Form 6-K ANGLOGOLD ASHANTI LTD For: Nov 03
20-F or Form 40-F.
Regulation S-T Rule 101(b)(1):
Regulation S-T Rule 101(b)(7):
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
- Record safety measures across all metrics; Industry-leading 2nd consecutive fatality-free quarter
- Normalised AHE of $66m, or 16 US cents a share on strong production, despite lower gold price
- Production of 1.128Moz ahead of guidance; Up 8% year-on-year and 3% on prior quarter
- Total cash costs of $820/oz were better than guidance of $850/oz - $890/oz
- All-in-sustaining costs improve by 10% year-on-year to $1,036/oz on strong cost management
- All-in-costs improve 19% year-on-year to $1,144/oz
- AngloGold Ashanti generates modest free cash flow after strong operating quarter
- Prioritising self-help measures to deleverage balance sheet
- Net debt reduced to $2,952m; Net debt: adjusted EBITDA improves marginally to 1.64 times
- Significant maiden resource declared at Nuevo Chaquiro deposit in Colombia
Gold
Produced
Sold
Price received
Gold income
Cost of sales
Total cash costs
Production cost
Adjusted gross
Gross profit
Profit (loss) attributable to equity shareholders
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. AngloGold Ashanti posts information that is 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 regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.
- oz (000)
- $/oz
- $/oz
- $/oz
- $/oz
- $m
- $m
- $m
- $m
- $m
- $m
- cents/share
- $m
- cents/share
- $m
- cents/share
- $m
- $m
1,101
1,281
1,036
1,144
877
243
273
10
44
11
0
261
1,088
1,289
1,060
1,192
894
257
252
(20)
(89)
(22)
(1)
311
1,062
1,327
1,155
1,408
865
310
276
0
148
319
448
3,286
1,287
1,030
1,150
2,578
820
(2)
2,902
1,455
1,239
1,562
2,518
142
815
Kibali - Attr. 45%
Iduapriem
Siguiri - Attr. 85%
Morila - Attr. 40%
Navachab
Geita
exploration and other
Sunrise Dam
Cerro Vanguardia - Attr. 92.50%
AngloGold Ashanti Minera��o
Cripple Creek & Victor
exploration and other
sustainability; enhancing financial flexibility; optimising overhead and operating costs and capital expenditure; improving the quality of its
portfolio; and maintaining long-term optionality in the business.
decline in the average gold price received from a year earlier to $1,281/oz, an improved production performance and lower all-in
sustaining costs, helped drive net debt marginally lower to $2,952 million, from $3,008 million a year earlier and $2,994 million the
previous quarter.
year to 1.128Moz, ahead of guidance levels of 1.06Moz to 1.09Moz. This performance came despite the loss of 30,000oz related to the
earthquake on 5 August that interrupted the Vaal River Operations in South Africa for several days while the mines were idled to allow
aftershocks to subside and repairs to be affected.
marginally higher at 1% compared to $809/oz recorded in the same quarter last year, and were better than guidance of $850/oz to
$890/oz, despite ongoing inflationary challenges in several key jurisdictions including South Africa, Continental Africa and South
America. Corporate and marketing costs of $24m were 43% lower year-on-year, while exploration and evaluation costs of $37m were
33% lower over that period. The improved performance reflected the benefit of a full quarter with Kibali and Tropicana in the operating
line-up, as well as an ongoing focus on overhead- and direct-cost management through the Project 500 programme, continued capital
discipline and the benefit of weaker currencies against the US dollar in Brazil, South Africa and Australia.
activities compared to the same period last year. Adjusted Earnings Before Interest Depreciation and Amortisation (adjusted EBITDA)
increased to $400m from $327m in the third quarter of 2013, reflecting an improvement in the adjusted EBITDA margin from 24% a year
ago, to the current 31%. The key ratio of net debt to adjusted EBITDA improved to 1.64 times for the twelve month period ended 30
September 2014, from 2.02 times for the twelve month period ended 30 September 2013, and 1.73 times for the twelve month period
ending 30 June 2014.
Ashanti recorded its second fatality-free quarter in succession, the first time in the companys history that this has been achieved. In
addition, all other safety metrics reached their best levels ever, an achievement all the more noteworthy given the potential dangers
posed by the earthquake. In the event, all 3,300 employees working underground at the time were safely lifted to surface, with only a
handful of minor injuries reported.
working on a range of self-help measures to generate cash from within current operating base to further deleverage the balance sheet
over the medium term. We will also consider the sale or partnership of an operating asset, if required.
capital raising. The restructuring proposed creating a London-listed entity to house the companys international assets with the South
African assets remaining at AngloGold Ashanti, thus creating two simpler and more focused entities. The proposed capital raising would
have reduced debt levels in order to leave the South African entity debt free (with the exception of existing guarantees by Anglogold
Ashanti of debt that would have remained outstanding) and leave the international entity with sustainable debt levels that could be
supported by its own cash flows.
was broad support for the strategic logic of the restructuring, a number of shareholders expressed concerns about certain aspects of the
proposed transactions, in particular the quantum of the equity capital raising needed to enable the restructuring to be implemented in
accordance with regulatory and other requirements.
separation of the company. Furthermore, maturities of AngloGold Ashantis major debt facilities are long-dated, with revolving credit
facilities most of which are currently undrawn -- maturing only in 2019, and the first bond maturities a year later, in 2020. Net debt to
adjusted EBITDA at current levels of about 1.6 times is well within covenant limits of 3.5 times. In addition, the continued restructuring of
the companys cost base and improvements in the quality of the portfolio, have helped the company deliver modest free cash generation
in each of the last three quarters, despite the lower gold price. Liquidity is currently adequate with cash available, access to commercial
paper markets and the undrawn portions of the companys bank facilities ($1bn in US dollar RCF and roughly A$151m undrawn in our
Australian dollar RCF).
management in the medium term, AngloGold Ashanti has intensified its focus on prioritising value creation opportunities deliverable
from within its current structure. The company plans to continue to aggressively identify and implement further operational efficiencies,
reduce overhead cost structures and pursue other initiatives to improve underlying business performance.
entry into partnerships with respect to its Colombian portfolio and Obuasi mine in Ghana and, could potentially consider the sale or joint
venture of other operating assets for fair value. AngloGold Ashantis medium-term aspirational target would be to prioritise the use of
proceeds from such actions to reduce debt by about $1bn over the medium-term in order to lower its leverage ratio to less than 1.5
times net debt to adjusted EBITDA.
achievement for a South African deep-level mining major, and shows what is possible when total commitment by a group of people
comes together with the correct culture, procedures and support. AngloGold Ashantis overall workplace safety continues to show strong
improvement across several metrics, with the broadest measure of progress all injury frequency rates and lost-time injury frequency
rates remaining at record low levels. Seven of our operating and major exploration sites have now passed nine months without a
single lost time injury, while continued improvements at several other operations have allowed new safety benchmarks to be set.
