Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document type | 20-F |
Document registration statement | false |
Document annual report | true |
Document transition report | false |
Document shell company report | false |
Current fiscal year end date | --12-31 |
Document period end date | Dec. 31, 2021 |
Entity file number | 1-14846 |
Entity registrant name | AngloGold Ashanti Limited |
Entity incorporation, state or country code | T3 |
Entity address, address line one | 112 Oxford Road |
Entity address, address line two | Houghton Estate |
Entity address, city or town | Johannesburg |
Entity address, postal zip code | 2198 |
Entity address, country | ZA |
Entity common stock, shares outstanding (in shares) | 417,501,452 |
Entity well-known seasoned issuer | Yes |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity interactive data current | Yes |
Entity filer category | Large Accelerated Filer |
Entity emerging growth company | false |
ICFR auditor attestation flag | true |
Document accounting standard | International Financial Reporting Standards |
Entity shell company | false |
Amendment flag | false |
Document fiscal year focus | 2021 |
Document fiscal period focus | FY |
Entity central index key | 0001067428 |
New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | Ordinary Shares |
Trading symbol | AU |
Security exchange name | NYSE |
American Depositary Shares | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | American Depositary Shares |
Trading symbol | AU |
Security exchange name | NYSE |
3.375% Notes due 2028 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 3.375% Notes due 2028 |
Trading symbol | AU/28 |
Security exchange name | NYSE |
3.75% Notes due 2030 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 3.75% Notes due 2030 |
Trading symbol | AU/30 |
Security exchange name | NYSE |
6.50% Notes due 2040 | New York Stock Exchange | |
Document Information [Line Items] | |
Title of 12(b) security | 6.50% Notes due 2040 |
Trading symbol | AU/40 |
Security exchange name | NYSE |
Business contact | |
Document Information [Line Items] | |
Entity address, address line one | 112 Oxford Road |
Entity address, address line two | Houghton Estate |
Entity address, city or town | Johannesburg |
Entity address, postal zip code | 2198 |
Entity address, country | ZA |
Contact personnel name | Kandimathie Christine Ramon |
City area code | +27 |
Local phone number | 116376019 |
Contact personnel email address | cramon@anglogoldashanti.com |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor name | Ernst & Young Inc. |
Auditor location | Johannesburg, Republic of South Africa |
Auditor firm ID | 1698 |
Affiliated Entity | |
Auditor [Line Items] | |
Auditor name | BDO LLP |
Auditor location | London, United Kingdom |
Auditor firm ID | 1295 |
Income Statement
Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Revenue from product sales | $ 4,029 | $ 4,427 | $ 3,525 |
Cost of sales | (2,857) | (2,699) | (2,626) |
(Loss) gain on non-hedge derivatives and other commodity contracts | 0 | (19) | 5 |
Gross profit | 1,172 | 1,709 | 904 |
Corporate administration, marketing and related expenses | (73) | (68) | (82) |
Exploration and evaluation costs | (164) | (124) | (112) |
Impairment, derecognition of assets and profit (loss) on disposal | 11 | (1) | (6) |
Other (expenses) income | (136) | (57) | (83) |
Operating profit | 810 | 1,459 | 621 |
Interest income | 58 | 27 | 14 |
Dividend received | 0 | 2 | 0 |
Foreign exchange and fair value adjustments | (43) | 0 | (12) |
Finance costs and unwinding of obligations | (116) | (177) | (172) |
Share of associates and joint ventures’ profit | 249 | 278 | 168 |
Loss before taxation | 958 | 1,589 | 619 |
Taxation | (312) | (625) | (250) |
Profit after taxation from continuing operations | 646 | 964 | 369 |
Discontinued operations | |||
Profit (loss) from discontinued operations | 0 | 7 | (376) |
Profit (loss) for the year | 646 | 971 | (7) |
Equity shareholders | |||
- Continuing operations | 622 | 946 | 364 |
- Discontinued operations | 0 | 7 | (376) |
Non-controlling interests | |||
- Continuing operations | $ 24 | $ 18 | $ 5 |
Basic earnings (loss) per ordinary share | |||
Basic earnings (loss) per ordinary share (USD per share) | $ 1.48 | $ 2.27 | $ (0.03) |
Earnings per ordinary share from continuing operations (USD per share) | 1.48 | 2.25 | 0.87 |
Earnings (loss) per ordinary share from discontinued operations (USD per share) | 0 | 0.02 | (0.90) |
Diluted earnings (loss) per ordinary share | |||
Diluted earnings (loss) per ordinary share (USD per share) | 1.48 | 2.27 | (0.03) |
Earnings per ordinary share from continuing operations (USD per share) | 1.48 | 2.25 | 0.87 |
Earnings (loss) per ordinary share from discontinued operations (USD per share) | $ 0 | $ 0.02 | $ (0.90) |
Statement of Comprehensive Inco
Statement of Comprehensive Income Statement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Profit (loss) for the year | $ 646 | $ 971 | $ (7) |
Items that will be reclassified subsequently to profit or loss: | |||
Items that will be reclassified subsequently to profit or loss: | (22) | 38 | 0 |
Exchange differences on translation of foreign operations | (22) | 38 | 0 |
Items that will not be reclassified subsequently to profit or loss: | |||
Items that will not be reclassified subsequently to profit or loss: | (83) | 86 | 14 |
Exchange differences on translation of non-foreign operations | (3) | (16) | 4 |
Net (loss) gain on equity investments | (73) | 98 | 6 |
Actuarial (loss) gain recognised | (1) | 10 | 2 |
Deferred taxation thereon | (6) | (6) | 2 |
Other comprehensive (loss) income for the year, net of tax | (105) | 124 | 14 |
Total comprehensive income for the year, net of tax | 541 | 1,095 | 7 |
Equity shareholders | |||
Comprehensive income (loss) attributable to AngloGold Ashanti | 517 | 1,121 | 378 |
Non-controlling interests | |||
Attributable to non-controlling interests | 24 | 18 | 5 |
Discontinued operations | |||
Equity shareholders | |||
Comprehensive income (loss) attributable to AngloGold Ashanti | 0 | (44) | (376) |
Aggregate continuing and discontinued operations | |||
Items that will not be reclassified subsequently to profit or loss: | |||
Total comprehensive income for the year, net of tax | $ 541 | $ 1,095 | $ 7 |
Statement of Financial Position
Statement of Financial Position - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current assets | |||
Tangible assets | $ 3,460 | $ 2,884 | $ 2,592 |
Right of use assets | 175 | 142 | 158 |
Intangible assets | 122 | 131 | 123 |
Investments in associates and joint ventures | 1,647 | 1,651 | 1,581 |
Other investments | 117 | 188 | 76 |
Inventories | 27 | 69 | 93 |
Trade, other receivables and other assets | 237 | 235 | 122 |
Deferred taxation | 7 | 7 | 105 |
Cash restricted for use | 32 | 31 | 31 |
Non-current assets | 5,824 | 5,338 | 4,881 |
Current assets | |||
Other investments | 0 | 0 | 10 |
Inventories | 703 | 733 | 632 |
Trade, other receivables and other assets | 260 | 229 | 250 |
Cash restricted for use | 26 | 42 | 33 |
Cash and cash equivalents | 1,154 | 1,330 | 456 |
Current assets other than non-current assets held for sale | 2,143 | 2,334 | 1,381 |
Assets held for sale | 0 | 0 | 601 |
Current assets | 2,143 | 2,334 | 1,982 |
Total assets | 7,967 | 7,672 | 6,863 |
EQUITY AND LIABILITIES | |||
Share capital and premium | 7,223 | 7,214 | 7,199 |
Accumulated losses and other reserves | (3,214) | (3,519) | (4,559) |
Shareholders’ equity | 4,009 | 3,695 | 2,640 |
Non-controlling interests | 52 | 45 | 36 |
Total equity | 4,061 | 3,740 | 2,676 |
Non-current liabilities | |||
Borrowings | 1,858 | 1,789 | 1,299 |
Lease liabilities | 124 | 116 | 126 |
Environmental rehabilitation and other provisions | 729 | 731 | 697 |
Provision for pension and post-retirement benefits | 77 | 83 | 100 |
Trade, other payables and provisions | 7 | 8 | 15 |
Deferred taxation | 313 | 246 | 241 |
Non-current liabilities | 3,108 | 2,973 | 2,478 |
Current liabilities | |||
Borrowings | 51 | 142 | 734 |
Lease liabilities | 61 | 37 | 45 |
Trade, other payables and provisions | 647 | 627 | 586 |
Taxation | 39 | 153 | 72 |
Current liabilities other than liabilities held for sale | 798 | 959 | 1,437 |
Liabilities held for sale | 0 | 0 | 272 |
Current liabilities | 798 | 959 | 1,709 |
Total liabilities | 3,906 | 3,932 | 4,187 |
Total equity and liabilities | $ 7,967 | $ 7,672 | $ 6,863 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Receipts from customers | $ 4,054 | $ 4,411 | $ 3,535 |
Payments to suppliers and employees | (2,701) | (2,583) | (2,433) |
Cash generated from operations | 1,353 | 1,828 | 1,102 |
Dividends received from joint ventures | 231 | 148 | 77 |
Taxation refund | 20 | 0 | 7 |
Taxation paid | (336) | (431) | (228) |
Net cash inflow (outflow) from operating activities from continuing operations | 1,268 | 1,545 | 958 |
Net cash inflow (outflow) from operating activities from discontinued operations | 0 | 109 | 89 |
Net cash inflow (outflow) from operating activities | 1,268 | 1,654 | 1,047 |
Cash flows from investing activities | |||
Interest capitalised and paid | (14) | (17) | (6) |
Acquisition of intangible assets | (1) | (1) | 0 |
Dividends from other investments | 22 | 9 | 0 |
Proceeds from disposal of tangible assets | 25 | 3 | 3 |
Other investments and assets acquired | (4) | (8) | (9) |
Proceeds from disposal of other investments | 0 | 9 | 3 |
Investments in associates and joint ventures | 0 | 0 | (5) |
Proceeds from disposal of joint ventures | 2 | 26 | 0 |
Loans advanced | (15) | 0 | 0 |
Loans advanced to associates and joint ventures | 0 | 0 | (3) |
Loans repaid by associates and joint ventures | 0 | 12 | 23 |
Recognition of joint operation - cash | 0 | 2 | 0 |
Proceeds from disposal of discontinued assets and subsidiaries | 0 | 200 | 0 |
Decrease (increase) in cash restricted for use | 14 | (9) | 0 |
Interest received | 58 | 27 | 14 |
Net cash inflow (outflow) from investing activities from continuing operations | (940) | (448) | (683) |
Net cash outflow from investing activities from discontinued operations | 0 | (31) | (54) |
Cash in subsidiaries sold and transferred to held for sale | 0 | 3 | (6) |
Net cash inflow (outflow) from investing activities | (940) | (476) | (743) |
Cash flows from financing activities | |||
Proceeds from borrowings | 822 | 2,226 | 168 |
Repayment of borrowings | (820) | (2,310) | (123) |
Repayment of lease liabilities | (63) | (47) | (42) |
Finance costs - borrowings | (111) | (110) | (128) |
Finance costs - leases | (9) | (8) | (9) |
Other borrowing costs | (35) | (33) | 0 |
Dividends paid | (240) | (47) | (43) |
Net cash outflow from financing activities from continuing operations | (456) | (329) | (177) |
Net (decrease) increase in cash and cash equivalents | (128) | 849 | 127 |
Translation | (48) | 25 | 0 |
Cash and cash equivalents at beginning of year | 1,330 | 456 | 329 |
Cash and cash equivalents at end of year | 1,154 | 1,330 | 456 |
Project capital | |||
Cash flows from investing activities | |||
Capital expenditure | (392) | (331) | (336) |
Stay-in-business capital | |||
Cash flows from investing activities | |||
Capital expenditure | $ (635) | $ (370) | $ (367) |
Statement of Changes in Equity
Statement of Changes in Equity Statement - USD ($) $ in Millions | Total | Total | Share capital and premium | Other capital reserves | [1] | Retained earnings (Accumulated losses) | [2] | Fair value through OCI | Actuarial gains (losses) | Foreign currency translation reserve | [3] | Non- controlling interests |
Equity beginning balance at Dec. 31, 2018 | $ 2,694 | $ 2,652 | $ 7,171 | $ 96 | $ (3,227) | $ 37 | $ (12) | $ (1,413) | $ 42 | |||
Profit (loss) for the year | (7) | (12) | (12) | 5 | ||||||||
Other comprehensive income (loss) | 14 | 14 | 8 | 2 | 4 | |||||||
Total comprehensive income for the year, net of tax | 7 | 2 | (12) | 8 | 2 | 4 | 5 | |||||
Shares issued | 28 | 28 | 28 | |||||||||
Share-based payment for share awards net of exercised | (10) | (10) | (10) | |||||||||
Dividends paid (note 12) | (27) | (27) | (27) | |||||||||
Dividends of subsidiaries | (16) | (16) | ||||||||||
Transactions with non-controlling interests | 0 | (4) | (4) | 4 | ||||||||
Translation | 0 | (1) | 1 | (2) | 1 | |||||||
Equity ending balance at Dec. 31, 2019 | 2,676 | 2,640 | 7,199 | 83 | (3,268) | 45 | (10) | (1,409) | 36 | |||
Profit (loss) for the year | 971 | 953 | 953 | 18 | ||||||||
Other comprehensive income (loss) | 124 | 124 | 92 | 10 | 22 | |||||||
Total comprehensive income for the year, net of tax | 1,095 | 1,077 | 953 | 92 | 10 | 22 | 18 | |||||
Shares issued | 15 | 15 | 15 | |||||||||
Share-based payment for share awards net of exercised | (3) | (3) | (3) | |||||||||
Dividends paid (note 12) | (38) | (38) | (38) | |||||||||
Dividends of subsidiaries | (9) | (9) | ||||||||||
Recognition of joint operation | 4 | 4 | 4 | |||||||||
Transfer on disposal and derecognition of equity investments | 0 | 0 | 6 | (6) | ||||||||
Translation | 0 | 0 | (3) | 2 | 1 | |||||||
Equity ending balance at Dec. 31, 2020 | 3,740 | 3,695 | 7,214 | 77 | (2,341) | 131 | 1 | (1,387) | 45 | |||
Profit (loss) for the year | 646 | 622 | 622 | 24 | ||||||||
Other comprehensive income (loss) | (105) | (105) | (78) | (2) | (25) | |||||||
Total comprehensive income for the year, net of tax | 541 | 517 | 622 | (78) | (2) | (25) | 24 | |||||
Shares issued | 9 | 9 | 9 | |||||||||
Share-based payment for share awards net of exercised | 11 | 11 | 11 | |||||||||
Dividends paid (note 12) | (224) | (224) | (224) | |||||||||
Dividends of subsidiaries | (16) | (16) | ||||||||||
Translation | 0 | 1 | (4) | 6 | (1) | (1) | ||||||
Equity ending balance at Dec. 31, 2021 | $ 4,061 | $ 4,009 | $ 7,223 | $ 84 | $ (1,937) | $ 53 | $ (2) | $ (1,412) | $ 52 | |||
[1] | Other capital reserves include a surplus on disposal of Company shares held by companies prior to the formation of AngloGold Ashanti Limited of $9m (2020: $10m; 2019: $10m), surplus on equity transaction of joint venture of $36m (2020: $36m; 2019: $36m), equity items for share-based payments of $41m (2020: $33m; 2019:$39m) and other reserves. | |||||||||||
[2] | Included in accumulated losses are retained earnings totalling $389m (2020: $391m; 2019: $378m) arising at the equity accounted investments and certain subsidiaries which may not be remitted without third party consent. | |||||||||||
[3] | Foreign currency translation reserve includes a loss of $1,399m (2020: $1,396; 2019: $1,380m) that will not re-cycle through the Income statement on disposal of the non-foreign operations, and a loss of $13m (2020: $9m gain: 2019: $29m loss) relating to the foreign operations that will re-cycle through the Income statement on disposal. |
Statement of Changes in Equit_2
Statement of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Equity ending balance | $ 4,061 | $ 3,740 | $ 2,676 | |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 83 | (86) | (14) | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | (22) | 38 | 0 | |
Revaluation surplus on disposal of prior company shares | ||||
Equity ending balance | 9 | 10 | 10 | |
Surplus on equity transaction of joint venture | ||||
Equity ending balance | 36 | 36 | 36 | |
Equity items for share-based payments | ||||
Equity ending balance | 41 | 33 | 39 | |
Retained earnings (Accumulated losses) | ||||
Equity ending balance | [1] | (1,937) | (2,341) | (3,268) |
Retained earnings | 389 | 391 | 378 | |
Foreign currency translation reserve | ||||
Equity ending balance | [2] | (1,412) | (1,387) | (1,409) |
Foreign currency translation reserve | South African assets | ||||
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 1,399 | 1,396 | 1,380 | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | $ (13) | $ 9 | $ (29) | |
[1] | Included in accumulated losses are retained earnings totalling $389m (2020: $391m; 2019: $378m) arising at the equity accounted investments and certain subsidiaries which may not be remitted without third party consent. | |||
[2] | Foreign currency translation reserve includes a loss of $1,399m (2020: $1,396; 2019: $1,380m) that will not re-cycle through the Income statement on disposal of the non-foreign operations, and a loss of $13m (2020: $9m gain: 2019: $29m loss) relating to the foreign operations that will re-cycle through the Income statement on disposal. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Statement of compliance The consolidated 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), SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the 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 2021. The adoption of the new standards, interpretations and amendments effective from 1 January 2021 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. The following amendments issued by the IASB are not yet effective: IAS 16 amendment "Property, Plant and Equipment — Proceeds before Intended Use" The IAS 16 amendment was issued by the IASB in May 2020 with an effective date of 1 January 2022 for annual periods beginning on or after 1 January 2022. The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. An entity applies the amendments retrospectively to items of property, plant and equipment (PPE) made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. Management has completed its preliminary assessment of the accounting impact on adoption of the amendment on 1 January 2022. The adoption is expected to result in a retrospective increase in property, plant and equipment and gross profit of $38m in 2020 (2019: decrease of $6m). No impact is expected on the 2021 results. The effects of the 2019 restatement will be included in the accumulated losses opening balance of the 2020 financial reporting period. The estimated impact arises from the reclassification of revenue, cost of sales, and tangible assets and the resulting amortisation recalculation. Disclosure of accounting policies — Amendment to IAS 1 "Presentation of Financial Statements" and IFRS Practice Statement 2 "Making Materiality Judgements" The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023. Earlier application is permitted. The amendments change the requirements in IAS 1 regarding disclosure of accounting policies replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies. The amendments explain how an entity can identify a material accounting policy, with added examples of when an accounting policy is likely to be material. IFRS Practice Statement 2 notes that an entity may find it helpful to follow a systematic process in making materiality judgements and offers an example of such a process. The amendments are applied prospectively. Once the entity applies the amendments to IAS 1, it is also permitted to apply the amendments to IFRS Practice Statement 2. Management is assessing the impact of the amendments to determine the impact they will have on accounting policy disclosures. IFRS 17 "Insurance Contracts" IFRS 17 requires insurance liabilities to be measured at a current fulfilment value and provides a more uniform measurement and presentation approach for all insurance contracts. IFRS 17 supersedes IFRS 4 "Insurance Contracts" and is effective from 1 January 2023. IFRS 17 will be applied retrospectively, management is assessing the impact IFRS 17 adoption will have on the group. Amendments to IAS 1 "Presentation of Financial Statements — Classification of Liabilities as Current or Non-current" The amendments provide guidance on the classification of liabilities as current or non-current in the statement of financial position. They clarify that the classification of liabilities as current or non-current should be based on rights that are in place at the end of the reporting period which enable the reporting entity to defer settlement by at least twelve months. Classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. The amendments, which are effective from 1 January 2023, will be applied retrospectively and are not expected to impact the group significantly. The significant accounting judgements and estimates applied in the presentation of the group annual financial statements are set out in 1.2 below. The accounting policies adopted are detailed in 1.3 “Summary of significant accounting policies”. 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. All notes are from continuing operations unless otherwise stated. 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, joint ventures and associates, are prepared for the same reporting period as the Company, using the same accounting policies. Subsidiaries are all 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 associate, joint venture or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated 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 elements of control. Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effects are eliminated. 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 Mineral 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); production start date; recoverability of indirect taxes; recoverability of deferred tax assets; and write-downs of inventory to net realisable value. Other estimates include employee benefit liabilities, unrecognised tax positions and deferred compensation assets. 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 uncertainty of the impact of the COVID-19 pandemic on the global economy and on the group has been considered in judgements made and in the key assumptions used in management's estimates. Key assumptions include items such as commodity prices, exchange rates and changes in interest rates. The judgements applied by management 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 Amortisation 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 Proven and Probable Mineral 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 Proven and Probable Mineral 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 Proven and Probable Mineral Reserve. This would generally arise from the following factors: • changes in Proven and Probable Mineral Reserve; • the grade of Mineral 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 Proven and Probable Mineral 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. Stripping costs 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 Mineral 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 Mineral 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 Mineral 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 cost of sales. Impairment 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 Mineral Reserve, Mineral Resource, 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 Mineral Reserve 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. 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. Details of assumptions and sensitivity analyses of cash generating units (CGUs) with marginal headroom are included in note 13 Tangible assets. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36 Impairment of Assets . The carrying value of tangible assets at 31 December 2021 was $3,460m (2020: $2,884m; 2019: $2,592m). The impairment and derecognition of tangible assets recognised in the consolidated financial statements for the year ended 31 December 2021 was $6m (2020: nil; 2019: $505m - including impairment of tangible assets transferred to held for sale). Production start date The group assesses the stage of each mine construction project to determine when a project moves into the production stage. The criteria used to assess the start date are determined by the unique nature of each mine construction project and include factors such as the complexity of a plant and its location. The group considers various relevant criteria to assess when the construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria used in the assessment would include, but are not limited to the following: • the level of capital expenditure compared to the construction cost estimates; • completion of a reasonable period of testing of the constructed asset; • adequacy of stope face; • ability to produce metals in saleable form (within specifications); and • ability to sustain ongoing production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities, or Ore Reserve development. Phase 1 of the Obuasi mine re-development project moved into the production stage on 1 October 2020 when it was determined that the Phase 1 assets were capable of operating in the manner intended by management. Phase 2 was delayed because the Company voluntarily suspended all underground activities following a sill pillar incident during May 2021. Phase 2 construction of the Obuasi redevelopment project was completed at the end of December 2021, however, a reasonable period of testing of the Phase 2 assets could not be completed during 2021. Carrying value of goodwill 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 Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill. Goodwill is not subject to amortisation and is tested annually for impairment and 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 independent cash flows (cash-generating units). An individual operating mine is not a typical going-concern business because of the finite life of its Mineral Reserve. 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, the group performs its annual impairment review of assigned goodwill during the fourth quarter of each year , refer note 15 for impairment assumptions. The carrying value of goodwill in the consolidated financial statements at 31 December 2021 was $119m (2020: $126m; 2019: $116m). No impairment of goodwill was recognised in the consolidated financial statements for the years ended 31 December 2021, 2020 and 2019. 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 tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate, prepared in accordance with IAS 12 Income Taxes , applies the South African corporate tax rate of 28 percent. 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 at 31 December 2021: • deferred tax asset: $7m (2020: $7m; 2019: $105m ); • deferred tax liability: $313m (2020: $246m; 2019: $241m); • taxation liability: $39m (2020: $153m; 2019: $72m); • taxation asset: $49m (2020: $14m; 2019: $10m), included in trade, other receivables and other assets. The unrecognised value of deferred tax assets is $834m (2020: $487m; 2019: $389m). Provision for environmental rehabilitation obligations The group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which 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 and the costs can be reasonably estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. Future changes to environmental laws and regulations, technology, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and could have a material impact on our business, financial condition, results of operations and cash flows. A sensitivity assessment is included in note 25. The carrying amount of the rehabilitation obligations for the group at 31 December 2021 was $688m (2020: $674m; 2019: $730m - including held for sale rehabilitation obligations). Note 33 provides information about related environmental guarantees and bonds. 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 2021 was $299m (2020: $382m; 2019: $377m). Recoverable tax, rebates, levies and duties In a number of countries, particularly in Tanzania and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. The group uses probability weighted discounting models together with the expected timing of recovery of these refunds to estimate their fair values and related discounting effects which are updated at each reporting period. Timing of the recoverability and the resultant probabilities is updated based on several factors including ongoing correspondence and meetings with the relevant authorities and available income taxes for off-sets, if applicable. Where the recovery of the indirect tax refunds is tied to off-set arrangements against income taxes, the modeled scenarios incorporate judgements around the applicable mine’s business plan and availability of future income tax off-sets. The group consults tax and legal specialists to determine the current basis of applicable laws and regulations in the associated jurisdictions which are highly complex and subject to interpretation. Future changes to such laws and regulations or the interpretation thereof could have a material impact on the carrying value of these assets, results of operations and cash flows. In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Tanzania, Brazil and Argentina. If the outstanding input taxes are not received and these 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 and our results of operations. The net carrying value of recoverable tax, rebates, levies and duties for the group at 31 December 2021 was $304m (2020: $281m; 2019: $227m) and is included in trade, other receivables and other assets, refer note 20. Post-retirement obligations The determination of the group’s obligation and expense for 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 obligations at 31 December 2021 was $77m (2020: $83m; 2019: $100m). Mineral Reserve estimates A Mineral 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 Mineral 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 Mineral 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 Mineral Reserve in accordance with the minimum standards described by 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 Mineral Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Reserve may change from period to period. Changes in the reported Mineral 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 Mineral 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. Provision for silicosis The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A settlement trust, known as the Tshiamiso Trust, was established to carry out the terms of the Settlement Agreement. 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. A sensitivity assessment is included in note 25. The carrying value of the silicosis provision at 31 December 2021 was $50m (2020: $61m; 2019: $65m). Deferred compensation asset As a consequence of the sale of the South African operations in 2020, a deferred compensation asset was recognised. The deferred compensation asset is included at fair value in level 3 of the fair value hierarchy. Management used a probability weighted discounted cash flow model to measure the deferred compensation asset. The significant inputs and assumptions used in the discounted cash flow calculation, include the production plan over the deferred compensation period and the weighted average cost of capital. Details of the valuation, including a sensitivity assessment, are included in note 33. The carrying value of the deferred compensation asset at 31 December 2021 was $25m (2020: $28m). 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. Refer note 10 for tax uncertainties and contingencies and note 32 for legal claims and other contingencies. 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 $33m has been considered. As a global company, the group is exposed to numerous legal risks. The outcome of currently pending and future proceeding |
SEGMENTAL INFORMATION
SEGMENTAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of entity's operating segments [Abstract] | |
SEGMENTAL INFORMATION | SEGMENTAL INFORMATION AngloGold Ashanti’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 joint venture 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 Gold income US Dollars 2021 2020 2019 Geographical analysis of gold income by origin is as follows: Africa (1) 2,644 2,769 2,203 Australia 890 989 851 Americas 1,028 1,211 1,000 4,562 4,969 4,054 Equity-accounted joint ventures included above (659) (647) (615) Continuing operations 3,903 4,322 3,439 Discontinued operations - South Africa — 408 554 3,903 4,730 3,993 Foreign countries included in the above and considered material are: Australia 890 989 851 Brazil 749 853 679 Ghana 565 536 Guinea 545 Tanzania 875 1,133 849 DRC 659 647 504 Geographical analysis of gold income by destination is as follows: South Africa 1,214 943 981 North America 699 580 486 South America 34 1 — Australia 890 989 851 Europe 279 358 329 United Kingdom 1,446 2,098 1,407 4,562 4,969 4,054 Equity-accounted joint ventures included above (659) (647) (615) Continuing operations 3,903 4,322 3,439 Discontinued operations - South Africa — 408 554 Continuing and discontinued operations 3,903 4,730 3,993 Figures in millions By product revenue US Dollars 2021 2020 2019 Africa (1) 5 4 3 Australia 4 3 3 Americas 119 99 81 128 106 87 Equity-accounted joint ventures included above (2) (1) (1) Continuing operations 126 105 86 Discontinued operations - South Africa — 1 1 126 106 87 The group's revenue is mainly derived from gold income. Approximately 59% of the group's total gold produced is sold to three customers of the group: ANZ Investment Bank Ltd in Australia (20%), Standard Chartered Bank in the United Kingdom (23%), and Bank of Montreal in North America (16%). Due to the diversity and depth of the total gold market, the bullion banks do not possess significant pricing power. Figures in millions Cost of sales US Dollars 2021 2020 2019 Africa (1) 1,650 1,572 1,601 Australia 740 705 632 Americas 822 764 822 Corporate and other (5) (2) (1) 3,207 3,039 3,054 Equity-accounted joint ventures included above (350) (340) (428) Continuing operations 2,857 2,699 2,626 Discontinued operations - South Africa — 287 479 2,857 2,986 3,105 Figures in millions Gross profit (loss) (2) US Dollars 2021 2020 2019 Africa (1) 999 1,201 605 Australia 153 286 221 Americas 325 532 265 Corporate and other 6 (2) 1 1,483 2,017 1,092 Equity-accounted joint ventures included above (311) (308) (188) Continuing operations 1,172 1,709 904 Discontinued operations - South Africa — 83 79 1,172 1,792 983 Figures in millions Amortisation US Dollars 2021 2020 2019 Africa (1) 268 349 367 Australia 150 160 173 Americas 161 163 177 Corporate and other 3 2 3 582 674 720 Equity-accounted joint ventures included above (105) (104) (137) Continuing operations 477 570 583 Discontinued operations - South Africa — — 61 477 570 644 Figures in millions Total assets (1)(3)(4) US Dollars 2021 2020 2019 South Africa — — 697 Africa 4,193 3,956 3,514 Australia 1,034 1,044 972 Americas 1,886 1,626 1,427 Corporate and other 854 1,046 253 7,967 7,672 6,863 Figures in millions Non-current assets (5) US Dollars 2021 2020 2019 Non-current assets considered material, by country are: South Africa 61 59 25 Foreign entities 5,607 5,053 4,644 DRC 1,604 1,604 1,506 Ghana 1,158 915 758 Tanzania 510 425 379 Australia 806 849 817 Brazil 797 627 625 Figures in millions Capital expenditure US Dollars 2021 2020 2019 Africa (1) 506 397 410 Australia 185 143 149 Americas 398 217 195 Corporate and other 11 — — Continuing operations 1,100 757 754 Discontinued operations - South Africa — 35 60 1,100 792 814 Equity-accounted joint ventures included above (72) (56) (51) 1,028 736 763 (1) Includes equity-accounted investments. (2) 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 and discontinued operations, refer to the group income statement. (3) Total assets include allocated goodwill of $111m (2020: $118m; 2019: $108m) for Australia and $8m (2020: $8m; 2019: $8m) for Americas (note 15). In 2019, the South African segment included assets held for sale of $581m and the Africa Region segment included assets held for sale of $20m. (4) In 2021, pre-tax impairments and derecognition of assets of $1m were accounted for in Corporate and other (2020: nil; 2019: nil), nil in South Africa (2020: $17m impairment reversal; 2019: $556m), Africa Region of $4m (2020: nil; 2019: $2m) and the Americas of $1m (2020: nil; 2019: $1m). (5) Non-current assets exclude financial instruments and deferred tax assets. |
REVENUE FROM PRODUCT SALES
REVENUE FROM PRODUCT SALES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [Abstract] | |
REVENUE FROM PRODUCT SALES | REVENUE FROM PRODUCT SALES US Dollars Figures in millions 2021 2020 2019 Revenue consists of the following principal categories: Gold income (note 2) 3,903 4,322 3,439 By-products (note 2) 126 105 86 4,029 4,427 3,525 |
COST OF SALES
COST OF SALES | 12 Months Ended |
Dec. 31, 2021 | |
Cost of Sales [Abstract] | |
COST OF SALES | COST OF SALES US Dollars Figures in millions 2021 2020 2019 Cash operating costs 2,160 1,881 1,831 Royalties 162 181 137 Other cash costs 12 12 13 Total cash costs 2,334 2,074 1,981 Retrenchment costs 2 2 4 Rehabilitation and other non-cash costs 38 32 53 Amortisation of tangible assets (notes 30 and 34) 411 521 538 Amortisation of right of use assets (notes 14, 30 and 34) 63 47 42 Amortisation of intangible assets (notes 15, 30 and 34) 3 2 3 Inventory change 6 21 5 2,857 2,699 2,626 |
OTHER EXPENSE (INCOME)
OTHER EXPENSE (INCOME) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Other Expense (Income) [Abstract] | |
OTHER EXPENSE (INCOME) | OTHER EXPENSE (INCOME) US Dollars Figures in millions 2021 2020 2019 Care and maintenance (1) 45 — 47 Governmental fiscal claims 7 6 12 Cost of old tailings operations 9 14 9 Guinea public infrastructure contribution — — 8 Pension and medical defined benefit provisions 7 8 9 Royalty receivable impaired — 4 — Royalties received (2) (2) (3) Brazilian power utility legal settlement — — (16) Retrenchment and related costs (2) 18 — 3 Legal fees and project costs 10 9 11 Refund from insurance claim — (5) — Other indirect taxes 18 23 3 Premium on settlement of bonds (3) 24 — — 136 57 83 (1) Following a sill pillar incident at Obuasi on 18 May 2021, the Company voluntarily suspended all underground activities until mid-October 2021 when underground ore mining resumed to replenish the run-of-mine stockpile without corresponding gold production. (2) Retrenchment costs incurred in 2021 as part of the transition to the new Operating Model. (3) Bond settlement costs following the early redemption of the $750m, 5.125% notes due 2022. |
FINANCE COSTS AND UNWINDING OF
FINANCE COSTS AND UNWINDING OF OBLIGATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
FINANCE COSTS AND UNWINDING OF OBLIGATIONS | FINANCE COSTS AND UNWINDING OF OBLIGATIONS US Dollars Figures in millions 2021 2020 2019 Finance costs Finance costs on bonds, bank loans and other 109 124 135 Amortisation of fees 6 23 4 Lease finance charges 9 8 10 Less: interest captalised (14) (17) (6) 110 138 143 Unwinding of obligations 6 39 29 Total finance costs and unwinding of obligations (notes 30 and 34) 116 177 172 |
SHARE OF ASSOCIATES AND JOINT V
SHARE OF ASSOCIATES AND JOINT VENTURES' PROFIT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share of associates and joint ventures’ profit (loss) [Abstract] | |
SHARE OF ASSOCIATES AND JOINT VENTURES' PROFIT | SHARE OF ASSOCIATES AND JOINT VENTURES' PROFIT US Dollars Figures in millions 2021 2020 2019 Revenue 697 677 616 Operating costs and other expenses (370) (353) (452) Profit on sale of joint ventures — 19 — Net interest received 7 5 10 Profit (loss) before taxation 334 348 174 Taxation (85) (70) (35) Profit (loss) after taxation 249 278 139 Impairment reversal of investments in associates — — 23 Impairment reversal of investments in joint ventures (note 17) — — 6 Share of associates and joint ventures’ profit (loss) (note 30) 249 278 168 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS US Dollars Figures in millions 2021 2020 2019 Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits 593 644 697 - current medical expenses 25 23 29 - defined benefit post-retirement medical expenses 6 7 8 - defined contribution 20 25 29 Retrenchment costs 16 2 7 Share-based payment expense (note 9) 22 16 42 Included in cost of sales, other expenses and corporate administration, marketing and related expenses of continuing and discontinued operations 682 717 812 |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share-based payment arrangements [Abstract] | |
SHARE-BASED PAYMENTS | SHARE-BASED PAYMENTS US Dollars Figures in millions 2021 2020 2019 Equity-settled share incentive schemes Bonus Share Plan (BSP) — 1 6 Deferred Share Plan (DSP) 22 14 13 Other — 1 2 22 16 21 Cash-settled share incentive scheme — — 21 Total share-based payment expense (note 8) 22 16 42 Equity-settled incentive schemes Previous equity schemes with outstanding awards exercisable include the Bonus Share Plan (BSP) and Long Term Incentive Plan (LTIP). The Deferred Share Plan (DSP) replaced all previous AngloGold Ashanti incentive schemes. The last allocations granted in the BSP and LTIP schemes vested during 2020; there are no further allocations and vesting as the schemes have been closed. Bonus Share Plan (BSP) Award date (unvested awards and awards vested during the year) 2018 Calculated fair value R 119.14 Vesting date 50% 22 Feb 2019 Vesting date 50% 22 Feb 2020 Expiry date 22 Feb 2028 Number of shares 2021 2020 2019 Awards outstanding at beginning of year 1,005,977 2,141,415 4,557,919 Awards granted during the year — — — Awards lapsed during the year — — (109,065) Awards exercised during the year (156,294) (1,135,438) (2,307,439) Awards outstanding at end of year 849,683 1,005,977 2,141,415 Awards exercisable at end of year 849,683 1,005,977 1,207,936 No cash awards were granted under the bonus share plan at year end 31 December 2021 (2020: nil; 2019: 12,295) and no cash awards vested or were deemed settled for the year ended 31 December 2021 (2020: 12,295; 2019: 20,751). Deferred Share Plan (DSP) The DSP was implemented with effect from 1 January 2018, with the first awards for the scheme allocated in March 2019. This represents a single scheme under which share awards will be allocated to certain employees from 2019 onwards, vesting equally over a period of 2, 3 and 5 years depending on the level of seniority of the participant. Equity-settled incentive schemes (continued) Award date (unvested awards and awards vested during the year) 2021 2020 2019 Calculated fair value R 308.97 R 325.97 R 204.42 DSP 2 year Vesting date 50% 24 Feb 2022 25 Feb 2021 21 Feb 2020 Vesting date 50% 24 Feb 2023 25 Feb 2022 21 Feb 2021 DSP 3 year Vesting date 33% 24 Feb 2022 25 Feb 2021 21 Feb 2020 Vesting date 33% 24 Feb 2023 25 Feb 2022 21 Feb 2021 Vesting date 34% 24 Feb 2024 25 Feb 2023 21 Feb 2022 DSP 5 year Vesting date 20% 24 Feb 2022 25 Feb 2021 21 Feb 2020 Vesting date 20% 24 Feb 2023 25 Feb 2022 21 Feb 2021 Vesting date 20% 24 Feb 2024 25 Feb 2023 21 Feb 2022 Vesting date 20% 24 Feb 2025 25 Feb 2024 21 Feb 2023 Vesting date 20% 24 Feb 2026 25 Feb 2025 21 Feb 2024 Expiry date 24 Feb 2031 25 Feb 2030 21 Feb 2029 Number of shares 2021 2020 2019 Awards outstanding at beginning of year 2,289,762 1,599,360 — Awards granted during the year 1,185,348 1,176,532 1,669,191 Awards lapsed during the year (322,814) (155,575) (55,208) Awards exercised during the year (459,913) (330,555) (14,623) Awards outstanding at end of year 2,692,383 2,289,762 1,599,360 Awards exercisable at end of year 588,694 183,439 — 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 2021 2020 2019 Awards outstanding at beginning of year 111,562 229,639 447,842 Awards lapsed during the year — — — Awards exercised during the year (2,333) (118,077) (218,203) Awards outstanding at end of year 109,229 111,562 229,639 Awards exercisable at end of year 109,229 111,562 229,639 |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
