For the three months ended 30 September 2023
AngloGold Ashanti plc:
OVERVIEW
AngloGold Ashanti plc ("AngloGold Ashanti", "AGA" or the
"Company") has reaffirmed annual production guidance for 2023 after
third-quarter gold production improved versus the second quarter,
continuing the recovery from setbacks faced in the first and second
quarters of this year at its mines in Brazil and Guinea
respectively. The Company recorded no fatalities in the nine months
ended 30 September 2023.
AngloGold Ashanti continued to build momentum during the three
months ended 30 September 2023, recording a 3% increase in gold
production versus the second quarter of the year. Gold production
rose to 673,000oz in the third quarter of 2023 from 652,000oz in
the second quarter of 2023 mainly due to higher ore tonnes
processed partly offset by lower overall recovered grades.
Gold production gains quarter-on-quarter were recorded at
Iduapriem (+27%), Siguiri (+22%), Kibali (+13%), Serra Grande
(+9%), Geita (+6%) and Tropicana (+3%). These increases in gold
production quarter-on-quarter were partly offset by lower
production performances at Obuasi (-19%), at AGA Mineração (-13%),
at Cerro Vanguardia (-5%) and at Sunrise Dam (-3%). Adjusting for
the placement of Córrego do Sítio (“CdS”) in Brazil in care and
maintenance, gold production was up 5% quarter-on-quarter.
AngloGold Ashanti has been actively taking measures to close the
value gap with its international peers. These efforts involve
initiatives to enhance cost-efficiency and extend the life of its
mines while also prioritising safety, optimising cash flow, and
ensuring the successful delivery of projects. During the period,
the Company also completed the migration of its primary listing to
the NYSE on 25 September 2023, to enable enhanced access to the
world's largest capital market and improved positioning alongside
the gold industry's most highly valued companies.
"Gold production has improved in the third quarter of 2023 and
is expected to step up again over the remainder of the year, in
line with our guidance,” CEO Alberto Calderon said. “We continue
the work across a number of fronts to enhance our competitiveness
versus our peers; our corporate restructuring is complete, we’ve
continued to sharpen our operational and project focus, and we’re
on track to deliver on our decarbonisation commitments."
As part of the approach to narrow management focus and direct
its capital allocation to the Company’s Tier One and Tier Two
operating assets, as well as its high- return development projects,
AngloGold Ashanti commenced the process of placing its loss-making
CdS mine on care and maintenance during August 2023, and completed
the sale of its 50% indirect interest in the Gramalote project to
B2Gold Corp.
The Company continues to progress studies related to its first
development in the Beatty Mining District in Nevada, USA, where an
initial 8.4Moz of Mineral Resource has been reported and an initial
exploration target of between 6.0Moz and 8.0Moz from the Merlin
deposit alone, was disclosed earlier this year. AngloGold Ashanti
anticipates reaching a final investment decision for North Bullfrog
in 2024, once the appropriate permits have been received.
Furthermore, the decarbonisation programme has been advancing at
both the Geita site, in Tanzania and at the Tropicana site, in
Western Australia. Preparation for connecting the mine site to the
Tanzania grid, which has a high percentage of its power mix from
renewable energy sources, is well advanced while at Tropicana
project works have commenced for the construction of a 62MW wind
and solar facility.
Additional salient points from the third quarter of 2023
include:
- Geita recorded improved gold production versus the prior
quarter of 2023 and is on track for a strong finish to the year
with a production target of 500koz.
- Kibali’s gold production rose 13% versus the prior quarter of
2023 and 19% versus the same period last year. The improved
performance was mainly driven by higher ore tonnes processed and
recovered grades. Successful exploration is expected to more than
replace reserves depleted by mining this year.
- Iduapriem recorded a 27% quarter-on-quarter production
improvement as mine throughput increased following commissioning of
the new tailings’ storage facility. Grades improved after
accelerating access to higher-grade blocks.
