NPV positive,
and which use proven technology are considered for our project pipeline. We continue to track new
technology advances and develop a proven track record, we will incorporate these into our pipeline.
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 CFO and meets monthly to review major investment projects, recommending selected
projects for Board approval.
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 adopted (although currently stayed) SEC climate change regulations and
the new ISSB Disclosure Standards on Climate Reporting (IFRS S2), which now has responsibility for guiding
Climate Change reporting. This will enable us to evolve our systems to ensure robust climate-related
reporting and assurance.
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. Three-year executive remuneration performance awards are defined in terms of the
Performance Share Plan which allocated 10% of the performance award to the management of GHG
emission intensity, measured in kilograms of CO2e per GJ, compared to budget for 2025, 2026 and 2027.
See Section 2: Annual Remuneration Report (see pages 119–136) and Delivering on our strategy (see
pages 10–12).
Governance
Recommended disclosure
Status 2024
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Strategy
Recommended disclosure
Status 2024
Describe the:
•
Climate-related risks and
opportunities identified
over the short, medium
and long term
•
Impact of climate‑related
risks and opportunities on
our business, strategy and
financial planning
•
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)
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 included in the financial evaluation conducted for projects.
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.
Our 2024 materiality process confirmed 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 Climate-
related physical risks (pages 72–73) and Climate-related transition risks (see page 72).
The market for gold has been considered extensively by the 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
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Expanded Silicon, Nevada
Risk management
Recommended disclosure
Status 2024
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
In 2021, we mapped physical climate change risks across our operations, supply chains and communities
under a Representative Concentration Pathway (RCP) 8.5 scenario, which reflects the worst case physical
effects of climate change. While none were flagged as having financially material mitigation costs at the
time, it was recognised this could change as understanding of climate risk evolves. In 2023, these were
incorporated into AngloGold Ashanti’s ERM system and in 2024 they were maintained through a desktop
review of their continued applicability to each site. Incorporating these into our ERM system reflects our
belief that climate considerations are key modifiers of our existing risk profile and should not be managed
as an isolated issue. We anticipate updating the underlying RCP 8.5 forecasts in 2025, as part of the risk
review process. See page 72 for more detail.
Climate legislation-related risks, including the imposition of asset-level GHG emission caps, 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 Audit and Risk Committee. AngloGold Ashanti’s current
exposure to climate regulation includes the 2023 Emissions Levy Act in Ghana and requirements in
relation to Australia's national Safeguard Mechanism.
In early 2024, we refreshed our country-level qualitative carbon price risk assessment. See page 74 for
additional detail.
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 oversight.
For more detail on how we manage risks and our ERM Framework, see Principal risks and uncertainties
(see pages 17–26).
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Cable bridge, Australia
Metrics and targets
Recommended disclosure
Status 2024
Metrics used to assess climate-
related risks and opportunities
(as per our strategy and risk
management process)
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
our Scope 3 GHG emissions.
Scope 1, Scope 2 and, if
appropriate, Scope 3 GHG
emissions, and related risks
Our performance
See Greenhouse gas emissions – metrics, performance and targets.
The proportion of renewable energy used decreased from 6.6% of total energy/electric power used in
2023 to 6.3% in 2024.
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. 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 Scope 3 Category 1 emissions currently
excludes the procurement of non-material goods and services, which typically comprise many smaller
consumables, products and third party services, over which we have limited control.
An initial Scope 3 baseline for accounting and reporting was developed using ICMM’s Scope 3 Emissions
Accounting and Reporting Guidance. Scope 3 GHG emissions in 2024 constituted ~37% of our total
emissions of which ~73% is from just five commodities, including diesel, cyanide, explosives, cement and
lime. During 2024, we continued to work with our key suppliers to understand and quantify the
contribution from their decarbonisation initiatives and, in partnership with those suppliers, to set Scope 3
GHG emissions reduction targets.
Targets used to manage
climate-related risks and
opportunities and performance
against target
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 2030 target will include Sukari and its
own decarbonisation programme, also compared to a 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.
GHG emissions
2024
Proportion of total
2023
Proportion of total
2022
Proportion of total
Scope 1
1.314Mt
87
1.300Mt
88
1.299Mt
88
Scope 2
0.190Mt
13
0.169Mt
12
0.175Mt
12
Total
(1) 1.504Mt
100
1.469Mt
100
1.474Mt
100
(1) Includes Sukari emissions for the period in 2024 following acquisition
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The strategic focus area covering our approach to sustainability –
Prioritising people, safety, health and sustainability – guides our
non-financial aspirations and performance.
The strategic focus area covers our people, employees, their safety and health, communities and the environment. This section presents
a summary of our non-financial performance in terms of this focus area. More detailed information on our non-financial performance is
available in our Sustainability Report 2024.
Assurance of non-financial information
The non-financial information included in this Strategic Report is consistent and comparable with that reported in our Sustainability Report.
In particular, certain data in this section was assured by IBIS ESG Consulting Africa. To read their Assurance Statement, see pages 94–96
in the Sustainability Report. Of the data presented below, average training hours per employee and environmental incidents as well as the
Centamin data were not assured.
People
Successful, profitable and sustainable operations rely on
employees being skilled, knowledgeable, productive and motived.
Engaged, top-tier talent drives both innovation and productivity,
offering a clear competitive advantage. Much effort and attention
are given to employee development and growth, as well as to
attracting top talent, employee retention and succession planning,
and to resourcing and positioning AngloGold Ashanti for success.
Related material sustainability issues:
•
Skills shortage
•
Social licence to operate
•
Human rights
Related principal risks:
•
Failure to successfully deliver and ramp up growth projects
•
Failure to meet our operational/safety performance targets
•
Failure to attract and retain critical skills and talent
•
Inability to meet investor expectations or to mine sustainably
(ESG performance)
Number of people employed
Target: To have the right person, with the right skills and talent, in the
right position
Investment in talent training and development
Target: To empower employees to ensure delivery on our strategic
business objectives
* Calculated as the number of training hours divided by the total number of
employees who participated in training during the year
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Average annual number of employees
16,117
14,043
13,995
23,367
19,615
18,599
Permanent
Contractor
2024
2023
2022
AGA Mineração, Cuiabá, Brazil
Diversity – gender representation 2024
Targets: To cultivate and nurture a diverse and inclusive workforce, and promote the employment of females by having females make up 20%
to 26% of senior and executive leadership
Board
64%
36%
Male
Female
Executive management
62%
38%
Male
Female
Employees*
86%
14%
Male
Female
* Permanent employees excluding Centamin
Breakdown of permanent employees by gender
2024 (1)
2023
Female
Male
Total
Female
Male
Total
Executive management
3
5
8
3
5
8
Senior management
57
220
277
48
211
259
Middle management
279
988
1,267
258
1,018
1,276
Total management:
339
1,213
1,552
309
1,234
1,543
Workforce
1,755
10,879
12,634
1,586
10,641
12,227
(1) At the end of December 2024, Centamin had 2,426 permanent employees (98 females and 2,328 males, equivalent to 4% and 96% of the workforce respectively). These
figures are excluded from the table above owing to differing job evaluation and grading criteria compared to those utilised at AngloGold Ashanti which impact segmentation.
Integration of Centamin data into AngloGold Ashanti’s human resources systems will be reported for the 2025 financial year.
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Colombia, Americas
Safety and health
Ensuring the safety, health and wellbeing of employees is integral
to ensuring they are engaged and motivated, and relates to our
duty of care. Our approach is based on collective and individual
accountability, and involves proactively identifying, assessing and
mitigating safety and health risks.
Related material sustainability issues:
•
Safety and health
•
Social licence to operate
•
Human rights
Related principal risks:
•
Failure to meet our operational/safety performance targets
•
Inability to meet investor expectations or to mine sustainably
(ESG performance)
•
Loss of or threats to social licence to operate
•
Possible suspension and/or shutdown of TSFs due to capacity
constraints and/or event risk
Safety
Target: To continually improve year on year to achieve zero harm
Compliance with major hazard critical control verification
remained at 100%
Health
Target: To continually improve year on year – to reduce employee
exposure to noise and silica dust and incidence of occupational
disease.
* Excludes Centamin
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No. of fatalities
1
0
0
2024
2023
2022
TRIFR (per million hours worked)
0.98
1.09
1.26
2024
2023
2022
No. of new cases of occupational disease*
(noise and silicosis)
1
2
2
1
1
Noise-induced hearing loss
Silicosis
2024
2023
2022
All occupational disease frequency rate*
(per million hours worked)
0.07
0.08
0.04
2024
2023
2022
Sukari, Egypt
Communities
Our business interacts with many differing cultural, economic and
social landscapes across a range of geographically diverse
operating areas. Understanding that each of our operations exists
within a broader social and economic context, we seek to
enhance the environmental, social and economic wellbeing and
resilience of the communities, societies and countries in which we
operate. Our success relies heavily on building trust and
maintaining respect with local communities, which is key to
maintaining our social licence to operate.
Related material sustainability issues:
•
Social licence to operate
•
Human rights
•
Governance, ethics (anti-bribery and corruption) and crisis
response
•
Security and cybersecurity
•
Tailings storage facilities
•
Artisanal and small-scale mining
Related principal risks:
•
Loss of or threats to social licence to operate
•
Inability to meet investor expectations or to mine sustainably
(ESG performance)
Investing in communities
Target: To deliver on our purpose to advance societies, equitably
sharing value created and supporting host communities
Two-thirds of community investment is allocated to social
infrastructure, education and health.
Procurement
Target: To establish sustainable local procurement programmes that
are underpinned by our values and that require us to safely, and
ethically stimulate economic and social development within the
communities and countries in which we operate
In 2024, local procurement of $4.31bn was equivalent to 92% of
total procurement (2023: 94%)
Other relevant community-related information*:
•
Community incidents at operations: 34
•
Community complaints and grievances:
◦
Lodged: 112
◦
Resolved: 104
◦
Unresolved: 7%
◦
Not resolved from previous year: 8
•
Incidents/violations involving rights of indigenous peoples: 0
•
Anti-bribery and corruption:
◦
Employees completing ethics training: 5,697
◦
Proportion of security personnel trained in human rights:
100%
*
Excludes Centamin
To read more about our interaction with communities, see Engaging with and creating value for stakeholders, page 70 in this report, as
well as the Sustainability Report.
Strategic Report
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Reporting on our sustainability performance continued
87
Community investment ($m)
20.6
18.8
18.0
2024
2023
2022
Local procurement ($bn)
4.31
4.31
3.97
2024
2023
2022
Côte d’Ivoire, Africa
Environment
Responsible environmental stewardship is an integral part of our
business. Various environmental policies and supporting
standards provide guidance on practices to minimise and
mitigate the environmental impacts of our operations, major
expansions and new projects.
We take seriously our responsibility to manage and limit our
environmental footprint and to contribute positively to alleviating
environmental challenges such as climate change, water
shortages and biodiversity loss in the regions in which we
operate.
We manage our environmental footprint throughout the life cycle
of our operations, and are rigorous in our approach to compliance
with legislation and in implementing leading environmental
practices. The transition to nature-positive mining is central to
AngloGold Ashanti’s vision of leaving a positive legacy in the
countries and communities in which we operate.
Related material sustainability issues:
•
Tailings storage facilities
•
Rehabilitation and closure
•
Water stewardship
•
Social licence to operate
•
Licensing and permitting
•
Governance, ethics and crisis response
Related principal risks:
•
Adverse regulatory changes to mining rights and adverse fiscal
changes
•
TSFs due to capacity constraints and/or event risk
•
Loss of or threats to social licence to operate
•
Inability to meet investor expectations or to mine sustainably
(ESG performance)
Environmental incidents
Target: No reportable incidents
* Excludes Centamin
Climate-related metrics – energy consumption and
GHG emissions
Target: Reduce absolute Scope 1 and 2 carbon (GHG) emissions by
30% by 2030 (versus 2021 baseline of 1.38Mt CO2e) on the path to
achieve net zero Scope 1 and 2 GHG emissions by 2050
Water withdrawals
Target: Minimise new water withdrawals, maximise water reuse
where possible and prevent contamination of water resources
Land
Target: Rehabilitate available land cleared from production use while limiting increases in rehabilitation liabilities where possible
Key metrics:
•
Cumulative area of land rehabilitated at end 2024: 4,271ha of which 171ha rehabilitated during the year (2023: 4,104ha and 265ha
respectively)
•
Total area disturbed and not yet rehabilitated: 13,811ha
•
Restoration and decommissioning liabilities of $700m (2023: $625m)
Strategic Report
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Reporting on our sustainability performance continued
88
*
* Excludes Centamin
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
Where to see more about these matters and our
impact in this report
Business model
Business model (from page 13)
Environmental matters
•
Group Policy: Sustainability
•
Commitment to GISTM
Standards:
•
Biodiversity
•
Closure planning
•
Environmental incident classification and reporting
•
Waste
•
Water
•
Air quality
Delivering on our strategy (from page 27)
Materiality – process and issues (from page 15)
Principal risks, uncertainties and opportunities (from
page 17)
Engaging with and creating value for stakeholders
(from page 63)
Addressing climate change (from page 72)
Employees
Group policies:
•
People
•
Health, Safety and Security
•
Global Diversity and Inclusion Framework
•
Discrimination and Harassment
•
ICMM Health and Safety Performance Indicators
•
Group Standard: Speak-up
•
Remuneration policy
•
Incentive Compensation Plan
Purpose and values (inside front cover)
Delivering on our strategy (from page 27)
Materiality – process and issues (from page 15)
Principal risks, uncertainties and opportunities (from
page 17)
Engaging with and creating value for stakeholders
(from page 63)
Social matters
Group policy:
•
Sustainability
Standards:
•
Stakeholder engagement
•
Community Complaints and Grievances
•
Community Incident
•
Cultural Heritage and Sacred Sites
•
Indigenous People
•
Socio-economic Contribution
•
Artisanal and Small-Scale Mining
Purpose and values (inside front cover)
Delivering on our strategy (from page 27)
Materiality – process and issues (from page 15)
Principal risks, uncertainties and opportunities (from
page 17)
Engaging with and creating value for stakeholders
(from page 63)
Corporate governance report (from page 97)
Respect for human rights
•
Code of Business Principles and Ethics
•
Group policy: Business Integrity
Standards:
•
Human Rights
•
Human Rights Due Diligence
Corporate governance report (from page 97)
Materiality – process and issues (from page 15)
Engaging with and creating value for stakeholders
(from page 63)
Anti-corruption and anti-
bribery matters
•
Code of Business Principles and Ethics
•
Supplier Code of Conduct
•
Whistleblowing Policy (Australia)
•
Group standard: Anti-bribery and anti-corruption
Corporate governance report (from page 97)
Delivering on our strategy (from page 27)
Materiality – process and issues (from page 15)
Engaging with and creating value for stakeholders
(from page 63)
Principal risks
Principal risks, uncertainties and opportunities (from
page 17)
For a comprehensive list of our Group policies, standards and frameworks, please see Governance on our corporate website.
Strategic Report
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Reporting on our sustainability performance continued
89
Non-Financial and Sustainability Information Statement: Climate-Related Disclosure
Pillar
Climate-related disclosure
TCFD disclosure
Governance
•
Description of the Company’s arrangements in relation to assessing and managing
climate-related risks and opportunities
Pages 79–80
Strategy
•
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
Pages 72–74
•
Description of the actual and potential impacts of the principal climate-related risks
Pages 72–74 and 81
•
An analysis of the resilience of the Company’s business model and strategy, taking into
consideration different climate-related scenarios
Pages 81–82
Risk management
•
A description of how the Company identifies, assesses and manages climate-related
risks and opportunities
Pages 82
•
A description of how processes for identifying, assessing and managing climate-related
risks are integrated into the Company’s overall risk management process
Pages 82
Metrics and targets
•
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 75–77 and 83
•
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 75–77 and 83
Directors’ statement of approval of the Strategic Report
This Strategic Report is delivered in accordance with a resolution of the Board, and has been signed on behalf of the Board by:
Strategic Report
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Reporting on our sustainability performance continued
90
Jochen Tilk
Chairperson
26 March 2025
AngloGold Ashanti plc | Annual Report 2024
91
Corporate Governance
MINING TO EMPOWER PEOPLE
AND ADVANCE SOCIETIES
Centamin, Egypt
Jochen Tilk (61)
Chairperson – Independent Non-executive
Director
BSC and MSc in Mining Engineering
Board Committee membership
Appointed: 1 January 2019*
Board tenure: 6 years 2 months
Career and experience
Jochen is the former executive chair of
Nutrien Inc., a Canadian global supplier of
agricultural products and services. Prior to
this he served as president and CEO of
Potash Corporation. Jochen had a 25 year
career with Inmet Mining Corporation, a
Canadian-based, international metals
company, with five of those years as the
company’s president and CEO. During this
time he helped significantly grow the
company’s market capitalisation and led
multi-billion dollar capital expenditure
programmes. He is currently chair of the
Princess Margaret Cancer Foundation, a not-
for-profit organisation.
Skills and attributes which support strategy
and long-term success
Jochen has extensive leadership experience
and is an expert in the mining industry. He
has undertaken a broad range of involvement
in stakeholder engagement and
considerations. Jochen has a proven track
record of growing organisations and leading
large-scale capital expenditure programmes
and change management.
Current external appointments
•
Independent non-executive director of
Emera Inc. (TSX: EMA)
Alberto Calderon (65)
Chief Executive Officer
PhD ECon, MPhil ECon, MA, Juris Doctor, BA
Econ
Board Committee membership
Appointed: 1 September 2021*
Board tenure: 3 years 6 months
Career and experience
Alberto’s career spans roles across the
mining, petroleum, and energy sectors. Prior
to joining AngloGold Ashanti, he was the
former CEO of Orica. He previously held key
leadership positions at BHP Group Plc
including group executive and chief executive
aluminum, nickel and corporate development,
and group executive and chief commercial
officer. He was the former CEO of Cerrejón
Coal Company, an integrated thermal coal
mine in Colombia and CEO of the Colombian
oil company, Ecopetrol, as well as holding
senior leadership positions in the
International Monetary Fund and the
Colombian government.
Skills and attributes which support strategy
and long-term success
Alberto has a deep understanding of the
mining industry and has held extensive
leadership positions in the natural resources
sector. He has a proven track record of
decisive action, balanced with the ability to
develop strong and sustainable relationships
with stakeholders.
Current external appointments
•
Director of International Council on
Mining and Metals
Gillian Doran (48)
Chief Financial Officer
FCCA
Board Committee membership
Appointed: 1 January 2023*
Board tenure: 2 years 2 months
Career and experience
Gillian has over 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, Gillian served as CFO for Rio Tinto’s
Global Aluminium division. Her career at Rio
Tinto spanned over 15 years, including a
number of senior finance roles within
operations, regional business units and Group
headquarters.
Skills and attributes which support strategy
and long-term success
Gillian is an expert in financial accounting,
planning and performance management and
has extensive experience in investment,
transformation and strategy initiatives. She is
a seasoned international executive leader
having previously worked and lived in Europe,
North America and Australia.
Current external appointments
None
Corporate Governance
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Board biographies
92
Audit and Risk
Committee
Compensation and Human
Resources Committee
Nominations and
Governance Committee
Social, Ethics and
Sustainability Committee
Committee
Chairperson
* On 25 September 2023, the Group completed a corporate restructuring whereby its operations were reorganised under a new parent company, AngloGold Ashanti plc
incorporated in England and Wales and tax resident in the UK, with a primary listing of its ordinary shares on the NYSE. Upon completion of the corporate restructuring,
AngloGold Ashanti plc became the successor issuer to AngloGold Ashanti Limited and all members of the AngloGold Ashanti Limited Board of Directors became
members of the AngloGold Ashanti plc Board of Directors. Appointment and tenure is shown from the date the director joined the AngloGold Ashanti Limited Board.
Directors joined the AngloGold Ashanti plc Board on 23 September 2023, with the exception of Alberto Calderon who joined the AngloGold Ashanti plc Board on
10 February 2023 to support the restructure.
Rhidwaan Gasant (65)
Lead Independent Non-executive Director
BCompt (Hons), CA(SA), ACMA, CGMA,
Executive Development Programme
Board Committee membership
Appointed: 12 August 2010*
Board tenure: 14 years 7 months
Career and experience
Rhidwaan joined the AngloGold Ashanti
Board in 2010 and has overseen significant
change, expansion and development during
his tenure. He was the former CFO of
Engen Limited and CEO of Energy Africa
Limited. Rhidwaan was also a former
independent director and chair of the board
audit committee at MTN Nigeria
Communications Plc.
Skills and attributes which support strategy
and long-term success
Rhidwaan brings broad industry, leadership
and financial experience to the Board,
complemented by strong communication
skills that help to guide and navigate complex
organisational dynamics. He brings extensive
board experience leading large-scale
multinational organisations and has a wide-
ranging technical and operational insight that
is instrumental in offering support and
constructive challenge to management.
Current external appointments
•
Chair of Growthpoint Properties Limited
(JSE: GRT)
•
Director of Victoria & Alfred (V&A)
Waterfront
Kojo Busia (62)
Independent Non-executive Director
PhD, MA, BA
Board Committee membership
Appointed: 1 August 2020*
Board tenure: 4 years 7 months
Career and experience
Kojo has over 25 years of experience in
African natural resources governance and
management, working at both bilateral and
multilateral organisations. Kojo was
previously chief of the Natural Resources
Management Section, Technology, Climate
Change and Natural Resource Management
Division, at the United Nations Economic
Commission for Africa (UNECA).
Skills and attributes which support strategy
and long-term success
Kojo has significant experience in the
governance of large-scale organisations. A
sustainability strategist and international
development specialist, particularly in the
context of African mineral resources, he
brings extensive environmental, social and
governance experience to the boardroom.
Current external appointments
•
Director of Green Africa Minerals FZCo
•
Director of AMV Resources Partners Ltd
Bruce Cleaver (59)
Independent Non-executive Director
B.Sc LLB (Cape Town), LLB (Cantab)
Board Committee membership
Appointed: 22 July 2024
Board tenure: 8 months
Career and experience
Bruce was CEO of global diamond company
De Beers Group from 2016 to early 2023
before becoming co-chair until the end of
2023, during which time he led wide-scale
transformation initiatives. Bruce joined De
Beers as general counsel and, prior to this,
was a partner at Webber Wentzel, a leading
South African law firm. Bruce is also involved
in various non-profit initiatives.
Skills and attributes which support strategy
and long-term success
Bruce brings experience in strategic
consultancy, government relations and
stakeholder management. He has extensive
commercial and mining experience and a
proven track record in managing complex
global industrial businesses across
production, products, sales and innovation.
Current external appointments
•
Chair of Gemfields Group Limited (JSE:
GML and AIM: GEM)
Corporate Governance
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93
Audit and Risk
Committee
Compensation and Human
Resources Committee
Nominations and
Governance Committee
Social, Ethics and
Sustainability Committee
Committee
Chairperson
Alan Ferguson (67)
Independent Non-executive Director
BSc, CA (Scotland)
Board Committee membership
Appointed: 1 October 2018*
Board tenure: 6 years 5 months
Career and experience
Alan is the former CFO of FTSE-listed
platinum producer Lonmin Plc and, prior to
that, was CFO at BOC plc and Inchcape Plc.
He has had an extensive non-executive
director career serving on a number of boards
including Johnson Matthey, Croda
International and The Weir Group. Alan is a
member of the Business Policy Panel of the
Institute of Chartered Accountants of
Scotland and a member of the leadership
team of the UK Audit Committee Chair's
Independent Forum.
Skills and attributes which support strategy
and long-term success
As a chartered accountant and an ex-CFO of
three FTSE-listed companies, Alan is highly
experienced in a range of finance roles, with
over a decade of experience leading audit
committees. He has extensive experience in a
number of sectors including mining and has
deep financial, corporate governance and
business experience.
Current external appointments
•
Independent non-executive director of
Harbour Energy plc
(LSE: HBR)
Albert Garner (69)
Independent Non-executive Director
BSE, Magna Cum Laude and High Honors in
Aerospace and Mechanical Sciences
Board Committee membership
Appointed: 1 January 2015*
Board tenure: 10 years 2 months
Career and experience
Albert worked with Lazard Frères & Co. LLC
for over 40 years in various leadership
positions, including vice chair and managing
director. He led their special committee
practice and corporate finance practice and
also chaired their fairness opinion committee.
Albert has acted as lead advisor to in excess
of 50 companies and their boards on
transformative transactions.
Skills and attributes which support strategy
and long-term success
Albert has extensive experience in capital
markets, corporate finance and mergers and
acquisitions. He has an active understanding
of investor sentiment and is skilled at
developing financial strategy. He has
extensive knowledge of corporate governance
and business best practice.
Current external appointments
None
Jinhee Magie (57)
Independent Non-executive Director
CPA, CA (Ontario, Canada), BCom
Board Committee membership
Appointed: 1 June 2023*
Board tenure: 1 year 9 months
Career and experience
In her executive career, Jinhee was the former
CFO and senior vice president of Lundin
Mining Corporation, a Canadian-based
international metals company, overseeing
financial reporting, treasury, tax and
information technology (including
cybersecurity). Prior to that, she was director
of corporate compliance for LionOre Mining
International.
Skills and attributes which support strategy
and long-term success
Jinhee 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. She
has a proven track record for developing and
achieving strategic objectives leading to
organisational change and business growth.
Current external appointments
•
Director of Lithium Americas Corp (TSX,
NYSE: LAC)
•
Director of Star Royalties Limited (XTSX:
STRR)
Corporate Governance
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94
Audit and Risk
Committee
Compensation and Human
Resources Committee
Nominations and
Governance Committee
Social, Ethics and
Sustainability Committee
Committee
Chairperson
Nicky Newton-King (58)
Independent Non-executive Director
BA, LLB, LLM LLD (hc)
Board Committee membership
Appointed: 22 July 2024
Board tenure: 8 months
Career and experience
Nicky is the former CEO of the Johannesburg
Stock Exchange. Nicky is a corporate finance
and securities regulation lawyer and a former
partner at Webber Wentzel, a leading South
African law firm. She currently chairs the
Council at Stellenbosch University and is
trustee of the Johannesburg Holocaust and
Genocide Centre.
Skills and attributes which support strategy
and long-term success
Nicky has deep expertise in capital markets,
corporate governance and broader business
management. She has significant experience
serving on the boards of large listed
companies and their risk and social and
ethics committees and is a thought leader on
ESG matters.
Current external appointments
•
Director of Investec (LSE: INVP and JSE:
INP, INL)
•
Director of MTN Group Limited (JSE:
MTN)
Diana Sands (59)
Independent Non-executive Director
CPA, BBA, MBA
Board Committee membership
Appointed: 1 June 2023*
Board tenure: 1 year 9 months
Career and experience
In her executive career, Diana 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 also held
roles as corporate controller, and head of
investor relations and financial planning. She
previously served on the boards of PDC
Energy Inc and SP Plus Corporation.
Skills and attributes which support strategy
and long-term success
Diana has over 30 years of business
experience across multiple industries and
disciplines and is a Board-approved SEC
financial expert. She has experience serving
on a variety of boards. Her deep
understanding of accounting, audit and
control environments derives from knowledge
gained during lengthy tenures in senior
finance positions.
Current external appointments
•
Director VMO Aircraft Leasing
Corporate Governance
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95
Audit and Risk
Committee
Compensation and Human
Resources Committee
Nominations and
Governance Committee
Social, Ethics and
Sustainability Committee
Committee
Chairperson
Changes to the Board in 2024
Maria Ramos and Maria Richter retired
from the Board after the 2024 AGM held
on 28 May 2024. Scott Lawson resigned
from the Board on 15 October 2024.
Bruce Cleaver and Nicky Newton-King
were appointed to the Board on 22 July
2024.
Changes to the Board in 2025
Rhidwaan Gasant has stated his intention
not to stand for re-election at the 2025
AGM. Subject to shareholder re-election
at the 2025 AGM, Alan Ferguson will take
on the role of Lead Independent Director.
At this time Alan will step down as Audit
and Risk Committee chairperson, while
remaining a member, and Diana Sands
will succeed him in this role.
Changes to the Board Committee
memberships are more particularly
described in the Committee reports.
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. During
the year the Board approved the
appointment of Catherine Stead as
Company Secretary from 1 April 2024.
The Company Secretary attends all Board
meetings and acts as the Secretary to the
Board Committees.
Lisa Ali (57)
Chief People Officer
BSc (Hons) in Chemistry, Analytical
Chemistry, Biochemistry; Executive MBA
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, Lisa is responsible
for Group human resources.
Lisa has over 30 years’ experience, mostly
in the extractive industries. Prior to joining
AngloGold Ashanti, she served as Chief
People and Sustainability Officer at
Newcrest Mining Limited, which she joined
in 2020. Before that, Lisa was Head of
Transformation at Trinidad Petroleum
Holdings Ltd. and its subsidiary
companies, and held several senior
positions at BP International plc.
Marcelo Godoy (53)
Chief Technology Officer
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 programmes.
Marcelo 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. 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.
Stewart Bailey (51)
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 15 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.
Richard Jordinson (64)
Chief Operating Officer
BSc ACSM
Richard Jordinson was appointed as
Chief Operating Officer with effect from
1 October 2023. Richard 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 39 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.
Terry Briggs (52)
Chief Development Officer
BSc (Hons), MEng, FAusIMM
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
includes Corporate Strategy and Business
Development and Greenfields Exploration,
focusing on optimisation and sustainable
growth. Terry has over 25 years of
experience in site-based technical and
operations management roles at several
underground and open pit base and
precious metal operations globally at all
stages of development. Prior to joining the
Group, Terry spent over a dozen years at
Newmont Corporation in various
leadership roles in Technical Services,
Corporate Development and Finance.
Lizelle Marwick (47)
Chief Legal Officer
BProc, LLB, LLM
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, Lizelle 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.
Corporate Governance
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Executive management biographies
96
The executive management team also includes Alberto Calderon, CEO, and Gillian Doran, CFO. Their biographies can be found on page 92.
AngloGold Ashanti’s Board continues to be guided by its
commitment to embedding sound governance principles
and practices at all levels of the Company.
The Board’s role is to guide, challenge and support management to deliver the Group’s business objectives and strategy and the Board continues to
believe that good governance underpins value creation and long-term business sustainability. 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 Board Committees. Our Code is fundamental to our
culture of performance with integrity and sets out our expectations for the conduct of our directors, employees, contractors and consultants.
As a NYSE-listed entity with secondary listings on the Johannesburg Stock Exchanges (JSE and A2X) and the Ghana Stock Exchange (GSE),
the Group is governed by the requirements of the US Securities and Exchange Commission (SEC) and the NYSE. An assessment undertaken at
the end of the second quarter of 2024 confirmed AngloGold Ashanti’s status as a foreign private issuer for the purposes of SEC and NYSE
rules. Following the corporate restructure in 2023, the Board continues to review and navigate the complexities associated with being a UK
incorporated entity that is aligned to US entity practice. The Board is mindful of the governance practices in all the jurisdictions which impact
our corporate structure and the governance framework that has been implemented appropriately reflects the Company’s current status and
the Board’s ambition.
Our governance structure
The Board
Chairperson
Lead Independent Director
Independent Non-executive
Directors
Executive Directors
The Chairperson is accountable
to shareholders for leading the
Board and ensuring the Board
receives timely and accurate
information to take good
decisions for the benefit of all
stakeholders. Jochen Tilk is an
independent non-executive
Chairperson.
Supports the Chairperson on all
governance issues and provides a
communication channel between
the Chairperson and Non-
executive Directors. Acts as the
primary Board contact for
Company’s shareholders and
other stakeholders where contact
through normal channels is not
appropriate.
Support and constructively
challenge management to
execute the Group’s strategy for
the benefit of all stakeholders.
Ensure that independent
judgement is brought to Board
deliberations and decisions,
promoting the highest standards
of integrity and governance. All
Non-executive Directors are
independent.
The Chief Executive Officer (CEO)
and Chief Financial Officer (CFO)
(Executive Directors) make and
implement operational decisions
to run the AngloGold Ashanti
business. They regularly review
operational performance,
strategic direction and
organisational structure,
identifying strategic opportunities
for the Group.
Executive Committee
The Executive Committee is a management committee composed of the chief officers of the Group. As CEO, Alberto Calderon has the delegated
responsibility 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. Details of the members of the Executive Committee are set out on page 96.
Delegated authority
A single Group-wide Delegation of Authority is in place, aligning all critical decisions and operates across the Group, including Board
authorities and authorities of the CEO and the rest of the organisation. The Board is satisfied that the delegations in place contribute to role
clarity and the effective exercise of authority and responsibilities.
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97
Nominations and
Governance Committee
See pages 105 to 108
Audit and Risk Committee
See pages 109 to 113
Social, Ethics and
Sustainability Committee
See page 114
Compensation and Human
Resources Committee
See pages 115 to 136
Board composition and characteristics
Board composition as at 31 December 2024
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98
Board skills and experience matrix
6
5
11
11
9
6
7
11
11
11
Number of directors with attributable skill
0
1
2
3
4
5
6
7
8
9
10 11
Human resources/labour
Technology and innovation
Risk management
Corporate governance/legal
Financial acumen/accounting
Mining/engineering
Environment, health and safety
Strategic development
Leadership experience
Board experience
Board tenure
2
2
2
5
9 years or longer
6 to 9 years
3 to 6 years
Less than 3 years
Age range
1
4
6
Between 40 and 49
Between 50 and 59
Between 60 and 69
Ethnic diversity
6
1
2
2
White British or other White groups
Mixed/Multiple Ethnic groups
Asian/Asian British
Black/African/Caribbean/Black British
Self-identified member of an
under-represented community**
4
5
2
Yes
No
Prefer not to say
Geographical diversity*
3
3
2
2
2
1
1
1
South Africa
UK
Australia
America
Canada
Colombia
Ghana
Ireland
Gender diversity
7
4
Male
Female
During the year, the Board continued to review its own
composition to ensure it remains appropriate to oversee the
successful delivery of the Group’s strategy.
Having spent five years on the Board, two of which serving as
Chairperson, Maria Ramos decided to step down at the 2024
AGM. As discussed in the 2023 Annual Report, the
Chairperson’s succession plan was enacted and following an
evaluation of the external environment and potential internal
candidates, the Board unanimously appointed Jochen Tilk as
her successor.
The Board currently consists of nine Non-executive Directors
and two Executive Directors. Details of the skills and
experience of the Board are set out on pages 92 to 95. The
Board was briefed on the work led by the Nominations and
Governance Committee on succession planning for the Board
and, on the recommendation of the Committee, approved the
appointment of Bruce Cleaver and Nicky Newton-King during
the year. More information on the appointment process for the
new Non-executive Directors can be found in the Nominations
and Governance Committee Report on page 106 and details of
the changes to the Committee memberships that were
announced in December 2024 can be found in the respective
Committee reports.
* Directors with dual nationality have both nationalities represented.
** Under-represented communities are 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 (see page 107).
Board and Committee meeting attendance
The Board held five scheduled meetings during the year, including a dedicated meeting to consider strategy which took place over two days.
Ad hoc meetings were convened as required and during 2024 the Board held a total of 11 meetings. Approvals required between scheduled
meetings were also passed by written resolution, where appropriate.
The attendance of each director at Board and Board Committee meetings during 2024 is set out below.
Director
Board
Audit and Risk
Compensation
and Human
Resources
Nominations and
Governance
Social, Ethics and
Sustainability
Total attendance
(%)
J Tilk (1)
11/11
6/6
-
5/5
2/2
100
A Calderon
11/11
-
-
-
-
100
G Doran
11/11
-
-
-
-
100
R Gasant (2)
11/11
10/10
5/6
5/5
5/5
97
K Busia
11/11
-
-
5/5
5/5
100
B Cleaver (3)
5/5
3/3
-
-
2/2
100
A Ferguson
11/11
10/10
6/6
5/5
-
100
A Garner
11/11
10/10
6/6
-
-
100
S Lawson (4)
8/8
8/8
-
-
4/4
100
J Magie
11/11
10/10
-
-
-
100
N Newton-King (5)
5/5
-
2/2
-
2/2
100
M Ramos (6)
4/4
-
-
2/2
-
100
M Richter (7)
4/4
-
3/3
2/2
2/2
100
D Sands
11/11
-
6/6
-
5/5
100
(1)
Jochen Tilk was appointed Chairperson of the Board from 28 May 2024 and stepped down as a member of the Audit and Risk Committee and Social, Ethics and
Sustainability Committee from the same date.
(2)
Rhidwaan Gasant was unable to attend the ad hoc Compensation and Human Resources Committee meeting on 15 February 2024, due to a pre-existing commitment.
(3)
Bruce Cleaver was appointed to the Board as a Non-executive Director and member of the Audit and Risk Committee and Social, Ethics and Sustainability Committee on
22 July 2024.
(4)
Scott Lawson resigned as a Non-executive Director and member of the Audit and Risk Committee and Social, Ethics and Sustainability Committee on 15 October 2024.
(5)
Nicky Newton-King was appointed to the Board as a Non-executive Director and member of the Compensation and Human Resources Committee and Social, Ethics and
Sustainability Committee on 22 July 2024.
(6)
Maria Ramos retired as Chairperson of the Board and Chairperson of the Nominations and Governance Committee on 28 May 2024.
(7)
Maria Richter retired as a Non-executive Director and member of the Compensation and Human Resources Committee, Social, Ethics and Sustainability Committee and
Nominations and Governance Committee on 28 May 2024.
Board and Committee review
The Board acts with independence and
believes its members have the appropriate
competencies and experience to execute their
fiduciary duties. See the Nominations and
Governance Committee report for more
details on Board composition and succession
planning.
The Board and its Committees continued to
perform effectively during the year as
confirmed by the external Board review
undertaken by Lintstock. The approach and
summary of the outcomes of the review are
set out on page 108.
Board development and training
The Board is mindful of the need for
continuous training and development as
new technologies advance and new issues
require Board awareness to complement
existing expertise. All directors participate
in an induction programme on joining the
Board, more information on this can be
found on page 106.
The Board receives in-depth information and
training sessions as part of its annual
agenda. In 2024, these included two training
sessions delivered by the Chief Technology
Officer on the following topics:
•
Risk management in the evaluation of
mineral deposits – setting out the
geological background to different gold
deposits and the risks and economic
value associated with different deposit
extraction methods.
•
Cut-off grade estimation – setting out
the calculation to determine cut-off
grade, which is the minimum grade
required for a mineral to be economically
mined and processed and the
dependencies that require consideration
which ultimately can influence operating
strategy.
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Key considerations during 2024
Standing agenda items at the quarterly meetings include comprehensive CEO, CFO and COO reports covering, among other things, operational
and safety reviews and performance, progress towards strategic objectives, presentation of the financial performance, a capital projects
finance report and forecasts by the CFO. Board Committee chairs report updates and significant matters from recent Committee meetings
and recommend items for Board approval. Contracts which exceed delegated authority thresholds are also put to the Board for consideration
and approval.
Under the Board Corporate Governance Guidelines, the Board and its Committees review those policies which are within its remit and review
the charters of the Board Committees on an annual basis. At the end of each scheduled Board meeting, Non-executive Directors have the
opportunity to meet without management being present. The Non-executive Directors also hold a closed session with the CEO.
The key decisions of the Board during 2024 and how these support the delivery of our strategy are set out below. Further information on the
Company’s strategic focus areas and related objectives can be found on pages 27 to 29.
Strategic focus area: • Prioritise people, safety, health and sustainability
At each meeting the Board is presented with a health and safety share. Key areas of focus within the business are highlighted
along with any learnings from incidents being shared with the Board, and discussions reflect the ongoing commitment to focus
and diligence in this area. In May 2024, the Board also undertook a review of health and safety incidents that occurred among
our peer group in the industry and the potential risk or application to the AngloGold Ashanti business.
The Board agenda retains the flexibility to respond to issues and matters that arise during the course of the year. The
Board receives in-depth information sessions on specific mine sites as required and additional detail to support
discussions on current safety incidents, social or community issues, risks, or developments in technology as needed.
Specifically in 2024 the Board spent time discussing the impact of illegal mining, with an in-depth session presented on
Siguiri social issues. A session on tailings was also held given the potential level of risk from these storage facilities across
the industry. The Board intends to hold an annual information session on this topic in future in addition to the ongoing
monitoring undertaken by the Social, Ethics and Sustainability Committee.
In May 2024, the Board received an update on modern slavery, including the principal risk areas for the Group and initiatives
in place to mitigate these risks. The Board also considered the Company’s Modern Slavery Statement 2023 for approval.
The Board is mindful of the need to ensure a strong talent pipeline throughout the business and in particular at executive
level. Executive Committee members regularly attend certain items on the agenda of Board meetings and details on how
the Board engages with employees and other stakeholders can be found on pages 63 to 71.
Strategic focus areas: • Maintain financial flexibility • Optimise overhead, costs and capital expenditure
The CFO updates the Board at each scheduled meeting with an assessment of the Company’s financial performance,
including the Group’s capital and liquidity position. The Audit and Risk Committee reviewed and recommended the financial
results to the Board for approval. During 2024, the Board adopted quarterly financial reporting to the market in line with US
practice and additional meetings were convened during the year to support the approval process.
The Board oversees budget setting and the annual business plan. The 2025 budget was reviewed and approved in
November 2024 and updates were provided and approved at the February 2025 meeting. The Board was updated regularly
on progress of the operating targets for 2024.
Following a detailed review by the Audit and Risk Committee, the Board approved two interim dividends during the year,
further details of which are set out on page 170. At its meeting in November 2024, the Board considered the optimum
capital model with a focus on shareholder returns. An additional Board meeting was held in February 2025 to consider
capital allocation and approve a revised dividend policy (see page 60). In February 2025, the Board approved a dividend of
69 US cents per share for the six months ended 31 December 2024.
During the year, the Board also concluded that the Investment Committee be dissolved as it was agreed that the work of
this committee would benefit from the skills and experience of the full Board. The Investment Committee met twice during
the year, prior to its dissolution, and all members were in attendance. The duties of the Investment Committee as set out
under its charter have been incorporated into the Board’s annual plan where appropriate, including the review and approval
of the Mineral Resource and Mineral Reserve Report.
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Strategic focus areas: • Maintain long-term optionality • Improve portfolio quality
The Board held a strategy meeting over two days in July 2024, which provided the opportunity to undertake a holistic
review of the business. Considerations were discussed and debated around portfolio optimisation, including organic and
inorganic growth, as well as the opportunities and risks at specific mine sites and across the industry, and the wider macro-
economic environment. Time was also dedicated to a post investment review process to gain insights from recent
investment outcomes and lessons learnt for future benefit.
Regular CEO reports kept the Board apprised of ongoing projects and related developments throughout the Group.
Developments are closely followed by the Board whose constructive challenge and input are sought throughout these
projects. The Board also receives regular updates on the exploration projects in the Group for input and assessment. The
CEO report also covers the wider context in which the Group operates reflecting macro-economic and geopolitical
considerations, as well as prevailing industry focus and trends.