While we are immensely proud of this achievement, which is the result of hard work over several years, we fully realise that there is no
room for complacency while injuries occur on mine sites. We recognise, however, that to the end of September 2014 our record of no
fatalities related to so-called fall-of-ground incidents continued for more than a year as at the quarter end. In addition, nine of our
operating entities ended the quarter with no lost time injuries and six have that record intact for the first nine months of the year. We
continue to look for new ways to keep safety at the forefront of everything we do and continue to focus on managing our major hazards,
and understanding what we call high potential incidents, which may have resulted in death or serious injury.
in 2013, despite the lower gold price received. Free cash flow of $30m after all expenditures, compared to the total outflow of $222m in
the period a year ago, highlighting significant operating and cost improvements across a broad front.
share a year earlier, when AHE reflected a $567m realised fair value gain on a three-year convertible bond. The $2m AHE for the
quarter under review reflects fees related to the accelerated amortisation of the US$ and A$ RCF ($7m), operational and corporate
redundancies ($36m), operational closure and termination costs ($7m), non-cash provisions relating to stockpiles and consumable
inventories ($6m) and indirect taxes and legal provisions ($8m).
based on the weighted average number of shares of 406 million compared with $110m or 28 cents in the corresponding quarter of 2013.
This was due to a lower gold price, annual inflationary increases, higher amortisation and taxation due to more withholding taxes on
non-recurring taxation credits partially offset by weaker local currencies, savings in corporate and exploration expenditure and lower
finance costs. The normalised AHE for the September 2014 quarter is lower than June 2014 quarter at $76m or 19 cents per share,
mainly impacted by cost inflationary increases, notably the South African wage increases and winter power tariffs.
Production was 1.128Moz at an average total cash cost of $820/oz, compared to 1.043Moz at $809/oz a year earlier and 1.098Moz at
$836/oz the previous quarter. Guidance for the third quarter was 1.06Moz to 1.09Moz oz at a total cash cost of $850-890/oz. This
included a 30,000oz loss of production at our Vaal River Operations due to the earthquake. Costs overall benefited from higher output,
weaker currencies and continued benefits from a range of cost saving initiatives.
During the third quarter of 2014 production from the International Operations increased 14% to 813,000oz from 714,000oz in the third
quarter of 2013, despite no contribution from Navachab following its sale in June 2014, and the continued wind-down of production from
Obuasi. Within the international portfolio, Continental Africa was 7% higher at 410,000oz for the third quarter of 2014, compared to
383,000oz in the third quarter of 2013. Year-on-year, Australia more than doubled from 62,000oz to 152,000oz following the addition of
Tropicana, while the Americas dropped marginally to 251,000oz from 270,000oz , due mainly to declines in production from the Cripple
Creek & Victor mine.
previous quarter due to lower total cash costs and an increase in gold sold. The year-on-year decline in AISC was due to the higher
ounces sold, lower corporate and exploration costs as well as lower sustaining capital expenditure. Total cash costs for the third quarter
of 2014 increased $11/oz compared to the same period in the previous year, from $809/oz to $820/oz. The higher total cash costs,
given the two new mines Kibali and Tropicana -- include fuel and power costs and service costs, partly offset by significant
improvements from a combination of cost saving initiatives, currency weakness, removal of some marginal and loss-making production
and higher output in some areas. Total capital expenditure during the third quarter was $261m (including equity accounted joint
ventures), compared with $448m in the third quarter of 2013 and $311m the previous quarter. Of the total capital spent, project capital
expenditure during the quarter amounted to $84m. Free cash flow after all outgoing expenditures including interest and tax, improved
from negative $222m a year earlier to a positive $30m in the third quarter, reflecting declining capital expenditures, improved costs and
higher production.
resulting in an improvement in net debt to adjusted EBITDA ratio to 1.64 times, compared with 1.73 times in the previous quarter and
2.02 times a year ago.
329,000oz at total cash cost of $851/oz in the third quarter of 2013. Production was adversely impacted by the 5.3 magnitude
earthquake which struck South Africas North West province on the 5 August 2014, and the time taken in its aftermath to allow
aftershocks to subside and then to effect repairs. Total cash costs increased due to labour inflationary increases and seasonal electricity
tariffs that were effective from the second half of the year. However, these costs were partially offset by cost savings from Project 500
initiatives.
cash cost of $814/oz during the third quarter of 2013. The third quarters performance reflected an improvement on the back of seismic
related activities and safety stoppages. Mponeng delivered a 5% improvement in production compared to the same quarter of 2013 as a
result of a slight reduction in stope-widths and an increased overall grade due to lower intake of marginal ore tonnages. Despite annual
inflationary increases, total cash costs decreased by 9% year-on-year. Mponeng was the lowest cost producer for the South African
region at a total cash cost of $688/oz. The concerted effort at TauTona on value accretive energy initiatives continues to achieve
encouraging results. These initiatives include wastage elimination, rescheduling activities such as pumping to take place during non-
peak shift hours, continuous monitoring of water arrival and specific attention is given to identifying and repairing air leaks.
to 122,000oz at total cash cost of $867/oz in the third quarter of 2013. Great Noligwa and Moab Khotsong were most severely impacted
by the earthquake whilst Kopanang was impacted by safety related disruptions. Underground assessments indicated that some of the
reef silos had cracked, while other relatively minor damage occurred to surface infrastructure and buildings. Overall, operations were
impacted by between five and ten days of no or partial production, depending on the damage at each of the affected sites.
at total cash cost of $915/oz in the third quarter of 2013. Processing of marginal ore dump material at some reclamation sites was
discontinued as grades were below cut-off. In mitigating this, an extensive drilling program was started at the reclamation sites to
improve knowledge of mineralogy and grade. Current reagent dosage rates and metallurgical parameters are being optimised.
Commissioning of the uranium plant at Mine Waste Solutions has commenced and is expected to be completed by year-end.
total cash cost of $804/oz in the third quarter of 2013; the increase in production was mainly due to the contribution from Kibali.
total cash cost of $580/oz in third quarter of 2013. Production decreased in line with production plan which is focused on treating lower
grade stockpile material. At Obuasi, production for the third quarter of 2014 was 78,000oz at total cash cost of $966/oz, compared to
68,000oz at total cash cost of $1,082/oz in third quarter of 2013. Production increased and total cash costs improved due to an increase
in tonnage throughput from both underground and surface sources.
