Announces Annual General Meeting Date and
Restatement of Previously Issued Financial Statements
AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the
“Company”) is pleased to provide its preliminary unaudited
condensed consolidated financial statements as of and for the six
months and the year ended 31 December 2023 (the “FY 2023 Earnings
Release”).
FY 2023 Financial and Operating Update
The FY 2023 Earnings Release should be read together with
AngloGold Ashanti’s preliminary financial update for the six months
and the year ended 31 December 2023, which was published by the
Company on 23 February 2024 (the “FY 2023 Preliminary Financial
Update”). No changes have been made in the FY 2023 Earnings Release
with respect to the production, cost or cash flow information
included in the FY 2023 Preliminary Financial Update. The FY 2023
Preliminary Financial Update combined with the FY 2023 Earnings
Release provide the Company’s financial and operating update for
the six months and the year ended 31 December 2023.
Announcement of Annual General Meeting Date
The 2024 Annual General Meeting of AngloGold Ashanti (“AGM”)
will be held on Tuesday, 28 May 2024 in Denver, Colorado, USA.
Shareholders are encouraged to participate in the AGM virtually and
further details on how to participate and vote in the AGM will be
set out in the AGM Notice to be published by AngloGold Ashanti in
due course. The record date for the AGM is Tuesday, 2 April
2024.
Non-Reliance on and Restatement of Previously Issued
Financial Statements
As previously reported in the FY 2023 Preliminary Financial
Update, during the FY 2023 year-end audit process, AngloGold
Ashanti found a potential error in the calculation of a deferred
tax asset with respect to the Obuasi mine, which impacts its
audited consolidated financial statements as of and for the year
ended 31 December 2022 and its unaudited condensed consolidated
interim financial statements as of and for the six-month period
ended 30 June 2023. Following further discussions regarding this
matter with its previous auditor, Ernst & Young Inc., and its
current auditor, PricewaterhouseCoopers Inc., AngloGold Ashanti has
concluded that the affected financial statements contained errors
and has determined that it will restate the affected financial
statements in accordance with International Financial Reporting
Standards (“IFRS”), as issued by the International Accounting
Standards Board (“IASB”). The error related to the reported amount
of the deferred tax asset with regard to the Obuasi mine is
non-cash in nature and has no impact on production, costs or cash
flow. For further information, refer to “Non-Reliance on and
Restatement of Previously Issued Financial Statements” on pages 2
to 6 below.
GROUP - Key statistics
Six months ended
Dec 2023
Six months ended Jun 2023
Six months ended Dec 2022
Year ended Dec 2023
Year ended Dec 2022
Restated(2)
Restated(2)
Restated(2)
US Dollar / Imperial
Financial review
(Loss) profit before taxation
- $m
(13
)
76
62
63
472
Adjusted EBITDA*
- $m
744
676
923
1,420
1,792
(Loss) profit attributable to
equity shareholders
- $m
(196
)
(39
)
(69
)
(235
)
233
- US cents/share
(47
)
(9
)
(16
)
(56
)
55
Headline (loss) earnings(1)
- $m
(107
)
61
185
(46
)
489
- US cents/share
(25
)
14
44
(11
)
116
Total borrowings
- $m
2,410
2,091
2,169
2,410
2,169
Adjusted net debt*
- $m
1,268
1,194
878
1,268
878
Total borrowings to profit (loss)
before taxation
- times
38.25
15.15
4.60
38.25
4.60
Adjusted net debt* to Adjusted
EBITDA*
- times
0.89
0.75
0.49
0.89
0.49
(1) The financial measures “headline (loss) earnings” and
“headline (loss) earnings per share” are not calculated in
accordance with IFRS. These measures, however, are required to be
disclosed by the Johannesburg Stock Exchange (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. (2) For further
information, refer to “Non-Reliance on and Restatement of
Previously Issued Financial Statements” on pages 2 to 6 below. *
Refer to “Non-GAAP disclosure” for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated. Rounding of
figures may result in computational discrepancies.
FINANCIAL REVIEW
Full year review
Earnings
The basic loss (loss attributable to equity shareholders) for
the year ended 31 December 2023 was $235m, or 56 US cents per
share, compared with basic earnings (profit attributable to equity
shareholders) of $233m, or 55 US cents per share, for the year
ended 31 December 2022. Basic earnings were down year-on-year
mainly due to lower gold sold (54 US cents per share), higher costs
related to the corporate restructuring (taxes and fees) (75 US
cents per share), higher environmental provisions for legacy
tailings storage facilities (“TSFs”) (16 US cents per share),
higher care and maintenance and retrenchment costs associated with
the Córrego do Sítio (“CdS”) operation that was placed on care and
maintenance in August 2023 (15 US cents per share), higher
operating and exploration costs (40 US cents per share), higher
foreign exchange losses (7 US cents per share), and higher tax
expense (15 US cents per share). These effects were partially
offset by higher equity-accounted joint venture income (11 US cents
per share), higher finance income (11 US cents per share), lower
impairments and derecognitions recognised in Brazil (26 US cents
per share), and a higher average gold price received per ounce* (76
US cents per share).
Headline loss‡ for the year ended 31 December 2023 was $46m, or
11 US cents per share, compared with headline earnings of $489m, or
116 US cents per share, for the year ended 31 December 2022.
Headline earnings‡ were down year-on-year mainly due to lower gold
sold (54 US cents per share), higher costs related to the corporate
restructuring (taxes and fees) (75 US cents per share), higher
environmental provisions for legacy TSFs (16 US cents per share),
higher care and maintenance and retrenchment costs associated with
CdS (15 US cents per share), higher operating and exploration costs
(40 US cents per share), higher foreign exchange losses (7 US cents
per share), and higher tax expense (9 US cents per share). These
effects were partially offset by higher equity-accounted joint
venture income (11 US cents per share), higher finance income (11
US cents per share), and a higher average gold price received per
ounce* (76 US cents per share).
Adjusted EBITDA*
Adjusted earnings before interest, tax, depreciation and
amortisation (“Adjusted EBITDA”)* for the year ended 31 December
2023 was $1,420m, compared with $1,792m for the year ended 31
December 2022. Adjusted EBITDA* was lower year-on-year mainly due
to higher total operating costs, higher exploration and evaluation
costs, higher environmental provisions for legacy TSFs as a result
of new legislation in Brazil relating to emergency response and
safety management for TSFs, costs related to the corporate
restructuring and lower gold sold. This decrease was partially
offset by higher equity-accounted joint venture income and the
higher average gold price received per ounce*.