Centamin acquisition
A key area of focus for the Board in 2024 was the acquisition of Centamin, which was successfully completed in
November 2024. The transaction was announced in September 2024 and the business worked towards completing the
deal, obtaining the necessary regulatory and shareholder approvals and focusing on integration planning. Centamin’s
flagship Tier 1 asset, the Sukari gold mine in Egypt, was considered a compelling strategic fit, being closely aligned with the
Company’s core competencies and, as identified, immediately increased the Company’s potential annual gold production
by approximately 500,000oz.
Regular updates were provided by the CEO, the Chief Development Officer and the Chief Legal Officer at scheduled Board
meetings in 2024 and additional meetings were held as required.
In March 2024, the Board established and authorised a committee of the Board of Directors, the Transaction Committee,
with full delegated authority to take all the necessary steps to complete the acquisition of Centamin. The Transaction
Committee held five meetings between March and September 2024 to consider and approve matters relating to and
arising from the transaction including the filing and publication of transaction documentation. The Chairperson of the
Transaction Committee provided regular written updates to the Board and final approval to complete the transaction was
taken by the full Board.
As part of the transaction, the Board received additional training from UK and US legal advisors outlining the obligations of
the Company, and directors personally, during the transaction including those under the UK Takeover Code. The
predominantly equity-based nature of the transaction maintained AngloGold Ashanti’s balance sheet strength and,
combined with the addition of Sukari, enhances the Company’s ability to fund growth and return cash to shareholders
under a robust capital allocation framework.
As part of the Board’s deliberations it had due regard to the interests and impact on the Company’s stakeholders and
concluded that the transaction was in the best interest of the Company’s shareholders. Due consideration of the risks
associated with the transaction were discussed including having a material interest in a new jurisdiction. No changes to the
principal risks were identified as part of the transaction.
Centamin shareholders were required to vote on the transaction which received overwhelming support with over 98% of
the votes in favour of the scheme. The consideration for the acquisition was delivered in combination of cash and equity
(see Note 13 to the Annual Financial Statements on pages 171 to 172 for full details). Centamin plc delisted from the LSE
and TSX in November 2024 and Centamin employees were welcomed to AngloGold Ashanti in an all employee
communication.
The Board held a review of on the integration process in November 2024 with a presentation from the Integration Lead on
the planning and status. The Board will continue to monitor the status of the integration during 2025.
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Shareholder feedback
Details of how the Board has engaged with
and considered feedback received from
shareholders and investors during the year
is set out in our Engaging with and creating
value for stakeholders section on
pages 63 to 71.
Culture
The Board recognises the need to focus on
building a strong culture within the
organisation and has endorsed and
supported the culture journey following
refreshed values launched in 2024. 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 Board Chairperson and chairpersons of
the relevant Committees maintain regular
dialogue with other Board members, and the
Lead Independent Director is also available
for discussions with directors as needed.
Other governance practices
Dealings in shares and
blackout 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 blackout 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. The Insider Trading Group
Standard which sets out dealing restrictions
was reviewed and approved by the Board in
2024 and again in 2025.
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 2024, Group Compliance continued
with activities aimed at enhancing the
Company’s governance. Key among these
activities were:
•
The global rollout of new online
compliance training to all employees
with computer access, including
Executive and Non-executive Directors.
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 use of
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. The reporting governance
structure is designed to ensure that
senior executives and Board members
are not privy to or have access to reports
made against them, maintaining
confidentiality and impartiality
throughout the process. 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.
A new online case management system
was also implemented to align with
ongoing efforts to enhance
organisational practices
•
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
•
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. See overleaf
for more information.
•
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 several
industry associations and signatory to
industry initiatives, details of which are set
out on page 71.
In addition, we have Group policies and
charters to which we adhere, with key
policies published on our website.
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 members, to prevent gold and other
commodities from being used to fund
conflict and other violations of human rights.
See page 68 for more information.
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.
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102
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 has
oversight and approval of the Climate
Change Strategy and associated targets.
More information can be found on pages 72
to 90.
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. See page 67 for more details on
our engagement with suppliers.
Responsible sourcing
We aim to 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
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 92%
localisation spend achieved for 2024 (2023:
94%) on a global basis.
2025 focus areas
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. More information on our
responsible sourcing initiatives can be found
in our 2024 Sustainability Report.
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 publish both a Modern Slavery
Statement and a Human Rights Report
annually, the current versions of which are
available on our corporate website. The
2024 Modern Slavery Statement is expected
to be published in May 2025.
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.
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 Extractive Industries
Transparency Initiative, 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.
The Group’s Tax Strategy is reviewed
annually by the Audit and Risk Committee
for recommendation to the Board for
approval and is published on our corporate
website www.anglogoldashanti.com/
sustainability/governance/policies-
standards/.
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Digital technology and cybersecurity
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
strategy.
A governance framework supports effective
and efficient management and decision-
making regarding 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 several approaches addressing the
governance of digital technology. These
approaches provide 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 these threats.
The Audit and Risk Committee under its
charter has 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 also 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 ongoing support
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. More information on
cybersecurity can be found in our
Sustainability Report on our corporate
website.
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Corporate governance report continued
104
Siguiri, Guinea
Committee membership and attendance in 2024
Scheduled
meetings
Attendance
(%)
Jochen Tilk
5/5
100
Kojo Busia
5/5
100
Alan Ferguson
5/5
100
Rhidwaan Gasant
5/5
100
Maria Ramos (1)
2/2
100
Maria Richter (2)
2/2
100
(1) Maria Ramos retired as the Chairperson of the Committee on 28 May 2024 and was succeeded in the role
by Jochen Tilk.
(2) Maria Richter retired as a member of the Committee on 28 May 2024.
The Chief Executive Officer, Chief People Officer and Chief Legal Officer regularly attend
Committee meetings. On occasion, other Non-executive Directors attend Committee
meetings for specific matters.
Committee responsibilities
•
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
Committee gender diversity
As at 31 December 2024
4
0
Male
Female
As at 26 March 2025
4
1
Male
Female
Discharging our responsibilities
A review of the Committee was undertaken during 2024 as part of the external Board
review (see page 108). The Board has assessed that the Committee is providing
adequate challenge and oversight and it continues to operate effectively.The
Committee has fully discharged its responsibilities in line with its remit. The
Committee Charter is available at www.anglogoldashanti.com.
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Nominations and Governance Committee report
105
Chairperson’s statement
It is my pleasure to present my first
report, on behalf of the Nominations
and Governance Committee (the
Committee), as Chairperson of the
Committee.
Set out in the report is an overview of
the activities performed during 2024.
The orderly execution of succession
plans has been at the forefront of the
Committee’s focus this year, along with
its continued oversight of the
governance matters which underpin
the strategic success of our business.
Committee changes in 2025
One of the outcomes of the Board and
committee review was to consider the balance
and composition of the Board committees. As
a result, various changes were implemented
with effect from 1 January 2025. The
Committee welcomed Diana Sands and Albert
Garner as members and Kojo Busia stepped
down as a member. Rhidwaan Gasant will
step down as a member when he retires at the
2025 AGM.
Current Committee members
•
Jochen Tilk (Chairperson)
•
Alan Ferguson
•
Albert Garner
•
Rhidwaan Gasant
•
Diana Sands
Jochen Tilk
Nominations and Governance Committee
Chairperson
26 March 2025
Committee report
Key areas of Committee focus
Board composition and succession
planning
A key area of responsibility of the Committee
is to consider the skills and composition of
the Board and Board Committee
membership with a view to ensuring that the
Board can successfully oversee the delivery
of the AngloGold Ashanti strategy, given the
ever changing external environment.
AngloGold Ashanti is governed by a unitary
Board of Directors, which consists of 11
directors – nine independent Non-executive
Directors and two Executive Directors. The
accountabilities, competencies and
expectations required of the holder of each
role on the Board have been documented in
the Board Corporate Governance Guidelines
which is reviewed periodically. The
Committee regularly reviews Board and
Committee composition, tenure,
refreshment and rotation matters. The
Committee is also responsible for reviewing
and making recommendations to the Board
on key leadership positions.
All directors are subject to annual re-election
by shareholders and details of the skills and
experience which each director contributes
to the long-term sustainable success of the
Company is set out in their biographies on
pages 92 to 95. The Board has not
established term limits or age limits for
Board directors. The Committee reviews
each director’s continuation on the Board in
line with the Committee’s charter. A key
focus in 2024 has been Board succession,
with the appointment of Jochen Tilk as
Chairperson of the Board in May 2024 and
the appointment of two new directors in July
2024. Subsequent time was then spent
reviewing the composition of the Board
Committees and an external evaluation of
the Board and its Committees was also
undertaken during the year. Full details are
set out over the following pages.
Individual director’s performance was
considered as part of the Board review. The
Board considered each director’s individual
contribution to the Board together with
feedback from the 2024 Board review,
details of which are set out on page 108. The
Board took the findings of the performance
review into consideration when
recommending the election and re-election
of the directors at the 2025 AGM.
Independence
In determining director independence, due
regard is given to the NYSE independence
rules, the Board Corporate Governance
Guidelines and the Nominations and
Governance Committee charter, as well as
best practice. Each director’s independence
is assessed prior to appointment and
independence questionnaires are completed
on a quarterly basis. Independence also
forms part of the considerations ahead of
each director being recommended for
election or re-election at the Annual General
Meeting. The Committee is satisfied that,
throughout the year, all Non-executive
Directors remained independent.
With the exception of Rhidwaan Gasant and
Albert Garner, the Chairperson and all the
Non-executive Directors have served on the
Board for nine years or less. Details of Board
tenure is set out on page 98 and includes
time served on the Board of AngloGold
Ashanti Limited, prior to the corporate
restructure in 2023.
Appointment of new Non-executive
Directors
The search process undertaken in 2024 to
appoint two new Non-executive Directors
was led by the Committee and supported by
the external search consultant, Russell
Reynolds. A search brief was developed
which set out the criteria and characteristics
of the preferred candidate and was prepared
with due regard to the agreed approach to
diversity, equity and inclusion. The
Committee reviewed the initial list of
candidates against these criteria and
candidates were interviewed by the
Chairperson and other members of the
Committee.
Short-listed candidates met with other
members of the Board and certain senior
leaders. On the recommendation of the
Committee, the appointment of Bruce
Cleaver and Nicky Newton-King was
approved by the Board and they were
appointed with effect from 22 July 2024.
As is the practice at AngloGold Ashanti for
all new directors, Bruce and Nicky have
completed a comprehensive, formal and
tailored induction programme into the
Company’s operations. This includes
briefings on the Company’s business
strategy, constitution and decision-making
process, the roles and responsibilities of
directors and the legislative and regulatory
framework. The directors held individual
meetings with each of the Executive
Committee members as well as Group
Function leads and the Company Secretary.
Executive succession and talent
management
A robust executive management succession
pipeline is key to ensuring stability and
provides assurance to stakeholders that the
Board and Executive Committee will
continue to include the required skills to
allow it to maintain high standards.
In November 2024, the Committee held a
session led by the Chief People Officer,
which all directors attended, on succession
planning and executive talent review. In this
the Committee considered the broader
review undertaken in the Group, receiving an
update on actions taken following the 2023
review and the key findings from the 2024
review. It also considered the succession
plans for executive management.
Diversity, equity and inclusion
AngloGold Ashanti recognises the
importance and value of diversity, equity and
inclusion in driving good decision making and
the Board’s role in leading a culture where
everyone feels welcome and can thrive. The
Board and management believe that having a
diverse Board and diverse workforce offers a
blend of perspectives that is key to achieving
the Group’s purpose and continues to be an
important area of focus for the Committee to
oversee.
The Board is proud of its diversity and wants
to see this maintained and enhanced,
recognising the benefits of promoting
broader diversity. Diversity, equity and
inclusion is considered in all its forms when
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.
As at 26 March 2025, the Board has four
(36.4%) female directors and seven (63.6%)
male directors. The Board remains
committed to diversity, equity and inclusion
considerations however, it has decided not to
set a specific target for female Board
membership. Details of the Board’s diversity
are set out on page 98. Details of the gender
diversity of the executive management and
wider group are set out on page 85.
Under our Articles of Association, at least two
of the Company’s 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.
AngloGold Ashanti aims to leverage the
benefits of a globally diverse Board. The
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Nominations and Governance Committee report continued
106
Company is not formally required to apply
UK or US diversity reporting regimes.
However, following investor feedback the
Committee has adopted reporting metrics to
enhance transparency and further assist the
Committee in the monitoring and oversight
of its obligations.
AngloGold Ashanti follows NASDAQ
classifications as to whether a director self-
identifies 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). In 2024, four of the
11 Board directors (36.4%) did so. The
Committee also compiled data based on the
UK Government Office of National Statistic
(ONS) categories, set out below, which are
the categories adopted by UK-listed
companies for diversity reporting purposes.
The ethnic composition of the Board by this
definition is set out below.
The Board will continue to monitor its racial
and ethnic diversity as part of the wider
diversity, equity and inclusion considerations
to ensure that an appropriately balanced
Board is in place. There is no set target for
racial and ethnic diversity.
Non-executive Directors’ fees and
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 minimum shareholding policy
requires Non-executive Directors to acquire
and hold a minimum shareholding in
AngloGold Ashanti shares, equivalent to
150% of their annual base fee within, the
later of, four years from 20 February 2024
(being the date of approval of the policy) or
the date of their appointment to the
AngloGold Ashanti plc Board. However, in
accordance with the policy, a Non-executive
Director may not hold shares in AngloGold
Ashanti which are material to his or her
personal wealth, as this may adversely
impact the Non-executive Director’s
independence.
The Committee reviewed the minimum
shareholding policy during 2024, taking into
account governance frameworks applicable
to the Group and market and best practice
for US-listed companies. The Committee
reviews Non-executive Director
shareholdings on an annual basis.
Details of Non-executive Directors’ minimum
shareholdings and the Non-executive
Director fees can be found on pages 132 to
134. A full review of NED fees, including
shareholding requirements, was initiated in
2024 and remains ongoing. This review
takes into account the governance
frameworks applicable to the Group, as well
as market and best practice for US-listed
companies, and is expected to be completed
in 2025.
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Nominations and Governance Committee report continued
107
Number of
Board members
Percentage of
Board members
White British or other White (including minority-White) groups
6
55 %
Mixed/Multiple ethnic groups
1
9 %
Asian/Asian British
2
18 %
Black/African/Caribbean/Black British
2
18 %
Other ethnic group, including Arab
—
—
Not specified/ prefer not to say
—
—
Ethnic background as at 31 December 2024
Kibali, Democratic Republic of Congo
Board review
Background
The Board is committed to striving for continuous improvement. In
line with the Committee charter and recognised best practice, the
Board undertakes an annual review of the Board and Board
Committees with the aim of enhancing Board effectiveness and
identifying any areas for improvement. In 2024, AngloGold Ashanti
engaged Lintstock Ltd, a UK-based board governance advisor, to
conduct an external review of the performance of the Board and its
Committees.
Methodology
Scoping and tailoring — July 2024
The scope and objectives of the review were agreed following a
briefing meeting with Lintstock.
Lintstock collaborated with the Chairperson and the Company
Secretary to design a bespoke line of enquiry tailored to the
business needs of the Company.
As well as covering core aspects of governance such as Board
composition, dynamics and the quality and flow of information
received, the review considered the Board’s oversight of people,
strategy and risk areas relevant to the performance of AngloGold
Ashanti. The review had a particular focus on the following areas:
•
The priorities for the new Chairperson
•
The implications of AngloGold Ashanti’s primary listing move
•
The Board’s oversight of growth and transformation
Meeting observations — July to August 2024
Lintstock representatives observed the Board and Board
Committee meetings and reviewed the accompanying papers.
Completion of surveys — September 2024
Board members, the Executive Committee and the Company
Secretary completed bespoke surveys assessing the performance
of the Board and each of its committees. Each Director also
completed a self-assessment questionnaire addressing their own
performance.
Interviews — September to October 2024
In-depth interviews with Board and Executive Committee members
and the Company Secretary were conducted by two Lintstock
Partners. The findings from the survey stage enabled Lintstock to
focus discussions on the priorities for each interviewee.
Analysis and delivery of reports — October 2024
Lintstock analysed the findings from the surveys and the interviews
and delivered focused reports documenting the findings, including
a number of recommendations to increase effectiveness.
Board discussion — November 2024
Lintstock’s findings were shared with the Chairperson and then
discussed at the November Board meeting. Actions were
subsequently agreed for implementation and monitoring.
Outcomes and actions
The review concluded that the AngloGold Ashanti Board provides
effective oversight of the business, and benefits from high-quality
Board members and an inclusive dynamic environment. Recognising
the progress that had been made under the leadership of the new
Chairperson, the Board identified a small number of additional areas
where improvements could be made. These were considered and
approved by the Board at its meeting in February 2025, and are
summarised below.
Matter to be addressed
How the issue will be addressed
Strategic and operational oversight
Continue to monitor the
Centamin integration.
Updates on the integration programme
to be provided to the Board on a regular
basis.
Undertake a Board site visit
in 2025.
Site visit to be incorporated into planned
strategy session.
Risk oversight
Further insight into
emerging and key risks as
part of wider strategic
considerations.
In addition to current briefings, annual
risk in-depth information sessions to be
scheduled on Board and Committee
agendas.
Board and Committee composition
Consider the balance of
Committee membership and
Committee Chairperson
succession.
The Nominations and Governance
Committee to continue to monitor
following the committee composition
changes made in January 2025 and role
changes planned for May 2025.
Talent and succession planning
Opportunities to enhance
Board engagement with key
talent and successors.
Consider appropriate opportunities for
additional engagement with senior
management and potential succession
candidates for executive management
roles.
Board support
Continue to focus on
employee sentiment.
Global culture survey to be undertaken in
2025.
Each Board Committee, at its meeting in February 2025,
approved its own actions to address recommendations identified
from the review.
Director evaluation
The performance of each director and the Chairperson was
considered as part of the external review process. The Chairperson
of the Board also holds regular one-to-ones with other committee
chairs and directors throughout the year as required. Executive
Directors are subject to regular review, and the Chief Executive
Officer appraised the performance of the Chief Financial Officer as
part of Group-wide performance evaluation, further details of which
are set out in the Compensation and Human Resources Committee
report on pages 115 to 136. The Nominations and Governance
Committee takes the outcome of these evaluation processes into
account each year in order to inform its recommendation to the
Board for Directors to be put forward for election or re-election by
shareholders. All directors were deemed to be effective members
of the Board and, with the exception of Rhidwaan Gasant who
plans to retire at the 2025 AGM, are recommended for election or
re-election at the Company’s 2025 AGM.
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Nominations and Governance Committee report continued
108
Committee membership and attendance in 2024
Scheduled
meetings
Ad hoc
meetings
Attendance
(%)
Alan Ferguson
4/4
6/6
100
Bruce Cleaver (1)
2/2
1/1
100
Albert Garner
4/4
6/6
100
Rhidwaan Gasant
4/4
6/6
100
Scott Lawson (2)
3/3
5/5
100
Jinhee Magie
4/4
6/6
100
Jochen Tilk (3)
1/1
5/5
100
(1) Bruce Cleaver was appointed to the Board and became a member of the
Committee on 22 July 2024.
(2) Scott Lawson was member of the Audit and Risk Committee until he resigned
from the Board on 15 October 2024.
(3) Jochen Tilk stepped down as a member of the Committee on 28 May 2024 when
he was appointed to the role of Board Chairperson.
Committee gender diversity
As at 31
December 2024
4
1
Male
Female
As at 26 March
2025
5
2
Male
Female
Discharging our responsibilities
The Committee is satisfied that it has considered and discharged
its responsibilities in line with its remit, which is reviewed and
approved by the Board of Directors annually, or more frequently if
required. The Committee Charter is available at
www.anglogoldashanti.com.
A review of the Committee was undertaken during 2024 as part of
the external Board review (see page 108). The Board has assessed
that the Committee is providing adequate and appropriate
challenge and oversight, and that the Committee continues to
operate effectively.
Corporate Governance
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Audit and Risk Committee report
109
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 2024 financial year.
The Committee has continued to focus on the Company’s internal
control environment and financial reporting including the provision of
related assurances on the integrity of information disclosed. The
remediation of the previously reported material weaknesses was a
key area of focus during each scheduled Committee meeting. Risk
oversight remains a key priority for the Committee and the business
as a whole.
I will be stepping down as Chairperson of the Committee at the 2025
AGM in order to take up the role of Lead Independent Director, and I
would like to thank my fellow Committee members, the External
Auditor, Group Internal Audit, and management for their contributions
to the Committee not only during this financial year but during my four
years’ tenure as chairperson.
Committee changes in 2025
One of the outcomes of the Board and committee review was to
consider the balance and composition of the Board committees. As a
result, various changes were implemented with effect from 1 January
2025 and the Committee welcomed Kojo Busia and Diana Sands as
members.
Subject to re-election by shareholders, Diana Sands will take over the
role of Chairperson of the Committee when Alan Ferguson steps
down at the 2025 AGM to take on the role of Lead Independent
Director, taking over from Rhidwaan Gasant who indicated that he will
not be standing for re-election as a Board member. Subject to re-
election by shareholders, Alan Ferguson will remain a member of the
Committee. The Committee would like to extend its gratitude to
Rhidwaan who has served this Committee, both as a member and
former Chairperson, with great distinction. His measured insights and
diligent approach will be missed.
Current Committee members
•
Alan Ferguson (Chairperson)
•
Kojo Busia
•
Bruce Cleaver
•
Rhidwaan Gasant
•
Albert Garner
•
Jinhee Magie
•
Diana Sands
Alan Ferguson
Audit and Risk Committee Chairperson
26 March 2025
Committee report
Membership and attendance
All Committee members are independent
Non-executive Directors. The Committee
met 10 times during 2024 and meeting
attendance is detailed on page 99. In
addition to the members of the Committee,
meetings are regularly attended by the
Chief Executive Officer, Chief Financial
Officer, Senior Vice President: Group
Controller, Chief Legal Officer, Senior
Vice President: Group Internal Audit,
Vice President: Global Taxation, the
Group Treasurer and Vice President:
SOX Compliance, PricewaterhouseCoopers
(the External Auditor, or PwC) and the
Company Secretary, who acts as secretary
to the Committee.
Other members of management may also
attend on invitation in an ex-officio capacity
and provide responses to questions raised
by Committee members during meetings.
At the scheduled quarterly meetings the full
Committee meets in closed sessions with
Group Internal Audit and where necessary
the External Auditor, without management
present to facilitate an exchange of views
and discuss any concerns, strengthening the
independent oversight of the Committee.
When necessary the Committee also meets
in closed session with management.
The Chairperson meets 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. The
Chairperson also meets with the PwC
engagement team members in private
before each scheduled meeting to discuss
key issues but where he is also briefed on
general matters relating to the accounting
and auditing profession as it may impact
AngloGold Ashanti.
Role of the Committee
It is the Committee’s principal duty to
oversee and provide reasonable assurance
on the integrity of the Group’s internal
control environment, established and
maintained by management, and to ensure
that financial statements fairly present the
financial position of the Group and
Company and the results of their
operations, so that they 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 standalone
financial statements 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 United States Securities and
Exchange Commission (SEC)
The AngloGold Ashanti Board assumes
ultimate responsibility for the functions
performed by the Committee, relating to the
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 well as
oversight of the integrity of AngloGold
Ashanti’s external and internal audit
processes.
The Chairperson of the Committee reports
to the Board on the Committee’s activities
highlighting key matters considered as well
as making recommendations on items that
require Board approval.
Committee activities in 2024
The Committee considered the following key
matters during 2024:
Financial reporting
•
Reviewed the first quarter production
update, half-year, third quarter and full-
year results
•
Reviewed and assessed the Key Audit
Matters (KAM) and Critical Audit Matters
(CAM) raised as part of the 2024 year-
end audit and concluded on these as
follows:
◦
Measurement of rehabilitation
provisions (group) (CAM/KAM) –
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
◦
Acquisition of Centamin (group)
(CAM/KAM) – considered if the
Centamin acquisition was correctly
accounted for in terms of IFRS 3
“Business Combinations”,
considering management’s
recognition and measurement of
identifiable assets, liabilities, and the
non-controlling interest. This
included an assessment of the
judgement applied in determining
control as well as an assessment of
the judgements required to
determine the fair values of the
acquired assets and liabilities
◦
Assessment of indicators of
impairment in investments in
subsidiaries (company) (KAM) –
considered and challenged
management’s assessment and
judgements in identifying
impairment indicators for
investments in subsidiaries
•
Assessed other accounting judgements
and estimates
•
Reviewed tax provisions, legal cases and
contingencies
•
Assessed the distributable reserves
available and going concern
assumptions prior to the Board declaring
a dividend
•
Considered the integrity of the Group’s
2024 Annual Financial Statements and
the Form 20-F to be filed with the SEC
and recommended these for approval to
the Board
•
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
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Audit and Risk Committee report continued
110
Internal control and risk management
•
Assessed the systems to identify,
manage and monitor financial, non-
financial and fraud risks
•
Received and reviewed outcomes from
the Speak-up process relevant to the
mandate of the Committee
•
Monitored the governance of digital
technology, receiving and reviewing
detailed reports on the Group’s
information and technology framework,
as well as cybersecurity (including
inherent risks, vulnerabilities and training
initiatives) with an increasing focus on
operational technology
•
Received and considered quarterly
updates from the Group Risk Manager in
relation to the key strategic and
operational risks facing the Company
•
Received, reviewed and approved the
principal risks included in the UK Annual
Report and the Risk Factors disclosures
to be included in the Form 20-F
•
Reviewed the effectiveness of
management’s framework and
processes used to evaluate the
Company’s internal control over
financial reporting
•
Reviewed the Group’s insurance
renewal process
•
Oversaw the SOX compliance efforts of
management, receiving quarterly
updates on internal controls over
financial reporting and monitored the
remediation steps agreed with the
Committee to remediate the significant
deficiencies and material weaknesses
reported in 2023
•
Assessed the final conclusion reached
by the Chief Executive Officer and Chief
Financial Officer on the effectiveness of
the internal controls over financial
reporting for SOX compliance purposes
and their assessment of significant
deficiencies and the ongoing
remediation process with respect to the
material weakness associated with
impairment and impairment reversal
process reported on during the 2023
year-end as well as the planned
remediation steps to be performed
in 2025
•
Reviewed the scope, resources and
independence of Group Internal Audit
•
Approved the Group Internal Audit plan
and monitored its execution
•
Ensured that the combined assurance
model remained fit for purpose
•
Monitored the remediation of high-risk
internal audit findings
•
Reviewed and discussed the External
Quality Assessment Review on Internal
Audit carried out by KPMG
Governance and compliance
•
Reviewed developments in reporting
standards, corporate governance best
practice and legislation
•
Reviewed and assessed the
effectiveness of the finance function and
Group Internal Audit
•
Reviewed the Group Internal Audit
Charter and recommended it to the
Board for approval
•
Reviewed the terms of reference of the
Committee and recommended it to the
Board for approval
•
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
•
Received a summary of key matters
discussed at regional management audit
and risk committees
External auditors – PwC
•
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 2024 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 2024 Annual Report on Form 20-F to
be filed with the SEC
•
Approved their terms of engagement,
their fee, and the integrated audit plan
for the 2024 audit
•
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 there were no
breaches of independence under either
the SEC, PCAOB and FRC requirements
•
Assessed their effectiveness and the
quality of their 2024 audit
•
Agreed their suitability for
recommendation of re-appointment to
the Board
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Audit and Risk Committee report continued
111
Tropicana, Australia
Committee’s oversight of risk
management
The Committee is responsible for monitoring
and reviewing the effectiveness of the
Company’s risk management and internal
control systems (its risk management
framework) on behalf of the Board. The risk
framework is described on pages 17 and 18.
During the year, the Committee reviewed the
processes in place to assess the principal
and emerging risks facing AngloGold
Ashanti, in support of the Board’s
assessment of these risks during the year.
The Committee also reviewed and refined
the model governing the Board and its
committees’ oversight of the management
of risk, ensuring that the model is sufficiently
calibrated to ensure all principal risks, and
the Board’s appetite (or tolerance) for these
risks, are given appropriate consideration by
the Board and the relevant committees.
The Committee also oversaw the
management of specific principal and
emerging risks assigned to it by the Board,
including preventive and mitigation
procedures and action plans. These principal
risks included:
•
Liquidity risk impacted through failure to
move down the industry cost curve
(AISC competitiveness), adverse gold
and commodity prices and currency
movements
•
Adverse implications of digital breaches
on reputation and operations
These risks were unpacked and discussed
during management-led presentations
considering the impact thereof on the
business and understanding the
management control strategies in place to
manage these risks to acceptable levels.
The Committee considered and
recommended to the Board for approval the
Group Risk Appetite and Tolerance
Statement, the Group Risk Charter and
Group Risk Management Plan.
Committee’s interaction with
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
who 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 has access
to attend these meetings by invitation. As
part of its mandated responsibilities, the
Committee has assessed the expertise,
experience, and effectiveness of Group
Internal Audit, including its leadership, and
is satisfied that the internal audit function
is independent and appropriately led
and resourced.
During 2024, the Committee appointed
KPMG to perform an External Quality
Assurance review in terms of the Institute of
Internal Auditors (IIA) Standards to evaluate
conformance with the International
Professional Practices Framework (IPPF),
and the Code of Ethics. In February 2025, the
Committee received and reviewed the
outcomes of the review performed by
KPMG, which concluded that the Group
Internal Audit Function for all intents and
purposes complies with the IIA Standards.
Group Internal Audit has demonstrated a
consistent alignment with the principles and
guidelines set forth by the IIA, thereby
ensuring the effectiveness and reliability of
the internal audit practices.
The Committee approved the 2025 Group
Internal Audit plan developed in line with the
AngloGold Ashanti combined assurance
approach to provide the necessary
assurance around the effectiveness of
governance, risk management and internal
control and is comfortable that the plan and
approach was appropriate. The Committee
also monitored the execution of the 2024
approved Group Internal Audit plan and
significant changes to the plan were
communicated and ratified by the
Committee on a quarterly basis ensuring
that the assurance remained focused and
aligned to current risk exposures. 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.
Committee’s interaction with
External Audit
PwC concluded their second audit cycle of
AngloGold Ashanti for the year ended
31 December 2024. The audit cycle at
AngloGold Ashanti includes quarterly
reviews on the financial results of the Group.
During July 2024, the annual integrated audit
plan, the associated fees and the 2024
global engagement letter were tabled at the
Committee for consideration and approval,
for both PwC LLP responsible for the audit
opinion on the Company standalone
financial statements and the Group UK
Annual Report, as well as PwC Inc for the
Form 20-F.
As part of its ongoing assessment of the
independence and effectiveness of the
external auditors, the Committee has 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 partners
•
Outcome of their internal quality
assessment review performed in 2024
•
Outcome of regulator reviews, including
by the FRC, on the quality of work carried
out by PwC
•
Robustness of the audit, including the
audit team’s ability to challenge
management and demonstrate
professional scepticism and
independence
The FRC’s Audit Quality Review (AQR) team
routinely monitors the quality of the audit
work of certain UK audit firms through
inspections of a sample of audits and
related quality processes. The Committee
has been informed that the AQR reviewed
PwC UK’s audit of Centamin plc for the year
ended 31 December 2023. Although the
review relates to the audit of a period prior to
AngloGold Ashanti’s acquisition of
Centamin, the Committee has discussed the
results of the review with PwC and
considered the findings raised in the context
of the current year’s audit of the Group and
is satisfied with PwC’s response.
Non-audit services: The Committee is
responsible for the Group Standard on audit,
audit-related, non-audit and tax services and
the approval for these services. Audit
objectivity and independence is safeguarded
through the prohibition of certain non-audit
services and audit-related services which fall
within certain defined categories. The
Committee approves all audit services as
well as permitted audit-related and non-audit
related services for PwC.
During 2024, the External Auditors’
remuneration was $14.4m comprising of
audit fees of $11.4m, audit-related fees of
$2.6m, tax fees of $0.2m and all other fees
of $0.2m. 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.
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AngloGold Ashanti plc | Annual Report 2024
Audit and Risk Committee report continued
112
In conclusion, the Committee considers the
service provided by the External Auditor to
have been independent and robust.
Committee’s interaction with the
Finance Function
In assessing the effectiveness of the finance
function, including considering the input of
the senior finance team during private
meetings held before each scheduled
meeting with the Chairperson, the
Committee considered:
•
that the management of the finance
function, which was strengthened during
the year, provided clear guidance to
operations, especially as the company
moved towards quarterly reporting
during quarter 3 of 2024
•
the changes to the organisational
structure of the finance function as a
result of operating model changes.
The Committee were briefed on this
and were supportive of the changes
being made
•
that the finance function had properly
applied accounting principles in the
preparation of the financial statements
and the accounting of complex and non-
routine transactions, such as the
provisional purchase price allocation
process for the acquisition of Centamin
•
the remediation steps taken by
management to remediate the material
weaknesses reported during 2023
around the net deferred tax asset at
Obuasi and the ineffective ITGC access
controls and control documentation over
the SAP ERP software system, and is
supportive of their remediation
•
the root cause analysis of reported
significant deficiencies in 2024 and the
ongoing remediation process with
respect to the 2023 material weakness
in respect of the impairment and
impairment reversal process
and as a result, the Committee was satisfied
with the overall adequacy and
appropriateness of the function while
recognising areas of improvement required.
Committee’s oversight of tax governance
and strategy
The Committee considered and
recommended for approval to the Board the
Group’s tax strategy, which sets out the
Group’s approach to tax in areas such as tax
efficiency, tax risk management and tax
governance and oversight. More information
can be found on page 103.
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), the status of the Group’s tax
compliance globally and relevant global
fiscal developments impacting the Group's
tax status.
Committee’s oversight of Speak-up
reports
The Committee received updates on
AngloGold Ashanti’s Speak-up process of
matters of relevance to the Committee.
Where appropriate, the Chairperson of the
Committee will directly oversee an
investigation of a Speak-up 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, 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 statement review and
governance
The Committee has considered, evaluated
and discussed the consolidated and
separate annual financial statements for the
year ended 31 December 2024 with the
management team and the External Auditor.
During the process, the Committee
considered and:
•
evaluated significant judgmental and
reporting decisions
•
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, including the
accounting for the newly acquired
Centamin business, with management
and the external auditors
•
discussed the root causes identified that
led to the ongoing remediation of the
2023 material weakness in respect of
the impairment and impairment reversal
process reported and the remediation of
the material weaknesses reported in
2023.
The Committee concluded that, despite the
ongoing remediation process with respect to
the material weakness of the impairment
and impairment reversal process, the
separate and consolidated annual financial
statements for the year ended 31 December
2024 comply, in all material aspects, with the
requirements of FRS 102 and UK-adopted
international accounting standards
respectively as well as the UK Companies
Act 2006 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.
Assessment of events post year end
Management confirmed to the Committee
that all significant post period-end events
have been appropriately considered and
disclosed in the consolidated annual
financial statements.
Committee’s areas of focus for 2025
The Committee recognises that its work is
increasingly broad and complex, and that it
is required to stay on top of developments
impacting AngloGold Ashanti. During 2025,
the Committee will, over and above its
business as usual activities, monitor:
•
the Centamin integration progress,
focussing on the alignment of key
business functions and fostering of a
cohesive corporate culture
•
design and implementation of the
necessary internal controls over financial
reporting for Centamin
•
embedding of changes in the internal
control environment as a result of
changes in the operating model
•
the increasingly challenging cyber
environment and the Group’s prevention
and defense capabilities in terms of risk
exposure (both for information
technology and operational technology)
•
the ongoing remediation process with
respect to the material weakness of the
impairment and impairment reversal
process
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AngloGold Ashanti plc | Annual Report 2024
Audit and Risk Committee report continued
113
Committee membership and attendance in 2024
Scheduled
meetings
Attendance
(%)
Bruce Cleaver (1)
2/2
100
Kojo Busia (1)
5/5
100
Rhidwaan Gasant
5/5
100
Scott Lawson (2)
4/4
100
Nicky Newton-King (3)
2/2
100
Diana Sands
5/5
100
Maria Richter (4)
2/2
100
Jochen Tilk (5)
2/2
100
(1) Bruce Cleaver was appointed to the Board and the Committee on 22 July 2024 and was appointed
as Chairperson of the Committee on 1 January 2025. Kojo Busia served as Chairperson of the
Committee during 2024.
(2) Scott Lawson was a member of the Committee until he resigned from the Board on 15 October
2024.
(3) Nicky Newton-King was appointed to the Board and the Committee on 22 July 2024.
(4) Maria Richter was a member of the Committee until she retired from the Board on 28 May 2024.
(5) Jochen Tilk was a member of the Committee until he was appointed as Chairperson of the Board
on 28 May 2024.
The Board Chairperson, Chief Executive Officer, the Chief Sustainability and
Corporate Affairs Officer and Chief Legal Officer, attend all Committee meetings.
On occasions, other Non-executive Directors may attend Committee meetings for
specific matters.
Committee responsibilities
•
Develop, review and periodically assess the company goals, initiatives and
programmes with respect to ESG matters
•
Monitor the processes for managing ESG-related risks and opportunities
•
Annually review the company’s compliance record against laws, regulations
and company policies relating to ESG matters
•
Consider material legal and regulatory developments in relation to ESG matters
•
Receive and consider the results of any ESG-related audits
Details of how the Company addresses climate change
and the progress towards the Group’s sustainability
goals are set out on pages 72 to 90. Further details on
the areas which the Committee has oversight of can be found in the Company’s
2024 Sustainability Report.
Committee gender diversity
As at 31 December 2024
3
2
Male
Female
As at 26 March 2025
3
2
Male
Female
Discharging our responsibilities
The Committee has fully discharged its responsibilities in line with its remit. The
Committee charter is available at www.anglogoldashanti.com. A review of the
Committee was undertaken during 2024 as part of the external Board review (see
page 108). The Board has assessed that the Committee is providing adequate
challenge and oversight and that the Committee continues to operate effectively.
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Social, Ethics and Sustainability Committee report
114
Chairperson’s statement
It is my pleasure to present my first report
as Chairperson of the Social, Ethics and
Sustainability Committee (the Committee),
and I wish to take the opportunity to thank
Kojo Busia who served as Committee
chairperson during 2024 and continues to
provide support and guidance as a
member of the Committee.
The tragic fatality of a contractor at our Geita
mine in 2024 has increased the Committee’s
determination to deliver our commitment to
embedding our values of safety, respect, integrity,
sustainability, excellence and collaboration.
Committee changes in 2025
One of the outcomes of the Board and committee
review was to consider the balance and
composition of the Board committees. As a result,
various changes were implemented with effect
from 1 January 2025. Bruce Cleaver took over as
Chairperson of the Committee and Kojo Busia
remains as a member. The Committee welcomed
Jinhee Magie as member and Diana Sands
stepped down as a member from 1 January 2025.
Rhidwaan Gasant will step down as a member
when he retires at the 2025 AGM.
Current Committee members
•
Bruce Cleaver
(Chairperson)
•
Kojo Busia
•
Rhidwaan Gasant
•
Jinhee Magie
•
Nicky Newton-King
Bruce Cleaver
Social, Ethics and
Sustainability Committee Chairperson
26 March 2025
v
Committee membership and attendance in 2024
Scheduled
meetings
Ad hoc
meetings
Attendance
(%)
Albert Garner (Chairperson)
5/5
1/1
100
Alan Ferguson
5/5
1/1
100
Rhidwaan Gasant (1)
5/5
0/1
83
Nicky Newton-King (2)
2/2
–
100
Maria Richter (3)
2/2
1/1
100
Diana Sands
5/5
1/1
100
(1) Rhidwaan Gasant was unable to attend one ad hoc meeting due to a prior commitment. He
reviewed the papers and provided comments to the Committee Chairperson in advance.
(2) Nicky Newton-King was appointed to the Board and become a member of the Committee on
22 July 2024.
(3) Maria Richter retired from the Board and stepped down as a member of the Committee on
28 May 2024.
The Chief Executive Officer and Chief People Officer regularly attend Committee
meetings. On occasions the Chief Financial Officer and other Non-executive
Directors attend Committee meetings for specific matters.
Committee responsibilities
The Committee 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
Committee gender diversity
As at 31 December 2024
3
2
Male
Female
As at 26 March 2025
3
2
Male
Female
Discharging our responsibilities
The Committee has fully discharged its responsibilities in line with its remit. The
Committee charter is available at www.anglogoldashanti.com.
A review of the Committee was undertaken during 2024 as part of the external
Board review (see page 108). The Board has assessed that the Committee is
providing adequate challenge and oversight and that the Committee continues to
operate effectively.
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Directors’ remuneration report
115
Albert Garner
Compensation and Human Resources
Committee Chairperson
In 2024, the Committee
remained focused on
ensuring AngloGold Ashanti’s
remuneration practices
continued to present a fair
reflection of the Company’s
performance, while
maintaining competitiveness
versus peers and aligning
with the interests of all
key stakeholders.
Committee changes in 2025
Rhidwaan Gasant has stated his intention not to
seek re-election at the 2025 AGM and will step
down as a member of the Committee from the
2025 AGM.
Current Committee members
•
Albert Garner (Chairperson)
•
Alan Ferguson
•
Rhidwaan Gasant
•
Nicky Newton-King
•
Diana Sands
Ensuring fair, responsible and transparent remuneration
Dear Shareholder,
In 2024, the Committee remained focused
on ensuring AngloGold Ashanti’s
remuneration practices continued to present
a fair reflection of the Company’s
performance, while maintaining
competitiveness versus peers and aligning
with the interests of key stakeholders.
Both the remuneration framework and the
new incentive scheme were implemented in
2024 and were designed to underpin
execution of the Company’s strategy,
providing reward at an appropriate
competitive level with a direct and
demonstrable link to overall performance.
The Committee is satisfied that these
policies remain appropriate in motivating,
retaining and attracting executives and
employees across the global business.
Performance context
The year in review was characterised by
clear execution of AngloGold Ashanti’s
strategy, with achievement of key
performance indicators and a notable
resilience in recovering from setbacks, which
inevitably occur in a large-scale global
mining business.
Good progress was made embedding the
new Corporate structure in the first full year
following the September 2023 change of
domicile from South Africa to the UK, and
the shift to Denver headquarters in the US
and a primary listing on the NYSE. The
majority of the executive and certain senior
management personnel have relocated to
Denver, while key functions have been
maintained in the Johannesburg office,
which remains an important focus of activity
for the Africa business and various other
corporate functions. Importantly, the
Company successfully started reporting full
quarterly financial and operating results in
the third quarter of the year, as promised,
aligning more closely with North American
peers.
The safety performance at our managed
operations was marred by the death of a
contract employee following a light motor
vehicle accident at our Geita gold mine in
Tanzania in May. This tragic incident,
detailed in our Sustainability Report,
underscores the importance of continued
vigilance to ensure the safety of people
working across the business. It tainted an
otherwise strong performance across the
operating footprint, where teams achieved
yet another reduction in one of the global
gold industry’s lowest total recordable injury
frequency rates (TRIFR), the broadest
measure of workplace injuries and a good
indicator of the organisation’s overall safety
culture. The TRIFR improved by 10% year on
year to a record 0.98 injuries per million
hours worked. This compares to an average
TRIFR of 1.09 in 2023, and the average of
2.6 for the members of the International
Council on Mining and Metals in 2023, the
most recent figures available.