69,000oz at total cash costs of $987/oz in third quarter of 2013. Production improved despite depleting higher grade ore sources. Total
cash costs decreased as a result of cost management through renegotiation of fuel supply contracts and other efficiency benefits.
process inventory expense as the gold locked up in the plant in the previous period was released. Sadiolas production was 21,000oz
at total cash cost of $981/oz as a result of a decrease in recovered grade due to lower volumes of oxide material accessed from the
primary ore sources. Yatelas production was down to 2,000oz in line with the closure plan. Total cash costs were $1,672/oz.
total cash cost of $549/oz in third quarter of 2013. Production was lower as a result of a 19% decrease in recovered grade, partly offset
by a 14% increase in tonnage throughput, which also negatively impacted on costs. Production was higher in the third quarter of 2013
due to higher grade ore sourced from the Star & Comet pit which has now been depleted. Going forward, production is expected to
improve as a result of increased tonnage throughput with the consistency in the mill running time and improved mill productivity from a
softer ore blend delivered to the plant. The increase in total cash costs was in line with the annual operational plan as a result of higher
mining costs incurred in the quarter. In addition, AngloGold Ashanti is investigating a move to switching Geita from an owner-operator
model to a contractor operated model in the new year, to take advantage of a relatively attractive market for mining contracts and to
improve ongoing cash flow by removing some future capital commitments.
production over the previous quarter was due to successful efforts to overcome operational challenges encountered with the
commissioning of the Sulphide Circuit, as well as plant availability on the Oxide Circuit. Production was also assisted by a 29%
improvement in throughput and increased milled head grade.
cash cost of $656/oz in the third quarter of 2013.
compared to 69,000oz at total cash cost of $744/oz in the third quarter of 2013. Production decreased partially due to a change in the
ore stacking plan. A delay in receiving certification for a section of an exposed liner led to the heap leach stacking plan being modified
resulting in deferred production as ore was placed deeper in the leach pad in the first half of the year and shallower in the second half.
In addition, production was negatively affected by lower ore-grade mined and fewer tonnes crushed due to more clay in the ore, thereby
impacting negatively on total cash costs in addition to lower gold placement.
to 63,000oz at total cash cost of $614/oz in the third quarter of 2013. Production was negatively impacted by operational delays in
development causing decreased secondary development head grades and sequencing in the mine, thereby resulting in lower grade at
the underground mine compensated by higher tonnes treated. Although costs benefited from the weaker exchange rate, this was offset
by lower by-product sales and lower deferred stripping adjustment.
cost of $629/oz in the third quarter of 2013. At AngloGold Ashanti C�rrego do S�tio Minera��o, production for the third quarter of
2014 was 101,000oz at total cash cost of $699/oz compared to 103,000oz at total cash cost of $602/oz in the third quarter of 2013.
Production was impacted by operational delays in high grade areas, changes in mining plan at Cuiab� Complex, and geotechnical
challenges at the new oxide pit. Work is underway to improve the mines rock mechanics, change the mining method from cut-and-fill to
sub-level stoping and increase the contribution of Narrow Vein Ore Bodies (NV) from 15% of the mines total, to 40%.
body as far as Level 24 at the MO mine (the Main Ore Body) and Level 26 at the NV mine, while high-grade quartz veins have been
intersected between Level 9 and Level 25. In addition, satellite ore bodies have been intersected close to the existing infrastructure.
These exploration successes will, potentially help add production in the both the short-term and over the life of mine.
cash cost of $709/oz in the third quarter of 2013. Production was down due to lower grades caused by differences in underground mine
sequencing, with higher grades anticipated in the latter part of the year. Costs were negatively impacted mainly by lower gold
production, local currency appreciation and ore stockpiles.
of $1,270/oz in the third quarter of 2013. At Sunrise Dam production for the third quarter of 2014 was 68,000oz at total cash cost of
$982/oz compared to 62,000oz at total cash costs of $1,184/oz in third quarter of 2013. The increase in production was attributable to
favourable mill throughput with a record 616,000 tonnes of underground ore mined during this quarter whilst the underground mine
grade increased to 2.74g/t from the prior years quarters 2.20g/t. Total cash costs decreased due to the higher production as well as the
drawdown of ore stockpiles. The mine successfully completed the transition to underground operations following the closure of the Open
Pit.
of $498/oz in the previous quarter. Production decreased quarter-on-quarter as a result of lower mined and milled grades in July and
significant downtime in the mill for both planned maintenance and repairs. In addition, structural failure of the CIL Tank 7 (inter-tank
screen) support tubes occurred, causing part of the tank wall to buckle. Mill throughput was constrained by reduced availability of
process water during the quarter as a result of lower-than-expected production from the bore field. A number of new bores have been
drilled and commissioned but approvals are required to enable the development of further bores that will provide redundancy through
the hot summer months. Mining was also constrained while remediation of a wall slippage in the upper oxide zone in the Havana Pit
was carried out.
Gold, Only the Gold, All the Time. During the third quarter of 2014, progress on key technologies that seek to establish the base for a
safe, automated mining method intended for selective use at AngloGold Ashantis deep-level underground mining operations is as
follows:
diameters ranging from 660mm up to 720mm. Improvement in the drilling theory remains a focus area and different
reamer cutter configurations were tested. Due to the reef channel increasing, more holes will be drilled with the 660mm
and 720mm reamers and further information obtained will evaluate the extent to which the reamers can be deployed at
the prototype sites.
mine commenced. Industrial and mechanical engineering support is being supplied to improve machine performance to
design expectations.
of drilling requires a double pass drilling sequence where an initial pilot or direction hole is drilled which is followed by
a larger diameter cutter that reams the initial hole to a larger dimension. Drilling of the 115mm pilot holes was
successful with regards to drilling rate and direction. Reaming with 250mm and 350mm reamers however remains a
challenge as the softer footwall conditions associated with the C-reef ground are causing the cutter head to fall out of
the direction hole and into the non-gold bearing material below the reef. Modifications are now being assessed.
manufactured and delivered to the relevant mines. The last of the medium reef machines (Moab Khotsong) as well as
the small reef machines (Kopanang) have been delivered to both mines. Testing on these machines has started.
which was conducted during trials 1 to 4. A total of three holes were drilled with the average rate increasing from a previous
12.7m/hr to a new average of 13.3m/hr, with no improvement in the drilling accuracy. Trial 6 will continue in the last quarter of the
year using the RC drilling method. The new compressor will lead to an increase in the operating air pressure which will in turn
improve the drilling rate to greater depths. Additionally rod stabilisers will be tested to ensure better accuracy as this remains a
critical part of concluding a successful drilling solution.