Balance Sheet
Adjusted net debt* increased to $1,268m at 31 December 2023 from
$878m at 31 December 2022. This year-on-year increase is mainly due
to lower cash generation from operating activities, lower dividends
received from the Kibali joint venture and the once-off costs
associated with the corporate restructuring. The ratio of Adjusted
net debt* to Adjusted EBITDA* was 0.89 times at 31 December 2023
from 0.49 times at 31 December 2022. The Company remains committed
to maintaining a strong balance sheet with an Adjusted net debt* to
Adjusted EBITDA* target ratio of 1.0 times through the cycle. The
balance sheet remained strong at year-end. At 31 December 2023, the
Company had cash and cash equivalents of approximately $955m (net
of bank overdraft).
Second half year review
Earnings
The basic loss (loss attributable to equity shareholders) for
the second half of 2023 was $196m, or 47 US cents per share,
compared to a basic loss of $69m, or 16 US cents per share, for the
second half of 2022.
Headline loss‡ for the second half of 2023 was $107m, or 25 US
cents per share, compared to headline earnings‡ of $185m, or 44 US
cents per share, for the second half of 2022.
Adjusted EBITDA*
Adjusted EBITDA* was $744m during the second half of 2023,
compared to $923m during the second half of 2022.
‡ The financial measures “headline (loss) earnings” and
“headline (loss) earnings per share” are not calculated in
accordance with IFRS. These measures, however, are required to be
disclosed by the Johannesburg Stock Exchange (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. * Refer to “Non-GAAP disclosure” for definitions and
reconciliations.
NON-RELIANCE ON AND RESTATEMENT OF PREVIOUSLY ISSUED
FINANCIAL STATEMENTS
As previously announced in the FY 2023 Preliminary Financial
Update, on 21 February 2024, the Audit and Risk Committee of the
board of directors (the “Audit Committee”) of the Company, as
successor issuer to AngloGold Ashanti Limited (currently known as
AngloGold Ashanti (Pty) Ltd) (“AGA Limited”), based on the
recommendation of, and after consultation with, management,
concluded that (i) AGA Limited’s previously issued audited
consolidated financial statements as of and for the financial year
ended 31 December 2022, included in the annual report on Form 20-F
for the year ended 31 December 2022 filed by AGA Limited with the
United States Securities and Exchange Commission (“SEC”) on 17
March 2023 (the “2022 Form 20-F”) (the “Original Full-Year 2022
Financial Statements”) and (ii) AGA Limited’s previously issued
unaudited condensed consolidated interim financial statements as of
and for the six-month period ended 30 June 2023, included in a
report on Form 6-K filed by AGA Limited with the SEC on 4 August
2023 (the “Half-Year 2023 Form 6-K”) (the “Original Half- Year 2023
Financial Statements” and together with the Original Full-Year 2022
Financial Statements, the “Affected Financials”), should no longer
be relied upon.
The Company has concluded that the Affected Financials contained
an error related to the reported amount of the deferred tax asset
with regard to the Obuasi mine. The Company believes the error
relates to an incorrect interpretation of Ghanaian tax law with
respect to the Obuasi mine, combined with the use of incorrect
underlying data in the deferred tax model and the potential
misapplication of the requirements of International Financial
Reporting Standards (“IFRS”), as issued by the International
Accounting Standards Board (“IASB”), specifically, of IAS 12 –
Income Taxes, in both cases with respect to the Obuasi mine. The
Affected Financials will accordingly be restated in accordance with
IFRS as issued by the IASB. Additionally, as part of preparing the
restatements of the Affected Financials, the Company will also
correct other immaterial errors which it identified in those
Affected Financials.
Following further discussions regarding this matter with Ernst
& Young Inc., AGA Limited’s independent registered public
accounting firm for the financial year ended 31 December 2022, and
PricewaterhouseCoopers Inc., the Company’s independent registered
public accounting firm for the financial year ended 31 December
2023, the Company has determined that it needs to restate the
Affected Financials resulting in a reduction in profit for the year
ended 31 December 2022 by $49m and a reduction in profit for the
half year ended 30 June 2023 by $79m due to the error related to
the reported amount of the deferred tax asset with regard to the
Obuasi mine as mentioned above. The Company will also correct other
immaterial errors previously identified in the Affected Financials,
which will further reduce profit for the year ended 31 December
2022 by $16m and further reduce profit for the half year ended 30
June 2023 by $1m. For further information on the preliminary
estimated restated amounts, refer to “—Schedules of Affected Items”
below. The Company notes that such errors have an aggregate
negative impact of $65m on profit for the year ended 31 December
2022 (compared to up to approximately $113m as previously disclosed
in its FY 2023 Preliminary Financial Update) and an aggregate
negative impact of $80m on profit for the half year ended 30 June
2023 (compared to up to approximately $50m as previously disclosed
in its FY 2023 Preliminary Financial Update).
The Audit Committee has discussed the matters described herein
with management, with Ernst & Young Inc. and with
PricewaterhouseCoopers Inc.
As previously announced in the FY 2023 Preliminary Financial
Update, similarly, any press releases, earnings releases, and
investor communications describing the Company’s financial
performance for the above-referenced periods should no longer be
relied upon.
Schedules of Affected Items
The following tables summarise the previously reported amounts
affected by the errors identified, as well as the preliminary
estimated adjustments and the preliminary estimated restated
amounts.
GROUP – INCOME STATEMENT
US Dollar million
Year ended Dec 2022
Previously reported
Adjustment Unaudited
Restated Unaudited
Cost of sales
(3,362
)
(4
)
(3,366
)
Gross profit
1,133
(4
)
1,129
Impairment, derecognition of assets and
profit (loss) on disposal
(304
)
(11
)
(315
)
Foreign exchange and fair value
adjustments
(128
)
3
(125
)
Share of associates and joint ventures'
profit
166
(5
)
161
Profit before taxation
489
(17
)
472
Taxation
(173
)
(48
)
(221
)
Profit for the year
316
(65
)
251
Earnings attributable to equity
shareholders
297
(64
)
233
Earnings attributable to non-controlling
interests
19
(1
)
18
Earnings per share
Basic earnings per ordinary share (US
cents)
71
(16
)
55
Diluted earnings per ordinary share (US
cents)
71
(16
)
55
Headline earnings (1)
544
(55
)
489
Headline earnings per share (1) Headline
earnings per ordinary share (US cents) (1) (2)
129
(13
)
116
Diluted headline earnings per ordinary
share (US cents) (1) (3)
129
(13
)
116
Basic weighted average number of
shares
420,197,062
—
420,197,062
Diluted weighted average number of
shares
420,869,866
—
420,869,866
(1) The financial measures “headline earnings” and “headline
earnings per share” are not calculated in accordance with IFRS.