Nowhere was the improved resilience of the
business more evident than in the
production performance at our managed
operations, which recovered well from
unforeseen challenges which affected
output.
At Siguiri, in Guinea, the plant team
confronted a sharp decline in metallurgical
recoveries from one of the open pits during
the first quarter of the year. The site
nonetheless managed to improve
production year on year, with a strong final
quarter. Obuasi in Ghana and Geita in
Tanzania, experienced power outages and
grid reliability issues that had an impact on
production. Furthermore, at Obuasi, brittle
ground conditions in high-grade
underground mining areas hampered
productivity.
In Australia, 312mm of rain fell over 72
hours in March, almost four times the entire
rainfall for 2023, submerging large parts of
the Tropicana site for several days and
rendering its access roads impassable for
several more. The site staged a strong
recovery in the second half of the year to
offset some of the first half production
losses, with Tropicana’s fourth quarter
production 89% ahead of the first quarter.
Higher than historical average rainfall was
recorded at Iduapriem in Ghana, Siguiri in
Guinea and Geita in Tanzania, further
affecting production.
The production headwinds were somewhat
offset by the strong turnaround from the
Brazil operations. A marked improvement in
both production and costs at Cuiabá, the
largest of our mines in that country, has
rendered that operation almost
unrecognisable from the one that drained
significant cash flow from the business in
2023.
The improved result is a credit to Brazil’s
new leadership, appointed in late 2023, and
to both the new operating model and Full
Asset Potential business improvement
process, which together have created a
more robust business, better able to
withstand unforeseen events.
At our managed operations, production of
2.35Moz compared with guidance of
2.33Moz – 2.49Moz; this included 40,000oz
from Sukari from the effective date of its
acquisition on November 22.
For the portfolio as a whole, including non-
managed joint ventures, production was
2.66Moz, versus guidance of 2.65Moz –
2.85Moz, again with the inclusion of Sukari’s
contribution and with a lower-than-expected
production result from the Kibali joint
venture (managed by Barrick Gold) in the
DRC, caused by declining grade and
underground volumes.
There was a stronger focus on costs, and
again the result shows the business in a
stronger position than the recent past,
relative to our peers. Our cost performance,
with both total cash costsAPM and all-in
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AngloGold Ashanti plc | Annual Report 2024
Section 1: Compensation and Human Resources Committee
Chairperson’s statement
116
sustaining costsAPM rising by only 4% year on
year, versus a Group inflation rate of
approximately 7%. This strong cost control,
alongside continued focus on management
of working capital – a strategic focus area
for the CFO – ensured most of the benefit of
higher gold prices flowed to the bottom line.
Free cash flowAPM of $942m represented a
nine-fold increase over the 2023
performance with commensurate benefit for
our balance sheet. Adjusted net debtAPM fell
55% to $567m and the adjusted net debt to
adjusted EBITDAAPM ratio improved to 0.2x,
the lowest level in more than a decade.Total
dividends of $439m were declared for
2024, compared to $95m in 2023. The
robust balance sheet has enabled the
Company to adopt an enhanced dividend
policy.
The increased stability and stronger
operational performance created the
platform for our first acquisition of a
significant operating asset in several years.
In September 2024, we announced the
acquisition, paid mostly in shares and some
cash, of Centamin plc, a Jersey-based
company whose primary asset was Sukari,
Egypt’s largest gold mine. The acquisition
provides us a highly cash generative Tier 1
asset as well as exploration acreage in
Egypt’s prospective Arabian Nubian Shield.
The deal was executed within the original
time frame provided to the market. A well-
planned and resourced integration
programme – essential to embedding this
new operation in the larger portfolio – was
well underway at year end to ensure
AngloGold Ashanti is well placed to realise
corporate synergies and the benefits to
procurement and exploration, among others.
2024 incentive outcomes
The Annual Cash Bonus is the primary
short-term incentive (STI) operated for
senior executives and key employees.
Awards are based on the outcomes from a
Company scorecard and individual
performance measures.
With respect to the company’s operating
and financial performance, significant
progress was made in the year, with
production recovering well from the
unanticipated disruptions described above.
This recovery, alongside the improved gold
price, helped drive significant
improvements to free cash flowAPM,
adjusted EBITDAAPM and dividends paid.
Despite the fatality at Geita in May, the
Company delivered a market leading
improvement in TRIFR, achieving its lowest
ever injury rate. Management recommended
the final Company scorecard outcome be
reduced by 5% to reflect the fatality, and the
Committee supported this recommendation.
When making our year-end determination of
the Annual Cash Bonus, we aim to ensure
actual performance is directly comparable to
the target set at the start of the year. This
means assessing performance to make sure
we take into consideration events outside of
managements’ control.
These events included the significant impact
of weather events across Australia, as well
as Guinea, Ghana and Tanzania. In addition,
reliability issues with grid power in Ghana
and Tanzania hampered output.
Nonetheless, production ended the year
inside the published guidance range once
the 40,000oz contribution from Sukari was
accounted for. The final cost performance
was all the more impressive in light of these
production impacts, with the business
delivering another real reduction in both total
cash costs and all-in sustaining costs.
The strong operational performance was in
part reflected in the performance of
AngloGold Ashanti’s US-listed shares, which
rose 27% during 2024 versus a 15% gain for
the NYSE Arca Gold Miners Index.
The Committee viewed the efforts by the
management team to not only mitigate the
effects of these exogenous challenges but
also to deliver another strong cost
performance amidst ongoing inflationary
pressures to be extraordinary. Taking this
into account as well as the seamless value
accretive acquisition of Centamin, the
Committee exercised its discretion to adjust
the performance outcome to target. The
final outcomes are detailed on page 122.
As disclosed last year and approved by
shareholders at the 2024 AGM, two
transition incentive awards were applied to
facilitate the change from the legacy
Deferred Share Plan (DSP) towards a more
conventional incentive model. The first
transition award is based on relative TSR
over the three years to December 2024 and
had an outcome of 21.15%. Further details
of the incentive outcomes for the year can
be found from page 121 to 123.
The first Performance Share Plan (PSP)
award was granted during 2024, and the
outcome for this award will be assessed
after a three-year performance period ending
in December 2026. Details of the
performance criteria for this award can be
found on page 129.
People
The Committee’s remit includes the People
strategy, which aims to build capability,
ensuring strong succession by developing
internal talent and investing in employees.
During the year we engaged with
management on improving bench strength
in critical skills, embedding the global
organisational culture, increasing
localisation, addressing performance risks
and the ongoing focus on progressing
inclusion and diversity.
A review of the operating model has moved
the Company closer to global
standardisation which further reduces risk,
increases transparency and provides
consistency in an evolving progressive
organisation.
Engagement with shareholders
With the implementation of the separate
short-term and long-term incentive plans,
significant engagement was conducted
with investors and employees, both of
whom remained consistently supportive
of the changes.
We will continue to engage with
shareholders on executive pay.
Implementation for 2025
For the coming year we will continue to
implement the Directors’ Remuneration
Policy that received strong support at the
2024 AGM.
The Committee continued to take a
balanced and measured approach to pay
practices, moving to a more market-
standard US based approach. A review of
the peer group was conducted through the
year to ensure that the comparators
remained relevant. The factors considered in
the review were the sector, the size of the
companies, complexity and global spread of
operations and most importantly the market
in which the Company competes for senior
talent. The intention of the review was not to
do a reset but to rather ensure that the
comparator group was fit for purpose and a
fair representation of companies with which
we compete for talent. The new group is not
fixed and the Committee maintains
discretion to amend it. The revised group
can be seen on page 119. Positioning
against the group will reflect a number of
factors, with highly experienced and sought
after talent likely to be positioned towards
the upper end of the market range.
For 2025, it was determined that there would
be a 2% increase in the CEO’s base salary,
which is in line with the broader workforce.
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AngloGold Ashanti plc | Annual Report 2024
Section 1: Compensation and Human Resources Committee Chairperson’s statement continued
117
The CFO’s base salary has been adjusted by
20% to $752,812. The CFO has delivered
outstanding performance and is a key
member of the executive team. This
adjustment to base salary provides
competitive pay relative to the market,
ensures retention and is fully reflective of her
contribution in the role since appointment.
For 2025, the Annual Cash Bonus for the
Executive Directors will continue to be based
on 80% Company performance and 20%
individual strategic objectives. The Company
performance will focus on production, cost
and free cash flowAPM (65% combined), with
the remaining objectives being split between
ESG, people and long-term optionality.
Details of the measures and weightings are
provided on page 135.
For PSP awards to be granted in 2025,
performance will be measured over the
three-year period ending 31 December 2027
and will continue to be based on relative
TSR, relative cost improvement, delivery of
growth projects and ESG targets. Further
details are provided on page 135.
The final transition award, as disclosed and
approved by shareholders last year, will be
allocated for performance over the period
2023-2025. This award is of equal value to
the relative TSR element of the legacy DSP
and is measured in accordance with the TSR
vesting schedule and peer groups used
under the legacy DSP. These awards are
delivered one-third in cash and two-thirds in
shares, which will vest after three years.
Thanks
I’m gratified to have completed the first
annual cycle as Chairperson of this
Committee.
I thank Maria Richter, my predecessor,
for the seamless handover of her duties,
my fellow Committee members for their
strong support and guidance, and
our senior leadership team for their
professional and transparent execution of
the ongoing strategy to close the value gap
with our peers.
This Committee remains vital to ensuring a
compensation strategy and outcomes that
are fair and equitable to staff, acceptable to
shareholders, and allow AngloGold Ashanti
to remain competitive in the market for
scarce operating, technical and leadership
skills, among others. Successful execution
of compensation strategy will allow
AngloGold Ashanti to continue to deliver on
its strategy and produce superior results that
ultimately benefit the widest possible
number of stakeholders.
I would also like to specifically express my
appreciation for Rhidwaan Gasant who
steps down from the Committee after his
many years of dedication and contribution to
the Committee. He will be missed.
To the executive leadership team, thank you
for your hard work and effort to deliver
strong and consistent results and the
acquisition of a key asset which will further
benefit our business and our shareholders.
Finally, to our shareholders, I would like to
thank you for the ongoing engagement and
support and look forward to more interaction
in 2025.
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Section 1: Compensation and Human Resources Committee Chairperson’s statement continued
118
Albert Garner
Compensation and Human Resources
Committee Chairperson
26 March 2025
AngloGold Ashanti is a UK-incorporated
company with a primary listing on the NYSE
in the US, and secondary listings in South
Africa and Ghana. As we are not listed in the
UK, the governance provisions that apply to
FTSE-listed businesses, including the UK
Corporate Governance Code and UK Listing
Rules, do not apply. Following the corporate
restructure in 2023, the Company is obliged
to follow the Johannesburg Stock Exchange
rules as a secondary listed company. As a
NYSE-listed company with headquarters in
Denver, Colorado, the approach to
remuneration has been designed taking into
account US market practice and sector
trends in the global mining talent market.
Key responsibilities
In line with the governance statement on
page 115, the Committee is responsible for
the full compensation and human resources
remit.
The Committee has access to both
executive and senior management who are
regularly invited to join and present at
meetings as needed. In addition, the
Committee receives advice from the
independent remuneration advisers and
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, do not promote
or reward excessive risk taking and
cover 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
•
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
•
Use performance measures to measure
progress of key in-year and long-term
business objectives
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 practices, emphasises the
importance of fair and responsible
remuneration to ensure the Company
employs the skilled and experienced
executives and staff vital to the success of
the Company.
The Directors’ 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
•
Eliminating 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, expert
remuneration consultants provide advice
and recommendations
•
Using external market benchmarks,
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
with a detailed review being undertaken by
the Committee in 2024. Considered in the
review were:
•
The sector in which we operate and the
availability of global talent in the market
•
The size of the benchmark companies in
the group
•
The complexity and global spread of the
comparable operations and
•
The number of companies to be included
in the benchmark group
The intention of the review was not to do a
reset but to rather ensure that the correct
comparator basis was available for the
Committee to apply judgement when
reviewing executive pay.
The table below summarises the updated
2024 comparator group:
Comparator benchmark group (1)
Agnico Eagle Mines
Canada
Alcoa
United States
Anglo American
United Kingdom
Barrick Gold
Canada
B2Gold
Canada
First Quantum Minerals
Canada
Gold Fields
South Africa
Kinross Gold
Canada
Newmont
United States
Pan American Silver
Canada
South32
Australia
(1) Antofagasta, Anglo Platinum and Sibanye-
Stillwater were removed and Alcoa, Anglo
American, First Quantum Minerals and Pan
American Silver were included as part of the
review.
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AngloGold Ashanti plc | Annual Report 2024
Section 2: Annual remuneration report
119
Single total figure of remuneration for the year ended 31 December 2024
Executive Directors (audited)
A comprehensive summary of all elements of the Executive Directors’ remuneration for the period 1 January to 31 December 2024 is provided
below. Although the Company is only technically required to disclose the 2023 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 has been shown in the interests
of full transparency.
Single total figure remuneration 2024 ($)
Director
Name
Year
Salary Benefits(1)
Pension
Total
fixed pay
Annual
Cash
Bonus/
DSP cash
DSP
shares (2)
Transition
Award
(1/3 Cash)
Transition
Award
(2/3
share
awards)
Buy-out
share
awards on
recruitment
(3)
Total
variable
pay (2)
Total
A Calderon
2024
1,689,120
121,861
418,057
2,229,038
1,579,327
—
267,937
535,873
— 2,383,137
4,612,175
2023
1,656,000
622,585
409,860
2,688,445
1,493,050 2,986,099
—
—
— 4,479,149
7,167,594
GA Doran
2024
627,343
143,852
99,855
871,050
500,620
—
92,878
185,756
—
779,254
1,650,304
2023
545,516
253,012
41,996
840,524
418,062
909,899
—
—
563,005
1,890,966
2,731,490
(1) The Executive Directors are provided with family health insurance, group life insurance, social security and other benefits. This includes a final relocation reimbursement for
2023 of $46,077 for A Calderon and $63,322 for GA Doran for their relocation to Denver, Colorado, reflected in 2024. The total value of all benefits is included above. No
further relocation benefits are expected for 2025. The relocation policy applied was consistent with the approach taken for other senior executive roles.
(2) Only DSP Shares are illustrated for 2023, no share awards were earned during the 2024 performance year as the first vesting of the Performance Share Plan awards will
take place in 2027.
(3) 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
There were no other Executive Directors and
no payments to past directors for the 2023
or 2024 period.
Base salary
In January 2024 the CEO and Executive
Director, A Calderon received a pay increase
on his base salary of 2% to maintain a level
of purchasing parity (below the inflation
and market rates of 4% considered for
other employees).
When considering the annual 2024 increase
for GA Doran, the CFO and Executive
Director, a number of factors were taken into
consideration including; the Company’s pay
philosophy, the competitiveness of the CFO
remuneration against our identified peer
companies, the approach of fair, equitable
and responsible pay, affordability and
market insights. The Committee then
determined that her base salary for 2024 be
set at $627,343.
Benefits
Both Executive Directors receive Company-
provided health insurance, Group life cover
for both death and disability, tax services
from an independent tax adviser, and their
spouses may accompany them on one
business trip per annum paid for by the
Company. In 2023, both Executive Directors
relocated to Denver, Colorado and received
relocation allowances in line with the
Company’s standard policy. No further
relocation allowances were paid in 2024,
however, final reimbursements for 2023 to
the value of $46,077 for A Calderon and
$63,322 for GA Doran are reflected in 2024.
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, which receives
no company contributions during the year.
GA Doran is a member of the US Executive
Deferral Plan which has a Company
contribution of 12.5% of her base salary and
cash bonus.
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Section 2: Annual Remuneration Report continued
120
Geita, Tanzania
Annual Cash Bonus performance in
the 2024 financial year (audited)
Overview of the short-term incentive
(STI)
In previous years, AngloGold Ashanti
operated the DSP which was a single
incentive scheme comprising short- and
long-term metrics. In 2024, this legacy
scheme was replaced with separate short-
term and long-term incentive schemes.
The more market aligned STI is a cash
bonus with performance measured over the
financial year.
The STI payment value is determined by
stratum level and the incentive is calculated
based on achieving a combination of
Company scorecard and individual
performance measures, which are defined
annually with weightings apportioned to
each of the measures. Each of the Company
scorecard metrics has a threshold, target
and stretch achievement level assigned
based on the Company production, plan and
desired stretch targets for the year.
At the end of the 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 cash bonus as per the
calculation below:
STI Cash Bonus:
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
For Executive Directors, the STI is based
80% on Company performance and 20% on
individual performance.
2024 Annual Cash Bonus (STI)
outcomes
The Committee approved the 2024 STI
Company performance achievement of
100%.
Prior to determining the overall outcome
from the scorecard, the Committee also
considered the broader context for
performance. This review was to ensure that
the outcomes fairly reflect performance
during the year. In particular, the Committee
noted:
•
Significant year-on-year growth in actual
free cash flowAPM increase from $109m
in 2023 to $942m in 2024 and a 93%
increase in adjusted EBITDAAPM to
$2.5bn
•
Robust balance sheet enabling the
delivery of an enhanced dividend policy,
with total payouts of $439m for 2024
•
Acquisition of Centamin which provides
the Company with a highly cash
generative Tier 1 asset
•
Disruption to production caused by the
unprecedented rainfall and flooding in
Tropicana in March 2024 when 312mm
of rain fell in a 72-hour period resulting in
a several days of closure, as well as
power reliability issues in Obuasi and
Geita, and multiple abnormal weather
events impacting the broader portfolio,
which materially impacted outcomes
under the financial and production
metrics
•
Marked turnaround in operational
performance of the Brazilian operations
versus the prior year, along with notable
resilience demonstrated by the teams in
Obuasi, which pivoted to a hybrid mining
approach after encountering dangerous
and disruptive brittle ground conditions
in its high-grade stopes, and at Geita,
Siguiri and Iduapriem in recovering from
setbacks including significantly higher
than average rainfall, which hampered
open-pit production
•
Although the Company delivered a 10%
improvement in TRIFR, which remains
well ahead of industry benchmarks, the
safety performance was marred by a
fatality during the year following a light
motor vehicle accident at Geita. In light
of this fatality, management
recommended and the Committee
agreed that the safety element be
reduced by 5%
Considering all these factors alongside the
strong final operational and financial results,
the Committee agreed on a final Company
performance achievement of 100%.
The Committee is satisfied that this
outcome appropriately rewards our
employees who participate in the STI and
more closely matches the shareholder
experience. The table on the following page
summarises the performance measures,
their weightings, and performance against
those metrics for the STI for 2024.
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Section 2: Annual Remuneration Report continued
121
Geita, Tanzania
Theme
Measures
Target
weighting
(%)
Threshold
measures
(50% of
target)
Target
measures
(100% of
target)
Stretch
measures
(150% of
target)
2024
Performance (2)
2024
Achievement (%)
Financial and
operating
performance
Free cash flowAPM(1)
10
$766m
$1,075m
$1,384m
$1,163m
11.7
Optimise overheads,
costs, and capital
expenditure
Total cash costAPM
15
$1,175/oz
$1,154/oz
$1,071/oz
$1,157/oz
13.8
All-in sustaining costAPM
15
$1,650/oz
$1,617/oz
$1,508/oz
$1,607/oz
15.7
Improve portfolio
quality
Production
25
2,633koz
2,699koz
2,792koz
2,621koz
—
Maintain long-term
optionality
Mineral Reserve additions
(pre-depletion, asset sales,
mergers, and acquisitions)
7.5
Plus 1.4Moz
Plus 2.8Moz
Plus 4.1Moz
1.9Moz
5.0
Mineral Resource additions
(pre-depletion, asset sales,
mergers, and acquisitions)
7.5
Plus 2.8Moz
Plus 5.5Moz
Plus 6.9Moz
12.3Moz
11.3
People and ESG
People:
Gender diversity (female
representation)
Succession planning
outcomes
2.5
2.5
20.0%
40.0%
23.0%
50.0%
26.0%
80.0%
19.0%
56.0%
0.0
2.8
Safety and Health (one
leading indicator applicable
to both Health and Safety):
Major Hazard Control
Verification Compliance
All supervisors and
managers conduct critical
control verifications on
Health and Safety
Total Recordable Injury
Frequency Rate (TRIFR)
5
5
90.0%
1.49
(0.0%
Improvement)
95.0%
1.42
(5.0%
Improvement)
100.0%
1.38
(7.5%
Improvement)
127.0%
0.97
7.5
7.5
Community – % of
community grievances
cleared in 45 days
Environment – Operating
assets develop a set of
meaningful and achievable
context-based Water
Stewardship Goals that
consider the operational,
environmental, and social
priorities within their
catchment
5
60.0% of
grievances
closed out/
cleared within
45 days
80.0% of the
operations
have goals in
place
70.0% of
grievances
closed out/
cleared within
45 days
90.0% of the
operations
have goals in
place
100.0% of
grievances
closed out/
cleared within
45 days
100.0% of the
operations
have goals in
place
74.0%
100.0%
2.7
3.8
(1) Free cash flow APM (pre-growth capital) captures performance versus budgeted free cash flow APM (pre-growth capital) (excluding growth capital), flexed for gold price
movements versus budgeted gold prices. The Free Cash Flow APM threshold, target and stretch measures will be normalised each quarter for the impact of gold price and
CPI movements compared to the budget, as well as the resultant effect of these variables on cash taxes and royalties.
(2)
All performance results exclude Centamin for 2024.
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Section 2: Annual Remuneration Report continued
122
Transition Incentive Award performance in the 2024 financial year (audited)
Overview of Transition Incentive Award
The Transition Incentive Award was implemented for the 2024 and 2025 performance years to bridge the transition from the last award under
the backward-looking DSP (2021-2023 performance period) to the first award under the forward-looking Performance Share Plan (2024-2026
performance period).
The 2024 awards are calculated based on relative TSR performance over the three-year period ended 31 December 2024. The calculation was
based on six peers in line with the methodology under the legacy DSP (Agnico Eagle, Barrick Gold, Gold ETF, Gold Fields, Kinross Gold and
Newmont Mining).
2024 Transition Incentive Award outcomes
The Committee approved the performance outcomes for the 2024 Transition Incentive Awards. AngloGold Ashanti’s TSR performance ranked
third against the peer group and therefore positioned halfway between the median and upper quartile resulting in a 21.15% of target
achievement. The award will be delivered one-third in cash and two-thirds in shares that will be deferred for three years.
Performance
Metrics
Target weighting
(%)
Threshold
measures
Target measures
Stretch measures
Performance (%)
Achievement (%)
Relative Total
Shareholder
Return (TSR)
20
Median TSR of
Comparators
Halfway between
Median and Upper
Quartile
Upper quartile TSR
of Comparators
48.9
21.2
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Section 2: Annual Remuneration Report continued
123
Cuiabá, AGA Mineração, Brazil
Impact on Executive Directors
Alberto Calderon: Total remuneration outcomes
Maximum cash bonus opportunity: 127.5% of salary
(target opportunity of 85% of salary)
Final cash bonus results: 93.50%
Maximum Transition Incentive Awards opportunity: 67.5% of salary
(target opportunity of 45% of salary)
Final Transition Incentive Award results: 47.59%
Alberto Calderon: Performance incentive outcome
2024 Performance outcome (CEO)
Transition Incentive
Award outcome
Annual Cash Bonus
Award outcome
Total Incentive Award
for 2024
Total % for Company performance:
105.8
100.0
Weighting (%):
100.0
80.0
A - Company performance weighted outcome (%):
105.8
80.0
Individual performance results (%):
20.0
Individual performance weighting:
x
Performance rating award correlation (%):
150.0
B - Opportunity based on individual performance (%):
30.0
Total % of Pay opportunity (A+B) (%):
105.8
110.0
x
x
On-target total cash bonus opportunity (as % of base pay)
15.0
85.0
On-target total share award opportunity (as % of base pay)
30.0
—
Final cash bonus result (as % of base pay)
15.9
93.5
Final share award result (as % of base pay)
31.7
—
x
x
1,689,120
1,689,120
Annual cash bonus ($):
267,937
1,579,327
1,847,264
Annual deferred share portion (to vest after three years) ($):
535,873
—
535,873
Total Incentive Award for 2024 ($)
803,810
1,579,327
2,383,137
Production, Financial Performance
and Growth
Achievement against budget
production oz, total cash costAPM,
AISCAPM and free cash flowAPM
Growth Pipeline
Continue to deliver on the Full Asset
Potential assessments driving the
delivery of both productivity and cost
benefits over the 12-month period
Develop and grow the portfolio both
organically and inorganically to create
greater optionality for the business.
Specifically, complete Obuasi KMS
shaft, ramp up production, keep
progressing Nevada through its major
development stages
60%
Gold production, total cash costAPM , all-in sustaining costAPM and free cash flowAPM all
performance as per table on page 122.
Clear turnaround in Brazil and strong delivery on Full Asset Potential, now embedded
into our operations and showing demonstrable cost and productivity.
Completion of value accretive Centamin acquisition and purchase of the strategic
14.99% stake in G2 Goldfields for a foothold in Guyana and ongoing evaluation of
growth and divestment options.
Obuasi’s KMS shaft completed and new hybrid mining method adopted, employing
both bulk and selective mining implemented to safely ramp up production. Obuasi
continued to generate free cash flow to the business during this period.
Nevada projects continue to progress. Continued exploration success takes our
Nevada projects to a gold Measured and Indicated Mineral Resource of 5.4Moz and a
gold Inferred Mineral Resource of 14.3Moz.
Alberto Calderon: Key objectives and achievements 2024 (20% weighting on Annual Cash Bonus)
Scorecard
Weighting
Performance achieved
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Section 2: Annual Remuneration Report continued
124
Environmental, Social, and
Corporate Governance (ESG)
Health and Safety
Continued focus on delivering zero
fatalities.
Driving a proactive safety culture and
implementing leading health and
safety initiatives with global
standardisation.
Environment and Community
Ensuring a clear strategy to address
emerging requirements and
stakeholder expectations. Focus on
community relations and operational,
environmental and social priorities,
implementation of water stewardship
goals and driving the strategic
direction of the Decarbonisation
Strategy to reduce absolute Scope 1
and 2 GHG emissions by 30% by
2030.
10%
A tragic fatality occurred at Geita following a light vehicle accident. We continue to
implement lessons learned from High Potential Incidents, improving the quality of
Critical Control Verifications and holding regular global leadership safety meetings led
by the CEO. Total recordable injury frequency rate of 0.98 injuries per million hours is
below 1.0 for first time and among the lowest in the global mining industry. Significant
stakeholder engagements were held across all jurisdictions with employees,
government officials, shareholders, prospective investors and lenders, analysts and
media. Continued to drive decarbonisation strategy, with the Tropicana renewables
project complete and commissioned in first half of 2025, and the switch to grid power
in Tanzania, which has a hydropower element, completed in 2024. Projects in Ghana
and Guinea are moving through the evaluation phase.
Other strategic priorities
Continued embedding of AngloGold
Ashanti into the US markets building
strong positive sentiment with current
and prospective shareholders and
establishing AngloGold Ashanti as a
US-recognised organisation at state
and federal level.
Deliver the implementation of the
operating model in line with the
approved blueprint and in the time
frame outlined in the implementation
plan.
Reputation management.
Delivering on the people pipeline with
focus on executive team succession,
critical skills, and a continued focus
on diversity.
30%
Introductory meetings held at various levels of government in the US, as well as with
US diplomatic corps in our other operating jurisdictions. Will establish relationship with
new administration in 2025.
Operating model delivered in line with plan for 2024 with enhanced effectiveness
already being seen. Additional work planned for 2025.
Progress on talent pipeline with a solid bench of successors for each executive
member. All critical skills roles have identified successors. Gender diversity has
progressed to approximately 20% at executive and senior leadership levels combined.
Conducted media engagements and interviews around results and acquisition to
ensure performance and strategy were clearly explained.
Total
100%
Alberto Calderon: Key objectives and achievements 2024 (20% weighting on Annual Cash Bonus)
Scorecard
Weighting
Performance achieved
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Section 2: Annual Remuneration Report continued
125
Gillian Doran: Total remuneration outcomes
Maximum cash bonus opportunity: 114% of salary
(target opportunity of 76% of salary)
Final cash bonus results: 79.80%
Maximum Transition Incentive Awards opportunity: 63% of salary
(target opportunity of 42% of salary)
Final Transition Incentive Award results: 44.42%
Gillian Doran: Performance incentive outcomes
2024 Performance outcome (CFO)
Transition Incentive
Award outcome
Annual Cash Bonus
Award outcome
Total Incentive Award
for 2024
Total % for Company performance (%):
105.75
100.00
Weighting (%):
100.00
80.00
A - Company performance weighted outcome (%):
105.75
80.00
Individual performance results (%):
20.00
Individual performance weighting:
x
Performance rating award correlation (%):
125.00
B - Opportunity based on individual performance (%):
25.00
Total % of Pay opportunity (A+B) (%):
105.75
105.00
x
x
On-target total cash bonus opportunity (as % of base pay)
14.00
76.00
On-target total share award opportunity (as % of base pay)
28.00
—
Final cash bonus result (as % of base pay)
14.81
79.80
Final share award result (as % of base pay)
29.61
—
x
x
627,343
627,343
Annual Cash Bonus ($):
92,878
500,620
593,498
Annual deferred share portion (to vest after three years) ($):
185,756
—
185,756
Total Incentive Award for 2024 ($)
278,634
500,620
779,254
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Section 2: Annual Remuneration Report continued
126
Gillian Doran: Key objectives and achievements 2024 (20% weighting on annual cash bonus)
Scorecard
Weighting
(%)
Performance achieved
Leadership and
stakeholder
engagement
10
•
Maintained the established relationships with external stakeholders, including government officials,
existing and prospective investors and sell-side analysts; met with all three rating agencies and
established a good cadence with the new auditors.
•
Through engagement with the COO, established a reporting framework and annual business plan.
Projects
10
•
Contribution in assessing the value of the Centamin transaction and ensuring our technical due
diligence review had the appropriate level of value assigned.
•
Significant work done on the implementation of our finance and supply chain operating model
based on the newly developed finance design and vision, significantly enhancing the effectiveness
of the function.
Liquidity, credit
ratings and balance
sheet management
15
•
Maintained a strong balance sheet bolstered by record gold pricing and absolute focus on working
capital management with an adjusted net debtAPM to adjusted EBITDAAPM ratio of 0.2x.
•
Improved free cash flowAPM conversion due to the focus of the regional CFOs and the engagement
with our operations.
•
Credit rating agencies moved outlook from negative to stable. Dividends paid out of Argentina for
the first time in two years.
Cost discipline and
cash preservation
measures
40
•
Strong focus on external reporting and supporting the transition to US GAAP.
•
Completed the design of our cost leadership and contractor management frameworks.
Governance and risk
management
15
•
Significant improvement in Delegation of Authority discipline with no capital spend outside of the
appropriate management investment committee guidelines.
People
10
•
Building and maintaining the talent within the discipline through senior recruitment and managing
talent and succession.
Total
100
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Section 2: Annual Remuneration Report continued
127
Executive 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 has a minimum shareholder
requirement (MSR) for Executive Directors, which has subsequently been revised, as per the table below:
Director MSR requirement
Within six years of appointment/
from introduction of revised MSR
Holding
requirement
Post-termination holding period
effective 1 January 2022
CEO 300% of net annual base salary
Throughout
employment as
a director or an
executive officer
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 scheme will be held for one year post-termination.
CFO 250% of net annual base salary
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
•
Previously granted DSP awards (vested and unvested). Unvested awards are not subject to further performance conditions and are
included on a post-tax basis
Director shareholding and MSR achievement
Executive
Ordinary
shares as at
31 December
2024
DSP Share
Awards
exercised
during the
year
Vested and
unexercised DSP
share awards as
at 31 December
2024
Unvested DSP
shares awards
as at 31
December
2024
Unvested buy
out share
awards as at
31 December
2024
Six-year target
achievement date
MSR holding as at
31 December 2024
as a percentage
of net base pay (%)
A Calderon
55,764
54,970
—
346,514
—
September 2027
625
GA Doran
12,384
10,883
—
51,261
12,073
January 2029
262
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128
Sukari, Egypt
Share awards granted in the year (audited)
In 2024, an allocation of awards under the legacy DSP was made following the end of the 2021-2023 performance period. This was the last
allocation of awards under the DSP. On 27 August 2024, the Company granted conditional awards over shares in the Company’s 2024
Omnibus Incentive Compensation Plan (the “Omnibus Plan”), to facilitate the transition from the backward-looking DSP to a forward-looking
PSP. The award of these grants was delayed from 26 February 2024, the date they would have been granted in the ordinary course, to enable
the Company to complete implementation of the new incentive structure following shareholder approval of the Omnibus Plan at the Annual
General Meeting of shareholders on 28 May 2024. To ensure recipients of the grants were neither advantaged nor disadvantaged by the
change in the Company’s stock price between 26 February 2024 and the grant date, the Company determined the number of awards granted
to recipients as it would have done in the ordinary course, using the five-day trailing Volume-Weighted Average Share Price (“VWAP”) to 26
February 2024 ($17.75).
The DSP share awards granted to the Executive Directors are due to vest over a five-year period from 2025 to 2029 in equal tranches. The PSP
share awards granted to the Executive Directors, based on performance for the period 2024-2026, are due to vest in 2027 subject to the
achievement of the Company performance conditions.
Share awards granted 2024
Executive
Scheme
Basis of award
(% of salary)
Face value ($)
Number of
shares
End of performance
period
Vesting period
A Calderon
DSP
180
2,986,101
168,231
N/A
Over 5 years
PSP
170
2,871,504
161,774
December 2026
After 3 years
GA Doran
DSP
167
909,899
51,261
N/A
Over 5 years
PSP
152
953,562
53,721
December 2026
After 3 years
The number of shares that vest under the PSP will be based on the following Company performance measures:
• Relative TSR versus gold mining peers – weighting 40%
• Improving costs relative to gold peers (relative AISC) – weighting 25%
• Growth – executing project delivery on key assets – weighting 25%
• ESG – weighting 10%
Where the following determines the measures:
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.
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129
Review of past performance
The graph below illustrates AngloGold Ashanti’s six-year share performance position against the NYSE Arca Gold Miners Index. This index has
been chosen as it provides a comparison to the performance of other NYSE-listed gold miners over the period:
AngloGold Ashanti's share performance vs NYSE Arca Gold Miners Index
AngloGold Ashanti
NYSE Arca Gold Miners Index
2018
2019
2020
2021
2022
2023
2024
0
100
200
300
Chief Executive Officer pay history
The table below summarises CEO
remuneration outcomes for 2023 and 2024.
Over time, this will build to show CEO
remuneration for AngloGold Ashanti over a
10-year period.
2024
2023
CEO total
remuneration ($)
4,612,175
7,167,594
Annual Cash
Bonus Award (%
of maximum)
73.33
—
Transition Award
(% of maximum)
70.50
—
Legacy DSP award
(% of maximum)
(Cash and Shares)
—
60.10
The decline in total remuneration from 2023
to 2024 is due to no share awards being
earned during the 2024 performance year as
the first vesting of the Performance Share
Plan awards will take place in 2027.
Chief Executive Officer 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 within
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 263:1. 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 we provided an
overview of our executive management
remuneration outcomes for 2024, and the
related incentive structures in place.
In 2024, in addition to the CEO and CFO,
executive management comprised Lisa Ali,
Chief People Officer; Stewart Bailey, Chief
Sustainability and Corporate Affairs Officer;
Terry Briggs, Chief Development Officer;
Marcelo Godoy, Chief Technology Officer;
Richard Jordinson, Chief Operating Officer;
and Lizelle Marwick, Chief Legal Officer.
Throughout 2024, our executive
management team received a base salary,
pension benefits, other benefits and
participated in the Annual Cash Bonus (STI),
PSP and will receive transition incentive
awards on the same basis as the CEO and
CFO.
For 2024, the total salary paid for this
population was $3.3m, the total for pension
contributions was $0.4m, and the total for
benefits, final 2023 relocation
reimbursements and medical insurance was
$0.6m.
The executive management team
participated in the 2024 incentive schemes
using the same performance scorecard
measures and outcomes as that for
Executive Directors set out on page 122,
with a 20% weighting for individual
performance under the cash bonus.
The cash bonus target opportunity was 70%
of salary, and a maximum opportunity of
150% of target. Based on performance
achieved over 2024, the average cash bonus
outcome for this group was 74.5%, resulting
in an overall total payment of $2.5m. For the
transition plan the target opportunity was
40% of salary, and a maximum opportunity
of 150% of target. The average outcome for
the 2022–2024 transition incentive award
for this group was 42.3%, resulting in an
overall transition incentive award of $1.5m
(one-third was paid in cash ($0.5m), and
two-thirds was delivered in shares ($1.0m)
deferred over a three-year period).
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130
Inclusion, Diversity and Equity
Inclusion, Diversity and Equity (ID&E) are key
priorities for the Committee, the Board and
executive team to ensure the success and
sustainable growth of AngloGold Ashanti.
Our approach aligns with the United Nations
Sustainable Development Goals (SDGs),
particularly Goal 5 and Goal 10, as well as
the United Nations Global Compact’s
Women Empowerment Principles (WEPs).
These principles reinforce our commitment
to the SDGs, advocating for equal female
representation, participation, and leadership
in the global business landscape.
As a member of the International Council on
Mining and Metals (ICMM), we are
committed to its performance requirements,
focusing on eliminating all forms of
workplace harassment and unfair
discrimination while proactively working to
achieve gender equity and emphasising
psychological safety alongside physical
health and safety.
In 2023, we developed and implemented a
new ID&E strategy. We believe that
cultivating an inclusive culture enables our
ability to retain and attract the best talent at
all levels. Our ID&E vision is to foster a safe,
inclusive and equitable workplace that
reflects the communities in which we
operate and where everyone can thrive.
In line with our diversity metrics, we continue
to measure gender diversity at both senior
and executive leadership levels, as well as
our overall female representation across the
workforce. We have a gender diverse team
at the executive level (38% female) and
Board level (36% female).
At the Board level, AngloGold Ashanti has
achieved gender parity in line with
International Labour Organization (ILO)
standards and exceeds the 30% goal for
leading mining companies.
Female representation in senior
management (Stratum IV and above) has
continued to rise, increasing from 16% in
2022 to almost 20% in 2024, the highest
since 2012. Overall female representation in
management (including executive, senior
and middle management) has also risen to
22% in 2024, up from 20% in 2022.
Additionally, global female employee
representation, has risen to 14%, up from
12% in 2022. This increase is attributed to
the reinforcement of other supporting
diversity metrics (not linked to the incentive
scheme), including the 50% recruitment goal
for candidate slates and 30% female
representation in talent and succession
pools for leadership and critical roles.
Our 50% recruitment goal ensures we
remain intentional in our recruitment efforts,
in line with our ID&E strategy to remove
barriers to inclusion and increase female
talent within the organisation.
Over the past three years, the Company has
made steady progress, with the average
percentage of female candidates shortlisted
rising from 24% in 2022 to 34% in 2023. In
2024, multiple business units and central
functions increased the total number of
females shortlisted compared to 2023.
However, other locations struggled to meet
their targets, leading to an overall
performance rating of 17%.
AngloGold Ashanti has equally placed a
greater focus in working towards achieving
gender pay parity across all regions and
occupational levels within the organisation in
line with the Company’s remuneration and
pay philosophy. The gender pay-gap
differentials analysis for 2024 at middle
management level and above shows that
men were paid 10.63% more than women.
The Committee continues to make gender
pay parity a key management focus area.
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131
Cerro Vanguardia, Argentina
Non-executive Directors
Fees and allowances
The table below sets out the Non-executive Director (NED) fees which were approved by AngloGold Ashanti shareholders in 2024. No changes
were made to NED fees during 2024. Since the restructuring, responsibility for the NED remuneration structure has been with the Nominations
and Governance Committee.
Fee
($)
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
295,800
Lead Independent Director
163,200
Non-executive Directors
122,400
Allowance per meeting for attendance at special Board meetings by the Chairperson
13,000
Allowance per meeting for attendance at special Board meetings by each Non-executive Director
3,500
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
35,000
Members of the Audit and Risk Committee
20,000
Chairperson of the Remuneration and Human Resources Committee
35,000
Members of the Remuneration and Human Resources Committee
20,000
Chairperson of the Investment Committee (1)
32,500
Members of the Investment Committee (1)
20,000
Chairperson of the Social, Ethics and Sustainability Committee
32,500
Members of the Social, Ethics and Sustainability Committee
20,000
Chairperson of the Nominations and Governance Committee
32,500
Members of the Nominations and Governance Committee
20,000
Additional fee per meeting for ad hoc committee meetings
3,500
Board travel allowance per overnight away (in addition to the travel allowance payable, the Company will cover reasonable
accommodation and sundry costs)
1,250
(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.
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Section 2: Annual Remuneration Report continued
132
The table below details the fees and allowances paid to NEDs during the year in line with the policy as approved by AngloGold Ashanti
shareholders. There was no change in NED fee levels for 2024. The changes listed from 2023 to 2024 in the table below reflect differences in
fees paid to each director taking into account partial year service, ad hoc meetings and travel allowances. A full review of NED fees, including
shareholding requirements, was initiated in 2024 and remains ongoing. This review takes into account the governance frameworks applicable
to the Group, as well as market and best practice for US-listed companies, and is expected to be completed in 2025.
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
2024
2023
JE Tilk (Chairperson) (3)
225,000
58,800
25,000
308,800
136,400
101,500
17,500
255,400
R Gasant (Lead
Independent Director)
163,200
87,000
28,800
279,000
177,200
89,000
6,250
272,450
KOF Busia
122,400
57,500
27,500
207,400
136,400
78,000
38,750
253,150
B Cleaver (4)
54,300
17,800
—
72,100
—
—
—
—
AM Ferguson
122,400
85,500
5,000
212,900
136,400
87,500
17,500
241,400
AH Garner
122,400
64,400
22,500
209,300
136,400
62,000
16,250
214,650
SP Lawson (5)
96,800
36,600
16,300
149,700
136,400
62,000
18,750
217,150
J Magie
122,400
25,000
27,500
174,900
64,700
23,500
18,750
106,950
N Newton-King (4)
54,300
17,800
11,300
83,400
—
—
—
—
MDC Ramos (6)
120,800
13,300
10,000
144,100
328,800
36,375
6,250
371,425
MC Richter (6)
50,000
34,100
7,500
91,600
136,400
80,500
15,000
231,900
D Sands
122,400
43,500
21,300
187,200
64,700
20,000
18,750
103,450
Total
1,376,400
541,300
202,700
2,120,400
1,453,800
640,375
173,750
2,267,925
(1) Includes the annual base fee paid to the NEDs as well as the fees paid for special Board meetings.
(2) Includes the fee paid to the individual for their committee membership and committee chairperson role, where applicable, as well as fees paid for special committee
meetings. In 2024 this included fees for the Transaction Committee convened to consider the Centamin acquisition.
