AU 6-K
AngloGold Ashanti PLC (AU)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2024
Commission File Number: 001-41815
AngloGold Ashanti plc
(Translation of registrant’s name into English)
4th Floor, Communications House, South Street
Staines-upon-Thames, Surrey TW18 4PR
United Kingdom
6363 S. Fiddlers Green Circle, Suite 1000
Greenwood Village, CO 80111
United States of America
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Enclosure: AngloGold Ashanti Earnings Release for the Three Months and Nine Months Ended
30 September 2024
London, Denver, Johannesburg, 7 November 2024 - AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) reported its
strongest gold production quarter of 2024 from managed operations(1) in the three months ended 30 September 2024, driving significant year-
on-year gains in earnings and free cash flow*. The Company reaffirmed full-year guidance for gold production, costs and capital expenditure.
"Tight control of costs and active management of our working capital means that the higher gold price has flowed through to our bottom line,”
CEO Alberto Calderon said. “We’re looking for additional improvements to production and margins, to ensure we deliver an even stronger
fourth quarter and continue to capitalise on this healthy gold price environment.”
AngloGold Ashanti saw resilient performances from several key operations. The Australian portfolio recovered well from rains and flooding in
the first quarter, while the operational turnaround of its Brazilian operations continued to gain momentum with the resumption of processing of
gold concentrate at the Queiroz plant during September.
Solid cost control and active management of working capital helped ensure that higher revenues were reflected in stronger earnings and cash
flows. Headline earnings(3) of $236m, or 56 US cents per share, in the third quarter of 2024, compared to a headline loss(3) of $194m, or 46
US cents per share, in the third quarter of 2023. Adjusted earnings before interest, tax, depreciation and amortisation* (“Adjusted EBITDA”)
rose 339% to $746m in the third quarter of 2024 from $170m in the same period last year. Free cash flow* rose sharply to $347m during the
third quarter of 2024, from $20m in the same period a year earlier. The average gold price received per ounce* for the group(1)(2) rose 28% to
$2,449/oz during the third quarter of 2024 from $1,908/oz in the third quarter of last year.
A solid overall performance from AngloGold Ashanti’s managed operations helped the Company deliver a strong cash cost performance
despite persistent high inflation across several of its operating jurisdictions. Total cash costs per ounce* for the group(1)(2) rose 8% year-on-
year to $1,172/oz versus $1,089/oz in the third quarter of last year. Total cash costs per ounce* for managed operations(1)(2) rose by only 3%
year-on-year to $1,186/oz versus $1,152/oz in the third quarter of last year, demonstrating disciplined and consistent focus on costs despite
inflationary pressure across its operating jurisdictions and the impact of higher royalties paid, driven by the increase in the gold price. All-in
sustaining costs per ounce* (“AISC”) for the group(1)(2) rose 10% to $1,616/oz during the third quarter of 2024 versus $1,469/oz in the third
quarter of last year due to increased total cash costs* and rehabilitation costs.
Gold production for the group(1)(2) was 657,000oz for the third quarter of 2024 versus 676,000oz in the same period of 2023, due to lower
production from the Kibali joint venture, where lower grades resulted in production of 71,000oz compared with 99,000oz in the third quarter of
- Gold production for managed operations(1)(2) rose 2% year-on-year to 586,000oz, from 577,000oz in the third quarter of 2023. Gold
production was stronger at Obuasi (15%), Siguiri (9%), Tropicana (14%), Cerro Vanguardia (11%) and Sunrise Dam (14%).
At Obuasi, third-quarter gold production(1) increased 15% year-on-year as total grades and underground tonnages rose, despite a continued
impact on production of reduced mining flexibility in Block 8 and difficult ground conditions in higher-grade stopes. Notwithstanding these
near-term challenges, total cash costs per ounce*(1) improved 20% year-on-year to $1,153/oz and AISC per ounce*(1) at $2,063/oz was 17%
lower over that period.
Centamin Acquisition to Improve the Portfolio Mix
On 28 October 2024, the shareholders of Centamin plc (“Centamin”) approved the proposed acquisition of Centamin by AngloGold Ashanti.
The proposed acquisition, announced on 10 September 2024, will bring to AngloGold Ashanti’s portfolio an established Tier One asset with
the Sukari mine in Egypt, which produced(1) 450,000oz of gold in 2023 at an AISC per ounce*(1) of $1,196/oz, well below AngloGold Ashanti’s
current average AISC*. The addition of Sukari ensures a higher proportion of AngloGold Ashanti’s gold production will be derived from Tier
One assets, and will provide flexibility for the Company to consider disposal options of its higher-cost Tier Two mines.
The proposed acquisition is expected to be accretive on a per share basis to both free cash flow* and net asset value and is a compelling
strategic fit, closely aligned with AngloGold Ashanti’s core mining and exploration competencies. Synergies are expected to be captured by
streamlining Centamin’s corporate costs, which were $33m in 2023; in the area of procurement, by leveraging the relative size and scale of
AngloGold Ashanti’s portfolio; and by utilising AngloGold Ashanti’s Full Asset Potential business optimisation process. Subject to the
satisfaction or waiver of the remaining closing conditions, the proposed transaction is expected to be completed in the second half of
November 2024.
Nine-Month Performance
Adjusted EBITDA* for the first nine months of 2024 more than doubled to $1.863bn, from $846m in the first nine months of 2023. Free cash
flow* for the first nine months of 2024 was $553m, compared to an outflow of $184m in the same period of the previous year.
For the first nine months of 2024 gold production for the group(1)(2) was little changed at 1.911Moz, versus 1.907Moz in the same period a year
earlier, with total cash costs per ounce* for the group(1)(2) increasing 2% year-on-year to $1,163/oz from $1,140/oz in the same period last
year. This compared to a realised inflation rate for the Company of about 6% during the first nine months of 2024, which represents consumer
price index (CPI) changes in the jurisdictions in which the Company operates. AISC per ounce* for the group(1)(2) rose 5% year-on-year in the
first nine months of 2024 to $1,598/oz compared with $1,525/oz in the same period in 2023. Total capital expenditure for managed
operations(1)(2) and non-managed joint ventures(1) over the same period rose 10% year-on-year.
Total cash costs per ounce* for managed operations(1)(2) increased 0.5% year-on-year from $1,189/oz in the first nine months of 2023 to
$1,195/oz in the first nine months of 2024. Total cash costs per ounce* for non-managed joint ventures(1) increased 13% year-on-year from
$817/oz in the first nine months of 2023 to $924/oz in the first nine months of 2024. AISC per ounce* for managed operations(1)(2) increased
3% year-on-year from $1,609/oz in the first nine months of 2023 to $1,660/oz in the first nine months of 2024. AISC per ounce* for non-
managed joint ventures(1) increased 17% year-on-year from $967/oz in the first nine months of 2023 to $1,133/oz in the first nine months of
2024.
Q3 2024 EARNINGS RELEASE
for the three months and nine months ended 30 September 2024
AngloGold Ashanti Posts 339% year-on-year Adjusted EBITDA* increase, 17-fold rise in free cash
flow*; YTD total cash costs per ounce* rise only 2%; FY 2024 guidance reaffirmed on all metrics
Q3 2024 - KEY OPERATIONAL AND FINANCIAL FEATURES
•Q3 2024 is strongest gold production quarter in 2024 for managed operations(1)(2) at 586,000oz vs
577,000oz in Q3 2023
•Q3 2024 Gold production for the group(1)(2) of 657,000oz vs 676,000oz in Q3 2023
•Improved Q3 2024 gold production(1)(2) y-o-y compared to Q3 2023 at Obuasi (15%), Siguiri (9%),
Tropicana (14%), Cerro Vanguardia (11%) and Sunrise Dam (14%)
•AngloGold Ashanti Mineração Q3 2024 total cash costs per ounce*(1)(2) -16% compared to Q3 2023;
Queiroz plant resumes processing gold concentrate
•Free cash flow* rises 17-fold to $347m in Q3 2024 compared to $20m in Q3 2023
•Adjusted EBITDA* +339% to $746m in Q3 2024 vs $170m in Q3 2023; Adjusted EBITDA* margin 52%
•Financial performance driven by solid operational results and the higher average gold price received*
•Total cash costs* - Group(1)(2): $1,172/oz in Q3 2024 vs $1,089/oz in Q3 2023
•Total cash costs* - Managed operations(1)(2): $1,186/oz in Q3 2024 vs $1,152/oz in Q3 2023
•Total cash costs* - Non-managed joint ventures(1): $1,053/oz in Q3 2024 from $721/oz in Q3 2023
•AISC* - Group(1)(2): $1,616/oz in Q3 2024 from $1,469/oz in Q3 2023, mainly on increased total cash costs
•AISC* - Managed operations(1)(2): $1,665/oz in Q3 2024 from $1,579/oz in Q3 2023
•AISC* - Non-managed joint ventures(1): $1,241/oz in Q3 2024 from $820/oz in Q3 2023
•Basic earnings of $223m in Q3 2024 from basic loss of $224m in Q3 2023
•Headline earnings(3) of $236m in Q3 2024 from a headline loss(3) of $194m in Q3 2023
•Obuasi’s Q3 2024 gold production(1) +15% y-o-y to 53,000oz; total cash costs per ounce*(1) -20%; AISC per
ounce*(1) -17% y-o-y
•Obuasi completed the trial of its new mining method Under Hand, Drift and Fill (UHDF) to extract the most
value from high-grade ore source and will implement a hybrid mining approach incorporating traditional
Sub-Level Open Stoping (SLOS) and UHDF from 2025. This hybrid approach is proven to be more cost-
efficient, with a reduction in total cash cost per ounce* of approximately 9%
(1) 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.
(2) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed on care
and maintenance in August 2023.
(3) The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in
accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg
Stock Exchange Limited (JSE). These measures 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 US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial
measures.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
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Financial and Operating Report
For the three months and nine months ended 30 September 2024
London, Denver, Johannesburg, 7 November 2024 - AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) is pleased to provide its
financial and operational update for the three-month and nine-month periods ended 30 September 2024.
| GROUP - Key statistics | |||||
|---|---|---|---|---|---|
| Quarter | Quarter | Nine months | Nine months | ||
| ended | ended | ended | ended | ||
| Sep | Sep | Sep | Sep | ||
| 2024 | 2023 | 2024 | 2023 | ||
| Operating review | |||||
| Gold | |||||
| Produced - Group (1) (2) (3) | - oz (000) | 657 | 676 | 1,911 | 1,907 |
| Produced - Managed operations (1) (2) (3) | - oz (000) | 586 | 577 | 1,682 | 1,657 |
| Produced - Non-managed joint ventures (2) | - oz (000) | 71 | 99 | 229 | 250 |
| Sold - Group (1) (2) (3) | - oz (000) | 667 | 670 | 1,954 | 1,913 |
| Sold - Managed operations(1) (2) (3) | - oz (000) | 590 | 573 | 1,724 | 1,662 |
| Sold - Non-managed joint ventures (2) | - oz (000) | 77 | 97 | 230 | 251 |
| Financial review | |||||
| Gold income | - $m | 1,466 | 1,112 | 3,957 | 3,257 |
| Cost of sales | - $m | 921 | 863 | 2,683 | 2,612 |
| Total operating costs | - $m | 720 | 714 | 2,096 | 2,130 |
| Gross profit | - $m | 541 | 286 | 1,290 | 721 |
| Average gold price received per ounce* - Managed operations (1) (2) | - $/oz | 2,442 | 1,906 | 2,268 | 1,913 |
| Average gold price received per ounce* - Non-managed joint ventures (2) | - $/oz | 2,503 | 1,924 | 2,313 | 1,935 |
| Cost of sales - Managed operations | - $m | 921 | 863 | 2,683 | 2,612 |
| Cost of sales - Non-managed joint ventures | - $m | 104 | 97 | 278 | 279 |
| All-in sustaining costs per ounce* - Managed operations (1) (2) (3) | - $/oz | 1,665 | 1,579 | 1,660 | 1,609 |
| All-in sustaining costs per ounce* - Non-managed joint ventures (2) | - $/oz | 1,241 | 820 | 1,133 | 967 |
| All-in sustaining costs per ounce* - Group (1) (2) (3) | - $/oz | 1,616 | 1,469 | 1,598 | 1,525 |
| All-in costs per ounce* - Managed operations (1) (2) (3) | - $/oz | 1,925 | 1,741 | 1,916 | 1,837 |
| All-in costs per ounce* - Non-managed joint ventures (2) | - $/oz | 1,458 | 954 | 1,339 | 1,092 |
| All-in costs per ounce* - Group (1) (2) (3) | - $/oz | 1,871 | 1,627 | 1,848 | 1,740 |
| Total cash costs per ounce* - Managed operations (1) (2) (3) | - $/oz | 1,186 | 1,152 | 1,195 | 1,189 |
| Total cash costs per ounce* - Non-managed joint ventures (2) | - $/oz | 1,053 | 721 | 924 | 817 |
| Total cash costs per ounce* - Group (1) (2) (3) | - $/oz | 1,172 | 1,089 | 1,163 | 1,140 |
| Profit (loss) before taxation | - $m | 394 | (157) | 974 | (81) |
| Adjusted EBITDA* | - $m | 746 | 170 | 1,863 | 846 |
| Total borrowings | - $m | 2,303 | 2,169 | 2,303 | 2,169 |
| Adjusted net debt* | - $m | 906 | 1,253 | 906 | 1,253 |
| Profit (loss) attributable to equity shareholders | - $m | 223 | (224) | 534 | (263) |
| - US cents/share | 53 | (53) | 127 | (62) | |
| Headline earnings (loss) (4) | - $m | 236 | (194) | 549 | (133) |
| - US cents/share | 56 | (46) | 130 | (32) | |
| Net cash inflow from operating activities | - $m | 606 | 274 | 1,278 | 567 |
| Free cash flow* | - $m | 347 | 20 | 553 | (184) |
| Capital expenditure - Managed operations | - $m | 267 | 255 | 757 | 708 |
| Capital expenditure - Non-managed joint ventures | - $m | 28 | 18 | 89 | 61 |
| (1) All financial periods within the financial year ended 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 ounce*, all-in sustaining costs per ounce*, all-in costs per ounce* and total cash costs per ounce* metrics in this document have been adjusted to exclude the CdS operation, unless otherwise stated. | |||||
| (2) 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. | |||||
| (3) Includes gold concentrate from the Cuiabá mine sold to third parties. | |||||
| (4) The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures 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 US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures. | |||||
| * Refer to “Non-GAAP disclosure” for definitions and reconciliations. | |||||
| represents US Dollar, unless otherwise stated. | |||||
| Rounding of figures may result in computational discrepancies. |
All values are in US Dollars.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
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OPERATING AND FINANCIAL REVIEW
Three-month review
Gold production
Gold production for the three months ended 30 September 2024 was 657,000oz, compared to 676,000oz in the same period of the prior
year.
Year-on-year gold production increases were recorded at Obuasi (15%), Siguiri (9%), Tropicana (14%), Cerro Vanguardia (11%) and Sunrise
Dam (14%), which were more than offset by lower gold production contributions from Kibali (28%), Serra Grande (33%), Iduapriem (17%)
and Geita (6%). The overall decrease in gold production was mainly driven by lower total recovered grade for the group, particularly at
Kibali, and lower total tonnes treated. The Company continued, however, to record an increasing recovered-grade trend at its managed
operations, with underground grades increasing marginally year-on-year mainly on the back of continued reinvestment in the portfolio.
Cuiabá (AGA Mineração) continued its performance turnaround, with steady gold production and a 16% reduction year-on-year in total cash
costs per ounce* as the Queiroz metallurgical plant resumed the processing and refining of gold concentrate during the month of September,
allowing the mine to reduce the proportion of gold produced in concentrate, which previously had to be sold at a discount to the market spot
gold price. The Australian assets continued their recovery from flooding which occurred towards the end of the first quarter of 2024.
Tropicana’s third quarter gold production improved 19% versus the second quarter of 2024, and Sunrise Dam's gold production gained 14%
quarter-on-quarter.
Costs
Total cash costs per ounce* for the group increased by 8% year-on-year to $1,172/oz in the third quarter of 2024, from $1,089/oz in the third
quarter of 2023.
Total cash costs per ounce* for managed operations increased 3% year-on-year from $1,152/oz in the third quarter of 2023 to $1,186/oz in
the third quarter of 2024. Total cash costs per ounce* for non-managed joint ventures increased 46% year-on-year from $721/oz in the third
quarter of 2023 to $1,053/oz in the third quarter of 2024, reflecting Kibali’s weaker performance. The overall cost performance came amid an
about 7% inflation rate increase, and an about 2% higher royalty cost based on the average gold price received per ounce* during the third
quarter of 2024, partly offset by an about 4% weaker cumulative foreign currency exchange rate against the US dollar.
AISC per ounce* for the group rose 10% year-on-year to $1,616/oz in the third quarter of 2024, from $1,469/oz in the third quarter of 2023,
mainly due to an increase in total cash costs per ounce* and rehabilitation costs. AISC per ounce* for managed operations increased by 5%
year-on-year from $1,579/oz in the third quarter of 2023 to $1,665/oz in the third quarter of 2024. AISC per ounce* for non-managed joint
ventures increased 51% year-on-year from $820/oz in the third quarter of 2023 to $1,241/oz in the third quarter of 2024, reflecting Kibali’s
weaker performance.
Adjusted EBITDA*
Adjusted earnings before interest, tax, depreciation and amortisation* (“Adjusted EBITDA”) for the third quarter of 2024 was $746m,
compared with $170m for the third quarter of 2023. Adjusted EBITDA* was higher year-on-year mainly due to a higher average gold price
received per ounce*, partly offset by higher operating costs and lower equity earnings from associates and non-managed joint ventures. The
prior period included insurance claims and higher corporate restructuring costs which did not reoccur in the current period.
Earnings
Basic earnings (profit attributable to equity shareholders) for the third quarter of 2024 were $223m, or 53 US cents per share, compared to a
basic loss (loss attributable to equity shareholders) of $224m, or 53 US cents per share, in the third quarter of 2023. Basic earnings were
higher year-on-year mainly due to a higher average gold price received per ounce*, corporate restructuring costs, impairments and losses
on derecognition of assets and insurance claims in the prior period which did not reoccur in the current period, and lower foreign exchange
losses. This increase was partly offset by higher operating costs, losses on non-hedge derivatives, higher care and maintenance costs,
lower equity earnings from associates and non-managed joint ventures and higher taxation.
Headline earnings‡ for the third quarter of 2024 were $236m, or 56 US cents per share, compared with a headline loss‡ of $194m, or 46 US
cents per share, in the third quarter of 2023. Headline earnings were higher year-on-year mainly due to the same reasons which contributed
to the increase in basic earnings in the third quarter of 2024, in addition to lower impairment and lower losses on derecognition of assets and
taxes thereon.
‡ The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS®
Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered
Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures 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 SEC applicable to the use and disclosure of Non-GAAP financial measures.
Cash Flow
Net cash inflow from operating activities was $606m in the third quarter of 2024, compared to $274m in the third quarter of 2023. This 121%
increase was mainly due to the higher average gold price received per ounce* and lower corporate restructuring costs, partly offset by lower
dividends received from joint ventures. After accounting for capital expenditure and loan repayments from Kibali, the Company recorded free
cash inflow* of $347m during the third quarter of 2024, compared to a free cash inflow* of $20m in the third quarter of 2023.
Free cash flow* before non-sustaining capital expenditure* (attributable to ordinary shareholders), the metric on which the dividend payment
is based, was an inflow of $408m for the third quarter of 2024, compared to an inflow of $57m for the third quarter of 2023.
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AngloGold Ashanti received dividends of $8m and loan repayments of $49m from the Kibali joint venture during the third quarter of 2024,
compared to dividends received of $49m during the third quarter of 2023. At 30 September 2024, the Company’s attributable share of the
outstanding cash balances from the Democratic Republic of the Congo (“DRC”) was nil, compared to $19m at 30 June 2024.
Free cash flow* was impacted by movements in the lock-up of value added tax (“VAT”) at Geita and Kibali and foreign exchange controls
and export duties at Cerro Vanguardia (“CVSA”):
•In Tanzania, net overdue recoverable VAT input credit refunds (after discounting provisions) decreased by $1m during the third
quarter of 2024 to $138m from $139m at 30 June 2024, as a result of processing verified VAT claims against corporate tax
payments of $15m and foreign exchange adjustments of $9m, partially offset by new claims submitted of $19m and discounting
adjustments of $4m. AngloGold Ashanti expects to continue offsetting verified VAT claims against corporate taxes.
•In the DRC, the Company's attributable share of the net recoverable VAT balance (including recoverable fuel duties and after
discounting provisions) increased by $2m during the third quarter of 2024 to $76m from $74m at 30 June 2024, as a result of new
claims submitted of $5m and an unwinding of discount and revaluation adjustments decrease of $3m.
•In Argentina, the net export duty receivables (after discounting provisions) decreased by $1m‡ during the third quarter of 2024 to
$3m‡ at 30 September 2024 from $4m‡ at 30 June 2024, mainly due to a weaker exchange rate of the Argentinean peso against
the US dollar. In addition, CVSA’s cash balance increased by $2m‡ during the third quarter of 2024 to $170m‡ from $168m‡ at 30
June 2024. The cash balance is available to be paid to AngloGold Ashanti’s offshore ($63m‡) and onshore ($7m‡) investment
holding companies in the form of declared dividends.