TAXATION | TAXATION Figures in millions US Dollars 2021 2020 2019 South African taxation Normal taxation — 1 — Prior year over provision (1) — — Deferred taxation Other temporary differences — 74 (18) Change in estimated deferred tax rate — — (14) (1) 75 (32) Foreign taxation Normal taxation 252 553 299 Prior year (over) under provision (3) 8 (1) Deferred taxation Temporary differences 52 9 (28) Prior year under (over) provision 4 (6) 1 Change in estimate 6 (14) 9 Change in statutory tax rate 2 — 2 313 550 282 312 625 250 Reconciliation to South African statutory rate Figures in millions US Dollars Reconciliation to South African statutory rate 2021 2020 2019 Implied tax charge at 28% 268 445 173 Increase (decrease) due to: Expenses not tax deductible (1) 22 29 28 Share of associates and joint ventures' profit (70) (78) (47) Tax rate differentials (2) and withholding taxes (3) 54 96 39 Exchange variations and translation adjustments 6 28 11 Current year tax losses (expense) not recognised: Obuasi 6 (6) 14 AngloGold Ashanti Holdings plc 25 31 29 North America 13 4 6 Siguiri (4) (37) (8) — SA Corporate 18 — — Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change 6 (14) (5) Tax effect of retained SA items — 16 3 Tax allowances — (1) (1) Derecognition of deferred tax assets — 78 — Impact of statutory tax rate change 2 — 2 Adjustment in respect of prior years — 2 — Other (1) 3 (2) Income tax expense 312 625 250 (1) Includes corporate, exploration and non-tax deductible rehabilitation costs and British Virgin Isle group losses. (2) Due to different tax rates in various jurisdictions, primarily Tanzania, Ghana, Guinea, Australia, Brazil and Argentina. (3) Withholding taxes on dividends paid. (4) Siguiri current tax expense not recognised due to tax holiday. Figures in millions US Dollars 2021 2020 2019 Analysis of unrecognised deferred tax assets Available to be utilised against future profits - utilisation required within one year 54 62 — - utilisation required between one and two years 177 54 85 - utilisation required between two and five years 1,339 352 356 - utilisation required between five and twenty years 989 1,002 973 - utilisation in excess of twenty years 449 421 73 3,008 1,891 1,487 At the statutory tax rates the unrecognised value of deferred tax assets is: $834m (2020: $487m; 2019: $389m), mainly relating to tax losses incurred in the United Kingdom, North America, Ghana, Colombia and South Africa. Unutilised capital allowances in Ghana of $1bn were converted into tax losses in 2021. The losses are forfeited if not utilised within five years. Income tax uncertainties AngloGold Ashanti operates in numerous countries around the world and accordingly is subject to, and pays annual income taxes under, the various income tax regimes in the countries in which it operates. Some of these tax regimes are defined by contractual agreements with local government, and others are defined by the general corporate income tax laws of the country. The group has historically filed, and continues to file, all required income tax returns and to pay the taxes reasonably determined to be due. In some jurisdictions, tax authorities are yet to complete their assessments for previous years. The tax rules and regulations in many countries are highly complex and subject to interpretation. From time to time, the group is subject to a review of its historic income tax filings and in connection with such reviews, disputes can arise with the tax authorities over the interpretation or application of certain rules in respect of the group’s business conducted within the country involved. Significant judgement is required in determining the worldwide provisions 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. Irrespective of whether potential economic outflows of matters have been assessed as probable or possible, individually significant matters are included below, to the extent that disclosure does not prejudice the group. Argentina - Cerro Vanguardia SA The Argentina Tax Authority has challenged the deduction of certain hedge losses, with tax and penalties amounting to $7m (2020: $8m; 2019: $10m). Management has appealed this matter which has been heard by the Tax Court, with final evidence submitted in 2017. The matter is pending and judgement is expected in the next 24 months as at 31 December 2021. Management is of the opinion that the hedge losses were claimed correctly and no provision has therefore been made. Brazil - AGA Mineração and Serra Grande The Brazil Tax Authority has challenged various aspects of the companies’ tax returns for periods from 2005 to 2016 which individually and in aggregate are not considered to be material. Based on engagement with the Brazil Tax Authority, certain amounts have been allowed and assessments reduced, whilst objections have been lodged against the remainder of the findings. In December 2019, Serra Grande received a tax assessment of $19m (2020: $20m; 2019: $25m) relating to the amortisation of goodwill on the acquisition of mining interests, which is permitted as a tax deduction when the acquirer is a domiciled entity. Management is of the opinion that the Brazil Tax Authority is unlikely to succeed in this matter. This is supported by external legal advice and therefore no provision has been made. Colombia - La Colosa and Gramalote The tax treatment of exploration expenditure has been investigated by the Colombian Tax Authority which resulted in claims for taxes and penalties of $74m (1) (2020: $86m; 2019: $88m) pertaining to the 2010 to 2014 tax years. These assessments were appealed in 2016 (in the case of La Colosa) and resulted in an adverse judgement on 22 October 2018, in the Administrative Court of Cundinamarca. An appeal was lodged and all arguments submitted to the Council of State on 21 August 2018, with an expected judgement in the next 12 to 18 months as at 31 December 2021. The deduction of exploration costs is prohibited from 2017 onwards following a change in legislation. Subsequent to this date, exploration costs have been treated in accordance with the amended legislation. In July 2019, the Supreme Administrative Court issued a ruling that duplicate penalties may not be charged. The impact of the ruling is that certain penalties will be waived, which reduces the overall exposure by $48m (2020: $76m; 2019: $76m). The matter is pending and may take two to four years to be resolved. Management is of the opinion that the Colombian Tax Authority is unlikely to succeed in this matter and therefore no provision has been made. (1) After reduction of overall exposure by $48m (2020: $76m; 2019: $76m ) as described above. Ghana - Iduapriem The Ghana Revenue Authority completed a tax audit during the third quarter of 2020 for the 2018 year of assessment claiming a tax liability of $14m (2020: $15m). The claim relates to corporate income taxes, where certain business expenses have been disallowed as a deduction for tax purposes. Management filed an objection to the assessment in September 2020 and a tax appeal with the High Court during the fourth quarter of 2021. Management is of the opinion that the Ghana Revenue Authority is unlikely to succeed in this matter and therefore no provision has been made. Guinea - Siguiri The Guinea Tax Authority has challenged certain aspects of Société AngloGold Ashanti de Guinée S.A.'s tax return for the 2010 year of assessment totaling $8m (attributable) (2020: $8m (attributable); 2019: $12m (attributable)). Management has objected to the assessment. However, provision has been made for a portion of the total claims amounting to $2m (attributable) (2020: $2m (attributable); 2019: $2m (attributable)). Mali – Yatela and AGA Mali Services The Mali Tax Authority has challenged various aspects of Société des Mines de Yatela S.A. and Société AngloGold Ashanti Mali S.A.'s tax returns for periods of 2012 to 2019 totaling $4m (attributable) (2020: $1m (attributable); 2019: $1m (attributable)). Management is of the opinion that the Mali Tax Authority is unlikely to succeed in the tax matters and therefore no provision has been made. Tanzania - Geita Gold Mine The Tanzania Revenue Authority has raised audit findings on various tax matters for years from 2009 to 2020 amounting to $291m (2020: $254m; 2019: $164m) including adjusted tax assessments relating to the years from 2015 to 2020 totaling $36m received during 2021. In addition, the Tanzania Revenue Authority has issued Agency Notices on various local bank accounts of the Company in Tanzania, enforcing payments from those bank accounts, despite the matters being on appeal. In order to continue operating its bank accounts and to not impact operations, Geita paid $25m under protest. Management has objected and appealed through various levels of the administrative processes. Management is of the opinion that the claims of the Tanzania Revenue Authority are unlikely to succeed. In addition, it should be noted that amendments passed to Tanzanian legislation in 2017 amended the 2010 Mining Act and new Finance Act. Effective from 1 July 2017, the gold mining royalty rate increased to 6% (from 4%) and further a 1% clearing fee on the value of all minerals exported was imposed. The group has been paying the higher royalty and clearing fees since this date, under protest, and is of the view that this is in contravention of its Mining Development Agreement. Tax impacts of COVID-19 As a result of the COVID-19 pandemic, governments have responded with various stimulus packages, to provide relief to companies and individuals, to ensure business and employment continuity. This has been achieved through various tax and employment concessions, over varying periods, mostly commencing in April 2020. In North America, the US Government passed the Coronavirus Aid, Relief and Economic Security (CARES) Act on 27 March 2020. The bill provides various tax relief and incentives such as accelerated access to tax attributes created under the Tax Cuts and Jobs Act of 2017 (TCJA) and resulted in an alternative minimum tax refund of $7m received during 2021. Other tax jurisdictions have provided tax relief in various forms to companies which will impact on tax planning and tax payments in the light of the uncertainty created by the pandemic. Management continues to evaluate these tax measures and applies them when appropriate. |
EARNINGS (LOSS) PER ORDINARY SH
EARNINGS (LOSS) PER ORDINARY SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of earnings per share [Abstract] | |
EARNINGS (LOSS) PER ORDINARY SHARE | EARNINGS (LOSS) PER ORDINARY SHARE 2021 2020 2019 US cents per share Basic earnings (loss) per ordinary share 148 227 (3) - Continuing operations 148 225 87 The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $622m (2020: $946m; 2019: $364m) and 419,755,627 (2020: 419,033,516; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the financial year. - Discontinued operations — 2 (90) The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2020: $7m; 2019: $(376)m) and 419,755,627 (2020: 419,033,516; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share 148 227 (3) - Continuing operations 148 225 87 The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $622m (2020: $946m; 2019: $364m) and 420,056,703 (2020: 419,481,450; 2019: 418,349,777) shares being the diluted number of ordinary shares. - Discontinued operations — 2 (90) The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2020: $7m; 2019: $(376)m) and 420,056,703 (2020: 419,481,450; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the financial year. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares 2021 2020 2019 Ordinary shares 417,272,178 416,399,307 414,407,622 Fully vested options and currently exercisable (1) 2,483,449 2,634,209 3,942,155 Weighted average number of shares 419,755,627 419,033,516 418,349,777 Dilutive potential of share options (2) 301,076 447,934 — Fully diluted number of ordinary shares 420,056,703 419,481,450 418,349,777 (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. (2) The number of share options that could potentially dilute basic earnings in the future were not included. The anti-dilutive effect was nil (2020: nil; 2019: 517,186). 11 EARNINGS (LOSS) PER ORDINARY SHARE (continued) US Dollars Figures in millions 2021 2020 2019 Headline earnings (loss) (2) 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 622 953 (12) Net (impairment reversal) impairment on held for sale assets — (17) 549 Taxation on net impairment on held for sale assets — — (165) Net impairment on property, plant and equipment and right of use asset (1) 2 — — Derecognition of assets (1) 4 — 10 Loss on disposal of discontinued operations — 80 — Taxation on loss on disposal of discontinued operations — 1 — Profit on sale of joint ventures (1) — (19) — Net loss (profit) on disposal of tangible assets (17) 2 (3) Taxation on net (profit) loss on disposal of assets 1 — — 612 1,000 379 (1) Tax effect has not been disclosed as the tax is less than $1m. (2) Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements. 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 $612m (2020: $1,000m; 2019: $379m) and 419,755,627 (2020: 419,033,516; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the year. 146 238 91 Diluted headline earnings (loss) per share The calculation of diluted headline earnings (loss) per ordinary share is based on diluted headline earnings (losses) of $612m (2020: $1,000m; 2019: $379m) and 420,056,703 (2020: 419,481,450; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the year. 146 238 91 |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
DIVIDENDS | DIVIDENDS US Dollars Figures in millions 2021 2020 2019 Ordinary shares Dividend number 120 of 95 SA cents per share was declared on 19 February 2019 and paid on 8 April 2019 (7 US cents per share). 27 Dividend number 121 of 165 SA cents per share was declared on 21 February 2020 and paid on 27 March 2020 (9 US cents per share). 38 Dividend number 122 of 705 SA cents per share was declared on 22 February 2021 and paid on 26 March 2021 (48 US cents per share) 199 Dividend number 123 of 87 SA cents per share was declared on 6 August 2021 and paid on 10 September 2021 (6 US cents per share) 25 224 38 27 |
TANGIBLE ASSETS
TANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
TANGIBLE ASSETS | TANGIBLE ASSETS Figures in millions Mine Mine Mineral Exploration Assets Land and buildings (2) Total US Dollars Cost Balance at 1 January 2019 5,674 4,212 888 4 512 77 11,367 Additions - project capital 43 — — 1 281 14 339 - stay-in-business capital 208 25 1 2 188 — 424 Finance costs capitalised (3) — — — — 6 — 6 Disposals (1) (16) — — — — (17) Transfers and other movements (1) (259) 219 1 — (489) (16) (544) Transfer to assets and liabilities held for sale (660) (663) (9) — (90) (9) (1,431) Translation (4) (1) — — (3) — (8) Balance at 31 December 2019 5,001 3,776 881 7 405 66 10,136 Accumulated amortisation and impairments Balance at 1 January 2019 4,184 2,911 849 3 27 12 7,986 Amortisation for the year 392 215 1 1 — — 609 Impairment and derecognition of assets (4) 243 172 — — 90 — 505 Disposals (1) (15) — — — — (16) Transfers and other movements (1) (455) (53) 1 — (3) (12) (522) Transfer to assets and liabilities held for sale (488) (422) (5) — (88) — (1,003) Translation (9) (5) — — (1) — (15) Balance at 31 December 2019 3,866 2,803 846 4 25 — 7,544 Net book value at 31 December 2019 1,135 973 35 3 380 66 2,592 Cost Balance at 1 January 2020 5,001 3,776 881 7 405 66 10,136 Additions - project capital 64 — — 1 246 20 331 - stay-in-business capital 180 8 1 — 179 2 370 Finance costs capitalised (3) — — — — 17 — 17 Disposals (1) (26) — — — — (27) Transfers and other movements (1) (1,076) 186 (699) 2 (320) 24 (1,883) Translation 157 9 5 (1) 6 — 176 Balance at 31 December 2020 4,325 3,953 188 9 533 112 9,120 Accumulated amortisation and impairments Balance at 1 January 2020 3,866 2,803 846 4 25 — 7,544 Amortisation for the year 345 179 5 1 — — 530 Disposals (1) (25) — — — — (26) Transfers and other movements (1) (1,208) (33) (699) — — — (1,940) Translation 117 6 4 — 1 — 128 Balance at 31 December 2020 3,119 2,930 156 5 26 — 6,236 Net book value at 31 December 2020 1,206 1,023 32 4 507 112 2,884 Figures in millions Mine Mine Mineral Exploration Assets Land and buildings (2) Total US Dollars Cost Balance at 1 January 2021 4,325 3,953 188 9 533 112 9,120 Additions - project capital 68 — — 5 300 19 392 - stay-in-business capital 274 17 — — 344 — 635 Finance costs capitalised (3) — — — — 14 — 14 Disposals (2) (23) — — — (5) (30) Transfers and other movements (1) 140 (207) — (2) (320) — (389) Translation (107) (6) (3) — (5) — (121) Balance at 31 December 2021 4,698 3,734 185 12 866 126 9,621 Accumulated amortisation and impairments Balance at 1 January 2020 3,119 2,930 156 5 26 — 6,236 Amortisation for the year 243 166 6 2 — — 417 Impairment and derecognition of assets (4) — 6 — — — — 6 Disposals (1) (22) — — — — (23) Transfers and other movements (1) (79) (311) — — — — (390) Translation (78) (4) (3) — — — (85) Balance at 31 December 2021 3,204 2,765 159 7 26 — 6,161 Net book value at 31 December 2021 1,494 969 26 5 840 126 3,460 (1) Transfers and other movements include amounts from deferred stripping, changes in estimates of decommissioning assets, asset reclassifications, derecognition of assets and initial recognition of joint operation share of property, plant and equipment. (2) Assets of $6m (2020: $7m; 2019: $9m) have been pledged as security. (3) The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation was 4.96% (2020: 4.52%; 2019: 5.60%) (4) I mpairment of assets is assessed as follows: Impairment calculation assumptions as at 31 December 2021 - 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 $1,599/oz (2020: $1,450/oz; 2019:$1,300/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: • Proven and Probable Mineral Reserve • value beyond Proven and Probable Mineral Reserve (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 2020. At 31 December 2021, the derived group WACC was 8.6% (real post-tax) which is 50 basis points lower than in 2020 of 9.1%, 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 6 years to 29 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, impairments and derecognitions of tangible assets were recognised for the following cash generating units (CGUs): Figures in millions - US Dollars 2021 Obuasi 4 Gramalote 1 Corporate 1 6 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. Cash generating unit with the least headroom Based on an analysis carried out by the group in 2021, the carrying value and value in use of the most sensitive CGU are: Figures in millions - US Dollars Carrying value Value in use AngloGold Ashanti Mineração (1) 349 418 (1) It is estimated that a decrease of the long-term real gold price of $1,599/oz by 3%, would cause the recoverable amount of AngloGold Ashanti Mineração to equal its carrying amount using a real pre-tax weighted average cost of capital (WACC) discounted rate of 9.0% (2020: 11.0%). 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 are inextricably linked. |
RIGHT OF USE ASSETS AND LEASE L
RIGHT OF USE ASSETS AND LEASE LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
RIGHT OF USE ASSETS AND LEASE LIABILITIES | RIGHT OF USE ASSETS AND LEASE LIABILITIES The group leases various assets including buildings, plant and equipment and vehicles. The group’s lease obligations are secured by the lessors’ title to the leased assets for such leases. RIGHT OF USE ASSETS Figures in millions - US Dollars Mine Infra- Land and Total Cost Impact of adopting IFRS 16 - 1 January 2019 119 9 128 Additions - stay-in-business capital 32 — 32 Transfers and other movements (1) 58 15 73 Transfer to assets and liabilities held for sale — (1) (1) Translation — 1 1 Balance at 31 December 2019 209 24 233 Accumulated amortisation and impairments Balance at 1 January 2019 — — — Amortisation for the year 40 2 42 Transfers and other movements (1) 21 12 33 Balance at 31 December 2019 61 14 75 Net book value at 31 December 2019 148 10 158 Cost Balance at 1 January 2020 209 24 233 Additions - stay-in-business capital 23 — 23 Derecognition and other movements (2) (13) 1 (12) Translation 14 (1) 13 Balance at 31 December 2020 233 24 257 Accumulated amortisation and impairments Balance at 1 January 2020 61 14 75 Amortisation for the year 45 2 47 Derecognition and other movements (2) (11) — (11) Translation 5 (1) 4 Balance at 31 December 2020 100 15 115 Net book value at 31 December 2020 133 9 142 Cost Balance at 1 January 2021 233 24 257 Additions - project capital — 1 1 - stay-in-business capital 95 6 101 Derecognition and other movements (2) (22) (15) (37) Translation (9) — (9) Balance at 31 December 2021 297 16 313 Accumulated amortisation and impairments Balance at 1 January 2021 100 15 115 Amortisation for the year 61 2 63 Derecognition and other movements (2) (22) (15) (37) Impairment — 1 1 Translation (4) — (4) Balance at 31 December 2021 135 3 138 Net book value at 31 December 2021 162 13 175 (1) Relates to contracts previously classified as leases under IAS 17, which the group has reassessed upon initial transition as leases under IFRS 16 as of 1 January 2019. (2) Derecognition and other movements include amounts relating to the derecognition and write-off of assets. LEASE EXPENSES Figures in millions - US Dollars 2021 2020 2019 Amounts recognised in the income statement Amortisation expense on right of use assets (note 4) 63 47 42 Interest expense on lease liabilities (note 6) 9 8 10 Expenses on short term leases 48 107 83 Expenses on variable lease payments not included in the lease liabilities (1) 302 234 220 Expenses on leases of low value assets (1) 33 24 2 (1) Includes expenses at Obuasi that have been capitalised as part of the re-development project Total cash outflow for leases during the period amounted to $72m (2020: $55m; 2019: $51m), consisting of repayments of liabilities of $63m (2020: $47m; 2019: $42m) and finance costs paid of $9m (2020: $8m;2019: $9m). LEASE LIABILITIES Figures in millions - US Dollars 2021 2020 2019 Reconciliation of lease liabilities A reconciliation of the lease liabilities included in the statement of financial position is set out in the following table: Opening balance 153 171 — Lease liabilities recognised 103 23 160 Repayment of lease liabilities (63) (47) (42) Finance costs paid on lease liabilities (9) (8) (9) Interest charged to the income statement 9 8 10 Reclassification of finance leases from borrowings — — 60 Change in estimate — (1) (5) Translation (8) 7 (3) Closing balance 185 153 171 Lease finance costs paid included in the statement of cash flows 9 8 9 Figures in millions - US Dollars 2021 2020 2019 Maturity analysis of lease liabilities Undiscounted cash flows Less than and including 1 year 69 43 52 Between 1 and 5 years 114 83 89 Five years and more 21 36 57 Total 204 162 198 14. RIGHT OF USE ASSETS AND LEASE LIABILITIES (continued) Figures in millions - US Dollars 2021 2020 2019 Lease liabilities Non-current (note 34) 124 116 126 Current (note 34) 61 37 45 Total 185 153 171 The group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the group’s treasury function. All lease contracts contain market review clauses in the event that the group exercises its option to renew. Certain of the group’s contracts have a payment structure that is variable in nature and hence do not qualify for IFRS 16 lease accounting. These contracts consist of mostly mining and drilling services. The variable nature of these contracts is to allow equal sharing of pain and gain between the group and its contractors. The cash flows are not disclosed as their variability does not permit reliable forecasts. Short-term, low value and variable contracts continue to be recognised within cost of sales and corporate administration, marketing and related expenses, except for certain expenses at Obuasi which have been capitalised as part of the re-development project. The weighted average incremental borrowing rate at the end of 31 December 2021 4.56% (2020: 5.38%; 2019: 4.72%). |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Figures in millions Goodwill Other Total US Dollars Cost Balance at 1 January 2019 116 167 283 Transfer to assets and liabilities held for sale — (26) (26) Transfers and other movements (1) — 3 3 Balance at 31 December 2019 116 144 260 Accumulated amortisation and impairments Balance at 1 January 2019 — 160 160 Amortisation for the year — 3 3 Transfer to assets and liabilities held for sale — (26) (26) Balance at 31 December 2019 — 137 137 Net book value at 31 December 2019 116 7 123 Cost Balance at 1 January 2020 116 144 260 Additions — 1 1 Transfers and other movements (1) — (49) (49) Translation 10 — 10 Balance at 31 December 2020 126 96 222 Accumulated amortisation and impairments Balance at 1 January 2020 — 137 137 Amortisation for the year — 2 2 Transfers and other movements (1) — (49) (49) Translation — 1 1 Balance at 31 December 2020 — 91 91 Net book value at 31 December 2020 126 5 131 Cost Balance at 1 January 2021 126 96 222 Additions — 1 1 Transfers and other movements (1) — (1) (1) Translation (7) (1) (8) Balance at 31 December 2021 119 95 214 Accumulated amortisation and impairments Balance at 1 January 2021 — 91 91 Amortisation for the year — 3 3 Transfers and other movements (1) — (1) (1) Translation — (1) (1) Balance at 31 December 2021 — 92 92 Net book value at 31 December 2021 119 3 122 (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 2021, the carrying value and value in use of the most sensitive CGU with goodwill is: 2021 US Dollars Figures in millions Carrying Value in Sunrise Dam 183 389 As at 31 December 2021, the recoverable amount of Sunrise Dam exceeded its carrying amount by $206m. Sunrise Dam had $111m goodwill at that date. It is estimated that a decrease of the long-term real gold price of $1,599/oz by 10%, 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 2021 2020 2019 - Sunrise Dam 111 118 108 - Serra Grande 8 8 8 119 126 116 Real pre-tax discount rates applied in impairment calculations on the CGU for which the carrying amount of goodwill is significant is as follows: - Sunrise Dam (1) 5.5 % 8.7 % 10.8 % Goodwill has been allocated to its respective CGUs 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. The discount rates for 2021 were determined on a basis consistent with the 2020 discount rates. (1) The value in use of the CGU is $389m (2020: $538m; 2019: $363m). |
MATERIAL PARTLY-OWNED SUBSIDIAR
MATERIAL PARTLY-OWNED SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
MATERIAL PARTLY-OWNED SUBSIDIARIES | MATERIAL PARTLY-OWNED SUBSIDIARIES Name Non-controlling interest holding Country of incorporation and operation 2021 2020 2019 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 2021 2020 2019 Profit (loss) allocated to material non-controlling interests CVSA 5 8 5 Siguiri 19 10 — Accumulated balances of material non-controlling interests CVSA 11 14 13 Siguiri 41 31 23 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 2021 Revenue 371 546 Profit (loss) for the year 75 124 Total comprehensive income (loss) for the year, net of tax 75 124 Attributable to non-controlling interests 5 19 Dividends paid to non-controlling interests (8) (8) Statement of profit or loss for 2020 Revenue 440 453 Profit (loss) for the year 84 68 Total comprehensive income (loss) for the year, net of tax 84 68 Attributable to non-controlling interests 8 10 Dividends paid to non-controlling interests (6) (3) Statement of profit or loss for 2019 Revenue 390 349 Profit (loss) for the year 68 1 Total comprehensive income (loss) for the year, net of tax 68 1 Attributable to non-controlling interests 5 — Dividends paid to non-controlling interests (7) (9) 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 2021 Non-current assets 240 229 Current assets (1) 252 234 Non-current liabilities (132) (68) Current liabilities (218) (122) Total equity 142 273 Statement of financial position as at 31 December 2020 Non-current assets 202 233 Current assets 254 224 Non-current liabilities (123) (138) Current liabilities (150) (117) Total equity 183 202 Statement of financial position as at 31 December 2019 Non-current assets 177 245 Current assets 202 170 Non-current liabilities (120) (141) Current liabilities (82) (121) Total equity 177 153 Statement of cash flows for the year ended 31 December 2021 Cash inflow (outflow) from operating activities 165 197 Cash inflow (outflow) from investing activities (23) (38) Cash inflow (outflow) from financing activities (112) (143) Net increase (decrease) in cash and cash equivalents 30 16 Statement of cash flows for the year ended 31 December 2020 Cash inflow (outflow) from operating activities 169 63 Cash inflow (outflow) from investing activities (16) (30) Cash inflow (outflow) from financing activities (59) (11) Net increase (decrease) in cash and cash equivalents 94 22 Statement of cash flows for the year ended 31 December 2019 Cash inflow (outflow) from operating activities 107 46 Cash inflow (outflow) from investing activities (30) (22) Cash inflow (outflow) from financing activities (47) (30) Net increase (decrease) in cash and cash equivalents 30 (6) (1) CVSA had a cash balance equivalent to $139m (2020: $137m), following the payment to AngloGold Ashanti of $19m (2020: nil) offshore dividend during the fourth quarter of 2021. The remaining declared attributable dividend of $131m (2020: $50m) is available for payment to AngloGold Ashanti's offshore and onshore investment holding companies. Applications have been made to the Argentinean Central Bank to approve the payment of $114m (2020: $11m) of the offshore declared dividends. While the approval is pending, the cash remains fully available for CVSA’s operational requirements. |
INVESTMENTS IN ASSOCIATES AND J
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES | INVESTMENTS IN ASSOCIATES AND JOINT VENTURES US Dollars Figures in millions 2021 2020 2019 Carrying value Investments in associates 43 47 40 Investments in joint ventures 1,604 1,604 1,541 Total comprehensive profit (loss) for the year, net of tax 1,647 1,651 1,581 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 2021 2020 2019 Aggregate statement of profit or loss for associates (attributable) Revenue 36 29 20 Operating (expenses) income (1) (16) (6) 3 Taxation (2) — — Profit (loss) for the year 18 23 23 Total comprehensive profit (loss) for the year, net of tax 18 23 23 (1) Includes share of associate profit. Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2021 2020 2019 Kibali Goldmines S.A. (1) 45.0 45.0 45.0 Exploration and mine 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 2021 2020 2019 Carrying value of joint ventures Kibali 1,604 1,604 1,506 Immaterial joint ventures — — 35 1,604 1,604 1,541 Reversal (impairment) of investments in joint ventures Sadiola (note 7) (1) — — 6 The cumulative unrecognised share of losses of the joint ventures: Morila (2) — — 8 Yatela 2 1 2 (1) Sold effective 30 December 2020. (2) Sold effective 10 November 2020. Summarised financial information of the Kibali joint venture is as follows (not attributable) (1) : US Dollars Figures in millions 2021 2020 2019 Statement of profit or loss Revenue 1,470 1,443 1,123 Other operating costs and expenses (551) (541) (479) Amortisation of tangible and intangible assets (244) (241) (282) Finance costs and unwinding of obligations (6) (6) (4) Interest received 6 7 4 Taxation (181) (157) (62) Profit for the year 494 505 300 Total comprehensive income for the year, net of tax 494 505 300 Dividends received from joint venture (attributable) 231 140 75 US Dollars Figures in millions 2021 2020 2019 Statement of financial position Non-current assets 2,361 2,459 2,522 Current assets 162 120 183 Cash and cash equivalents (2) 1,115 944 453 Total assets 3,638 3,523 3,158 Non-current financial liabilities 44 50 45 Other non-current liabilities 226 118 26 Current financial liabilities 14 15 11 Other current liabilities 107 106 66 Total liabilities 391 289 148 Net assets 3,247 3,234 3,010 Group’s share of net assets 1,624 1,617 1,505 Other (3) (20) (13) 1 Carrying amount of interest in joint venture 1,604 1,604 1,506 (1) Subsequent event - At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises (Customs Authority) concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claim that the exemption available to Kibali Goldmines SA, which was granted in relation to the original mining lease, no longer applies. Finally, the Customs Authority claims that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest, total $339m (AngloGold Ashanti attributable share: $153m). Kibali Goldmines S.A. has examined the Customs Authority claims and concluded that they are without merit, as they seek to challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, are in line with ministerial instruction letters. Kibali Goldmines S.A. will vigorously defend its position that the Customs Authority claims are unfounded. (2) Kibali cash and equivalents are subject to various steps before they can be distributed to the joint venture shareholders and are held across four banks in the Democratic Republic of Congo, including two domestic banks. (3) Includes amounts relating to additional costs and contributions at acquisition as well as minority interests. |
Disclosure of Interests in Joint Ventures | US Dollars Figures in millions 2021 2020 2019 Carrying value Investments in associates 43 47 40 Investments in joint ventures 1,604 1,604 1,541 Total comprehensive profit (loss) for the year, net of tax 1,647 1,651 1,581 Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2021 2020 2019 Kibali Goldmines S.A. (1) 45.0 45.0 45.0 Exploration and mine 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 2021 2020 2019 Carrying value of joint ventures Kibali 1,604 1,604 1,506 Immaterial joint ventures — — 35 1,604 1,604 1,541 Reversal (impairment) of investments in joint ventures Sadiola (note 7) (1) — — 6 The cumulative unrecognised share of losses of the joint ventures: Morila (2) — — 8 Yatela 2 1 2 (1) Sold effective 30 December 2020. (2) Sold effective 10 November 2020. Summarised financial information of the Kibali joint venture is as follows (not attributable) (1) : US Dollars Figures in millions 2021 2020 2019 Statement of profit or loss Revenue 1,470 1,443 1,123 Other operating costs and expenses (551) (541) (479) Amortisation of tangible and intangible assets (244) (241) (282) Finance costs and unwinding of obligations (6) (6) (4) Interest received 6 7 4 Taxation (181) (157) (62) Profit for the year 494 505 300 Total comprehensive income for the year, net of tax 494 505 300 Dividends received from joint venture (attributable) 231 140 75 US Dollars Figures in millions 2021 2020 2019 Statement of financial position Non-current assets 2,361 2,459 2,522 Current assets 162 120 183 Cash and cash equivalents (2) 1,115 944 453 Total assets 3,638 3,523 3,158 Non-current financial liabilities 44 50 45 Other non-current liabilities 226 118 26 Current financial liabilities 14 15 11 Other current liabilities 107 106 66 Total liabilities 391 289 148 Net assets 3,247 3,234 3,010 Group’s share of net assets 1,624 1,617 1,505 Other (3) (20) (13) 1 Carrying amount of interest in joint venture 1,604 1,604 1,506 (1) Subsequent event - At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises (Customs Authority) concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claim that the exemption available to Kibali Goldmines SA, which was granted in relation to the original mining lease, no longer applies. Finally, the Customs Authority claims that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest, total $339m (AngloGold Ashanti attributable share: $153m). Kibali Goldmines S.A. has examined the Customs Authority claims and concluded that they are without merit, as they seek to challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, are in line with ministerial instruction letters. Kibali Goldmines S.A. will vigorously defend its position that the Customs Authority claims are unfounded. (2) Kibali cash and equivalents are subject to various steps before they can be distributed to the joint venture shareholders and are held across four banks in the Democratic Republic of Congo, including two domestic banks. (3) Includes amounts relating to additional costs and contributions at acquisition as well as minority interests. |
Disclosure of Interests in Associates | US Dollars Figures in millions 2021 2020 2019 Carrying value Investments in associates 43 47 40 Investments in joint ventures 1,604 1,604 1,541 Total comprehensive profit (loss) for the year, net of tax 1,647 1,651 1,581 Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2021 2020 2019 Aggregate statement of profit or loss for associates (attributable) Revenue 36 29 20 Operating (expenses) income (1) (16) (6) 3 Taxation (2) — — Profit (loss) for the year 18 23 23 Total comprehensive profit (loss) for the year, net of tax 18 23 23 (1) Includes share of associate profit. |
OTHER INVESTMENTS
OTHER INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
OTHER INVESTMENTS | OTHER INVESTMENTS US Dollars Figures in millions 2021 2020 2019 Listed investments (1) Non-current investments Equity investments at fair value though OCI (FVTOCI) Balance at beginning of year 186 72 63 Additions 3 9 9 Fair value adjustments (2) (73) 98 — Transfer from unlisted non-current investments — 7 — Balance at end of year 116 186 72 The non-current equity investments consist of ordinary shares and collective investment schemes and primarily comprise: Corvus Gold Inc. 80 59 41 Pure Gold Mining 35 126 31 Other 1 1 — 116 186 72 Listed investments (continued) Current investments Listed investments - FVTOCI — — 10 Book value of listed investments 116 186 82 Unlisted investments Non-current investments Balance at beginning of year 2 4 47 Additions — — 45 Maturities — — (44) Transfer to non-current assets and liabilities held for sale — — (48) Transfer to listed non-current investments — (7) — Fair value adjustment - FVTOCI — — 2 Fair value adjustments - FVTPL (1) 5 — Translation — — 2 Balance at end of year 1 2 4 The unlisted investments include: Book value of unlisted investments 1 2 4 Non-current other investments 117 188 76 Total book value of other investments 117 188 86 (1) The group’s listed equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the FVTOCI equity investments were listed on the Toronto Stock Exchange. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of inventories [Abstract] | |
INVENTORIES | INVENTORIES US Dollars Figures in millions 2021 2020 2019 Non-current Raw materials - ore stockpiles 27 69 93 Current Raw materials - ore stockpiles 217 262 229 - heap-leach inventory 6 5 4 Work in progress - metals in process 49 46 51 Finished goods - gold doré/bullion 29 42 42 - by-products 1 — 1 Total metal inventories 302 355 327 Mine operating supplies 401 378 305 703 733 632 Total inventories (1) 730 802 725 (1) The amount of the write-down of ore stockpiles, heap-leach inventory, metals in process, finished goods and mine operating supplies to net realisable value, and recognised as an expense in cost of sales is $13m (2020: $7m; 2019: $4m). |
TRADE, OTHER RECEIVABLES AND OT
TRADE, OTHER RECEIVABLES AND OTHER ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