- Siguiri posted a strong quarter-on-quarter increase in
production, as the mine stepped up production to near-normal levels
following the carbon-in-leach (“CIL”) tank failure during the
second quarter of 2023. Whilst throughput stepped up, recovery
rates are anticipated to improve by year end, as the remaining CIL
tanks are re-commissioned and reintroduced into the processing
circuit.
- Sunrise Dam’s Full Asset Potential (“FP”) review programme
continues to deliver positive results as underground ore tonnes
mined continued to show steady improvement. During the third
quarter of 2023, the mine recorded an 18% year-on-year improvement
in underground ore tonnes processed.
- Gold production at Obuasi was lower mainly due to poor ground
conditions in high grade areas at the current mining front. In line
with our commitment to ensure the safety of our people, the
decision was taken to review the mining method employed for such
high-grade areas. Following that review, a pilot study for the
transition from sub-level open stoping to underhand cut and fill is
now underway.
- At AGA Mineração, the decision was taken to place the CdS mine
on care and maintenance in August 2023.
For the nine months ended 30 September 2023, gold production was
1.909Moz, compared to 1.971Moz in the same period last year. The
production shortfall over the nine-month period in 2023 versus the
same period last year was mainly due to issues we have flagged
previously, such as the CIL tank failure during the second quarter
of 2023 at the Siguiri mine in Guinea, which resulted in an
estimated loss of 29koz (attributable) of production, and the
suspension of waste deposition on the Calcinados TSF at the Cuiabá
mine in Brazil in the first quarter of 2023, necessitating the
transition to gold-in-concentrate production and the subsequent
loss of an estimated 5koz of production. The Siguiri tank has been
repaired and the mine has ramped back up to full production, while
it is anticipated that, for the full year, Cuiabá will exceed its
targeted gold production of 180koz (comprising 60koz of gravimetric
gold and 120koz of gold-in-concentrate). Further adding to the
shortfall, was a reduction of 36koz at Obuasi during the third
quarter of 2023 on the back of poor ground conditions in high-grade
mining areas.
Quarter ended Sep
2023
Quarter ended Jun
2023
Quarter ended Sep
2022
Nine months ended Sep
2023
Nine months ended Sep
2022
Produced
oz (000)
673
652
738
1,909
1,971
Tonnes treated
Open-pit
tonnes (000)
6,955
6,381
7,090
19,939
21,096
Underground
tonnes (000)
2,987
2,940
3,155
8,551
8,978
Other
tonnes (000)
717
810
552
2,141
1,481
Total
tonnes (000)
10,659
10,131
10,797
30,631
31,555
Recovered grade
Open-pit
g/tonne
1.25
1.23
1.29
1.22
1.18
Underground
g/tonne
3.53
3.60
4.26
3.55
3.97
Other
g/tonne
2.40
2.27
0.61
2.14
0.58
Total
g/tonne
1.96
2.00
2.13
1.94
1.94
OPERATING HIGHLIGHTS
In the Africa region, gold production was 397,000oz for
the quarter ended 30 September 2023, compared to 443,000oz for the
quarter ended 30 September 2022. Gold production was 10% lower
year-on-year mainly due to lower gold production at Obuasi, Siguiri
and Geita, partly offset by higher gold production at Iduapriem and
Kibali.
Gold production was 9% higher quarter-on-quarter at 397,000oz in
the third quarter of 2023, compared to 365,000oz in the second
quarter of 2023, mainly due to higher gold production at Kibali,
Geita, Iduapriem and Siguiri, partly offset by lower gold
production at Obuasi.
In Ghana, at Iduapriem, gold production was 71,000oz for
the quarter ended 30 September 2023, compared to 66,000oz for the
quarter ended 30 September 2022. Gold production was 8% higher
year-on-year mainly due to higher overall recovered grades compared
to the prior period as the mine accelerated the mining in Block 7
and 8 Cut 2 A and B, as well as an increase in processing plant
throughput on the back of the commissioning of the new TSF.