•During the third quarter of 2024, CVSA paid offshore dividends of $20m‡ to AngloGold Ashanti by entering into a currency swap to
obtain the necessary US dollars. Additionally, applications have been made to the Argentinean Central Bank to approve the
purchase of US dollars in order to distribute offshore dividends related to the 2022 financial year of $4m‡ to AngloGold Ashanti.
CVSA plans to enter into a currency swap to obtain the necessary US dollars to distribute the remaining offshore dividends related
to the 2023 financial year of $59m‡ during the fourth quarter of 2024. Also, under a special regime established for dividend
payments, a new petition to distribute an additional $45m‡ was submitted to the Argentinean Central Bank during the third quarter
of 2023. While the remaining approvals are pending, the cash remains fully available for CVSA’s operational and exploration
requirements.
‡ US dollar equivalent and at prevailing exchange rates.
Free cash flow* ($m)
| Quarter | Quarter | Nine<br><br>months | Nine months | |
|---|---|---|---|---|
| ended | ended | ended | ended | |
| Sep | Sep | Sep | Sep | |
| 2024 | 2023 | 2024 | 2023 | |
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| Cash generated from operations | 615 | 249 | 1,350 | 565 |
| Dividends received from joint ventures | 8 | 49 | 44 | 86 |
| Taxation refund | 6 | — | 6 | — |
| Taxation paid | (23) | (24) | (122) | (84) |
| Net cash inflow from operating activities | 606 | 274 | 1,278 | 567 |
| Corporate restructuring costs | — | 24 | 2 | 28 |
| Capital expenditure on tangible and intangible assets | (267) | (255) | (757) | (708) |
| Net cash from operating activities after capital expenditure and excluding<br><br>corporate restructuring costs | 339 | 43 | 523 | (113) |
| Repayment of lease liabilities | (25) | (23) | (68) | (67) |
| Finance costs accrued and capitalised | (35) | (31) | (106) | (95) |
| Net cash flow after capital expenditure and interest | 279 | (11) | 349 | (275) |
| Other net cash inflow from investing activities | 58 | 20 | 210 | 79 |
| Other | 9 | 3 | 9 | 3 |
| Add backs: | ||||
| Cash restricted for use | 1 | 8 | (15) | 9 |
| Free cash inflow (outflow)* (1) | 347 | 20 | 553 | (184) |
(1) Free cash flow* has been adjusted to exclude corporate restructuring costs.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
Rounding of figures may result in computational discrepancies.
Balance Sheet and Liquidity
Adjusted net debt* decreased to $906m at 30 September 2024 from $1,268m at 31 December 2023. The ratio of Adjusted net debt* to
Adjusted EBITDA* was 0.37 times at 30 September 2024 compared to 0.89 times at 31 December 2023. The Company remains committed
to maintaining a flexible balance sheet with an Adjusted net debt* to Adjusted EBITDA* target ratio of 1.0 times through the cycle.
At 30 September 2024, the balance sheet remained strong, with liquidity comprising the US$1.4bn 2022 multi-currency RCF of which
$1.25bn was undrawn; the South African R150m ($9m) RMB corporate overnight facility which was undrawn; and the $276m 2021 Geita
multi-currency RCF of which $100m was undrawn. At 30 September 2024, the $65m 2022 Siguiri RCF was fully drawn. At 30 September
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2024, the Company had a cash and cash equivalent balance of approximately $1,225m, taking overall group liquidity to approximately
$2.58bn.
Capital Expenditure
Capital expenditure of the group (including equity-accounted non-managed joint ventures) was 8% higher year-on-year at $295m in the third
quarter of 2024, compared to $273m in the third quarter of 2023. Capital expenditure of managed operations increased by 5% year-on-year
to $267m in the third quarter of 2024, from $255m in the third quarter of 2023. This increase was mainly due to an increase of $13m in non-
sustaining capital expenditure*, partly offset by a reduction of $1m in sustaining capital expenditure*. Capital expenditure of non-managed
joint ventures increased by 56% year-on-year to $28m in the third quarter of 2024, from $18m in the third quarter of 2023. This increase was
mainly due to an increase of $5m in sustaining capital expenditure* and an increase of $5m in non-sustaining capital expenditure*.
Sustaining capital expenditure* of the group increased by 2% year-on-year to $227m in the third quarter of 2024, from $223m in the third
quarter of 2023. Sustaining capital expenditure* of managed operations for the third quarter of 2024 was $212m, in line with $213m in the
third quarter of 2023. Sustaining capital expenditure* of non-managed joint ventures increased by 50% year-on-year to $15m in the third
quarter of 2024, from $10m in the third quarter of 2023. Sustaining capital expenditure* of non-managed joint ventures increased mainly due
to higher waste stripping capital expenditure in the current period.
Non-sustaining capital expenditure* of the group was 36% higher year-on-year at $68m in the third quarter of 2024, compared to $50m in
the third quarter of 2023. Non-sustaining capital expenditure* of managed operations increased by 31% year-on-year to $55m in the third
quarter of 2024, from $42m in the third quarter of 2023. Non-sustaining capital expenditure* of managed operations increased mainly due to
higher Beposo Tailings Storage Facility spend at Iduapriem and at Siguiri due to infrastructure capital in preparation for Block 3 execution.
Non-sustaining capital expenditure* of non-managed joint ventures increased by 63% year-on-year to $13m in the third quarter of 2024,
from $8m in the third quarter of 2023. Non-sustaining capital expenditure* of non-managed joint ventures increased mainly due to the solar
energy project.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
GUIDANCE
The 2024 guidance provided in February 2024 remains unchanged.
| 2024 | ||
|---|---|---|
| Guidance | ||
| Gold production<br><br>- Group | Gold production (000oz) | |
| –Managed operations | 2,330 - 2,490 | |
| –Non-managed joint ventures | 320 - 360 | |
| –Group | 2,650 - 2,850 | |
| Costs (1) | All-in sustaining costs per ounce* (/oz) | |
| –Managed operations | 1,575 - 1,675 | |
| –Non-managed joint ventures | 980 - 1,080 | |
| –Group | 1,500 - 1,600 | |
| Total cash costs per ounce* (/oz) | ||
| –Managed operations | 1,125 - 1,225 | |
| –Non-managed joint ventures | 770 - 850 | |
| –Group | 1,075 - 1,175 | |
| Capital<br><br>expenditure (1) | Capital expenditure (m) | |
| –Managed operations | 1,015 - 1,225 | |
| –Non-managed joint ventures | 115 - 135 | |
| –Group | 1,130 - 1,360 | |
| Sustaining capital expenditure* (m) | ||
| –Managed operations | 790 - 980 | |
| –Non-managed joint ventures | 60 - 70 | |
| –Group | 850 - 1,050 | |
| Non-sustaining capital expenditure* (m) | ||
| –Managed operations | 225 - 245 | |
| –Non-managed joint ventures | 55 - 65 | |
| –Group | 280 - 310 |
All values are in US Dollars.
(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 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), 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 2024 guidance are as follows: $/A$0.68, BRL4.96/$, AP935.00/$, ZAR18.50/$ and Brent $77/bbl.
Cost and capital forecast ranges for 2024 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. Estimates assume neither operational or labour interruptions
(including any further delays in the ramp-up of the Obuasi redevelopment project), 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
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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 year ended 31 December
2023 filed with the SEC.
Gold production is expected to range from 2.650Moz to 2.850Moz.
Total cash costs per ounce* for managed operations are expected to range from $1,125/oz to $1,225/oz in 2024. Total cash costs per
ounce* are forecast to remain within the guidance range as the continued realisation of benefits from the Company’s Full Asset Potential
review programme are expected to be offset by inflation and an anticipated stronger Australian dollar against the US dollar.
Sustaining capital expenditure* for 2024 is expected to grow slightly from 2023 because of increased Mineral Reserve Development (MRD)
investment.
The Company’s managed operations are expected to operate at an AISC per ounce* ranging from $1,575/oz to $1,675/oz in 2024.
Non-sustaining capital expenditure* for 2024 is expected to increase from 2023 due to additional investment in North Bullfrog and supporting
infrastructure for the Beatty District.
The Company continues to enforce capital and cost discipline across the business, while prioritising the safety, health and wellbeing of its
employees and its host communities.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
GOLD HEDGES
During the fourth quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 300,000oz of gold for the
period from January 2024 to December 2024 in order to manage gold price downside risk of the high costs associated with the Brazilian
operations. During the third quarter of 2024, AngloGold Ashanti recorded a realised loss of $25m in respect of these gold derivatives. At 30
September 2024, there were open zero-cost collars of 75,000oz and the mark-to-market value of the remaining open positions was an
unrealised loss of $37m. The Company expects to be fully unhedged with respect to its gold production as of 31 December 2024.
BRAZIL QUEIROZ PLANT RESTART
Processing and refining of gold concentrate at the Queiroz metallurgical plant, as well as the resulting production of by-product sulphuric
acid, resumed in September 2024. The restart of the Queiroz plant is expected to result in a change of the site’s gold production mix from
roughly 65-70% gold-in-concentrate (which, if sold, is subject to a discount to market spot gold prices) and 30-35% smelted gold (from the
gravimetric circuit), to 10-20% gold-in-concentrate (which, if sold, is subject to a discount to market spot gold prices) and 80-90% smelted
gold (from both the gravimetric circuit and the Queiroz plant circuit). Refining of gravimetric gold at the Queiroz metallurgical plant continues
substantially unchanged.
SAFETY UPDATE
The Total Recordable Injury Frequency Rate (“TRIFR”), the broadest measure of workplace safety, for the group (excluding non-managed
joint ventures), improved by approximately 15% to 0.82 injuries per million hours worked for the third quarter of 2024, compared to 0.96
injuries per million hours worked for the second quarter of 2024. The TRIFR for the nine months ended 30 September 2024 improved by
approximately 18% to 0.95 compared to 1.16 injuries per million hours worked for the same period in 2023. AngloGold Ashanti’s safety
strategy, with specific emphasis on the Major Hazard Management standard and critical control verifications, continued to be implemented at
all the operations, intensifying employees’ focus on safety practices in all workplaces. AngloGold Ashanti continues to address high
consequence incidents through the application of its Major Hazard Management process.
One fatality occurred at the Kibali joint venture during the third quarter of 2024. Safety-related action plans have been established at the joint
venture to improve safety performance.
OPERATING HIGHLIGHTS
In the Africa region, managed operations produced 301,000oz at a total cash cost* of $1,179/oz in the three months ended 30 September
2024, compared to 308,000oz at a total cash cost* of $1,126/oz in the three months ended 30 September 2023. In the Africa region, non-
managed joint ventures produced (on an attributable basis) 71,000oz at a total cash cost* of $1,053/oz in the three months ended 30
September 2024, compared to 99,000oz at a total cash cost* of $721/oz in the three months ended 30 September 2023.
In Ghana, at Iduapriem, gold production was 59,000oz at a total cash cost* of $1,191/oz in the three months ended 30 September 2024,
compared to 71,000oz at a total cash cost* of $822/oz in the three months ended 30 September 2023. Gold production was lower year-on-
year mainly due to lower recovered grades following a reduction in ore mined due to a delay in drilling activities at Cut2B and flooding in the
Cut 1 pit. Total cash costs per ounce* were higher year-on-year mainly due to lower gold production, higher royalties paid due to the higher
average gold price received per ounce*, higher engineering material store costs and higher exploration and evaluation costs.
During the nine months ended 30 September 2024, Iduapriem’s gold production was 187,000oz at a total cash cost* of $1,021/oz, compared
to 189,000oz at a total cash cost* of $935/oz during the nine months ended 30 September 2023.
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At Obuasi, gold production was 53,000oz at a total cash cost* of $1,153/oz in the three months ended 30 September 2024, compared to
46,000oz at a total cash cost* of $1,449/oz in the three months ended 30 September 2023. Gold production was higher year-on-year mainly
due to higher total recovered grades and underground tonnes treated. Gold production was 15% higher compared to the third quarter of
2023, mainly due to a 15% increase in the treated grade (6.11g/t vs. 5.32g/t), resulting in an average process recovery of 86.95% in the third
quarter of 2024 compared to 81.2% in the third quarter of 2023. Treated tonnes for underground only in the third quarter of 2024 exceeds
the third quarter of 2023 by 21% as a result of additional ore sources from underground (Sansu Lower, Block 8L Lower, Block 10 and
Underhand Drift and Fill (“UHDF”)). Despite the higher gold production achieved in the third quarter of 2024, stope flexibility in Block 8
remains a constraint mainly due to the prevailing poor ground conditions. On the back of the success of the UHDF trial, the complementary
mining method to Sub-Level Open Stope has been scheduled to roll out across the mine where poor ground conditions are expected. Total
cash costs per ounce* were lower year-on-year mainly due to higher gold production and lower total operating costs. The decrease in the
total cash cost* is due to lower labour costs and lower engineering stores cost partly offset by higher consumption of reagents.
During the nine months ended 30 September 2024, Obuasi’s gold production was 161,000oz at a total cash cost* of $1,231/oz, compared to
163,000oz at a total cash cost* of $1,141/oz during the nine months ended 30 September 2023.
In Guinea, at Siguiri, gold production was 71,000oz at a total cash cost* of $1,500/oz in the three months ended 30 September 2024,
compared to 65,000oz at a total cash cost* of $1,664/oz in the three months ended 30 September 2023. Gold production was higher year-
on-year mainly due to higher recovered grades with the replacement of the Bidini carbonaceous material in the plant feed and the recovery
following the May 2023 CIL tank failure which had resulted in a plant stoppage which impacted gold production in 2023. Total cash costs per
ounce* decreased year-on-year mainly due to higher gold production, partly offset by higher operating costs related to labour, services,
consumable stores as well as higher royalties paid.
During the nine months ended 30 September 2024, Siguiri’s gold production was 199,000oz at a total cash cost* of $1,687/oz, compared to
194,000oz at a total cash cost* of $1,636/oz during the nine months ended 30 September 2023.
In Tanzania, at Geita, gold production was 118,000oz at a total cash cost* of $995/oz in the three months ended 30 September 2024,
compared to 126,000oz at a total cash cost* of $903/oz in the three months ended 30 September 2023. Gold production was lower year-on-
year mainly due to lower recovered grades from the open-pit operations, lower plant recovery and lower throughput rate as a result of
reliability challenges with the crusher circuit and unplanned breakdowns. Total cash costs per ounce* increased year-on-year mainly due to
lower gold production as well as higher operating costs related to mining fleet maintenance costs, labour and consumable stores, as well as
higher royalties paid.
During the nine months ended 30 September 2024, Geita’s gold production was 347,000oz at a total cash cost* of $1,020/oz, compared to
343,000oz at a total cash cost* of $1,032/oz during the nine months ended 30 September 2023.
In the DRC, at Kibali, gold production (on an attributable basis) was 71,000oz at a total cash cost* of $1,053/oz in the three months ended
30 September 2024, compared to 99,000oz at a total cash cost* of $721/oz in the three months ended 30 September 2023. Gold production
was lower year-on-year mainly due to lower ore tonnes processed from the underground operations with lower recovered grades as a result
of operational challenges as well as a higher proportion of ore tonnes processed from the open-pit operations with lower recovered grades
(as a result of different areas mined).Total cash costs per ounce* increased year-on-year mainly due to lower gold production.
During the nine months ended 30 September 2024, Kibali’s gold production (on an attributable basis) was 229,000oz at a total cash cost* of
$924/oz, compared to 250,000oz at a total cash cost* of $817/oz during the nine months ended 30 September 2023.
In the Americas region, gold production was 125,000oz at a total cash cost* of $1,127/oz in the three months ended 30 September 2024,
compared to 129,000oz at a total cash cost* of $1,122/oz in the three months ended 30 September 2023.
In Brazil, at Cuiabá (AGA Mineração), gold production was 67,000oz at a total cash cost* of $896/oz in the three months ended
30 September 2024, compared to 67,000oz at a total cash cost* of $1,073/oz in the three months ended 30 September 2023. Gold
production remained unchanged year-on-year as higher recovered grades were offset by lower ore tonnes processed. Total cash costs per
ounce* were lower year-on-year mainly due to lower variable costs associated with lower volumes mined and the weakening of the Brazilian
real against the US dollar.
During the nine months ended 30 September 2024, Cuiabá’s gold production was 196,000oz at a total cash cost* of $883/oz, compared to
179,000oz at a total cash cost* of $1,075/oz during the nine months ended 30 September 2023.
At Serra Grande, gold production was 16,000oz at a total cash cost* of $1,801/oz in the three months ended 30 September 2024, compared
to 24,000oz at a total cash cost* of $1,502/oz in the three months ended 30 September 2023. Gold production was lower year-on-year
mainly due to lower ore tonnes processed and lower recovered grades (as a result of operational restrictions on the high grade area during
the 380 meters decline rehabilitation). Total cash costs per ounce* were higher mainly due to lower gold production, partly offset by lower
variable costs reflecting lower ore tonnes processed, and cost reduction initiatives on consumables and services and the weakening of the
Brazilian real against the US dollar.
During the nine months ended 30 September 2024, Serra Grande’s gold production was 57,000oz at a total cash cost* of $1,439/oz,
compared to 61,000oz at a total cash cost* of $1,574/oz during the nine months ended 30 September 2023.
In Argentina, at Cerro Vanguardia, gold production was 42,000oz at a total cash cost* of $1,224/oz in the three months ended
30 September 2024, compared to 38,000oz a total cash cost* of $966/oz in the three months ended 30 September 2023. Gold production
was higher year-on-year mainly due to improved performance on the heap leach pad and plant process as a result of higher feed grade.
Total cash costs per ounce* were higher year-on-year mainly due to lower by-product revenue related to lower volumes of silver sold, lower
capitalisation of stripping costs, higher inflation (annual inflation rate in Argentina for the 12-month period ended 30 September 2024 at
209%) as well as higher royalties paid.
During the nine months ended 30 September 2024, Cerro Vanguardia’s gold production was 129,000oz at a total cash cost* of $1,044/oz,
compared to 123,000oz at a total cash cost* of $1,079/oz during the nine months ended 30 September 2023.
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In the Australia region, gold production (on an attributable basis) was 160,000oz at a total cash cost* of $1,245/oz in the three months
ended 30 September 2024, compared to 140,000oz at a total cash cost* of $1,248/oz in the three months ended 30 September 2023.
At Sunrise Dam, gold production was 73,000oz at a total cash cost* of $1,132/oz in the three months ended 30 September 2024, compared
to 64,000oz at a total cash cost* of $1,352/oz in the three months ended 30 September 2023. Gold production was higher year-on-year
mainly due to higher recovered grades from the underground operation and higher ore tonnes processed. Total cash costs per ounce*
decreased year-on-year mainly due to higher gold production as well as favourable inventory movements. Surface mining continued in the
Neville East pit with lower cost mining rates than those of the Golden Delicious pit in the prior-year quarter mainly due to shorter haulage
distances to the processing plant.
During the nine months ended 30 September 2024, Sunrise Dam’s gold production was 193,000oz at a total cash cost* of $1,321/oz,
compared to 190,000oz at a total cash cost* of $1,320/oz during the nine months ended 30 September 2023.
At Tropicana, gold production (on an attributable basis) was 87,000oz at a total cash cost* of $1,243/oz in the three months ended
30 September 2024, compared to 76,000oz at a total cash cost* of $1,079/oz in the three months ended 30 September 2023. Gold
production was higher year-on-year mainly due to higher ore tonnes processed and higher recovered grades. Total cash costs per ounce*
increased year-on-year despite higher production mainly due to lower capitalisation of waste mining costs.
During the nine months ended 30 September 2024, Tropicana’s gold production (on an attributable basis) was 213,000oz at a total cash
cost* of $1,230/oz, compared to 215,000oz at a total cash cost* of $1,145/oz during the nine months ended 30 September 2023.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
UPDATE ON OBUASI UHDF MINING METHOD
Overview
Since the third quarter of 2023, the Company has reported on the significant challenges encountered at Obuasi, when mining in high-grade
areas using the traditional Sub-Level Open Stoping (“SLOS”) mining method. These areas are characterized by poor ground conditions due
mainly to gold mineralisation being associated with brittle graphite and the complexity of intersecting geological structures. Consequently,
the Company commenced a trial of the Underhand Drift and Fill (UHDF) mining method, which is used and understood for these challenging
ground conditions. This mining trial has now been successfully concluded, with the Obuasi team able to prove it can be deployed safely and
has the potential to be scaled up across high-grade areas of the mine. Obuasi produced 8,000oz using UHDF during the third quarter of
2024, from only two sub-scale mining fronts.
Now that it has been successfully trialled, UDHF will be scaled up to underpin anticipated increased annual gold production Obuasi, first to
above the 300,000oz a year level and then to 400,000oz a year.
Obuasi now plans to employ a hybrid mining method, using both SLOS and UDHF. The past two years have shown that the SLOS mining
method can support annual production of around 200,000oz. As mining progresses into the high-grade Block 10 from next year and then into
Block 11 in subsequent years, recent success in increasing development rates is expected to open up additional mining fronts, enabling
increased use of UDHF in these higher-grade areas, where difficult ground conditions prevail.