TRADE, OTHER RECEIVABLES AND OTHER ASSETS | TRADE, OTHER RECEIVABLES AND OTHER ASSETS US Dollars Figures in millions 2021 2020 2019 Non-current Deferred compensation asset 25 28 — Prepayments 14 12 15 Recoverable tax, rebates, levies and duties 198 195 107 237 235 122 Current Trade and loan receivables 50 56 47 Prepayments 41 56 61 Recoverable tax, rebates, levies and duties (1) 155 100 130 Other receivables 14 17 12 260 229 250 Total trade, other receivables and other assets 497 464 372 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 Africa Region segment. These values are summarised as follows: Recoverable value added tax 212 215 167 Recoverable fuel duties — — 43 Appeal deposits 43 34 10 (1) Includes taxation asset, refer note 29. 20 TRADE, OTHER RECEIVABLES AND OTHER ASSETS (continued) Geita Gold Mine Geita Gold Mine (GGM) in Tanzania net indirect tax receivables balance increased by $3m to $142m (2020: $139m; 2019: $119m). Claims relating to periods from July 2020 totalling $54m were offset against provisional corporate tax payments in 2021. No refunds were received in cash or offset against provisional corporate tax payments were made in 2020. Claims relating to periods pre-July 2017 totalling $9m were offset against provisional corporate tax payments in 2019. Amounts offset against VAT claims have been certified by an external advisor and verified by the Tanzania Revenue Authority (TRA). The remaining disputed balance relating to the period July 2017 to June 2020 was objected to as GGM believe that the claims have been correctly lodged pursuant to Tanzanian law. An amendment, effective 20 July 2017, to Tanzania's mining legislation included an amendment to the Value Added Tax Act, 2014 (No. 5) (2015 VAT Act) to the effect that no input tax credit can be claimed for the exportation of “raw minerals”. The Written Laws (Miscellaneous Amendments) (No. 2) Act, 2019 , issued during 2019, provides a definition for "raw minerals". However, GGM has received notices from the TRA that they are not eligible for VAT relief from July 2017 onwards on the basis that all production constitutes “raw minerals” for this purpose. The basis for dispute of the disqualifications is on the interpretation of the legislation. Management's view is the definition of "raw minerals" provided in the Written Laws (Miscellaneous Amendments) (No. 2) Act, 2019 excludes gold doré. Gold bearing ore is mined from the open pit and underground mining operations, where it is further crushed and milled to maximise the gold recovery process, producing gold doré exceeding 80% purity as well as beneficiated products (concentrate). On this basis the mined doré and concentrate do not constitute “raw minerals” and accordingly the VAT claims are valid. Management have obtained legal opinions that support management's view that doré does not constitute a “raw mineral”. The Finance Act 2020 became effective on 1 July 2020. The Finance Act amended the VAT Act by deleting the disqualification of VAT refunds due to the exportation of “raw minerals”. The deletion is intended to ensure the recovery of VAT refunds from July 2020, although the amendment cannot be applied retrospectively, the change in the VAT Act, together with the Written Laws (Miscellaneous Amendments) (No.2) Act 2019, confirms that doré bars are not “raw minerals” and that VAT refunds from July 2017 onwards are due to GGM. On 30 January 2021, management received a proposal from the TRA to settle VAT objections filed between 2017 and 2020, confirming the TRA's position to disqualify all VAT refunds requested by GGM for the period from July 2017 to June 2020. Management is not in agreement with the proposal and are pursuing legal remedies provided to taxpayers by Tanzanian law. The total VAT claims submitted from July 2017 to June 2020 amount to $164m and claims of $27m were submitted between July 2020 and December 2020. All disqualifications received from the TRA have been objected to by GGM in accordance with the provisions and time frames set out in the Tax Administration Act, 2015 (No.10). Claims of $50m were submitted in 2021 taking the total claims to $187m (net of $54m offsets in 2021). The net indirect tax receivable at 31 December 2021 of $142m, reflects the discounting effects applied to the timing of when GGM expects to offset its indirect tax claims against future income taxes of GGM. Cerro Vanguardia (CVSA) On 4 September 2018, a decree was published by the Argentinian Government, which reintroduced export duties for products exported from Argentina. The export duty rate was 12% on the freight on board (FOB) value of goods exported, including gold, paid in country. The duty was limited so as not to exceed ARS $4 for each US dollar exported. On 14 December 2019, the Government of Argentina announced that the cap of ARS $4 for each US dollar exported, would be replaced by a flat rate of 12% for 2020. On 2 October 2020, the Government of Argentina extended the export duties until 31 December 2021, at a rate of 8% for gold bullion. On 31 December 2021, the Government of Argentina extended the export duties until 31 December 2023, at a rate of 8% for gold bullion. In terms of the Stability Agreement between CVSA and the Government of Argentina, CVSA has a right of refund or offset of these amounts paid as established by its Stability Agreement, which provides for a 30% taxation cap on annual taxes and duties paid by CVSA. Export duty refunds for the years 2018 to 2021 are outstanding as at 31 December 2021 and their fair value has been estimated using on a probability weighted scenario model considering various recovery time frames, estimated Argentina Peso to USD exchange rates and discounting using a country risk adjusted rate. As a result of the taxation cap, net export duty receivables amount to $19m (2020: $23m; 2019 $25m), and reflects the discounting effects applied to when CVSA expects refund of these receivables. |
CASH RESTRICTED FOR USE
CASH RESTRICTED FOR USE | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Additional Information [Abstract] | |
CASH RESTRICTED FOR USE | CASH RESTRICTED FOR USE US Dollars Figures in millions 2021 2020 2019 Non-current Cash restricted for environmental and rehabilitation obligations 32 31 31 Current Cash restricted by prudential solvency requirements 18 24 27 Cash balances held by - joint operations 8 18 6 26 42 33 Total cash restricted for use (note 33 and 34) 58 73 64 |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS US Dollars Figures in millions 2021 2020 2019 Cash and deposits on call 712 1,081 417 Money market instruments 442 249 39 Total cash and cash equivalents (note 33 and note 34) 1,154 1,330 456 |
SHARE CAPITAL AND PREMIUM
SHARE CAPITAL AND PREMIUM | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
SHARE CAPITAL AND PREMIUM | SHARE CAPITAL AND PREMIUM US Dollars Figures in millions 2021 2020 2019 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 417,501,452 (2020: 416,890,087; 2019: 415,301,215) ordinary shares of 25 SA cents each 17 17 17 nil (2020 and 2019: 2,000,000) A redeemable preference shares of 50 SA cents each (1) — — nil (2020 and 2019: 778,896) B redeemable preference shares of 1 SA cent each (1) — — 17 17 17 Treasury shares held within the group: nil (2020: 2,778,896; 2019: 2,778,896) A and B redeemable preference shares — — 17 17 17 Share premium Balance at beginning of year 7,250 7,235 7,208 Ordinary shares issued - share premium 9 15 27 Preference shares redeemed (1) (53) 7,206 7,250 7,235 Less: held within the group Redeemable preference shares (1) (53) (53) Balance at end of year 7,206 7,197 7,182 Share capital and premium 7,223 7,214 7,199 (1) During December 2021 the A and B redeemable preference shares were redeemed and the preference share certificates cancelled. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of borrowing costs [Abstract] | |
BORROWINGS | BORROWINGS US Dollars Figures in millions 2021 2020 2019 Non-current Unsecured Debt carried at amortised cost Rated bonds - issued October 2021 744 — — Semi-annual coupons are paid at 3.375% per annum on the $750m 7-year bonds. The bonds were issued on 22 October 2021, are repayable on 1 November 2028 and are US dollar-based. Rated bonds - issued October 2020 693 692 — Semi-annual coupons are paid at 3.75% per annum on $700m 10-year bonds. The bonds were issued on 1 October 2020, are repayable on 1 October 2030 and are US dollar-based. Rated bonds - issued April 2010 296 295 1,003 Semi-annual coupons are paid at 6.5% per annum on $300m 30-year bonds. The $300m bonds are repayable in April 2040. The bonds are US dollar-based. Rated bonds - issued July 2012 — 764 762 Semi-annual coupons were paid at 5.125% per annum on the $750m 10-year bonds. The bonds were issued on 30 July 2012 and were repaid during October 2021 and November 2021. The bonds were US dollar-based. Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) 31 — 15 The Facility consists of a US dollar based facility with interest charged at a margin of 1.45% above LIBOR and an Australian dollar based facility capped at $500m with a margin of 1.45% above BBSY. The applicable margin is subject to a ratings grid. The facility was issued on 23 October 2018 and is available until 23 October 2023. Syndicated loan facility (R1bn) 72 During 2020 the facility was cancelled. Siguiri revolving credit facilities ($65m) 35 67 67 Interest paid at 8.5% above LIBOR. The facility was issued on 23 August 2016, and is available until 3 May 2022 and is US dollar-based. Geita revolving credit facility ($150m) 113 114 Multi-currency RCF consisting of a Tanzanian shilling component which was capped at the equivalent of US$45m. Interest on this component was paid at 12.5%. Interest on the remaining USD component was paid at LIBOR plus 6.7%. The facility was cancelled during December 2021. Geita revolving credit facility ($150m) - 2021 110 A multi-currency RCF was entered into during December 2021, consisting of a Tanzanian shilling component which is capped at the equivalent of US$87m. This component bears interest at 12.5%. The remaining USD component of the facility bears interest at LIBOR plus 6.7%. The facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. Total borrowings (note 33) 1,909 1,931 2,033 Current portion of borrowings (note 34) (51) (142) (734) Total non-current borrowings (note 34) 1,858 1,789 1,299 Amounts falling due Within one year 51 142 734 Between one and two years 31 812 110 Between two and five years 110 — 898 After five years 1,717 977 291 (note 33) 1,909 1,931 2,033 IBOR linked borrowings The IBOR Phase 2 amendments became effective on 1 January 2021. The amendments had no material impact on the group financial statements as management is in the process of negotiating new reference rates on the IBOR linked borrowings, with bank syndicates. The table below provides further detail on revolving credit facilities (RCFs) which reference LIBOR. These facilities have yet to transfer to an alternative benchmark interest rate: Figures in millions - US Dollar Carrying value at 31 December 2021 Repayable within one year Repayable within one to two years Siguiri revolving credit facility ($65m) (1) 35 35 — Geita revolving credit facility ($150m) (2) 63 — — Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) (3) — — — (1) The Siguiri RCF currently bears interest at LIBOR plus 8.5%. At 31 December 2021, $30m of the facility was undrawn. The Siguiri RCF matures in May 2022. (2) The Geita RCF consists of a Tanzanian shilling component which is capped at the equivalent of US$87m and this component bears interest at 12.5%. The remaining component bears interest at LIBOR plus 6.7%. The equivalent of $40m was undrawn under the Geita RCF at 31 December 2021. The Geita RCF facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. (3) At 31 December 2021, an equivalent of $33m was drawn under the AUD portion of the $1.4bn multi-currency RCF, which bears interest at BBSY plus 1.45%. At 31 December 2021, the USD portion of the $1.4bn multi-currency RCF, bearing interest at LIBOR plus 1.45%, was undrawn. The $1.4bn RCF is available until October 2023. US Dollars Figures in millions 2021 2020 2019 Currency The currencies in which the borrowings are denominated are as follows: US dollar 1,829 1,884 1,893 Australian dollar 33 — 21 SA rand — — 72 Tanzanian shillings 47 47 47 (notes 33) 1,909 1,931 2,033 Undrawn facilities Undrawn borrowing facilities as at 31 December are as follows: Syndicated revolving credit facility (R2.5bn) - SA rand (1) 179 Syndicated revolving credit facility (R1.4bn) - SA rand (2) 100 FirstRand Bank Limited (R150m; 2020: R500m; 2019: R750m) - SA rand 10 34 54 Multi currency syndicated revolving credit facility ($1.4bn) - US Dollar 1,367 1,400 1,379 Revolving credit facility - $150m 40 41 40 Revolving credit facility - $65m 30 — — 1,447 1,475 1,752 Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) (3) : A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,931 2,033 2,050 Proceeds from borrowings 822 2,226 168 Repayment of borrowings (820) (2,310) (123) Finance costs paid on borrowings (115) (114) (122) Deferred loan fees (4) 4 (7) Other borrowing fees (11) (15) Interest charged to the income statement 106 115 127 Reclassification of finance leases to lease liabilities — — (60) Translation — (8) — Closing balance 1,909 1,931 2,033 Reconciliation of finance costs paid: A reconciliation of the finance cost paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 115 114 122 Capitalised finance cost (14) (17) (6) Commitment fees, utilisation fees and other borrowing costs 10 13 12 Total finance costs paid 111 110 128 (1) R2.5bn Syndicated loan facility issued December 2017 was cancelled on 23 October 2020. (2) R1.4bn Syndicated loan facility issued July 2015 was cancelled on 19 February 2020. (3) Refer note 14 for changes in lease liabilities arising from financing activities. |
ENVIRONMENTAL REHABILITATION AN
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 Environmental rehabilitation obligations Provision for decommissioning Balance at beginning of year 219 196 237 Charge to income statement 3 — — Change in estimates (1) (8) 17 29 Unwinding of decommissioning obligation 3 2 10 Transfer to assets and liabilities held for sale — — (81) Utilised during the year — — (1) Translation (2) 4 2 Balance at end of year 215 219 196 Provision for restoration Balance at beginning of year 440 423 385 Charge to income statement (3) 2 (1) Change in estimates (1) 29 15 50 Unwinding of restoration obligation 6 4 9 Transfer to assets and liabilities held for sale — — (15) Utilised during the year (10) (11) (5) Translation (4) 7 — Balance at end of year 458 440 423 Provision for silicosis Balance at beginning of year 49 54 47 Change in estimates 1 4 (1) Transfer (to) from short term provisions included in trade, other payables and provisions (5) (1) 6 Unwinding of silicosis provision 3 4 5 Utilised during the year (10) (9) (5) Translation (4) (3) 2 Balance at end of year 34 49 54 Other provisions (2) Balance at beginning of year 23 24 158 Charge to income statement 14 12 39 Change in estimates — 1 28 Transfer to assets and liabilities held for sale — — (115) Transfer (to) from short term provisions included in trade, other payables and provisions (7) 3 (79) Unwinding of other provisions — — 1 Utilised during the year (6) (13) (11) Translation (2) (4) 3 Balance at end of year 22 23 24 Total environmental rehabilitation and other provisions 729 731 697 Sensitivity analysis - Provision for decommissioning (3) Assumed discount rates and cash flows have a significant impact on the amounts recognised in the statement of financial position. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (5) (3) (4) 10% change in cash flows 21 22 20 Effect of decrease in assumptions: 10% change in discount rate 5 3 4 10% change in cash flows (21) (22) (20) Sensitivity analysis - Provision for restoration (3) Assumed discount rates and cash flows have a significant impact on the amounts recognised in the income statement. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (5) (3) (6) 10% change in cash flows 46 44 42 Effect of decrease in assumptions: 10% change in discount rate 5 3 6 10% change in cash flows (46) (44) (42) Sensitivity analysis - Provision for silicosis (3) Significant judgements are applied in estimating the costs required to settle any qualifying silicosis claims, the provision included in the Statement of financial position are based on certain assumptions which includes the number of claimants, take-up rates and disease progression rates. Considering actuarial guidance received, a 10% change in these assumptions would have the following impact: Effect of increase in assumptions: 10% change in take-up rates 6 6 6 10% change in number of cases 6 6 6 10% change in disease progression rate 3 3 3 Effect of decrease in assumptions: 10% change in take-up rates (6) (6) (6) 10% change in number of cases (6) (6) (6) 10% change in disease progression rate (3) (3) (3) (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) O ther provisions comprises claims filed by former employees in respect of loss of employment, work-related accident injuries and diseases, governmental fiscal claims relating to levies, surcharges and environmental legal disputes and a shareholder claim related to stamp duties. These liabilities are expected to be settled over the next two-to five-year period. (3) The sensitivity analysis is based on the change of a single assumption, keeping all other assumptions constant. This may not be the case in practice where changes in assumptions may result in correlated changes in other assumptions, and a change in the provision amount.. |
PROVISION FOR PENSION AND POST-
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [Abstract] | |
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS | PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS US Dollars Figures in millions 2021 2020 2019 Defined benefit plans The retirement schemes consist of the following: Post-retirement medical scheme for AngloGold Ashanti's South African employees 71 77 93 Other defined benefit plans 6 6 7 77 83 100 Figures in millions 2021 2020 2019 US Dollars Post-retirement medical scheme for AngloGold Ashanti's 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 2021. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 77 93 93 Interest cost 6 7 8 Benefits paid (8) (7) (8) Actuarial loss (gain) 1 (9) (2) Translation (5) (5) 2 Balance at end of year 71 79 93 Settlement gain — (2) — Net amount recognised 71 77 93 Components of net periodic benefit cost Interest cost 6 7 8 Net periodic benefit cost 6 7 8 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 9.79 % 9.14 % 9.15 % Expected increase in health care costs 7.23 % 6.06 % 7.25 % Assumed health care cost trend rates at 31 December: Health care cost trend assumed for next year 7.23 % 6.06 % 7.25 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 7.23 % 6.06 % 7.25 % 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 Effect on post-retirement benefit obligation – 1% point increase 5 4 7 Effect on total service and interest cost – 1% point decrease — — (1) Effect on post-retirement benefit obligation – 1% point decrease (4) (4) (6) Cash flows Contributions AngloGold Ashanti Limited expects to contribute $8m to the post-retirement medical plan in 2022. Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid: 2022 8 2023 8 2024 8 2025 9 2026 9 Thereafter 35 |
DEFERRED TAXATION
DEFERRED TAXATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
DEFERRED TAXATION | DEFERRED TAXATION US Dollars Figures in millions 2021 2020 2019 Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets (owned) 442 373 370 Right-of-use assets 53 40 48 Inventories 13 20 24 Other 22 13 9 530 446 451 Assets Provisions 141 122 209 Lease liabilities 56 42 52 Tax losses 16 15 45 Other 11 28 9 224 207 315 Net deferred taxation liability 306 239 136 Included in the statement of financial position as follows: Deferred tax assets (1) 7 7 105 Deferred tax liabilities 313 246 241 Net deferred taxation liability 306 239 136 The movement on the net deferred tax balance is as follows: Balance at beginning of year 239 136 315 Taxation of items included in income statement from continuing and discontinued operations 64 53 (189) Taxation of non-current assets and liabilities included in discontinued operations — 28 — Taxation on items included in other comprehensive income 6 6 (2) Transfer to non-current assets and liabilities held for sale — — 15 Translation (3) 16 (3) Balance at end of year 306 239 136 (1) Deferred tax assets of $7m (2020: $7m; 2019: nil) were recognised for Obuasi, resulting from generated tax losses to be utilised against future taxable income. Deferred tax assets recorded in 2019 for South Africa, were fully derecognised during the fourth quarter of 2020 as part of the disposal of the South African assets and on consideration of future recovery. 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 $1,800m (2020: $1,806m; 2019: $1,787m). If remitted, the undistributed earnings may be subject to withholding taxes between 0% - 10%. |
TRADE, OTHER PAYABLES AND PROVI
TRADE, OTHER PAYABLES AND PROVISIONS | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
TRADE, OTHER PAYABLES AND PROVISIONS | TRADE, OTHER PAYABLES AND PROVISIONS US Dollars Figures in millions 2021 2020 2019 Non-current Other payables 7 8 15 Current Trade payables 406 403 365 Accruals (1) 205 191 167 Short-term provisions 31 30 53 Other payables 5 3 1 647 627 586 Total trade, other payables and provisions 654 635 601 Current trade and other payables are non-interest bearing and are normally settled within 60 days. (1) Includes accrual for silicosis of $16m (2020: $12m; 2019: $11m) and retrenchments of $7m (2020: nil; 2019: nil). |
TAXATION_2
TAXATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
TAXATION | TAXATION US Dollars Figures in millions 2021 2020 2019 Balance at beginning of year 139 62 54 Refunds during the year 20 — 7 Payments during the year (336) (431) (228) Taxation of items included in the income statement 248 562 298 Offset of VAT and other taxes (87) (41) (50) Withholding tax transferred from (to) trade, other payables and provisions 7 (7) — Discounting of tax receivable 1 — — Transfer from tax receivable relating to North America — (4) (10) Translation (2) (2) (9) Balance at end of year (10) 139 62 Included in the statement of financial position as follows: Taxation asset included in trade, other receivables and other assets (49) (14) (10) Taxation liability 39 153 72 (10) 139 62 |
CASH GENERATED FROM OPERATIONS
CASH GENERATED FROM OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
CASH GENERATED FROM OPERATIONS | CASH GENERATED FROM OPERATIONS US Dollars Figures in millions 2021 2020 2019 Profit (loss) before taxation 958 1,589 619 Adjusted for: Movement on non-hedge derivatives and other commodity contracts — — (6) Amortisation of tangible and right of use assets (note 4) 474 568 580 Amortisation of intangible assets (note 4) 3 2 3 Finance costs and unwinding of obligations (note 6) 116 177 172 Environmental, rehabilitation, silicosis and other provisions (20) (50) (6) Impairment and derecognition of assets 7 1 3 Profit on sale of assets (22) (2) — Other expenses (income) 61 51 41 Interest income (58) (27) (14) Share of associates and joint ventures’ (profit) loss (note 7) (249) (278) (168) Other non-cash movements 30 35 43 Movements in working capital 53 (238) (165) 1,353 1,828 1,102 Movements in working capital: Decrease (increase) in inventories 58 (83) (67) Increase in trade, other receivables and other assets (49) (163) (138) Increase in trade, other payables and provisions 44 8 40 53 (238) (165) |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party [Abstract] | ||
RELATED PARTIES | RELATED PARTIES US Dollars Figures in millions 2021 2020 2019 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Associates 7 11 19 Joint ventures — 8 7 Purchases and services acquired from related parties Associates 14 20 12 Joint ventures — 1 1 Outstanding balances arising from sale of goods and services due by related parties Associates 7 11 19 Joint ventures — — 1 Amounts owed to/due by related parties above are unsecured and non-interest bearing. Loans advanced to joint ventures and associates 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 Management team have permanent employment contracts which entitle them to standard group benefits as defined by their specific region and participation in the Company’s Deferred Share Plan (DSP). South African-based executives are paid a portion of their remuneration offshore, which is detailed under a separate contract. This reflects global roles and responsibilities and takes account of offshore business requirements. The executive contracts are reviewed annually and currently continue to include a change in control provision. The change in control is subject to the following triggers: • The acquisition of all or part of AngloGold Ashanti; or • A number of shareholders holding less than thirty-five percent 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 in control becoming effective, the executive management team will in certain circumstances be subject to both the notice period and the change in control contract terms. The notice period applied per category of executive and the change in control periods as at 31 December 2021 were as follows: Executive Committee member Notice Period Change of control Chief Executive Officer 12 months 12 months Chief Financial Officer 6 months 6 months Other Executive Management team members 6 months 6 months 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 2021 Beneficial holding 31 December 2020 Beneficial holding 31 December 2019 Beneficial holding US Dollars Direct Indirect Direct Indirect Direct Indirect Non-Executive directors KOF Busia (1) 2,000 AM Ferguson (1) 5,000 MDC Richter (1) 10,300 9,300 — 9,300 — AH Garner (1) 17,500 17,500 — 17,500 — Total 34,800 — 26,800 — 26,800 — Executive directors A Calderon (1)(2) 4,690 — — — — — KC Ramon 91,949 — 91,949 — 59,124 — Total 96,639 — 91,949 — 59,124 — Prescribed officers SD Bailey (1) 12,867 — 8,609 — 1,190 — GJ Ehm (2) 26,125 12,213 50,443 12,213 35,058 16,213 L Eybers (2) 28,466 — 28,466 — 18,164 — S Ntuli 6,421 — 6,421 — — — Total 73,879 12,213 93,939 12,213 54,412 16,213 Grand total 205,318 12,213 212,688 12,213 140,336 16,213 (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 securities 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. Subsequent to 31 December 2021 Changes in Directors' and Prescribed Officers' interests in AngloGold Ashanti shares, excluding options and awards granted in terms of the group's DSP scheme, after 31 December 2021 include: Date of transaction Type of transaction Number of shares Direct/Indirect beneficial holding Executive Directors KC Ramon 7 March 2022 Off market exercise of vested share awards to retain 26,751 shares 50,000 Direct 7 March 2022 On-market sale of shares to fund tax liability in relation to costs incurred in exercise of vested share awards 23,249 Direct Prescribed officers M Godoy 1 March 2022 Off market award of the first tranche of the sign-on bonus to retain 32,643 shares 48,309 Direct 2 March 2022 On-market sale of shares to fund tax liability in relation to costs incurred with the sign-on awards 15,666 Direct | Directors and other key management personnel Executive directors’ and prescribed officers’ remuneration Key management remuneration includes directors and prescribed officers that held office in the current year. For disclosure of the remuneration of key management in the prior year, refer to the disclosure provided in the prior year annual financial statements. The tables below illustrate the single total figure of remuneration and the total cash equivalent received reconciliation of Executive Directors and Prescribed Officers as prescribed by King IV. It comprises an overview of all the pay elements available to the executive management team for the year ended 31 December 2021. The following are definitions of terminology used in the adoption of the reporting requirements under King IV. Reflected In respect of the DSP awards, remuneration is reflected when performance conditions have been met during the reporting period. Settled This refers to remuneration that has been included in prior reporting periods and has now become payable (but may not yet have been paid) to the executive in the current period. Single total figure of remuneration Base Salary Pension scheme benefits Cash in lieu of dividends Other benefits (2) Awards earned during the period reflected but not yet settled Other Payments Single total figure of remuneration ZAR denominated portion USD/AUD denominated portion (1) DSP awards (3) Sign-on 2021 2020 2019 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 USD '000 (15) USD '000 (15) USD '000 (15) Executive directors A Calderon (4) — 7,821 2,066 — 156 20,481 10,289 — 40,813 2,761 — — KC Ramon (5) 6,104 4,324 864 67 525 7,652 — 22,974 42,510 2,875 3,138 5,097 Total executive directors 6,104 12,145 2,930 67 681 28,133 10,289 22,974 83,323 5,636 3,138 5,097 Prescribed officers SD Bailey 4,648 3,062 — 30 1,246 15,752 — — 24,738 1,673 2,019 2,190 I Boninelli (6) 4,725 — — — 131 4,091 — — 8,947 605 — — VA Chamberlain (7) 1,047 252 137 — 29 7,228 — 264 8,957 606 — — PD Chenard (8) 440 335 — — 1,489 — — — 2,264 153 1,250 3,292 GJ Ehm (9) — 10,392 291 54 1,548 6,359 — — 18,644 1,261 2,673 4,742 L Eybers — 10,760 291 52 1,578 21,189 — — 33,870 2,291 2,686 4,659 MC Godoy (10) — 1,882 141 — 358 4,782 35,072 — 42,235 2,857 — — I Kramer (11) 2,408 — 301 15 48 5,459 — 602 8,833 598 468 — L Marwick (12) 4,706 1,828 629 13 271 13,735 — — 21,182 1,433 1,241 — S Ntuli (13) 5,415 3,567 756 36 2,239 5,358 — 17,599 34,970 2,365 2,322 2,565 TR Sibisi (14) 1,144 758 242 47 14 — — 4,406 6,611 447 1,831 3,514 Total prescribed officers 24,533 32,836 2,788 247 8,951 83,953 35,072 22,871 211,251 14,289 14,490 20,962 (1) Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR on payment date. (2) Other benefits include health care, group personal accident cover, group life cover, funeral cover, accommodation allowance, pension allowance, airfare and surplus leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over. (3) The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the share awards are allocated in February 2022. Shares vest over a 3 to 5-year period in equal tranches. (4) A Calderon was appointed as executive director and CEO with effect from 1 September 2021. All payments including salary, DSP awards, pension, and other benefits were pro-rated and aligned to the appointment period. (5) KC Ramon was appointed as Interim CEO from 1 September 2020 to 31 August 2021. Included in the DSP awards is the DSP cash bonus and share award for 2021 calculated on the CFO role for 4 months. Other payments reflect the acting allowance paid and the DSP cash bonus and share award for the acting period of 8 months calculated on the CEO percentage bonus opportunity. (6) I Boninelli was appointed as Executive Group Human Resources Consultant and prescribed officer effective 1 April 2021. All payments, including salary, DSP awards (cash bonus only) and other benefits, were pro-rated and aligned to the appointment period. (7) VA Chamberlain was appointed as Interim Chief Development Officer and prescribed officer effective 1 October 2021. All payments, including salary, pension and other benefits, were pro-rated and aligned to the appointment period. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP awards were not pro-rated but were calculated based on his Senior Vice President (SVP) salary including 3 months acting allowance). Other payments reflect the acting allowance for the acting period from 1 October to 31 December 2021. (8) PD Chenard retired as EVP: Strategy and Corporate Development and prescribed officer with effect from 31 January 2021. All payments, including salary and other benefits, were pro-rated and aligned to retirement date. (9) GJ Ehm retired as EVP: Group Planning and Technical and prescribed officer with effect from 31 December 2021. All payments, including salary, pension, DSP awards (cash bonus only) and other benefits, were aligned to retirement date. (10) MC Godoy was appointed as Chief Technology Officer and prescribed officer effective 15 October 2021. All payments, including salary, DSP awards, pension, and other benefits, were pro-rated and aligned to the appointment period. (11) I Kramer was appointed as Interim CFO and prescribed officer from 1 September 2020 to 31 August 2021. All payments, including pension and other benefits, were pro-rated aligned to the acting period for 2021. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP awards were not pro-rated but were calculated based on his normal SVP salary plus 8 months acting allowance on the SVP target bonus opportunity). Other payments reflect the acting allowance for the acting period from 1 January to 31 August 2021. (12) L Marwick’s 2021 earnings are for a full financial year as compared to 2020 earnings which were prorated as she was promoted and appointed as a prescribed officer effective 1 July 2020. (13) S Ntuli separated due to operational requirements effective 31 December 2021. All payments, including salary, pension, DSP awards (cash bonus only) and other benefits, were aligned to separation date. Other payments include separation payments. (14) TR Sibisi resigned as EVP: Group Human Resources and prescribed officer effective 1 April 2021. All payments, including salary, pension and other benefits, were pro-rated and aligned to 1 April 2021. Included in other payments is payment in lieu of unworked notice period from 1 April 2021 to 30 September 2021. (15) Convenience conversion to USD at the year-to-date average exchange rate of $1: R14.7842 (2020: $1:R16.4506; 2019: $1:R14.445). Directors and other key management personnel CONTINUED Total cash equivalent received reconciliation Single total figure of remunera- Awards earned during the period reflected but not yet settled DSP 2020 cash portion settled BSP, CIP, DSP and LTIP share awards settled Sign-on cash settled Sign-on shares settled Total cash equivalent received reconciliation DSP awards (1) Sign-on Grant fair value (2) Market movement since grant date (2) Vesting fair value (2) Grant fair value (2) Currency move- ment since grant date (2) Settlement fair value (2) Grant fair value (2) Market move- ment since grant date (2) Vesting fair value (2) 2021 2020 2019 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 USD '000 (3) USD '000 (3) USD '000 (3) Executive directors A Calderon 40,813 (20,481) (10,289) — — — — 10,289 — 10,289 — — — 20,332 1,375 — — KC Ramon 42,510 (28,907) — 11,479 7,751 1,596 9,347 — — — — — — 34,429 2,329 4,278 3,057 Total executive directors 83,323 (49,388) (10,289) 11,479 7,751 1,596 9,347 10,289 — 10,289 — — — 54,761 3,704 4,278 3,057 Prescribed officers SD Bailey 24,738 (15,752) — 6,793 3,892 504 4,396 — — — — — — 20,175 1,365 1,508 1,041 I Boninelli 8,947 (4,091) — — — — — — — — — — — 4,856 328 — — VA Chamberlain 8,957 (7,228) — — 2,099 425 2,524 — — — — — — 4,253 288 — — PD Chenard 2,264 — — 7,977 2,624 (151) 2,473 — — — 6,513 3,644 10,157 22,871 1,547 2,204 900 GJ Ehm 18,644 (6,359) — 9,465 6,912 1,468 8,380 — — — — — — 30,130 2,038 3,843 2,536 L Eybers 33,870 (21,189) — 9,402 6,683 1,376 8,059 — — — — — — 30,142 2,039 3,756 2,082 MC Godoy 42,235 (4,782) (35,072) — — — — 4,583 — 4,583 — — — 6,964 471 — — I Kramer 8,833 (5,459) — 2,434 1,772 340 2,112 — — — — — — 7,920 536 98 — L Marwick 21,182 (13,735) — 4,760 1,543 262 1,805 — — — — — — 14,012 948 231 — S Ntuli 34,970 (5,358) — 7,593 6,278 1,637 7,915 — — — — — — 45,120 3,052 1,862 1,160 TR Sibisi 6,611 — — 5,849 5,399 1,132 6,531 — — — — — — 18,991 1,285 2,835 2,249 Total prescribed officers 211,251 (83,953) (35,072) 54,273 37,202 6,993 44,195 4,583 — 4,583 6,513 3,644 10,157 205,434 13,897 16,337 9,968 Notes (1) The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the share awards are allocated in February 2022. Shares vest over a 3 to 5 year period in equal tranches. (2) Reflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested DSP 2019, DSP 2020 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award. (3) Convenience conversion to USD at the year-to-date average exchange rate of $1:R14.7842 (2020: $1:R16.4506; 2019: $1:R14.445). KPM Dushnisky resigned effective 1 September 2020 and on 28 February 2021 was paid the balance of his 12-month notice period of $2.8m which included his DSP FY 2020 cash bonus (Single total figure of remuneration – 2020: $3.3m; 2019: $6.3m). Payment made in the current year is aligned to the standard terms and conditions of termination. Details of the share incentive scheme awards are included below. Sign-on share awards Balance at Granted Vested deemed settled Forfeited/ Lapsed Balance at 31 December 2021 Fair value of granted awards (1) Fair value of vested awards (2) Fair value of unvested awards at 31 December 2021 (3) ZAR '000 ZAR '000 ZAR '000 Prescribed officers PD Chenard 32,476 — 32,476 — — — 10,157 — M Godoy — 107,353 — — 107,353 30,489 — 35,287 Total prescribed officers 32,476 107,353 32,476 — 107,353 30,489 10,157 35,287 Other management (4) 87,939 5,449 87,939 896 4,553 1,415 27,277 1,497 Total sign-on share awards 120,415 112,802 120,415 896 111,906 31,904 37,434 36,784 (1) The fair value of granted awards represents the value of awards, calculated using a five (2) V ested awards represents the value received on settlement date. (3) The fair value of unvested awards is calculated using the closing share price as at 31 December. (4) The awards for other management include awards for Mr KPM Dushnisky who stepped down as executive director in 2020. Directors and other key management personnel CONTINUED DSP awards Balance at Granted Vested, deemed settled Forfeited/ Lapsed Balance at 31 December 2021 Fair value of granted awards (1) Fair value of vested awards (2) Fair value of unvested awards at 31 December 2021 (3) ZAR '000 ZAR '000 ZAR '000 Executive directors KC Ramon 134,421 79,541 30,475 — 183,487 24,576 9,347 60,312 Total executive directors 134,421 79,541 30,475 — 183,487 24,576 9,347 60,312 Prescribed officers SD Bailey 52,433 51,929 14,325 — 90,037 16,045 4,396 29,595 VA Chamberlain (4) 19,889 15,498 8,228 — 27,159 4,788 2,524 8,927 PD Chenard 40,251 — 8,050 — 32,201 — 2,473 10,584 GJ Ehm 120,204 73,218 27,321 — 166,101 22,622 8,380 54,597 L Eybers 115,886 72,734 26,272 — 162,348 22,473 8,058 53,364 I Kramer 12,892 11,816 6,884 — 17,824 3,651 2,112 5,859 L Marwick 11,482 36,223 5,884 — 41,821 11,192 1,805 13,747 S Ntuli 62,114 58,047 25,226 — 94,935 17,935 7,915 31,205 TR Sibisi (5) 93,775 — 21,291 72,484 — — 6,531 — Total prescribed officers 528,926 319,465 143,481 72,484 632,426 98,706 44,194 207,878 Other management (6) 1,442,976 786,342 691,212 250,330 1,287,776 242,956 212,629 423,292 Total DSP awards 2,106,323 1,185,348 865,168 322,814 2,103,689 366,238 266,170 691,482 (1) The fair value of granted awards represents the value of awards, calculated using a five (2) The fair value of vested awards represents the value deemed received on settlement date. (3) The fair value of unvested awards is calculated using the closing share price as at 31 December. (4) Opening balances were included as part of Other Management. (5) Share awards lapsed due to resignation. (6) The awards for other management include awards for Ms ME Sanz for 2020 and Mr KPM Dushnisky who stepped down as executive director in 2020. Non-Executive Directors’ fees and allowances The board received a 2% inflationary increase for 2021. This increase was based on the US inflation rate in 2021, in line with market practice. This is the first increase Non-Executive Directors have received since 2014. The table below details the fees payable to Non-Executive Directors in accordance with the Company’s shareholder approved policy together with allowances paid in the year: Figures in thousands Figures in thousands Director fees (1) Committee fees Travel allowance Total Total Total US Dollars 2021 2020 2019 M Ramos (Chairperson) 359,350 92,000 — 451,350 202 107 R Gasant (Lead independent director) 179,900 116,500 — 296,400 223 193 KOF Busia 139,300 93,500 7,500 240,300 103 — AM Ferguson 139,300 103,000 12,500 254,800 197 217 AH Garner 139,300 53,500 8,750 201,550 174 196 N Magubane 139,300 38,500 — 177,800 171 — MDC Richter 139,300 103,000 7,500 249,800 209 230 JE Tilk 139,300 130,500 8,750 278,550 206 231 Total fees for 2021 1,375,050 730,500 45,000 2,150,550 1,485 1,174 (1) Includes the annual base fee paid to NEDs as well as fees paid for special board meetings. Non-Executive Directors do not hold service contracts with the Company. Executive Directors do not receive payment of directors’ fees or committee fees. |
CONTRACTUAL COMMITMENTS AND CON
CONTRACTUAL COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
CONTRACTUAL COMMITMENTS AND CONTINGENCIES | CONTRACTUAL COMMITMENTS AND CONTINGENCIES US Dollars Figures in millions 2021 2020 2019 Capital commitments Acquisition of tangible assets Contracted for 146 120 161 Not contracted for 547 367 426 Authorised by the directors 693 487 587 Allocated to: Project capital - within one year 337 216 288 - thereafter 64 71 162 401 287 450 Stay-in-business capital - within one year 292 200 117 - thereafter — — 20 292 200 137 Share of underlying capital commitments of joint ventures included above 4 12 2 Purchase obligations Contracted for - within one year 423 391 506 - thereafter 624 882 579 1,047 1,273 1,085 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 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 2021 2020 2019 Contingent liabilities Litigation - Ghana (1)(2) — 97 97 — 97 97 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 in November 2012. In 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. The arbitration panel was constituted and held an arbitration management meeting to address initial procedural matters in July 2019. In May 2020, the Ghana Arbitration Centre granted MBC’s request to stay the arbitral proceedings indefinitely to enable it and AGAG to explore a possible settlement. On 12 April 2021, the parties executed a settlement agreement to resolve the matter at no cost to either of the parties . (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. 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. 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. Tax claims For a discussion on tax claims and tax uncertainties refer to note 10. |
FINANCIAL RISK MANAGEMENT ACTIV
FINANCIAL RISK MANAGEMENT ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
