Document and Entity Information
Document and Entity Information (DEI) Document | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | AU |
Entity Registrant Name | ANGLOGOLD ASHANTI LTD, |
Entity Central Index Key | 1,067,428 |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | Yes |
Entity Current Reporting Status | No |
Entity Filler Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 410,054,615 |
Income Statement
Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Profit or loss [abstract] | |||
Revenue | $ 4,543 | $ 4,254 | $ 4,174 |
Gold income | 4,356 | 4,085 | 4,015 |
Cost of sales | (3,582) | (3,263) | (3,294) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 10 | 19 | (7) |
Gross profit (loss) | 784 | 841 | 714 |
Corporate administration, marketing and other expenses | (64) | (61) | (78) |
Exploration and evaluation costs | (114) | (133) | (132) |
Other operating expenses | (88) | (110) | (96) |
Special items | (438) | (42) | (71) |
Operating profit (loss) | 80 | 495 | 337 |
Interest received | 15 | 22 | 28 |
Exchange gain (loss) | (11) | (88) | (17) |
Finance costs and unwinding of obligations | (169) | (180) | (245) |
Fair value adjustment on issued bonds | 0 | 9 | 66 |
Share of associates and joint ventures’ profit (loss) | 22 | 11 | 88 |
Profit (loss) before taxation | (63) | 269 | 257 |
Taxation | (108) | (189) | (211) |
Profit (loss) after taxation from continuing operations | (171) | 80 | 46 |
Profit (loss) from discontinued operations | 0 | 0 | (116) |
Profit (loss) for the year | (171) | 80 | (70) |
Allocated as follows: | |||
Equity shareholders - Continuing operations | (191) | 63 | 31 |
Equity shareholders - Discontinued operations | 0 | 0 | (116) |
Non-controlling interests - Continuing operations | $ 20 | $ 17 | $ 15 |
Basic earnings (loss) per ordinary share (cents) | |||
Earnings (loss) per ordinary share from continuing operations (dollars per share) | $ (0.46) | $ 0.15 | $ 0.08 |
(Loss) earnings per ordinary share from discontinued operations (dollars per share) | 0 | 0 | (0.28) |
Basic earnings (loss) per ordinary share (dollars per share) | (0.46) | 0.15 | (0.20) |
Diluted earnings (loss) per ordinary share (cents) | |||
Earnings (loss) per ordinary share from continuing operations (dollars per share) | (0.46) | 0.15 | 0.08 |
(Loss) earnings per ordinary share from discontinued operations (dollars per share) | 0 | 0 | (0.28) |
Diluted earnings (loss) per ordinary share (dollars per share) | $ (0.46) | $ 0.15 | $ (0.20) |
Statement of Comprehensive Inco
Statement of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Profit (loss) for the year | $ (171) | $ 80 | $ (70) |
Items that will be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | 123 | 180 | (371) |
Share of associates and joint ventures’ other comprehensive income | 0 | 0 | 1 |
Net gain (loss) on available-for-sale financial assets | 20 | 13 | (14) |
Deferred taxation thereon | 8 | (2) | 1 |
Other comprehensive income that will be reclassified to profit or loss | 25 | 9 | (7) |
Items that will not be reclassified subsequently to profit or loss: | |||
Actuarial gain (loss) recognised | 8 | (2) | 17 |
Deferred taxation thereon | (2) | 0 | (3) |
Other comprehensive income that will not be reclassified to profit or loss | 6 | (2) | 14 |
Other comprehensive income (loss) for the year, net of tax | 154 | 187 | (363) |
Total comprehensive income (loss) for the year, net of tax | (17) | 267 | (433) |
Total comprehensive income (loss) for the year, net of tax allocated to equity shareholders | (37) | 250 | (448) |
Non-controlling interests | |||
Attributable to non-controlling interests | 20 | 17 | 15 |
Release on impairment of available-for-sale financial assets | |||
Items that will be reclassified subsequently to profit or loss: | |||
Reclassification adjustments on available-for-sale financial assets | 3 | 0 | 9 |
Release on disposal of available-for-sale financial assets | |||
Items that will be reclassified subsequently to profit or loss: | |||
Reclassification adjustments on available-for-sale financial assets | (6) | (2) | (3) |
Continuing operations | |||
Items that will not be reclassified subsequently to profit or loss: | |||
Total comprehensive income (loss) for the year, net of tax allocated to equity shareholders | (37) | 250 | (332) |
Discontinued operations | |||
Items that will not be reclassified subsequently to profit or loss: | |||
Total comprehensive income (loss) for the year, net of tax allocated to equity shareholders | $ 0 | $ 0 | $ (116) |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-current assets | |||
Tangible assets | $ 3,742 | $ 4,111 | $ 4,058 |
Intangible assets | 138 | 145 | 161 |
Investments in associates and joint ventures | 1,507 | 1,448 | 1,465 |
Other investments | 131 | 125 | 91 |
Inventories | 100 | 84 | 90 |
Trade, other receivables and other assets | 67 | 34 | 13 |
Deferred taxation | 4 | 4 | 1 |
Cash restricted for use | 37 | 36 | 37 |
Other non-current assets | 0 | 0 | 18 |
Total Non-current assets | 5,726 | 5,987 | 5,934 |
Current assets | |||
Other investments | 7 | 5 | 1 |
Inventories | 683 | 672 | 646 |
Trade, other receivables and other assets | 222 | 255 | 196 |
Cash restricted for use | 28 | 19 | 23 |
Cash and cash equivalents | 205 | 215 | 484 |
Current assets other than non-current assets held for sale | 1,145 | 1,166 | 1,350 |
Non-current assets held for sale | 348 | 0 | 0 |
Total Current assets | 1,493 | 1,166 | 1,350 |
Total assets | 7,219 | 7,153 | 7,284 |
EQUITY AND LIABILITIES | |||
Share capital and premium | 7,134 | 7,108 | 7,066 |
Accumulated losses and other reserves | (4,471) | (4,393) | (4,636) |
Shareholders’ equity | 2,663 | 2,715 | 2,430 |
Non-controlling interests | 41 | 39 | 37 |
Total equity | 2,704 | 2,754 | 2,467 |
Non-current liabilities | |||
Borrowings | 2,230 | 2,144 | 2,637 |
Non-current Provision for Decommissioning, Restoration, Rehabilitation Costs and Other Provisions | 942 | 877 | 847 |
Provision for pension and post-retirement benefits | 122 | 118 | 107 |
Trade, other payables and deferred income | 3 | 4 | 5 |
Deferred taxation | 363 | 496 | 514 |
Total Non-current liabilities | 3,660 | 3,639 | 4,110 |
Current liabilities | |||
Borrowings | 38 | 34 | 100 |
Trade, other payables and deferred income | 638 | 615 | 516 |
Taxation | 53 | 111 | 91 |
Current liabilities | 729 | 760 | 707 |
Non-current liabilities held for sale | 126 | 0 | 0 |
Total Current liabilities | 855 | 760 | 707 |
Total liabilities | 4,515 | 4,399 | 4,817 |
Total equity and liabilities | $ 7,219 | $ 7,153 | $ 7,284 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Receipts from customers | $ 4,534 | $ 4,231 | $ 4,154 |
Payments to suppliers and employees | (3,383) | (2,929) | (2,904) |
Cash generated from operations | 1,151 | 1,302 | 1,250 |
Dividends received from joint ventures | 6 | 37 | 57 |
Refunds during the year | 14 | 12 | 21 |
Taxation paid | (174) | (165) | (184) |
Net cash inflow (outflow) from operating activities from continuing operations | 997 | 1,186 | 1,144 |
Net cash inflow (outflow) from operating activities from discontinued operations | 0 | 0 | (5) |
Net cash inflow (outflow) from operating activities | 997 | 1,186 | 1,139 |
Cash flows from investing activities | |||
Capital expenditure | (829) | (706) | (664) |
Expenditure on intangible assets | (1) | (5) | (3) |
Proceeds from disposal of tangible assets | 7 | 4 | 6 |
Other investments acquired | (91) | (73) | (86) |
Proceeds from disposal of other investments | 78 | 61 | 81 |
Investments in associates and joint ventures | (27) | (11) | (11) |
Proceeds from disposal of associates and joint ventures | 0 | 10 | 1 |
Loans advanced to associates and joint ventures | (6) | (4) | (5) |
Loans repaid by associates and joint ventures | 0 | 0 | 2 |
Proceeds from disposal of business and subsidiary | 0 | 0 | 819 |
Costs on disposal of business | 0 | 0 | (7) |
Cash balances in assets disposed | 0 | 0 | (2) |
Decrease (increase) in cash restricted for use | (8) | 8 | (17) |
Interest received | 15 | 14 | 25 |
Net cash inflow (outflow) from investing activities from continuing operations | (862) | (702) | 139 |
Net cash inflow (outflow) from investing activities from discontinued operations | 0 | 0 | (59) |
Net cash inflow (outflow) from investing activities | (862) | (702) | 80 |
Cash flows from financing activities | |||
Proceeds from borrowings | 815 | 787 | 421 |
Repayment of borrowings | (767) | (1,333) | (1,288) |
Finance costs paid | (138) | (172) | (251) |
Bond settlement premium, RCF and bond transaction costs | 0 | (30) | (61) |
Dividends paid | (58) | (15) | (5) |
Net cash inflow (outflow) from financing activities from continuing operations | (148) | (763) | (1,184) |
Net cash inflow (outflow) from financing activities from discontinued operations | 0 | 0 | (2) |
Net cash inflow (outflow) from financing activities | (148) | (763) | (1,186) |
Net increase (decrease) in cash and cash equivalents | (13) | (279) | 33 |
Translation | 3 | 10 | (17) |
Cash and cash equivalents at beginning of year | 215 | 484 | 468 |
Cash and cash equivalents at end of year | 205 | 215 | 484 |
Project capital | |||
Cash flows from investing activities | |||
Capital expenditure | (156) | (93) | (105) |
Stay-in-business capital [Member] | |||
Cash flows from investing activities | |||
Capital expenditure | $ (673) | $ (613) | $ (559) |
Statement of Changes in Equity
Statement of Changes in Equity Statement - USD ($) $ in Millions | Total | Share capital and premium | Other capital reserves | Retained earnings (Accumulated losses) | Cash flow hedge reserve | Available- for-sale reserve | Actuarial gains (losses) | Foreign currency translation reserve | Total | Non- controlling interests | ||||
Equity at Dec. 31, 2014 | $ 2,871 | $ 7,041 | $ 132 | [1] | $ (3,109) | [2] | $ (1) | [3] | $ 17 | [4] | $ (40) | $ (1,195) | $ 2,845 | $ 26 |
Profit (loss) for the year | (70) | (85) | [2] | (85) | 15 | |||||||||
Other comprehensive income (loss) | (363) | 1 | (7) | 14 | (371) | (363) | ||||||||
Total comprehensive (loss) income | (433) | 1 | (85) | [2] | (7) | 14 | (371) | (448) | 15 | |||||
Shares issued | 25 | 25 | 25 | |||||||||||
Share-based payment for share awards net of exercised | 8 | 8 | [1] | 8 | ||||||||||
Dividends paid (note 13) | 0 | |||||||||||||
Dividends of subsidiaries | (4) | 0 | (4) | |||||||||||
Translation | 0 | (24) | [1] | 20 | [2] | (3) | [4] | 7 | 0 | |||||
Equity at Dec. 31, 2015 | 2,467 | 7,066 | 117 | [1] | (3,174) | [2] | (1) | [3] | 7 | [4] | (19) | (1,566) | 2,430 | 37 |
Profit (loss) for the year | 80 | 63 | [2] | 63 | 17 | |||||||||
Other comprehensive income (loss) | 187 | [1] | 9 | [4] | (2) | 180 | 187 | |||||||
Total comprehensive (loss) income | 267 | 0 | [1] | 63 | [2] | 9 | [4] | (2) | 180 | 250 | 17 | |||
Shares issued | 42 | 42 | 42 | |||||||||||
Share-based payment for share awards net of exercised | (7) | (7) | [1] | (7) | ||||||||||
Dividends paid (note 13) | 0 | |||||||||||||
Dividends of subsidiaries | (15) | 0 | (15) | |||||||||||
Transfer to reserves | 0 | (2) | [2] | 2 | 0 | |||||||||
Translation | 0 | 7 | [1] | (6) | [2] | 1 | [4] | (2) | 0 | |||||
Equity at Dec. 31, 2016 | 2,754 | 7,108 | 117 | [1] | (3,119) | [2] | (1) | [3] | 17 | [4] | (21) | (1,386) | 2,715 | 39 |
Profit (loss) for the year | (171) | (191) | [2] | (191) | 20 | |||||||||
Other comprehensive income (loss) | 154 | 25 | [4] | 6 | 123 | 154 | ||||||||
Total comprehensive (loss) income | (17) | (191) | [2] | 25 | [4] | 6 | 123 | (37) | 20 | |||||
Shares issued | 26 | 26 | 26 | |||||||||||
Share-based payment for share awards net of exercised | (1) | (1) | [1] | (1) | ||||||||||
Dividends paid (note 13) | (39) | (39) | (39) | |||||||||||
Dividends of subsidiaries | (19) | 0 | (19) | |||||||||||
Translation | 0 | 9 | [1] | (10) | [2] | 1 | [4] | (1) | (1) | 1 | ||||
Equity at Dec. 31, 2017 | $ 2,704 | $ 7,134 | $ 125 | $ (3,359) | $ (1) | $ 43 | $ (16) | $ (1,263) | $ 2,663 | $ 41 | ||||
[1] | Other capital reserves include a surplus on disposal of company shares held by companies prior to the formation of AngloGold Ashanti Limited of $11m (2016: $10m; 2015: $9m), surplus on equity transaction of joint venture of $36m (2016: $36m; 2015: $36m), equity items for share-based payments of $75m (2016: $68m; 2015: $69m) and other reserves. | |||||||||||||
[2] | Included in accumulated losses are retained earnings totalling $287m (2016: $250m; 2015: $210m) arising at the equity accounted investments and certain subsidiaries which may not be remitted without third party consent. | |||||||||||||
[3] | Cash flow hedge reserve represents the effective portion of fair value gains or losses in respect of cash flow hedges that expired in prior periods. The cash flow hedge reserve shall remain in equity and will unwind over the life of Serra Grande mine. | |||||||||||||
[4] | Available-for-sale reserve represents fair value gains or losses on available-for-sale financial assets. |
Statement of Changes in Equity7
Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Equity | $ 2,704 | $ 2,754 | $ 2,467 | ||
Revaluation surplus on disposal of prior company shares | |||||
Equity | 11 | 10 | 9 | ||
Surplus on equity transaction of joint venture | |||||
Equity | 36 | 36 | 36 | ||
Equity items for share-based payments | |||||
Equity | 75 | 68 | 69 | ||
Retained earnings (Accumulated losses) | |||||
Equity | (3,359) | (3,119) | [1] | (3,174) | [1] |
Retained earnings | 287 | 250 | 210 | ||
Foreign currency translation reserve | |||||
Equity | $ (1,263) | $ (1,386) | $ (1,566) | ||
[1] | Included in accumulated losses are retained earnings totalling $287m (2016: $250m; 2015: $210m) arising at the equity accounted investments and certain subsidiaries which may not be remitted without third party consent. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Accounting Policies | ACCOUNTING POLICIES Statement of compliance The consolidated and company financial statements are prepared in compliance with International Financial Reporting Standards (IFRS) and Interpretations of those standards, as issued by the International Accounting Standards Board (IASB) in the English language, 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. New standards and interpretations issued The financial statements have been drawn up on the basis of accounting standards, interpretations and amendments effective at the beginning of the accounting period on 1 January 2017. The adoption of the new standards, interpretations and amendments effective from 1 January 2017 had no material impact on the group. AngloGold Ashanti assesses the significance of new standards, interpretations and amendments to standards in issue that are not yet adopted but are likely to affect the financial reporting in future years. We have identified that IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments”, both of which have an effective date of 1 January 2018, are likely to affect future financial reporting. IFRS 15 Revenue Management has assessed the potential impact of IFRS 15 on the financial statements of the group and concluded that the group does not sell product based on multiple-element arrangements and it does not sell product on a provisional or variable pricing basis and as such the new standard does not have a significant impact on the timing or amount of the group’s revenue recognition. However, the adoption of IFRS 15 will result in the presentation of by-product revenue in Revenue from product sales where previously by-product revenue was included in cost of sales. Revenue from product sales includes gold income and by-product revenue. This change in classification results in a corresponding increase in costs of sales, and therefore will not have an impact on previously reported gross profit. As currently reported: U S Dollars Figures in millions 2017 2016 2015 Revenue 4,543 4,254 4,174 Gold income 4,356 4,085 4,015 Cost of sales (3,582 ) (3,263 ) (3,294 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 (7 ) Gross profit 784 841 714 Gross profit % 18.00 % 20.59 % 17.78 % By-products revenue for the years ended 2017, 2016 and 2015 ( $154m , $138m and $127m respectively) is included in the Revenue line, but is offset and thus reduces cost of sales in the detailed income statement. On adoption of IFRS 15, AngloGold Ashanti will disclose revenue from all product sales, including by-products sales in Revenue from product sales in the detailed income statement. Accordingly, the detailed income statement would be restated for the effects of adopting IFRS 15 as follows: U S Dollars Figures in millions 2017 2016 2015 Revenue 4,543 4,254 4,174 Revenue from product sales 4,510 4,223 4,142 Cost of sales (3,736 ) (3,401 ) (3,421 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 (7 ) Gross profit 784 841 714 Gross profit % 17.38 % 19.91 % 17.24 % AngloGold Ashanti intends to apply IFRS 15 retrospectively to each prior reporting period presented in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. IFRS 9 Financial Instruments The group’s financial assets include debt instruments (held to maturity bonds and negotiable certificates of deposit), cash restricted for use and cash and cash equivalents which will be subject to IFRS 9 expected credit loss model as they are to be carried at amortised cost. The accounting policy for listed equity investments will depend on the nature of the listed investment. Listed equity investments which are held to meet rehabilitation liabilities in future will be classified as fair value through profit and loss. Listed equity investments held for other purposes will be classified as fair value through other comprehensive income. Financial liabilities are currently carried at amortised cost with no requirements to change their recognition or presentation under IFRS 9. We have evaluated the possible impact of the adoption of IFRS 9 including the expected credit loss model and we do not expect the adoption to have a significant impact on total assets, total liabilities or the results of the group. IFRS 16 Leases In addition, IFRS 16 “Leases”, with an effective date of 1 January 2019, is likely to affect future financial reporting and management is still in the process of assessing all of the potential consequences arising out of the adoption of this standard. With the removal of the operating lease classification, leases that are within the scope of IFRS 16 will result in an increase in assets and liabilities. We expect a likely increase in the depreciation expense and also an increase in cash flows from operating activities as the lease payments will be recorded as financing outflows in our cash flow statement. Management expects that the mining and drilling contracts which are not classified as finance leases under the current accounting standards (IAS 17 and IFRIC 4), will potentially have the most impact on the group’s results on adoption of IFRS 16. BASIS OF PREPARATION The financial statements are prepared according to the historical cost convention, except for the revaluation of certain financial instruments to fair value. The group’s accounting policies as set out below are consistent in all material respects with those applied in the previous year. The group financial statements are presented in US dollars. Based on materiality, certain comparatives in the notes have been aggregated and comparatives have been restated to accord with current year disclosures. The group financial statements incorporate the financial statements of the company, its subsidiaries and its interests in joint ventures and associates. The financial statements of all material subsidiaries, the Environmental Rehabilitation Trust Fund, joint ventures and associates, are prepared for the same reporting period as the holding company, using the same accounting policies. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the group owns more than 50% of the voting rights, unless the group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity the investment is accounted for as an equity method investment or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date on which control ceases. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Disclosures for non-controlling interests are assessed by reference to consolidated non-controlling interest. Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effect are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES Use of estimates The preparation of the financial statements requires the group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates. The more significant areas requiring the use of management estimates and assumptions relate to Ore Reserve that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortisation calculations; environmental, reclamation and closure obligations; asset impairments/reversals (including impairments of goodwill); and write-downs of inventory to net realisable value. Other estimates include employee benefit liabilities and unrecognised tax positions. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements that management has applied in the application of accounting policies, and the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Carrying value of tangible assets The majority of mining assets are amortised using the units-of-production method where the mine operating plan calls for production from a well-defined proved and probable Ore Reserve. For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the estimated mine life based on proved and probable Ore Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable Ore Reserve. This would generally arise when there are significant changes in any of the factors or assumptions used in estimating Ore Reserve. These factors could include: • changes in proved and probable Ore Reserve; • the grade of Ore Reserve may vary significantly from time to time; • differences between actual commodity prices and commodity price assumptions; • unforeseen operational issues at mine sites; and • changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Changes in proved and probable Ore Reserve could similarly impact the useful lives of assets amortised on the straight-line method, where those lives are limited to the life of the mine. The group has a number of surface mining operations that are in the production phase for which production stripping costs are incurred. The benefits that accrue to the group as a result of incurring production stripping costs include (a) ore that can be used to produce inventory and (b) improved access to further quantities of material that will be mined in future periods. The production stripping costs relating to improved access to further quantities of material in future periods are capitalised as a stripping activity asset, if and only if, all of the following are met: • It is probable that the future economic benefit (improved access to the orebody) associated with the stripping activity will flow to the group; • The group can identify the component of the orebody for which access has been improved; and • The costs relating to the stripping activity associated with that component or components can be measured reliably. Components of the various orebodies at the operations of the group are determined based on the geological areas identified for each of the orebodies and are reflected in the Ore Reserve reporting of the group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the group uses three operational guidance measures; two of which relate to production measures, while the third relates to an average stripping ratio measure. Once determined that any portion of the production stripping costs should be capitalised, the group determines the amount of the production stripping costs that should be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be deferred. Stripping activity assets are amortised on the units-of-production method based on the Ore Reserve of the component or components of the orebody to which these assets relate. This accounting treatment is consistent with that for stripping costs incurred during the development phase of a pit, before production commences, except that stripping costs incurred during the development phase of a pit, before production commences, are amortised on the units-of-production method based on the Ore Reserve of the pit. Deferred stripping costs are included in ‘Mine development costs’, within tangible assets. These costs form part of the total investment in the relevant cash-generating unit, which is reviewed for impairment if events or a change in circumstances indicate that the carrying value may not be recoverable. Amortisation of stripping activity assets is included in operating costs. The group reviews and tests the carrying value of tangible assets when events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets, which is generally at the individual mine level. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used to determine the value in use of goodwill and tangible assets are inherently uncertain and could materially change over time and impact the recoverable amounts. The cash flows and value in use are significantly affected by a number of factors including published reserves, resources, exploration potential and production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. At the reporting date the group assesses whether any of the indicators which gave rise to previously recognised impairments have changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original factors for reversal and if indicated, such reversal is recognised. The recoverable amount is estimated based on the positive indicators. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36. The carrying value of tangible assets at 31 December 2017 was $3,742m (2016: $4,111m ; 2015: $4,058m ). The impairment and derecognition of tangible assets recognised in the consolidated financial statements for the year ended 31 December 2017 was $288m (2016: $3m ; 2015: $5m ). Carrying value of goodwill and intangible assets Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond proved and probable Ore Reserve, exploration properties and net assets is recognised as goodwill. Intangible assets that have an indefinite useful life and separately recognised goodwill are not subject to amortisation and are tested annually for impairment and whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Assets that are subject to amortisation are tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An individual operating mine is not a typical going-concern business because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine reporting unit. In accordance with the provisions of IAS 36 “Impairment of Assets”, the group performs its annual impairment review of assigned goodwill during the fourth quarter of each year. The carrying value of goodwill in the consolidated financial statements at 31 December 2017 was $127m (2016: $126m ; 2015: $126m ). The impairment of goodwill recognised in the consolidated financial statements for the year ended 31 December 2017 was $9m (2016: nil ; 2015: nil ). Income taxes The group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the group operates could limit the ability of the group to obtain tax deductions in future periods Carrying values of the group at 31 December 2017: • deferred tax asset: $4m (2016: $4m ; 2015: $1m ); • deferred tax liability: $363m (2016: $496m ; 2015: $514m ); • taxation liability: $53m (2016: $111m ; 2015: $91m ); and • taxation asset: $3m (2016: $14m ; 2015: $27m ). Unrecognised value of deferred tax assets: $470m (2016: $477m ; 2015: $452m ). Provision for environmental rehabilitation obligations The group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The group recognises management’s best estimate for decommissioning and restoration obligations in the period in which they are incurred. Future changes to environmental laws and regulations, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision. The carrying amount of the rehabilitation obligations for the group at 31 December 2017 was $724m (2016: $705m ; 2015: $683m ). Stockpiles and metals in process Costs that are incurred in or benefit the production process are accumulated in stockpiles and metals in process values. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on prevailing and long term metals prices, less estimated costs to complete production and bring the product to sale. Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile ore tonnages are verified by periodic surveys. Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realisable value are accounted for on a prospective basis. The carrying value of inventories (excluding finished goods and mine operating supplies) for the group at 31 December 2017 was $424m (2016: $397m ; 2015: $393m ). Recoverable tax, rebates, levies and duties In a number of countries, particularly in Continental Africa, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. In addition, AngloGold Ashanti has unresolved tax disputes in a number of countries, particularly in Continental Africa and in Brazil. If the outstanding input taxes are not received and the tax disputes are not resolved in a manner favourable to AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets. The net carrying value of recoverable tax, rebates, levies and duties for the group at 31 December 2017 was $174m (2016: $135m ; 2015: $94m ). Post-retirement obligations The determination of AngloGold Ashanti’s obligation and expense post-retirement liabilities, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, the expected long-term rate of return of plan assets, health care inflation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While AngloGold Ashanti believes that these assumptions are appropriate, significant changes in the assumptions may materially affect post-retirement obligations as well as future expenses, which may result in an impact on earnings in the periods that the changes in these assumptions occur. The carrying value of the post-retirement plans at 31 December 2017 was $122m (2016: $118m ; 2015: $89m ). Ore Reserve estimates An Ore Reserve estimate is an estimate of the amount of product that can be economically and legally extracted from the group’s properties. In order to calculate the Ore Reserve, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of the Ore Reserve requires the size, shape and depth of orebodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. The group is required to determine and report its Ore Reserve in accordance with the South African Code for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code) 2016 Edition. Because the economic assumptions used to estimate changes in the Ore Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Ore Reserve may change from period to period. Changes in the reported Ore Reserve may affect the group’s financial results and financial position in a number of ways, including the following: • asset carrying values may be affected due to changes in estimated future cash flows; • depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the units-of-production method, or where the useful economic lives of assets change; • overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation; • decommissioning site restoration and environmental provisions may change where changes in the estimated Ore Reserve affect expectations about the timing or cost of these activities; and • the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. Development expenditure Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions similar to those described in the accounting policy for exploration and evaluation assets. Any such estimates and assumptions may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. Provision for silicosis Significant judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure.The final costs may differ from current cost estimates. The provision is based on actuarial assumptions including: • silicosis prevalence rates; • estimated settlement per claimant; • benefit take-up rates; • disease progression rates; • timing of cashflows; and • discount rate. Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and final costs of settlement. In prior years, a silicosis provision was not raised as a reliable estimate could not be determined. The carrying value of the silicosis provision at 31 December 2017 was $63m (2016: nil ; 2015: nil ). Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. Firstly, when a loss is considered probable and reasonably estimable, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided. In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a disruptive effect on the normal functioning of the group and/or whether the contingency could impact investment decisions. Such qualitative matters considered are reputational risks, regulatory compliance issues and reasonable investor considerations. For quantitative purposes an amount of $18m, has been considered. As a global company, the group is exposed to numerous legal risks. The outcome of currently pending and future proceedings cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the group may be forced to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial position, results of operations or cash flows of the group could be materially affected by the unfavourable outcome of litigation. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Equity-accounted investments Joint ventures A joint venture is an entity in which the group holds a long term interest and which the group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. The group’s interests in joint arrangements classified as joint ventures are accounted for using the equity method. Profits and losses realised in connection with transactions between the group and joint ventures are eliminated in proportion to share ownership. Such profits and losses are deducted from the group’s equity and related statement of financial position amount and released in the group accounts when the assets are effectively realised outside the group. Dividends received from joint ventures are included in operating activities in the cash flow statement. Associates The equity method of accounting is used for an investment over which the group exercises significant influence and normally owns between 20% and 50% of the voting equity. Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Profits and losses realised in connection with transactions between the group and associated companies are eliminated in proportion to share ownership. Such profits and losses are deducted from the group’s equity and related statement of financial position amount and released in the group accounts when the assets are effectively realised outside the group. Dividends received from associates are included in investing activities in the cash flow statement. Joint ventures and associates If necessary, impairment losses on loans and equity are reported under share of joint ventures and associates profit and loss. Any losses of equity-accounted investments are brought to account in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the group is committed to providing financial support to such investees. The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment losses recognised, the share of post-acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment in value has occurred; it is recognised in the period in which the impairment arose. In determining materiality for the disclosure requirements of IFRS 12 “Disclosure of Interest in Other Entities”, management has assessed that amounts representing the carrying value of at least 90% of the investments in associates and joint ventures balances, reported in the statement of financial position, constitute quantitative materiality. Unincorporated joint ventures – joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of assets and obligations for the liabilities of the arrangement. The group accounts for activities under joint operations by recognising in relation to the joint operation, the assets it controls and the liabilities it incurs, th |
Segmental Information
Segmental Information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of entity's operating segments [Abstract] | |
Segmental Information | SEGMENTAL INFORMATION AngloGold Ashanti Limited’s operating segments are being reported based on the financial information provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). The group produces gold as its primary product and does not have distinct divisional segments in terms of principal business activity, but manages its business on the basis of different geographic segments (including equity accounted investments). Individual members of the Executive Committee are responsible for geographic regions of the business. Group analysis by origin is as follows: Figures in millions Total assets (1)(2)(3) Net operating assets (2)(3) US Dollars 2017 2016 2015 2017 2016 2015 South Africa 1,734 1,818 1,629 1,388 1,520 1,352 Continental Africa 3,153 3,090 3,121 1,296 1,278 1,349 Australasia 929 804 837 664 581 625 Americas 1,258 1,273 1,341 909 923 963 Other, including non-gold producing subsidiaries 145 168 356 24 26 11 7,219 7,153 7,284 4,281 4,328 4,300 Non-current assets considered material, by country are: South Africa (5) 1,295 1,678 1,463 Foreign entities (5) 4,259 4,144 4,324 DRC (5) 1,423 1,400 1,406 Ghana (5) 533 520 543 Tanzania (5) 422 437 517 Australia (5) 764 673 703 Brazil (5) 632 645 657 Figures in millions Amortisation US Dollars 2017 2016 2015 South Africa 133 167 182 Continental Africa (1) 421 365 339 Australasia 130 126 117 Americas (1) 273 260 240 Other, including non-gold producing subsidiaries 2 5 7 959 923 885 Equity-accounted investments included above (136 ) (114 ) (108 ) Continuing operations 823 809 777 Discontinued operations — — 6 823 809 783 (1) Includes equity-accounted investments. (2) Total assets includes allocated goodwill of nil ( 2016 : $8m ; 2015 : $7m ) for South Africa, $119m ( 2016 : $110m ; 2015 : $111m ) for Australasia and $8m ( 2016 : $8m ; 2015 : $8m ) for Americas (note 15). The South African segment includes assets held for sale of $348m (refer note 23). (3) In 2017, pre-tax impairments and derecognition of assets of $294m were accounted for in South Africa ( 2016 : $3m ; 2015 : $5m ). (4) The group's segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit (loss) to profit before taxation, refer to the group income statement. (5) Non-current assets exclude financial instruments and deferred tax assets. Figures in millions Capital expenditure US Dollars 2017 2016 2015 South Africa 150 182 206 Continental Africa (1) 409 291 315 Australasia 153 109 78 Americas (1) 234 225 196 Other, including non-gold producing subsidiaries 7 4 4 953 811 799 Discontinued operations — — 58 953 811 857 Equity-accounted investments included above (123 ) (100 ) (131 ) 830 711 726 Gold production (attributable) (000oz) 2017 2016 2015 South Africa 903 967 1,004 Continental Africa 1,453 1,321 1,435 Australasia 559 520 560 Americas 840 820 831 Continuing operations 3,755 3,628 3,830 Discontinued operations — — 117 3,755 3,628 3,947 Figures in millions Gold income US Dollars 2017 2016 2015 Geographical analysis of gold income by origin is as follows: South Africa 1,101 1,173 1,132 Continental Africa (1) 1,895 1,663 1,724 Australasia 709 646 666 Americas 1,104 1,036 967 4,809 4,518 4,489 Equity-accounted investments included above (453 ) (433 ) (474 ) Continuing operations (note 3) 4,356 4,085 4,015 Discontinued operations — — 137 4,356 4,085 4,152 Foreign countries included in the above and considered material are: Brazil 705 659 641 Guinea 489 Tanzania 664 591 615 Geographical analysis of gold income by destination is as follows: South Africa 1,659 1,719 2,499 North America 456 893 658 Australia 709 645 666 Asia — — 195 Europe 399 377 332 United Kingdom 1,586 884 139 4,809 4,518 4,489 Equity-accounted investments included above (453 ) (433 ) (474 ) Continuing operations (note 3) 4,356 4,085 4,015 Discontinued operations — — 137 Continuing and discontinued operations 4,356 4,085 4,152 Figures in millions By product revenue US Dollars 2017 2016 2015 South Africa 15 23 38 Continental Africa (1) 3 4 3 Australasia 2 2 2 Americas 135 110 84 155 139 127 Equity-accounted investments included above (1 ) (1 ) — Continuing operations 154 138 127 Discontinued operations — — 1 154 138 128 Figures in millions Total cash costs US Dollars 2017 2016 2015 South Africa 968 857 874 Continental Africa (1) 1,088 976 1,010 Australasia 407 404 393 Americas 547 486 492 Corporate and other (6 ) — (9 ) 3,004 2,723 2,760 Equity-accounted investments included above (295 ) (288 ) (267 ) Continuing operations 2,709 2,435 2,493 Discontinued operations — — 125 2,709 2,435 2,618 Figures in millions Cost of sales US Dollars 2017 2016 2015 South Africa 1,114 1,041 1,083 Continental Africa (1) 1,510 1,331 1,347 Australasia 550 540 525 Americas (1) 851 752 719 Corporate and other (1) (3 ) 5 (2 ) 4,022 3,669 3,672 Equity-accounted investments included above (440 ) (406 ) (378 ) Continuing operations 3,582 3,263 3,294 Discontinued operations — — 118 3,582 3,263 3,412 Figures in millions Gross profit (loss) (4) US Dollars 2017 2016 2015 South Africa (3 ) 149 42 Continental Africa (1) 386 334 377 Australasia 159 106 142 Americas (1) 253 283 247 Corporate and other (1) 2 (4 ) 2 797 868 810 Equity-accounted investments included above (13 ) (27 ) (96 ) Continuing operations 784 841 714 Discontinued operations — — 19 784 841 733 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of revenue [Abstract] | |
Revenue | REVENUE US Dollars Figures in millions 2017 2016 2015 Revenue consists of the following principal categories: Gold income (note 2) 4,356 4,085 4,015 By-products (note 2 and 4) 154 138 127 Royalties received (note 6) 18 9 4 Interest received (notes 31 and 35) 15 22 28 4,543 4,254 4,174 |
Cost of Sales
Cost of Sales | 12 Months Ended |
Dec. 31, 2017 | |
Cost of Sales [Abstract] | |
Cost of Sales | COST OF SALES US Dollars Figures in millions 2017 2016 2015 Cash operating costs 2,728 2,444 2,493 By-products revenue (note 3) (154 ) (138 ) (127 ) 2,574 2,306 2,366 Royalties 116 105 100 Other cash costs 19 24 27 Total cash costs 2,709 2,435 2,493 Retrenchment costs 6 14 11 Rehabilitation and other non-cash costs 29 43 (10 ) Amortisation of tangible assets (note 31 and note 35) 817 789 737 Amortisation of intangible assets (note 31 and note 35) 6 20 40 Inventory change 15 (38 ) 23 3,582 3,263 3,294 |
Other Operating Expenses
Other Operating Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other operating expenses [Abstract] | |
Other Operating Expenses | US Dollars Figures in millions 2017 2016 2015 Care and maintenance costs (note 35) 62 70 67 Pension and medical defined benefit provisions 9 25 18 Governmental fiscal claims and care and maintenance of old tailings operations 14 14 7 Other 3 1 4 88 110 96 |
Special Items
Special Items | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of special items [Abstract] | |
Special Items | US Dollars Figures in millions 2017 2016 2015 Impairment and derecognition of assets (1) 297 3 20 Impairment of other investments 3 — — Retrenchment and related costs (2) 88 1 4 Legal fees (recoveries) and other costs related to contract terminations and settlement costs (3) 71 11 (1 ) Write-down of inventories 3 12 11 Net (profit) loss on disposal of assets (8 ) (4 ) (1 ) Royalties received (note 3) (18 ) (9 ) (4 ) Indirect tax expense (recoveries) 2 (2 ) (20 ) Repurchase premium and cost on settlement of debt facilities — 30 61 Other — — 1 438 42 71 (1) Impairments and derecognitions include tangible assets $253m , intangible assets $9m and held for sale assets $35m . (2) Includes retrenchment costs incurred on the restructuring of South African operations which was announced during June 2017. (3) Includes provision for silicosis class action settlement. For details refer note 26. |
Finance Costs and Unwinding of
Finance Costs and Unwinding of Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Finance Costs and Unwinding of Obligations | US Dollars Figures in millions 2017 2016 2015 Finance costs Finance costs on bonds, corporate notes, bank loans and other 132 148 215 Amortisation of fees 4 4 5 Finance lease charges 6 6 3 142 158 223 Unwinding of obligations 27 22 22 Total finance costs, unwinding of obligations and other discounts (note 31 and 35) 169 180 245 |
Share of Associates and Joint V
Share of Associates and Joint Ventures' Profit (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share of associates and joint ventures’ profit (loss) [Abstract] | |
Share of Associates and Joint Ventures' Profit (Loss) | US Dollars Figures in millions 2017 2016 2015 Revenue 453 441 489 Operating costs, special items and other expenses (470 ) (446 ) (415 ) Net interest received 1 3 7 Profit (loss) before taxation (16 ) (2 ) 81 Taxation 23 7 (17 ) Profit (loss) after taxation 7 5 64 (Impairment) impairment reversal of investments in associates 13 (5 ) 12 Impairment reversal of investments in joint ventures (note 17) 2 11 12 Share of associates and joint ventures’ profit (loss) (note 31) 22 11 88 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefits [Abstract] | |
Employee Benefits | US Dollars Figures in millions 2017 2016 2015 Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits 1,024 918 971 Health care and medical scheme costs - current medical expenses 58 51 54 - defined benefit post-retirement medical expenses 10 10 10 Pension and provident plan costs - defined contribution 53 48 49 - defined benefit pension plans — 15 14 Retrenchment costs 92 16 15 Share-based payment expense (note 10) 33 37 33 Included in cost of sales, other operating expenses, special items and corporate administration, marketing and other expenses 1,270 1,095 1,146 |
Share-based Payments
Share-based Payments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share-based payment arrangements [Abstract] | |
Share-based Payments | US Dollars Figures in millions 2017 2016 2015 Equity-settled share incentive schemes Bonus Share Plan (BSP) 26 26 22 Long Term Incentive Plan (LTIP) (1 ) 7 11 Other 1 1 — 26 34 33 Cash-settled share incentive scheme Cash-settled Long Term Incentive Plan (CSLTIP) 7 3 — Total share-based payment expense (note 9) 33 37 33 Equity-settled incentive schemes Equity schemes include the Bonus Share Plan (BSP), Long Term Incentive Plan (LTIP), Share Retention Bonus Scheme (RB) and the Co-Investment Plan (CIP). There were no additional schemes introduced during 2017 and no changes to rules or practices in the existing schemes. Bonus Share Plan (BSP) Award date (unvested awards and awards vested during the year) 2017 2016 2015 Calculated fair value R 152.87 R 229.22 R 130.87 Vesting date 50% 1 Mar 2018 1 Mar 2017 3 Mar 2016 Vesting date 50% 1Mar 2019 1 Mar 2018 3 Mar 2017 Expiry date 1 Mar 2027 1 Mar 2026 3 Mar 2025 Number of shares 2017 2016 2015 Awards outstanding at beginning of year 4,198,285 4,708,799 3,305,515 Awards granted during the year 1,926,549 2,103,767 2,562,313 Awards lapsed during the year (218,601 ) (204,374 ) (165,006 ) Awards exercised during the year (1,426,554 ) (2,409,907 ) (994,023 ) Awards outstanding at end of year 4,479,679 4,198,285 4,708,799 Awards exercisable at end of year 1,904,021 1,170,849 1,687,096 Long Term Incentive Plan (LTIP) Award date (unvested awards and awards vested during the year) 2015 Calculated fair value R 129.94 Vesting date 3 Mar 2018 Expiry date 3 Mar 2025 Number of shares 2017 2016 2015 Awards outstanding at beginning of year 4,363,330 6,028,193 3,964,362 Awards granted during the year — — 3,120,555 Awards lapsed during the year (1,512,857 ) (1,160,023 ) (830,356 ) Awards exercised during the year (384,116 ) (504,840 ) (226,368 ) Awards outstanding at end of year 2,466,357 4,363,330 6,028,193 Awards exercisable at end of year 455,914 320,169 445,781 Equity-settled incentive schemes (continued) Share Retention Bonus Scheme (RB) Award date (unvested awards and awards vested during the year) 2013 Calculated fair value R 226.46 Vesting date Aug 2014 Expiry date Aug 2017 Awards outstanding at 31 December 2017 amounted to 51,853 shares ( 2016 : 72,038 and 2015 : 115,736 shares) and an amount of 20,185 shares ( 2016 : 43,698 and 2015 : 34,564 shares) were exercised during the year. Co-Investment Plan (CIP) Number of shares 2017 2016 2015 Awards outstanding at beginning of year 97,651 145,040 56,703 Awards granted during the year 112,105 47,590 125,050 Awards lapsed during the year (62,775 ) (18,570 ) (6,426 ) Awards exercised during the year (51,603 ) (76,409 ) (30,287 ) Awards outstanding at end of year 95,378 97,651 145,040 Cash-Settled Long Term Incentive Plan (CSLTIP) There were no changes to rules or practices within the CSLTIP scheme. Award date (unvested awards and awards vested during the year) 2017 2016 Closing share price at 30 December: R 128.62 R 152.58 Vesting date 1 March 2020 1 March 2019 Number of units 2017 2016 Share units outstanding at beginning of year (1) 2,464,630 30,163 Share units granted during the year 2,572,437 2,537,000 Share units lapsed during the year (507,597 ) (100,490 ) Share units exercised during the year (59,852 ) (2,043 ) Share units outstanding at end of year 4,469,618 2,464,630 (1) Amounts include Long Term share units awarded to two employees during 2015 and 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Taxation | Figures in millions US Dollars 2017 2016 2015 South African taxation Non-mining tax 1 1 1 Prior year (over) under provision — (3 ) (14 ) Deferred taxation Impairment and disposal of tangible assets (72 ) — (1 ) Other temporary differences (62 ) 12 (43 ) Prior year under provision 15 25 — Change in estimated deferred tax rate 31 — (15 ) (87 ) 35 (72 ) Foreign taxation Normal taxation 201 246 214 Prior year over provision (26 ) (10 ) (9 ) Deferred taxation Temporary differences 20 (65 ) 73 Prior year (over) under provision 2 (17 ) 5 Change in statutory tax rate (2 ) — — 195 154 283 108 189 211 Tax rate reconciliation A reconciliation of the effective tax rate in the income statement to the prevailing estimated South African corporate tax rate is set out in the following table: % % % Effective tax rate (172 ) 70 82 Disallowable items Derivative and other commodity contracts losses and fair value gains — 1 7 Exploration, corporate and other disallowable expenses 44 (12 ) (23 ) Share of associates and joint ventures’ profit (loss) (10 ) 1 10 Foreign income tax allowances and rate differentials 47 (18 ) (16 ) Exchange variation and translation adjustments 10 8 (24 ) Non-tax effective income (loss) 69 (26 ) (25 ) Effect of temporary differences not recognised for deferred tax assets 26 — — Capital allowances — 2 4 Change in estimated deferred tax rate 31 — 6 Change in statutory tax rate (4 ) — — Prior year over provision (13 ) 2 7 Estimated corporate tax rate 28 28 28 Tax rates 2017 2016 2015 South Africa Mining tax rate – maximum statutory rate (1) 34 % 34 % 34 % Non-mining tax 28 % 28 % 28 % Foreign operations include: Argentina 30 % 30 % 30 % Australia 30 % 30 % 30 % Brazil 34 % 34 % 34 % Ghana 30 % 30 % 30 % Guinea 30 % 30 % 30 % Tanzania 30 % 30 % 30 % (1) The formula for determining the South African mining tax rate is: Y = 34 - 170/X where Y is the percentage rate of tax payable and X is the ratio of mining profit net of any redeemable capital expenditure to mining revenue expressed as a percentage. Figures in millions US Dollars 2017 2016 2015 Analysis of unrecognised deferred tax assets Available to be utilised against future profits - utilisation required between one and two years 48 — — - utilisation required between two and five years 333 321 237 - utilisation required between five and twenty years 1,210 1,185 1,184 - utilisation in excess of twenty years 1 1 — 1,592 1,507 1,421 At the statutory tax rates the unrecognised value of deferred tax assets are: $470m ( 2016 : $477m ; 2015 : $452m ), mainly relating to tax losses incurred in North America, Ghana and Colombia. |
Earnings (Loss) per Ordinary Sh
Earnings (Loss) per Ordinary Share | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of earnings per share [Abstract] | |
Earnings (Loss) per Ordinary Share | 2017 2016 2015 US cents per share Basic earnings (loss) per ordinary share (46 ) 15 (20 ) - Continuing operations (46 ) 15 8 The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of ($191m) (2016: $63m; 2015: $31m) and 415,440,077 (2016: 412,585,042; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the financial year. - Discontinued operations — — (28 ) The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2016: nil; 2015: ($116m)) and 415,440,077 (2016: 412,585,042; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share (46 ) 15 (20 ) - Continuing operations (46 ) 15 8 The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of ($191m) (2016: $63m; 2015: $31m) and 415,440,077 (2016: 414,706,400; 2015: 411,371,341) shares being the diluted number of ordinary shares. - Discontinued operations — — (28 ) The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2016: nil; 2015: $(116m)) and 415,440,077 (2016: 414,706,400; 2015: 409,606,858) shares being the diluted number of ordinary shares. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares 2017 2016 2015 Ordinary shares 409,265,471 407,519,542 404,747,625 Fully vested options and currently exercisable (1) 6,174,606 5,065,500 4,859,233 Weighted average number of shares 415,440,077 412,585,042 409,606,858 Dilutive potential of share options — 2,121,358 — Fully diluted number of ordinary shares 415,440,077 414,706,400 409,606,858 Figures in millions US Dollars In calculating the diluted earnings (loss) attributable to equity shareholders, the following were taken into consideration: Profit (loss) attributable to equity shareholders (191 ) 63 (85 ) (1) Employee compensation awards are included in basic earnings per share from the date that all necessary conditions have been satisfied and it is virtually certain that shares will be issued as a result of employees exercising their options. US Dollars Figures in millions 2017 2016 2015 Headline earnings (loss) The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders from continuing and discontinued operations (191 ) 63 (85 ) Net impairment (impairment reversal) and derecognition of assets 298 (16 ) 2 Net (profit) loss on disposal of assets (8 ) 4 9 Special items of associates and joint ventures — — 3 Exchange loss on foreign currency translation reserve release — 60 — Taxation on items above (72 ) — (2 ) 27 111 (73 ) US Cents Basic headline earnings (loss) per share The calculation of basic headline earnings (loss) per ordinary share is based on basic headline earnings (losses) of $27m (2016: $111m; 2015: ($73m)) and 415,440,077 (2016: 412,585,042; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the year. 6 27 (18 ) Diluted headline earnings (loss) per share The calculation of diluted headline earnings (loss) per ordinary share is based on diluted headline earnings (losses) of $27m (2016: $111m; 2015: ($73m)) and 415,440,077 (2016: 414,706,400; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the year. 6 27 (18 ) |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Dividends | US Dollars Figures in million 2017 2016 2015 Ordinary shares Dividend number 118 of 130 SA cents per share was declared on 21 February 2017 and paid on 7 April 2017. (10 US cents per share) 39 — — 39 — — |
Tangible Assets
Tangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Tangible Assets | Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total US Dollars Cost Balance at 1 January 2015 7,238 5,369 958 35 757 88 14,445 Additions - project capital 19 1 — — 102 6 128 - stay-in-business capital 345 57 — — 158 1 561 - capitalised leased assets — 62 — — — — 62 Disposals (113 ) (772 ) (25 ) (29 ) (291 ) (7 ) (1,237 ) Transfers and other movements (1) (497 ) (4 ) — (1 ) (298 ) (1 ) (801 ) Translation (710 ) (281 ) (19 ) — (72 ) (9 ) (1,091 ) Balance at 31 December 2015 6,282 4,432 914 5 356 78 12,067 Accumulated amortisation and impairments Balance at 1 January 2015 5,045 3,515 893 32 79 18 9,582 Amortisation for the year 475 257 6 1 — 1 740 Impairment and derecognition of assets 4 1 — — — — 5 Disposals (113 ) (727 ) (25 ) (29 ) (49 ) (6 ) (949 ) Transfers and other movements (1) (458 ) (346 ) — (1 ) (1 ) — (806 ) Translation (465 ) (82 ) (12 ) (1 ) — (3 ) (563 ) Balance at 31 December 2015 4,488 2,618 862 2 29 10 8,009 Net book value at 31 December 2015 1,794 1,814 52 3 327 68 4,058 Cost Balance at 1 January 2016 6,282 4,432 914 5 356 78 12,067 Additions - project capital 25 4 — — 64 — 93 - stay-in-business capital 363 54 1 — 192 1 611 - capitalised leased assets — 2 — — — — 2 Disposals (45 ) (46 ) — — — — (91 ) Transfers and other movements (1) (884 ) 25 — — (190 ) — (1,049 ) Translation 202 105 4 — 28 3 342 Balance at 31 December 2016 5,943 4,576 919 5 450 82 11,975 Accumulated amortisation and impairments Balance at 1 January 2016 4,488 2,618 862 2 29 10 8,009 Amortisation for the year 546 254 4 1 — 1 806 Impairment and derecognition of assets 1 2 — — — — 3 Disposals (43 ) (43 ) — — — — (86 ) Transfers and other movements (1) (964 ) (70 ) — — (3 ) — (1,037 ) Translation 135 31 2 — — 1 169 Balance at 31 December 2016 4,163 2,792 868 3 26 12 7,864 Net book value at 31 December 2016 1,780 1,784 51 2 424 70 4,111 Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total Cost Balance at 1 January 2017 5,943 4,576 919 5 450 82 11,975 Additions - project capital 28 3 — — 125 — 156 - stay-in-business capital 371 37 — — 257 — 665 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (168 ) (21 ) (27 ) — (291 ) 1 (506 ) Transfer to non-current assets and liabilities held for sale (785 ) (281 ) (7 ) — (72 ) (3 ) (1,148 ) Translation 174 88 7 — 21 3 293 Balance at 31 December 2017 5,562 4,382 892 5 490 83 11,414 Accumulated amortisation and impairments Balance at 1 January 2017 4,163 2,792 868 3 26 12 7,864 Amortisation for the year 553 272 3 — — 1 829 Impairment and derecognition of assets (5) 182 62 8 — 1 — 253 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (326 ) (163 ) (27 ) — — — (516 ) Transfer to non-current assets and liabilities held for sale (685 ) (169 ) (4 ) — (1 ) — (859 ) Translation 93 22 5 — — 2 122 Balance at 31 December 2017 3,979 2,796 853 3 26 15 7,672 Net book value at 31 December 2017 1,583 1,586 39 2 464 68 3,742 (1) Transfers and other movements include amounts from deferred stripping, change in estimates of decommissioning assets, asset reclassifications and derecognition of assets with a carrying value of nil. (2) Included in the amounts for mine infrastructure are assets held under finance leases with a net book value of $56 m ( 2016 : $58 m; 2015 : $61m ). (3) Included in the amounts for land and buildings are assets held under finance leases with a net book value of $6 m ( 2016 : $7 m; 2015 : $7 m). (4) Assets of $11 m ( 2016 : $12 m; 2015 : $8m ) have been pledged as security. (5) I mpairment and derecognition of assets include the following: Impairment calculation assumptions as at 31 December 2017 - goodwill, tangible and intangible assets Management assumptions for the value in use of tangible assets and goodwill include: • the gold price assumption represents management’s best estimate of the future price of gold. A long-term real gold price of $1,240 /oz (2016: $1,212 /oz) is based on a range of economic and market conditions that will exist over the remaining useful life of the assets. Annual life of mine plans take into account the following: • proved and probable Ore Reserve; • value beyond proved and probable reserves (including exploration potential) determined using the gold price assumption referred to above; • in determining the impairment for each cash generating unit, the real pre-tax rate was derived from the weighted average cost of capital (WACC) using the Capital Asset Pricing Model ("CAPM") to determine the required return on equity with risk factors consistent with the basis used in 2016. At 31 December 2017, the derived group WACC was 7.50% (real post-tax) which is 20 basis points higher than in 2016 of 7.30% , and is based on the industry average capital structure of the major gold companies considered to be appropriate peers. In determining the WACC for each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. In certain instances, a specific risk premium was added to large projects being undertaken or the turnaround nature of a specific mine to address uncertainties in the forecast of the cash flows; • foreign currency cash flows translated at estimated forward exchange rates and then discounted using appropriate discount rates for that currency; • cash flows used in impairment calculations are based on life of mine plans which range from 2 years to 42 years ; and • variable operating cash flows are increased at local Consumer Price Index rates. Impairments and derecognitions of tangible assets For the year ended 31 December 2017, the following impairments and derecognitions of tangible assets were recognised: Figures in millions US Dollars TauTona 79 Kopanang 35 Surface Operations 9 Moab Khotsong 112 Mponeng 2 First Uranium 13 Other 3 253 Impairment of cash generating units The group reviews and tests the carrying value of its mining assets when events or changes in circumstances suggest that the carrying amount may not be recoverable. During June 2017, due to a change in mine plans to restructure the South African operations, Kopanang mine, TauTona mine including Savuka section and the West Gold Plant section of the Surface operations in South Africa were fully impaired as they were not expected to generate future economic benefits. On 19 October 2017, AngloGold Ashanti announced the sale of various assets in the Vaal River Region including the Moab Khotsong Mine and related assets (Moab) to Harmony Gold Mining Company Limited for a cash consideration of US $300m . Moab was accordingly transferred to held for sale and written down to the fair value less cost to sell. Refer note 23 - Non-current assets and liabilities held for sale. In a separate announcement on 19 October 2017, AngloGold Ashanti announced the sale of its Kopanang Mine, the West Gold Plant and related infrastructure to Heaven-Sent SA Sunshine Investment Company Limited for a cash consideration of R 100m . Kopanang Mine was accordingly transferred to held for sale and written down to the fair value less cost to sell. Refer note 23 - Non-current assets and liabilities held for sale. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets | Figures in millions Goodwill Software and licences Royalty tax rate concession and other Total US Dollars Cost Balance at 1 January 2015 400 152 60 612 Additions — 3 — 3 Disposals — (9 ) — (9 ) Transfers and other movements (1) — (10 ) — (10 ) Translation (20 ) (18 ) — (38 ) Balance at 31 December 2015 380 118 60 558 Accumulated amortisation and impairments Balance at 1 January 2015 258 82 47 387 Amortisation for the year 37 3 40 Disposals — (7 ) — (7 ) Transfers and other movements (1) — (7 ) — (7 ) Translation (4 ) (12 ) — (16 ) Balance at 31 December 2015 254 93 50 397 Net book value at 31 December 2015 126 25 10 161 Cost Balance at 1 January 2016 380 118 60 558 Additions — 5 — 5 Transfers and other movements (1) — (4 ) — (4 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 379 125 60 564 Accumulated amortisation and impairments Balance at 1 January 2016 254 93 50 397 Amortisation for the year 16 4 20 Transfers and other movements (1) — (3 ) — (3 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 253 112 54 419 Net book value at 31 December 2016 126 13 6 145 Cost Balance at 1 January 2017 379 125 60 564 Additions — 1 — 1 Transfer to non-current assets and liabilities held for sale — (17 ) — (17 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 11 4 — 15 Balance at 31 December 2017 127 112 60 299 Accumulated amortisation and impairments Balance at 1 January 2017 253 112 54 419 Amortisation for the year 3 3 6 Impairment 9 — — 9 Transfer to non-current assets and liabilities held for sale — (15 ) — (15 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 1 5 — 6 Balance at 31 December 2017 — 104 57 161 Net book value at 31 December 2017 127 8 3 138 (1) Transfers and other movements include amounts from asset reclassifications and amounts written off. Impairment calculation assumptions for goodwill Based on an analysis carried out by the group in 2017, the carrying value and value in use of cash generating units (CGUs) with goodwill that were most sensitive is: 2017 US Dollars Figures in millions Carrying Value Value in use AngloGold Ashanti Australia Limited - Sunrise Dam 233 402 As at 31 December 2017, the recoverable amount of AngloGold Ashanti Australia Limited - Sunrise Dam exceeded its carrying amount by $169 m. The AngloGold Ashanti Australia Limited Sunrise Dam CGU had $119 m goodwill at that date. It is estimated that a decrease of the long term real gold price of $1,240 /oz by 7% , would cause the recoverable amount of this CGU to equal its carrying amount. The sensitivity analysis has been provided on the basis that the key assumption changes without a change in the other assumptions. However, for a change in each of the assumptions used, it is impracticable to disclose the consequential effect of changes on the other variables used to measure the recoverable amount because these assumptions and others used in impairment testing of goodwill are inextricably linked. Therefore it is possible that outcomes within the next financial year that are different from the assumptions used in the impairment testing process for goodwill could require a material adjustment to the carrying amounts in future periods. Net book value of goodwill allocated to each of the CGUs: US Dollars Figures in millions 2017 2016 2015 - Sunrise Dam 119 110 111 - First Uranium (Pty) Limited (1) — 8 7 - Serra Grande 8 8 8 (note 2) 127 126 126 Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant are as follows: - Sunrise Dam (2) 8.3 % 8.8 % 7.9 % (1) Goodwill has been allocated to its respective CGU's where it is tested for impairment as part of the CGU . The group reviews and tests the carrying value of goodwill on an annual basis for impairment. Following the impairment review, goodwill to the value of $9m at First Uranium (Pty) Ltd was impaired utilising a real pre-tax discount rate of 9.23% during 2017. The discount rates for 2017 were determined on a basis consistent with the 2016 and 2015 discount rates. The value in use recoverable amount of First Uranium (Pty) Ltd is $317m (2016: $336m ; 2015: $304m ). (2) The value in use of the CGU is $402 m in 2017 (2016: $487 m; 2015: $504 m). |
Material partly-owned subsidiar
Material partly-owned subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Interests In Other Entities [Abstract] | |
Material partly-owned subsidiaries | Name Non-controlling interest holding Country of incorporation and operation 2017 2016 2015 Cerro Vanguardia S.A. (CVSA) 7.5 % 7.5 % 7.5 % Argentina Société AngloGold Ashanti de Guinée S.A. (Siguiri) 15 % 15 % 15 % Republic of Guinea Financial information of subsidiaries that have material non-controlling interests are provided below: US Dollars Figures in millions 2017 2016 2015 Profit allocated to material non-controlling interest CVSA 7 6 4 Siguiri 13 11 8 Accumulated balances of material non-controlling interests CVSA 13 15 15 Siguiri 32 28 26 Summarised financial information of subsidiaries is as follows. The information is based on amounts including inter-company balances. US Dollars Figures in millions CVSA Siguiri Statement of profit or loss for 2017 Revenue 517 489 Profit (loss) for the year 96 88 Total comprehensive income (loss) for the year, net of tax 96 88 Attributable to non-controlling interests 7 13 Dividends paid to non-controlling interests (9 ) (10 ) Statement of profit or loss for 2016 Revenue 472 367 Profit (loss) for the year 81 74 Total comprehensive income (loss) for the year, net of tax 81 74 Attributable to non-controlling interests 6 11 Dividends paid to non-controlling interests (6 ) (9 ) Statement of profit or loss for 2015 Revenue 399 350 Profit (loss) for the year 57 50 Total comprehensive income (loss) for the year, net of tax 57 50 Attributable to non-controlling interests 4 8 Dividends paid to non-controlling interests — (4 ) Summarised financial information of subsidiaries is as follows. The information is based on amounts before inter-company eliminations. US Dollars Figures in millions CVSA Siguiri Statement of financial position as at 31 December 2017 Non-current assets 193 206 Current assets 171 189 Non-current liabilities (103 ) (101 ) Current liabilities (84 ) (82 ) Total equity 177 212 Statement of financial position as at 31 December 2016 Non-current assets 241 174 Current assets 177 178 Non-current liabilities (108 ) (79 ) Current liabilities (107 ) (85 ) Total equity 203 188 Statement of financial position as at 31 December 2015 Non-current assets 245 151 Current assets 182 158 Non-current liabilities (114 ) (79 ) Current liabilities (109 ) (55 ) Total equity 204 175 Statement of cash flows for the year ended 31 December 2017 Cash inflow (outflow) from operating activities 189 152 Cash inflow (outflow) from investing activities (55 ) (82 ) Cash inflow (outflow) from financing activities (118 ) (58 ) Net increase (decrease) in cash and cash equivalents 16 12 Statement of cash flows for the year ended 31 December 2016 Cash inflow (outflow) from operating activities 110 120 Cash inflow (outflow) from investing activities (57 ) (59 ) Cash inflow (outflow) from financing activities (97 ) (53 ) Net increase (decrease) in cash and cash equivalents (44 ) 8 Statement of cash flows for the year ended 31 December 2015 Cash inflow (outflow) from operating activities 98 76 Cash inflow (outflow) from investing activities (60 ) (29 ) Cash inflow (outflow) from financing activities 3 (36 ) Net increase (decrease) in cash and cash equivalents 41 11 |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2017 | |
Interests In Other Entities [Abstract] | |
Investments in Associates and Joint Ventures | US Dollars Figures in millions 2017 2016 2015 Carrying value Investments in associates 36 20 34 Investments in joint ventures 1,471 1,428 1,431 1,507 1,448 1,465 Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be material. Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2017 2016 2015 Aggregate statement of profit or loss for associates (attributable) Revenue 21 30 53 Operating costs and expenses (11 ) (38 ) (45 ) Taxation 2 (1 ) 4 Profit (loss) for the year 12 (9 ) 12 Total comprehensive profit (loss) for the year, net of tax 12 (9 ) 12 Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2017 2016 2015 Kibali Goldmines S.A.. (1) 45 45 45 Exploration and mine development The Democratic Republic of the Congo (1) AngloGold Ashanti Limited has a 50% interest in Kibali (Jersey) Limited (Kibali) which holds our effective 45% interest in Kibali Goldmines S.A. US Dollars Figures in millions 2017 2016 2015 Carrying value of joint ventures Kibali 1,423 1,400 1,406 Immaterial joint ventures 48 28 25 1,471 1,428 1,431 Reversal (impairment) of investments in joint ventures Sadiola (note 8) 2 11 12 US Dollars Figures in millions 2017 2016 2015 The cumulative unrecognised share of losses of the joint ventures: Sadiola — — 10 Morila 7 9 — Yatela 2 3 — Summarised financial information of joint ventures is as follows (not attributable): US Dollars Kibali Figures in millions 2017 2016 2015 Statement of profit or loss Revenue 755 709 747 Other operating costs and expenses (530 ) (471 ) (398 ) Amortisation of tangible and intangible assets (264 ) (211 ) (193 ) Finance costs and unwinding of obligations (5 ) (5 ) (5 ) Interest received 4 5 5 Taxation 54 23 (18 ) Profit for the year 14 50 138 Other comprehensive income for the year, net of tax — — 3 Total comprehensive income for the year, net of tax 14 50 141 Dividends received from joint venture (attributable) — 30 35 US Dollars Kibali Figures in millions 2017 2016 2015 Statement of financial position Non-current assets 2,834 2,805 2,754 Current assets 166 179 259 Cash and cash equivalents 3 19 22 Total assets 3,003 3,003 3,035 Non-current financial liabilities 41 47 52 Other non-current liabilities 23 32 57 Current financial liabilities 7 10 10 Other current liabilities 107 133 125 Total liabilities 178 222 244 Net assets 2,825 2,781 2,791 Group’s share of net assets 1,413 1,391 1,396 Other 10 9 10 Carrying amount of interest in joint venture 1,423 1,400 1,406 US Dollars Figures in millions 2017 2016 2015 Aggregate statement of profit (loss) for immaterial joint ventures (attributable) Revenue 113 114 138 Other operating costs and expenses (94 ) (95 ) (102 ) Amortisation of tangible and intangible assets (16 ) (18 ) (21 ) Taxation (2 ) (3 ) (7 ) Profit (loss) for the year 1 (2 ) 8 Total comprehensive income (loss) for the year, net of tax 1 (2 ) 8 |
Other Investments
Other Investments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Other Investments | OTHER INVESTMENTS US Dollars Figures in millions 2017 2016 2015 Non-current investments Listed investments (1) Available-for-sale Balance at beginning of year 46 29 47 Additions 9 8 8 Disposals (1 ) (1 ) (3 ) Fair value adjustments 19 7 (7 ) Impairments (3 ) — (9 ) Translation 3 3 (7 ) Balance at end of year 73 46 29 The available-for-sale non-current investments consist of ordinary shares and collective investment schemes and primarily comprise: International Tower Hill Mines Limited (ITH) 7 9 2 Corvus Gold Corporation 25 7 4 Various listed investments held by Environmental Rehabilitation Trust Fund 22 18 17 Pure Gold Mining 11 8 1 Orinoco Gold Limited 4 — — Other 4 4 5 73 46 29 (1) The group’s listed available-for-sale equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the majority of equity investments were listed on the Toronto Stock Exchange and the JSE. US Dollars Figures in millions 2017 2016 2015 Non-current investments (continued) Listed investments (continued) Held-to-maturity 4 6 5 The held-to-maturity investment consists of government bonds held by the Environmental Rehabilitation Trust Fund administered by Ashburton Investments. The fair value of bonds held-to-maturity is $6m (2016: $8m; 2015: $6m) and has a sensitivity of less than $1m (2016: less than $1m; 2015: less than $1m) for a 1% change in interest rates. Current investments Listed investments - available for sale 7 5 1 Book value of listed investments 84 57 35 Non-current assets Unlisted investments Balance at beginning of year 73 57 72 Additions 81 66 77 Maturities (73 ) (58 ) (74 ) Transfer to non-current assets and liabilities held for sale (32 ) — — Accrued interest — 1 — Translation 5 7 (18 ) Balance at end of year 54 73 57 The unlisted investments include: Negotiable Certificates of Deposit - Environmental Rehabilitation Trust Fund administered by Ashburton Investments 53 69 55 Other 1 4 2 54 73 57 Book value of unlisted investments 54 73 57 Total book value of other investments (note 34) 138 130 92 The group’s listed available-for-sale equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the majority of equity investments were listed on either the Toronto Stock Exchange or the JSE. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of inventories [Abstract] | |
Inventories | INVENTORIES US Dollars Figures in millions 2017 2016 2015 Non-current Raw materials - ore stockpiles 100 84 90 Current Raw materials - ore stockpiles 261 233 232 - heap-leach inventory 5 3 6 Work in progress - metals in process 58 77 65 Finished goods - gold doré/bullion 59 60 28 - by-products 5 4 5 Total metal inventories 388 377 336 Mine operating supplies 295 295 310 683 672 646 Total inventories (1) 783 756 736 (1) The amount of the write-down of ore stockpiles, metals in process, by-products and mine operating supplies to net realisable value, and recognised as an expense during the year in special items or cost of sales is $17m ( 2016 : $30m ; 2015 : $30m ). |
Trade, other receivables and ot
Trade, other receivables and other assets | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade, other receivables and other assets | TRADE, OTHER RECEIVABLES AND OTHER ASSETS US Dollars Figures in millions 2017 2016 2015 Non-current Prepayments 17 9 9 Recoverable tax, rebates, levies and duties 50 25 4 67 34 13 Current Trade and loan receivables 27 35 34 Prepayments 62 85 37 Recoverable tax, rebates, levies and duties 127 124 117 Other receivables 6 11 8 222 255 196 Total trade, other receivables and other assets 289 289 209 Current trade and loan receivables are generally on terms less than 90 days. At 31 December 2017 trade receivables of $2m have been pledged as security. There is a concentration of risk in respect of amounts due from Revenue Authorities for recoverable tax, rebates, levies and duties from subsidiaries in the Continental Africa segment. These values are summarised as follows: Recoverable value added tax 106 61 66 Recoverable fuel duties 38 39 28 Appeal deposits 10 8 1 |
Cash Restricted for Use
Cash Restricted for Use | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Cash Restricted for Use | US Dollars Figures in millions 2017 2016 2015 Non-current Cash balances held by Environmental Rehabilitation Trust Funds and other 37 36 37 Current Cash restricted by prudential solvency requirements and other 18 16 19 Cash balances held by the Tropicana joint venture 10 3 4 28 19 23 Total cash restricted for use (note 34) 65 55 60 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Cash and cash equivalents | CASH AND CASH EQUIVALENTS US Dollars Figures in millions 2017 2016 2015 Cash and deposits on call 170 167 344 Money market instruments 35 48 140 Total cash and cash equivalents (note 34 and note 35) 205 215 484 |
Non-current assets and liabilit
Non-current assets and liabilities held for sale (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of non-current assets held for sale and discontinued operations [Abstract] | |
Non-current assets and liabilities held for sale | NON-CURRENT ASSETS AND LIABILITIES HELD FOR SALE Kopanang gold mine, West Gold Plant and related infrastructure (Kopanang Sale Assets) The Kopanang gold mine is situated approximately 170 kilometres southwest of Johannesburg. It is included in the South Africa reporting segment. Kopanang gold mine was previously recognised as a combination of tangible assets, current assets, current and long term liabilities. On 19 October 2017, AngloGold Ashanti Limited announced that it has entered into an agreement to dispose of the Kopanang Sale Assets to Heaven‐Sent SA Sunshine Investment Company Limited (HSC), a Chinese capital management company headquartered in Hong Kong. The purchase consideration will be settled on the Closing Date by a payment of R100 million in cash and the transfer of certain gold bearing rock dumps from a subsidiary of HSC, namely Village Main Reef Limited to AngloGold Ashanti. Kopanang mine is a single shaft system, which produces gold as its primary output. In 2017, Kopanang mine produced 91,000 ounces of gold (2016: 91,000 ounces). Moab Khotsong gold mine and related infrastructure, Nufcor and Margaret Water Company (Moab Sale Assets) The Moab Khotsong gold mine is situated about 180 kilometres southwest of Johannesburg. It is included in the South Africa reporting segment. Moab Khotsong gold mine was previously recognised as a combination of tangible assets, current assets, current and long term liabilities. On 19 October 2017, AngloGold Ashanti Limited announced that it has entered into a sale and purchase agreement, to dispose of various assets (Moab Sale Assets) situated in the Vaal River area of South Africa to Harmony Gold Mining Company Limited for a cash consideration of US$300 million. The assets and related interests to be sold include the following: · The Moab Khotsong mine (which incorporates the Great Noligwa mine) and related infrastructure; · AngloGold Ashanti’s entire interest in Nuclear Fuels Corporation of South Africa Proprietary Limited; and · AngloGold Ashanti’s entire interest in Margaret Water Company NPC. Moab Khotsong is an underground mine which produced 294,000 ounces in 2017 (2016: 280,000 ounces). Subsequent to year end the conditions precedent were fulfilled. Refer note 36. The carrying amount of major classes of assets and liabilities includes: US Dollars 2017 Figures in millions Moab Sale Assets Kopanang Sale Assets Total Tangible assets (1) 277 12 289 Intangible assets 2 — 2 Inventories 16 5 21 Other investments 31 5 36 Non-current assets held for sale (note 2) 326 22 348 Environmental and rehabilitation provisions 20 9 29 Provision for pension and post-retirement benefits 1 — 1 Trade, other payables and deferred income 10 5 15 Deferred taxation 81 — 81 Non-current liabilities held for sale 112 14 126 Net non-current assets held for sale 214 8 222 (1) Includes impairments of $35m subsequent to being transferred to held for sale. |
Share Capital and Premium
Share Capital and Premium | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share Capital and Premium | SHARE CAPITAL AND PREMIUM US Dollars Figures in millions 2017 2016 2015 Share capital Authorised 600,000,000 ordinary shares of 25 SA cents each 23 23 23 2,000,000 A redeemable preference shares of 50 SA cents each — — — 5,000,000 B redeemable preference shares of 1 SA cent each — — — 30,000,000 C redeemable preference shares of no par value — — — 23 23 23 Issued and fully paid 410,054,615 (2016: 408,223,760; 2015: 405,265,315) ordinary shares of 25 SA cents each 16 16 16 2,000,000 A redeemable preference shares of 50 SA cents each — — — 778,896 B redeemable preference shares of 1 SA cent each — — — 16 16 16 Treasury shares held within the group: 2,778,896 A and B redeemable preference shares — — — 16 16 16 Share premium Balance at beginning of year 7,145 7,103 7,078 Ordinary shares issued 26 42 25 7,171 7,145 7,103 Less: held within the group Redeemable preference shares (53 ) (53 ) (53 ) Balance at end of year 7,118 7,092 7,050 Share capital and premium 7,134 7,108 7,066 The rights and restrictions applicable to the A and B redeemable preference shares were unchanged during 2017. The C redeemable preference shares have no par value but have the same rights as the B preference shares except that the C preference shares rank after the B preference shares (but prior to the A preference shares) as regards the payment of dividends, redemption proceeds and payment on winding up of the company. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of borrowing costs [Abstract] | |
Borrowings | BORROWINGS US Dollars Figures in millions 2017 2016 2015 Non-current Unsecured Debt carried at fair value $1.25bn bonds - issued July 2013 — — 498 On 1 August 2016, the remaining portion of the bonds were settled. Debt carried at amortised cost Rated bonds - issued July 2012 759 758 756 Semi-annual coupons are paid at 5.125% per annum. The bonds were issued on 30 July 2012, are repayable on 1 August 2022 and are US dollar-based. Rated bonds - issued April 2010 1,001 1,000 999 Semi-annual coupons are paid at 5.375% per annum on $700m 10-year bonds and at 6.5% per annum on $300m 30-year bonds. The $700m bonds are repayable in April 2020 and the $300m bonds are repayable in April 2040. The bonds are US dollar-based. Syndicated revolving credit facility ($1bn) 32 45 194 Semi-annual interest paid at LIBOR plus 1.5% per annum. The applicable margin is subject to a ratings grid. The facility was issued on 17 July 2014 and is available until 17 July 2019. The facility is US dollar-based. Syndicated revolving credit facility (A$500m) 163 168 96 Interest charged at BBSY plus 2% per annum. The applicable margin is subject to a ratings grid. The loan is repayable in July 2019 and is Australian dollar-based. Syndicated loan facility (R1.5bn) — 88 65 The facility was issued on 3 December 2013 and was settled on 12 December 2017. Syndicated revolving credit facility (R2.5bn) 56 — — Quarterly interest paid at JIBAR plus 1.8% per annum. The facility was issued on 12 December 2017 and is available until 12 December 2020, with the option on application to extend by two years. The loan is SA rand-based. Syndicated loan facility (R1.4bn) 81 — — Quarterly interest paid at JIBAR plus 1.65% per annum. The facility was issued on 7 July 2015 and is available until 7 July 2020. The loan is SA rand-based. Syndicated loan facility (R1bn) 81 — — Quarterly interest paid at JIBAR plus 1.3% per annum. The facility was issued on 3 November 2017 and is available until 3 November 2020, with the option on application to extend by two years. The loan is SA rand-based. Revolving Credit Facilities - $100m 16 41 — Various loans with interest rates ranging from 6.2% to 8% above LIBOR. The facilities were issued on 23 August 2016 and are available until 23 August 2019 and are US dollar-based. Other 1 1 1 Interest charged at various rates from 2.5% plus delta exchange rate on individual instalments per annum to 4.5% per annum. Repayments terminate in June 2023. All loans are Brazilian real-based. The loans are subject to debt covenant arrangements for which no default event occurred. US Dollars Figures in millions 2017 2016 2015 Non-current (continued) Secured Finance leases Turbine Square Two (Pty) Limited 15 15 15 The leases are capitalised at an implied interest rate of 9.8% per annum. Lease payments are due in monthly instalments terminating in March 2022 and are SA rand-based. The buildings financed are used as security for these loans (note 35). Australian Gas Pipeline 58 57 62 The contract with the supplier of gas contains embedded leases which have been determined to bear interest at an average of 6.75% per annum. The embedded leases commenced in November and December 2015 and are for a 10 and 12 year duration, respectively. The leases are repayable in monthly instalments and are Australian dollar-based. The equipment related to the embedded leases is used as security for these loans. Other 5 5 2 Various loans with interest rates ranging from 2.5% to 15.5% per annum. These loans are repayable from 2016 to 2041. Some of these loans are secured by the financed assets. Total non-current borrowings including current portion 2,268 2,178 2,688 Current portion of non-current borrowings included in current liabilities (38 ) (34 ) (51 ) Total non-current borrowings 2,230 2,144 2,637 Current Current portion of non-current borrowings included above 38 34 51 Unsecured R750m Bonds - issued December 2013 — — 49 Total current borrowings 38 34 100 Total borrowings (notes 34 and 35) 2,268 2,178 2,737 Amounts falling due Within one year 38 34 100 Between one and two years 219 170 64 Between two and five years 1,687 902 1,495 After five years 324 1,072 1,078 (notes 34 and 35) 2,268 2,178 2,737 US Dollars Figures in millions 2017 2016 2015 Currency The currencies in which the borrowings are denominated are as follows: US dollar 1,807 1,844 2,447 Australian dollar 221 225 158 SA rand 237 106 130 Brazilian real 3 3 2 (notes 34 and 35) 2,268 2,178 2,737 Undrawn facilities Undrawn borrowing facilities as at 31 December are as follows: Syndicated revolving credit facility ($1bn) - US dollar 965 950 800 Syndicated revolving credit facility (A$500m) - Australian dollar 226 191 266 Syndicated revolving credit facility (R1.5bn) - SA rand — 21 33 Syndicated revolving credit facility (R2.5bn) - SA rand 146 — — Syndicated revolving credit facility (R1.4bn) - SA rand 32 102 91 FirstRand Bank Limited (R750m) - SA rand 61 37 32 Revolving credit facilities ($100m) - US dollar 85 60 — 1,515 1,361 1,222 Changes in liabilities arising from financing activities: Reconciliation of total borrowings: A reconciliation of total borrowings included in the statement of financial position is set out in the following table: Opening balance 2,178 2,737 3,721 Acquisitions and disposals - other — — 47 Proceeds from borrowings 815 787 421 Repayment of borrowings (767 ) (1,333 ) (1,288 ) Finance costs paid on borrowings (125 ) (159 ) (239 ) Interest charged to the income statement 130 145 213 Fair value adjustments on issued bonds — (9 ) (66 ) Translation 37 10 (72 ) Closing balance 2,268 2,178 2,737 Reconciliation of finance costs paid: A reconciliation of finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 125 159 239 Commitment fees, environmental guarantee fees and other borrowing costs 13 13 12 Total finance costs paid 138 172 251 |
Environmental Rehabilitation an
Environmental Rehabilitation and Other Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Environmental Rehabilitation and Other Provisions | ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS US Dollars Figures in millions 2017 2016 2015 Environmental rehabilitation obligations Provision for decommissioning Balance at beginning of year 279 272 296 Charge to income statement 2 — — Change in estimates (1) 4 (12 ) 5 Unwinding of decommissioning obligation 12 12 11 Transfer to non-current assets and liabilities held for sale (20 ) — (11 ) Utilised during the year (2 ) (2 ) (3 ) Translation 11 9 (26 ) Balance at end of year 286 279 272 Provision for restoration Balance at beginning of year 426 411 555 Charge to income statement 8 10 6 Change in estimates (1) (17 ) (2 ) (40 ) Unwinding of restoration obligation 10 8 10 Transfer to non-current assets and liabilities held for sale (3 ) — (110 ) Transfer to current portion (17 ) — — Utilised during the year (4 ) (3 ) (2 ) Translation 6 2 (8 ) Balance at end of year 409 426 411 Other provisions (2)(3) Balance at beginning of year 172 164 201 Charge to income statement 17 11 11 Change in estimates 15 5 24 Additions 64 — — Transfer (to) from trade and other payables (6 ) (2 ) 3 Unwinding of other provisions 1 1 1 Utilised during the year (35 ) (30 ) (25 ) Translation 19 23 (51 ) Balance at end of year 247 172 164 Total environmental rehabilitation and other provisions 942 877 847 (1) The change in estimates is attributable to changes in discount rates due to changes in global economic assumptions and changes in mine plans resulting in a change in cash flows and changes in design of tailings storage facilities and in methodology following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life of mine. (2) Other provisions include the following significant item: Chemwes (Pty) Limited, a subsidiary of First Uranium (Pty) Limited acquired by AngloGold Ashanti Limited during 2012, agreed to sell 25% of its production, capped at 312,500 oz from 1 January 2012, to Franco-Nevada (Barbados) Corporation. Franco Nevada is required to pay $400 /oz which inflates at 1% compounded annually from 2013. These factors were considered in determining the commodity contract obligation. The provision is calculated as the present value of the portion which is deemed onerous in light of the current market conditions using a gold forward for the duration of the contract of $1,303 /oz ( 2016 : $1,152 /oz; 2015 : $1,061 /oz). As at 31 December 2017, the remaining production due to Franco Nevada is 170,435 oz ( 2016 : 197,528 oz; 2015 : 220,447 oz). (3) Other provisions include the provision for the silicosis class action litigation of $63m . The undiscounted rehabilitation provision based on real cash flows is $991m (2016: $867m ; 2015: $831m ). Provision for silicosis settlement AngloGold Ashanti Limited together with other mining companies, are named in a class action for silicosis and tuberculosis which was certified by the Johannesburg High Court in May 2016. The companies requested leave to appeal to the Supreme Court of Appeal (SCA), which was granted on 13 September 2016 and was scheduled to be heard from 19 to 23 March 2018. On 10 January 2018, in response to a request from all parties involved in the appeal to the SCA in respect of the silicosis and tuberculosis class action litigation, the Registrar of the SCA postponed the hearing date of the appeal until further notice. A gold mining industry working group consisting of African Rainbow Minerals Limited, Anglo American South Africa Limited, AngloGold Ashanti Limited, Gold Fields Limited, Sibanye Stilllwater Limited and Harmony Gold Mining Company Limited (collectively the working group) was formed in November 2014 to address issues relating to the compensation and medical care for occupational lung diseases in the gold mining industry in South Africa. Essentially, the working group is seeking a comprehensive and sustainable solution which deals with both legacy compensation issues and future legal frameworks which, while being fair to employees, also ensures the future sustainability of companies in the industry. The working group has engaged all stakeholders on these matters, including government, organised labour, other mining companies and legal representatives of claimants who have filed legal suits 26 ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS (continued) against the companies. The working group believes that achieving a comprehensive settlement which is fair to past, present and future employees and sustainable for the sector is preferable to protracted litigation. The facts of the matter have previously been disclosed as a contingent liability as an amount could not be reliably determined. As a result of the progress made by the working group and the status of negotiations with affected stakeholders, management is now in a position to reasonably estimate AngloGold Ashanti's share of a possible settlement of the class action claims and related costs within an acceptable range. A pre-tax charge of US $63 million has been recognised in special items for the year ended 31 December 2017. Going forward, annual charges in the provision are expected to consist of the time value of money (recognised as a finance cost) and changes in estimates in special items. The expected contributions (cash flows) to the vehicle that will manage the settlement process have been discounted over the expected period of contributions. The contributions are expected to be settled by cash flows from the group's South African operations and will occur over a number of years. The assumptions that were made in the determination of the provision amount include: silicosis prevalence rates; estimated settlement per claimant; benefit take-up rates and disease progression rates. A discount rate of 8% was used, based on government bonds with similar terms to the obligation. |
Provision for Pension and Post-
Provision for Pension and Post-retirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefits [Abstract] | |
Provision for Pension and Post-retirement Benefits | US Dollars Figures in millions 2017 2016 2015 Defined benefit plans The group has made provision for pension, provident and medical schemes covering substantially all employees. The retirement schemes consist of the following: AngloGold Ashanti Limited Pension Fund — — (18 ) Post-retirement medical scheme for AngloGold Ashanti Limited South African employees 114 109 97 Other defined benefit plans 8 9 10 Sub-total 122 118 89 Transferred to other non-current assets - AngloGold Ashanti Limited Pension Fund — — 18 122 118 107 Other defined benefit plans include the following: -Obuasi Mines Staff Pension Scheme 6 6 7 - Retiree Medical Plan for North American employees 1 2 2 - Supplemental Employee Retirement Plan (SERP) for North America (USA) Inc. employees 1 1 1 8 9 10 Figures in millions 2017 2016 2015 US Dollars Post-retirement medical scheme for AngloGold Ashanti Limited South African employees The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. This scheme is unfunded. The last valuation was performed as at 31 December 2017. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 109 97 135 Interest cost 10 10 10 Benefits paid (9 ) (8 ) (9 ) Actuarial (gain) loss (8 ) (2 ) (7 ) Translation 13 12 (32 ) Balance at end of year 115 109 97 Less: transfer to non-current assets and liabilities held for sale (1 ) — — Net amount recognised (1) 114 109 97 (1) The obligation for post-retirement medical is unfunded. Components of net periodic benefit cost Interest cost 10 10 10 Net periodic benefit cost 10 10 10 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 9.29 % 9.31 % 10.10 % Expected increase in health care costs 7.75 % 8.30 % 9.10 % Assumed health care cost trend rates at 31 December: Health care cost trend assumed for next year 7.75 % 8.30 % 9.10 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 7.75 % 8.30 % 9.10 % Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: Effect on total service and interest cost – 1% point increase 1 1 1 Effect on post-retirement benefit obligation – 1% point increase 10 10 9 Effect on total service and interest cost – 1% point decrease (1 ) (1 ) (1 ) Effect on post-retirement benefit obligation – 1% point decrease (8 ) (9 ) (8 ) Cash flows Contributions AngloGold Ashanti Limited expects to contribute $10m to the post-retirement medical plan in 2018. Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid: 2018 10 2019 10 2020 10 2021 11 2022 11 Thereafter 62 |
Deferred Taxation
Deferred Taxation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Deferred Taxation | DEFERRED TAXATION US Dollars Figures in millions 2017 2016 2015 Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets 604 730 743 Inventories 33 31 35 Other 15 10 14 652 771 792 Assets Provisions 229 245 242 Tax losses 60 31 34 Other 4 3 3 293 279 279 Net deferred taxation liability 359 492 513 Included in the statement of financial position as follows: Deferred tax assets 4 4 1 Deferred tax liabilities 363 496 514 Net deferred taxation liability 359 492 513 The movement on the deferred tax balance is as follows: Balance at beginning of year 492 513 440 Taxation of items included in income statement (68 ) (45 ) 140 Taxation on items included in other comprehensive income (6 ) 2 2 Transfer to non-current assets and liabilities held for sale (73 ) — — Translation 14 22 (69 ) Balance at end of year 359 492 513 Provision has been made for South African income tax or foreign taxes that may result from future remittances of undistributed earnings of foreign subsidiaries or foreign corporate joint ventures, where the group is able to assert that the undistributed earnings are not permanently reinvested. In all other cases, the foreign subsidiaries reinvest the undistributed earnings into future capital expansion projects, maintenance capital and ongoing working capital funding requirements. Unrecognised taxable temporary differences pertaining to undistributed earnings totalled $384m ( 2016 : $366m ; 2015 : $357m ). |
Trade, Other Payables and Defer
Trade, Other Payables and Deferred Income | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Trade, Other Payables and Deferred Income | TRADE, OTHER PAYABLES AND DEFERRED INCOME US Dollars Figures in millions 2017 2016 2015 Non-current 3 4 5 Current Trade payables 358 381 306 Accruals and deferred income 193 206 187 Short-term provisions 22 — — Accruals for retrenchment costs 35 — — Other payables 30 28 23 638 615 516 Total trade, other payables and deferred income 641 619 521 Current trade and other payables are non-interest bearing and are normally settled within 60 days. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Taxation | TAXATION US Dollars Figures in millions 2017 2016 2015 Balance at beginning of year 97 64 41 Refunds during the year 14 12 21 Payments during the year (174 ) (165 ) (184 ) Taxation of items included in the income statement 190 234 192 Offset of VAT and other taxes (78 ) (47 ) — Translation 1 (1 ) (6 ) Balance at end of year 50 97 64 Included in the statement of financial position as follows: Taxation asset included in trade and other receivables (3 ) (14 ) (27 ) Taxation liability 53 111 91 50 97 64 |
Cash Generated From Operations
Cash Generated From Operations | 12 Months Ended |
Dec. 31, 2017 | |
Statement of cash flows [abstract] | |
Cash Generated From Operations | CASH GENERATED FROM OPERATIONS US Dollars Figures in millions 2017 2016 2015 Profit (loss) before taxation (63 ) 269 257 Adjusted for: Movement on non-hedge derivatives and other commodity contracts (10 ) (19 ) 7 Amortisation of tangible assets (note 4) 817 789 737 Finance costs and unwinding of obligations (note 7) 169 180 245 Environmental, rehabilitation and other expenditure (30 ) (13 ) (56 ) Special items 394 44 60 Amortisation of intangible assets (notes 4 and 15) 6 20 40 Fair value adjustment on issued bonds — (9 ) (66 ) Interest received (note 3) (15 ) (22 ) (28 ) Share of associates and joint ventures’ (profit) loss (note 8) (22 ) (11 ) (88 ) Exchange loss on foreign currency reserve release — 60 — Other non-cash movements 61 90 53 Movements in working capital (156 ) (76 ) 89 1,151 1,302 1,250 Movements in working capital: (Increase) decrease in inventories (67 ) (48 ) 99 (Increase) decrease in trade, other receivables and other assets (86 ) (131 ) 108 Increase (decrease) in trade, other payables and deferred income (3 ) 103 (118 ) (156 ) (76 ) 89 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party [Abstract] | |
Related Parties | RELATED PARTIES US Dollars Figures in millions 2017 2016 2015 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Joint ventures 12 16 6 Purchases and services acquired from related parties Associates 16 15 8 Joint ventures 3 6 — Outstanding balances arising from sale of goods and services due by related parties Associates 7 — — Joint ventures 2 8 — Amounts owed to/due by related parties above are unsecured and non-interest bearing. Loans advanced to joint ventures and associates Rand Refinery (Pty) Limited During the year the loan was converted to preference shares. There are no fixed repayment terms. The loan had accrued interest at JIBAR plus 3.5% — 20 27 Loans advanced to associates and joint ventures are included in the carrying value of investments in associates and joint ventures (note 17) Executive contracts All members of the Executive Committee have permanent employment contracts which entitle them to standard group benefits as defined by their specific region and participation in the company’s short-term incentive scheme, the Bonus Share Plan (BSP) and the Long Term Incentive Plan (LTIP). All recently updated Executive Committee contracts include details on participation in the Co-Investment Plan (CIP). South African executives have an off-shore retainer which is detailed under a separate contract. This reflects the percentage of their time focused on offshore business requirements. The offshore pay has been increased to a maximum cap of 40% of base pay due to a review of the amount of time spent outside South Africa on the offshore responsibilities of each executive team member. Where practical the offshore portion is now pensionable. The executive contracts are reviewed annually and currently continue to include a change of control provision. The change of control is subject to the following triggers: • The acquisition of all or part of AngloGold Ashanti; or • A number of shareholders holding less than 35% of the company’s issued share capital consorting to gain a majority of the board and make management decisions; and • The contracts of Executive Committee members are either terminated or their role and employment conditions are curtailed. In the event of a change of control becoming effective, the executive will in certain circumstances be subject to both the notice period and the change of control contract terms. The notice period applied per category of executive and the change of control periods as at 31 December 2017 were as follows: Executive Committee member Notice Period Change of control CEO 12 months 12 months CFO 6 months 6 months EXCO 6 months 6 months Directors and other key management personnel Executive Directors’ and Prescribed Officers’ remuneration Salary (1) Performance related payments (2) Pension scheme benefits Other benefits and encashed leave (3) Subtotal Pre-tax gain on share options Total Total Total Total SA Rands US Dollars (4) US Dollars (4) US Dollars (4) Figures in thousands 2017 2016 2015 Executive Directors S Venkatakrishnan 13,318 8,382 3,296 3,388 28,384 — 28,384 2,134 1,832 1,905 KC Ramon 8,423 4,607 727 1,627 15,384 — 15,384 1,157 947 1,024 21,741 12,989 4,023 5,015 43,768 — 43,768 3,291 2,779 2,929 Prescribed Officers CE Carter (5) 9,408 4,411 1,330 1,717 16,866 8,238 25,104 1,887 1,535 1,906 GJ Ehm 8,778 4,116 306 1,489 14,689 4,588 19,277 1,449 1,693 1,404 L Eybers (6) 7,400 3,691 327 2,570 13,988 — 13,988 1,051 — — DC Noko 6,767 3,173 644 1,888 12,472 — 12,472 938 961 976 ME Sanz Perez 6,737 3,159 795 1,078 11,769 — 11,769 885 1,640 823 CB Sheppard 7,154 3,354 681 272 11,461 — 11,461 862 721 511 TR Sibisi 5,786 2,886 703 77 9,452 — 9,452 711 541 — Retired prescribed officers 8,189 — 2,887 22,601 33,677 29,281 62,958 4,733 5,978 4,719 60,219 24,790 7,673 31,692 124,374 42,107 166,481 12,516 13,069 10,339 Total Executive Directors’ and Prescribed Officers’ remuneration ZAR 81,960 37,779 11,696 36,707 168,142 42,107 210,249 Total Executive Directors’ and Prescribed Officers’ remuneration USD 6,162 2,840 879 2,760 12,641 3,166 15,807 15,848 13,268 (1) Salaries are disclosed only for the period from or to which office is held, and include car allowances where applicable. (2) The performance related payments are calculated on the year’s financial results. (3) Includes health care, pension allowance, cash in lieu of dividends, vested CIP match awards, group personal accident, disability and funeral cover. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over. (4) Values have been converted using the average annual exchange rate for 2017 : R 13.3014 :$1 ( 2016 : R 14.6812 :$1; 2015 : R 12.7719 : $1). (5) Benefits for 2017 for CE Carter include a dependent’s scholarship award of $2,500 . (6) L Eybers was appointed prescribed officer with effect from 22 February 2017. Number of options and awards granted Balance at 1 January 2017 Granted during 2017 Exercised during 2017 Lapsed during 2017 Balance as at 31 December 2017 (1) Vested balance at 31 December 2017 Executive Directors S Venkatakrishnan 689,087 72,118 — 89,553 671,652 343,678 KC Ramon 211,785 42,878 — 37,099 217,564 44,887 Total Executive Directors 900,872 114,996 — 126,652 889,216 388,565 Prescribed Officers CE Carter 250,386 38,600 58,260 51,426 179,300 — GJ Ehm 331,354 33,580 31,172 59,637 274,125 105,508 L Eybers 58,563 18,101 — 11,179 65,485 17,280 DC Noko 244,592 27,626 — 40,299 231,919 100,410 ME Sanz Perez 205,213 29,398 — 42,538 192,073 59,244 CB Sheppard 27,552 29,205 — — 56,757 5,076 TR Sibisi — 23,621 — — 23,621 — Retired prescribed officer 475,616 — 214,256 261,360 — — Total Prescribed Officers 1,593,276 200,131 303,688 466,439 1,023,280 287,518 Other 6,139,505 1,611,422 1,527,167 1,138,367 — 5,085,393 1,735,705 Total share incentive scheme 8,633,653 1,926,549 1,830,855 1,731,458 6,997,889 2,411,788 (1) The latest expiry date of all options/awards granted and outstanding at 31 December 2017 is 1 March 2027 (2016: 1 March 2026; 2015: 3 March 2025). Subsequent to year end and up to 16 March 2018, options/awards exercised by Executive Directors and Prescribed Officers, are for Charles Carter who exercised 87,852 awards for a pre-tax gain of $723,854 and Graham Ehm who exercised 46,316 awards for a pre-tax gain of $392,431 . Awards granted since 2005 have been granted at no cost to participants. Non-Executive Directors are not eligible to participate in the share incentive scheme. Number of CSLTIP awards granted: Balance at 1 January 2017 Granted during 2017 Exercised during 2017 Lapsed during 2017 Balance as at 31 December 2017 Executive Directors S Venkatakrishnan 120,000 174,872 — — 294,872 KC Ramon 120,000 110,595 — — 230,595 Total Executive Directors 240,000 285,467 — — 525,467 Prescribed Officers CE Carter 120,000 110,595 — — 230,595 GJ Ehm 120,000 110,595 — — 230,595 L Eybers 20,000 97,535 — — 117,535 DC Noko 120,000 88,850 — — 208,850 ME Sanz Perez 120,000 88,463 — — 208,463 CB Sheppard 120,000 93,928 — — 213,928 TR Sibisi 120,000 75,971 — — 195,971 Retired prescribed officer 120,000 — 17,497 102,503 — Total Prescribed Officers 860,000 665,937 17,497 102,503 1,405,937 Other 1,364,630 1,621,033 42,355 405,094 2,538,214 Total share incentive scheme 2,464,630 2,572,437 59,852 507,597 4,469,618 Awards granted in respect of the previous year’s financial results: Total (1) Total 2017 2016 Executive Directors S Venkatakrishnan 72,118 49,962 KC Ramon 42,878 30,323 114,996 80,285 Prescribed Officers CE Carter 38,600 36,666 GJ Ehm 33,580 31,602 L Eybers 18,101 — DC Noko 27,626 20,080 ME Sanz Perez 29,398 19,992 CB Sheppard 29,205 10,152 TR Sibisi 23,621 — Retired prescribed officer — 63,828 200,131 182,320 Total awards to executive management 315,127 262,605 (1) Relates to the BSP 17 awards that were issued prior to the Annual General Meeting on 16 May 2017. Non-Executive Director remuneration The table below details the fees and allowances paid to Non-Executive Directors: Non-Executive Directors’ fees and allowances Figures in thousands (1) Figures in thousands (1) Director fees Committee fees Travel allowance Total Total Total US Dollars (1) 2017 2016 2015 SM Pityana (Chairman) 312,500 59,750 — 372,250 378 411 AH Garner 123,500 43,500 33,750 200,750 200 204 MJ Kirkwood 123,500 68,500 38,750 230,750 249 242 NP January-Bardill 123,500 56,000 — 179,500 189 189 R Gasant 123,500 58,500 — 182,000 193 195 RJ Ruston 123,500 56,000 32,500 212,000 231 226 MDC Richter 123,500 48,500 31,250 203,250 200 205 DL Hodgson 123,500 43,500 — 167,000 176 180 SV Zilwa (2) 90,000 45,000 — 135,000 — — Retired non-executive officer (3) 43,500 33,500 — 77,000 256 260 Total 1,310,500 512,750 136,250 1,959,500 2,072 2,112 (1) Directors’ compensation is disclosed in US dollars. (2) Director joined in April 2017. (3) Director retired in May 2017. Non-Executive Directors do not hold service contracts with the company. Executive Directors do not receive payment of directors' fees or commitment fees. The interests of directors, prescribed officers and their associates in the ordinary shares of the company at 31 December, which individually did not exceed 1% of the company’s issued ordinary share capital, were: 31 December 2017 31 December 2016 31 December 2015 Beneficial holding Beneficial holding Beneficial holding Direct Indirect Direct Indirect Direct Indirect Non-Executive Directors SM Pityana 2,990 — 2,990 — 2,000 — MDC Richter (1) 7,300 — 7,300 — 7,300 — DL Hodgson 1,500 — 1,500 — 1,500 — MJ Kirkwood (1) 15,000 — 15,000 — 15,000 — RJ Ruston (2) — 1,000 — 1,000 — 1,000 AH Garner (1) 7,500 — — — — — Retired director — — 3,000 — 3,000 — Total 34,290 1,000 29,790 1,000 28,800 1,000 Executive Directors S Venkatakrishnan 236,468 — 213,423 — 205,939 — KC Ramon 28,265 — 12,334 — 3,104 — Total 264,733 — 225,757 — 209,043 — Company Secretary ME Sanz Perez 13,994 16,368 7,921 12,747 10,471 8,860 Total 13,994 16,368 7,921 12,747 10,471 8,860 Prescribed Officers CE Carter 50,800 — 43,229 — 39,560 — GJ Ehm (2) 30,319 16,213 33,782 — 22,532 — L Eybers 4,812 — — — — — DC Noko 41,244 — 28,015 — 17,086 — CB Sheppard 5,344 — — — — — TR Sibisi 4,085 — — — — — Retired prescribed officers — — 44,470 — 34,298 13,204 Total 136,604 16,213 149,496 — 113,476 13,204 Grand total 449,621 33,581 412,964 13,747 361,790 23,064 (1) Held on the New York stock exchange as American Depositary Shares (ADSs) ( 1 ADS is equivalent to 1 ordinary share) (2) Held on the Australian stock exchange as CHESS Depositary Receipts ( 5 CDIs are equivalent to 1 ordinary share) A register detailing Directors and Prescribed Officers’ interests in contracts is available for inspection at the company’s registered and corporate office. Changes in Directors’ and Prescribed Officers’ interests in AngloGold Ashanti shares, excluding options and awards granted in terms of the group’s BSP and LTIP schemes, after 31 December 2017 and up to 16 March 2018 include: Date of transaction Type of transaction Number of shares Direct/Indirect beneficial holdings Executive Directors S Venkatakrishnan 6 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 11,632 Direct On-market sale of ordinary shares to settle tax costs 5,293 Direct KC Ramon 26 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,177 Direct 27 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,320 Direct On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 11,300 Direct Company Secretary ME Sanz Perez 27 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 7,656 Direct 28 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,554 Direct Prescribed Officers CE Carter 7 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 948 Direct GJ Ehm 5 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,500 Direct 6 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,000 Direct L Eybers 9 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,786 Direct 16 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,609 Direct D Noko 27 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 7,071 Direct 9 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,165 Direct On-market sale of ordinary shares to settle tax costs 3,716 Direct CB Sheppard 1 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,900 Direct 15 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,008 Direct On-market sale of ordinary shares to settle tax costs 1,824 Direct TR Sibisi 28 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,063 Direct On-market sale of ordinary shares to settle tax costs 1,394 Direct 1 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,160 Direct |
Contractual Commitments and Con
Contractual Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Contractual Commitments and Contingencies | CONTRACTUAL COMMITMENTS AND CONTINGENCIES Operating Leases US Dollars Figures in millions 2017 2016 2015 Operating leases At 31 December 2017, the group was committed to making the following payments in respect of operating leases for, amongst others, the hire of plant and equipment and land and buildings. Certain contracts contain renewal options and escalation clauses for various periods of time. Expiry: - less than one year 45 47 34 - between one and three years 38 36 69 - between three and five years 7 5 10 90 88 113 Operating lease charges included in profit before taxation amounts to $247m ( 2016 : $198m ; 2015 : $149m ). Finance leases The group has finance leases for plant and equipment and buildings. The leases for plant and equipment and buildings have terms of renewal but no purchase options. Future minimum lease payments under finance lease contracts together with the present value of the net minimum lease payments are as follows: Minimum payments Present value of payments Minimum payments Present value of payments Minimum payments Present value of payments US Dollars million 2017 2016 2015 Less than one year 14 8 12 6 11 5 Between one and three years 27 18 25 15 22 12 Between three and five years 24 17 26 18 24 15 More than five years 54 35 63 38 76 49 Total minimum lease payments 119 78 126 77 133 81 Amounts representing finance charges (41 ) — (49 ) — (52 ) — Present value of minimum lease payments 78 78 77 77 81 81 US Dollars Figures in millions 2017 2016 2015 Capital commitments Acquisition of tangible assets Contracted for 87 58 61 Not contracted for 113 587 856 Authorised by the directors 200 645 917 Allocated to: Project capital - within one year 104 252 134 - thereafter — 255 402 104 507 536 Stay-in-business capital - within one year 84 135 249 - thereafter 12 3 132 96 138 381 Share of underlying capital commitments of joint ventures included above 21 138 27 Purchase obligations Contracted for - within one year 274 605 529 - thereafter 424 269 88 698 874 617 Purchase obligations Purchase obligations represent contractual obligations for the purchase of mining contract services, power, supplies, consumables, inventories, explosives and activated carbon. To service these capital commitments, purchase obligations and other operational requirements, the group is dependent on existing cash resources, cash generated from operations and borrowing facilities. Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign investment, exchange control laws and regulations, and the quantity of foreign exchange available in offshore countries. In addition, distributions from joint ventures are subject to the relevant board approval. The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To the extent that external borrowings are required, the group’s covenant performance indicates that existing financing facilities will be available to meet the commitments detailed above. 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. Contingencies US Dollars Figures in millions 2017 2016 2015 Contingent liabilities Litigation - Ghana (1)(2) 97 97 97 Litigation - North America (3) — — — Tax disputes - Brazil (4) 24 15 11 Tax dispute - AngloGold Ashanti Colombia S.A. (5) 150 141 128 Tax dispute - Cerro Vanguardia S.A. (6) 27 29 32 Groundwater pollution (7) — — — Deep groundwater pollution - Africa (8) — — — 298 282 268 Contingent liabilities Litigation claims (1) Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited’s (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement on 8 November 2012. On 20 February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m . In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. (2) 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 plaintiffs’ alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not timely file their application for directions, but AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter has been adjourned indefinitely. AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGAG’s obligation in either matter. (3) Litigation - On 19 October 2017, Newmont Mining Co. filed a lawsuit in the United States District Court for the Southern District of New York against AngloGold Ashanti and certain related parties, alleging that AngloGold Ashanti and such parties did not provide Newmont with certain information relevant to its purchase of the Cripple Creek & Victor Gold Mining Company in 2015 during the negotiation- and-sale process. AngloGold Ashanti believes the lawsuit is without merit and intends to vigorously defend against it. The matter is proceeding. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for the obligation. Tax claims (4) Tax disputes - AngloGold Ashanti Limited’s subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve federal tax assessments including income tax, royalties, social contributions, VAT and annual property tax. In December 2017, new VAT assessments of $14m were received. Collectively, the possible amount involved is approximately $24m (2016: $15m , 2015: $11m ). Management is of the opinion that these taxes are not payable. (5) Tax dispute - In January 2013, AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it disagreed with the company’s tax treatment of certain items in the 2010 and 2011 income tax returns. On 23 October 2013, AGAC received the official assessments from the DIAN which established that an estimated additional tax of $21m (2016: $21m , 2015: $20m ) will be payable if the tax returns are amended. Penalties and interest for the additional taxes are expected to be $129m (2016: $120m , 2015: $108m ). The Company believes that the DIAN has applied the tax legislation incorrectly. AGAC subsequently challenged the DIAN’s ruling by filing lawsuits in March 2015 and April 2015 before the Administrative Tribunal of Cundinamarca (the trial court for tax litigation). Closing arguments on the tax disputes were presented in February and June 2017 and judgement is pending. (6) Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. (CVSA) received a notification from the Argentina Tax Authority (AFIP) requesting corrections to the 2007, 2008 and 2009 income tax returns of about $6m (2016: $7m , 2015: $8m ) relating to the non-deduction of tax losses previously claimed on hedge contracts. The AFIP is of the view that the financial derivatives could not be considered as hedge contracts, as hedge contract losses could only be offset against gains derived from the same kind of hedging contracts. Penalties and interest on the disputed amounts are estimated at a further $21m (2016: $22m , 2015: $24m ). CVSA and AFIP have corresponded on this issue over the past several years and while management is of the opinion that the taxes are not payable, the government continues to assert its position regarding the use of the financial derivatives. CVSA filed an appeal with the Tax Court on 19 June 2015, and the parties submitted their final reports in July 2017. The matter is pending with the Tax Court. Contingent liabilities (continued) Other (7) Groundwater pollution - AngloGold Ashanti has identified groundwater contamination plumes at certain of its operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific, technical and legal studies have been 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. (8) Deep groundwater pollution - The group has identified potential water ingress and future pollution risk posed by deep groundwater in certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti since 1999 to understand this potential risk. In South Africa, due 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, 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. |