available reef bored holes in the prototype testing block and test site have been filled. A software data logging system was installed
and commissioned in the prototype testing site as part of the on-going process to install instrumentation. The focus will now be to
integrate and process the data from the instrumentation, which is installed in the backfilled holes to monitor the backfill and rock
mass response. Installation of an acoustic monitoring system commenced to additionally monitor the rock mass response during
drilling and will be tested during the last quarter of the year.
as scheduled and the plant will be commissioned during the last quarter of the year. Surface testing to develop a pumping solution
towards a 1,000m horizontal distance target is still in progress and work will continue into the next quarter.
plant. The High Grade Mill is 87% complete as of the end of the third quarter 2014 and is planned to complete construction and start
production in the fourth quarter of 2014. All major mill equipment has been set in place and the remaining work is largely piping and
electrical. The new Valley Leach facility and associated gold recovery plant are scheduled to start production in 2016.
against agreed lists taking place. In respect of the hydropower projects, three of the four turbines at Nzoro2 are now consistently
utilised within the operations power grid with hydropower utilisation improving during the quarter, although not yet at optimum
levels. Construction of the second station, Ambarau, has commenced and is expected to be completed in 2015. The construction of
the paste backfill plant is on schedule for completion and commissioning at the end of the first quarter in 2015. The development of the
decline shaft system continued well during the quarter and remains ahead of plan with focus on the ventilation infrastructure and the
completion of the main pump station.
moratorium was entered into with the Provincial Governor during the quarter, extending the current Exclusion Zone to include the Mofu
and Gorumbwa deposits. A limited RAP will occur with affected families around the Mofu pit and is expected to be completed by the
fourth quarter of 2014 whilst the Gorumbwa RAP is planned to be completed by the end of 2015.
estimate for phases 1 and 2 of the project remains in line with previous guidance, with phase 1 expected to be completed by the end of
the 2014 year.
at the 18Level, which equates to 1,800 (or 600m) below surface, with a final project depth of 5,000 (or 1,500m) below surface. Until
August 2014, the decline was being advanced from multiple locations in order to speed up advance. This has worked very effectively
and now that these headings have joined, the project has reduced to a single jumbo to focus on the development through to 26Level
which will enable decline access to two main production blocks, i.e. Sansu 3 and Block 8Level.
with the application submitted to Government in July and the planning is well advanced. Government requested an extension to mid-
November to submit their comments. The Workforce strength as at the end of the third quarter 2014 was 2,723 and a phased
retrenchment programme is continuing until the APMO approval is received. The Feasibility Study to support a business case for
ongoing investment into Obuasi to transform the operation into a more modern, productive and cost effective operation is well advanced
and expected to be completed early in 2015.
accounted joint ventures, were $40m ($9m on Brownfield, $13m on Greenfield and $18m on pre-feasibility studies), compared to $77m
during the same quarter the previous year.
minor work was also completed in Brazil. Greenfields Exploration completed 8,427m of diamond and RC drilling.
5,400m of diamond drilling, in six holes was carried out with two drill rigs. AGA has been successful in further definition of a higher
grade zone and is now focussed on its extensions. AGA is pleased to announce a maiden Inferred Resource estimate for Nuevo
Chaquiro of 604Mt at an average grade of 0.65% copper, 0.32g/t gold, 4.38g/t silver and 116ppm molybdenum for a contained metal
content of 3.95Mt copper, 6.13Moz gold, 85.2Moz silver and 70Kt molybdenum.
prospect has returned encouraging results and a ground geophysics survey is planned to better delineate targets ahead of RC/DDH
drilling in Q4. In New South Wales, AGA has withdrawn from the Nyngan Earn-in and Joint Venture Project. Also in New South Wales,
at the new Mullion Project (AGA 100%), stakeholder engagement has commenced in preparation for conducting on-ground exploration
activities.
the immediate region. On the Kounkoun trend (Block 3) 2,616m of RC drilling was completed to test the continuation of mineralisation
between KK1 and KK2. All the assay results (4,443 results from 27 holes) were received and confirmed the continuity of mineralisation
between KK1 and KK2. However, the gold grade is lower and the width of mineralisation is narrower away from KK1 and towards KK2.
commodity contracts
expenses
convertible bonds
bonds
Equity shareholders
to profit or loss:
Exchange differences on translation of foreign
operations
comprehensive income
financial assets
financial assets
subsequently to profit or loss:
Actuarial (gain) loss recognised
period, net of tax
period, net of tax
Equity shareholders
Tangible assets
Other investments
Borrowings
Borrowings
Receipts from customers
Capital expenditure
Proceeds from borrowings
Profit (loss) before taxation
Movement on non-hedge derivatives and other commodity contracts
Decrease (increase) in inventories
net of exercised
net of exercised
South Africa
South Africa
South Africa
South Africa
Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee
are responsible for geographic regions of the business.
amounted to $1m.
certain financial instruments which are stated at fair value. The groups accounting policies used in the preparation of these
financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2013
except for the adoption of new standards and interpretations effective 1 January 2014.
International Accounting Standards Board, the South African Institute of Chartered Accountants Financial Reporting Guides as
issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by Financial Reporting Standards
Council, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008 (as amended) for the
preparation of financial information of the group for the quarter and nine months ended 30 September 2014.
diseases, governmental fiscal claims and care and
maintenance of old tailings operations
suggest that the carrying amount may not be recoverable.
other stockpile adjustments include the following:
and reduction in market capitalisation. As a result, certain cash generating units recoverable amounts, including Obuasi and
Geita in Continental Africa, Moab Khotsong in South Africa and CC&V and AGA Minera��o in the Americas, did not support their
carrying values and impairment losses of $3,029m were recognised during 2013.
that arose in June 2013 were largely unchanged and no further cash generating unit impairments arose.
ventures considering quoted share prices, their respective financial positions and anticipated declines in operating results of
these entities. Impairments to net realisable value of $178m were raised at 30 June 2013 and impairments of $38m were
raised at 31 December 2013 due to stockpile abandonments and other specific adjustments.
ventures (note 9)
agreement with Rand Refinery to provide an irrevocable, subordinated loan facility to the maximum value of R1.2 billion (US$106m).
The facility allows for amounts to be advanced to Rand Refinery to compensate third parties in the event that Rand Refinery finally
determines that a shortfall of 87 000 ounces of gold actually exists when comparing the physical inventory of Rand Refinery to the
records of amounts it holds on behalf of third parties.
agree to the conversion.