SLOS – Overcoming Challenges to Provide Baseload Production
It is important to understand the limitations of SLOS at Obuasi’s higher-grade mining zones. As a result of the difficult ground conditions
associated with these areas, ore from sub-level open stopes (which are often as much as 20m high) often remains frozen or ‘hung-up’ in the
stope, effectively broken by the blast but suspended in the stope with no support. These ‘hang up’ conditions not only presented a safety
hazard to people and machinery, but also a significant efficiency problem. To release this ore, allowing it to fall into the production drive as
intended, additional shifts are required to safely redrill and blast, leading to slower stope turnaround times, flexibility constraints and lower
production. In addition, once re-blasted, these stopes often experience ‘overbreak’, resulting in higher-than planned dilution (i.e. higher
waste-to-ore ratio). The downstream impact of this level of dilution has led to reduced metallurgical recoveries in the plant, impacting
Obuasi’s ability to ramp up gold production.
The Company has continued to work through these challenges and is improving the effectiveness of SLOS. This mining method will
continue to play an important role in the mine, with its greater efficiencies in mining higher volumes, better suited to areas of relatively lower
grades in the mine. As previously reported, the Company has introduced a wider, V30 Reamer – which increased the drillhole diameter in
the pilot hole used in establishing stopes, in order to reduce hang-ups and overbreak. This equipment has helped improve tonnages from an
average 78kt/pm in the first nine months of 2023 to an average of 90kt/pm for the first nine months of 2024.
The Company believes it can successfully mine areas with grades up to around 8g/t using SLOS, providing a reliable 200,000oz production,
a level the Company expects to maintain using this mining method in the coming years. This is reflected in the Company’s production
forecasts.
UHDF Now Proven, Will Ramp-Up to Provide Growth Ounces
UHDF is a well proven mining method, better suited to safely mining areas with poor ground conditions. UHDF involves mining the ore body
in horizontal ‘slices’ or cuts, from top to bottom, and then filling each mined-out block with high-strength paste fill after the ‘slice’ is extracted.
Once this paste fill has hardened or cured, it creates a safe, stable, well-engineered roof, or hanging wall. The process is then repeated in
the area directly below.
Development is a key enabler for wider use of UHDF, and Obuasi’s development rates have increased around 71% since the start of 2024,
with the third quarter of 2024 averaging a 1,381m/pm, compared to 806m/pm in the first quarter of 2024.
The successful UHDF trial has demonstrated a number of improvement opportunities:
•Improved safety, with no large voids created, and no work near brows or stope edges;
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•Dilution minimised or eliminated, with UHDF dilution estimated at 5% compared with 35%-46% experienced when SLOS is used
in higher-grade areas;
•Ore recovery maximised - trial outcome demonstrated 100% recovery for UHDF compared to 91% for SLOS;
•Production reliability improved due to lower complexity with no re-drilling or re-blasting and reduced the risk of ground failure as no
overbreak is experienced; and
•Total cash cost per ounce* lower by approximately 9% when compared to SLOS.
During the third quarter of 2024, the Company used UHDF across only two mining fronts and was able to produce 8,207oz, for an
annualised mining rate of roughly 32,000oz, even before scaling up this method by introducing additional mining fronts.
In 2025, the Company plans to use UHDF across at least four mining fronts, to produce about 60,000oz. This is expected to continue to
increase each year -- per the table below -- as the Company are supporting infrastructure, including ventilation, completion of the KMS shaft
refurbishment project, the continued increase in development rates and the addition of new working areas.
Specialist skills are being drafted to support the Obuasi ramp-up, including from the Company’s Brazil operations, and the Full Asset
Potential programme, currently in its diagnostic phase, will identify and track further improvement opportunities across the operation.
One important point to note for 2024, is that even at lower-than-planned production levels, Obuasi has seen a 20% year-on-year reduction in
total cash costs per ounce* ($1,153/oz) and a 17% reduction in AISC per ounce* ($2,063/oz) during the third quarter of 2024. The mine is
cash generative and delivered $330/oz of free cash flow* during the third quarter of 2024. These figures are particularly notable given
Obuasi’s high fixed-cost base and allude to the significant cash generation potential as it continues its ramp-up.
Obuasi gold production outlook
As a result of this review of the Obuasi site and the continued priority placed on safety, the outlook of the mine has been revised. These
revised production figures impact timing of ounce delivery and therefore extend the life of mine, with only a marginal impact on the
Company’s internal valuation, based on the time value of money.
Gold production is expected to be:
2024 – 225koz +/- 4% (prev. 275koz – 320koz)
2025 – 250koz – 300koz (prev. 325koz – 375koz)
2026 – 300koz - 350koz
2027 – 325koz - 375koz
2028 – 375koz - 425koz
Estimates assume neither operational or labour interruptions (including any further delays in the ramp-up of the Obuasi redevelopment
project), 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 year ended 31 December 2023 filed with the SEC.
UPDATE ON CAPITAL PROJECTS
Tropicana
The Havana underground project was approved in August 2024. Development of the Havana portal and decline commenced in the third
quarter of 2024. Commercial production is planned for the first quarter of 2027.
Tropicana ESG Renewables
The renewable energy project at Tropicana is largely on-track despite the rain event at the end of the first quarter of 2024, which impacted
the site works and equipment transport to site. Mechanical completion of the solar farm was achieved in the second quarter of 2024.
Electrical installation is ongoing and the solar system is expected to be commissioned in the fourth quarter of 2024. All the wind turbine
components are on site, and the construction crane arrived in October 2024.
Nevada
North Bullfrog Project (“NBP”)
The NBP project achieved the 30% engineering milestone at the end of the third quarter of 2024, which aligned with the planned schedule.
Permitting for the NBP is underway, with the initial public scoping meetings held in April 2024. In May 2024, the US Bureau of Land
Management (“BLM”) published its Public Scoping Report. The Company has since addressed the comments received and is developing
alternative project plans for inclusion in the BLM’s Administrative Draft Environmental Impact Statement (ADEIS). This document will be
published in the Federal Register prior to the public comment meetings, which the BLM will host in key communities throughout Nye County,
Nevada.
Merlin
The Merlin project is in the early stages of its pre-feasibility study, focusing on analyzing various development options. Work during the first
nine months of 2024 concentrated on resource definition drilling and evaluating mining options based on the first-quarter drilling results. The
pre-feasibility study is expected to be completed by the end of 2025.
CORPORATE UPDATE
Change to Board of Directors
Effective 15 October 2024, Mr. Scott Lawson resigned from AngloGold Ashanti’s board of directors. Mr. Lawson was an independent non-
executive director and served as a member of the Audit and Risk Committee and the Social, Ethics and Sustainability Committee.
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Yatela sale update
On 17 October 2024, AngloGold Ashanti and IAMGOLD Corporation completed the sale of each of their 40 percent interests in Société
d’Exploitation des Mines d’Or de Yatela S.A. (“Yatela”), the company operating the Yatela gold mine, to the Government of Mali. Following
completion of this transaction, AngloGold Ashanti no longer owns any mining operations in Mali.
Proposed Acquisition of Centamin
On 28 October 2024, the shareholders of Centamin plc (“Centamin”) approved the proposed acquisition of Centamin by AngloGold Ashanti,
which proposed transaction was initially announced on 10 September 2024. Centamin is an established gold producer, whose flagship Tier 1
asset is the Sukari gold mine (“Sukari”), which is Egypt’s largest and first modern gold mine, as well as one of the world’s largest producing
mines. Since gold production began in 2009, Sukari has produced over 5.9Moz of gold. The proposed transaction is expected to be
completed in the second half of November 2024, subject to the satisfaction or waiver of the remaining closing conditions.
Renewal of Geita Special Mining Licence
With effect from 27 August 2024, AngloGold Ashanti’s special mining licence (SML45/99) for its Geita mine was renewed by the Tanzania
Mining Commission for a further period of 15 years and will now expire in 2039. The renewed special mining licence (SML45/99) currently
contains a number of conditions which remain under discussion between AngloGold Ashanti and the Government of Tanzania, related to the
implementation of the 2017 mining regulations in Tanzania. AngloGold Ashanti believes that the terms and conditions of its mining
development agreement prevail in case of inconsistencies with any terms and conditions included in the renewed special mining licence
(SML45/99).
Update on the Proposed Ghana Joint Venture
Notwithstanding constructive engagement with the Government of Ghana since the announcement of the proposed joint venture between
Gold Fields’ Tarkwa Mine and AngloGold Ashanti’s Iduapriem Mine in Ghana (the “Proposed Joint Venture”) on 16 March 2023, the requisite
approvals by the Government of Ghana for the Proposed Joint Venture have not yet been obtained. Gold Fields and AngloGold Ashanti have
sought to secure the requisite approvals, which include approval of the Proposed Joint Venture by the Parliament of Ghana, ahead of the
October 2024 Parliamentary recess before the Ghana national elections to be held in December 2024. Gold Fields and AngloGold Ashanti
continue to believe that a combination of the two neighbouring mines into a single managed entity is compelling, given that it is anticipated to
extend life of mine, increase production and lower costs, creating value for all stakeholders. In the absence of the requisite approvals from
the Government of Ghana and clear timelines for execution of an agreement, Gold Fields and AngloGold Ashanti will maintain engagement
in relation to a potential asset combination while separately continuing to pursue improvements to their respective assets.
EXPLORATION UPDATE
For detailed disclosure on the exploration work done during the nine months ended 30 September 2024, see the Exploration Update
document on the Company’s website at www.anglogoldashanti.com on both brownfield and greenfield exploration programmes.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||
|---|---|---|---|---|---|---|
| 10 | ||||||
| GROUP - INCOME STATEMENT | ||||||
| --- | Quarter | Quarter | Nine months | Nine months | ||
| --- | --- | --- | --- | --- | ||
| ended | ended | ended | ended | |||
| Sep | Sep | Sep | Sep | |||
| 2024 | 2023 | 2024 | 2023 | |||
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited | ||
| Revenue from product sales | 1,491 | 1,140 | 4,043 | 3,326 | ||
| Cost of sales | (921) | (863) | (2,683) | (2,612) | ||
| (Loss) gain on non-hedge derivatives and other commodity contracts | (29) | 9 | (70) | 7 | ||
| Gross profit | 541 | 286 | 1,290 | 721 | ||
| Corporate administration, marketing and related expenses | (20) | (19) | (86) | (63) | ||
| Exploration and evaluation costs | (72) | (71) | (177) | (183) | ||
| Impairment, derecognition of assets and (loss) profit on disposal | (13) | (30) | (14) | (156) | ||
| Other (expenses) income | (46) | (323) | (118) | (391) | ||
| Finance income | 33 | 35 | 122 | 92 | ||
| Foreign exchange and fair value adjustments | (21) | (52) | (46) | (127) | ||
| Finance costs and unwinding of obligations | (42) | (38) | (126) | (113) | ||
| Share of associates and joint ventures’ profit | 34 | 55 | 129 | 139 | ||
| Profit (loss) before taxation | 394 | (157) | 974 | (81) | ||
| Taxation | (160) | (65) | (419) | (176) | ||
| Profit (loss) for the period | 234 | (222) | 555 | (257) | ||
| Attributable to: | ||||||
| Equity shareholders | 223 | (224) | 534 | (263) | ||
| Non-controlling interests | 11 | 2 | 21 | 6 | ||
| 234 | (222) | 555 | (257) | |||
| Basic earnings (loss) per ordinary share (US cents) (1) | 53 | (53) | 127 | (62) | ||
| Diluted earnings (loss) per ordinary share (US cents) (2) | 53 | (53) | 127 | (62) | ||
| (1) Calculated on the basic weighted average number of ordinary shares. | ||||||
| (2) Calculated on the diluted weighted average number of ordinary shares. | ||||||
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||
| --- | ||||||
| 11 | ||||||
| GROUP – STATEMENT OF FINANCIAL POSITION | ||||||
| --- | As at | As at | As at | |||
| --- | --- | --- | --- | |||
| Sep | Dec | Sep | ||||
| 2024 | 2023 | 2023 | ||||
| US Dollar million | Unaudited | Audited | Unaudited | |||
| ASSETS | ||||||
| Non-current assets | ||||||
| Tangible assets | 4,724 | 4,419 | 4,281 | |||
| Right of use assets | 143 | 142 | 148 | |||
| Intangible assets | 109 | 107 | 101 | |||
| Investments in associates and joint ventures | 689 | 599 | 1,136 | |||
| Other investments | 48 | 1 | 1 | |||
| Loan receivable | 289 | 358 | — | |||
| Inventories | 20 | 2 | 3 | |||
| Trade, other receivables and other assets | 223 | 254 | 225 | |||
| Reimbursive right for post-retirement benefits | 62 | 35 | 32 | |||
| Deferred taxation | 14 | 50 | 30 | |||
| Cash restricted for use | 34 | 34 | 34 | |||
| 6,355 | 6,001 | 5,991 | ||||
| Current assets | ||||||
| Loan receivable | 105 | 148 | — | |||
| Inventories | 832 | 829 | 812 | |||
| Trade, other receivables and other assets | 258 | 199 | 275 | |||
| Cash restricted for use | 19 | 34 | 31 | |||
| Cash and cash equivalents | 1,232 | 964 | 737 | |||
| 2,446 | 2,174 | 1,855 | ||||
| Assets held for sale | — | — | 41 | |||
| 2,446 | 2,174 | 1,896 | ||||
| Total assets | 8,801 | 8,175 | 7,887 | |||
| EQUITY AND LIABILITIES | ||||||
| Share capital and premium | 438 | 420 | 420 | |||
| Accumulated losses and other reserves | 3,689 | 3,291 | 3,216 | |||
| Shareholders’ equity | 4,127 | 3,711 | 3,636 | |||
| Non-controlling interests | 45 | 29 | 35 | |||
| Total equity | 4,172 | 3,740 | 3,671 | |||
| Non-current liabilities | ||||||
| Borrowings | 1,939 | 2,032 | 1,973 | |||
| Lease liabilities | 84 | 98 | 100 | |||
| Environmental rehabilitation and other provisions | 650 | 636 | 591 | |||
| Provision for pension and post-retirement benefits | 72 | 64 | 69 | |||
| Trade and other payables | 5 | 5 | 6 | |||
| Deferred taxation | 464 | 395 | 317 | |||
| 3,214 | 3,230 | 3,056 | ||||
| Current liabilities | ||||||
| Borrowings | 200 | 207 | 25 | |||
| Lease liabilities | 80 | 73 | 71 | |||
| Environmental rehabilitation and other provisions | 115 | 80 | 91 | |||
| Trade and other payables | 822 | 772 | 926 | |||
| Taxation | 171 | 64 | 36 | |||
| Bank overdraft | 7 | 9 | 11 | |||
| 1,395 | 1,205 | 1,160 | ||||
| Liabilities held for sale | 20 | — | — | |||
| 1,415 | 1,205 | 1,160 | ||||
| Total liabilities | 4,629 | 4,435 | 4,216 | |||
| Total equity and liabilities | 8,801 | 8,175 | 7,887 | |||
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||
| --- | ||||||
| 12 | ||||||
| GROUP – STATEMENT OF CASH FLOWS | ||||||
| --- | Quarter | Quarter | Nine months | Nine months | ||
| --- | --- | --- | --- | --- | ||
| ended | ended | ended | ended | |||
| Sep | Sep | Sep | Sep | |||
| 2024 | 2023 | 2024 | 2023 | |||
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited | ||
| Cash flows from operating activities | ||||||
| Cash generated from operations | 615 | 249 | 1,350 | 565 | ||
| Dividends received from joint ventures | 8 | 49 | 44 | 86 | ||
| Taxation refund | 6 | — | 6 | — | ||
| Taxation paid | (23) | (24) | (122) | (84) | ||
| Net cash inflow from operating activities | 606 | 274 | 1,278 | 567 | ||
| Cash flows from investing activities | ||||||
| Capital expenditure on tangible and intangible assets | (267) | (255) | (757) | (708) | ||
| Dividends from associates and other investments | — | — | — | 6 | ||
| Proceeds from disposal of tangible assets | — | (1) | 1 | 5 | ||
| Deferred compensation received | — | — | 5 | — | ||
| Other investments and assets acquired | (11) | — | (29) | — | ||
| Loans advanced | — | — | (1) | (1) | ||
| Decrease (increase) in cash restricted for use | (1) | (8) | 15 | (9) | ||
| Interest received | 21 | 29 | 81 | 78 | ||
| Repayment of loans advanced to joint ventures | 49 | — | 139 | — | ||
| Net cash outflow from investing activities | (209) | (235) | (546) | (629) | ||
| Cash flows from financing activities | ||||||
| Proceeds from borrowings | 155 | 85 | 475 | 93 | ||
| Repayment of borrowings | (151) | (13) | (571) | (87) | ||
| Repayment of lease liabilities | (25) | (23) | (68) | (67) | ||
| Finance costs – borrowings | (27) | (19) | (90) | (75) | ||
| Finance costs – leases | (3) | (3) | (8) | (8) | ||
| Other borrowing costs | (1) | — | (1) | (1) | ||
| Dividends paid | (99) | (29) | (179) | (105) | ||
| Net cash (outflow) inflow from financing activities | (151) | (2) | (442) | (250) | ||
| Net increase (decrease) in cash and cash equivalents | 246 | 37 | 290 | (312) | ||
| Translation | (4) | (29) | (20) | (69) | ||
| Cash and cash equivalents at beginning of period (net of bank<br><br>overdraft) | 983 | 717 | 955 | 1,106 | ||
| Cash and cash equivalents at end of period (net of bank overdraft) | 1,225 | 725 | 1,225 | 725 | ||
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||
| --- | ||||||
| 13 |
Segmental reporting
AngloGold Ashanti’s operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and
the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are
responsible for geographical regions of the business.
Under the Group’s operating model, the financial results and the composition of the operating segments are reported to the CODM per geographical
region in addition to the 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.
| Quarter | Quarter | Nine months | Nine months | |
|---|---|---|---|---|
| ended | ended | ended | ended | |
| Sep | Sep | Sep | Sep | |
| 2024 | 2023 | 2024 | 2023 | |
| Gold income | ||||
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| AFRICA | 943 | 751 | 2,642 | 2,227 |
| Kibali - Attributable 45% | 193 | 187 | 533 | 485 |
| Iduapriem | 149 | 132 | 438 | 371 |
| Obuasi | 123 | 84 | 372 | 326 |
| Siguiri | 181 | 115 | 472 | 373 |
| Geita | 297 | 233 | 827 | 672 |
| AUSTRALIA | 392 | 275 | 953 | 788 |
| Sunrise Dam | 178 | 122 | 450 | 371 |
| Tropicana - Attributable 70% | 214 | 153 | 503 | 417 |
| AMERICAS | 324 | 273 | 895 | 727 |
| Cerro Vanguardia | 116 | 76 | 323 | 234 |
| AngloGold Ashanti Mineração (1) | 166 | 152 | 439 | 376 |
| Serra Grande | 42 | 45 | 133 | 117 |
| 1,659 | 1,299 | 4,490 | 3,742 | |
| Equity-accounted joint venture included above | (193) | (187) | (533) | (485) |
| 1,466 | 1,112 | 3,957 | 3,257 |
(1) Includes income from sale of gold concentrate.