Financial Risk Management Activ
Financial Risk Management Activities | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Risk Management Activities | FINANCIAL RISK MANAGEMENT ACTIVITIES In the normal course of its operations, the group is exposed to gold price, other commodity price, foreign exchange, interest rate, liquidity, equity price (deemed to be immaterial) and credit risks. In order to manage these risks, the group may enter into transactions which make use of both on- and off-balance sheet derivatives. The group does not acquire, hold or issue derivatives for speculative purposes. The group has developed a comprehensive risk management process to facilitate, control and monitor these risks. The board has approved and monitors this risk management process, inclusive of documented treasury policies, counterparty limits and controlling and reporting structures. Managing risk in the group Risk management activities within the group are the ultimate responsibility of the board of directors. The Chief Financial Officer is responsible to the board of directors for the design, implementation and monitoring of the risk management plan. The Audit and Risk Committee is responsible for overseeing risk management plans and systems, as well as financial risks which include a review of treasury activities and the group’s counterparties. The financial risk management objectives of the group are defined as follows: • safeguarding the group’s core earnings stream from its major assets through the effective control and management of gold price risk, other commodity risk, foreign exchange risk and interest rate risk; • effective and efficient usage of credit facilities in both the short and long-term through the adoption of reliable liquidity management planning and procedures; • ensuring that investment and hedging transactions are undertaken with creditworthy counterparties; and • ensuring that all contracts and agreements related to risk management activities are co-ordinated, consistent throughout the group and that they comply where necessary with all relevant regulatory and statutory requirements. Gold price and foreign exchange risk Gold price risk arises from the risk of an adverse effect on current or future earnings resulting from fluctuations in the price of gold. The group has transactional foreign exchange exposures, which arise from sales or purchases by an operating unit in currencies other than the unit’s functional currency. The gold market is predominately priced in US dollars which exposes the group to the risk that fluctuations in the SA rand/US dollar, Brazilian real/US dollar, Argentinean peso/US dollar and Australian dollar/US dollar exchange rates may also have an adverse effect on current or future earnings. The group is also exposed to certain by-product commodity price risk. Net open hedge position as at 31 December The group had no outstanding commitments against future production potentially settled in cash. Interest rate and liquidity risk The group manages liquidity risk by ensuring that there is sufficient committed borrowing and banking facilities after taking into consideration the actual and forecast cash flows, in order to meet the group's short, medium and long term funding and liquidity management requirements. In the ordinary course of business, the group receives cash from the proceeds of its gold sales and is required to fund its working capital and capital expenditure requirements. This cash is managed to ensure surplus funds are invested in a manner to achieve market-related returns whilst minimising risks. The group is able to actively source financing at competitive rates. The counterparties are financial and banking institutions and their credit ratings are regularly monitored. The group has sufficient undrawn borrowing facilities available to fund its working capital and capital requirements (notes 25 and 35). The following are the contractual maturities of financial liabilities, including interest payments: Financial liabilities Within one year Between one and two years Between two and five years After five years Total 2017 $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Trade and other payables 615 — — — 615 Borrowings 137 343 1,912 695 3,087 - In USD 98 5.4 145 5.4 1,643 5.5 641 6.5 2,527 - AUD in USD equivalent 16 5.1 174 5.1 25 6.8 38 6.8 253 - ZAR in USD equivalent 23 8.9 24 8.9 244 9.1 16 15.5 307 2016 Trade and other payables 596 — — — 596 Borrowings 127 287 1,155 1,513 3,082 - In USD 100 5.4 100 5.4 1,023 5.5 1,449 5.5 2,672 - AUD in USD equivalent 16 5.4 89 5.3 119 6.0 43 6.8 267 - ZAR in USD equivalent 11 8.9 98 8.9 13 11.2 21 14.0 143 2015 Trade and other payables 503 — — — 503 Borrowings 211 216 1,912 1,581 3,920 - In USD 140 5.8 140 5.8 1,767 5.9 1,507 5.5 3,554 - AUD in USD equivalent 11 5.2 68 5.2 66 6.2 51 6.8 196 - ZAR in USD equivalent 60 8.2 8 8.1 79 8.7 23 11.8 170 Credit risk Credit risk arises from the risk that a counterparty may default or not meet its obligations timeously. The group minimises credit risk by ensuring that credit risk is spread over a number of counterparties. These counterparties are financial and banking institutions. Counterparty credit limits and exposures are reviewed by the Audit and Risk Committee. Where possible, management ensures that netting agreements are in place. No set-off is applied to the statement of financial position due to the different maturity profiles of assets and liabilities. The combined maximum credit risk exposure of the group is as follows: US Dollars Figures in millions 2017 2016 2015 Other investments 58 79 61 Trade and other receivables 33 46 42 Cash restricted for use (note 21) 65 55 60 Cash and cash equivalents (note 22) 205 215 484 Total financial assets 361 395 647 Trade and other receivables, that are past due but not impaired totalled $20m ( 2016 : $9m ; 2015 : $7m ). Other receivables that are impaired totalled nil ( 2016 : nil ; 2015 : $6m ) and other investments that are impaired totalled $3m ( 2016 : nil ; 2015 : nil ). Trade receivables mainly comprise banking institutions purchasing gold bullion. Normal market settlement terms are two working days. The group does not generally obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of counterparties. Fair value of financial instruments The estimated fair values of financial instruments are determined at discrete points in time based on relevant market information. The estimated fair value of the group’s other investments and borrowings as at 31 December are as follows: Type of instrument Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value US Dollar millions 2017 2016 2015 Financial assets Other investments (note 18) 138 140 130 132 92 93 Financial liabilities Borrowings (note 25) 2,268 2,377 2,178 2,203 2,737 2,425 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash restricted for use, cash and cash equivalents, trade and other receivables and trade and other payables The carrying amounts approximate fair value due to their short term nature. Investments and other non-current assets Listed equity investments classified as available-for-sale are carried at fair value in level 1 of the fair value hierarchy while fixed income investments and other non-current assets are carried at amortised cost. The fair value of fixed income investments has been calculated using market interest rates at the hierarchy level 2. The unlisted equity investments are carried at cost or fair value. Borrowings The rated bonds are carried at amortised cost and their fair values are their closing market values at the reporting date (fair value hierarchy - level 1). 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. Fair value hierarchy The group uses the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets out the group’s financial assets measured at fair value by level within the fair value hierarchy as at 31 December: Type of instrument Assets measured at fair value on a recurring basis US Dollar millions Level 1 Level 2 Level 3 Total 2017 Available-for-sale financial assets Equity securities 80 — — 80 Available-for-sale financial assets 2016 Equity securities 51 — — 51 2015 Available-for-sale financial assets Equity securities 30 — — 30 Environmental obligations Pursuant to environmental regulations in the countries in which we operate, we are obligated to close our operations and rehabilitate the lands which we mine in accordance with these regulations. As a consequence, AngloGold Ashanti is required in some circumstances to provide either reclamations bonds issued by third party entities, establish independent trust funds or provide guarantees issued by the operation, to the respective environmental protection agency or such other government department with responsibility for environmental oversight in the respective country to cover the potential environmental rehabilitation obligation in specified amounts. In most cases, the environmental obligations will expire on completion of the rehabilitation although in some cases we are required to potentially post bonds for events unknown that may arise after the rehabilitation has been completed. In South Africa, AngloGold Ashanti has established a trust fund which has assets of ZAR 1.39b n and guarantees of ZAR 1.52b n issued by various banks, for a current carrying value of the liability of ZAR 1.15b n. In Australia, since 2014, the group has paid an amount of AUD $4m into a Mine Rehabilitation Fund for a current carrying value of the liability of AUD $113.2m . At Iduapriem the group has provided a bond comprising of a cash component of $9.8m with a further bond guarantee amounting to $35.9m issued by Ecobank Ghana Limited and Barclays Ghana Limited for a current carrying value of the liability of $44.3m . At Obuasi the group has provided a bond comprising of a cash component of $20.3m with a further bank guarantee amounting to $30m issued by Nedbank Limited for a current carrying value of the liability of $211m . In some circumstances, the group may be required to post further bonds in future years which will have a consequential income statement charge for the fees charged by the providers of the reclamation bonds. Sensitivity analysis Interest rate risk on other financial assets and liabilities (excluding derivatives) The group also monitors interest rate risk on other financial assets and liabilities. The following table shows the approximate interest rate sensitivities of other financial assets and liabilities at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). As the sensitivity is the same (linear) for both increases and decreases in interest rates only absolute numbers are presented. Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2017 Financial assets USD denominated 100 1 1 ZAR denominated (1) 150 2 — Financial liabilities ZAR denominated (1) 150 41 3 AUD denominated 100 3 2 Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2016 Financial liabilities ZAR denominated (1) 150 18 1 AUD denominated 100 2 1 USD denominated 100 1 1 A change of 100 basis points in financial assets results in less than a $1m change in the interest amount. Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2015 Financial assets USD denominated 100 2 2 ZAR denominated (1) 150 5 — BRL denominated 250 2 1 Financial liabilities ZAR denominated (1) 150 26 2 AUD denominated 100 1 1 USD denominated 100 2 2 (1) This is the only interest rate risk for the company. Sensitivity analysis (continued) Foreign exchange risk Foreign exchange risk arises on financial instruments that are denominated in a foreign currency. The following table discloses the approximate foreign exchange risk sensitivities of borrowings at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). Change in Change in Change in Change in Change in Change in US$ Million US$ Million US$ Million 2017 2016 2015 Borrowings ZAR denominated (R/$) Spot (+R1.50) (26 ) Spot (+R1.50) (10 ) Spot (+R1.50) (12 ) AUD denominated (AUD/$) Spot (+AUD0.1) (16 ) Spot (+AUD0.1) (15 ) Spot (+AUD0.1) (11 ) ZAR denominated (R/$) Spot (-R1.50) 33 Spot (-R1.50) 13 Spot (-R1.50) 14 AUD denominated (AUD/$) Spot (-AUD0.1) 19 Spot (-AUD0.1) 18 Spot (-AUD0.1) 12 The borrowings total in the denominated currency will not be influenced by a movement in its exchange rate. |
Capital Management
Capital Management | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Capital Management | The primary objective of managing the group's capital is to ensure that there is sufficient capital available to support the funding requirements of the group, including capital expenditure, in a way that optimises the cost of capital, maximises shareholders' returns and ensures that the group remains in a sound financial position. The capital structure of the group consists of net debt (borrowings as detailed in note 25, offset by cash and bank balances detailed in note 22) and equity of the group (comprising share capital and premium and accumulated reserves and non-controlling interests). The group manages and makes adjustments to the capital structure as opportunities arise in the market place, as and when borrowings mature, or as and when funding is required. This may take the form of raising equity, market or bank debt or hybrids thereof. The group manages capital using various financial metrics including the ratio of net debt to Adjusted EBITDA (gearing). Both the calculation of net debt and Adjusted EBITDA are based on the formula included in the Revolving Credit Agreements. The loan covenant ratio of net debt to Adjusted EBITDA should not exceed 3.5 times. The facility also makes provision for the ability of the group to have a leverage ratio of greater than 3.5 times but less than 4.5 times, subject to certain conditions, for one measurement period not exceeding six months, during the tenor of the facility. The group had no major issuance of equity during the year. AngloGold Ashanti Limited registered a R 10b n Domestic Medium Term Note Programme (DMTNP) with the JSE in April 2011. The DMTNP permits the group to access the South African debt capital market for funding required. The group has not utilised the commercial paper under its R 10b n DMTNP during the current year, instead it made use of its other facilities, to provide for funding requirements of the South Africa region. During November 2017, the group entered into a new three -year unsecured revolving credit facility of R 1b n ( $81m ) with Standard Bank which is currently charged at a margin of 1.3% above JIBAR. This facility has the option, on application, to extend the facility by a maximum of two years . During December 2017, the group entered into a three -year unsecured syndicated revolving credit facility of R 2.5b n ( $202m ) with Nedbank and ABSA Bank which is currently charged at a margin of 1.8% above JIBAR. This facility has the option, on application, to extend the facility by a maximum of two years . A full analysis of the borrowings as presented on the statement of financial position in included in note 25. In addition, the following details are also relevant to the borrowings at 31 December 2017: • The $750m , $700m and $300m rated bonds are fully and unconditionally guaranteed by the group; • The interest margin on the five -year unsecured syndicated revolving credit facility of A $500m ( $390m ) with a group of banks will reduce should the group’s credit rating improve from its current BB+/Baa3 status and should increase if its credit rating worsens. This facility will be used to fund the working capital and development costs associated with the group's mining operations within Australia without eroding the group's headroom under its other facilities and exposing the group to foreign exchange gains/losses each quarter. • The R 1b n, R 1.4b n and R 2.5b n unsecured syndicated revolving credit facilities will be used to fund the working capital and development costs associated with the group's mining operations within South Africa without eroding the group's headroom under its other facilities and exposing the group to foreign exchange gains/losses each quarter. Amounts are converted to US dollars at year end exchange rates. Gearing ratio (Net debt to Adjusted EBITDA) US Dollars Figures in millions 2017 2016 2015 Borrowings (note 25) 2,268 2,178 2,737 Corporate office lease (note 25) (15 ) (15 ) (15 ) Unamortised portion of the convertible and rated bonds 18 23 21 Cumulative fair value adjustment on $1.25bn bonds — — (9 ) Cash restricted for use (note 21) (65 ) (55 ) (60 ) Cash and cash equivalents (note 22) (205 ) (215 ) (484 ) Net debt 2,001 1,916 2,190 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Facility Agreements for compliance with the debt covenant formula. Adjusted EBITDA Profit (loss) before taxation (63 ) 269 257 Add back: Finance costs and unwinding of obligations (note 7) 169 180 245 Interest received (note 3) (15 ) (22 ) (28 ) Amortisation of tangible and intangible assets (note 4) 823 809 777 Adjustments: Exchange loss 11 88 17 Fair value adjustment on issued bonds — (9 ) (66 ) Impairment and derecognition of assets 297 3 14 Impairment of other investments 3 — — Write-down of inventories 3 12 10 Retrenchments costs 90 14 14 Care and maintenance costs (note 5) 62 70 67 Net profit on disposal of assets (8 ) (4 ) (1 ) (Gain) loss on unrealised non-hedge derivatives and other commodity contracts (10 ) (18 ) 7 Repurchase premium and cost on settlement of issued bonds — 30 61 Associates and joint ventures’ special items (2 ) (11 ) (9 ) Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other 116 137 107 Other amortisation 7 — — Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) 1,483 1,548 1,472 Gearing ratio (Net debt to Adjusted EBITDA) 1.35:1 1.24:1 1.49:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
Recent Developments
Recent Developments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of events after reporting period [Abstract] | |
Recent Developments | • On 20 February 2018, the directors of AngloGold Ashanti declared a gross cash dividend per ordinary share of 70 South African cents (assuming an exchange rate of ZAR 11.66 /$, the gross dividend payable per ADS is equivalent to 6 US cents). • On 28 February 2018, the conditions precedent were fulfilled on the sale of Moab Khotsong and Kopanang Mines and the transactions were completed, with ownership of Moab Khotsong and Kopanang Mines transferring to Harmony and Heaven-Sent, respectively. |
Supplemental Condensed Consolid
Supplemental Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Supplemental Condensed Consolidating Financial Information | SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION AngloGold Ashanti Holdings plc (“IOMco”), a 100 percent wholly-owned subsidiary of AngloGold Ashanti, has issued debt securities which are fully and unconditionally guaranteed by AngloGold Ashanti Limited (being the “Guarantor”). See Note 25 and Note 33. IOMco is an Isle of Man registered company that holds certain of AngloGold Ashanti’s operations and assets located outside South Africa (excluding certain operations and assets in the United States of America). The following is condensed consolidating financial information for the Company as of 31 December 2017, 2016 and 2015 and for the years ended 31 December 2017, 2016 and 2015, with a separate column for each of AngloGold Ashanti Limited as Guarantor, IOMco as Issuer and the other subsidiaries of the Company combined (the “Non-Guarantor Subsidiaries”). For the purposes of the condensed consolidating financial information, the Company carries its investments under the equity method. The following supplemental condensed consolidating financial information should be read in conjunction with the Company’s condensed consolidated financial statements. Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue 1,005 3 3,535 — 4,543 Gold income 987 — 3,399 (30 ) 4,356 Cost of sales (1,016 ) — (2,567 ) 1 (3,582 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 11 (1 ) 10 Gross profit (loss) (29 ) — 843 (30 ) 784 Corporate administration, marketing and other income (expenses) (7 ) (7 ) (2 ) (48 ) (64 ) Exploration and evaluation costs (10 ) — (104 ) — (114 ) Other operating income (expenses) (9 ) — (79 ) — (88 ) Special items (414 ) (6 ) (27 ) 9 (438 ) Operating profit (loss) (469 ) (13 ) 631 (69 ) 80 Interest received 1 3 11 — 15 Exchange gain (loss) — 1 (12 ) — (11 ) Finance costs and unwinding of obligations (22 ) (107 ) (40 ) — (169 ) Share of associates and joint ventures’ profit (loss) 13 — 9 — 22 Equity gain (loss) in subsidiaries 212 447 — (659 ) — Profit (loss) before taxation (265 ) 331 599 (728 ) (63 ) Taxation 104 — (212 ) — (108 ) Profit (loss) after taxation from continuing operations (161 ) 331 387 (728 ) (171 ) Preferred stock dividends (30 ) — — 30 — Profit (loss) for the period (191 ) 331 387 (698 ) (171 ) Allocated as follows: Equity shareholders - Continuing operations (191 ) 331 367 (698 ) (191 ) Non-controlling interests - Continuing operations — — 20 — 20 (191 ) 331 387 (698 ) (171 ) Comprehensive income (loss) (37 ) 365 422 (767 ) (17 ) Comprehensive income (loss) attributable to non-controlling interests — — (20 ) — (20 ) Comprehensive income (loss) attributable to AngloGold Ashanti (37 ) 365 402 (767 ) (37 ) Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue 1,110 3 3,141 — 4,254 Gold income 1,108 — 3,035 (58 ) 4,085 Cost of sales (958 ) — (2,305 ) — (3,263 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 18 1 19 Gross profit (loss) 150 — 748 (57 ) 841 Corporate administration, marketing and other income (expenses) 17 (6 ) (3 ) (69 ) (61 ) Exploration and evaluation costs (14 ) — (119 ) — (133 ) Other operating income (expenses) (26 ) 2 (86 ) — (110 ) Special items 54 (35 ) 29 (90 ) (42 ) Operating profit (loss) 181 (39 ) 569 (216 ) 495 Interest received 6 3 13 — 22 Exchange gain (loss) 1 (1 ) (28 ) (60 ) (88 ) Finance costs and unwinding of obligations (18 ) (131 ) (31 ) — (180 ) Fair value adjustment on $1.25bn bonds — 9 — — 9 Share of associates and joint ventures’ profit (loss) (13 ) 2 30 (8 ) 11 Equity gain (loss) in subsidiaries (61 ) 389 — (328 ) — Profit (loss) before taxation 96 232 553 (612 ) 269 Taxation (4 ) — (184 ) (1 ) (189 ) Profit (loss) after taxation from continuing operations 92 232 369 (613 ) 80 Preferred stock dividends (29 ) — (29 ) 58 — Profit (loss) for the period 63 232 340 (555 ) 80 Allocated as follows: Equity shareholders - Continuing operations 63 232 323 (555 ) 63 Non-controlling interests - Continuing operations — — 17 — 17 63 232 340 (555 ) 80 Comprehensive income (loss) 250 234 388 (605 ) 267 Comprehensive income (loss) attributable to non-controlling interests — — (17 ) — (17 ) Comprehensive income (loss) attributable to AngloGold Ashanti 250 234 371 (605 ) 250 Figures in millions (US dollars) 2015 2015 2015 2015 2015 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue 1,091 2 3,081 — 4,174 Gold income 1,063 — 2,991 (39 ) 4,015 Cost of sales (995 ) — (2,299 ) — (3,294 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — (7 ) — (7 ) Gross profit (loss) 68 — 685 (39 ) 714 Corporate administration, marketing and other income (expenses) 3 (15 ) (15 ) (51 ) (78 ) Exploration and evaluation costs (16 ) — (116 ) — (132 ) Other operating income (expenses) (17 ) — (79 ) — (96 ) Special items (132 ) (436 ) 65 432 (71 ) Operating profit (loss) (94 ) (451 ) 540 342 337 Interest received 6 2 20 — 28 Exchange gain (loss) (1 ) (1 ) (15 ) — (17 ) Finance costs and unwinding of obligations (21 ) (196 ) (28 ) — (245 ) Fair value adjustment on $1.25bn bonds — 66 — — 66 Share of associates and joint ventures’ profit (loss) 11 1 77 — (1 ) 88 Equity gain (loss) in subsidiaries (26 ) 140 — (114 ) — Profit (loss) before taxation (125 ) (439 ) 594 227 257 Taxation 59 (1 ) (269 ) — (211 ) Profit (loss) after taxation from continuing operations (66 ) (440 ) 325 227 46 Discontinued operations Profit (loss) from discontinued operations — — (116 ) — (116 ) Profit (loss) after discontinued operations (66 ) (440 ) 209 227 (70 ) Preferred stock dividends (19 ) — (20 ) 39 — Profit (loss) for the period (85 ) (440 ) 189 266 (70 ) Allocated as follows: Equity shareholders - Continuing operations (85 ) (440 ) 290 266 31 - Discontinued operations — — (116 ) — (116 ) Non-controlling interests - Continuing operations — — 15 — 15 (85 ) (440 ) 189 266 (70 ) Comprehensive income (loss) (448 ) (477 ) 142 350 (433 ) Comprehensive income (loss) attributable to non-controlling interests — — (15 ) — (15 ) Comprehensive income (loss) attributable to AngloGold Ashanti (448 ) (477 ) 127 350 (448 ) Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 739 — 3,003 — 3,742 Intangible assets 1 — 139 (2 ) 138 Investments in associates and joint ventures 2,371 4,376 1,371 (6,611 ) 1,507 Other investments 2 6 125 (2 ) 131 Inventories — — 100 — 100 Trade and other receivables — — 67 — 67 Deferred taxation — — 4 — 4 Cash restricted for use — — 37 — 37 3,113 4,382 4,846 (6,615 ) 5,726 Current assets Other investments — 6 1 — 7 Inventories, trade and other receivables, intergroup balances and other current assets 471 250 1,166 (982 ) 905 Cash restricted for use — 1 27 — 28 Cash and cash equivalents 11 21 173 — 205 482 278 1,367 (982 ) 1,145 Non-current assets held for sale 310 — 38 — 348 792 278 1,405 (982 ) 1,493 Total assets 3,905 4,660 6,251 (7,597 ) 7,219 EQUITY AND LIABILITIES Share capital and premium 7,134 6,172 824 (6,996 ) 7,134 Retained earnings (accumulated losses) and other reserves (4,471 ) (3,491 ) 1,619 1,872 (4,471 ) Shareholders’ equity 2,663 2,681 2,443 (5,124 ) 2,663 Non-controlling interests — — 41 — 41 Total equity 2,663 2,681 2,484 (5,124 ) 2,704 Non-current liabilities 527 1,764 1,369 — 3,660 Current liabilities including intergroup balances 591 215 2,396 (2,473 ) 729 Non-current liabilities held for sale 124 — 2 — 126 Total liabilities 1,242 1,979 3,767 (2,473 ) 4,515 Total equity and liabilities 3,905 4,660 6,251 (7,597 ) 7,219 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 1,160 — 2,951 — 4,111 Intangible assets 4 — 143 (2 ) 145 Investments in associates and joint ventures 2,109 3,478 1,338 (5,477 ) 1,448 Other investments 2 3 122 (2 ) 125 Inventories — — 84 — 84 Trade and other receivables — — 34 — 34 Deferred taxation — — 4 — 4 Cash restricted for use — — 36 — 36 Other non-current assets — — — — — 3,275 3,481 4,712 (5,481 ) 5,987 Current assets Other investments — 5 — — 5 Inventories, trade and other receivables, intergroup balances and other current assets 429 912 1,153 (1,567 ) 927 Cash restricted for use — 1 18 — 19 Cash and cash equivalents 44 32 139 — 215 473 950 1,310 (1,567 ) 1,166 Total assets 3,748 4,431 6,022 (7,048 ) 7,153 EQUITY AND LIABILITIES Share capital and premium 7,108 6,215 824 (7,039 ) 7,108 Retained earnings (accumulated losses) and other reserves (4,393 ) (3,765 ) 702 3,063 (4,393 ) Shareholders’ equity 2,715 2,450 1,526 (3,976 ) 2,715 Non-controlling interests — — 39 — 39 Total equity 2,715 2,450 1,565 (3,976 ) 2,754 Non-current liabilities 496 1,799 1,344 — 3,639 Current liabilities including intergroup balances 537 182 3,113 (3,072 ) 760 Total liabilities 1,033 1,981 4,457 (3,072 ) 4,399 Total equity and liabilities 3,748 4,431 6,022 (7,048 ) 7,153 Figures in millions (US dollars) 2015 2015 2015 2015 2015 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 1,030 — 3,028 — 4,058 Intangible assets 8 — 155 (2 ) 161 Investments in associates and joint ventures 2,002 3,627 1,338 (5,502 ) 1,465 Other investments 1 3 89 (2 ) 91 Inventories — — 90 — 90 Trade and other receivables — — 13 — 13 Deferred taxation — — 1 — 1 Cash restricted for use — — 37 — 37 Other non-current assets 18 — — — 18 3,059 3,630 4,751 (5,506 ) 5,934 Current assets Other investments — 1 — — 1 Inventories, trade and other receivables, intergroup balances and other current assets 401 921 1,076 (1,556 ) 842 Cash restricted for use 1 2 20 — 23 Cash and cash equivalents 19 222 243 — 484 421 1,146 1,339 (1,556 ) 1,350 Total assets 3,480 4,776 6,090 (7,062 ) 7,284 EQUITY AND LIABILITIES Share capital and premium 7,066 6,108 824 (6,932 ) 7,066 Retained earnings (accumulated losses) and other reserves (4,636 ) (3,903 ) 895 3,008 (4,636 ) Shareholders’ equity 2,430 2,205 1,719 (3,924 ) 2,430 Non-controlling interests — — 37 — 37 Total equity 2,430 2,205 1,756 (3,924 ) 2,467 Non-current liabilities 428 2,427 1,255 — 4,110 Current liabilities including intergroup balances 622 144 3,079 (3,138 ) 707 Total liabilities 1,050 2,571 4,334 (3,138 ) 4,817 Total equity and liabilities 3,480 4,776 6,090 (7,062 ) 7,284 Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations (5 ) (15 ) 1,168 3 1,151 Net movement in intergroup receivables and payables 10 (102 ) 123 (31 ) — Dividends received from joint ventures — 6 — — 6 Taxation refund 3 — 11 — 14 Taxation paid — — (174 ) — (174 ) Net cash inflow (outflow) from operating activities 8 (111 ) 1,128 (28 ) 997 Cash flows from investing activities Capital expenditure (143 ) — (686 ) — (829 ) Expenditure on intangible assets (1 ) — — — (1 ) Proceeds from disposal of tangible assets 3 — 4 — 7 Other investments acquired — (5 ) (86 ) — (91 ) Proceeds from disposal of other investments — — 75 3 78 Investments in associates and joint ventures — (15 ) (14 ) 2 (27 ) Net loans repaid by (advanced to) associates and joint ventures — (6 ) 2 (2 ) (6 ) Reduction in investment in subsidiary 42 — — (42 ) — Disposal (acquisition) of subsidiaries — (2 ) 2 — — Decrease (increase) in cash restricted for use — — (8 ) — (8 ) Interest received 1 3 11 — 15 Net cash inflow (outflow) from investing activities (98 ) (25 ) (700 ) (39 ) (862 ) Cash flows from financing activities Reduction in share capital — (43 ) — 43 — Proceeds from borrowings 539 155 121 — 815 Repayment of borrowings (428 ) (170 ) (169 ) — (767 ) Finance costs paid (15 ) (103 ) (20 ) — (138 ) Dividends paid (39 ) — (19 ) — (58 ) Intergroup dividends received (paid) — 286 (286 ) — — Net cash inflow (outflow) from financing activities 57 125 (373 ) 43 (148 ) Net increase (decrease) in cash and cash equivalents (33 ) (11 ) 55 (24 ) (13 ) Translation — — (21 ) 24 3 Cash and cash equivalents at beginning of year 44 32 139 — 215 Cash and cash equivalents at end of year 11 21 173 — 205 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations 245 (11 ) 1,106 (38 ) 1,302 Net movement in intergroup receivables and payables (8 ) 169 (163 ) 2 — Dividends received from joint ventures — 37 — — 37 Taxation refund 3 — 9 — 12 Taxation paid (4 ) — (161 ) — (165 ) Net cash inflow (outflow) from operating activities 236 195 791 (36 ) 1,186 Cash flows from investing activities Capital expenditure (171 ) — (535 ) — (706 ) Expenditure on intangible assets (2 ) — (3 ) — (5 ) Proceeds from disposal of tangible assets — — 4 — 4 Other investments acquired — — (73 ) — (73 ) Proceeds from disposal of other investments — — 61 — 61 Investments in associates and joint ventures — — (11 ) — (11 ) Proceeds from disposal of associates and joint ventures — 10 — — 10 Net loans repaid by (advanced to) associates and joint ventures — (2 ) (2 ) — (4 ) Disposal (acquisition) of subsidiaries (6 ) (2 ) 2 6 — Decrease (increase) in cash restricted for use 1 — 7 — 8 Interest received 2 — 12 — 14 Net cash inflow (outflow) from investing activities (176 ) 6 (538 ) 6 (702 ) Cash flows from financing activities Proceeds from issue of share capital — 6 — (6 ) — Proceeds from borrowings 256 330 201 — 787 Repayment of borrowings (291 ) (951 ) (91 ) — (1,333 ) Finance costs paid (11 ) (145 ) (16 ) — (172 ) Bond settlement premium, RCF and bond transaction costs — (30 ) — — (30 ) Dividends paid — — (15 ) — (15 ) Intergroup dividends received (paid) 7 399 (406 ) — — Net cash inflow (outflow) from financing activities (39 ) (391 ) (327 ) (6 ) (763 ) Net increase (decrease) in cash and cash equivalents 21 (190 ) (74 ) (36 ) (279 ) Translation 4 — (30 ) 36 10 Cash and cash equivalents at beginning of year 19 222 243 — 484 Cash and cash equivalents at end of year 44 32 139 — 215 Figures in millions (US dollars) 2015 2015 2015 2015 2015 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations 44 (364 ) 1,115 455 1,250 Net movement in intergroup receivables and payables 131 1,036 (833 ) (334 ) — Dividends received from joint ventures — 57 — — 57 Taxation refund 12 — 9 — 21 Taxation paid (5 ) (1 ) (178 ) — (184 ) Net cash inflow (outflow) from operating activities from continuing operations 182 728 113 121 1,144 Net cash inflow (outflow) from operating activities from discontinued operations — — (5 ) — (5 ) Net cash inflow (outflow) from operating activities 182 728 108 121 1,139 Cash flows from investing activities Capital expenditure (194 ) — (470 ) — (664 ) Expenditure on intangible assets (2 ) — (1 ) — (3 ) Proceeds from disposal of tangible assets — — 6 — 6 Other investments acquired — — (86 ) — (86 ) Proceeds from disposal of other investments 1 — 80 — 81 Investments in associates and joint ventures — — (11 ) — (11 ) Proceeds from disposal of associates and joint ventures 1 — — — 1 Net loans repaid by (advanced to) associates and joint ventures 2 (5 ) — — (3 ) Net proceeds from disposal of subsidiaries and investments — — 812 — 812 Cash in subsidiary disposed and transfers to held for sale — — (2 ) — (2 ) Disposal (acquisition) of subsidiaries — (1 ) 1 — — Decrease (increase) in cash restricted for use — (2 ) (15 ) — (17 ) Interest received 6 3 16 — 25 Net cash inflow (outflow) from investing activities from continuing operations (186 ) (5 ) 330 — 139 Net cash inflow (outflow) from investing activities from discontinued operations — — (59 ) — (59 ) Net cash inflow (outflow) from investing activities (186 ) (5 ) 271 — 80 Cash flows from financing activities Proceeds from borrowings 120 300 1 — 421 Repayment of borrowings (127 ) (1,024 ) (137 ) — (1,288 ) Finance costs paid (14 ) (223 ) (14 ) — (251 ) Bond settlement premium, RCF and bond transaction costs — (61 ) — — (61 ) Dividends paid — — (5 ) — (5 ) Intergroup dividends received (paid) — 247 (247 ) — — Net cash inflow (outflow) from financing activities from continuing operations (21 ) (761 ) (402 ) — (1,184 ) Net cash inflow (outflow) from financing activities from discontinued operations — — (2 ) — (2 ) Net cash (outflow) inflow from financing activities (21 ) (761 ) (404 ) — (1,186 ) Net increase (decrease) in cash and cash equivalents (25 ) (38 ) (25 ) 121 33 Translation (8 ) — 112 (121 ) (17 ) Cash and cash equivalents at beginning of year 52 260 156 — 468 Cash and cash equivalents at end of year 19 222 243 — 484 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Statement of compliance | Statement of compliance The consolidated and company financial statements are prepared in compliance with International Financial Reporting Standards (IFRS) and Interpretations of those standards, as issued by the International Accounting Standards Board (IASB) in the English language, 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. |
New standards and interpretations issued | New standards and interpretations issued The financial statements have been drawn up on the basis of accounting standards, interpretations and amendments effective at the beginning of the accounting period on 1 January 2017. The adoption of the new standards, interpretations and amendments effective from 1 January 2017 had no material impact on the group. AngloGold Ashanti assesses the significance of new standards, interpretations and amendments to standards in issue that are not yet adopted but are likely to affect the financial reporting in future years. We have identified that IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial Instruments”, both of which have an effective date of 1 January 2018, are likely to affect future financial reporting. IFRS 15 Revenue Management has assessed the potential impact of IFRS 15 on the financial statements of the group and concluded that the group does not sell product based on multiple-element arrangements and it does not sell product on a provisional or variable pricing basis and as such the new standard does not have a significant impact on the timing or amount of the group’s revenue recognition. However, the adoption of IFRS 15 will result in the presentation of by-product revenue in Revenue from product sales where previously by-product revenue was included in cost of sales. Revenue from product sales includes gold income and by-product revenue. This change in classification results in a corresponding increase in costs of sales, and therefore will not have an impact on previously reported gross profit. As currently reported: U S Dollars Figures in millions 2017 2016 2015 Revenue 4,543 4,254 4,174 Gold income 4,356 4,085 4,015 Cost of sales (3,582 ) (3,263 ) (3,294 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 (7 ) Gross profit 784 841 714 Gross profit % 18.00 % 20.59 % 17.78 % By-products revenue for the years ended 2017, 2016 and 2015 ( $154m , $138m and $127m respectively) is included in the Revenue line, but is offset and thus reduces cost of sales in the detailed income statement. On adoption of IFRS 15, AngloGold Ashanti will disclose revenue from all product sales, including by-products sales in Revenue from product sales in the detailed income statement. Accordingly, the detailed income statement would be restated for the effects of adopting IFRS 15 as follows: U S Dollars Figures in millions 2017 2016 2015 Revenue 4,543 4,254 4,174 Revenue from product sales 4,510 4,223 4,142 Cost of sales (3,736 ) (3,401 ) (3,421 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 (7 ) Gross profit 784 841 714 Gross profit % 17.38 % 19.91 % 17.24 % AngloGold Ashanti intends to apply IFRS 15 retrospectively to each prior reporting period presented in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. IFRS 9 Financial Instruments The group’s financial assets include debt instruments (held to maturity bonds and negotiable certificates of deposit), cash restricted for use and cash and cash equivalents which will be subject to IFRS 9 expected credit loss model as they are to be carried at amortised cost. The accounting policy for listed equity investments will depend on the nature of the listed investment. Listed equity investments which are held to meet rehabilitation liabilities in future will be classified as fair value through profit and loss. Listed equity investments held for other purposes will be classified as fair value through other comprehensive income. Financial liabilities are currently carried at amortised cost with no requirements to change their recognition or presentation under IFRS 9. We have evaluated the possible impact of the adoption of IFRS 9 including the expected credit loss model and we do not expect the adoption to have a significant impact on total assets, total liabilities or the results of the group. IFRS 16 Leases In addition, IFRS 16 “Leases”, with an effective date of 1 January 2019, is likely to affect future financial reporting and management is still in the process of assessing all of the potential consequences arising out of the adoption of this standard. With the removal of the operating lease classification, leases that are within the scope of IFRS 16 will result in an increase in assets and liabilities. We expect a likely increase in the depreciation expense and also an increase in cash flows from operating activities as the lease payments will be recorded as financing outflows in our cash flow statement. Management expects that the mining and drilling contracts which are not classified as finance leases under the current accounting standards (IAS 17 and IFRIC 4), will potentially have the most impact on the group’s results on adoption of IFRS 16. |
Basis of Preparation | BASIS OF PREPARATION The financial statements are prepared according to the historical cost convention, except for the revaluation of certain financial instruments to fair value. The group’s accounting policies as set out below are consistent in all material respects with those applied in the previous year. The group financial statements are presented in US dollars. Based on materiality, certain comparatives in the notes have been aggregated and comparatives have been restated to accord with current year disclosures. The group financial statements incorporate the financial statements of the company, its subsidiaries and its interests in joint ventures and associates. The financial statements of all material subsidiaries, the Environmental Rehabilitation Trust Fund, joint ventures and associates, are prepared for the same reporting period as the holding company, using the same accounting policies. Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Control would generally exist where the group owns more than 50% of the voting rights, unless the group and other investors collectively control the entity where they must act together to direct the relevant activities. In such cases, as no investor individually controls the entity the investment is accounted for as an equity method investment or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are de-consolidated from the date on which control ceases. The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Disclosures for non-controlling interests are assessed by reference to consolidated non-controlling interest. Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effect are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Use of estimates | Use of estimates The preparation of the financial statements requires the group’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience, current and expected economic conditions, and in some cases actuarial techniques. Actual results could differ from those estimates. The more significant areas requiring the use of management estimates and assumptions relate to Ore Reserve that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortisation calculations; environmental, reclamation and closure obligations; asset impairments/reversals (including impairments of goodwill); and write-downs of inventory to net realisable value. Other estimates include employee benefit liabilities and unrecognised tax positions. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements that management has applied in the application of accounting policies, and the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. |
Carrying value of goodwill and intangible assets | Carrying value of goodwill and intangible assets Where an investment in a subsidiary, joint venture or an associate is made, any excess of the consideration transferred over the fair value of the attributable Mineral Resource including value beyond proved and probable Ore Reserve, exploration properties and net assets is recognised as goodwill. Intangible assets that have an indefinite useful life and separately recognised goodwill are not subject to amortisation and are tested annually for impairment and whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. Assets that are subject to amortisation are tested for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). An individual operating mine is not a typical going-concern business because of the finite life of its reserves. The allocation of goodwill to an individual mine will result in an eventual goodwill impairment due to the wasting nature of the mine reporting unit. In accordance with the provisions of IAS 36 “Impairment of Assets”, the group performs its annual impairment review of assigned goodwill during the fourth quarter of each year. |
Income taxes and taxation | Income taxes The group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes due to the complexity of legislation. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The group recognises the net future tax benefit related to deferred income tax assets to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future. Assessing the recoverability of deferred income tax assets requires the group to make significant estimates related to expectations of future taxable income. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in the jurisdictions in which the group operates could limit the ability of the group to obtain tax deductions in future periods Taxation Deferred taxation is provided on all qualifying temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets are only recognised to the extent that it is probable that the deductible temporary differences will reverse in the foreseeable future and future taxable profit will be available against which the temporary difference can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets and liabilities are measured at future anticipated tax rates, which have been enacted or substantively enacted at the reporting date. Current and deferred tax is recognised as income or expense and included in profit or loss for the period, except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period in other comprehensive income or directly in equity, or a business combination that is an acquisition. Current tax is measured on taxable income at the applicable statutory rate enacted or substantively enacted at the reporting date. Interest and penalties, if any, are recognised in the income statement as part of taxation expense. |
Provision for environmental rehabilitation obligations and expenditure | Provision for environmental rehabilitation obligations The group’s mining and exploration activities are subject to various laws and regulations governing the protection of the environment. The group recognises management’s best estimate for decommissioning and restoration obligations in the period in which they are incurred. Future changes to environmental laws and regulations, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision. Environmental expenditure The group has long-term remediation obligations comprising decommissioning and restoration liabilities relating to its past operations which are based on the group’s environmental management plans, in compliance with current environmental and regulatory requirements. Provisions for non-recurring remediation costs are made when there is a present obligation, it is probable that expenditure on remediation work will be required and the cost can be estimated within a reasonable range of possible outcomes. The costs are based on currently available facts, technology expected to be available at the time of the clean-up, laws and regulations presently or virtually certain to be enacted and prior experience in remediation of contaminated sites. Contributions for the South African operations are made to Environmental Rehabilitation Trust Funds, created in accordance with local statutory requirements where applicable, to solely fund the estimated cost of rehabilitation during and at the end of the life of a mine. The amounts contributed to the trust funds are accounted for as non-current assets in the company. Interest earned on monies paid to rehabilitation trust funds is accrued on a time proportion basis and is recorded as interest income. These funds may only be utilised for purposes of settling decommissioning and environmental liabilities relating to existing mining operations. All income earned on these funds is reinvested or spent to meet these obligations. For group purposes, the trusts are consolidated. Decommissioning costs The provision for decommissioning represents the cost that will arise from rectifying damage caused before production commences. Accordingly, a provision and a decommissioning asset is recognised and included within mine infrastructure. Decommissioning costs are provided at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices. The unwinding of the decommissioning obligation is included in the income statement. Estimated future costs of decommissioning obligations are reviewed regularly and adjusted as appropriate for new circumstances or changes in law or technology. Changes in estimates are capitalised or reversed against the relevant asset. Estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. Gains or losses from the expected disposal of assets are not taken into account when determining the provision. Restoration costs The provision for restoration represents the cost of restoring site damage after the start of production. Changes in the provision are recorded in the income statement as a cost of production. Restoration costs are estimated at the present value of the expenditures expected to settle the obligation, using estimated cash flows based on current prices and adjusted for risks specific to the liability. The estimates are discounted at a pre-tax rate that reflects current market assessments of the time value of money. |
Stockpiles, metals in process and inventories | Stockpiles and metals in process Costs that are incurred in or benefit the production process are accumulated in stockpiles and metals in process values. Net realisable value tests are performed at least annually and represent the estimated future sales price of the product, based on prevailing and long term metals prices, less estimated costs to complete production and bring the product to sale. Surface and underground stockpiles and metals in process are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile ore tonnages are verified by periodic surveys. Although the quantities of recoverable metal are reconciled by comparing the grades of ore to the quantities of metals actually recovered (metallurgical balancing), the nature of the process inherently limits the ability to precisely monitor recoverability levels. As a result, the metallurgical balancing process is constantly monitored and engineering estimates are refined based on actual results over time. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realisable value are accounted for on a prospective basis. Inventories Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and obsolete items. Cost is determined on the following bases: • metals in process are valued at the average total production cost at the relevant stage of production; • gold doré/bullion is valued on an average total production cost method; • ore stockpiles are valued at the average moving cost of mining and stockpiling the ore. Stockpiles are classified as a non-current asset where the stockpile exceeds current processing capacity; • by-products, which include uranium oxide, silver and sulphuric acid, are valued using an average total production cost method; • mine operating supplies are valued at average cost; and • heap leach pad materials are measured on an average total production cost basis. A portion of the related depreciation, depletion and amortisation charge is included in the cost of inventory. |
Recoverable tax, rebates, levies and duties | Recoverable tax, rebates, levies and duties In a number of countries, particularly in Continental Africa, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. In addition, AngloGold Ashanti has unresolved tax disputes in a number of countries, particularly in Continental Africa and in Brazil. If the outstanding input taxes are not received and the tax disputes are not resolved in a manner favourable to AngloGold Ashanti, it could have a material adverse effect upon the carrying value of these assets. |
Post-retirement and pension obligations | Post-retirement obligations The determination of AngloGold Ashanti’s obligation and expense post-retirement liabilities, depends on the selection of certain assumptions used by actuaries to calculate amounts. These assumptions include, among others, the discount rate, the expected long-term rate of return of plan assets, health care inflation costs, rates of increase in compensation costs and the number of employees who reach retirement age before the mine reaches the end of its life. While AngloGold Ashanti believes that these assumptions are appropriate, significant changes in the assumptions may materially affect post-retirement obligations as well as future expenses, which may result in an impact on earnings in the periods that the changes in these assumptions occur. Other post-employment benefit obligations Some group companies provide post-retirement health care benefits to their retirees. The entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and completion of a minimum service period. The expected costs of these benefits are accrued over the period of employment using an accounting methodology on the same basis as that used for defined benefit pension plans. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recorded in other comprehensive income immediately. These obligations are valued annually by independent qualified actuaries. |
Ore reserve estimates | Ore Reserve estimates An Ore Reserve estimate is an estimate of the amount of product that can be economically and legally extracted from the group’s properties. In order to calculate the Ore Reserve, estimates and assumptions are required about a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of the Ore Reserve requires the size, shape and depth of orebodies to be determined by analysing geological data such as the logging and assaying of drill samples. This process may require complex and difficult geological judgements and calculations to interpret the data. The group is required to determine and report its Ore Reserve in accordance with the South African Code for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code) 2016 Edition. Because the economic assumptions used to estimate changes in the Ore Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Ore Reserve may change from period to period. Changes in the reported Ore Reserve may affect the group’s financial results and financial position in a number of ways, including the following: • asset carrying values may be affected due to changes in estimated future cash flows; • depreciation, depletion and amortisation charged in the income statement may change where such charges are determined by the units-of-production method, or where the useful economic lives of assets change; • overburden removal costs, including production stripping activities, recorded on the statement of financial position or charged in the income statement may change due to changes in stripping ratios or the units-of-production method of depreciation; • decommissioning site restoration and environmental provisions may change where changes in the estimated Ore Reserve affect expectations about the timing or cost of these activities; and • the carrying value of deferred tax assets may change due to changes in estimates of the likely recovery of the tax benefits. |
Development expenditure | Development expenditure Development activities commence after project sanctioning by the appropriate level of management. Judgement is applied by management in determining when a project has reached a stage at which economically recoverable reserves exist such that development may be sanctioned. In exercising this judgement, management is required to make certain estimates and assumptions similar to those described in the accounting policy for exploration and evaluation assets. Any such estimates and assumptions may change as new information becomes available. If, after having started the development activity, a judgement is made that a development asset is impaired, the appropriate amount will be written off to the income statement. |