(3) J Tilk became Board Chairperson on 28 May 2024.
(4) B Cleaver and N Newton-King were appointed to the Board on 22 July 2024.
(5) S Lawson resigned from the Board on 15 October 2024.
(6) M Ramos and M Richter retired from the Board on 28 May 2024.
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 from appointment to the
AngloGold Ashanti plc Board 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.
The current policy was adopted by
AngloGold Ashanti in February 2024 and
the Nominations and Governance
Committee has responsibility for reviewing
this policy and is also responsible for
making recommendations to the Board for
NED fees.
The following table illustrates the level of
compliance with this minimum shareholding
requirement. It sets out the interests of the
NEDs and their connected persons in the
share capital of the Company as at 31
December 2024, or their date of cessation if
earlier, and at 31 December 2023.
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Section 2: Annual Remuneration Report continued
133
Non-executive Directors: Shareholdings (audited)
Shares held (ordinary shares)
Minimum Shareholding Requirement (MSR)
31 December 2024
31 December 2023
Four-year target
achievement date
Percentage of MSR
target achieved as at
31 December 2024 (6)
JE Tilk (Chairperson) (1)
2,800
2,800
May 2028
15
R Gasant (Lead Independent Director)
—
—
February 2028
—
KOF Busia
4,000
4,000
February 2028
50
B Cleaver (2)
—
—
July 2028
—
AM Ferguson
5,000
5,000
February 2028
63
AH Garner
30,000
30,000
February 2028
377
SP Lawson (3)
2,830
2,830
February 2028
36
J Magie
5,000
5,000
February 2028
63
N Newton-King (2)
—
—
July 2028
—
MDC Ramos (4)
4,000
4,000
February 2028
21
MC Richter (5)
11,300
11,300
February 2028
142
D Sands
3,000
3,000
February 2028
38
(1)
Mr Tilk assumed the role of Chairperson of the Board on 28 May 2024; his MSR is tested against the fee received as Chairperson. Where increases to holdings requirements
occur, the Non-executive Director is required to achieve revised compliance levels.
(2)
Mr Cleaver and Ms Newton-King were appointed to the Board on 22 July 2024.
(3)
Mr Lawson resigned from the Board on 15 October 2024, this table reflects his interest at 15 October 2024.
(4) Ms Ramos retired from the Board on 28 May 2024, this table reflects her interest at 28 May 2024.
(5) Ms Richter retired from the Board on 28 May 2024, this table reflects her interest at 28 May 2024. 1,000 shares were held indirectly by Ms Richter’s husband.
(6)
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 20 February 2024, and c) the prevailing market price on 31 December each year.
The NEDs did not participate in the Company’s share incentive scheme and therefore have no unvested share awards as
at 31 December 2024.
Statement of shareholders’ voting at Annual General Meeting
The Directors’ Remuneration Report and Directors’ Remuneration Policy for the 2023 reporting period were tabled by AngloGold Ashanti at the
Annual General Meeting held on 28 May 2024. The table below details the results of these resolutions.
Votes For
(%)
Votes Against
(%)
Votes Withheld/
Abstentions
(number of votes)
Directors’ Remuneration Report
85.19
14.81
898,479
Directors’ Remuneration Policy
94.75
5.25
1,076,534
The approved Directors’ Remuneration
Policy remains in place with no changes
ensuring the best approach for both the
Company and the Shareholders. The policy
can be viewed in the Company’s Annual
Report 2023 (pages 130 to 138) or on our
website www.anglogoldashanti.com.
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 by
the Committee as the independent
remuneration advisers for AngloGold Ashanti
with effect from May 2022.
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 2024 were $147,578. Fees
are charged on a time and materials basis.
Deloitte also provided the Company with
reward consulting advice, technical
accounting advisory services, and 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 $76,835.
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Section 2: Annual Remuneration Report continued
134
Remuneration in 2025
The table below outlines the proposed 2025 implementation of the Directors’ Remuneration Policy.
Base salary
For 2025, A Calderon will have a base salary of $1,722,902 and GA Doran will have a base salary of $752,812. The
increase in the CEO’s salary equates to the average salary increase awarded to the US workforce (2%). The CFO’s base
salary has been adjusted to provide competitive pay relative to the market, ensures retention, and is fully reflective of her
contribution in the role since appointment.
Benefits and
pension
No change for 2025. The Executive Directors will continue to receive benefits and pension contributions in line with their
current terms. No further relocation payments will be made.
Annual cash
bonus
Target award opportunities for 2025 will be:
A Calderon: 85% of salary (reduced from 100% of salary to accommodate Transition Incentive Awards)
GA Doran: 76% of salary (reduced from 90% of salary to accommodate Transition Incentive 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 (AISCAPM 15% and total cash costsAPM 15%) – weighting 30%
•
Free cash flowAPM (pre-growth capital) – weighting 10%
•
Maintain long-term optionality – Mineral Resource and Mineral Reserve – weighting 15%
•
People and ESG – weighting 20%
Performance
Share Plan
Awards will be granted using the target award opportunities for 2025 as per below:
A Calderon: 170% of salary (reduced from 200% of salary to accommodate Transition Incentive Awards)
GA Doran: 152% of salary (reduced from 180% of salary to accommodate Transition Incentive Awards)
Awards for Executive Directors will be based on performance to the end of December 2027. The performance criteria are
expected to be similar to awards granted in 2024, with vesting based on the following measures:
•
Relative TSR versus gold mining peers
•
Improving costs relative to gold mining peers
•
Growth – executing project delivery on key assets
•
ESG goals
Transition
arrangements
The final transition incentive awards will be applied for the period 2023 to 2025. These awards are of equal value to the
TSR element of the legacy 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 Annual Cash Bonus (STI) and PSP opportunity
for 2025 awards has been 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 are
delivered one-third in cash and two-thirds in shares which will vest after three years.
Non-executive
Directors
The NED fees and payment structure remains unchanged. A full review of the NED fees is underway 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.
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Section 2: Annual Remuneration Report continued
135
Change in directors’ pay for the year in comparison to that of AngloGold Ashanti employees
2023 to 2024
2022 to 2023
Base salary/ fee
(%)
Benefits
(%)
Total share
award (%)
Base salary/ fee
(%)
Benefits
(%)
Total share
award (%)
Executive Directors
A Calderon
2.00
(80.43)
(82.05)
3.50
6,208
(11.87)
GA Doran
15.00
(43.14)
(79.58)
—
—
—
Non-executive Directors
JE Tilk (Chairperson)
20.91
—
—
(1.64)
—
—
R Gasant (Lead
Independent director)
2.40
—
—
(3.11)
—
—
KOF Busia
(18.07)
—
—
6.08
—
—
B Cleaver
100.00
—
—
—
—
—
AM Ferguson
(11.81)
—
—
(2.92)
—
—
AH Garner
(2.49)
—
—
12.88
—
—
SP Lawson
(31.06)
—
—
11.27
—
—
J Magie
63.53
—
—
—
—
—
N Newton-King
100.00
—
—
—
—
—
MDC Ramos
(61.20)
—
—
(0.57)
—
—
MC Richter
(60.50)
—
—
(100.00)
—
—
D Sands
80.96
—
—
0.76
—
—
Average of AngloGold
Ashanti employees
4.34
2.17
(2.21)
4.77
16.67
23.42
Notes:
The change in benefits for A Calderon and GA Doran 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. The implementation of the new incentive scheme had an impact on the
change on total share awards for both A Calderon and GA Doran.
There was no change in Non-executive Director fee levels for 2024. The changes listed from 2023 to 2024 in the above table reflect differences
in fees paid to each director taking into account partial year service, ad hoc meetings and travel allowances.
Relative importance of spend on:
US dollar millions
2024
2023
% change
Total staff costs
796
752
5.85 %
Dividends paid
172
91
89.01 %
Payments for loss of office and payments to past directors (audited)
No payments were made to past directors in the period.
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Section 2: Annual Remuneration Report continued
136
This Directors’ remuneration report is approved
by order of the Board.
Jochen Tilk
Chairperson
26 March 2025
The directors present their report and the audited financial
statements for the year ended 31 December 2024.
AngloGold Ashanti’s directors
AngloGold Ashanti plc currently has 11
directors comprising nine Independent Non-
executive Directors and two Executive
Directors. Details of the directors of the
Company, including biographies, who held
office as at 31 December 2024 and up to the
date of signing of the financial statements
can be located in the Board biographies on
pages 92 to 95. Maria Ramos and Maria
Richter retired from the Board at the
conclusion of the 2024 Annual General
Meeting (AGM) on 28 May 2024. Scott
Lawson resigned from the Board
on 15 October 2024.
As announced in December 2024,
Rhidwaan Gasant has notified the Board
of his intention not to stand for re-election
at the 2025 AGM. Full details of all other
directors standing for election or re-election
at our 2025 AGM, are set out in the notice
of 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 (JSE and
A2X) 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 (SEC)
and is not subject to the corporate
governance rules which would apply to a US
domestic issuer listed on the NYSE.
Following the corporate restructure in 2023,
the Company is obliged to follow the
Johannesburg Stock Exchange rules as a
secondary listed company.
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 in the Corporate governance report. The
Board reviews the corporate governance
arrangements on an ongoing basis to ensure
they remain appropriate.
Directors’ interests
The beneficial interests in the ordinary
shares of the Company by the directors of
AngloGold Ashanti plc at 31 December 2024
can be located in Section 2: Annual
Remuneration Report on pages 119 to 136.
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 ongoing costs in defending
a legal action as they are incurred or are to
be incurred.
Conflicts of Interest
In accordance with the UK Companies Act
2006 and the Company’s Articles of
Association, the Board may authorise
conflicts of interest. Directors are required to
declare their interests quarterly 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. Any new interest or potential conflict
is declared at each meeting.
Board members may hold external
directorships and other outside business
interests. The Board is mindful of the
benefits that this can bring. The Board
Corporate Governance Guidelines contains
notification and input requirements before a
director can accept an invitation to serve on
another public company Board or its Audit
or Compensation Committees and must
comply with certain requirements relating to
the number of Board and Audit Committee
roles a director may hold. Details of the
directors’ external appointments can be
found in their biographies on pages 92 to 95.
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, TW18 4PR,
United Kingdom. The Global Headquarters
are at 6363 S. Fiddlers Green Circle, Suite
1000, Greenwood Village, CO 80111, USA.
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 17 of the Group
Financial Statements for further details.
The Company, through various subsidiaries,
has branches in several different
jurisdictions in which the business operates.
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. A resolution
will be presented to shareholders at the AGM
scheduled for 27 May 2025, seeking
authority for the Company and any of its
subsidiaries to make political donations.
Further information can be found in
Resolution 16 of the Notice of 2025 AGM.
Dividends
On 19 February 2025, the Company
announced that an interim dividend in respect
of the six months ended 31 December 2024
of 69 US cents per ordinary share would be
paid on or around 28 March 2025 to
shareholders on the register on 14 March
2025, with an ex-dividend date of 14 March
2025 for the New York Stock Exchange and
12 March 2025 for each of the Johannesburg
Stock Exchange and the Ghana Stock
Exchange.
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Directors’ report
137
Major shareholders
According to information available to the directors, the following are the only shareholders as at 31 December 2024 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 (1)
Ordinary shares held
31 December 2024
31 December 2023
Number
%
Number
%
Public Investment Corporation of South Africa (2)
54,445,405
11.21
74,537,976
17.76
BlackRock Inc.
38,747,508
7.70
34,192,912
8.15
(1) It should be noted that these holdings are likely to have changed since the Company was notified. However, notification of any change is not required until the next
notifiable threshold is crossed.
(2) A TR-1 major shareholding notification filed by Public Investment Corporation of South Africa on 10 February 2025 noted a holding of 75,739,566 shares (15.04%).
Share buybacks
The Company has not purchased or acquired
any of its own shares, including under any of
the exceptions set out in section 659 of the
UK Companies Act 2006 or in the
circumstances contemplated by section
662(1)(c) or section 662(1)(d) of the UK
Companies Act 2006, during the year
under review.
Financial risk management
objectives, policies and hedging
arrangements
Under the financial and risk management
policy, hedges may be put in place using
approved instruments over the Group’s
planned gold production and resultant gold
sales and currency exposures. Hedges may
also be put in place to cover critical
elements of the Group’s input costs, such as
oil. The financial and risk management
policy sets trading limits for the various
levels of treasury management from dealer,
through to the treasurer and executive
management team. This is in accordance
with the Group’s Delegation of Authority.
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 existing
cash and credit facilities in both the
short and long term through the
adoption of reliable liquidity
management planning and procedures
•
Ensuring that financial market
transactions are undertaken with
creditworthy counterparts
•
Ensuring that all contracts and
agreements related to financial risk
management activities are co-ordinated
and consistent throughout the Group, in
accordance with the Group’s Delegation
of Authority, and comply where
necessary with all relevant regulatory
and statutory requirements
Note 33 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 this 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 – Africa,
Regional Review – Americas and
Regional Review – Australia sections on
pages 30 to 43 as well as in Exploration
and planning for the future on pages 44
to 47 in the Strategic Report
•
Employee diversity, equity, inclusion,
equal employment, communication and
employee involvement in the company
performance. These are set out in the
Reporting on our sustainability
performance, on pages 84 to 90,
Strategy on pages 10 to 12 and
Engaging with and creating value for
stakeholders on pages 63 to 71 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 and creating value for
stakeholders section on pages 63 to 71
of the Strategic Report
•
Greenhouse gas reporting and energy
consumption set out in Addressing
climate change on pages 72 to 83 of the
Strategic Report
Subsequent events
Note 36 to the Group financial statements,
containing details of subsequent events, is
incorporated into this report by reference.
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 2025 AGM.
Statement of directors’
responsibilities in respect of the
financial statements
The directors are responsible for preparing
the Annual Report 2024 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 UK 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).
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Directors’ report continued
for the year ended 31 December 2024
138
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 UK 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 UK
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 and signed on its behalf by
Catherine Stead, the Company Secretary.
Corporate Governance
AngloGold Ashanti plc | Annual Report 2024
Directors’ report continued
for the year ended 31 December 2024
139
Catherine Stead
Company Secretary
26 March 2025
AngloGold Ashanti plc | Annual Report 2024
Annual Financial
Statements
MINING TO EMPOWER PEOPLE
AND ADVANCE SOCIETIES
KIbali, Democratic Republic of Congo
Report on the audit of the
financial statements
Opinion
In our opinion:
•
AngloGold Ashanti plc’s group financial
statements and company financial
statements (the “financial statements”)
give a true and fair view of the state of
the group’s and of the company’s affairs
as at 31 December 2024 and of the
group’s profit and the group’s cash flows
for the year then ended;
•
the group financial statements have
been properly prepared in accordance
with UK-adopted international
accounting standards as applied in
accordance with the provisions of the
Companies Act 2006;
•
the company financial statements 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
•
the financial statements have been
prepared in accordance with the
requirements of the Companies
Act 2006.
We have audited the financial statements,
included within the Annual Report 2024 (the
“Annual Report”), which comprise: the group
and company statements of financial
position as at 31 December 2024; the group
income statement, the group statement of
comprehensive income, the group statement
of cash flows and the group and company
statements of changes in equity for the year
then ended; and the notes to the financial
statements, comprising material accounting
policy information and other explanatory
information.
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
Overview
Audit scope
•
Our group audit included full scope
audits at nine components, which
included the group's material equity
accounted joint venture, an audit of
specific account balances at a further
five components, and specified
procedures at one component.
•
Taken together, the components at
which audit work was performed
accounted for 100% of group revenue,
97% of group absolute profit before
taxation and 97% of group total assets.
Key audit matters
•
Measurement of environmental
rehabilitation provisions in Brazil and
Argentina (group)
•
Acquisition of Centamin (group)
•
Assessment of indicators of impairment
in investment in subsidiaries (company)
Materiality
•
Overall group materiality: $57.9 million
(2023: $45.8 million) based on 1% of the
group's revenue.
•
Overall company materiality:
$100.9 million (2023: $77.9 million)
based on 1% of the company's total
assets.
•
Performance materiality: $34.7 million
(2023: $27.4 million) (group) and
$75.6 million (2023: $58.4 million)
(company).
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.
Acquisition of Centamin (group) and
Assessment of indicators of impairment in
investment in subsidiaries (company) are
new key audit matters this year. Corporate
restructuring (group and company) and
Assessment of impairment and impairment
reversals for tangible, intangible and right of
use assets (group), which were key audit
matters last year, are no longer included
because of the following reasons. Corporate
restructuring (group and company) is not
considered a key audit matter in the current
year as the restructuring was a non-
recurring transaction and the related
impacts were accounted for in the prior
year's financial statements. Assessment of
impairment and impairment reversals for
tangible, intangible and right of use assets
(group) is not considered to be a key audit
matter in the current year as there were no
significant judgements required related to
indicators of impairment or impairment
reversal in the current year or in the
determination of recoverable amount where
that was required. For the impairment
reversal recorded, the determination of the
reversal amount was not complex.
Otherwise, the key audit matters below are
consistent with last year.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Independent auditors’ report to the members
of AngloGold Ashanti plc
141
Measurement of environmental rehabilitation provisions in
Brazil and Argentina (group)
As at 31 December 2024, the group has made provision for
environmental rehabilitation that comprises a provision for
decommissioning of $203 million (2023: $173 million) and a provision
for restoration of $497 million (2023: $452 million), which include
significant amounts in respect of the group's operations in Brazil and
Argentina.
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, with Brazil and Argentina being
particularly complex. 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 decommissioning and restoration.
Refer to note 25 to the group financial statements.
For all of the group's material environmental restoration and
decommissioning provisions in Brazil and Argentina we assessed
management's process for the review of environmental restoration
and decommissioning provisions and performed detailed testing in
respect of the cost estimates.
We engaged our own internal experts to assess the work performed
by management’s experts. This included visits by our internal experts
to these operations.
Our procedures included:
•
validating the existence of legal and/or constructive obligations
with respect to the provisions and considering whether the
intended method of decommissioning and restoration 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 holding meetings with the experts, where
relevant, to understand their methodology and inputs;
•
considering whether there were any instances of non-compliance
or claims which were not provided for, or other potential costs
requiring recognition or disclosure that could be material; and
•
in assessing the appropriateness of closure cost estimates, we
focussed 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 and currency 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.
Key audit matter
How our audit addressed the key audit matter
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Independent auditors’ report to the members of AngloGold Ashanti plc continued
142
Acquisition of Centamin (group)
The group acquired Centamin plc on 22 November 2024 for a total
consideration of $2,226 million, comprising $148 million in cash and
$2,078 million in shares of AngloGold Ashanti plc.
The transaction is considered to be a business combination in
accordance with IFRS 3 'Business combinations' and has been
accounted for using the acquisition method. Accounting for business
combinations is complex and involves significant judgements and
estimates, including in the determination of the fair value of assets
acquired and liabilities assumed.
We focussed on this area due to the magnitude of the balances, the
complexity in the accounting for the transaction and the significant
judgements and estimates made in the determination of the
provisional fair value of assets acquired and liabilities assumed.
Specific to Centamin, management also had to apply significant
judgement in the assessment of control of the subsidiary which
operates the Sukari mine.
Management engaged external valuations experts to support them in
determining the provisional fair value of assets acquired and liabilities
assumed required by IFRS 3.
Refer to notes 13 and 17 to the group financial statements.
Our audit procedures in respect of the acquisition accounting,
including the provisional fair value of assets acquired and liabilities
assumed, included the following:
•
reading the sale and purchase agreement to gain an
understanding of the assets acquired, liabilities assumed and the
overall nature of the transaction, including assessing whether the
transaction was appropriately accounted for as a business
combination in accordance with IFRS 3;
•
evaluating the competence and objectivity of management’s
experts who were engaged to determine the provisional fair value
of assets acquired and liabilities assumed;
•
testing the consideration, including the cash paid and the
issuance of shares in AngloGold Ashanti plc;
•
testing the completeness and accuracy of assets acquired and
liabilities assumed on the effective date; and
•
with the assistance of our internal valuations experts, challenging
management's determination of the provisional fair value of
assets acquired and liabilities assumed, including assessing the
reasonableness of key assumptions, benchmarking to external
data, considering potential alternative outcomes, and testing of
detailed calculations and models used.
Our audit procedures in respect of the assessment of control of the
Sukari mine included, with the assistance of our internal accounting
technical specialists:
•
reading the Concession Agreement which governs the
relationship between Centamin and EMRA and the operation of
the Sukari mine, minutes of those charged with governance of the
Sukari mine, and other relevant documentation;
•
challenging the technical merits of management's assessment of
control of the Sukari mine based on the evidence available; and
•
considering the appropriateness of the accounting for the non-
controlling interest in the Sukari mine.
In addition, we reviewed the disclosures in notes 13 and 17 to the
group financial statements to ensure compliance with IFRS.
Based on the procedures performed, we noted no material issues
arising from our work.
Key audit matter
How our audit addressed the key audit matter
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143
Assessment of indicators of impairment in investment in
subsidiaries (company)
As a result of the Centamin acquisition, the company's investment in
subsidiaries has increased from $7,777 million to $10,023 million.
Judgement is required to assess whether indicators of impairment
exist and, where indicators are identified, to determine whether the
recoverable amount is not lower than the investment carrying value.
We focussed on this area due to the magnitude of the balance in the
context of the company financial statements and the judgement
required.
In assessing for impairment indicators, management considered
whether the underlying net assets of the investment support the
carrying amount, the nature of the underlying assets, the market
capitalisation of the group and whether other facts and
circumstances could also be an indicator of impairment.
Based on management’s assessment, no impairment indicators were
identified.
Refer to note 6 of the company financial statements.
In respect of the company's investment in subsidiaries, we evaluated
and challenged management’s assessment and judgements in
relation to the identification of impairment indicators.
We independently performed an assessment of other potential
internal and external impairment indicators, including considering the
market capitalisation of the group with reference to the carrying value
in the company of the investment in subsidiaries.
We also reviewed the disclosures in note 6 to the company financial
statements to ensure compliance with FRS 102.
Based on the procedures performed, we noted no material issues
arising from our work.
Key audit matter
How our audit addressed the key audit matter
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 and the company,
the accounting processes and controls, and
the industry in which they operate.
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/or
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 and Centamin which
were defined as one component each. 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, six of which were assessed as
being significant components due to size
and/or risk. In addition, five non-significant
components required an audit of specific
account balances, one of which was the
company, and we performed specified
procedures at one component.
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, Brazil, Argentina, and Ghana
during the audit. A senior member of the
group audit team was also a member of the
Centamin component audit team which
facilitated close supervision of the work of
the component audit team, including in
person in Egypt.
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
97% of the group’s total assets. This,
together with the additional procedures
performed centrally by the group audit
team, including testing the consolidation
process, the purchase price allocation on
the Centamin acquisition, and certain other
financial statement line items; 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.
As 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
investment in subsidiaries, including the
significant acquisition in the year.
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 and company'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 1.3
'Climate change considerations' in the
group financial statements.
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144
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
focussed on achieving net zero Scope 1 and
Scope 2 GHG emissions by 2050. In terms of
the roadmap to achieving this, management
has committed to a 30% reduction in annual
absolute Scope 1 and Scope 2 GHG
emissions by 2030 compared to a 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.
Management considers that the impact of
climate risk does give rise to a potential
material financial statement impact in the
future, however climate risk did not
significantly affect key accounting
judgements and estimates in the current
year. The key areas of the financial
statements where management evaluated
that climate risk has a potential impact are
related to estimates utilised in determining
future cash flows used in life-of-mine
models feeding the impairment process,
estimates used in determining
environmental rehabilitation provisions, and
determination of targets for the group's
Performance Share Plan.
Using our knowledge of the business we
concluded that management’s risk
assessment was reasonable and
consequently we focussed 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.
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 2024.
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:
Financial statements - group
Financial statements - company
Overall
materiality
$57.9 million (2023: $45.8 million).
$100.9 million (2023: $77.9 million).
How we
determined it
1% of the group's revenue
1% of the company's total assets
Rationale for
benchmark
applied
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 profit before tax varies
significantly from year to year.
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.
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 $4 million and
$34 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 60% (2023: 60%) of overall
materiality for the group audit, amounting to
$34.7 million (2023: $27.4 million) for the
group financial statements and was 75%
(2023: 75%) of overall materiality for the
company audit, amounting to $75.6 million
(2023: $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 lower end of our normal range was
appropriate for the group audit and
concluded that an amount at the upper end
of our normal range was appropriate for the
company audit.
We agreed with those charged with
governance that we would report to them
misstatements identified during our audit
above $2.9 million (group audit) (2023:
$2.2 million) and $5.0 million (company
audit) (2023: $3.9 million) as well as
misstatements below those amounts that, in
our view, warranted reporting for qualitative
reasons.
Conclusions relating to going
concern
Our evaluation of the directors’ assessment
of the group's and the company’s ability to
continue to adopt the going concern basis of
accounting included:
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145
•
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 and 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 group's and 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 year ended 31
December 2024 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 company and their
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
group’s and 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 group or 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.
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
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146
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;
•
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
•
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 company 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.
Kevin McGhee (Senior Statutory Auditor)
for and on behalf of
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
26 March 2025
Annual Financial Statements
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Independent auditors’ report to the members of AngloGold Ashanti plc continued
147
US dollar millions
Note
2024
2023
2022
Revenue from product sales
3
5,793
4,582
4,501
Cost of sales
4
(3,726)
(3,541)
(3,366)
Loss on non-hedge derivatives and other commodity contracts (1)
—
(14)
(6)
Gross profit
2,067
1,027
1,129
Corporate administration, marketing and related expenses
(118)
(94)
(79)
Exploration and evaluation costs
(252)
(254)
(205)
Reversal of impairment (impairment),(derecognition of assets) and profit
(loss) on disposal
14
58
(221)
(315)
Corporate restructuring costs (2)
—
(314)
(14)
Other (expenses) income
5
(144)
(104)
(12)
Finance income
7
160
127
81
Foreign exchange and fair value adjustments (1)
(87)
(154)
(125)
Finance costs and unwinding of obligations
6
(167)
(157)
(149)
Share of associates and joint ventures' profit
155
207
161
Profit before taxation
1,672
63
472
Taxation
10
(623)
(285)
(221)
Profit (loss) for the year
1,049
(222)
251
Attributable to:
Equity shareholders
1,004
(235)
233
Non-controlling interests
45
13
18
1,049
(222)
251
Earnings (loss) per ordinary share
Basic earnings (loss) per ordinary share (US cents)
11
233
(56)
55
Diluted earnings (loss) per ordinary share (US cents)
11
233
(56)
55
(1)
The loss on non-hedge derivatives and other commodity contracts of $71m has been reclassified to the foreign exchange and fair value adjustments line during the current
year, as it does not form part of cost of sales and should therefore not be included in the gross profit measure.
(2)
Corporate restructuring costs incurred with the AngloGold Ashanti corporate restructuring and related taxes in the prior year.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group Income statement
For the year ended 31 December 2024
148
US dollar millions
2024
2023
2022
Profit (loss) for the year
1,049
(222)
251
Items that will be reclassified subsequently to profit or loss:
(46)
5
(27)
Exchange differences on translation of foreign operations (1)
(46)
5
(27)
Items that will not be reclassified subsequently to profit or loss:
26
(2)
(48)
Exchange differences on translation of non-foreign operations (1)
—
(10)
(2)
Fair value of equity securities through other comprehensive income
23
(2)
(50)
Actuarial gain (loss) recognised
4
11
(10)
Deferred taxation thereon
(1)
(1)
14
Other comprehensive (loss) income for the year, net of tax
(20)
3
(75)
Total comprehensive income (loss) for the year, net of tax
1,029
(219)
176
Attributable to:
Equity shareholders
984
(232)
158
Non-controlling interests
45
13
18
1,029
(219)
176
(1)
The South African operations with a ZAR functional currency were regarded as a non-foreign operation for purposes of the translation to a USD presentation currency prior
to the corporate restructuring. 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, the South African
operations became a foreign operation and the exchange differences arising on consolidation of these operations, post the corporate restructuring transaction, will be re-
cycled through the income statement on disposal.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group Statement of comprehensive income
For the year ended 31 December 2024
149
US dollar millions
Note
2024
2023
2022
ASSETS
Non-current assets
Tangible assets
14
8,512
4,419
4,208
Right of use assets
15
123
142
156
Intangible assets
16
98
107
106
Investments in associates and joint ventures
18
530
599
1,091
Other investments (1)
54
1
3
Loan receivable
18
203
358
—
Inventories
19
158
2
5
Trade, other receivables and other assets
20
243
254
231
Reimbursive right for post-retirement benefits
26
49
35
12
Deferred taxation
27
12
50
23
Cash restricted for use
21
41
34
33
10,023
6,001
5,868
Current assets
Loan receivable
18
260
148
—
Inventories
19
1,055
829
773
Trade, other receivables and other assets
20
374
199
237
Cash restricted for use
21
20
34
27
Cash and cash equivalents
22
1,425
964
1,108
3,134
2,174
2,145
Total assets
13,157
8,175
8,013
EQUITY AND LIABILITIES
Share capital and premium
23
526
420
—
Accumulated losses and other reserves
6,103
3,291
4,040
Shareholders' equity
6,629
3,711
4,040
Non-controlling interests (2)
1,884
29
35
Total equity
8,513
3,740
4,075
Non-current liabilities
Borrowings
24
1,901
2,032
1,965
Lease liabilities
15
65
98
115
Environmental rehabilitation and other provisions
25
656
636
596
Provision for pension and post-retirement benefits
26
57
64
71
Trade and other payables
6
5
7
Deferred taxation
27
519
395
300
3,204
3,230
3,054
Current liabilities
Borrowings
24
83
207
18
Lease liabilities
15
76
73
71
Trade and other payables
28
957
772
667
Environmental rehabilitation and other provisions
25
109
80
81
Bank overdraft
22
28
9
2
Taxation
29
187
64
45
1,440
1,205
884
Total liabilities
4,644
4,435
3,938
Total equity and liabilities
13,157
8,175
8,013
(1)
Increase is mainly due to the investment in G2 Goldfields Inc. of $47m.
(2)
Increase is mainly due to the acquisition of Centamin plc. (refer to Note 13).
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group Statement of financial position
As at 31 December 2024
150
The Group financial statements for AngloGold Ashanti plc
(registration number: 14654651) on pages 148 to 224 were
approved by the Board of Directors and were signed on its behalf
by Alberto Calderon and Gillian Doran on 26 March 2025.
Alberto Calderon
Chief Executive Officer
Gillian Doran
Chief Financial Officer
US dollar millions
Note
2024
2023
2022
Cash flows from operating activities
Cash generated from operations
30
2,063
871
1,244
Dividends received from joint ventures
18
88
180
694
Taxation refund
29
6
36
32
Taxation paid
29
(189)
(116)
(166)
Net cash inflow from operating activities
1,968
971
1,804
Cash flows from investing activities
Capital expenditure on tangible and intangible assets
14, 16
(1,090)
(1,042)
(1,028)
Interest capitalised and paid
—
—
(2)
Acquisition of assets
—
—
(517)
Dividends from associates and other investments
12
12
18
Proceeds from disposal of tangible assets
16
14
8
Acquisition of subsidiary, net of cash acquired
13
68
—
—
Other investments and assets acquired
(30)
—
(16)
Proceeds from disposal of other investments
—
20
—
Payment from disposal of joint ventures and associates
(2)
—
—
Loans advanced to associates and joint ventures
(1)
(1)
(1)
Deferred compensation received
5
—
—
Repayment of loans advanced to joint ventures
149
—
—
Decrease (increase) in cash restricted for use
5
(9)
(4)
Interest received
106
109
81
Net cash outflow from investing activities
(762)
(897)
(1,461)
Cash flows from financing activities
Share securities tax on redomicile and reorganisation
—
(19)
—
Proceeds from borrowings
24
655
343
266
Repayment of borrowings
24
(909)
(87)
(184)
Repayment of lease liabilities
15
(91)
(94)
(82)
Finance costs - borrowings
24
(126)
(111)
(99)
Finance costs - leases
15
(11)
(11)
(10)
Other borrowing costs
(1)
(1)
(11)
Dividends paid
(244)
(107)
(203)
Net cash outflow from financing activities
(727)
(87)
(323)
Net increase (decrease) in cash and cash equivalents
479
(13)
20
Translation
(37)
(138)
(68)
Cash and cash equivalents at beginning of year (net of bank overdraft)
955
1,106
1,154
Cash and cash equivalents at end of year (net of bank overdraft)
22
1,397
955
1,106
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group Statement of cash flows
For the year ended 31 December 2024
151
Equity holders of the parent
US dollar millions
Share
capital
and
premium
Reorganisation
and merger
reserve
Other
capital
reserves
(1)
Retained
earnings
(Accumulated
losses)
Fair
value
through
OCI
Actuarial
gains
(losses)
Foreign
currency
translation
reserve (2)
Total
Non-
controlling
interests
Total
equity
Balance at 31 December 2021
—
7,223
84
(1,899)
53
(2)
(1,412) 4,047
54 4,101
Profit for the year
—
—
—
233
—
—
—
233
18
251
Other comprehensive loss
—
—
—
—
(36)
(10)
(29)
(75)
—
(75)
Total comprehensive income (loss)
—
—
—
233
(36)
(10)
(29)
158
18
176
Shares issued
—
16
—
—
—
—
—
16
—
16
Dividends paid (Note 12)
—
—
—
(181)
—
—
—
(181)
—
(181)
Dividends paid to non-controlling interests
—
—
—
—
—
—
—
—
(37)
(37)
Transfer on disposal and derecognition of
equity investments
—
—
—
69
(69)
—
—
—
—
—
Translation
—
—
(3)
4
—
(1)
—
—
—
—
Balance at 31 December 2022
—
7,239
81
(1,774)
(52)
(13)
(1,441) 4,040
35 4,075
(Loss) profit for the year
—
—
—
(235)
—
—
—
(235)
13
(222)
Other comprehensive (loss) income
—
—
—
—
(2)
10
(5)
3
—
3
Total comprehensive (loss) income
—
—
—
(235)
(2)
10
(5)
(232)
13
(219)
Shares issued
—
15
—
—
—
—
—
15
—
15
Share-based payment for share awards net
of exercised
—
—
(2)
—
—
—
—
(2)
—
(2)
Dividends paid (Note 12)
—
—
—
(91)
—
—
—
(91)
—
(91)
Dividends paid to non-controlling interests
—
—
—
—
—
—
—
—
(19)
(19)
Redomicile and reorganisation
420
(420)
—
—
—
—
—
—
—
—
Share securities tax on redomicile
and reorganisation
—
(19)
—
—
—
—
—
(19)
—
(19)
Issue of bonus shares
6,500
—
—
—
—
—
— 6,500
— 6,500
Cancellation of bonus shares
(6,500)
—
—
—
—
—
— (6,500)
— (6,500)
Transfer on derecognition of equity
investments
—
—
—
(50)
50
—
—
—
—
—
Translation
—
—
(3)
2
—
1
—
—
—
—
Balance at 31 December 2023
420
6,815
76
(2,148)
(4)
(2)
(1,446) 3,711
29 3,740
Profit for the year
—
—
—
1,004
—
—
— 1,004
45 1,049
Other comprehensive income (loss)
—
—
—
—
23
3
(46)
(20)
—
(20)
Total comprehensive income (loss)
—
—
—
1,004
23
3
(46)
984
45 1,029
Employee share scheme issues
24
—
(24)
—
—
—
—
—
—
—
Equity-settled share-based payments
—
—
28
—
—
—
—
28
—
28
Dividends paid (Note 12)
—
—
—
(172)
—
—
—
(172)
—
(172)
Dividends paid to non-controlling interests
—
—
—
—
—
—
—
—
(74)
(74)
Acquisition of Centamin (Note 13)
82
1,996
—
—
—
—
— 2,078
1,884 3,962
Balance at 31 December 2024
526
8,811
80
(1,316)
19
1
(1,492) 6,629
1,884 8,513
(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 (2023: $8m;
2022: $8m), surplus on equity transaction of joint venture of $36m (2023: $36m; 2022: $36m), equity items for share-based payments of $38m (2023: $33m; 2022: $39m)
and other reserves.
(2)
Foreign currency translation reserve includes a loss of $1,411m (2023: $1,411m; 2022: $1,401m) that will not re-cycle through the income statement, and a loss of $81m
(2023: $35m; 2022: $40m) relating to the foreign operations that will re-cycle through the income statement on disposal.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group Statement of changes in equity
For the year ended 31 December 2024
152
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.
IFRS Accounting standards, interpretations and amendments to published IFRS Accounting Standards
The following new UK-adopted IFRS Accounting Standards and amendments to published IFRS Accounting Standards which were effective for
the first time from 1 January 2024, were adopted by, and had no material impact on, the AngloGold Ashanti Group (Group):
•
Amendments to IFRS 7 ‘Financial Instruments: Disclosure’ and IAS 7 ‘Statement of Cash Flows’ relating to Supplier Finance Arrangements
All other IFRS Accounting Standards, interpretations and amendments to published IFRS Accounting Standards are assessed as not
applicable to the Group.
IFRS Accounting Standards, amendments and interpretations issued which are relevant to the Group, but not yet
effective
The amendments to IFRS Accounting Standards issued which are or may become relevant to the Group, but are not yet effective on 31
December 2024, include:
•
Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 ‘Financial Instruments’ and ‘IFRS 7
Financial Instruments: Disclosures’ (effective 1 January 2026 subject to endorsement by the UK endorsement board)
The amendments introduce an accounting policy option to derecognise financial liabilities that are settled through an electronic payment
system before settlement date if certain conditions are met. They also clarify how to assess the contractual cash flow characteristics of
financial assets that include environmental, social and governance linked features and other similar contingent features as well as the
treatment of non-recourse assets and contractually linked instruments.
•
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (IFRS 18) (effective 1 January 2027 subject to endorsement by the UK
endorsement board)
IFRS 18, which replaces IAS 1 ‘Presentation of Financial Statements’, introduces new requirements for presentation within the statement of
profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the
statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the
first three are new. It also requires disclosure of newly defined management-defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the
primary financial statements and the notes. In addition, narrow-scope amendments have been made to IAS 7 ‘Statement of Cash Flows’, which
include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating
profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential
amendments to several other IFRS Accounting Standards.
The Group is in the process of assessing the impact; however, IFRS 18 is expected to have a material impact on the Group’s presentation
within the statement of comprehensive income.
1.1. REPORTING ENTITY
On 25 September 2023, the Group completed its 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.
The 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 for 2022 only
adjusted to reflect the legal share capital of AngloGold Ashanti plc.
See Note 1.4 for the accounting treatment of the corporate restructuring transaction.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements
For the year ended 31 December 2024
153
1.2. BASIS OF PREPARATION
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.
The Group financial statements are presented in US dollars and rounded to USD millions, unless otherwise stated. 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. In the event where the
Group and other investors collectively control the entity and they act together to direct the relevant activities, the investment is accounted for
as a 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, for at least 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 10% reduction in the consensus gold
price and a 10% reduction in gold production, 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 and gold production 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.
1.3. Climate change considerations
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. In 2022, the Group announced its target to reduce absolute Scope 1 and Scope 2 GHG
emissions by 30% by 2030 (compared to a 2021 baseline) through a defined renewable energy project pipeline and initiatives to improve
efficiency or use lower-emission power sources. As a member of the International Council on Mining and Metals, the Group was also part of a
landmark climate change target to achieve net zero Scope 1 and Scope 2 GHG emissions by 2050. To achieve the Group’s 2030 targets, the
Group is working with the sites to identify areas to achieve potential emissions reductions. Many of the potential GHG abatement initiatives are
currently in either pre-feasibility or feasibility stage. For the initiatives that have been completed or where capital has been committed, costs
have been recorded in the consolidated financial statements once the accounting criteria for recognition or disclosure have been met.
Below are key projects that have progressed in 2024 along with their related financial impacts:
•
Tropicana renewable energy: The Group entered into an agreement in June 2023 with Pacific Energy to construct and operate 62MWh of
wind and solar generation capacity at the Tropicana mine in Western Australia. The facility, one of Australia’s largest off-grid hybrid power
systems, will significantly reduce Tropicana’s diesel and gas consumption for power generation and is expected to reduce the site’s GHG
emissions by an average of 65,000 tonnes annually over a 10-year period. The project was commissioned in February 2025. The financial
implications are disclosed in Note 15.
•
Obuasi upgrades: Trucks transporting rock on 41 level were replaced by a rail system, reducing diesel consumption and contributing to a
reduction in GHG emissions. In addition, surface compressors were replaced by smaller, more efficient underground versions that
contributed to a further reduction in GHG emissions. These upgrades, which amounted to $9m, were incurred in the current year and form
part of the additions in Note 14.
•
Geita grid connection: Geita mine was connected into the national electricity grid in November 2024. The total project investment in 2023
and 2024 was $25m and forms part of the additions in Note 14.
Management has also considered the impacts of the climate initiatives commenced by the Group as well as the implications of climate
change on the environmental rehabilitation provision. These considerations were factored in across various areas:
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
154
•
Estimates utilised in determining future cash flows in life-of-mine models utilised in 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 Performance Share Plan (PSP)
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.
1.4. Corporate restructuring
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.
Following the completion of the corporate restructuring transaction, the Group’s parent company changed from being a South African
domiciled parent company to a UK parent company with the functional currency of the UK parent company assessed to be USD.
1.5. Summary of key judgements and estimates
The preparation of the consolidated financial statements requires management to use judgement in applying accounting policies and in
making critical accounting estimates, which impacts the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and the underlying assumptions are reviewed on an ongoing basis and revisions to estimates are recognised prospectively.
Areas of judgement in the application of accounting policies that have the most significant effect on the amounts recognised in the
consolidated financial statements and key sources of estimation uncertainty that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are noted below.
Judgements
•
Control assessment of Sukari Gold Mine (part of the Centamin acquisition) (refer to Note 13)
Estimates
•
Mineral Reserve and Mineral Resource (refer to Note 14)
•
Estimates with regards to environmental rehabilitation provisions (refer to Note 25)
•
Estimates with regards to the valuation of the assets acquired and liabilities assumed in the Centamin acquisition (refer to Note 13)
Other areas of judgements and estimates are contained in the notes to the consolidated financial statements.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
155
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.
2.1. SEGMENTAL INFORMATION – Gold income
Gold income
US dollar millions
2024
2023
2022
Geographical analysis of gold income by origin is as follows:
Africa (1)
3,756
3,068
2,981
Kibali - Attributable 45%
741
668
596
Iduapriem
563
522
443
Obuasi
530
439
431
Siguiri
653
505
591
Geita
1,150
934
920
Sukari (8)
119
—
—
Australia
1,394
1,081
967
Sunrise Dam
626
495
410
Tropicana - Attributable 70%
768
586
557
Americas
1,264
999
1,036
Cerro Vanguardia
439
317
319
AngloGold Ashanti Mineração (2)
634
515
557
Serra Grande
191
167
160
6,414
5,148
4,984
Equity-accounted joint ventures included above
(741)
(668)
(596)
5,673
4,480
4,388
The Company is not economically dependent on a limited number of customers for the sale of its product as gold can be sold through numerous commodity market traders
worldwide.