Gold production at Iduapriem was 27% higher quarter-on-quarter
at 71,000oz in the third quarter of 2023, compared to 56,000oz in
the second quarter of 2023, mainly due to higher ore tonnes
processed and higher overall recovered grades.
At Obuasi, gold production was 46,000oz for the quarter ended 30
September 2023, compared to 72,000oz for the quarter ended 30
September 2022. Gold production was 36% lower year-on-year mainly
due to lower underground ore tonnes processed and lower overall
recovered grades.
Gold production at Obuasi was 19% lower quarter-on-quarter at
46,000oz in the third quarter of 2023, compared to 57,000oz in the
second quarter of 2023, mainly due to lower underground ore tonnes
processed and lower overall recovered grades.
Production was negatively impacted by poor ground conditions
within some of the higher-grade stopes. During August we lost some
underground mining equipment as a result of a fall-of-ground
incident in one of the mine’s high-grade stopes. Although nobody
was injured in the incident, the decision was taken to proceed more
slowly to ensure safety of our operators.
During the month of October we have begun using significantly
larger drilling equipment (the V30 reamer) to establish new stopes,
which in turn is allowing us to safely increase production and
reach similar levels of production to those achieved last year.
Going forward, Obuasi is also pursuing a change in mining approach
in high-grade areas to a more selective method suitable for
difficult ground conditions and higher-grade ores (underhand cut
and fill). The transition to this new method in higher-grade areas
is expected to take place throughout 2024 following an initial
trial period. As a result of the change in mining method, Obuasi is
now forecast to produce at levels similar to last year in 2023, and
close to 300,000oz in 2024, as it continues its ramp-up.
In Tanzania, at Geita, gold production was 126,000oz for
the quarter ended 30 September 2023, compared to 156,000oz for the
quarter ended 30 September 2022. Gold production was 19% lower
year-on-year mainly due to a combination of lower ore tonnes
processed and lower overall recovered grades. Geita remains on
track to achieve its 500,000oz gold production target for 2023.
Gold production at Geita was 6% higher quarter-on-quarter at
126,000oz in the third quarter of 2023, compared to 119,000oz in
the second quarter of 2023, mainly due to higher ore tonnes
processed and higher overall recovered grades.
In the Republic of Guinea, at Siguiri, gold production
was 55,000oz for the quarter ended 30 September 2023, compared to
66,000oz for the quarter ended 30 September 2022. Gold production
was 17% lower year-on-year mainly due to lower feed grades in the
different areas mined, and the CIL tank failure during the second
quarter of 2023. Gold production was further adversely impacted by
community protests at some of the open pits in relation to
additional employment opportunities. These protests have since
subsided.
Gold production at Siguiri recovered strongly
quarter-on-quarter, rising from 45,000oz in the second quarter of
2023 to 55,000oz in the third quarter of 2023, following the
restoration of processing capacity. Gold production was 22% higher
quarter-on-quarter mainly due to higher ore tonnes processed,
partly offset by lower overall recovered grades. It is expected
that recovery rates will improve by the end of this year, as the
remaining CIL tanks are re-commissioned and reintroduced into the
processing circuit.
In the DRC, at Kibali, gold production was 99,000oz for
the quarter ended 30 September 2023, compared to 83,000oz for the
quarter ended 30 September 2022. Gold production was 19% higher
year-on-year mainly due to higher ore tonnes processed and higher
overall recovered grades.
Gold production at Kibali was 13% higher quarter-on-quarter at
99,000oz in the third quarter of 2023, compared to 88,000oz in the
second quarter of 2023, mainly due to higher ore tonnes processed
and higher overall recovered grades.
In the Americas region, gold production was 136,000oz for
the quarter ended 30 September 2023, compared to 152,000oz for the
quarter ended 30 September 2022. Gold production was 11% lower
year-on-year mainly due to lower gold production at AGA Mineração
and Cerro Vanguardia, partly offset by higher gold production at
Serra Grande.