Provision for silicosis | Provision for silicosis Significant judgement is applied in estimating the costs that will be incurred to settle the silicosis class action claims and related expenditure.The final costs may differ from current cost estimates. The provision is based on actuarial assumptions including: • silicosis prevalence rates; • estimated settlement per claimant; • benefit take-up rates; • disease progression rates; • timing of cashflows; and • discount rate. Management believes the assumptions are appropriate, however changes in the assumptions may materially affect the provision and final costs of settlement. In prior years, a silicosis provision was not raised as a reliable estimate could not be determined. |
Investment in associates and joint ventures | Joint ventures and associates If necessary, impairment losses on loans and equity are reported under share of joint ventures and associates profit and loss. Any losses of equity-accounted investments are brought to account in the consolidated financial statements until the investment in such investments is written down to zero. Thereafter, losses are accounted for only insofar as the group is committed to providing financial support to such investees. The carrying value of equity-accounted investments represents the cost of each investment, including goodwill, balance outstanding on loans advanced if the loan forms part of the net investment in the investee, any impairment losses recognised, the share of post-acquisition retained earnings and losses, and any other movements in reserves. The carrying value of equity-accounted investments is reviewed when indicators arise and if any impairment in value has occurred; it is recognised in the period in which the impairment arose. In determining materiality for the disclosure requirements of IFRS 12 “Disclosure of Interest in Other Entities”, management has assessed that amounts representing the carrying value of at least 90% of the investments in associates and joint ventures balances, reported in the statement of financial position, constitute quantitative materiality. |
Contingencies | Contingencies By their nature, contingencies will only be resolved when one or more future events occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgement and estimates of the outcome of future events. Such contingencies include, but are not limited to environmental obligations, litigation, regulatory proceedings, tax matters and losses resulting from other events and developments. Firstly, when a loss is considered probable and reasonably estimable, a liability is recorded in the amount of the best estimate for the ultimate loss. The likelihood of a loss with respect to a contingency can be difficult to predict and determining a meaningful estimate of the loss or a range of loss may not always be practicable based on the information available at the time and the potential effect of future events and decisions by third parties that will determine the ultimate resolution of the contingency. It is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information is continuously evaluated to determine both the likelihood of any potential loss and whether it is possible to reasonably estimate a range of possible losses. When a loss is probable but a reasonable estimate cannot be made, disclosure is provided. In determining the threshold for disclosure on a qualitative and quantitative basis, management considers the potential for a disruptive effect on the normal functioning of the group and/or whether the contingency could impact investment decisions. Such qualitative matters considered are reputational risks, regulatory compliance issues and reasonable investor considerations. For quantitative purposes an amount of $18m, has been considered. As a global company, the group is exposed to numerous legal risks. The outcome of currently pending and future proceedings cannot be predicted with certainty. Litigation and other judicial proceedings as a rule raise difficult and complex legal issues and are subject to uncertainties and complexities including, but not limited to, the facts and circumstances of each particular case, issues regarding the jurisdiction in which each suit is brought and differences in applicable law. Upon resolution of any pending legal matter, the group may be forced to incur charges in excess of the presently established provisions and related insurance coverage. It is possible that the financial position, results of operations or cash flows of the group could be materially affected by the unfavourable outcome of litigation. |
Joint ventures | Joint ventures A joint venture is an entity in which the group holds a long term interest and which the group and one or more other ventures jointly control under a contractual arrangement, that provides for strategic, financial and operating policy decisions relating to the activities requiring unanimous consent of the parties sharing control. The group’s interests in joint arrangements classified as joint ventures are accounted for using the equity method. Profits and losses realised in connection with transactions between the group and joint ventures are eliminated in proportion to share ownership. Such profits and losses are deducted from the group’s equity and related statement of financial position amount and released in the group accounts when the assets are effectively realised outside the group. Dividends received from joint ventures are included in operating activities in the cash flow statement. |
Associates | Associates The equity method of accounting is used for an investment over which the group exercises significant influence and normally owns between 20% and 50% of the voting equity. Associates are equity-accounted from the effective date of acquisition to the effective date of disposal. Profits and losses realised in connection with transactions between the group and associated companies are eliminated in proportion to share ownership. Such profits and losses are deducted from the group’s equity and related statement of financial position amount and released in the group accounts when the assets are effectively realised outside the group. Dividends received from associates are included in investing activities in the cash flow statement. |
Unincorporated joint venture - joint operations | Unincorporated joint ventures – joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the use of assets and obligations for the liabilities of the arrangement. The group accounts for activities under joint operations by recognising in relation to the joint operation, the assets it controls and the liabilities it incurs, the expenses it incurs and the revenue from the sale or use of its share of the joint operations output. |
Functional currency | Functional currency Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The functional currency of the parent company is South African Rands. |
Foreign currency translation | Transactions and balances Foreign currency transactions are translated into the functional currency using the approximate exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at the reporting period exchange rate of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Group companies The results and financial position of all group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • share capital and premium are translated at historical rates of exchange at the reporting date; • retained earnings are converted at historical average exchange rates; • assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; • income and expenses for each income statement presented are translated at monthly average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates prevailing at the date of the transaction); and • all resulting exchange differences are recognised in other comprehensive income and presented as a separate component of equity (foreign currency translation); Exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income on consolidation. On repayment or realisation, permanent loans and investments are recycled from FCTR to the income statement. For the company, the exchange differences on such monetary items are reported in the company income statement. |
Segment reporting | Segment reporting An operating segment is a business activity whose results are regularly reviewed by the chief operating decision maker in order to make decisions about resources to be allocated to it and to assess its performance and for which discrete financial information is available. The chief operating decision maker has been determined to be the Executive Committee. |
Tangible assets | Carrying value of tangible assets The majority of mining assets are amortised using the units-of-production method where the mine operating plan calls for production from a well-defined proved and probable Ore Reserve. For other tangible assets, the straight-line method is applied over the estimated useful life of the asset which does not exceed the estimated mine life based on proved and probable Ore Reserve as the useful lives of these assets are considered to be limited to the life of the relevant mine. The calculation of the units-of-production rate of amortisation could be impacted to the extent that actual production in the future is different from current forecast production based on proved and probable Ore Reserve. This would generally arise when there are significant changes in any of the factors or assumptions used in estimating Ore Reserve. These factors could include: • changes in proved and probable Ore Reserve; • the grade of Ore Reserve may vary significantly from time to time; • differences between actual commodity prices and commodity price assumptions; • unforeseen operational issues at mine sites; and • changes in capital, operating, mining, processing and reclamation costs, discount rates and foreign exchange rates. Changes in proved and probable Ore Reserve could similarly impact the useful lives of assets amortised on the straight-line method, where those lives are limited to the life of the mine. The group has a number of surface mining operations that are in the production phase for which production stripping costs are incurred. The benefits that accrue to the group as a result of incurring production stripping costs include (a) ore that can be used to produce inventory and (b) improved access to further quantities of material that will be mined in future periods. The production stripping costs relating to improved access to further quantities of material in future periods are capitalised as a stripping activity asset, if and only if, all of the following are met: • It is probable that the future economic benefit (improved access to the orebody) associated with the stripping activity will flow to the group; • The group can identify the component of the orebody for which access has been improved; and • The costs relating to the stripping activity associated with that component or components can be measured reliably. Components of the various orebodies at the operations of the group are determined based on the geological areas identified for each of the orebodies and are reflected in the Ore Reserve reporting of the group. In determining whether any production stripping costs should be capitalised as a stripping activity asset, the group uses three operational guidance measures; two of which relate to production measures, while the third relates to an average stripping ratio measure. Once determined that any portion of the production stripping costs should be capitalised, the group determines the amount of the production stripping costs that should be capitalised with reference to the average mine costs per tonne of the component and the actual waste tonnes that should be deferred. Stripping activity assets are amortised on the units-of-production method based on the Ore Reserve of the component or components of the orebody to which these assets relate. This accounting treatment is consistent with that for stripping costs incurred during the development phase of a pit, before production commences, except that stripping costs incurred during the development phase of a pit, before production commences, are amortised on the units-of-production method based on the Ore Reserve of the pit. Deferred stripping costs are included in ‘Mine development costs’, within tangible assets. These costs form part of the total investment in the relevant cash-generating unit, which is reviewed for impairment if events or a change in circumstances indicate that the carrying value may not be recoverable. Amortisation of stripping activity assets is included in operating costs. The group reviews and tests the carrying value of tangible assets when events or changes in circumstances indicate that the carrying amount may not be recoverable. Assets are grouped at the lowest level for which identifiable cash flows are largely independent of cash flows of other assets, which is generally at the individual mine level. If there are indications that impairment may have occurred, estimates are prepared of expected future cash flows for each group of assets. Expected future cash flows used to determine the value in use of goodwill and tangible assets are inherently uncertain and could materially change over time and impact the recoverable amounts. The cash flows and value in use are significantly affected by a number of factors including published reserves, resources, exploration potential and production estimates, together with economic factors such as spot and future metal prices, discount rates, foreign currency exchange rates, estimates of costs to produce reserves and future capital expenditure. At the reporting date the group assesses whether any of the indicators which gave rise to previously recognised impairments have changed such that the impairment loss no longer exists or may have decreased. The impairment loss is then assessed on the original factors for reversal and if indicated, such reversal is recognised. The recoverable amount is estimated based on the positive indicators. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36. Tangible assets Tangible assets are recorded at cost less accumulated amortisation and impairments/reversals. Cost includes pre-production expenditure incurred during the development of a mine and the present value of related future decommissioning costs. Interest on borrowings relating to the financing of major capital projects under construction is capitalised during the construction phase as part of the cost of the project. Such borrowing costs are capitalised over the period during which the asset is being acquired or constructed and borrowings have been incurred. Capitalisation ceases when construction is interrupted for an extended period or when the asset is substantially complete. Other borrowing costs are expensed as incurred. If there is an indication that the recoverable amount of any of the tangible assets is less than the carrying value, the recoverable amount is estimated and an allowance is made for the impairment. Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic benefits associated with the asset will flow to the group, and the cost of the addition can be measured reliably. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. To the extent a legal or constructive obligation to a third party exists, the acquisition cost includes estimated costs of dismantling and removing the asset and restoring the site. A change in estimated expenditures for dismantling, removal and restoration is added to or deducted from the carrying value of the related asset. To the extent that the change would result in a negative carrying amount, this effect is recognised as income. The change in depreciation charge is recognised prospectively. For assets amortised on the units-of-production method, amortisation is calculated to allocate the cost of each asset to its residual value over its estimated useful life. For those assets not amortised on the units-of-production method, amortisation is calculated over their estimated useful life as follows: • buildings up to life of mine; • plant and machinery up to life of mine; • equipment and motor vehicles up to five years ; • computer equipment up to three years ; and • leased assets over the shorter of the period of the lease and the useful life of the leased asset. Major renovations are depreciated over the remaining useful life of the related asset or to the date of the next major renovation, whichever is sooner. Assets are amortised to residual values. Residual values and useful lives are reviewed, and adjusted if appropriate, at the beginning of each financial year. Gains and losses on disposals are determined by comparing net sale proceeds with the carrying amount at the date of sale. These are included in the income statement. |
Mine development costs | Mine development costs Capitalised mine development costs include expenditure incurred to develop new orebodies, to define further mineralisation in existing orebodies and, to expand the capacity of a mine. Mine development costs include acquired proved and probable Ore Reserve at cost at the acquisition date. These costs are amortised from the date on which commercial production begins. Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on estimated proved and probable Ore Reserve. The proved and probable Ore Reserve reflects estimated quantities of reserves which can be recovered economically in the future from known mineral deposits. Capitalised mine development costs also include stripping activity assets relating to production stripping activities incurred in the production phase of open-pit operations of the group. Once determined that any portion of the production stripping costs should be capitalised, the group determines the average mine costs per tonne of the component and the waste tonnes to which the production stripping costs relate to determine the amount of the production stripping costs that should be capitalised. Stripping activity assets are amortised on a units-of-production method based on the Ore Reserve of the component of the orebody to which these assets relate. The average mine cost per tonne of the component is calculated as the total expected costs to be incurred to mine the relevant component of the orebody, divided by the number of tonnes expected to be mined from the component. The average mine cost per tonne of the component to which the stripping activity asset relates are recalculated annually in the light of additional knowledge and changes in estimates. |
Mining infrastructure | Mine infrastructure Mine plant facilities, including decommissioning assets, are amortised using the lesser of their useful life or units-of-production method based on estimated proved and probable Ore Reserve. |
Land and assets under construction | Land and assets under construction Land and assets under construction are not depreciated and are measured at historical cost less impairments. |
Mineral rights and dumps | Mineral rights and dumps Mineral rights are amortised using the units-of-production method based on the estimated proved and probable Ore Reserve. Dumps are amortised over the period of treatment. |
Exploration, evaluation assets and research expenditures | Exploration and evaluation assets All pre-license and exploration costs, including geological and geographical costs, labour, Mineral Resource and exploratory drilling cost, are expensed as incurred, until it is concluded that a future economic benefit will more likely than not be realised. In evaluating if expenditures meet this criterion to be capitalised, several different sources of information are used depending on the level of exploration. While the criterion for concluding that expenditure should be capitalised is always probable, the information used to make that determination depends on the level of exploration: • Costs on greenfields sites, being those where the group does not have any mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of proved and probable Ore Reserve at this location; • Costs on brownfields sites, being those adjacent to mineral deposits which are already being mined or developed under the planned method of extraction, are expensed as incurred until the group is able to demonstrate that future economic benefits are probable, which generally will be the establishment of increased inclusive proved and probable Ore Reserve after which the expenditure is capitalised as a mine development cost; and • Costs relating to extensions of mineral deposits, which are already being mined or developed, including expenditure on the definition of mineralisation of such mineral deposits, are capitalised as a mine development cost. Costs relating to property acquisitions are capitalised within mine development costs. |
Leased assets | Leased assets Assets subject to finance leases are capitalised at the lower of their fair value or the present value of minimum lease payments measured at inception of the lease with the related lease obligation recognised at the same amount. Capitalised leased assets are depreciated over the shorter of their estimated useful lives and the lease term. Finance lease payments are allocated using the rate implicit in the lease, which is included in finance costs, and the capital repayment, which reduces the liability to the lessor. Operating lease rentals are charged against operating profits in a systematic manner related to the period the assets concerned will be used. |
Non-current Assets Held For Sale | Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as having been met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell |
Provisions | Provisions Provisions are recognised when the group has a present obligation, whether legal or constructive, because of a past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement is recognised only when the reimbursement is virtually certain. The amount to be reimbursed is recognised as a separate asset. Where the group has a joint and several liability with one or more other parties, no provision is recognised to the extent that those other parties are expected to settle part or all of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the obligation at the reporting date. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. Litigation and administrative proceedings are evaluated on a case-by-case basis considering the information available, including that of legal counsel, to assess potential outcomes. Where it is considered probable that an obligation will result in an outflow of resources, a provision is recorded for the present value of the expected cash outflows if these are reasonably measurable. These provisions cover the estimated payments to plaintiffs, court fees and the cost of potential settlements. AngloGold Ashanti does not recognise a contingent liability on its statement of financial position except in a business combination where the contingent liability represents a possible obligation. |
Termination benefits | Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The group recognises a liability and expense for termination benefits at the earlier of the following dates: (a) when the entity can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” and involves the payment of termination benefits. The group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after reporting date are discounted to present value. |
Share-based payments | Share-based payments The group’s management awards certain employee bonuses in the form of equity-settled share-based payments on a discretionary basis. The fair value of the equity instruments granted is calculated at grant date. For transactions with employees, fair value is based on market prices of the equity instruments granted, if available, taking into account the terms and conditions upon which those equity instruments were granted. If market prices of the equity instruments granted are not available, the fair value of the equity instruments granted is estimated using an appropriate valuation model. Vesting conditions, other than market conditions, are not taken into account when estimating the fair value of shares or share options at measurement date. Over the vesting period, the fair value at measurement date is recognised as an employee benefit expense with a corresponding increase in other capital reserves based on the group’s estimate of the number of instruments that will eventually vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period. Vesting assumptions for non-market conditions are reviewed at each reporting date to ensure they reflect current expectations. When options are exercised or share awards vest, the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. Where the terms of an equity settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee, as measured at the date of the modification. In addition, the group's management awards certain employee bonuses in the form of a cash settled scheme, whereby awards granted are linked to the performance of the company's share price. A liability is recognised based upon the grant date fair value and is subsequently remeasured to the closing share price at each reporting date up to the date of vesting. Remeasurements to fair value are recognised in the income statement. In the company financial statements, share-based payment arrangements with employees of other group entities are recognised by charging that entity its share of the expense and a corresponding increase in other capital reserves. When options are exercised or share awards vest, the proceeds received, net of any directly attributable transaction costs, are credited to share capital (nominal value) and share premium. |
Revenue recognition | Revenue recognition Revenue is recognised at the fair value of the consideration received or receivable to the extent that it is probable that economic benefits will flow to the group and revenue and costs can be reliably measured. The following criteria must also be present: • the sale of mining products is recognised when the significant risks and rewards of ownership of the products are transferred to the buyer; • dividends and royalties are recognised when the right to receive payment is established; • interest is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the group; and • where a by-product is not regarded as significant, revenue is credited against cost of sales, when the significant risks and rewards of ownership of the products are transferred to the buyer. |
Special items | Special items Items of income and expense that require separate disclosure, in accordance with IAS 1.97, are classified as special items on the face of the income statement. |
Financial instruments | Financial instruments Financial instruments are initially measured at fair value when the group becomes a party to their contractual arrangements. Transaction costs are included in the initial measurement of financial instruments, except financial instruments classified as at fair value through profit or loss. The subsequent measurement of financial instruments is dealt with below. A financial asset is derecognised when the right to receive cash flows from the asset has expired or the group has transferred its rights to receive cash and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. On derecognition of a financial asset, the difference between the proceeds received or receivable and the carrying amount of the asset is included in profit or loss. On derecognition of a financial liability, the difference between the carrying amount of the liability extinguished or transferred to another party and the amount paid is included in profit or loss. Regular way purchases and sales of all financial assets and liabilities are accounted for at settlement date. |
Other investments | Other investments Listed equity investments and unlisted equity investments, other than investments in subsidiaries, joint ventures and associates, are classified as available-for-sale financial assets and subsequently measured at fair value. Listed investments’ fair values are calculated by reference to the quoted selling price at the close of business on the reporting date. Fair values for unlisted equity investments are estimated using methods reflecting the economic circumstances of the investee. Equity investments for which fair value cannot be measured reliably are recognised at cost less impairment. Changes in fair value are recognised in other comprehensive income in the period in which they arise. These amounts are removed from other comprehensive income and reported in income when the asset is derecognised or when there is objective evidence that the asset is impaired based on a significant or prolonged decrease in the fair value of the equity instrument below its cost. Investments which management has the intention and ability to hold to maturity are classified as held-to-maturity financial assets and are subsequently measured at amortised cost using the effective interest rate method. If there is evidence that held-to-maturity financial assets are impaired, the carrying amount of the assets is reduced and the loss recognised in the income statement. |
Other non-current assets | Other non-current assets Loans and receivables are subsequently measured at amortised cost using the effective interest rate method. If there is evidence that loans and receivables are impaired, the carrying amount of the assets is reduced and the loss recognised in the income statement. |
Trade and other receivables | Trade and other receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less accumulated impairment. Impairment of trade and other receivables is established when there is objective evidence as a result of a loss event that the group will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence includes failure by the counterparty to perform in terms of contractual arrangements and agreed terms. The amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Impairments relate to specific accounts whereby the carrying amount is directly reduced. The impairment is recognised in the income statement. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are defined as cash on hand, demand deposits and short-term, highly liquid investments which are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. They are measured at amortised cost which is deemed to be fair value as they have a short-term maturity. |
Cash restricted for use | Cash restricted for use Cash which is subject to legal or contractual restrictions on use is classified separately as cash restricted for use. |
Financial liabilities | Financial liabilities Financial liabilities, other than derivatives and liabilities classified as at fair value through profit or loss, are subsequently measured at amortised cost, using the effective interest rate method. Financial liabilities permitted to be designated on initial recognition as being at fair value through profit or loss are recognised at fair value, with transaction costs being recognised in profit or loss, and are subsequently measured at fair value. Gains and losses on financial liabilities that are designated as at fair value through profit or loss are recognised in profit or loss as they arise. Fair value of a financial liability that is quoted in an active market is the current offer price times the number of units of the instrument held or issued. Financial guarantee contracts are accounted for as financial instruments and measured initially at estimated fair value. They are subsequently measured at the higher of the amount determined in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with IAS 18 “Revenue”. |
Fair value measurements | Fair value measurements The group measures financial instruments at fair value at each reporting date where relevant. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. For the purpose of fair value disclosures, the group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy. The group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of significant accounting policies [Abstract] | |
Disclosure of initial application of standards or interpretations | As currently reported: U S Dollars Figures in millions 2017 2016 2015 Revenue 4,543 4,254 4,174 Gold income 4,356 4,085 4,015 Cost of sales (3,582 ) (3,263 ) (3,294 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 (7 ) Gross profit 784 841 714 Gross profit % 18.00 % 20.59 % 17.78 % Accordingly, the detailed income statement would be restated for the effects of adopting IFRS 15 as follows: U S Dollars Figures in millions 2017 2016 2015 Revenue 4,543 4,254 4,174 Revenue from product sales 4,510 4,223 4,142 Cost of sales (3,736 ) (3,401 ) (3,421 ) Gain (loss) on non-hedge derivatives and other commodity contracts 10 19 (7 ) Gross profit 784 841 714 Gross profit % 17.38 % 19.91 % 17.24 % |
Segmental Information (Tables)
Segmental Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of entity's operating segments [Abstract] | |
Disclosure of Segmental Information | Group analysis by origin is as follows: Figures in millions Total assets (1)(2)(3) Net operating assets (2)(3) US Dollars 2017 2016 2015 2017 2016 2015 South Africa 1,734 1,818 1,629 1,388 1,520 1,352 Continental Africa 3,153 3,090 3,121 1,296 1,278 1,349 Australasia 929 804 837 664 581 625 Americas 1,258 1,273 1,341 909 923 963 Other, including non-gold producing subsidiaries 145 168 356 24 26 11 7,219 7,153 7,284 4,281 4,328 4,300 Non-current assets considered material, by country are: South Africa (5) 1,295 1,678 1,463 Foreign entities (5) 4,259 4,144 4,324 DRC (5) 1,423 1,400 1,406 Ghana (5) 533 520 543 Tanzania (5) 422 437 517 Australia (5) 764 673 703 Brazil (5) 632 645 657 Figures in millions Amortisation US Dollars 2017 2016 2015 South Africa 133 167 182 Continental Africa (1) 421 365 339 Australasia 130 126 117 Americas (1) 273 260 240 Other, including non-gold producing subsidiaries 2 5 7 959 923 885 Equity-accounted investments included above (136 ) (114 ) (108 ) Continuing operations 823 809 777 Discontinued operations — — 6 823 809 783 (1) Includes equity-accounted investments. (2) Total assets includes allocated goodwill of nil ( 2016 : $8m ; 2015 : $7m ) for South Africa, $119m ( 2016 : $110m ; 2015 : $111m ) for Australasia and $8m ( 2016 : $8m ; 2015 : $8m ) for Americas (note 15). The South African segment includes assets held for sale of $348m (refer note 23). (3) In 2017, pre-tax impairments and derecognition of assets of $294m were accounted for in South Africa ( 2016 : $3m ; 2015 : $5m ). (4) The group's segmental profit measure is gross profit (loss), which excludes the results of associates and joint ventures. For the reconciliation of gross profit (loss) to profit before taxation, refer to the group income statement. (5) Non-current assets exclude financial instruments and deferred tax assets. Figures in millions Capital expenditure US Dollars 2017 2016 2015 South Africa 150 182 206 Continental Africa (1) 409 291 315 Australasia 153 109 78 Americas (1) 234 225 196 Other, including non-gold producing subsidiaries 7 4 4 953 811 799 Discontinued operations — — 58 953 811 857 Equity-accounted investments included above (123 ) (100 ) (131 ) 830 711 726 Gold production (attributable) (000oz) 2017 2016 2015 South Africa 903 967 1,004 Continental Africa 1,453 1,321 1,435 Australasia 559 520 560 Americas 840 820 831 Continuing operations 3,755 3,628 3,830 Discontinued operations — — 117 3,755 3,628 3,947 Figures in millions Gold income US Dollars 2017 2016 2015 Geographical analysis of gold income by origin is as follows: South Africa 1,101 1,173 1,132 Continental Africa (1) 1,895 1,663 1,724 Australasia 709 646 666 Americas 1,104 1,036 967 4,809 4,518 4,489 Equity-accounted investments included above (453 ) (433 ) (474 ) Continuing operations (note 3) 4,356 4,085 4,015 Discontinued operations — — 137 4,356 4,085 4,152 Foreign countries included in the above and considered material are: Brazil 705 659 641 Guinea 489 Tanzania 664 591 615 Geographical analysis of gold income by destination is as follows: South Africa 1,659 1,719 2,499 North America 456 893 658 Australia 709 645 666 Asia — — 195 Europe 399 377 332 United Kingdom 1,586 884 139 4,809 4,518 4,489 Equity-accounted investments included above (453 ) (433 ) (474 ) Continuing operations (note 3) 4,356 4,085 4,015 Discontinued operations — — 137 Continuing and discontinued operations 4,356 4,085 4,152 Figures in millions By product revenue US Dollars 2017 2016 2015 South Africa 15 23 38 Continental Africa (1) 3 4 3 Australasia 2 2 2 Americas 135 110 84 155 139 127 Equity-accounted investments included above (1 ) (1 ) — Continuing operations 154 138 127 Discontinued operations — — 1 154 138 128 Figures in millions Total cash costs US Dollars 2017 2016 2015 South Africa 968 857 874 Continental Africa (1) 1,088 976 1,010 Australasia 407 404 393 Americas 547 486 492 Corporate and other (6 ) — (9 ) 3,004 2,723 2,760 Equity-accounted investments included above (295 ) (288 ) (267 ) Continuing operations 2,709 2,435 2,493 Discontinued operations — — 125 2,709 2,435 2,618 Figures in millions Cost of sales US Dollars 2017 2016 2015 South Africa 1,114 1,041 1,083 Continental Africa (1) 1,510 1,331 1,347 Australasia 550 540 525 Americas (1) 851 752 719 Corporate and other (1) (3 ) 5 (2 ) 4,022 3,669 3,672 Equity-accounted investments included above (440 ) (406 ) (378 ) Continuing operations 3,582 3,263 3,294 Discontinued operations — — 118 3,582 3,263 3,412 Figures in millions Gross profit (loss) (4) US Dollars 2017 2016 2015 South Africa (3 ) 149 42 Continental Africa (1) 386 334 377 Australasia 159 106 142 Americas (1) 253 283 247 Corporate and other (1) 2 (4 ) 2 797 868 810 Equity-accounted investments included above (13 ) (27 ) (96 ) Continuing operations 784 841 714 Discontinued operations — — 19 784 841 733 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of revenue [Abstract] | |
Disclosure of revenue | US Dollars Figures in millions 2017 2016 2015 Revenue consists of the following principal categories: Gold income (note 2) 4,356 4,085 4,015 By-products (note 2 and 4) 154 138 127 Royalties received (note 6) 18 9 4 Interest received (notes 31 and 35) 15 22 28 4,543 4,254 4,174 |
Cost of Sales (Tables)
Cost of Sales (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cost of Sales [Abstract] | |
Cost of Sales by Cost | US Dollars Figures in millions 2017 2016 2015 Cash operating costs 2,728 2,444 2,493 By-products revenue (note 3) (154 ) (138 ) (127 ) 2,574 2,306 2,366 Royalties 116 105 100 Other cash costs 19 24 27 Total cash costs 2,709 2,435 2,493 Retrenchment costs 6 14 11 Rehabilitation and other non-cash costs 29 43 (10 ) Amortisation of tangible assets (note 31 and note 35) 817 789 737 Amortisation of intangible assets (note 31 and note 35) 6 20 40 Inventory change 15 (38 ) 23 3,582 3,263 3,294 |
Other Operating Expenses (Table
Other Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other operating expenses [Abstract] | |
Other Operating Expenses by Expense | US Dollars Figures in millions 2017 2016 2015 Care and maintenance costs (note 35) 62 70 67 Pension and medical defined benefit provisions 9 25 18 Governmental fiscal claims and care and maintenance of old tailings operations 14 14 7 Other 3 1 4 88 110 96 |
Special Items (Tables)
Special Items (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of special items [Abstract] | |
Disclosure of Special Items by Item | US Dollars Figures in millions 2017 2016 2015 Impairment and derecognition of assets (1) 297 3 20 Impairment of other investments 3 — — Retrenchment and related costs (2) 88 1 4 Legal fees (recoveries) and other costs related to contract terminations and settlement costs (3) 71 11 (1 ) Write-down of inventories 3 12 11 Net (profit) loss on disposal of assets (8 ) (4 ) (1 ) Royalties received (note 3) (18 ) (9 ) (4 ) Indirect tax expense (recoveries) 2 (2 ) (20 ) Repurchase premium and cost on settlement of debt facilities — 30 61 Other — — 1 438 42 71 (1) Impairments and derecognitions include tangible assets $253m , intangible assets $9m and held for sale assets $35m . (2) Includes retrenchment costs incurred on the restructuring of South African operations which was announced during June 2017. (3) Includes provision for silicosis class action settlement. For details refer note 26. |
Finance Costs and Unwinding o52
Finance Costs and Unwinding of Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Disclosure of Finance Costs and Unwinding of Obligations by Item | US Dollars Figures in millions 2017 2016 2015 Finance costs Finance costs on bonds, corporate notes, bank loans and other 132 148 215 Amortisation of fees 4 4 5 Finance lease charges 6 6 3 142 158 223 Unwinding of obligations 27 22 22 Total finance costs, unwinding of obligations and other discounts (note 31 and 35) 169 180 245 |
Share of Associates and Joint53
Share of Associates and Joint Ventures' Profit (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share of associates and joint ventures’ profit (loss) [Abstract] | |
Disclosure of share of associates and joint ventures’ profit (loss) | US Dollars Figures in millions 2017 2016 2015 Revenue 453 441 489 Operating costs, special items and other expenses (470 ) (446 ) (415 ) Net interest received 1 3 7 Profit (loss) before taxation (16 ) (2 ) 81 Taxation 23 7 (17 ) Profit (loss) after taxation 7 5 64 (Impairment) impairment reversal of investments in associates 13 (5 ) 12 Impairment reversal of investments in joint ventures (note 17) 2 11 12 Share of associates and joint ventures’ profit (loss) (note 31) 22 11 88 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of employee benefits | US Dollars Figures in millions 2017 2016 2015 Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits 1,024 918 971 Health care and medical scheme costs - current medical expenses 58 51 54 - defined benefit post-retirement medical expenses 10 10 10 Pension and provident plan costs - defined contribution 53 48 49 - defined benefit pension plans — 15 14 Retrenchment costs 92 16 15 Share-based payment expense (note 10) 33 37 33 Included in cost of sales, other operating expenses, special items and corporate administration, marketing and other expenses 1,270 1,095 1,146 |
Share-based Payments (Tables)
Share-based Payments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of Share-based Payment Expense | US Dollars Figures in millions 2017 2016 2015 Equity-settled share incentive schemes Bonus Share Plan (BSP) 26 26 22 Long Term Incentive Plan (LTIP) (1 ) 7 11 Other 1 1 — 26 34 33 Cash-settled share incentive scheme Cash-settled Long Term Incentive Plan (CSLTIP) 7 3 — Total share-based payment expense (note 9) 33 37 33 |
Disclosure of Fair and Terms of Equity Schemes | Award date (unvested awards and awards vested during the year) 2013 Calculated fair value R 226.46 Vesting date Aug 2014 Expiry date Aug 2017 Award date (unvested awards and awards vested during the year) 2017 2016 2015 Calculated fair value R 152.87 R 229.22 R 130.87 Vesting date 50% 1 Mar 2018 1 Mar 2017 3 Mar 2016 Vesting date 50% 1Mar 2019 1 Mar 2018 3 Mar 2017 Expiry date 1 Mar 2027 1 Mar 2026 3 Mar 2025 Award date (unvested awards and awards vested during the year) 2015 Calculated fair value R 129.94 Vesting date 3 Mar 2018 Expiry date 3 Mar 2025 Award date (unvested awards and awards vested during the year) 2017 2016 Closing share price at 30 December: R 128.62 R 152.58 Vesting date 1 March 2020 1 March 2019 |
Disclosure of Activity of Equity Schemes | Number of shares 2017 2016 2015 Awards outstanding at beginning of year 97,651 145,040 56,703 Awards granted during the year 112,105 47,590 125,050 Awards lapsed during the year (62,775 ) (18,570 ) (6,426 ) Awards exercised during the year (51,603 ) (76,409 ) (30,287 ) Awards outstanding at end of year 95,378 97,651 145,040 Number of shares 2017 2016 2015 Awards outstanding at beginning of year 4,363,330 6,028,193 3,964,362 Awards granted during the year — — 3,120,555 Awards lapsed during the year (1,512,857 ) (1,160,023 ) (830,356 ) Awards exercised during the year (384,116 ) (504,840 ) (226,368 ) Awards outstanding at end of year 2,466,357 4,363,330 6,028,193 Awards exercisable at end of year 455,914 320,169 445,781 Number of shares 2017 2016 2015 Awards outstanding at beginning of year 4,198,285 4,708,799 3,305,515 Awards granted during the year 1,926,549 2,103,767 2,562,313 Awards lapsed during the year (218,601 ) (204,374 ) (165,006 ) Awards exercised during the year (1,426,554 ) (2,409,907 ) (994,023 ) Awards outstanding at end of year 4,479,679 4,198,285 4,708,799 Awards exercisable at end of year 1,904,021 1,170,849 1,687,096 Number of units 2017 2016 Share units outstanding at beginning of year (1) 2,464,630 30,163 Share units granted during the year 2,572,437 2,537,000 Share units lapsed during the year (507,597 ) (100,490 ) Share units exercised during the year (59,852 ) (2,043 ) Share units outstanding at end of year 4,469,618 2,464,630 (1) Amounts include Long Term share units awarded to two employees during 2015 and 2017. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Disclosure of Income Tax Expense | Figures in millions US Dollars 2017 2016 2015 South African taxation Non-mining tax 1 1 1 Prior year (over) under provision — (3 ) (14 ) Deferred taxation Impairment and disposal of tangible assets (72 ) — (1 ) Other temporary differences (62 ) 12 (43 ) Prior year under provision 15 25 — Change in estimated deferred tax rate 31 — (15 ) (87 ) 35 (72 ) Foreign taxation Normal taxation 201 246 214 Prior year over provision (26 ) (10 ) (9 ) Deferred taxation Temporary differences 20 (65 ) 73 Prior year (over) under provision 2 (17 ) 5 Change in statutory tax rate (2 ) — — 195 154 283 108 189 211 Tax rate reconciliation A reconciliation of the effective tax rate in the income statement to the prevailing estimated South African corporate tax rate is set out in the following table: % % % Effective tax rate (172 ) 70 82 Disallowable items Derivative and other commodity contracts losses and fair value gains — 1 7 Exploration, corporate and other disallowable expenses 44 (12 ) (23 ) Share of associates and joint ventures’ profit (loss) (10 ) 1 10 Foreign income tax allowances and rate differentials 47 (18 ) (16 ) Exchange variation and translation adjustments 10 8 (24 ) Non-tax effective income (loss) 69 (26 ) (25 ) Effect of temporary differences not recognised for deferred tax assets 26 — — Capital allowances — 2 4 Change in estimated deferred tax rate 31 — 6 Change in statutory tax rate (4 ) — — Prior year over provision (13 ) 2 7 Estimated corporate tax rate 28 28 28 |
Disclosure of Tax Rates | Tax rates 2017 2016 2015 South Africa Mining tax rate – maximum statutory rate (1) 34 % 34 % 34 % Non-mining tax 28 % 28 % 28 % Foreign operations include: Argentina 30 % 30 % 30 % Australia 30 % 30 % 30 % Brazil 34 % 34 % 34 % Ghana 30 % 30 % 30 % Guinea 30 % 30 % 30 % Tanzania 30 % 30 % 30 % (1) The formula for determining the South African mining tax rate is: Y = 34 - 170/X where Y is the percentage rate of tax payable and X is the ratio of mining profit net of any redeemable capital expenditure to mining revenue expressed as a percentage. Figures in millions US Dollars 2017 2016 2015 Analysis of unrecognised deferred tax assets Available to be utilised against future profits - utilisation required between one and two years 48 — — - utilisation required between two and five years 333 321 237 - utilisation required between five and twenty years 1,210 1,185 1,184 - utilisation in excess of twenty years 1 1 — 1,592 1,507 1,421 |
Disclosure of Unrecognised Tax Losses | Figures in millions US Dollars 2017 2016 2015 Analysis of unrecognised deferred tax assets Available to be utilised against future profits - utilisation required between one and two years 48 — — - utilisation required between two and five years 333 321 237 - utilisation required between five and twenty years 1,210 1,185 1,184 - utilisation in excess of twenty years 1 1 — 1,592 1,507 1,421 |
Earnings (Loss) per Ordinary 57
Earnings (Loss) per Ordinary Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of Earnings Per Share | 2017 2016 2015 US cents per share Basic earnings (loss) per ordinary share (46 ) 15 (20 ) - Continuing operations (46 ) 15 8 The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of ($191m) (2016: $63m; 2015: $31m) and 415,440,077 (2016: 412,585,042; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the financial year. - Discontinued operations — — (28 ) The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2016: nil; 2015: ($116m)) and 415,440,077 (2016: 412,585,042; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share (46 ) 15 (20 ) - Continuing operations (46 ) 15 8 The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of ($191m) (2016: $63m; 2015: $31m) and 415,440,077 (2016: 414,706,400; 2015: 411,371,341) shares being the diluted number of ordinary shares. - Discontinued operations — — (28 ) The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2016: nil; 2015: $(116m)) and 415,440,077 (2016: 414,706,400; 2015: 409,606,858) shares being the diluted number of ordinary shares. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares 2017 2016 2015 Ordinary shares 409,265,471 407,519,542 404,747,625 Fully vested options and currently exercisable (1) 6,174,606 5,065,500 4,859,233 Weighted average number of shares 415,440,077 412,585,042 409,606,858 Dilutive potential of share options — 2,121,358 — Fully diluted number of ordinary shares 415,440,077 414,706,400 409,606,858 Figures in millions US Dollars In calculating the diluted earnings (loss) attributable to equity shareholders, the following were taken into consideration: Profit (loss) attributable to equity shareholders (191 ) 63 (85 ) (1) Employee compensation awards are included in basic earnings per share from the date that all necessary conditions have been satisfied and it is virtually certain that shares will be issued as a result of employees exercising their options. US Dollars Figures in millions 2017 2016 2015 Headline earnings (loss) The profit (loss) attributable to equity shareholders was adjusted by the following to arrive at headline earnings (loss): Profit (loss) attributable to equity shareholders from continuing and discontinued operations (191 ) 63 (85 ) Net impairment (impairment reversal) and derecognition of assets 298 (16 ) 2 Net (profit) loss on disposal of assets (8 ) 4 9 Special items of associates and joint ventures — — 3 Exchange loss on foreign currency translation reserve release — 60 — Taxation on items above (72 ) — (2 ) 27 111 (73 ) US Cents Basic headline earnings (loss) per share The calculation of basic headline earnings (loss) per ordinary share is based on basic headline earnings (losses) of $27m (2016: $111m; 2015: ($73m)) and 415,440,077 (2016: 412,585,042; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the year. 6 27 (18 ) Diluted headline earnings (loss) per share The calculation of diluted headline earnings (loss) per ordinary share is based on diluted headline earnings (losses) of $27m (2016: $111m; 2015: ($73m)) and 415,440,077 (2016: 414,706,400; 2015: 409,606,858) shares being the weighted average number of ordinary shares in issue during the year. 6 27 (18 ) |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Disclosure of Dividends Paid | US Dollars Figures in million 2017 2016 2015 Ordinary shares Dividend number 118 of 130 SA cents per share was declared on 21 February 2017 and paid on 7 April 2017. (10 US cents per share) 39 — — 39 — — |
Tangible Assets (Tables)
Tangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, plant and equipment [abstract] | |
Disclosure of Detailed Information About Tangible Assets | Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total US Dollars Cost Balance at 1 January 2015 7,238 5,369 958 35 757 88 14,445 Additions - project capital 19 1 — — 102 6 128 - stay-in-business capital 345 57 — — 158 1 561 - capitalised leased assets — 62 — — — — 62 Disposals (113 ) (772 ) (25 ) (29 ) (291 ) (7 ) (1,237 ) Transfers and other movements (1) (497 ) (4 ) — (1 ) (298 ) (1 ) (801 ) Translation (710 ) (281 ) (19 ) — (72 ) (9 ) (1,091 ) Balance at 31 December 2015 6,282 4,432 914 5 356 78 12,067 Accumulated amortisation and impairments Balance at 1 January 2015 5,045 3,515 893 32 79 18 9,582 Amortisation for the year 475 257 6 1 — 1 740 Impairment and derecognition of assets 4 1 — — — — 5 Disposals (113 ) (727 ) (25 ) (29 ) (49 ) (6 ) (949 ) Transfers and other movements (1) (458 ) (346 ) — (1 ) (1 ) — (806 ) Translation (465 ) (82 ) (12 ) (1 ) — (3 ) (563 ) Balance at 31 December 2015 4,488 2,618 862 2 29 10 8,009 Net book value at 31 December 2015 1,794 1,814 52 3 327 68 4,058 Cost Balance at 1 January 2016 6,282 4,432 914 5 356 78 12,067 Additions - project capital 25 4 — — 64 — 93 - stay-in-business capital 363 54 1 — 192 1 611 - capitalised leased assets — 2 — — — — 2 Disposals (45 ) (46 ) — — — — (91 ) Transfers and other movements (1) (884 ) 25 — — (190 ) — (1,049 ) Translation 202 105 4 — 28 3 342 Balance at 31 December 2016 5,943 4,576 919 5 450 82 11,975 Accumulated amortisation and impairments Balance at 1 January 2016 4,488 2,618 862 2 29 10 8,009 Amortisation for the year 546 254 4 1 — 1 806 Impairment and derecognition of assets 1 2 — — — — 3 Disposals (43 ) (43 ) — — — — (86 ) Transfers and other movements (1) (964 ) (70 ) — — (3 ) — (1,037 ) Translation 135 31 2 — — 1 169 Balance at 31 December 2016 4,163 2,792 868 3 26 12 7,864 Net book value at 31 December 2016 1,780 1,784 51 2 424 70 4,111 Figures in millions Mine development costs Mine infra- structure (2) Mineral rights and dumps Exploration and evaluation assets Assets under construction Land and buildings (3)(4) Total Cost Balance at 1 January 2017 5,943 4,576 919 5 450 82 11,975 Additions - project capital 28 3 — — 125 — 156 - stay-in-business capital 371 37 — — 257 — 665 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (168 ) (21 ) (27 ) — (291 ) 1 (506 ) Transfer to non-current assets and liabilities held for sale (785 ) (281 ) (7 ) — (72 ) (3 ) (1,148 ) Translation 174 88 7 — 21 3 293 Balance at 31 December 2017 5,562 4,382 892 5 490 83 11,414 Accumulated amortisation and impairments Balance at 1 January 2017 4,163 2,792 868 3 26 12 7,864 Amortisation for the year 553 272 3 — — 1 829 Impairment and derecognition of assets (5) 182 62 8 — 1 — 253 Disposals (1 ) (20 ) — — — — (21 ) Transfers and other movements (1) (326 ) (163 ) (27 ) — — — (516 ) Transfer to non-current assets and liabilities held for sale (685 ) (169 ) (4 ) — (1 ) — (859 ) Translation 93 22 5 — — 2 122 Balance at 31 December 2017 3,979 2,796 853 3 26 15 7,672 Net book value at 31 December 2017 1,583 1,586 39 2 464 68 3,742 (1) Transfers and other movements include amounts from deferred stripping, change in estimates of decommissioning assets, asset reclassifications and derecognition of assets with a carrying value of nil. (2) Included in the amounts for mine infrastructure are assets held under finance leases with a net book value of $56 m ( 2016 : $58 m; 2015 : $61m ). (3) Included in the amounts for land and buildings are assets held under finance leases with a net book value of $6 m ( 2016 : $7 m; 2015 : $7 m). (4) Assets of $11 m ( 2016 : $12 m; 2015 : $8m ) have been pledged as security. (5) I mpairment and derecognition of assets include the following: Impairment calculation assumptions as at 31 December 2017 - goodwill, tangible and intangible assets Management assumptions for the value in use of tangible assets and goodwill include: • the gold price assumption represents management’s best estimate of the future price of gold. A long-term real gold price of $1,240 /oz (2016: $1,212 /oz) is based on a range of economic and market conditions that will exist over the remaining useful life of the assets. Annual life of mine plans take into account the following: • proved and probable Ore Reserve; • value beyond proved and probable reserves (including exploration potential) determined using the gold price assumption referred to above; • in determining the impairment for each cash generating unit, the real pre-tax rate was derived from the weighted average cost of capital (WACC) using the Capital Asset Pricing Model ("CAPM") to determine the required return on equity with risk factors consistent with the basis used in 2016. At 31 December 2017, the derived group WACC was 7.50% (real post-tax) which is 20 basis points higher than in 2016 of 7.30% , and is based on the industry average capital structure of the major gold companies considered to be appropriate peers. In determining the WACC for each cash generating unit, sovereign and mining risk factors are considered to determine country specific risks. In certain instances, a specific risk premium was added to large projects being undertaken or the turnaround nature of a specific mine to address uncertainties in the forecast of the cash flows; • foreign currency cash flows translated at estimated forward exchange rates and then discounted using appropriate discount rates for that currency; • cash flows used in impairment calculations are based on life of mine plans which range from 2 years to 42 years ; and • variable operating cash flows are increased at local Consumer Price Index rates. |
Disclosure of Impairments and Derecognitions of Tangible Assets | For the year ended 31 December 2017, the following impairments and derecognitions of tangible assets were recognised: Figures in millions US Dollars TauTona 79 Kopanang 35 Surface Operations 9 Moab Khotsong 112 Mponeng 2 First Uranium 13 Other 3 253 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of Reconciliation of Changes in Intangible Assets and Goodwill | Figures in millions Goodwill Software and licences Royalty tax rate concession and other Total US Dollars Cost Balance at 1 January 2015 400 152 60 612 Additions — 3 — 3 Disposals — (9 ) — (9 ) Transfers and other movements (1) — (10 ) — (10 ) Translation (20 ) (18 ) — (38 ) Balance at 31 December 2015 380 118 60 558 Accumulated amortisation and impairments Balance at 1 January 2015 258 82 47 387 Amortisation for the year 37 3 40 Disposals — (7 ) — (7 ) Transfers and other movements (1) — (7 ) — (7 ) Translation (4 ) (12 ) — (16 ) Balance at 31 December 2015 254 93 50 397 Net book value at 31 December 2015 126 25 10 161 Cost Balance at 1 January 2016 380 118 60 558 Additions — 5 — 5 Transfers and other movements (1) — (4 ) — (4 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 379 125 60 564 Accumulated amortisation and impairments Balance at 1 January 2016 254 93 50 397 Amortisation for the year 16 4 20 Transfers and other movements (1) — (3 ) — (3 ) Translation (1 ) 6 — 5 Balance at 31 December 2016 253 112 54 419 Net book value at 31 December 2016 126 13 6 145 Cost Balance at 1 January 2017 379 125 60 564 Additions — 1 — 1 Transfer to non-current assets and liabilities held for sale — (17 ) — (17 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 11 4 — 15 Balance at 31 December 2017 127 112 60 299 Accumulated amortisation and impairments Balance at 1 January 2017 253 112 54 419 Amortisation for the year 3 3 6 Impairment 9 — — 9 Transfer to non-current assets and liabilities held for sale — (15 ) — (15 ) Transfers and other movements (1) (263 ) (1 ) — (264 ) Translation 1 5 — 6 Balance at 31 December 2017 — 104 57 161 Net book value at 31 December 2017 127 8 3 138 (1) Transfers and other movements include amounts from asset reclassifications and amounts written off. |