Approximately 66% (2023: 67%; 2022: 67%) of the Group's total gold produced is sold to ANZ Investment Bank Ltd in Australia 25% (2023: 24%; 2022: 22%) reported in the
Australia segment, Standard Chartered Bank in the UK 21% (2023: 23%; 2022: 31%) reported in the Africa segment, and JP Morgan Chase NA London in the UK and JP Morgan
Chase NA New York in the United States combined 20% (2023: 20%; 2022: 14%) reported in the Africa segment. Due to the diversity and depth of the total gold market, the
bullion banks do not possess significant pricing power.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
156
2.2. SEGMENTAL INFORMATION – By-product revenue
By-product revenue
US dollar millions
2024
2023
2022
Africa (1)
6
5
4
Kibali - Attributable 45%
2
2
1
Iduapriem
—
—
1
Obuasi
1
1
1
Siguiri
1
—
—
Geita
2
2
1
Australia
5
4
4
Sunrise Dam
2
1
1
Tropicana - Attributable 70%
3
3
3
Americas
111
95
106
Cerro Vanguardia
109
93
75
AngloGold Ashanti Mineração
2
2
31
122
104
114
Equity-accounted joint ventures included above
(2)
(2)
(1)
120
102
113
2.3. SEGMENTAL INFORMATION – Cost of sales
Cost of sales
US dollar millions
2024
2023
2022
Africa (1)
2,304
2,111
2,008
Kibali - Attributable 45%
380
372
342
Iduapriem
351
387
314
Obuasi
360
313
266
Siguiri
518
473
492
Geita
612
566
594
Sukari (8)
83
—
—
Australia
945
867
783
Sunrise Dam
430
399
371
Tropicana - Attributable 70%
479
438
382
Administration and other
36
30
30
Americas
858
931
913
Cerro Vanguardia
368
307
273
AngloGold Ashanti Mineração
352
453
477
Serra Grande
136
169
162
Administration and other
2
2
1
Corporate and other
(1)
4
4
4,106
3,913
3,708
Equity-accounted joint ventures included above
(380)
(372)
(342)
3,726
3,541
3,366
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
157
2.4. SEGMENTAL INFORMATION – Gross profit
Gross profit (4)
US dollar millions
2024
2023
2022
Africa (1)
1,459
961
977
Kibali - Attributable 45%
363
297
256
Iduapriem
213
135
130
Obuasi
171
127
165
Siguiri
136
31
99
Geita
540
370
327
Sukari (8)
36
—
—
Administration and other
—
1
—
Australia
453
220
188
Sunrise Dam
197
99
40
Tropicana - Attributable 70%
292
151
177
Administration and other
(36)
(30)
(29)
Americas
517
162
229
Cerro Vanguardia
180
102
122
AngloGold Ashanti Mineração
283
63
111
Serra Grande
56
(2)
(2)
Administration and other
(2)
(1)
(2)
Corporate and other
1
(19)
(9)
2,430
1,324
1,385
Equity-accounted joint ventures included above
(363)
(297)
(256)
2,067
1,027
1,129
2.5. SEGMENTAL INFORMATION – Amortisation
Amortisation
US dollar millions
2024
2023
2022
Africa (1)
455
419
371
Kibali - Attributable 45%
92
99
95
Iduapriem
79
129
80
Obuasi
75
61
40
Siguiri
51
39
54
Geita
138
91
102
Sukari (8)
20
—
—
Australia
190
163
172
Sunrise Dam
77
58
54
Tropicana - Attributable 70%
112
104
117
Administration and other
1
1
1
Americas
195
170
185
Cerro Vanguardia
61
39
39
AngloGold Ashanti Mineração
112
88
106
Serra Grande
22
43
40
Corporate and other
4
5
4
844
757
732
Equity-accounted joint ventures included above
(92)
(99)
(95)
752
658
637
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
158
2.6. SEGMENTAL INFORMATION – Total assets
Total assets (5)(6)
US dollar millions
2024
2023
2022
Africa (1)
9,081
4,414
4,035
Kibali - Investment in joint venture and loan receivable
950
1,066
1,054
Iduapriem
579
526
436
Obuasi
1,481
1,288
1,219
Siguiri
591
486
457
Geita
1,231
1,042
864
Sukari(8)
4,243
—
—
Administration and other
6
6
5
Australia
845
942
960
Americas
1,460
1,254
1,395
Cerro Vanguardia
626
524
514
AngloGold Ashanti Mineração
668
584
625
Serra Grande
148
127
217
Administration and other
18
19
39
Projects
991
833
872
Colombian projects
207
194
244
North American projects
784
639
628
Corporate and other
780
732
751
13,157
8,175
8,013
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
159
2.7. SEGMENTAL INFORMATION – Non-current assets
Non-current assets (7)
US dollar millions
2024
2023
2022 (10)
Restated (9) (10)
Non-current assets considered material, by country are:
United Kingdom
59
58
58
Foreign entities
9,575
5,423
5,739
DRC
487
561
1,054
Egypt (8)
3,617
—
—
Ghana
1,722
1,512
1,349
Tanzania
812
706
594
Australia
666
752
758
Brazil
577
510
648
United States
660
636
617
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
160
2.8. SEGMENTAL INFORMATION – Capital expenditure
Capital expenditure
US dollar millions
2024
2023
2022
Africa (1)
814
710
576
Kibali - Attributable 45%
125
85
90
Iduapriem
169
142
146
Obuasi
202
214
159
Siguiri
102
78
27
Geita
196
191
154
Sukari (8)
20
—
—
Australia
153
135
202
Sunrise Dam
65
47
50
Tropicana - Attributable 70%
88
87
152
Administration and other
—
1
—
Americas
209
254
322
Cerro Vanguardia
71
75
66
AngloGold Ashanti Mineração
98
124
199
Serra Grande
40
55
57
Projects
38
27
17
Colombian projects
13
11
16
North American projects
25
16
1
Corporate and other
1
1
1
1,215
1,127
1,118
Equity-accounted joint ventures included above
(125)
(85)
(90)
1,090
1,042
1,028
(1)
Includes equity-accounted investments.
(2)
Includes income from sale of gold concentrate of $314m (2023: $267m; 2022: nil).
(3)
With the introduction of new gold sales regulations in Ghana impacting Iduapriem 23% (2023: 18%) and Obuasi 24% (2023: 17%), a minimum of 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 $95m (2023: $105m; 2022: $105m) for Australia (Note 16).
(6)
For the year ended 31 December 2024, pre-tax impairment reversals and loss on derecognition of assets were accounted for in the Americas ($50m) partly offset by a loss
on derecognition of assets in Africa ($3m). 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 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) During the year, the Group acquired Centamin plc, whose main operating mine is Sukari in Egypt. Refer to Note 13 for further details.
(9) The non-current assets have been restated to exclude financial instruments included in foreign entities ($400m) and the DRC ($358m).
(10) The non-current assets in South Africa have been excluded as they are no longer considered material.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
161
US dollar millions
2024
2023
2022
3
REVENUE FROM PRODUCT SALES
Revenue consists of the following principal categories:
Gold income (2)
5,673
4,480
4,388
Spot market sales
5,359
4,213
4,388
Concentrate sales (1)
314
267
—
By-products (2)
120
102
113
5,793
4,582
4,501
(1)
The provisional price adjustments for the year ended 31 December 2024 were $7m (2023: $1m, 2022: nil). A reasonable change in the provisional price would not result in a
material impact on the concentrate sales revenue.
(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 is 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 (except for specific
contracts with agreed-upon terms, where control passes earlier when the customer takes delivery of the goods). The amount of revenue
recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred and is driven by the market
prices of gold.
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.
US dollar millions
2024
2023
2022
4
COST OF SALES
Operating costs (1)
2,665
2,680
2,568
Royalties
246
190
185
Total operating costs
2,911
2,870
2,753
Retrenchment costs
3
4
6
Rehabilitation and other non-cash costs
42
21
—
Amortisation of tangible assets
666
579
555
Amortisation of right of use assets
85
78
81
Amortisation of intangible assets (Note 16)
1
1
1
Inventory change
18
(12)
(30)
3,726
3,541
3,366
(1)
Operating costs 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).
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
162
US dollar millions
2024
2023
2022
5
OTHER EXPENSES (INCOME)
Care and maintenance
51
52
—
Governmental fiscal claims
13
15
11
Legacy tailings storage facilities obligations
34
52
(16)
Pension and medical defined benefit
3
6
7
Royalties received
—
(1)
(2)
Retrenchment and related costs (1)
14
15
—
Legal fees and project costs (2)
41
(1)
1
Other indirect taxes
(10)
(14)
11
Net other income
(2)
(20)
—
144
104
12
(1)
Includes retrenchment costs of $14m (2023: $6m; 2022: nil).
(2)
Includes transaction costs on the acquisition of Centamin plc of $31m (2023: nil; 2022: nil).
US dollar millions
2024
2023
2022
6
FINANCE COSTS AND UNWINDING OF OBLIGATIONS
Finance costs
Finance costs on bonds, bank loans and other
121
113
102
Amortisation of fees
6
6
8
Lease finance charges
12
12
11
Less: interest capitalised
—
—
(2)
139
131
119
Unwinding of obligations
25
28
26
30
Total finance costs and unwinding of obligations
167
157
149
The interest included within finance costs is calculated at effective interest rates.
US dollar millions
2024
2023
2022
7
FINANCE INCOME
Finance income
Finance income on bank balances
100
104
77
Guarantee fees received
6
5
4
Interest on joint venture loan
18
36
—
—
142
109
81
Unwinding of long-term receivables
18
18
—
Total finance income and unwinding of long-term receivables
160
127
81
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
163
US dollar millions
2024
2023
2022
8
EMPLOYEE BENEFITS
Salaries and wages (1)
721
691
656
Pension costs (2)
22
20
20
Share-based payment expense (Note 9)
28
15
18
Other (3)
25
26
22
Included in cost of sales, other expenses and corporate administration,
marketing and related expenses
796
752
716
(1)
Salaries and wages includes executive directors’ and executive management’s salaries and other benefits and retrenchment costs.
(2)
Includes defined contribution pension costs (refer to Note 26).
(3)
Includes current medical expenses and defined benefit post-retirement medical expenses (refer to Note 26).
The average number of attributable employees (including contractors) was:
Average number of employees *
2024 #
2023
2022
Africa
27,930
21,734
19,807
Australia
1,777
1,741
1,532
Americas
8,509
8,565
9,498
Other, including corporate and non-gold producing subsidiaries
1,268
1,618
1,757
Total
39,484
33,658
32,594
*
The approximate number of contractors employed on average during 2024 was 23,367 (2023: 19,615; 2022: 18,599).
#
The approximate average number of employees excluding Centamin for 2024 is 33,981 and the average number of contractors employed for 2024 excluding Centamin is
20,299.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
164
US dollar millions
2024
2023
2022
9
SHARE-BASED PAYMENTS
Equity-settled share incentive schemes
Deferred Share Plan (DSP)
17
15
18
Performance Share plan (PSP)
11
—
—
Total share-based payment expense
28
15
18
Equity-settled share incentive schemes
Previous equity schemes with outstanding awards exercisable include the Bonus Share Plan (BSP), the Long-Term Incentive Plan (LTIP) and
the Deferred Share Plan (DSP). Upon completion of the corporate restructuring in September 2023, the awards outstanding under the BSP and
LTIP were converted to awards with respect to AngloGold Ashanti plc awards and transferred to the DSP, with the terms and conditions
remaining unchanged. On 28 May 2024, at the Annual General Meeting of the Group, two new employee share incentive schemes were
approved by the shareholders which are effective for the 2024 performance year. The Performance Share Plan (PSP) has replaced the DSP
scheme, no new share awards will be made under the DSP scheme and all share awards outstanding will remain outstanding in accordance
with their terms (including vesting terms).
The new details of the share schemes and the IFRS Accounting Standards classification of each scheme are:
•
PSP scheme – annual grants that vest over three years based on the achievement of forward-looking objectives, directly linked to the
Group’s strategy. The PSP scheme will be settled in AngloGold Ashanti plc shares and classified as an equity-settled share-based payment
per IFRS 2; and
•
Transition Restricted Awards (TRA) scheme will be settled in cash. The cash payment does not meet the definition of a share-based
payment and is accounted for in accordance with IAS 19; and
•
Transition Share Plan (TSP) – this transition scheme is designed to close the gap from moving from the backward-looking DSP scheme to
the forward-looking PSP scheme and includes a “transition or gap award” for specific strata of employees. The TSP scheme will be settled
one third in cash and two thirds in equity and meets the definition of a cash-settled and equity-settled share-based payment scheme and is
accounted for in accordance with IFRS 2. The cash-settled share-based payment portion for 2024 was not material and is included in
employee benefits cost. The final allocation of the equity-settled share-based payment awards under the TSP will occur following the end
of the 2025 performance year.
Deferred Share Plan (DSP)
The DSP was implemented with effect from 1 January 2018, with the first awards for the scheme allocated in March 2019. This represents a
single scheme under which share awards have been allocated to certain employees from 2019 through early 2024, vesting equally over a
period of two, three and five years depending on the level of seniority of the participant. In September 2023, upon completion of the corporate
restructuring in September 2023, the awards outstanding under the BSP and LTIP were converted to awards with respect to AngloGold
Ashanti plc awards and transferred to the DSP scheme. The DSP scheme was replaced by the PSP scheme in May 2024. The existing DSP
scheme will not be cancelled or modified and will continue to be accounted for under the existing accounting treatment. No further DSP
scheme awards will be allocated to participants from 2025 onwards.
Award date (unvested awards and awards vested during the year)
2024
2023
2022
Calculated fair value (in ZAR)
338.94
317.99
335.04
Award date
26 Feb 2024
24 Feb 2023
24 Feb 2022
Expiry date
26 Feb 2034
25 Feb 2033
24 Feb 2032
Number of shares
2024
2023
2022
Awards outstanding at beginning of year
3,231,930
2,483,608
2,692,383
Awards granted during the year (1)
1,223,717
1,436,917
793,955
Awards lapsed during the year
(78,617)
(224,391)
(163,697)
Awards exercised during the year
(1,297,924)
(863,641)
(839,033)
Awards transferred from BSP scheme
—
370,628
—
Awards transferred from LTIP scheme
—
28,809
—
Awards outstanding at end of year
3,079,106
3,231,930
2,483,608
Awards exercisable at end of year
726,440
1,157,900
693,211
(1)
Disclosure in 2023 revised due to the exclusion of 119,532 awards.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
165
Performance Share Plan (PSP)
The PSP scheme was implemented with effect from 26 February 2024, with the first awards for the scheme allocated in August 2024. The
awards will vest over three years based on the achievement of forward-looking objectives, directly linked to the Group’s strategy.
Award date (unvested awards)
2024
Calculated fair value (in USD)
14.28
Award date
26 Feb 2024
Expiry date
26 Feb 2034
Number of shares
2024
Awards outstanding at beginning of year
—
Awards granted during the year
2,129,875
Awards lapsed during the year
(52,141)
Awards exercised during the year
(7,685)
Awards outstanding at end of year
2,070,049
A Monte Carlo Simulation model was used to value the equity-settled performance share-based payment awards. The significant valuation
inputs and assumptions are:
Valuation inputs and assumptions
2024
Expected weighted average volatility
46.12 %
Vesting period
3 years
Expected dividend yield
1.77 %
US Risk-free interest rate
4.75 %
Expected forfeiture rate
9.23 %
Weighted average share price (in USD)
24.90
Weighted average fair value (in USD)
14.28
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
166
Accounting policies
The Group’s management awards certain employee bonuses in the form of equity-settled and cash-settled share-based payments on a
discretionary basis.
Equity-settled share-based payments
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.
Cash-settled share-based payments
A liability is recognised for the fair value of cash-settled share-based payment transactions. The fair value is measured initially and at each
reporting date up to and including the settlement date, with changes in fair value recognised in employee benefits expense. The fair value
is expensed over the period until the vesting date with recognition of a corresponding liability. The approach used to account for vesting
conditions when measuring equity-settled transactions also applies to cash-settled transactions.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
167
US dollar millions
2024
2023
2022
10 TAXATION
Current taxation
Current year
447
233
199
Prior year under (over) provision
7
(17)
32
Impairment and disposal of tangible assets
—
1
—
454
217
231
Deferred taxation
Current year
170
92
46
Prior year (over) under provision
(1)
10
4
Impairment and disposal of tangible assets
—
(34)
(60)
169
68
(10)
623
285
221
US dollar millions
2024
2023
2022
Reconciliation to UK taxation rate (1)
Implied tax charge at 25% (2023: 25%; 2022: 28%)
418
16
132
Increase (decrease) due to:
Expenses not tax deductible (2)
21
90
83
Share of associates and joint ventures' profit
(39)
(52)
(45)
Tax rate differentials (3) and withholding taxes (4)
145
63
31
Exchange variations and translation adjustments
28
(17)
—
Top-up tax - Pillar Two
6
—
—
Current year tax losses (expense) not recognised:
Ghana
28
22
(64)
UK
34
26
24
North America
33
38
22
South Africa
—
3
20
Tax exempt operations:
Guinea (5)
(30)
(6)
(27)
Egypt (6)
(16)
—
—
Change in planned utilisation of deferred tax assets and impact of estimated
deferred tax rate change
1
25
3
Restructuring costs
—
79
4
Argentinian inflationary impact allowances
(32)
4
—
Adjustment in respect of prior years
7
(7)
36
Other (7)
19
1
2
Income tax expense
623
285
221
(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 and 2024 has been prepared using the enacted UK corporate tax rate of 25%. The comparative information for 2022 was presented
using the South African corporate tax rate of 28%.
(2)
Included in current and prior years are non-deductible corporate, legal, project, exploration and rehabilitation costs, net impairment 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) Sukari Gold Mines Company’s current tax expense not recognised as the company is tax exempt.
(7) Includes losses from the zero - cost collar gold price hedge.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
168
10. 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 came into effect from 1 January 2024.
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 ‘Income Taxes’ 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.
The Group recognised an estimated current tax expense related to Pillar Two, which amounted to $6m for 2024.
Unrecognised deferred tax assets
US dollar millions
2024
2023
2022
Analysis of unrecognised tax losses
Available to be utilised against future profits
-
utilisation required within one year
1,011
108
107
-
utilisation required between one and two years
155
1,037
100
-
utilisation required between two and five years
396
191
1,180
-
utilisation required between five and twenty years
1,041
1,035
956
-
utilisation in excess of twenty years
969
835
588
3,572
3,206
2,931
At the statutory tax rates, the unrecognised value of deferred tax assets is: $1,023m (2023: $921m; 2022: $801m), mainly relating to tax losses
incurred in the UK, North America, Ghana, Colombia, Brazil and South Africa.
The Group is subject to examination by tax authorities in the respective jurisdictions of operation, which give rise to tax litigation and disputes
resulting in uncertain tax positions. The Group assesses these uncertain tax positions to determine if a provision is required by applying the
appropriate accounting requirements, benchmarking to similar recent outcomes and, in some cases, advice from independent experts. The
economic outflow from these uncertain tax matters within the Group have been assessed as remote except for those disclosed in Note 32.
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 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.
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.
On an ad hoc basis when significant unusual transactions occur, the Group applies the approved tax strategy which includes obtaining
external legal opinions, if required, for guidance in applying the requirements of the legislation in various jurisdictions.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
169
US cents per share
2024
2023
2022
11 EARNINGS (LOSS) PER ORDINARY SHARE
Basic earnings (loss) per ordinary share
233
(56)
55
The calculation of basic earnings (loss) per ordinary share is based on profits/(loss)
attributable to equity shareholders of $1,004m (2023: ($235m); 2022: $233m) and
430,131,931 (2023: 421,105,111; 2022: 420,197,062) shares being the weighted
average number of ordinary shares in issue during the financial year.
Diluted earnings (loss) per ordinary share
233
(56)
55
The calculation of diluted earnings (loss) per ordinary share is based on profits/(loss)
attributable to equity shareholders of $1,004m (2023: ($235m); 2022: $233m) and
430,917,455 (2023: 421,105,111; 2022: 420,869,866) 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
2024
2023
2022
Weighted average number of ordinary shares (1)
430,131,931 421,105,111 420,197,062
Dilutive potential of share options (2)
785,524
—
672,804
Diluted weighted average number of ordinary shares
430,917,455 421,105,111 420,869,866
(1)
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.
(2)
Effect of share options for 2023 is anti-dilutive.
US dollar millions
2024
2023
2022
Headline earnings (loss) (1)
The profit (loss) attributable to equity shareholders was adjusted by the following
to arrive at headline earnings (loss):
Profit (loss) attributable to equity shareholders
1004
(235)
233
(Reversal of impairment)/impairment of tangible assets, right of use assets and
investment in joint venture, net
(52)
165
256
(Reversal of impairment)/impairment of tangible and right of use assets
(60)
192
315
Impairment of investment in joint venture
2
1
1
Taxation on (reversal of impairment)/impairment of tangible assets, right of use
assets and investment in joint venture
6
(28)
(60)
Loss on derecognition and disposal of tangible assets and right of use assets, net
2
24
—
Loss on derecognition of tangible assets and right of use assets
—
35
4
Loss/(profit) on disposal of tangible assets
2
(6)
(4)
Taxation on derecognition and disposal of tangible assets
—
(5)
—
954
(46)
489
Headline earnings (loss) per ordinary share (1)
US Cents
Headline earnings (loss) per ordinary share (2)
221
(11)
116
Diluted headline earnings (loss) per ordinary share (3)
221
(11)
116
(1)
The financial measures “headline earnings (loss)” and “headline earnings (loss) 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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
170
US dollar millions
2024
2023
2022
12 DIVIDENDS
Ordinary shares (1)
Dividend number 124 of 217 SA cents per share was declared on 22 February 2022 and
paid on 25 March 2022 (15 US cents per share)
62
Dividend number 125 of 493 SA cents per share was declared on 5 August 2022 and paid
on 9 September 2022 (28 US cents per share)
119
Dividend number 126 of 322 SA cents per share was declared on 22 February 2023 and
paid on 31 March 2023 (18 US cents per share)
76
Dividend number 127 of 70 SA cents per share was declared on 4 August 2023 and paid
on 8 September 2023 (4 US cents per share)
15
Dividend number 1 of 19 US cents per share was declared on 23 February 2024 and paid
on 28 March 2024
80
Dividend number 2 of 22 US cents per share was declared on 6 August 2024 and paid on
13 September 2024
92
172
91
181
(1)
For proposed dividends subsequent to year end, refer to Note 36.
The Group has elected to classify dividends paid as financing activities on the statement of cash flows.
13
ACQUISITION OF CENTAMIN
On 10 September 2024, the Centamin Board announced a recommended acquisition of the entire share capital of Centamin by AngloGold
Ashanti. The acquisition date was 22 November 2024, while the consideration comprised 0.06983 new AngloGold Ashanti shares plus $0.125
in cash for each Centamin share.
Centamin’s primary asset is the Sukari Gold Mines Company (Sukari), located in Egypt, which is North Africa’s pre-eminent gold producing
mine, consisting of both open pit and underground operations. Centamin also has an exploration and development foothold in Côte d’Ivoire
with its Doropo and the Archean-Birimian Contact (ABC) gold projects.
For the period from acquisition to 31 December 2024, Centamin contributed revenue of $119m and a net profit of $33m to the Group's results.
The Group’s pro forma consolidated revenue and consolidated net profit would have been $6,836m and $1,313m respectively, had the
acquisition been effective from 1 January 2024. In determining these amounts, management assumed that the fair value adjustments that
arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2024.
Since the acquisition date was close to the financial year end of the Group, and did not allow sufficient time to complete the initial accounting
for the business combination, the fair value exercise on the acquisition date was prepared on a provisional basis in accordance with IFRS 3 for
all balances. If new information is obtained, within a maximum of one year from the acquisition date, about facts and circumstances that
existed at the acquisition date, then the accounting for the acquisition will be revised.
Consideration paid
The fair value of the consideration is as follows:
US dollar millions
2024
Fair value of AngloGold Ashanti plc shares issued
2,078
Cash
148
Total consideration paid
2,226
AngloGold Ashanti plc issued 82,497,229 ordinary shares as consideration for the 100% interest in Centamin. The fair value of the shares is
calculated with reference to the share price on the effective date of the transaction of $25,20 per share. In the statement of changes in equity,
the $2,078m was included in share capital ($82m) and a merger reserve ($1,996m). Since all conditions for a merger relief in terms of Section
612 of the UK Companies Act 2006 were met, AGA was unable to recognise share premium arising from the issuance of new shares and
instead had to apply the merger relief guidance and recognise a merger reserve. There was no contingent consideration payable as part of the
business combination.
The Group incurred total acquisition-related costs of $31m for the year ended 31 December 2024 on advisory and legal fees which are
recognised as transaction costs in the income statement in the other (expenses)/income line.
Identified assets acquired and liabilities assumed
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
171
The following table summarises the fair value of assets acquired, and liabilities assumed at the acquisition date on a provisional basis,
including the key assumptions in determining the fair values:
US dollar millions
2024
Tangible assets (1)
3,677
Right-of-use assets
4
Inventories (2)
330
Trade and other receivables (3)
56
Cash and cash equivalents
216
Provisions (4)
(51)
Lease liabilities
(4)
Trade and other payables
(118)
Net identifiable assets
4,110
Less: Non-controlling interest (5)
(1,884)
Total consideration paid
2,226
(1) Tangible assets consist of the Sukari Mineral Reserve and Mineral Resource, which has been included under mine development costs, while the Doropo, ABC and the EDX
exploration projects have been included under exploration and evaluation assets. The valuation approaches and main assumptions applied are described below.
The fair value of the Sukari Mineral Reserve was provisionally determined by applying an income approach using a discounted cash flow (DCF) model and taking into
account 100% of the attributable cash flows and the life-of-mine (LOM) plans (until 2037) and a discount rate of 12.8%. The nominal gold price forecasts used for the LOM
ranged between $2,234/oz and $2,659/oz.
The Sukari Mineral Resource and the Doropo and ABC exploration projects were provisionally valued using declared resources and a market multiple approach, considering
transactions involving African gold assets. The resource market multiples used for the Sukari Mineral Resource was $40.95/oz, for the Doropo project $56.15/oz and for the
ABC project $13.16/oz.
The EDX exploration project was provisionally valued using mined ounces and a market multiple approach considering transactions involving African gold assets. The
reserve market multiple of $453.52/oz was risk adjusted using a price/net asset value adjustment factor of 0.26.
For other tangible assets, a depreciated replacement cost (DRC) valuation method was used.
(2) The provisional fair value of inventories was based on an assessment of net realisable value, taking into account the quantity of ounces included in the various inventory
categories (run-of-mine, crushed ore stockpiles, gold-in-circuit and finished goods).
A plant recovery rate (based on historical information) was applied to run-of-mine, gold-in-circuit and crushed ore stockpiles of 88.99%. No recovery rate was applied to
finished goods.The gold price applied was the spot price expected to be realised based on the expected estimated timing of the plant throughput. This includes a nominal
gold price for run-of-mine between $2,437/oz and $2,651/oz and a nominal gold price of $2,651/oz for crushed ore stockpiles, gold-in-circuit and finished goods. A holding
period return of 6.7%, which is based on the average holding period expected and a rate of return for net working capital (risk free rate + 200 basis points), was applied to
account for the impact of run-of-mine stockpiles which will be processed at a later stage.
Costs to completion includes crushing, treatment and refining costs and reduces as inventory moves from run-of-mine to finished goods.
(3) Trade receivables comprise gross contractual amounts due of $56m. None of the trade receivables balance was expected to be uncollectible at the date of acquisition.
(4) Provisions consist of environmental rehabilitation obligations. The provisional fair value of the environmental rehabilitation obligation was calculated using a discounted
cash flow model considering the cost of rehabilitating and decommissioning the mine and relevant infrastructure and discounted at a risk-free rate of 4.7%.
(5) The Group has elected to measure the non-controlling interest (NCI) in the acquiree at fair value (determined on a provisional basis), derived using a DCF model and taking
into account the Sukari profit share estimated to be paid to the Egyptian Mineral Resources Authority (EMRA) over the LOM. The NCI includes 50% of the fair value relating
to the Sukari Mineral Resource which will accrue to EMRA in addition to the profit share estimates. The nominal gold price forecasts used for the LOM ranged between
$2,234/oz and $2,659/oz. The cash flows were discounted using a discount rate of 12.8%.
(6) No deferred tax is recognised, as Sukari has a 15-year exemption from any taxes imposed by the Egyptian government on the revenues generated from Sukari. This
exemption from taxes expired in March 2025 and the Group, having met all the requirements for renewal, is in the process of renewing the tax exemption for a further 15
years.
Acquisition of net cash
The following table summarises the net cash received at the acquisition date per the statement of cash flows:
US dollar millions
2024
Cash consideration paid on effective date
(148)
Cash and cash equivalents acquired
216
Net cash and cash equivalents acquired
68
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
172
Significant accounting judgements and estimates
Control over Sukari Gold Mines Company (SGM, Sukari)
As part of the business combination, the group has assessed that it has control over Sukari (or SGM). Sukari is an entity 50% owned by the
Group’s wholly-owned subsidiary, Pharaoh Gold Mines NL (PGM), with the remaining 50% owned by EMRA. IFRS 10 ‘Consolidated
Financial Statements’ (IFRS 10) defines control as encompassing three distinct principles, which are:
•
Power over the relevant activities of the investee;
•
Exposure, or rights, to variable returns from its involvement with the investee; and
•
The ability to use its power over the investee to affect the amount of the investor’s returns.
The relevant activities cover the operations throughout the life-of-mine (LOM) from exploration and evaluation of Mineral Reserve through
to development and commercial mining production and relates to governing the strategic operating and financial policies of Sukari. The
rights and duties of the Group (through PGM) which have resulted in the Group concluding that it has control over Sukari, are as follows:
•
PGM controls the appointment and replacement of the General Manager (GM) at Sukari; and
•
By controlling the appointment of the GM and directing their activities, the GM will make all day-to-day decisions to allow the mine to
operate in a manner that aligns with Sukari’s objectives. These decisions, which are considered the main relevant activities, are as
follows:
◦
Preparing Sukari’s work programmes through determination of the daily and longer-term mine plans and the budgets covering the
operations to be carried out throughout the LOM;
◦
Managing capital expenditure, procurement, cost control and treasury;
◦
Conducting exploration, development, production, and marketing operations;
◦
Co-ordinating Sukari’s operations and activities, including its dealings with all contractors and subcontractors;
◦
Bearing ultimate responsibility for all costs and expenses required in carrying out any and all operations under the Sukari
Concession Agreement (Sukari CA) (entered into between PGM, EMRA and the Egyptian government);
◦
Funding the operations of Sukari and recovering costs and expenses throughout the LOM (i.e., exploration, development, and
production phases);
◦
Funding additional exploration and expansion programmes within the mine during the production phase;
◦
Taking custody of Sukari’s stock and management of its funds;
◦
Selling and shipping of all gold and associated metals produced; and
◦
Entering into and managing gold sales or hedging contracts and forward sale agreements.
The duties of EMRA under the terms of the Sukari CA are to provide the required approvals to allow the mine to operate.
The Board of Directors of Sukari (Sukari Board) has six members, three of whom are appointed by PGM and three by EMRA. The executive
chairman, as one of the EMRA-appointed board members, is a representative of EMRA and is appointed by the Egyptian Ministry of
Finance.
The Sukari Board convenes twice a year to facilitate a forum for information sharing between both shareholders of Sukari and to provide a
mechanism to scrutinise the timing and amounts of expenses; rather than as a decision-making body over Sukari’s most significant
relevant activities. The Sukari Board considers, reviews, and approves the budget, the annual financial statements, the cost recovery
position and other compliance matters. The Sukari Board is not allowed to unreasonably withhold approval of any of the above.
If there is a disputed matter or deadlock position within the Sukari Board, such matter is resolved through open discussion at board level;
however, the executive chairman does not have a veto or casting vote. Where matters cannot be agreed upon, an ad-hoc committee is
appointed with each party having equal representation. This committee will then recommend an appropriate course of action to the Sukari
Board with the best interest of all shareholders in mind; and should the Sukari Board still not agree on a course of action, there is a
provision for final and binding arbitration.
The Sukari Board cannot appoint or remove the GM, this right belongs solely to PGM, under the terms of the Sukari CA.
EMRA and/or the Egyptian government have no downside risk in their share of Sukari. If Sukari were to become loss-making or insolvent,
these costs are absorbed in their entirety by PGM, in accordance with the Sukari CA.
The Group, through PGM, is therefore exposed to the variable returns of Sukari, has the ability to affect the amount of those returns, has
power over Sukari through its ability to direct its relevant activities and therefore meets all the criteria of control to consolidate Sukari’s
results within the Group to reflect the substance and economic reality of the Sukari CA.
Fair value of net identifiable assets
In determining the fair value of the identifiable net assets, management has applied certain judgements and estimates, which have been
disclosed in the “identified assets acquired and liabilities assumed” section above.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
173
Accounting policies
The acquisition method of accounting is used to account for business combinations by the Group. The consideration transferred for the
acquisition of the business is the fair value of the assets transferred, the liabilities incurred, and the equity interests issued by the Group.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair values at the acquisition date.
On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest (NCI) in the acquiree at the NCI’s proportionate
share of the acquiree’s net assets or the fair value. Subsequently, the carrying amount of NCI is the amount of the interest at initial
recognition plus the NCI’s share of the subsequent changes in equity.
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for
NCI and any previous interest held over the net identifiable assets acquired and liabilities assumed).
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
174
14
TANGIBLE ASSETS
US dollar millions
Mine
development
costs
Mine
infrastructure
Mineral
rights
and dumps
Exploration
and
evaluation
assets
Assets under
construction
Land and
buildings(2)
Total
Cost
Balance at 1 January 2022
4,716
3,734
185
12
899
126
9,672
Additions
407
8
—
1
610
2
1,028
Acquisition of assets
—
—
614
—
—
—
614
Finance costs capitalised (3)
—
—
—
—
2
—
2
Disposals
(2)
(14)
—
—
—
—
(16)
Derecognition of assets
(12)
(22)
—
—
(1)
—
(35)
Transfers and other movements (1)
302
401
—
(1)
(752)
1
(49)
Translation
(120)
(8)
(4)
—
(1)
—
(133)
Balance at 31 December 2022
5,291
4,099
795
12
757
129
11,083
Accumulated amortisation and
impairments
Balance at 1 January 2022
3,208
2,765
159
7
26
—
6,165
Amortisation for the year
378
174
8
1
—
—
561
Impairment of assets
114
152
16
—
—
8
290
Disposals
(1)
(14)
—
—
—
—
(15)
Derecognition of assets
(11)
(20)
—
—
(1)
—
(32)
Transfers and other movements (1)
—
—
—
—
1
—
1
Translation
(86)
(5)
(3)
(1)
—
—
(95)
Balance at 31 December 2022
3,602
3,052
180
7
26
8
6,875
Net book value at 31 December 2022
1,689
1,047
615
5
731
121
4,208
Cost
Balance at 1 January 2023
5,291
4,099
795
12
757
129
11,083
Additions
423
10
—
—
607
2
1,042
Disposals
(2)
(43)
—
(4)
(23)
(22)
(94)
Derecognition of assets
(5)
(183)
—
—
—
—
(188)
Transfers and other movements (1)
415
456
—
—
(873)
7
5
Translation
1
(1)
—
—
(1)
—
(1)
Balance at 31 December 2023
6,123
4,338
795
8
467
116
11,847
Accumulated amortisation and
impairments
Balance at 1 January 2023
3,602
3,052
180
7
26
8
6,875
Amortisation for the year
410
171
—
1
—
—
582
Impairment of assets
77
72
—
1
56
14
220
Impairment reversals of assets
(27)
(7)
—
—
—
(1)
(35)
Disposals
(2)
(43)
—
(3)
—
(9)
(57)
Derecognition of assets
(3)
(149)
—
—
—
—
(152)
Transfers and other movements (1)
2
(11)
—
—
—
—
(9)
Translation
4
—
—
—
—
—
4
Balance at 31 December 2023
4,063
3,085
180
6
82
12
7,428
Net book value at 31 December 2023
2,060
1,253
615
2
385
104
4,419
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
175
14
TANGIBLE ASSETS CONTINUED
US dollar millions
Mine
development
costs
Mine
infrastructure
Mineral
rights and
dumps
Exploration
and
evaluation
assets
Assets under
construction
Land and
buildings(2)
Total
Cost
Balance at 1 January 2024
6,123
4,338
795
8
467
116
11,847
Additions
426
4
—
—
651
7
1,088
Acquired through business combination
2,784
469
—
297
127
—
3,677
Disposals
(6)
(18)
—
—
—
—
(24)
Derecognition of assets
(4)
(81)
—
—
—
—
(85)
Transfers and other movements (1)
248
262
—
7
(516)
1
2
Translation
(200)
(9)
(4)
—
(2)
—
(215)
Balance at 31 December 2024
9,371
4,965
791
312
727
124
16,290
Accumulated amortisation and
impairments
Balance at 1 January 2024
4,063
3,085
180
6
82
12
7,428
Amortisation for the year
473
195
—
—
—
—
668
Impairment reversals of assets
(2)
(30)
—
—
(28)
—
(60)
Disposals
(6)
(18)
—
—
—
—
(24)
Derecognition of assets
(3)
(67)
—
—
—
—
(70)
Transfers and other movements (1)
13
(13)
—
—
—
—
—
Translation
(153)
(5)
(4)
(1)
(1)
—
(164)
Balance at 31 December 2024
4,385
3,147
176
5
53
12
7,778
Net book value at 31 December 2024
4,986
1,818
615
307
674
112
8,512
(1)
Transfers and other movements include amounts from deferred stripping, changes in estimates of decommissioning assets and asset reclassifications.
(2)
Assets of $6m (2023: $7m; 2022: $7m) have been pledged as security.
(3)
The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation was nil (2023: nil; 2022: 4.96%).
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
176
14 TANGIBLE ASSETS CONTINUED
Net impairment, derecognition of assets and profit (loss) on disposal:
US dollar millions
Tangible Assets
Right of Use
Assets
Goodwill
Total
2024
Group income statement
Reversal of impairment of assets
60
—
—
60
Profit (loss) on derecognition of assets (1)
(2)
2
—
—
Net loss on disposal of assets
(2)
—
—
(2)
Reversal of impairment, (derecognition of assets) and profit (loss) on
disposal
56
2
—
58
2023
Group income statement
Impairment of assets
(220)
(10)
—
(230)
Reversal of impairment of assets
35
3
—
38
Derecognition of assets
(36)
1
—
(35)
Net profit on disposal of assets
6
—
—
6
Net impairment, derecognition of assets and profit (loss) on disposal
(215)
(6)
—
(221)
2022
Group income statement
Impairment of assets
(290)
(17)
(8)
(315)
Derecognition of assets
(3)
(1)
—
(4)
Net profit on disposal of assets
4
—
—
4
Net impairment, derecognition of assets and profit (loss) on disposal
(289)
(18)
(8)
(315)
(1)
Includes profit on derecognition of assets of $13m relating to insurance proceeds for the Siguiri CIL tank failure.
Impairment calculation assumptions – goodwill, tangible, right of use and intangible assets
The Group’s non-financial assets, other than inventories and deferred tax assets, are assessed for impairment or reversal of impairment
indicators at each reporting date or whenever events or changes in circumstances indicate that the carrying value may not be recoverable.
Sunrise Dam is required to have an annual impairment test as the cash-generating unit (CGU) contains goodwill (refer to Note 16). At
31 December 2024, a reversal of impairment trigger was identified for Cuiabá due to the restart of the Queiroz metallurgical plant. No
impairment or reversal of impairment triggers were identified for the remaining CGUs.
Assumptions used for the impairment calculations:
Cash flows used in impairment calculations are initially derived in nominal terms using inflation factors and nominal assumptions. Cash flows
are then converted to real terms using the corresponding inflation factor and discounted using a real discount rate.
•
The gold price assumption used in the impairment calculations represents management’s best estimate of the expected real short-term
and long-term future price of gold based on consensus outlooks
•
The exchange rate input used in the impairment calculation of Sunrise Dam (refer to Note 16) represents the expected short-term and
long-term exchange rates based on consensus outlooks
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
177
Assumptions
Real gold price per oz
Exchange rate (A$/US$)
2024
2023
2022
2024
2023
2022
Year 1
2,650
1,995
1,785
0.65
0.68
0.70
Year 2
2,477
1,998
1,777
0.68
0.71
0.70
Year 3
2,101
1,785
1,763
0.70
0.72
0.71
Year 4
2,026
1,694
1,729
0.70
0.70
0.71
Year 5
1,988
1,666
1,710
0.69
0.70
0.71
Long-term
1,950
1,666
1,731
0.68
0.70
0.71
Annual life-of-mine plans take into account the following:
•
Proven and Probable Mineral Reserve
•
Value beyond Proven and Probable Mineral Reserve (including Inferred Mineral Resource and undeclared mineral inventory ounces) which
are determined using the gold price assumption referred to above. The inclusion of the undeclared mineral inventory ounces is supported
by the repeated ability of the operation to replenish depleted resources from exploration success providing confidence that the undeclared
mineral inventory ounces included in the plan will be drilled, converted and mined over the life-of-mine. The capital investment and
exploration required to convert and mine these additional ounces are included in the life-of-mine plan. These ounces are included in the
discounted cash flow model based on the Group’s rigorous framework for transitioning ounces from potential inventory through various
stages to mined ounces. The sliding scale of conversion factors used ensures risk-adjusted progression reflecting geological confidence
and economic feasibility. The conversion factors applied reflect a risk adjusted cash flow
•
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 5 years to 31 years
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. During 2023, the Cuiabá mine CGU recognised further impairment losses of $45m ($53m gross of taxes) largely due to the suspension
of operating activities at the Queiroz metallurgical plant. At the end of 2023, the Cuiabá mine CGU recognised an impairment reversal of $28m
($38m gross of taxes) which was largely due to certainty in the processing of gold concentrate and improved operating results at the Cuiabá
mine CGU.