These measures, however, are required to be disclosed by the
Johannesburg Stock Exchange (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. (2) Calculated
on the basic weighted average number of ordinary shares. (3)
Calculated on the diluted weighted average number of ordinary
shares.
GROUP – INCOME STATEMENT
US Dollar million
Six months ended June
2023
Previously reported
Adjustment
Unaudited
Restated
Unaudited
Restructuring, care & maintenance and
other (expenses) income
(58
)
(10
)
(68
)
Share of associates and joint ventures'
profit
75
9
84
Profit before taxation
77
(1
)
76
Taxation
(32
)
(79
)
(111
)
Profit (loss) for the year
45
(80
)
(35
)
Earnings (loss) attributable to equity
shareholders
40
(79
)
(39
)
Earnings attributable to non-controlling
interests
5
(1
)
4
Earnings per share
Basic earnings (loss) per ordinary share
(US cents)
10
(19
)
(9
)
Diluted earnings (loss) per ordinary share
(US cents)
10
(19
)
(9
)
Headline earnings (1)
140
(79
)
61
Headline earnings per share (1) Headline
earnings per ordinary share (US cents) (1) (2)
33
(19
)
14
Diluted headline earnings per ordinary
share (US cents) (1) (3)
33
(19
)
14
Basic weighted average number of
shares
420,818,545
—
420,818,545
Diluted weighted average number of
shares
421,077,248
(258,703
)
420,818,545
(1) The financial measures “headline earnings” and “headline
earnings per share” are not calculated in accordance with IFRS.
These measures, however, are required to be disclosed by the
Johannesburg Stock Exchange (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. (2) Calculated
on the basic weighted average number of ordinary shares. (3)
Calculated on the diluted weighted average number of ordinary
shares.
GROUP – STATEMENT OF FINANCIAL
POSITION
US Dollar million
As at Dec 2022
Previously reported
Adjustment
Restated
Unaudited
Unaudited
Assets
Non-current assets
Tangible assets
4,209
(1
)
4,208
Investments in associates and joint
ventures
1,100
(9
)
1,091
Deferred taxation
72
(49
)
23
Equity and liabilities
Shareholders' equity
4,100
(60
)
4,040
Non-controlling interests
34
1
35
Non-current liabilities
Lease liabilities
102
13
115
Environmental rehabilitation and other
provisions
634
(38
)
596
Current liabilities
Lease liabilities
84
(13
)
71
Environmental rehabilitation and other
provisions
42
39
81
US Dollar million
As at June 2023
Previously reported
Adjustment
Restated
Unaudited
Unaudited
Assets
Non-current assets
Tangible assets
4,277
(11
)
4,266
Deferred taxation
146
(105
)
41
Equity and liabilities
Shareholders' equity
4,048
(139
)
3,909
Non-current liabilities
Deferred taxation
318
23
341
The restated amounts shown herein are preliminary, unaudited and
unreviewed and may be subject to change as the Company completes
its procedures and prepares the restatements of the Affected
Financials, and the independent registered public accounting firms,
PricewaterhouseCoopers Inc. and Ernst & Young Inc., complete
their procedures.
Controls and Procedures
As previously disclosed in the FY 2023 Preliminary Financial
Update, as a result of the errors described above and the related
restatements, management has identified one or more material
weaknesses in the Company’s internal control over financial
reporting. Management has accordingly concluded that the Company’s
internal control over financial reporting was not effective as of
31 December 2022 and its disclosure controls and procedures were
similarly not effective as of 31 December 2022. In addition, given
that the conclusion to restate the Affected Financials was reached
subsequent to 31 December 2023 and related remediation actions were
not implemented as of 31 December 2023, the Company will report in
its annual report on Form 20-F for the year ended 31 December 2023
(the “2023 Form 20-F”) that its internal control over financial
reporting and its disclosure controls and procedures were not
effective as of 31 December 2023.
Neither management nor PricewaterhouseCoopers Inc. has completed
its evaluation of the effectiveness of internal control over
financial reporting as of 31 December 2023.
Other Information
The Company believes that in light of its intention to file the
2023 Form 20-F in the next few weeks, it is preferable to present
any restated Original Full-Year 2022 Financial Statements together
with the Company’s audited consolidated financial statements as of
and for the year ended 31 December 2023 in that 2023 Form 20-F. The
Company believes this will allow readers to review more easily all
pertinent data in a single document and therefore does not plan to
amend the 2022 Form 20-F. In addition, the Company plans to present
the restated Original Half-Year 2023 Financial Statements either in
an amendment to the Half-Year 2023 Form 6-K or in the 2023 Form
20-F.
CORPORATE UPDATE
Tropicana Rainfall Event
Gold production at the Tropicana gold mine in Western Australia
was impacted by heavy rains and flooding during the month of March.
Tropicana is a joint operation between AngloGold Ashanti (70
percent and the operator), and AFB Resources Pty Limited (30
percent), a subsidiary of Regis Resources Limited. Tropicana is
located 200km east of Laverton and 330km east-northeast of
Kalgoorlie in Western Australia.
The area in which the Tropicana gold mine is located received
more than 350mm of rain in a 72-hour period from 9 March, almost
50% higher than its average annual rainfall. The subsequent
flooding interrupted power supply to the processing plant and
required mining operations to be temporarily suspended. Power has
been restored to the site and access to the underground mine has
resumed. However, mining from the open pits remains restricted
until surface water is cleared through pumping and evaporation.
There have been no safety incidents during this period and the mine
infrastructure remains sound. The supply road to the Tropicana gold
mine is flooded in parts and the processing plant is treating
stockpiled ore at a reduced throughput rate. Processing may have to
be suspended if consumable stocks at the site are exhausted before
the road reopens.
While AngloGold Ashanti anticipates that there may be some
impact on gold production at Tropicana in the first half of 2024,
any decrease is expected to be largely recovered in the second half
of 2024. Consequently, the Company does not believe that this event
will have an impact on its gold production and cost guidance
provided in February 2024, which guidance is therefore
maintained.