Disclosure of Goodwill Impairment Assumptions | Based on an analysis carried out by the group in 2017, the carrying value and value in use of cash generating units (CGUs) with goodwill that were most sensitive is: 2017 US Dollars Figures in millions Carrying Value Value in use AngloGold Ashanti Australia Limited - Sunrise Dam 233 402 |
Disclosure of Goodwill Allocation | Net book value of goodwill allocated to each of the CGUs: US Dollars Figures in millions 2017 2016 2015 - Sunrise Dam 119 110 111 - First Uranium (Pty) Limited (1) — 8 7 - Serra Grande 8 8 8 (note 2) 127 126 126 Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant are as follows: - Sunrise Dam (2) 8.3 % 8.8 % 7.9 % (1) Goodwill has been allocated to its respective CGU's where it is tested for impairment as part of the CGU . The group reviews and tests the carrying value of goodwill on an annual basis for impairment. Following the impairment review, goodwill to the value of $9m at First Uranium (Pty) Ltd was impaired utilising a real pre-tax discount rate of 9.23% during 2017. The discount rates for 2017 were determined on a basis consistent with the 2016 and 2015 discount rates. The value in use recoverable amount of First Uranium (Pty) Ltd is $317m (2016: $336m ; 2015: $304m ). (2) The value in use of the CGU is $402 m in 2017 (2016: $487 m; 2015: $504 m). |
Material partly-owned subsidi61
Material partly-owned subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interests In Other Entities [Abstract] | |
Disclosure of interest in subsidiaries | Name Non-controlling interest holding Country of incorporation and operation 2017 2016 2015 Cerro Vanguardia S.A. (CVSA) 7.5 % 7.5 % 7.5 % Argentina Société AngloGold Ashanti de Guinée S.A. (Siguiri) 15 % 15 % 15 % Republic of Guinea Financial information of subsidiaries that have material non-controlling interests are provided below: US Dollars Figures in millions 2017 2016 2015 Profit allocated to material non-controlling interest CVSA 7 6 4 Siguiri 13 11 8 Accumulated balances of material non-controlling interests CVSA 13 15 15 Siguiri 32 28 26 Summarised financial information of subsidiaries is as follows. The information is based on amounts including inter-company balances. US Dollars Figures in millions CVSA Siguiri Statement of profit or loss for 2017 Revenue 517 489 Profit (loss) for the year 96 88 Total comprehensive income (loss) for the year, net of tax 96 88 Attributable to non-controlling interests 7 13 Dividends paid to non-controlling interests (9 ) (10 ) Statement of profit or loss for 2016 Revenue 472 367 Profit (loss) for the year 81 74 Total comprehensive income (loss) for the year, net of tax 81 74 Attributable to non-controlling interests 6 11 Dividends paid to non-controlling interests (6 ) (9 ) Statement of profit or loss for 2015 Revenue 399 350 Profit (loss) for the year 57 50 Total comprehensive income (loss) for the year, net of tax 57 50 Attributable to non-controlling interests 4 8 Dividends paid to non-controlling interests — (4 ) Summarised financial information of subsidiaries is as follows. The information is based on amounts before inter-company eliminations. US Dollars Figures in millions CVSA Siguiri Statement of financial position as at 31 December 2017 Non-current assets 193 206 Current assets 171 189 Non-current liabilities (103 ) (101 ) Current liabilities (84 ) (82 ) Total equity 177 212 Statement of financial position as at 31 December 2016 Non-current assets 241 174 Current assets 177 178 Non-current liabilities (108 ) (79 ) Current liabilities (107 ) (85 ) Total equity 203 188 Statement of financial position as at 31 December 2015 Non-current assets 245 151 Current assets 182 158 Non-current liabilities (114 ) (79 ) Current liabilities (109 ) (55 ) Total equity 204 175 Statement of cash flows for the year ended 31 December 2017 Cash inflow (outflow) from operating activities 189 152 Cash inflow (outflow) from investing activities (55 ) (82 ) Cash inflow (outflow) from financing activities (118 ) (58 ) Net increase (decrease) in cash and cash equivalents 16 12 Statement of cash flows for the year ended 31 December 2016 Cash inflow (outflow) from operating activities 110 120 Cash inflow (outflow) from investing activities (57 ) (59 ) Cash inflow (outflow) from financing activities (97 ) (53 ) Net increase (decrease) in cash and cash equivalents (44 ) 8 Statement of cash flows for the year ended 31 December 2015 Cash inflow (outflow) from operating activities 98 76 Cash inflow (outflow) from investing activities (60 ) (29 ) Cash inflow (outflow) from financing activities 3 (36 ) Net increase (decrease) in cash and cash equivalents 41 11 |
Investments in Associates and62
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interests In Other Entities [Abstract] | |
Disclosure of Interests in Associates | US Dollars Figures in millions 2017 2016 2015 Carrying value Investments in associates 36 20 34 Investments in joint ventures 1,471 1,428 1,431 1,507 1,448 1,465 Detailed disclosures are provided for the years in which investments in associates and joint ventures are considered to be material. Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2017 2016 2015 Aggregate statement of profit or loss for associates (attributable) Revenue 21 30 53 Operating costs and expenses (11 ) (38 ) (45 ) Taxation 2 (1 ) 4 Profit (loss) for the year 12 (9 ) 12 Total comprehensive profit (loss) for the year, net of tax 12 (9 ) 12 |
Disclosure of Interests in Joint Ventures | Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2017 2016 2015 Kibali Goldmines S.A.. (1) 45 45 45 Exploration and mine development The Democratic Republic of the Congo (1) AngloGold Ashanti Limited has a 50% interest in Kibali (Jersey) Limited (Kibali) which holds our effective 45% interest in Kibali Goldmines S.A. US Dollars Figures in millions 2017 2016 2015 Carrying value of joint ventures Kibali 1,423 1,400 1,406 Immaterial joint ventures 48 28 25 1,471 1,428 1,431 Reversal (impairment) of investments in joint ventures Sadiola (note 8) 2 11 12 US Dollars Figures in millions 2017 2016 2015 The cumulative unrecognised share of losses of the joint ventures: Sadiola — — 10 Morila 7 9 — Yatela 2 3 — Summarised financial information of joint ventures is as follows (not attributable): US Dollars Kibali Figures in millions 2017 2016 2015 Statement of profit or loss Revenue 755 709 747 Other operating costs and expenses (530 ) (471 ) (398 ) Amortisation of tangible and intangible assets (264 ) (211 ) (193 ) Finance costs and unwinding of obligations (5 ) (5 ) (5 ) Interest received 4 5 5 Taxation 54 23 (18 ) Profit for the year 14 50 138 Other comprehensive income for the year, net of tax — — 3 Total comprehensive income for the year, net of tax 14 50 141 Dividends received from joint venture (attributable) — 30 35 US Dollars Kibali Figures in millions 2017 2016 2015 Statement of financial position Non-current assets 2,834 2,805 2,754 Current assets 166 179 259 Cash and cash equivalents 3 19 22 Total assets 3,003 3,003 3,035 Non-current financial liabilities 41 47 52 Other non-current liabilities 23 32 57 Current financial liabilities 7 10 10 Other current liabilities 107 133 125 Total liabilities 178 222 244 Net assets 2,825 2,781 2,791 Group’s share of net assets 1,413 1,391 1,396 Other 10 9 10 Carrying amount of interest in joint venture 1,423 1,400 1,406 US Dollars Figures in millions 2017 2016 2015 Aggregate statement of profit (loss) for immaterial joint ventures (attributable) Revenue 113 114 138 Other operating costs and expenses (94 ) (95 ) (102 ) Amortisation of tangible and intangible assets (16 ) (18 ) (21 ) Taxation (2 ) (3 ) (7 ) Profit (loss) for the year 1 (2 ) 8 Total comprehensive income (loss) for the year, net of tax 1 (2 ) 8 |
Other Investments (Tables)
Other Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Other Investments | US Dollars Figures in millions 2017 2016 2015 Non-current investments Listed investments (1) Available-for-sale Balance at beginning of year 46 29 47 Additions 9 8 8 Disposals (1 ) (1 ) (3 ) Fair value adjustments 19 7 (7 ) Impairments (3 ) — (9 ) Translation 3 3 (7 ) Balance at end of year 73 46 29 The available-for-sale non-current investments consist of ordinary shares and collective investment schemes and primarily comprise: International Tower Hill Mines Limited (ITH) 7 9 2 Corvus Gold Corporation 25 7 4 Various listed investments held by Environmental Rehabilitation Trust Fund 22 18 17 Pure Gold Mining 11 8 1 Orinoco Gold Limited 4 — — Other 4 4 5 73 46 29 (1) The group’s listed available-for-sale equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the majority of equity investments were listed on the Toronto Stock Exchange and the JSE. US Dollars Figures in millions 2017 2016 2015 Non-current investments (continued) Listed investments (continued) Held-to-maturity 4 6 5 The held-to-maturity investment consists of government bonds held by the Environmental Rehabilitation Trust Fund administered by Ashburton Investments. The fair value of bonds held-to-maturity is $6m (2016: $8m; 2015: $6m) and has a sensitivity of less than $1m (2016: less than $1m; 2015: less than $1m) for a 1% change in interest rates. Current investments Listed investments - available for sale 7 5 1 Book value of listed investments 84 57 35 Non-current assets Unlisted investments Balance at beginning of year 73 57 72 Additions 81 66 77 Maturities (73 ) (58 ) (74 ) Transfer to non-current assets and liabilities held for sale (32 ) — — Accrued interest — 1 — Translation 5 7 (18 ) Balance at end of year 54 73 57 The unlisted investments include: Negotiable Certificates of Deposit - Environmental Rehabilitation Trust Fund administered by Ashburton Investments 53 69 55 Other 1 4 2 54 73 57 Book value of unlisted investments 54 73 57 Total book value of other investments (note 34) 138 130 92 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of inventories [Abstract] | |
Disclosure of Inventory by Type | US Dollars Figures in millions 2017 2016 2015 Non-current Raw materials - ore stockpiles 100 84 90 Current Raw materials - ore stockpiles 261 233 232 - heap-leach inventory 5 3 6 Work in progress - metals in process 58 77 65 Finished goods - gold doré/bullion 59 60 28 - by-products 5 4 5 Total metal inventories 388 377 336 Mine operating supplies 295 295 310 683 672 646 Total inventories (1) 783 756 736 (1) The amount of the write-down of ore stockpiles, metals in process, by-products and mine operating supplies to net realisable value, and recognised as an expense during the year in special items or cost of sales is $17m ( 2016 : $30m ; 2015 : $30m ). |
Trade, other receivables and 65
Trade, other receivables and other assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Trade, Other Receivables and Other Assets by Type | US Dollars Figures in millions 2017 2016 2015 Non-current Prepayments 17 9 9 Recoverable tax, rebates, levies and duties 50 25 4 67 34 13 Current Trade and loan receivables 27 35 34 Prepayments 62 85 37 Recoverable tax, rebates, levies and duties 127 124 117 Other receivables 6 11 8 222 255 196 Total trade, other receivables and other assets 289 289 209 Current trade and loan receivables are generally on terms less than 90 days. At 31 December 2017 trade receivables of $2m have been pledged as security. There is a concentration of risk in respect of amounts due from Revenue Authorities for recoverable tax, rebates, levies and duties from subsidiaries in the Continental Africa segment. These values are summarised as follows: Recoverable value added tax 106 61 66 Recoverable fuel duties 38 39 28 Appeal deposits 10 8 1 |
Cash Restricted for Use (Tables
Cash Restricted for Use (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Cash Restricted for Use by Type | US Dollars Figures in millions 2017 2016 2015 Non-current Cash balances held by Environmental Rehabilitation Trust Funds and other 37 36 37 Current Cash restricted by prudential solvency requirements and other 18 16 19 Cash balances held by the Tropicana joint venture 10 3 4 28 19 23 Total cash restricted for use (note 34) 65 55 60 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Cash and Cash Equivalents by Type | US Dollars Figures in millions 2017 2016 2015 Cash and deposits on call 170 167 344 Money market instruments 35 48 140 Total cash and cash equivalents (note 34 and note 35) 205 215 484 |
Non-current assets and liabil68
Non-current assets and liabilities held for sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of non-current assets held for sale and discontinued operations [Abstract] | |
Disclosure of non-current assets and liabilities held for sale | Kopanang gold mine, West Gold Plant and related infrastructure (Kopanang Sale Assets) The Kopanang gold mine is situated approximately 170 kilometres southwest of Johannesburg. It is included in the South Africa reporting segment. Kopanang gold mine was previously recognised as a combination of tangible assets, current assets, current and long term liabilities. On 19 October 2017, AngloGold Ashanti Limited announced that it has entered into an agreement to dispose of the Kopanang Sale Assets to Heaven‐Sent SA Sunshine Investment Company Limited (HSC), a Chinese capital management company headquartered in Hong Kong. The purchase consideration will be settled on the Closing Date by a payment of R100 million in cash and the transfer of certain gold bearing rock dumps from a subsidiary of HSC, namely Village Main Reef Limited to AngloGold Ashanti. Kopanang mine is a single shaft system, which produces gold as its primary output. In 2017, Kopanang mine produced 91,000 ounces of gold (2016: 91,000 ounces). Moab Khotsong gold mine and related infrastructure, Nufcor and Margaret Water Company (Moab Sale Assets) The Moab Khotsong gold mine is situated about 180 kilometres southwest of Johannesburg. It is included in the South Africa reporting segment. Moab Khotsong gold mine was previously recognised as a combination of tangible assets, current assets, current and long term liabilities. On 19 October 2017, AngloGold Ashanti Limited announced that it has entered into a sale and purchase agreement, to dispose of various assets (Moab Sale Assets) situated in the Vaal River area of South Africa to Harmony Gold Mining Company Limited for a cash consideration of US$300 million. The assets and related interests to be sold include the following: · The Moab Khotsong mine (which incorporates the Great Noligwa mine) and related infrastructure; · AngloGold Ashanti’s entire interest in Nuclear Fuels Corporation of South Africa Proprietary Limited; and · AngloGold Ashanti’s entire interest in Margaret Water Company NPC. Moab Khotsong is an underground mine which produced 294,000 ounces in 2017 (2016: 280,000 ounces). Subsequent to year end the conditions precedent were fulfilled. Refer note 36. The carrying amount of major classes of assets and liabilities includes: US Dollars 2017 Figures in millions Moab Sale Assets Kopanang Sale Assets Total Tangible assets (1) 277 12 289 Intangible assets 2 — 2 Inventories 16 5 21 Other investments 31 5 36 Non-current assets held for sale (note 2) 326 22 348 Environmental and rehabilitation provisions 20 9 29 Provision for pension and post-retirement benefits 1 — 1 Trade, other payables and deferred income 10 5 15 Deferred taxation 81 — 81 Non-current liabilities held for sale 112 14 126 Net non-current assets held for sale 214 8 222 (1) Includes impairments of $35m subsequent to being transferred to held for sale. |
Share Capital and Premium (Tabl
Share Capital and Premium (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of Share Capital | US Dollars Figures in millions 2017 2016 2015 Share capital Authorised 600,000,000 ordinary shares of 25 SA cents each 23 23 23 2,000,000 A redeemable preference shares of 50 SA cents each — — — 5,000,000 B redeemable preference shares of 1 SA cent each — — — 30,000,000 C redeemable preference shares of no par value — — — 23 23 23 Issued and fully paid 410,054,615 (2016: 408,223,760; 2015: 405,265,315) ordinary shares of 25 SA cents each 16 16 16 2,000,000 A redeemable preference shares of 50 SA cents each — — — 778,896 B redeemable preference shares of 1 SA cent each — — — 16 16 16 Treasury shares held within the group: 2,778,896 A and B redeemable preference shares — — — 16 16 16 Share premium Balance at beginning of year 7,145 7,103 7,078 Ordinary shares issued 26 42 25 7,171 7,145 7,103 Less: held within the group Redeemable preference shares (53 ) (53 ) (53 ) Balance at end of year 7,118 7,092 7,050 Share capital and premium 7,134 7,108 7,066 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of borrowing costs [Abstract] | |
Disclosure of Detailed Information About Borrowings | US Dollars Figures in millions 2017 2016 2015 Non-current Unsecured Debt carried at fair value $1.25bn bonds - issued July 2013 — — 498 On 1 August 2016, the remaining portion of the bonds were settled. Debt carried at amortised cost Rated bonds - issued July 2012 759 758 756 Semi-annual coupons are paid at 5.125% per annum. The bonds were issued on 30 July 2012, are repayable on 1 August 2022 and are US dollar-based. Rated bonds - issued April 2010 1,001 1,000 999 Semi-annual coupons are paid at 5.375% per annum on $700m 10-year bonds and at 6.5% per annum on $300m 30-year bonds. The $700m bonds are repayable in April 2020 and the $300m bonds are repayable in April 2040. The bonds are US dollar-based. Syndicated revolving credit facility ($1bn) 32 45 194 Semi-annual interest paid at LIBOR plus 1.5% per annum. The applicable margin is subject to a ratings grid. The facility was issued on 17 July 2014 and is available until 17 July 2019. The facility is US dollar-based. Syndicated revolving credit facility (A$500m) 163 168 96 Interest charged at BBSY plus 2% per annum. The applicable margin is subject to a ratings grid. The loan is repayable in July 2019 and is Australian dollar-based. Syndicated loan facility (R1.5bn) — 88 65 The facility was issued on 3 December 2013 and was settled on 12 December 2017. Syndicated revolving credit facility (R2.5bn) 56 — — Quarterly interest paid at JIBAR plus 1.8% per annum. The facility was issued on 12 December 2017 and is available until 12 December 2020, with the option on application to extend by two years. The loan is SA rand-based. Syndicated loan facility (R1.4bn) 81 — — Quarterly interest paid at JIBAR plus 1.65% per annum. The facility was issued on 7 July 2015 and is available until 7 July 2020. The loan is SA rand-based. Syndicated loan facility (R1bn) 81 — — Quarterly interest paid at JIBAR plus 1.3% per annum. The facility was issued on 3 November 2017 and is available until 3 November 2020, with the option on application to extend by two years. The loan is SA rand-based. Revolving Credit Facilities - $100m 16 41 — Various loans with interest rates ranging from 6.2% to 8% above LIBOR. The facilities were issued on 23 August 2016 and are available until 23 August 2019 and are US dollar-based. Other 1 1 1 Interest charged at various rates from 2.5% plus delta exchange rate on individual instalments per annum to 4.5% per annum. Repayments terminate in June 2023. All loans are Brazilian real-based. The loans are subject to debt covenant arrangements for which no default event occurred. US Dollars Figures in millions 2017 2016 2015 Non-current (continued) Secured Finance leases Turbine Square Two (Pty) Limited 15 15 15 The leases are capitalised at an implied interest rate of 9.8% per annum. Lease payments are due in monthly instalments terminating in March 2022 and are SA rand-based. The buildings financed are used as security for these loans (note 35). Australian Gas Pipeline 58 57 62 The contract with the supplier of gas contains embedded leases which have been determined to bear interest at an average of 6.75% per annum. The embedded leases commenced in November and December 2015 and are for a 10 and 12 year duration, respectively. The leases are repayable in monthly instalments and are Australian dollar-based. The equipment related to the embedded leases is used as security for these loans. Other 5 5 2 Various loans with interest rates ranging from 2.5% to 15.5% per annum. These loans are repayable from 2016 to 2041. Some of these loans are secured by the financed assets. Total non-current borrowings including current portion 2,268 2,178 2,688 Current portion of non-current borrowings included in current liabilities (38 ) (34 ) (51 ) Total non-current borrowings 2,230 2,144 2,637 Current Current portion of non-current borrowings included above 38 34 51 Unsecured R750m Bonds - issued December 2013 — — 49 Total current borrowings 38 34 100 Total borrowings (notes 34 and 35) 2,268 2,178 2,737 Amounts falling due Within one year 38 34 100 Between one and two years 219 170 64 Between two and five years 1,687 902 1,495 After five years 324 1,072 1,078 (notes 34 and 35) 2,268 2,178 2,737 US Dollars Figures in millions 2017 2016 2015 Currency The currencies in which the borrowings are denominated are as follows: US dollar 1,807 1,844 2,447 Australian dollar 221 225 158 SA rand 237 106 130 Brazilian real 3 3 2 (notes 34 and 35) 2,268 2,178 2,737 Undrawn facilities Undrawn borrowing facilities as at 31 December are as follows: Syndicated revolving credit facility ($1bn) - US dollar 965 950 800 Syndicated revolving credit facility (A$500m) - Australian dollar 226 191 266 Syndicated revolving credit facility (R1.5bn) - SA rand — 21 33 Syndicated revolving credit facility (R2.5bn) - SA rand 146 — — Syndicated revolving credit facility (R1.4bn) - SA rand 32 102 91 FirstRand Bank Limited (R750m) - SA rand 61 37 32 Revolving credit facilities ($100m) - US dollar 85 60 — 1,515 1,361 1,222 Changes in liabilities arising from financing activities: Reconciliation of total borrowings: A reconciliation of total borrowings included in the statement of financial position is set out in the following table: Opening balance 2,178 2,737 3,721 Acquisitions and disposals - other — — 47 Proceeds from borrowings 815 787 421 Repayment of borrowings (767 ) (1,333 ) (1,288 ) Finance costs paid on borrowings (125 ) (159 ) (239 ) Interest charged to the income statement 130 145 213 Fair value adjustments on issued bonds — (9 ) (66 ) Translation 37 10 (72 ) Closing balance 2,268 2,178 2,737 Reconciliation of finance costs paid: A reconciliation of finance costs paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 125 159 239 Commitment fees, environmental guarantee fees and other borrowing costs 13 13 12 Total finance costs paid 138 172 251 |
Environmental Rehabilitation 71
Environmental Rehabilitation and Other Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of Environmental Rehabilitation and Other Provisions | US Dollars Figures in millions 2017 2016 2015 Environmental rehabilitation obligations Provision for decommissioning Balance at beginning of year 279 272 296 Charge to income statement 2 — — Change in estimates (1) 4 (12 ) 5 Unwinding of decommissioning obligation 12 12 11 Transfer to non-current assets and liabilities held for sale (20 ) — (11 ) Utilised during the year (2 ) (2 ) (3 ) Translation 11 9 (26 ) Balance at end of year 286 279 272 Provision for restoration Balance at beginning of year 426 411 555 Charge to income statement 8 10 6 Change in estimates (1) (17 ) (2 ) (40 ) Unwinding of restoration obligation 10 8 10 Transfer to non-current assets and liabilities held for sale (3 ) — (110 ) Transfer to current portion (17 ) — — Utilised during the year (4 ) (3 ) (2 ) Translation 6 2 (8 ) Balance at end of year 409 426 411 Other provisions (2)(3) Balance at beginning of year 172 164 201 Charge to income statement 17 11 11 Change in estimates 15 5 24 Additions 64 — — Transfer (to) from trade and other payables (6 ) (2 ) 3 Unwinding of other provisions 1 1 1 Utilised during the year (35 ) (30 ) (25 ) Translation 19 23 (51 ) Balance at end of year 247 172 164 Total environmental rehabilitation and other provisions 942 877 847 (1) The change in estimates is attributable to changes in discount rates due to changes in global economic assumptions and changes in mine plans resulting in a change in cash flows and changes in design of tailings storage facilities and in methodology following requests from the environmental regulatory authorities. These provisions are expected to unwind beyond the end of the life of mine. (2) Other provisions include the following significant item: Chemwes (Pty) Limited, a subsidiary of First Uranium (Pty) Limited acquired by AngloGold Ashanti Limited during 2012, agreed to sell 25% of its production, capped at 312,500 oz from 1 January 2012, to Franco-Nevada (Barbados) Corporation. Franco Nevada is required to pay $400 /oz which inflates at 1% compounded annually from 2013. These factors were considered in determining the commodity contract obligation. The provision is calculated as the present value of the portion which is deemed onerous in light of the current market conditions using a gold forward for the duration of the contract of $1,303 /oz ( 2016 : $1,152 /oz; 2015 : $1,061 /oz). As at 31 December 2017, the remaining production due to Franco Nevada is 170,435 oz ( 2016 : 197,528 oz; 2015 : 220,447 oz). (3) Other provisions include the provision for the silicosis class action litigation of $63m . The undiscounted rehabilitation provision based on real cash flows is $991m (2016: $867m ; 2015: $831m ). |
Provision for Pension and Pos72
Provision for Pension and Post-retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of Pension and Post-retirement Benefits | US Dollars Figures in millions 2017 2016 2015 Defined benefit plans The group has made provision for pension, provident and medical schemes covering substantially all employees. The retirement schemes consist of the following: AngloGold Ashanti Limited Pension Fund — — (18 ) Post-retirement medical scheme for AngloGold Ashanti Limited South African employees 114 109 97 Other defined benefit plans 8 9 10 Sub-total 122 118 89 Transferred to other non-current assets - AngloGold Ashanti Limited Pension Fund — — 18 122 118 107 Other defined benefit plans include the following: -Obuasi Mines Staff Pension Scheme 6 6 7 - Retiree Medical Plan for North American employees 1 2 2 - Supplemental Employee Retirement Plan (SERP) for North America (USA) Inc. employees 1 1 1 8 9 10 Figures in millions 2017 2016 2015 US Dollars Post-retirement medical scheme for AngloGold Ashanti Limited South African employees The provision for post-retirement medical funding represents the provision for health care benefits for employees and retired employees and their registered dependants. The post-retirement benefit costs are assessed in accordance with the advice of independent professionally qualified actuaries. The actuarial method used is the projected unit credit funding method. This scheme is unfunded. The last valuation was performed as at 31 December 2017. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 109 97 135 Interest cost 10 10 10 Benefits paid (9 ) (8 ) (9 ) Actuarial (gain) loss (8 ) (2 ) (7 ) Translation 13 12 (32 ) Balance at end of year 115 109 97 Less: transfer to non-current assets and liabilities held for sale (1 ) — — Net amount recognised (1) 114 109 97 (1) The obligation for post-retirement medical is unfunded. Components of net periodic benefit cost Interest cost 10 10 10 Net periodic benefit cost 10 10 10 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 9.29 % 9.31 % 10.10 % Expected increase in health care costs 7.75 % 8.30 % 9.10 % Assumed health care cost trend rates at 31 December: Health care cost trend assumed for next year 7.75 % 8.30 % 9.10 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 7.75 % 8.30 % 9.10 % Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% point change in assumed health care cost trend rates would have the following effect: Effect on total service and interest cost – 1% point increase 1 1 1 Effect on post-retirement benefit obligation – 1% point increase 10 10 9 Effect on total service and interest cost – 1% point decrease (1 ) (1 ) (1 ) Effect on post-retirement benefit obligation – 1% point decrease (8 ) (9 ) (8 ) Cash flows Contributions AngloGold Ashanti Limited expects to contribute $10m to the post-retirement medical plan in 2018. Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid: 2018 10 2019 10 2020 10 2021 11 2022 11 Thereafter 62 |
Deferred Taxation (Tables)
Deferred Taxation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Disclosure of Deferred Taxation | US Dollars Figures in millions 2017 2016 2015 Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets 604 730 743 Inventories 33 31 35 Other 15 10 14 652 771 792 Assets Provisions 229 245 242 Tax losses 60 31 34 Other 4 3 3 293 279 279 Net deferred taxation liability 359 492 513 Included in the statement of financial position as follows: Deferred tax assets 4 4 1 Deferred tax liabilities 363 496 514 Net deferred taxation liability 359 492 513 The movement on the deferred tax balance is as follows: Balance at beginning of year 492 513 440 Taxation of items included in income statement (68 ) (45 ) 140 Taxation on items included in other comprehensive income (6 ) 2 2 Transfer to non-current assets and liabilities held for sale (73 ) — — Translation 14 22 (69 ) Balance at end of year 359 492 513 |
Trade, Other Payables and Def74
Trade, Other Payables and Deferred Income (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Disclosure of Trade, Other Payables and Deferred Income by Nature | US Dollars Figures in millions 2017 2016 2015 Non-current 3 4 5 Current Trade payables 358 381 306 Accruals and deferred income 193 206 187 Short-term provisions 22 — — Accruals for retrenchment costs 35 — — Other payables 30 28 23 638 615 516 Total trade, other payables and deferred income 641 619 521 Current trade and other payables are non-interest bearing and are normally settled within 60 days. |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Disclosure of Income Tax Payable | US Dollars Figures in millions 2017 2016 2015 Balance at beginning of year 97 64 41 Refunds during the year 14 12 21 Payments during the year (174 ) (165 ) (184 ) Taxation of items included in the income statement 190 234 192 Offset of VAT and other taxes (78 ) (47 ) — Translation 1 (1 ) (6 ) Balance at end of year 50 97 64 Included in the statement of financial position as follows: Taxation asset included in trade and other receivables (3 ) (14 ) (27 ) Taxation liability 53 111 91 50 97 64 |
Cash Generated From Operations
Cash Generated From Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of cash flows [abstract] | |
Disclosure of Cash Generated From Operations | US Dollars Figures in millions 2017 2016 2015 Profit (loss) before taxation (63 ) 269 257 Adjusted for: Movement on non-hedge derivatives and other commodity contracts (10 ) (19 ) 7 Amortisation of tangible assets (note 4) 817 789 737 Finance costs and unwinding of obligations (note 7) 169 180 245 Environmental, rehabilitation and other expenditure (30 ) (13 ) (56 ) Special items 394 44 60 Amortisation of intangible assets (notes 4 and 15) 6 20 40 Fair value adjustment on issued bonds — (9 ) (66 ) Interest received (note 3) (15 ) (22 ) (28 ) Share of associates and joint ventures’ (profit) loss (note 8) (22 ) (11 ) (88 ) Exchange loss on foreign currency reserve release — 60 — Other non-cash movements 61 90 53 Movements in working capital (156 ) (76 ) 89 1,151 1,302 1,250 Movements in working capital: (Increase) decrease in inventories (67 ) (48 ) 99 (Increase) decrease in trade, other receivables and other assets (86 ) (131 ) 108 Increase (decrease) in trade, other payables and deferred income (3 ) 103 (118 ) (156 ) (76 ) 89 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party [Abstract] | |
Disclosure of Transactions Between Related Parties | US Dollars Figures in millions 2017 2016 2015 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Joint ventures 12 16 6 Purchases and services acquired from related parties Associates 16 15 8 Joint ventures 3 6 — Outstanding balances arising from sale of goods and services due by related parties Associates 7 — — Joint ventures 2 8 — Amounts owed to/due by related parties above are unsecured and non-interest bearing. Loans advanced to joint ventures and associates Rand Refinery (Pty) Limited During the year the loan was converted to preference shares. There are no fixed repayment terms. The loan had accrued interest at JIBAR plus 3.5% — 20 27 Loans advanced to associates and joint ventures are included in the carrying value of investments in associates and joint ventures (note 17) |
Disclosure of Notice Period and Change of Control Period by Executive Category | The notice period applied per category of executive and the change of control periods as at 31 December 2017 were as follows: Executive Committee member Notice Period Change of control CEO 12 months 12 months CFO 6 months 6 months EXCO 6 months 6 months |
Disclosure of Key Management Remuneration | Executive Directors’ and Prescribed Officers’ remuneration Salary (1) Performance related payments (2) Pension scheme benefits Other benefits and encashed leave (3) Subtotal Pre-tax gain on share options Total Total Total Total SA Rands US Dollars (4) US Dollars (4) US Dollars (4) Figures in thousands 2017 2016 2015 Executive Directors S Venkatakrishnan 13,318 8,382 3,296 3,388 28,384 — 28,384 2,134 1,832 1,905 KC Ramon 8,423 4,607 727 1,627 15,384 — 15,384 1,157 947 1,024 21,741 12,989 4,023 5,015 43,768 — 43,768 3,291 2,779 2,929 Prescribed Officers CE Carter (5) 9,408 4,411 1,330 1,717 16,866 8,238 25,104 1,887 1,535 1,906 GJ Ehm 8,778 4,116 306 1,489 14,689 4,588 19,277 1,449 1,693 1,404 L Eybers (6) 7,400 3,691 327 2,570 13,988 — 13,988 1,051 — — DC Noko 6,767 3,173 644 1,888 12,472 — 12,472 938 961 976 ME Sanz Perez 6,737 3,159 795 1,078 11,769 — 11,769 885 1,640 823 CB Sheppard 7,154 3,354 681 272 11,461 — 11,461 862 721 511 TR Sibisi 5,786 2,886 703 77 9,452 — 9,452 711 541 — Retired prescribed officers 8,189 — 2,887 22,601 33,677 29,281 62,958 4,733 5,978 4,719 60,219 24,790 7,673 31,692 124,374 42,107 166,481 12,516 13,069 10,339 Total Executive Directors’ and Prescribed Officers’ remuneration ZAR 81,960 37,779 11,696 36,707 168,142 42,107 210,249 Total Executive Directors’ and Prescribed Officers’ remuneration USD 6,162 2,840 879 2,760 12,641 3,166 15,807 15,848 13,268 (1) Salaries are disclosed only for the period from or to which office is held, and include car allowances where applicable. (2) The performance related payments are calculated on the year’s financial results. (3) Includes health care, pension allowance, cash in lieu of dividends, vested CIP match awards, group personal accident, disability and funeral cover. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over. (4) Values have been converted using the average annual exchange rate for 2017 : R 13.3014 :$1 ( 2016 : R 14.6812 :$1; 2015 : R 12.7719 : $1). (5) Benefits for 2017 for CE Carter include a dependent’s scholarship award of $2,500 . (6) L Eybers was appointed prescribed officer with effect from 22 February 2017. Non-Executive Director remuneration The table below details the fees and allowances paid to Non-Executive Directors: Non-Executive Directors’ fees and allowances Figures in thousands (1) Figures in thousands (1) Director fees Committee fees Travel allowance Total Total Total US Dollars (1) 2017 2016 2015 SM Pityana (Chairman) 312,500 59,750 — 372,250 378 411 AH Garner 123,500 43,500 33,750 200,750 200 204 MJ Kirkwood 123,500 68,500 38,750 230,750 249 242 NP January-Bardill 123,500 56,000 — 179,500 189 189 R Gasant 123,500 58,500 — 182,000 193 195 RJ Ruston 123,500 56,000 32,500 212,000 231 226 MDC Richter 123,500 48,500 31,250 203,250 200 205 DL Hodgson 123,500 43,500 — 167,000 176 180 SV Zilwa (2) 90,000 45,000 — 135,000 — — Retired non-executive officer (3) 43,500 33,500 — 77,000 256 260 Total 1,310,500 512,750 136,250 1,959,500 2,072 2,112 (1) Directors’ compensation is disclosed in US dollars. (2) Director joined in April 2017. (3) Director retired in May 2017. |
Disclosure of Key Management and Other Personnel Share-based Payment Arrangements | Number of options and awards granted Balance at 1 January 2017 Granted during 2017 Exercised during 2017 Lapsed during 2017 Balance as at 31 December 2017 (1) Vested balance at 31 December 2017 Executive Directors S Venkatakrishnan 689,087 72,118 — 89,553 671,652 343,678 KC Ramon 211,785 42,878 — 37,099 217,564 44,887 Total Executive Directors 900,872 114,996 — 126,652 889,216 388,565 Prescribed Officers CE Carter 250,386 38,600 58,260 51,426 179,300 — GJ Ehm 331,354 33,580 31,172 59,637 274,125 105,508 L Eybers 58,563 18,101 — 11,179 65,485 17,280 DC Noko 244,592 27,626 — 40,299 231,919 100,410 ME Sanz Perez 205,213 29,398 — 42,538 192,073 59,244 CB Sheppard 27,552 29,205 — — 56,757 5,076 TR Sibisi — 23,621 — — 23,621 — Retired prescribed officer 475,616 — 214,256 261,360 — — Total Prescribed Officers 1,593,276 200,131 303,688 466,439 1,023,280 287,518 Other 6,139,505 1,611,422 1,527,167 1,138,367 — 5,085,393 1,735,705 Total share incentive scheme 8,633,653 1,926,549 1,830,855 1,731,458 6,997,889 2,411,788 (1) The latest expiry date of all options/awards granted and outstanding at 31 December 2017 is 1 March 2027 (2016: 1 March 2026; 2015: 3 March 2025). |
Disclosure of Key Management and Other Personnel Share-based Arrangements Other Than Equity Instruments | Number of CSLTIP awards granted: Balance at 1 January 2017 Granted during 2017 Exercised during 2017 Lapsed during 2017 Balance as at 31 December 2017 Executive Directors S Venkatakrishnan 120,000 174,872 — — 294,872 KC Ramon 120,000 110,595 — — 230,595 Total Executive Directors 240,000 285,467 — — 525,467 Prescribed Officers CE Carter 120,000 110,595 — — 230,595 GJ Ehm 120,000 110,595 — — 230,595 L Eybers 20,000 97,535 — — 117,535 DC Noko 120,000 88,850 — — 208,850 ME Sanz Perez 120,000 88,463 — — 208,463 CB Sheppard 120,000 93,928 — — 213,928 TR Sibisi 120,000 75,971 — — 195,971 Retired prescribed officer 120,000 — 17,497 102,503 — Total Prescribed Officers 860,000 665,937 17,497 102,503 1,405,937 Other 1,364,630 1,621,033 42,355 405,094 2,538,214 Total share incentive scheme 2,464,630 2,572,437 59,852 507,597 4,469,618 Awards granted in respect of the previous year’s financial results: Total (1) Total 2017 2016 Executive Directors S Venkatakrishnan 72,118 49,962 KC Ramon 42,878 30,323 114,996 80,285 Prescribed Officers CE Carter 38,600 36,666 GJ Ehm 33,580 31,602 L Eybers 18,101 — DC Noko 27,626 20,080 ME Sanz Perez 29,398 19,992 CB Sheppard 29,205 10,152 TR Sibisi 23,621 — Retired prescribed officer — 63,828 200,131 182,320 Total awards to executive management 315,127 262,605 (1) Relates to the BSP 17 awards that were issued prior to the Annual General Meeting on 16 May 2017. |
Disclosure of Interests Held by Key Management and Other Personnel | The interests of directors, prescribed officers and their associates in the ordinary shares of the company at 31 December, which individually did not exceed 1% of the company’s issued ordinary share capital, were: 31 December 2017 31 December 2016 31 December 2015 Beneficial holding Beneficial holding Beneficial holding Direct Indirect Direct Indirect Direct Indirect Non-Executive Directors SM Pityana 2,990 — 2,990 — 2,000 — MDC Richter (1) 7,300 — 7,300 — 7,300 — DL Hodgson 1,500 — 1,500 — 1,500 — MJ Kirkwood (1) 15,000 — 15,000 — 15,000 — RJ Ruston (2) — 1,000 — 1,000 — 1,000 AH Garner (1) 7,500 — — — — — Retired director — — 3,000 — 3,000 — Total 34,290 1,000 29,790 1,000 28,800 1,000 Executive Directors S Venkatakrishnan 236,468 — 213,423 — 205,939 — KC Ramon 28,265 — 12,334 — 3,104 — Total 264,733 — 225,757 — 209,043 — Company Secretary ME Sanz Perez 13,994 16,368 7,921 12,747 10,471 8,860 Total 13,994 16,368 7,921 12,747 10,471 8,860 Prescribed Officers CE Carter 50,800 — 43,229 — 39,560 — GJ Ehm (2) 30,319 16,213 33,782 — 22,532 — L Eybers 4,812 — — — — — DC Noko 41,244 — 28,015 — 17,086 — CB Sheppard 5,344 — — — — — TR Sibisi 4,085 — — — — — Retired prescribed officers — — 44,470 — 34,298 13,204 Total 136,604 16,213 149,496 — 113,476 13,204 Grand total 449,621 33,581 412,964 13,747 361,790 23,064 (1) Held on the New York stock exchange as American Depositary Shares (ADSs) ( 1 ADS is equivalent to 1 ordinary share) (2) Held on the Australian stock exchange as CHESS Depositary Receipts ( 5 CDIs are equivalent to 1 ordinary share) A register detailing Directors and Prescribed Officers’ interests in contracts is available for inspection at the company’s registered and corporate office. Changes in Directors’ and Prescribed Officers’ interests in AngloGold Ashanti shares, excluding options and awards granted in terms of the group’s BSP and LTIP schemes, after 31 December 2017 and up to 16 March 2018 include: Date of transaction Type of transaction Number of shares Direct/Indirect beneficial holdings Executive Directors S Venkatakrishnan 6 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 11,632 Direct On-market sale of ordinary shares to settle tax costs 5,293 Direct KC Ramon 26 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 5,177 Direct 27 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,320 Direct On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 11,300 Direct Company Secretary ME Sanz Perez 27 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 7,656 Direct 28 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,554 Direct Prescribed Officers CE Carter 7 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 948 Direct GJ Ehm 5 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,500 Direct 6 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,000 Direct L Eybers 9 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,786 Direct 16 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,609 Direct D Noko 27 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 7,071 Direct 9 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 8,165 Direct On-market sale of ordinary shares to settle tax costs 3,716 Direct CB Sheppard 1 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 6,900 Direct 15 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,008 Direct On-market sale of ordinary shares to settle tax costs 1,824 Direct TR Sibisi 28 February 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 3,063 Direct On-market sale of ordinary shares to settle tax costs 1,394 Direct 1 March 2018 On-market purchase of ordinary shares pursuant to the AngloGold Ashanti Co-Investment Plan 4,160 Direct |
Contractual Commitments and C78
Contractual Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of Operating and Finance Leases | US Dollars Figures in millions 2017 2016 2015 Operating leases At 31 December 2017, the group was committed to making the following payments in respect of operating leases for, amongst others, the hire of plant and equipment and land and buildings. Certain contracts contain renewal options and escalation clauses for various periods of time. Expiry: - less than one year 45 47 34 - between one and three years 38 36 69 - between three and five years 7 5 10 90 88 113 Operating lease charges included in profit before taxation amounts to $247m ( 2016 : $198m ; 2015 : $149m ). Finance leases The group has finance leases for plant and equipment and buildings. The leases for plant and equipment and buildings have terms of renewal but no purchase options. Future minimum lease payments under finance lease contracts together with the present value of the net minimum lease payments are as follows: Minimum payments Present value of payments Minimum payments Present value of payments Minimum payments Present value of payments US Dollars million 2017 2016 2015 Less than one year 14 8 12 6 11 5 Between one and three years 27 18 25 15 22 12 Between three and five years 24 17 26 18 24 15 More than five years 54 35 63 38 76 49 Total minimum lease payments 119 78 126 77 133 81 Amounts representing finance charges (41 ) — (49 ) — (52 ) — Present value of minimum lease payments 78 78 77 77 81 81 US Dollars Figures in millions 2017 2016 2015 Capital commitments Acquisition of tangible assets Contracted for 87 58 61 Not contracted for 113 587 856 Authorised by the directors 200 645 917 Allocated to: Project capital - within one year 104 252 134 - thereafter — 255 402 104 507 536 Stay-in-business capital - within one year 84 135 249 - thereafter 12 3 132 96 138 381 Share of underlying capital commitments of joint ventures included above 21 138 27 Purchase obligations Contracted for - within one year 274 605 529 - thereafter 424 269 88 698 874 617 |
Disclosure of Contingent Liabilities and Assets | Contingencies US Dollars Figures in millions 2017 2016 2015 Contingent liabilities Litigation - Ghana (1)(2) 97 97 97 Litigation - North America (3) — — — Tax disputes - Brazil (4) 24 15 11 Tax dispute - AngloGold Ashanti Colombia S.A. (5) 150 141 128 Tax dispute - Cerro Vanguardia S.A. (6) 27 29 32 Groundwater pollution (7) — — — Deep groundwater pollution - Africa (8) — — — 298 282 268 Contingent liabilities Litigation claims (1) Litigation - On 11 October 2011, AngloGold Ashanti (Ghana) Limited (AGAG) terminated Mining and Building Contractors Limited’s (MBC) underground development agreement, construction on bulkheads agreement and diamond drilling agreement at Obuasi mine. The parties reached agreement on the terms of the separation and concluded a separation agreement on 8 November 2012. On 20 February 2014, AGAG was served with a demand issued by MBC claiming a total of $97m . In December 2015, the proceedings were stayed in the High Court pending arbitration. In February 2016, MBC submitted the matter to arbitration. (2) 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 plaintiffs’ alleged injuries include respiratory infections, skin diseases and certain cancers. The plaintiffs subsequently did not timely file their application for directions, but AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. On 24 February 2014, executive members of the PTP (AGAG) Smoke Effect Association (PASEA), sued AGAG by themselves and on behalf of their members (undisclosed number) on grounds similar to those discussed above, as well as economic hardships as a result of constant failure of their crops. This matter has been adjourned indefinitely. AGAG intends to allow some time to pass prior to applying to have the matter struck out for want of prosecution. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for AGAG’s obligation in either matter. (3) Litigation - On 19 October 2017, Newmont Mining Co. filed a lawsuit in the United States District Court for the Southern District of New York against AngloGold Ashanti and certain related parties, alleging that AngloGold Ashanti and such parties did not provide Newmont with certain information relevant to its purchase of the Cripple Creek & Victor Gold Mining Company in 2015 during the negotiation- and-sale process. AngloGold Ashanti believes the lawsuit is without merit and intends to vigorously defend against it. The matter is proceeding. In view of the limitation of current information for the accurate estimation of a liability, no reliable estimate can be made for the obligation. Tax claims (4) Tax disputes - AngloGold Ashanti Limited’s subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve federal tax assessments including income tax, royalties, social contributions, VAT and annual property tax. In December 2017, new VAT assessments of $14m were received. Collectively, the possible amount involved is approximately $24m (2016: $15m , 2015: $11m ). Management is of the opinion that these taxes are not payable. (5) Tax dispute - In January 2013, AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it disagreed with the company’s tax treatment of certain items in the 2010 and 2011 income tax returns. On 23 October 2013, AGAC received the official assessments from the DIAN which established that an estimated additional tax of $21m (2016: $21m , 2015: $20m ) will be payable if the tax returns are amended. Penalties and interest for the additional taxes are expected to be $129m (2016: $120m , 2015: $108m ). The Company believes that the DIAN has applied the tax legislation incorrectly. AGAC subsequently challenged the DIAN’s ruling by filing lawsuits in March 2015 and April 2015 before the Administrative Tribunal of Cundinamarca (the trial court for tax litigation). Closing arguments on the tax disputes were presented in February and June 2017 and judgement is pending. (6) Tax dispute - On 12 July 2013, Cerro Vanguardia S.A. (CVSA) received a notification from the Argentina Tax Authority (AFIP) requesting corrections to the 2007, 2008 and 2009 income tax returns of about $6m (2016: $7m , 2015: $8m ) relating to the non-deduction of tax losses previously claimed on hedge contracts. The AFIP is of the view that the financial derivatives could not be considered as hedge contracts, as hedge contract losses could only be offset against gains derived from the same kind of hedging contracts. Penalties and interest on the disputed amounts are estimated at a further $21m (2016: $22m , 2015: $24m ). CVSA and AFIP have corresponded on this issue over the past several years and while management is of the opinion that the taxes are not payable, the government continues to assert its position regarding the use of the financial derivatives. CVSA filed an appeal with the Tax Court on 19 June 2015, and the parties submitted their final reports in July 2017. The matter is pending with the Tax Court. Contingent liabilities (continued) Other (7) Groundwater pollution - AngloGold Ashanti has identified groundwater contamination plumes at certain of its operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous scientific, technical and legal studies have been 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. (8) Deep groundwater pollution - The group has identified potential water ingress and future pollution risk posed by deep groundwater in certain underground mines in Africa. Various studies have been undertaken by AngloGold Ashanti since 1999 to understand this potential risk. In South Africa, due 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, 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. |
Financial Risk Management Act79
Financial Risk Management Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Maturity Analysis for Non-derivative Financial Liabilities | The following are the contractual maturities of financial liabilities, including interest payments: Financial liabilities Within one year Between one and two years Between two and five years After five years Total 2017 $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Trade and other payables 615 — — — 615 Borrowings 137 343 1,912 695 3,087 - In USD 98 5.4 145 5.4 1,643 5.5 641 6.5 2,527 - AUD in USD equivalent 16 5.1 174 5.1 25 6.8 38 6.8 253 - ZAR in USD equivalent 23 8.9 24 8.9 244 9.1 16 15.5 307 2016 Trade and other payables 596 — — — 596 Borrowings 127 287 1,155 1,513 3,082 - In USD 100 5.4 100 5.4 1,023 5.5 1,449 5.5 2,672 - AUD in USD equivalent 16 5.4 89 5.3 119 6.0 43 6.8 267 - ZAR in USD equivalent 11 8.9 98 8.9 13 11.2 21 14.0 143 2015 Trade and other payables 503 — — — 503 Borrowings 211 216 1,912 1,581 3,920 - In USD 140 5.8 140 5.8 1,767 5.9 1,507 5.5 3,554 - AUD in USD equivalent 11 5.2 68 5.2 66 6.2 51 6.8 196 - ZAR in USD equivalent 60 8.2 8 8.1 79 8.7 23 11.8 170 |
Disclosure of Credit Risk Exposure | The combined maximum credit risk exposure of the group is as follows: US Dollars Figures in millions 2017 2016 2015 Other investments 58 79 61 Trade and other receivables 33 46 42 Cash restricted for use (note 21) 65 55 60 Cash and cash equivalents (note 22) 205 215 484 Total financial assets 361 395 647 |
Disclosure of Fair Value of Financial Instruments | The estimated fair value of the group’s other investments and borrowings as at 31 December are as follows: Type of instrument Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value US Dollar millions 2017 2016 2015 Financial assets Other investments (note 18) 138 140 130 132 92 93 Financial liabilities Borrowings (note 25) 2,268 2,377 2,178 2,203 2,737 2,425 |
Disclosure of Fair Value of Assets Measured on a Recurring Basis | Assets measured at fair value on a recurring basis US Dollar millions Level 1 Level 2 Level 3 Total 2017 Available-for-sale financial assets Equity securities 80 — — 80 Available-for-sale financial assets 2016 Equity securities 51 — — 51 2015 Available-for-sale financial assets Equity securities 30 — — 30 |
Disclosure of Sensitivity Analysis on Other Financial Assets and Liabilities | Sensitivity analysis Interest rate risk on other financial assets and liabilities (excluding derivatives) The group also monitors interest rate risk on other financial assets and liabilities. The following table shows the approximate interest rate sensitivities of other financial assets and liabilities at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). As the sensitivity is the same (linear) for both increases and decreases in interest rates only absolute numbers are presented. Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2017 Financial assets USD denominated 100 1 1 ZAR denominated (1) 150 2 — Financial liabilities ZAR denominated (1) 150 41 3 AUD denominated 100 3 2 Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2016 Financial liabilities ZAR denominated (1) 150 18 1 AUD denominated 100 2 1 USD denominated 100 1 1 A change of 100 basis points in financial assets results in less than a $1m change in the interest amount. Change in interest rate basis points Change in interest amount in currency millions Change in interest amount US dollar millions 2015 Financial assets USD denominated 100 2 2 ZAR denominated (1) 150 5 — BRL denominated 250 2 1 Financial liabilities ZAR denominated (1) 150 26 2 AUD denominated 100 1 1 USD denominated 100 2 2 (1) This is the only interest rate risk for the company. Sensitivity analysis (continued) Foreign exchange risk Foreign exchange risk arises on financial instruments that are denominated in a foreign currency. The following table discloses the approximate foreign exchange risk sensitivities of borrowings at 31 December (actual changes in the timing and amount of the following variables may differ from the assumed changes below). Change in Change in Change in Change in Change in Change in US$ Million US$ Million US$ Million 2017 2016 2015 Borrowings ZAR denominated (R/$) Spot (+R1.50) (26 ) Spot (+R1.50) (10 ) Spot (+R1.50) (12 ) AUD denominated (AUD/$) Spot (+AUD0.1) (16 ) Spot (+AUD0.1) (15 ) Spot (+AUD0.1) (11 ) ZAR denominated (R/$) Spot (-R1.50) 33 Spot (-R1.50) 13 Spot (-R1.50) 14 AUD denominated (AUD/$) Spot (-AUD0.1) 19 Spot (-AUD0.1) 18 Spot (-AUD0.1) 12 |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Disclosure of Reconciliation Of Net Debt | US Dollars Figures in millions 2017 2016 2015 Borrowings (note 25) 2,268 2,178 2,737 Corporate office lease (note 25) (15 ) (15 ) (15 ) Unamortised portion of the convertible and rated bonds 18 23 21 Cumulative fair value adjustment on $1.25bn bonds — — (9 ) Cash restricted for use (note 21) (65 ) (55 ) (60 ) Cash and cash equivalents (note 22) (205 ) (215 ) (484 ) Net debt 2,001 1,916 2,190 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Facility Agreements for compliance with the debt covenant formula. Adjusted EBITDA Profit (loss) before taxation (63 ) 269 257 Add back: Finance costs and unwinding of obligations (note 7) 169 180 245 Interest received (note 3) (15 ) (22 ) (28 ) Amortisation of tangible and intangible assets (note 4) 823 809 777 Adjustments: Exchange loss 11 88 17 Fair value adjustment on issued bonds — (9 ) (66 ) Impairment and derecognition of assets 297 3 14 Impairment of other investments 3 — — Write-down of inventories 3 12 10 Retrenchments costs 90 14 14 Care and maintenance costs (note 5) 62 70 67 Net profit on disposal of assets (8 ) (4 ) (1 ) (Gain) loss on unrealised non-hedge derivatives and other commodity contracts (10 ) (18 ) 7 Repurchase premium and cost on settlement of issued bonds — 30 61 Associates and joint ventures’ special items (2 ) (11 ) (9 ) Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other 116 137 107 Other amortisation 7 — — Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) 1,483 1,548 1,472 Gearing ratio (Net debt to Adjusted EBITDA) 1.35:1 1.24:1 1.49:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
Disclosure of Reconciliation Of Profit (Loss) Before Taxation To Adjusted EBITDA | Gearing ratio (Net debt to Adjusted EBITDA) US Dollars Figures in millions 2017 2016 2015 Borrowings (note 25) 2,268 2,178 2,737 Corporate office lease (note 25) (15 ) (15 ) (15 ) Unamortised portion of the convertible and rated bonds 18 23 21 Cumulative fair value adjustment on $1.25bn bonds — — (9 ) Cash restricted for use (note 21) (65 ) (55 ) (60 ) Cash and cash equivalents (note 22) (205 ) (215 ) (484 ) Net debt 2,001 1,916 2,190 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Facility Agreements for compliance with the debt covenant formula. Adjusted EBITDA Profit (loss) before taxation (63 ) 269 257 Add back: Finance costs and unwinding of obligations (note 7) 169 180 245 Interest received (note 3) (15 ) (22 ) (28 ) Amortisation of tangible and intangible assets (note 4) 823 809 777 Adjustments: Exchange loss 11 88 17 Fair value adjustment on issued bonds — (9 ) (66 ) Impairment and derecognition of assets 297 3 14 Impairment of other investments 3 — — Write-down of inventories 3 12 10 Retrenchments costs 90 14 14 Care and maintenance costs (note 5) 62 70 67 Net profit on disposal of assets (8 ) (4 ) (1 ) (Gain) loss on unrealised non-hedge derivatives and other commodity contracts (10 ) (18 ) 7 Repurchase premium and cost on settlement of issued bonds — 30 61 Associates and joint ventures’ special items (2 ) (11 ) (9 ) Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other 116 137 107 Other amortisation 7 — — Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) 1,483 1,548 1,472 Gearing ratio (Net debt to Adjusted EBITDA) 1.35:1 1.24:1 1.49:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