| By-product revenue | ||||
|---|---|---|---|---|
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| AFRICA | 1 | 1 | 4 | 3 |
| Kibali - Attributable 45% | — | — | 1 | 1 |
| Obuasi | — | — | — | 1 |
| Siguiri | — | — | 1 | — |
| Geita | 1 | 1 | 2 | 1 |
| AUSTRALIA | 1 | 1 | 3 | 3 |
| Sunrise Dam | — | — | 1 | 1 |
| Tropicana - Attributable 70% | 1 | 1 | 2 | 2 |
| AMERICAS | 23 | 26 | 80 | 64 |
| Cerro Vanguardia | 23 | 25 | 80 | 62 |
| AngloGold Ashanti Mineração | — | 1 | — | 2 |
| 25 | 28 | 87 | 70 | |
| Equity-accounted joint venture included above | — | — | (1) | (1) |
| 25 | 28 | 86 | 69 | |
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||
| --- | ||||
| 14 |
Segmental reporting (continued)
| Quarter | Quarter | Nine months | Nine months | |
|---|---|---|---|---|
| ended | ended | ended | ended | |
| Sep | Sep | Sep | Sep | |
| 2024 | 2023 | 2024 | 2023 | |
| Cost of sales | ||||
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| AFRICA | 553 | 499 | 1,645 | 1,559 |
| Kibali - Attributable 45% | 104 | 97 | 278 | 279 |
| Iduapriem | 93 | 88 | 260 | 283 |
| Obuasi | 78 | 75 | 259 | 232 |
| Siguiri | 124 | 105 | 384 | 340 |
| Geita | 154 | 134 | 464 | 425 |
| AUSTRALIA | 249 | 216 | 687 | 630 |
| Sunrise Dam | 101 | 99 | 317 | 295 |
| Tropicana - Attributable 70% | 139 | 110 | 344 | 312 |
| Administration and other | 9 | 7 | 26 | 23 |
| AMERICAS | 222 | 245 | 627 | 701 |
| Cerro Vanguardia | 94 | 73 | 269 | 225 |
| AngloGold Ashanti Mineração | 90 | 128 | 254 | 350 |
| Serra Grande | 38 | 44 | 103 | 124 |
| Administration and other | — | — | 1 | 2 |
| CORPORATE AND OTHER | 1 | — | 2 | 1 |
| 1,025 | 960 | 2,961 | 2,891 | |
| Equity-accounted joint venture included above | (104) | (97) | (278) | (279) |
| 921 | 863 | 2,683 | 2,612 | |
| Gross profit (1) | ||||
| --- | --- | --- | --- | --- |
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| AFRICA | 391 | 253 | 1,002 | 670 |
| Kibali - Attributable 45% | 89 | 90 | 256 | 207 |
| Iduapriem | 56 | 44 | 179 | 88 |
| Obuasi | 45 | 9 | 114 | 94 |
| Siguiri | 57 | 10 | 88 | 33 |
| Geita | 144 | 100 | 365 | 247 |
| Administration and other | — | — | — | 1 |
| AUSTRALIA | 145 | 60 | 269 | 162 |
| Sunrise Dam | 78 | 24 | 135 | 78 |
| Tropicana - Attributable 70% | 76 | 43 | 161 | 107 |
| Administration and other | (9) | (7) | (27) | (23) |
| AMERICAS | 125 | 53 | 347 | 90 |
| Cerro Vanguardia | 45 | 27 | 133 | 72 |
| AngloGold Ashanti Mineração | 77 | 25 | 185 | 27 |
| Serra Grande | 4 | 1 | 30 | (7) |
| Administration and other | (1) | — | (1) | (2) |
| CORPORATE AND OTHER | (31) | 10 | (72) | 6 |
| 630 | 376 | 1,546 | 928 | |
| Equity-accounted joint venture included above | (89) | (90) | (256) | (207) |
| 541 | 286 | 1,290 | 721 |
(1) The Group’s segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit
(loss) to profit (loss) before taxation, refer to the Group income statement.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 15 |
Segmental reporting (continued)
| Quarter | Quarter | Nine months | Nine months | |
|---|---|---|---|---|
| ended | ended | ended | ended | |
| Sep | Sep | Sep | Sep | |
| 2024 | 2023 | 2024 | 2023 | |
| Amortisation | ||||
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| AFRICA | 109 | 108 | 312 | 304 |
| Kibali - Attributable 45% | 23 | 29 | 67 | 73 |
| Iduapriem | 19 | 33 | 60 | 99 |
| Obuasi | 20 | 13 | 53 | 43 |
| Siguiri | 12 | 7 | 37 | 22 |
| Geita | 35 | 26 | 95 | 67 |
| AUSTRALIA | 49 | 39 | 132 | 104 |
| Sunrise Dam | 19 | 14 | 58 | 39 |
| Tropicana - Attributable 70% | 30 | 25 | 73 | 64 |
| Administration and other | — | — | 1 | 1 |
| AMERICAS | 48 | 42 | 133 | 123 |
| Cerro Vanguardia | 15 | 9 | 40 | 28 |
| AngloGold Ashanti Mineração | 28 | 22 | 78 | 64 |
| Serra Grande | 5 | 11 | 15 | 31 |
| CORPORATE AND OTHER | 1 | 1 | 3 | 3 |
| 207 | 190 | 580 | 534 | |
| Equity-accounted joint venture included above | (23) | (29) | (67) | (73) |
| 184 | 161 | 513 | 461 | |
| Capital expenditure | ||||
| --- | --- | --- | --- | --- |
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| AFRICA | 212 | 183 | 567 | 463 |
| Kibali - Attributable 45% | 28 | 18 | 89 | 61 |
| Iduapriem | 49 | 29 | 119 | 99 |
| Obuasi | 60 | 64 | 149 | 139 |
| Siguiri | 30 | 22 | 73 | 38 |
| Geita | 45 | 50 | 137 | 126 |
| AUSTRALIA | 27 | 30 | 112 | 103 |
| Sunrise Dam | 16 | 10 | 38 | 32 |
| Tropicana - Attributable 70% | 11 | 20 | 74 | 71 |
| AMERICAS | 52 | 58 | 143 | 191 |
| Cerro Vanguardia | 19 | 16 | 48 | 49 |
| AngloGold Ashanti Mineração | 23 | 28 | 68 | 101 |
| Serra Grande | 10 | 14 | 27 | 41 |
| PROJECTS | 4 | 2 | 23 | 12 |
| Colombian projects | 2 | 2 | 5 | 7 |
| North American projects | 2 | — | 18 | 5 |
| CORPORATE AND OTHER | — | — | 1 | — |
| 295 | 273 | 846 | 769 | |
| Equity-accounted joint venture included above | (28) | (18) | (89) | (61) |
| 267 | 255 | 757 | 708 | |
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||
| --- | ||||
| 16 |
Segmental reporting (continued)
| As at | As at | As at | |
|---|---|---|---|
| Sep | Dec | Sep | |
| 2024 | 2023 | 2023 | |
| Total assets | |||
| US Dollar million | Unaudited | Audited | Unaudited |
| AFRICA | 4,773 | 4,414 | 4,299 |
| Kibali - Attributable 45% | 1,025 | 1,066 | 1,096 |
| Iduapriem | 604 | 526 | 489 |
| Obuasi | 1,429 | 1,288 | 1,248 |
| Siguiri | 558 | 486 | 444 |
| Geita | 1,151 | 1,042 | 1,016 |
| Administration and other | 6 | 6 | 6 |
| AUSTRALIA | 946 | 942 | 929 |
| AMERICAS | 1,455 | 1,254 | 1,301 |
| Cerro Vanguardia | 641 | 524 | 511 |
| AngloGold Ashanti Mineração | 663 | 584 | 549 |
| Serra Grande | 132 | 127 | 227 |
| Administration and other | 19 | 19 | 14 |
| PROJECTS | 859 | 833 | 851 |
| Colombian projects | 199 | 194 | 201 |
| North American projects | 660 | 639 | 650 |
| CORPORATE AND OTHER | 768 | 732 | 507 |
| 8,801 | 8,175 | 7,887 |
By order of the Board
J TILK A CALDERON G DORAN
Chairman Chief Executive Officer Chief Financial Officer
7 November 2024
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 17 |
Non-GAAP disclosure
From time to time AngloGold Ashanti may publicly disclose certain “Non-GAAP” financial measures 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
Non-GAAP performance measures 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. Non-GAAP financial measures 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.
AngloGold Ashanti’s reporting for managed operations has shifted from an attributable basis of reporting to a consolidated basis of reporting.
The change in reporting has only impacted managed operations with non-controlling interests (i.e., Siguiri and Cerro Vanguardia), 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 three-month and nine-month periods
ended 30 September 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 Non-GAAP disclosure. The WGC worked closely with its
members (including AngloGold Ashanti) to develop these Non-GAAP measures 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 a Non-GAAP measure 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” ($/
oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold sold.
“All-in costs” is a Non-GAAP measure comprising “all-in sustaining costs” including additional costs which reflect the varying costs of
producing gold over the life-cycle of a mine including costs incurred at new operations and costs related to growth projects at existing
operations, which are expected to increase production. “All-in costs per ounce - managed operations” ($/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” ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold sold.
Total cash costs
“Total cash costs” is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and is a Non-
GAAP measure. The Gold Institute, which has been incorporated into the National Mining Association, is a non-profit international
association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform format for reporting total
cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November 1999.
“Total cash costs” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, include costs for all mining, processing,
onsite administration costs, royalties and production taxes, as well as contributions from by-products, but exclude amortisation of tangible,
intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing
and related costs, capital costs and exploration costs. “Total cash costs per ounce - managed operations” ($/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 a Non-GAAP measure which gives an indication of revenue earned per ounce of gold sold and
includes gold income and realised non-hedge derivatives in its calculation and serves as a benchmark of performance against the market
spot gold price. “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.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
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| 18 |
Sustaining capital expenditure
“Sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred to sustain and maintain existing assets at
their current productive capacity in order to achieve constant planned levels of productive output and capital expenditure to extend useful
lives of existing production assets. This includes replacement of vehicles, plant and machinery, Mineral Reserve development, deferred
stripping and capital expenditure related to financial benefit initiatives, safety, health and the environment.
Non-sustaining capital expenditure
“Non-sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred at new operations and capital
expenditure related to ‘major projects’ at existing operations where these projects will materially increase production.
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 review 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 Non-GAAP measures on a basis consistent with its internal and external segmental reporting.
Adjusted EBITDA
“Adjusted EBITDA” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes profit (loss) before taxation,
amortisation of tangible, intangible and right of use assets, retrenchment costs at the operations, 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 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 a Non-GAAP measure 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.
Free cash flow
“Free cash flow” is a Non-GAAP measure 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 in AngloGold Ashanti’s financial and operational update for the three months ended
30 September 2024 and 30 September 2023, and nine months ended 30 September 2024 and 30 September 2023 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 three-month periods ended 30 September 2024 and 30 September 2023, and each of the nine-month periods ended 30 September
2024 and 30 September 2023 is presented on a total (Group), total (managed operations/non-managed joint ventures) and segment basis in
Note A. In addition, the Company has provided detail of the consolidated ounces of gold produced and sold by mine for each of those
periods below. Furthermore, a reconciliation of cost of sales of the Centamin Group as included in AngloGold Ashanti’s current report on
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
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| 19 |
Form 6-K furnished to the SEC on 10 September 2024 to “all-in sustaining costs” and “all-in sustaining costs per ounce” of the Centamin
Group for the financial year ended 31 December 2023 is also presented.
A reconciliation of gold income as included in AngloGold Ashanti’s financial and operational update for the three months ended
30 September 2024 and 30 September 2023, and nine months ended 30 September 2024 and 30 September 2023 to “average gold price
received per ounce” for each of the three-months ended 30 September 2024 and 30 September 2023, and nine-month periods ended
30 September 2024 and 30 September 2023 is presented on a total (Group) and total (managed operations/non-managed joint ventures)
basis in Note B.
A reconciliation of capital expenditure as included in AngloGold Ashanti’s financial and operational update for the three months ended
30 September 2024 and 30 September 2023, and nine months ended 30 September 2024 and 30 September 2023 to “sustaining capital
expenditure” and “non-sustaining capital expenditure” for each of the three-month periods ended 30 September 2024 and 30 September
2023, and each of the nine-month periods ended 30 September 2024 and 30 September 2023 is presented on a total (Group), total
(managed operations/non-managed joint ventures) and segment basis in Note C.
A reconciliation of profit (loss) before taxation as included in AngloGold Ashanti’s financial and operational update for the three months
ended 30 September 2024 and 30 September 2023, and nine months ended 30 September 2024 and 30 September 2023, to “Adjusted
EBITDA” for each of the three-month periods ended 30 September 2024 and 30 September 2023, and each of the nine-month periods
ended 30 September 2024 and 30 September 2023 is presented on a total (Group) and segment basis in Note D.
A reconciliation of total borrowings as included in AngloGold Ashanti’s financial and operational update as at 30 September 2024,
31 December 2023 and 30 September 2023 to “Adjusted net debt” as at 30 September 2024, 31 December 2023 and 30 September 2023 is
presented on a total (Group) basis in Note E.
A reconciliation of net cash flow from operating activities as included in AngloGold Ashanti’s financial and operational update for the three
months ended 30 September 2024 and 30 September 2023, and nine months ended 30 September 2024 and 30 September 2023 to “free
cash flow” for each of the three-month periods ended 30 September 2024 and 30 September 2023, and nine-month periods ended
30 September 2024 and 30 September 2023 is presented on a total (Group) basis in Note F.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
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ASummary of Operations by mine
| For the quarter ended 30 September 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other (3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| All-in sustaining costs | ||||||||||||||
| Cost of sales per segmental information (2) | 1 | 104 | — | 104 | 93 | 78 | 124 | 154 | — | 449 | 101 | 139 | 9 | 249 |
| By-product revenue | — | — | — | — | — | — | — | (1) | — | (1) | — | (1) | — | (1) |
| Realised other commodity contracts | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Amortisation of tangible, intangible and right of use assets | (1) | (23) | — | (23) | (19) | (20) | (12) | (35) | — | (86) | (19) | (30) | — | (49) |
| Adjusted for decommissioning and inventory amortisation | — | — | — | — | — | — | — | (1) | — | (1) | — | — | — | — |
| Corporate administration, marketing and related expenses | 19 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Lease payment sustaining | — | — | — | — | 3 | — | 1 | 6 | — | 10 | 4 | 3 | — | 7 |
| Sustaining exploration and study costs | — | — | — | — | — | — | 2 | 4 | — | 6 | — | — | — | — |
| Total sustaining capital expenditure | — | 15 | — | 15 | 27 | 43 | 24 | 41 | — | 135 | 16 | 9 | — | 25 |
| All-in sustaining costs (5) | 20 | 96 | — | 96 | 103 | 101 | 139 | 169 | — | 512 | 102 | 119 | 9 | 230 |
| Non-sustaining capital expenditure | — | 13 | — | 13 | 22 | 17 | 6 | 4 | — | 49 | — | 2 | — | 2 |
| Non-sustaining lease payments | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Non-sustaining exploration and study costs | 2 | — | — | — | 1 | 1 | 2 | 3 | — | 7 | 2 | 3 | 6 | 11 |
| Care and maintenance | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Closure and social responsibility costs not related to current operations | 1 | 3 | — | 3 | 1 | 1 | — | — | — | 2 | — | — | — | — |
| Other provisions | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| All-in costs (5) | 23 | 112 | — | 112 | 127 | 120 | 147 | 176 | — | 570 | 104 | 124 | 15 | 243 |
| Gold sold - oz (000) | — | 77 | — | 77 | 60 | 49 | 73 | 118 | — | 300 | 72 | 86 | — | 158 |
| All-in sustaining cost per ounce - $/oz (1) | — | 1,241 | — | 1,241 | 1,719 | 2,063 | 1,916 | 1,428 | — | 1,707 | 1,411 | 1,389 | — | 1,455 |
| All-in cost per ounce - $/oz (1) | — | 1,455 | — | 1,458 | 2,110 | 2,446 | 2,012 | 1,492 | — | 1,899 | 1,441 | 1,450 | — | 1,538 |
| (1) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per<br><br>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 cost (per ounce)”, “all-in cost (per ounce)” and “total cash costs (per ounce)”<br><br>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. |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | |||||||||
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| For the quarter ended 30 September 2024 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | |||||||||
| AMERICAS | |||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | |
| All-in sustaining costs | |||||||||
| Cost of sales per segmental information (2) | 94 | 90 | 38 | — | 222 | — | 104 | 921 | 1,025 |
| By-product revenue | (23) | — | — | — | (23) | — | — | (25) | (25) |
| Realised other commodity contracts | — | — | — | — | — | — | — | — | — |
| Amortisation of tangible, intangible and right of use assets | (15) | (28) | (5) | — | (48) | — | (23) | (184) | (207) |
| Adjusted for decommissioning and inventory amortisation | 3 | — | — | — | 3 | — | — | 2 | 2 |
| Corporate administration, marketing and related expenses | — | — | — | — | — | 1 | — | 20 | 20 |
| Lease payment sustaining | — | 7 | 3 | — | 10 | — | — | 27 | 27 |
| Sustaining exploration and study costs | 2 | — | — | — | 2 | 1 | — | 9 | 9 |
| Total sustaining capital expenditure | 19 | 23 | 10 | — | 52 | — | 15 | 212 | 227 |
| All-in sustaining costs (5) | 80 | 92 | 46 | — | 218 | 2 | 96 | 982 | 1,078 |
| Non-sustaining capital expenditure | — | — | — | — | — | 4 | 13 | 55 | 68 |
| Non-sustaining lease payments | — | — | — | — | — | — | — | — | — |
| Non-sustaining exploration and study costs | 1 | (1) | — | 1 | 1 | 42 | — | 63 | 63 |
| Care and maintenance | — | 34 | — | — | 34 | 1 | — | 35 | 35 |
| Closure and social responsibility costs not related to current<br><br>operations | — | 5 | (8) | — | (3) | — | 3 | — | 3 |
| Other provisions | — | — | — | — | — | — | — | — | — |
| All-in costs (5) | 80 | 130 | 39 | 1 | 250 | 50 | 112 | 1,136 | 1,248 |
| Gold sold - oz (000) | 46 | 70 | 16 | — | 132 | — | 77 | 590 | 667 |
| All-in sustaining cost per ounce - $/oz (1) | 1,744 | 1,315 | 2,773 | — | 1,653 | — | 1,241 | 1,665 | 1,616 |
| All-in cost per ounce - $/oz (1) | 1,761 | 1,864 | 2,347 | — | 1,899 | — | 1,458 | 1,925 | 1,871 |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
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| 22 | ||||||||||||||
| For the quarter ended 30 September 2024 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other (3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| Total cash costs | ||||||||||||||
| Cost of sales per segmental information (2) | 1 | 104 | — | 104 | 93 | 78 | 124 | 154 | — | 449 | 101 | 139 | 9 | 249 |
| - By-product revenue | — | — | — | — | — | — | — | (1) | — | (1) | — | (1) | — | (1) |
| - Inventory change | — | (4) | — | (4) | (2) | 6 | (3) | — | — | 1 | — | — | — | — |
| - Amortisation of tangible assets | (1) | (23) | — | (23) | (18) | (20) | (11) | (29) | — | (78) | (15) | (28) | — | (43) |
| - Amortisation of right of use assets | — | — | — | — | (1) | — | (1) | (6) | — | (8) | (4) | (2) | — | (6) |
| - Amortisation of intangible assets | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| - Rehabilitation and other non-cash costs | — | (1) | — | (1) | (2) | (3) | (2) | (1) | — | (8) | — | (1) | — | (1) |
| - Retrenchment costs | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total cash costs (5) | 1 | 75 | — | 75 | 70 | 61 | 106 | 117 | — | 354 | 82 | 108 | 8 | 198 |
| Gold produced - oz (000) | — | 71 | — | 71 | 59 | 53 | 71 | 118 | — | 301 | 73 | 87 | — | 160 |
| Total cash costs per ounce - /oz (1) | 1,053 | — | 1,053 | 1,191 | 1,153 | 1,500 | 995 | — | 1,179 | 1,132 | 1,243 | — | 1,245 |
All values are in US Dollars.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | |||||||||
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| For the quarter ended 30 September 2024 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | |||||||||
| AMERICAS | |||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | |
| Total cash costs | |||||||||