Gold production was 7% lower quarter-on-quarter at 136,000oz in
the third quarter of 2023, compared to 147,000oz in the second
quarter of 2023, mainly due to lower gold production at Cerro
Vanguardia and AGA Mineração, which included the placement of the
CdS mine in care and maintenance in August 2023.
In Brazil, at AGA Mineração, gold production was 77,000oz
for the quarter ended 30 September 2023, compared to 86,000oz for
the quarter ended 30 September 2022. Gold production was 10% lower
year-on-year mainly due to the cessation of mining activities at
CdS. At Cuiabá, gold production was 67,000oz for the third quarter
of 2023, which comprised 21,000oz of gravimetric gold and 46,000oz
of gold-in- concentrate.
Gold production at AGA Mineração was 13% lower
quarter-on-quarter at 77,000oz in the third quarter of 2023,
compared to 88,000oz in the second quarter of 2023, mainly due to
the cessation of mining activities at CdS.
At Serra Grande, gold production was 24,000oz for the quarter
ended 30 September 2023, compared to 22,000oz for the quarter ended
30 September 2022. Gold production was 9% higher year-on-year
mainly due to higher ore tonnes processed, partly offset by lower
overall recovered grades.
Gold production at Serra Grande was 9% higher quarter-on-quarter
at 24,000oz in the third quarter of 2023, compared to 22,000oz in
the second quarter of 2023, mainly due to higher ore tonnes
processed, partly offset by lower overall recovered grades.
In Argentina, at Cerro Vanguardia, gold production was
35,000oz for the quarter ended 30 September 2023, compared to
44,000oz for the quarter ended 30 September 2022. Gold production
was 20% lower year-on-year mainly due to lower ore tonnes processed
and lower overall recovered grades.
Gold production at Cerro Vanguardia was 5% lower
quarter-on-quarter at 35,000oz in the third quarter of 2023,
compared to 37,000oz in the second quarter of 2023, mainly due to
lower ore tonnes processed, partly offset by marginally higher
overall recovered grades.
In the Australia region, gold production was 140,000oz
for the quarter ended 30 September 2023, compared to 143,000oz for
the quarter ended 30 September 2022. Gold production was 2% lower
year-on-year mainly due to lower gold production at Tropicana,
partly offset by higher gold production at Sunrise Dam.
Gold production was flat quarter-on-quarter at 140,000oz, as
higher gold production at Tropicana was offset by lower gold
production at Sunrise Dam.
At Sunrise Dam, gold production was 64,000oz for the third
quarter of 2023 compared to 57,000oz for the quarter ended 30
September 2022. Gold production was 12% higher year-on-year mainly
due to improved mill feed grades as a result of ore sourced from
higher grade underground mining areas. Underground ore tonnes
processed, a key area of improvement at Sunrise Dam, increased 18%
year-on-year, as the benefits of the FP review programme continued
to materialise.
Gold production at Sunrise Dam was 3% lower quarter-on-quarter
at 64,000oz in the third quarter of 2023, compared to 66,000oz in
the second quarter of 2023, mainly due to lower open pit tonnes
processed. The focus remains on increasing underground ore tonnes,
which were up 6% quarter-on-quarter.
At Tropicana, gold production was 76,000oz for the third quarter
of 2023 compared to 86,000oz for the quarter ended 30 September
2022. Gold production was 12% lower year-on-year mainly due to
lower ore tonnes processed and lower overall recovered grades.
Gold production at Tropicana was 3% higher quarter-on-quarter at
76,000oz in the third quarter of 2023, compared to 74,000oz in the
second quarter of 2023, mainly due to higher overall recovered
grades, partly offset by lower ore tonnes processed.
GUIDANCE
The Company previously provided guidance for 2023, which remains
unchanged. The Company remains on track to achieve full year gold
production guidance. Gold production is expected to be second half
weighted, with fourth quarter gold production expected to be the
strongest out of all the quarters this year.
SAFETY
The Company recorded no fatalities in the nine months ended 30
September 2023.