At 31 December 2024, the Cuiabá mine CGU recognised a further impairment reversal of $44m ($60m gross of taxes) which was due to the
Queiroz metallurgical plant resuming operations in September 2024. The recoverable amount of $948m was determined with reference to the
CGU’s fair value less costs to dispose derived from a discounted cash flow model, using a real discount rate of 8.4%, compared to the CGU’s
carrying amount of $262m. This is a level 3 fair value measurement. The impairment loss in 2022 and the net impairment reversals in 2023
and 2024 were recognised and included in the Americas segment.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
178
Impairment allocation
Cash Generating Unit
Mine
Development
Cost
Mine
Infrastructure
Exploration
and
evaluation
costs
Mineral
Rights and
Dumps
Assets
under
construction
Land and
buildings
Total
Tangible
Asset
Impairment
Reversal
Goodwill
Right of use
assets
Total
Impairment
Reversal
US dollar millions
2024
Americas segment
Cuiabá
(2)
(30)
—
—
(28)
—
(60)
—
—
(60)
(2)
(30)
—
—
(28)
—
(60)
—
—
(60)
Cash Generating Unit
Mine
Development
Cost
Mine
Infrastructure
Exploration
and
evaluation
costs
Mineral
Rights and
Dumps
Assets
under
construction
Land and
buildings
Total
Tangible
Asset
Impairment
Goodwill
Right of use
assets
Total
Impairment
US dollar millions
2023
Americas segment
CdS
30
9
—
—
5
1
45
—
2
47
Cuiabá
(27)
17
—
—
29
(1)
18
—
(3)
15
Serra Grande
47
39
—
—
7
4
97
—
8
105
Projects
Gramalote
—
—
1
—
15
9
25
—
—
25
50
65
1
—
56
13
185
—
7
192
US dollar millions
2022
Americas segment
CdS
58
98
—
16
—
6
178
—
11
189
Cuiabá
34
30
—
—
—
1
65
—
5
70
Serra Grande
22
24
—
—
—
1
47
8
1
56
114
152
—
16
—
8
290
8
17
315
Sensitivity analysis - impairment of assets
The assumptions that had the most influence on the life-of-mine plans which form the basis of the assessment was the long-term gold
commodity price, discount rate, foreign exchange and production (including undeclared mineral inventory ounces). Management has
determined that a reasonable possible change in these assumptions would not result in a material adjustment to the carrying values of
property, plant and equipment.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
179
Significant accounting judgements and estimates
Mineral Reserve estimates
The Group reports its Mineral Resource and Mineral Reserve in accordance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300)
(“Regulation S-K 1300”). A Mineral Reserve estimate is an estimate of tonnage and grade or quality of Indicated and Measured Mineral
Resource that can be the basis of an economically viable project. More specifically, it is the economically mineable part of a Measured or
Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or
extracted. In order to estimate the Mineral Reserve, estimates and assumptions are required about a range of geological, technical and
economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity
demand, commodity prices and exchange rates.
Estimating the quantity and/or grade of the Mineral Reserve requires the size, shape and depth of ore bodies to be determined by
analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological
judgements and calculations to interpret the data.
With the change in the economic assumptions used to estimate the Mineral Reserve from period to period, and because additional
geological data is generated during the course of operations, estimates of the Mineral Reserve may change from period to period.
Changes in the reported Mineral Reserve may affect the Group’s financial results and financial position in a number of ways, including the
following:
•
asset carrying values may be affected due to changes in estimated future cash flows
•
depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the
units-of-production method, or where the useful economic lives of assets change
•
overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged in the
income statement may change due to changes in stripping ratios or the units-of-production method of depreciation
•
decommissioning site restoration and environmental provisions may change where changes in the estimated Mineral Reserve affect
expectations about the timing or cost of these activities and
•
the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits.
Accounting policies
Tangible assets are recorded at cost less accumulated amortisation, accumulated impairments and reversal of impairments. Cost
includes the present value of related future decommissioning costs.
Interest on borrowings relating to the financing of major capital projects under construction (which is considered to be qualifying assets
that necessarily take a substantial period of time to get ready for their intended use or sale) 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 and include acquired Proven and Probable Mineral Reserve and Mineral Resource at fair
value at the acquisition date when a business is acquired.
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
180
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.
The straight-line method is used if the estimated useful life of the asset is used for amortisation 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.
Land and assets under construction
Land and assets under construction are not depreciated and are measured at historical cost less impairments.
Mineral rights and dumps
Mineral rights and dumps are amortised from the date on which the assets are ready for use as intended by management.
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 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. Exploration and
evaluation assets also include the fair value of exploration potential attributable at the acquisition date when a business is acquired.
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.
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 are
capitalised as a stripping activity asset, the Group uses the average stripping ratio measure over the life of the particular open pit
operation 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 expensed.
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 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 Mineral 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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
181
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 Mineral Reserve development.
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 Group generally uses fair value less cost of disposal to determine the recoverable amount of each CGU.
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 asset’s or CGU’s 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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
182
15 RIGHT OF USE ASSETS AND LEASE LIABILITIES
RIGHT OF USE ASSETS
US dollar millions
Mine
infrastructure
Land and
buildings
Total
Cost
Balance at 1 January 2022
297
16
313
Additions
90
1
91
Derecognition and other movements (1)
(34)
—
(34)
Translation
(8)
(2)
(10)
Balance at 31 December 2022
345
15
360
Accumulated amortisation and impairments
Balance at 1 January 2022
135
3
138
Amortisation for the year
78
3
81
Impairment
17
—
17
Derecognition and other movements (1)
(29)
—
(29)
Translation
(4)
1
(3)
Balance at 31 December 2022
197
7
204
Net book value at 31 December 2022
148
8
156
Cost
Balance at 1 January 2023
345
15
360
Additions
77
6
83
Derecognition and other movements (1)
(48)
—
(48)
Translation
(1)
1
—
Balance at 31 December 2023
373
22
395
Accumulated amortisation and impairments
Balance at 1 January 2023
197
7
204
Amortisation for the year
77
3
80
Derecognition and other movements (1)
(38)
—
(38)
Impairment
10
—
10
Impairment reversal
(3)
—
(3)
Balance at 31 December 2023
243
10
253
Net book value at 31 December 2023
130
12
142
Cost
Balance at 1 January 2024
373
22
395
Acquisition through business combination
2
2
4
Additions
69
—
69
Derecognition and other movements (1)
(15)
—
(15)
Translation
(18)
1
(17)
Balance at 31 December 2024
411
25
436
Accumulated amortisation and impairments
Balance at 1 January 2024
243
10
253
Amortisation for the year
83
3
86
Derecognition and other movements (1)
(14)
—
(14)
Translation
(12)
—
(12)
Balance at 31 December 2024
300
13
313
Net book value at 31 December 2024
111
12
123
(1)
Derecognition and other movements include amounts relating to modifications and terminations of leased assets.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
183
15 RIGHT OF USE ASSETS AND LEASE LIABILITIES CONTINUED
LEASE EXPENSES
US dollar millions
2024
2023
2022
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
861
939
875
Amounts recognised in the income statement for lease payments not included in
lease liabilities
Expenses on short-term leases
23
32
19
Expenses on variable lease payments (1)
734
800
749
Expenses on leases of low value assets
2
2
15
(1)
The variable lease payments consist mainly of mining and drilling contracts and constitutes 85% (2023: 85%; 2022: 86%) 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
2024
2023
2022
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
171
186
185
Acquisition through business combination
4
—
—
Lease liabilities recognised
69
83
90
Repayment of lease liabilities
(91)
(94)
(82)
Finance costs paid on lease liabilities
(11)
(11)
(10)
Interest charged to the income statement
12
12
11
Modifications and terminations
(3)
(7)
(7)
Translation
(10)
2
(1)
Closing balance
141
171
186
Lease liabilities
Non-current
65
98
115
Current
76
73
71
Total
141
171
186
(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 33.
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 Group concluded that the arrangement does include a lease and will be recognised in terms of IFRS 16 ‘Leases’ (IFRS 16). The
project has achieved commercial operation on 7 February 2025, which is also the commencement date of the lease. The expected cash flows
over the 10 years commencing in 2025 is $107m.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
184
Accounting policies
The Group assesses whether a contract is or contains a lease, at inception of a contract. 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, the Group 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 Group 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.
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 has made the accounting policy choice to classify
finance costs paid in relation to a lease liability as financing activities in the statement of cash flows.
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
185
16 INTANGIBLE ASSETS
US dollar millions
Goodwill
Other
Total
Cost
Balance at 1 January 2022
119
95
214
Additions
—
1
1
Translation
(6)
(1)
(7)
Balance at 31 December 2022
113
95
208
Accumulated amortisation and impairments
Balance at 1 January 2022
—
92
92
Amortisation for the year
—
1
1
Impairment of goodwill
8
—
8
Translation
—
1
1
Balance at 31 December 2022
8
94
102
Net book value at 31 December 2022
105
1
106
Cost
Balance at 1 January 2023
105
95
200
Additions
—
1
1
Transfers and other movements (1)
—
1
1
Translation
—
(2)
(2)
Balance at 31 December 2023
105
95
200
Accumulated amortisation and impairments
Balance at 1 January 2023
—
94
94
Amortisation for the year
—
1
1
Translation
—
(2)
(2)
Balance at 31 December 2023
—
93
93
Net book value at 31 December 2023
105
2
107
Cost
Balance at 1 January 2024
105
95
200
Additions
—
1
1
Translation
(10)
—
(10)
Balance at 31 December 2024
95
96
191
Accumulated amortisation and impairments
Balance at 1 January 2024
—
93
93
Amortisation for the year
—
1
1
Translation
—
(1)
(1)
Balance at 31 December 2024
—
93
93
Net book value as 31 December 2024
95
3
98
(1)
Transfers and other movements include amounts from asset reclassifications and amounts written off.
Impairment calculation assumptions for goodwill
2024
Based on an analysis carried out by the Group in 2024, the carrying value and fair value less costs to dispose of the CGU that includes
significant goodwill is:
2024
US dollar millions
Carrying value
Fair value less
costs to dispose
Sunrise Dam
166
566
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
186
16 INTANGIBLE ASSETS CONTINUED
As at 31 December 2024, the recoverable amount of Sunrise Dam exceeded its carrying amount by $400m. Sunrise Dam had $95m goodwill at
31 December 2024. The approved life-of-mine of Sunrise Dam is planned until 2032. The fair value less costs to dispose is derived from a
discounted cash flow model using a post-tax, real discount rate of 5%, which reflects specific market risk factors for the CGU. This is a level 3
fair value measurement.
The estimates of future cash flows were derived from the life-of-mine plans where the life-of-mine plans include a material portion of value
beyond proven and probable ounces (including Inferred Mineral Resource and undeclared mineral inventory ounces). The attributable Mineral
Resource value ounces included in the discounted cash flow model, is based on historical conversion factors in converting Mineral Resources
to Mineral Reserves. The conversion factors are applied to reflect a risk adjusted cash flow.
Life-of-mine plans are also impacted by estimated production as well as Mineral Reserve and Mineral Resource determination (including
undeclared mineral inventory ounces). The Group continuously monitors production targets, including yield targets from currently mined ore-
bodies, and models these results to other areas of the orebody and makes the required amendments. These amendments are manifested in
the impairment models as changes in the years of the life-of-mine from year-to-year.
Sensitivity analysis
The key assumption that influences the recoverable amount is the expected gold prices. It is estimated that a decrease of the gold price
assumptions by 16.1% would cause the recoverable amount of this CGU to equal its carrying amount. Management has determined that a
reasonable possible change in the discount rate, foreign exchange and production (including undeclared mineral inventory ounces) would not
result in a material adjustment to the carrying value. 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.
2023
Based on an analysis carried out by the Group in 2023, the carrying value and fair value less costs to dispose of the CGU that includes
significant goodwill is:
2023
US dollar millions
Carrying value
Fair value less
costs to dispose
Sunrise Dam
228
263
As at 31 December 2023, the recoverable amount of Sunrise Dam exceeded its carrying amount by $35m. Sunrise Dam had $105m goodwill at
31 December 2023. The approved life-of-mine of Sunrise Dam is planned until 2028; however, for impairment testing purposes, Mineral
Resources not included in the current approved life-of-mine plan where management has high confidence in the orebody and economical
recovery of gold, based on historical and similar geological experience, were included in the discounted cash flow model. The attributable
Mineral Resource value ounces have been included in the discounted cash flow model applied based on historical conversion factors in
converting Mineral Resources to Mineral Reserves. The fair value less costs to dispose is derived from a discounted cash flow model using a
real discount rate of 5%. This is a level 3 fair value measurement.
It is estimated that a decrease of the gold price assumptions by 2.3%, or an increase in the discount rate of 5.1% to 10.1%, or an increase of
2.4% in the A$/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. The assumptions that had the
most influence on the life-of-mine plans which form the basis of the assessment was the discount rate, foreign exchange and production.
Management has determined that a reasonable possible change in these assumptions would not result in a material adjustment to the
carrying value.
2022
Based on an analysis carried out by the Group in 2022, the carrying value and value in use of the CGU that includes significant goodwill is:
2022
US dollar millions
Carrying value
Value in use
Sunrise Dam
230
293
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
187
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 the significant assumptions relating to impairments in general see Note14. The forecasted gold price is considered a significant input
with estimation uncertainty.
Value beyond Proven and Probable Mineral Reserve (including Inferred Mineral Resources and undeclared mineral inventory ounces) have
been included in the life-of-mine plan for the Sunrise Dam CGU. The inclusion of the undeclared mineral inventory ounces is supported by
the repeated ability of the operation to replenish depleted Mineral Resources from exploration success providing confidence that the
undeclared mineral inventory ounces included in the plan will be drilled, converted and mined over the life-of-mine. The capital investment
and exploration required to convert and mine these additional ounces are included in the life-of-mine plan. These ounces are included in
the discounted cash flow model based on the Group’s rigorous framework for transitioning ounces from potential inventory through
various stages to mined ounces. The sliding scale of conversion factors used ensures risk-adjusted progression reflecting geological
confidence and economic feasibility. The conversion factors applied reflect a risk adjusted cash flow.
Accounting policies
Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred, the amount of any
non-controlling interest in the acquiree and the acquisition date fair value of any previous equity interest in the acquiree over the fair value
of the identifiable net assets acquired is recorded 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 CGUs for the purpose of impairment testing. No
unallocated goodwill exists within the Group.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
188
17 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 2024. 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 35 for a complete list of related undertakings.
Percentage held
For the year ended 31 December
Country of incorporation
Holding
2024
2023
2022
Principal operating subsidiaries
AngloGold Ashanti Australia Limited (1)
Australia
Indirect
100
100
100
AngloGold Ashanti (Pty) Ltd (formerly AngloGold Ashanti Limited)
South Africa
Direct
100
100
—
AngloGold Ashanti Holdings plc
Isle of Man
Direct
100
100
100
AngloGold Ashanti USA Incorporated
United States of America
Indirect
100
100
100
AngloGold Ashanti Córrego do Sítio Mineração S.A.
Brazil
Indirect
100
100
100
AngloGold Ashanti (Ghana) Limited (2)
Ghana
Indirect
100
100
100
AngloGold Ashanti (Iduapriem) Limited
Ghana
Indirect
100
100
100
Cerro Vanguardia S.A.
Argentina
Indirect
92.50
92.50
92.50
Geita Gold Mining Limited
Tanzania
Indirect
100
100
100
Mineração Serra Grande S.A.
Brazil
Indirect
100
100
100
Société AngloGold Ashanti de Guinée S.A.
Republic of Guinea
Indirect
85
85
85
Sukari Gold Mines Company (3)
Egypt
Indirect
50
—
—
Unincorporated joint operation
Tropicana joint operation
Australia
Indirect
70
70
70
(1)
Owner of the Sunrise Dam operation and the Tropicana joint operation in Australia.
(2) Operates the Obuasi mine in Ghana.
(3) Acquired by AngloGold Ashanti as part of the acquisition of Centamin plc in November 2024.
Non-controlling interests
The Group has subsidiaries with non-controlling interests. Except for the newly acquired Sukari Gold Mines Company (Sukari), which is part of
the Centamin group (refer to Note 13), none of the remaining non-controlling interests were material to the statement of financial position.
Sukari and the Group have non-coterminous year-ends, with Sukari’s year-end being 30 June.
2024
Name
Non-controlling
interest % holding
Country of
incorporation
Sukari Gold Mines Company
50
Egypt
Financial information of the Sukari Gold Mines Company is provided below:
US dollar millions
2024
Profit allocated to material non-controlling interests
14
Accumulated balances of material non-controlling interests
1,836
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
189
Summarised financial information of Sukari at 100% is as follows. The information is based on amounts including intercompany balances.
US dollar millions
2024
Statement of profit or loss (1)
Revenue
119
Profit for the period
33
Total comprehensive income for the period, net of tax
33
Attributable to non-controlling interests
14
Dividends paid to non-controlling interests
(62)
Statement of financial position as at 31 December
Non-current assets
3,558
Current assets
319
Non-current liabilities
(54)
Current liabilities
(245)
Total equity
3,578
Statement of cash flows for the period ended 31 December (1)
Cash inflow from operating activities
82
Cash outflow from investing activities
(19)
Cash outflow from financing activities
(74)
Net decrease in cash and cash equivalents
(11)
(1) Representing movement post-acquisition.
Accounting policies
Foreign currency translations
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
190
18 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
US dollar millions
2024
2023
2022
Carrying value
Investments in associates
43
38
37
Investments in joint ventures (1)
487
561
1,054
530
599
1,091
(1)
Cash dividends received from joint ventures of $88m (2023: $180m; 2022: $694m).
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
2024
2023
2022
Aggregate statement of profit or loss for associates (attributable)
Revenue
50
39
31
Operating expenses
(26)
(18)
(16)
Taxation
(7)
(5)
(3)
Profit for the year (1)
17
16
12
Total comprehensive income for the year, net of tax
17
16
12
(1)
Includes share of non-controlling interest.
Investments in material joint ventures comprise:
Effective %
Name
2024
2023
2022
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 (AGA) has a 50% interest in Kibali (Jersey) Limited (Kibali) which holds a 90% interest in Kibali Goldmines S.A.
US dollar millions
2024
2023
2022
Carrying value of joint ventures
Kibali (Jersey) Limited
487
561
1,054
Impairment of investment in joint venture
Société d’Exploitation des Mines d’Or de Yatela (1)
(2)
(1)
(1)
The cumulative unrecognised share of losses of the joint ventures:
Société d’Exploitation des Mines d’Or de Yatela (1)
—
2
2
(1)
On 17 October 2024, AngloGold Ashanti and IAMGOLD Corporation completed the sale of each of their 40% interests in Société d’Exploitation des Mines d’Or de Yatela S.A.
to the government of Mali.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
191
18 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES CONTINUED
Summarised financial information of the Kibali joint venture is as follows (not attributable) (1):
US dollar millions
2024
2023
2022
Restated (2)
Statement of profit or loss
Revenue
1,652
1,488
1,329
Other operating costs and expenses
(689)
(682)
(588)
Amortisation of tangible and intangible assets
(197)
(214)
(208)
Finance costs, unwinding of obligations and cash repatriation fee
(80)
(19)
(50)
Interest received
3
4
5
Share of profits of equity accounted joint venture
1
1
—
Taxation
(376)
(185)
(156)
Profit for the year
314
393
332
Total comprehensive income for the year, net of tax
314
393
332
Dividends received from joint venture (attributable)
88
180
694
Statement of financial position
Non-current assets
2,537
2,485
2,420
Current assets
302
215
201
Cash and cash equivalents
89
123
92
Total assets
2,928
2,823
2,713
Non-current financial liabilities (2)
72
55
51
Other non-current liabilities
494
409
320
Current financial liabilities (2)
958
1,023
56
Other current liabilities
347
144
105
Total liabilities
1,871
1,631
532
Net assets
1,057
1,192
2,181
Group's share of net assets
529
596
1,091
Other (1)
(42)
(35)
(37)
Carrying amount of interest in joint venture
487
561
1,054
(1)
Includes amounts relating to additional costs and contributions at acquisition as well as non-controlling interests related to Société Minière de Kilo-Moto S.A.(SOKIMO).
(2) During 2023 Kibali declared a dividend in specie through the distribution of a loan receivable to its shareholders which was classified as current financial liabilities ($296m)
and non-current financial liabilities ($715m) by Kibali. The loan is repayable on demand and the full loan should therefore have been classified as a current financial liability.
The non-current portion of $715m was reclassified from non-current financial liabilities to current financial liabilities.
Joint venture loan receivable
Kibali declared a dividend in specie through the distribution of a loan receivable to its shareholders. The loan receivable is set out in the
following table:
US dollar millions
2024
2023
Opening balance
506
—
Dividend in specie declared (1)
70
506
Repayments
(149)
—
Interest accrued
36
—
Closing balance (2)
463
506
(1)
During December 2024, a loan of $70m was granted which bears semi-annual interest at 7.675% and is repayable on demand. During December 2023, a loan of $506m
was granted which bears semi-annual interest at 7.875% and is repayable on demand.
(2)
Included in the statement of financial position as a short-term loan receivable of $260m (2023: $148m) and a long-term loan receivable of $203m (2023: $358m) based on
the Kibali Goldmines S.A. future estimated cash flows and the intention of when AGA expects to receive settlement of the loan.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
192
18 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.
US dollar millions
2024
2023
2022
19 INVENTORIES
Non-current (2)
Raw materials - ore stockpiles
158
2
5
Current (2)
Raw materials
- ore stockpiles
289
238
225
- heap-leach inventory
17
14
10
Work in progress
- metals in process
66
51
66
- gold concentrate in process
—
1
—
Finished goods
- gold doré/bullion
77
64
51
- by-products
2
—
2
- gold concentrate
—
5
—
Total metal inventories
451
373
354
Mine operating supplies
604
456
419
1,055
829
773
Total inventories(1)
1,213
831
778
(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 is $14m (2023: $6m; 2022: $12m).
(2)
Inventory includes Centamin balances of $138m in non-current and $161m in current.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
193
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;
•
gold concentrate 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 and not expected to be processed in the next 12 months;
•
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.
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.
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.
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
194
US dollar millions
2024
2023
2022
20 TRADE, OTHER RECEIVABLES AND OTHER ASSETS
Non-current
Deferred compensation assets (financial assets)
30
42
12
Prepayments
7
14
19
Recoverable tax, rebates, levies and duties
192
198
200
Other receivables (financial assets)
14
—
—
243
254
231
Current
Trade receivables (financial assets)
47
25
20
Deferred compensation asset (financial assets)
18
6
—
Prepayments
59
41
58
Recoverable tax, rebates, levies and duties (1)
145
119
148
Dividend receivable from Kibali joint venture
55
—
—
Other receivables (financial assets) (2)
50
8
11
374
199
237
Total trade, other receivables and other assets
617
453
468
There is a concentration risk of recoverability in respect of amounts due from
Revenue Authorities for recoverable tax, rebates, levies and duties from subsidiaries
in the Africa Region segment. The Group uses probability weighted discounting
models together with the expected timing of recovery of these refunds to quantify the
current fair value 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 income taxes available for off-sets, if applicable. A reasonable
possible change in the risk-free discount rate and/or expected timing of recovery
used in the weighted probability model would not have a material impact on the fair
value recognised.
These values are summarised as follows:
Recoverable value added tax (3)
215
229
231
Appeal deposits
70
51
43
(1)
Includes taxation asset, refer Note 29.
(2)
Includes AGRe re-insurance overpayment of $21m and Siguiri insurance receivable of $21m in the current year.
(3)
Geita Gold Mining Limited in Tanzania VAT receivable balance was $163m (2023: $153m; 2022: $153m).
US dollar millions
2024
2023
2022
21 CASH RESTRICTED FOR USE
Non-current
Cash restricted for environmental and rehabilitation obligations (1)
41
34
33
Current
Cash restricted by prudential solvency requirements (2)
20
23
18
Cash balances held by joint operations (3)
—
11
9
20
34
27
Total cash restricted for use
61
68
60
(1)
Reclamation bonds provided to the Environmental Protection Agency in Ghana and guarantees provided to Minas Gerais State Government in Brazil for environmental and
rehabilitation obligations.
(2)
Cash held by the Group's captive insurance company to maintain the solvency capital requirement.
(3)
Cash balances held by joint operations of $13m have been reclassified to cash and cash equivalents during the current year as these balances are no longer considered
restricted cash.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
195
Accounting policies
Cash restricted for use comprises cash and cash equivalents including amounts held in escrow, trust and separate bank accounts. Cash
restricted for use for more than 12 months after year end is classified as a non-current financial asset.
US dollar millions
2024
2023
2022
22 CASH AND CASH EQUIVALENTS
Cash and cash equivalents (1)
1,425
964
1,108
Bank overdraft
(28)
(9)
(2)
Per Statement of Cash Flows
1,397
955
1,106
(1)
Cash and cash equivalents include cash and deposits on call of $1,425m (2023: $964m; 2022: $870m) and money market instruments of nil (2023: nil; 2022: $238m).
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.
The Group has made the accounting policy choice to classify interest received as investing activities in the statement of cash flows.
Number of shares
2024
2023
2022
23 SHARE CAPITAL AND PREMIUM
Issued and fully paid ordinary shares at a nominal value of $1
Ordinary shares issued at the beginning of the year
419,729,856
—
—
Issued in terms of the corporate restructuring
—
419,685,792
—
Issued in terms of acquisition of Centamin
82,497,229
—
—
Issued in terms of employee share awards
1,299,967
44,064
—
Ordinary shares issued at the end of the year
503,527,052
419,729,856
—
Accounting policies
Ordinary shares are classified as equity and incremental costs directly attributable to the issue of new shares or options are shown
directly in equity as a deduction, net of tax, from the proceeds.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
196
2024
2023
2022
US dollar millions
Expiry date
Currency
Interest Rate
Contract
Amount
Available
facilities (2)
Utilised
facilities
Utilised
facilities
Utilised
facilities
24
BORROWINGS
Unsecured
Debt arrangements (1)
Rated bonds
November 2028
US dollar
3.375%
750
—
750
750
750
Rated bonds
October 2030
US dollar
3.75%
700
—
700
700
700
Rated bonds
April 2040
US dollar
6.5%
300
—
300
300
300
Unamortised loan costs
(20)
(23)
(26)
Interest accrued
11
11
11
1,741
1,738
1,735
Banking facilities
Geita revolving credit
facility (3)
December 2024
US dollar,
Tanzanian
shilling
SOFR+credit
adj+6.7%
Tanzanian
Treasury
Bill+5%
—
—
—
189
151
Siguiri revolving credit
facility
October 2025
US dollar
SOFR+8%
65
—
68
68
67
Multi-currency revolving
credit facility
June 2029 (4)
US dollar,
Australian
dollar
SOFR+credit
adj+1.45%,
BBSY+1.45%
1,400
1,220
175
244
30
Commercial banking
facilities
None
Rand
Linked to an
overnight
bank lending
rate
8
8
—
—
—
243
501
248
Total borrowings
1,984
2,239
1,983
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
197
US dollar millions
2024
2023
2022
Total borrowings
1,984
2,239
1,983
Current portion of borrowings
(83)
(207)
(18)
Total non-current borrowings
1,901
2,032
1,965
Amounts falling due
Within one year
83
207
18
Between one and two years
—
65
149
Between two and five years
918
985
102
After five years
983
982
1,714
1,984
2,239
1,983
Change in liabilities arising from financing activities:
Reconciliation of borrowings (excluding lease liabilities) (5)
A reconciliation of the total borrowings included in the statement of financial
position is set out in the following table:
Opening balance
2,239
1,983
1,909
Proceeds from borrowings
655
343
266
Repayment of borrowings
(909)
(87)
(184)
Finance costs paid on borrowings
(114)
(99)
(89)
Deferred loan fees
—
(2)
(8)
Interest charged to the income statement
114
108
97
Translation
(1)
(7)
(8)
Closing balance
1,984
2,239
1,983
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
114
99
89
Capitalised finance cost
—
—
(2)
Commitment fees, utilisation fees and other borrowing costs
12
12
12
Total finance costs paid
126
111
99
(1) The rated bonds are fully and unconditionally guaranteed by AngloGold Ashanti plc.
(2)
Represents undrawn capital on borrowings facilities.
(3)
During December 2024, the Geita revolving credit facility was cancelled and repaid.
(4)
During July 2024, the multi-currency revolving credit facility (RCF) was extended by one year to June 2029. Extension options of borrowing facilities are treated as loan
commitments. In terms of the RCF agreement, the leverage ratio of Adjusted net debt to Adjusted EBITDA should not exceed 3.5 times. The RCF agreement also makes
provision for the ability of the Group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain conditions, for one measurement period not
exceeding six months, during the tenor of the RCF. The Group is required to demonstrate compliance with its financial maintenance covenant requirement every six months
(i.e., at the end of each financial year and each half-year of each financial year). At 31 December 2024, the Group was in compliance with its financial maintenance covenant
per the RCF agreement.
(5)
Refer to Note 15 for changes in lease liabilities arising from financing activities.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
198
25 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS
US dollar millions
Provision for
decommissioning
Provision for
restoration
Provision for
silicosis (5)
Other provisions (2)
Total
Balance at 1 January 2024
173
452
17
74
716
Changes in estimates - recognised in profit
or loss (1)
—
46
(3)
28
71
Change in estimates - capitalised (1)
(4)
—
—
—
(4)
Reclassifications
10
(10)
—
—
—
Acquired through business combination
20
31
—
—
51
Transfer (4)
—
—
—
(19)
(19)
Utilised during the year
—
(38)
(1)
(22)
(61)
Unwinding of provision
7
19
2
—
28
Translation
(3)
(3)
(1)
(10)
(17)
Balance at 31 December 2024
203
497
14
51
765
Current portion
3
90
1
15
109
Non-current portion
200
407
13
36
656
US dollar millions
2024
Expected cash flows
Within one year
109
Between one and two years
54
Between two and five years
232
After five years
370
765
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)
10% change in cash flows
20
Effect of decrease in assumptions:
10% change in discount rate
10
10% change in cash flows
(20)
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
(14)
10% change in cash flows
50
Effect of decrease in assumptions:
10% change in discount rate
15
10% change in cash flows
(50)
(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. 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.
(4)
Transfer of the Yatela provision for rehabilitation and social obligations to trade and other payables, as the settlement amount has now been agreed with the sale of Yatela.
(5) The Group has provided for the estimated cost of the settlement based on actuarial assessments, discounted to its present value. The undiscounted provision at 31
December 2024 is $18m.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
199
25 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS CONTINUED
Environmental obligations
Pursuant to environmental regulations in the countries in which the Group operates, in connection with plans for the eventual end-of-life of its
mines, the Group is obligated to rehabilitate the lands where such mines are located. In most cases, AngloGold Ashanti is required to provide
financial guarantees for such work, including reclamation bonds or letters of credit issued by third party entities, independent trust funds or
cash reserves maintained by the operation, to the respective environmental protection agency, or such other government department with
responsibility for environmental oversight in the respective country, to cover the estimated environmental rehabilitation obligations.
In most cases, the environmental obligations will expire on completion of the rehabilitation although, in some cases, the Group may be
required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed.
In Australia, since 2014, AngloGold Ashanti has paid into a Mine Rehabilitation Fund an amount of AUD $14m (2023: AUD $13m;
2022: AUD $11m). At Iduapriem, AngloGold Ashanti has provided a bond comprising a cash component of $12m (2023: $12m; 2022:$12m)
with a further bond guarantee amounting to $45m (2023: $41m; 2022: $14m) 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 $47m (2023: $45m; 2022: $46m). At Obuasi, AngloGold Ashanti has provided a bond comprising a cash component of $22m
(2023: $22m; 2022: $22m) with a further bank guarantee amounting to $30m (2023: $30m; 2022: $30m) issued by Stanbic Bank Ghana Ltd
and Standard Chartered Bank Ghana PLC for a current carrying value of the liability of $148m (2023: $168m; 2022: $171m). At Córrego do
Sítio, AngloGold Ashanti has provided a bank guarantee amounting to $7m in 2024 issued by Banco De Desenvolvimento De Minas Gerais S.A.
for a current carrying value of the liability of $91m. In some circumstances AngloGold Ashanti may be required to post further bonds in due
course which will have a consequential income statement charge for the fees charged by the providers of the reclamation bonds.
Significant accounting estimates and judgements
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 dams. The final cost may significantly differ from current estimates. The following rates were used in the
calculation of the provision:
US dollar millions
2024
Group environmental rehabilitation (excluding Australia and Brazil environmental rehabilitation)
USD inflation rate (range)
2.0% - 3.0%
USD discount rate (range)
4.2% - 4.7%
Australia environmental rehabilitation
AUD inflation rate (range)
2.5% - 2.6%
AUD discount rate (range)
3.9% - 4.1%
Brazil environment rehabilitation
Brazil inflation rate (range)
3.5% - 4.5%
Brazil discount rate (range)
6.2% - 6.3%
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
200
25 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS CONTINUED
Accounting policies
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.
Contingencies are included in the provision to cater for specific risks. Where the rehabilitation plans are only at a planning or conceptual
stage and there is a low level of detail, this will require a higher contingency to cater for the risk and conversely a lower contingency is
required where more detailed plans are available. This is in line with the engineering and environmental project management standard
practice.
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
201
US dollar millions
2024
2023
2022
26 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
52
59
66
Other defined benefit plans
5
5
5
57
64
71
Post-retirement medical scheme for AngloGold Ashanti's South African
employees
The provision for post-retirement medical funding represents the provision for
healthcare benefits for employees and retired employees and their registered
dependents.
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 2024.
Information with respect to the defined benefit liability is as follows:
Benefit obligation
Balance at beginning of year
59
66
71
Interest cost
6
6
6
Benefits paid
(6)
(6)
(7)
Actuarial gain
(6)
(2)
(1)
Translation
(1)
(5)
(3)
Balance at end of year
52
59
66
Assumptions
Assumptions used to determine benefit obligations at the end of the year are
as follows:
Discount rate
9.92 %
10.77 %
10.88 %
Expected increase in healthcare costs
6.86 %
7.37 %
7.49 %
Assumed healthcare cost trend rates have a significant effect on the amounts
reported for healthcare plans. A 1% point change in assumed healthcare cost
trend rates would have the following effect:
Effect on post-retirement benefit obligation - 1% point increase
3
4
4
Effect on post-retirement benefit obligation - 1% point decrease
(3)
(3)
(4)
During 2022 and 2023, the Company purchased annuities to partly meet its
obligations to pay medical aid contributions. The remaining premium of $20m
was paid on 1 August 2024. The annuities are payable monthly and cover
100% of the medical aid contributions payable to retired members.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
202
US dollar millions
2024
2023
26 PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS CONTINUED
Reimbursive right for post-retirement benefits
Balance at the beginning of the year
35
12
Premiums paid
20
21
Benefits paid
(6)
(6)
Interest income
4
2
Actuarial (loss) gain
(2)
7
Translation
(2)
(1)
Balance at end of year
49
35
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. 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 5.61%, demographic assumptions and
medical aid contribution increases of 6.86%. 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:
2025
6
2026
6
2027
6
2028
6
2029
6
Thereafter
22
Accounting policies
Post-employment benefit obligations
Some Group companies provide post-retirement healthcare 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.
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, healthcare 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.
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
203
US dollar millions
2024
2023
2022
27 DEFERRED TAXATION
Deferred taxation relating to temporary differences is made up as follows:
Liabilities
Tangible assets (owned)
702
630
536
Right of use assets
35
45
52
Inventories
24
26
19
Other (1)
40
25
14
801
726
621
Assets
Provisions
202
207
187
Lease liabilities
39
50
57
Tax losses
41
110
91
Other
12
14
9
294
381
344
Net deferred taxation liability
507
345
277
Included in the statement of financial position as follows:
Deferred tax assets
12
50
23
Deferred tax liabilities
519
395
300
Net deferred taxation liability
507
345
277
(1)
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 $2,904m (2023: $1,334m; 2022: $1,393m). If remitted, the undistributed earnings may be subject to withholding
taxes between 0% - 10%.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
204
US dollar millions
2024
2023
2022
28 TRADE AND OTHER PAYABLES
Financial liabilities
Trade payables (1) (2)
566
432
356
Accruals
141
128
151
Derivative financial liabilities
—
15
6
Other financial liabilities (3)
20
—
—
Non financial liabilities
Employee related payables
137
114
116
Other payables (1) (4)
93
83
38
Total trade and other payables
957
772
667
(1) Social security and other taxes of $44m, which were previously reported as part of trade payables, are now being reported as other payables as these are considered non
financial liabilities. Comparative figures (2023: $32m; 2022: $35m) have been reclassified.
(2) Current trade and other payables are non-interest bearing and normally settled within 60 days.
(3)
Rehabilitation and social obligations resulting from the sale of the Yatela mine in October 2024.
(4)
Includes landholder duties of $45m (2023: $49m) in respect of the corporate restructuring, which are expected to be settled in 2025.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
205
US dollar millions
2024
2023
2022
29 TAXATION LIABILITY
Balance at beginning of year
46
8
(10)
Refunds during the year
6
36
32
Payments during the year
(189)
(116)
(166)
Taxation of items included in the income statement
454
217
231
Offset of VAT and other taxes
(114)
(87)
(84)
Transfer of Siguiri tax asset to non-current trade, other receivables and other assets
—
—
4
Translation
(17)
(12)
1
Balance at end of year
186
46
8
Included in the statement of financial position as follows:
Taxation asset included in trade, other receivables and other assets
(1)
(18)
(37)
Taxation liability
187
64
45
186
46
8
US dollar millions
2024
2023
2022
30 CASH GENERATED FROM OPERATIONS
Profit before taxation
1,672
63
472
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts
(15)
9
6
Amortisation of tangible and right of use assets (Note 4)
751
657
636
Amortisation of intangible assets (Note 4)
1
1
1
Finance costs and unwinding of obligations (Note 6)
167
157
149
Environmental, rehabilitation, silicosis and other provisions
(57)
(75)
(85)
(Reversal of impairment) / net impairment and derecognition of assets
(47)
234
319
Profit on sale of assets
(14)
(14)
(8)
Other expenses (non-cash portion)
33
71
9
Interest income
(160)
(127)
(81)
Share of associates and joint ventures' profit
(155)
(207)
(161)
Other non-cash movements
116
27
25
Other exchange losses
25
168
102
Movements in working capital
(254)
(93)
(140)
2,063
871
1,244
Movements in working capital:
Increase in inventories
(78)
(58)
(54)
Increase in trade, other receivables and other assets
(182)
(117)
(152)
Increase in trade, other payables and provisions
6
82
66
(254)
(93)
(140)
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
206
US dollar millions
2024
2023
2022
31 RELATED PARTIES
Material related party transactions were as follows (not attributable):
Purchases and services acquired from related parties
Associates
12
12
14
Loan advanced to joint ventures and associates
Joint ventures
463
506
—
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
2024
2023
2022
Base salary
Pension
scheme
benefits
Other
benefits(1)
Annual cash
bonus / DSP
cash
DSP/PSP
award (2)
Transition
award (3)
Total
Total
Total
Executive
Directors
2,316
518
266
2,080
—
1,082
6,262
9,899
8,764
(1) Other benefits include family health insurance, group life insurance, social security, relocation reimbursements and other benefits.
(2) No regular share awards were earned during the 2024 performance year as the first vesting of the PSP awards will take place in 2027.
(3) Transition awards comprised one-third cash and two-thirds share awards.
US dollar thousands
2024
2023
2022
Base
salary
Pension
scheme
benefits
Other
benefits(1)
Annual
cash
bonus /
DSP cash
DSP/PSP
award (2) Transition
award (3)
Buy-out
recruitment
(4)
Total
Total
Total
Executive
Management
3,329
403
613
2,480
—
1,408
84
8,317
12,029
14,314
(1)
Other benefits include family health insurance, group life insurance, social security, relocation reimbursements and other benefits.
(2) No regular share awards were earned during the 2024 performance year as the first vesting of the PSP awards will take place in 2027.
(3) Transition awards comprised one-third cash and two-thirds share awards.
(4) Buy-out awards granted to executive management are in respect of incentive arrangements that were forfeited from previous employer.
US dollar thousands
2024
2023
2022
Director fees (1)
Committee fees (2)
Travel allowance
Total
Total
Total
Non-executive Directors
1,376
541
203
2,120
2,268
2,151
(1)
Includes the annual base fee paid to NEDs as well as fees paid for special Board meetings.
(2)
Includes the fee paid to the individual for their committee membership and committee chairperson role, where applicable, as well as fees paid for special committee
meetings. In 2024, this included fees for the Transaction Committee convened to consider the Centamin acquisition.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
207
US dollar millions
2024
2023
2022
32 CONTRACTUAL COMMITMENTS AND CONTINGENCIES
Capital commitments
Acquisition of tangible assets
Contracted for
224
141
178
Not contracted for
345
392
259
Authorised based on Group’s approval framework
569
533
437
Allocated to:
Non-sustaining capital
- within one year
289
240
155
- thereafter
—
74
39
289
314
194
Sustaining capital
- within one year
280
205
243
- thereafter
—
14
—
280
219
243
Share of underlying capital commitments of joint ventures included above
—
—
—
Purchase obligations
Contracted for
- within one year
640
428
436
- thereafter
595
271
575
1,235
699
1,011
Purchase obligations
Purchase obligations represent contractual obligations for the purchase of mining contract services, power, supplies, consumables,
inventories, explosives and activated carbon.
To service these capital commitments, purchase obligations and other operational requirements, the Group is dependent on existing cash
resources, cash generated from operations and 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% net smelter returns royalty. Altius asserted 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. On 7 January
2025, the arbitration panel delivered a partial award which made final rulings regarding the proper interpretation of the royalty agreement and
scope of the royalty. The partial award directed the parties to confer in an attempt to reach mutual agreement regarding how its rulings in the
partial award would apply to the lands controlled by AGANA. When agreement was not reached, the parties subsequently made further
submissions to the arbitration panel advancing their respective understandings of the application of the partial award. The parties are currently
awaiting further instruction or a final award from the arbitration panel. In view of the uncertainty that remains regarding the area that will be
determined subject to the royalty and the limitation of current information for the estimation of a liability, no reasonable estimate can be made
for the obligation that may arise in relation to this arbitration.
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 on VAT, social security
contributions, property taxes and federal contributions on royalties. The collective contingent liability on the various matters is $37m. There is
uncertainty whether the amounts are due under the applicable laws, but the Group believes there is a chance of an adverse outcome.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
208
33 FINANCIAL RISK MANAGEMENT ACTIVITIES
The Group’s financial assets and liabilities are classified as set out below.
US dollar millions
At fair value through
profit or loss
At fair value
through other
comprehensive
income
At amortised cost
2024
Financial assets
Other investments
1
53
—
Trade, other receivables and other assets
48
—
111
Loan receivable
—
—
463
Cash restricted for use
—
—
61
Cash and cash equivalents
—
—
1,425
Financial liabilities
Borrowings
—
—
1,984
Lease liabilities
—
—
141
Trade and other payables
—
—
727
Derivative financial liabilities
—
—
—
Bank overdraft
—
—
28
2023
Financial assets
Other investments
1
—
—
Trade, other receivables and other assets
48
—
33
Loan receivable
—
—
506
Cash restricted for use
—
—
68
Cash and cash equivalents
—
—
964
Financial liabilities
Borrowings
—
—
2,239
Lease liabilities
—
—
171
Trade and other payables (1)
—
—
560
Derivative financial liabilities
15
—
—
Bank overdraft
—
—
9
2022
Financial assets
Other investments
1
2
—
Trade, other receivables and other assets
12
—
31
Cash restricted for use
—
—
60
Cash and cash equivalents
—
—
1,108
Financial liabilities
Borrowings
—
—
1,983
Lease liabilities
—
—
186
Trade and other payables (1)
—
—
507
Derivative financial liabilities
6
—
—
Bank overdraft
—
—
2
(1) Comparative figures have been retrospectively restated. Refer to Note 28.
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
209
33 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 24, offset by cash and bank balances detailed in
Note 22) and equity of the Group (comprising share capital and premium and accumulated reserves and non-controlling interests).