Refinery has been unable to complete its annual financial statements for the year ended 30 September 2013. As a result, AngloGold
Ashanti adjusted its share of equity profits accounted for as part of its investment in Rand Refinery, and which is based on the unaudited
management accounts of Rand Refinery, with an estimate of its share of the probable losses at Rand Refinery of $51m related to the
gold shortfall position during quarter 2.
each
Each
resources, cash generated from operations and borrowing facilities.
foreign investment, exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In
addition, distributions from joint ventures are subject to the relevant board approval.
external borrowings are required, the groups covenant performance indicates that existing financing facilities will be available to
meet the above commitments. To the extent that any of the financing facilities mature in the near future, the group believes that
sufficient measures are in place to ensure that these facilities can be refinanced.
recognised as a combination of tangible assets, goodwill, current assets, current and long-term liabilities. On 10 February 2014,
AngloGold Ashanti announced that it signed a binding agreement to sell Navachab to a wholly-owned subsidiary of QKR Corporation
Ltd (QKR). The purchase consideration consists of two components: an initial cash payment and a deferred consideration in the form
of a net smelter return (NSR).
with all conditions precedent being met. A loss on disposal of $2m (note 5) was realised on the sale on Navachab.
settled 99.1% in August 2013 and in full in November 2013, and rated bonds are carried at amortised cost and their fair values are
their closing market values at the reporting date. The interest rate on the remaining borrowings is reset on a short-term floating rate
basis, and accordingly the carrying amount is considered to approximate fair value.
The fair value of derivatives is estimated based on ruling market prices, volatilities, interest rates and credit risk and includes all
derivatives carried in the statement of financial position.
Embedded derivatives and the conversion features of convertible bonds are included as derivatives on the statement of financial
position.
Level 1:
(as prices) or indirectly (derived from prices); and
hierarchy:
1
2
3
tal
1
2
3
tal
1
2
3
tal
1
2
3
below:
Groundwater pollution
Indemnity Kinross Gold Corporation
Oro Group (Pty) Limited
undertaken to assist in determining the magnitude of the contamination and to find sustainable remediation solutions. The
group has instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural
Attenuation (MNA) by the existing environment will contribute to improvements in some instances. Furthermore, literature
reviews, field trials and base line modelling techniques suggest, but have not yet proven, that the use of phyto-technologies
can address the soil and groundwater contamination. Subject to the completion of trials and the technology being a proven
remediation technique, no reliable estimate can be made for the obligation.
to the interconnected nature of mining operations, any proposed solution needs to be a combined one supported by all the
mines located in these gold fields. As a result, in South Africa, the Mineral and Petroleum Resources Development Act
(MPRDA) requires that the affected mining companies develop a Regional Mine Closure Strategy to be approved by the
Department of Mineral Resources. In view of the limitation of current information for the accurate estimation of a liability, no
reliable estimate can be made for the obligation.
2009 to 2011 tax years following audits by the tax authorities which related to various withholding taxes amounting to $30m
(2013: $28m). Management is of the opinion that the withholding taxes were not properly assessed and the company has
lodged an objection.
provided by MBC in respect of the Obuasi mine. On 8 November 2012, AGAG and MBC concluded a separation agreement
that specified the terms on which the parties agreed to sever their commercial relationship. On 23 July 2013, MBC
commenced proceedings against AGAG in the High Court of Justice (Commercial Division) in Accra, Ghana, and served a
writ of summons that claimed a total of approximately $97m in damages. MBC asserts various claims for damages, including,
among others, as a result of the breach of contract, non-payment of outstanding historical indebtedness by AGAG and the
demobilisation of equipment, spare parts and material acquired by MBC for the benefit of AGAG in connection with
operations at the Obuasi mine in Ghana. MBC has also asserted various labour claims on behalf of itself and certain of its
former contractors and employees at the Obuasi mine. On 9 October 2013, AGAG filed a motion in court to refer the action or
a part thereof to arbitration. This motion was set to be heard on 25 October 2013, however, on 24 October 2013, MBC filed a
motion to discontinue the action with liberty to reapply. On 20 February 2014, AGAG was served with a new writ for
approximately $97m, as previously claimed. On 5 May 2014, the court dismissed AGAGs application for stay of proceedings
pending arbitration and ordered AGAG to file its statement of defence within 14 days. On 20 May 2014, AGAG filed a Notice
of Appeal at the Court of Appeal. AGAG further filed a Stay of Proceedings Pending Appeal at the High Court. On 11 June
2014, the High Court granted AGAGs application for Stay of Proceedings pending appeal. On 2 October 2014, AGAG was
served with the Civil Form 6 indicating that the records have been transmitted to the Court of Appeal. However, as the
transmitted records were incomplete, AGAG timely filed an application for the record to be amended prior to filing its
statement of case.
Litigation AGAG received a summons on 2 April 2013 from Abdul Waliyu and 152 others in which the plaintiffs allege that
they were or are residents of the Obuasi municipality or its suburbs and that their health has been adversely affected by
emission and/or other environmental impacts arising in connection with the current and/or historical operations of the
Pompora Treatment Plant (PTP) which was decommissioned in 2000. The claim is to award general damages, special
damages for medical treatment and punitive damages, as well as several orders relating to the operation of the PTP. The
plaintiffs have not filed their application for directions which was due by 31 October 2013. AGAG intends to allow some time
for the accurate estimation of a liability, no reliable estimate can be made for the obligation.
AGAG on 24 February 2014 in their personal capacity and on behalf of the members of PASEA. The plaintiffs claim that they
were residents of Tutuka, Sampsonkrom, Anyimadukrom, Kortkortesua, Abomperkrom, and PTP Residential Quarters, all
suburbs of Obuasi, in close proximity to the now decommissioned Pompara Treatment Plant (PTP). The plaintiffs claim they
have been adversely affected by the operations of the PTP. On 24 June 2014, AGAG was served with an application for a
default judgement. On 2 July 2014, AGAG filed an affidavit in opposition on the basis that the plaintiffs had failed to amend
and file their statement of claim. Plaintiffs admitted their error in filing the default judgement, but the Court granted Plaintiffs
request for leave to amend the writ of summons and statement of claim. AGAG has yet to be served with the amended writ
and statement of claim. In view of the limitation of current information for the accurate estimation of a liability, no reliable
estimate can be made for the obligation.
the Constitutional Court of South Africa held that section 35(1) of the Compensation for Occupational Injuries and Diseases
Act, 1993 does not cover an employee who qualifies for compensation in respect of compensable diseases under the
Occupational Diseases in Mines and Works Act, 1973 (ODMWA). This judgement allows such qualifying employee to pursue
a civil claim for damages against the employer. Following the Constitutional Court decision, AngloGold Ashanti has become
subject to numerous claims relating to silicosis and other Occupational Lung Diseases (OLD), including several potential
class actions and individual claims.