By order of the Board
M RAMOS
A CALDERON
G DORAN
Chairperson
Chief Executive Officer
Chief Financial Officer
19 March 2024
GROUP – INCOME STATEMENT
Six months
Six months
Six months
Year
Year
ended
ended
ended
ended
ended
Dec
Jun
Dec
Dec
Dec
2023
2023
2022
2023
2022
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
US Dollar million
Restated
Restated
Restated
Revenue from product sales
2,396
2,186
2,346
4,582
4,501
Cost of sales
(1,792
)
(1,749
)
(1,771
)
(3,541
)
(3,366
)
Loss on non-hedge derivatives and other
commodity contracts
(12
)
(2
)
(6
)
(14
)
(6
)
Gross profit
592
435
569
1,027
1,129
Corporate administration, marketing and
related expenses
(50
)
(44
)
(37
)
(94
)
(79
)
Exploration and evaluation costs
(142
)
(112
)
(121
)
(254
)
(205
)
Impairment, derecognition of assets and
profit (loss) on disposal
(95
)
(126
)
(313
)
(221
)
(315
)
Restructuring, care & maintenance and
other (expenses) income (1)
(350
)
(68
)
(13
)
(418
)
(26
)
Finance income
70
57
50
127
81
Foreign exchange and fair value
adjustments
(79
)
(75
)
(72
)
(154
)
(125
)
Finance costs and unwinding of
obligations
(82
)
(75
)
(84
)
(157
)
(149
)
Share of associates and joint ventures’
profit
123
84
83
207
161
(Loss) profit before taxation
(13
)
76
62
63
472
Taxation
(174
)
(111
)
(127
)
(285
)
(221
)
(Loss) profit for the period
(187
)
(35
)
(65
)
(222
)
251
Allocated as follows:
Equity shareholders
(196
)
(39
)
(69
)
(235
)
233
Non-controlling interests
9
4
4
13
18
(187
)
(35
)
(65
)
(222
)
251
Basic (loss) earnings per ordinary
share (US cents) (2)
(47
)
(9
)
(16
)
(56
)
55
Diluted (loss) earnings per ordinary share
(US cents) (3)
(47
)
(9
)
(16
)
(56
)
55
(1) Restructuring, care & maintenance and other (expenses)
income for the second half of 2023 was $337m higher compared to the
second half of 2022. This was mainly due to an increase in the
corporate restructuring and project cost of $286m (mainly as a
result of the cost associated with the AngloGold Ashanti corporate
restructuring and related taxes), care and maintenance of $50m
(mainly relating to the Córrego do Sítio (CdS) and Cuiabá mines)
and an increase in retrenchment and related cost of $14m (mainly in
Brazil), partially offset by other movements of $13m. (2)
Calculated on the basic weighted average number of ordinary shares.
(3) Calculated on the diluted weighted average number of ordinary
shares. The operating profit (loss) sub-total which was previously
included in the presentation of the income statement has been
removed as it is not an IFRS measure and not considered relevant to
users of the annual financial statements.
GROUP – STATEMENT OF FINANCIAL
POSITION
At Dec
At Jun
At Dec
2023
2023
2022
US Dollar million
Unaudited
Unaudited
Unaudited
Restated
Restated
ASSETS
Non-current assets
Tangible assets
4,419
4,266
4,208
Right of use assets
142
152
156
Intangible assets
107
104
106
Investments in associates and joint
ventures
599
1,129
1,091
Other investments
1
1
3
Loans receivable
358
—
—
Inventories
2
4
5
Trade, other receivables and other
assets
254
222
231
Reimbursive right for post-retirement
benefits
35
12
12
Deferred taxation
50
41
23
Cash restricted for use
34
34
33
6,001
5,965
5,868
Current assets
Loans receivable
148
—
—
Inventories
829
800
773
Trade, other receivables and other
assets
199
317
237
Cash restricted for use
34
25
27
Cash and cash equivalents
964
722
1,108
2,174
1,864
2,145
Total assets
8,175
7,829
8,013
EQUITY AND LIABILITIES
Share capital and premium
420
—
—
Accumulated profits and other reserves
3,291
3,909
4,040
Shareholders’ equity
3,711
3,909
4,040
Non-controlling interests
29
33
35
Total equity
3,740
3,942
4,075
Non-current liabilities
Borrowings
2,032
1,896
1,965
Lease liabilities
98
106
115
Environmental rehabilitation and other
provisions
636
611
596
Provision for pension and post-retirement
benefits
64
68
71
Trade and other payables
5
8
7
Deferred taxation
395
341
300
3,230
3,030
3,054
Current liabilities
Borrowings
207
17
18
Lease liabilities
73
72
71
Environmental rehabilitation and other
provisions
80
103
81
Trade and other payables
772
641
667
Taxation
64
19
45
Bank overdraft
9
5
2
1,205
857
884
Total liabilities
4,435
3,887
3,938
Total equity and liabilities
8,175
7,829
8,013
GROUP – STATEMENT OF CASH FLOWS
Six months ended
Dec
Six months ended Jun
Six months ended Dec
Year ended Dec
Year ended Dec
US Dollar million
2023 Unaudited
2023 Unaudited
2022 Unaudited
2023 Unaudited
2022 Unaudited
Cash flows from operating
activities Cash generated from operations
555
316
714
871
1,244
Dividends received from joint ventures
143
37
145
180
694
Taxation refund
36
—
32
36
32
Taxation paid
(56
)
(60
)
(79
)
(116
)
(166
)
Net cash inflow from operating
activities
678
293
812
971
1,804
Cash flows from investing
activities Capital expenditure on tangible and intangible
assets
(589
)
(453
)
(594
)
(1,042
)
(1,028
)
Interest capitalised and paid
—
—
(1
)
—
(2
)
Acquisition of assets
—
—
(152
)
—
(517
)
Dividends from associates and other
investments
6
6
10
12
18
Proceeds from disposal of tangible
assets
8
6
8
14
8
Other investments and assets acquired
—
—
—
—
(16
)
Proceeds from disposal of other
investments
20
—
—
20
—
Loans advanced
—
(1
)
(1
)
(1
)
(1
)
(Increase) decrease in cash restricted for
use
(8
)
(1
)
6
(9
)
(4
)
Interest received
60
49
49
109
81
Net cash outflow from investing
activities
(503
)
(394
)
(675
)
(897
)
(1,461
)
Cash flows from financing
activities Share issue expenses
(19
)
—
—
(19
)
—
Proceeds from borrowings
335
8
64
343
266
Repayment of borrowings
(13
)
(74
)
(88
)
(87
)
(184
)
Repayment of lease liabilities
(50
)
(44
)
(42
)
(94
)
(82
)
Finance costs - borrowings
(55
)
(56
)
(50
)
(111
)
(99
)
Finance costs - leases
(6
)
(5
)
(5
)
(11
)
(10
)
Other borrowing costs
—
(1
)
—
(1
)
(11
)
Dividends paid
(31
)
(76
)
(134
)
(107
)
(203
)
Net cash inflow (outflow) from financing
activities
161
(248
)
(255
)
(87
)
(323
)
Net increase (decrease) in cash and
cash equivalents
336
(349
)
(118
)
(13
)
20
Translation
(98
)
(40
)
(42
)
(138
)
(68
)
Cash and cash equivalents at beginning of
period
717
1,106
1,266
1,106
1,154
Cash and cash equivalents at end of
period
955
717
1,106
955
1,106
Headline (loss) earnings (1)
Six months
Six months
Six months
Year ended
Year ended
ended Dec
ended Jun
ended Dec
Dec
Dec
2023
2023
2022
2023
2022
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