Supplemental Condensed Consol81
Supplemental Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Additional Information [Abstract] | |
Condensed Consolidating Income Statement | Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue 1,005 3 3,535 — 4,543 Gold income 987 — 3,399 (30 ) 4,356 Cost of sales (1,016 ) — (2,567 ) 1 (3,582 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 11 (1 ) 10 Gross profit (loss) (29 ) — 843 (30 ) 784 Corporate administration, marketing and other income (expenses) (7 ) (7 ) (2 ) (48 ) (64 ) Exploration and evaluation costs (10 ) — (104 ) — (114 ) Other operating income (expenses) (9 ) — (79 ) — (88 ) Special items (414 ) (6 ) (27 ) 9 (438 ) Operating profit (loss) (469 ) (13 ) 631 (69 ) 80 Interest received 1 3 11 — 15 Exchange gain (loss) — 1 (12 ) — (11 ) Finance costs and unwinding of obligations (22 ) (107 ) (40 ) — (169 ) Share of associates and joint ventures’ profit (loss) 13 — 9 — 22 Equity gain (loss) in subsidiaries 212 447 — (659 ) — Profit (loss) before taxation (265 ) 331 599 (728 ) (63 ) Taxation 104 — (212 ) — (108 ) Profit (loss) after taxation from continuing operations (161 ) 331 387 (728 ) (171 ) Preferred stock dividends (30 ) — — 30 — Profit (loss) for the period (191 ) 331 387 (698 ) (171 ) Allocated as follows: Equity shareholders - Continuing operations (191 ) 331 367 (698 ) (191 ) Non-controlling interests - Continuing operations — — 20 — 20 (191 ) 331 387 (698 ) (171 ) Comprehensive income (loss) (37 ) 365 422 (767 ) (17 ) Comprehensive income (loss) attributable to non-controlling interests — — (20 ) — (20 ) Comprehensive income (loss) attributable to AngloGold Ashanti (37 ) 365 402 (767 ) (37 ) Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue 1,110 3 3,141 — 4,254 Gold income 1,108 — 3,035 (58 ) 4,085 Cost of sales (958 ) — (2,305 ) — (3,263 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — 18 1 19 Gross profit (loss) 150 — 748 (57 ) 841 Corporate administration, marketing and other income (expenses) 17 (6 ) (3 ) (69 ) (61 ) Exploration and evaluation costs (14 ) — (119 ) — (133 ) Other operating income (expenses) (26 ) 2 (86 ) — (110 ) Special items 54 (35 ) 29 (90 ) (42 ) Operating profit (loss) 181 (39 ) 569 (216 ) 495 Interest received 6 3 13 — 22 Exchange gain (loss) 1 (1 ) (28 ) (60 ) (88 ) Finance costs and unwinding of obligations (18 ) (131 ) (31 ) — (180 ) Fair value adjustment on $1.25bn bonds — 9 — — 9 Share of associates and joint ventures’ profit (loss) (13 ) 2 30 (8 ) 11 Equity gain (loss) in subsidiaries (61 ) 389 — (328 ) — Profit (loss) before taxation 96 232 553 (612 ) 269 Taxation (4 ) — (184 ) (1 ) (189 ) Profit (loss) after taxation from continuing operations 92 232 369 (613 ) 80 Preferred stock dividends (29 ) — (29 ) 58 — Profit (loss) for the period 63 232 340 (555 ) 80 Allocated as follows: Equity shareholders - Continuing operations 63 232 323 (555 ) 63 Non-controlling interests - Continuing operations — — 17 — 17 63 232 340 (555 ) 80 Comprehensive income (loss) 250 234 388 (605 ) 267 Comprehensive income (loss) attributable to non-controlling interests — — (17 ) — (17 ) Comprehensive income (loss) attributable to AngloGold Ashanti 250 234 371 (605 ) 250 Figures in millions (US dollars) 2015 2015 2015 2015 2015 Condensed consolidating income statement AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Revenue 1,091 2 3,081 — 4,174 Gold income 1,063 — 2,991 (39 ) 4,015 Cost of sales (995 ) — (2,299 ) — (3,294 ) Gain (loss) on non-hedge derivatives and other commodity contracts — — (7 ) — (7 ) Gross profit (loss) 68 — 685 (39 ) 714 Corporate administration, marketing and other income (expenses) 3 (15 ) (15 ) (51 ) (78 ) Exploration and evaluation costs (16 ) — (116 ) — (132 ) Other operating income (expenses) (17 ) — (79 ) — (96 ) Special items (132 ) (436 ) 65 432 (71 ) Operating profit (loss) (94 ) (451 ) 540 342 337 Interest received 6 2 20 — 28 Exchange gain (loss) (1 ) (1 ) (15 ) — (17 ) Finance costs and unwinding of obligations (21 ) (196 ) (28 ) — (245 ) Fair value adjustment on $1.25bn bonds — 66 — — 66 Share of associates and joint ventures’ profit (loss) 11 1 77 — (1 ) 88 Equity gain (loss) in subsidiaries (26 ) 140 — (114 ) — Profit (loss) before taxation (125 ) (439 ) 594 227 257 Taxation 59 (1 ) (269 ) — (211 ) Profit (loss) after taxation from continuing operations (66 ) (440 ) 325 227 46 Discontinued operations Profit (loss) from discontinued operations — — (116 ) — (116 ) Profit (loss) after discontinued operations (66 ) (440 ) 209 227 (70 ) Preferred stock dividends (19 ) — (20 ) 39 — Profit (loss) for the period (85 ) (440 ) 189 266 (70 ) Allocated as follows: Equity shareholders - Continuing operations (85 ) (440 ) 290 266 31 - Discontinued operations — — (116 ) — (116 ) Non-controlling interests - Continuing operations — — 15 — 15 (85 ) (440 ) 189 266 (70 ) Comprehensive income (loss) (448 ) (477 ) 142 350 (433 ) Comprehensive income (loss) attributable to non-controlling interests — — (15 ) — (15 ) Comprehensive income (loss) attributable to AngloGold Ashanti (448 ) (477 ) 127 350 (448 ) |
Condensed Consolidating Statement of Financial Position | Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 739 — 3,003 — 3,742 Intangible assets 1 — 139 (2 ) 138 Investments in associates and joint ventures 2,371 4,376 1,371 (6,611 ) 1,507 Other investments 2 6 125 (2 ) 131 Inventories — — 100 — 100 Trade and other receivables — — 67 — 67 Deferred taxation — — 4 — 4 Cash restricted for use — — 37 — 37 3,113 4,382 4,846 (6,615 ) 5,726 Current assets Other investments — 6 1 — 7 Inventories, trade and other receivables, intergroup balances and other current assets 471 250 1,166 (982 ) 905 Cash restricted for use — 1 27 — 28 Cash and cash equivalents 11 21 173 — 205 482 278 1,367 (982 ) 1,145 Non-current assets held for sale 310 — 38 — 348 792 278 1,405 (982 ) 1,493 Total assets 3,905 4,660 6,251 (7,597 ) 7,219 EQUITY AND LIABILITIES Share capital and premium 7,134 6,172 824 (6,996 ) 7,134 Retained earnings (accumulated losses) and other reserves (4,471 ) (3,491 ) 1,619 1,872 (4,471 ) Shareholders’ equity 2,663 2,681 2,443 (5,124 ) 2,663 Non-controlling interests — — 41 — 41 Total equity 2,663 2,681 2,484 (5,124 ) 2,704 Non-current liabilities 527 1,764 1,369 — 3,660 Current liabilities including intergroup balances 591 215 2,396 (2,473 ) 729 Non-current liabilities held for sale 124 — 2 — 126 Total liabilities 1,242 1,979 3,767 (2,473 ) 4,515 Total equity and liabilities 3,905 4,660 6,251 (7,597 ) 7,219 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 1,160 — 2,951 — 4,111 Intangible assets 4 — 143 (2 ) 145 Investments in associates and joint ventures 2,109 3,478 1,338 (5,477 ) 1,448 Other investments 2 3 122 (2 ) 125 Inventories — — 84 — 84 Trade and other receivables — — 34 — 34 Deferred taxation — — 4 — 4 Cash restricted for use — — 36 — 36 Other non-current assets — — — — — 3,275 3,481 4,712 (5,481 ) 5,987 Current assets Other investments — 5 — — 5 Inventories, trade and other receivables, intergroup balances and other current assets 429 912 1,153 (1,567 ) 927 Cash restricted for use — 1 18 — 19 Cash and cash equivalents 44 32 139 — 215 473 950 1,310 (1,567 ) 1,166 Total assets 3,748 4,431 6,022 (7,048 ) 7,153 EQUITY AND LIABILITIES Share capital and premium 7,108 6,215 824 (7,039 ) 7,108 Retained earnings (accumulated losses) and other reserves (4,393 ) (3,765 ) 702 3,063 (4,393 ) Shareholders’ equity 2,715 2,450 1,526 (3,976 ) 2,715 Non-controlling interests — — 39 — 39 Total equity 2,715 2,450 1,565 (3,976 ) 2,754 Non-current liabilities 496 1,799 1,344 — 3,639 Current liabilities including intergroup balances 537 182 3,113 (3,072 ) 760 Total liabilities 1,033 1,981 4,457 (3,072 ) 4,399 Total equity and liabilities 3,748 4,431 6,022 (7,048 ) 7,153 Figures in millions (US dollars) 2015 2015 2015 2015 2015 Condensed consolidating statement of financial position AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total ASSETS Non-current assets Tangible assets 1,030 — 3,028 — 4,058 Intangible assets 8 — 155 (2 ) 161 Investments in associates and joint ventures 2,002 3,627 1,338 (5,502 ) 1,465 Other investments 1 3 89 (2 ) 91 Inventories — — 90 — 90 Trade and other receivables — — 13 — 13 Deferred taxation — — 1 — 1 Cash restricted for use — — 37 — 37 Other non-current assets 18 — — — 18 3,059 3,630 4,751 (5,506 ) 5,934 Current assets Other investments — 1 — — 1 Inventories, trade and other receivables, intergroup balances and other current assets 401 921 1,076 (1,556 ) 842 Cash restricted for use 1 2 20 — 23 Cash and cash equivalents 19 222 243 — 484 421 1,146 1,339 (1,556 ) 1,350 Total assets 3,480 4,776 6,090 (7,062 ) 7,284 EQUITY AND LIABILITIES Share capital and premium 7,066 6,108 824 (6,932 ) 7,066 Retained earnings (accumulated losses) and other reserves (4,636 ) (3,903 ) 895 3,008 (4,636 ) Shareholders’ equity 2,430 2,205 1,719 (3,924 ) 2,430 Non-controlling interests — — 37 — 37 Total equity 2,430 2,205 1,756 (3,924 ) 2,467 Non-current liabilities 428 2,427 1,255 — 4,110 Current liabilities including intergroup balances 622 144 3,079 (3,138 ) 707 Total liabilities 1,050 2,571 4,334 (3,138 ) 4,817 Total equity and liabilities 3,480 4,776 6,090 (7,062 ) 7,284 |
Condensed Consolidating Statement of Cash Flow | Figures in millions (US dollars) 2017 2017 2017 2017 2017 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations (5 ) (15 ) 1,168 3 1,151 Net movement in intergroup receivables and payables 10 (102 ) 123 (31 ) — Dividends received from joint ventures — 6 — — 6 Taxation refund 3 — 11 — 14 Taxation paid — — (174 ) — (174 ) Net cash inflow (outflow) from operating activities 8 (111 ) 1,128 (28 ) 997 Cash flows from investing activities Capital expenditure (143 ) — (686 ) — (829 ) Expenditure on intangible assets (1 ) — — — (1 ) Proceeds from disposal of tangible assets 3 — 4 — 7 Other investments acquired — (5 ) (86 ) — (91 ) Proceeds from disposal of other investments — — 75 3 78 Investments in associates and joint ventures — (15 ) (14 ) 2 (27 ) Net loans repaid by (advanced to) associates and joint ventures — (6 ) 2 (2 ) (6 ) Reduction in investment in subsidiary 42 — — (42 ) — Disposal (acquisition) of subsidiaries — (2 ) 2 — — Decrease (increase) in cash restricted for use — — (8 ) — (8 ) Interest received 1 3 11 — 15 Net cash inflow (outflow) from investing activities (98 ) (25 ) (700 ) (39 ) (862 ) Cash flows from financing activities Reduction in share capital — (43 ) — 43 — Proceeds from borrowings 539 155 121 — 815 Repayment of borrowings (428 ) (170 ) (169 ) — (767 ) Finance costs paid (15 ) (103 ) (20 ) — (138 ) Dividends paid (39 ) — (19 ) — (58 ) Intergroup dividends received (paid) — 286 (286 ) — — Net cash inflow (outflow) from financing activities 57 125 (373 ) 43 (148 ) Net increase (decrease) in cash and cash equivalents (33 ) (11 ) 55 (24 ) (13 ) Translation — — (21 ) 24 3 Cash and cash equivalents at beginning of year 44 32 139 — 215 Cash and cash equivalents at end of year 11 21 173 — 205 Figures in millions (US dollars) 2016 2016 2016 2016 2016 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations 245 (11 ) 1,106 (38 ) 1,302 Net movement in intergroup receivables and payables (8 ) 169 (163 ) 2 — Dividends received from joint ventures — 37 — — 37 Taxation refund 3 — 9 — 12 Taxation paid (4 ) — (161 ) — (165 ) Net cash inflow (outflow) from operating activities 236 195 791 (36 ) 1,186 Cash flows from investing activities Capital expenditure (171 ) — (535 ) — (706 ) Expenditure on intangible assets (2 ) — (3 ) — (5 ) Proceeds from disposal of tangible assets — — 4 — 4 Other investments acquired — — (73 ) — (73 ) Proceeds from disposal of other investments — — 61 — 61 Investments in associates and joint ventures — — (11 ) — (11 ) Proceeds from disposal of associates and joint ventures — 10 — — 10 Net loans repaid by (advanced to) associates and joint ventures — (2 ) (2 ) — (4 ) Disposal (acquisition) of subsidiaries (6 ) (2 ) 2 6 — Decrease (increase) in cash restricted for use 1 — 7 — 8 Interest received 2 — 12 — 14 Net cash inflow (outflow) from investing activities (176 ) 6 (538 ) 6 (702 ) Cash flows from financing activities Proceeds from issue of share capital — 6 — (6 ) — Proceeds from borrowings 256 330 201 — 787 Repayment of borrowings (291 ) (951 ) (91 ) — (1,333 ) Finance costs paid (11 ) (145 ) (16 ) — (172 ) Bond settlement premium, RCF and bond transaction costs — (30 ) — — (30 ) Dividends paid — — (15 ) — (15 ) Intergroup dividends received (paid) 7 399 (406 ) — — Net cash inflow (outflow) from financing activities (39 ) (391 ) (327 ) (6 ) (763 ) Net increase (decrease) in cash and cash equivalents 21 (190 ) (74 ) (36 ) (279 ) Translation 4 — (30 ) 36 10 Cash and cash equivalents at beginning of year 19 222 243 — 484 Cash and cash equivalents at end of year 44 32 139 — 215 Figures in millions (US dollars) 2015 2015 2015 2015 2015 Condensed consolidating statement of cash flow AngloGold Ashanti (the “Guarantor”) IOMco (the “Issuer”) Other subsidiaries (the “Non-Guarantor Subsidiaries”) Consolidation adjustments Total Cash flows from operating activities Cash generated from (used by) operations 44 (364 ) 1,115 455 1,250 Net movement in intergroup receivables and payables 131 1,036 (833 ) (334 ) — Dividends received from joint ventures — 57 — — 57 Taxation refund 12 — 9 — 21 Taxation paid (5 ) (1 ) (178 ) — (184 ) Net cash inflow (outflow) from operating activities from continuing operations 182 728 113 121 1,144 Net cash inflow (outflow) from operating activities from discontinued operations — — (5 ) — (5 ) Net cash inflow (outflow) from operating activities 182 728 108 121 1,139 Cash flows from investing activities Capital expenditure (194 ) — (470 ) — (664 ) Expenditure on intangible assets (2 ) — (1 ) — (3 ) Proceeds from disposal of tangible assets — — 6 — 6 Other investments acquired — — (86 ) — (86 ) Proceeds from disposal of other investments 1 — 80 — 81 Investments in associates and joint ventures — — (11 ) — (11 ) Proceeds from disposal of associates and joint ventures 1 — — — 1 Net loans repaid by (advanced to) associates and joint ventures 2 (5 ) — — (3 ) Net proceeds from disposal of subsidiaries and investments — — 812 — 812 Cash in subsidiary disposed and transfers to held for sale — — (2 ) — (2 ) Disposal (acquisition) of subsidiaries — (1 ) 1 — — Decrease (increase) in cash restricted for use — (2 ) (15 ) — (17 ) Interest received 6 3 16 — 25 Net cash inflow (outflow) from investing activities from continuing operations (186 ) (5 ) 330 — 139 Net cash inflow (outflow) from investing activities from discontinued operations — — (59 ) — (59 ) Net cash inflow (outflow) from investing activities (186 ) (5 ) 271 — 80 Cash flows from financing activities Proceeds from borrowings 120 300 1 — 421 Repayment of borrowings (127 ) (1,024 ) (137 ) — (1,288 ) Finance costs paid (14 ) (223 ) (14 ) — (251 ) Bond settlement premium, RCF and bond transaction costs — (61 ) — — (61 ) Dividends paid — — (5 ) — (5 ) Intergroup dividends received (paid) — 247 (247 ) — — Net cash inflow (outflow) from financing activities from continuing operations (21 ) (761 ) (402 ) — (1,184 ) Net cash inflow (outflow) from financing activities from discontinued operations — — (2 ) — (2 ) Net cash (outflow) inflow from financing activities (21 ) (761 ) (404 ) — (1,186 ) Net increase (decrease) in cash and cash equivalents (25 ) (38 ) (25 ) 121 33 Translation (8 ) — 112 (121 ) (17 ) Cash and cash equivalents at beginning of year 52 260 156 — 468 Cash and cash equivalents at end of year 19 222 243 — 484 |
Accounting Policies - New stand
Accounting Policies - New standards and interpretations issued (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of initial application of standards or interpretations [line items] | |||
Revenue | $ 4,543 | $ 4,254 | $ 4,174 |
Gold income | 4,356 | 4,085 | 4,015 |
Cost of sales | (3,582) | (3,263) | (3,294) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 10 | 19 | (7) |
Gross profit | $ 784 | $ 841 | $ 714 |
Gross profit % | 18.00% | 20.59% | 17.78% |
By-products revenue | $ 154 | $ 138 | $ 127 |
In Accordance With IFRS 15 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Revenue | 4,543 | 4,254 | 4,174 |
Gold income | 4,510 | 4,223 | 4,142 |
Cost of sales | (3,736) | (3,401) | (3,421) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 10 | 19 | (7) |
Gross profit | $ 784 | $ 841 | $ 714 |
Gross profit % | 17.38% | 19.91% | 17.24% |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |||
Tangible assets | $ 3,742,000,000 | $ 4,111,000,000 | $ 4,058,000,000 |
Goodwill | 127,000,000 | 126,000,000 | 126,000,000 |
Impairment of goodwill | 9,000,000 | 0 | 0 |
Impairment and derecognition of tangible assets | 288,000,000 | 3,000,000 | 5,000,000 |
Deferred tax assets | 4,000,000 | 4,000,000 | 1,000,000 |
Deferred tax liabilities | 363,000,000 | 496,000,000 | 514,000,000 |
Taxation liability | 53,000,000 | 111,000,000 | 91,000,000 |
Taxation asset | 3,000,000 | 14,000,000 | 27,000,000 |
Rehabilitation obligations | 724,000,000 | 705,000,000 | 683,000,000 |
Inventories (excluding finished goods and mine operating supplies) | 424,000,000 | 397,000,000 | 393,000,000 |
Receivables from recoverable tax, rebates, levies and duties | 174,000,000 | 135,000,000 | 94,000,000 |
Post-retirement obligations | 122,000,000 | 118,000,000 | 89,000,000 |
Investments in associates and joint ventures | 1,507,000,000 | 1,448,000,000 | 1,465,000,000 |
Tax losses | |||
Significant Accounting Policies [Line Items] | |||
Deferred tax assets | $ 470,000,000 | 477,000,000 | 452,000,000 |
Motor vehicles | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 5 years | ||
Computer equipment | |||
Significant Accounting Policies [Line Items] | |||
Useful life | 3 years | ||
Provision for Silicosis Settlement | |||
Significant Accounting Policies [Line Items] | |||
Provision for settlement | $ 63,000,000 | $ 0 | $ 0 |
Segmental Information (Details)
Segmental Information (Details) oz in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)oz | Dec. 31, 2016USD ($)oz | Dec. 31, 2015USD ($)oz | |
Disclosure of operating segments [line items] | |||
Total assets | $ 7,219 | $ 7,153 | $ 7,284 |
Net operating assets | 4,281 | 4,328 | 4,300 |
Goodwill | 127 | 126 | 126 |
Assets held for sale | 348 | 0 | 0 |
Capital expenditure | 830 | 711 | 726 |
Gold income | 4,356 | 4,085 | 4,015 |
By-products revenue | 154 | 138 | 127 |
Cash Costs | 2,709 | 2,435 | 2,493 |
Cost of sales | 3,582 | 3,263 | 3,294 |
Gross profit (loss) | 784 | 841 | 714 |
Continuing operations | |||
Disclosure of operating segments [line items] | |||
Amortisation | 823 | 809 | 777 |
By-products revenue | 154 | 138 | 127 |
Cash Costs | 2,709 | 2,435 | 2,493 |
Cost of sales | 3,582 | 3,263 | 3,294 |
Gross profit (loss) | $ 784 | $ 841 | $ 714 |
Continuing operations | Gold, Ounces | |||
Disclosure of operating segments [line items] | |||
Gold production (in ounces) | oz | 3,755 | 3,628 | 3,830 |
Discontinued operations | |||
Disclosure of operating segments [line items] | |||
Amortisation | $ 0 | $ 0 | $ 6 |
Gold income | 0 | 0 | 137 |
By-products revenue | 0 | 0 | 1 |
Cash Costs | 0 | 0 | 125 |
Cost of sales | 0 | 0 | 118 |
Gross profit (loss) | $ 0 | $ 0 | $ 19 |
Discontinued operations | Gold, Ounces | |||
Disclosure of operating segments [line items] | |||
Gold production (in ounces) | oz | 0 | 0 | 117 |
Continuing and Discontinued Operations | |||
Disclosure of operating segments [line items] | |||
Amortisation | $ 823 | $ 809 | $ 783 |
Gold income | 4,356 | 4,085 | 4,152 |
By-products revenue | 154 | 138 | 128 |
Cash Costs | 2,709 | 2,435 | 2,618 |
Cost of sales | 3,582 | 3,263 | 3,412 |
Gross profit (loss) | $ 784 | $ 841 | $ 733 |
Continuing and Discontinued Operations | Gold, Ounces | |||
Disclosure of operating segments [line items] | |||
Gold production (in ounces) | oz | 3,755 | 3,628 | 3,947 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | $ 1,295 | $ 1,678 | $ 1,463 |
Foreign entities | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 4,259 | 4,144 | 4,324 |
DRC | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 1,423 | 1,400 | 1,406 |
Ghana | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 533 | 520 | 543 |
Tanzania | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 422 | 437 | 517 |
Gold income | 664 | 591 | 615 |
Brazil | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 632 | 645 | 657 |
Gold income | 705 | 659 | 641 |
Guinea | |||
Disclosure of operating segments [line items] | |||
Gold income | 489 | ||
Australia | |||
Disclosure of operating segments [line items] | |||
Non-current assets considered material | 764 | 673 | 703 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,734 | 1,818 | 1,629 |
Net operating assets | 1,388 | 1,520 | 1,352 |
Goodwill | 0 | 8 | 7 |
Assets held for sale | 348 | ||
Impairments, derecognition of assets | $ 294 | $ 3 | $ 5 |
South Africa | Continuing operations | Gold, Ounces | |||
Disclosure of operating segments [line items] | |||
Gold production (in ounces) | oz | 903 | 967 | 1,004 |
Continental Africa | |||
Disclosure of operating segments [line items] | |||
Total assets | $ 3,153 | $ 3,090 | $ 3,121 |
Net operating assets | $ 1,296 | $ 1,278 | $ 1,349 |
Continental Africa | Continuing operations | Gold, Ounces | |||
Disclosure of operating segments [line items] | |||
Gold production (in ounces) | oz | 1,453 | 1,321 | 1,435 |
Australasia | |||
Disclosure of operating segments [line items] | |||
Total assets | $ 929 | $ 804 | $ 837 |
Net operating assets | 664 | 581 | 625 |
Goodwill | $ 119 | $ 110 | $ 111 |
Australasia | Continuing operations | Gold, Ounces | |||
Disclosure of operating segments [line items] | |||
Gold production (in ounces) | oz | 559 | 520 | 560 |
Americas | |||
Disclosure of operating segments [line items] | |||
Total assets | $ 1,258 | $ 1,273 | $ 1,341 |
Net operating assets | 909 | 923 | 963 |
Goodwill | $ 8 | $ 8 | $ 8 |
Americas | Continuing operations | Gold, Ounces | |||
Disclosure of operating segments [line items] | |||
Gold production (in ounces) | oz | 840 | 820 | 831 |
Other, including non-gold producing subsidiaries | |||
Disclosure of operating segments [line items] | |||
Total assets | $ 145 | $ 168 | $ 356 |
Net operating assets | 24 | 26 | 11 |
Consolidated and Separate | |||
Disclosure of operating segments [line items] | |||
Amortisation | 959 | 923 | 885 |
Gold income | 4,809 | 4,518 | 4,489 |
By-products revenue | 155 | 139 | 127 |
Cash Costs | 3,004 | 2,723 | 2,760 |
Cost of sales | 4,022 | 3,669 | 3,672 |
Gross profit (loss) | 797 | 868 | 810 |
Consolidated and Separate | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 953 | 811 | 799 |
Consolidated and Separate | Discontinued operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 0 | 0 | 58 |
Consolidated and Separate | Continuing and Discontinued Operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 953 | 811 | 857 |
Consolidated and Separate | South Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,659 | 1,719 | 2,499 |
Consolidated and Separate | North America | |||
Disclosure of operating segments [line items] | |||
Gold income | 456 | 893 | 658 |
Consolidated and Separate | Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 709 | 645 | 666 |
Consolidated and Separate | Asia | |||
Disclosure of operating segments [line items] | |||
Gold income | 0 | 0 | 195 |
Consolidated and Separate | Europe | |||
Disclosure of operating segments [line items] | |||
Gold income | 399 | 377 | 332 |
Consolidated and Separate | United Kingdom | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,586 | 884 | 139 |
Consolidated and Separate | South Africa | |||
Disclosure of operating segments [line items] | |||
Amortisation | 133 | 167 | 182 |
Gold income | 1,101 | 1,173 | 1,132 |
By-products revenue | 15 | 23 | 38 |
Consolidated and Separate | South Africa | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 150 | 182 | 206 |
Consolidated and Separate | Continental Africa | |||
Disclosure of operating segments [line items] | |||
Amortisation | 421 | 365 | 339 |
Gold income | 1,895 | 1,663 | 1,724 |
By-products revenue | 3 | 4 | 3 |
Consolidated and Separate | Continental Africa | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 409 | 291 | 315 |
Consolidated and Separate | Australasia | |||
Disclosure of operating segments [line items] | |||
Amortisation | 130 | 126 | 117 |
Gold income | 709 | 646 | 666 |
By-products revenue | 2 | 2 | 2 |
Consolidated and Separate | Australasia | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 153 | 109 | 78 |
Consolidated and Separate | Americas | |||
Disclosure of operating segments [line items] | |||
Amortisation | 273 | 260 | 240 |
Gold income | 1,104 | 1,036 | 967 |
By-products revenue | 135 | 110 | 84 |
Consolidated and Separate | Americas | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 234 | 225 | 196 |
Consolidated and Separate | Other, including non-gold producing subsidiaries | |||
Disclosure of operating segments [line items] | |||
Amortisation | 2 | 5 | 7 |
Consolidated and Separate | Other, including non-gold producing subsidiaries | Continuing operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 7 | 4 | 4 |
Consolidated and Separate | Operating segments | South Africa | |||
Disclosure of operating segments [line items] | |||
Cash Costs | 968 | 857 | 874 |
Cost of sales | 1,114 | 1,041 | 1,083 |
Gross profit (loss) | (3) | 149 | 42 |
Consolidated and Separate | Operating segments | Continental Africa | |||
Disclosure of operating segments [line items] | |||
Cash Costs | 1,088 | 976 | 1,010 |
Cost of sales | 1,510 | 1,331 | 1,347 |
Gross profit (loss) | 386 | 334 | 377 |
Consolidated and Separate | Operating segments | Australasia | |||
Disclosure of operating segments [line items] | |||
Cash Costs | 407 | 404 | 393 |
Cost of sales | 550 | 540 | 525 |
Gross profit (loss) | 159 | 106 | 142 |
Consolidated and Separate | Operating segments | Americas | |||
Disclosure of operating segments [line items] | |||
Cash Costs | 547 | 486 | 492 |
Cost of sales | 851 | 752 | 719 |
Gross profit (loss) | 253 | 283 | 247 |
Consolidated and Separate | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Cash Costs | (6) | 0 | (9) |
Cost of sales | (3) | 5 | (2) |
Gross profit (loss) | 2 | (4) | 2 |
Equity-accounted investments | |||
Disclosure of operating segments [line items] | |||
Amortisation | (136) | (114) | (108) |
Capital expenditure | (123) | (100) | (131) |
Gold income | (453) | (433) | (474) |
By-products revenue | (1) | (1) | 0 |
Cash Costs | (295) | (288) | (267) |
Cost of sales | (440) | (406) | (378) |
Gross profit (loss) | $ (13) | $ (27) | $ (96) |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of revenue [Abstract] | |||
Gold income | $ 4,356 | $ 4,085 | $ 4,015 |
By-products (note 2 and 4) | 154 | 138 | 127 |
Royalties received (note 6) | 18 | 9 | 4 |
Interest received (notes 31 and 35) | 15 | 22 | 28 |
Revenue | $ 4,543 | $ 4,254 | $ 4,174 |
Cost of Sales (Details)
Cost of Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cost of Sales [Abstract] | |||
Cash operating costs | $ 2,728 | $ 2,444 | $ 2,493 |
By-products revenue (note 3) | (154) | (138) | (127) |
Cash operating costs, Net of by-product revenue | 2,574 | 2,306 | 2,366 |
Royalties | 116 | 105 | 100 |
Other cash costs | 19 | 24 | 27 |
Total cash costs | 2,709 | 2,435 | 2,493 |
Retrenchment costs | 6 | 14 | 11 |
Rehabilitation and other non-cash costs | 29 | 43 | (10) |
Amortisation of tangible assets (note 31 and note 35) | 817 | 789 | 737 |
Amortisation of intangible assets (note 31 and note 35) | 6 | 20 | 40 |
Inventory change | 15 | (38) | 23 |
Cost of sales | $ 3,582 | $ 3,263 | $ 3,294 |
Other Operating Expenses (Detai
Other Operating Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other operating expenses [Abstract] | |||
Care and maintenance costs (note 35) | $ 62 | $ 70 | $ 67 |
Pension and medical defined benefit provisions | 9 | 25 | 18 |
Governmental fiscal claims and care and maintenance of old tailings operations | 14 | 14 | 7 |
Other | 3 | 1 | 4 |
Other operating expenses | $ 88 | $ 110 | $ 96 |
Special Items (Details)
Special Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Special Items [Line Items] | |||
Impairment and derecognition of assets | $ 297 | $ 3 | $ 20 |
Impairment of other investments | 3 | 0 | 0 |
Retrenchment and related costs | 88 | 1 | 4 |
Legal fees (recoveries) and other costs related to contract terminations and settlement costs | 71 | 11 | (1) |
Write-down of inventories | 3 | 12 | 11 |
Net (profit) loss on disposal of assets | (8) | (4) | (1) |
Royalties received (note 3) | (18) | (9) | (4) |
Indirect tax expense (recoveries) | 2 | (2) | (20) |
Repurchase premium and cost on settlement of debt facilities | 88 | 110 | 96 |
Other | 0 | 0 | 1 |
Special items | 438 | 42 | 71 |
Impairment and derecognition of tangible assets | 253 | ||
Impairment and derecognition of intangible assets | 9 | ||
Impairment and derecognition of assets held for sale | 35 | ||
Debt Settlement Cost | |||
Special Items [Line Items] | |||
Repurchase premium and cost on settlement of debt facilities | $ 0 | $ 30 | $ 61 |
Finance Costs and Unwinding o89
Finance Costs and Unwinding of Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |||
Finance costs on bonds, corporate notes, bank loans and other | $ 132 | $ 148 | $ 215 |
Amortisation of fees | 4 | 4 | 5 |
Finance lease charges | 6 | 6 | 3 |
Total finance costs | 142 | 158 | 223 |
Unwinding of obligations | 27 | 22 | 22 |
Total finance costs, unwinding of obligations and other discounts (note 31 and 35) | $ 169 | $ 180 | $ 245 |
Share of Associates and Joint90
Share of Associates and Joint Ventures' Profit (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of associates [line items] | |||
Revenue | $ 4,543 | $ 4,254 | $ 4,174 |
Net interest received | 15 | 22 | 28 |
Profit (loss) before taxation | (63) | 269 | 257 |
Taxation | (108) | (189) | (211) |
Profit (loss) after taxation from continuing operations | (171) | 80 | 46 |
Share of associates and joint ventures’ profit (loss) (note 31) | 22 | 11 | 88 |
Associates | |||
Disclosure of associates [line items] | |||
(Impairment) impairment reversal of investments in associates | 13 | (5) | 12 |
Joint ventures | |||
Disclosure of associates [line items] | |||
Impairment reversal of investments in joint ventures (note 17) | 2 | 11 | 12 |
Joint ventures | Associates | |||
Disclosure of associates [line items] | |||
Revenue | 453 | 441 | 489 |
Operating costs, special items and other expenses | (470) | (446) | (415) |
Net interest received | 1 | 3 | 7 |
Profit (loss) before taxation | (16) | (2) | 81 |
Taxation | 23 | 7 | (17) |
Profit (loss) after taxation from continuing operations | 7 | 5 | 64 |
Share of associates and joint ventures’ profit (loss) (note 31) | $ 22 | $ 11 | $ 88 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits | $ 1,024 | $ 918 | $ 971 |
Pension and medical defined benefit provisions | 9 | 25 | 18 |
Retrenchment costs | 92 | 16 | 15 |
Share-based payment expense (note 10) | 33 | 37 | 33 |
Included in cost of sales, other operating expenses, special items and corporate administration, marketing and other expenses | 1,270 | 1,095 | 1,146 |
Post-retirement medical | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Defined benefit expenses | 58 | 51 | 54 |
Pension and medical defined benefit provisions | 10 | 10 | 10 |
Pension | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Pension and medical defined benefit provisions | 0 | 15 | 14 |
Defined contribution expenses | $ 53 | $ 48 | $ 49 |
Share-based Payments - Share-ba
Share-based Payments - Share-based Payment Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | $ 26 | $ 34 | $ 33 |
Cash-settled Long Term Incentive Plan (CSLTIP) | 7 | 3 | 0 |
Total share-based payment expense (note 9) | 33 | 37 | 33 |
Bonus Share Plan (BSP) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | 26 | 26 | 22 |
Long Term Incentive Plan (LTIP) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | (1) | 7 | 11 |
Other | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | $ 1 | $ 1 | $ 0 |
Share-based Payments - Equity-s
Share-based Payments - Equity-settled Plans (Details) | 12 Months Ended | |||
Dec. 31, 2017ZAR (R)shares | Dec. 31, 2016ZAR (R)shares | Dec. 31, 2015ZAR (R)shares | Dec. 31, 2014ZAR (R) | |
Long Term Incentive Plan (LTIP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Calculated fair value | R | R 129.94 | |||
Awards outstanding at beginning of year | 4,363,330 | 6,028,193 | 3,964,362 | |
Awards granted during the year | 0 | 0 | 3,120,555 | |
Awards lapsed during the year | (1,512,857) | (1,160,023) | (830,356) | |
Awards exercised during the year | (384,116) | (504,840) | (226,368) | |
Awards outstanding at end of year | 2,466,357 | 4,363,330 | 6,028,193 | |
Awards exercisable at end of year | 455,914 | 320,169 | 445,781 | |
Bonus Share Plan (BSP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Calculated fair value | R | R 152.87 | R 229.22 | R 130.87 | |
Awards outstanding at beginning of year | 4,198,285 | 4,708,799 | 3,305,515 | |
Awards granted during the year | 1,926,549 | 2,103,767 | 2,562,313 | |
Awards lapsed during the year | (218,601) | (204,374) | (165,006) | |
Awards exercised during the year | (1,426,554) | (2,409,907) | (994,023) | |
Awards outstanding at end of year | 4,479,679 | 4,198,285 | 4,708,799 | |
Awards exercisable at end of year | 1,904,021 | 1,170,849 | 1,687,096 | |
Share Retention Bonus Scheme | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Calculated fair value | R | R 226.46 | |||
Awards outstanding at beginning of year | 72,038 | 115,736 | ||
Awards exercised during the year | 20,185 | 43,698 | 34,564 | |
Awards outstanding at end of year | 51,853 | 72,038 | 115,736 | |
Co-investment Plan | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Awards outstanding at beginning of year | 97,651 | 145,040 | 56,703 | |
Awards granted during the year | 112,105 | 47,590 | 125,050 | |
Awards lapsed during the year | (62,775) | (18,570) | (6,426) | |
Awards exercised during the year | (51,603) | (76,409) | (30,287) | |
Awards outstanding at end of year | 95,378 | 97,651 | 145,040 |
Share-based Payments - Cash-set
Share-based Payments - Cash-settled Plans (Details) - Cash-settled Long Term Incentive Plan | 12 Months Ended | ||
Dec. 31, 2017employee$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015employeeshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Closing share price at 30 December: | $ / shares | $ 128.62 | $ 152.58 | |
Share units outstanding at beginning of year | 2,464,630 | 30,163 | |
Share units granted during the year | 2,572,437 | 2,537,000 | |
Share units lapsed during the year | (507,597) | (100,490) | |
Share units exercised during the year | (59,852) | (2,043) | |
Share units outstanding at end of year | 4,469,618 | 2,464,630 | 30,163 |
Number of employee recipients of long term share units | employee | 2 | 2 |
Income Taxes - Income Tax Benef
Income Taxes - Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Major components of tax expense (income) [abstract] | |||
Normal taxation | $ 190 | $ 234 | $ 192 |
Deferred tax expense (income) [abstract] | |||
Taxation | $ 108 | $ 189 | $ 211 |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Effective tax rate | (172.00%) | 70.00% | 82.00% |
Derivative and other commodity contracts losses and fair value gains | 0.00% | 1.00% | 7.00% |
Exploration, corporate and other disallowable expenses | 44.00% | (12.00%) | (23.00%) |
Share of associates and joint ventures’ profit (loss) | (10.00%) | 1.00% | 10.00% |
Foreign income tax allowances and rate differentials | 47.00% | (18.00%) | (16.00%) |
Exchange variation and translation adjustments | 10.00% | 8.00% | (24.00%) |
Non-tax effective income (loss) | 69.00% | (26.00%) | (25.00%) |
Effect of temporary differences not recognised for deferred tax assets | 26.00% | 0.00% | 0.00% |
Capital allowances | 0.00% | 2.00% | 4.00% |
Change in estimated deferred tax rate | 31.00% | 0.00% | 6.00% |
Change in statutory tax rate | (4.00%) | 0.00% | 0.00% |
Prior year over provision | (13.00%) | 2.00% | 7.00% |
Estimated corporate tax rate | 28.00% | 28.00% | 28.00% |
South Africa | |||
Major components of tax expense (income) [abstract] | |||
Normal taxation | $ 1 | $ 1 | $ 1 |
Prior year (over) under provision | 0 | (3) | (14) |
Deferred tax expense (income) [abstract] | |||
Impairment and disposal of tangible assets | (72) | 0 | (1) |
Other temporary differences | (62) | 12 | (43) |
Prior year (over) under provision | 15 | 25 | 0 |
Change in tax rate | 31 | 0 | (15) |
Taxation | $ (87) | $ 35 | $ (72) |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Estimated corporate tax rate | 28.00% | 28.00% | 28.00% |
Foreign taxation | |||
Major components of tax expense (income) [abstract] | |||
Normal taxation | $ 201 | $ 246 | $ 214 |
Prior year (over) under provision | (26) | (10) | (9) |
Deferred tax expense (income) [abstract] | |||
Other temporary differences | 20 | (65) | 73 |
Prior year (over) under provision | 2 | (17) | 5 |
Change in tax rate | (2) | 0 | 0 |
Taxation | $ 195 | $ 154 | $ 283 |
Income Taxes - Tax Rates (Detai
Income Taxes - Tax Rates (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Income Taxes [Line Items] | |||
Estimated corporate tax rate | 28.00% | 28.00% | 28.00% |
South Africa | |||
Disclosure of Income Taxes [Line Items] | |||
Mining tax rate | 34.00% | 34.00% | 34.00% |
Estimated corporate tax rate | 28.00% | 28.00% | 28.00% |
Argentina | |||
Disclosure of Income Taxes [Line Items] | |||
Estimated corporate tax rate | 30.00% | 30.00% | 30.00% |
Australia | |||
Disclosure of Income Taxes [Line Items] | |||
Estimated corporate tax rate | 30.00% | 30.00% | 30.00% |
Brazil | |||
Disclosure of Income Taxes [Line Items] | |||
Estimated corporate tax rate | 34.00% | 34.00% | 34.00% |
Ghana | |||
Disclosure of Income Taxes [Line Items] | |||
Estimated corporate tax rate | 30.00% | 30.00% | 30.00% |
Guinea | |||
Disclosure of Income Taxes [Line Items] | |||
Estimated corporate tax rate | 30.00% | 30.00% | 30.00% |
Tanzania | |||
Disclosure of Income Taxes [Line Items] | |||
Estimated corporate tax rate | 30.00% | 30.00% | 30.00% |
Income Taxes - Unrecognised Tax
Income Taxes - Unrecognised Tax Losses (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | $ 1,592 | $ 1,507 | $ 1,421 |
Deferred tax assets | 4 | 4 | 1 |
Tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 470 | 477 | 452 |
Between one and two years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | 48 | 0 | 0 |
- utilisation required between two and five years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | 333 | 321 | 237 |
- utilisation required between five and twenty years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | 1,210 | 1,185 | 1,184 |
- utilisation in excess of twenty years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | $ 1 | $ 1 | $ 0 |
Earnings (Loss) per Ordinary 98
Earnings (Loss) per Ordinary Share - Basic and DIluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic earnings (loss) per ordinary share (cents) | |||
Basic earnings (loss) per ordinary share (dollars per share) | $ (0.46) | $ 0.15 | $ (0.20) |
Basic earnings (loss) per ordinary share - Continuing operations (dollars per share) | (0.46) | 0.15 | 0.08 |
Basic earnings (loss) per ordinary share - Discontinued operations (dollars per share) | $ 0 | $ 0 | $ (0.28) |
Profits (losses) attributable to equity shareholders - continuing operations | $ (191) | $ 63 | $ 31 |
Profits (losses) attributable to equity shareholders - discontinued operations | $ 0 | $ 0 | $ (116) |
Basic weighted average number of ordinary shares outstanding | 415,440,077 | 412,585,042 | 409,606,858 |
Diluted earnings (loss) per ordinary share (cents) | |||
Diluted earnings (loss) per ordinary share (dollars per share) | $ (0.46) | $ 0.15 | $ (0.20) |
Diluted earnings (loss) per ordinary share - Continuing operations (dollars per share) | (0.46) | 0.15 | 0.08 |
Diluted earnings (loss) per ordinary share - Discontinued operations (dollars per share) | $ 0 | $ 0 | $ (0.28) |
Diluted weighted average number of ordinary shares outstanding | 415,440,077 | 414,706,400 | 409,606,858 |
Continuing operations | |||
Basic earnings (loss) per ordinary share (cents) | |||
Basic earnings (loss) per ordinary share - Continuing operations (dollars per share) | $ (0.46) | $ 0.15 | $ 0.08 |
Profits (losses) attributable to equity shareholders - continuing operations | $ (191) | $ 63 | $ 31 |
Basic weighted average number of ordinary shares outstanding | 415,440,077 | 412,585,042 | 409,606,858 |
Diluted earnings (loss) per ordinary share (cents) | |||
Diluted earnings (loss) per ordinary share - Continuing operations (dollars per share) | $ (0.46) | $ 0.15 | $ 0.08 |
Diluted profits (losses) attributable to equity shareholders - continuing operations | $ (191) | $ 63 | $ 31 |
Diluted weighted average number of ordinary shares outstanding | 415,440,077 | 414,706,400 | 411,371,341 |
Discontinued operations | |||
Basic earnings (loss) per ordinary share (cents) | |||
Basic earnings (loss) per ordinary share - Discontinued operations (dollars per share) | $ 0 | $ 0 | $ (0.28) |
Profits (losses) attributable to equity shareholders - discontinued operations | $ 0 | $ 0 | $ (116) |
Basic weighted average number of ordinary shares outstanding | 415,440,077 | 412,585,042 | 409,606,858 |
Diluted earnings (loss) per ordinary share (cents) | |||
Diluted earnings (loss) per ordinary share - Discontinued operations (dollars per share) | $ 0 | $ 0 | $ (0.28) |
Diluted profits (losses) attributable to equity shareholders - discontinued operations | $ 0 | $ 0 | $ (116) |
Diluted weighted average number of ordinary shares outstanding | 415,440,077 | 414,706,400 | 409,606,858 |
Earnings (Loss) per Ordinary 99
Earnings (Loss) per Ordinary Share - Dilutive Shares (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of earnings per share [Abstract] | |||
Ordinary shares | 409,265,471 | 407,519,542 | 404,747,625 |
Fully vested options and currently exercisable | 6,174,606 | 5,065,500 | 4,859,233 |
Weighted average number of shares | 415,440,077 | 412,585,042 | 409,606,858 |
Dilutive potential of share options | 0 | 2,121,358 | 0 |
Fully diluted number of ordinary shares | 415,440,077 | 414,706,400 | 409,606,858 |
Profit (loss) attributable to equity shareholders | $ (191) | $ 63 | $ (85) |
Earnings (Loss) per Ordinary100
Earnings (Loss) per Ordinary Share - Headline Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of earnings per share [Abstract] | |||
Profit (loss) attributable to equity shareholders from continuing and discontinued operations | $ (191) | $ 63 | $ (85) |
Net impairment (impairment reversal) and derecognition of assets | 298 | (16) | 2 |
Net (profit) loss on disposal of assets | (8) | 4 | 9 |
Special items of associates and joint ventures | 0 | 0 | 3 |
Exchange loss on foreign currency translation reserve release | 0 | 60 | 0 |
Taxation on items above | (72) | 0 | (2) |
Headline earnings (loss) | $ 27 | $ 111 | $ (73) |
Basic weighted average number of ordinary shares outstanding | 415,440,077 | 412,585,042 | 409,606,858 |
Diluted headline earnings (loss) | $ 27 | $ 111 | $ (73) |
Diluted weighted average number of ordinary shares outstanding | 415,440,077 | 414,706,400 | 409,606,858 |
Basic headline earnings (loss) per share (cents per share) | $ 0.06 | $ 0.27 | $ (0.18) |
Diluted headline earnings (loss) per share (cents per share) | $ 0.06 | $ 0.27 | $ (0.18) |
Dividends (Details)
Dividends (Details) $ / shares in Units, $ in Millions | Feb. 21, 2017$ / shares | Feb. 21, 2017R / shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of share capital, reserves and other equity interest [Abstract] | |||||
Dividends declared per share | (per share) | $ 0.1 | R 1.30 | |||
Dividends paid | $ 39 | $ 0 | $ 0 |
Tangible Assets (Details)
Tangible Assets (Details) R in Millions, $ in Millions | Oct. 19, 2017USD ($) | Oct. 19, 2017ZAR (R) | Dec. 31, 2017USD ($)$ / oz | Dec. 31, 2016USD ($)$ / oz | Dec. 31, 2015USD ($) |
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | $ 4,111 | $ 4,058 | |||
Additions | |||||
Impairment and derecognition of assets | 288 | 3 | $ 5 | ||
Ending balance | $ 3,742 | $ 4,111 | 4,058 | ||
Long-term real gold price used in assumptions | $ / oz | 1,240 | 1,212 | |||
Weighted average cost of capital used | 7.50% | 7.30% | |||
Change in weighted average cost of capital used | 0.20% | ||||
Bottom of range | |||||
Additions | |||||
Life of mine plans | 2 years | ||||
Top of range | |||||
Additions | |||||
Life of mine plans | 42 years | ||||
Mine development costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | $ 1,780 | $ 1,794 | |||
Additions | |||||
Ending balance | 1,583 | 1,780 | 1,794 | ||
Mine infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 1,784 | 1,814 | |||
Additions | |||||
Ending balance | 1,586 | 1,784 | 1,814 | ||
Mineral rights and dumps | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 51 | 52 | |||
Additions | |||||
Ending balance | 39 | 51 | 52 | ||
Exploration and evaluation assets | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 2 | 3 | |||
Additions | |||||
Ending balance | 2 | 2 | 3 | ||
Assets under construction | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 424 | 327 | |||
Additions | |||||
Ending balance | 464 | 424 | 327 | ||
Land and buildings | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 70 | 68 | |||
Additions | |||||
Ending balance | 68 | 70 | 68 | ||
Cost | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 11,975 | 12,067 | 14,445 | ||
Additions | |||||
- project capital | 156 | 93 | 128 | ||
- stay-in-business capital | 665 | 611 | 561 | ||
- capitalised leased assets | 2 | 62 | |||
Disposals | (21) | (91) | (1,237) | ||
Transfers and other movements | (506) | (1,049) | (801) | ||
Transfer to non-current assets and liabilities held for sale | (1,148) | ||||
Translation | 293 | 342 | (1,091) | ||
Ending balance | 11,414 | 11,975 | 12,067 | ||
Cost | Mine development costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 5,943 | 6,282 | 7,238 | ||
Additions | |||||
- project capital | 28 | 25 | 19 | ||
- stay-in-business capital | 371 | 363 | 345 | ||
- capitalised leased assets | 0 | 0 | |||
Disposals | (1) | (45) | (113) | ||
Transfers and other movements | (168) | (884) | (497) | ||
Transfer to non-current assets and liabilities held for sale | (785) | ||||
Translation | 174 | 202 | (710) | ||
Ending balance | 5,562 | 5,943 | 6,282 | ||
Cost | Mine infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 4,576 | 4,432 | 5,369 | ||
Additions | |||||
- project capital | 3 | 4 | 1 | ||
- stay-in-business capital | 37 | 54 | 57 | ||
- capitalised leased assets | 2 | 62 | |||
Disposals | (20) | (46) | (772) | ||
Transfers and other movements | (21) | 25 | (4) | ||
Transfer to non-current assets and liabilities held for sale | (281) | ||||
Translation | 88 | 105 | (281) | ||
Ending balance | 4,382 | 4,576 | 4,432 | ||
Cost | Mine infrastructure | Assets held under finance leases | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 58 | 61 | |||
Additions | |||||
Ending balance | 56 | 58 | 61 | ||
Cost | Mineral rights and dumps | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 919 | 914 | 958 | ||
Additions | |||||
- project capital | 0 | 0 | 0 | ||
- stay-in-business capital | 0 | 1 | 0 | ||
- capitalised leased assets | 0 | 0 | |||
Disposals | 0 | 0 | (25) | ||
Transfers and other movements | (27) | 0 | 0 | ||
Transfer to non-current assets and liabilities held for sale | (7) | ||||
Translation | 7 | 4 | (19) | ||
Ending balance | 892 | 919 | 914 | ||
Cost | Exploration and evaluation assets | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 5 | 5 | 35 | ||
Additions | |||||
- project capital | 0 | 0 | 0 | ||
- stay-in-business capital | 0 | 0 | 0 | ||
- capitalised leased assets | 0 | 0 | |||
Disposals | 0 | 0 | (29) | ||
Transfers and other movements | 0 | 0 | (1) | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||||
Translation | 0 | 0 | 0 | ||
Ending balance | 5 | 5 | 5 | ||
Cost | Assets under construction | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 450 | 356 | 757 | ||
Additions | |||||
- project capital | 125 | 64 | 102 | ||
- stay-in-business capital | 257 | 192 | 158 | ||
- capitalised leased assets | 0 | 0 | |||
Disposals | 0 | 0 | (291) | ||
Transfers and other movements | (291) | (190) | (298) | ||
Transfer to non-current assets and liabilities held for sale | (72) | ||||
Translation | 21 | 28 | (72) | ||
Ending balance | 490 | 450 | 356 | ||
Cost | Land and buildings | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 82 | 78 | 88 | ||
Additions | |||||
- project capital | 0 | 0 | 6 | ||
- stay-in-business capital | 0 | 1 | 1 | ||
- capitalised leased assets | 0 | 0 | |||
Disposals | 0 | 0 | (7) | ||
Transfers and other movements | 1 | 0 | (1) | ||
Transfer to non-current assets and liabilities held for sale | (3) | ||||
Translation | 3 | 3 | (9) | ||
Ending balance | 83 | 82 | 78 | ||
Assets pledged as security | 11 | 12 | 8 | ||
Cost | Land and buildings | Assets held under finance leases | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 7 | 7 | |||
Additions | |||||
Ending balance | 6 | 7 | 7 | ||
Accumulated amortisation and impairments | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 7,864 | 8,009 | 9,582 | ||
Additions | |||||
Amortisation for the year | 829 | 806 | 740 | ||
Impairment and derecognition of assets | 253 | 3 | 5 | ||
Disposals | (21) | (86) | (949) | ||
Transfers and other movements | (516) | (1,037) | (806) | ||
Transfer to non-current assets and liabilities held for sale | (859) | ||||
Translation | 122 | 169 | (563) | ||
Ending balance | 7,672 | 7,864 | 8,009 | ||
Accumulated amortisation and impairments | TauTona | |||||
Additions | |||||
Impairment and derecognition of assets | 79 | ||||
Accumulated amortisation and impairments | Kopanang | |||||
Additions | |||||
Impairment and derecognition of assets | 35 | ||||
Accumulated amortisation and impairments | Surface Operations | |||||
Additions | |||||
Impairment and derecognition of assets | 9 | ||||
Accumulated amortisation and impairments | Moab Khotsong | |||||
Additions | |||||
Impairment and derecognition of assets | 112 | ||||
Accumulated amortisation and impairments | Mponeng | |||||
Additions | |||||
Impairment and derecognition of assets | 2 | ||||
Accumulated amortisation and impairments | First Uranium | |||||
Additions | |||||
Impairment and derecognition of assets | 13 | ||||
Accumulated amortisation and impairments | Other | |||||
Additions | |||||
Impairment and derecognition of assets | 3 | ||||
Accumulated amortisation and impairments | Mine development costs | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 4,163 | 4,488 | 5,045 | ||
Additions | |||||
Amortisation for the year | 553 | 546 | 475 | ||
Impairment and derecognition of assets | 182 | 1 | 4 | ||
Disposals | (1) | (43) | (113) | ||
Transfers and other movements | (326) | (964) | (458) | ||
Transfer to non-current assets and liabilities held for sale | (685) | ||||
Translation | 93 | 135 | (465) | ||
Ending balance | 3,979 | 4,163 | 4,488 | ||
Accumulated amortisation and impairments | Mine infrastructure | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 2,792 | 2,618 | 3,515 | ||
Additions | |||||
Amortisation for the year | 272 | 254 | 257 | ||
Impairment and derecognition of assets | 62 | 2 | 1 | ||
Disposals | (20) | (43) | (727) | ||
Transfers and other movements | (163) | (70) | (346) | ||
Transfer to non-current assets and liabilities held for sale | (169) | ||||
Translation | 22 | 31 | (82) | ||
Ending balance | 2,796 | 2,792 | 2,618 | ||
Accumulated amortisation and impairments | Mineral rights and dumps | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 868 | 862 | 893 | ||
Additions | |||||
Amortisation for the year | 3 | 4 | 6 | ||
Impairment and derecognition of assets | 8 | 0 | 0 | ||
Disposals | 0 | 0 | (25) | ||
Transfers and other movements | (27) | 0 | 0 | ||
Transfer to non-current assets and liabilities held for sale | (4) | ||||
Translation | 5 | 2 | (12) | ||
Ending balance | 853 | 868 | 862 | ||
Accumulated amortisation and impairments | Exploration and evaluation assets | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 3 | 2 | 32 | ||
Additions | |||||
Amortisation for the year | 0 | 1 | 1 | ||
Impairment and derecognition of assets | 0 | 0 | 0 | ||
Disposals | 0 | 0 | (29) | ||
Transfers and other movements | 0 | 0 | (1) | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||||
Translation | 0 | 0 | (1) | ||
Ending balance | 3 | 3 | 2 | ||
Accumulated amortisation and impairments | Assets under construction | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 26 | 29 | 79 | ||
Additions | |||||
Amortisation for the year | 0 | 0 | 0 | ||
Impairment and derecognition of assets | 1 | 0 | 0 | ||
Disposals | 0 | 0 | (49) | ||
Transfers and other movements | 0 | (3) | (1) | ||
Transfer to non-current assets and liabilities held for sale | (1) | ||||
Translation | 0 | 0 | 0 | ||
Ending balance | 26 | 26 | 29 | ||
Accumulated amortisation and impairments | Land and buildings | |||||
Reconciliation of changes in property, plant and equipment [abstract] | |||||
Beginning balance | 12 | 10 | 18 | ||
Additions | |||||
Amortisation for the year | 1 | 1 | 1 | ||
Impairment and derecognition of assets | 0 | 0 | 0 | ||
Disposals | 0 | 0 | (6) | ||
Transfers and other movements | 0 | 0 | 0 | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||||
Translation | 2 | 1 | (3) | ||
Ending balance | 15 | $ 12 | $ 10 | ||
Disposal groups classified as held for sale | |||||
Additions | |||||
Impairment and derecognition of assets | 35 | ||||
Ending balance | 289 | ||||
Disposal groups classified as held for sale | Moab Khotsong | |||||
Additions | |||||
Ending balance | 277 | ||||
Consideration received in sale | $ 300 | ||||
Disposal groups classified as held for sale | Kopanang | |||||
Additions | |||||
Ending balance | $ 12 | ||||
Consideration received in sale | R | R 100 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | $ 145 | $ 161 | |
Amortisation for the year | 6 | 20 | $ 40 |
Ending balance | 138 | 145 | 161 |
Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 564 | 558 | 612 |
Additions Other Than Through Business Combinations, Intangible Assets And Goodwil | 1 | 5 | 3 |
Disposals | (9) | ||
Transfer to non-current assets and liabilities held for sale | (17) | ||
Transfers and other movements | (264) | (4) | (10) |
Translation | 15 | 5 | (38) |
Ending balance | 299 | 564 | 558 |
Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 419 | 397 | 387 |
Amortisation for the year | 6 | 20 | 40 |
Disposals | (7) | ||
Impairment | 9 | ||
Transfer to non-current assets and liabilities held for sale | (15) | ||
Transfers and other movements | (264) | (3) | (7) |
Translation | 6 | 5 | (16) |
Ending balance | 161 | 419 | 397 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 126 | 126 | |
Ending balance | 127 | 126 | 126 |
Goodwill | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 379 | 380 | 400 |
Additions Other Than Through Business Combinations, Intangible Assets And Goodwil | 0 | 0 | 0 |
Disposals | 0 | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||
Transfers and other movements | (263) | 0 | 0 |
Translation | 11 | (1) | (20) |
Ending balance | 127 | 379 | 380 |
Goodwill | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 253 | 254 | 258 |
Disposals | 0 | ||
Impairment | 9 | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||
Transfers and other movements | (263) | 0 | 0 |
Translation | 1 | (1) | (4) |
Ending balance | 0 | 253 | 254 |
Software and licences | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 13 | 25 | |
Ending balance | 8 | 13 | 25 |
Software and licences | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 125 | 118 | 152 |
Additions Other Than Through Business Combinations, Intangible Assets And Goodwil | 1 | 5 | 3 |
Disposals | (9) | ||
Transfer to non-current assets and liabilities held for sale | (17) | ||
Transfers and other movements | (1) | (4) | (10) |
Translation | 4 | 6 | (18) |
Ending balance | 112 | 125 | 118 |
Software and licences | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 112 | 93 | 82 |
Amortisation for the year | 3 | 16 | 37 |
Disposals | (7) | ||
Impairment | 0 | ||
Transfer to non-current assets and liabilities held for sale | (15) | ||
Transfers and other movements | (1) | (3) | (7) |
Translation | 5 | 6 | (12) |
Ending balance | 104 | 112 | 93 |
Royalty tax rate concession and other | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 6 | 10 | |
Ending balance | 3 | 6 | 10 |
Royalty tax rate concession and other | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 60 | 60 | 60 |
Additions Other Than Through Business Combinations, Intangible Assets And Goodwil | 0 | 0 | 0 |
Disposals | 0 | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||
Transfers and other movements | 0 | 0 | 0 |
Translation | 0 | 0 | 0 |
Ending balance | 60 | 60 | 60 |
Royalty tax rate concession and other | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 54 | 50 | 47 |
Amortisation for the year | 3 | 4 | 3 |
Disposals | 0 | ||
Impairment | 0 | ||
Transfer to non-current assets and liabilities held for sale | 0 | ||
Transfers and other movements | 0 | 0 | 0 |
Translation | 0 | 0 | 0 |
Ending balance | $ 57 | $ 54 | $ 50 |
Intangible Assets - Calculation
Intangible Assets - Calculation of Goodwill Impairment (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)$ / oz | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 127,000,000 | $ 126,000,000 | $ 126,000,000 |
Impairment of goodwill | 9,000,000 | 0 | 0 |
Cash-generating units | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 127,000,000 | 126,000,000 | 126,000,000 |
Sunrise Dam CGU | |||
Disclosure of information for cash-generating units [line items] | |||
Carrying Value | 233,000,000 | ||
Value in use | 402,000,000 | 487,000,000 | 504,000,000 |
Amount by which unit's recoverable amount exceeds its carrying amount | 169,000,000 | ||
Goodwill | $ 119,000,000 | $ 110,000,000 | $ 111,000,000 |
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in dollars per ounce) | $ / oz | 1,240 | ||