| Cost of sales per segmental information (2) | 94 | 90 | 38 | — | 222 | — | 104 | 921 | 1,025 |
| - By-product revenue | (23) | — | — | — | (23) | — | — | (25) | (25) |
| - Inventory change | 1 | — | (1) | — | — | — | (4) | 1 | (3) |
| - Amortisation of tangible assets | (15) | (22) | (4) | — | (41) | — | (23) | (163) | (186) |
| - Amortisation of right of use assets | — | (6) | (1) | — | (7) | — | — | (21) | (21) |
| - Amortisation of intangible assets | — | — | — | — | — | — | — | — | — |
| - Rehabilitation and other non-cash costs | (5) | (1) | (4) | — | (10) | — | (1) | (19) | (20) |
| - Retrenchment costs | — | (1) | — | — | (1) | — | — | (1) | (1) |
| Total cash costs (5) | 52 | 60 | 28 | 1 | 141 | — | 75 | 694 | 769 |
| Gold produced - oz (000) | 42 | 67 | 16 | — | 125 | — | 71 | 586 | 657 |
| Total cash costs per ounce - $/oz (1) | 1,224 | 896 | 1,801 | — | 1,127 | — | 1,053 | 1,186 | 1,172 |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
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| 24 | ||||||||||||||
| For the quarter ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other(3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| All-in sustaining costs | ||||||||||||||
| Cost of sales per segmental information (2) | — | 97 | — | 97 | 88 | 75 | 105 | 134 | — | 402 | 99 | 110 | 7 | 216 |
| By-product revenue | — | — | — | — | — | — | — | (1) | — | (1) | — | (1) | — | (1) |
| Realised other commodity contracts | 1 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Amortisation of tangible, intangible and right of use assets | (1) | (29) | — | (29) | (33) | (13) | (7) | (26) | — | (79) | (14) | (25) | — | (39) |
| Adjusted for decommissioning and inventory amortisation | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Corporate administration, marketing and related expenses | 19 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Lease payment sustaining | — | 1 | — | 1 | 1 | — | — | 7 | — | 8 | 3 | 3 | — | 6 |
| Sustaining exploration and study costs | — | — | — | — | — | 1 | 1 | 3 | — | 5 | 1 | — | — | 1 |
| Total sustaining capital expenditure | — | 10 | — | 10 | 21 | 46 | 21 | 43 | — | 131 | 10 | 14 | — | 24 |
| All-in sustaining costs (5) | 19 | 80 | — | 80 | 77 | 108 | 121 | 160 | — | 466 | 99 | 101 | 7 | 207 |
| Non-sustaining capital expenditure | — | 8 | — | 8 | 8 | 18 | 1 | 7 | — | 34 | — | 6 | — | 6 |
| Non-sustaining lease payments | — | — | — | — | — | — | — | 1 | — | 1 | — | — | — | — |
| Non-sustaining exploration and study costs | — | — | — | — | — | — | 2 | 3 | — | 5 | 1 | 2 | 7 | 10 |
| Care and maintenance | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Closure and social responsibility costs not related to current operations | 1 | 4 | — | 4 | — | (8) | — | — | — | (8) | — | — | — | — |
| Other provisions | (16) | — | — | — | — | — | — | — | — | — | — | — | — | — |
| All-in costs (5) | 5 | 92 | — | 92 | 85 | 118 | 124 | 170 | — | 497 | 99 | 109 | 14 | 222 |
| Gold sold - oz (000) | — | 97 | — | 97 | 69 | 43 | 60 | 122 | — | 294 | 63 | 79 | — | 142 |
| All-in sustaining cost per ounce - $/oz (1) | — | 820 | — | 820 | 1,122 | 2,491 | 2,020 | 1,320 | — | 1,589 | 1,555 | 1,284 | — | 1,453 |
| All-in cost per ounce - $/oz (1) | — | 949 | — | 954 | 1,239 | 2,710 | 2,070 | 1,400 | — | 1,694 | 1,569 | 1,382 | — | 1,563 |
| (1) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per<br><br>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 cost (per ounce)”, “all-in cost (per ounce)” and “total cash costs (per ounce)”<br><br>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.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
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| For the quarter ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AMERICAS | Adjusted to exclude the Córrego do Sítio operation | |||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | Córrego do<br><br>Sítio | AngloGold<br><br>Ashanti<br><br>Mineração(6) | Americas(6) | Managed<br><br>operations (6) | Group total (4)(6) | |
| All-in sustaining costs | ||||||||||||||
| Cost of sales per segmental information (2) | 73 | 128 | 44 | — | 245 | — | 97 | 863 | 960 | 24 | 103 | 221 | 839 | 936 |
| By-product revenue | (25) | (1) | — | — | (26) | — | — | (28) | (28) | — | (1) | (26) | (28) | (28) |
| Realised other commodity contracts | — | — | — | — | — | — | — | 1 | 1 | — | — | — | 1 | 1 |
| Amortisation of tangible, intangible and right of use<br><br>assets | (9) | (22) | (11) | — | (42) | — | (29) | (161) | (190) | (1) | (21) | (41) | (160) | (189) |
| Adjusted for decommissioning and inventory<br><br>amortisation | 1 | (7) | — | — | (6) | — | — | (6) | (6) | — | (7) | (6) | (6) | (6) |
| Corporate administration, marketing and related<br><br>expenses | — | — | — | — | — | 1 | — | 20 | 20 | — | — | — | 20 | 20 |
| Lease payment sustaining | — | 9 | 2 | — | 11 | — | 1 | 25 | 26 | 2 | 7 | 9 | 23 | 24 |
| Sustaining exploration and study costs | 2 | — | — | — | 2 | 1 | — | 9 | 9 | — | — | 2 | 9 | 9 |
| Total sustaining capital expenditure | 16 | 28 | 14 | — | 58 | — | 10 | 213 | 223 | 5 | 23 | 53 | 208 | 218 |
| All-in sustaining costs (5) | 57 | 135 | 49 | — | 241 | 2 | 80 | 935 | 1,015 | 30 | 105 | 211 | 905 | 985 |
| Non-sustaining capital expenditure | — | — | — | — | — | 2 | 8 | 42 | 50 | — | — | — | 42 | 50 |
| Non-sustaining lease payments | — | — | — | — | — | — | — | 1 | 1 | — | — | — | 1 | 1 |
| Non-sustaining exploration and study costs | 2 | 1 | 1 | — | 4 | 43 | — | 62 | 62 | 1 | 1 | 3 | 61 | 61 |
| Care and maintenance | — | 14 | — | — | 14 | 1 | — | 15 | 15 | 10 | 4 | 4 | 5 | 5 |
| Closure and social responsibility costs not related to<br><br>current operations | — | 5 | 3 | — | 8 | — | 4 | 1 | 5 | — | 5 | 8 | 1 | 5 |
| Other provisions | — | — | — | — | — | — | — | (16) | (16) | — | — | — | (16) | (16) |
| All-in costs (5) | 59 | 156 | 52 | — | 267 | 48 | 92 | 1,039 | 1,131 | 41 | 115 | 226 | 998 | 1,090 |
| Gold sold - oz (000) | 39 | 86 | 23 | — | 148 | — | 97 | 584 | 681 | 11 | 75 | 137 | 573 | 670 |
| All-in sustaining cost per ounce - $/oz (1) | 1,444 | 1,573 | 2,114 | — | 1,625 | — | 820 | 1,600 | 1,489 | 2,755 | 1,403 | 1,536 | 1,579 | 1,469 |
| All-in cost per ounce - $/oz (1) | 1,485 | 1,820 | 2,261 | — | 1,804 | — | 954 | 1,779 | 1,661 | 3,789 | 1,536 | 1,648 | 1,741 | 1,627 |
| 1,654.00 | 1,311.00 | — |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | ||||||||||||||
| For the quarter ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other (3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| Total cash costs | ||||||||||||||
| Cost of sales per segmental information (2) | — | 97 | — | 97 | 88 | 75 | 105 | 134 | — | 402 | 99 | 110 | 7 | 216 |
| - By-product revenue | — | — | — | — | — | — | — | (1) | — | (1) | — | (1) | — | (1) |
| - Inventory change | — | 2 | — | 2 | 4 | 6 | 9 | 4 | — | 23 | 1 | (4) | — | (3) |
| - Amortisation of tangible assets | (1) | (29) | — | (29) | (32) | (13) | (7) | (20) | — | (72) | (11) | (23) | — | (34) |
| - Amortisation of right of use assets | — | — | — | — | (1) | — | — | (6) | — | (7) | (3) | (2) | — | (5) |
| - Amortisation of intangible assets | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| - Rehabilitation and other non-cash costs | — | 2 | — | 2 | — | (1) | 1 | 1 | — | 1 | — | 1 | — | 1 |
| - Retrenchment costs | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total cash costs (5) | (1) | 72 | — | 72 | 59 | 67 | 108 | 112 | — | 346 | 86 | 82 | 6 | 174 |
| Gold produced - oz (000) | — | 99 | — | 99 | 71 | 46 | 65 | 126 | — | 308 | 64 | 76 | — | 140 |
| Total cash costs per ounce - /oz (1) | 721 | — | 721 | 822 | 1,449 | 1,664 | 903 | — | 1,126 | 1,352 | 1,079 | — | 1,248 |
All values are in US Dollars.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 27 | ||||||||||||||
| For the quarter ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AMERICAS | Adjusted to exclude the Córrego do Sítio operation | |||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | Córrego do<br><br>Sítio | AngloGold<br><br>Ashanti<br><br>Mineração (6) | Americas (6) | Managed<br><br>operations (6) | Group total (4)(6) | |
| Total cash costs | ||||||||||||||
| Cost of sales per segmental information (2) | 73 | 128 | 44 | — | 245 | — | 97 | 863 | 960 | 24 | 103 | 221 | 839 | 936 |
| - By-product revenue | (25) | (1) | — | — | (26) | — | — | (28) | (28) | — | (1) | (26) | (28) | (28) |
| - Inventory change | (2) | (10) | 1 | — | (11) | — | 2 | 9 | 11 | (1) | (10) | (10) | 10 | 12 |
| - Amortisation of tangible assets | (9) | (16) | (10) | — | (35) | — | (29) | (142) | (171) | — | (16) | (35) | (142) | (171) |
| - Amortisation of right of use assets | — | (6) | (1) | — | (7) | — | — | (19) | (19) | (1) | (5) | (7) | (19) | (19) |
| - Amortisation of intangible assets | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| - Rehabilitation and other non-cash costs | (1) | — | 3 | — | 2 | — | 2 | 4 | 6 | — | — | 2 | 4 | 6 |
| - Retrenchment costs | — | (1) | — | — | (1) | — | — | (1) | (1) | — | (1) | (1) | (1) | (1) |
| Total cash costs (5) | 36 | 95 | 36 | — | 167 | — | 72 | 686 | 758 | 23 | 71 | 144 | 663 | 735 |
| Gold produced - oz (000) | 38 | 77 | 24 | — | 139 | — | 99 | 587 | 686 | 10 | 67 | 129 | 577 | 676 |
| Total cash costs per ounce - $/oz (1) | 966 | 1,222 | 1,502 | — | 1,201 | — | 721 | 1,171 | 1,106 | 2,192 | 1,073 | 1,122 | 1,152 | 1,089 |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 28 | ||||||||||||||
| For the nine months ended 30 September 2024 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other (3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| All-in sustaining costs | ||||||||||||||
| Cost of sales per segmental information (2) | 2 | 278 | — | 278 | 260 | 259 | 384 | 464 | — | 1,367 | 317 | 344 | 26 | 687 |
| By-product revenue | — | (1) | — | (1) | — | — | (1) | (2) | — | (3) | (1) | (2) | — | (3) |
| Realised other commodity contracts | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Amortisation of tangible, intangible and right of use assets | (3) | (67) | — | (67) | (60) | (53) | (37) | (95) | — | (245) | (58) | (73) | (1) | (132) |
| Adjusted for decommissioning and inventory amortisation | — | — | — | — | — | (1) | — | (1) | — | (2) | — | — | — | — |
| Corporate administration, marketing and related expenses | 84 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Lease payment sustaining | 1 | 1 | — | 1 | 4 | — | 2 | 17 | — | 23 | 13 | 7 | 1 | 21 |
| Sustaining exploration and study costs | — | — | — | — | — | 1 | 4 | 8 | — | 13 | 1 | — | — | 1 |
| Total sustaining capital expenditure | 1 | 49 | — | 49 | 80 | 112 | 67 | 128 | — | 387 | 38 | 26 | — | 64 |
| All-in sustaining costs (5) | 85 | 261 | — | 261 | 284 | 318 | 419 | 518 | — | 1,539 | 309 | 303 | 26 | 638 |
| Non-sustaining capital expenditure | — | 40 | — | 40 | 39 | 37 | 6 | 9 | — | 91 | — | 48 | — | 48 |
| Non-sustaining lease payments | — | — | — | — | — | — | — | 1 | — | 1 | — | — | — | — |
| Non-sustaining exploration and study costs | 2 | — | — | — | 2 | 1 | 3 | 9 | 2 | 17 | 7 | 5 | 17 | 29 |
| Care and maintenance | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Closure and social responsibility costs not related to current operations | 4 | 7 | — | 7 | 1 | (8) | — | — | — | (7) | — | — | — | — |
| Other provisions | 1 | — | — | — | — | — | — | (3) | — | (3) | — | — | — | — |
| All-in costs (5) | 91 | 308 | — | 308 | 326 | 348 | 429 | 535 | 1 | 1,639 | 316 | 355 | 43 | 714 |
| Gold sold - oz (000) | — | 230 | — | 230 | 191 | 163 | 203 | 358 | — | 915 | 194 | 217 | — | 411 |
| All-in sustaining cost per ounce - $/oz (1) | — | 1,133 | — | 1,133 | 1,487 | 1,956 | 2,062 | 1,449 | — | 1,683 | 1,589 | 1,394 | — | 1,550 |
| All-in cost per ounce - $/oz (1) | — | 1,338 | — | 1,339 | 1,702 | 2,140 | 2,108 | 1,497 | — | 1,791 | 1,626 | 1,637 | — | 1,737 |
| (1) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per<br><br>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 cost (per ounce)”, “all-in cost (per ounce)” and “ total cash costs (per ounce)”<br><br>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. |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 29 | |||||||||
| For the nine months ended 30 September 2024 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | |||||||||
| AMERICAS | |||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | |
| All-in sustaining costs | |||||||||
| Cost of sales per segmental information (2) | 269 | 254 | 103 | 1 | 627 | — | 278 | 2,683 | 2,961 |
| By-product revenue | (80) | — | — | — | (80) | — | (1) | (86) | (87) |
| Realised other commodity contracts | — | — | — | — | — | — | — | — | — |
| Amortisation of tangible, intangible and right of use assets | (40) | (78) | (15) | — | (133) | — | (67) | (513) | (580) |
| Adjusted for decommissioning and inventory amortisation | 3 | — | (1) | — | 2 | — | — | — | — |
| Corporate administration, marketing and related expenses | — | — | — | — | — | 2 | — | 86 | 86 |
| Lease payment sustaining | — | 21 | 7 | — | 28 | 1 | 1 | 74 | 75 |
| Sustaining exploration and study costs | 5 | 1 | — | — | 6 | — | — | 20 | 20 |
| Total sustaining capital expenditure | 48 | 68 | 27 | — | 143 | 3 | 49 | 598 | 647 |
| All-in sustaining costs (5) | 205 | 266 | 122 | 1 | 594 | 6 | 261 | 2,862 | 3,123 |
| Non-sustaining capital expenditure | — | — | — | — | — | 20 | 40 | 159 | 199 |
| Non-sustaining lease payments | — | 1 | — | — | 1 | — | — | 2 | 2 |
| Non-sustaining exploration and study costs | 3 | — | 1 | 1 | 5 | 104 | — | 157 | 157 |
| Care and maintenance | — | 77 | — | — | 77 | 3 | — | 80 | 80 |
| Closure and social responsibility costs not related to current<br><br>operations | — | 12 | 36 | — | 48 | — | 7 | 45 | 52 |
| Other provisions | — | — | — | — | — | — | — | (2) | (2) |
| All-in costs (5) | 208 | 355 | 159 | 3 | 725 | 134 | 308 | 3,303 | 3,611 |
| Gold sold - oz (000) | 140 | 200 | 58 | — | 398 | — | 230 | 1,724 | 1,954 |
| All-in sustaining cost per ounce - $/oz (1) | 1,460 | 1,330 | 2,113 | — | 1,493 | — | 1,133 | 1,660 | 1,598 |
| All-in cost per ounce - $/oz (1) | 1,484 | 1,778 | 2,744 | — | 1,822 | — | 1,339 | 1,916 | 1,848 |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 | ||||||||||||||
| For the nine months ended 30 September 2024 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other (3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| Total cash costs | ||||||||||||||
| Cost of sales per segmental information (2) | 2 | 278 | — | 278 | 260 | 259 | 384 | 464 | — | 1,367 | 317 | 344 | 26 | 687 |
| - By-product revenue | — | (1) | — | (1) | — | — | (1) | (2) | — | (3) | (1) | (2) | — | (3) |
| - Inventory change | — | — | — | — | (5) | (1) | (7) | (10) | — | (23) | (3) | (6) | — | (9) |
| - Amortisation of tangible assets | (2) | (66) | — | (66) | (58) | (53) | (35) | (74) | — | (220) | (46) | (68) | — | (114) |
| - Amortisation of right of use assets | — | (1) | — | (1) | (2) | — | (2) | (21) | — | (25) | (12) | (5) | (1) | (18) |
| - Amortisation of intangible assets | (1) | — | — | — | — | — | — | — | — | — | — | — | — | — |
| - Rehabilitation and other non-cash costs | — | 1 | — | 1 | (4) | (7) | (4) | (3) | — | (18) | — | — | (1) | (1) |
| - Retrenchment costs | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total cash costs (5) | (1) | 212 | — | 212 | 191 | 198 | 335 | 354 | — | 1,078 | 255 | 262 | 25 | 542 |
| Gold produced - oz (000) | — | 229 | — | 229 | 187 | 161 | 199 | 347 | — | 894 | 193 | 213 | — | 406 |
| Total cash costs per ounce - /oz (1) | 924 | — | 924 | 1,021 | 1,231 | 1,687 | 1,020 | — | 1,206 | 1,321 | 1,230 | — | 1,335 |
All values are in US Dollars.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 31 | |||||||||
| For the nine months ended 30 September 2024 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | |||||||||
| AMERICAS | |||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | |
| Total cash costs | |||||||||
| Cost of sales per segmental information (2) | 269 | 254 | 103 | 1 | 627 | — | 278 | 2,683 | 2,961 |
| - By-product revenue | (80) | — | — | — | (80) | — | (1) | (86) | (87) |
| - Inventory change | (7) | (1) | (1) | — | (9) | — | — | (41) | (41) |
| - Amortisation of tangible assets | (40) | (61) | (12) | — | (113) | — | (66) | (449) | (515) |
| - Amortisation of right of use assets | — | (17) | (3) | — | (20) | — | (1) | (63) | (64) |
| - Amortisation of intangible assets | — | — | — | — | — | — | — | (1) | (1) |
| - Rehabilitation and other non-cash costs | (7) | (1) | (4) | — | (12) | — | 1 | (31) | (30) |
| - Retrenchment costs | (1) | (1) | — | — | (2) | — | — | (2) | (2) |
| Total cash costs (5) | 134 | 173 | 83 | 1 | 391 | — | 212 | 2,010 | 2,222 |
| Gold produced - oz (000) | 129 | 196 | 57 | — | 382 | — | 229 | 1,682 | 1,911 |
| Total cash costs per ounce - $/oz (1) | 1,044 | 883 | 1,439 | — | 1,024 | — | 924 | 1,195 | 1,163 |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 32 | ||||||||||||||
| For the nine months ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other (3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| All-in sustaining costs | ||||||||||||||
| Cost of sales per segmental information (2) | 1 | 279 | — | 279 | 283 | 232 | 340 | 425 | — | 1,280 | 295 | 312 | 23 | 630 |
| By-product revenue | — | (1) | — | (1) | — | (1) | — | (1) | — | (2) | (1) | (2) | — | (3) |
| Realised other commodity contracts | 5 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Amortisation of tangible, intangible and right of use assets | (3) | (73) | — | (73) | (99) | (43) | (22) | (67) | — | (231) | (39) | (64) | (1) | (104) |
| Adjusted for decommissioning and inventory amortisation | — | — | — | — | — | — | — | (1) | — | (1) | (1) | — | — | (1) |
| Corporate administration, marketing and related expenses | 63 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Lease payment sustaining | 1 | — | — | — | 2 | — | — | 20 | — | 22 | 9 | 8 | 1 | 18 |
| Sustaining exploration and study costs | — | — | — | — | — | 2 | 4 | 8 | — | 14 | 2 | — | — | 2 |
| Total sustaining capital expenditure | — | 38 | — | 38 | 64 | 92 | 33 | 101 | — | 290 | 32 | 35 | — | 67 |
| All-in sustaining costs (5) | 67 | 242 | — | 242 | 250 | 282 | 355 | 485 | — | 1,372 | 298 | 288 | 23 | 609 |
| Non-sustaining capital expenditure | — | 23 | — | 23 | 35 | 47 | 5 | 25 | — | 112 | — | 36 | — | 36 |
| Non-sustaining lease payments | — | — | — | — | — | — | — | 2 | — | 2 | — | — | — | — |
| Non-sustaining exploration and study costs | — | 1 | — | 1 | — | — | 5 | 7 | — | 12 | 2 | 5 | 16 | 23 |
| Care and maintenance | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Closure and social responsibility costs not related to current operations | 4 | 7 | 1 | 8 | — | (9) | — | — | — | (9) | — | — | — | — |
| Other provisions | 1 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| All-in costs (5) | 72 | 273 | 1 | 274 | 285 | 320 | 364 | 520 | — | 1,489 | 300 | 329 | 39 | 668 |
| Gold sold - oz (000) | — | 251 | — | 251 | 193 | 168 | 193 | 348 | — | 902 | 193 | 216 | — | 409 |
| All-in sustaining cost per ounce - $/oz (1) | — | 967 | — | 967 | 1,299 | 1,674 | 1,832 | 1,396 | — | 1,519 | 1,546 | 1,334 | — | 1,490 |
| All-in cost per ounce - $/oz (1) | — | 1,087 | — | 1,092 | 1,483 | 1,895 | 1,882 | 1,494 | — | 1,650 | 1,558 | 1,525 | — | 1,636 |
| (1) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per<br><br>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 cost (per ounce)”, “all-in cost (per ounce)” and “total cash costs (per ounce)’’<br><br>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.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 33 | ||||||||||||||
| For the nine months ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AMERICAS | Adjusted to exclude the Córrego do Sítio operation | |||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | Córrego do<br><br>Sítio | AngloGold<br><br>Ashanti<br><br>Mineração (6) | Americas (6) | Managed<br><br>operations (6) | Group total (4)(6) | |
| All-in sustaining costs | ||||||||||||||
| Cost of sales per segmental information (2) | 225 | 350 | 124 | 2 | 701 | — | 279 | 2,612 | 2,891 | 101 | 249 | 600 | 2,511 | 2,790 |
| By-product revenue | (62) | (2) | — | — | (64) | — | (1) | (69) | (70) | — | (2) | (64) | (69) | (70) |
| Realised other commodity contracts | — | — | — | — | — | — | — | 5 | 5 | — | — | — | 5 | 5 |