US Dollar million
Restated
Restated
Restated
The (loss) profit attributable to
equity shareholders has been adjusted by the following to arrive at
headline (loss) earnings:
(Loss) profit attributable to
equity shareholders
(196
)
(39
)
(69
)
(235
)
233
Net impairment on tangible assets and
right of use assets
100
92
315
192
315
Taxation on net impairment of tangible
assets and right of use assets
(7
)
(21
)
(60
)
(28
)
(60
)
(Profit) loss on derecognition of
assets
(3
)
38
2
35
4
Taxation on derecognition of
assets
1
(6
)
—
(5
)
—
Profit on disposal of tangible
assets
(2
)
(4
)
(4
)
(6
)
(4
)
Net impairment on investments
—
1
1
1
1
Headline (loss)
earnings
(107
)
61
185
(46
)
489
Headline (loss) earnings per ordinary
share (US cents) (2)
(25
)
14
44
(11
)
116
Diluted headline (loss) earnings per
ordinary share (US cents) (3)
(25
)
14
44
(11
)
116
Number of shares
Weighted average number of
shares
420,971,227
420,818,545
420,074,065
421,105,111
420,197,062
Dilutive potential of share
options
—
—
—
—
672,804
Dilutive weighted average number of
ordinary shares
420,971,227
420,818,545
420,074,065
421,105,111
420,869,866
(1) The financial measures “headline (loss) earnings” and
“headline (loss) earnings per share” are not calculated in
accordance with IFRS. These measures, however, are required to be
disclosed by the Johannesburg Stock Exchange (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. (2) Calculated on
the basic weighted average number of ordinary shares. (3)
Calculated on the diluted weighted average number of ordinary
shares.
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
“Adjusted EBITDA”, “Adjusted net debt” and “average gold price
received per ounce” which are not measures under IFRS. An investor
should not consider these items in isolation or as alternatives to
profit (loss) before taxation, total borrowings, gold income or any
other measure of financial performance presented in accordance with
IFRS or as an indicator of the AngloGold Ashanti group’s
performance. The AngloGold Ashanti 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.
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, interest and dividend
income, other gains (losses), care and maintenance costs, finance
costs and unwinding of obligations, impairment and derecognition of
assets, impairment of investments, profit (loss) on disposal of
assets and investments, gain (loss) on unrealised non-hedge
derivatives and other commodity contracts, fair value adjustments,
repurchase premium and costs on settlement of issued bonds and the
share of associates’ EBITDA. The Adjusted EBITDA calculation is
based on the formula included in AngloGold Ashanti’s Revolving
Credit Facility Agreements for compliance with the debt covenant
formula.
Adjusted net debt
“Adjusted net debt” is 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.
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. This metric is calculated by dividing
attributable gold income (“price received”) by attributable ounces
of gold sold.
Reconciliations
A reconciliation of profit (loss) before taxation as included in
AngloGold Ashanti’s preliminary unaudited condensed consolidated
financial statements as of and for the six months and the year
ended 31 December 2023 to “Adjusted EBITDA” for each of the
six-month periods ended 31 December 2023, 30 June 2023 and 31
December 2022 and the years ended 31 December 2023 and 2022 is
presented on a total (group) and segment basis in Note A.
A reconciliation of total borrowings as included in AngloGold
Ashanti’s preliminary unaudited condensed consolidated financial
statements as of and for the six months and the year ended 31
December 2023 to “Adjusted net debt” at 31 December 2023, 30 June
2023 and 31 December 2022 is presented on a total (group) basis in
Note B.
A reconciliation of gold income as included in AngloGold
Ashanti’s preliminary unaudited condensed consolidated financial
statements as of and for the six months and the year ended 31
December 2023 to “average gold price received per ounce” for each
of the six-month periods ended 31 December 2023, 30 June 2023 and
31 December 2022 and the years ended 31 December 2023 and 2022 is
presented on a total (subsidiaries/joint ventures) basis in Note
C.
A Adjusted EBITDA
For the six months ended 31 December 2023 (in US Dollar
million, except as otherwise noted)
AFRICA
AUSTRALIA
AMERICAS
Corporate and other
Kibali
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Africa
Sunrise Dam
Tropicana
Australia other
Australia
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Americas other
Americas
Projects
Sub-total
Less equity accounted
investments
Group
Adjusted EBITDA (1)
Profit (loss) before taxation
(359)
150
86
39
13
199
19
506
45
85
(42)
88
143
8
(107)
(112)
(68)
(126)
41
(54)
(13)
Add back:
Finance costs and unwinding of
obligations
45
(2)
1
4
5
13
—
21
—
1
4
5
2
5
1
—
8
1
80
2
82
Finance income
(12)
(1)
—
—
(4)
(7)
—
(12)
—
—
(2)
(2)
(43)
(1)
—
—
(44)
(1)
(71)
1
(70)
Amortisation of tangible, right of use and
intangible assets
2
54
63
31
24
50
—
222
32
65
1
98
20
46
24
—
90
—
412
(54)
358
Other amortisation
1
—
—
—
—
—
—
—
—
—
—
—
—
10
(1)
—
9
1
11
—
11
Associates and joint ventures share of
amortisation, interest, taxation and other
1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1
119
120
EBITDA
(322)
201
150
74
38
255
19
737
77
151
(39)
189
122
68
(83)
(112)
(5)
(125)
474
14
488
Adjustments:
Foreign exchange and fair value
adjustments
(12)
14
—
1
2
6
—
23
—
—
—
—
(29)
(1)
1
111
82
—
93
(14)
79
Care and maintenance costs
—
—
—
—
—
—
—
—
—
—
—
—
—
49
—
—
49
2
51
—
51
Retrenchment and related costs
—
—
—
—
—
—
—
—
—
—
—
—
—
16
—
—
16
1
17
—
17
Impairment, derecognition of assets and
profit (loss) on disposal
—
—
—
—
(5)
—
—
(5)
—
—
—
—
—
(32)
108
(1)
75
25
95
—
95
Unrealised non-hedge derivative loss
11
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
11
—
11
Joint ventures share of costs
—
—
—
—
—
—
1
1
—
—
—
—
—
—
—
—
—
—
1
—
1
Realised other commodity contracts
2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2
—
2
Intergroup interest, royalty, dividend and
management fees
(15)
22
4
—
—
—
(22)
4
—
—
5
5
—
—
—
—
—
6
—
—
—
Adjusted EBITDA
(336)
237
154
75
35
261
(2)
760
77
151
(34)
194
93
100
26
(2)
217
(91)
744
—
744
(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.