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount | 7.00% | ||
Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant | 8.30% | 8.80% | 7.90% |
First Uranium CGU | |||
Disclosure of information for cash-generating units [line items] | |||
Value in use | $ 317,000,000 | $ 336,000,000 | $ 304,000,000 |
Goodwill | 0 | 8,000,000 | 7,000,000 |
Impairment of goodwill | $ 9,000,000 | ||
Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant | 9.23% | ||
Serra Grande CGU | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 8,000,000 | $ 8,000,000 | $ 8,000,000 |
Material partly-owned subsid105
Material partly-owned subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of subsidiaries [line items] | ||||
Accumulated balances of material non-controlling interests | $ 41 | $ 39 | $ 37 | |
Revenue | 4,543 | 4,254 | 4,174 | |
Profit (loss) for the year | (171) | 80 | (70) | |
Total comprehensive income (loss) for the year, net of tax | (17) | 267 | (433) | |
Attributable to non-controlling interests | 20 | 17 | 15 | |
Non-current assets | 5,726 | 5,987 | 5,934 | |
Current assets | 1,493 | 1,166 | 1,350 | |
Non-current liabilities | (3,660) | (3,639) | (4,110) | |
Current liabilities | (855) | (760) | (707) | |
Total equity | 2,704 | 2,754 | 2,467 | $ 2,871 |
Cash inflow (outflow) from operating activities | 997 | 1,186 | 1,139 | |
Cash inflow (outflow) from investing activities | (862) | (702) | 80 | |
Cash inflow (outflow) from financing activities | (148) | (763) | (1,186) | |
Net increase (decrease) in cash and cash equivalents | $ (13) | $ (279) | $ 33 | |
Cerro Vanguardia S.A. (CVSA) | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interest holding | 7.50% | 7.50% | 7.50% | |
Profit allocated to material non-controlling interest | $ 7 | $ 6 | $ 4 | |
Accumulated balances of material non-controlling interests | 13 | 15 | 15 | |
Revenue | 517 | 472 | 399 | |
Profit (loss) for the year | 96 | 81 | 57 | |
Total comprehensive income (loss) for the year, net of tax | 96 | 81 | 57 | |
Attributable to non-controlling interests | 7 | 6 | 4 | |
Dividends paid to non-controlling interests | (9) | (6) | 0 | |
Non-current assets | 193 | 241 | 245 | |
Current assets | 171 | 177 | 182 | |
Non-current liabilities | (103) | (108) | (114) | |
Current liabilities | (84) | (107) | (109) | |
Total equity | 177 | 203 | 204 | |
Cash inflow (outflow) from operating activities | 189 | 110 | 98 | |
Cash inflow (outflow) from investing activities | (55) | (57) | (60) | |
Cash inflow (outflow) from financing activities | (118) | (97) | 3 | |
Net increase (decrease) in cash and cash equivalents | $ 16 | $ (44) | $ 41 | |
Société AngloGold Ashanti de Guinée S.A. (Siguiri) | ||||
Disclosure of subsidiaries [line items] | ||||
Non-controlling interest holding | 15.00% | 15.00% | 15.00% | |
Profit allocated to material non-controlling interest | $ 13 | $ 11 | $ 8 | |
Accumulated balances of material non-controlling interests | 32 | 28 | 26 | |
Revenue | 489 | 367 | 350 | |
Profit (loss) for the year | 88 | 74 | 50 | |
Total comprehensive income (loss) for the year, net of tax | 88 | 74 | 50 | |
Attributable to non-controlling interests | 13 | 11 | 8 | |
Dividends paid to non-controlling interests | (10) | (9) | (4) | |
Non-current assets | 206 | 174 | 151 | |
Current assets | 189 | 178 | 158 | |
Non-current liabilities | (101) | (79) | (79) | |
Current liabilities | (82) | (85) | (55) | |
Total equity | 212 | 188 | 175 | |
Cash inflow (outflow) from operating activities | 152 | 120 | 76 | |
Cash inflow (outflow) from investing activities | (82) | (59) | (29) | |
Cash inflow (outflow) from financing activities | (58) | (53) | (36) | |
Net increase (decrease) in cash and cash equivalents | $ 12 | $ 8 | $ 11 |
Investments in Associates an106
Investments in Associates and Joint Ventures (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Interests In Other Entities [Abstract] | |||
Investments in associates | $ 36 | $ 20 | $ 34 |
Investments in joint ventures | 1,471 | 1,428 | 1,431 |
Investments in associates and joint ventures | $ 1,507 | $ 1,448 | $ 1,465 |
Investments in Associates an107
Investments in Associates and Joint Ventures - Interests in Associates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of associates [line items] | |||
Revenue | $ 4,543 | $ 4,254 | $ 4,174 |
Taxation | (108) | (189) | (211) |
Profit (loss) for the year | (171) | 80 | (70) |
Total comprehensive income (loss) for the year, net of tax | (17) | 267 | (433) |
Immaterial associates | |||
Disclosure of associates [line items] | |||
Revenue | 21 | 30 | 53 |
Operating costs and expenses | (11) | (38) | (45) |
Taxation | 2 | (1) | 4 |
Profit (loss) for the year | 12 | (9) | 12 |
Total comprehensive income (loss) for the year, net of tax | $ 12 | $ (9) | $ 12 |
Investments in Associates an108
Investments in Associates and Joint Ventures - Investments in Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | $ 1,471 | $ 1,428 | $ 1,431 | |
Statement of profit or loss | ||||
Revenue | 4,543 | 4,254 | 4,174 | |
Other operating costs and expenses | (88) | (110) | (96) | |
Amortisation of tangible and intangible assets (note 4) | 823 | 809 | 777 | |
Finance costs and unwinding of obligations | (169) | (180) | (245) | |
Interest received | 15 | 22 | 28 | |
Taxation | (108) | (189) | (211) | |
Profit (loss) for the year | (171) | 80 | (70) | |
Other comprehensive income for the year, net of tax | 154 | 187 | (363) | |
Total comprehensive income (loss) for the year, net of tax | (17) | 267 | (433) | |
Statement of financial position | ||||
Non-current assets | 5,726 | 5,987 | 5,934 | |
Cash and cash equivalents | 205 | 215 | 484 | $ 468 |
Total assets | 7,219 | 7,153 | 7,284 | |
Total liabilities | $ 4,515 | $ 4,399 | $ 4,817 | |
Kibali | ||||
Disclosure of joint ventures [line items] | ||||
Ownership interest in joint venture | 50.00% | |||
Kibali | ||||
Disclosure of joint ventures [line items] | ||||
Ownership interest in joint venture | 45.00% | 45.00% | 45.00% | |
Investments in joint ventures | $ 1,423 | $ 1,400 | $ 1,406 | |
Statement of profit or loss | ||||
Revenue | 755 | 709 | 747 | |
Other operating costs and expenses | (530) | (471) | (398) | |
Amortisation of tangible and intangible assets (note 4) | (264) | (211) | (193) | |
Finance costs and unwinding of obligations | (5) | (5) | (5) | |
Interest received | 4 | 5 | 5 | |
Taxation | 54 | 23 | (18) | |
Profit (loss) for the year | 14 | 50 | 138 | |
Other comprehensive income for the year, net of tax | 0 | 0 | 3 | |
Total comprehensive income (loss) for the year, net of tax | 14 | 50 | 141 | |
Dividends received from joint venture (attributable) | 0 | 30 | 35 | |
Statement of financial position | ||||
Non-current assets | 2,834 | 2,805 | 2,754 | |
Current assets | 166 | 179 | 259 | |
Cash and cash equivalents | 3 | 19 | 22 | |
Total assets | 3,003 | 3,003 | 3,035 | |
Non-current financial liabilities | 41 | 47 | 52 | |
Other non-current liabilities | 23 | 32 | 57 | |
Current financial liabilities | 7 | 10 | 10 | |
Other current liabilities | 107 | 133 | 125 | |
Total liabilities | 178 | 222 | 244 | |
Net assets | 2,825 | 2,781 | 2,791 | |
Immaterial joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | 48 | 28 | 25 | |
Statement of profit or loss | ||||
Revenue | 113 | 114 | 138 | |
Other operating costs and expenses | (94) | (95) | (102) | |
Amortisation of tangible and intangible assets (note 4) | (16) | (18) | (21) | |
Taxation | (2) | (3) | (7) | |
Profit (loss) for the year | 1 | (2) | 8 | |
Total comprehensive income (loss) for the year, net of tax | 1 | (2) | 8 | |
Sadiola (note 8) | ||||
Disclosure of joint ventures [line items] | ||||
Reversal (impairment) of investments in joint ventures | 2 | 11 | 12 | |
Cumulative unrecognised share of losses of the joint ventures: | 0 | 0 | 10 | |
Morila | ||||
Disclosure of joint ventures [line items] | ||||
Cumulative unrecognised share of losses of the joint ventures: | 7 | 9 | 0 | |
Yatela | ||||
Disclosure of joint ventures [line items] | ||||
Cumulative unrecognised share of losses of the joint ventures: | 2 | 3 | 0 | |
Entity's Share Of Net Assets For Joint Ventures [Member] | Kibali | ||||
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | 1,413 | 1,391 | 1,396 | |
Entity's Share Other For Joint Ventures [Member] | Kibali | ||||
Disclosure of joint ventures [line items] | ||||
Investments in joint ventures | $ 10 | $ 9 | $ 10 |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of financial assets [line items] | |||
Balance at beginning of year | $ 130 | $ 92 | |
Balance at end of year | 138 | 130 | $ 92 |
Listed investments | Available-for-sale and held-to-maturity | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 57 | 35 | |
Balance at end of year | 84 | 57 | 35 |
Non-current investments | Listed investments | Available-for-sale | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 46 | 29 | 47 |
Additions | 9 | 8 | 8 |
Disposals | (1) | (1) | (3) |
Fair value adjustments | 19 | 7 | (7) |
Impairments | (3) | 0 | (9) |
Translation | 3 | 3 | (7) |
Balance at end of year | 73 | 46 | 29 |
Non-current investments | Listed investments | Available-for-sale | International Tower Hill Mines Limited (ITH) | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 9 | 2 | |
Balance at end of year | 7 | 9 | 2 |
Non-current investments | Listed investments | Available-for-sale | Corvus Gold Corporation | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 7 | 4 | |
Balance at end of year | 25 | 7 | 4 |
Non-current investments | Listed investments | Available-for-sale | Various listed investments held by Environmental Rehabilitation Trust Fund | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 18 | 17 | |
Balance at end of year | 22 | 18 | 17 |
Non-current investments | Listed investments | Available-for-sale | Pure Gold Mining | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 8 | 1 | |
Balance at end of year | 11 | 8 | 1 |
Non-current investments | Listed investments | Available-for-sale | Orinoco Gold Limited | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 0 | 0 | |
Balance at end of year | 4 | 0 | 0 |
Non-current investments | Listed investments | Available-for-sale | Other | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 4 | 5 | |
Balance at end of year | 4 | 4 | 5 |
Non-current investments | Listed investments | Held-to-maturity | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 6 | 5 | |
Balance at end of year | 4 | 6 | 5 |
Fair value | 6 | 8 | 6 |
Sensitivity | 1 | 1 | 1 |
Non-current investments | Unlisted investments | Held-to-maturity | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 73 | 57 | 72 |
Additions | 81 | 66 | 77 |
Maturities | (73) | (58) | (74) |
Transfer to non-current assets and liabilities held for sale | (32) | 0 | 0 |
Accrued interest | 0 | 1 | 0 |
Translation | 5 | 7 | (18) |
Balance at end of year | 54 | 73 | 57 |
Non-current investments | Unlisted investments | Held-to-maturity | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 73 | 57 | |
Balance at end of year | 54 | 73 | 57 |
Non-current investments | Unlisted investments | Held-to-maturity | Other | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 4 | 2 | |
Balance at end of year | 1 | 4 | 2 |
Non-current investments | Unlisted investments | Held-to-maturity | Negotiable Certificates of Deposit - Environmental Rehabilitation Trust Fund administered by Ashburton Investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 69 | 55 | |
Balance at end of year | 53 | 69 | 55 |
Current investments | Listed investments | Available-for-sale | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 5 | 1 | |
Balance at end of year | $ 7 | $ 5 | $ 1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-current | |||
Raw materials - ore stockpiles | $ 100 | $ 84 | $ 90 |
Raw materials | |||
- ore stockpiles | 261 | 233 | 232 |
- heap-leach inventory | 5 | 3 | 6 |
Work in progress | |||
- metals in process | 58 | 77 | 65 |
Finished goods | |||
- gold doré/bullion | 59 | 60 | 28 |
- by-products | 5 | 4 | 5 |
Total metal inventories | 388 | 377 | 336 |
Mine operating supplies | 295 | 295 | 310 |
Current inventories | 683 | 672 | 646 |
Total inventories | 783 | 756 | 736 |
Write-down of inventories | $ 17 | $ 30 | $ 30 |
Trade, other receivables and111
Trade, other receivables and other assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Non-current | |||
Prepayments | $ 17 | $ 9 | $ 9 |
Recoverable tax, rebates, levies and duties | 50 | 25 | 4 |
Non-current | 67 | 34 | 13 |
Current | |||
Trade and loan receivables | 27 | 35 | 34 |
Prepayments | 62 | 85 | 37 |
Recoverable tax, rebates, levies and duties | 127 | 124 | 117 |
Other receivables | 6 | 11 | 8 |
Trade and other current receivables | 222 | 255 | 196 |
Total trade, other receivables and other assets | 289 | 289 | 209 |
Trade receivables pledged as collateral | 2 | ||
Continental Africa | |||
Disclosure of operating segments [line items] | |||
Recoverable value added tax | 106 | 61 | 66 |
Recoverable fuel duties | 38 | 39 | 28 |
Appeal deposits | $ 10 | $ 8 | $ 1 |
Cash Restricted for Use (Detail
Cash Restricted for Use (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Non-current restricted cash | $ 37 | $ 36 | $ 37 |
Current restricted cash | 28 | 19 | 23 |
Total cash restricted for use (note 34) | 65 | 55 | 60 |
Cash restricted by prudential solvency requirements and other | |||
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Current restricted cash | 18 | 16 | 19 |
Cash balances held by the Tropicana joint venture | |||
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Current restricted cash | $ 10 | $ 3 | $ 4 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Of Additional Information [Abstract] | ||||
Cash and deposits on call | $ 170 | $ 167 | $ 344 | |
Money market instruments | 35 | 48 | 140 | |
Total cash and cash equivalents (note 34 and note 35) | $ 205 | $ 215 | $ 484 | $ 468 |
Non-current assets and liabi114
Non-current assets and liabilities held for sale (Details) oz in Thousands, R in Millions, $ in Millions | Oct. 19, 2017USD ($) | Oct. 19, 2017ZAR (R) | Dec. 31, 2017USD ($)oz | Dec. 31, 2016USD ($)oz | Dec. 31, 2015USD ($) |
Non-current Assets and Liabilities Held For Sale And Discontinued Operations [Line Items] | |||||
Tangible assets | $ 3,742 | $ 4,111 | $ 4,058 | ||
Intangible assets | 138 | 145 | 161 | ||
Inventories | 100 | 84 | 90 | ||
Other investments | 131 | 125 | 91 | ||
Non-current assets held for sale (note 2) | 348 | 0 | 0 | ||
Provision for pension and post-retirement benefits | 122 | 118 | 107 | ||
Trade, other payables and deferred income | 3 | 4 | 5 | ||
Deferred taxation | 363 | 496 | 514 | ||
Non-current liabilities held for sale | 126 | 0 | 0 | ||
Impairment and derecognition of assets | 288 | $ 3 | $ 5 | ||
Disposal groups classified as held for sale | |||||
Non-current Assets and Liabilities Held For Sale And Discontinued Operations [Line Items] | |||||
Tangible assets | 289 | ||||
Intangible assets | 2 | ||||
Inventories | 21 | ||||
Other investments | 36 | ||||
Non-current assets held for sale (note 2) | 348 | ||||
Environmental rehabilitation and other provisions | 29 | ||||
Provision for pension and post-retirement benefits | 1 | ||||
Trade, other payables and deferred income | 15 | ||||
Deferred taxation | 81 | ||||
Non-current liabilities held for sale | 126 | ||||
Net non-current assets held for sale | 222 | ||||
Impairment and derecognition of assets | 35 | ||||
Disposal groups classified as held for sale | Moab Sale Assets | |||||
Non-current Assets and Liabilities Held For Sale And Discontinued Operations [Line Items] | |||||
Consideration received in sale | $ 300 | ||||
Tangible assets | 277 | ||||
Intangible assets | 2 | ||||
Inventories | 16 | ||||
Other investments | 31 | ||||
Non-current assets held for sale (note 2) | 326 | ||||
Environmental rehabilitation and other provisions | 20 | ||||
Provision for pension and post-retirement benefits | 1 | ||||
Trade, other payables and deferred income | 10 | ||||
Deferred taxation | 81 | ||||
Non-current liabilities held for sale | 112 | ||||
Net non-current assets held for sale | $ 214 | ||||
Disposal groups classified as held for sale | Moab Sale Assets | Gold, Ounces | |||||
Non-current Assets and Liabilities Held For Sale And Discontinued Operations [Line Items] | |||||
Gold production (in ounces) | oz | 294 | 280 | |||
Disposal groups classified as held for sale | Kopanang Sale Assets | |||||
Non-current Assets and Liabilities Held For Sale And Discontinued Operations [Line Items] | |||||
Consideration received in sale | R | R 100 | ||||
Tangible assets | $ 12 | ||||
Intangible assets | 0 | ||||
Inventories | 5 | ||||
Other investments | 5 | ||||
Non-current assets held for sale (note 2) | 22 | ||||
Environmental rehabilitation and other provisions | 9 | ||||
Provision for pension and post-retirement benefits | 0 | ||||
Trade, other payables and deferred income | 5 | ||||
Deferred taxation | 0 | ||||
Non-current liabilities held for sale | 14 | ||||
Net non-current assets held for sale | $ 8 | ||||
Disposal groups classified as held for sale | Kopanang Sale Assets | Gold, Ounces | |||||
Non-current Assets and Liabilities Held For Sale And Discontinued Operations [Line Items] | |||||
Gold production (in ounces) | oz | 91 | 91 |
Share Capital and Premium (Deta
Share Capital and Premium (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2017R / shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 16 | $ 16 | $ 16 | ||||
Balance at beginning of year | $ 7,145 | $ 7,103 | $ 7,078 | ||||
Ordinary shares issued | 26 | 42 | 25 | ||||
Balance at end of year | 7,171 | 7,145 | 7,103 | ||||
Share premium | $ 7,145 | $ 7,103 | $ 7,078 | 7,171 | 7,145 | 7,103 | |
Redeemable preference shares held within the group | (53) | (53) | (53) | ||||
Share premium, net of treasury shares | 7,118 | 7,092 | 7,050 | ||||
Share capital and premium | $ 7,134 | 7,108 | 7,066 | ||||
Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 600,000,000 | ||||||
Par value per share | R / shares | R 0.25 | ||||||
Series A redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 2,000,000 | ||||||
Par value per share | R / shares | 0.50 | ||||||
Number of shares issued and fully paid | shares | 2,000,000 | ||||||
Series B redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 5,000,000 | ||||||
Par value per share | R / shares | 0.01 | ||||||
Number of shares issued and fully paid | shares | 778,896 | ||||||
Series A and B redeemable preference shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Treasury shares held within the group | shares | 2,778,896 | ||||||
Series C redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | shares | 30,000,000 | ||||||
Par value per share | R / shares | 0 | ||||||
Authorised | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 23 | 23 | 23 | ||||
Authorised | Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 23 | 23 | 23 | ||||
Authorised | Series A redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Authorised | Series B redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Authorised | Series C redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Issued and fully paid | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 16 | 16 | 16 | ||||
Issued and fully paid | Ordinary shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 16 | $ 16 | $ 16 | ||||
Par value per share | R / shares | R 0.25 | ||||||
Number of shares issued and fully paid | shares | 410,054,615 | 408,233,760 | 405,265,315 | ||||
Issued and fully paid | Series A redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 0 | $ 0 | $ 0 | ||||
Issued and fully paid | Series B redeemable preferred shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | 0 | 0 | 0 | ||||
Treasury shares held within the group | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share capital | $ 0 | $ 0 | $ 0 |
Borrowings (Details)
Borrowings (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2017AUD ($) | Nov. 30, 2017ZAR (R) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Finance leases | $ (15,000,000) | $ (15,000,000) | $ (15,000,000) | ||||||||
Total non-current borrowings including current portion | 2,268,000,000 | 2,178,000,000 | 2,688,000,000 | ||||||||
Current portion of non-current borrowings included in current liabilities | (38,000,000) | (34,000,000) | (51,000,000) | ||||||||
Total non-current borrowings | 2,230,000,000 | 2,144,000,000 | 2,637,000,000 | ||||||||
Total current borrowings | 38,000,000 | 34,000,000 | 100,000,000 | ||||||||
Total borrowings (notes 34 and 35) | $ 2,268,000,000 | $ 2,178,000,000 | $ 2,737,000,000 | $ 3,721,000,000 | 2,268,000,000 | 2,178,000,000 | 2,737,000,000 | ||||
Borrowings | 2,268,000,000 | 2,178,000,000 | 2,737,000,000 | 3,721,000,000 | 2,268,000,000 | 2,178,000,000 | 2,737,000,000 | ||||
Undrawn borrowing facilities | 1,515,000,000 | 1,361,000,000 | 1,222,000,000 | ||||||||
Opening balance | 2,178,000,000 | 2,737,000,000 | 3,721,000,000 | ||||||||
Acquisitions and disposals - other | 0 | 0 | 47,000,000 | ||||||||
Proceeds from borrowings | 815,000,000 | 787,000,000 | 421,000,000 | ||||||||
Repayment of borrowings | (767,000,000) | (1,333,000,000) | (1,288,000,000) | ||||||||
Finance costs paid on borrowings | (125,000,000) | (159,000,000) | (239,000,000) | ||||||||
Interest charged to the income statement | 130,000,000 | 145,000,000 | 213,000,000 | ||||||||
Fair value adjustments on issued bonds | 0 | (9,000,000) | (66,000,000) | ||||||||
Translation | 37,000,000 | 10,000,000 | (72,000,000) | ||||||||
Closing balance | 2,268,000,000 | 2,268,000,000 | 2,178,000,000 | 2,737,000,000 | |||||||
Finance costs paid on borrowings | 125,000,000 | 159,000,000 | 239,000,000 | ||||||||
Commitment fees, environmental guarantee fees and other borrowing costs | 13,000,000 | 13,000,000 | 12,000,000 | ||||||||
Finance costs paid on borrowings | 138,000,000 | 172,000,000 | 251,000,000 | ||||||||
US dollar | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 1,807,000,000 | 1,844,000,000 | 2,447,000,000 | 2,447,000,000 | 1,807,000,000 | 1,844,000,000 | 2,447,000,000 | ||||
Borrowings | 1,807,000,000 | 1,844,000,000 | 2,447,000,000 | 2,447,000,000 | 1,807,000,000 | 1,844,000,000 | 2,447,000,000 | ||||
Opening balance | 1,844,000,000 | 2,447,000,000 | |||||||||
Closing balance | 1,807,000,000 | 1,807,000,000 | 1,844,000,000 | 2,447,000,000 | |||||||
Australian dollar | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 221,000,000 | 225,000,000 | 158,000,000 | 158,000,000 | 221,000,000 | 225,000,000 | 158,000,000 | ||||
Borrowings | 221,000,000 | 225,000,000 | 158,000,000 | 158,000,000 | 221,000,000 | 225,000,000 | 158,000,000 | ||||
Opening balance | 225,000,000 | 158,000,000 | |||||||||
Closing balance | 221,000,000 | 221,000,000 | 225,000,000 | 158,000,000 | |||||||
SA rand | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 237,000,000 | 106,000,000 | 130,000,000 | 130,000,000 | 237,000,000 | 106,000,000 | 130,000,000 | ||||
Borrowings | 237,000,000 | 106,000,000 | 130,000,000 | 130,000,000 | 237,000,000 | 106,000,000 | 130,000,000 | ||||
Opening balance | 106,000,000 | 130,000,000 | |||||||||
Closing balance | 237,000,000 | 237,000,000 | 106,000,000 | 130,000,000 | |||||||
Brazilian real | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | ||||
Borrowings | 3,000,000 | 3,000,000 | 2,000,000 | 2,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | ||||
Opening balance | 3,000,000 | 2,000,000 | |||||||||
Closing balance | 3,000,000 | 3,000,000 | 3,000,000 | 2,000,000 | |||||||
Within one year | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 38,000,000 | 34,000,000 | 100,000,000 | 100,000,000 | 38,000,000 | 34,000,000 | 100,000,000 | ||||
Borrowings | 38,000,000 | 34,000,000 | 100,000,000 | 100,000,000 | 38,000,000 | 34,000,000 | 100,000,000 | ||||
Opening balance | 34,000,000 | 100,000,000 | |||||||||
Closing balance | 38,000,000 | 38,000,000 | 34,000,000 | 100,000,000 | |||||||
Between one and two years | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 219,000,000 | 170,000,000 | 64,000,000 | 64,000,000 | 219,000,000 | 170,000,000 | 64,000,000 | ||||
Borrowings | 219,000,000 | 170,000,000 | 64,000,000 | 64,000,000 | 219,000,000 | 170,000,000 | 64,000,000 | ||||
Opening balance | 170,000,000 | 64,000,000 | |||||||||
Closing balance | 219,000,000 | 219,000,000 | 170,000,000 | 64,000,000 | |||||||
Between two and five years | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 1,687,000,000 | 902,000,000 | 1,495,000,000 | 1,495,000,000 | 1,687,000,000 | 902,000,000 | 1,495,000,000 | ||||
Borrowings | 1,687,000,000 | 902,000,000 | 1,495,000,000 | 1,495,000,000 | 1,687,000,000 | 902,000,000 | 1,495,000,000 | ||||
Opening balance | 902,000,000 | 1,495,000,000 | |||||||||
Closing balance | 1,687,000,000 | 1,687,000,000 | 902,000,000 | 1,495,000,000 | |||||||
After five years | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Total borrowings (notes 34 and 35) | 324,000,000 | 1,072,000,000 | 1,078,000,000 | 1,078,000,000 | 324,000,000 | 1,072,000,000 | 1,078,000,000 | ||||
Borrowings | 324,000,000 | 1,072,000,000 | 1,078,000,000 | 1,078,000,000 | 324,000,000 | 1,072,000,000 | 1,078,000,000 | ||||
Opening balance | 1,072,000,000 | 1,078,000,000 | |||||||||
Closing balance | $ 324,000,000 | $ 324,000,000 | $ 1,072,000,000 | $ 1,078,000,000 | |||||||
$1.25bn bonds - issued July 2013 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | 1,250,000,000 | ||||||||||
Rated bonds - issued July 2012 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | $ 750,000,000 | ||||||||||
Interest rate | 5.125% | 5.125% | 5.125% | ||||||||
$700m Rated bonds- issued April 2010 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | $ 700,000,000 | ||||||||||
Interest rate | 5.375% | 5.375% | 5.375% | ||||||||
Term of facility | 10 years | ||||||||||
$300m Rated bonds- issued April 2010 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | $ 300,000,000 | ||||||||||
Interest rate | 6.50% | 6.50% | 6.50% | ||||||||
Term of facility | 30 years | ||||||||||
Syndicated revolving credit facility ($1bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | $ 1,000,000,000 | ||||||||||
Syndicated revolving credit facility ($1bn) | LIBOR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Adjustment to interest rate basis | 1.50% | 1.50% | 1.50% | ||||||||
Syndicated revolving credit facility ($1bn) - US dollar | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Undrawn borrowing facilities | $ 965,000,000 | 950,000,000 | 800,000,000 | ||||||||
Face amount of facility | 1,000,000,000 | ||||||||||
Syndicated revolving credit facility (A$500m) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Undrawn borrowing facilities | 226,000,000 | 191,000,000 | 266,000,000 | ||||||||
Face amount of facility | $ 390,000,000 | $ 500,000,000 | |||||||||
Term of facility | 5 years | ||||||||||
Syndicated revolving credit facility (A$500m) | BBSY | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Adjustment to interest rate basis | 2.00% | 2.00% | 2.00% | ||||||||
Syndicated loan facility (R1.5bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | R | R 1,500,000,000 | ||||||||||
Syndicated revolving credit facility (R2.5bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Undrawn borrowing facilities | $ 146,000,000 | 0 | 0 | ||||||||
Face amount of facility | $ 202,000,000 | R 2,500,000,000 | |||||||||
Term of facility | 3 years | ||||||||||
Syndicated revolving credit facility (R2.5bn) | JIBAR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Adjustment to interest rate basis | 1.80% | 1.80% | 1.80% | ||||||||
Syndicated loan facility (R1.4bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | R | R 1,400,000,000 | ||||||||||
Syndicated loan facility (R1.4bn) | JIBAR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Adjustment to interest rate basis | 1.65% | 1.65% | 1.65% | ||||||||
Syndicated loan facility (R1bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Face amount of facility | $ 81,000,000 | R 1,000,000,000 | R 1,000,000,000 | ||||||||
Term of facility | 3 years | ||||||||||
Syndicated loan facility (R1bn) | JIBAR | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Adjustment to interest rate basis | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | ||||||
Syndicated revolving credit facility (R1.5bn) - SA rand | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Undrawn borrowing facilities | $ 0 | 21,000,000 | 33,000,000 | ||||||||
Face amount of facility | R | R 1,500,000,000 | ||||||||||
Syndicated revolving credit facility (R1.4bn) - SA rand | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Undrawn borrowing facilities | 32,000,000 | 102,000,000 | 91,000,000 | ||||||||
Face amount of facility | R | R 1,400,000,000 | ||||||||||
FirstRand Bank Limited - SA rand | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Undrawn borrowing facilities | 61,000,000 | 37,000,000 | 32,000,000 | ||||||||
Revolving Credit Facilities - $100m | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Undrawn borrowing facilities | 85,000,000 | 60,000,000 | 0 | ||||||||
Face amount of facility | $ 100,000,000 | ||||||||||
Revolving Credit Facilities - $100m | Bottom of range | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 6.20% | 6.20% | 6.20% | ||||||||
Revolving Credit Facilities - $100m | Top of range | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 8.00% | 8.00% | 8.00% | ||||||||
Other | Top of range | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 4.50% | 4.50% | 4.50% | ||||||||
Other | Average | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | ||||||||
Turbine Square Two (Pty) Limited | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Finance leases | $ 15,000,000 | 15,000,000 | 15,000,000 | ||||||||
Interest rate | 9.80% | 9.80% | 9.80% | ||||||||
Australian Gas Pipeline | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Finance leases | $ 58,000,000 | 57,000,000 | 62,000,000 | ||||||||
Interest rate | 6.75% | 6.75% | 6.75% | ||||||||
Other | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Finance leases | $ 5,000,000 | 5,000,000 | 2,000,000 | ||||||||
Other | Bottom of range | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 2.50% | 2.50% | 2.50% | ||||||||
Other | Top of range | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Interest rate | 15.50% | 15.50% | 15.50% | ||||||||
Unsecured Bonds Issued December 2013 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Current borrowings | $ 0 | 0 | 49,000,000 | ||||||||
Debt carried at fair value | $1.25bn bonds - issued July 2013 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured bonds | 0 | 0 | 498,000,000 | ||||||||
Debt carried at amortised cost | Rated bonds - issued July 2012 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured bonds | 759,000,000 | 758,000,000 | 756,000,000 | ||||||||
Debt carried at amortised cost | Rated bonds - issued April 2010 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured bonds | 1,001,000,000 | 1,000,000,000 | 999,000,000 | ||||||||
Debt carried at amortised cost | Syndicated revolving credit facility ($1bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | 32,000,000 | 45,000,000 | 194,000,000 | ||||||||
Debt carried at amortised cost | Syndicated revolving credit facility (A$500m) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | 163,000,000 | 168,000,000 | 96,000,000 | ||||||||
Debt carried at amortised cost | Syndicated loan facility (R1.5bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | 0 | 88,000,000 | 65,000,000 | ||||||||
Debt carried at amortised cost | Syndicated revolving credit facility (R2.5bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | 56,000,000 | 0 | 0 | ||||||||
Debt carried at amortised cost | Syndicated loan facility (R1.4bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | 81,000,000 | 0 | 0 | ||||||||
Debt carried at amortised cost | Syndicated loan facility (R1bn) | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | 81,000,000 | 0 | 0 | ||||||||
Debt carried at amortised cost | Revolving Credit Facilities - $100m | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | 16,000,000 | 41,000,000 | 0 | ||||||||
Debt carried at amortised cost | Other | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Unsecured facilities | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||||||
Australian Gas Pipeline One [Member] | Australian Gas Pipeline | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Term of facility | 10 years | ||||||||||
Australian Gas Pipeline Two [Member] | Australian Gas Pipeline | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Term of facility | 12 years |
Environmental Rehabilitation117
Environmental Rehabilitation and Other Provisions (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)oz | Dec. 31, 2016USD ($)oz | Dec. 31, 2015USD ($)oz | |
Disclosure of other provisions [line items] | |||
Non-current Provision for Decommissioning, Restoration, Rehabilitation Costs and Other Provisions | $ 942,000,000 | $ 877,000,000 | $ 847,000,000 |
Undiscounted environmental rehabilitation provision based on real cash flows | 991,000,000 | 867,000,000 | 831,000,000 |
Provision for decommissioning | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 279,000,000 | 272,000,000 | 296,000,000 |
Charge to income statement | 2,000,000 | 0 | 0 |
Change in estimates | 4,000,000 | (12,000,000) | 5,000,000 |
Unwinding of obligation | 12,000,000 | 12,000,000 | 11,000,000 |
Transfer to non-current assets and liabilities held for sale | (20,000,000) | 0 | (11,000,000) |
Utilised during the year | (2,000,000) | (2,000,000) | (3,000,000) |
Translation | 11,000,000 | 9,000,000 | (26,000,000) |
Ending balance | 286,000,000 | 279,000,000 | 272,000,000 |
Provision for restoration | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 426,000,000 | 411,000,000 | 555,000,000 |
Charge to income statement | 8,000,000 | 10,000,000 | 6,000,000 |
Change in estimates | (17,000,000) | (2,000,000) | (40,000,000) |
Unwinding of obligation | 10,000,000 | 8,000,000 | 10,000,000 |
Transfer to non-current assets and liabilities held for sale | (3,000,000) | 0 | (110,000,000) |
Transfer to current portion | (17,000,000) | 0 | 0 |
Utilised during the year | (4,000,000) | (3,000,000) | (2,000,000) |
Translation | 6,000,000 | 2,000,000 | (8,000,000) |
Ending balance | 409,000,000 | 426,000,000 | 411,000,000 |
Other provisions | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 172,000,000 | 164,000,000 | 201,000,000 |
Charge to income statement | 17,000,000 | 11,000,000 | 11,000,000 |
Change in estimates | 15,000,000 | 5,000,000 | 24,000,000 |
Change in estimates | 64,000,000 | 0 | 0 |
Unwinding of obligation | 1,000,000 | 1,000,000 | 1,000,000 |
Transfer (to) from trade and other payables | (6,000,000) | (2,000,000) | 3,000,000 |
Utilised during the year | (35,000,000) | (30,000,000) | (25,000,000) |
Translation | 19,000,000 | 23,000,000 | (51,000,000) |
Ending balance | $ 247,000,000 | 172,000,000 | 164,000,000 |
Percentage of gold production to be sold | 25.00% | ||
Maximum amount of gold to be sold (in oz) | oz | 312,500 | ||
Sales price per ounce of gold to be sold | $ 400 | ||
Annual percentage increase in sales price per ounce of gold to be sold | 1.00% | ||
Gold forward price per ounce | $ 1,303 | $ 1,152 | $ 1,061 |
Remaining gold to be delivered (in oz) | oz | 170,435 | 197,528 | 220,447 |
Provision for Silicosis Settlement | |||
Disclosure of other provisions [line items] | |||
Legal proceedings provision | $ 63,000,000 | $ 0 | $ 0 |
Environmental Rehabilitation118
Environmental Rehabilitation and Other Provisions - Provision for Silicosis Settlement (Details) - Provision for Silicosis Settlement - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Provision for settlement | $ 63,000,000 | $ 0 | $ 0 |
Discount rate | 8.00% | ||
Class Action | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Provision for settlement | $ 63,000,000 |
Provision for Pension and Po119
Provision for Pension and Post-retirement Benefits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | $ 122 | $ 122 | $ 118 | $ 89 |
Provision for pension and post-retirement benefits | 122 | 122 | 118 | 107 |
Benefit obligation | ||||
Net periodic benefit cost | 1,270 | 1,095 | 1,146 | |
2,018 | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Estimated future benefit payments | 10 | 10 | ||
2,019 | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Estimated future benefit payments | 10 | 10 | ||
2,020 | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Estimated future benefit payments | 10 | 10 | ||
2,021 | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Estimated future benefit payments | 11 | 11 | ||
2,022 | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Estimated future benefit payments | 11 | 11 | ||
Thereafter | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Estimated future benefit payments | 62 | 62 | ||
Pension plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 0 | 0 | 0 | (18) |
Medical scheme | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 114 | 114 | 109 | 97 |
Benefit obligation | ||||
Balance at beginning of year | 109 | 97 | 135 | |
Interest cost | 10 | 10 | 10 | |
Benefits paid | (9) | (8) | (9) | |
Actuarial (gain) loss | (8) | (2) | (7) | |
Translation | 13 | 12 | (32) | |
Balance at end of year | $ 115 | 115 | 109 | 97 |
Net periodic benefit cost | $ 10 | $ 10 | $ 10 | |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Discount rate | 9.29% | 9.29% | 9.31% | 10.10% |
Expected increase in health care costs | 7.75% | 7.75% | 8.30% | 9.10% |
Health care cost trend assumed for next year | 7.75% | 7.75% | 8.30% | 9.10% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 7.75% | 7.75% | 8.30% | 9.10% |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 10 | |||
Medical scheme | Effect on total service and interest cost | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 1 | 1 | $ 1 | $ 1 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (1) | (1) | (1) | (1) |
Medical scheme | Effect on post-retirement benefit obligation | ||||
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | ||||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 10 | 10 | 10 | 9 |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (8) | (8) | (9) | (8) |
Other defined benefit plans | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 8 | 8 | 9 | 10 |
Other defined benefit plans | Ghana | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 6 | 6 | 6 | 7 |
Other defined benefit plans | North America | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 1 | 1 | 2 | 2 |
Supplemental Employee Retirement Plan | North America | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 1 | 1 | 1 | 1 |
AngloGold Ashanti Limited Pension Fund | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined benefit plans | 0 | 0 | 0 | 18 |
Classified as held for sale | Medical scheme | ||||
Disclosure of defined benefit plans [line items] | ||||
Post Retirement Medical Scheme Transferred To Non Current Liabilities Held For Sale | (1) | 0 | 0 | |
Not classified as held for sale | Medical scheme | ||||
Benefit obligation | ||||
Balance at beginning of year | 109 | 97 | ||
Balance at end of year | $ 114 | $ 114 | $ 109 | $ 97 |
Deferred Taxation (Details)
Deferred Taxation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | $ 363 | $ 496 | $ 514 |
Deferred tax assets | 4 | 4 | 1 |
Net deferred taxation liability | 359 | 492 | 513 |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | 492 | 513 | 440 |
Taxation of items included in income statement | (68) | (45) | 140 |
Taxation on items included in other comprehensive income | (6) | 2 | 2 |
Transfer to non-current assets and liabilities held for sale | (73) | 0 | 0 |
Translation | 14 | 22 | (69) |
Closing balance | 359 | 492 | 513 |
Unrecognised taxable temporary differences pertaining to undistributed earnings | 384 | 366 | 357 |
Tangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 604 | 730 | 743 |
Inventories | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 33 | 31 | 35 |
Provisions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 229 | 245 | 242 |
Tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 60 | 31 | 34 |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 15 | 10 | 14 |
Deferred tax assets | 4 | 3 | 3 |
Temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 652 | 771 | 792 |
Deferred tax assets | $ 293 | $ 279 | $ 279 |
Trade, Other Payables and De121
Trade, Other Payables and Deferred Income (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure Of Additional Information [Abstract] | |||
Non-current | $ 3 | $ 4 | $ 5 |
Current | |||
Trade payables | 358 | 381 | 306 |
Accruals and deferred income | 193 | 206 | 187 |
Short-term provisions | 22 | 0 | 0 |
Accruals for retrenchment costs | 35 | 0 | 0 |
Other payables | 30 | 28 | 23 |
Total current trade, other payables and deferred income | 638 | 615 | 516 |
Total trade, other payables and deferred income | $ 641 | $ 619 | $ 521 |
Taxation (Details)
Taxation (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Tax Liability [Abstract] | ||||||
Balance at beginning of year | $ 97 | $ 64 | $ 41 | |||
Refunds during the year | 14 | 12 | 21 | |||
Taxation paid | (174) | (165) | (184) | |||
Taxation of items included in the income statement | 190 | 234 | 192 | |||
Offset of VAT and other taxes | (78) | (47) | 0 | |||
Translation | 1 | (1) | (6) | |||
Balance at end of year | 50 | 97 | 64 | |||
Taxation asset included in trade and other receivables | $ (3) | $ (14) | $ (27) | |||
Taxation liability | 53 | 111 | 91 | |||
Current tax liabilities | $ 97 | $ 64 | $ 41 | $ 50 | $ 97 | $ 64 |
Cash Generated From Operatio123
Cash Generated From Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of cash flows [abstract] | |||
Profit (loss) before taxation | $ (63) | $ 269 | $ 257 |
Adjusted for: | |||
Movement on non-hedge derivatives and other commodity contracts | (10) | (19) | 7 |
Amortisation of tangible assets (note 4) | 817 | 789 | 737 |
Finance costs and unwinding of obligations (note 7) | 169 | 180 | 245 |
Environmental, rehabilitation and other expenditure | (30) | (13) | (56) |
Special items | 394 | 44 | 60 |
Amortisation of intangible assets (notes 4 and 15) | 6 | 20 | 40 |
Fair value adjustment on issued bonds | 0 | (9) | (66) |
Interest received (note 3) | (15) | (22) | (28) |
Share of associates and joint ventures’ (profit) loss (note 8) | (22) | (11) | (88) |
Exchange loss on foreign currency reserve release | 0 | 60 | 0 |
Movements in working capital | 156 | 76 | (89) |
Other non-cash movements | 61 | 90 | 53 |
Cash generated from operations | 1,151 | 1,302 | 1,250 |
(Increase) decrease in inventories | (67) | (48) | 99 |
(Increase) decrease in trade, other receivables and other assets | (86) | (131) | 108 |
Increase (decrease) in trade, other payables and deferred income | (3) | 103 | (118) |
Movements in working capital | $ (156) | $ (76) | $ 89 |
Related Parties - Related Party
Related Parties - Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Maximum cap of off-shore pay to executives | 40.00% | ||
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Sales and services rendered to related parties | $ 12 | $ 16 | $ 6 |
Purchases and services acquired from related parties | 3 | 6 | 0 |
Outstanding balances arising from sale of goods and services due by related parties | 2 | 8 | 0 |
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Purchases and services acquired from related parties | 16 | 15 | 8 |
Outstanding balances arising from sale of goods and services due by related parties | 7 | 0 | 0 |
Rand Refinery (Pty) Limited | |||
Disclosure of transactions between related parties [line items] | |||
Loans advanced to joint ventures and associates | $ 0 | $ 20 | $ 27 |
Interest rate on loans advanced to joint ventures and associates | 3.50% |
Related Parties - Directors and
Related Parties - Directors and Key Management Personnel (Details) R in Thousands | Mar. 06, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017ZAR (R)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares |
Disclosure of transactions between related parties [line items] | |||||
Average foreign exchange rate | 13.3014 | 13.3014 | 14.6812 | 12.7719 | |
Total Executive Directors and Prescribed Officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 15,807,000 | R 210,249 | $ 15,848,000 | $ 13,268,000 | |
Pension scheme benefits | 879,000 | 11,696 | |||
Other benefits and encashed leave | 2,760,000 | 36,707 | |||
Subtotal | 12,641,000 | 168,142 | |||
Pre-tax gain on share options | $ 3,166,000 | R 42,107 | |||
Management and Other Personnel Total [Member] | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 8,633,653 | 8,633,653 | |||
Awards granted during the year | 1,926,549 | 1,926,549 | |||
Awards exercised during the year | 1,830,855 | 1,830,855 | |||
Awards lapsed during the year | 1,731,458 | 1,731,458 | |||
Awards outstanding at end of year | 6,997,889 | 6,997,889 | 8,633,653 | ||
Awards vested at end of year | 2,411,788 | 2,411,788 | |||
Executive Directors | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 3,291,000 | R 43,768 | $ 2,779,000 | 2,929,000 | |
Pension scheme benefits | R | 4,023 | ||||
Other benefits and encashed leave | R | 5,015 | ||||
Subtotal | R | 43,768 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 900,872 | 900,872 | |||
Awards granted during the year | 114,996 | 114,996 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 126,652 | 126,652 | |||
Awards outstanding at end of year | 889,216 | 889,216 | 900,872 | ||
Awards vested at end of year | 388,565 | 388,565 | |||
S Venkatakrishnan | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 2,134,000 | R 28,384 | $ 1,832,000 | 1,905,000 | |
Pension scheme benefits | R | 3,296 | ||||
Other benefits and encashed leave | R | 3,388 | ||||
Subtotal | R | 28,384 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 689,087 | 689,087 | |||
Awards granted during the year | 72,118 | 72,118 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 89,553 | 89,553 | |||
Awards outstanding at end of year | 671,652 | 671,652 | 689,087 | ||
Awards vested at end of year | 343,678 | 343,678 | |||
KC Ramon | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 1,157,000 | R 15,384 | $ 947,000 | 1,024,000 | |
Pension scheme benefits | R | 727 | ||||
Other benefits and encashed leave | R | 1,627 | ||||
Subtotal | R | 15,384 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 211,785 | 211,785 | |||
Awards granted during the year | 42,878 | 42,878 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 37,099 | 37,099 | |||
Awards outstanding at end of year | 217,564 | 217,564 | 211,785 | ||
Awards vested at end of year | 44,887 | 44,887 | |||
Prescribed Officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 12,516,000 | R 166,481 | $ 13,069,000 | 10,339,000 | |
Pension scheme benefits | R | 7,673 | ||||
Other benefits and encashed leave | R | 31,692 | ||||
Subtotal | R | 124,374 | ||||
Pre-tax gain on share options | R | R 42,107 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 1,593,276 | 1,593,276 | |||
Awards granted during the year | 200,131 | 200,131 | |||
Awards exercised during the year | 303,688 | 303,688 | |||
Awards lapsed during the year | 466,439 | 466,439 | |||
Awards outstanding at end of year | 1,023,280 | 1,023,280 | 1,593,276 | ||
Awards vested at end of year | 287,518 | 287,518 | |||
CE Carter | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 1,887,000 | R 25,104 | $ 1,535,000 | 1,906,000 | |
Pension scheme benefits | R | 1,330 | ||||
Other benefits and encashed leave | R | 1,717 | ||||
Subtotal | R | 16,866 | ||||
Pre-tax gain on share options | R | R 8,238 | ||||
Dependent's scholarship award | $ | $ 2,500 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 250,386 | 250,386 | |||
Awards granted during the year | 38,600 | 38,600 | |||
Awards exercised during the year | 58,260 | 58,260 | |||
Awards lapsed during the year | 51,426 | 51,426 | |||
Awards outstanding at end of year | 179,300 | 179,300 | 250,386 | ||
Awards vested at end of year | 0 | 0 | |||
GJ Ehm | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 1,449,000 | R 19,277 | $ 1,693,000 | 1,404,000 | |
Pension scheme benefits | R | 306 | ||||
Other benefits and encashed leave | R | 1,489 | ||||
Subtotal | R | 14,689 | ||||
Pre-tax gain on share options | R | R 4,588 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 331,354 | 331,354 | |||
Awards granted during the year | 33,580 | 33,580 | |||
Awards exercised during the year | 31,172 | 31,172 | |||
Awards lapsed during the year | 59,637 | 59,637 | |||
Awards outstanding at end of year | 274,125 | 274,125 | 331,354 | ||
Awards vested at end of year | 105,508 | 105,508 | |||
L Eybers | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 1,051,000 | R 13,988 | $ 0 | 0 | |
Pension scheme benefits | R | 327 | ||||
Other benefits and encashed leave | R | 2,570 | ||||
Subtotal | R | 13,988 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 58,563 | 58,563 | |||
Awards granted during the year | 18,101 | 18,101 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 11,179 | 11,179 | |||
Awards outstanding at end of year | 65,485 | 65,485 | 58,563 | ||
Awards vested at end of year | 17,280 | 17,280 | |||
DC Noko | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 938,000 | R 12,472 | $ 961,000 | 976,000 | |
Pension scheme benefits | R | 644 | ||||
Other benefits and encashed leave | R | 1,888 | ||||
Subtotal | R | 12,472 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 244,592 | 244,592 | |||
Awards granted during the year | 27,626 | 27,626 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 40,299 | 40,299 | |||
Awards outstanding at end of year | 231,919 | 231,919 | 244,592 | ||
Awards vested at end of year | 100,410 | 100,410 | |||
ME Sanz Perez | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 885,000 | R 11,769 | $ 1,640,000 | 823,000 | |
Pension scheme benefits | R | 795 | ||||
Other benefits and encashed leave | R | 1,078 | ||||
Subtotal | R | 11,769 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 205,213 | 205,213 | |||
Awards granted during the year | 29,398 | 29,398 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 42,538 | 42,538 | |||
Awards outstanding at end of year | 192,073 | 192,073 | 205,213 | ||
Awards vested at end of year | 59,244 | 59,244 | |||
CB Sheppard | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 862,000 | R 11,461 | $ 721,000 | 511,000 | |
Pension scheme benefits | R | 681 | ||||
Other benefits and encashed leave | R | 272 | ||||
Subtotal | R | 11,461 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 27,552 | 27,552 | |||
Awards granted during the year | 29,205 | 29,205 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 56,757 | 56,757 | 27,552 | ||
Awards vested at end of year | 5,076 | 5,076 | |||
TB Sibisi | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 711,000 | R 9,452 | $ 541,000 | 0 | |
Pension scheme benefits | R | 703 | ||||
Other benefits and encashed leave | R | 77 | ||||
Subtotal | R | 9,452 | ||||
Pre-tax gain on share options | R | R 0 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 0 | 0 | |||
Awards granted during the year | 23,621 | 23,621 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 23,621 | 23,621 | 0 | ||
Awards vested at end of year | 0 | 0 | |||
Retired prescribed officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ 4,733,000 | R 62,958 | $ 5,978,000 | 4,719,000 | |
Pension scheme benefits | R | 2,887 | ||||
Other benefits and encashed leave | R | 22,601 | ||||
Subtotal | R | 33,677 | ||||
Pre-tax gain on share options | R | R 29,281 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 475,616 | 475,616 | |||
Awards granted during the year | 0 | 0 | |||
Awards exercised during the year | 214,256 | 214,256 | |||
Awards lapsed during the year | 261,360 | 261,360 | |||
Awards outstanding at end of year | 0 | 0 | 475,616 | ||
Awards vested at end of year | 0 | 0 | |||
Other | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 6,139,505 | 6,139,505 | |||
Awards granted during the year | 1,611,422 | 1,611,422 | |||
Awards exercised during the year | 1,527,167 | 1,527,167 | |||
Awards lapsed during the year | 1,138,367 | 1,138,367 | |||
Awards outstanding at end of year | 5,085,393 | 5,085,393 | 6,139,505 | ||
Awards vested at end of year | 1,735,705 | 1,735,705 | |||
Non-Executive Directors | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | $ 1,959,500 | $ 2,072,000 | 2,112,000 | ||
Director fees | $ | 1,310,500 | ||||
Committee fees | $ | 512,750 | ||||
Travel allowance | $ | 136,250 | ||||
SM Pityana (Chairman) | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 372,250 | 378,000 | 411,000 | ||
Director fees | $ | 312,500 | ||||
Committee fees | $ | 59,750 | ||||
Travel allowance | $ | 0 | ||||
AH Garner | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 200,750 | 200,000 | 204,000 | ||
Director fees | $ | 123,500 | ||||
Committee fees | $ | 43,500 | ||||
Travel allowance | $ | 33,750 | ||||
MJ Kirkwood | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 230,750 | 249,000 | 242,000 | ||
Director fees | $ | 123,500 | ||||
Committee fees | $ | 68,500 | ||||
Travel allowance | $ | 38,750 | ||||
NP January-Bardill | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 179,500 | 189,000 | 189,000 | ||
Director fees | $ | 123,500 | ||||
Committee fees | $ | 56,000 | ||||
Travel allowance | $ | 0 | ||||
R Gasant | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 182,000 | 193,000 | 195,000 | ||
Director fees | $ | 123,500 | ||||
Committee fees | $ | 58,500 | ||||
Travel allowance | $ | 0 | ||||
RJ Ruston | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 212,000 | 231,000 | 226,000 | ||
Director fees | $ | 123,500 | ||||
Committee fees | $ | 56,000 | ||||
Travel allowance | $ | 32,500 | ||||
MDC Richter | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 203,250 | 200,000 | 205,000 | ||
Director fees | $ | 123,500 | ||||
Committee fees | $ | 48,500 | ||||
Travel allowance | $ | 31,250 | ||||
DL Hodgson | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 167,000 | 176,000 | 180,000 | ||
Director fees | $ | 123,500 | ||||
Committee fees | $ | 43,500 | ||||
Travel allowance | $ | 0 | ||||
SV Zilwa | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 135,000 | 0 | 0 | ||
Director fees | $ | 90,000 | ||||
Committee fees | $ | 45,000 | ||||
Travel allowance | $ | 0 | ||||
Retired non-executive officer | |||||
Disclosure of transactions between related parties [line items] | |||||
Total Compensation | $ | 77,000 | $ 256,000 | $ 260,000 | ||
Director fees | $ | 43,500 | ||||
Committee fees | $ | 33,500 | ||||
Travel allowance | $ | $ 0 | ||||
Exercise of Equity Awards by Key Management | CE Carter | |||||
Disclosure of transactions between related parties [line items] | |||||
Pre-tax gain on share options | $ | $ 723,854 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards exercised during the year | 87,852 | ||||
Exercise of Equity Awards by Key Management | RW Largent | |||||
Disclosure of transactions between related parties [line items] | |||||
Pre-tax gain on share options | $ | $ 392,431 | ||||
Share-based Payment Activity [Abstract] | |||||
Awards exercised during the year | 46,316 | ||||
Cash-settled Long Term Incentive Plan | |||||
Share-based Payment Activity [Abstract] | |||||
Share units granted during the year | 4,469,618 | 4,469,618 | 2,464,630 | 30,163 | |
Cash-settled Long Term Incentive Plan | Management and Other Personnel Total [Member] | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 2,464,630 | 2,464,630 | |||
Awards granted during the year | 2,572,437 | 2,572,437 | |||
Awards exercised during the year | 59,852 | 59,852 | |||
Awards lapsed during the year | 507,597 | 507,597 | |||
Awards outstanding at end of year | 4,469,618 | 4,469,618 | 2,464,630 | ||
Cash-settled Long Term Incentive Plan | Executive Directors | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 240,000 | 240,000 | |||
Awards granted during the year | 285,467 | 285,467 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 525,467 | 525,467 | 240,000 | ||
Cash-settled Long Term Incentive Plan | S Venkatakrishnan | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 174,872 | 174,872 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 294,872 | 294,872 | 120,000 | ||
Cash-settled Long Term Incentive Plan | KC Ramon | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 110,595 | 110,595 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 230,595 | 230,595 | 120,000 | ||
Cash-settled Long Term Incentive Plan | Prescribed Officers | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 860,000 | 860,000 | |||
Awards granted during the year | 665,937 | 665,937 | |||
Awards exercised during the year | 17,497 | 17,497 | |||
Awards lapsed during the year | 102,503 | 102,503 | |||
Awards outstanding at end of year | 1,405,937 | 1,405,937 | 860,000 | ||
Cash-settled Long Term Incentive Plan | CE Carter | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 110,595 | 110,595 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 230,595 | 230,595 | 120,000 | ||
Cash-settled Long Term Incentive Plan | GJ Ehm | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 110,595 | 110,595 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 230,595 | 230,595 | 120,000 | ||
Cash-settled Long Term Incentive Plan | L Eybers | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 20,000 | 20,000 | |||
Awards granted during the year | 97,535 | 97,535 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 117,535 | 117,535 | 20,000 | ||
Cash-settled Long Term Incentive Plan | DC Noko | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 88,850 | 88,850 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 208,850 | 208,850 | 120,000 | ||
Cash-settled Long Term Incentive Plan | ME Sanz Perez | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 88,463 | 88,463 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 208,463 | 208,463 | 120,000 | ||
Cash-settled Long Term Incentive Plan | CB Sheppard | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 93,928 | 93,928 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 213,928 | 213,928 | 120,000 | ||
Cash-settled Long Term Incentive Plan | TB Sibisi | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 75,971 | 75,971 | |||
Awards exercised during the year | 0 | 0 | |||
Awards lapsed during the year | 0 | 0 | |||
Awards outstanding at end of year | 195,971 | 195,971 | 120,000 | ||
Cash-settled Long Term Incentive Plan | Retired prescribed officers | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 120,000 | 120,000 | |||
Awards granted during the year | 0 | 0 | |||
Awards exercised during the year | 17,497 | 17,497 | |||