The Group manages and makes adjustments to the capital structure as opportunities arise in the market place, as and when borrowings
mature, or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof.
The Group manages capital using various financial metrics including the ratio of 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 2024, 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. All zero-cost collars entered into by the Group in 2023 have been fully settled and there were no open positions at 31 December
2024.
The Group has not designated the instruments for hedge accounting.
2024
2023
US dollar millions
Financial asset /
(liability)
Income statement
loss
Financial liability
Income statement
gain / (loss)
Summary of derivatives
Gold zero-cost collars
—
(71)
(15)
(13)
Brent Crude oil forward contracts
—
—
—
1
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
210
33 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
foreign 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
2024
2023
2022
Cash and cash equivalents
Argentinean peso
97
89
116
South African rand
56
50
88
Australian dollar
59
47
33
Ghanaian cedi
51
28
4
Borrowings
Australian dollar
—
—
38
Tanzanian shilling
—
126
88
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
2024
2023
2022
Cash and cash equivalents
Argentinean peso (ARS/$)
Spot +10%
(9)
(8)
(6)
South African rand (ZAR/$)
Spot +10%
(5)
(5)
(7)
Australian dollar (AUD/$)
Spot +10%
(5)
(4)
(2)
Ghanaian cedi (GHS/$)
Spot +10%
(5)
(3)
—
Argentinean peso (ARS/$)
Spot -10%
11
10
7
South Africa rand (ZAR/$)
Spot -10%
6
6
9
Australian dollar (AUD/$)
Spot -10%
7
5
2
Ghanaian cedi (GHS/$)
Spot -10%
6
3
—
Borrowings
Tanzanian shilling (TZS/$)
Spot +10%
—
11
9
Australian dollar (AUD/$)
Spot +10%
—
—
2
Tanzanian shilling (TZS/$)
Spot -10%
—
(14)
(11)
Australian dollar (AUD/$)
Spot -10%
—
—
(2)
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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
211
33 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
US dollar millions
2024
2023
2022
Fixed rate instruments
Borrowings
1,741
1,738
1,735
Joint venture loan receivable
463
506
—
Variable rate instruments
Cash restricted for use
61
68
60
Cash and cash equivalents
929
742
805
Borrowings
243
501
248
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
2024
2023
2022
Cash and cash equivalents
United States dollar
1% increase
7
5
5
Australian dollar
1% increase
1
—
1
South African rand
1% increase
1
—
1
Argentinean peso
1% increase
1
1
3
Borrowings
United States dollar
1% increase
(2)
(4)
(1)
Australian dollar
1% increase
—
—
(1)
Tanzanian shilling
1% increase
—
(1)
(2)
A decrease in interest rates would have the equal and opposite effect to the amounts disclosed above.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by
delivering cash or another financial asset. 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 24).
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
212
33 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
The contractual maturities of undiscounted financial liabilities, including interest payments, are as follows:
US dollar millions
Within one year
Between one
and two years
Between two
and five years After five years
Total
2024
Non-derivative financial liabilities
Trade and other payables
727
—
—
—
727
Bank overdraft
28
—
—
—
28
Borrowings
157
82
1,144
1,231
2,614
Lease liabilities
85
35
27
22
169
997
117
1,171
1,253
3,538
2023
Derivative financial liabilities
Gold zero-cost collar
15
—
—
—
15
Non-derivative financial liabilities
Trade and other payables (1)
560
—
—
—
560
Bank overdraft
9
—
—
—
9
Borrowings
312
160
1,255
1,277
3,004
Lease liabilities
75
65
18
29
187
971
225
1,273
1,306
3,775
2022
Derivative financial liabilities
Oil forward contracts
6
—
—
—
6
Non-derivative financial liabilities
Trade and other payables (1)
507
—
—
—
507
Bank overdraft
2
—
—
—
2
Borrowings
102
249
326
2,098
2,775
Lease liabilities
79
63
59
2
203
696
312
385
2,100
3,493
(1) Comparative figures have been retrospectively restated. Refer to Note 28.
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. No set-off is applied to the statement of financial position due to
the different maturity profiles of assets and liabilities.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
213
33 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
Overview of the credit risk profile of financial institutions is as follows:
US dollar millions
2024
2023
2022
Cash and cash equivalents
Low (AAA to A-)
83 %
82 %
81 %
Medium (BBB to B-)
14 %
12 %
11 %
High (CCC+ and below)
3 %
6 %
8 %
Restricted cash
Low (AAA to A-)
— %
16 %
14 %
Medium (BBB to B-)
100 %
84 %
86 %
Trade receivables which are recognised on settlement mainly comprise banking institutions purchasing gold bullion and normal market
settlement terms are two working days, therefore expected credit losses are not expected to be material. Trade and other receivables, that are
past due but not impaired totalled $14m (2023: $14m; 2022: $12m). In addition, the Kibali loan receivable is considered to have insignificant
credit risk and no allowance for expected credit losses is recognised.
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).
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
214
33 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
Valuation
method
Significant
inputs
Fair
value
hierarchy
of inputs
As at
December
As at
December
As at
December
As at
December
As at
December
As at
December
Financial
instrument
2024
2023
2022
At fair value
through profit and
loss
Deferred
compensation
asset
- Mponeng (1)
23
23
26
26
12
12
Probability
weighted
discounted
cash flow
The production plan
over the deferred
compensation period
and discount rates.
Level 3
Deferred
compensation
asset
- Gramalote (1)
25
25
22
22
—
—
Probability
weighted
discounted
cash flow
Stage gate payments
over the deferred
compensation period
and discount rates.
Level 3
Derivative financial
liability - gold
zero-cost collar
contracts (2)
—
—
15
15
—
—
Black-
Scholes-
Merton option
pricing model
Forward and spot
prices, the number of
outstanding ounces of
gold on open
contracts, risk free
rates and volatilities.
Level 2
Derivative financial
liability - Brent
Crude oil forward
contracts (2)
—
—
—
—
6
6
Black-
Scholes-
Merton option
pricing model
Forward and spot
prices, the number of
outstanding barrels of
oil on open contracts,
risk free rates and
volatilities.
Level 2
At fair value
through other
comprehensive
income
Listed equity
investments
53
53
—
—
2
2
Level 1
At amortised cost
Borrowings
- Rated bonds
1,631
1,741
1,567
1,738
1,578
1,735
Level 1
Borrowings -
Revolving
Credit Facilities
243
243
501
501
248
248
Discounted
cash flow
Market related
interest rates
Level 3
Joint venture
loan receivable
463
463
506
506
—
—
Discounted
cash flow
Market related
interest rates
Level 3
(1)
Included in the statement of financial position in current and non-current trade, other receivables and other assets.
(2)
Included in the statement of financial position in current trade and other payables.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
215
33 FINANCIAL RISK MANAGEMENT ACTIVITIES CONTINUED
Reconciliation of the deferred compensation assets
A reconciliation of the deferred compensation assets included in the statement of financial position is set out in the following table:
US dollar millions
2024
2023
2022
Opening balance
48
12
25
Unwinding of the deferred compensation assets
4
1
1
Changes in estimates - fair value adjustments (1)
3
14
(13)
Sale of Gramalote
—
22
—
Part repayment of deferred compensation asset
(6)
—
—
Translation
(1)
(1)
(1)
Closing balance (2)
48
48
12
(1)
Included in the income statement in foreign exchange and fair value adjustments.
(2)
Included in the statement of financial position in current and non-current trade, other receivables and other assets.
Deferred compensation asset – Mponeng
As at 31 December 2024, the deferred compensation asset ($23m) was valued using a discount rate of 8.0% (2023: 8.4%) 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 2024, no portion of the deferred compensation related to
Harmony developing below infrastructure has been included in the deferred compensation asset as this project is at an early stage.
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 2024, the deferred compensation asset ($25m) was valued using a discount rate of 9.4% (2023: 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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
216
33 FINANCIAL RISK MANAGEMENT ACTIVITIES 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 method. Financial liabilities subsequently
measured at amortised cost compromises 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.
The Group has elected the accounting policy choice to classify finance costs paid in relation to borrowings as financing activities in the
statement of cash flows.
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 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.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
217
34 AUDITORS' REMUNERATION
The following table presents the aggregate fees for professional services and other services rendered by PricewaterhouseCoopers network
firms to AngloGold Ashanti.
US dollar millions
2024
2023
Fees payable to the company’s auditor and its associates for the audit of the parent company and consolidated
financial statements (1)
10.80
7.60
Fees payable to the company’s auditor and its associates for other services:
Audit of the accounts of subsidiaries (1)
0.60
0.50
Audit-related assurance services
2.60
2.40
Tax compliance services
0.20
0.10
Corporate finance services
—
0.10
Other (2)
0.20
—
Total
14.40
10.70
(1)
Audit fees disclosed in the prior year has been restated to separately disclose the audit fees payable to the company’s auditor and its associates for the audit of the parent
company and consolidated financial statements and the audit fees of the accounts of subsidiaries.
(2)
All other fees include non-audit services such as fees for the US GAAP transition and subscription fees for PwC’s digital platform on accounting and business insights.
Prior to redomiciling to the United Kingdom, auditors remuneration in 2022 for professional and other services rendered by Ernst & Young Inc.
consisted of $6.5m audit fees, $1.9m audit-related fees and $0.2m tax fees.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
218
35 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 17 for Principal operating subsidiaries and joint operations.
At 31 December 2024, the subsidiaries, associated undertakings and significant holdings in companies other than subsidiary companies were:
Argentina
AngloGold Argentina SA
100
Av. Leandro N. Alem 882, piso 13, Ciudad Autónoma
de Buenos Aires, Argentina
Investment holding
AngloGold Argentina Exploraciones SA
100
Av. Leandro N. Alem 882, piso 13, Ciudad Autónoma
de Buenos Aires, Argentina
Investment holding
AngloGold Exploraciones Norte S.A.U
100
Paseo Güemes 126, Cuidad de Salta, Provincia de
Salta, Argentina
Investment holding
Cerro Vanguardia SA
92.5
Zapiola 331, Rio Gallegos, Santa Cruz, Argentina
Mining
Australia
AngloGold Investments Australia Pty Ltd
100
Level 10, 140 St Georges Terrace, Perth, WA 6000,
Australia
Investment holding
AngloGold Ashanti Australia Limited
100
Level 10, 140 St Georges Terrace, Perth, WA 6000,
Australia
Mining
Centamin Egypt Limited
100
Level 10, 140 St Georges Terrace, Perth, WA 6000,
Australia
Holding company
Pharaoh Gold Mines NL (holder of an
Egyptian branch)
100
Level 10, 140 St Georges Terrace, Perth, WA 6000,
Australia
Holding company
Moto Goldmines Australia Pty Ltd (4)
50
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
Dormant
Border Energy Pty Ltd (4)
50
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
Dormant
Wesmount Resources NL (4)
50
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
Dormant
Border Resources NL (4)
50
7, Suite 8, The Esplanade, Mt Pleasant, Western
Australia, 6153, Australia
Dormant
Brazil
Mineração Serra Grande SA
100
Rodovia GO 336, s/n°, km 97, Município de Crixás,
Estado de Goiás, CEP: 76.510-000
Mining
Mineração Morro Velho Ltda
100
Rua Enfermeiro José Caldeira, n° 7, sala 5, bairro
Centro, Município de Nova Lima, Estado de Minas
Gerais, CEP: 34.000-495
Mining
Mineração Dorica Ltda (3)
100
Rua Senador Milton Campos, n° 35, sala 607, Vila da
Serra, Município de Nova Lima, Estado de Minas
Gerais, CEP: 34006-050
Mining
Mineração Ribeirao dos Cristais Ltda
100
Rua Senador Milton Campos, n° 35, sala 606, Vila da
Serra, Município de Nova Lima, Estado de Minas
Gerais, CEP: 34006-050
Mining
AngloGold Ashanti Córrego do Sítio
Mineração SA
100
Fazenda São Bento, s/nº, Distrito Barra Feliz,
Município de Santa Bárbara, Estado de Minas
Gerais, CEP: 35960-000.
Mining
British Virgin Islands
GSM Gold Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment Holding
AngloGold Exploration (Tanzania) Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AGA Tanzania Investments Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Name of company
% held (1)
Registered address
Main activity
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
219
AngloGold Ashanti Guinea Holdings Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AG Mali Holdings 2 Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Sadiola Exploration Limited
50
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Kenieba Exploration Company Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AGA Guinea Exploration Holdings Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Holding Company
AngloGold South America Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
Sao Bento Gold Company Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold CV 1 Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold CV 2 Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold CV 3 Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold Ashanti Argentina Investments
Limited (3)
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold Ashanti Colombia Holdings
Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Investment holding
AngloGold Ashanti International Services
Limited
100
Commerce House, Wickhams Cay 1, PO Box 3140,
Road Town, Tortola, British Virgin Islands VG1110
Services company
Canada
0858065 B.C. Ltd (4)
50
Suite 1700, Park Place, 666 Burrard Street,
Vancouver, British Columbia, V6C 2X8, Canada
Dormant
Moto Goldmines Ltd (4)
50
Suite 1700, Park Place, 666 Burrard Street,
Vancouver, British Columbia, V6C 2X8, Canada
Investment holding
Colombia
AngloGold Ashanti Colombia S.A.S
100
Carrera 43A #1Sur-220 Piso 9 Edificio Porvenir,
Medellín Colombia
Exploration
Minera De Cobre Quebradona S.A.S, B.I.C
100
Carrera 43A #1Sur-220 Piso 9 Edificio Porvenir,
Medellín Colombia
Exploration
Fundacion Para el Desarrollo de Jerico
100
Carrera 5 # 9-67 Edificio San Francisco, Jericó,
Antioquia. Colombia
Not-for-profit community
foundation
Côte d’Ivoire
Ampella Mining Côte d’Ivoire Sarl
100
Cocody II Plateaux Les Vallons, En face de la
Résidence Bertille Lot 1557, Ilot 149
Exploration
Centamin Côte d’Ivoire Sarl
100
Cocody II Plateaux Les Vallons, En face de la
Résidence Bertille Lot 1557, Ilot 149
Exploration
Ampella Mining Exploration in Côte d’Ivoire
Sarl
100
Cocody II Plateaux Les Vallons, En face de la
Résidence Bertille Lot 1557, Ilot 149
Exploration
Centamin Exploration Côte d’Ivoire Sarl
100
Cocody II Plateaux Les Vallons, En face de la
Résidence Bertille Lot 1557, Ilot 149
Exploration
Democratic Republic of the Congo
Bilanga Palm Oil SARL (4)
50
4239, Avenue Tombal Baye 3eme Etage de
l’Immeuble, Le Prestige, Commune de la Gombe,
Ville de Kinshasa, République Démocratique du
Congo
Dormant
Name of company
% held (1)
Registered address
Main activity
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
220
Milona Enterprises SARL (4)
50
4239, Avenue Tombal Baye 3eme Etage de
l’Immeuble, Le Prestige, Commune de la Gombe,
Ville de Kinshasa, République Démocratique du
Congo
Dormant
Kibali Goldmines SA (4)
45
4239, Avenue Tombal Baye 3eme Etage de
l’Immeuble, Le Prestige, Commune de la Gombe,
Ville de Kinshasa, République Démocratique du
Congo
Mining
Egypt
Centamin Mining Services Egypt LLC
100
361 El-Horreya Road, Sedi Gaber, Alexandria, Egypt
Services company
Centamin Central Mining SAE
100
c/o Arabella Plaza, Building 2 First Floor, Office no. 1
to 3, Gamal Abdelansser Street, New Cairo
Exploration
Centamin North Mining SAE
100
c/o Arabella Plaza, Building 2 First Floor, Office no. 1
to 3, Gamal Abdelansser Street, New Cairo
Exploration
Centamin South Mining SAE
100
c/o Arabella Plaza, Building 2 First Floor, Office no. 1
to 3, Gamal Abdelansser Street, New Cairo
Exploration
Egyptian Pharaoh Investments
50
361 El-Horreya Road, Sedi Gaber, Alexandria, Egypt
Exploration
Sukari Gold Mines Company
50
361 El-Horreya Road, Sedi Gaber, Alexandria, Egypt
Mining
Ghana
AngloGold Ashanti (Ghana) Limited
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
Mining
AngloGold Ashanti Obuasi Community Trust
Fund
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
Trust Fund
AGC Share Scheme Trustee Limited
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
Employee Share Scheme
Trustee
AngloGold Ashanti (Ghana) Malaria Control
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
Health Services
AGA School
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
School
AGA Health Foundation
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
Health Services
AngloGold Ashanti (Iduapriem) Limited
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
Mining
AngloGold Ashanti Iduapriem Community
Trust Fund
100
Gold House, 1 Patrice Lumumba Road, Accra,
Ghana
Trust Fund
Isle of Man
AngloGold Ashanti Holdings plc (2)
100
Falcon Cliff, Palace Road, Douglas, Isle Of Man, IM2
4LB
Investment Holding
AngloGold Ashanti GEC Limited
100
Falcon Cliff, Palace Road, Douglas, Isle Of Man, IM2
4LB
Global employment
Jersey
Centamin Limited
100
1st Floor, Osprey House, Old Street, St Helier, JE2
3RG, Jersey
Holding company
Centamin Group Services Limited
100
1st Floor, Osprey House, Old Street, St Helier, JE2
3RG, Jersey
Services company
Centamin Holdings Limited
100
1st Floor, Osprey House, Old Street, St Helier, JE2
3RG, Jersey
Holding company
Centamin Guinea Holdings Limited
100
1st Floor, Osprey House, Old Street, St Helier, JE2
3RG, Jersey
Holding company
Centamin Guinea Investments Limited
100
1st Floor, Osprey House, Old Street, St Helier, JE2
3RG, Jersey
Holding company
Kibali (Jersey) Limited
50
3rd Floor, Unity Chambers, 28 Halkett Street, St
Helier, Jersey, JE2 4WJ
Investment holding
Name of company
% held (1)
Registered address
Main activity
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
221
KAS 1 Limited (4)
25
3rd Floor, Unity Chambers, 28 Halkett Street, St
Helier, Jersey, JE2 4WJ
Service provider
Kibali Services Limited (4)
50
3rd Floor, Unity Chambers, 28 Halkett Street, St
Helier, Jersey, JE2 4WJ
Service provider
DRC Agribusiness (Jersey) Limited (4)
50
3rd Floor, Unity Chambers, 28 Halkett Street, St
Helier, Jersey, JE2 4WJ
Investment holding
Moto (Jersey) 1 Limited (4)
50
3rd Floor, Unity Chambers, 28 Halkett Street, St
Helier, Jersey, JE2 4WJ
Investment holding
Moto (Jersey) 2 Limited (4)
50
3rd Floor, Unity Chambers, 28 Halkett Street, St
Helier, Jersey, JE2 4WJ
Investment holding
Kibali 2 (Jersey) Limited (4)
50
3rd Floor, Unity Chambers, 28 Halkett Street, St
Helier, Jersey, JE2 4WJ
Nominee shareholder
Republic of Guinea
Société AngloGold Ashanti de Guinee SA
85
Immeuble Ali HAMADE, en face de l’Ambassade du
Japon à Landréah, Commune de Dixinn, Conakry,
République de Guinée
Mining
AGAGEL Mandiana Sau
100
Cité Chemin de Fer, Immeuble Boké, 2e étage, BP:
1006, Quartier Coronthie, Commune de Kaloum,
Conakry, République de Guinée
Exploration
AGAGEL Shira Sau
100
Cité Chemin de Fer, Immeuble Boké, 2e étage, BP:
1006, Quartier Coronthie, Commune de Kaloum,
Conakry, République de Guinée
Exploration
AGAGEL Niandan Sau
100
Cité Chemin de Fer, Immeuble Boké, 2e étage, BP:
1006, Quartier Coronthie, Commune de Kaloum,
Conakry, République de Guinée
Exploration
Centamin Guinea Minerals Sarlu
100
Etude notariale n°21 de Maitre Ayelama BAH, sise
au 3ème Etage, Immeuble VISTA BANK, Nongo,
Commune de Ratoma, Conakry, République de
Guinée. BP: 2668
Exploration
Republic of Mali
AngloGold Ashanti Mali SA
100
Hamdallaye ACI 2000 Bamako, Bassekou GAMBY
Building , 1st Floor, Street 311, Door 669, BP E1194,
Republic of Mali
Services company
Republic of Malta
AngloGold Finance Australia Holdings
Limited
100
Level 1, LM Complex, Brewery Street, Zone 3 Central
Business District, Birkirkara, CBD3040, Malta
Investment holding
AngloGold Finance Australia Limited
100
Level 1, LM Complex, Brewery Street, Zone 3 Central
Business District, Birkirkara, CBD3040, Malta
Investment holding
South Africa
AngloGold Ashanti (Pty) Ltd (2)
100
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Investment Holding
Rand Refinery (Pty) Limited
42.4
Refinery Road, Industries West, Germiston, 1401,
South Africa
Refinery
Gold of Africa Collection (section 21
association)
100
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Custody of Gold of Africa
collection
iGolide (Proprietary) Limited
100
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Medical Scheme
Administrator
Free State Consolidated Gold Mines
(Operations) (Pty) Limited
100
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Mining & Quarrying
AGRe Insurance Company Limited
100
112 Oxford Road, Houghton Estate, Johannesburg,
Gauteng, 2198
Insurance
Tanzania
Geita Greenfields Mineral Exploration Limited 100
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar
es Salaam
Exploration
Name of company
% held (1)
Registered address
Main activity
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
222
Geita Gold Mining Limited
100
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar
es Salaam
Mining
Geita Mine JV
100
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar
es Salaam
Mining
Samax Resources (Tanzania) Limited
100
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar
es Salaam
Investment holding
Samax (Tanzania) Limited
100
1st Floor, Mikumi House, Plot 368 Msasani Road,
Oysterbay, Kinondoni District, P.o. Box 75803, Dar
es Salaam
Investment holding
Uganda
Border Energy East Africa Pty Ltd (4)
50
Entebbe Division A, Central Ward, Bugonga, Wakiso,
Uganda
Dormant
United Kingdom
Cluff Oil Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Investment holding
Cluff Mineral Exploration Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Investment holding
Samax Resources Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Investment holding
Chevaning Mining Company Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Investment holding
AngloGold Ashanti UK Colombia Holdings
Ltd
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Investment holding
AngloGold Ashanti International Exploration
Holdings Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Investment holding
Centamin Group UK Services Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Services company
Centamin West Africa Holdings Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Holding company
Centamin Egypt Investments 1 Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Holding company
Centamin Egypt Investments 2 Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Holding company
Centamin Egypt Investments 3 Limited
100
4th Floor Communications House, South Street,
Staines-Upon-Thames, Surrey, United Kingdom,
TW18 4PR
Holding company
United States of America
AngloGold Ashanti USA Incorporated
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
AngloGold Ashanti North America Inc
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
AngloGold (USA) Trading Company
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
Name of company
% held (1)
Registered address
Main activity
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
223
AngloGold Mineral Ventures Company
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
Jerritt Canyon Joint Venture
70
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Exploration
AngloGold Ashanti (Nevada) Corp
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment and Asset
Holding
Rocky Mountain Gold Innovations Inc
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment and Asset
Holding
AngloGold Ashanti (USA) Exploration Inc
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
AngloGold (Canada) Exploration Inc
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
AngloGold Ashanti (U.S.A.) Holdings Inc
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
Corvus Gold (USA) Inc
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Investment holding
Raven Gold Alaska Inc
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Asset holding
Corvus Gold Nevada Inc.
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Asset holding
SoN Land & Water, LLC
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Asset holding
Mother Lode Mining Company LLC
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Asset holding
AngloGold Ashanti Sterling Inc.
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Asset holding
AngloGold Ashanti (Canada) Exploration
Limited
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Prospecting
AngloGold (Canada) Exploration Company
100
6363 S. Fiddlers Green Circle, Suite 1000,
Greenwood Village, CO 80111
Exploration
Name of company
% held (1)
Registered address
Main activity
(1)
All entities are indirectly held by AngloGold Ashanti plc unless otherwise indicated
(2)
Direct holding
(3)
Percentage holding via nominee holding
(4)
Effective holding
36 SUBSEQUENT EVENTS
Dividend declaration
On 19 February 2025, AngloGold Ashanti plc announced the payment of a gross interim cash dividend for the six months ended 31 December
2024 of 69 US cents per ordinary share.
2025 Geita multi-currency revolving credit facility
In February 2025, Geita Gold Mining Limited as borrower, completed the negotiation of a new three-year unsecured multi-currency revolving
credit facility with Nedbank, as underwriter and agent, and certain financial institutions. The RCF consists of a Tanzanian shilling component
capped at TZS 189.57 billion, bearing interest at the Tanzanian treasury bill rate plus a 5% margin, with a floor of 12.5% and a ceiling of 17.5%,
and a USD component capped at $200 million, bearing interest at Term SOFR plus a margin of 6.7% and a credit adjustment spread. In
addition, the RCF provides for an accordion option providing additional availability of up to a maximum of TZS 97.0 billion, capped at a total
commitment not to exceed an equivalent of $300 million in total borrowings.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Group notes to the financial statements continued
For the year ended 31 December 2024
224
US dollar millions
Note
2024
2023
Non current assets
Investment in subsidiaries
6
10,023
7,777
Current assets
Dividend receivable from subsidiary
50
—
Cash at bank and in hand
26
12
Total assets
10,099
7,789
Capital and reserves
Share capital
8
526
420
Merger reserve
9
2,565
569
Other reserves
4
—
Retained earnings
6,951
6,749
Total equity
10,046
7,738
Current liabilities
Trade and other payables
7
47
51
Current tax liabilities
6
—
Total equity and liabilities
10,099
7,789
The profit for the year ended 31 December 2024 is $374m. The profit for the period from 10 February 2023 (date of incorporation) to 31
December 2023 was $249m.
The notes on pages 227 to 230 are an integral part of these financial statements.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Company Statement of financial position
As at 31 December 2024
225
The company financial statements of AngloGold Ashanti
plc (registration number: 14654651) on pages 225 to 230
were authorised for issue by the Board of Directors and
were signed on its behalf by Alberto Calderon and Gillian
Doran on 26 March 2025.
Alberto Calderon
Chief Executive Officer
Gillian Doran
Chief Financial Officer
US dollar millions
Note
Share
capital
Merger
reserve
Other
reserves
Retained
earnings Total equity
Balance on incorporation (10 February 2023)
—
—
—
—
—
Proceeds from shares issued
8
420
—
—
—
420
Creation of the merger reserve on corporate restructuring
9
—
7,069
—
—
7,069
Issue of bonus shares
10
6,500
(6,500)
—
—
—
Cancellation of bonus shares
10
(6,500)
—
—
6,500
—
Total transactions with owners, recognised directly in equity
420
569
—
6,500
7,489
Total profit and comprehensive income for the period
—
—
—
249
249
Balance as at 31 December 2023
420
569
—
6,749
7,738
Employee share scheme issues
8
24
—
(24)
—
—
Shares issued in Centamin acquisition
8
82
—
—
—
82
Creation of the merger reserve on Centamin acquisition
9
—
1,996
—
—
1,996
Dividends paid
—
—
—
(172)
(172)
Equity-settled share based payments
—
—
28
—
28
Total transactions with owners, recognised directly in equity
106
1,996
4
(172)
1,934
Total profit and comprehensive income for the year
—
—
—
374
374
Balance as at 31 December 2024
526
2,565
4
6,951
10,046
The notes on pages 227 to 230 are an integral part of these financial statements.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Company Statement of changes in equity
For the year ended 31 December 2024
226
1. General information
AngloGold Ashanti plc is a public company incorporated under the laws of England and Wales. 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).
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. These policies have been
consistently applied to all of the years presented.
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost convention. The presentation 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. The
financial statements are rounded to the nearest million, unless otherwise indicated.
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
The Company 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).
Disclosure requirements and changes in accounting policies in future periods
The FRC issued "Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs –
Periodic Review 2024" in March 2024. The amendments focus on updating accounting requirements to reflect changes in IFRS Accounting
Standards, particularly with respect to revenue and leases, and making other incremental improvements and clarifications. The effect of these
amendments is not expected to have a material impact on Company's results.
Income from shares in group undertakings
Dividend income is recognised when the right to receive payment is established.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Company Notes to the financial statements
For the year ended 31 December 2024
227
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 profit or loss.
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.
In the opinion of the Directors, there are no accounting estimates that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year.
There were no significant judgements impacting the financial statements for the year ended 31 December 2024.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Company Notes to the financial statements continued
For the year ended 31 December 2024
228
5. Taxation
US dollar millions
2024
2023
Current tax on profits for the year
—
—
Current tax related to Pillar II income tax
6
—
6
—
Reconciliation of tax expense and the accounting profit multiplied by UK domestic tax rate for 2024 and 2023:
Profit from continuing operations before income tax
380
249
Tax at the UK tax rate of 25% (2023: 25%)
95
62
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Dividend income not subject to tax
(98)
(63)
Miscellaneous
3
1
—
—
Difference related to Pillar II taxes
6
—
Income tax in the statement of profit or loss
6
—
6. Investment in subsidiaries
US dollar millions
2024
2023
Balance at 1 January
7,777
—
Increase in investment in AngloGold Ashanti Holdings plc (1)
2,227
—
Capital contribution relating to share-based payments issued to employees of subsidiary
undertakings in the group
28
—
Repayment of capital contribution relating to share-based payments
(9)
—
Acquisition of subsidiaries (2)
—
15,238
Repayment of capital (2)
—
(7,507)
Corporate restructuring cost
—
46
Closing balance at 31 December
10,023
7,777
(1)
On 22 November 2024, the Company acquired 100% of Centamin plc (Centamin) shares for $2.2bn, which was settled in new shares issued and cash paid. The shares in
Centamin were transferred from the Company to AngloGold Ashanti Holdings plc (AGAH), a subsidiary of the Company, in exchange for the issuance of new shares by
AGAH, immediately after completion of the transaction.
(2)
As part of the corporate restructuring the Company acquired 100% of AGAH from AngloGold Ashanti Limited (AGAL) for $7.7bn, with the issuance of a loan note as
consideration. The Company 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 the Company.
The Company has the following direct interests in subsidiary undertakings. For the full list of subsidiaries refer to Group Note 35.
Name
Country of
Incorporation
Registered Office
Address
Principal
Activities
% Equity
Interest
Investment in
Subsidiaries (US
dollar millions)
Investment in
Subsidiaries (US
dollar millions)
2024
2023
AngloGold Ashanti
Holdings plc
Isle of Man
Falcon Cliff,
Palace Road,
Douglas,
Isle of Man,
IM2 4LB
Holding
company
100
10,023
7,777
AngloGold Ashanti
(Proprietary) Limited
(previously AngloGold
Ashanti Limited)
South Africa
112 Oxford Road,
Houghton Estate,
Johannesburg, 2198
Holding and
services
company
100
—
—
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Company Notes to the financial statements continued
For the year ended 31 December 2024
229
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
2024
2023
Australia landholder duty payable (1)
45
49
Amounts owed to group undertakings (2)
2
2
47
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. The landholder duty is expected to be settled in 2025.
(2)
Amounts owed to group undertakings are settled within 60 days and is not interest bearing.
8.
Share capital
Disclosed as part of Note 23 in the notes to the Group financial statements.
9.
Merger reserve
The merger reserve in the prior year 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. The increase in the current year relates to the difference between the total purchase
consideration of the Centamin acquisition, the portion of the purchase price settled in cash and the aggregate nominal value of shares issued.
10.
Capital reduction
In the prior year, 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 of $1,750m (2023: $1,750m) 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 36 in the notes to the Group financial statements.
Annual Financial Statements
AngloGold Ashanti plc | Annual Report 2024
Company Notes to the financial statements continued
For the year ended 31 December 2024
230
AngloGold Ashanti plc | Annual Report 2024
231
Other
Information
MINING TO EMPOWER PEOPLE
AND ADVANCE SOCIETIES
Tropicana, Australia
From time to time AngloGold Ashanti
may publicly disclose certain “non-GAAP
financial measures” or “alternative
performance measures” (APM) in the
course of its financial presentations,
earnings releases, earnings conference
calls and otherwise.
In this document, AngloGold Ashanti
presents the financial items “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” and “non-
sustaining capital expenditure”, which have
been determined using industry guidelines
and practices and are not measures under
IFRS. In addition, AngloGold Ashanti also
presents the financial items “Adjusted
EBITDA”, “Adjusted net debt” and “free cash
flow” which are not measures under IFRS
either. An investor should not consider these
items in isolation or as alternatives to cost of
sales, gold income, capital expenditure,
profit (loss) before taxation, total
borrowings, cash flows from operating
activities or any other measure of financial
performance presented in accordance with
IFRS or as an indicator of the Group’s
performance. The Group uses certain APMs
and ratios in managing the business and
may provide users of this financial
information with additional meaningful
comparisons between current results and
results in prior operating periods. APMs
should be viewed in addition to, and not as
an alternative to, the reported operating
results or any other measure of performance
prepared in accordance with IFRS. In
addition, the presentation of these measures
may not be comparable to similarly titled
measures that other companies use.
During the financial year ended 31 December
2024, AngloGold Ashanti’s reporting for
managed operations shifted from an
attributable basis of reporting to a
consolidated basis of reporting. The change
in reporting only impacts managed
operations with non-controlling interests (i.e.,
Siguiri, Cerro Vanguardia and Sukari),
whereas joint operations (i.e., Tropicana)
which are proportionately consolidated
remain unaffected. Non-managed joint
ventures (i.e., Kibali) which are accounted for
under the equity method also remain
unaffected and their gold production, related
unit revenue and cost metrics continue to be
reported on an attributable basis. As a result
of this change in reporting, certain
adjustments to exclude non-controlling
interests on gold production, related unit
revenue and cost metrics have been
discontinued. The metrics for the year
ended 31 December 2023 have been
adjusted to reflect this change in reporting.
The term “managed operations” refers to
subsidiaries managed by AngloGold Ashanti
and included in its consolidated reporting,
while the term “non-managed joint ventures”
refers to equity-accounted joint ventures that
are reported based on AngloGold Ashanti’s
share of attributable earnings and are not
managed by AngloGold Ashanti. Managed
operations are reported on a consolidated
basis. Non-managed joint ventures are
reported on an attributable basis.
All-in sustaining costs and all-in
costs
During 2018, the World Gold Council
(“WGC”), an industry body, published a
revised Guidance Note on “all-in sustaining
costs” and “all-in costs” metrics, which gold
mining companies can use to supplement
their overall APM disclosure. The WGC
worked closely with its members (including
AngloGold Ashanti) to develop these APMs
which are intended to provide further
transparency into the full cost associated
with producing gold. It is expected that these
metrics, in particular, the “all-in sustaining
cost” and “all-in cost” metrics which
AngloGold Ashanti provides herein, will be
helpful to investors, governments, local
communities and other stakeholders in
understanding the economics of gold
mining.
“All-in sustaining costs” is an 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 - managed
operations” ($/oz) is calculated by dividing
the consolidated US dollar value of this cost
metric by the consolidated ounces of gold
sold. “All-in sustaining costs per ounce - non-
managed joint ventures” ($/oz) is calculated
by dividing the attributable US dollar value of
this cost metric by the attributable ounces of
gold sold.
“All-in costs” is an APM comprising “all-in
sustaining costs” including additional costs
which reflect the varying costs of producing
gold over the life-cycle of a mine including
costs incurred at new operations and costs
related to growth projects at existing
operations, which are expected to increase
production.
“All-in costs per ounce - managed
operations” ($/oz) is calculated by dividing
the consolidated US dollar value of this cost
metric by the consolidated ounces of gold
sold. “All-in costs per ounce - non-managed
joint ventures” ($/oz) is calculated by
dividing the attributable US dollar value of
this cost metric by the attributable ounces of
gold sold.
Other Information
AngloGold Ashanti plc | Annual Report 2024
Alternative performance measures
232
KIbali, Democratic Republic of Congo
Total cash costs
“Total cash costs” is calculated in
accordance with the guidelines of the Gold
Institute industry standard and industry
practice and is an APM. The Gold Institute,
which has been incorporated into the
National Mining Association, is a non-profit
international association of miners, refiners,
bullion suppliers and manufacturers of gold
products, which developed a uniform format
for reporting total cash costs on a per ounce
basis. The guidance was first adopted in
1996 and revised in November 1999.
“Total cash costs” is an APM and, as
calculated and reported by AngloGold
Ashanti, include costs for all mining,
processing, onsite administration costs,
royalties and production taxes, as well as
contributions from by-products, but exclude
amortisation of tangible, intangible and right
of use assets, rehabilitation costs and other
non-cash costs, retrenchment costs,
corporate administration, marketing and
related costs, capital costs and exploration
costs. “Total cash costs per ounce -
managed operations” ($/oz) is calculated by
dividing the consolidated US dollar value of
this cost metric by the consolidated ounces
of gold produced. “Total cash costs per
ounce – non-managed joint ventures” ($/oz)
is calculated by dividing the attributable US
dollar value of this cost metric by the
attributable ounces of gold produced.
Average gold price received per
ounce
“Average gold price received per ounce” is an
APM which gives an indication of revenue
earned per ounce of gold sold and serves as
a benchmark of performance against the
market spot gold price. “Average gold price
received per ounce - managed operations” is
calculated by dividing the consolidated US
dollar value of this revenue metric by the
consolidated ounces of gold sold. “Average
gold price received per ounce – non-
managed joint ventures” is calculated by
dividing the attributable US dollar value of
this revenue metric by the attributable
ounces of gold sold.
Sustaining capital expenditure
“Sustaining capital (expenditure)” is an APM
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.
Non-sustaining expenditure
“Non-sustaining capital (expenditure)” is an
APM comprising capital expenditure
incurred at new operations and capital
expenditure related to ‘major projects’ at
existing operations where these projects will
materially increase production.
While the Gold Institute provided definitions
for the calculation of “total cash costs” and
the WGC published a revised Guidance Note
on “all-in sustaining costs” and “all-in costs”
metrics during 2018, the calculation of “total
cash costs”, “total cash costs per ounce”,
“all-in sustaining costs”, “all-in sustaining
costs per ounce”, “all-in costs” and “all-in
costs per ounce” may vary significantly
among gold mining companies, and by
themselves do not necessarily provide a
basis for comparison with other gold mining
companies. However, AngloGold Ashanti
believes that “total cash costs”, “all-in
sustaining costs” and “all-in costs” in total by
mine and per ounce by mine as well as
“average gold price received per ounce”,
“sustaining capital expenditure” and “non-
sustaining capital expenditure” are useful
indicators to investors and management as
they provide:
•
an indication of profitability, efficiency
and cash flows;
•
the trend in costs as the mining
operations mature over time on a
consistent basis; and
•
an internal benchmark of performance to
allow for comparison against other
mines, both within the Group and at
other gold mining companies.
Management prepares its internal
management reporting documentation, for
use and decision making by the Chief
Operating Decision Maker (CODM), on a total
basis.
The key metrics are based on the total
ounces, gold income, “total cash costs”, “all-
in costs”, “all-in sustaining costs”, “sustaining
capital expenditure” and “non-sustaining
capital expenditure” from each operation
and as a consequence includes AngloGold
Ashanti’s share of the “total cash costs”, “all-
in costs”, “all-in sustaining costs”, “sustaining
capital expenditure” and “non-sustaining
capital expenditure” of its non-managed joint
ventures that are accounted for under the
equity method. In a capital intensive
industry, this basis allows management to
make operating and resource allocation
decisions on a comparable basis between
mining operations irrespective of whether
they are consolidated or accounted for
under the equity method. This basis of
calculating the metrics is consistent with the
WGC’s Guidance Note on “all-in sustaining
costs” and “all-in costs” metrics.
Although AngloGold Ashanti has shareholder
rights and board representation
commensurate with its ownership interests
in its equity-accounted non-managed joint
ventures and reviews the underlying
operating results including “total cash costs”,
“all-in costs”, “all-in sustaining costs”,
“sustaining capital expenditure” and “non-
sustaining capital expenditure” with them at
each reporting period, it does not have direct
control over their operations or resulting
revenue and expenses, nor does it have a
proportionate legal interest in each financial
statement line item. AngloGold Ashanti’s use
of “total cash costs”, “all-in costs”, “all-in
sustaining costs”, “sustaining capital
expenditure” and “non-sustaining capital
expenditure” on a total basis, is not intended
to imply that it has any such control or
proportionate legal interest, but rather to
reflect the APMs on a basis consistent with
its internal and external segmental reporting.
Adjusted EBITDA
“Adjusted EBITDA” is an APM 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, finance 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 early settlement of hedge
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.
“Adjusted EBITDA margin” is calculated as
the percentage of adjusted EBITDA divided
by revenue from product sales.
Adjusted net debt
“Adjusted net debt” is an APM and, as
calculated and reported by AngloGold
Ashanti, includes total borrowings adjusted
for the unamortised portion of borrowing
costs and IFRS 16 lease adjustments; less
cash restricted for use and cash and cash
Other Information
AngloGold Ashanti plc | Annual Report 2024
Alternative performance measures continued
233
equivalents (net of bank overdraft). The
adjusted net debt calculation is based on the
formula included in AngloGold Ashanti’s
Revolving Credit Facility Agreements for
compliance with the debt covenant formula.
Free cash flow
“Free cash flow” is an APM and, as
calculated and reported by AngloGold
Ashanti, includes cash inflow from operating
activities, less cash outflow from investing
activities and after finance costs, adjusted to
exclude once-off acquisitions, disposals and
corporate restructuring costs, and
movements in restricted cash.
Reconciliations
A reconciliation of cost of sales as included
herein to “all-in sustaining costs”, “all-in
sustaining costs per ounce”, “all-in costs”,
“all-in costs per ounce”, “total cash costs”
and “total cash costs per ounce” for each
of the years ended 31 December 2024 and
31 December 2023 is presented on a total
(Group), total (managed operations/non-
managed joint ventures) and segment basis
in Note A below. In addition, the Company
has provided detail of the consolidated
ounces of gold produced and sold by mine
for each of those periods below.
A reconciliation of gold income as included
herein to “average gold price received per
ounce” for each of the years ended
31 December 2024 and 31 December 2023
is presented on a total (Group) and total
(managed operations/non-managed joint
ventures) basis in Note B below.
A reconciliation of capital expenditure as
included herein to “sustaining capital
expenditure” and “non-sustaining capital
expenditure” for each of the years ended
31 December 2024 and 31 December 2023
is presented on a total (Group), total
(managed operations/non-managed joint
ventures) and segment basis in Note C
below.
A reconciliation of profit (loss) before
taxation as included herein to “adjusted
EBITDA” for each of the years ended 31
December 2024 and 31 December 2023 is
presented on a total (Group) basis in Note D
below.
A reconciliation of total borrowings as
included herein to “adjusted net debt” as at
31 December 2024 and 31 December 2023
is presented on a total (Group) basis in Note
E below.
A reconciliation of net cash flow from
operating activities as included herein to
“free cash flow” for each of the years ended
31 December 2024 and 31 December 2023
is presented on a total (Group) basis in Note
F below.