For the six months ended 30 June 2023 (in US Dollar
million, except as otherwise noted)
AFRICA
AUSTRALIA
AMERICAS
Corporate and other
Kibali
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Africa
Sunrise Dam
Tropicana
Australia other
Australia
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Americas other
Americas
Projects
Sub-total
Less equity accounted
investments
Group
Restated
Restated
Restated
Restated
Restated
Restated
Adjusted EBITDA (1)
Profit (loss) before taxation
(73)
84
38
77
19
126
21
365
54
63
(39)
78
57
(179)
(26)
(34)
(182)
(82)
106
(30)
76
Add back:
Finance costs and unwinding of
obligations
42
4
1
3
4
12
—
24
—
1
3
4
2
6
1
—
9
—
79
(4)
75
Finance income
(12)
(7)
—
(2)
1
(9)
—
(17)
—
—
(1)
(1)
(32)
(1)
—
(1)
(34)
—
(64)
7
(57)
Amortisation of tangible, right of use and
intangible assets
2
45
66
30
15
41
—
197
25
40
1
66
19
42
19
—
80
—
345
(45)
300
Other amortisation
—
—
—
—
—
—
—
—
—
—
—
—
—
(8)
—
—
(8)
1
(7)
—
(7)
Associates and joint ventures share of
amortisation, interest, taxation and other
2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2
79
81
EBITDA
(39)
126
105
108
39
170
21
569
79
104
(36)
147
46
(140)
(6)
(35)
(135)
(81)
461
7
468
Adjustments:
Foreign exchange and fair value
adjustments
3
7
4
5
2
9
1
28
—
—
(2)
(2)
11
4
3
37
55
(2)
82
(7)
75
Care and maintenance costs
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2
2
—
2
Retrenchment and related costs
—
—
—
—
—
—
—
—
—
—
—
—
1
1
—
—
2
—
2
—
2
Impairment, derecognition of assets and
profit (loss) on disposal
—
—
—
—
—
—
—
—
—
—
—
—
—
121
9
(4)
126
—
126
—
126
Unrealised non-hedge derivative loss
(2)
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
(2)
—
(2)
Realised other commodity contracts
5
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5
—
5
Intergroup interest, royalty, dividend and
management fees
(17)
23
1
—
—
—
(23)
1
—
—
8
8
—
(1)
—
—
(1)
9
—
—
—
Adjusted EBITDA
(50)
156
110
113
41
179
(1)
598
79
104
(30)
153
58
(15)
6
(2)
47
(72)
676
—
676
(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.
For the six months ended 31 December 2022 (in US Dollar
million, except as otherwise noted)
AFRICA
AUSTRALIA
AMERICAS
Corporate and other
Kibali
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Africa
Sunrise Dam
Tropicana
Australia other
Australia
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Americas other
Americas
Projects
Sub-total
Less equity accounted
investments
Group
Restated
Restated
Restated
Restated
Restated
Restated
Adjusted EBITDA (1)
Profit (loss) before taxation
(87)
100
52
120
—
179
24
475
6
97
(48)
55
76
(224)
(59)
(53)
(260)
(76)
107
(45)
62
Add back:
Finance costs and unwinding of
obligations
41
(2)
1
4
9
16
—
28
—
1
5
6
2
4
1
—
7
—
82
2
84
Finance income
(11)
(3)
—
(1)
—
—
—
(4)
—
—
—
—
(36)
(1)
—
(1)
(38)
—
(53)
3
(50)
Amortisation of tangible, right of use and
intangible assets
2
50
49
24
28
56
—
207
28
66
1
95
23
54
20
—
97
—
401
(50)
351
Other amortisation
—
—
—
—
—
—
—
—
—
—
—
—
(4)
(1)
—
—
(5)
1
(4)
—
(4)
Associates and joint ventures share of
amortisation, interest, taxation and other
1
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1
84
85
EBITDA
(54)
145
102
147
37
251
24
706
34
164
(42)
156
61
(168)
(38)
(54)
(199)
(75)
534
(6)
528
Adjustments:
Foreign exchange and fair value
adjustments
8
(6)
1
2
—
(1)
—
(4)
—
—
1
1
(1)
4
—
57
60
1
66
6
72
Retrenchment and related costs
1
—
—
—
—
—
—
—
—
—
—
—
—
1
1
—
2
—
3
—
3
Impairment, derecognition of assets and
profit (loss) on disposal
—
—
—
2
—
—
—
2
—
—
—
—
—
259
56
(4)
311
—
313
—
313
Unrealised non-hedge derivative loss
6
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
6
—
6
Joint ventures share of costs
—
—
—
—
—
—
1
1
—
—
—
—
—
—
—
—
—
—
1
—
1
Intergroup interest, royalty, dividend and
management fees
(9)
26
1
—
—
—
(26)
1
—
1
4
5
—
(2)
—
—
(2)
5
—
—
—
Adjusted EBITDA
(48)
165
104
151
37
250
(1)
706
34
165
(37)
162
60
94
19
(1)
172
(69)
923
—
923
(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.