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 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 of fluctuations in the Brazilian real/US dollar, Argentinean peso/US dollar and Australian dollar/US dollar exchange rates. Net open hedge position as at 31 December 2021 The group had no commitments against future production potentially settled in cash. Interest rate and liquidity risk The group manages liquidity risk by ensuring that it has 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 counter parties 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 24 and 34). The contractual maturities of financial liabilities, including interest payments, are as follows: Financial liabilities Within one year Between Between After five years Total 2021 $ millions Effective $ millions Effective $ millions Effective $ millions Effective $ millions Trade and other payables 647 7 — — 654 Borrowings 119 115 332 2,169 2,735 - In USD 113 4.3 76 4.2 280 4.1 2,169 4.1 2,638 - In AUD — 1.5 33 1.5 — — — — 33 - TZS in USD equivalent 6 12.5 6 12.5 52 12.5 — — 64 2020 Trade and other payables 627 8 — — 635 Borrowings 205 901 137 1,414 2,657 - In USD 158 5.0 901 5.0 137 4.6 1,414 4.6 2,610 - TZS in USD equivalent 47 12.5 — — — — — — 47 2019 Trade and other payables 586 15 — — 601 Borrowings 802 185 1,012 602 2,601 - In USD 790 5.8 132 6.0 913 6.1 602 6.5 2,437 - AUD in USD equivalent — 2.3 — 2.3 22 2.3 — — 22 - TZS in USD equivalent 6 12.5 47 12.5 — — — — 53 - ZAR in USD equivalent 6 8.1 6 8.1 77 8.1 — — 89 The table below provides a breakdown of the contractual maturities including interest payments of the lease liabilities. Within one year Between one and two years Between two and five years After five years Total 2021 $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Lease liabilities 68 50 74 10 202 - In USD 32 2.3 19 2.3 13 2.3 — — 64 - AUD in USD equivalent 24 4.6 23 4.6 51 4.6 10 4.6 108 - BRL in USD equivalent 10 11.0 7 11.0 6 11.0 — — 23 - ZAR in USD equivalent 2 5.9 1 5.9 4 5.9 — — 7 2020 Lease liabilities 42 31 68 19 160 - In USD 10 6.1 4 6.1 6 6.1 — — 20 - AUD in USD equivalent 22 4.7 21 4.7 58 4.7 19 4.7 120 - BRL in USD equivalent 7 8.4 5 8.4 4 8.4 — — 16 - ZAR in USD equivalent 3 9.8 1 9.8 — — — — 4 2019 Lease liabilities 51 33 54 56 194 - In USD 22 7.0 4 7.0 8 7.0 1 7.0 35 - AUD in USD equivalent 22 3.5 22 3.5 42 3.5 55 3.5 141 - BRL in USD equivalent 3 6.8 3 6.8 3 6.8 — — 9 - ZAR in USD equivalent 4 9.8 4 9.8 1 9.8 — — 9 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 2021 2020 2019 Other investments (1) 1 2 67 Trade and other receivables 87 95 57 Cash restricted for use (note 21) 58 73 64 Cash and cash equivalents (note 22) 1,154 1,330 456 Total financial assets 1,300 1,500 644 (1) Included in other investments are amounts transferred to held for sale nil (2020 : nil; 2019: $63m). Trade and other receivables, that are past due but not impaired totalled $18m (2020: $12m; 2019: $15m). Trade receivables mainly comprise banking institutions purchasing gold bullion and normal market settlement terms are two working days, therefore expected credit losses are not expected to be material. 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. The maximum exposure to credit risk for all other financial instruments are approximated by their carrying values. 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 Fair Carrying Fair Carrying Fair Figures in millions - US Dollars 2021 2020 2019 Financial assets Other investments (1) 117 117 188 188 170 170 Financial liabilities Borrowings (note 24) 1,909 2,011 1,931 2,131 2,033 2,135 (1) Included in other investments are amounts transferred to held for sale nil (2020: nil; 2019: $84m) 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, other receivables and other assets and trade and other payables The carrying amounts approximate fair value due to their short term nature. Other Investments Listed equity investments classified as FVTOCI and FVTPL are carried at fair value in level 1 of the fair value hierarchy. 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 set 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 Figures in millions - US Dollars Level 1 Level 2 Level 3 Total 2021 Equity securities - FVTOCI 116 — — 116 Deferred compensation asset — — 25 25 2020 Deferred compensation asset — — 28 28 Equity securities - FVTOCI 186 — — 186 2019 Equity securities - FVTOCI 82 — — 82 Equity securities - FVTPL 21 — — 21 Level 3 financial assets On 12 February 2020, AngloGold Ashanti announced that it had reached an agreement to sell its remaining South African producing assets and related liabilities to Harmony Gold Mining Company Limited ("Harmony"). The transaction closed on 30 September 2020, with Harmony taking effective control of these producing assets and related liabilities on 1 October 2020. Consideration for the transaction is in cash and deferred payments, subject to subsequent performance, and with additional proceeds if the West Wits assets are developed below current infrastructure. The two components of the deferred compensation assets are calculated as follows: a. $260 per ounce payable on all underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) in excess of 250,000 ounces per annum for 6 years commencing 1 January 2021. Using a probability weighted calculation of unobservable market data and estimated with reference to expected underlying discounted cash flows a deferred compensation asset of $25m is recognised in the statement of financial position as at 31 December 2021. b. $20 per ounce payable on underground production sourced within the West Wits mineral rights (comprising the Mponeng, Savuka and TauTona mines) below the datum of current infrastructure. At transaction date this constituted 8.53 million ounces of Mineral Reserve. The consideration is dependent on Harmony developing below infrastructure. The performance of this obligation is outside the influence of AngloGold Ashanti as it depends on Harmony’s future investment decisions. Under the conditions prevailing as at 31 December 2021, no portion of deferred compensation below infrastructure has been included in the deferred compensation asset. Reconciliation of deferred compensation asset A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: Figures in millions - US Dollars 2021 Opening balance 28 Unwinding of the deferred compensation asset 2 Changes in estimates - fair value adjustments (1) (3) Translation (2) Closing balance (2) 25 (1) Included in the Income statement in foreign exchange and fair value adjustments (2) Included in the Statement of financial position in non-current trade, other receivables and other assets Sensitivity analysis The table below illustrates the impact on the fair value of the deferred compensation asset resulting from an increase / decrease in production estimates over the remaining period used in the weighted probability calculation. Percentage Change in Effect of changes in assumptions Increase in number of ounces +10% 3 Decrease in number of ounces -10% (3) The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony’s mining plans, which could differ from the actual mining plans followed by Harmony. Environmental obligations Pursuant to environmental regulations in the countries in which we operate, in connection with planning for end-of-life of our mines, we are obligated to rehabilitate the lands where such mines are located. In most cases, AngloGold Ashanti is required to provide financial guarantees for such work, including reclamation bonds or letters of credit issued by third party entities, independent trust funds or cash reserves maintained 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 estimated environmental rehabilitation obligations. In most cases, the environmental obligations will expire on completion of the rehabilitation although, in some cases, we may be required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed. In Australia, since 2014, we have paid into a Mine Rehabilitation Fund an amount of AUD $10m for a current carrying value of the liability of AUD $138m. At Iduapriem, we have provided a bond comprising of a cash component of $11m with a further bond guarantee amounting to $39m issued by ABSA Bank Ghana Limited and Standard Chartered Bank Ghana Ltd for a current carrying value of the liability of $54m. At Obuasi, we have provided a bond comprising of a cash component of $21m with a further bank guarantee amounting to $30m issued amongst Stanbic Bank Ghana Limited for $13m and Standard Chartered Bank Ghana PLC (SCB) for $17m for a current carrying value of the liability of $217m. In some circumstances we may be required to post further bonds in due course 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. The expected impact on the Group's profit or loss and equity is fairly reflected within the "Change in interest" amount. Change in interest Change in interest Change in interest 2021 Financial assets USD denominated 100 3 3 AUD denominated 150 1 1 CAD denominated 100 4 5 Financial liabilities TZS denominated 250 2,692 1 AUD denominated 150 1 1 USD denominated 100 1 1 Change in interest Change in interest Change in interest 2020 Financial assets USD denominated 100 6 6 AUD denominated 150 1 1 ARS denominated 250 121 1 Financial liabilities TZS denominated 250 2,730 1 USD denominated 100 1 1 Change in interest Change in interest Change in interest 2019 Financial assets USD denominated 100 1 1 ZAR denominated 150 1 1 Financial liabilities TZS denominated 250 2,704 1 ZAR denominated (1) 150 15 1 AUD denominated 100 1 1 (1) This is the only interest rate for the Company 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 2021 2020 2019 Borrowings ZAR denominated (R/$) Spot (+R1.50) — Spot (+R1.50) — Spot (+R1.50) (7) TZS denominated (TZS/$) Spot (+TZS250) (5) Spot (+TZS250) (5) Spot (+TZS250) (5) AUD denominated (AUD/$) Spot (+AUD0.1) (2) Spot (+AUD0.1) — Spot (+AUD0.1) (1) ZAR denominated (R/$) Spot (-R(1.5)) — Spot (-R(1.5)) — Spot (-R(1.50)) 9 TZS denominated (TZS/$) Spot (-TZS(250)) 6 Spot (-TZS(250)) 6 Spot (-TZS(250)) 6 AUD denominated (AUD/$) Spot (-AUD(0.1)) 2 Spot (-AUD(0.1)) — Spot (-AUD(0.1)) 1 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, 2021 | |
Disclosure Of Additional Information [Abstract] | |
CAPITAL MANAGEMENT | 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 24, 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 Adjusted net debt to Adjusted EBITDA (gearing). Both the calculation of Adjusted net debt and Adjusted EBITDA are based on the formula included in the Revolving Credit Agreements. The loan covenant ratio of Adjusted 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. A full analysis of the borrowings as presented on the statement of financial position is included in note 24. During October and November 2021 the $750m rated bonds due 2022 issued during July 2012, were redeemed. During October 2021 the Company concluded a 7-year $750m bond offering, priced at 3.375% per annum due 2028. The bonds were issued on 22 October 2021 with interest accruing from that date. Coupons are payable on a semi-annual basis payable in May and November each year and the bonds are repayable on 1 November 2028. The $300m, $700m and the new $750m rated bonds are fully and unconditionally guaranteed by AngloGold Ashanti Limited. During December 2021, the group entered into a new syndicated three-year unsecured multi-currency revolving credit facility of $150m. Facility A is a US dollar- based facility with interest charged at a margin of 6.7% above LIBOR and facility B is a Tanzanian Shilling facility capped at the approximate equivalent of $87m with interest charged at a margin of 5% plus a reference rate as determined by the lending agent. The facility is repayable at either 26 August 2024 or 17 December 2024 depending on the fulfilment of certain conditions in the borrowing agreement. The interest margin on the five-year unsecured multi-currency syndicated revolving credit facility of $1.4bn 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. The A$500m portion of 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. Amounts are converted to US dollar at year end exchange rates. Gearing ratio (Adjusted Net debt to Adjusted EBITDA) US Dollars Figures in millions 2021 2020 2019 Adjusted net debt from continuing operations Borrowings - non-current portion (note 24) 1,858 1,789 1,299 Lease liabilities - non-current portion (note 14) 124 116 126 Borrowings - current portion (note 24) 51 142 734 Lease liabilities - current portion (note 14) 61 37 45 Total borrowings 2,094 2,084 2,204 Less: cash and cash equivalents (note 22) (1,154) (1,330) (456) Net debt 940 754 1,748 Adjustments: IFRS16 lease adjustments (149) (106) (119) Unamortised portion of borrowing costs 32 22 16 Cash restricted for use (note 21) (58) (73) (64) Adjusted net debt 765 597 1,581 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Agreements for compliance with the debt covenant formula. Adjusted EBITDA from continuing operations Profit (loss) before taxation 958 1,589 619 Add back: Finance costs and unwinding of obligations (note 6) 116 177 172 Interest income (58) (27) (14) Amortisation of tangible, intangible and right of use assets (note 4) 477 570 583 Other amortisation 4 6 6 Associates and joint ventures’ adjustments for amortisation, interest and taxation 183 168 149 EBITDA 1,680 2,483 1,515 Adjustments: Foreign exchange and fair value adjustments 43 — 12 Dividend income — (2) — Retrenchment and related costs 20 2 7 Care and maintenance costs (note 5) 45 — 47 Impairment, derecognition of assets and (profit) loss on disposal (11) 1 6 Profit on disposal of joint ventures — (19) — Premium on settlement of bonds 24 — — Loss (gain) on non-hedge derivatives and other commodity contracts — 5 (5) Associates and joint ventures’ share of costs — — (2) Adjusted EBITDA (as defined in the Revolving Credit Agreements) 1,801 2,470 1,580 Gearing ratio (Adjusted net debt to Adjusted EBITDA) 0.42:1 0.24:1 1.00:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS AngloGold Ashanti Announces Completion of Acquisition of Corvus On 18 January 2022, AngloGold Ashanti announced the successful completion of the previously announced plan of arrangement with Corvus Gold Inc. (“Corvus”), pursuant to which AngloGold Ashanti agreed to acquire the remaining 80.5% of common shares of Corvus, not already owned by AngloGold Ashanti. On acquisition, AngloGold Ashanti obtained control over Corvus. Under the terms of the arrangement, the shareholders of Corvus (other than the AGA group) received C$4.10 in cash per Corvus share. The acquisition, deemed to be an asset acquisition under IFRS, resulted in a total consideration of $445m, including a non-cash consideration of $80m. The non-cash consideration represents the fair value of the 19.5% Corvus investment held by the group, prior to the acquisition of the 80.5%, and previously accounted for as an equity investment at fair value through OCI. The cash consideration paid, including transaction costs, at an exchange rate of C$1.26/$, amounted to $365m. The total consideration will be allocated to the acquired assets and assumed liabilities based on their estimated relative fair values on the acquisition date, which primarily consist of leased mineral properties and exploration results. Management is finalising the assessment of certain inputs and assumptions and gathering information that may impact the identification and fair value of the net assets. Dividend declaration - On 22 February 2022, the directors of AngloGold Ashanti declared a gross cash dividend per ordinary share of 217 South African cents (assuming an exchange rate of ZAR 15.50/$, the gross dividend payable per ADS is equivalent to 14 US cents). |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [Abstract] | |
Statement of compliance | Statement of compliance The consolidated 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), SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the 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 2021. The adoption of the new standards, interpretations and amendments effective from 1 January 2021 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. The following amendments issued by the IASB are not yet effective: IAS 16 amendment "Property, Plant and Equipment — Proceeds before Intended Use" The IAS 16 amendment was issued by the IASB in May 2020 with an effective date of 1 January 2022 for annual periods beginning on or after 1 January 2022. The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss. An entity applies the amendments retrospectively to items of property, plant and equipment (PPE) made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. Management has completed its preliminary assessment of the accounting impact on adoption of the amendment on 1 January 2022. The adoption is expected to result in a retrospective increase in property, plant and equipment and gross profit of $38m in 2020 (2019: decrease of $6m). No impact is expected on the 2021 results. The effects of the 2019 restatement will be included in the accumulated losses opening balance of the 2020 financial reporting period. The estimated impact arises from the reclassification of revenue, cost of sales, and tangible assets and the resulting amortisation recalculation. Disclosure of accounting policies — Amendment to IAS 1 "Presentation of Financial Statements" and IFRS Practice Statement 2 "Making Materiality Judgements" The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023. Earlier application is permitted. The amendments change the requirements in IAS 1 regarding disclosure of accounting policies replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies. The amendments explain how an entity can identify a material accounting policy, with added examples of when an accounting policy is likely to be material. IFRS Practice Statement 2 notes that an entity may find it helpful to follow a systematic process in making materiality judgements and offers an example of such a process. The amendments are applied prospectively. Once the entity applies the amendments to IAS 1, it is also permitted to apply the amendments to IFRS Practice Statement 2. Management is assessing the impact of the amendments to determine the impact they will have on accounting policy disclosures. IFRS 17 "Insurance Contracts" IFRS 17 requires insurance liabilities to be measured at a current fulfilment value and provides a more uniform measurement and presentation approach for all insurance contracts. IFRS 17 supersedes IFRS 4 "Insurance Contracts" and is effective from 1 January 2023. IFRS 17 will be applied retrospectively, management is assessing the impact IFRS 17 adoption will have on the group. Amendments to IAS 1 "Presentation of Financial Statements — Classification of Liabilities as Current or Non-current" |
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. All notes are from continuing operations unless otherwise stated. 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, joint ventures and associates, are prepared for the same reporting period as the Company, using the same accounting policies. Subsidiaries are all 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 associate, joint venture or a joint operation. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated 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 elements of control. Intra-group transactions, balances and unrealised gains and losses on transactions between group companies, including any resulting tax effects are eliminated. |
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 Mineral 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); production start date; recoverability of indirect taxes; recoverability of deferred tax assets; and write-downs of inventory to net realisable value. Other estimates include employee benefit liabilities, unrecognised tax positions and deferred compensation assets. 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 uncertainty of the impact of the COVID-19 pandemic on the global economy and on the group has been considered in judgements made and in the key assumptions used in management's estimates. Key assumptions include items such as commodity prices, exchange rates and changes in interest rates. The judgements applied by management 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 | Carrying value of tangible assets Amortisation 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 Proven and Probable Mineral 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 Proven and Probable Mineral 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 Proven and Probable Mineral Reserve. This would generally arise from the following factors: • changes in Proven and Probable Mineral Reserve; • the grade of Mineral 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 Proven and Probable Mineral 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. Stripping costs 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 Mineral 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 Mineral 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 Mineral 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 cost of sales. Impairment 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 Mineral Reserve, Mineral Resource, 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 Mineral Reserve 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. 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. Details of assumptions and sensitivity analyses of cash generating units (CGUs) with marginal headroom are included in note 13 Tangible assets. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36 Impairment of Assets . Tangible assets Tangible assets are recorded at cost less accumulated amortisation and impairments/reversals. Cost includes pre-production revenue generated and 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. When 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 the difference is recognised as an 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 of the related asset, 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 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; and • computer equipment up to three years. 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. |
Exploration and evaluation assets | Production start date The group assesses the stage of each mine construction project to determine when a project moves into the production stage. The criteria used to assess the start date are determined by the unique nature of each mine construction project and include factors such as the complexity of a plant and its location. The group considers various relevant criteria to assess when the construction project is substantially complete and ready for its intended use and moves into the production stage. The criteria used in the assessment would include, but are not limited to the following: • the level of capital expenditure compared to the construction cost estimates; • completion of a reasonable period of testing of the constructed asset; • adequacy of stope face; • ability to produce metals in saleable form (within specifications); and • ability to sustain ongoing production of metal. When a mine construction project moves into the production stage, the capitalisation of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for capitalisable costs related to mining asset additions or improvements, underground mine development, deferred stripping activities, or Ore Reserve development. Phase 1 of the Obuasi mine re-development project moved into the production stage on 1 October 2020 when it was determined that the Phase 1 assets were capable of operating in the manner intended by management. Phase 2 was delayed because the Company voluntarily suspended all underground activities following a sill pillar incident during May 2021. Phase 2 construction of the Obuasi redevelopment project was completed at the end of December 2021, however, a reasonable period of testing of the Phase 2 assets could not be completed during 2021. 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 Proven and Probable Mineral 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 Mineral Resource, after which the expenditure is capitalised as 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 mine development cost. Costs relating to property acquisitions are capitalised within mine development costs. |
Goodwill | Carrying value of goodwill 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 Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill. Goodwill is not subject to amortisation and is tested annually for impairment and 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 independent cash flows (cash-generating units). An individual operating mine is not a typical going-concern business because of the finite life of its Mineral Reserve. 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, the group performs its annual impairment review of assigned goodwill during the fourth quarter of each year , refer note 15 for impairment assumptions. Goodwill 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 Proven and Probable Mineral Reserve, exploration properties and net assets is recognised as goodwill. Goodwill in respect of subsidiaries is disclosed as goodwill. Goodwill relating to subsidiaries is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. |
Income taxes | 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 tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate, prepared in accordance with IAS 12 Income Taxes , applies the South African corporate tax rate of 28 percent. 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 recognised 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 an acquisition that is a business combination. 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 if based on the specific facts and circumstances, the entity has determined that the interest (receivable or payable) and penalties payable to the tax authorities are an income tax. |
Provision for environmental rehabilitation obligations | Provision for environmental rehabilitation obligations The group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which 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 and the costs can be reasonably estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. Future changes to environmental laws and regulations, technology, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and could have a material impact on our business, financial condition, results of operations and cash flows. A sensitivity assessment is included in note 25. 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. 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 and metals in process | 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 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. |
Recoverable tax, rebates, levies and duties | Recoverable tax, rebates, levies and duties In a number of countries, particularly in Tanzania and Argentina, AngloGold Ashanti is due refunds of indirect tax which remain outstanding for periods longer than those provided for in the respective statutes. The group uses probability weighted discounting models together with the expected timing of recovery of these refunds to estimate their fair values and related discounting effects which are updated at each reporting period. Timing of the recoverability and the resultant probabilities is updated based on several factors including ongoing correspondence and meetings with the relevant authorities and available income taxes for off-sets, if applicable. Where the recovery of the indirect tax refunds is tied to off-set arrangements against income taxes, the modeled scenarios incorporate judgements around the applicable mine’s business plan and availability of future income tax off-sets. The group consults tax and legal specialists to determine the current basis of applicable laws and regulations in the associated jurisdictions which are highly complex and subject to interpretation. Future changes to such laws and regulations or the interpretation thereof could have a material impact on the carrying value of these assets, results of operations and cash flows. In addition, AngloGold Ashanti has unresolved non-income tax disputes in a number of countries, particularly in Tanzania, Brazil and Argentina. If the outstanding input taxes are not received and these 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 and our results of operations. |
Post-retirement obligations | Post-retirement obligations The determination of the group’s obligation and expense for 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. |
Mineral Reserve estimates | Mineral Reserve estimates A Mineral 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 Mineral 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 Mineral 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 Mineral Reserve in accordance with the minimum standards described by 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 Mineral Reserve from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Reserve may change from period to period. Changes in the reported Mineral 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 Mineral 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. |
Provision for silicosis | Provision for silicosis The Settlement Agreement in the silicosis and tuberculosis class action litigation became operational on 10 December 2019. A settlement trust, known as the Tshiamiso Trust, was established to carry out the terms of the Settlement Agreement. 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. A sensitivity assessment is included in note 25. |
Identification, classification and disposal of discontinued operations held for sale | As a consequence of the sale of the South African operations in 2020, a deferred compensation asset was recognised. The deferred compensation asset is included at fair value in level 3 of the fair value hierarchy. Management used a probability weighted discounted cash flow model to measure the deferred compensation asset. The significant inputs and assumptions used in the discounted cash flow calculation, include the production plan over the deferred compensation period and the weighted average cost of capital. Details of the valuation, including a sensitivity assessment, are included in note 33. |
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. Refer note 10 for tax uncertainties and contingencies and note 32 for legal claims and other contingencies. 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 $33m 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. |
Covid-19 pandemic | COVID-19 pandemic AngloGold Ashanti continues to respond to the COVID-19 pandemic, including the multiple waves of the outbreak in different countries and the surge of new variants of the virus, while contributing to the global effort to stop the spread of the virus and provide public health and economic relief to local communities. Operations continue to implement and strengthen controls on-site and in communities, including facilitating access to vaccines. We continue to monitor the pandemic and update guidelines and response plans to ensure preparedness while maintaining programmes for awareness, prevention, surveillance, early detection and control at group and site level. While infection rates have largely declined, the emergence of the Omicron variant at the end of 2021 presented challenges with increasing absenteeism due to isolation and quarantine requirements as well as some travel restrictions and shortages of critical skills that continue to challenge operations in Argentina, Australia, Brazil and Ghana, albeit at varying levels. During 2021, Cerro Vanguardia operated with limited mining capacity largely due to the impact of COVID-19 and resulting restrictions related to moving personnel to and from the site. However, during the second half of 2021 we saw an improvement in |
Climate change considerations | Climate change considerations As a member of the International Council on Mining and Metals (ICMM), AngloGold Ashanti has committed to the ICMM’s target of net zero Scope 1 and 2 greenhouse gas (GHG) emissions by 2050 or sooner in line with the ambitions of the Paris Agreement. Unlike other major resources companies, AngloGold Ashanti does not mine or extract hydrocarbons such as coal, natural gas or oil. AngloGold Ashanti does, however, emit greenhouse gases directly from energy and fuel used in its gold mining operations, the processing of ore, and the transportation of its products. In 2021, AngloGold Ashanti published its first TCFD-aligned Climate Change Report which frames a refreshed Climate Change Strategy. The Climate Change Strategy, which was approved by the board in November 2021, seeks to embed the management of physical risks, transition climate risks, and climate change-related opportunities into our strategic and operational planning processes. The group has committed to the ICMM’s target of net zero Scope 1 and 2 emissions by 2050, and to accelerate action on Scope 3 emissions, including setting credible targets in partnership with suppliers by the end of 2023. Whilst the group has set targets to be carbon neutral by 2050, the consequences, in terms of investment, its cost base and impact on cash flows are still being assessed as the group considers how it will work towards meeting these targets. This could have an impact on the future carrying amounts of assets or liabilities as the group responds to its climate change targets. Assessing the risks of aggressive decarbonisation scenarios and other market transition risks, as well as physical and regulatory risks to our operations, on our business strategy and planning assumptions is an area that will be addressed through the implementation of our Climate Change strategy. This could have a knock-on effect on a number of areas, such as driving up the costs of capital goods, and key mining inputs, such as energy, potentially impacting impairments of asset carrying amounts. |
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 investments 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 | Joint ventures and associates If necessary, impairment and impairment reversals on loans and equity are reported under share of joint ventures and associates profit and loss. Any losses of equity-accounted investments are accounted for 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 / impairment reversals 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 / impairment reversal 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. |
Joint operations | 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 currencyItems 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’). |
Transactions and balances and group companies | 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 reserve, or FCTR). Exchange differences arising from the translation of the net investment in foreign operations are accounted for as other comprehensive income on consolidation. On realisation of net investments in foreign operations, the resulting FCTR is recycled to the income statement. On disposal of non-foreign operations, where the parent’s functional currency, is the same as the subsidiary’s, associate’s, joint venture’s or branch’s functional currency, no reclassification of FCTR is required. |
Segment reporting | Segment reporting An operating segment is a business activity whose results are regularly reviewed by the chief operating decision maker (CODM) 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 Executive Officer and the Executive Committee are collectively identified as the CODM. |
Tangible assets | Carrying value of tangible assets Amortisation 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 Proven and Probable Mineral 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 Proven and Probable Mineral 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 Proven and Probable Mineral Reserve. This would generally arise from the following factors: • changes in Proven and Probable Mineral Reserve; • the grade of Mineral 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 Proven and Probable Mineral 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. Stripping costs 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 Mineral 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 Mineral 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 Mineral 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 cost of sales. Impairment 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 Mineral Reserve, Mineral Resource, 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 Mineral Reserve 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. 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. Details of assumptions and sensitivity analyses of cash generating units (CGUs) with marginal headroom are included in note 13 Tangible assets. If an impairment loss has decreased, the carrying amount is recorded at the recoverable amount as limited in terms of IAS 36 Impairment of Assets . Tangible assets Tangible assets are recorded at cost less accumulated amortisation and impairments/reversals. Cost includes pre-production revenue generated and 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. When 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 the difference is recognised as an 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 of the related asset, 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 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; and • computer equipment up to three years. 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 Proven and Probable Mineral Reserve at cost at the acquisition date. These costs are amortised from the date on which the assets are ready for use as intended by management. Depreciation, depletion and amortisation of mine development costs are computed by the units-of-production method based on estimated Proven and Probable Mineral Reserve. The Proven and Probable Mineral Reserve reflects estimated quantities of Mineral Reserve 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 Mineral 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. |
Mine infrastructure | Mine infrastructureMine plant facilities, including decommissioning assets, are amortised using the lesser of their useful life or units-of-production method based on estimated Proven and Probable Mineral 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 Proven and Probable Mineral Reserve. Dumps are amortised over the period of treatment. |
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 that 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. Capitalised development costs are included as assets under construction and mine development costs in tangible assets. |
Leases | Leases The group assesses whether a contract is or contains a lease at inception of a contract. The group recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less with no purchase option) and leases of low value assets. For these leases, the group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the group uses its incremental borrowing rate. The group applies the IFRS 16 portfolio approach in determining the discount rate for leases. As such a single discount rate has been used for contracts that share similar characteristics. The group has determined that contracts that are denominated in the same currency will use a single discount rate. This rate has been determined using various factors including in-country borrowings as well as other sources of finance. Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Lease payments included in the measurement of the lease liability comprise: • fixed lease payments (including in-substance fixed payments), less any lease incentives; • variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; • the amount expected to be payable by the lessee under residual value guarantees; • the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented separately in the consolidated statement of financial position, allocated to non-current and current liabilities. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: • the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; • the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); • a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, any initial direct costs and restoration costs as described below. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease term is determined as the non-cancellable period of a lease, together with: • periods covered by an option to extend the lease if the group is reasonably certain to make use of that option; and / or • periods covered by an option to terminate the lease, if the group is reasonably certain not to make use of that option. Whenever the group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets . The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The group applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss accordingly. |
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 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. |
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. |
Other post-employment benefit obligations | Post-retirement obligations The determination of the group’s obligation and expense for 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. |
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. |
Environmental expenditure | Provision for environmental rehabilitation obligations The group incurs obligations to close, restore and rehabilitate its mine sites affected by mining and exploration activities which 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 and the costs can be reasonably estimated. The determination of the provision is based on, among other considerations, judgements and estimates of current damage caused, timing and amount of future costs to be incurred to rehabilitate the mine sites, estimates of future inflation, exchange rates and discount rates. Future changes to environmental laws and regulations, technology, life of mine estimates, inflation rates, foreign currency exchange rates and discount rates could affect the carrying amount of this provision, cannot be predicted with certainty and could have a material impact on our business, financial condition, results of operations and cash flows. A sensitivity assessment is included in note 25. 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. 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. |
Revenue recognition | Revenue recognition Revenue is recognised when control of the goods passes to the customer and the performance obligations of transferring control have been met. The amount of revenue recognised reflects the consideration to which the entity is entitled in exchange for the goods transferred. Revenue from product sales comprises sales of: • refined gold; • by-products including silver and sulphuric acid; and • doré bars. Revenue from product sales is recognised at a point in time. |
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 tax reconciliation between tax expense and the product of accounting profit multiplied by the applicable tax rate, prepared in accordance with IAS 12 Income Taxes , applies the South African corporate tax rate of 28 percent. 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 recognised 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 an acquisition that is a business combination. 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 if based on the specific facts and circumstances, the entity has determined that the interest (receivable or payable) and penalties payable to the tax authorities are an income tax. |
Other expenses and income | Other expenses and income Items of income and expense, not included in gross profit, that are: • material either quantitatively or qualitatively, or both; • not directly related to current operating or financing activities ; and • not disclosed separately on the face of the income statement, are classified as Other (expenses) income on the face of the income statement |
Financial instruments | Financial instruments Financial instruments are initially recognised at fair value when the group becomes a party to their contractual arrangements. Transaction costs directly attributable to the instrument’s acquisition or issue are included in the initial measurement of financial assets and financial liabilities, except financial instruments classified as at fair value through profit or loss (FVTPL). The subsequent measurement of financial instruments is dealt with below. |