Other Information
AngloGold Ashanti plc | Annual Report 2024
Alternative performance measures continued
234
Obuasi, Ghana
Note A | All-in sustaining costs 2024
FOR THE YEAR ENDED 31 DECEMBER 2024
Africa
Australia
Corporate
and other (3)
Kibali
Other
Non-managed
joint ventures
Iduapriem
Obuasi
Siguiri
Geita
Sukari
Africa
other
Managed
operations
Sunrise
Dam
Tropicana
Australia
other
Australia
in US dollar million, except as otherwise noted
Cost of sales per segmental information (2)
(1)
380
—
380
351
360
518
612
83
—
1,924
430
479
36
945
By-product revenue
—
(2)
—
(2)
—
(1)
(1)
(2)
—
—
(4)
(2)
(3)
—
(5)
Realised other commodity contracts
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation of tangible, intangible and right of use
assets
(4)
(92)
—
(92)
(79)
(75)
(51)
(138)
(20)
—
(363)
(77)
(112)
(1)
(190)
Adjusted for decommissioning and inventory
amortisation
—
—
—
—
—
—
—
(1)
—
—
(1)
(1)
—
—
(1)
Corporate administration, marketing and related
expenses
115
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Lease payment sustaining
1
(1)
—
(1)
6
—
3
22
—
—
31
18
10
1
29
Sustaining exploration and study costs
—
—
—
—
—
2
6
6
—
—
14
1
—
—
1
Total sustaining capital expenditure
1
68
—
68
108
145
93
181
20
—
547
65
37
—
102
All-in sustaining costs (5)
112
354
—
354
385
430
569
680
83
—
2,147
434
411
36
881
Non-sustaining capital expenditure
—
57
—
57
61
57
9
15
—
—
142
—
51
—
51
Non-sustaining lease payments
—
—
—
—
—
—
—
2
—
—
2
—
—
—
—
Non-sustaining exploration and study costs
3
—
—
—
3
2
6
11
3
2
27
9
7
24
40
Care and maintenance
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Closure and social responsibility costs not related to
current operations
5
5
1
6
2
(25)
—
—
—
—
(23)
—
—
—
—
Other provisions
1
—
—
—
1
1
2
(3)
—
—
1
—
—
4
4
All-in costs (5)
121
416
1
417
451
466
586
705
86
2
2,296
443
469
64
976
Gold sold - oz (000)
—
309
—
309
238
222
272
479
44
—
1,255
261
317
—
578
All-in sustaining costs per ounce - $/oz (1)
—
1,146
—
1,146
1,614
1,942
2,093
1,418
1,858
—
1,709
1,665
1,297
—
1,526
All-in costs per ounce - $/oz (1)
—
1,349
—
1,351
1,891
2,101
2,154
1,471
1,945
—
1,828
1,701
1,479
—
1,690
(1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce”, “all-in costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in
sustaining costs per ounce” and “all-in costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces.
“All-in sustaining costs (per ounce)”, “all-in costs (per ounce)” and “total cash costs (per ounce)’’ may not be calculated based on amounts presented in this table due to rounding.
(2) Refer to Segmental reporting.
(3) Corporate includes non-gold producing managed operations.
(4) Total including equity-accounted non-managed joint ventures.
(5) “Total cash costs”, “all-in sustaining costs” and “all-in costs” may not be calculated based on amounts presented in this table due to rounding.
(6) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition.
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
235
Note A | All-in sustaining costs 2024 continued
FOR THE YEAR ENDED 31 DECEMBER 2024
Americas
Group
Adjusted to exclude the
Sukari operation
Cerro
Vanguardia
AGA Mineração
Serra Grande
Americas other
Americas
Projects
Non-managed
joint ventures
Managed
operations
Group total (4)
Managed
operations (4)(6)
Group total (4)(6)
in US dollar million, except as otherwise noted
Cost of sales per segmental information (2)
368
352
136
2
858
—
380
3,726
4,106
3,643
4,023
By-product revenue
(109)
(2)
—
—
(111)
—
(2)
(120)
(122)
(120)
(122)
Realised other commodity contracts
—
—
—
—
—
—
—
—
—
—
—
Amortisation of tangible, intangible and right of use
assets
(61)
(112)
(22)
—
(195)
—
(92)
(752)
(844)
(732)
(824)
Adjusted for decommissioning and inventory
amortisation
9
(1)
(1)
—
7
—
—
5
5
5
5
Corporate administration, marketing and related
expenses
—
—
—
—
—
3
—
118
118
118
118
Lease payment sustaining
—
27
10
—
37
1
(1)
99
98
99
98
Sustaining exploration and study costs
6
2
—
—
8
1
—
24
24
24
24
Total sustaining capital expenditure
71
98
40
—
209
5
68
864
932
844
912
All-in sustaining costs (5)
284
365
162
2
813
10
354
3,963
4,317
3,880
4,234
Non-sustaining capital expenditure
—
—
—
—
—
33
57
226
283
226
283
Non-sustaining lease payments
—
1
—
—
1
—
—
3
3
3
3
Non-sustaining exploration and study costs
10
—
1
5
16
142
—
228
228
225
225
Care and maintenance
—
48
—
—
48
3
—
51
51
51
51
Closure and social responsibility costs not related to
current operations
—
33
35
—
68
—
6
50
56
50
56
Other provisions
—
—
1
—
1
—
—
7
7
7
7
All-in costs (5)
294
448
198
7
947
189
417
4,529
4,946
4,443
4,860
Gold sold - oz (000)
183
274
80
—
537
—
309
2,370
2,679
2,326
2,635
All-in sustaining costs per ounce - $/oz (1)
1,544
1,334
2,039
—
1,514
—
1,146
1,672
1,611
1,668
1,607
All-in costs per ounce - $/oz (1)
1,600
1,635
2,495
—
1,763
—
1,351
1,910
1,846
1,910
1,844
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
236
Note A | Total cash costs 2024
FOR THE YEAR ENDED 31 DECEMBER 2024
Corporate
and other
(3)
Africa
Australia
Kibali
Other
Non-
managed joint
ventures
Iduapriem
Obuasi
Siguiri
Geita
Sukari
Africa
other
Managed
operations
Sunrise
Dam
Tropicana
Australia
other
Australia
in US Dollar million, except as otherwise noted
Cost of sales per segmental information (2)
(1)
380
—
380
351
360
518
612
83
—
1,924
430
479
36
945
- By-product revenue
—
(2)
—
(2)
—
(1)
(1)
(2)
—
—
(4)
(2)
(3)
—
(5)
- Inventory change
—
2
—
2
1
(2)
4
7
(17)
—
(7)
(3)
(7)
—
(10)
- Amortisation of tangible assets
(3)
(91)
—
(91)
(75)
(75)
(48)
(111)
(19)
—
(328)
(61)
(106)
—
(167)
- Amortisation of right of use assets
(1)
(1)
—
(1)
(4)
—
(3)
(27)
(1)
—
(35)
(16)
(6)
(1)
(23)
- Amortisation of intangible assets
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
- Rehabilitation and other non-cash costs
—
1
—
1
(7)
(14)
(6)
(3)
—
—
(30)
(2)
(2)
(1)
(5)
- Retrenchment costs
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Total cash costs (5)
(5)
289
—
289
265
268
465
476
46
(1)
1,519
347
354
34
735
Gold produced - oz (000)
—
309
—
309
237
221
273
483
40
—
1,254
259
313
—
572
Total cash costs per ounce - $/oz (1)
—
935
—
935
1,118
1,214
1,703
984
1,165
—
1,212
1,343
1,132
—
1,287
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
237
Note A | Total cash costs 2024 continued
FOR THE YEAR ENDED 31 DECEMBER 2024
Americas
Group
Adjusted to exclude the
Sukari operation
Cerro
Vanguardia
AGA
Mineração
Serra Grande
Americas
other
Americas
Projects
Non-
managed
joint
ventures
Managed
operations
Group total (4)
Managed
operations (6)
Group total
(4)(6)
in US dollar million, except as otherwise noted
Cost of sales per segmental information (2)
368
352
136
2
858
—
380
3,726
4,106
3,643
4,023
- By-product revenue
(109)
(2)
—
—
(111)
—
(2)
(120)
(122)
(120)
(122)
- Inventory change
1
(2)
—
—
(1)
—
2
(18)
(16)
(1)
1
- Amortisation of tangible assets
(61)
(89)
(18)
—
(168)
—
(91)
(666)
(757)
(647)
(738)
- Amortisation of right of use assets
—
(23)
(4)
—
(27)
—
(1)
(86)
(87)
(86)
(87)
- Amortisation of intangible assets
—
—
—
—
—
—
—
—
—
—
—
- Rehabilitation and other non-cash costs
(10)
2
—
—
(8)
—
1
(43)
(42)
(43)
(42)
- Retrenchment costs
(1)
(1)
(1)
—
(3)
—
—
(3)
(3)
(3)
(3)
Total cash costs (5)
189
237
113
2
541
—
289
2,790
3,079
2,744
3,033
Gold produced - oz (000)
175
271
80
—
526
—
309
2,352
2,661
2,312
2,621
Total cash costs per ounce - $/oz (1)
1,073
876
1,411
—
1,027
—
935
1,187
1,157
1,187
1,157
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
238
Note A | All-in sustaining costs 2023
FOR THE YEAR ENDED 31 DECEMBER 2023
Africa
Australia
Corporate
and other (3)
Kibali
Other
Non-managed
joint ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Managed
operations
Sunrise
Dam
Tropicana
Australia
other
Australia
in US dollar million, except as otherwise noted
Cost of sales per segmental information (2)
4
372
—
372
387
313
473
566
—
1,739
399
438
30
867
By-product revenue
—
(2)
—
(2)
—
(1)
—
(2)
—
(3)
(1)
(3)
—
(4)
Realised other commodity contracts
7
—
—
—
—
—
—
—
—
—
—
—
—
—
Amortisation of tangible, intangible and right of use
assets
(5)
(99)
—
(99)
(129)
(61)
(39)
(91)
—
(320)
(58)
(104)
(1)
(163)
Adjusted for decommissioning and inventory
amortisation
—
1
—
1
—
—
—
(1)
—
(1)
(1)
—
—
(1)
Corporate administration, marketing and related
expenses
92
—
—
—
—
—
—
—
—
—
—
—
—
—
Lease payment sustaining
2
2
—
2
3
—
—
26
—
29
16
11
1
28
Sustaining exploration and study costs
—
—
—
—
—
2
6
12
(1)
19
2
1
—
3
Total sustaining capital expenditure
1
52
—
52
96
148
74
162
—
480
47
50
1
98
All-in sustaining costs (5)
101
326
—
326
357
401
514
672
(1)
1,943
404
393
31
828
Non-sustaining capital expenditure
—
33
—
33
46
66
4
29
—
145
—
37
—
37
Non-sustaining lease payments
—
—
—
—
—
—
—
2
—
2
—
—
—
—
Non-sustaining exploration and study costs
—
1
—
1
—
—
7
9
1
17
5
6
22
33
Care and maintenance
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Closure and social responsibility costs not related to
current operations
5
7
1
8
(1)
(4)
—
1
1
(3)
1
(1)
(1)
(1)
Other provisions
1
—
—
—
—
—
—
—
—
—
—
—
—
—
All-in costs (5)
107
367
1
368
402
463
525
713
1
2,104
410
435
52
897
Gold sold - oz (000)
—
343
—
343
268
226
260
479
—
1,233
256
301
—
557
All-in sustaining costs per ounce - $/oz (1)
—
951
—
951
1,329
1,777
1,976
1,403
—
1,576
1,583
1,304
—
1,487
All-in costs per ounce - $/oz (1)
—
1,069
—
1,074
1,500
2,050
2,020
1,488
—
1,706
1,603
1,446
—
1,612
(1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce”, “all-in costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in
sustaining costs per ounce” and “all-in costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces.
“All-in sustaining costs (per ounce)”, “all-in costs (per ounce)” and “total cash costs (per ounce)’’ may not be calculated based on amounts presented in this table due to rounding.
(2) Refer to Segmental reporting.
(3) Corporate includes non-gold producing managed operations.
(4) Total including equity-accounted non-managed joint ventures.
(5) “Total cash costs”, “all-in sustaining costs” and “all-in costs” may not be calculated based on amounts presented in this table due to rounding.
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023.
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
239
Note A | All-in sustaining costs 2023 continued
FOR THE YEAR ENDED 31 DECEMBER 2023
Americas
Group
Adjusted to exclude the
Córrego do Sítio (CdS) operation
Cerro
Vanguardia
AGA
Mineração
Serra
Grande
Americas
other
Americas
Projects
Non-
managed
joint
ventures
Managed
operations
Group
total (4)
Córrego do
Sítio
AGA
Mineração
Americas (6)
Managed
operations
(6)
Group total
(4)(6)
in US dollar million, except as otherwise noted
Cost of sales per segmental information (2)
307
453
169
2
931
—
372
3,541
3,913
104
349
827
3,437
3,809
By-product revenue
(93)
(2)
—
—
(95)
—
(2)
(102)
(104)
—
(2)
(95)
(102)
(104)
Realised other commodity contracts
—
—
—
—
—
—
—
7
7
—
—
—
7
7
Amortisation of tangible, intangible and right of use
assets
(39)
(88)
(43)
—
(170)
—
(99)
(658)
(757)
(6)
(82)
(164)
(652)
(751)
Adjusted for decommissioning and inventory
amortisation
1
(3)
—
—
(2)
(1)
1
(5)
(4)
—
(3)
(2)
(5)
(4)
Corporate administration, marketing and related
expenses
—
—
—
—
—
2
—
94
94
—
—
—
94
94
Lease payment sustaining
—
33
8
(1)
40
1
2
100
102
7
26
33
93
95
Sustaining exploration and study costs
6
1
—
1
8
2
—
32
32
—
1
8
32
32
Total sustaining capital expenditure
75
122
55
—
252
11
52
842
894
19
103
233
823
875
All-in sustaining costs (5)
257
516
189
2
964
15
326
3,851
4,177
124
392
840
3,727
4,053
Non-sustaining capital expenditure
—
2
—
—
2
16
33
200
233
2
—
—
198
231
Non-sustaining lease payments
—
2
—
—
2
—
—
4
4
2
—
—
2
2
Non-sustaining exploration and study costs
7
6
1
1
15
158
1
223
224
3
3
12
220
221
Care and maintenance
—
49
—
—
49
3
—
52
52
34
15
15
18
18
Closure and social responsibility costs not related to
current operations
—
62
10
1
73
—
8
74
82
4
58
69
70
78
Other provisions
—
—
—
—
—
—
—
1
1
—
—
—
1
1
All-in costs (5)
264
637
200
4
1,105
192
368
4,405
4,773
169
468
936
4,236
4,604
Gold sold - oz (000)
163
285
86
—
534
—
343
2,324
2,667
43
242
491
2,281
2,624
All-in sustaining costs per ounce - $/oz (1)
1,581
1,807
2,198
—
1,805
—
951
1,657
1,566
2,894
1,615
1,710
1,634
1,544
All-in costs per ounce - $/oz (1)
1,616
2,231
2,325
—
2,066
—
1,074
1,895
1,790
3,949
1,927
1,901
1,857
1,754
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
240
Note A | Total cash costs 2023
FOR THE YEAR ENDED 31 DECEMBER 2023
Africa
Australia
Corporate
and other (3)
Kibali
Other
Non-managed
joint ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Managed
operations
Sunrise
Dam
Tropicana
Australia
other
Australia
in US dollar million, except as otherwise noted
Cost of sales per segmental information (2)
4
372
—
372
387
313
473
566
—
1,739
399
438
30
867
- By-product revenue
—
(2)
—
(2)
—
(1)
—
(2)
—
(3)
(1)
(3)
—
(4)
- Inventory change
—
2
—
2
(2)
4
1
5
(1)
7
(6)
14
—
8
- Amortisation of tangible assets
(3)
(98)
—
(98)
(126)
(61)
(39)
(68)
—
(294)
(43)
(97)
—
(140)
- Amortisation of right of use assets
(1)
(1)
—
(1)
(3)
—
—
(23)
—
(26)
(15)
(7)
(1)
(23)
- Amortisation of intangible assets
(1)
—
—
—
—
—
—
—
—
—
—
—
—
—
- Rehabilitation and other non-cash costs
1
2
—
2
(3)
(6)
(6)
(1)
—
(16)
(1)
(2)
(1)
(4)
- Retrenchment costs
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Total cash costs (5)
—
275
—
275
253
249
429
477
(1)
1,407
333
343
28
704
Gold produced - oz (000)
—
343
—
343
268
224
260
485
—
1,237
252
310
—
562
Total cash costs per ounce - $/oz (1)
802
—
802
943
1,114
1,650
984
—
1,138
1,318
1,105
—
1,251
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
241
Note A | Total cash costs 2023 continued
FOR THE YEAR ENDED 31 DECEMBER 2023
Americas
Group
Adjusted to exclude the
Córrego do Sítio (CdS) operation
Cerro
Vanguardia
AGA
Mineração
Serra
Grande
Americas
other
Americas
Projects
Non-managed
joint ventures
Managed
operations
Group
total (4)
Córrego do
Sítio
AGA
Mineração(6)
Americas(6)
Managed
operations
(6)
Group total
(4)(6)
in US dollar million, except as otherwise noted
Cost of sales per segmental information (2)
307
453
169
2
931
—
372
3,541
3,913
104
349
827
3,437
3,809
- By-product revenue
(93)
(2)
—
—
(95)
—
(2)
(102)
(104)
—
(2)
(95)
(102)
(104)
- Inventory change
(2)
(2)
—
1
(3)
—
2
12
14
(2)
—
(1)
14
16
- Amortisation of tangible assets
(39)
(66)
(37)
—
(142)
—
(98)
(579)
(677)
(3)
(63)
(139)
(576)
(674)
- Amortisation of right of use assets
—
(22)
(6)
—
(28)
—
(1)
(78)
(79)
(3)
(19)
(25)
(75)
(76)
- Amortisation of intangible assets
—
—
—
—
—
—
—
(1)
(1)
—
—
—
(1)
(1)
- Rehabilitation and other non-cash costs
(1)
(4)
3
(1)
(3)
—
2
(22)
(20)
(3)
(1)
—
(19)
(17)
- Retrenchment costs
—
(2)
(1)
(1)
(4)
—
—
(4)
(4)
—
(2)
(4)
(4)
(4)
Total cash costs (5)
172
355
128
1
656
—
275
2,767
3,042
93
262
563
2,674
2,949
Gold produced - oz (000)
164
294
86
—
544
—
343
2,343
2,686
42
252
502
2,301
2,644
Total cash costs per ounce - $/oz (1)
1,045
1,210
1,498
—
1,207
—
802
1,181
1,133
2,217
1,041
1,122
1,162
1,115
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
242
Note B | Average gold price received per ounce
Year
Year
ended
ended
Dec
Dec
2024
2023
US dollar million, except as otherwise noted
Managed
operations
Non-
managed
joint
ventures
Group
(Equity)
Managed
operations
(1)
Non-
managed
joint
ventures
Group
(Equity) (1)
Gold income per income statement
4,480
4,480
Adjustment for CdS gold income
(84)
(84)
Gold income
5,673
741
5,673
4,396
668
4,396
Associates and joint ventures’ share of gold income
741
668
Gold income
5,673
741
6,414
4,396
668
5,064
Gold sold - oz (000)
2,370
309
2,679
2,281
343
2,624
Average gold price received per ounce - $/oz
2,393
2,401
2,394
1,927
1,948
1,930
(1) Adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed on care and maintenance in August 2023.
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
243
Note C | Capital expenditure
FOR THE YEAR ENDED 31 DECEMBER 2024
Africa
Australia
Corporate
and other
Kibali
Other
Non-managed
joint ventures
Iduapriem
Obuasi
Siguiri
Geita
Sukari
Africa other
Managed
operations
Sunrise Dam
Tropicana
Australia
other
Australia
in US dollar million, except as otherwise noted
Sustaining capital expenditure
1
68
—
68
108
145
93
181
20
—
547
65
37
—
102
Non-sustaining capital expenditure
—
57
—
57
61
57
9
15
—
—
142
—
51
—
51
Capital expenditure
1
125
—
125
169
202
102
196
20
—
689
65
88
—
153
Americas
Group
Adjusted to exclude Sukari
Cerro
Vanguardia
AGA Mineração
Serra
Grande
Americas
other
Americas
Projects
Non-managed
joint ventures
Managed
operations
Group total (1)
Managed operations (3)
Group total (1)(3)
in US dollar million, except as otherwise noted
Sustaining capital expenditure
71
98
40
—
209
5
68
864
932
844
912
Non-sustaining capital expenditure
—
—
—
—
—
33
57
226
283
226
283
Capital expenditure
71
98
40
—
209
38
125
1,090
1,215
1,070
1,195
FOR THE YEAR ENDED 31 DECEMBER 2023
Africa
Australia
Corporate
and other
Kibali
Other
Non-managed
joint ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Managed
operations
Sunrise Dam
Tropicana
Australia
other
Australia
in US dollar million, except as otherwise noted
Sustaining capital expenditure
1
52
—
52
96
148
74
162
—
480
47
50
1
98
Non-sustaining capital expenditure
—
33
—
33
46
66
4
29
—
145
—
37
—
37
Capital expenditure
1
85
—
85
142
214
78
191
—
625
47
87
1
135
Americas
Group
Adjusted to exclude CdS
Cerro
Vanguardia
AGA
Mineração
Serra
Grande
Americas
other
Americas
Projects
Non-managed
joint ventures
Managed
operations
Group total
(1)
Córrego do
Sítio
AngloGold
Ashanti
Mineração (2)
Americas (2)
Managed
operations (2)
Group total (1)
(2)
in US dollar million, except as otherwise noted
Sustaining capital expenditure
75
122
55
—
252
11
52
842
894
19
103
233
823
875
Non-sustaining capital expenditure
—
2
—
—
2
16
33
200
233
2
—
—
198
231
Capital expenditure
75
124
55
—
254
27
85
1,042
1,127
21
103
233
1,021
1,106
,
,
(1) Total including equity-accounted non-managed joint ventures.
(2) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023.
(3) Adjusted to exclude Sukari acquired on 22 November 2024 as part of the Centamin acquisition.
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
244
Note D | Adjusted EBITDA
Year
Year
ended
ended
Dec
Dec
2024
2023
US Dollar million, except as otherwise noted
Adjusted EBITDA (1)
Profit before taxation
1,672
63
Add back:
Finance costs and unwinding of obligations
167
157
Finance income
(160)
(127)
Amortisation of tangible, right of use and intangible assets
752
658
Other amortisation
(3)
3
Associates and joint ventures share of amortisation, interest, taxation and other
307
202
EBITDA
2,735
956
Adjustments:
Foreign exchange and fair value adjustments
1
170
Care and maintenance costs
51
52
Retrenchment and related costs
17
19
Reversal of impairment (net impairment), (derecognition of assets) and (profit) loss on disposal
(58)
221
Joint ventures share of costs
1
2
Adjusted EBITDA
2,747
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.
Other Information
AngloGold Ashanti plc | Annual Report 2024
245
Note E | Adjusted net debt (1)
As at
As at
Dec
Dec
2024
2023
US dollar million, except as otherwise noted
Borrowings - non-current portion
1,901
2,032
Borrowings - current portion
83
207
Lease liabilities - non-current portion
65
98
Lease liabilities - current portion
76
73
Total borrowings
2,125
2,410
Less cash and cash equivalents, net of bank overdraft
(1,397)
(955)
Net debt
728
1,455
Adjustments:
IFRS16 lease adjustments
(126)
(149)
Unamortised portion of borrowing costs
26
30
Cash restricted for use
(61)
(68)
Adjusted net debt
567
1,268
Adjusted net debt to Adjusted EBITDA ratio
0.21
0.89
Total borrowings to profit (loss) before taxation
1.27
38.25
(1) Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
246
Note F | Free cash flow
Year
Year
ended
ended
Dec
Dec
2024
2023
US dollar million, except as otherwise noted
Cash generated from operations(1)
2,063
871
Dividends received from joint ventures
88
180
Taxation refund
6
36
Taxation paid
(189)
(116)
Net cash inflow from operating activities
1,968
971
Corporate restructuring costs
2
268
Capital expenditure on tangible and intangible assets
(1,090)
(1,042)
Net cash from operating activities after capital expenditure
880
197
Repayment of lease liabilities
(91)
(94)
Finance costs accrued and capitalised
(139)
(132)
Net cash flow after capital expenditure and interest
650
(29)
Repayment of loans advanced to joint ventures
149
—
Other net cash inflow from investing activities
113
125
Other
35
4
Add backs:
Cash restricted for use
(5)
9
Free cash flow(2)
942
109
(1) Includes working capital movements as per table below.
(2) Free cash flow has been adjusted to exclude corporate restructuring costs and Centamin acquisition costs.
(Increase) decrease in inventories
(78)
(58)
(Increase) decrease in trade receivables
(182)
(117)
Increase (decrease) in trade payables
6
82
Movement in working capital
(254)
(93)
Rounding of figures may result in computational discrepancies.
Other Information
AngloGold Ashanti plc | Annual Report 2024
247
Dec
Dec
2024
2023
ZAR/USD
Average for the year
18.32
18.45
Closing
18.85
18.28
AUD/USD
Average for the year
1.52
1.51
Closing
1.62
1.47
BRL/USD
Average for the year
5.39
5.00
Closing
6.19
4.84
ARS/USD
Average for the year
916.78
293.67
Closing
1,032.50
808.48
Other Information
AngloGold Ashanti plc | Annual Report 2024
Exchange rates
248
2028 notes
The $750 million aggregate principal amount of 3.375 percent notes due 2028 issued by AngloGold
Ashanti Holdings plc and fully and unconditionally guaranteed by AngloGold Ashanti plc.
2030 notes
The $700 million aggregate principal amount of 3.750 percent notes due 2030 issued by AngloGold
Ashanti Holdings plc and fully and unconditionally guaranteed by AngloGold Ashanti plc.
2040 notes
The $300 million aggregate principal amount of 6.50 percent notes due 2040 issued by AngloGold
Ashanti Holdings plc and fully and unconditionally guaranteed by AngloGold Ashanti plc.
Adjusted EBITDA
“Adjusted EBITDA” is an Alternative Performance Measure (APM)– see definition below – which, 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.
Adjusted net debt
“Adjusted net debt” is an APM and, as calculated and reported by AngloGold Ashanti, includes total
borrowings adjusted for the unamortised portion of borrowing costs and IFRS 16 lease adjustments;
less cash restricted for use and cash and cash equivalents (net of bank overdraft). The adjusted net
debt 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
“All-in costs” is an APM comprising “all-in sustaining costs” plus any 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 sustaining costs (AISC)
“All-in sustaining costs” is an 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 -
managed operations” ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric
by the consolidated ounces of gold sold. “All-in sustaining costs per ounce - non-managed joint
ventures” ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the
attributable ounces of gold sold.
Alternative Performance
Measures (APM)
These measures are the equivalent of the Non-GAAP financial measures and include, without limitation,
“total cash costs ”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per
ounce”, “all-in costs”, “all-in costs per ounce”, “average gold price received per ounce”, "sustaining capital
expenditure", "non-sustaining capital expenditure", “adjusted EBITDA”, “adjusted net debt” and “free cash
flow”. In this report, these APMs are indicated by the icon APM.
Attributable
The Group’s share of gold ounces, gold income, capital expenditure and other items, based on its
ownership interest.
Average gold price received per
ounce ($/oz)
“Average gold price received per ounce” is an APM which gives an indication of revenue earned per
ounce of gold sold and serves as a benchmark of performance against the market spot gold price. This
metric is calculated by dividing consolidated gold income (price received) by consolidated ounces of
gold sold.
Average number of employees
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.
Free cash flow
“Free cash flow” is an APM, which as calculated and reported by AngloGold Ashanti, includes cash
inflow from operating activities, less cash outflow from investing activities and after finance costs,
adjusted to exclude once-off acquisitions, disposals and corporate restructuring costs, and movements
in restricted cash
GAAP
Generally Accepted Accounting Principles, the accounting standard adopted by the SEC
Financial terms
Other Information
AngloGold Ashanti plc | Annual Report 2024
Glossary of terms and abbreviations
249
Market spot gold price
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)
“Non-sustaining capital (expenditure)” is an APM 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 consolidated number of gold ounces produced by managed and joint operations. The attributable
number of gold ounces produced by non-managed joint ventures.
Ounces of gold sold
The consolidated number of gold ounces sold by managed and joint operations. The attributable
number of gold ounces sold by non-managed joint ventures.
Rated bonds
The 2028 notes, the 2030 notes and the 2040 notes.
Region
Defines the operational management divisions within AngloGold Ashanti, namely Africa (operations in
DRC, Egypt, Ghana, Guinea and Tanzania, and projects in Côte d’Ivoire), Australia and the Americas
(operations in Argentina and Brazil, and projects in the United States and Colombia).
Related party
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)
“Sustaining capital (expenditure) is an APM 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
“Total cash costs” is an APM and, as calculated and reported by AngloGold Ashanti, includes 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 – managed
operations” ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric by the
consolidated ounces of gold produced. “Total cash costs per ounce – non-managed joint ventures” ($/
oz) is calculated by dividing the attributable US dollar value of this cost metric by the 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.
Financial terms
Currencies
$, US$, USD, US dollar or dollar
United States dollar
ARS or Argentinean peso
Argentinean peso
A$, AUD or Australian dollar
Australian dollar
BRL or Brazilian real
Brazilian real
£, GBP or British pound
British pound
C$, CAD or Canadian dollar
Canadian dollar
COP or Colombian peso
Colombian peso
CDF or Congolese franc
Congolese franc
E£, EGP or Egytian pound
Egyptian pound
€, EUR or Euro
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
Other Information
AngloGold Ashanti plc | Annual Report 2024
Glossary of terms and abbreviations continued
250
By-products
Any potentially economic or saleable products that emanate from the core process of producing gold or
copper, including silver, molybdenum and sulphuric acid.
Carbon-in-leach (CIL)
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.
Carbon-in-pulp (CIP)
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.
Contained gold or Contained
copper
The total gold or copper content (tonnes multiplied by grade) of the material being described.
Cut-off grade
Cut-off grade is the grade (i.e., the concentration of metal or mineral in rock) that determines the
destination of the material during mining. For purposes of establishing “prospects of economic
extraction,” the cut-off grade is the grade that distinguishes material deemed to have no economic value
(it will not be mined in underground mining or if mined in surface mining, its destination will be the waste
dump) from material deemed to have economic value (its ultimate destination during mining will be a
processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay
limit, and break-even stripping ratio
Depletion
The decrease in the quantity of ore in a deposit or property resulting from extraction or production.
Development
The process of accessing an orebody through shafts and/or tunnelling in underground mining
operations.
Development stage property
A development stage property is a property that has Mineral Reserve disclosed, but no material
extraction.
Diamond drilling (DD)
A form of core drilling that uses a rotary drill with a diamond drill bit attached in order to create precisely
measured drill holes.
Doré
Impure alloy of gold and silver produced at a mine to be refined to a higher purity.
Economically viable
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
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
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.
Feasibility study
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.
Gold produced or gold production
Refined gold in a saleable form derived from the mining process.
Grade
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.
Mining and other terms
Other Information
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Glossary of terms and abbreviations continued
251
Indicated Mineral Resource
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.
Inferred Mineral Resource
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.
Initial assessment (also known as
a concept study, scoping study,
conceptual study and preliminary
economic assessment)
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.
Life-of-mine (LOM)
Number of years for which an operation is planning to mine and treat ore, and is taken from the current
mine plan.
Measured Mineral Resource
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.
Metallurgical plant/gold plant/
plant
A processing plant constructed to treat ore and extract gold or copper in the case of Quebradona (and,
in some cases, valuable by-products).
Mineral deposit
A mineral deposit is a concentration (or occurrence) of material of possible economic interest in or on
the earth’s crust.
Mineral Reserve
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).
Mineral Resource
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.
Mining and other terms
Other Information
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Glossary of terms and abbreviations continued
252
Modifying factors
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.
Open-pit mining
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.
Ounce (oz) (troy)
Used in imperial statistics. A kilogram is equal to 32.1507 ounces. A troy ounce is equal to 31.1035
grams.
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.
Productivity
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.
Proven Mineral Reserve
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.
Qualified Person
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.
Recovered grade
The recovered mineral content per unit of ore treated.
Refining
The final purification process of a metal or mineral.
Regulation S-K 1300
Subpart 1300 of Regulation S-K (17 CFR § 229.1300) which contains the SEC’s mining property
disclosure requirements for mining registrants.
Rehabilitation
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.
Reverse circulation (RC) drilling
A form of percussion drilling that uses compressed air to to flush material cuttings out of the drill hole.
Shaft
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.
Stoping
The process of excavating ore underground.
Stripping ratio
The ratio of waste tonnes to ore tonnes mined calculated as total tonnes mined less ore tonnes mined
divided by ore tonnes mined.
Sub-level open stoping (SLOS)
This mining method is a variation of open stoping that involves dividing the orebody into horizontal
slices or sub-levels. Each sub-level is mined progressively, starting from the bottom, with drilled holes
for blasting and ore removal. The method allows for selective ore mining and can be adapted to varying
vein widths.
Tailings
Finely ground rock of low residual value from which valuable minerals have been extracted.
Mining and other terms
Other Information
AngloGold Ashanti plc | Annual Report 2024
Glossary of terms and abbreviations continued
253
Tailings storage facility
Facility designed to store discarded tailings.
Tonnage
Quantity of material measured in tonnes.
Tonne
Used in metric statistics. Equal to 1,000 kilograms.
Tonnes treated
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
Refer to definition of “Productivity”
Total recordable injury frequency
rate (TRIFR)
The total number of recordable injuries and fatalities that occurs per million hours worked.
Underground mining
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.
Underhand drift and fill (UHDF)
A mining method which follows the local variations of the orebody and is considered to provide greater
control on excavation and stability, with reduced dilution and increased mining recovery outcomes.
Waste
Material that contains insufficient mineralisation for consideration for future treatment and, as such, is
discarded.
Yield
The amount of valuable mineral or metal recovered from each unit mass of ore expressed as grams per
metric tonne.
Mining and other terms
°
Degree
%
Percentage
%Cu
Percentage contained copper
$
United States dollar
$/oz
United States dollar per ounce
$/lb
United States dollar per pound
A2X
A2X Markets
Ag
Silver
AGA
AngloGold Ashanti plc
AGAH
AngloGold Ashanti Holdings plc
AGM
Annual General Meeting
AI
Artificial Intelligence
AISC
All-in sustaining costs
ANLA
Colombian National Environmental Licensing Authority
APM
Alternative performance measures
ASM
Artisanal and small-scale mining
Au
Gold
B2Gold
B2Gold Corp.
Barrick
Barrick Gold Corporation
BBSY
Bank Bill Swap Bid Rate
BEV(s)
Battery electric vehicle(s)
BLM
United States Federal Bureau of Land Management
bn
Billion
Board
AngloGold Ashanti’s Board of Directors
BSc
Bachelor of Science
BSc Eng
Bachelor of Science in Engineering
BSc Hons
Bachelor of Science Honours
Abbreviations
Other Information
AngloGold Ashanti plc | Annual Report 2024
Glossary of terms and abbreviations continued
254
CDO*
Chief Development Officer
CdS
Córrego do Sítio
CEO*
Chief Executive Officer
Centamin
Centamin plc
CFO*
Chief Financial Officer
CGU
Cash Generating Unit
CIL
Carbon-in-leach
CIP
Carbon-in-pulp
Coeur Sterling
Coeur Sterling, Inc.
Corvus Gold
Corvus Gold Inc.
CO2e
Carbon dioxide equivalent
COO*
Chief Operating Officer
CPI
Consumer Price Index
CPO*
Chief People Officer
CSCAO*
Chief Sustainability and Corporate Affairs Officer
CTO*
Chief Technology Officer
Cu
Copper
Cyanide Code
International Cyanide Management Code for the Manufacture, Transport, and Use of Cyanide In the
Production of Gold
DD
Diamond drilling
DRC
Democratic Republic of the Congo
DSP
Deferred Share Plan
EIA
Environmental impact assessment
ERM
Enterprise risk management
ESG
Environmental, social and governance
FAP
Full Asset Potential
FAusIMM
Fellow of the Australasian Institute of Mining and Metallurgy
FRC
Financial Reporting Council, an independent regulator in the UK and Ireland
FTSE
Financial Times Stock Exchange index series
G or g
Grams
g/t
Grams per metric tonne
GGM
Geita Gold Mine
GHG
Greenhouse gases
GISTM
Global Industry Standard on Tailings Management
GJ
Gigajoule
Gold Fields
Gold Fields Limited
GRI
Global Reporting Initiative
GSE
Ghana Stock Exchange
HME
Heavy mining equipment
IASB
International Accounting Standards Board
IBIS
IBIS ESG Consulting Africa (Pty) Ltd
ICMM
International Council on Mining and Metals
ID&E
Inclusion, diversity and inclusion
IFRS
International Financial Reporting Standards as issued by the IASB
IMF
International Monetary Fund
IP
Induced polarisation, a geophysical imaging technique which indirectly measures the chargeability of
the subsurface by using voltage decay of a produced current. It is used extensively in mineral
exploration and mine operations
IT
Information technology
*Indicates chief officers who make up AngloGold Ashanti’s Executive Committee
Abbreviations
Other Information
AngloGold Ashanti plc | Annual Report 2024
Glossary of terms and abbreviations continued
255
ISSB
International Sustainability Standards Board
JSE
Johannesburg Stock Exchange
JV
Joint venture
KCD
Karagba, Chauffeur and Durba
kg
Kilograms
km
Kilometres
km2
Square kilometres
KMS
Kwesi Mensa Shaft at the Obuasi mine in Ghana
koz
Thousand ounces
LBMA
London Bullion Market Association
LIBOR
London Interbank Offer Rate
LOM
Life-of-mine
M or m
Metre or million, depending on context
m3
Cubic metre
m3/s
Cubic metre per second
Moz
Million ounces
MPhil
Master of Philosophy
mRL
Metres relative level
Mlb
Million pounds
ML
Megalitres
Moz
Million ounces
MSR
Minimum Shareholding Requirement
MW
Megawatt
Mt
Million tonnes
Mtpa
Million tonnes (metric) per annum
NED
Non-executive Director
NGO
Non-governmental organisation
Northern Star Resources
Northern Star Resources Limited
NYSE
New York Stock Exchange
oz
Ounces
OTC
Over-The-Counter
oz/t
Ounces per tonne
PCAOB
United States Public Company Accounting Oversight Board
PSP
Performance Share Plan
PJ
Petajoules, 1PJ is equivalent to 1 million GJ or 277,778MWh
PwC
PricewaterhouseCoopers Inc. and PricewaterhouseCoopers LLP
PwC SA
PricewaterhouseCoopers Inc.
PwC UK
PricewaterhouseCoopers LLP
RC
Reverse circulation
SASB
Sustainability Accounting Standards Board
SBB
South Brasilia Belt
SDGs
United Nations’ Sustainable Development Goals
SEC
United States Securities and Exchange Commission
SES
Social, ethics and sustainability
SLOS
Sub-level open stoping
SOFR
Secured Overnight Financing Rate
SOKIMO
Société Minière de Kilo-Moto S.A.
SOX
United States Sarbanes-Oxley Act of 2002, as amended
SW
Southwest
T or t
Tonnes (metric)
Tanesco
Tanzania Electric Supply Company Limited
TCFD
Task Force on Climate-related Financial Disclosures
Tpa or tpa
Tonnes per annum
TEC
Total employee costed
TRA
Tanzanian Revenue Authority
TRIFR
Total recordable injury frequency rate
Abbreviations
Other Information
AngloGold Ashanti plc | Annual Report 2024
Glossary of terms and abbreviations continued
256
TSF
Tailings storage facility
TSR
Total shareholder return
UHDF
Underhand drift and fill (mining method)
UK
United Kingdom
UK Companies Act
UK Companies Act 2006, as amended
UNGC
United Nations Global Compact
UNGP
United Nations Guiding Principles for Business and Human Rights
US/U.S./USA/United States
United States of America
VAT
Value added tax
VPSHR
Voluntary Principles on Security and Human Rights
WGC
World Gold Council
2025 AGM
The annual general meeting for 2025 to be held on 27 May 2025
Abbreviations
Other Information
AngloGold Ashanti plc | Annual Report 2024
Glossary of terms and abbreviations continued
257
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 based on 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 financial year ended 31 December 2023
filed with the United States Securities and Exchange Commission (“SEC”) and AngloGold Ashanti's annual report on Form 20-F for the
financial year ended 31 December 2024 to be filed with the 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, or in its FY2024 Earnings Release for the three months and the year ended 31 December 2024, which is
available on AngloGold Ashanti’s website, or in its annual report on Form 20-F for the financial year ended 31 December 2024 to be filed with
the SEC.
Other Information
AngloGold Ashanti plc | Annual Report 2024
Forward-looking statements
258
2024 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 2024 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. The Mineral Resource and Mineral
Reserve estimates are published at 31 December 2024, taking into account economic assumptions, changes to future production and capital
costs, depletion, additions as well as any acquisitions or disposals during 2024. 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 or sulphur 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 will be presented in AngloGold Ashanti’s annual report on Form 20-F for the financial year
ended 31 December 2024 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 financial year ended 31 December 2024 was estimated using a gold price of
$1,900/oz (2023: $1,750/oz), a copper price of $3.50/lb (2023: $3.50/lb), a silver price of $23.00/oz (2023: $21.64/oz) and a molybdenum price
of $12.00/lb (2023: $12.00/lb), unless otherwise stated. The Mineral Reserve at the end of the financial year ended 31 December 2024 was
estimated using a gold price of $1,600/oz (2023: $1,400/oz), a copper price of $2.90/lb (2023: $2.90/lb) and a silver price of $19.50/oz (2023:
$19.58/oz), unless otherwise stated. The net difference between the Mineral Resource and Mineral Reserve at the end of the last completed
financial year and the preceding financial year (if applicable) will be detailed for material properties in AngloGold Ashanti’s annual report on
Form 20-F for the financial year ended 31 December 2024 to be filed with the SEC.
Notes:
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.
Other Information
AngloGold Ashanti plc | Annual Report 2024
Forward-looking statements continued
259
AngloGold Ashanti plc
Incorporated in England & Wales
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
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 Inc.
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
Global headquarters
6363 S. Fiddlers Green Circle, Suite 1000
Greenwood Village, CO 80111
United States of America
Telephone: +1 303 889 0700
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
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
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 773400
Fax: +233 303 778155
Directors
Executive
A Calderon (Chief Executive Officer)
GA Doran (Chief Financial Officer)
Non-Executive
JE Tilk (Chairman)
KOF Busia
B Cleaver
AM Ferguson
AH Garner
R Gasant
J Magie
N Newton-King
DL Sands
Company Secretary
C Stead
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
To request a printed copy of our Annual
Report 2024, please contact the company
secretary at:
companysecretary@anglogoldashanti.com
Other Information
AngloGold Ashanti plc | Annual Report 2024
Corporate directory and contacts
260
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