Awards lapsed during the year | 102,503 | 102,503 | |||
Awards outstanding at end of year | 0 | 0 | 120,000 | ||
Cash-settled Long Term Incentive Plan | Other | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 1,364,630 | 1,364,630 | |||
Awards granted during the year | 1,621,033 | 1,621,033 | |||
Awards exercised during the year | 42,355 | 42,355 | |||
Awards lapsed during the year | 405,094 | 405,094 | |||
Awards outstanding at end of year | 2,538,214 | 2,538,214 | 1,364,630 | ||
Bonus Share Plan (BSP) | |||||
Share-based Payment Activity [Abstract] | |||||
Awards outstanding at beginning of year | 4,198,285 | 4,198,285 | 4,708,799 | 3,305,515 | |
Awards granted during the year | 1,926,549 | 1,926,549 | 2,103,767 | 2,562,313 | |
Awards exercised during the year | 1,426,554 | 1,426,554 | 2,409,907 | 994,023 | |
Awards lapsed during the year | 218,601 | 218,601 | 204,374 | 165,006 | |
Awards outstanding at end of year | 4,479,679 | 4,479,679 | 4,198,285 | 4,708,799 | |
Awards vested at end of year | 1,904,021 | 1,904,021 | 1,170,849 | 1,687,096 | |
Bonus Share Plan (BSP) | Directors and Key Management Personnel | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 315,127 | 315,127 | 262,605 | ||
Bonus Share Plan (BSP) | Executive Directors | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 114,996 | 114,996 | 80,285 | ||
Bonus Share Plan (BSP) | S Venkatakrishnan | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 72,118 | 72,118 | 49,962 | ||
Bonus Share Plan (BSP) | KC Ramon | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 42,878 | 42,878 | 30,323 | ||
Bonus Share Plan (BSP) | Prescribed Officers | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 200,131 | 200,131 | 182,320 | ||
Bonus Share Plan (BSP) | CE Carter | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 38,600 | 38,600 | 36,666 | ||
Bonus Share Plan (BSP) | GJ Ehm | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 33,580 | 33,580 | 31,602 | ||
Bonus Share Plan (BSP) | L Eybers | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 18,101 | 18,101 | 0 | ||
Bonus Share Plan (BSP) | DC Noko | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 27,626 | 27,626 | 20,080 | ||
Bonus Share Plan (BSP) | ME Sanz Perez | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 29,398 | 29,398 | 19,992 | ||
Bonus Share Plan (BSP) | CB Sheppard | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 29,205 | 29,205 | 10,152 | ||
Bonus Share Plan (BSP) | TB Sibisi | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 23,621 | 23,621 | 0 | ||
Bonus Share Plan (BSP) | Retired prescribed officers | |||||
Share-based Payment Activity [Abstract] | |||||
Awards granted during the year | 0 | 0 | 63,828 | ||
Salary | Total Executive Directors and Prescribed Officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | $ 6,162,000 | R 81,960 | |||
Salary | Executive Directors | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 21,741 | ||||
Salary | S Venkatakrishnan | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 13,318 | ||||
Salary | KC Ramon | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 8,423 | ||||
Salary | Prescribed Officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 60,219 | ||||
Salary | CE Carter | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 9,408 | ||||
Salary | GJ Ehm | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 8,778 | ||||
Salary | L Eybers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 7,400 | ||||
Salary | DC Noko | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 6,767 | ||||
Salary | ME Sanz Perez | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 6,737 | ||||
Salary | CB Sheppard | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 7,154 | ||||
Salary | TB Sibisi | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 5,786 | ||||
Salary | Retired prescribed officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 8,189 | ||||
Performance related payments | Total Executive Directors and Prescribed Officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | $ 2,840,000 | 37,779 | |||
Performance related payments | Executive Directors | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 12,989 | ||||
Performance related payments | S Venkatakrishnan | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 8,382 | ||||
Performance related payments | KC Ramon | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 4,607 | ||||
Performance related payments | Prescribed Officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 24,790 | ||||
Performance related payments | CE Carter | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 4,411 | ||||
Performance related payments | GJ Ehm | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 4,116 | ||||
Performance related payments | L Eybers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 3,691 | ||||
Performance related payments | DC Noko | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 3,173 | ||||
Performance related payments | ME Sanz Perez | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 3,159 | ||||
Performance related payments | CB Sheppard | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 3,354 | ||||
Performance related payments | TB Sibisi | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | 2,886 | ||||
Performance related payments | Retired prescribed officers | |||||
Disclosure of transactions between related parties [line items] | |||||
Short-term benefits | R | R 0 |
Related Parties - Directors_ an
Related Parties - Directors’ and Prescribed Officers’ interests in AngloGold Ashanti Shares (Details) | Mar. 16, 2018shares | Mar. 15, 2018shares | Mar. 09, 2018shares | Mar. 07, 2018shares | Mar. 06, 2018shares | Mar. 05, 2018shares | Mar. 01, 2018shares | Feb. 28, 2018shares | Feb. 27, 2018shares | Feb. 26, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares | Dec. 31, 2015shares |
Directors and Key Management Personnel | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 449,621 | 412,964 | 361,790 | ||||||||||
Indirect Beneficial Holding | 33,581 | 13,747 | 23,064 | ||||||||||
Non-Executive Directors | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 34,290 | 29,790 | 28,800 | ||||||||||
Indirect Beneficial Holding | 1,000 | 1,000 | 1,000 | ||||||||||
SM Pityana (Chairman) | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 2,990 | 2,990 | 2,000 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
MDC Richter | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 7,300 | 7,300 | 7,300 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
DL Hodgson | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 1,500 | 1,500 | 1,500 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
MJ Kirkwood | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 15,000 | 15,000 | 15,000 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
RJ Ruston | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 0 | 0 | 0 | ||||||||||
Indirect Beneficial Holding | 1,000 | 1,000 | 1,000 | ||||||||||
AH Garner | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 7,500 | 0 | 0 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
Retired Non-Executive Director | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 0 | 3,000 | 3,000 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
Executive Directors | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 264,733 | 225,757 | 209,043 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
S Venkatakrishnan | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 236,468 | 213,423 | 205,939 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
KC Ramon | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 28,265 | 12,334 | 3,104 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
Company Secretary | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 13,994 | 7,921 | 10,471 | ||||||||||
Indirect Beneficial Holding | 16,368 | 12,747 | 8,860 | ||||||||||
ME Sanz Perez | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 13,994 | 7,921 | 10,471 | ||||||||||
Indirect Beneficial Holding | 16,368 | 12,747 | 8,860 | ||||||||||
Total Executive Directors and Prescribed Officers | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 136,604 | 149,496 | 113,476 | ||||||||||
Indirect Beneficial Holding | 16,213 | 0 | 13,204 | ||||||||||
CE Carter | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 50,800 | 43,229 | 39,560 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
GJ Ehm | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 30,319 | 33,782 | 22,532 | ||||||||||
Indirect Beneficial Holding | 16,213 | 0 | 0 | ||||||||||
L Eybers | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 4,812 | 0 | 0 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
DC Noko | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 41,244 | 28,015 | 17,086 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
CB Sheppard | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 5,344 | 0 | 0 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
TB Sibisi | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 4,085 | 0 | 0 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 0 | ||||||||||
Retired prescribed officers | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Direct Beneficial Holding | 0 | 44,470 | 34,298 | ||||||||||
Indirect Beneficial Holding | 0 | 0 | 13,204 | ||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | S Venkatakrishnan | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 11,632 | ||||||||||||
Beneficial holdings sold | 5,293 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | KC Ramon | Stock Purchase One | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 6,320 | 5,177 | |||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | KC Ramon | Stock Purchase Two | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 11,300 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | ME Sanz Perez | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 4,554 | 7,656 | |||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | CE Carter | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 948 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | GJ Ehm | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 8,000 | 4,500 | |||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | L Eybers | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 3,609 | 8,786 | |||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | DC Noko | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 7,071 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | DC Noko | Stock Purchase One | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 8,165 | ||||||||||||
Beneficial holdings sold | 3,716 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | CB Sheppard | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 4,008 | 6,900 | |||||||||||
Beneficial holdings sold | 1,824 | ||||||||||||
Acquisition and Sale of Company Shares by Key Management Personnel [Member] | TB Sibisi | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Beneficial holdings acquired | 4,160 | 3,063 | |||||||||||
Beneficial holdings sold | 1,394 | ||||||||||||
American Depository Shares | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of foreign held shares equal to one company share | 1 | ||||||||||||
CHESS Depository Shares | |||||||||||||
Disclosure of transactions between related parties [line items] | |||||||||||||
Number of foreign held shares equal to one company share | 5 |
Contractual Commitments and 127
Contractual Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | $ 90 | $ 88 | $ 113 |
Operating lease charges | 247 | 198 | 149 |
Minimum finance lease payments | 119 | 126 | 133 |
Amounts representing finance charges | (41) | (49) | (52) |
Present value of amounts representing finance charges | 0 | 0 | 0 |
Present value of minimum finance lease payments | 78 | 77 | 81 |
Capital commitments [abstract] | |||
Contractual capital commitments | 87 | 58 | 61 |
Capital commitments but not contracted for | 113 | 587 | 856 |
Capital commitments | 200 | 645 | 917 |
Purchase obligations | 698 | 874 | 617 |
Within one year | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | 45 | 47 | 34 |
Minimum finance lease payments | 14 | 12 | 11 |
Present value of minimum finance lease payments | 8 | 6 | 5 |
Capital commitments [abstract] | |||
Purchase obligations | 274 | 605 | 529 |
Between one and three years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | 38 | 36 | 69 |
Minimum finance lease payments | 27 | 25 | 22 |
Present value of minimum finance lease payments | 18 | 15 | 12 |
Between three and five years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments payable | 7 | 5 | 10 |
Minimum finance lease payments | 24 | 26 | 24 |
Present value of minimum finance lease payments | 17 | 18 | 15 |
More than five years | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum finance lease payments | 54 | 63 | 76 |
Present value of minimum finance lease payments | 35 | 38 | 49 |
Thereafter | |||
Capital commitments [abstract] | |||
Purchase obligations | 424 | 269 | 88 |
Joint ventures | |||
Capital commitments [abstract] | |||
Capital commitments | 21 | 138 | 27 |
Project capital | |||
Capital commitments [abstract] | |||
Capital commitments | 104 | 507 | 536 |
Project capital | Within one year | |||
Capital commitments [abstract] | |||
Capital commitments | 104 | 252 | 134 |
Project capital | Thereafter | |||
Capital commitments [abstract] | |||
Capital commitments | 0 | 255 | 402 |
Stay-in-business capital | |||
Capital commitments [abstract] | |||
Capital commitments | 96 | 138 | 381 |
Stay-in-business capital | Within one year | |||
Capital commitments [abstract] | |||
Capital commitments | 84 | 135 | 249 |
Stay-in-business capital | Thereafter | |||
Capital commitments [abstract] | |||
Capital commitments | $ 12 | $ 3 | $ 132 |
Contractual Commitments and 128
Contractual Commitments and Contingencies - Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 20, 2014 | |
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | $ 298 | $ 282 | $ 268 | |
Litigation | AngloGold Ashanti (Ghana) Limited | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 97 | 97 | 97 | $ 97 |
Litigation | Newmont Mining Co. Litigation | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 0 | 0 | 0 | |
Other tax disputes | Brazilian Federal Tax Assessments | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 24 | 15 | 11 | |
Value Added Tax Assessments | 14 | |||
Tax dispute | Brazilian Federal Tax Assessments | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 24 | 15 | 11 | |
Tax dispute | AngloGold Ashanti Colombia S.A. | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 150 | 141 | 128 | |
Tax dispute | Columbian Tax Office Assessment | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 21 | 21 | 20 | |
Tax dispute | Columbian Tax Office Interest and Penalties | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 129 | 120 | 108 | |
Tax dispute | Cerro Vanguardia S.A. | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 27 | 29 | 32 | |
Tax dispute | Argentina Tax Authority Assessment | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 6 | 7 | 8 | |
Tax dispute | Argentina Tax Authority Interest and Penalties | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 21 | 22 | 24 | |
Groundwater pollution | Groundwater contamination plumes | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | 0 | 0 | 0 | |
Groundwater pollution | Deep groundwater pollution | ||||
Disclosure of contingent liabilities [line items] | ||||
Contingent liabilities | $ 0 | $ 0 | $ 0 |
Financial Risk Management Ac129
Financial Risk Management Activities - Maturities of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 615 | $ 596 | $ 503 |
Borrowings | 3,087 | 3,082 | 3,920 |
USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 2,527 | 2,672 | 3,554 |
AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 253 | 267 | 196 |
ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 307 | 143 | 170 |
Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 615 | 596 | 503 |
Borrowings | 137 | 127 | 211 |
Within one year | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 98 | $ 100 | $ 140 |
Effective rate % | 5.40% | 5.40% | 5.80% |
Within one year | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 16 | $ 16 | $ 11 |
Effective rate % | 5.10% | 5.40% | 5.20% |
Within one year | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 23 | $ 11 | $ 60 |
Effective rate % | 8.90% | 8.90% | 8.20% |
Between one and two years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 0 | $ 0 | $ 0 |
Borrowings | 343 | 287 | 216 |
Between one and two years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 145 | $ 100 | $ 140 |
Effective rate % | 5.40% | 5.40% | 5.80% |
Between one and two years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 174 | $ 89 | $ 68 |
Effective rate % | 5.10% | 5.30% | 5.20% |
Between one and two years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 24 | $ 98 | $ 8 |
Effective rate % | 8.90% | 8.90% | 8.10% |
Between two and five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 0 | $ 0 | $ 0 |
Borrowings | 1,912 | 1,155 | 1,912 |
Between two and five years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 1,643 | $ 1,023 | $ 1,767 |
Effective rate % | 5.50% | 5.50% | 5.90% |
Between two and five years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 25 | $ 119 | $ 66 |
Effective rate % | 6.80% | 6.00% | 6.20% |
Between two and five years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 244 | $ 13 | $ 79 |
Effective rate % | 9.10% | 11.20% | 8.70% |
After five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 0 | $ 0 | $ 0 |
Borrowings | 695 | 1,513 | 1,581 |
After five years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 641 | $ 1,449 | $ 1,507 |
Effective rate % | 6.50% | 5.50% | 5.50% |
After five years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 38 | $ 43 | $ 51 |
Effective rate % | 6.80% | 6.80% | 6.80% |
After five years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 16 | $ 21 | $ 23 |
Effective rate % | 15.50% | 14.00% | 11.80% |
Financial Risk Management Ac130
Financial Risk Management Activities - Credit Risk Exposure (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 138,000,000 | $ 130,000,000 | $ 92,000,000 |
Other investments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 58,000,000 | 79,000,000 | 61,000,000 |
Financial assets | 138,000,000 | 130,000,000 | 92,000,000 |
Other investments | Release on impairment of available-for-sale financial assets | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 3,000,000 | 0 | 0 |
Trade and other receivables | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 33,000,000 | 46,000,000 | 42,000,000 |
Trade and other receivables | Past due | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 20,000,000 | 9,000,000 | 7,000,000 |
Other receivables | Release on impairment of available-for-sale financial assets | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 0 | 0 | 6,000,000 |
Cash restricted for use (note 21) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 65,000,000 | 55,000,000 | 60,000,000 |
Cash and cash equivalents (note 22) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 205,000,000 | 215,000,000 | 484,000,000 |
Total financial assets | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | $ 361,000,000 | $ 395,000,000 | $ 647,000,000 |
Financial Risk Management Ac131
Financial Risk Management Activities - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets | |||
Carrying amount | $ 138 | $ 130 | $ 92 |
Borrowings | |||
Financial liabilities | |||
Carrying amount | 2,268 | 2,178 | 2,737 |
Fair value | 2,377 | 2,203 | 2,425 |
Other investments | |||
Financial assets | |||
Carrying amount | 138 | 130 | 92 |
Fair value | $ 140 | $ 132 | $ 93 |
Financial Risk Management Ac132
Financial Risk Management Activities - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of fair value measurement of assets [line items] | |||
Assets | $ 7,219 | $ 7,153 | $ 7,284 |
Available-for-sale financial assets, Equity securities | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 80 | 51 | 30 |
Available-for-sale financial assets, Equity securities | Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 80 | 51 | 30 |
Available-for-sale financial assets, Equity securities | Level 2 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | 0 | 0 | 0 |
Available-for-sale financial assets, Equity securities | Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Assets | $ 0 | $ 0 | $ 0 |
Financial Risk Management Ac133
Financial Risk Management Activities - Interest Rate Risk (Details) - Interest rate risk R$ in Millions, R in Millions, $ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR (R) | Dec. 31, 2016AUD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015ZAR (R) | Dec. 31, 2015AUD ($) | Dec. 31, 2015BRL (R$) |
Financial Assets | ZAR denominated | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Change in interest rate basis points | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||
Change in interest amount | $ 0 | R 2 | $ 0 | R 5 | ||||||
Financial Assets | BRL denominated | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Change in interest rate basis points | 2.50% | 2.50% | 2.50% | 2.50% | ||||||
Change in interest amount | $ 1 | R$ 2 | ||||||||
Financial Assets | USD denominated | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Change in interest rate basis points | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
Change in interest amount | $ 1 | $ 2 | ||||||||
Financial Liabilities | ZAR denominated | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Change in interest rate basis points | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Change in interest amount | $ 3 | R 41 | $ 1 | R 18 | $ 2 | R 26 | ||||
Financial Liabilities | AUD denominated | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Change in interest rate basis points | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Change in interest amount | $ 2 | $ 3 | $ 1 | $ 2 | $ 1 | $ 1 | ||||
Financial Liabilities | USD denominated | ||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||
Change in interest rate basis points | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||
Change in interest amount | $ 1 | $ 1 | $ 2 |
Financial Risk Management Ac134
Financial Risk Management Activities - Foreign Exchange Risk (Details) - Foreign exchange risk - Borrowings $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
ZAR | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in spot rate | 1.5 | 1.5 | 1.5 |
Change in borrowings total due to increase in spot rate | $ (26) | $ (10) | $ (12) |
Decrease in spot rate | (1.5) | (1.5) | (1.5) |
Change in borrowings total due to decrease in spot rate | $ 33 | $ 13 | $ 14 |
AUD | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in spot rate | 0.1 | 0.1 | 0.1 |
Change in borrowings total due to increase in spot rate | $ (16) | $ (15) | $ (11) |
Decrease in spot rate | (0.1) | (0.1) | (0.1) |
Change in borrowings total due to decrease in spot rate | $ 19 | $ 18 | $ 12 |
Financial Risk Management Ac135
Financial Risk Management Activities - Environmental Obligations (Details) R in Millions, $ in Millions, $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2017AUD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of other provisions [line items] | |||||
Financial assets | $ 138 | $ 130 | $ 92 | ||
Cash component of bond | 18 | $ 23 | $ 21 | ||
Environmental obligations | South Africa | |||||
Disclosure of other provisions [line items] | |||||
Financial assets | R | R 1,390 | ||||
Bond guarantees issued by banks | R | 1,520 | ||||
Carrying value of liability | R | R 1,150 | ||||
Environmental obligations | Australia | |||||
Disclosure of other provisions [line items] | |||||
Carrying value of liability | $ 113.2 | ||||
Annual payment to trust fund | $ 4 | ||||
Environmental obligations | Ghana | Iduapriem | |||||
Disclosure of other provisions [line items] | |||||
Bond guarantees issued by banks | 35.9 | ||||
Carrying value of liability | 44.3 | ||||
Cash component of bond | 9.8 | ||||
Environmental obligations | Ghana | Obuasi | |||||
Disclosure of other provisions [line items] | |||||
Bond guarantees issued by banks | 30 | ||||
Carrying value of liability | 211 | ||||
Cash component of bond | $ 20.3 |
Capital Management (Details)
Capital Management (Details) | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017ZAR (R) | Dec. 31, 2017AUD ($) | Nov. 30, 2017ZAR (R) | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2011ZAR (R) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Maximum debt covenant ratio allowed per the agreements | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | |||
Bottom of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Leverage ratio allowed under debt agreements | 3.5 | 3.5 | 3.5 | 3.5 | |||||
Top of range | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Leverage ratio allowed under debt agreements | 4.5 | 4.5 | 4.5 | 4.5 | |||||
DMTNP | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 10,000,000,000 | ||||||||
Syndicated loan facility (R1bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 81,000,000 | R 1,000,000,000 | R 1,000,000,000 | ||||||
Term of facility | 3 years | ||||||||
Available extension term | 2 years | ||||||||
Syndicated loan facility (R1bn) | JIBAR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | |||
Syndicated loan facility (R1.4bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 1,400,000,000 | ||||||||
Syndicated loan facility (R1.4bn) | JIBAR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.65% | 1.65% | 1.65% | 1.65% | |||||
Syndicated revolving credit facility (R2.5bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 202,000,000 | $ 202,000,000 | R 2,500,000,000 | ||||||
Term of facility | 3 years | ||||||||
Available extension term | 2 years | ||||||||
Syndicated revolving credit facility (R2.5bn) | JIBAR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 1.80% | 1.80% | 1.80% | 1.80% | |||||
Syndicated loan facility (R1.5bn) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | R | R 1,500,000,000 | ||||||||
Rated bonds - issued July 2012 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ | $ 750,000,000 | $ 750,000,000 | |||||||
$700m Rated bonds- issued April 2010 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ | 700,000,000 | $ 700,000,000 | |||||||
Term of facility | 10 years | ||||||||
$300m Rated bonds- issued April 2010 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ | 300,000,000 | $ 300,000,000 | |||||||
Term of facility | 30 years | ||||||||
Syndicated revolving credit facility (A$500m) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Face amount of facility | $ 390,000,000 | $ 390,000,000 | $ 500,000,000 | ||||||
Term of facility | 5 years | ||||||||
Syndicated revolving credit facility (A$500m) | BBSY | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis | 2.00% | 2.00% | 2.00% | 2.00% |
Capital Management - Gearing Ra
Capital Management - Gearing Ratio (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Gearing Ratio [Abstract] | ||||
Borrowings (note 25) | $ 2,268,000,000 | $ 2,178,000,000 | $ 2,737,000,000 | $ 3,721,000,000 |
Corporate office lease (note 25) | (15,000,000) | (15,000,000) | (15,000,000) | |
Unamortised portion of the convertible and rated bonds | 18,000,000 | 23,000,000 | 21,000,000 | |
Cumulative fair value adjustment on $1.25bn bonds | 0 | 0 | (9,000,000) | |
Cash restricted for use (note 21) | (65,000,000) | (55,000,000) | (60,000,000) | |
Cash and cash equivalents (note 22) | (205,000,000) | (215,000,000) | (484,000,000) | $ (468,000,000) |
Net debt | 2,001,000,000 | 1,916,000,000 | 2,190,000,000 | |
Profit (loss) before taxation | (63,000,000) | 269,000,000 | 257,000,000 | |
Adjusted EBITDA | ||||
Finance costs and unwinding of obligations (note 7) | 169,000,000 | 180,000,000 | 245,000,000 | |
Interest received (note 3) | (15,000,000) | (22,000,000) | (28,000,000) | |
Amortisation of tangible and intangible assets (note 4) | 823,000,000 | 809,000,000 | 777,000,000 | |
Exchange loss | 11,000,000 | 88,000,000 | 17,000,000 | |
Fair value adjustment on issued bonds | 0 | (9,000,000) | (66,000,000) | |
Impairment and derecognition of assets | 297,000,000 | 3,000,000 | 14,000,000 | |
Impairment of other investments | 3,000,000 | 0 | 0 | |
Write-down of inventories | 3,000,000 | 12,000,000 | 10,000,000 | |
Retrenchments costs | 90,000,000 | 14,000,000 | 14,000,000 | |
Care and maintenance costs (note 5) | 62,000,000 | 70,000,000 | 67,000,000 | |
Net profit on disposal of assets | (8,000,000) | (4,000,000) | (1,000,000) | |
(Gain) loss on unrealised non-hedge derivatives and other commodity contracts | (10,000,000) | (18,000,000) | 7,000,000 | |
Repurchase premium and cost on settlement of issued bonds | 0 | 30,000,000 | 61,000,000 | |
Associates and joint ventures’ special items | (2,000,000) | (11,000,000) | (9,000,000) | |
Associates and joint ventures’ – adjustments for amortisation, interest, taxation and other | 116,000,000 | 137,000,000 | 107,000,000 | |
Other amortisation | 7,000,000 | 0 | 0 | |
Adjusted EBITDA (as defined in the Revolving Credit Facility Agreements) | $ 1,483,000,000 | $ 1,548,000,000 | $ 1,472,000,000 | |
Gearing ratio (Net debt to Adjusted EBITDA) | 1.35 | 1.24 | 1.49 | |
Maximum debt covenant ratio allowed per the agreements | 3.5 | 3.5 | 3.5 | |
$1.25bn bonds - issued July 2013 | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Face amount of facility | $ 1,250,000,000 |
Recent Developments (Details)
Recent Developments (Details) | Feb. 20, 2018R / shares$ / shares | Feb. 20, 2018R / shares | Feb. 21, 2017$ / shares | Feb. 21, 2017R / shares |
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividends declared per share | (per share) | $ 0.1 | R 1.30 | ||
Declaration of Dividends | ||||
Disclosure of non-adjusting events after reporting period [line items] | ||||
Dividends declared per share | (per share) | $ 0.06 | R 0.70 | ||
Foreign exchange rate | 11.66 | 11.66 |
Supplemental Condensed Conso139
Supplemental Condensed Consolidating Financial Information (Details) | 12 Months Ended |
Dec. 31, 2017 | |
AngloGold Ashanti Holdings plc (IOMco) | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
Supplemental Condensed Conso140
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Income Statement [Line Items] | |||
Revenue | $ 4,543 | $ 4,254 | $ 4,174 |
Gold income | 4,356 | 4,085 | 4,015 |
Cost of sales | (3,582) | (3,263) | (3,294) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 10 | 19 | (7) |
Gross profit (loss) | 784 | 841 | 714 |
Corporate administration, marketing and other expenses | (64) | (61) | (78) |
Exploration and evaluation costs | (114) | (133) | (132) |
Other operating income (expenses) | (88) | (110) | (96) |
Special items | (438) | (42) | (71) |
Operating profit (loss) | 80 | 495 | 337 |
Interest received | 15 | 22 | 28 |
Exchange gain (loss) | (11) | (88) | (17) |
Finance costs and unwinding of obligations | (169) | (180) | (245) |
Fair value adjustment on $1.25bn bonds | 0 | 9 | 66 |
Share of associates and joint ventures’ profit (loss) | 22 | 11 | 88 |
Equity gain (loss) in subsidiaries | 0 | 0 | 0 |
Profit (loss) before taxation | (63) | 269 | 257 |
Taxation | (108) | (189) | (211) |
Profit (loss) after taxation from continuing operations | (171) | 80 | 46 |
Profit (loss) from discontinued operations | 0 | 0 | (116) |
Profit (loss) after discontinued operations | (70) | ||
Preferred stock dividends | 0 | 0 | 0 |
Profit (loss) for the period | (171) | 80 | (70) |
Equity shareholders - Continuing operations | (191) | 63 | 31 |
Equity shareholders - Discontinued operations | 0 | 0 | (116) |
Non-controlling interests - Continuing operations | 20 | 17 | 15 |
Comprehensive income (loss) | (17) | 267 | (433) |
Comprehensive income (loss) attributable to non-controlling interests | (20) | (17) | (15) |
Comprehensive income (loss) attributable to AngloGold Ashanti | (37) | 250 | (448) |
Reportable Legal Entities | AngloGold Ashanti (the “Guarantor”) | |||
Condensed Income Statement [Line Items] | |||
Revenue | 1,005 | 1,110 | 1,091 |
Gold income | 987 | 1,108 | 1,063 |
Cost of sales | (1,016) | (958) | (995) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 0 | 0 | 0 |
Gross profit (loss) | (29) | 150 | 68 |
Corporate administration, marketing and other expenses | (7) | 17 | 3 |
Exploration and evaluation costs | (10) | (14) | (16) |
Other operating income (expenses) | (9) | (26) | (17) |
Special items | (414) | 54 | (132) |
Operating profit (loss) | (469) | 181 | (94) |
Interest received | 1 | 6 | 6 |
Exchange gain (loss) | 0 | 1 | (1) |
Finance costs and unwinding of obligations | (22) | (18) | (21) |
Fair value adjustment on $1.25bn bonds | 0 | 0 | |
Share of associates and joint ventures’ profit (loss) | 13 | (13) | 11 |
Equity gain (loss) in subsidiaries | 212 | (61) | (26) |
Profit (loss) before taxation | (265) | 96 | (125) |
Taxation | 104 | (4) | 59 |
Profit (loss) after taxation from continuing operations | (161) | 92 | (66) |
Profit (loss) from discontinued operations | 0 | ||
Profit (loss) after discontinued operations | (66) | ||
Preferred stock dividends | (30) | (29) | (19) |
Profit (loss) for the period | (191) | 63 | (85) |
Equity shareholders - Continuing operations | (191) | 63 | (85) |
Equity shareholders - Discontinued operations | 0 | ||
Non-controlling interests - Continuing operations | 0 | 0 | 0 |
Comprehensive income (loss) | (37) | 250 | (448) |
Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to AngloGold Ashanti | (37) | 250 | (448) |
Reportable Legal Entities | IOMco (the “Issuer”) | |||
Condensed Income Statement [Line Items] | |||
Revenue | 3 | 3 | 2 |
Gold income | 0 | 0 | 0 |
Cost of sales | 0 | 0 | 0 |
Gain (loss) on non-hedge derivatives and other commodity contracts | 0 | 0 | 0 |
Gross profit (loss) | 0 | 0 | 0 |
Corporate administration, marketing and other expenses | (7) | (6) | (15) |
Exploration and evaluation costs | 0 | 0 | 0 |
Other operating income (expenses) | 0 | 2 | 0 |
Special items | (6) | (35) | (436) |
Operating profit (loss) | (13) | (39) | (451) |
Interest received | 3 | 3 | 2 |
Exchange gain (loss) | 1 | (1) | (1) |
Finance costs and unwinding of obligations | (107) | (131) | (196) |
Fair value adjustment on $1.25bn bonds | 9 | 66 | |
Share of associates and joint ventures’ profit (loss) | 0 | 2 | 1 |
Equity gain (loss) in subsidiaries | 447 | 389 | 140 |
Profit (loss) before taxation | 331 | 232 | (439) |
Taxation | 0 | 0 | (1) |
Profit (loss) after taxation from continuing operations | 331 | 232 | (440) |
Profit (loss) from discontinued operations | 0 | ||
Profit (loss) after discontinued operations | (440) | ||
Preferred stock dividends | 0 | 0 | 0 |
Profit (loss) for the period | 331 | 232 | (440) |
Equity shareholders - Continuing operations | 331 | 232 | (440) |
Equity shareholders - Discontinued operations | 0 | ||
Non-controlling interests - Continuing operations | 0 | 0 | 0 |
Comprehensive income (loss) | 365 | 234 | (477) |
Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to AngloGold Ashanti | 365 | 234 | (477) |
Reportable Legal Entities | Other subsidiaries (the “Non-Guarantor Subsidiaries”) | |||
Condensed Income Statement [Line Items] | |||
Revenue | 3,535 | 3,141 | 3,081 |
Gold income | 3,399 | 3,035 | 2,991 |
Cost of sales | (2,567) | (2,305) | (2,299) |
Gain (loss) on non-hedge derivatives and other commodity contracts | 11 | 18 | (7) |
Gross profit (loss) | 843 | 748 | 685 |
Corporate administration, marketing and other expenses | (2) | (3) | (15) |
Exploration and evaluation costs | (104) | (119) | (116) |
Other operating income (expenses) | (79) | (86) | (79) |
Special items | (27) | 29 | 65 |
Operating profit (loss) | 631 | 569 | 540 |
Interest received | 11 | 13 | 20 |
Exchange gain (loss) | (12) | (28) | (15) |
Finance costs and unwinding of obligations | (40) | (31) | (28) |
Fair value adjustment on $1.25bn bonds | 0 | 0 | |
Share of associates and joint ventures’ profit (loss) | 9 | 30 | 77 |
Equity gain (loss) in subsidiaries | 0 | 0 | |
Profit (loss) before taxation | 599 | 553 | 594 |
Taxation | (212) | (184) | (269) |
Profit (loss) after taxation from continuing operations | 387 | 369 | 325 |
Profit (loss) from discontinued operations | (116) | ||
Profit (loss) after discontinued operations | 209 | ||
Preferred stock dividends | 0 | (29) | (20) |
Profit (loss) for the period | 387 | 340 | 189 |
Equity shareholders - Continuing operations | 367 | 323 | 290 |
Equity shareholders - Discontinued operations | (116) | ||
Non-controlling interests - Continuing operations | 20 | 17 | 15 |
Comprehensive income (loss) | 422 | 388 | 142 |
Comprehensive income (loss) attributable to non-controlling interests | (20) | (17) | (15) |
Comprehensive income (loss) attributable to AngloGold Ashanti | 402 | 371 | 127 |
Consolidation adjustments | |||
Condensed Income Statement [Line Items] | |||
Revenue | 0 | 0 | 0 |
Gold income | (30) | (58) | (39) |
Cost of sales | 1 | 0 | 0 |
Gain (loss) on non-hedge derivatives and other commodity contracts | (1) | 1 | 0 |
Gross profit (loss) | (30) | (57) | (39) |
Corporate administration, marketing and other expenses | (48) | (69) | (51) |
Exploration and evaluation costs | 0 | 0 | 0 |
Other operating income (expenses) | 0 | 0 | 0 |
Special items | 9 | (90) | 432 |
Operating profit (loss) | (69) | (216) | 342 |
Interest received | 0 | 0 | 0 |
Exchange gain (loss) | 0 | (60) | 0 |
Finance costs and unwinding of obligations | 0 | 0 | 0 |
Fair value adjustment on $1.25bn bonds | 0 | 0 | |
Share of associates and joint ventures’ profit (loss) | 0 | (8) | (1) |
Equity gain (loss) in subsidiaries | (659) | (328) | (114) |
Profit (loss) before taxation | (728) | (612) | 227 |
Taxation | 0 | (1) | 0 |
Profit (loss) after taxation from continuing operations | (728) | (613) | 227 |
Profit (loss) from discontinued operations | 0 | ||
Profit (loss) after discontinued operations | 227 | ||
Preferred stock dividends | 30 | 58 | 39 |
Profit (loss) for the period | (698) | (555) | 266 |
Equity shareholders - Continuing operations | (698) | (555) | 266 |
Equity shareholders - Discontinued operations | 0 | ||
Non-controlling interests - Continuing operations | 0 | 0 | 0 |
Comprehensive income (loss) | (767) | (605) | 350 |
Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 |
Comprehensive income (loss) attributable to AngloGold Ashanti | $ (767) | $ (605) | $ 350 |
Supplemental Condensed Conso141
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Financial Position (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Non-current assets | ||||
Tangible assets | $ 3,742 | $ 4,111 | $ 4,058 | |
Intangible assets | 138 | 145 | 161 | |
Investments in associates and joint ventures | 1,507 | 1,448 | 1,465 | |
Other investments | 131 | 125 | 91 | |
Inventories | 100 | 84 | 90 | |
Trade, other receivables and other assets | 67 | 34 | 13 | |
Deferred taxation | 4 | 4 | 1 | |
Cash restricted for use | 37 | 36 | 37 | |
Other non-current assets | 0 | 18 | ||
Total Non-current assets | 5,726 | 5,987 | 5,934 | |
Current assets | ||||
Other investments | 7 | 5 | 1 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 905 | 927 | 842 | |
Cash restricted for use | 28 | 19 | 23 | |
Cash and cash equivalents | 205 | 215 | 484 | $ 468 |
Current assets other than non-current assets held for sale | 1,145 | 1,166 | 1,350 | |
Non-current assets held for sale | 348 | 0 | 0 | |
Total Current assets | 1,493 | 1,166 | 1,350 | |
Total assets | 7,219 | 7,153 | 7,284 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 7,134 | 7,108 | 7,066 | |
Accumulated losses and other reserves | (4,471) | (4,393) | (4,636) | |
Shareholders’ equity | 2,663 | 2,715 | 2,430 | |
Non-controlling interests | 41 | 39 | 37 | |
Equity | 2,704 | 2,754 | 2,467 | 2,871 |
Non-current liabilities | 3,660 | 3,639 | 4,110 | |
Current liabilities including intergroup balances | 729 | 760 | 707 | |
Non-current liabilities held for sale | 126 | 0 | 0 | |
Total liabilities | 4,515 | 4,399 | 4,817 | |
Total equity and liabilities | 7,219 | 7,153 | 7,284 | |
Consolidation adjustments | ||||
Non-current assets | ||||
Tangible assets | 0 | 0 | 0 | |
Intangible assets | (2) | (2) | (2) | |
Investments in associates and joint ventures | (6,611) | (5,477) | (5,502) | |
Other investments | (2) | (2) | (2) | |
Inventories | 0 | 0 | 0 | |
Trade, other receivables and other assets | 0 | 0 | 0 | |
Deferred taxation | 0 | 0 | 0 | |
Cash restricted for use | 0 | 0 | 0 | |
Other non-current assets | 0 | 0 | ||
Total Non-current assets | (6,615) | (5,481) | (5,506) | |
Current assets | ||||
Other investments | 0 | 0 | 0 | |
Inventories, trade and other receivables, intergroup balances and other current assets | (982) | (1,567) | (1,556) | |
Cash restricted for use | 0 | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Current assets other than non-current assets held for sale | (982) | |||
Non-current assets held for sale | 0 | |||
Total Current assets | (982) | (1,567) | (1,556) | |
Total assets | (7,597) | (7,048) | (7,062) | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | (6,996) | (7,039) | (6,932) | |
Accumulated losses and other reserves | 1,872 | 3,063 | 3,008 | |
Shareholders’ equity | (5,124) | (3,976) | (3,924) | |
Non-controlling interests | 0 | 0 | 0 | |
Equity | (5,124) | (3,976) | (3,924) | |
Non-current liabilities | 0 | 0 | 0 | |
Current liabilities including intergroup balances | (2,473) | (3,072) | (3,138) | |
Non-current liabilities held for sale | 0 | |||
Total liabilities | (2,473) | (3,072) | (3,138) | |
Total equity and liabilities | (7,597) | (7,048) | (7,062) | |
AngloGold Ashanti (the “Guarantor”) | Reportable Legal Entities | ||||
Non-current assets | ||||
Tangible assets | 739 | 1,160 | 1,030 | |
Intangible assets | 1 | 4 | 8 | |
Investments in associates and joint ventures | 2,371 | 2,109 | 2,002 | |
Other investments | 2 | 2 | 1 | |
Inventories | 0 | 0 | 0 | |
Trade, other receivables and other assets | 0 | 0 | 0 | |
Deferred taxation | 0 | 0 | 0 | |
Cash restricted for use | 0 | 0 | 0 | |
Other non-current assets | 0 | 18 | ||
Total Non-current assets | 3,113 | 3,275 | 3,059 | |
Current assets | ||||
Other investments | 0 | 0 | 0 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 471 | 429 | 401 | |
Cash restricted for use | 0 | 0 | 1 | |
Cash and cash equivalents | 11 | 44 | 19 | 52 |
Current assets other than non-current assets held for sale | 482 | |||
Non-current assets held for sale | 310 | |||
Total Current assets | 792 | 473 | 421 | |
Total assets | 3,905 | 3,748 | 3,480 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 7,134 | 7,108 | 7,066 | |
Accumulated losses and other reserves | (4,471) | (4,393) | (4,636) | |
Shareholders’ equity | 2,663 | 2,715 | 2,430 | |
Non-controlling interests | 0 | 0 | 0 | |
Equity | 2,663 | 2,715 | 2,430 | |
Non-current liabilities | 527 | 496 | 428 | |
Current liabilities including intergroup balances | 591 | 537 | 622 | |
Non-current liabilities held for sale | 124 | |||
Total liabilities | 1,242 | 1,033 | 1,050 | |
Total equity and liabilities | 3,905 | 3,748 | 3,480 | |
IOMco (the “Issuer”) | Reportable Legal Entities | ||||
Non-current assets | ||||
Tangible assets | 0 | 0 | 0 | |
Intangible assets | 0 | 0 | 0 | |
Investments in associates and joint ventures | 4,376 | 3,478 | 3,627 | |
Other investments | 6 | 3 | 3 | |
Inventories | 0 | 0 | 0 | |
Trade, other receivables and other assets | 0 | 0 | 0 | |
Deferred taxation | 0 | 0 | 0 | |
Cash restricted for use | 0 | 0 | 0 | |
Other non-current assets | 0 | 0 | ||
Total Non-current assets | 4,382 | 3,481 | 3,630 | |
Current assets | ||||
Other investments | 6 | 5 | 1 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 250 | 912 | 921 | |
Cash restricted for use | 1 | 1 | 2 | |
Cash and cash equivalents | 21 | 32 | 222 | 260 |
Current assets other than non-current assets held for sale | 278 | |||
Non-current assets held for sale | 0 | |||
Total Current assets | 278 | 950 | 1,146 | |
Total assets | 4,660 | 4,431 | 4,776 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 6,172 | 6,215 | 6,108 | |
Accumulated losses and other reserves | (3,491) | (3,765) | (3,903) | |
Shareholders’ equity | 2,681 | 2,450 | 2,205 | |
Non-controlling interests | 0 | 0 | 0 | |
Equity | 2,681 | 2,450 | 2,205 | |
Non-current liabilities | 1,764 | 1,799 | 2,427 | |
Current liabilities including intergroup balances | 215 | 182 | 144 | |
Non-current liabilities held for sale | 0 | |||
Total liabilities | 1,979 | 1,981 | 2,571 | |
Total equity and liabilities | 4,660 | 4,431 | 4,776 | |
Other subsidiaries (the “Non-Guarantor Subsidiaries”) | Reportable Legal Entities | ||||
Non-current assets | ||||
Tangible assets | 3,003 | 2,951 | 3,028 | |
Intangible assets | 139 | 143 | 155 | |
Investments in associates and joint ventures | 1,371 | 1,338 | 1,338 | |
Other investments | 125 | 122 | 89 | |
Inventories | 100 | 84 | 90 | |
Trade, other receivables and other assets | 67 | 34 | 13 | |
Deferred taxation | 4 | 4 | 1 | |
Cash restricted for use | 37 | 36 | 37 | |
Other non-current assets | 0 | 0 | ||
Total Non-current assets | 4,846 | 4,712 | 4,751 | |
Current assets | ||||
Other investments | 1 | 0 | 0 | |
Inventories, trade and other receivables, intergroup balances and other current assets | 1,166 | 1,153 | 1,076 | |
Cash restricted for use | 27 | 18 | 20 | |
Cash and cash equivalents | 173 | 139 | 243 | $ 156 |
Current assets other than non-current assets held for sale | 1,367 | |||
Non-current assets held for sale | 38 | |||
Total Current assets | 1,405 | 1,310 | 1,339 | |
Total assets | 6,251 | 6,022 | 6,090 | |
EQUITY AND LIABILITIES | ||||
Share capital and premium | 824 | 824 | 824 | |
Accumulated losses and other reserves | 1,619 | 702 | 895 | |
Shareholders’ equity | 2,443 | 1,526 | 1,719 | |
Non-controlling interests | 41 | 39 | 37 | |
Equity | 2,484 | 1,565 | 1,756 | |
Non-current liabilities | 1,369 | 1,344 | 1,255 | |
Current liabilities including intergroup balances | 2,396 | 3,113 | 3,079 | |
Non-current liabilities held for sale | 2 | |||
Total liabilities | 3,767 | 4,457 | 4,334 | |
Total equity and liabilities | $ 6,251 | $ 6,022 | $ 6,090 |
Supplemental Condensed Conso142
Supplemental Condensed Consolidating Financial Information - Condensed Consolidating Statement of Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Cash generated from (used by) operations | $ 1,151 | $ 1,302 | $ 1,250 |
Net movement in intergroup receivables and payables | 0 | 0 | 0 |
Dividends received from joint ventures | 6 | 37 | 57 |
Taxation refund | 14 | 12 | 21 |
Taxation paid | (174) | (165) | (184) |
Net cash inflow (outflow) from operating activities from continuing operations | 997 | 1,186 | 1,144 |
Net cash inflow (outflow) from operating activities from discontinued operations | 0 | 0 | (5) |
Net cash inflow (outflow) from operating activities | 997 | 1,186 | 1,139 |
Cash flows from investing activities | |||
Capital expenditure | (829) | (706) | (664) |
Expenditure on intangible assets | (1) | (5) | (3) |
Proceeds from disposal of tangible assets | 7 | 4 | 6 |
Other investments acquired | (91) | (73) | (86) |
Proceeds from disposal of other investments | 78 | 61 | 81 |
Investments in associates and joint ventures | (27) | (11) | (11) |
Proceeds from disposal of associates and joint ventures | 0 | 10 | 1 |
Net loans repaid by (advanced to) associates and joint ventures | (6) | (4) | (3) |
Reduction in investment in subsidiary | 0 | ||
Net proceeds from disposal of subsidiaries and investments | 812 | ||
Cash balances in assets disposed | 0 | 0 | (2) |
Disposal (acquisition) of subsidiaries | 0 | 0 | 0 |
Decrease (increase) in cash restricted for use | (8) | 8 | (17) |
Interest received | 15 | 14 | 25 |
Net cash inflow (outflow) from investing activities from continuing operations | (862) | (702) | 139 |
Net cash inflow (outflow) from investing activities from discontinued operations | 0 | 0 | (59) |
Net cash inflow (outflow) from investing activities | (862) | (702) | 80 |
Cash flows from financing activities | |||
Reduction in share capital | 0 | 0 | |
Proceeds from borrowings | 815 | 787 | 421 |
Repayment of borrowings | (767) | (1,333) | (1,288) |
Finance costs paid | (138) | (172) | (251) |
Bond settlement premium, RCF and bond transaction costs | 0 | (30) | (61) |
Dividends paid | (58) | (15) | (5) |
Intergroup dividends received (paid) | 0 | 0 | 0 |
Net cash inflow (outflow) from financing activities from continuing operations | (148) | (763) | (1,184) |
Net cash inflow (outflow) from financing activities from discontinued operations | 0 | 0 | (2) |
Net cash inflow (outflow) from financing activities | (148) | (763) | (1,186) |
Net increase (decrease) in cash and cash equivalents | (13) | (279) | 33 |
Translation | 3 | 10 | (17) |
Cash and cash equivalents at beginning of year | 215 | 484 | 468 |
Cash and cash equivalents at end of year | 205 | 215 | 484 |
Consolidation adjustments | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | 3 | (38) | 455 |
Net movement in intergroup receivables and payables | (31) | 2 | (334) |
Dividends received from joint ventures | 0 | 0 | 0 |
Taxation refund | 0 | 0 | 0 |
Taxation paid | 0 | 0 | 0 |
Net cash inflow (outflow) from operating activities from continuing operations | (28) | (36) | 121 |
Net cash inflow (outflow) from operating activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from operating activities | 121 | ||
Cash flows from investing activities | |||
Capital expenditure | 0 | 0 | 0 |
Expenditure on intangible assets | 0 | 0 | 0 |
Proceeds from disposal of tangible assets | 0 | 0 | 0 |
Other investments acquired | 0 | 0 | 0 |
Proceeds from disposal of other investments | 3 | 0 | 0 |
Investments in associates and joint ventures | 2 | 0 | 0 |
Proceeds from disposal of associates and joint ventures | 0 | 0 | |
Net loans repaid by (advanced to) associates and joint ventures | (2) | 0 | 0 |
Reduction in investment in subsidiary | (42) | ||
Net proceeds from disposal of subsidiaries and investments | 0 | ||
Cash balances in assets disposed | 0 | ||
Disposal (acquisition) of subsidiaries | 0 | 6 | 0 |
Decrease (increase) in cash restricted for use | 0 | 0 | 0 |
Interest received | 0 | 0 | 0 |
Net cash inflow (outflow) from investing activities from continuing operations | (39) | 6 | 0 |
Net cash inflow (outflow) from investing activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from investing activities | 0 | ||
Cash flows from financing activities | |||
Reduction in share capital | 43 | (6) | |
Proceeds from borrowings | 0 | 0 | 0 |
Repayment of borrowings | 0 | 0 | 0 |
Finance costs paid | 0 | 0 | 0 |
Bond settlement premium, RCF and bond transaction costs | 0 | 0 | |
Dividends paid | 0 | 0 | 0 |
Intergroup dividends received (paid) | 0 | 0 | 0 |
Net cash inflow (outflow) from financing activities from continuing operations | 43 | (6) | 0 |
Net cash inflow (outflow) from financing activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from financing activities | 0 | ||
Net increase (decrease) in cash and cash equivalents | (24) | (36) | 121 |
Translation | 24 | 36 | (121) |
Cash and cash equivalents at beginning of year | 0 | 0 | 0 |
Cash and cash equivalents at end of year | 0 | 0 | 0 |
AngloGold Ashanti (the “Guarantor”) | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | (5) | 245 | 44 |
Net movement in intergroup receivables and payables | 10 | (8) | 131 |
Dividends received from joint ventures | 0 | 0 | 0 |
Taxation refund | 3 | 3 | 12 |
Taxation paid | 0 | (4) | (5) |
Net cash inflow (outflow) from operating activities from continuing operations | 8 | 236 | 182 |
Net cash inflow (outflow) from operating activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from operating activities | 182 | ||
Cash flows from investing activities | |||
Capital expenditure | (143) | (171) | (194) |
Expenditure on intangible assets | (1) | (2) | (2) |
Proceeds from disposal of tangible assets | 3 | 0 | 0 |
Other investments acquired | 0 | 0 | 0 |
Proceeds from disposal of other investments | 0 | 0 | 1 |
Investments in associates and joint ventures | 0 | 0 | 0 |
Proceeds from disposal of associates and joint ventures | 0 | 1 | |
Net loans repaid by (advanced to) associates and joint ventures | 0 | 0 | 2 |
Reduction in investment in subsidiary | 42 | ||
Net proceeds from disposal of subsidiaries and investments | 0 | ||
Cash balances in assets disposed | 0 | ||
Disposal (acquisition) of subsidiaries | 0 | (6) | 0 |
Decrease (increase) in cash restricted for use | 0 | 1 | 0 |
Interest received | 1 | 2 | 6 |
Net cash inflow (outflow) from investing activities from continuing operations | (98) | (176) | (186) |
Net cash inflow (outflow) from investing activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from investing activities | (186) | ||
Cash flows from financing activities | |||
Reduction in share capital | 0 | 0 | |
Proceeds from borrowings | 539 | 256 | 120 |
Repayment of borrowings | (428) | (291) | (127) |
Finance costs paid | (15) | (11) | (14) |
Bond settlement premium, RCF and bond transaction costs | 0 | 0 | |
Dividends paid | (39) | 0 | 0 |
Intergroup dividends received (paid) | 0 | 7 | 0 |
Net cash inflow (outflow) from financing activities from continuing operations | 57 | (39) | (21) |
Net cash inflow (outflow) from financing activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from financing activities | (21) | ||
Net increase (decrease) in cash and cash equivalents | (33) | 21 | (25) |
Translation | 0 | 4 | (8) |
Cash and cash equivalents at beginning of year | 44 | 19 | 52 |
Cash and cash equivalents at end of year | 11 | 44 | 19 |
IOMco (the “Issuer”) | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | (15) | (11) | (364) |
Net movement in intergroup receivables and payables | (102) | 169 | 1,036 |
Dividends received from joint ventures | 6 | 37 | 57 |
Taxation refund | 0 | 0 | 0 |
Taxation paid | 0 | 0 | (1) |
Net cash inflow (outflow) from operating activities from continuing operations | (111) | 195 | 728 |
Net cash inflow (outflow) from operating activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from operating activities | 728 | ||
Cash flows from investing activities | |||
Capital expenditure | 0 | 0 | 0 |
Expenditure on intangible assets | 0 | 0 | 0 |
Proceeds from disposal of tangible assets | 0 | 0 | 0 |
Other investments acquired | (5) | 0 | 0 |
Proceeds from disposal of other investments | 0 | 0 | 0 |
Investments in associates and joint ventures | (15) | 0 | 0 |
Proceeds from disposal of associates and joint ventures | 10 | 0 | |
Net loans repaid by (advanced to) associates and joint ventures | (6) | (2) | (5) |
Reduction in investment in subsidiary | 0 | ||
Net proceeds from disposal of subsidiaries and investments | 0 | ||
Cash balances in assets disposed | 0 | ||
Disposal (acquisition) of subsidiaries | (2) | (2) | (1) |
Decrease (increase) in cash restricted for use | 0 | 0 | (2) |
Interest received | 3 | 0 | 3 |
Net cash inflow (outflow) from investing activities from continuing operations | (25) | 6 | (5) |
Net cash inflow (outflow) from investing activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from investing activities | (5) | ||
Cash flows from financing activities | |||
Reduction in share capital | (43) | 6 | |
Proceeds from borrowings | 155 | 330 | 300 |
Repayment of borrowings | (170) | (951) | (1,024) |
Finance costs paid | (103) | (145) | (223) |
Bond settlement premium, RCF and bond transaction costs | (30) | (61) | |
Dividends paid | 0 | 0 | 0 |
Intergroup dividends received (paid) | 286 | 399 | 247 |
Net cash inflow (outflow) from financing activities from continuing operations | 125 | (391) | (761) |
Net cash inflow (outflow) from financing activities from discontinued operations | 0 | ||
Net cash inflow (outflow) from financing activities | (761) | ||
Net increase (decrease) in cash and cash equivalents | (11) | (190) | (38) |
Translation | 0 | 0 | 0 |
Cash and cash equivalents at beginning of year | 32 | 222 | 260 |
Cash and cash equivalents at end of year | 21 | 32 | 222 |
Other subsidiaries (the “Non-Guarantor Subsidiaries”) | Reportable Legal Entities | |||
Cash flows from operating activities | |||
Cash generated from (used by) operations | 1,168 | 1,106 | 1,115 |
Net movement in intergroup receivables and payables | 123 | (163) | (833) |
Dividends received from joint ventures | 0 | 0 | 0 |
Taxation refund | 11 | 9 | 9 |
Taxation paid | (174) | (161) | (178) |
Net cash inflow (outflow) from operating activities from continuing operations | 1,128 | 791 | 113 |
Net cash inflow (outflow) from operating activities from discontinued operations | (5) | ||
Net cash inflow (outflow) from operating activities | 108 | ||
Cash flows from investing activities | |||
Capital expenditure | (686) | (535) | (470) |
Expenditure on intangible assets | 0 | (3) | (1) |
Proceeds from disposal of tangible assets | 4 | 4 | 6 |
Other investments acquired | (86) | (73) | (86) |
Proceeds from disposal of other investments | 75 | 61 | 80 |
Investments in associates and joint ventures | (14) | (11) | (11) |
Proceeds from disposal of associates and joint ventures | 0 | 0 | |
Net loans repaid by (advanced to) associates and joint ventures | 2 | (2) | 0 |
Reduction in investment in subsidiary | 0 | ||
Net proceeds from disposal of subsidiaries and investments | 812 | ||
Cash balances in assets disposed | (2) | ||
Disposal (acquisition) of subsidiaries | 2 | 2 | 1 |
Decrease (increase) in cash restricted for use | (8) | 7 | (15) |
Interest received | 11 | 12 | 16 |
Net cash inflow (outflow) from investing activities from continuing operations | (700) | (538) | 330 |
Net cash inflow (outflow) from investing activities from discontinued operations | (59) | ||
Net cash inflow (outflow) from investing activities | 271 | ||
Cash flows from financing activities | |||
Reduction in share capital | 0 | 0 | |
Proceeds from borrowings | 121 | 201 | 1 |
Repayment of borrowings | (169) | (91) | (137) |
Finance costs paid | (20) | (16) | (14) |
Bond settlement premium, RCF and bond transaction costs | 0 | 0 | |
Dividends paid | (19) | (15) | (5) |
Intergroup dividends received (paid) | (286) | (406) | (247) |
Net cash inflow (outflow) from financing activities from continuing operations | (373) | (327) | (402) |
Net cash inflow (outflow) from financing activities from discontinued operations | (2) | ||
Net cash inflow (outflow) from financing activities | (404) | ||
Net increase (decrease) in cash and cash equivalents | 55 | (74) | (25) |
Translation | (21) | (30) | 112 |
Cash and cash equivalents at beginning of year | 139 | 243 | 156 |
Cash and cash equivalents at end of year | $ 173 | $ 139 | $ 243 |