Financial liabilities | Financial liabilities Financial liabilities are classified as measured at amortised cost using the effective interest rate method. Financial liabilities subsequently measured at amortised cost compromise of interest bearing borrowings and trade and other payables. A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. The group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case a new financial liability based on the modified terms is recognised at fair value. |
Financial assets | Financial assets On initial recognition, a financial asset is classified as measured at: • amortised cost; • Fair value through other comprehensive income (FVTOCI) - equity instruments; or • FVTPL. At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL, are expensed. A financial asset is measured at amortised cost if it is held within the business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. Assets at amortised cost include trade, other receivables and other assets, cash restricted for use and cash and cash equivalents. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in impairment, derecognition of assets and profit (loss) on disposal. Impairment losses are presented in the statement of profit or loss. A gain or loss on a debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within foreign exchange and fair value adjustments in the period in which it arises. 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. Equity instruments Listed and unlisted equity investments are included in Other investments in the Statement of financial position. Listed equity investments which are held to meet rehabilitation liabilities are classified as FVTPL. Listed equity investments held for other purposes are classified as FVTOCI. The group subsequently measures all equity investments at fair value. Where the group’s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the group’s right to receive payments is established. Residual values in OCI are reclassified to retained earnings (accumulated losses) on derecognition of the related FVTOCI instruments. Changes in the fair value of financial assets at FVTPL are recognised in other gains or losses in the statement of profit or loss as applicable. Trade receivables Trade receivables mainly comprise receivables owing from banking institutions purchasing gold bullion. Normal market settlement terms are two working days. Trade receivables are recognised on settlement date. Deferred compensation asset Deferred consideration is treated as a financial instrument to the extent that it constitutes a right to receive cash from a third party and measured at FVTPL. The fair value change in the deferred compensation asset is recognised in foreign exchange and fair value adjustments in the income statement. Impairment of financial assets Financial assets at amortised cost consist of trade receivables, loans, cash and cash equivalents and debt instruments. Impairment losses are assessed using the forward-looking expected credit loss (ECL) approach. An allowance is recorded for all loans and other debt financial assets not held at FVTPL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Trade receivable loss allowances are measured at an amount equal to lifetime ECL’s. Loss allowances are deducted from the gross carrying amount of the assets. Debt securities that are determined to have a low credit risk at the reporting date and bank balances, for which credit risk has not increased significantly since initial recognition, are measured at an amount equal to 12-month ECL. Financial guarantees in the parent company Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value. The fair value of a financial guarantee contract is the present value of the difference between the net contractual cash flows required under a debt instrument, and the net contractual cash flows that would have been required without the guarantee. The liability is amortised in a straight line over the period the guarantee remains in place. |
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. |
SEGMENTAL INFORMATION (Tables)
SEGMENTAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of entity's operating segments [Abstract] | |
Schedule of Segmental Information | Group analysis by origin is as follows: Figures in millions Gold income US Dollars 2021 2020 2019 Geographical analysis of gold income by origin is as follows: Africa (1) 2,644 2,769 2,203 Australia 890 989 851 Americas 1,028 1,211 1,000 4,562 4,969 4,054 Equity-accounted joint ventures included above (659) (647) (615) Continuing operations 3,903 4,322 3,439 Discontinued operations - South Africa — 408 554 3,903 4,730 3,993 Foreign countries included in the above and considered material are: Australia 890 989 851 Brazil 749 853 679 Ghana 565 536 Guinea 545 Tanzania 875 1,133 849 DRC 659 647 504 Geographical analysis of gold income by destination is as follows: South Africa 1,214 943 981 North America 699 580 486 South America 34 1 — Australia 890 989 851 Europe 279 358 329 United Kingdom 1,446 2,098 1,407 4,562 4,969 4,054 Equity-accounted joint ventures included above (659) (647) (615) Continuing operations 3,903 4,322 3,439 Discontinued operations - South Africa — 408 554 Continuing and discontinued operations 3,903 4,730 3,993 Figures in millions By product revenue US Dollars 2021 2020 2019 Africa (1) 5 4 3 Australia 4 3 3 Americas 119 99 81 128 106 87 Equity-accounted joint ventures included above (2) (1) (1) Continuing operations 126 105 86 Discontinued operations - South Africa — 1 1 126 106 87 Figures in millions Cost of sales US Dollars 2021 2020 2019 Africa (1) 1,650 1,572 1,601 Australia 740 705 632 Americas 822 764 822 Corporate and other (5) (2) (1) 3,207 3,039 3,054 Equity-accounted joint ventures included above (350) (340) (428) Continuing operations 2,857 2,699 2,626 Discontinued operations - South Africa — 287 479 2,857 2,986 3,105 Figures in millions Gross profit (loss) (2) US Dollars 2021 2020 2019 Africa (1) 999 1,201 605 Australia 153 286 221 Americas 325 532 265 Corporate and other 6 (2) 1 1,483 2,017 1,092 Equity-accounted joint ventures included above (311) (308) (188) Continuing operations 1,172 1,709 904 Discontinued operations - South Africa — 83 79 1,172 1,792 983 Figures in millions Amortisation US Dollars 2021 2020 2019 Africa (1) 268 349 367 Australia 150 160 173 Americas 161 163 177 Corporate and other 3 2 3 582 674 720 Equity-accounted joint ventures included above (105) (104) (137) Continuing operations 477 570 583 Discontinued operations - South Africa — — 61 477 570 644 Figures in millions Total assets (1)(3)(4) US Dollars 2021 2020 2019 South Africa — — 697 Africa 4,193 3,956 3,514 Australia 1,034 1,044 972 Americas 1,886 1,626 1,427 Corporate and other 854 1,046 253 7,967 7,672 6,863 Figures in millions Non-current assets (5) US Dollars 2021 2020 2019 Non-current assets considered material, by country are: South Africa 61 59 25 Foreign entities 5,607 5,053 4,644 DRC 1,604 1,604 1,506 Ghana 1,158 915 758 Tanzania 510 425 379 Australia 806 849 817 Brazil 797 627 625 Figures in millions Capital expenditure US Dollars 2021 2020 2019 Africa (1) 506 397 410 Australia 185 143 149 Americas 398 217 195 Corporate and other 11 — — Continuing operations 1,100 757 754 Discontinued operations - South Africa — 35 60 1,100 792 814 Equity-accounted joint ventures included above (72) (56) (51) 1,028 736 763 (1) Includes equity-accounted investments. (2) 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 and discontinued operations, refer to the group income statement. (3) Total assets include allocated goodwill of $111m (2020: $118m; 2019: $108m) for Australia and $8m (2020: $8m; 2019: $8m) for Americas (note 15). In 2019, the South African segment included assets held for sale of $581m and the Africa Region segment included assets held for sale of $20m. (4) In 2021, pre-tax impairments and derecognition of assets of $1m were accounted for in Corporate and other (2020: nil; 2019: nil), nil in South Africa (2020: $17m impairment reversal; 2019: $556m), Africa Region of $4m (2020: nil; 2019: $2m) and the Americas of $1m (2020: nil; 2019: $1m). (5) Non-current assets exclude financial instruments and deferred tax assets. |
REVENUE FROM PRODUCT SALES (Tab
REVENUE FROM PRODUCT SALES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of revenue [Abstract] | |
Disclosure of Revenue | US Dollars Figures in millions 2021 2020 2019 Revenue consists of the following principal categories: Gold income (note 2) 3,903 4,322 3,439 By-products (note 2) 126 105 86 4,029 4,427 3,525 |
COST OF SALES (Tables)
COST OF SALES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cost of Sales [Abstract] | |
Cost of Sales by Cost | US Dollars Figures in millions 2021 2020 2019 Cash operating costs 2,160 1,881 1,831 Royalties 162 181 137 Other cash costs 12 12 13 Total cash costs 2,334 2,074 1,981 Retrenchment costs 2 2 4 Rehabilitation and other non-cash costs 38 32 53 Amortisation of tangible assets (notes 30 and 34) 411 521 538 Amortisation of right of use assets (notes 14, 30 and 34) 63 47 42 Amortisation of intangible assets (notes 15, 30 and 34) 3 2 3 Inventory change 6 21 5 2,857 2,699 2,626 |
OTHER EXPENSE (INCOME) (Tables)
OTHER EXPENSE (INCOME) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Other Expense (Income) [Abstract] | |
Disclosure of Other Expense (Income) | US Dollars Figures in millions 2021 2020 2019 Care and maintenance (1) 45 — 47 Governmental fiscal claims 7 6 12 Cost of old tailings operations 9 14 9 Guinea public infrastructure contribution — — 8 Pension and medical defined benefit provisions 7 8 9 Royalty receivable impaired — 4 — Royalties received (2) (2) (3) Brazilian power utility legal settlement — — (16) Retrenchment and related costs (2) 18 — 3 Legal fees and project costs 10 9 11 Refund from insurance claim — (5) — Other indirect taxes 18 23 3 Premium on settlement of bonds (3) 24 — — 136 57 83 (1) Following a sill pillar incident at Obuasi on 18 May 2021, the Company voluntarily suspended all underground activities until mid-October 2021 when underground ore mining resumed to replenish the run-of-mine stockpile without corresponding gold production. (2) Retrenchment costs incurred in 2021 as part of the transition to the new Operating Model. (3) Bond settlement costs following the early redemption of the $750m, 5.125% notes due 2022. |
FINANCE COSTS AND UNWINDING O_2
FINANCE COSTS AND UNWINDING OF OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |
Disclosure of Finance Costs and Unwinding of Obligations by Item | US Dollars Figures in millions 2021 2020 2019 Finance costs Finance costs on bonds, bank loans and other 109 124 135 Amortisation of fees 6 23 4 Lease finance charges 9 8 10 Less: interest captalised (14) (17) (6) 110 138 143 Unwinding of obligations 6 39 29 Total finance costs and unwinding of obligations (notes 30 and 34) 116 177 172 |
SHARE OF ASSOCIATES AND JOINT_2
SHARE OF ASSOCIATES AND JOINT VENTURES' PROFIT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 2019 Revenue 697 677 616 Operating costs and other expenses (370) (353) (452) Profit on sale of joint ventures — 19 — Net interest received 7 5 10 Profit (loss) before taxation 334 348 174 Taxation (85) (70) (35) Profit (loss) after taxation 249 278 139 Impairment reversal of investments in associates — — 23 Impairment reversal of investments in joint ventures (note 17) — — 6 Share of associates and joint ventures’ profit (loss) (note 30) 249 278 168 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of Employee Benefits | US Dollars Figures in millions 2021 2020 2019 Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits 593 644 697 - current medical expenses 25 23 29 - defined benefit post-retirement medical expenses 6 7 8 - defined contribution 20 25 29 Retrenchment costs 16 2 7 Share-based payment expense (note 9) 22 16 42 Included in cost of sales, other expenses and corporate administration, marketing and related expenses of continuing and discontinued operations 682 717 812 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share-based payment arrangements [Abstract] | |
Disclosure of Share-based Payment Expense | US Dollars Figures in millions 2021 2020 2019 Equity-settled share incentive schemes Bonus Share Plan (BSP) — 1 6 Deferred Share Plan (DSP) 22 14 13 Other — 1 2 22 16 21 Cash-settled share incentive scheme — — 21 Total share-based payment expense (note 8) 22 16 42 |
Disclosure of Fair Value and Terms of Equity Schemes | Award date (unvested awards and awards vested during the year) 2018 Calculated fair value R 119.14 Vesting date 50% 22 Feb 2019 Vesting date 50% 22 Feb 2020 Expiry date 22 Feb 2028 Award date (unvested awards and awards vested during the year) 2021 2020 2019 Calculated fair value R 308.97 R 325.97 R 204.42 DSP 2 year Vesting date 50% 24 Feb 2022 25 Feb 2021 21 Feb 2020 Vesting date 50% 24 Feb 2023 25 Feb 2022 21 Feb 2021 DSP 3 year Vesting date 33% 24 Feb 2022 25 Feb 2021 21 Feb 2020 Vesting date 33% 24 Feb 2023 25 Feb 2022 21 Feb 2021 Vesting date 34% 24 Feb 2024 25 Feb 2023 21 Feb 2022 DSP 5 year Vesting date 20% 24 Feb 2022 25 Feb 2021 21 Feb 2020 Vesting date 20% 24 Feb 2023 25 Feb 2022 21 Feb 2021 Vesting date 20% 24 Feb 2024 25 Feb 2023 21 Feb 2022 Vesting date 20% 24 Feb 2025 25 Feb 2024 21 Feb 2023 Vesting date 20% 24 Feb 2026 25 Feb 2025 21 Feb 2024 Expiry date 24 Feb 2031 25 Feb 2030 21 Feb 2029 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 |
Disclosure of Activity of Equity Schemes | Number of shares 2021 2020 2019 Awards outstanding at beginning of year 1,005,977 2,141,415 4,557,919 Awards granted during the year — — — Awards lapsed during the year — — (109,065) Awards exercised during the year (156,294) (1,135,438) (2,307,439) Awards outstanding at end of year 849,683 1,005,977 2,141,415 Awards exercisable at end of year 849,683 1,005,977 1,207,936 Number of shares 2021 2020 2019 Awards outstanding at beginning of year 2,289,762 1,599,360 — Awards granted during the year 1,185,348 1,176,532 1,669,191 Awards lapsed during the year (322,814) (155,575) (55,208) Awards exercised during the year (459,913) (330,555) (14,623) Awards outstanding at end of year 2,692,383 2,289,762 1,599,360 Awards exercisable at end of year 588,694 183,439 — Number of shares 2021 2020 2019 Awards outstanding at beginning of year 111,562 229,639 447,842 Awards lapsed during the year — — — Awards exercised during the year (2,333) (118,077) (218,203) Awards outstanding at end of year 109,229 111,562 229,639 Awards exercisable at end of year 109,229 111,562 229,639 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
Disclosure of Income Tax Expense | Figures in millions US Dollars 2021 2020 2019 South African taxation Normal taxation — 1 — Prior year over provision (1) — — Deferred taxation Other temporary differences — 74 (18) Change in estimated deferred tax rate — — (14) (1) 75 (32) Foreign taxation Normal taxation 252 553 299 Prior year (over) under provision (3) 8 (1) Deferred taxation Temporary differences 52 9 (28) Prior year under (over) provision 4 (6) 1 Change in estimate 6 (14) 9 Change in statutory tax rate 2 — 2 313 550 282 312 625 250 |
Disclosure of Tax Rates | Figures in millions US Dollars Reconciliation to South African statutory rate 2021 2020 2019 Implied tax charge at 28% 268 445 173 Increase (decrease) due to: Expenses not tax deductible (1) 22 29 28 Share of associates and joint ventures' profit (70) (78) (47) Tax rate differentials (2) and withholding taxes (3) 54 96 39 Exchange variations and translation adjustments 6 28 11 Current year tax losses (expense) not recognised: Obuasi 6 (6) 14 AngloGold Ashanti Holdings plc 25 31 29 North America 13 4 6 Siguiri (4) (37) (8) — SA Corporate 18 — — Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change 6 (14) (5) Tax effect of retained SA items — 16 3 Tax allowances — (1) (1) Derecognition of deferred tax assets — 78 — Impact of statutory tax rate change 2 — 2 Adjustment in respect of prior years — 2 — Other (1) 3 (2) Income tax expense 312 625 250 (1) Includes corporate, exploration and non-tax deductible rehabilitation costs and British Virgin Isle group losses. (2) Due to different tax rates in various jurisdictions, primarily Tanzania, Ghana, Guinea, Australia, Brazil and Argentina. (3) Withholding taxes on dividends paid. (4) Siguiri current tax expense not recognised due to tax holiday. |
Disclosure of Unrecognised Tax Losses | Figures in millions US Dollars 2021 2020 2019 Analysis of unrecognised deferred tax assets Available to be utilised against future profits - utilisation required within one year 54 62 — - utilisation required between one and two years 177 54 85 - utilisation required between two and five years 1,339 352 356 - utilisation required between five and twenty years 989 1,002 973 - utilisation in excess of twenty years 449 421 73 3,008 1,891 1,487 |
EARNINGS (LOSS) PER ORDINARY _2
EARNINGS (LOSS) PER ORDINARY SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of earnings per share [Abstract] | |
Disclosure of Earnings Per Share | 2021 2020 2019 US cents per share Basic earnings (loss) per ordinary share 148 227 (3) - Continuing operations 148 225 87 The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $622m (2020: $946m; 2019: $364m) and 419,755,627 (2020: 419,033,516; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the financial year. - Discontinued operations — 2 (90) The calculation of basic earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2020: $7m; 2019: $(376)m) and 419,755,627 (2020: 419,033,516; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the financial year. Diluted earnings (loss) per ordinary share 148 227 (3) - Continuing operations 148 225 87 The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of $622m (2020: $946m; 2019: $364m) and 420,056,703 (2020: 419,481,450; 2019: 418,349,777) shares being the diluted number of ordinary shares. - Discontinued operations — 2 (90) The calculation of diluted earnings (loss) per ordinary share is based on profits (losses) attributable to equity shareholders of nil (2020: $7m; 2019: $(376)m) and 420,056,703 (2020: 419,481,450; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the financial year. In calculating the basic and diluted number of ordinary shares outstanding for the year, the following were taken into consideration: Number of shares 2021 2020 2019 Ordinary shares 417,272,178 416,399,307 414,407,622 Fully vested options and currently exercisable (1) 2,483,449 2,634,209 3,942,155 Weighted average number of shares 419,755,627 419,033,516 418,349,777 Dilutive potential of share options (2) 301,076 447,934 — Fully diluted number of ordinary shares 420,056,703 419,481,450 418,349,777 (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. (2) The number of share options that could potentially dilute basic earnings in the future were not included. The anti-dilutive effect was nil (2020: nil; 2019: 517,186). 11 EARNINGS (LOSS) PER ORDINARY SHARE (continued) US Dollars Figures in millions 2021 2020 2019 Headline earnings (loss) (2) 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 622 953 (12) Net (impairment reversal) impairment on held for sale assets — (17) 549 Taxation on net impairment on held for sale assets — — (165) Net impairment on property, plant and equipment and right of use asset (1) 2 — — Derecognition of assets (1) 4 — 10 Loss on disposal of discontinued operations — 80 — Taxation on loss on disposal of discontinued operations — 1 — Profit on sale of joint ventures (1) — (19) — Net loss (profit) on disposal of tangible assets (17) 2 (3) Taxation on net (profit) loss on disposal of assets 1 — — 612 1,000 379 (1) Tax effect has not been disclosed as the tax is less than $1m. (2) Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements. 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 $612m (2020: $1,000m; 2019: $379m) and 419,755,627 (2020: 419,033,516; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the year. 146 238 91 Diluted headline earnings (loss) per share The calculation of diluted headline earnings (loss) per ordinary share is based on diluted headline earnings (losses) of $612m (2020: $1,000m; 2019: $379m) and 420,056,703 (2020: 419,481,450; 2019: 418,349,777) shares being the weighted average number of ordinary shares in issue during the year. 146 238 91 |
DIVIDENDS (Tables)
DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share capital, reserves and other equity interest [Abstract] | |
Schedule of Dividends Paid | US Dollars Figures in millions 2021 2020 2019 Ordinary shares Dividend number 120 of 95 SA cents per share was declared on 19 February 2019 and paid on 8 April 2019 (7 US cents per share). 27 Dividend number 121 of 165 SA cents per share was declared on 21 February 2020 and paid on 27 March 2020 (9 US cents per share). 38 Dividend number 122 of 705 SA cents per share was declared on 22 February 2021 and paid on 26 March 2021 (48 US cents per share) 199 Dividend number 123 of 87 SA cents per share was declared on 6 August 2021 and paid on 10 September 2021 (6 US cents per share) 25 224 38 27 |
TANGIBLE ASSETS (Tables)
TANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment [abstract] | |
Disclosure of Detailed Information About Tangible Assets | Figures in millions Mine Mine Mineral Exploration Assets Land and buildings (2) Total US Dollars Cost Balance at 1 January 2019 5,674 4,212 888 4 512 77 11,367 Additions - project capital 43 — — 1 281 14 339 - stay-in-business capital 208 25 1 2 188 — 424 Finance costs capitalised (3) — — — — 6 — 6 Disposals (1) (16) — — — — (17) Transfers and other movements (1) (259) 219 1 — (489) (16) (544) Transfer to assets and liabilities held for sale (660) (663) (9) — (90) (9) (1,431) Translation (4) (1) — — (3) — (8) Balance at 31 December 2019 5,001 3,776 881 7 405 66 10,136 Accumulated amortisation and impairments Balance at 1 January 2019 4,184 2,911 849 3 27 12 7,986 Amortisation for the year 392 215 1 1 — — 609 Impairment and derecognition of assets (4) 243 172 — — 90 — 505 Disposals (1) (15) — — — — (16) Transfers and other movements (1) (455) (53) 1 — (3) (12) (522) Transfer to assets and liabilities held for sale (488) (422) (5) — (88) — (1,003) Translation (9) (5) — — (1) — (15) Balance at 31 December 2019 3,866 2,803 846 4 25 — 7,544 Net book value at 31 December 2019 1,135 973 35 3 380 66 2,592 Cost Balance at 1 January 2020 5,001 3,776 881 7 405 66 10,136 Additions - project capital 64 — — 1 246 20 331 - stay-in-business capital 180 8 1 — 179 2 370 Finance costs capitalised (3) — — — — 17 — 17 Disposals (1) (26) — — — — (27) Transfers and other movements (1) (1,076) 186 (699) 2 (320) 24 (1,883) Translation 157 9 5 (1) 6 — 176 Balance at 31 December 2020 4,325 3,953 188 9 533 112 9,120 Accumulated amortisation and impairments Balance at 1 January 2020 3,866 2,803 846 4 25 — 7,544 Amortisation for the year 345 179 5 1 — — 530 Disposals (1) (25) — — — — (26) Transfers and other movements (1) (1,208) (33) (699) — — — (1,940) Translation 117 6 4 — 1 — 128 Balance at 31 December 2020 3,119 2,930 156 5 26 — 6,236 Net book value at 31 December 2020 1,206 1,023 32 4 507 112 2,884 Figures in millions Mine Mine Mineral Exploration Assets Land and buildings (2) Total US Dollars Cost Balance at 1 January 2021 4,325 3,953 188 9 533 112 9,120 Additions - project capital 68 — — 5 300 19 392 - stay-in-business capital 274 17 — — 344 — 635 Finance costs capitalised (3) — — — — 14 — 14 Disposals (2) (23) — — — (5) (30) Transfers and other movements (1) 140 (207) — (2) (320) — (389) Translation (107) (6) (3) — (5) — (121) Balance at 31 December 2021 4,698 3,734 185 12 866 126 9,621 Accumulated amortisation and impairments Balance at 1 January 2020 3,119 2,930 156 5 26 — 6,236 Amortisation for the year 243 166 6 2 — — 417 Impairment and derecognition of assets (4) — 6 — — — — 6 Disposals (1) (22) — — — — (23) Transfers and other movements (1) (79) (311) — — — — (390) Translation (78) (4) (3) — — — (85) Balance at 31 December 2021 3,204 2,765 159 7 26 — 6,161 Net book value at 31 December 2021 1,494 969 26 5 840 126 3,460 (1) Transfers and other movements include amounts from deferred stripping, changes in estimates of decommissioning assets, asset reclassifications, derecognition of assets and initial recognition of joint operation share of property, plant and equipment. (2) Assets of $6m (2020: $7m; 2019: $9m) have been pledged as security. (3) The weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation was 4.96% (2020: 4.52%; 2019: 5.60%) (4) I mpairment of assets is assessed as follows: |
Disclosure of Impairments and Derecognitions of Tangible Assets | For the year ended 31 December, impairments and derecognitions of tangible assets were recognised for the following cash generating units (CGUs): Figures in millions - US Dollars 2021 Obuasi 4 Gramalote 1 Corporate 1 6 |
Disclosure of Impairment of Cash Generating Units | Based on an analysis carried out by the group in 2021, the carrying value and value in use of the most sensitive CGU are: Figures in millions - US Dollars Carrying value Value in use AngloGold Ashanti Mineração (1) 349 418 (1) It is estimated that a decrease of the long-term real gold price of $1,599/oz by 3%, would cause the recoverable amount of AngloGold Ashanti Mineração to equal its carrying amount using a real pre-tax weighted average cost of capital (WACC) discounted rate of 9.0% (2020: 11.0%). 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 are inextricably linked. |
RIGHT OF USE ASSETS AND LEASE_2
RIGHT OF USE ASSETS AND LEASE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Disclosure of Information about Right of use Assets | Figures in millions - US Dollars Mine Infra- Land and Total Cost Impact of adopting IFRS 16 - 1 January 2019 119 9 128 Additions - stay-in-business capital 32 — 32 Transfers and other movements (1) 58 15 73 Transfer to assets and liabilities held for sale — (1) (1) Translation — 1 1 Balance at 31 December 2019 209 24 233 Accumulated amortisation and impairments Balance at 1 January 2019 — — — Amortisation for the year 40 2 42 Transfers and other movements (1) 21 12 33 Balance at 31 December 2019 61 14 75 Net book value at 31 December 2019 148 10 158 Cost Balance at 1 January 2020 209 24 233 Additions - stay-in-business capital 23 — 23 Derecognition and other movements (2) (13) 1 (12) Translation 14 (1) 13 Balance at 31 December 2020 233 24 257 Accumulated amortisation and impairments Balance at 1 January 2020 61 14 75 Amortisation for the year 45 2 47 Derecognition and other movements (2) (11) — (11) Translation 5 (1) 4 Balance at 31 December 2020 100 15 115 Net book value at 31 December 2020 133 9 142 Cost Balance at 1 January 2021 233 24 257 Additions - project capital — 1 1 - stay-in-business capital 95 6 101 Derecognition and other movements (2) (22) (15) (37) Translation (9) — (9) Balance at 31 December 2021 297 16 313 Accumulated amortisation and impairments Balance at 1 January 2021 100 15 115 Amortisation for the year 61 2 63 Derecognition and other movements (2) (22) (15) (37) Impairment — 1 1 Translation (4) — (4) Balance at 31 December 2021 135 3 138 Net book value at 31 December 2021 162 13 175 (1) Relates to contracts previously classified as leases under IAS 17, which the group has reassessed upon initial transition as leases under IFRS 16 as of 1 January 2019. (2) Derecognition and other movements include amounts relating to the derecognition and write-off of assets. Figures in millions - US Dollars 2021 2020 2019 Lease liabilities Non-current (note 34) 124 116 126 Current (note 34) 61 37 45 Total 185 153 171 |
Disclosure of Quantitative Information about Leases for Lessee | Figures in millions - US Dollars 2021 2020 2019 Amounts recognised in the income statement Amortisation expense on right of use assets (note 4) 63 47 42 Interest expense on lease liabilities (note 6) 9 8 10 Expenses on short term leases 48 107 83 Expenses on variable lease payments not included in the lease liabilities (1) 302 234 220 Expenses on leases of low value assets (1) 33 24 2 (1) Includes expenses at Obuasi that have been capitalised as part of the re-development project Figures in millions - US Dollars 2021 2020 2019 Reconciliation of lease liabilities A reconciliation of the lease liabilities included in the statement of financial position is set out in the following table: Opening balance 153 171 — Lease liabilities recognised 103 23 160 Repayment of lease liabilities (63) (47) (42) Finance costs paid on lease liabilities (9) (8) (9) Interest charged to the income statement 9 8 10 Reclassification of finance leases from borrowings — — 60 Change in estimate — (1) (5) Translation (8) 7 (3) Closing balance 185 153 171 Lease finance costs paid included in the statement of cash flows 9 8 9 |
Disclosure of Maturity Analysis of Operating Lease Payments | Figures in millions - US Dollars 2021 2020 2019 Maturity analysis of lease liabilities Undiscounted cash flows Less than and including 1 year 69 43 52 Between 1 and 5 years 114 83 89 Five years and more 21 36 57 Total 204 162 198 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Reconciliation of Changes in Intangible Assets and Goodwill | Figures in millions Goodwill Other Total US Dollars Cost Balance at 1 January 2019 116 167 283 Transfer to assets and liabilities held for sale — (26) (26) Transfers and other movements (1) — 3 3 Balance at 31 December 2019 116 144 260 Accumulated amortisation and impairments Balance at 1 January 2019 — 160 160 Amortisation for the year — 3 3 Transfer to assets and liabilities held for sale — (26) (26) Balance at 31 December 2019 — 137 137 Net book value at 31 December 2019 116 7 123 Cost Balance at 1 January 2020 116 144 260 Additions — 1 1 Transfers and other movements (1) — (49) (49) Translation 10 — 10 Balance at 31 December 2020 126 96 222 Accumulated amortisation and impairments Balance at 1 January 2020 — 137 137 Amortisation for the year — 2 2 Transfers and other movements (1) — (49) (49) Translation — 1 1 Balance at 31 December 2020 — 91 91 Net book value at 31 December 2020 126 5 131 Cost Balance at 1 January 2021 126 96 222 Additions — 1 1 Transfers and other movements (1) — (1) (1) Translation (7) (1) (8) Balance at 31 December 2021 119 95 214 Accumulated amortisation and impairments Balance at 1 January 2021 — 91 91 Amortisation for the year — 3 3 Transfers and other movements (1) — (1) (1) Translation — (1) (1) Balance at 31 December 2021 — 92 92 Net book value at 31 December 2021 119 3 122 (1) Transfers and other movements include amounts from asset reclassifications and amounts written off. |
Schedule of Goodwill Impairment Assumptions | Based on an analysis carried out by the group in 2021, the carrying value and value in use of the most sensitive CGU with goodwill is: 2021 US Dollars Figures in millions Carrying Value in Sunrise Dam 183 389 |
Schedule of Goodwill Allocation | Net book value of goodwill allocated to each of the CGUs: US Dollars Figures in millions 2021 2020 2019 - Sunrise Dam 111 118 108 - Serra Grande 8 8 8 119 126 116 Real pre-tax discount rates applied in impairment calculations on the CGU for which the carrying amount of goodwill is significant is as follows: - Sunrise Dam (1) 5.5 % 8.7 % 10.8 % Goodwill has been allocated to its respective CGUs 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. The discount rates for 2021 were determined on a basis consistent with the 2020 discount rates. (1) The value in use of the CGU is $389m (2020: $538m; 2019: $363m). |
MATERIAL PARTLY-OWNED SUBSIDI_2
MATERIAL PARTLY-OWNED SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Disclosure of Interest in Subsidiaries | Name Non-controlling interest holding Country of incorporation and operation 2021 2020 2019 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 2021 2020 2019 Profit (loss) allocated to material non-controlling interests CVSA 5 8 5 Siguiri 19 10 — Accumulated balances of material non-controlling interests CVSA 11 14 13 Siguiri 41 31 23 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 2021 Revenue 371 546 Profit (loss) for the year 75 124 Total comprehensive income (loss) for the year, net of tax 75 124 Attributable to non-controlling interests 5 19 Dividends paid to non-controlling interests (8) (8) Statement of profit or loss for 2020 Revenue 440 453 Profit (loss) for the year 84 68 Total comprehensive income (loss) for the year, net of tax 84 68 Attributable to non-controlling interests 8 10 Dividends paid to non-controlling interests (6) (3) Statement of profit or loss for 2019 Revenue 390 349 Profit (loss) for the year 68 1 Total comprehensive income (loss) for the year, net of tax 68 1 Attributable to non-controlling interests 5 — Dividends paid to non-controlling interests (7) (9) 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 2021 Non-current assets 240 229 Current assets (1) 252 234 Non-current liabilities (132) (68) Current liabilities (218) (122) Total equity 142 273 Statement of financial position as at 31 December 2020 Non-current assets 202 233 Current assets 254 224 Non-current liabilities (123) (138) Current liabilities (150) (117) Total equity 183 202 Statement of financial position as at 31 December 2019 Non-current assets 177 245 Current assets 202 170 Non-current liabilities (120) (141) Current liabilities (82) (121) Total equity 177 153 Statement of cash flows for the year ended 31 December 2021 Cash inflow (outflow) from operating activities 165 197 Cash inflow (outflow) from investing activities (23) (38) Cash inflow (outflow) from financing activities (112) (143) Net increase (decrease) in cash and cash equivalents 30 16 Statement of cash flows for the year ended 31 December 2020 Cash inflow (outflow) from operating activities 169 63 Cash inflow (outflow) from investing activities (16) (30) Cash inflow (outflow) from financing activities (59) (11) Net increase (decrease) in cash and cash equivalents 94 22 Statement of cash flows for the year ended 31 December 2019 Cash inflow (outflow) from operating activities 107 46 Cash inflow (outflow) from investing activities (30) (22) Cash inflow (outflow) from financing activities (47) (30) Net increase (decrease) in cash and cash equivalents 30 (6) (1) CVSA had a cash balance equivalent to $139m (2020: $137m), following the payment to AngloGold Ashanti of $19m (2020: nil) offshore dividend during the fourth quarter of 2021. The remaining declared attributable dividend of $131m (2020: $50m) is available for payment to AngloGold Ashanti's offshore and onshore investment holding companies. Applications have been made to the Argentinean Central Bank to approve the payment of $114m (2020: $11m) of the offshore declared dividends. While the approval is pending, the cash remains fully available for CVSA’s operational requirements. |
INVESTMENTS IN ASSOCIATES AND_2
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interests In Other Entities [Abstract] | |
Disclosure of Interests in Associates | US Dollars Figures in millions 2021 2020 2019 Carrying value Investments in associates 43 47 40 Investments in joint ventures 1,604 1,604 1,541 Total comprehensive profit (loss) for the year, net of tax 1,647 1,651 1,581 Summarised financial information of immaterial associates is as follows: US Dollars Figures in millions 2021 2020 2019 Aggregate statement of profit or loss for associates (attributable) Revenue 36 29 20 Operating (expenses) income (1) (16) (6) 3 Taxation (2) — — Profit (loss) for the year 18 23 23 Total comprehensive profit (loss) for the year, net of tax 18 23 23 (1) Includes share of associate profit. |
Disclosure of Interests in Joint Ventures | US Dollars Figures in millions 2021 2020 2019 Carrying value Investments in associates 43 47 40 Investments in joint ventures 1,604 1,604 1,541 Total comprehensive profit (loss) for the year, net of tax 1,647 1,651 1,581 Investments in material joint ventures comprise: Name Effective % Description Country of incorporation and operation 2021 2020 2019 Kibali Goldmines S.A. (1) 45.0 45.0 45.0 Exploration and mine 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 2021 2020 2019 Carrying value of joint ventures Kibali 1,604 1,604 1,506 Immaterial joint ventures — — 35 1,604 1,604 1,541 Reversal (impairment) of investments in joint ventures Sadiola (note 7) (1) — — 6 The cumulative unrecognised share of losses of the joint ventures: Morila (2) — — 8 Yatela 2 1 2 (1) Sold effective 30 December 2020. (2) Sold effective 10 November 2020. Summarised financial information of the Kibali joint venture is as follows (not attributable) (1) : US Dollars Figures in millions 2021 2020 2019 Statement of profit or loss Revenue 1,470 1,443 1,123 Other operating costs and expenses (551) (541) (479) Amortisation of tangible and intangible assets (244) (241) (282) Finance costs and unwinding of obligations (6) (6) (4) Interest received 6 7 4 Taxation (181) (157) (62) Profit for the year 494 505 300 Total comprehensive income for the year, net of tax 494 505 300 Dividends received from joint venture (attributable) 231 140 75 US Dollars Figures in millions 2021 2020 2019 Statement of financial position Non-current assets 2,361 2,459 2,522 Current assets 162 120 183 Cash and cash equivalents (2) 1,115 944 453 Total assets 3,638 3,523 3,158 Non-current financial liabilities 44 50 45 Other non-current liabilities 226 118 26 Current financial liabilities 14 15 11 Other current liabilities 107 106 66 Total liabilities 391 289 148 Net assets 3,247 3,234 3,010 Group’s share of net assets 1,624 1,617 1,505 Other (3) (20) (13) 1 Carrying amount of interest in joint venture 1,604 1,604 1,506 (1) Subsequent event - At the end of January and in early February 2022, Kibali Goldmines S.A., which owns and operates the Kibali gold mine in the Democratic Republic of the Congo, received fifteen claims from the Direction Générale des Douanes et Accises (Customs Authority) concerning customs duties. The Customs Authority claims that incorrect import duty tariffs have been applied to the importation of certain consumables and equipment for the Kibali gold mine. In addition, they claim that the exemption available to Kibali Goldmines SA, which was granted in relation to the original mining lease, no longer applies. Finally, the Customs Authority claims that a service fee paid on the exportation of gold was paid to the wrong government body. The claims, including substantial penalties and interest, total $339m (AngloGold Ashanti attributable share: $153m). Kibali Goldmines S.A. has examined the Customs Authority claims and concluded that they are without merit, as they seek to challenge established customs practices which have been accepted by the Customs Authority for many years and, where relevant, are in line with ministerial instruction letters. Kibali Goldmines S.A. will vigorously defend its position that the Customs Authority claims are unfounded. (2) Kibali cash and equivalents are subject to various steps before they can be distributed to the joint venture shareholders and are held across four banks in the Democratic Republic of Congo, including two domestic banks. (3) Includes amounts relating to additional costs and contributions at acquisition as well as minority interests. |
OTHER INVESTMENTS (Tables)
OTHER INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Other Investments | US Dollars Figures in millions 2021 2020 2019 Listed investments (1) Non-current investments Equity investments at fair value though OCI (FVTOCI) Balance at beginning of year 186 72 63 Additions 3 9 9 Fair value adjustments (2) (73) 98 — Transfer from unlisted non-current investments — 7 — Balance at end of year 116 186 72 The non-current equity investments consist of ordinary shares and collective investment schemes and primarily comprise: Corvus Gold Inc. 80 59 41 Pure Gold Mining 35 126 31 Other 1 1 — 116 186 72 Listed investments (continued) Current investments Listed investments - FVTOCI — — 10 Book value of listed investments 116 186 82 Unlisted investments Non-current investments Balance at beginning of year 2 4 47 Additions — — 45 Maturities — — (44) Transfer to non-current assets and liabilities held for sale — — (48) Transfer to listed non-current investments — (7) — Fair value adjustment - FVTOCI — — 2 Fair value adjustments - FVTPL (1) 5 — Translation — — 2 Balance at end of year 1 2 4 The unlisted investments include: Book value of unlisted investments 1 2 4 Non-current other investments 117 188 76 Total book value of other investments 117 188 86 (1) The group’s listed equity investments are susceptible to market price risk arising from uncertainties about the future values of the investments. At the reporting date, the FVTOCI equity investments were listed on the Toronto Stock Exchange. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of inventories [Abstract] | |
Disclosure of Inventory by Type | US Dollars Figures in millions 2021 2020 2019 Non-current Raw materials - ore stockpiles 27 69 93 Current Raw materials - ore stockpiles 217 262 229 - heap-leach inventory 6 5 4 Work in progress - metals in process 49 46 51 Finished goods - gold doré/bullion 29 42 42 - by-products 1 — 1 Total metal inventories 302 355 327 Mine operating supplies 401 378 305 703 733 632 Total inventories (1) 730 802 725 (1) The amount of the write-down of ore stockpiles, heap-leach inventory, metals in process, finished goods and mine operating supplies to net realisable value, and recognised as an expense in cost of sales is $13m (2020: $7m; 2019: $4m). |
TRADE, OTHER RECEIVABLES AND _2
TRADE, OTHER RECEIVABLES AND OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of Trade, Other Receivables and Other Assets by Type | US Dollars Figures in millions 2021 2020 2019 Non-current Deferred compensation asset 25 28 — Prepayments 14 12 15 Recoverable tax, rebates, levies and duties 198 195 107 237 235 122 Current Trade and loan receivables 50 56 47 Prepayments 41 56 61 Recoverable tax, rebates, levies and duties (1) 155 100 130 Other receivables 14 17 12 260 229 250 Total trade, other receivables and other assets 497 464 372 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 Africa Region segment. These values are summarised as follows: Recoverable value added tax 212 215 167 Recoverable fuel duties — — 43 Appeal deposits 43 34 10 (1) Includes taxation asset, refer note 29. |
CASH RESTRICTED FOR USE (Tables
CASH RESTRICTED FOR USE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Additional Information [Abstract] | |
Cash Restricted for Use by Type | US Dollars Figures in millions 2021 2020 2019 Non-current Cash restricted for environmental and rehabilitation obligations 32 31 31 Current Cash restricted by prudential solvency requirements 18 24 27 Cash balances held by - joint operations 8 18 6 26 42 33 Total cash restricted for use (note 33 and 34) 58 73 64 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents by Type | US Dollars Figures in millions 2021 2020 2019 Cash and deposits on call 712 1,081 417 Money market instruments 442 249 39 Total cash and cash equivalents (note 33 and note 34) 1,154 1,330 456 |