For the year ended 31 December 2023 (in US Dollar
million, except as otherwise noted)
AFRICA
AUSTRALIA
AMERICAS
Corporate and other
Kibali
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Africa
Sunrise Dam
Tropicana
Australia other
Australia
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Americas other
Americas
Projects
Sub-total
Less equity accounted
investments
Group
Adjusted EBITDA (1)
Profit (loss) before taxation
(432)
233
124
116
32
325
41
871
99
149
(82)
166
201
(170)
(134)
(146)
(249)
(209)
147
(84)
63
Add back:
Finance costs and unwinding of
obligations
87
3
2
7
8
25
—
45
—
2
8
10
4
9
3
1
17
1
160
(3)
157
Finance income
(25)
(8)
—
(2)
(2)
(16)
—
(28)
—
—
(3)
(3)
(75)
(1)
(1)
(1)
(78)
(1)
(135)
8
(127)
Amortisation of tangible, right of use and
intangible assets
5
99
129
61
39
91
—
419
58
104
1
163
39
88
43
—
170
—
757
(99)
658
Other amortisation
—
—
—
—
—
—
—
—
—
—
—
—
(1)
1
—
—
—
3
3
—
3
Associates and joint ventures share of
amortisation, interest, taxation and other
3
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
3
199
202
EBITDA
(362)
327
255
182
77
425
41
1,307
157
255
(76)
336
168
(73)
(89)
(146)
(140)
(206)
935
21
956
Adjustments:
Foreign exchange and fair value
adjustments
(8)
21
4
7
3
15
—
50
—
(1)
(2)
(3)
(18)
5
3
147
137
(1)
175
(21)
154
Care and maintenance costs
—
—
—
—
—
—
—
—
—
—
—
—
—
49
—
—
49
3
52
—
52
Retrenchment and related costs
—
—
—
—
—
—
—
—
—
—
—
—
1
16
1
—
18
1
19
—
19
Impairment, derecognition of assets and
profit (loss) on disposal
—
—
—
(1)
(4)
—
—
(5)
—
—
—
—
—
90
116
(5)
201
25
221
—
221
Unrealised non-hedge derivative loss
9
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
9
—
9
Joint ventures share of costs
—
—
—
—
—
—
2
2
—
—
—
—
—
—
—
—
—
—
2
—
2
Realised other commodity contracts
7
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
7
—
7
Intergroup interest, royalty, dividend and
management fees
(31)
45
5
—
—
—
(45)
5
—
—
13
13
—
(1)
—
—
(1)
14
—
—
—
Adjusted EBITDA
(385)
393
264
188
76
440
(2)
1,359
157
254
(65)
346
151
86
31
(4)
264
(164)
1,420
—
1,420
(1) EBITDA (as adjusted) and prepared in terms of the formula
set out in the Revolving Credit Agreements. Rounding of figures may
result in computational discrepancies.
For the year ended 31 December 2022 (in US Dollar
million, except as otherwise noted)
AFRICA
AUSTRALIA
AMERICAS
Corporate and other
Kibali
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Africa
Sunrise Dam
Tropicana
Australia other
Australia
Cerro Vanguardia
AngloGold Ashanti Mineração
Serra Grande
Americas other
Americas
Projects
Sub-total
Less equity accounted
investments
Group
Restated
Restated
Restated
Restated
Restated
Restated
Adjusted EBITDA (1)
Profit (loss) before taxation
(160)
175
118
178
73
293
45
882
39
175
(100)
114
157
(184)
(65)
(76)
(168)
(126)
542
(70)
472
Add back:
Finance costs and unwinding of
obligations
84
6
2
5
11
23
—
47
1
2
8
11
3
8
1
1
13
—
155
(6)
149
Finance income
(15)
(8)
—
(1)
—
(1)
—
(10)
—
—
—
—
(60)
(2)
—
(2)
(64)
—
(89)
8
(81)
Amortisation of tangible, right of use and
intangible assets
4
95
80
40
54
102
—
371
54
117
1
172
39
106
40
—
185
—
732
(95)
637
Other amortisation
—
—
—
—
—
—
—
—
—
—
—
—
(4)
(1)
—
—
(5)
2
(3)
—
(3)
Associates and joint ventures share of
amortisation, interest, taxation and other
2
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2
163
165
EBITDA
(85)
268
200
222
138
417
45
1,290
94
294
(91)
297
135
(73)
(24)
(77)
(39)
(124)
1,339
—
1,339
Adjustments:
Foreign exchange and fair value
adjustments
14
—
2
2
(1)
(2)
—
1
—
—
6
6
12
10
2
79
103
1
125
—
125
Retrenchment and related costs
—
—
—
—
—
—
—
—
—
—
—
—
2
3
1
(1)
5
1
6
—
6
Impairment, derecognition of assets and
profit (loss) on disposal
—
—
—
2
1
—
—
3
—
—
—
—
—
259
56
(3)
312
—
315
—
315
Unrealised non-hedge derivative loss
6
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
6
—
6
Joint ventures share of costs
—
—
—
—
—
—
1
1
—
—
—
—
—
—
—
—
—
—
1
—
1
Intergroup interest, royalty, dividend and
management fees
(19)
63
2
—
—
1
(63)
3
—
—
13
13
—
(4)
—
—
(4)
7
—
—
—
Adjusted EBITDA
(84)
331
204
226
138
416
(17)
1,298
94
294
(72)
316
149
195
35
(2)
377
(115)
1,792
—
1,792
(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.
B Adjusted net debt (1)
At Dec
At Jun
At Dec
US Dollar million
2023 Unaudited
2023 Unaudited Restated
2022 Unaudited Restated
Borrowings - non-current portion
2,032
1,896
1,965
Borrowings - current portion
207
17
18
Borrowings - total
2,239
1,913
1,983
Lease liabilities - non-current
portion
98
106
115
Lease liabilities - current portion
73
72
71
Lease liabilities - total
171
178
186
Total borrowings
2,410
2,091
2,169
Less cash and cash equivalents (net of
bank overdraft)
(955
)
(717
)
(1,106
)
Net debt
1,455
1,374
1,063
Adjustments: IFRS16 lease adjustments
(149
)
(153
)
(158
)
Unamortised portion of borrowing costs
30
32
33
Cash restricted for use
(68
)
(59
)
(60
)
Adjusted net debt
1,268
1,194
878
Adjusted net debt to Adjusted EBITDA
0.89:1
0.75:1
0.49:1
Total borrowings to profit (loss) before
taxation
38.25:1
15.15:1
4.60:1
(1) Net debt (as adjusted) and prepared in
terms of the formula set out in the Revolving Credit
Agreements.
C Average gold price received per ounce
Six months
Six months
Six months
Year
Year
ended
ended
ended
ended
ended
Dec
Jun
Dec
Dec
Dec
2023
2023
2022
2023
2022
US Dollar million Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Gold income
2,335
370
2,144
298
2,298
315
4,480
668
4,388
596
Realised gain on non-hedge derivatives
1
—
1
—
—
—
2
—
—
—
Adjusted for non-controlling interests
(49
)
—
(50
)
—
(51
)
—
(99
)
—
(112
)
—
Attributable gold income including
realised non-hedge derivatives
2,287
370
2,095
298
2,247
315
4,383
668
4,276
596
Attributable gold sold - oz (000) (1)
1,180
189
1,092
154
1,302
182
2,273
343
2,385
332
Average gold price received per ounce -
$/oz
1,939
1,953
1,917
1,941
1,725
1,732
1,928
1,948
1,793
1,795
(1) Includes gold sold from CdS. Rounding
of figures may result in computational discrepancies.