The Total Recordable Injury Frequency Rate (“TRIFR”) for the
nine months ended 30 September 2023 improved 13% to 1.16 injuries
per million hours worked, compared to 1.33 injuries per million
hours worked in the same period last year. The Company’s TRIFR
compares favourably with the International Council on Mining and
Metals members' average TRIFR of 2.66 injuries per million hours
worked in 2022. TRIFR measures workplace safety in terms of the
total number of recordable injuries and fatalities that occur per
million hours worked.
UPDATE ON CAPITAL PROJECTS
Obuasi
Phase 3 of the Obuasi Redevelopment Project, which relates
principally to dewatering and refurbishing existing infrastructure
around the KMS shaft in order to improve overall mining flexibility
and access to the higher-grade Block 11 area in future years,
reached 82% overall completion during the third quarter of
2023.
The pace of project work below 50 Level has been slowed down
mainly due to unexpectedly heavy rainfall, necessitating increased
pumping from underground, and also the discovery of unanticipated
levels of residual mud following the dewatering of that area. This
has delayed delivery of the project, which is now expected to be
complete in the second half of next year, although the overall
capital budget for the project remains unchanged.
Despite the project delay, successful debottlenecking of
existing infrastructure has created capacity to move about 6,000tpd
of material from the existing decline and KRS shaft alone. Once the
KMS shaft is recommissioned, Obuasi’s overall materials hoisting
capacity and flexibility are expected to significantly improve,
taking overall maximum hoisting capacity to about 12,000tpd.
Thus, the optimisation of mill feed will extend across the whole
8km strike ore body via the Cote D’or decline to the north, and
high-grade ore from the deeper Block 11 via the KMS shaft located
in the central portion of the Obuasi ore body, extending to the
southern limits of the ore body via KRS shaft and Obuasi
Development Decline.
The following activities took place during the third quarter of
2023:
- Completion of final KMS rock winder upgrades including head
gear work; the winder is now rated to hoist 6,000tpd
- The new pumps and pipelines to allow future dewatering is
progressing to plan at 5000 Level
- The man winder, BSVS and KMVS shaft works are progressing
- Mud removal and establishment of the 50-Level station
Tropicana
The Havana underground pre-feasibility study was completed and a
feasibility study is now underway. The feasibility study will focus
on operational readiness and detailed design. It is anticipated
that construction of the access decline will start in the June
quarter of 2024.
The Tropicana Renewable Project has commenced site works and is
progressing on schedule. The new facility is expected to be an
important part, together with other pending and future projects, of
supporting AngloGold Ashanti’s strategy to achieve a 30% absolute
reduction in Scope 1 and Scope 2 greenhouse gas (“GHG”) emissions
by 2030 (as compared to a 2021 baseline), as part of its roadmap to
achieve net zero Scope 1 and Scope 2 GHG emissions by 2050.
Nevada
AngloGold Ashanti completed the feasibility study (“FS”) for the
North Bullfrog Project (“NBP”) in October 2023. The Project has
been approved to continue into the detailed engineering phase and
anticipates reaching a final investment decision for North Bullfrog
in 2024 with conditional approval subject to receipt of appropriate
permits. The NBP is proposing an open-pit mining alternative
utilising both gravity milling and heap leaching for ore
processing. Permitting processes are underway for the NBP. The Plan
of Operations and environmental baseline studies have been accepted
as final by state and federal agencies and required Supplemental
Environmental Reports have been prepared and reviewed. Federal and
state permitting processes are expected to formally commence during
the first quarter of 2024 and anticipate receiving the approval to
construct in the first quarter of 2025.
The conceptual study (“CS”) for the Expanded Silicon Project
continues to progress. This CS is expected to capture synergies
from the increased economy of scale and integrated infrastructure,
with potential for large scale mining. Completion of the CS and
Mineral Resource declaration for the Expanded Silicon Project is
anticipated during the fourth quarter of 2023.