| Amortisation of tangible, intangible and right of use<br><br>assets | (28) | (64) | (31) | — | (123) | — | (73) | (461) | (534) | (6) | (58) | (118) | (456) | (529) |
| Adjusted for decommissioning and inventory<br><br>amortisation | 1 | 1 | — | — | 2 | — | — | — | — | — | 1 | 2 | — | — |
| Corporate administration, marketing and related<br><br>expenses | — | — | — | — | — | 1 | — | 64 | 64 | — | — | — | 64 | 64 |
| Lease payment sustaining | — | 25 | 6 | — | 31 | — | — | 72 | 72 | 7 | 19 | 25 | 66 | 66 |
| Sustaining exploration and study costs | 5 | 1 | — | — | 6 | 2 | — | 24 | 24 | — | 1 | 6 | 24 | 24 |
| Total sustaining capital expenditure | 49 | 101 | 41 | — | 191 | — | 38 | 548 | 586 | 19 | 82 | 172 | 529 | 567 |
| All-in sustaining costs (5) | 190 | 412 | 140 | 2 | 744 | 3 | 242 | 2,795 | 3,037 | 121 | 292 | 623 | 2,674 | 2,916 |
| Non-sustaining capital expenditure | — | — | — | — | — | 12 | 23 | 160 | 183 | — | — | — | 160 | 183 |
| Non-sustaining lease payments | — | 1 | — | — | 1 | — | — | 3 | 3 | — | — | — | 2 | 2 |
| Non-sustaining exploration and study costs | 5 | 4 | 1 | 1 | 11 | 113 | 1 | 159 | 160 | 3 | 1 | 8 | 156 | 157 |
| Care and maintenance | — | 14 | — | — | 14 | 2 | — | 16 | 16 | 9 | 5 | 5 | 7 | 7 |
| Closure and social responsibility costs not related to<br><br>current operations | — | 54 | 8 | — | 62 | — | 8 | 57 | 65 | 4 | 50 | 58 | 53 | 61 |
| Other provisions | — | — | — | — | — | — | — | 1 | 1 | — | — | — | 1 | 1 |
| All-in costs (5) | 194 | 485 | 150 | 3 | 832 | 130 | 274 | 3,191 | 3,465 | 138 | 347 | 694 | 3,053 | 3,327 |
| Gold sold - oz (000) | 122 | 209 | 61 | — | 392 | — | 251 | 1,703 | 1,954 | 41 | 168 | 351 | 1,662 | 1,913 |
| All-in sustaining cost per ounce - $/oz (1) | 1,555 | 1,974 | 2,310 | — | 1,900 | — | 967 | 1,641 | 1,555 | 2,958 | 1,735 | 1,777 | 1,609 | 1,525 |
| All-in cost per ounce - $/oz (1) | 1,596 | 2,317 | 2,462 | — | 2,123 | — | 1,092 | 1,874 | 1,774 | 3,366 | 2,062 | 1,978 | 1,837 | 1,740 |
| 1,654.00 | 1,311.00 | — |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 34 | ||||||||||||||
| For the nine months ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||
| Corporate<br><br>and other (3) | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |
| Total cash costs | ||||||||||||||
| Cost of sales per segmental information (2) | 1 | 279 | — | 279 | 283 | 232 | 340 | 425 | — | 1,280 | 295 | 312 | 23 | 630 |
| - By-product revenue | — | (1) | — | (1) | — | (1) | — | (1) | — | (2) | (1) | (2) | — | (3) |
| - Inventory change | — | 1 | — | 1 | (5) | 1 | 1 | (6) | — | (9) | (5) | (1) | — | (6) |
| - Amortisation of tangible assets | (2) | (72) | — | (72) | (97) | (43) | (22) | (48) | — | (210) | (31) | (59) | — | (90) |
| - Amortisation of right of use assets | (1) | (1) | — | (1) | (2) | — | — | (19) | — | (21) | (8) | (5) | (1) | (14) |
| - Amortisation of intangible assets | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| - Rehabilitation and other non-cash costs | — | — | — | — | (2) | (3) | (2) | 1 | — | (6) | 1 | 1 | (1) | 1 |
| - Retrenchment costs | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total cash costs (5) | (2) | 205 | — | 205 | 177 | 186 | 317 | 353 | (1) | 1,032 | 251 | 246 | 21 | 518 |
| Gold produced - oz (000) | — | 250 | — | 250 | 189 | 163 | 194 | 343 | — | 889 | 190 | 215 | — | 405 |
| Total cash costs per ounce - /oz (1) | 817 | — | 817 | 935 | 1,141 | 1,636 | 1,032 | — | 1,162 | 1,320 | 1,145 | — | 1,280 |
All values are in US Dollars.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||
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| 35 | ||||||||||||||
| For the nine months ended 30 September 2023 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | ||||||||||||||
| AMERICAS | Adjusted to exclude the Córrego do Sítio operation | |||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (4) | Córrego do<br><br>Sítio | AngloGold<br><br>Ashanti<br><br>Mineração (6) | Americas(6) | Managed<br><br>operations (6) | Group total (4)(6) | |
| Total cash costs | ||||||||||||||
| Cost of sales per segmental information (2) | 225 | 350 | 124 | 2 | 701 | — | 279 | 2,612 | 2,891 | 101 | 249 | 600 | 2,511 | 2,790 |
| - By-product revenue | (62) | (2) | — | — | (64) | — | (1) | (69) | (70) | — | (2) | (64) | (69) | (70) |
| - Inventory change | 2 | 2 | 1 | — | 5 | — | 1 | (10) | (9) | (1) | 4 | 7 | (8) | (7) |
| - Amortisation of tangible assets | (28) | (47) | (26) | — | (101) | — | (72) | (403) | (475) | (2) | (44) | (98) | (400) | (472) |
| - Amortisation of right of use assets | — | (17) | (5) | — | (22) | — | (1) | (58) | (59) | (3) | (14) | (19) | (55) | (56) |
| - Amortisation of intangible assets | — | — | — | — | — | — | — | — | — | — | — | (1) | (1) | (1) |
| - Rehabilitation and other non-cash costs | (3) | (2) | 2 | (1) | (4) | — | — | (9) | (9) | (3) | — | (1) | (6) | (6) |
| - Retrenchment costs | (1) | (1) | (1) | — | (3) | — | — | (3) | (3) | — | (1) | (3) | (3) | (3) |
| Total cash costs (5) | 133 | 282 | 96 | 1 | 512 | — | 205 | 2,060 | 2,265 | 91 | 192 | 422 | 1,970 | 2,175 |
| Gold produced - oz (000) | 123 | 219 | 61 | — | 403 | — | 250 | 1,697 | 1,947 | 40 | 179 | 363 | 1,657 | 1,907 |
| Total cash costs per ounce - $/oz (1) | 1,079 | 1,292 | 1,574 | — | 1,271 | — | 817 | 1,215 | 1,163 | 2,256 | 1,075 | 1,162 | 1,189 | 1,140 |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | |
|---|---|
| 36 | |
| For the year ended 31 December 2023 | |
| --- | --- |
| (in US Dollar million, except as otherwise noted) | |
| Centamin<br><br>Group | |
| All-in sustaining costs | |
| Cost of sales | 597 |
| By-product revenue | (2) |
| Royalties not included to cost of sales | 27 |
| Inventory write off not included to cost of sales | 4 |
| Net movement on provision for stock obsolescence not<br><br>included to cost of sales | (4) |
| Amortisation of tangible, intangible and right of use assets | (197) |
| Adjusted for decommissioning and inventory amortisation | 1 |
| Corporate administration and marketing expenditure | 33 |
| Lease payment sustaining | 1 |
| Total sustaining capital expenditure | 87 |
| All-in sustaining costs (1) | 546 |
| Gold sold - oz (000) * | 457 |
| All-in sustaining costs per ounce - $/oz (1) | 1,196 |
(1) Non-GAAP measures of “All-in sustaining costs” and “All-in sustaining costs per ounce” ($/oz), as calculated and reported by Centamin, were adjusted to be consistent with AngloGold Ashanti’s definition of “All-in sustaining costs” and “All-in sustaining costs
per ounce” ($/oz). During 2018, the World Gold Council (“WGC”), an industry body, published a revised Guidance Note on “all-in sustaining costs” and “all-in costs” metrics, which gold mining companies can use to supplement their overall Non-GAAP
disclosure. The WGC worked closely with its members to develop these Non-GAAP measures which are intended to provide further transparency into the full cost associated with producing gold. It is expected that these metrics, in particular, the “all-in
sustaining cost” metrics which are provided herein, will be helpful to investors, governments, local communities and other stakeholders in understanding the economics of gold mining. “All-in sustaining costs” is a Non-GAAP measure which, as calculated and
reported by AngloGold Ashanti, is an extension of the existing “total cash costs” metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold
mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and evaluation cost
associated with sustaining current operations. “All-in sustaining costs per ounce” ($/oz) is calculated by dividing the US dollar value of this cost metric by the ounces of gold sold”. “All-in sustaining costs” and “All-in sustaining costs per ounce” ($/oz) as reported
by Centamin was adjusted for Net credit to provision for stock obsolescence to arrive at “All-in sustaining costs” and “All-in sustaining costs per ounce” ($/oz) as calculated by AngloGold Ashanti.
*Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | |
|---|---|
| 37 | |
| For the year ended 31 December 2023 | |
| --- | --- |
| (in US Dollar million, except as otherwise noted) | |
| Centamin<br><br>Group | |
| Total cash costs | |
| Cost of sales | 597 |
| - By-product revenue | (2) |
| - Inventory change | 13 |
| - Amortisation of tangible assets | (197) |
| - Rehabilitation and other non-cash costs | (1) |
| Royalties not included to cost of sales‡ | 27 |
| Total cash costs (1) | 436 |
| Gold produced - oz (000)* | 450 |
| Total cash costs per ounce - $/oz (1) | 970 |
(1) The Non-GAAP measures of “Cash cost of production – gold produced” and “Cash cost of production per ounce produced” ($/oz), as calculated and reported by Centamin, were adjusted to be consistent with AngloGold Ashanti’s definition of “total cash
costs” and “total cash costs per ounce” ($/oz). “Total cash costs” is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and is a Non-GAAP measure. The Gold Institute, which has been incorporated into the
National Mining Association, is a non-profit international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform format for reporting total cash costs on a per ounce basis. The guidance was first adopted
in 1996 and revised in November 1999. “Total cash costs” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as
contributions from by-products, but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration
costs. “Total cash costs per ounce” ($/oz) is calculated by dividing the US dollar value of this cost metric by the ounces of gold produced. “Cash cost of production – gold produced” and “Cash cost of production per ounce produced” ($/oz), as reported by
Centamin, was adjusted for royalties, by-product revenue, environmental obligation provision and movements in mining stockpiles to arrive at “Total cash costs per ounce” as calculated by AngloGold Ashanti.
‡ The Arab Republic of Egypt (“ARE”) is entitled to a royalty of 3% of net sales revenue (revenue net of freight and refining costs) as defined from the sale of gold and associated minerals from Sukari Gold Mines (“SGM”). This royalty is calculated and
recognised on receipt of the final certificate of analysis document received from the refinery. Due to its nature, this royalty is not recognised in cost of sales but rather in other operating costs.
* Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 38 |
BAverage gold price received per ounce
| Quarter | Quarter | Nine months | Nine months | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ended | ended | ended | ended | |||||||||
| Sep | Sep | Sep | Sep | |||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited | ||||||||
| Managed<br><br>operations | Non-managed<br><br>joint ventures | Group<br><br>(Equity) | Managed<br><br>operations (1) | Non-managed<br><br>joint ventures | Group<br><br>(Equity) (1) | Managed<br><br>operations | Non-<br><br>managed<br><br>joint ventures | Group<br><br>(Equity) | Managed<br><br>operations (1) | Non-managed<br><br>joint ventures | Group<br><br>(Equity) (1) | |
| Gold income per income statement | 1,112 | 1,112 | 3,257 | 3,257 | ||||||||
| Adjustment for CdS gold income | (21) | (21) | (80) | (80) | ||||||||
| Gold income | 1,466 | 193 | 1,466 | 1,091 | 187 | 1,091 | 3,957 | 533 | 3,957 | 3,177 | 485 | 3,177 |
| Realised (loss) gain on non-hedge derivatives | (25) | — | (25) | 1 | — | 1 | (47) | — | (47) | 2 | — | 2 |
| Gold income including realised gain (loss) | 1,441 | 193 | 1,441 | 1,092 | 187 | 1,092 | 3,910 | 533 | 3,910 | 3,179 | 485 | 3,179 |
| Associates and joint ventures’ share of gold income (including<br><br>realised non-hedge derivatives) | 193 | 187 | 533 | 485 | ||||||||
| Gold income including realised non-hedge derivatives | 1,441 | 193 | 1,634 | 1,092 | 187 | 1,279 | 3,910 | 533 | 4,443 | 3,179 | 485 | 3,664 |
| Gold sold - oz (000) | 590 | 77 | 667 | 573 | 97 | 670 | 1,724 | 230 | 1,954 | 1,662 | 251 | 1,913 |
| Average gold price received per ounce -<br><br>$/oz | 2,442 | 2,503 | 2,449 | 1,906 | 1,924 | 1,908 | 2,268 | 2,313 | 2,274 | 1,913 | 1,935 | 1,916 |
(1) All financial periods within the financial year ended 31 December 2023 have been 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.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 39 |
CCapital expenditure
| For the quarter ended 30 September 2024 | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in US Dollar million, except as otherwise noted) | ||||||||||||||||||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||||||||||||||||||
| Corporate<br><br>and other | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | — | 15 | — | 15 | 27 | 43 | 24 | 41 | — | 135 | 16 | 9 | — | 25 | ||||||||||||||||
| Non-sustaining capital expenditure | — | 13 | — | 13 | 22 | 17 | 6 | 4 | — | 49 | — | 2 | — | 2 | ||||||||||||||||
| Capital expenditure | — | 28 | — | 28 | 49 | 60 | 30 | 45 | — | 184 | 16 | 11 | — | 27 | AMERICAS | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (1) | ||||||||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | 19 | 23 | 10 | — | 52 | — | 15 | 212 | 227 | |||||||||||||||||||||
| Non-sustaining capital expenditure | — | — | — | — | — | 4 | 13 | 55 | 68 | |||||||||||||||||||||
| Capital expenditure | 19 | 23 | 10 | — | 52 | 4 | 28 | 267 | 295 | For the quarter ended 30 September 2023 | ||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||
| (in US Dollar million, except as otherwise noted) | ||||||||||||||||||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||||||||||||||||||
| Corporate<br><br>and other | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | — | 10 | — | 10 | 21 | 46 | 21 | 43 | — | 131 | 10 | 14 | — | 24 | ||||||||||||||||
| Non-sustaining capital expenditure | — | 8 | — | 8 | 8 | 18 | 1 | 7 | — | 34 | — | 6 | — | 6 | ||||||||||||||||
| Capital expenditure | — | 18 | — | 18 | 29 | 64 | 22 | 50 | — | 165 | 10 | 20 | — | 30 | AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (1) | Córrego do<br><br>Sítio | AngloGold<br><br>Ashanti<br><br>Mineração (2) | Americas (2) | Managed<br><br>operations (2) | Group total (1) (2) | |||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | 16 | 28 | 14 | — | 58 | — | 10 | 213 | 223 | 5 | 23 | 53 | 208 | 218 | ||||||||||||||||
| Non-sustaining capital expenditure | — | — | — | — | — | 2 | 8 | 42 | 50 | — | — | — | 42 | 50 | ||||||||||||||||
| Capital expenditure | 16 | 28 | 14 | — | 58 | 2 | 18 | 255 | 273 | 5 | 23 | 53 | 250 | 268 | ||||||||||||||||
| 1,654.00 | 1,311.00 | — |
(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.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 40 | ||||||||||||||||||||||||||||||
| For the nine months ended 30 September 2024 | ||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||
| (in US Dollar million, except as otherwise noted) | ||||||||||||||||||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||||||||||||||||||
| Corporate<br><br>and other | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | 1 | 49 | — | 49 | 80 | 112 | 67 | 128 | — | 387 | 38 | 26 | — | 64 | ||||||||||||||||
| Non-sustaining capital expenditure | — | 40 | — | 40 | 39 | 37 | 6 | 9 | — | 91 | — | 48 | — | 48 | ||||||||||||||||
| Capital expenditure | 1 | 89 | — | 89 | 119 | 149 | 73 | 137 | — | 478 | 38 | 74 | — | 112 | AMERICAS | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (1) | ||||||||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | 48 | 68 | 27 | — | 143 | 3 | 49 | 598 | 647 | |||||||||||||||||||||
| Non-sustaining capital expenditure | — | — | — | — | — | 20 | 40 | 159 | 199 | |||||||||||||||||||||
| Capital expenditure | 48 | 68 | 27 | — | 143 | 23 | 89 | 757 | 846 | For the nine months ended 30 September 2023 | ||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||
| (in US Dollar million, except as otherwise noted) | ||||||||||||||||||||||||||||||
| AFRICA | AUSTRALIA | |||||||||||||||||||||||||||||
| Corporate<br><br>and other | Kibali | Other | Non-managed<br><br>joint ventures | Iduapriem | Obuasi | Siguiri | Geita | Africa other | Managed<br><br>operations | Sunrise Dam | Tropicana | Australia other | Australia | |||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | — | 38 | — | 38 | 64 | 92 | 33 | 101 | — | 290 | 32 | 35 | — | 67 | ||||||||||||||||
| Non-sustaining capital expenditure | — | 23 | — | 23 | 35 | 47 | 5 | 25 | — | 112 | — | 36 | — | 36 | ||||||||||||||||
| Capital expenditure | — | 61 | — | 61 | 99 | 139 | 38 | 126 | — | 402 | 32 | 71 | — | 103 | AMERICAS | Adjusted to exclude the Córrego do Sítio operation | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||
| Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra Grande | Americas other | Americas | Projects | Non-managed<br><br>joint ventures | Managed<br><br>operations | Group total (1) | Córrego do<br><br>Sítio | AngloGold<br><br>Ashanti<br><br>Mineração (2) | Americas (2) | Managed<br><br>operations (2) | Group total (1) (2) | |||||||||||||||||
| Capital expenditure | ||||||||||||||||||||||||||||||
| Sustaining capital expenditure | 49 | 101 | 41 | — | 191 | — | 38 | 548 | 586 | 19 | 82 | 172 | 529 | 567 | ||||||||||||||||
| Non-sustaining capital expenditure | — | — | — | — | — | 12 | 23 | 160 | 183 | — | — | — | 160 | 183 | ||||||||||||||||
| Capital expenditure | 49 | 101 | 41 | — | 191 | 12 | 61 | 708 | 769 | 19 | 82 | 172 | 689 | 750 | ||||||||||||||||
| 1,654.00 | 1,311.00 | — |
(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.
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 41 |
DAdjusted EBITDA
| For the quarter ended 30 September 2024 | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in US Dollar million, except as otherwise noted) | |||||||||||||||||||||
| AFRICA | AUSTRALIA | AMERICAS | |||||||||||||||||||
| Corporate<br><br>and other | Kibali | Iduapriem | Obuasi | Siguiri | Geita | Africa<br><br>other | Africa | Sunrise<br><br>Dam | Tropicana | Australia<br><br>other | Australia | Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra<br><br>Grande | Americas<br><br>other | Americas | Projects | Sub-total | Less equity<br><br>accounted<br><br>investments | Group | |
| Adjusted EBITDA (1) | |||||||||||||||||||||
| Profit (loss) before taxation | (60) | 67 | 50 | 38 | 53 | 129 | (1) | 336 | 77 | 76 | (20) | 133 | 51 | 37 | (4) | (13) | 71 | (47) | 433 | (39) | 394 |
| Add back: | |||||||||||||||||||||
| Finance costs and unwinding of obligations | 22 | 1 | 1 | 2 | 3 | 7 | — | 14 | — | — | 2 | 2 | 1 | 3 | 1 | — | 5 | — | 43 | (1) | 42 |
| Finance income | (14) | (2) | — | — | — | (4) | 8 | 2 | — | — | (1) | (1) | (12) | (1) | — | — | (13) | — | (26) | (7) | (33) |
| Amortisation of tangible, right of use and<br><br>intangible assets | 1 | 23 | 19 | 20 | 12 | 35 | — | 109 | 19 | 30 | — | 49 | 15 | 28 | 5 | — | 48 | — | 207 | (23) | 184 |
| Other amortisation | — | — | — | — | — | — | — | — | — | — | — | — | (2) | (1) | — | — | (3) | 1 | (2) | — | (2) |
| Associates and joint ventures share of<br><br>amortisation, interest, taxation and other | 1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1 | 76 | 77 |
| EBITDA | (51) | 89 | 70 | 60 | 68 | 167 | 7 | 461 | 96 | 106 | (19) | 183 | 53 | 67 | 1 | (13) | 108 | (46) | 655 | 7 | 662 |
| Adjustments: | |||||||||||||||||||||
| Foreign exchange and fair value adjustments | 1 | 7 | 1 | 2 | (2) | 4 | — | 12 | — | — | — | — | 2 | 1 | 1 | 11 | 15 | — | 28 | (7) | 21 |
| Care and maintenance costs | — | — | — | — | — | — | — | — | — | — | — | — | — | 34 | — | — | 34 | 1 | 35 | — | 35 |
| Retrenchment and related costs | 8 | — | — | — | — | — | — | — | — | — | — | — | — | 1 | — | — | 1 | — | 9 | — | 9 |
| Impairment, derecognition of assets and (profit)<br><br>loss on disposal | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 12 | 1 | 13 | — | 13 | — | 13 |
| Unrealised non-hedge derivative (income) loss | 5 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5 | — | 5 |
| Joint ventures share of costs | — | — | — | — | — | — | 1 | 1 | — | — | — | — | — | — | — | — | — | — | 1 | — | 1 |
| Realised other commodity contracts | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Intergroup interest, royalty, dividend and<br><br>management fees | (3) | 8 | 3 | — | — | — | (8) | 3 | — | — | — | — | — | (2) | 2 | — | — | — | — | — | — |
| Adjusted EBITDA | (40) | 104 | 74 | 62 | 66 | 172 | (1) | 477 | 96 | 106 | (19) | 183 | 56 | 100 | 16 | (1) | 171 | (45) | 746 | — | 746 |
(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.