SHARE CAPITAL AND PREMIUM (Tabl
SHARE CAPITAL AND PREMIUM (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of Share Capital | US Dollars Figures in millions 2021 2020 2019 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 417,501,452 (2020: 416,890,087; 2019: 415,301,215) ordinary shares of 25 SA cents each 17 17 17 nil (2020 and 2019: 2,000,000) A redeemable preference shares of 50 SA cents each (1) — — nil (2020 and 2019: 778,896) B redeemable preference shares of 1 SA cent each (1) — — 17 17 17 Treasury shares held within the group: nil (2020: 2,778,896; 2019: 2,778,896) A and B redeemable preference shares — — 17 17 17 Share premium Balance at beginning of year 7,250 7,235 7,208 Ordinary shares issued - share premium 9 15 27 Preference shares redeemed (1) (53) 7,206 7,250 7,235 Less: held within the group Redeemable preference shares (1) (53) (53) Balance at end of year 7,206 7,197 7,182 Share capital and premium 7,223 7,214 7,199 (1) During December 2021 the A and B redeemable preference shares were redeemed and the preference share certificates cancelled. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of borrowing costs [Abstract] | |
Disclosure of Detailed Information about Borrowings | US Dollars Figures in millions 2021 2020 2019 Non-current Unsecured Debt carried at amortised cost Rated bonds - issued October 2021 744 — — Semi-annual coupons are paid at 3.375% per annum on the $750m 7-year bonds. The bonds were issued on 22 October 2021, are repayable on 1 November 2028 and are US dollar-based. Rated bonds - issued October 2020 693 692 — Semi-annual coupons are paid at 3.75% per annum on $700m 10-year bonds. The bonds were issued on 1 October 2020, are repayable on 1 October 2030 and are US dollar-based. Rated bonds - issued April 2010 296 295 1,003 Semi-annual coupons are paid at 6.5% per annum on $300m 30-year bonds. The $300m bonds are repayable in April 2040. The bonds are US dollar-based. Rated bonds - issued July 2012 — 764 762 Semi-annual coupons were paid at 5.125% per annum on the $750m 10-year bonds. The bonds were issued on 30 July 2012 and were repaid during October 2021 and November 2021. The bonds were US dollar-based. Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) 31 — 15 The Facility consists of a US dollar based facility with interest charged at a margin of 1.45% above LIBOR and an Australian dollar based facility capped at $500m with a margin of 1.45% above BBSY. The applicable margin is subject to a ratings grid. The facility was issued on 23 October 2018 and is available until 23 October 2023. Syndicated loan facility (R1bn) 72 During 2020 the facility was cancelled. Siguiri revolving credit facilities ($65m) 35 67 67 Interest paid at 8.5% above LIBOR. The facility was issued on 23 August 2016, and is available until 3 May 2022 and is US dollar-based. Geita revolving credit facility ($150m) 113 114 Multi-currency RCF consisting of a Tanzanian shilling component which was capped at the equivalent of US$45m. Interest on this component was paid at 12.5%. Interest on the remaining USD component was paid at LIBOR plus 6.7%. The facility was cancelled during December 2021. Geita revolving credit facility ($150m) - 2021 110 A multi-currency RCF was entered into during December 2021, consisting of a Tanzanian shilling component which is capped at the equivalent of US$87m. This component bears interest at 12.5%. The remaining USD component of the facility bears interest at LIBOR plus 6.7%. The facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. Total borrowings (note 33) 1,909 1,931 2,033 Current portion of borrowings (note 34) (51) (142) (734) Total non-current borrowings (note 34) 1,858 1,789 1,299 Amounts falling due Within one year 51 142 734 Between one and two years 31 812 110 Between two and five years 110 — 898 After five years 1,717 977 291 (note 33) 1,909 1,931 2,033 Figures in millions - US Dollar Carrying value at 31 December 2021 Repayable within one year Repayable within one to two years Siguiri revolving credit facility ($65m) (1) 35 35 — Geita revolving credit facility ($150m) (2) 63 — — Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) (3) — — — (1) The Siguiri RCF currently bears interest at LIBOR plus 8.5%. At 31 December 2021, $30m of the facility was undrawn. The Siguiri RCF matures in May 2022. (2) The Geita RCF consists of a Tanzanian shilling component which is capped at the equivalent of US$87m and this component bears interest at 12.5%. The remaining component bears interest at LIBOR plus 6.7%. The equivalent of $40m was undrawn under the Geita RCF at 31 December 2021. The Geita RCF facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement. (3) At 31 December 2021, an equivalent of $33m was drawn under the AUD portion of the $1.4bn multi-currency RCF, which bears interest at BBSY plus 1.45%. At 31 December 2021, the USD portion of the $1.4bn multi-currency RCF, bearing interest at LIBOR plus 1.45%, was undrawn. The $1.4bn RCF is available until October 2023. US Dollars Figures in millions 2021 2020 2019 Currency The currencies in which the borrowings are denominated are as follows: US dollar 1,829 1,884 1,893 Australian dollar 33 — 21 SA rand — — 72 Tanzanian shillings 47 47 47 (notes 33) 1,909 1,931 2,033 Undrawn facilities Undrawn borrowing facilities as at 31 December are as follows: Syndicated revolving credit facility (R2.5bn) - SA rand (1) 179 Syndicated revolving credit facility (R1.4bn) - SA rand (2) 100 FirstRand Bank Limited (R150m; 2020: R500m; 2019: R750m) - SA rand 10 34 54 Multi currency syndicated revolving credit facility ($1.4bn) - US Dollar 1,367 1,400 1,379 Revolving credit facility - $150m 40 41 40 Revolving credit facility - $65m 30 — — 1,447 1,475 1,752 Change in liabilities arising from financing activities: Reconciliation of borrowings (excluding lease liabilities) (3) : A reconciliation of the total borrowings included in the statement of financial position is set out in the following table: Opening balance 1,931 2,033 2,050 Proceeds from borrowings 822 2,226 168 Repayment of borrowings (820) (2,310) (123) Finance costs paid on borrowings (115) (114) (122) Deferred loan fees (4) 4 (7) Other borrowing fees (11) (15) Interest charged to the income statement 106 115 127 Reclassification of finance leases to lease liabilities — — (60) Translation — (8) — Closing balance 1,909 1,931 2,033 Reconciliation of finance costs paid: A reconciliation of the finance cost paid included in the statement of cash flows is set out in the following table: Finance costs paid on borrowings 115 114 122 Capitalised finance cost (14) (17) (6) Commitment fees, utilisation fees and other borrowing costs 10 13 12 Total finance costs paid 111 110 128 (1) R2.5bn Syndicated loan facility issued December 2017 was cancelled on 23 October 2020. (2) R1.4bn Syndicated loan facility issued July 2015 was cancelled on 19 February 2020. (3) Refer note 14 for changes in lease liabilities arising from financing activities. |
ENVIRONMENTAL REHABILITATION _2
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of Environmental Rehabilitation and Other Provisions | US Dollars Figures in millions 2021 2020 2019 Environmental rehabilitation obligations Provision for decommissioning Balance at beginning of year 219 196 237 Charge to income statement 3 — — Change in estimates (1) (8) 17 29 Unwinding of decommissioning obligation 3 2 10 Transfer to assets and liabilities held for sale — — (81) Utilised during the year — — (1) Translation (2) 4 2 Balance at end of year 215 219 196 Provision for restoration Balance at beginning of year 440 423 385 Charge to income statement (3) 2 (1) Change in estimates (1) 29 15 50 Unwinding of restoration obligation 6 4 9 Transfer to assets and liabilities held for sale — — (15) Utilised during the year (10) (11) (5) Translation (4) 7 — Balance at end of year 458 440 423 Provision for silicosis Balance at beginning of year 49 54 47 Change in estimates 1 4 (1) Transfer (to) from short term provisions included in trade, other payables and provisions (5) (1) 6 Unwinding of silicosis provision 3 4 5 Utilised during the year (10) (9) (5) Translation (4) (3) 2 Balance at end of year 34 49 54 Other provisions (2) Balance at beginning of year 23 24 158 Charge to income statement 14 12 39 Change in estimates — 1 28 Transfer to assets and liabilities held for sale — — (115) Transfer (to) from short term provisions included in trade, other payables and provisions (7) 3 (79) Unwinding of other provisions — — 1 Utilised during the year (6) (13) (11) Translation (2) (4) 3 Balance at end of year 22 23 24 Total environmental rehabilitation and other provisions 729 731 697 Sensitivity analysis - Provision for decommissioning (3) Assumed discount rates and cash flows have a significant impact on the amounts recognised in the statement of financial position. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (5) (3) (4) 10% change in cash flows 21 22 20 Effect of decrease in assumptions: 10% change in discount rate 5 3 4 10% change in cash flows (21) (22) (20) Sensitivity analysis - Provision for restoration (3) Assumed discount rates and cash flows have a significant impact on the amounts recognised in the income statement. A 10% change in the discount rate and cash flows would have the following impact: Effect of increase in assumptions: 10% change in discount rate (5) (3) (6) 10% change in cash flows 46 44 42 Effect of decrease in assumptions: 10% change in discount rate 5 3 6 10% change in cash flows (46) (44) (42) Sensitivity analysis - Provision for silicosis (3) Significant judgements are applied in estimating the costs required to settle any qualifying silicosis claims, the provision included in the Statement of financial position are based on certain assumptions which includes the number of claimants, take-up rates and disease progression rates. Considering actuarial guidance received, a 10% change in these assumptions would have the following impact: Effect of increase in assumptions: 10% change in take-up rates 6 6 6 10% change in number of cases 6 6 6 10% change in disease progression rate 3 3 3 Effect of decrease in assumptions: 10% change in take-up rates (6) (6) (6) 10% change in number of cases (6) (6) (6) 10% change in disease progression rate (3) (3) (3) (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) O ther provisions comprises claims filed by former employees in respect of loss of employment, work-related accident injuries and diseases, governmental fiscal claims relating to levies, surcharges and environmental legal disputes and a shareholder claim related to stamp duties. These liabilities are expected to be settled over the next two-to five-year period. (3) The sensitivity analysis is based on the change of a single assumption, keeping all other assumptions constant. This may not be the case in practice where changes in assumptions may result in correlated changes in other assumptions, and a change in the provision amount.. |
PROVISION FOR PENSION AND POS_2
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of employee benefits [Abstract] | |
Disclosure of Pension and Post-Retirement Benefits | US Dollars Figures in millions 2021 2020 2019 Defined benefit plans The retirement schemes consist of the following: Post-retirement medical scheme for AngloGold Ashanti's South African employees 71 77 93 Other defined benefit plans 6 6 7 77 83 100 Figures in millions 2021 2020 2019 US Dollars Post-retirement medical scheme for AngloGold Ashanti's 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 2021. Information with respect to the defined benefit liability is as follows: Benefit obligation Balance at beginning of year 77 93 93 Interest cost 6 7 8 Benefits paid (8) (7) (8) Actuarial loss (gain) 1 (9) (2) Translation (5) (5) 2 Balance at end of year 71 79 93 Settlement gain — (2) — Net amount recognised 71 77 93 Components of net periodic benefit cost Interest cost 6 7 8 Net periodic benefit cost 6 7 8 Assumptions Assumptions used to determine benefit obligations at the end of the year are as follows: Discount rate 9.79 % 9.14 % 9.15 % Expected increase in health care costs 7.23 % 6.06 % 7.25 % Assumed health care cost trend rates at 31 December: Health care cost trend assumed for next year 7.23 % 6.06 % 7.25 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 7.23 % 6.06 % 7.25 % 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 Effect on post-retirement benefit obligation – 1% point increase 5 4 7 Effect on total service and interest cost – 1% point decrease — — (1) Effect on post-retirement benefit obligation – 1% point decrease (4) (4) (6) Cash flows Contributions AngloGold Ashanti Limited expects to contribute $8m to the post-retirement medical plan in 2022. Estimated future benefit payments The following medical benefit payments, which reflect the expected future service, as appropriate, are expected to be paid: 2022 8 2023 8 2024 8 2025 9 2026 9 Thereafter 35 |
DEFERRED TAXATION (Tables)
DEFERRED TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
Disclosure of Deferred Taxation | US Dollars Figures in millions 2021 2020 2019 Deferred taxation relating to temporary differences is made up as follows: Liabilities Tangible assets (owned) 442 373 370 Right-of-use assets 53 40 48 Inventories 13 20 24 Other 22 13 9 530 446 451 Assets Provisions 141 122 209 Lease liabilities 56 42 52 Tax losses 16 15 45 Other 11 28 9 224 207 315 Net deferred taxation liability 306 239 136 Included in the statement of financial position as follows: Deferred tax assets (1) 7 7 105 Deferred tax liabilities 313 246 241 Net deferred taxation liability 306 239 136 The movement on the net deferred tax balance is as follows: Balance at beginning of year 239 136 315 Taxation of items included in income statement from continuing and discontinued operations 64 53 (189) Taxation of non-current assets and liabilities included in discontinued operations — 28 — Taxation on items included in other comprehensive income 6 6 (2) Transfer to non-current assets and liabilities held for sale — — 15 Translation (3) 16 (3) Balance at end of year 306 239 136 (1) Deferred tax assets of $7m (2020: $7m; 2019: nil) were recognised for Obuasi, resulting from generated tax losses to be utilised against future taxable income. Deferred tax assets recorded in 2019 for South Africa, were fully derecognised during the fourth quarter of 2020 as part of the disposal of the South African assets and on consideration of future recovery. |
TRADE, OTHER PAYABLES AND PRO_2
TRADE, OTHER PAYABLES AND PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other payables [abstract] | |
Disclosure of Trade, Other Payables and Deferred Income by Nature | US Dollars Figures in millions 2021 2020 2019 Non-current Other payables 7 8 15 Current Trade payables 406 403 365 Accruals (1) 205 191 167 Short-term provisions 31 30 53 Other payables 5 3 1 647 627 586 Total trade, other payables and provisions 654 635 601 Current trade and other payables are non-interest bearing and are normally settled within 60 days. (1) Includes accrual for silicosis of $16m (2020: $12m; 2019: $11m) and retrenchments of $7m (2020: nil; 2019: nil). |
TAXATION (Tables)_2
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |
Disclosure of Income Tax Payable | US Dollars Figures in millions 2021 2020 2019 Balance at beginning of year 139 62 54 Refunds during the year 20 — 7 Payments during the year (336) (431) (228) Taxation of items included in the income statement 248 562 298 Offset of VAT and other taxes (87) (41) (50) Withholding tax transferred from (to) trade, other payables and provisions 7 (7) — Discounting of tax receivable 1 — — Transfer from tax receivable relating to North America — (4) (10) Translation (2) (2) (9) Balance at end of year (10) 139 62 Included in the statement of financial position as follows: Taxation asset included in trade, other receivables and other assets (49) (14) (10) Taxation liability 39 153 72 (10) 139 62 |
CASH GENERATED FROM OPERATIONS
CASH GENERATED FROM OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of cash flows [abstract] | |
Disclosure of Cash Generated From Operations | US Dollars Figures in millions 2021 2020 2019 Profit (loss) before taxation 958 1,589 619 Adjusted for: Movement on non-hedge derivatives and other commodity contracts — — (6) Amortisation of tangible and right of use assets (note 4) 474 568 580 Amortisation of intangible assets (note 4) 3 2 3 Finance costs and unwinding of obligations (note 6) 116 177 172 Environmental, rehabilitation, silicosis and other provisions (20) (50) (6) Impairment and derecognition of assets 7 1 3 Profit on sale of assets (22) (2) — Other expenses (income) 61 51 41 Interest income (58) (27) (14) Share of associates and joint ventures’ (profit) loss (note 7) (249) (278) (168) Other non-cash movements 30 35 43 Movements in working capital 53 (238) (165) 1,353 1,828 1,102 Movements in working capital: Decrease (increase) in inventories 58 (83) (67) Increase in trade, other receivables and other assets (49) (163) (138) Increase in trade, other payables and provisions 44 8 40 53 (238) (165) |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party [Abstract] | ||
Disclosure of Transactions Between Related Parties | US Dollars Figures in millions 2021 2020 2019 Material related party transactions were as follows (not attributable): Sales and services rendered to related parties Associates 7 11 19 Joint ventures — 8 7 Purchases and services acquired from related parties Associates 14 20 12 Joint ventures — 1 1 Outstanding balances arising from sale of goods and services due by related parties Associates 7 11 19 Joint ventures — — 1 Amounts owed to/due by related parties above are unsecured and non-interest bearing. Loans advanced to joint ventures and associates Loans advanced to associates and joint ventures are included in the carrying value of investments in associates and joint ventures (note 17) Changes in Directors' and Prescribed Officers' interests in AngloGold Ashanti shares, excluding options and awards granted in terms of the group's DSP scheme, after 31 December 2021 include: Date of transaction Type of transaction Number of shares Direct/Indirect beneficial holding Executive Directors KC Ramon 7 March 2022 Off market exercise of vested share awards to retain 26,751 shares 50,000 Direct 7 March 2022 On-market sale of shares to fund tax liability in relation to costs incurred in exercise of vested share awards 23,249 Direct Prescribed officers M Godoy 1 March 2022 Off market award of the first tranche of the sign-on bonus to retain 32,643 shares 48,309 Direct 2 March 2022 On-market sale of shares to fund tax liability in relation to costs incurred with the sign-on awards 15,666 Direct | |
Disclosure of Notice Period and Change of Control Period by Executive Category | The notice period applied per category of executive and the change in control periods as at 31 December 2021 were as follows: Executive Committee member Notice Period Change of control Chief Executive Officer 12 months 12 months Chief Financial Officer 6 months 6 months Other Executive Management team members 6 months 6 months | |
Disclosure of Key Management Remuneration | Figures in thousands Figures in thousands Director fees (1) Committee fees Travel allowance Total Total Total US Dollars 2021 2020 2019 M Ramos (Chairperson) 359,350 92,000 — 451,350 202 107 R Gasant (Lead independent director) 179,900 116,500 — 296,400 223 193 KOF Busia 139,300 93,500 7,500 240,300 103 — AM Ferguson 139,300 103,000 12,500 254,800 197 217 AH Garner 139,300 53,500 8,750 201,550 174 196 N Magubane 139,300 38,500 — 177,800 171 — MDC Richter 139,300 103,000 7,500 249,800 209 230 JE Tilk 139,300 130,500 8,750 278,550 206 231 Total fees for 2021 1,375,050 730,500 45,000 2,150,550 1,485 1,174 (1) Includes the annual base fee paid to NEDs as well as fees paid for special board meetings. | Single total figure of remuneration Base Salary Pension scheme benefits Cash in lieu of dividends Other benefits (2) Awards earned during the period reflected but not yet settled Other Payments Single total figure of remuneration ZAR denominated portion USD/AUD denominated portion (1) DSP awards (3) Sign-on 2021 2020 2019 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 USD '000 (15) USD '000 (15) USD '000 (15) Executive directors A Calderon (4) — 7,821 2,066 — 156 20,481 10,289 — 40,813 2,761 — — KC Ramon (5) 6,104 4,324 864 67 525 7,652 — 22,974 42,510 2,875 3,138 5,097 Total executive directors 6,104 12,145 2,930 67 681 28,133 10,289 22,974 83,323 5,636 3,138 5,097 Prescribed officers SD Bailey 4,648 3,062 — 30 1,246 15,752 — — 24,738 1,673 2,019 2,190 I Boninelli (6) 4,725 — — — 131 4,091 — — 8,947 605 — — VA Chamberlain (7) 1,047 252 137 — 29 7,228 — 264 8,957 606 — — PD Chenard (8) 440 335 — — 1,489 — — — 2,264 153 1,250 3,292 GJ Ehm (9) — 10,392 291 54 1,548 6,359 — — 18,644 1,261 2,673 4,742 L Eybers — 10,760 291 52 1,578 21,189 — — 33,870 2,291 2,686 4,659 MC Godoy (10) — 1,882 141 — 358 4,782 35,072 — 42,235 2,857 — — I Kramer (11) 2,408 — 301 15 48 5,459 — 602 8,833 598 468 — L Marwick (12) 4,706 1,828 629 13 271 13,735 — — 21,182 1,433 1,241 — S Ntuli (13) 5,415 3,567 756 36 2,239 5,358 — 17,599 34,970 2,365 2,322 2,565 TR Sibisi (14) 1,144 758 242 47 14 — — 4,406 6,611 447 1,831 3,514 Total prescribed officers 24,533 32,836 2,788 247 8,951 83,953 35,072 22,871 211,251 14,289 14,490 20,962 (1) Salary denominated in USD/AUD for global roles and responsibilities converted to ZAR on payment date. (2) Other benefits include health care, group personal accident cover, group life cover, funeral cover, accommodation allowance, pension allowance, airfare and surplus leave encashed. Surplus leave days accrued are automatically encashed unless work requirements allow for carry over. (3) The fair value of the DSP comprises a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the share awards are allocated in February 2022. Shares vest over a 3 to 5-year period in equal tranches. (4) A Calderon was appointed as executive director and CEO with effect from 1 September 2021. All payments including salary, DSP awards, pension, and other benefits were pro-rated and aligned to the appointment period. (5) KC Ramon was appointed as Interim CEO from 1 September 2020 to 31 August 2021. Included in the DSP awards is the DSP cash bonus and share award for 2021 calculated on the CFO role for 4 months. Other payments reflect the acting allowance paid and the DSP cash bonus and share award for the acting period of 8 months calculated on the CEO percentage bonus opportunity. (6) I Boninelli was appointed as Executive Group Human Resources Consultant and prescribed officer effective 1 April 2021. All payments, including salary, DSP awards (cash bonus only) and other benefits, were pro-rated and aligned to the appointment period. (7) VA Chamberlain was appointed as Interim Chief Development Officer and prescribed officer effective 1 October 2021. All payments, including salary, pension and other benefits, were pro-rated and aligned to the appointment period. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP awards were not pro-rated but were calculated based on his Senior Vice President (SVP) salary including 3 months acting allowance). Other payments reflect the acting allowance for the acting period from 1 October to 31 December 2021. (8) PD Chenard retired as EVP: Strategy and Corporate Development and prescribed officer with effect from 31 January 2021. All payments, including salary and other benefits, were pro-rated and aligned to retirement date. (9) GJ Ehm retired as EVP: Group Planning and Technical and prescribed officer with effect from 31 December 2021. All payments, including salary, pension, DSP awards (cash bonus only) and other benefits, were aligned to retirement date. (10) MC Godoy was appointed as Chief Technology Officer and prescribed officer effective 15 October 2021. All payments, including salary, DSP awards, pension, and other benefits, were pro-rated and aligned to the appointment period. (11) I Kramer was appointed as Interim CFO and prescribed officer from 1 September 2020 to 31 August 2021. All payments, including pension and other benefits, were pro-rated aligned to the acting period for 2021. Included in the DSP awards is the DSP cash bonus and share award for the full year of 2021 (DSP awards were not pro-rated but were calculated based on his normal SVP salary plus 8 months acting allowance on the SVP target bonus opportunity). Other payments reflect the acting allowance for the acting period from 1 January to 31 August 2021. (12) L Marwick’s 2021 earnings are for a full financial year as compared to 2020 earnings which were prorated as she was promoted and appointed as a prescribed officer effective 1 July 2020. (13) S Ntuli separated due to operational requirements effective 31 December 2021. All payments, including salary, pension, DSP awards (cash bonus only) and other benefits, were aligned to separation date. Other payments include separation payments. (14) TR Sibisi resigned as EVP: Group Human Resources and prescribed officer effective 1 April 2021. All payments, including salary, pension and other benefits, were pro-rated and aligned to 1 April 2021. Included in other payments is payment in lieu of unworked notice period from 1 April 2021 to 30 September 2021. (15) Convenience conversion to USD at the year-to-date average exchange rate of $1: R14.7842 (2020: $1:R16.4506; 2019: $1:R14.445). Directors and other key management personnel CONTINUED Total cash equivalent received reconciliation Single total figure of remunera- Awards earned during the period reflected but not yet settled DSP 2020 cash portion settled BSP, CIP, DSP and LTIP share awards settled Sign-on cash settled Sign-on shares settled Total cash equivalent received reconciliation DSP awards (1) Sign-on Grant fair value (2) Market movement since grant date (2) Vesting fair value (2) Grant fair value (2) Currency move- ment since grant date (2) Settlement fair value (2) Grant fair value (2) Market move- ment since grant date (2) Vesting fair value (2) 2021 2020 2019 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 ZAR '000 USD '000 (3) USD '000 (3) USD '000 (3) Executive directors A Calderon 40,813 (20,481) (10,289) — — — — 10,289 — 10,289 — — — 20,332 1,375 — — KC Ramon 42,510 (28,907) — 11,479 7,751 1,596 9,347 — — — — — — 34,429 2,329 4,278 3,057 Total executive directors 83,323 (49,388) (10,289) 11,479 7,751 1,596 9,347 10,289 — 10,289 — — — 54,761 3,704 4,278 3,057 Prescribed officers SD Bailey 24,738 (15,752) — 6,793 3,892 504 4,396 — — — — — — 20,175 1,365 1,508 1,041 I Boninelli 8,947 (4,091) — — — — — — — — — — — 4,856 328 — — VA Chamberlain 8,957 (7,228) — — 2,099 425 2,524 — — — — — — 4,253 288 — — PD Chenard 2,264 — — 7,977 2,624 (151) 2,473 — — — 6,513 3,644 10,157 22,871 1,547 2,204 900 GJ Ehm 18,644 (6,359) — 9,465 6,912 1,468 8,380 — — — — — — 30,130 2,038 3,843 2,536 L Eybers 33,870 (21,189) — 9,402 6,683 1,376 8,059 — — — — — — 30,142 2,039 3,756 2,082 MC Godoy 42,235 (4,782) (35,072) — — — — 4,583 — 4,583 — — — 6,964 471 — — I Kramer 8,833 (5,459) — 2,434 1,772 340 2,112 — — — — — — 7,920 536 98 — L Marwick 21,182 (13,735) — 4,760 1,543 262 1,805 — — — — — — 14,012 948 231 — S Ntuli 34,970 (5,358) — 7,593 6,278 1,637 7,915 — — — — — — 45,120 3,052 1,862 1,160 TR Sibisi 6,611 — — 5,849 5,399 1,132 6,531 — — — — — — 18,991 1,285 2,835 2,249 Total prescribed officers 211,251 (83,953) (35,072) 54,273 37,202 6,993 44,195 4,583 — 4,583 6,513 3,644 10,157 205,434 13,897 16,337 9,968 Notes (1) The fair value of the DSP comprises of a cash bonus and share awards for the year ended 31 December 2021. The cash bonus is payable in February 2022 and the share awards are allocated in February 2022. Shares vest over a 3 to 5 year period in equal tranches. (2) Reflects the sum of all the grant fair value, the sum of all the share price movements since grant to vesting date and the sum of all the vesting fair value for the vested DSP 2019, DSP 2020 and vested sign-on share awards and difference in the currency movements for the vested sign-on cash settled award. (3) Convenience conversion to USD at the year-to-date average exchange rate of $1:R14.7842 (2020: $1:R16.4506; 2019: $1:R14.445). |
Disclosure of Key Management and Other Personnel Share-based Payment Arrangements LTIP | ||
Disclosure of Key Management Sign On Bonus | Sign-on share awards Balance at Granted Vested deemed settled Forfeited/ Lapsed Balance at 31 December 2021 Fair value of granted awards (1) Fair value of vested awards (2) Fair value of unvested awards at 31 December 2021 (3) ZAR '000 ZAR '000 ZAR '000 Prescribed officers PD Chenard 32,476 — 32,476 — — — 10,157 — M Godoy — 107,353 — — 107,353 30,489 — 35,287 Total prescribed officers 32,476 107,353 32,476 — 107,353 30,489 10,157 35,287 Other management (4) 87,939 5,449 87,939 896 4,553 1,415 27,277 1,497 Total sign-on share awards 120,415 112,802 120,415 896 111,906 31,904 37,434 36,784 (1) The fair value of granted awards represents the value of awards, calculated using a five (2) V ested awards represents the value received on settlement date. (3) The fair value of unvested awards is calculated using the closing share price as at 31 December. (4) The awards for other management include awards for Mr KPM Dushnisky who stepped down as executive director in 2020. | |
Disclosure of Key Management and Other Personnel Share-based Payment Arrangements DSP | DSP awards Balance at Granted Vested, deemed settled Forfeited/ Lapsed Balance at 31 December 2021 Fair value of granted awards (1) Fair value of vested awards (2) Fair value of unvested awards at 31 December 2021 (3) ZAR '000 ZAR '000 ZAR '000 Executive directors KC Ramon 134,421 79,541 30,475 — 183,487 24,576 9,347 60,312 Total executive directors 134,421 79,541 30,475 — 183,487 24,576 9,347 60,312 Prescribed officers SD Bailey 52,433 51,929 14,325 — 90,037 16,045 4,396 29,595 VA Chamberlain (4) 19,889 15,498 8,228 — 27,159 4,788 2,524 8,927 PD Chenard 40,251 — 8,050 — 32,201 — 2,473 10,584 GJ Ehm 120,204 73,218 27,321 — 166,101 22,622 8,380 54,597 L Eybers 115,886 72,734 26,272 — 162,348 22,473 8,058 53,364 I Kramer 12,892 11,816 6,884 — 17,824 3,651 2,112 5,859 L Marwick 11,482 36,223 5,884 — 41,821 11,192 1,805 13,747 S Ntuli 62,114 58,047 25,226 — 94,935 17,935 7,915 31,205 TR Sibisi (5) 93,775 — 21,291 72,484 — — 6,531 — Total prescribed officers 528,926 319,465 143,481 72,484 632,426 98,706 44,194 207,878 Other management (6) 1,442,976 786,342 691,212 250,330 1,287,776 242,956 212,629 423,292 Total DSP awards 2,106,323 1,185,348 865,168 322,814 2,103,689 366,238 266,170 691,482 (1) The fair value of granted awards represents the value of awards, calculated using a five (2) The fair value of vested awards represents the value deemed received on settlement date. (3) The fair value of unvested awards is calculated using the closing share price as at 31 December. (4) Opening balances were included as part of Other Management. (5) Share awards lapsed due to resignation. (6) The awards for other management include awards for Ms ME Sanz for 2020 and Mr KPM Dushnisky who stepped down as executive director in 2020. | |
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 2021 Beneficial holding 31 December 2020 Beneficial holding 31 December 2019 Beneficial holding US Dollars Direct Indirect Direct Indirect Direct Indirect Non-Executive directors KOF Busia (1) 2,000 AM Ferguson (1) 5,000 MDC Richter (1) 10,300 9,300 — 9,300 — AH Garner (1) 17,500 17,500 — 17,500 — Total 34,800 — 26,800 — 26,800 — Executive directors A Calderon (1)(2) 4,690 — — — — — KC Ramon 91,949 — 91,949 — 59,124 — Total 96,639 — 91,949 — 59,124 — Prescribed officers SD Bailey (1) 12,867 — 8,609 — 1,190 — GJ Ehm (2) 26,125 12,213 50,443 12,213 35,058 16,213 L Eybers (2) 28,466 — 28,466 — 18,164 — S Ntuli 6,421 — 6,421 — — — Total 73,879 12,213 93,939 12,213 54,412 16,213 Grand total 205,318 12,213 212,688 12,213 140,336 16,213 (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 securities exchange as CHESS Depositary Receipts (5 CDIs are equivalent to 1 ordinary share) |
CONTRACTUAL COMMITMENTS AND C_2
CONTRACTUAL COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of other provisions, contingent liabilities and contingent assets [Abstract] | |
Disclosure of Operating and Finance Leases | US Dollars Figures in millions 2021 2020 2019 Capital commitments Acquisition of tangible assets Contracted for 146 120 161 Not contracted for 547 367 426 Authorised by the directors 693 487 587 Allocated to: Project capital - within one year 337 216 288 - thereafter 64 71 162 401 287 450 Stay-in-business capital - within one year 292 200 117 - thereafter — — 20 292 200 137 Share of underlying capital commitments of joint ventures included above 4 12 2 Purchase obligations Contracted for - within one year 423 391 506 - thereafter 624 882 579 1,047 1,273 1,085 |
Disclosure of Contingent Liabilities and Assets | Contingencies US Dollars Figures in millions 2021 2020 2019 Contingent liabilities Litigation - Ghana (1)(2) — 97 97 — 97 97 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 in November 2012. In 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. The arbitration panel was constituted and held an arbitration management meeting to address initial procedural matters in July 2019. In May 2020, the Ghana Arbitration Centre granted MBC’s request to stay the arbitral proceedings indefinitely to enable it and AGAG to explore a possible settlement. On 12 April 2021, the parties executed a settlement agreement to resolve the matter at no cost to either of the parties . (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. 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. 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. Tax claims For a discussion on tax claims and tax uncertainties refer to note 10. |
FINANCIAL RISK MANAGEMENT ACT_2
FINANCIAL RISK MANAGEMENT ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Maturity Analysis for Non-derivative Financial Liabilities | The contractual maturities of financial liabilities, including interest payments, are as follows: Financial liabilities Within one year Between Between After five years Total 2021 $ millions Effective $ millions Effective $ millions Effective $ millions Effective $ millions Trade and other payables 647 7 — — 654 Borrowings 119 115 332 2,169 2,735 - In USD 113 4.3 76 4.2 280 4.1 2,169 4.1 2,638 - In AUD — 1.5 33 1.5 — — — — 33 - TZS in USD equivalent 6 12.5 6 12.5 52 12.5 — — 64 2020 Trade and other payables 627 8 — — 635 Borrowings 205 901 137 1,414 2,657 - In USD 158 5.0 901 5.0 137 4.6 1,414 4.6 2,610 - TZS in USD equivalent 47 12.5 — — — — — — 47 2019 Trade and other payables 586 15 — — 601 Borrowings 802 185 1,012 602 2,601 - In USD 790 5.8 132 6.0 913 6.1 602 6.5 2,437 - AUD in USD equivalent — 2.3 — 2.3 22 2.3 — — 22 - TZS in USD equivalent 6 12.5 47 12.5 — — — — 53 - ZAR in USD equivalent 6 8.1 6 8.1 77 8.1 — — 89 The table below provides a breakdown of the contractual maturities including interest payments of the lease liabilities. Within one year Between one and two years Between two and five years After five years Total 2021 $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Effective rate % $ millions Lease liabilities 68 50 74 10 202 - In USD 32 2.3 19 2.3 13 2.3 — — 64 - AUD in USD equivalent 24 4.6 23 4.6 51 4.6 10 4.6 108 - BRL in USD equivalent 10 11.0 7 11.0 6 11.0 — — 23 - ZAR in USD equivalent 2 5.9 1 5.9 4 5.9 — — 7 2020 Lease liabilities 42 31 68 19 160 - In USD 10 6.1 4 6.1 6 6.1 — — 20 - AUD in USD equivalent 22 4.7 21 4.7 58 4.7 19 4.7 120 - BRL in USD equivalent 7 8.4 5 8.4 4 8.4 — — 16 - ZAR in USD equivalent 3 9.8 1 9.8 — — — — 4 2019 Lease liabilities 51 33 54 56 194 - In USD 22 7.0 4 7.0 8 7.0 1 7.0 35 - AUD in USD equivalent 22 3.5 22 3.5 42 3.5 55 3.5 141 - BRL in USD equivalent 3 6.8 3 6.8 3 6.8 — — 9 - ZAR in USD equivalent 4 9.8 4 9.8 1 9.8 — — 9 |
Disclosure of Credit Risk Exposure | The combined maximum credit risk exposure of the group is as follows: US Dollars Figures in millions 2021 2020 2019 Other investments (1) 1 2 67 Trade and other receivables 87 95 57 Cash restricted for use (note 21) 58 73 64 Cash and cash equivalents (note 22) 1,154 1,330 456 Total financial assets 1,300 1,500 644 (1) Included in other investments are amounts transferred to held for sale nil (2020 : nil; 2019: $63m). |
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 Fair Carrying Fair Carrying Fair Figures in millions - US Dollars 2021 2020 2019 Financial assets Other investments (1) 117 117 188 188 170 170 Financial liabilities Borrowings (note 24) 1,909 2,011 1,931 2,131 2,033 2,135 (1) Included in other investments are amounts transferred to held for sale nil (2020: nil; 2019: $84m) A reconciliation of the deferred compensation asset included in the statement of financial position is set out in the following table: Figures in millions - US Dollars 2021 Opening balance 28 Unwinding of the deferred compensation asset 2 Changes in estimates - fair value adjustments (1) (3) Translation (2) Closing balance (2) 25 (1) Included in the Income statement in foreign exchange and fair value adjustments (2) Included in the Statement of financial position in non-current trade, other receivables and other assets Sensitivity analysis The table below illustrates the impact on the fair value of the deferred compensation asset resulting from an increase / decrease in production estimates over the remaining period used in the weighted probability calculation. Percentage Change in Effect of changes in assumptions Increase in number of ounces +10% 3 Decrease in number of ounces -10% (3) The sensitivity on the weighted number of ounces included within the weighted probability calculation has been based on the range of possible outcomes expected from Harmony’s mining plans, which could differ from the actual mining plans followed by Harmony. |
Disclosure of Fair Value of Assets Measured on a Recurring Basis | Assets measured at fair value on a recurring basis Figures in millions - US Dollars Level 1 Level 2 Level 3 Total 2021 Equity securities - FVTOCI 116 — — 116 Deferred compensation asset — — 25 25 2020 Deferred compensation asset — — 28 28 Equity securities - FVTOCI 186 — — 186 2019 Equity securities - FVTOCI 82 — — 82 Equity securities - FVTPL 21 — — 21 |
Disclosure of Sensitivity Analysis 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. The expected impact on the Group's profit or loss and equity is fairly reflected within the "Change in interest" amount. Change in interest Change in interest Change in interest 2021 Financial assets USD denominated 100 3 3 AUD denominated 150 1 1 CAD denominated 100 4 5 Financial liabilities TZS denominated 250 2,692 1 AUD denominated 150 1 1 USD denominated 100 1 1 Change in interest Change in interest Change in interest 2020 Financial assets USD denominated 100 6 6 AUD denominated 150 1 1 ARS denominated 250 121 1 Financial liabilities TZS denominated 250 2,730 1 USD denominated 100 1 1 Change in interest Change in interest Change in interest 2019 Financial assets USD denominated 100 1 1 ZAR denominated 150 1 1 Financial liabilities TZS denominated 250 2,704 1 ZAR denominated (1) 150 15 1 AUD denominated 100 1 1 (1) This is the only interest rate for the Company 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 2021 2020 2019 Borrowings ZAR denominated (R/$) Spot (+R1.50) — Spot (+R1.50) — Spot (+R1.50) (7) TZS denominated (TZS/$) Spot (+TZS250) (5) Spot (+TZS250) (5) Spot (+TZS250) (5) AUD denominated (AUD/$) Spot (+AUD0.1) (2) Spot (+AUD0.1) — Spot (+AUD0.1) (1) ZAR denominated (R/$) Spot (-R(1.5)) — Spot (-R(1.5)) — Spot (-R(1.50)) 9 TZS denominated (TZS/$) Spot (-TZS(250)) 6 Spot (-TZS(250)) 6 Spot (-TZS(250)) 6 AUD denominated (AUD/$) Spot (-AUD(0.1)) 2 Spot (-AUD(0.1)) — Spot (-AUD(0.1)) 1 |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Additional Information [Abstract] | |
Disclosure of Reconciliation Of Profit (Loss) Before Taxation To Adjusted EBITDA | Gearing ratio (Adjusted Net debt to Adjusted EBITDA) US Dollars Figures in millions 2021 2020 2019 Adjusted net debt from continuing operations Borrowings - non-current portion (note 24) 1,858 1,789 1,299 Lease liabilities - non-current portion (note 14) 124 116 126 Borrowings - current portion (note 24) 51 142 734 Lease liabilities - current portion (note 14) 61 37 45 Total borrowings 2,094 2,084 2,204 Less: cash and cash equivalents (note 22) (1,154) (1,330) (456) Net debt 940 754 1,748 Adjustments: IFRS16 lease adjustments (149) (106) (119) Unamortised portion of borrowing costs 32 22 16 Cash restricted for use (note 21) (58) (73) (64) Adjusted net debt 765 597 1,581 The Adjusted EBITDA calculation included in this note is based on the formula included in the Revolving Credit Agreements for compliance with the debt covenant formula. Adjusted EBITDA from continuing operations Profit (loss) before taxation 958 1,589 619 Add back: Finance costs and unwinding of obligations (note 6) 116 177 172 Interest income (58) (27) (14) Amortisation of tangible, intangible and right of use assets (note 4) 477 570 583 Other amortisation 4 6 6 Associates and joint ventures’ adjustments for amortisation, interest and taxation 183 168 149 EBITDA 1,680 2,483 1,515 Adjustments: Foreign exchange and fair value adjustments 43 — 12 Dividend income — (2) — Retrenchment and related costs 20 2 7 Care and maintenance costs (note 5) 45 — 47 Impairment, derecognition of assets and (profit) loss on disposal (11) 1 6 Profit on disposal of joint ventures — (19) — Premium on settlement of bonds 24 — — Loss (gain) on non-hedge derivatives and other commodity contracts — 5 (5) Associates and joint ventures’ share of costs — — (2) Adjusted EBITDA (as defined in the Revolving Credit Agreements) 1,801 2,470 1,580 Gearing ratio (Adjusted net debt to Adjusted EBITDA) 0.42:1 0.24:1 1.00:1 Maximum debt covenant ratio allowed per agreement 3.5:1 3.5:1 3.5:1 |
ACCOUNTING POLICIES (Details) -
ACCOUNTING POLICIES (Details) - Narrative $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($)ounce | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Significant accounting policies [Line Items] | |||||
Total equity | $ 4,061 | $ 3,740 | $ 2,676 | $ 2,694 | |