Quebradona
Following the decision of Colombia’s national environmental
agency (“ANLA”) in November 2021 to archive the Company’s
environmental licence application related to the Quebradona
Project, and the confirmation of such decision in April 2022,
AngloGold Ashanti has been working to complete the data acquisition
required at the tunnel alignment area. In addition, an optimised FS
is currently underway to implement improvements in water
management, operational flexibility, maintainability, and
constructability. As previously reported, the new environmental
licence application is expected to be filed with the ANLA in
2026.
Gramalote
On 18 September 2023, AngloGold Ashanti, agreed to sell its
entire 50% indirect interest in the Gramalote Project to B2Gold
Corp for a total consideration of up to $60m. The transaction
closed on 29 September 2023, and AngloGold Ashanti received a cash
payment of $20m on 5 October 2023, with the balance dependent on
project construction and production milestones that the Gramalote
Project reaches.
CORPORATE UPDATE
Corporate restructuring
AngloGold Ashanti completed its corporate restructuring in
September 2023, with a primary listing of its shares on the New
York Stock Exchange (NYSE) and a corporate domicile in the UK. The
corporate restructuring was first announced on 12 May 2023 and
approved by the shareholders of AngloGold Ashanti Limited on 18
August 2023. The ordinary shares of AngloGold Ashanti plc commenced
trading on the NYSE on 25 September 2023, maintaining the ticker
symbol AU. AngloGold Ashanti remains committed to the Johannesburg
Stock Exchange (JSE) and A2X Markets (A2X) in South Africa and the
Ghana Stock Exchange (GhSE) in Ghana, on each of which it has
maintained secondary listings.
As disclosed in its initial announcement, the corporate
restructuring attracted various tax payments in South Africa and
Australia. These tax payments have now been determined at about
$286m in total. The tax amounts, which were calculated based on
market prices on 22 September 2023 at a closing share price of
$18.15, shares in issue of 419,685,792 and a closing market
capitalisation on the NYSE of
$7.6bn, are listed below. Final US Dollar amounts of tax
payments in South Africa and Australia may vary based on foreign
exchange rates at the time payment is made in South African Rands
and Australian Dollars.
In South Africa:
- Dividend Withholding Tax: R4.18bn or $221m
- Securities Transfer Tax: R351m or $19m
In Australia
- Estimated Landholder Duties: A$72m or $46m
Córrego do Sítio care and maintenance
On 25 August 2023, the Company announced it placed the CdS mine
in Brazil’s Minas Gerais state on care and maintenance following a
sustained period of challenging operating results characterised by
poor production and costs that were well above the gold price.
Executive Committee Changes
On 25 August 2023, the Company announced the appointment of Mr.
Richard Jordinson as Chief Operating Officer (“COO”) of the Company
and a member of the Executive Committee with effect from 1 October
2023. From 1 October 2023, Mr. Marcelo Godoy resumed his role of
Chief Technology Officer of the Company and Mr. Jason May stepped
down from his role of interim Chief Technology Officer.
Appointment of Interim Group Company Secretary
The Company has appointed Ms. Helen Grantham as Interim Group
Company Secretary of AngloGold Ashanti with effect from 25
September 2023. AngloGold Ashanti continues the process of
searching for a new permanent Group Company Secretary and will
advise shareholders of the appointment of a permanent Group Company
Secretary in due course.
Reporting Update
AngloGold Ashanti qualifies as a foreign private issuer (“FPI”)
in the United States for purposes of the US Securities Exchange Act
of 1934, as amended (the “US Exchange Act”) and is filing annual
reports on Form 20-F and current reports on Form 6-K with the US
Securities and Exchange Commission (“SEC”). AngloGold Ashanti plans
to voluntarily file annual reports on Form 10-K, quarterly reports
on Form 10-Q and current reports on Form 8-K with the SEC instead
of filing on the reporting forms available to FPIs starting with
the 10-Q filing for the second quarter of 2024. Prior to
voluntarily filing on forms that are available to US domestic
issuers, AngloGold Ashanti will file its annual report for 2023 on
Form 20-F and will only provide production information for each
mine and major project updates in its report for the first quarter
of 2024. Similarly, AngloGold Ashanti only provides production
information for each mine and major project updates in this report
for the third quarter of 2023. AngloGold Ashanti expects to release
full year results for 2023 with detailed financial and operating
information in February 2024.