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| 42 | |||||||||||||||||||||
| For the quarter ended 30 September 2023 | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | |||||||||||||||||||||
| AFRICA | AUSTRALIA | AMERICAS | |||||||||||||||||||
| Corporate<br><br>and other | Kibali | Iduapriem | Obuasi | Siguiri | Geita | Africa<br><br>other | Africa | Sunrise<br><br>Dam | Tropicana | Australia<br><br>other | Australia | Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra<br><br>Grande | Americas<br><br>other | Americas | Projects | Sub-total | Less equity<br><br>accounted<br><br>investments | Group | |
| Adjusted EBITDA (1) | |||||||||||||||||||||
| Profit (loss) before taxation | (311) | 68 | 42 | 14 | (7) | 83 | 10 | 210 | 24 | 42 | (23) | 43 | 55 | (2) | (2) | (47) | 4 | (77) | (131) | (26) | (157) |
| Add back: | |||||||||||||||||||||
| Finance costs and unwinding of obligations | 21 | 3 | — | 2 | 2 | 7 | — | 14 | — | — | 2 | 2 | 1 | 2 | 1 | — | 4 | — | 41 | (3) | 38 |
| Finance income | (5) | (4) | — | — | (2) | (4) | — | (10) | — | — | — | — | (22) | — | — | — | (22) | — | (37) | 2 | (35) |
| Amortisation of tangible, right of use and<br><br>intangible assets | 1 | 29 | 33 | 13 | 7 | 26 | — | 108 | 14 | 25 | — | 39 | 9 | 22 | 11 | — | 42 | — | 190 | (29) | 161 |
| Other amortisation | — | — | — | — | — | — | — | — | — | — | — | — | (1) | 6 | — | — | 5 | 1 | 6 | — | 6 |
| Associates and joint ventures share of<br><br>amortisation, interest, taxation and other | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 62 | 62 |
| EBITDA | (294) | 96 | 75 | 29 | — | 112 | 10 | 322 | 38 | 67 | (21) | 84 | 42 | 28 | 10 | (47) | 33 | (76) | 69 | 6 | 75 |
| Adjustments: | |||||||||||||||||||||
| Foreign exchange and fair value adjustments | 3 | 5 | — | 1 | 2 | 9 | — | 17 | — | — | — | — | (2) | (3) | (2) | 44 | 37 | 1 | 58 | (6) | 52 |
| Care and maintenance costs | — | — | — | — | — | — | — | — | — | — | — | — | — | 14 | — | — | 14 | 1 | 15 | — | 15 |
| Retrenchment and related costs | — | — | — | — | — | — | — | — | — | — | — | — | — | 5 | — | — | 5 | 1 | 6 | — | 6 |
| Impairment, derecognition of assets and (profit)<br><br>loss on disposal | — | — | — | — | — | (1) | — | (1) | — | — | — | — | — | 3 | — | 3 | 6 | 25 | 30 | — | 30 |
| Unrealised non-hedge derivative (income) loss | (10) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (10) | — | (10) |
| Joint ventures share of costs | — | — | — | — | — | — | 1 | 1 | — | — | — | — | — | — | — | — | — | — | 1 | — | 1 |
| Realised other commodity contracts | 1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1 | — | 1 |
| Intergroup interest, royalty, dividend and<br><br>management fees | (9) | 13 | 1 | — | — | — | (12) | 2 | — | — | 4 | 4 | — | — | — | — | — | 3 | — | — | — |
| Adjusted EBITDA | (309) | 114 | 76 | 30 | 2 | 120 | (1) | 341 | 38 | 67 | (17) | 88 | 40 | 47 | 8 | — | 95 | (45) | 170 | — | 170 |
(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.
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| For the nine months ended 30 September 2024 | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | |||||||||||||||||||||
| AFRICA | AUSTRALIA | AMERICAS | |||||||||||||||||||
| Corporate<br><br>and other | Kibali | Iduapriem | Obuasi | Siguiri | Geita | Africa<br><br>other | Africa | Sunrise<br><br>Dam | Tropicana | Australia<br><br>other | Australia | Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra<br><br>Grande | Americas<br><br>other | Americas | Projects | Sub-total | Less equity<br><br>accounted<br><br>investments | Group | |
| Adjusted EBITDA (1) | |||||||||||||||||||||
| Profit (loss) before taxation | (176) | 219 | 158 | 108 | 83 | 328 | (5) | 891 | 135 | 160 | (60) | 235 | 165 | 114 | (15) | (23) | 241 | (114) | 1,077 | (103) | 974 |
| Add back: | |||||||||||||||||||||
| Finance costs and unwinding of obligations | 68 | 2 | 2 | 5 | 8 | 22 | — | 39 | — | 1 | 6 | 7 | 4 | 6 | 3 | — | 13 | 1 | 128 | (2) | 126 |
| Finance income | (46) | (6) | — | (1) | (1) | (12) | 28 | 8 | — | — | (3) | (3) | (55) | (1) | (1) | (1) | (58) | (1) | (100) | (22) | (122) |
| Amortisation of tangible, right of use and<br><br>intangible assets | 3 | 67 | 60 | 53 | 37 | 95 | — | 312 | 58 | 73 | 1 | 132 | 40 | 78 | 15 | — | 133 | — | 580 | (67) | 513 |
| Other amortisation | — | — | — | — | — | — | — | — | — | — | — | — | — | (1) | — | — | (1) | 2 | 1 | — | 1 |
| Associates and joint ventures share of<br><br>amortisation, interest, taxation and other | 3 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 3 | 195 | 198 |
| EBITDA | (147) | 282 | 219 | 166 | 127 | 434 | 23 | 1,251 | 192 | 234 | (55) | 371 | 153 | 196 | 2 | (24) | 327 | (113) | 1,689 | 1 | 1,690 |
| Adjustments: | |||||||||||||||||||||
| Foreign exchange and fair value adjustments | 6 | 2 | 8 | 4 | (5) | 10 | — | 19 | — | — | (1) | (1) | 13 | (5) | (5) | 20 | 23 | — | 47 | (1) | 46 |
| Care and maintenance costs | — | — | — | — | — | — | — | — | — | — | — | — | — | 77 | — | — | 77 | 3 | 80 | — | 80 |
| Retrenchment and related costs | 8 | — | — | — | — | — | — | — | — | — | 1 | 1 | 1 | (1) | 1 | — | 1 | — | 10 | — | 10 |
| Impairment, derecognition of assets and (profit)<br><br>loss on disposal | — | — | — | 2 | — | 1 | — | 3 | — | — | — | — | — | (2) | 12 | 1 | 11 | — | 14 | — | 14 |
| Unrealised non-hedge derivative (income ) loss | 22 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 22 | — | 22 |
| Joint ventures share of costs | — | — | — | — | — | — | 1 | 1 | — | — | — | — | — | — | — | — | — | — | 1 | — | 1 |
| Realised other commodity contracts | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Intergroup interest, royalty, dividend and<br><br>management fees | (9) | 27 | 9 | — | — | — | (27) | 9 | — | — | — | — | — | (2) | 2 | — | — | — | — | — | — |
| Adjusted EBITDA | (120) | 310 | 236 | 171 | 122 | 446 | (2) | 1,283 | 192 | 234 | (55) | 371 | 167 | 263 | 11 | (3) | 438 | (109) | 1,863 | — | 1,863 |
(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.
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| 44 | |||||||||||||||||||||
| For the nine months ended 30 September 2023 | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (in US Dollar million, except as otherwise noted) | |||||||||||||||||||||
| AFRICA | AUSTRALIA | AMERICAS | |||||||||||||||||||
| Corporate<br><br>and other | Kibali | Iduapriem | Obuasi | Siguiri | Geita | Africa<br><br>other | Africa | Sunrise<br><br>Dam | Tropicana | Australia<br><br>other | Australia | Cerro<br><br>Vanguardia | AngloGold<br><br>Ashanti<br><br>Mineração | Serra<br><br>Grande | Americas<br><br>other | Americas | Projects | Sub-total | Less equity<br><br>accounted<br><br>investments | Group | |
| Adjusted EBITDA (1) | |||||||||||||||||||||
| Profit (loss) before taxation | (384) | 152 | 79 | 91 | 13 | 209 | 31 | 575 | 78 | 105 | (62) | 121 | 111 | (180) | (28) | (81) | (178) | (159) | (25) | (56) | (81) |
| Add back: | |||||||||||||||||||||
| Finance costs and unwinding of obligations | 63 | 8 | 1 | 5 | 5 | 19 | — | 38 | — | 1 | 6 | 7 | 3 | 7 | 2 | — | 12 | — | 120 | (7) | 113 |
| Finance income | (18) | (10) | — | (2) | (1) | (13) | — | (26) | — | — | (1) | (1) | (54) | (1) | (1) | (1) | (57) | — | (102) | 10 | (92) |
| Amortisation of tangible, right of use and<br><br>intangible assets | 3 | 73 | 99 | 43 | 22 | 67 | — | 304 | 39 | 64 | 1 | 104 | 28 | 64 | 31 | — | 123 | — | 534 | (73) | 461 |
| Other amortisation | — | — | — | — | — | — | — | — | — | — | — | — | — | (2) | — | — | (2) | 2 | — | — | — |
| Associates and joint ventures share of<br><br>amortisation, interest, taxation and other | 2 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 2 | 140 | 142 |
| EBITDA | (334) | 223 | 179 | 137 | 39 | 282 | 31 | 891 | 117 | 171 | (57) | 231 | 88 | (112) | 4 | (82) | (102) | (157) | 529 | 14 | 543 |
| Adjustments: | |||||||||||||||||||||
| Foreign exchange and fair value adjustments | 6 | 13 | 5 | 5 | 4 | 18 | — | 45 | — | — | (2) | (2) | 9 | 2 | 1 | 80 | 92 | — | 141 | (14) | 127 |
| Care and maintenance costs | — | — | — | — | — | — | — | — | — | — | — | — | — | 14 | — | — | 14 | 2 | 16 | — | 16 |
| Retrenchment and related costs | — | — | — | — | — | — | — | — | — | — | — | — | 1 | 6 | — | — | 7 | 1 | 8 | — | 8 |
| Impairment, derecognition of assets and (profit)<br><br>loss on disposal | 1 | — | — | — | — | (1) | — | (1) | — | — | — | — | — | 123 | 9 | (1) | 131 | 25 | 156 | — | 156 |
| Unrealised non-hedge derivative (income) loss | (11) | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | (11) | — | (11) |
| Joint ventures share of costs | — | — | — | — | — | — | 2 | 2 | — | — | — | — | — | — | — | — | — | — | 2 | — | 2 |
| Realised other commodity contracts | 5 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 5 | — | 5 |
| Intergroup interest, royalty, dividend and<br><br>management fees | (25) | 34 | 3 | — | — | — | (35) | 2 | — | — | 12 | 12 | — | (1) | — | — | (1) | 12 | — | — | — |
| Adjusted EBITDA | (358) | 270 | 187 | 142 | 43 | 299 | (2) | 939 | 117 | 171 | (47) | 241 | 98 | 32 | 14 | (3) | 141 | (117) | 846 | — | 846 |
(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.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 45 |
EAdjusted net debt (1)
| As at | As at | As at | |
|---|---|---|---|
| Sep | Dec | Sep | |
| 2024 | 2023 | 2023 | |
| US Dollar million | Unaudited | Unaudited | Unaudited |
| Borrowings - non-current portion | 1,939 | 2,032 | 1,973 |
| Borrowings - current portion | 200 | 207 | 25 |
| Lease liabilities - non-current portion | 84 | 98 | 100 |
| Lease liabilities - current portion | 80 | 73 | 71 |
| Total borrowings | 2,303 | 2,410 | 2,169 |
| Less cash and cash equivalents, net of bank overdraft | (1,225) | (955) | (726) |
| Net debt | 1,078 | 1,455 | 1,443 |
| Adjustments: | |||
| IFRS16 lease adjustments | (146) | (149) | (149) |
| Unamortised portion of borrowing costs | 27 | 30 | 24 |
| Cash restricted for use | (53) | (68) | (65) |
| Adjusted net debt | 906 | 1,268 | 1,253 |
| Adjusted net debt to Adjusted EBITDA | 0.37:1 | 0.89:1 | 0.97:1 |
| Total borrowings to profit (loss) before taxation | 2.06:1 | 38.25:1 | (77.46):1 |
| (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.
FFree cash flow
| Quarter | Quarter | Nine<br><br>months | Nine<br><br>months | |
|---|---|---|---|---|
| ended | ended | ended | ended | |
| Sep | Sep | Sep | Sep | |
| 2024 | 2023 | 2024 | 2023 | |
| US Dollar million | Unaudited | Unaudited | Unaudited | Unaudited |
| Cash generated from operations(1) | 615 | 249 | 1,350 | 565 |
| Dividends received from joint ventures | 8 | 49 | 44 | 86 |
| Taxation refund | 6 | — | 6 | — |
| Taxation paid | (23) | (24) | (122) | (84) |
| Net cash inflow from operating activities | 606 | 274 | 1,278 | 567 |
| Corporate restructuring costs | — | 24 | 2 | 28 |
| Capital expenditure on tangible and intangible assets | (267) | (255) | (757) | (708) |
| Net cash from operating activities after capital expenditure and excluding<br><br>corporate restructuring costs | 339 | 43 | 523 | (113) |
| Repayment of lease liabilities | (25) | (23) | (68) | (67) |
| Finance costs accrued and capitalised | (35) | (31) | (106) | (95) |
| Net cash flow after capital expenditure and interest | 279 | (11) | 349 | (275) |
| Other net cash inflow from investing activities | 58 | 20 | 210 | 79 |
| Other | 9 | 3 | 9 | 3 |
| Add backs: | ||||
| Cash restricted for use | 1 | 8 | (15) | 9 |
| Free cash inflow (outflow) (2) | 347 | 20 | 553 | (184) |
(1) Includes working capital movements as per table below.
(2) Free cash flow has been adjusted to exclude corporate restructuring costs.
| (Increase) decrease in inventories | (57) | (18) | (23) | (37) |
|---|---|---|---|---|
| (Increase) decrease in trade receivables | (2) | (6) | (121) | (147) |
| Increase (decrease) in trade payables | 88 | 36 | 13 | 9 |
| Movement in working capital | 29 | 12 | (131) | (175) |
Rounding of figures may result in computational discrepancies.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 46 |
Other information - Exchange rates
| Sep | Sep | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||||||||||
| Unaudited | Unaudited | |||||||||||||||
| ZAR/USD average for the year to date | 18.46 | 18.36 | ||||||||||||||
| ZAR/USD average for the quarter | 17.97 | 18.64 | ||||||||||||||
| ZAR/USD closing | 17.26 | 18.92 | ||||||||||||||
| AUD/USD average for the year to date | 1.51 | 1.50 | ||||||||||||||
| AUD/USD average for the quarter | 1.49 | 1.53 | ||||||||||||||
| AUD/USD closing | 1.45 | 1.55 | ||||||||||||||
| BRL/USD average for the year to date | 5.24 | 5.01 | ||||||||||||||
| BRL/USD average for the quarter | 5.54 | 4.88 | ||||||||||||||
| BRL/USD closing | 5.45 | 5.01 | ||||||||||||||
| ARS/USD average for the year to date | 888.30 | 246.24 | ||||||||||||||
| ARS/USD average for the quarter | 942.19 | 313.57 | ||||||||||||||
| ARS/USD closing | 970.92 | 350.01 | ||||||||||||||
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||||
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| 47 | ||||||||||||||||
| Operations at a glance | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| for the quarters ended 30 September 2024 and 30 September 2023 | ||||||||||||||||
| Gold production<br><br>oz (000) | Open-pit treated<br><br>000 tonnes | Underground milled /<br><br>treated<br><br>000 tonnes | Other milled / treated<br><br>000 tonnes | Open-pit recovered<br><br>grade<br><br>g/tonne | Underground recovered<br><br>grade<br><br>g/tonne | Other recovered grade<br><br>g/tonne | Total recovered grade<br><br>g/tonne | |||||||||
| Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | |
| AFRICA Non-managed joint ventures | 71 | 99 | 581 | 512 | 384 | 446 | — | — | 0.91 | 1.89 | 4.41 | 4.75 | — | — | 2.30 | 3.22 |
| Kibali - Attributable 45% (1) | 71 | 99 | 581 | 512 | 384 | 446 | — | — | 0.91 | 1.89 | 4.41 | 4.75 | — | — | 2.30 | 3.22 |
| AFRICA Managed operations | 301 | 308 | 4,862 | 5,105 | 968 | 863 | 40 | 93 | 1.05 | 1.12 | 4.36 | 4.38 | 0.97 | 0.96 | 1.59 | 1.58 |
| Iduapriem | 59 | 71 | 1,380 | 1,396 | — | — | — | — | 1.32 | 1.59 | — | — | — | — | 1.32 | 1.59 |
| Obuasi | 53 | 46 | — | — | 279 | 230 | 40 | 93 | — | — | 5.75 | 5.84 | 0.97 | 0.96 | 5.15 | 4.43 |
| Siguiri (4) | 71 | 65 | 2,754 | 2,910 | — | — | — | — | 0.80 | 0.69 | — | — | — | — | 0.80 | 0.69 |
| Geita | 118 | 126 | 728 | 799 | 689 | 633 | — | — | 1.46 | 1.84 | 3.80 | 3.85 | — | — | 2.60 | 2.73 |
| AUSTRALIA | 160 | 140 | 1,714 | 1,554 | 921 | 1,004 | — | — | 1.33 | 1.22 | 2.89 | 2.43 | — | — | 1.88 | 1.70 |
| Sunrise Dam | 73 | 64 | 425 | 271 | 552 | 659 | — | — | 1.48 | 1.54 | 2.95 | 2.36 | — | — | 2.31 | 2.12 |
| Tropicana - Attributable 70% | 87 | 76 | 1,289 | 1,283 | 369 | 345 | — | — | 1.29 | 1.16 | 2.80 | 2.56 | — | — | 1.62 | 1.46 |
| AMERICAS (2) | 125 | 129 | 245 | 236 | 501 | 590 | 610 | 671 | 2.33 | 1.85 | 3.79 | 3.33 | 2.34 | 2.38 | 2.88 | 2.67 |
| Cerro Vanguardia (4) | 42 | 38 | 190 | 194 | 117 | 109 | 404 | 416 | 2.67 | 1.98 | 4.85 | 5.67 | 0.61 | 0.41 | 1.86 | 1.63 |
| AngloGold Ashanti Mineração (2) (3) | 67 | 67 | — | 1 | 165 | 201 | 206 | 255 | — | — | 5.48 | 3.28 | 5.73 | 5.61 | 5.62 | 4.58 |
| Serra Grande | 16 | 24 | 55 | 41 | 219 | 280 | — | — | 1.16 | 1.23 | 1.95 | 2.45 | — | — | 1.79 | 2.30 |
| Managed operations (2) | 586 | 577 | 6,821 | 6,895 | 2,390 | 2,457 | 650 | 765 | 1.17 | 1.17 | 3.67 | 3.33 | 2.26 | 2.21 | 1.85 | 1.77 |
| Non-managed joint ventures | 71 | 99 | 581 | 512 | 384 | 446 | — | — | 0.91 | 1.89 | 4.41 | 4.75 | — | — | 2.30 | 3.22 |
| Total including equity-accounted non-managed<br><br>joint ventures (2) | 657 | 676 | 7,402 | 7,407 | 2,774 | 2,903 | 650 | 765 | 1.15 | 1.22 | 3.78 | 3.55 | 2.26 | 2.21 | 1.89 | 1.90 |
| (1) Equity-accounted joint venture. | ||||||||||||||||
| (2) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the CdS operation that was placed on care and maintenance in August 2023. CdS produced nil koz and 10koz for the three months ended<br><br>30 September 2024 and 2023, respectively. | ||||||||||||||||
| (3) Includes gold concentrate from the Cuiabá mine sold to third parties. | ||||||||||||||||
| (4) On a consolidated basis. Siguiri and Cerro Vanguardia are owned 85% and 92.50% by AngloGold Ashanti, respectively. | ||||||||||||||||
| Rounding of figures may result in computational discrepancies. | ||||||||||||||||
| AngloGold Ashanti’s reporting for managed operations has shifted from an attributable basis of reporting to a consolidated basis of reporting. The change in reporting has only impacted the managed operations with non-controlling interests<br><br>(i.e., Siguiri and Cerro Vanguardia), whereas non-managed 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<br><br>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<br><br>production, related unit revenue and cost metrics have been discontinued. The metrics for the three-month and nine-month periods ended 30 September 2023 have been adjusted to reflect this change in reporting. | ||||||||||||||||
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||||
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| 48 | ||||||||||||||||
| Operations at a glance (continued) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| for the quarters ended 30 September 2024 and 30 September 2023 | ||||||||||||||||
| Cost of sales | Gross profit | Adjusted EBITDA* | Total cash costs per ounce* | All-in sustaining costs per ounce* | Sustaining MRD / Stripping capital | Other sustaining capital | Non-sustaining capital* | |||||||||
| m | m | m | /oz | /oz | m | m | m | |||||||||
| Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | |
| AFRICA Non-managed joint ventures | 104 | 97 | 89 | 90 | 104 | 114 | 1,053 | 721 | 1,241 | 820 | 7 | 1 | 8 | 9 | 13 | 8 |
| Kibali - Attributable 45% (1) | 104 | 97 | 89 | 90 | 104 | 114 | 1,053 | 721 | 1,241 | 820 | 7 | 1 | 8 | 9 | 13 | 8 |
| AFRICA Managed operations | 449 | 402 | 302 | 163 | 373 | 227 | 1,179 | 1,126 | 1,707 | 1,589 | 82 | 72 | 53 | 59 | 49 | 34 |
| Iduapriem | 93 | 88 | 56 | 44 | 74 | 76 | 1,191 | 822 | 1,719 | 1,122 | 20 | 17 | 7 | 4 | 22 | 8 |
| Obuasi | 78 | 75 | 45 | 9 | 62 | 30 | 1,153 | 1,449 | 2,063 | 2,491 | 29 | 25 | 14 | 21 | 17 | 18 |
| Siguiri (4) | 124 | 105 | 57 | 10 | 66 | 2 | 1,500 | 1,664 | 1,916 | 2,020 | 8 | 7 | 16 | 14 | 6 | 1 |
| Geita | 154 | 134 | 144 | 100 | 172 | 120 | 995 | 903 | 1,428 | 1,320 | 25 | 23 | 16 | 20 | 4 | 7 |
| Administration and other | — | — | — | — | (1) | (1) | — | — | — | — | — | — | — | — | — | — |
| AUSTRALIA | 249 | 216 | 145 | 60 | 183 | 88 | 1,245 | 1,248 | 1,455 | 1,453 | 14 | 14 | 11 | 10 | 2 | 6 |
| Sunrise Dam | 101 | 99 | 78 | 24 | 96 | 38 | 1,132 | 1,352 | 1,411 | 1,555 | 10 | 4 | 6 | 6 | — | — |
| Tropicana - Attributable 70% | 139 | 110 | 76 | 43 | 106 | 67 | 1,243 | 1,079 | 1,389 | 1,284 | 4 | 10 | 5 | 4 | 2 | 6 |
| Administration and other | 9 | 7 | (9) | (7) | (19) | (17) | — | — | — | — | — | — | — | — | — | — |
| AMERICAS (2) | 222 | 245 | 125 | 53 | 171 | 95 | 1,127 | 1,122 | 1,653 | 1,536 | 33 | 39 | 19 | 19 | — | — |
| Cerro Vanguardia (4) | 94 | 73 | 45 | 27 | 56 | 40 | 1,224 | 966 | 1,744 | 1,444 | 7 | 10 | 12 | 6 | — | — |
| AngloGold Ashanti Mineração (2) (3) | 90 | 128 | 77 | 25 | 100 | 47 | 896 | 1,073 | 1,315 | 1,403 | 19 | 20 | 4 | 8 | — | — |
| Serra Grande | 38 | 44 | 4 | 1 | 16 | 8 | 1,801 | 1,502 | 2,773 | 2,114 | 7 | 9 | 3 | 5 | — | — |
| Administration and other | — | — | (1) | — | (1) | — | — | — | — | — | — | — | — | — | — | — |
| PROJECTS | — | — | — | — | (45) | (45) | — | — | — | — | — | — | — | — | 4 | 2 |
| Colombian projects | — | — | — | — | (7) | (7) | — | — | — | — | — | — | — | — | 2 | 2 |
| North American projects | — | — | — | — | (38) | (38) | — | — | — | — | — | — | — | — | 2 | — |
| CORPORATE AND OTHER | 1 | — | (31) | 10 | (40) | (309) | — | — | — | — | — | — | — | — | — | — |
| Managed operations (2) | 921 | 863 | 541 | 286 | 1,186 | 1,152 | 1,665 | 1,579 | 129 | 125 | 83 | 88 | 55 | 42 | ||
| Non-managed joint ventures | 104 | 97 | 89 | 90 | 1,053 | 721 | 1,241 | 820 | 7 | 1 | 8 | 9 | 13 | 8 | ||
| Total including equity-accounted non-managed<br><br>joint ventures (2) | 1,025 | 960 | 630 | 376 | 746 | 170 | 1,172 | 1,089 | 1,616 | 1,469 | 136 | 126 | 91 | 97 | 68 | 50 |
| (1) Equity-accounted joint venture. | ||||||||||||||||
| (2) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the CdS operation that was placed on care and maintenance in August 2023. CdS did not record any total cash costs per ounce* or all-in sustaining costs per ounce* for the three months ended 30 September 2024. CdS recorded total cash costs per ounce* of 2,192/oz and all-in sustaining costs per ounce* of 2,755/oz for the three months ended 30 September 2023. | ||||||||||||||||
| (3) Includes gold concentrate from the Cuiabá mine sold to third parties. | ||||||||||||||||
| (4) On a consolidated basis. Siguiri and Cerro Vanguardia are owned 85% and 92.50% by AngloGold Ashanti, respectively. | ||||||||||||||||
| * Refer to “Non-GAAP disclosure” for definitions and reconciliations. | ||||||||||||||||
| Rounding of figures may result in computational discrepancies. |
All values are in US Dollars.