Tangible assets | 3,460 | 2,884 | 2,592 | ||
Impairment and derecognition of tangible assets | 6 | 0 | 505 | ||
Goodwill | 119 | 126 | 116 | ||
Impairment of goodwill | 0 | 0 | 0 | ||
Deferred tax assets | 7 | 7 | 105 | ||
Deferred tax liabilities | 313 | 246 | 241 | ||
Taxation liability | 39 | 153 | 72 | ||
Taxation asset | 49 | 14 | 10 | ||
Rehabilitation obligations | 688 | 674 | 730 | ||
Inventories (excluding finished goods and mine operating supplies) | 299 | 382 | 377 | ||
Receivables from recoverable tax, rebates, levies and duties | 304 | 281 | 227 | ||
Post-retirement obligations | 77 | 83 | 100 | ||
Total assets | 7,967 | 7,672 | 6,863 | ||
Contingent liability disclosure threshold amount | $ 33 | ||||
Impact of Covid on production (in ounces) | ounce | 47,000 | ||||
Retained earnings (Accumulated losses) | |||||
Significant accounting policies [Line Items] | |||||
Total equity | [1] | $ (1,937) | (2,341) | (3,268) | $ (3,227) |
Retained earnings (Accumulated losses) | Increase (decrease) due to changes in accounting policy required by IFRSs | |||||
Significant accounting policies [Line Items] | |||||
Total equity | 0 | 38 | (6) | ||
Deferred compensation asset | |||||
Significant accounting policies [Line Items] | |||||
Total assets | 25 | 28 | |||
Deferred compensation asset | Level 3 | |||||
Significant accounting policies [Line Items] | |||||
Total assets | $ 25 | 28 | |||
Motor vehicles | |||||
Significant accounting policies [Line Items] | |||||
Useful life of tangible assets | 5 years | ||||
Computer equipment | |||||
Significant accounting policies [Line Items] | |||||
Useful life of tangible assets | 3 years | ||||
Provision for silicosis settlement total | |||||
Significant accounting policies [Line Items] | |||||
Silicosis provision | $ 50 | 61 | 65 | ||
Tax losses | |||||
Significant accounting policies [Line Items] | |||||
Deferred tax assets | $ 834 | $ 487 | $ 389 | ||
[1] | Included in accumulated losses are retained earnings totalling $389m (2020: $391m; 2019: $378m) arising at the equity accounted investments and certain subsidiaries which may not be remitted without third party consent. |
SEGMENTAL INFORMATION - Gold an
SEGMENTAL INFORMATION - Gold and By Product Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Gold income | $ 3,903 | $ 4,322 | $ 3,439 |
By product revenue | 126 | 105 | 86 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,214 | 943 | 981 |
North America | |||
Disclosure of operating segments [line items] | |||
Gold income | 699 | 580 | 486 |
South America | |||
Disclosure of operating segments [line items] | |||
Gold income | 34 | 1 | 0 |
Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 890 | 989 | 851 |
Europe | |||
Disclosure of operating segments [line items] | |||
Gold income | 279 | 358 | 329 |
United Kingdom | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,446 | 2,098 | 1,407 |
Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 890 | 989 | 851 |
Brazil | |||
Disclosure of operating segments [line items] | |||
Gold income | 749 | 853 | 679 |
Ghana | |||
Disclosure of operating segments [line items] | |||
Gold income | 565 | 536 | |
Guinea | |||
Disclosure of operating segments [line items] | |||
Gold income | 545 | ||
Tanzania | |||
Disclosure of operating segments [line items] | |||
Gold income | 875 | 1,133 | 849 |
DRC | |||
Disclosure of operating segments [line items] | |||
Gold income | 659 | 647 | 504 |
Discontinued operations - South Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 0 | 408 | 554 |
By product revenue | 0 | 1 | 1 |
Aggregate continuing and discontinued operations | |||
Disclosure of operating segments [line items] | |||
Gold income | 3,903 | 4,730 | 3,993 |
By product revenue | 126 | 106 | 87 |
Geographical Segments | |||
Disclosure of operating segments [line items] | |||
Gold income | 4,562 | 4,969 | 4,054 |
Operating segments | Geographical Segments | |||
Disclosure of operating segments [line items] | |||
Gold income | 4,562 | 4,969 | 4,054 |
By product revenue | 128 | 106 | 87 |
Operating segments | Africa | |||
Disclosure of operating segments [line items] | |||
Gold income | 2,644 | 2,769 | 2,203 |
By product revenue | 5 | 4 | 3 |
Operating segments | Australia | |||
Disclosure of operating segments [line items] | |||
Gold income | 890 | 989 | 851 |
By product revenue | 4 | 3 | 3 |
Operating segments | Americas | |||
Disclosure of operating segments [line items] | |||
Gold income | 1,028 | 1,211 | 1,000 |
By product revenue | 119 | 99 | 81 |
Elimination of intersegment amounts | Equity-Accounted Investments | |||
Disclosure of operating segments [line items] | |||
Gold income | 659 | 647 | 615 |
By product revenue | $ (2) | $ (1) | $ (1) |
SEGMENTAL INFORMATION - Profit
SEGMENTAL INFORMATION - Profit (Loss) and Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Cost of sales | $ 2,857 | $ 2,699 | $ 2,626 |
Gross profit (loss) | 1,172 | 1,709 | 904 |
Amortisation | 477 | 570 | 583 |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 3,207 | 3,039 | 3,054 |
Gross profit (loss) | 1,483 | 2,017 | 1,092 |
Amortisation | 582 | 674 | 720 |
Discontinued operations - South Africa | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 0 | 287 | 479 |
Gross profit (loss) | 0 | 83 | 79 |
Amortisation | 0 | 0 | 61 |
Aggregate continuing and discontinued operations | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 2,857 | 2,986 | 3,105 |
Gross profit (loss) | 1,172 | 1,792 | 983 |
Amortisation | 477 | 570 | 644 |
Africa | Operating segments | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 1,650 | 1,572 | 1,601 |
Gross profit (loss) | 999 | 1,201 | 605 |
Amortisation | 268 | 349 | 367 |
Australia | Operating segments | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 740 | 705 | 632 |
Gross profit (loss) | 153 | 286 | 221 |
Amortisation | 150 | 160 | 173 |
Americas | Operating segments | |||
Disclosure of operating segments [line items] | |||
Cost of sales | 822 | 764 | 822 |
Gross profit (loss) | 325 | 532 | 265 |
Amortisation | 161 | 163 | 177 |
Corporate and other | Operating segments | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (5) | (2) | (1) |
Gross profit (loss) | 6 | (2) | 1 |
Amortisation | 3 | 2 | 3 |
Equity-Accounted Investments | Elimination of intersegment amounts | |||
Disclosure of operating segments [line items] | |||
Cost of sales | (350) | (340) | (428) |
Gross profit (loss) | (311) | (308) | (188) |
Amortisation | $ (105) | $ (104) | $ (137) |
Gold, ounces | Two customers | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers (in percent) | 59.00% | ||
Gold, ounces | ANZ Investment Bank Ltd | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers (in percent) | 20.00% | ||
Gold, ounces | Standard Chartered Bank | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers (in percent) | 23.00% | ||
Gold, ounces | Bank of Montreal | |||
Disclosure of operating segments [line items] | |||
Percentage of gold sold to two customers (in percent) | 16.00% |
SEGMENTAL INFORMATION - Assets,
SEGMENTAL INFORMATION - Assets, Non-Current Assets, Capital Expenditures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Total assets | $ 7,967 | $ 7,672 | $ 6,863 |
Capital expenditure | 1,028 | 736 | 763 |
Goodwill | 119 | 126 | 116 |
Assets held for sale | 0 | 0 | 601 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Total assets | 0 | 0 | 697 |
Assets held for sale | 581 | ||
Pre-tax impairment reversals and derecognition of assets | 0 | 17 | 556 |
Africa | |||
Disclosure of operating segments [line items] | |||
Total assets | 4,193 | 3,956 | 3,514 |
Assets held for sale | 20 | ||
Pre-tax impairment reversals and derecognition of assets | 4 | 0 | 2 |
Australia | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,034 | 1,044 | 972 |
Goodwill | 111 | 118 | 108 |
Americas | |||
Disclosure of operating segments [line items] | |||
Total assets | 1,886 | 1,626 | 1,427 |
Goodwill | 8 | 8 | 8 |
Pre-tax impairment reversals and derecognition of assets | 1 | 0 | 1 |
Corporate and other | |||
Disclosure of operating segments [line items] | |||
Total assets | 854 | 1,046 | 253 |
Pre-tax impairment reversals and derecognition of assets | 1 | 0 | 0 |
South Africa | |||
Disclosure of operating segments [line items] | |||
Non-current assets | 61 | 59 | 25 |
Foreign entities | |||
Disclosure of operating segments [line items] | |||
Non-current assets | 5,607 | 5,053 | 4,644 |
DRC | |||
Disclosure of operating segments [line items] | |||
Non-current assets | 1,604 | 1,604 | 1,506 |
Ghana | |||
Disclosure of operating segments [line items] | |||
Non-current assets | 1,158 | 915 | 758 |
Tanzania | |||
Disclosure of operating segments [line items] | |||
Non-current assets | 510 | 425 | 379 |
Australia | |||
Disclosure of operating segments [line items] | |||
Non-current assets | 806 | 849 | 817 |
Brazil | |||
Disclosure of operating segments [line items] | |||
Non-current assets | 797 | 627 | 625 |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 1,100 | 757 | 754 |
Operating segments | Africa | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 506 | 397 | 410 |
Operating segments | Australia | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 185 | 143 | 149 |
Operating segments | Americas | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 398 | 217 | 195 |
Operating segments | Corporate and other | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 11 | 0 | 0 |
Elimination of intersegment amounts | Equity-Accounted Investments | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | (72) | (56) | (51) |
Discontinued operations - South Africa | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | 0 | 35 | 60 |
Aggregate continuing and discontinued operations | |||
Disclosure of operating segments [line items] | |||
Capital expenditure | $ 1,100 | $ 792 | $ 814 |
REVENUE FROM PRODUCT SALES (Det
REVENUE FROM PRODUCT SALES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of revenue [Abstract] | |||
Gold income (note 2) | $ 3,903 | $ 4,322 | $ 3,439 |
By-products (note 2) | 126 | 105 | 86 |
Revenue from contracts with customers | $ 4,029 | $ 4,427 | $ 3,525 |
COST OF SALES (Details)
COST OF SALES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost of Sales [Abstract] | |||
Cash operating costs | $ 2,160 | $ 1,881 | $ 1,831 |
Royalties | 162 | 181 | 137 |
Other cash costs | 12 | 12 | 13 |
Total cash costs | 2,334 | 2,074 | 1,981 |
Retrenchment costs | 2 | 2 | 4 |
Rehabilitation and other non-cash costs | 38 | 32 | 53 |
Amortisation of tangible assets (notes 30 and 34) | 411 | 521 | 538 |
Amortisation of right of use assets (notes 14, 30 and 34) | 63 | 47 | 42 |
Amortisation of intangible assets (notes 15, 30 and 34) | 3 | 2 | 3 |
Inventory change | 6 | 21 | 5 |
Cost of sales | $ 2,857 | $ 2,699 | $ 2,626 |
OTHER EXPENSE (INCOME) (Details
OTHER EXPENSE (INCOME) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Care and maintenance | $ 45,000,000 | $ 0 | $ 47,000,000 |
Governmental fiscal claims | 7,000,000 | 6,000,000 | 12,000,000 |
Cost of old tailings operations | 9,000,000 | 14,000,000 | 9,000,000 |
Guinea public infrastructure contribution | 0 | 0 | 8,000,000 |
Pension and medical defined benefit provisions | 7,000,000 | 8,000,000 | 9,000,000 |
Royalty receivable impaired | 0 | 4,000,000 | 0 |
Royalties received | (2,000,000) | (2,000,000) | (3,000,000) |
Brazilian power utility legal settlement | 0 | 0 | (16,000,000) |
Retrenchment and related costs | 18,000,000 | 0 | 3,000,000 |
Legal fees and project costs | 10,000,000 | 9,000,000 | 11,000,000 |
Refund from insurance claim | 0 | (5,000,000) | 0 |
Other indirect taxes | 18,000,000 | 23,000,000 | 3,000,000 |
Premium on settlement of bonds | 24,000,000 | 0 | 0 |
Other (expenses) income | 136,000,000 | $ 57,000,000 | $ 83,000,000 |
$750m Notes due 2022 | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Notional amount | $ 750,000,000 | ||
Interest rate (in percent) | 5.125% |
FINANCE COSTS AND UNWINDING O_3
FINANCE COSTS AND UNWINDING OF OBLIGATIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of finance costs and unwinding of obligations [Abstract] | |||
Finance costs on bonds, bank loans and other | $ 109 | $ 124 | $ 135 |
Amortisation of fees | 6 | 23 | 4 |
Lease finance charges | 9 | 8 | 10 |
Less: interest captalised | (14) | (17) | (6) |
Total finance costs | 110 | 138 | 143 |
Unwinding of obligations | 6 | 39 | 29 |
Total finance costs and unwinding of obligations (notes 30 and 34) | $ 116 | $ 177 | $ 172 |
SHARE OF ASSOCIATES AND JOINT_3
SHARE OF ASSOCIATES AND JOINT VENTURES' PROFIT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [line items] | |||
Loss before taxation | $ 958 | $ 1,589 | $ 619 |
Taxation | (312) | (625) | (250) |
Profit after taxation from continuing operations | 646 | 964 | 369 |
Share of associates and joint ventures’ profit (loss) (note 30) | 249 | 278 | 168 |
Associates | |||
Disclosure of associates [line items] | |||
Impairment reversal of investments in associates | 0 | 0 | 23 |
Joint ventures | |||
Disclosure of associates [line items] | |||
Profit on sale of joint ventures | 0 | 19 | 0 |
Impairment reversal of investments in joint ventures (note 17) | 0 | 0 | 6 |
Joint ventures | Associates | |||
Disclosure of associates [line items] | |||
Revenue | 697 | 677 | 616 |
Operating costs and other expenses | (370) | (353) | (452) |
Net interest received | 7 | 5 | 10 |
Loss before taxation | 334 | 348 | 174 |
Taxation | (85) | (70) | (35) |
Profit after taxation from continuing operations | $ 249 | $ 278 | $ 139 |
EMPLOYEE BENEFITS (Details) - S
EMPLOYEE BENEFITS (Details) - Schedule of Employee Benefits - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Employee benefits including Executive Directors’ and Prescribed Officers’ salaries and other benefits | $ 593 | $ 644 | $ 697 |
- defined benefit post-retirement medical expenses | 7 | 8 | 9 |
Retrenchment costs | 16 | 2 | 7 |
Share-based payment expense (note 9) | 22 | 16 | 42 |
Included in cost of sales, other expenses and corporate administration, marketing and related expenses of continuing and discontinued operations | 682 | 717 | 812 |
Post-retirement medical scheme for AngloGold Ashanti's South African employees | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
- current medical expenses | 25 | 23 | 29 |
- defined benefit post-retirement medical expenses | 6 | 7 | 8 |
Pension | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
- defined contribution | $ 20 | $ 25 | $ 29 |
SHARE-BASED PAYMENTS - Share-ba
SHARE-BASED PAYMENTS - Share-based Payment Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | $ 22 | $ 16 | $ 21 |
Cash-settled share incentive scheme | 0 | 0 | 21 |
Total share-based payment expense (note 8) | 22 | 16 | 42 |
Bonus Share Plan (BSP) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | 0 | 1 | 6 |
Deferred Share Plan (DSP) | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | 22 | 14 | 13 |
Other | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Equity-settled share incentive schemes | $ 0 | $ 1 | $ 2 |
SHARE-BASED PAYMENTS - Equity-s
SHARE-BASED PAYMENTS - Equity-settled Plans (Details) | 12 Months Ended | |||
Dec. 31, 2021ZAR (R)shares | Dec. 31, 2020ZAR (R)shares | Dec. 31, 2019ZAR (R)shares | Jun. 30, 2020ZAR (R) | |
Bonus Share Plan (BSP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Calculated fair value | R | R 119.14 | |||
Awards outstanding at beginning of year (in shares) | 1,005,977 | 2,141,415 | 4,557,919 | |
Awards granted during the year (in shares) | 0 | 0 | 0 | |
Awards lapsed during the year (in shares) | 0 | 0 | (109,065) | |
Awards exercised during the year (in shares) | (156,294) | (1,135,438) | (2,307,439) | |
Awards outstanding at end of year (in shares) | 849,683 | 1,005,977 | 2,141,415 | |
Awards exercisable at end of year (in shares) | 849,683 | 1,005,977 | 1,207,936 | |
Deferred Share Plan (DSP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Calculated fair value | R | R 308.97 | R 325.97 | R 204.42 | |
Awards outstanding at beginning of year (in shares) | 2,289,762 | 1,599,360 | 0 | |
Awards granted during the year (in shares) | 1,185,348 | 1,176,532 | 1,669,191 | |
Awards lapsed during the year (in shares) | (322,814) | (155,575) | (55,208) | |
Awards exercised during the year (in shares) | (459,913) | (330,555) | (14,623) | |
Awards outstanding at end of year (in shares) | 2,692,383 | 2,289,762 | 1,599,360 | |
Awards exercisable at end of year (in shares) | 588,694,000,000 | 183,439,000,000 | 0 | |
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 (in shares) | 111,562 | 229,639 | 447,842 | |
Awards lapsed during the year (in shares) | 0 | 0 | 0 | |
Awards exercised during the year (in shares) | (2,333) | (118,077) | (218,203) | |
Awards outstanding at end of year (in shares) | 109,229 | 111,562 | 229,639 | |
Awards exercisable at end of year (in shares) | 109,229 | 111,562 | 229,639 | |
Tranche One | Bonus Share Plan (BSP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 50.00% | |||
Tranche One | DSP 2 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 50.00% | |||
Tranche One | DSP 3 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 33.00% | |||
Tranche One | DSP 5 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 20.00% | |||
Tranche Two | Bonus Share Plan (BSP) | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 50.00% | |||
Tranche Two | DSP 2 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 50.00% | |||
Tranche Two | DSP 3 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 33.00% | |||
Tranche Two | DSP 5 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 20.00% | |||
Tranche three | DSP 3 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 34.00% | |||
Tranche three | DSP 5 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 20.00% | |||
Tranche four | DSP 5 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 20.00% | |||
Tranche five | DSP 5 year | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Award vesting percentage (in percent) | 20.00% |
SHARE-BASED PAYMENTS - Narrativ
SHARE-BASED PAYMENTS - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Bonus Share Plan, Cash settled | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Awards outstanding (in shares) | 0 | 0 | 12,295 |
Awards vested, deemed settled (in shares) | 0 | 12,295 | 20,751 |
DSP 2 year | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Award vesting period | 2 years | ||
DSP 3 year | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Award vesting period | 3 years | ||
DSP 5 year | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Award vesting period | 5 years |
TAXATION - Income Tax Benefit (
TAXATION - Income Tax Benefit (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Normal taxation | $ 248 | $ 562 | $ 298 |
Prior year over provision | 0 | 2 | 0 |
Deferred taxation | |||
Change in statutory tax rate | 2 | 0 | 2 |
Income tax expense | 312 | 625 | 250 |
South Africa | |||
Major components of tax expense (income) [abstract] | |||
Normal taxation | 0 | 1 | 0 |
Prior year over provision | (1) | 0 | 0 |
Deferred taxation | |||
Temporary differences | 0 | 74 | (18) |
Change in estimated deferred tax rate | 0 | 0 | (14) |
Income tax expense | (1) | 75 | (32) |
Foreign taxation | |||
Major components of tax expense (income) [abstract] | |||
Normal taxation | 252 | 553 | 299 |
Prior year over provision | (3) | 8 | (1) |
Deferred taxation | |||
Temporary differences | 52 | 9 | (28) |
Prior year under (over) provision | 4 | (6) | 1 |
Change in estimated deferred tax rate | 6 | (14) | 9 |
Change in statutory tax rate | 2 | 0 | 2 |
Income tax expense | $ 313 | $ 550 | $ 282 |
TAXATION - Disclosure Of Reconc
TAXATION - Disclosure Of Reconciliation To South African Statutory Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Implied tax charge at 28% | $ 268 | $ 445 | $ 173 |
Expenses not tax deductible | 22 | 29 | 28 |
Share of associates and joint ventures' profit | (70) | (78) | (47) |
Tax rate differentials and withholding taxes | 54 | 96 | 39 |
Exchange variations and translation adjustments | 6 | 28 | 11 |
Change in planned utilisation of deferred tax assets and impact of estimated deferred tax rate change | 6 | (14) | (5) |
Tax effect of retained SA items | 0 | 16 | 3 |
Tax allowances | 0 | (1) | (1) |
Derecognition of deferred tax assets | 0 | 78 | 0 |
Impact of statutory tax rate change | 2 | 0 | 2 |
Adjustment in respect of prior years | 0 | 2 | 0 |
Income tax expense | 312 | 625 | 250 |
Obuasi | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Current year tax losses (expense) not recognised: | 6 | (6) | 14 |
AngloGold Ashanti Holdings plc | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Current year tax losses (expense) not recognised: | 25 | 31 | 29 |
North America | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Current year tax losses (expense) not recognised: | 13 | 4 | 6 |
Siguiri | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Current year tax losses (expense) not recognised: | (37) | (8) | 0 |
SA Corporate | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Current year tax losses (expense) not recognised: | 18 | 0 | 0 |
Other | |||
DisclosureOfReconciliationToSouthAfricanStatutoryRate [Line Items] | |||
Other | $ (1) | $ 3 | $ (2) |
TAXATION - Unrecognised Tax Los
TAXATION - Unrecognised Tax Losses (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | $ 3,008 | $ 1,891 | $ 1,487 |
Within one year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | 54 | 62 | 0 |
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 | 177 | 54 | 85 |
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 | 1,339 | 352 | 356 |
Later than five years and not later than twenty years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | 989 | 1,002 | 973 |
Later than twenty years | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Available to be utilised against future profits | $ 449 | $ 421 | $ 73 |
TAXATION - Narrative (Details)
TAXATION - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of contingent liabilities [line items] | ||||
Deferred taxation | $ 105 | $ 7 | $ 7 | $ 105 |
Income taxes refund | 7 | |||
Argentina Tax Authority | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax assessment | 7 | 8 | 10 | |
Brazil Tax Authority | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax assessment | 19 | 20 | 25 | |
Columbian Tax Authority | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax assessment | 74 | 86 | 88 | |
Reduction of tax assessment | 48 | 76 | 76 | |
Ghana Tax Authority | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax assessment | 14 | 15 | ||
Guinea Tax Authority | ||||
Disclosure of contingent liabilities [line items] | ||||
Provision for settlement | 2 | 2 | 2 | 2 |
Tax assessment | 8 | 8 | 12 | |
Mali Tax Authority | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax assessment | 4 | 1 | 1 | |
Tanzania Revenue Authority | Income tax | ||||
Disclosure of contingent liabilities [line items] | ||||
Tax assessment | 291 | 254 | 164 | |
Additional tax assessment | 36 | |||
Damages paid under protest | 25 | |||
Tax losses | ||||
Disclosure of contingent liabilities [line items] | ||||
Deferred taxation | 389 | 834 | 487 | 389 |
Tax losses | ||||
Disclosure of contingent liabilities [line items] | ||||
Deferred taxation | $ 45 | 16 | $ 15 | $ 45 |
Tax losses | Ghana Tax Authority | ||||
Disclosure of contingent liabilities [line items] | ||||
Deferred taxation | $ 1,000 |
EARNINGS (LOSS) PER ORDINARY _3
EARNINGS (LOSS) PER ORDINARY SHARE - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic earnings (loss) per ordinary share | |||
Profit (loss) from continuing operations attributable to ordinary equity holders of parent entity | $ 622 | $ 946 | $ 364 |
Weighted average number of shares (in shares) | 419,755,627 | 419,033,516 | 418,349,777 |
Profit (loss) from discontinued operations attributable to ordinary equity holders of parent entity | $ 0 | $ 7 | $ (376) |
Basic earnings (loss) per ordinary share (USD per share) | $ 1.48 | $ 2.27 | $ (0.03) |
Basic earnings (loss) per ordinary share - Continuing operations (USD per share) | 1.48 | 2.25 | 0.87 |
Basic earnings (loss) per ordinary share - Discontinued operations (USD per share) | $ 0 | $ 0.02 | $ (0.90) |
Diluted earnings (loss) per ordinary share | |||
Profit (loss) from continuing operations attributable to ordinary equity holders of parent entity including dilutive effects | $ 622 | $ 946 | $ 364 |
Diluted weighted average number of shares (in shares) | 420,056,703 | 419,481,450 | 418,349,777 |
Profit (loss) from discontinued operations attributable to ordinary equity holders of parent entity including dilutive effects | $ 0 | $ 7 | $ (376) |
Diluted earnings (loss) per ordinary share (USD per share) | $ 1.48 | $ 2.27 | $ (0.03) |
Diluted earnings (loss) per ordinary share - Continuing operations (USD per share) | 1.48 | 2.25 | 0.87 |
Diluted earnings (loss) per ordinary share - Discontinued operations (USD per share) | $ 0 | $ 0.02 | $ (0.90) |
EARNINGS (LOSS) PER ORDINARY _4
EARNINGS (LOSS) PER ORDINARY SHARE - Dilutive Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of earnings per share [Abstract] | |||
Ordinary shares (in shares) | 417,272,178 | 416,399,307 | 414,407,622 |
Fully vested options and currently exercisable (in shares) | 2,483,449 | 2,634,209 | 3,942,155 |
Weighted average number of shares (in shares) | 419,755,627 | 419,033,516 | 418,349,777 |
Dilutive potential of share options (in shares) | 301,076 | 447,934 | 0 |
Fully diluted number of ordinary shares (in shares) | 420,056,703 | 419,481,450 | 418,349,777 |
Number of share options that could potentially dilute basic earnings in future but not included as effect was anti-dilutive (in shares) | 0 | 0 | 517,186 |
EARNINGS (LOSS) PER ORDINARY _5
EARNINGS (LOSS) PER ORDINARY SHARE - Headline Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of earnings per share [Abstract] | |||
Profit (loss) attributable to equity shareholders from continuing and discontinued operations | $ 622 | $ 953 | $ (12) |
Net (impairment reversal) impairment on held for sale assets | 0 | (17) | 549 |
Taxation on net impairment on held for sale assets | 0 | 0 | (165) |
Net impairment on property, plant and equipment and right of use asset | 2 | 0 | 0 |
Derecognition of assets | 4 | 0 | 10 |
Loss on disposal of discontinued operations | 0 | 80 | 0 |
Taxation on loss on disposal of discontinued operations | 0 | 1 | 0 |
Profit on sale of joint ventures | 0 | (19) | 0 |
Net loss (profit) on disposal of tangible assets | (17) | 2 | (3) |
Taxation on net (profit) loss on disposal of assets | 1 | 0 | 0 |
Headline earnings (loss) | 612 | $ 1,000 | $ 379 |
Threshold for disclosure of tax effect | $ 1 | ||
Weighted average number of shares (in shares) | 419,755,627 | 419,033,516 | 418,349,777 |
Basic headline earnings (loss) per share (USD per share) | $ 1.46 | $ 2.38 | $ 0.91 |
Diluted headline earnings (loss) | $ 612 | $ 1,000 | $ 379 |
Diluted weighted average number of shares (in shares) | 420,056,703 | 419,481,450 | 418,349,777 |
Diluted headline earnings (loss) per share (USD per share) | $ 1.46 | $ 2.38 | $ 0.91 |
DIVIDENDS (Details)
DIVIDENDS (Details) $ / shares in Units, $ in Millions | Sep. 10, 2021USD ($)$ / shares | Aug. 06, 2021$ / shares | Mar. 26, 2021USD ($)$ / shares | Feb. 22, 2021R / shares | Feb. 21, 2020R / shares | Feb. 21, 2020$ / shares | Feb. 19, 2019R / shares | Feb. 19, 2019$ / shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Disclosure of share capital, reserves and other equity interest [Abstract] | |||||||||||
Dividends declared (USD per share) | (per share) | $ 0.06 | $ 0.87 | $ 0.48 | R 7.05 | R 1.65 | $ 0.09 | R 0.95 | $ 0.07 | |||
Dividends paid | $ 25 | $ 199 | $ 224 | $ 38 | $ 27 |
TANGIBLE ASSETS - Reconciliatio
TANGIBLE ASSETS - Reconciliation of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 2,884 | $ 2,592 | |
Additions | |||
Impairment and derecognition of assets | 6 | 0 | $ 505 |
Ending balance | 3,460 | 2,884 | 2,592 |
Assets pledged as security | $ 6 | $ 7 | $ 9 |
Capitalisation rate of borrowing costs eligible for capitalisation | 4.96% | 4.52% | 5.60% |
Mine development costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | $ 1,206 | $ 1,135 | |
Additions | |||
Ending balance | 1,494 | 1,206 | $ 1,135 |
Mine infra- structure | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 1,023 | 973 | |
Additions | |||
Ending balance | 969 | 1,023 | 973 |
Mineral rights and dumps | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 32 | 35 | |
Additions | |||
Ending balance | 26 | 32 | 35 |
Exploration and evaluation assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 4 | 3 | |
Additions | |||
Ending balance | 5 | 4 | 3 |
Assets under construction | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 507 | 380 | |
Additions | |||
Ending balance | 840 | 507 | 380 |
Land and buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 112 | 66 | |
Additions | |||
Ending balance | 126 | 112 | 66 |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 9,120 | 10,136 | 11,367 |
Additions | |||
- project capital | 392 | 331 | 339 |
- stay-in-business capital | 635 | 370 | 424 |
Finance costs capitalised | 14 | 17 | 6 |
Disposals | 30 | 27 | 17 |
Transfers and other movements | (389) | (1,883) | (544) |
Transfer to assets and liabilities held for sale | (1,431) | ||
Translation | (121) | 176 | (8) |
Ending balance | 9,621 | 9,120 | 10,136 |
Cost | Mine development costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 4,325 | 5,001 | 5,674 |
Additions | |||
- project capital | 68 | 64 | 43 |
- stay-in-business capital | 274 | 180 | 208 |
Finance costs capitalised | 0 | 0 | 0 |
Disposals | 2 | 1 | 1 |
Transfers and other movements | 140 | (1,076) | (259) |
Transfer to assets and liabilities held for sale | (660) | ||
Translation | (107) | 157 | (4) |
Ending balance | 4,698 | 4,325 | 5,001 |
Cost | Mine infra- structure | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 3,953 | 3,776 | 4,212 |
Additions | |||
- project capital | 0 | 0 | 0 |
- stay-in-business capital | 17 | 8 | 25 |
Finance costs capitalised | 0 | 0 | 0 |
Disposals | 23 | 26 | 16 |
Transfers and other movements | (207) | 186 | 219 |
Transfer to assets and liabilities held for sale | (663) | ||
Translation | (6) | 9 | (1) |
Ending balance | 3,734 | 3,953 | 3,776 |
Cost | Mineral rights and dumps | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 188 | 881 | 888 |
Additions | |||
- project capital | 0 | 0 | 0 |
- stay-in-business capital | 0 | 1 | 1 |
Finance costs capitalised | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Transfers and other movements | 0 | (699) | 1 |
Transfer to assets and liabilities held for sale | (9) | ||
Translation | (3) | 5 | 0 |
Ending balance | 185 | 188 | 881 |
Cost | Exploration and evaluation assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 9 | 7 | 4 |
Additions | |||
- project capital | 5 | 1 | 1 |
- stay-in-business capital | 0 | 0 | 2 |
Finance costs capitalised | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 |
Transfers and other movements | (2) | 2 | 0 |
Transfer to assets and liabilities held for sale | 0 | ||
Translation | 0 | (1) | 0 |
Ending balance | 12 | 9 | 7 |
Cost | Assets under construction | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 533 | 405 | 512 |
Additions | |||
- project capital | 300 | 246 | 281 |
- stay-in-business capital | 344 | 179 | 188 |
Finance costs capitalised | 14 | 17 | 6 |
Disposals | 0 | 0 | 0 |
Transfers and other movements | (320) | (320) | (489) |
Transfer to assets and liabilities held for sale | (90) | ||
Translation | (5) | 6 | (3) |
Ending balance | 866 | 533 | 405 |
Cost | Land and buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 112 | 66 | 77 |
Additions | |||
- project capital | 19 | 20 | 14 |
- stay-in-business capital | 0 | 2 | 0 |
Finance costs capitalised | 0 | 0 | 0 |
Disposals | 5 | 0 | 0 |
Transfers and other movements | 0 | 24 | (16) |
Transfer to assets and liabilities held for sale | (9) | ||
Translation | 0 | 0 | 0 |
Ending balance | 126 | 112 | 66 |
Accumulated amortisation and impairments | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (6,236) | (7,544) | (7,986) |
Additions | |||
Amortisation for the year | 417 | 530 | 609 |
Impairment and derecognition of assets | 6 | 505 | |
Disposals | (23) | (26) | (16) |
Transfers and other movements | 390 | 1,940 | 522 |
Transfer to assets and liabilities held for sale | 1,003 | ||
Translation | 85 | (128) | 15 |
Ending balance | (6,161) | (6,236) | (7,544) |
Accumulated amortisation and impairments | Mine development costs | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (3,119) | (3,866) | (4,184) |
Additions | |||
Amortisation for the year | 243 | 345 | 392 |
Impairment and derecognition of assets | 0 | 243 | |
Disposals | (1) | (1) | (1) |
Transfers and other movements | 79 | 1,208 | 455 |
Transfer to assets and liabilities held for sale | 488 | ||
Translation | 78 | (117) | 9 |
Ending balance | (3,204) | (3,119) | (3,866) |
Accumulated amortisation and impairments | Mine infra- structure | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (2,930) | (2,803) | (2,911) |
Additions | |||
Amortisation for the year | 166 | 179 | 215 |
Impairment and derecognition of assets | 6 | 172 | |
Disposals | (22) | (25) | (15) |
Transfers and other movements | 311 | 33 | 53 |
Transfer to assets and liabilities held for sale | 422 | ||
Translation | 4 | (6) | 5 |
Ending balance | (2,765) | (2,930) | (2,803) |
Accumulated amortisation and impairments | Mineral rights and dumps | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (156) | (846) | (849) |
Additions | |||
Amortisation for the year | 6 | 5 | 1 |
Impairment and derecognition of assets | 0 | 0 | |
Disposals | 0 | 0 | 0 |
Transfers and other movements | 0 | 699 | (1) |
Transfer to assets and liabilities held for sale | 5 | ||
Translation | 3 | (4) | 0 |
Ending balance | (159) | (156) | (846) |
Accumulated amortisation and impairments | Exploration and evaluation assets | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (5) | (4) | (3) |
Additions | |||
Amortisation for the year | 2 | 1 | 1 |
Impairment and derecognition of assets | 0 | 0 | |
Disposals | 0 | 0 | 0 |
Transfers and other movements | 0 | 0 | 0 |
Transfer to assets and liabilities held for sale | 0 | ||
Translation | 0 | 0 | 0 |
Ending balance | (7) | (5) | (4) |
Accumulated amortisation and impairments | Assets under construction | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | (26) | (25) | (27) |
Additions | |||
Amortisation for the year | 0 | 0 | 0 |
Impairment and derecognition of assets | 0 | 90 | |
Disposals | 0 | 0 | 0 |
Transfers and other movements | 0 | 0 | 3 |
Transfer to assets and liabilities held for sale | 88 | ||
Translation | 0 | (1) | 1 |
Ending balance | (26) | (26) | (25) |
Accumulated amortisation and impairments | Land and buildings | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance | 0 | 0 | (12) |
Additions | |||
Amortisation for the year | 0 | 0 | 0 |
Impairment and derecognition of assets | 0 | 0 | |
Disposals | 0 | 0 | 0 |
Transfers and other movements | 0 | 0 | 12 |
Transfer to assets and liabilities held for sale | 0 | ||
Translation | 0 | 0 | 0 |
Ending balance | $ 0 | $ 0 | $ 0 |
TANGIBLE ASSETS - Impairments a
TANGIBLE ASSETS - Impairments and Derecognitions of Tangible Assets (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)oz | Dec. 31, 2020USD ($)oz | Dec. 31, 2019USD ($)oz | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Commodity price, long-term estimate, significant unobservable inputs, assets (USD per ounce) | oz | 1,599 | 1,450 | 1,300 |
Weighted average cost of capital, significant unobservable inputs, assets (in percent) | 8.60% | 9.10% | |
Change in weighted average cost of capital, significant unobservable inputs, assets (in basis points) | 0.50% | ||
Impairment and derecognition of tangible assets | $ 6 | $ 0 | $ 505 |
Accumulated amortisation and impairments | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment and derecognition of tangible assets | 6 | $ 505 | |
Accumulated amortisation and impairments | Gramalote | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment and derecognition of tangible assets | 1 | ||
Accumulated amortisation and impairments | Obuasi Assets [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment and derecognition of tangible assets | 4 | ||
Accumulated amortisation and impairments | Corporate Assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impairment and derecognition of tangible assets | $ 1 | ||
Bottom of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful lives, significant unobservable inputs, assets | 6 years | ||
Top of range | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful lives, significant unobservable inputs, assets | 29 years |
TANGIBLE ASSETS - Cash Generati
TANGIBLE ASSETS - Cash Generating Units With Marginal Headroom (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)oz | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Value in use | $ 389 | $ 538 | $ 363 |
Weighted average cost of capital, significant unobservable inputs, assets (in percent) | 8.60% | 9.10% | |
AngloGold Ashanti Mineracao | |||
Disclosure of information for impairment loss recognised or reversed for individual asset or cash-generating unit [line items] | |||
Carrying value | $ 349 | ||
Value in use | $ 418 | ||
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in USD per ounce) | oz | 1,599 | ||
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in percent) | 3.00% | ||
Weighted average cost of capital, significant unobservable inputs, assets (in percent) | 9.00% | 11.00% |
RIGHT OF USE ASSETS AND LEASE_3
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Right of Use Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | $ 142 | $ 158 | |
Amortisation for the year | 63 | 47 | $ 42 |
Right of use assets at period end | 175 | 142 | 158 |
Cost | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | 257 | 233 | 128 |
Transfers and other movements | (37) | (12) | 73 |
Transfer to assets and liabilities held for sale | (1) | ||
Translation | (9) | 13 | 1 |
Right of use assets at period end | 313 | 257 | 233 |
Cost | Stay-in-business capital | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions | 101 | 23 | 32 |
Cost | Project capital | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions | 1 | ||
Accumulated amortisation and impairments | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | (115) | (75) | 0 |
Amortisation for the year | 63 | 47 | 42 |
Transfers and other movements | 37 | 11 | (33) |
Impairment | (1) | ||
Translation | (4) | 4 | |
Right of use assets at period end | (138) | (115) | (75) |
Mine infra- structure | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | 133 | 148 | |
Right of use assets at period end | 162 | 133 | 148 |
Mine infra- structure | Cost | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | 233 | 209 | 119 |
Transfers and other movements | (22) | (13) | 58 |
Transfer to assets and liabilities held for sale | 0 | ||
Translation | (9) | 14 | 0 |
Right of use assets at period end | 297 | 233 | 209 |
Mine infra- structure | Cost | Stay-in-business capital | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions | 95 | 23 | 32 |
Mine infra- structure | Cost | Project capital | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions | 0 | ||
Mine infra- structure | Accumulated amortisation and impairments | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | (100) | (61) | 0 |
Amortisation for the year | 61 | 45 | 40 |
Transfers and other movements | 22 | 11 | (21) |
Impairment | 0 | ||
Translation | (4) | 5 | |
Right of use assets at period end | (135) | (100) | (61) |
Land and buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | 9 | 10 | |
Right of use assets at period end | 13 | 9 | 10 |
Land and buildings | Cost | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | 24 | 24 | 9 |
Transfers and other movements | (15) | 1 | 15 |
Transfer to assets and liabilities held for sale | (1) | ||
Translation | 0 | (1) | 1 |
Right of use assets at period end | 16 | 24 | 24 |
Land and buildings | Cost | Stay-in-business capital | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions | 6 | 0 | 0 |
Land and buildings | Cost | Project capital | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Additions | 1 | ||
Land and buildings | Accumulated amortisation and impairments | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of use assets at period start | (15) | (14) | 0 |
Amortisation for the year | 2 | 2 | 2 |
Transfers and other movements | 15 | 0 | (12) |
Impairment | (1) | ||
Translation | 0 | (1) | |
Right of use assets at period end | $ (3) | $ (15) | $ (14) |
RIGHT OF USE ASSETS AND LEASE_4
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Lease Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Amortisation expense on right of use assets (note 4) | $ 63 | $ 47 | $ 42 |
Interest expense on lease liabilities (note 6) | 9 | 8 | 10 |
Expenses on short term leases | 48 | 107 | 83 |
Expenses on variable lease payments not included in the lease liabilities | 302 | 234 | 220 |
Expenses on leases of low value assets | $ 33 | $ 24 | $ 2 |
RIGHT OF USE ASSETS AND LEASE_5
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Cash outflow for leases | $ 72 | $ 55 | $ 51 |
Repayment of liabilities | 63 | 47 | 42 |
Lease finance costs paid included in the statement of cash flows | $ 9 | $ 8 | $ 9 |
Weighted average incremental borrowing rate at date of initial application (in percent) | 4.56% | 5.38% | 4.72% |
RIGHT OF USE ASSETS AND LEASE_6
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Reconciliation of Lease Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Lease liabilities | $ 153 | $ 171 | $ 0 |
Lease liabilities recognised | 103 | 23 | 160 |
Repayment of lease liabilities | (63) | (47) | (42) |
Finance costs paid on lease liabilities | (9) | (8) | (9) |
Interest charged to the income statement | 9 | 8 | 10 |
Reclassification of finance leases from borrowings | 0 | 0 | 60 |
Change in estimate | 0 | (1) | (5) |
Translation | (8) | 7 | (3) |
Closing balance | 185 | 153 | 171 |
Lease finance costs paid included in the statement of cash flows | $ 9 | $ 8 | $ 9 |
RIGHT OF USE ASSETS AND LEASE_7
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted cash flows | $ 204 | $ 162 | $ 198 |
Less than and including 1 year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted cash flows | 69 | 43 | 52 |
Between 1 and 5 years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted cash flows | 114 | 83 | 89 |