Administration and corporate information
AngloGold Ashanti plc Incorporated in England & Wales
Registration No. 14654651 LEI No. 2138005YDSA7A82RNU96
Share codes: ISIN: GB00BRXH2664 CUSIP: G0378L100 NYSE: AU
JSE: ANG A2X: ANG GhSE (Shares): AGA GhSE (GhDS): AAD
JSE Sponsor: The Standard Bank of South Africa
Limited
Auditors: PricewaterhouseCoopers Inc.
Offices Registered and Corporate 4th Floor,
Communications House South Street Staines-upon-Thames Surrey TW18
4PR United Kingdom Telephone: +44 (0) 203 968 3320 Fax: +44 (0) 203
968 3325
Australia Level 10, AMP Building, 140 St George’s Terrace
Perth, WA 6000 (PO Box Z5046, Perth WA 6831) Australia Telephone:
+61 8 9425 4602 Fax: +61 8 9425 4662
Ghana Gold House Patrice Lumumba Road (PO Box 2665) Accra
Ghana Telephone: +233 303 773400 Fax: +233 303 778155
Directors Executive A Calderon▲ (Chief Executive
Officer) GA Doran▲ (Chief Financial Officer)
Non-Executive MDC Ramos^ (Chairman) KOF Busia△ AM
Ferguson* AH Garner# R Gasant^ SP Lawson#J Magie§ MC Richter#~ DL
Sands# JE Tilk§
* British § Canadian #American ▲Australian ~Panamanian ^South
African △Ghanaian
Officers HC Grantham Interim Company Secretary
Company secretarial e-mail
Companysecretary@anglogoldashanti.com
Investor Relations contacts Yatish Chowthee
Telephone: +27 11 637 6273 Mobile: +27 78 364 2080 E-mail:
yrchowthee@anglogoldashanti.com
Andrea Maxey Telephone: +61 08 9425 4603 Mobile: +61 400
072 199 E-mail: amaxey@anglogoldashanti.com
AngloGold Ashanti website www.anglogoldashanti.com
AngloGold Ashanti posts information that may be important to
investors on the main page of its website at
www.anglogoldashanti.com and under the “Investors” tab on the main
page. This information is updated periodically. AngloGold Ashanti
intends to use its website as a means of disclosing material
non-public information to the public in a broad, non-exclusionary
manner and for complying with its disclosure obligations.
Accordingly, investors should visit this website regularly to
obtain important information about AngloGold Ashanti, in addition
to following its press releases, documents it files with, or
furnishes to, the United States Securities and Exchange Commission
(SEC) and public conference calls and webcasts. No material on the
AngloGold Ashanti website forms any part of, or is incorporated by
reference into, this document. References herein to the AngloGold
Ashanti website shall not be deemed to cause such
incorporation.
PUBLISHED BY ANGLOGOLD ASHANTI
Share Registrars United States Computershare Trust
Company, N.A. 150 Royall Street Suite 101 Canton, MA 02021 United
States of America Telephone US: 866-644-4127 Telephone non-US:
+1-781-575-2000 Shareholder Online Inquiries:
https://www-us.computershare.com/Investor/#Contact Website:
www.computershare.com/investor
South Africa Computershare Investor Services (Pty)
Limited Rosebank Towers, 15 Biermann Avenue Rosebank, 2196 (PO Box
61051, Marshalltown 2107) South Africa Telephone: 0861 100 950 (in
SA) Fax: +27 11 688 5218 E-mail: queries@computershare.co.za
Website: www.computershare.com
Ghana Central Securities Depository (GH) LTD 4th Floor,
Cedi House PMB CT 465, Cantonments Accra, Ghana Telephone: +233 302
689313 Fax: +233 302 689315
Ghana depositary NTHC Limited 18 Gamel Abdul Nasser
Avenue Ringway Estate Accra, Ghana Telephone: +233 302 235814/6
Fax: +233 302 229975
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, the outcome and consequences
of any potential or pending litigation or regulatory proceedings or
environmental, health and safety issues, the preparation and
impacts of AngloGold Ashanti’s pending restatements and the
continuing assessment of the effectiveness of the Company’s
internal control over financial reporting by both management and
PricewaterhouseCoopers Inc., are forward-looking statements
regarding AngloGold Ashanti’s financial reports, operations,
economic performance and financial condition. These forward-looking
statements or forecasts are not limited to historical facts, but
rather reflect our current beliefs and expectations concerning
future events and generally may be identified by the use of
forward-looking words, phrases and expressions such as “believe”,
“expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”,
“predict”, “project”, “estimate”, “likely”, “may”, “might”,
“could”, “should”, “would”, “seek”, “plan”, “scheduled”,
“possible”, “continue”, “potential”, “outlook”, “target” or other
similar words, phrases, and expressions; provided that the absence
thereof does not mean that a statement is not forward-looking.
Similarly, statements that describe our objectives, plans or goals
are or may be forward-looking statements. These forward-looking
statements or forecasts involve known and unknown risks,
uncertainties and other factors that may cause AngloGold Ashanti’s
actual results, performance, actions or achievements to differ
materially from the anticipated results, performance, actions or
achievements expressed or implied in these forward-looking
statements. Although AngloGold Ashanti believes that the
expectations reflected in such forward-looking statements and
forecasts are reasonable, no assurance can be given that such
expectations will prove to have been correct. Accordingly, results,
performance, actions or achievements could differ materially from
those set out in the forward-looking statements as a result of,
among other factors, changes in economic, social, political and
market conditions, including related to inflation or international
conflicts, the success of business and operating initiatives,
changes in the regulatory environment and other government actions,
including environmental approvals, fluctuations in gold prices and
exchange rates, the outcome of pending or future litigation
proceedings, any supply chain disruptions, any public health
crises, pandemics or epidemics (including the COVID-19 pandemic),
the failure to maintain effective internal control over financial
reporting or effective disclosure controls and procedures, the
inability to remediate one or more material weaknesses, or the
discovery of additional material weaknesses, in the Company’s
internal control over financial reporting, and other business and
operational risks and challenges and other factors, including
mining accidents. For a discussion of such risk factors, refer to
AngloGold Ashanti Limited’s annual report on Form 20-F for the year
ended 31 December 2022 filed with the United States Securities and
Exchange Commission (SEC) and AngloGold Ashanti’s registration
statement on Form F-4 initially filed with the SEC on 23 June 2023.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240318575575/en/
Investor Relations contacts Yatish Chowthee
Telephone: +27 11 637 6273 Mobile: +27 78 364 2080 E-mail:
yrchowthee@anglogoldashanti.com
Andrea Maxey Telephone: +61 08 9425 4603 Mobile: +61 400
072 199 E-mail: amaxey@anglogoldashanti.com
AngloGold Ashanti website www.anglogoldashanti.com
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