Operations at a glance
for the quarters ended 30
September 2023, 30 June 2023 and 30 September 2022
Gold production oz
(000)
Open-pit treated 000
tonnes
Underground milled /
treated 000 tonnes
Other milled / treated 000
tonnes
Open-pit Recovered grade
g/tonne
Underground Recovered
grade g/tonne
Other Recovered grade
g/tonne
Total Recovered grade
g/tonne
Sep-23
Jun-23
Sep-22
Sep-23
Jun-23
Sep-22
Sep-23
Jun-23
Sep-22
Sep-23
Jun-23
Sep-22
Sep-23
Jun-23
Sep-22
Sep-23
Jun-23
Sep-22
Sep-23
Jun-23
Sep-22
Sep-23
Jun-23
Sep-22
AFRICA Joint Ventures
99
88
83
512
537
506
446
413
392
—
—
—
1.89
1.42
0.82
4.75
4.75
5.52
—
—
—
3.22
2.87
2.87
Kibali - Attributable 45%
99
88
83
512
537
506
446
413
392
—
—
—
1.89
1.42
0.82
4.75
4.75
5.52
—
—
—
3.22
2.87
2.87
AFRICA Subsidiaries
298
277
360
4,669
3,813
4,449
863
946
894
93
43
31
1.16
1.21
1.27
4.38
4.20
6.13
0.96
1.03
1.48
1.65
1.80
2.08
Iduapriem
71
56
66
1,396
1,284
1,392
—
—
—
—
—
—
1.59
1.34
1.47
—
—
—
—
—
—
1.59
1.34
1.47
Obuasi
46
57
72
—
—
—
230
267
299
93
43
31
—
—
—
5.85
6.49
7.29
0.96
1.03
1.48
4.43
5.74
6.74
Siguiri - Attributable 85%
55
45
66
2,474
1,830
2,159
—
—
—
—
—
—
0.69
0.77
0.95
—
—
—
—
—
—
0.69
0.77
0.95
Geita
126
119
156
799
699
898
633
679
595
—
—
—
1.84
2.09
1.72
3.85
3.30
5.55
—
—
—
2.73
2.69
3.25
AUSTRALIA
140
140
143
1,554
1,845
1,950
1,004
912
805
—
—
—
1.22
1.08
1.29
2.43
2.57
2.42
—
—
—
1.70
1.58
1.62
Sunrise Dam
64
66
57
271
392
462
659
620
560
—
—
—
1.54
1.27
1.23
2.36
2.48
2.18
—
—
—
2.12
2.01
1.75
Tropicana - Attributable 70%
76
74
86
1,283
1,453
1,488
345
292
245
—
—
—
1.16
1.03
1.30
2.56
2.77
2.97
—
—
—
1.46
1.32
1.54
AMERICAS
136
147
152
220
186
185
674
669
1,064
624
767
520
1.84
2.52
3.27
3.25
3.44
3.61
2.62
2.34
0.56
2.79
2.82
2.67
Cerro Vanguardia -
Attributable 92.50%
35
37
44
179
184
165
101
104
116
349
383
440
1.98
2.53
3.54
5.67
5.02
4.90
0.45
0.42
0.46
1.72
1.71
1.88
AngloGold Ashanti Mineração
77
88
86
—
—
—
293
295
682
275
384
80
—
—
—
3.17
3.73
3.81
5.37
4.25
1.08
4.24
4.03
3.52
Serra Grande
24
22
22
41
2
20
280
270
266
—
—
—
1.23
1.66
1.02
2.45
2.52
2.52
—
—
—
2.30
2.52
2.42
AngloGold Ashanti
Total
673
652
738
6,955
6,381
7,090
2,987
2,940
3,155
717
810
552
1.25
1.23
1.29
3.53
3.60
4.26
2.40
2.27
0.61
1.96
2.00
2.13
Joint Ventures
99
88
83
512
537
506
446
413
392
—
—
—
1.89
1.42
0.82
4.75
4.75
5.52
—
—
—
3.22
2.87
2.87
Subsidiaries
574
564
655
6,443
5,844
6,584
2,541
2,527
2,763
717
810
552
1.20
1.21
1.33
3.31
3.41
4.08
2.40
2.27
0.61
1.84
1.91
2.06
Rounding of figures may result in computational
discrepancies.