Balakazi ("the Balakazi Action") and others in which the applicants seek an order declaring that all mine workers (former or
current) who previously worked or continue to work in specified South African gold mines for the period owned by AngloGold
Ashanti and who have silicosis or other OLD constitute members of a class for the purpose of proceedings for declaratory
relief and claims for damages. In the event the class is certified, such class of workers would be permitted to institute actions
by way of a summons against AngloGold Ashanti for amounts as yet unspecified. On 4 September 2012, AngloGold Ashanti
delivered its notice of intention to defend this application. AngloGold Ashanti also delivered a formal request for additional
information that it requires to prepare its affidavits in respect to the allegations and the request for certification of a class.
(Operations) Limited, alongside other mining companies operating in South Africa, were served with another application to
certify a class ("the Nkala Action"). The applicants in the case seek to have the court certify two classes namely: (i) current
and former mineworkers who have silicosis (whether or not accompanied by any other disease) and who work or have
worked on certain specified gold mines at any time from 1 January 1965 to date; and (ii) the dependants of mineworkers who
died as a result of silicosis (whether or not accompanied by any other disease) and who worked on these gold mines at any
time after 1 January 1965. AngloGold Ashanti filed a notice of intention to oppose the application.
Nkala Action, as well as a request for an amendment to change the scope of the classes the court was requested to certify in
the previous applications that were initiated. The applicants now request certification of two classes (the "silicosis class and
the "tuberculosis class"). The silicosis class would consist of certain current and former underground mineworkers who have
contracted silicosis, and the dependants of certain deceased mineworkers who have died of silicosis (whether or not
accompanied by any other disease). The tuberculosis class would consist of certain current and former mineworkers who
have or had contracted pulmonary tuberculosis and the dependants of certain deceased mineworkers who died of pulmonary
tuberculosis (but excluding silico-tuberculosis). On 30 May 2014 AngloGold Ashanti submitted its answering affidavit. The
plaintiffs filed their affidavits in reply on 15 September 2014.
and/or other OLD. The total amount claimed in the 31 summonses is approximately $7 million as at the 30 September 2014
closing rate. On 22 October 2012, AngloGold Ashanti filed a notice of intention to oppose these claims and took legal
exception to the summonses on the ground that certain particulars of claim were unclear. On 4 April 2014, the High Court of
South Africa dismissed these exceptions and on 25 April 2014, AngloGold Ashanti filed its pleas in this matter.
relating to silicosis and/or other OLD. The total amount claimed in the 21 summonses is approximately $4 million as at the 30
September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 2 May 2014
AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
unclear.
to silicosis and/or other OLD. The total amount claimed in the 686 summonses is approximately $102 million as at the 30
September 2014 closing rate. AngloGold Ashanti has filed a notice of intention to oppose these claims. On 15 May 2014
AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
unclear.
silicosis and/or other OLD. The total amount claimed in the 518 summonses is approximately $84 million as at the 30
AngloGold Ashanti filed a notice taking legal exception to the summonses on the ground that certain particulars of claim were
unclear.
The court proceedings have been suspended as a result of entering into the arbitration agreement.
AngloGold Ashanti in the future. AngloGold Ashanti will defend all current and subsequently filed claims on their merits.
Should AngloGold Ashanti be unsuccessful in defending any such claims, or in otherwise favourably resolving perceived
deficiencies in the national occupational disease compensation framework that were identified in the earlier decision by the
Constitutional Court, such matters would have an adverse effect on its financial position, which could be material. The
company is unable to reasonably estimate its share of the amounts claimed.
authority, issued a tax assessment against AngloGold Ashanti Brazil Minera��o Ltda (AABM) in the amount of $19m (2013:
$19m) relating to the calculation and payment by AABM of the financial contribution on mining exploitation (CFEM) in the
period from 1991 to 2006. AngloGold Ashanti Limiteds subsidiaries in Brazil are involved in various other disputes with tax
authorities. These disputes involve federal tax assessments including income tax, royalties, social contributions and annual
property tax. The amount involved is approximately $17m (2013: $19m). Management is of the opinion that these taxes are
not payable.
appealing the dismissal of the case. The assessment is approximately $16m (2013: $16m).
AGAC received the official assessments from the DIAN which established that an estimated additional tax of $32m (2013:
$35m) will be payable if the tax returns are amended. Penalties and interest for the additional taxes are expected to be
$155m (2013: $153m), based on Colombian tax law. The company believes that it has applied the tax legislation correctly.
AGAC requested in December 2013 that DIAN reconsider its decision and the company has been officially notified that DIAN
will review its earlier ruling. This review is anticipated to take twelve months, at the end of which AGAC may file suit if the
ruling is not reversed.
corrections to the 2007, 2008 and 2009 income tax returns of about $15m (2013: $18m) relating to the non-deduction of tax
losses previously claimed on hedge contracts. Penalties and interest on the disputed amounts are estimated at a further
$37m (2013: $45m). A new notification was received on 16 July 2014 from the tax authorities that disallowed arguments from
CVSAs initial response. CVSA prepared defence arguments and evidence which was filed on 8 September 2014.
Management is of the opinion that the taxes are not payable.
Goi�s related to the payments of state sales taxes at the rate of 12% on gold deliveries for export from one Brazilian state to
another during the period from February 2004 to the end of May 2006. The first and second assessments were
approximately $62m and $39m as at 31 December 2013, respectively. Various legal proceedings have taken place over the
years with respect to this matter, as previously disclosed. On 5 May 2014, the State of Goi�s published a law which enables
companies to settle outstanding tax assessments of this nature. Under this law, MSG settled the two assessments in May
2014 by paying $14m in cash and by utilising $29m of existing VAT credits. The utilisation of the VAT credits is subject to
legal confirmation from the State of Goi�s within 180 days from the settlement agreement date. Management has concluded
that the likelihood of the State of Goi�s declining the utilisation of the VAT credits or part thereof is remote. The cash
settlement, which occurred on 25 July 2014, was further set off by an indemnity from Kinross of $6m.
specific exposures discussed in items 9 and 12 above. In light of the settlements described in item 12 at 30 September
2014, the company has estimated that the maximum contingent asset is $10m (2013: $60m).
monthly rand price of gold exceeds R180,000/kg (subject to an inflation adjustment). Where the average monthly
rand price of gold does not exceed R180,000/kg (subject to an inflation adjustment), the ounces produced in that
quarter do not count towards the total 1.5Moz upon which the royalty is payable. The royalty is determined a t 3% of
the net revenue (being gross revenue less state royalties) generated by the Tau Lekoa assets. Royalties on 482,875oz
(2013: 413,246oz) produced have been received to date.
gold price of $1,350 and capped at a maximum of 18,750 ounces sold per quarter.
Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $9m (2013: $10m). The probability of the
non-performance under the suretyships is considered minimal. The suretyship agreements have a termination notice
period of 90 days.
government.
Ramon as Chief Financial Officer and Executive Director from 1 October 2014, replacing Mr Richard Duffy, who would step down
from both the Board and the Executive Committee.
announced that its board of directors had resolved to request the cancellation of the listing of the Companys ordinary shares and
depositary interests on the Official List of the UK Listing Authority and the cancellation of the admission to trading of the
Securities on the Main Market of the London Stock Exchange plc.
announced that the Company had applied for and received approval from the South African Reserve Bank to restructure its
international mining operations under a new UK holding company while the current company would continue to be a South African
domiciled company and would house the South African assets. The Company also announced that it will consult with its
shareholders regarding plans to raise about US$2.1bn through a rights issue to support the proposed restructuring.
aforementioned consultations with shareolders, AngloGold Ashanti announced that the Company would not proceed with the
corporate restructuring and capital raising as proposed due to concerns raised by shareholders on certain aspects of the
transactions.
announced that listing of the Companys ordinary shares and depository interests on the Official List of the UK Listing Authority
was cancelled with effect from 8.00 am on 22 September 2014. The Securities ceased to be admitted to trading on the Main
Market of the London Stock Exchange plc with effect from the same time and date
other commodity contracts
other commodity contracts (note 8)
Gross profit
other commodity contracts
non-hedge derivatives
derivatives
earnings releases, earnings conference calls and otherwise.
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.
adjustments (note 5)
non-gold producing companies
producing companies and stockpile write-offs
non-gold producing companies
companies and stockpile write-offs
and non-gold producing companies
interests and non-gold producing companies
Finance costs and unwinding of obligation
Dividend received (note 2)
assets (note 5)
stockpile adjustments (note 5)
contracts
taxation and other.
Borrowings - long-term portion
For the three months ended 30 September 2014
(in $ millions, except as otherwise noted)
Nolig
wa
nang
Khots
ong
River
Opera
tions
eng
Tona
Wits
Oper
tions
ace
oper
tions
Africa
other
South
Africa
(Opera
tions)
orate
Cost of sales per financial statements
related to current operations
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
leach inventory.
costs per ounce and total production costs per ounce.
ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
produced in ounces.
(in $ millions, except as otherwise noted)
Nolig
wa
nang
Khots
ong
River
Opera
tions
eng
Tona
Wits
Oper
tions
ace
oper
tions
Africa
other
South
Africa
(Opera
tions)
Total cash costs per financial statements
gold producing companies and other
ventures' share of total cash costs
controlling interests and non-gold producing
companies
ventures' share of total cash costs
controlling interests and non-gold producing
companies
(in $ millions, except as otherwise noted)
NEA
BIA
ANIA
conti
nental Africa other
CONTI
NEN
TAL
AFR
ICA
priem
asi
uiri
la
ola
ela
achab
Cost of sales per financial statements
assets
ventures' share of costs
non -gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
non -gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
write-offs) - $/oz
(in $ millions, except as otherwise noted)
NEA
BIA
ANIA
conti
nental Africa other
CONTI
NEN
TAL
AFR
ICA
priem
asi
uiri
la
ola
ela
achab
Total cash costs per financial statements
gold producing companies and other
ventures' share of total cash costs
controlling interests and non-gold
producing companies
gold producing companies
ventures' share of total cash costs
controlling interests and non-gold
producing companies
(in $ millions, except as otherwise noted)
AUSTR
ALIA
OF
AME
RICA
NTINA
ricas
other
AMER
ICAS
rise
Dam
cana
alia
other
Creek
&
Victor
Vang
uardia
Gold
Ashanti
Miner
acao
Grande
Cost of sales per financial statements
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
AUSTR
ALIA
OF
AME
RICA
NTINA
ricas
other
AMER
ICAS
rise
Dam
cana
alia
other
Creek
&
Victor
Vang
uardia
Gold
Ashanti
Miner
acao
Grande
Total cash costs per financial statements
producing companies and other
interests and non-gold producing companies
producing companies
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
Nolig
wa
nang
Khots
ong
River
Opera
tions
eng
Tona
Wits
Oper
tions
ace
oper
tions
Africa
other
South
Africa
(Opera
tions)
orate
Cost of sales per financial statements
related to current operations
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
-gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
gwa
ong
River
tions
neng
Tona
Wits
tions
face
tions
Africa
Africa
tions)
rate
Total cash costs per financial statements
producing companies and other
share of total cash costs
controlling interests and non-gold producing
companies
gold producing companies
ventures' share of total cash costs
controlling interests and non-gold producing
companies
(in $ millions, except as otherwise noted)
NEA
BIA
NIA
nental
Africa
other
CONTI
NEN
TAL
AFRICA
priem
ola
chab
Cost of sales per financial statements
ventures' share of costs
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
NEA
BIA
NIA
nental
Africa
other
CONTI
NEN
TAL
AFRICA
priem
ola
chab
Total cash costs per financial statements
gold producing companies and other
ventures' share of total cash costs
interests and non-gold producing companies
gold producing companies
ventures' share of total cash costs
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
AUST
RALIA
STATES
OF
AME
RICA
NTINA
cas
other
AME
RICAS
rise
Dam
cana
ralia
other
Creek &
Victor
Vangu
ardia
Gold
Ashanti
Miner
acao
Grande
Cost of sales per financial statements
to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
AUST
RALIA
STATES
OF
AME
RICA
NTINA
cas
other
AME
RICAS
rise
Dam
cana
ralia
other
Creek &
Victor
Vangu
ardia
Grande
Gold
Ashanti
Miner
acao
Total cash costs per financial statements
producing companies and other
interests and non-gold producing companies
producing companies
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
gwa
ong
River
tions
neng
Tona
Wits
tions
face
tions
Africa
Africa
tions)
rate
Cost of sales per financial statements
related to current operations
ventures' share of costs
-gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
-gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
leach inventory.
costs per ounce and total production costs per ounce.
ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
produced in ounces.