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 49 | ||||||||||||||||
| Operations at a glance | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| for the nine months ended 30 September 2024 and 30 September 2023 | ||||||||||||||||
| Gold production<br><br>oz (000) | Open-pit treated<br><br>000 tonnes | Underground milled /<br><br>treated<br><br>000 tonnes | Other milled / treated<br><br>000 tonnes | Open-pit recovered grade<br><br>g/tonne | Underground recovered<br><br>grade<br><br>g/tonne | Other recovered grade<br><br>g/tonne | Total recovered grade<br><br>g/tonne | |||||||||
| Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | |
| AFRICA Non-managed joint ventures | 229 | 250 | 1,652 | 1,588 | 1,204 | 1,201 | — | — | 0.94 | 1.54 | 4.63 | 4.45 | — | — | 2.50 | 2.79 |
| Kibali - Attributable 45% (1) | 229 | 250 | 1,652 | 1,588 | 1,204 | 1,201 | — | — | 0.94 | 1.54 | 4.63 | 4.45 | — | — | 2.50 | 2.79 |
| AFRICA Managed operations | 894 | 889 | 14,221 | 13,788 | 2,799 | 2,592 | 130 | 174 | 1.07 | 1.16 | 4.45 | 4.41 | 0.99 | 1.00 | 1.62 | 1.67 |
| Iduapriem | 187 | 189 | 3,988 | 3,914 | — | — | — | — | 1.46 | 1.51 | — | — | — | — | 1.46 | 1.51 |
| Obuasi | 161 | 163 | — | — | 843 | 732 | 130 | 174 | — | — | 5.77 | 6.69 | 0.99 | 1.00 | 5.14 | 5.59 |
| Siguiri (4) | 199 | 194 | 8,166 | 7,795 | — | — | — | — | 0.76 | 0.77 | — | — | — | — | 0.76 | 0.77 |
| Geita | 347 | 343 | 2,067 | 2,079 | 1,956 | 1,860 | — | — | 1.56 | 1.98 | 3.88 | 3.51 | — | — | 2.69 | 2.70 |
| AUSTRALIA | 406 | 405 | 4,824 | 5,114 | 2,732 | 2,807 | — | — | 1.08 | 1.07 | 2.70 | 2.53 | — | — | 1.67 | 1.59 |
| Sunrise Dam | 193 | 190 | 1,164 | 1,012 | 1,777 | 1,882 | — | — | 1.16 | 1.34 | 2.61 | 2.43 | — | — | 2.04 | 2.05 |
| Tropicana - Attributable 70% | 213 | 215 | 3,660 | 4,102 | 955 | 925 | — | — | 1.06 | 1.01 | 2.87 | 2.74 | — | — | 1.43 | 1.33 |
| AMERICAS (2) | 382 | 363 | 652 | 665 | 1,373 | 1,541 | 2,004 | 2,073 | 2.17 | 2.14 | 4.26 | 3.62 | 2.31 | 2.07 | 2.95 | 2.64 |
| Cerro Vanguardia (4) | 129 | 123 | 595 | 616 | 317 | 313 | 1,319 | 1,312 | 2.26 | 2.21 | 5.83 | 6.12 | 0.61 | 0.42 | 1.79 | 1.71 |
| AngloGold Ashanti Mineração (2) (3) | 196 | 179 | — | — | 418 | 442 | 685 | 761 | — | — | 5.44 | 4.13 | 5.59 | 4.91 | 5.53 | 4.62 |
| Serra Grande | 57 | 61 | 57 | 49 | 638 | 786 | — | — | 1.17 | 1.22 | 2.70 | 2.34 | — | — | 2.57 | 2.27 |
| Managed operations (2) | 1,682 | 1,657 | 19,697 | 19,567 | 6,904 | 6,940 | 2,134 | 2,247 | 1.11 | 1.17 | 3.72 | 3.47 | 2.23 | 1.98 | 1.82 | 1.79 |
| Non-managed joint ventures | 229 | 250 | 1,652 | 1,588 | 1,204 | 1,201 | — | — | 0.94 | 1.54 | 4.63 | 4.45 | — | — | 2.50 | 2.79 |
| Total including equity-accounted<br><br>non-managed joint ventures (2) | 1,911 | 1,907 | 21,349 | 21,155 | 8,108 | 8,141 | 2,134 | 2,247 | 1.10 | 1.20 | 3.85 | 3.62 | 2.23 | 1.98 | 1.88 | 1.88 |
| (1) Equity-accounted joint venture. | ||||||||||||||||
| (2) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the CdS operation that was placed on care and maintenance in August 2023. CdS produced nil koz and 40koz for the nine months ended<br><br>30 September 2024 and 2023, respectively. | ||||||||||||||||
| (3) Includes gold concentrate from the Cuiabá mine sold to third parties. | ||||||||||||||||
| (4) On a consolidated basis. Siguiri and Cerro Vanguardia are owned 85% and 92.50% by AngloGold Ashanti, respectively. | ||||||||||||||||
| Rounding of figures may result in computational discrepancies. | ||||||||||||||||
| September 2024 Earnings Release - www.AngloGoldAshanti.com | ||||||||||||||||
| --- | ||||||||||||||||
| 50 | ||||||||||||||||
| Operations at a glance (continued) | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| for the nine months ended 30 September 2024 and 30 September 2023 | ||||||||||||||||
| Cost of sales | Gross profit | Adjusted EBITDA* | Total cash costs per ounce* | All-in sustaining costs per ounce* | Sustaining MRD / Stripping capital | Other sustaining capital | Non-sustaining capital* | |||||||||
| m | m | m | /oz | /oz | m | m | m | |||||||||
| Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | Sep-23 | |
| AFRICA Non-managed joint ventures | 278 | 279 | 256 | 207 | 310 | 270 | 924 | 817 | 1,133 | 967 | 27 | 13 | 22 | 25 | 40 | 23 |
| Kibali - Attributable 45% (1) | 278 | 279 | 256 | 207 | 310 | 270 | 924 | 817 | 1,133 | 967 | 27 | 13 | 22 | 25 | 40 | 23 |
| AFRICA Managed operations | 1,367 | 1,280 | 746 | 463 | 973 | 669 | 1,206 | 1,162 | 1,683 | 1,519 | 261 | 188 | 126 | 102 | 91 | 112 |
| Iduapriem | 260 | 283 | 179 | 88 | 236 | 187 | 1,021 | 935 | 1,487 | 1,299 | 68 | 54 | 12 | 10 | 39 | 35 |
| Obuasi | 259 | 232 | 114 | 94 | 171 | 142 | 1,231 | 1,141 | 1,956 | 1,674 | 78 | 64 | 34 | 28 | 37 | 47 |
| Siguiri (4) | 384 | 340 | 88 | 33 | 122 | 43 | 1,687 | 1,636 | 2,062 | 1,832 | 22 | 9 | 45 | 24 | 6 | 5 |
| Geita | 464 | 425 | 365 | 247 | 446 | 299 | 1,020 | 1,032 | 1,449 | 1,396 | 93 | 61 | 35 | 40 | 9 | 25 |
| Administration and other | — | — | — | 1 | (2) | (2) | — | — | — | — | — | — | ||||
| AUSTRALIA | 687 | 630 | 269 | 162 | 371 | 241 | 1,335 | 1,280 | 1,550 | 1,490 | 34 | 36 | 30 | 31 | 48 | 36 |
| Sunrise Dam | 317 | 295 | 135 | 78 | 192 | 117 | 1,321 | 1,320 | 1,589 | 1,546 | 22 | 12 | 16 | 20 | — | — |
| Tropicana - Attributable 70% | 344 | 312 | 161 | 107 | 234 | 171 | 1,230 | 1,145 | 1,394 | 1,334 | 12 | 24 | 14 | 11 | 48 | 36 |
| Administration and other | 26 | 23 | (27) | (23) | (55) | (47) | — | — | — | — | — | — | ||||
| AMERICAS (2) | 627 | 701 | 347 | 90 | 438 | 141 | 1,024 | 1,162 | 1,493 | 1,777 | 105 | 126 | 38 | 65 | — | — |
| Cerro Vanguardia (4) | 269 | 225 | 133 | 72 | 167 | 98 | 1,044 | 1,079 | 1,460 | 1,555 | 28 | 29 | 20 | 20 | — | — |
| AngloGold Ashanti Mineração (2) (3) | 254 | 350 | 185 | 27 | 263 | 32 | 883 | 1,075 | 1,330 | 1,735 | 56 | 69 | 12 | 32 | — | — |
| Serra Grande | 103 | 124 | 30 | (7) | 11 | 14 | 1,439 | 1,574 | 2,113 | 2,310 | 21 | 28 | 6 | 13 | — | — |
| Administration and other | 1 | 2 | (1) | (2) | (3) | (3) | — | — | — | — | — | — | ||||
| PROJECTS | — | — | — | — | (109) | (117) | — | — | — | — | — | — | 3 | — | 20 | 12 |
| Colombian projects | — | — | — | — | (17) | (18) | — | — | — | — | — | — | — | — | 5 | 7 |
| North American projects | — | — | — | — | (92) | (99) | — | — | — | — | — | — | 3 | — | 15 | 5 |
| CORPORATE AND OTHER | 2 | 1 | (72) | 6 | (120) | (358) | — | — | 1 | — | — | — | ||||
| Managed operations (2) | 2,683 | 2,612 | 1,290 | 721 | 1,195 | 1,189 | 1,660 | 1,609 | 400 | 350 | 198 | 198 | 159 | 160 | ||
| Non-managed joint ventures | 278 | 279 | 256 | 207 | 924 | 817 | 1,133 | 967 | 27 | 13 | 22 | 25 | 40 | 23 | ||
| Total including equity-accounted<br><br>non-managed joint ventures (2) | 2,961 | 2,891 | 1,546 | 928 | 1,863 | 846 | 1,163 | 1,140 | 1,598 | 1,525 | 427 | 363 | 220 | 223 | 199 | 183 |
| (1) Equity-accounted joint venture. | ||||||||||||||||
| (2) All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the CdS operation that was placed on care and maintenance in August 2023. CdS did not record any total cash costs per ounce* or all-in sustaining costs per ounce* for the nine months ended 30 September 2024. CdS recorded total cash costs per ounce* of 2,256/oz and all-in sustaining costs per ounce* of 2,958/oz for the nine months ended 30 September 2023. | ||||||||||||||||
| (3) Includes gold concentrate from the Cuiabá mine sold to third parties. | ||||||||||||||||
| (4) On a consolidated basis. Siguiri and Cerro Vanguardia are owned 85% and 92.50% by AngloGold Ashanti, respectively. | ||||||||||||||||
| * Refer to “Non-GAAP disclosure” for definitions and reconciliations. | ||||||||||||||||
| Rounding of figures may result in computational discrepancies. |
All values are in US Dollars.
| September 2024 Earnings Release - www.AngloGoldAshanti.com |
|---|
| 51 |
Administration and corporate information
| AngloGold Ashanti plc<br><br>Incorporated in England & Wales<br><br>Registration No. 14654651<br><br>LEI No. 2138005YDSA7A82RNU96<br><br>Share codes:<br><br>ISIN: GB00BRXH2664<br><br>CUSIP: G0378L100<br><br>NYSE: AU<br><br>JSE: ANG<br><br>A2X: ANG<br><br>GhSE (Shares): AGA<br><br>GhSE (GhDS): AAD<br><br>JSE Sponsor:<br><br>The Standard Bank of South Africa Limited<br><br>Auditor: PricewaterhouseCoopers Inc.<br><br>Offices<br><br>Registered and Corporate<br><br>4th Floor, Communications House<br><br>South Street<br><br>Staines-upon-Thames<br><br>Surrey TW18 4PR<br><br>United Kingdom<br><br>Telephone: +44 (0) 203 968 3320<br><br>Fax: +44 (0) 203 968 3325<br><br>Global headquarters<br><br>6363 S. Fiddlers Green Circle, Suite 1000<br><br>Greenwood Village, CO 80111<br><br>United States of America<br><br>Telephone: +1 303 889 0700<br><br>Australia<br><br>Level 10, AMP Building,<br><br>140 St George’s Terrace<br><br>Perth, WA 6000<br><br>(PO Box Z5046, Perth WA 6831)<br><br>Australia<br><br>Telephone: +61 8 9425 4602<br><br>Fax: +61 8 9425 4662<br><br>Ghana<br><br>Gold House<br><br>Patrice Lumumba Road<br><br>(PO Box 2665)<br><br>Accra<br><br>Ghana<br><br>Telephone: +233 303 773400<br><br>Fax: +233 303 778155 | Directors<br><br>Executive<br><br>A Calderon▲º (Chief Executive Officer)<br><br>GA Doran▲◊ (Chief Financial Officer)<br><br>Non-Executive<br><br>JE Tilk§ (Chairman)<br><br>KOF Busia△<br><br>B Cleaver^*<br><br>AM Ferguson*<br><br>AH Garner#<br><br>R Gasant^<br><br>J Magie§<br><br>N Newton-King^<br><br>DL Sands#<br><br>*British §Canadian #American<br><br>▲Australian ◊Irish ^South African<br><br>△Ghanaian ºColombian<br><br>Officers<br><br>C Stead<br><br>Company Secretary<br><br>Company secretarial e-mail<br><br>[email protected]<br><br>Investor Relations contacts<br><br>Yatish Chowthee<br><br>Telephone: +27 11 637 6273<br><br>Mobile: +27 78 364 2080<br><br>E-mail: [email protected]<br><br>Andrea Maxey<br><br>Telephone: +61 08 9425 4603<br><br>Mobile: +61 400 072 199<br><br>E-mail: [email protected]<br><br>AngloGold Ashanti website<br><br>www.anglogoldashanti.com<br><br>AngloGold Ashanti posts information that may be<br><br>important to investors on the main page of its website at<br><br>www.anglogoldashanti.com and under the “Investors” tab<br><br>on the main page. This information is updated periodically.<br><br>AngloGold Ashanti intends to use its website as a means<br><br>of disclosing material non-public information to the public<br><br>in a broad, non-exclusionary manner and for complying<br><br>with its disclosure obligations. Accordingly, investors<br><br>should visit this website regularly to obtain important<br><br>information about AngloGold Ashanti, in addition to<br><br>following its press releases, documents it files with, or<br><br>furnishes to, the United States Securities and Exchange<br><br>Commission (SEC) and public conference calls and<br><br>webcasts. No material on the AngloGold Ashanti website<br><br>forms any part of, or is incorporated by reference into, this<br><br>document. References herein to the AngloGold Ashanti<br><br>website shall not be deemed to cause such incorporation.<br><br>PUBLISHED BY ANGLOGOLD ASHANTI | Share Registrars<br><br>United States<br><br>Computershare Trust Company, N.A.<br><br>150 Royall Street<br><br>Suite 101<br><br>Canton, MA 02021<br><br>United States of America<br><br>Telephone US: 866-644-4127<br><br>Telephone non-US: +1-781-575-2000<br><br>Shareholder Online Inquiries:<br><br>https://www-us.computershare.com/Investor/#Contact<br><br>Website: www.computershare.com/investor<br><br>South Africa<br><br>Computershare Investor Services (Pty) Limited<br><br>Rosebank Towers, 15 Biermann Avenue<br><br>Rosebank, 2196<br><br>(PO Box 61051, Marshalltown 2107)<br><br>South Africa<br><br>Telephone: 0861 100 950 (in SA)<br><br>Fax: +27 11 688 5218<br><br>E-mail: [email protected]<br><br>Website: www.computershare.com<br><br>Ghana<br><br>Central Securities Depository (GH) LTD<br><br>4th Floor, Cedi House<br><br>PMB CT 465, Cantonments<br><br>Accra, Ghana<br><br>Telephone: +233 302 689313<br><br>Fax: +233 302 689315<br><br>Ghana depositary<br><br>NTHC Limited<br><br>18 Gamel Abdul Nasser Avenue<br><br>Ringway Estate<br><br>Accra, Ghana<br><br>Telephone: +233 302 235814/6<br><br>Fax: +233 302 229975 |
|---|
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 year ended 31 December 2023 filed with the United States Securities and Exchange
Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ
materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results,
performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to
update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events,
except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified
by the cautionary statements herein.
Non-GAAP financial measures
This communication may contain certain “Non-GAAP” financial measures. 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
AngloGold Ashanti plc
Date: 7 November 2024
By:/s/ C STEAD
Name:C Stead
Title:Company Secretary