Operations at a glance
for the nine months ended 30
September 2023 and 30 September 2022
Gold production oz
(000)
Open-pit treated 000
tonnes
Underground milled / treated
000 tonnes
Other milled / treated
000 tonnes
Open-pit Recovered grade
g/tonne
Underground Recovered grade
g/tonne
Other Recovered grade
g/tonne
Total Recovered grade
g/tonne
Sep-23
Sep-22
Sep-23
Sep-22
Sep-23
Sep-22
Sep-23
Sep-22
Sep-23
Sep-22
Sep-23
Sep-22
Sep-23
Sep-22
Sep-23
Sep-22
AFRICA Joint Ventures
250
240
1,588
1,408
1,201
1,134
—
—
1.54
0.94
4.45
5.43
—
—
2.79
2.94
Kibali - Attributable 45%
250
240
1,588
1,408
1,201
1,134
—
—
1.54
0.94
4.45
5.43
—
—
2.79
2.94
AFRICA Subsidiaries
860
914
12,619
13,339
2,592
2,438
174
125
1.20
1.16
4.41
5.23
1.00
1.37
1.74
1.79
Iduapriem
189
181
3,914
3,994
—
—
—
—
1.51
1.41
—
—
—
—
1.51
1.41
Obuasi
163
162
—
—
732
708
174
125
—
—
6.69
6.88
1.00
1.37
5.60
6.05
Siguiri - Attributable 85%
165
208
6,626
6,861
—
—
—
—
0.77
0.94
—
—
—
—
0.77
0.94
Geita
343
363
2,079
2,484
1,860
1,730
—
—
1.98
1.37
3.51
4.55
—
—
2.70
2.68
AUSTRALIA
405
397
5,114
5,643
2,807
2,402
—
—
1.07
1.15
2.53
2.45
—
—
1.59
1.54
Sunrise Dam
190
174
1,012
1,312
1,882
1,678
—
—
1.34
1.24
2.43
2.26
—
—
2.05
1.81
Tropicana - Attributable 70%
215
223
4,102
4,331
925
724
—
—
1.01
1.12
2.74
2.89
—
—
1.33
1.37
AMERICAS
394
420
618
706
1,951
3,004
1,967
1,356
2.14
2.15
3.34
3.60
2.24
0.51
2.70
2.57
Cerro Vanguardia - Attributable
92.50%
114
128
569
568
290
293
1,101
1,225
2.21
2.32
6.12
7.10
0.46
0.44
1.81
1.89
AngloGold Ashanti Mineração
219
231
—
—
875
1,947
866
131
—
—
3.33
3.61
4.50
1.14
3.91
3.45
Serra Grande
61
61
49
138
786
764
—
—
1.22
1.44
2.34
2.24
—
—
2.27
2.12
AngloGold Ashanti
Total
1,909
1,971
19,939
21,096
8,551
8,978
2,141
1,481
1.22
1.18
3.55
3.97
2.14
0.58
1.94
1.94
Joint Ventures
250
240
1,588
1,408
1,201
1,134
—
—
1.54
0.94
4.45
5.43
—
—
2.79
2.94
Subsidiaries
1,659
1,731
18,351
19,688
7,350
7,844
2,141
1,481
1.20
1.19
3.41
3.76
2.14
0.58
1.85
1.86
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
AngloGold Ashanti website www.anglogoldashanti.com
AngloGold Ashanti posts information that may be important to
investors on the main page of its website at
ww.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
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), 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/20231109126311/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
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