(in $ millions, except as otherwise noted)
gwa
ong
River
tions
neng
Tona
Wits
tions
face
tions
Africa
Africa
tions)
rate
Total cash costs per financial statements
gold producing companies and other
controlling interests and non-gold producing
companies
ventures' share of total cash costs
controlling interests and non-gold producing
companies
(in $ millions, except as otherwise noted)
NEA
BIA
NIA
nental
Africa
other
CONTI
NEN
TAL
AFRICA
priem
ola
chab
Cost of sales per financial statements
related to current operations
ventures' share of costs
-gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
-gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
NEA
BIA
NIA
nental
Africa
other
CONTI
NEN
TAL
AFRICA
priem
ola
chab
Total cash costs per financial statements
gold producing companies and other
ventures' share of total cash costs
interests and non-gold producing companies
gold producing companies
ventures' share of total cash costs
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
AUS
TRALIA
STATES
OF
AME
RICA
TINA
cas
other
AMERI
CAS
Dam
cana
tralia
other
Creek
&
Victor
Van
guardia
Gold
Ashanti
Mine
racao
Grande
Cost of sales per financial statements
related to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
AUS
TRALIA
STATES
OF
AME
RICA
TINA
cas
other
AMERI
CAS
Dam
cana
tralia
other
Creek
&
Victor
Van
guardia
Gold
Ashanti
Mine
racao
Grande
Total cash costs per financial statements
producing companies and other
interests and non-gold producing companies
producing companies
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
Noli
gwa
nang
Khot
song
River
Operat
ions
neng
Tona
Wits
Opera
tions
opera
tions
Africa
other
South
Africa
(Opera
tions)
porate
Cost of sales per financial statements
and other stockpile adjustments
related to current operations
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
leach inventory.
costs per ounce and total production costs per ounce.
ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
produced in ounces.
(in $ millions, except as otherwise noted)
Noli
gwa
nang
Khot
song
River
Opera
tions
neng
Tona
Wits
Opera
tions
opera
tions
Africa
other
South
Africa
(Opera
tions)
porate
Total cash costs per financial statements
gold producing companies and other
controlling interests and non-gold producing
companies
gold producing companies
controlling interests and non-gold producing
companies
(in $ millions, except as otherwise noted)
IBIA
ZANIA
nental
Africa
Other
CONTI
NENTAL
AFRICA
riem
uasi
chab
Cost of sales per financial statements
ventures' share of costs
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
IBIA
ZANIA
nental
Africa
Other
CONTI
NENTAL
AFRICA
riem
uasi
chab
Total cash costs per financial statements
gold producing companies and other
ventures' share of total cash costs
interests and non-gold producing companies
gold producing companies
ventures' share of total cash costs
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
AUS
TRALIA
STATES
OF
AME
RICA
TINA
cas
other
AMERI
CAS
Dam
cana
tralia
other
Creek
&
Victor
Van
guardia
Gold
Ashanti
Mine
racao
Grande
Cost of sales per financial statements
to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
AUS
TRALIA
STATES
OF
AME
RICA
TINA
cas
other
AMERI
CAS
Dam
cana
tralia
other
Creek
&
Victor
Van
guardia
Gold
Ashanti
Mine
racao
Grande
Total cash costs per financial statements
producing companies and other
interests and non-gold producing companies
producing companies
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
Noli
gwa
nang
Khot
song
River
Operat
ions
neng
Tona
Wits
Opera
tions
opera
tions
Africa
other
South
Africa
(Opera
tions)
porate
Cost of sales per financial statements
and other stockpile adjustments
related to current operations
ventures' share of costs
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
leach inventory.
costs per ounce and total production costs per ounce.
ounce and total production costs per ounce are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports all-
in sustaining cost per ounce and all-in cost per ounce calculated to the nearest US dollar amount and gold sold in ounces. AngloGold
Ashanti reports total cash costs per ounce and total production costs per ounce calculated to the nearest US dollar amount and gold
produced in ounces.
(in $ millions, except as otherwise noted)
Noli
gwa
nang
Khot
song
River
Operat
ions
neng
Tona
Wits
Opera
tions
opera
tions
Africa
other
South
Africa
(Opera
tions)
porate
Total cash costs per financial statements
gold producing companies and other
ventures' share of total cash costs
controlling interests and non-gold producing
companies
gold producing companies
controlling interests and non-gold producing
companies
(in $ millions, except as otherwise noted)
Cost of sales per financial statements
IBIA
ZANIA
nental
Africa
Other
CONTI
NENTAL
AFRICA
riem
uasi
chab
and other stockpile adjustments
related to current operations
ventures' share of costs
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
-gold producing companies
controlling interests and non-gold producing
companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
IBIA
ZANIA
nental
Africa
Other
CONTI
NENTAL
AFRICA
riem
uasi
chab
Total cash costs per financial statements
gold producing companies and other
ventures' share of total cash costs
interests and non-gold producing companies
gold producing companies
ventures' share of total cash costs
interests and non-gold producing companies
(in $ millions, except as otherwise noted)
AUS
TRALIA
STATES
OF
AME
RICA
TINA
cas
other
AMERI
CAS
Dam
cana
tralia
other
Creek
&
Victor
Van
guardia
Gold
Ashanti
Mine
racao
Grande
Cost of sales per financial statements
to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
related to current operations
gold producing companies
controlling interests, non-gold producing
companies and stockpile write-offs
write-offs) per unit - $/oz
offs) - $/oz
(in $ millions, except as otherwise noted)
AUS
TRALIA
STATES
OF
AME
RICA
TINA
cas
other
AMERI
CAS
Dam
cana
tralia
other
Creek
&
Victor
Van
guardia
Gold
Ashanti
Mine
racao
Grande
Total cash costs per financial statements
producing companies and other
interests and non-gold producing companies
producing companies
interests and non-gold producing companies
Incorporated in the Republic of South Africa
AU
AGG
NYSE:
ASX:
GhSE: (Shares)
the London Stock Exhange from 22
September 2014. The UK register will
remain open for a year from the date of
delisting.
Deutsche Securities (SA) Proprietary Ltd
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155
St Jamess Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: +44 20 7796 8644
Fax: +44 20 7796 8645
E-mail:
KC Ramon
SM Pityana
Group General Counsel and
Company Secretary: Ms M E Sanz Perez
Stewart Bailey
Telephone: +27 11 637 6031
Mobile: +27 81 032 2563
E-mail: [email protected]
Sabrina Brockman
Telephone: +1 212 858 7702
Mobile: +1 646 379 2555
E-mail: [email protected]
[email protected]
http://www.AngloGoldAshanti.com
[email protected]
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 regularly.
Investors should visit this website to obtain important information about
AngloGold Ashanti.
Computershare Investor Services (Pty) Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: (SA only) 0861 100 950
Fax: +27 11 688 5218
Website : [email protected]
Shares
Jersey
Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: (Australia only) 1300 55 2949
Fax: +61 8 9323 2033
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 302 229664
Fax: +233 302 229975
BNY Mellon
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free in USA)
or +1 201 680 6578 (outside USA)
E-mail: [email protected]
Website: www.bnymellon.com.com\shareowner
dividend reinvestment plan for A
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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