Five years and more | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Undiscounted cash flows | $ 21 | $ 36 | $ 57 |
RIGHT OF USE ASSETS AND LEASE_8
RIGHT OF USE ASSETS AND LEASE LIABILITIES - Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||||
Non-current (note 34) | $ 124 | $ 116 | $ 126 | |
Current (note 34) | 61 | 37 | 45 | |
Total | $ 185 | $ 153 | $ 171 | $ 0 |
INTANGIBLE ASSETS - Schedule of
INTANGIBLE ASSETS - Schedule of Reconciliation of Changes in Intangible Assets and Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | $ 131 | $ 123 | |
Amortisation for the year | 3 | 2 | $ 3 |
Ending balance | 122 | 131 | 123 |
Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 222 | 260 | 283 |
Additions | 1 | 1 | |
Transfer to assets and liabilities held for sale | (26) | ||
Transfers and other movements | (1) | (49) | 3 |
Translation | (8) | 10 | |
Ending balance | 214 | 222 | 260 |
Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | (91) | (137) | (160) |
Transfer to assets and liabilities held for sale | 26 | ||
Amortisation for the year | 3 | 2 | 3 |
Transfers and other movements | 1 | 49 | |
Translation | 1 | (1) | |
Ending balance | (92) | (91) | (137) |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 126 | 116 | |
Ending balance | 119 | 126 | 116 |
Goodwill | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 126 | 116 | 116 |
Additions | 0 | 0 | |
Transfer to assets and liabilities held for sale | 0 | ||
Transfers and other movements | 0 | 0 | 0 |
Translation | (7) | 10 | |
Ending balance | 119 | 126 | 116 |
Goodwill | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 0 | 0 | 0 |
Transfer to assets and liabilities held for sale | 0 | ||
Amortisation for the year | 0 | 0 | 0 |
Transfers and other movements | 0 | 0 | |
Translation | 0 | 0 | |
Ending balance | 0 | 0 | 0 |
Other | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 5 | 7 | |
Ending balance | 3 | 5 | 7 |
Other | Cost | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | 96 | 144 | 167 |
Additions | 1 | 1 | |
Transfer to assets and liabilities held for sale | (26) | ||
Transfers and other movements | (1) | (49) | 3 |
Translation | (1) | 0 | |
Ending balance | 95 | 96 | 144 |
Other | Accumulated amortisation and impairments | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |||
Beginning balance | (91) | (137) | (160) |
Transfer to assets and liabilities held for sale | 26 | ||
Amortisation for the year | 3 | 2 | 3 |
Transfers and other movements | 1 | 49 | |
Translation | 1 | (1) | |
Ending balance | $ (92) | $ (91) | $ (137) |
INTANGIBLE ASSETS - Impairment
INTANGIBLE ASSETS - Impairment Calculation Assumptions for Goodwill (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)oz | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of information for cash-generating units [line items] | |||
Value in use | $ 389 | $ 538 | $ 363 |
Goodwill | 119 | 126 | 116 |
Cash-generating units | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | 119 | 126 | 116 |
Sunrise Dam | |||
Disclosure of information for cash-generating units [line items] | |||
Value in use | 389 | ||
Amount by which unit's recoverable amount exceeds its carrying amount | 206 | ||
Goodwill | $ 111 | $ 118 | $ 108 |
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in USD per ounce) | oz | 1,599 | ||
Real pre-tax discount rates applied in impairment calculations on CGUs for which the carrying amount of goodwill is significant (in percent) | 5.50% | 8.70% | 10.80% |
Cash Generating Unit Including Goodwill, Carrying Amount | $ 183 | ||
Sunrise Dam | Long-term real gold price | |||
Disclosure of information for cash-generating units [line items] | |||
Decrease of the long-term real gold price that would cause the recoverable amount of CGU to equal the carrying amount (in percent) | 10.00% | ||
Serra Grande | |||
Disclosure of information for cash-generating units [line items] | |||
Goodwill | $ 8 | $ 8 | $ 8 |
MATERIAL PARTLY-OWNED SUBSIDI_3
MATERIAL PARTLY-OWNED SUBSIDIARIES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | ||||
Accumulated balances of material non-controlling interests | $ 52 | $ 45 | $ 36 | |
Profit (loss) for the year | 646 | 971 | (7) | |
Total comprehensive income for the year, net of tax | 541 | 1,095 | 7 | |
Attributable to non-controlling interests | 24 | 18 | 5 | |
Non-current assets | 5,824 | 5,338 | 4,881 | |
Current assets (1) | 2,143 | 2,334 | 1,982 | |
Non-current liabilities | (3,108) | (2,973) | (2,478) | |
Current liabilities | (798) | (959) | (1,709) | |
Total equity | 4,061 | 3,740 | 2,676 | $ 2,694 |
Cash inflow (outflow) from operating activities | 1,268 | 1,654 | 1,047 | |
Cash inflow (outflow) from investing activities | (940) | (476) | (743) | |
Net (decrease) increase in cash and cash equivalents | (128) | 849 | 127 | |
Cash and cash equivalents | 1,154 | 1,330 | $ 456 | $ 329 |
Dividend payables | $ 131 | $ 50 | ||
Cerro Vanguardia S.A. (CVSA) | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interests held by non-controlling interests (in percent) | 7.50% | 7.50% | 7.50% | |
Profit (loss) allocated to material non-controlling interests | $ 5 | $ 8 | $ 5 | |
Accumulated balances of material non-controlling interests | 11 | 14 | 13 | |
Revenue | 371 | 440 | 390 | |
Profit (loss) for the year | 75 | 84 | 68 | |
Total comprehensive income for the year, net of tax | 75 | 84 | 68 | |
Attributable to non-controlling interests | 5 | 8 | 5 | |
Dividends paid to non-controlling interests | (8) | (6) | (7) | |
Non-current assets | 240 | 202 | 177 | |
Current assets (1) | 252 | 254 | 202 | |
Non-current liabilities | (132) | (123) | (120) | |
Current liabilities | (218) | (150) | (82) | |
Total equity | 142 | 183 | 177 | |
Cash inflow (outflow) from operating activities | 165 | 169 | 107 | |
Cash inflow (outflow) from investing activities | (23) | (16) | (30) | |
Cash inflow (outflow) from financing activities | (112) | (59) | (47) | |
Net (decrease) increase in cash and cash equivalents | 30 | 94 | $ 30 | |
Cash and cash equivalents | 139 | 137 | ||
Cash eligible to be declared as dividends | 19 | 0 | ||
Amount applied to be paid offshore | $ 114 | $ 11 | ||
Société AngloGold Ashanti de Guinée S.A. (Siguiri) | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interests held by non-controlling interests (in percent) | 15.00% | 15.00% | 15.00% | |
Profit (loss) allocated to material non-controlling interests | $ 19 | $ 10 | $ 0 | |
Accumulated balances of material non-controlling interests | 41 | 31 | 23 | |
Revenue | 546 | 453 | 349 | |
Profit (loss) for the year | 124 | 68 | 1 | |
Total comprehensive income for the year, net of tax | 124 | 68 | 1 | |
Attributable to non-controlling interests | 19 | 10 | 0 | |
Dividends paid to non-controlling interests | (8) | (3) | (9) | |
Non-current assets | 229 | 233 | 245 | |
Current assets (1) | 234 | 224 | 170 | |
Non-current liabilities | (68) | (138) | (141) | |
Current liabilities | (122) | (117) | (121) | |
Total equity | 273 | 202 | 153 | |
Cash inflow (outflow) from operating activities | 197 | 63 | 46 | |
Cash inflow (outflow) from investing activities | (38) | (30) | (22) | |
Cash inflow (outflow) from financing activities | (143) | (11) | (30) | |
Net (decrease) increase in cash and cash equivalents | $ 16 | $ 22 | $ (6) |
INVESTMENTS IN ASSOCIATES AND_3
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Carrying Value of Investments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Interests In Other Entities [Abstract] | |||
Investments in associates | $ 43 | $ 47 | $ 40 |
Investments in joint ventures | 1,604 | 1,604 | 1,541 |
Total comprehensive profit (loss) for the year, net of tax | $ 1,647 | $ 1,651 | $ 1,581 |
INVESTMENTS IN ASSOCIATES AND_4
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Interests in Associates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of associates [line items] | |||
Operating (expenses) income | $ 810 | $ 1,459 | $ 621 |
Taxation | (312) | (625) | (250) |
Profit (loss) for the year | 646 | 971 | (7) |
Total comprehensive profit (loss) for the year, net of tax | 541 | 1,095 | 7 |
Immaterial associates | |||
Disclosure of associates [line items] | |||
Revenue | 36 | 29 | 20 |
Operating (expenses) income | (16) | (6) | 3 |
Taxation | (2) | 0 | 0 |
Profit (loss) for the year | 18 | 23 | 23 |
Total comprehensive profit (loss) for the year, net of tax | $ 18 | $ 23 | $ 23 |
INVESTMENTS IN ASSOCIATES AND_5
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES - Investments in Joint Ventures (Details) $ in Millions | 2 Months Ended | 12 Months Ended | |||
Feb. 28, 2022USD ($)Claim | Dec. 31, 2021USD ($)banks | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of joint ventures [line items] | |||||
Investments in joint ventures | $ 1,604 | $ 1,604 | $ 1,541 | ||
Statement of profit or loss | |||||
Amortisation of tangible and intangible assets | (477) | (570) | (583) | ||
Finance costs and unwinding of obligations | (116) | (177) | (172) | ||
Interest received | 58 | 27 | 14 | ||
Taxation | (312) | (625) | (250) | ||
Profit (loss) for the year | 646 | 971 | (7) | ||
Total comprehensive income for the year, net of tax | 541 | 1,095 | 7 | ||
Statement of financial position | |||||
Non-current assets | 5,824 | 5,338 | 4,881 | ||
Cash and cash equivalents | 1,154 | 1,330 | 456 | $ 329 | |
Total assets | 7,967 | 7,672 | 6,863 | ||
Total liabilities | 3,906 | 3,932 | 4,187 | ||
Cash and cash restricted for use | 58 | 73 | 64 | ||
Contingent liabilities | $ 0 | $ 97 | $ 97 | ||
DRC | Claims from Direction Générale des Douanes et Accises | Kibali Goldmines S.A and AngloGold Ashanti | Commencement of major litigation | |||||
Statement of financial position | |||||
Number of legal claims | Claim | 15 | ||||
DRC | Litigation | Claims from Direction Générale des Douanes et Accises | Commencement of major litigation | |||||
Statement of financial position | |||||
Contingent liabilities | $ 153 | ||||
DRC | Litigation | Claims from Direction Générale des Douanes et Accises | Kibali Goldmines S.A and AngloGold Ashanti | Commencement of major litigation | |||||
Statement of financial position | |||||
Contingent liabilities | $ 339 | ||||
Kibali | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture (in percent) | 45.00% | 45.00% | 45.00% | ||
Investments in joint ventures | $ 1,604 | $ 1,604 | $ 1,506 | ||
Statement of profit or loss | |||||
Revenue | 1,470 | 1,443 | 1,123 | ||
Other operating costs and expenses | (551) | (541) | (479) | ||
Amortisation of tangible and intangible assets | (244) | (241) | (282) | ||
Finance costs and unwinding of obligations | (6) | (6) | (4) | ||
Interest received | 6 | 7 | 4 | ||
Taxation | (181) | (157) | (62) | ||
Profit (loss) for the year | 494 | 505 | 300 | ||
Total comprehensive income for the year, net of tax | 494 | 505 | 300 | ||
Dividends received from joint venture (attributable) | 231 | 140 | 75 | ||
Statement of financial position | |||||
Non-current assets | 2,361 | 2,459 | 2,522 | ||
Current assets | 162 | 120 | 183 | ||
Cash and cash equivalents | 1,115 | 944 | 453 | ||
Total assets | 3,638 | 3,523 | 3,158 | ||
Non-current financial liabilities | 44 | 50 | 45 | ||
Other non-current liabilities | 226 | 118 | 26 | ||
Current financial liabilities | 14 | 15 | 11 | ||
Other current liabilities | 107 | 106 | 66 | ||
Total liabilities | 391 | 289 | 148 | ||
Net assets | $ 3,247 | 3,234 | 3,010 | ||
Kibali | DRC | |||||
Statement of financial position | |||||
Number of banks | banks | 4 | ||||
Number of domestic banks | banks | 2 | ||||
Kibali Jersey Limited | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture (in percent) | 50.00% | ||||
Immaterial joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Investments in joint ventures | $ 0 | 0 | 35 | ||
Sadiola | |||||
Disclosure of joint ventures [line items] | |||||
Reversal (impairment) of investments in joint ventures | 0 | 0 | 6 | ||
Morila | |||||
Disclosure of joint ventures [line items] | |||||
Cumulative unrecognised share of losses of the joint ventures: | 0 | 0 | 8 | ||
Yatela | |||||
Disclosure of joint ventures [line items] | |||||
Cumulative unrecognised share of losses of the joint ventures: | 2 | 1 | 2 | ||
Group’s share of net assets | Kibali | |||||
Disclosure of joint ventures [line items] | |||||
Investments in joint ventures | 1,624 | 1,617 | 1,505 | ||
Other | Kibali | |||||
Disclosure of joint ventures [line items] | |||||
Investments in joint ventures | $ (20) | $ (13) | $ 1 |
OTHER INVESTMENTS (Details)
OTHER INVESTMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of financial assets [line items] | |||
Balance at beginning of year | $ 188 | $ 86 | |
Balance at end of year | 117 | 188 | $ 86 |
Other | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 188 | 170 | |
Balance at end of year | 117 | 188 | 170 |
Equity investments | Book value of listed investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 186 | 82 | |
Balance at end of year | 116 | 186 | 82 |
Non-current investments | |||
Disclosure of financial assets [line items] | |||
Non-current other investments | 117 | 188 | 76 |
Non-current investments | Equity investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 186 | 72 | |
Balance at end of year | 116 | 186 | 72 |
Non-current investments | Equity investments | Corvus Gold Inc. | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 59 | 41 | |
Balance at end of year | 80 | 59 | 41 |
Non-current investments | Equity investments | Pure Gold Mining | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 126 | 31 | |
Balance at end of year | 35 | 126 | 31 |
Non-current investments | Equity investments | Other | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 1 | 0 | |
Balance at end of year | 1 | 1 | 0 |
Non-current investments | Equity investments | Equity investments at fair value though OCI (FVTOCI) | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 186 | 72 | 63 |
Additions | 3 | 9 | 9 |
Transfer from unlisted non-current investments | 0 | 7 | 0 |
Fair value adjustments | (73) | 98 | 0 |
Balance at end of year | 116 | 186 | 72 |
Non-current investments | Equity investments | Equity investments at fair value though OCI (FVTOCI) | Corvus Gold Inc. | |||
Disclosure of financial assets [line items] | |||
Fair value adjustments | 21 | 18 | |
Non-current investments | Equity investments | Equity investments at fair value though OCI (FVTOCI) | Pure Gold Mining | |||
Disclosure of financial assets [line items] | |||
Fair value adjustments | (94) | 81 | |
Non-current investments | Financial assets at fair value | Book value of unlisted investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 2 | 4 | 47 |
Additions | 0 | 0 | 45 |
Maturities | 0 | 0 | (44) |
Transfer to non-current assets and liabilities held for sale | 0 | 0 | (48) |
Transfer from unlisted non-current investments | 0 | 7 | 0 |
Fair value adjustments | 0 | 0 | 2 |
Fair value adjustments - FVTPL | (1) | 5 | 0 |
Translation | 0 | 0 | 2 |
Balance at end of year | 1 | 2 | 4 |
Non-current investments | Financial assets outside scope of IFRS 7 | Book value of unlisted investments | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 2 | 4 | |
Balance at end of year | 1 | 2 | 4 |
Current investments | Equity investments | Equity investments at fair value though OCI (FVTOCI) | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of year | 0 | 10 | |
Balance at end of year | $ 0 | $ 0 | $ 10 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Non-current | |||
Raw materials - ore stockpiles | $ 27 | $ 69 | $ 93 |
Raw materials | |||
- ore stockpiles | 217 | 262 | 229 |
- heap-leach inventory | 6 | 5 | 4 |
Work in progress | |||
- metals in process | 49 | 46 | 51 |
Finished goods | |||
- gold doré/bullion | 29 | 42 | 42 |
- by-products | 1 | 0 | 1 |
Total metal inventories | 302 | 355 | 327 |
Mine operating supplies | 401 | 378 | 305 |
Current inventories | 703 | 733 | 632 |
Total inventories | 730 | 802 | 725 |
Write-down of inventories | $ 13 | $ 7 | $ 4 |
TRADE, OTHER RECEIVABLES AND _3
TRADE, OTHER RECEIVABLES AND OTHER ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 04, 2018 |
Non-current | |||||
Deferred compensation asset | $ 25 | $ 28 | $ 0 | ||
Prepayments | 14 | 12 | 15 | ||
Recoverable tax, rebates, levies and duties | 198 | 195 | 107 | ||
Non-current | 237 | 235 | 122 | ||
Current | |||||
Trade and loan receivables | 50 | 56 | 47 | ||
Prepayments | 41 | 56 | 61 | ||
Recoverable tax, rebates, levies and duties | 155 | 100 | 130 | ||
Other receivables | 14 | 17 | 12 | ||
Current | 260 | 229 | 250 | ||
Total trade, other receivables and other assets | 497 | 464 | 372 | ||
Receivables from taxes other than income tax | 304 | 281 | 227 | ||
Tanzania | |||||
Current | |||||
Receivables from taxes other than income tax | 142 | 139 | 119 | ||
Argentina | CVSA | |||||
Current | |||||
Receivables from taxes other than income tax | 19 | 23 | 25 | ||
Taxation cap on annual taxes and duties paid by CVSA (in percent) | 30.00% | ||||
Indirect tax increase | Tanzania | |||||
Current | |||||
Receivables from taxes other than income tax | 3 | ||||
Set off amount against other corporate taxes | |||||
Current | |||||
Receivables from taxes other than income tax | 54 | 9 | |||
Total claims since July 2017 | |||||
Current | |||||
Receivables from taxes other than income tax | $ 164 | ||||
Total claims for 2019 | |||||
Current | |||||
Receivables from taxes other than income tax | 27 | ||||
Total claims since July 2017 | |||||
Current | |||||
Receivables from taxes other than income tax | 187 | ||||
Discounted net indirect tax receivable | |||||
Current | |||||
Receivables from taxes other than income tax | 142 | ||||
Total Claims During 2021 | |||||
Current | |||||
Receivables from taxes other than income tax | 50 | ||||
Africa | |||||
Current | |||||
Recoverable value added tax | 212 | 215 | 167 | ||
Recoverable fuel duties | 0 | 0 | 43 | ||
Appeal deposits | $ 43 | $ 34 | $ 10 |
CASH RESTRICTED FOR USE (Detail
CASH RESTRICTED FOR USE (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Cash restricted for environmental and rehabilitation obligations | $ 32 | $ 31 | $ 31 |
Current | 26 | 42 | 33 |
Total cash restricted for use (note 33 and 34) | 58 | 73 | 64 |
Cash restricted by prudential solvency requirements | |||
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Current | 18 | 24 | 27 |
Cash balances held by - joint operations | |||
Restrictions On Cash And Cash Equivalents [Line Items] | |||
Current | $ 8 | $ 18 | $ 6 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Cash and deposits on call | $ 712 | $ 1,081 | $ 417 | |
Money market instruments | 442 | 249 | 39 | |
Total cash and cash equivalents (note 33 and note 34) | $ 1,154 | $ 1,330 | $ 456 | $ 329 |
SHARE CAPITAL AND PREMIUM (Deta
SHARE CAPITAL AND PREMIUM (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2021R / shares | |
Disclosure of classes of share capital [line items] | ||||
Share capital | $ 17 | $ 17 | $ 17 | |
Balance at beginning of year | 7,250 | 7,235 | 7,208 | |
Ordinary shares issued - share premium | 9 | 15 | 27 | |
Preference shares redeemed | (53) | |||
Comprehensive income [abstract] | ||||
Balance at end of year | 7,206 | 7,250 | 7,235 | |
Less: held within the group | ||||
Redeemable preference shares(1) | (53) | (53) | ||
Share premium, net of treasury shares | 7,206 | 7,197 | 7,182 | |
Share capital and premium | $ 7,223 | $ 7,214 | $ 7,199 | |
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | shares | 600,000,000 | |||
Par value per share (in cents per share) | R / shares | R 0.25 | |||
Less: held within the group | ||||
Par value per share (in cents per share) | R / shares | 0.25 | |||
Series A, preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | shares | 2,000,000 | |||
Par value per share (in cents per share) | R / shares | 0.50 | |||
Number of shares issued and fully paid (in shares) | shares | 0 | 2,000,000 | 2,000,000 | |
Less: held within the group | ||||
Par value per share (in cents per share) | R / shares | 0.50 | |||
Series B, preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | shares | 5,000,000 | |||
Par value per share (in cents per share) | R / shares | 0.01 | |||
Number of shares issued and fully paid (in shares) | shares | 0 | 778,896 | 778,896 | |
Less: held within the group | ||||
Par value per share (in cents per share) | R / shares | 0.01 | |||
Series C, preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares authorised (in shares) | shares | 30,000,000 | |||
Par value per share (in cents per share) | R / shares | 0 | |||
Less: held within the group | ||||
Par value per share (in cents 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, preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Share capital | 0 | 0 | 0 | |
Authorised | Series B, preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Share capital | 0 | 0 | 0 | |
Authorised | Series C, preference 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 | 17 | 17 | 17 | |
Issued and fully paid | Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Share capital | $ 17 | $ 17 | $ 17 | |
Par value per share (in cents per share) | R / shares | 0.25 | |||
Number of shares issued and fully paid (in shares) | shares | 417,501,452 | 416,890,087 | 415,301,215 | |
Less: held within the group | ||||
Par value per share (in cents per share) | R / shares | R 0.25 | |||
Issued and fully paid | Series A, preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Share capital | $ 0 | $ 0 | ||
Issued and fully paid | Series B, preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Share capital | 0 | 0 | ||
Treasury shares held within the group | Series A and B preference shares | ||||
Disclosure of classes of share capital [line items] | ||||
Share capital | $ 0 | $ 0 | ||
Treasury shares held within the group (in shares) | shares | 0 | 2,778,896 | 2,778,896 |
BORROWINGS (Details)
BORROWINGS (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021USD ($) | Oct. 31, 2021USD ($) | Oct. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2021ZAR (R) | Dec. 31, 2020ZAR (R) | Oct. 23, 2020ZAR (R) | Feb. 19, 2020ZAR (R) | Dec. 31, 2019ZAR (R) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | $ 1,909,000,000 | $ 1,909,000,000 | $ 1,931,000,000 | $ 2,033,000,000 | ||||||||
Current portion of borrowings (note 34) | (51,000,000) | (51,000,000) | (142,000,000) | (734,000,000) | ||||||||
Total non-current borrowings (note 34) | 1,858,000,000 | 1,858,000,000 | 1,789,000,000 | 1,299,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 1,931,000,000 | 2,033,000,000 | 2,050,000,000 | |||||||||
Undrawn facilities | 1,447,000,000 | 1,447,000,000 | 1,475,000,000 | 1,752,000,000 | ||||||||
Proceeds from borrowings | 822,000,000 | 2,226,000,000 | 168,000,000 | |||||||||
Repayment of borrowings | (820,000,000) | (2,310,000,000) | (123,000,000) | |||||||||
Finance costs paid on borrowings | (115,000,000) | (114,000,000) | (122,000,000) | |||||||||
Deferred loan fees | (4,000,000) | 4,000,000 | (7,000,000) | |||||||||
Other borrowing fees | (11,000,000) | (15,000,000) | ||||||||||
Interest charged to the income statement | 106,000,000 | 115,000,000 | 127,000,000 | |||||||||
Reclassification of finance leases to lease liabilities | 0 | 0 | (60,000,000) | |||||||||
Translation | 0 | (8,000,000) | 0 | |||||||||
Closing balance | 1,909,000,000 | 1,909,000,000 | 1,931,000,000 | 2,033,000,000 | ||||||||
Capitalised finance cost | (14,000,000) | (17,000,000) | (6,000,000) | |||||||||
Commitment fees, utilisation fees and other borrowing costs | 10,000,000 | 13,000,000 | 12,000,000 | |||||||||
Total finance costs paid | 111,000,000 | 110,000,000 | 128,000,000 | |||||||||
US dollar | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 1,829,000,000 | 1,829,000,000 | 1,884,000,000 | 1,893,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 1,884,000,000 | 1,893,000,000 | ||||||||||
Closing balance | 1,829,000,000 | 1,829,000,000 | 1,884,000,000 | 1,893,000,000 | ||||||||
Australian dollar | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 33,000,000 | 33,000,000 | 0 | 21,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 0 | 21,000,000 | ||||||||||
Closing balance | 33,000,000 | 33,000,000 | 0 | 21,000,000 | ||||||||
SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 0 | 0 | 0 | 72,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 0 | 72,000,000 | ||||||||||
Closing balance | 0 | 0 | 0 | 72,000,000 | ||||||||
Tanzanian shillings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 47,000,000 | 47,000,000 | 47,000,000 | 47,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 47,000,000 | 47,000,000 | ||||||||||
Closing balance | 47,000,000 | 47,000,000 | 47,000,000 | 47,000,000 | ||||||||
Within one year | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 51,000,000 | 51,000,000 | 142,000,000 | 734,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 142,000,000 | 734,000,000 | ||||||||||
Closing balance | 51,000,000 | 51,000,000 | 142,000,000 | 734,000,000 | ||||||||
Between one and two years | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 31,000,000 | 31,000,000 | 812,000,000 | 110,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 812,000,000 | 110,000,000 | ||||||||||
Closing balance | 31,000,000 | 31,000,000 | 812,000,000 | 110,000,000 | ||||||||
Between two and five years | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 110,000,000 | 110,000,000 | 0 | 898,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 0 | 898,000,000 | ||||||||||
Closing balance | 110,000,000 | 110,000,000 | 0 | 898,000,000 | ||||||||
After five years | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total borrowings (note 33) | 1,717,000,000 | 1,717,000,000 | 977,000,000 | 291,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Opening balance | 977,000,000 | 291,000,000 | ||||||||||
Closing balance | $ 1,717,000,000 | $ 1,717,000,000 | 977,000,000 | 291,000,000 | ||||||||
Rated bonds - issued October 2021 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate (in percent) | 3.375% | 3.375% | 3.375% | 3.375% | 3.375% | |||||||
Notional amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | |||||||||
Term of facility | 7 years | 7 years | ||||||||||
Rated bonds - issued October 2020 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate (in percent) | 3.75% | 3.75% | 3.75% | 3.75% | ||||||||
Notional amount | $ 700,000,000 | $ 700,000,000 | ||||||||||
Term of facility | 10 years | |||||||||||
$300m Rated bonds | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate (in percent) | 6.50% | 6.50% | 6.50% | 6.50% | ||||||||
Notional amount | $ 300,000,000 | $ 300,000,000 | ||||||||||
Term of facility | 30 years | |||||||||||
Rated bonds - issued July 2012 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate (in percent) | 5.125% | 5.125% | 5.125% | 5.125% | ||||||||
Notional amount | $ 750,000,000 | $ 750,000,000 | ||||||||||
Term of facility | 10 years | |||||||||||
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | 1,400,000,000 | $ 1,400,000,000 | $ 1,400,000,000 | $ 500,000,000 | R 1,400,000,000 | R 1,400,000,000 | R 1,400,000,000 | |||||
Term of facility | 5 years | |||||||||||
Total borrowings (note 33) | 33,000,000 | 33,000,000 | ||||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | 1,367,000,000 | 1,367,000,000 | 1,400,000,000 | 1,379,000,000 | ||||||||
Closing balance | $ 33,000,000 | $ 33,000,000 | ||||||||||
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis (in percent) | 1.45% | 1.45% | 1.45% | 1.45% | ||||||||
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | BBSY | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis (in percent) | 1.45% | 1.45% | 1.45% | 1.45% | ||||||||
Syndicated loan facility (R1bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | R | R 1,000,000,000 | |||||||||||
Siguiri revolving credit facilities ($65m) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 65,000,000 | $ 65,000,000 | R 65,000,000 | |||||||||
Siguiri revolving credit facilities ($65m) | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis (in percent) | 8.50% | 8.50% | 8.50% | 8.50% | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | $ 30,000,000 | $ 30,000,000 | ||||||||||
Geita revolving credit facility ($150m) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | 150,000,000 | 150,000,000 | R 150,000,000 | 150,000,000 | 150,000,000 | |||||||
Capped amount, Tanzanian Shilling Facility | 45,000,000 | 45,000,000 | ||||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | $ 40,000,000 | $ 40,000,000 | 41,000,000 | 40,000,000 | ||||||||
Tanzanian shilling component of unsecured $150m multi-currency facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate (in percent) | 12.50% | 12.50% | 12.50% | 12.50% | ||||||||
US Dollar component of unsecured $150m multi-currency facility | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis (in percent) | 6.70% | 6.70% | 6.70% | 6.70% | ||||||||
Geita revolving credit facility ($150m) - 2021 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 150,000,000 | $ 150,000,000 | ||||||||||
Term of facility | 3 years | |||||||||||
Capped amount, Tanzanian Shilling Facility | $ 87,000,000 | $ 87,000,000 | ||||||||||
Tanzanian shilling component of 2021 unsecured $150m multi-currency facility | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Interest rate (in percent) | 12.50% | 12.50% | 12.50% | 12.50% | ||||||||
US Dollar component of 2021 unsecured $150m multi-currency facility | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Adjustment to interest rate basis (in percent) | 6.70% | 6.70% | 6.70% | 6.70% | ||||||||
Geita revolving credit facility ($150m), excl. Tanzanian Shilling component | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 150,000,000 | $ 150,000,000 | ||||||||||
Syndicated revolving credit facility (R2.5bn) - SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | R | R 2,500,000,000 | 2,500,000,000 | R 2,500,000,000 | 2,500,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | 179,000,000 | |||||||||||
Syndicated revolving credit facility (R1.4bn) - SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | R | 1,400,000,000 | 1,400,000,000 | R 1,400,000,000 | 1,400,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | 100,000,000 | |||||||||||
FirstRand Bank Limited (R150m; 2020: R500m; 2019: R750m) - SA rand | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | R | 150,000,000 | 500,000,000 | 750,000,000 | |||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | 10,000,000 | 10,000,000 | 34,000,000 | 54,000,000 | ||||||||
Revolving credit facility - $65m | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | R | R 65,000,000 | R 65,000,000 | R 65,000,000 | |||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | 30,000,000 | 30,000,000 | 0 | 0 | ||||||||
Debt carried at amortised cost | Rated bonds - issued October 2021 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured bonds | 744,000,000 | 744,000,000 | 0 | 0 | ||||||||
Debt carried at amortised cost | Rated bonds - issued October 2020 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured bonds | 693,000,000 | 693,000,000 | 692,000,000 | 0 | ||||||||
Debt carried at amortised cost | Rated bonds - issued April 2010 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured bonds | 296,000,000 | 296,000,000 | 295,000,000 | 1,003,000,000 | ||||||||
Debt carried at amortised cost | Rated bonds - issued July 2012 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured bonds | 0 | 0 | 764,000,000 | 762,000,000 | ||||||||
Debt carried at amortised cost | Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 31,000,000 | 31,000,000 | 0 | 15,000,000 | ||||||||
Reconciliation of borrowings (excluding lease liabilities) | ||||||||||||
Undrawn facilities | 1,400,000,000 | 1,400,000,000 | ||||||||||
Debt carried at amortised cost | Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 0 | ||||||||||
Debt carried at amortised cost | Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | Within one year | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 0 | ||||||||||
Debt carried at amortised cost | Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | Between one and two years | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 0 | ||||||||||
Debt carried at amortised cost | Syndicated loan facility (R1bn) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 72,000,000 | |||||||||||
Debt carried at amortised cost | Siguiri revolving credit facilities ($65m) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 35,000,000 | 35,000,000 | 67,000,000 | 67,000,000 | ||||||||
Debt carried at amortised cost | Siguiri revolving credit facilities ($65m) | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 35,000,000 | 35,000,000 | ||||||||||
Debt carried at amortised cost | Siguiri revolving credit facilities ($65m) | Within one year | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 35,000,000 | 35,000,000 | ||||||||||
Debt carried at amortised cost | Siguiri revolving credit facilities ($65m) | Between one and two years | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 0 | ||||||||||
Debt carried at amortised cost | Geita revolving credit facility ($150m) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 113,000,000 | 114,000,000 | ||||||||||
Debt carried at amortised cost | Geita revolving credit facility ($150m) - 2021 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 110,000,000 | 110,000,000 | ||||||||||
Debt carried at amortised cost | Geita revolving credit facility ($150m), excl. Tanzanian Shilling component | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 63,000,000 | 63,000,000 | ||||||||||
Debt carried at amortised cost | Geita revolving credit facility ($150m), excl. Tanzanian Shilling component | Within one year | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | 0 | 0 | ||||||||||
Debt carried at amortised cost | Geita revolving credit facility ($150m), excl. Tanzanian Shilling component | Between one and two years | LIBOR | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Unsecured facilities | $ 0 | $ 0 |
ENVIRONMENTAL REHABILITATION _3
ENVIRONMENTAL REHABILITATION AND OTHER PROVISIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | |||
Environmental rehabilitation and other provisions | $ 729 | $ 731 | $ 697 |
Provision for decommissioning | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 219 | 196 | 237 |
Charge to income statement | 3 | 0 | 0 |
Change in estimates | (8) | 17 | 29 |
Unwinding of obligation/provision | 3 | 2 | 10 |
Transfer to assets and liabilities held for sale | 0 | 0 | (81) |
Utilised during the year | 0 | 0 | (1) |
Translation | (2) | 4 | 2 |
Ending balance | 215 | 219 | 196 |
Provision for decommissioning | 10% Increase in discount rate | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | (5) | (3) | (4) |
Provision for decommissioning | 10% Increase in cash flows | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | 21 | 22 | 20 |
Provision for decommissioning | 10% decrease in discount rate | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | 5 | 3 | 4 |
Provision for decommissioning | 10% Decrease in cash flows | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | (21) | (22) | (20) |
Provision for restoration | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 440 | 423 | 385 |
Charge to income statement | 2 | ||
Charge to income statement | (3) | (1) | |
Change in estimates | 29 | 15 | 50 |
Unwinding of obligation/provision | 6 | 4 | 9 |
Transfer to assets and liabilities held for sale | 0 | 0 | (15) |
Utilised during the year | (10) | (11) | (5) |
Translation | (4) | 7 | 0 |
Ending balance | 458 | 440 | 423 |
Provision for restoration | 10% Increase in discount rate | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | (5) | (3) | (6) |
Provision for restoration | 10% Increase in cash flows | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | 46 | 44 | 42 |
Provision for restoration | 10% decrease in discount rate | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | 5 | 3 | 6 |
Provision for restoration | 10% Decrease in cash flows | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | (46) | (44) | (42) |
Provision for silicosis | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 49 | 54 | 47 |
Change in estimates | 1 | 4 | (1) |
Unwinding of obligation/provision | 3 | 4 | 5 |
Transfer (to) from short term provisions included in trade, other payables and provisions | (5) | (1) | 6 |
Utilised during the year | (10) | (9) | (5) |
Translation | (4) | (3) | 2 |
Ending balance | 34 | 49 | 54 |
Provision for silicosis | 10% increase in take-up rates | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | 6 | 6 | 6 |
Provision for silicosis | 10% increase in number of cases | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | 6 | 6 | 6 |
Provision for silicosis | 10% increase in disease progression rate | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | 3 | 3 | 3 |
Provision for silicosis | 10% derease in take-up rates | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | (6) | (6) | (6) |
Provision for silicosis | 10% decrease in number of cases | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | (6) | (6) | (6) |
Provision for silicosis | 10% decrease in disease progression rate | |||
Sensitivity analysis | |||
Increase (decrease) in other provision amount due to change in assumptions | (3) | (3) | (3) |
Other provisions | |||
Disclosure of other provisions [line items] | |||
Beginning balance | 23 | 24 | 158 |
Charge to income statement | 14 | 12 | 39 |
Change in estimates | 0 | 1 | 28 |
Unwinding of obligation/provision | 0 | 0 | 1 |
Transfer to assets and liabilities held for sale | 0 | 0 | (115) |
Transfer (to) from short term provisions included in trade, other payables and provisions | (7) | 3 | (79) |
Utilised during the year | (6) | (13) | (11) |
Translation | (2) | (4) | 3 |
Ending balance | $ 22 | $ 23 | $ 24 |
PROVISION FOR PENSION AND POS_3
PROVISION FOR PENSION AND POST-RETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Defined benefit plans | $ 77 | $ 83 | $ 100 |
Benefit obligation | |||
Net periodic benefit cost | 7 | 8 | 9 |
2022 | |||
Effect of changes in assumptions | |||
Estimated future benefit payments | 8 | ||
2023 | |||
Effect of changes in assumptions | |||
Estimated future benefit payments | 8 | ||
2024 | |||
Effect of changes in assumptions | |||
Estimated future benefit payments | 8 | ||
2025 | |||
Effect of changes in assumptions | |||
Estimated future benefit payments | 9 | ||
2026 | |||
Effect of changes in assumptions | |||
Estimated future benefit payments | 9 | ||
Thereafter | |||
Effect of changes in assumptions | |||
Estimated future benefit payments | 35 | ||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plans | 71 | 77 | 93 |
Benefit obligation | |||
Balance at beginning of year | 77 | 93 | 93 |
Interest cost | 6 | 7 | 8 |
Benefits paid | (8) | (7) | (8) |
Actuarial loss (gain) | 1 | (9) | (2) |
Translation | (5) | (5) | 2 |
Balance at end of year | 71 | 77 | 93 |
Net amount recognised | 71 | 77 | 93 |
Net periodic benefit cost | $ 6 | $ 7 | $ 8 |
Effect of changes in assumptions | |||
Discount rate (in percent) | 9.79% | 9.14% | 9.15% |
Expected increase in health care costs (in percent) | 7.23% | 6.06% | 7.25% |
Health care cost trend assumed for next year (in percent) | 7.23% | 6.06% | 7.25% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) (in percent) | 7.23% | 6.06% | 7.25% |
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 8 | ||
Post-retirement medical scheme for AngloGold Ashanti's South African employees | Health care cost trend rates | |||
Effect of changes in assumptions | |||
Percentage of reasonably possible increase in actuarial assumption (in percent) | 1.00% | ||
Increase in total service and interest cost due to reasonably possible increase in actuarial assumption | $ 1 | $ 0 | $ 1 |
Increase in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 5 | 4 | 7 |
Percentage of reasonably possible decrease in actuarial assumption (in percent) | 1.00% | ||
Decrease in total service and interest cost due to reasonably possible decrease in actuarial assumption | $ 0 | 0 | (1) |
Decrease in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (4) | (4) | (6) |
Post-retirement medical scheme for AngloGold Ashanti's South African employees | Including liabilities classified as held for sale | |||
Benefit obligation | |||
Balance at beginning of year | 79 | 93 | |
Balance at end of year | 71 | 79 | 93 |
Net amount recognised | 71 | 79 | 93 |
Post-retirement medical scheme for AngloGold Ashanti's South African employees | Classified as held for sale | |||
Benefit obligation | |||
Settlement gain | 0 | (2) | 0 |
Other defined benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plans | $ 6 | $ 6 | $ 7 |
DEFERRED TAXATION (Details)
DEFERRED TAXATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | $ 313 | $ 246 | $ 241 |
Deferred tax assets | 7 | 7 | 105 |
Net deferred taxation liability | 306 | 239 | 136 |
The movement on the net deferred tax balance is as follows: | |||
Balance at beginning of year | 239 | 136 | 315 |
Taxation of items included in income statement from continuing and discontinued operations | 64 | 53 | (189) |
Taxation of non-current assets and liabilities included in discontinued operations | 0 | 28 | 0 |
Taxation on items included in other comprehensive income | 6 | 6 | (2) |
Transfer to non-current assets and liabilities held for sale | 0 | 0 | 15 |
Translation | (3) | 16 | (3) |
Balance at end of year | 306 | 239 | 136 |
Unrecognised taxable temporary differences pertaining to undistributed earnings | 1,800 | 1,806 | 1,787 |
Obuasi, Ghana | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 7 | 7 | 0 |
Tangible assets (owned) | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 442 | 373 | 370 |
Right-of-use assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 53 | 40 | 48 |
Inventories | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 13 | 20 | 24 |
Provisions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 141 | 122 | 209 |
Lease liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 56 | 42 | 52 |
Tax losses | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 16 | 15 | 45 |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 22 | 13 | 9 |
Deferred tax assets | 11 | 28 | 9 |
Temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | 530 | 446 | 451 |
Deferred tax assets | $ 224 | $ 207 | $ 315 |
TRADE, OTHER PAYABLES AND PRO_3
TRADE, OTHER PAYABLES AND PROVISIONS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Non-current | |||
Other payables | $ 7,000,000 | $ 8,000,000 | $ 15,000,000 |
Current | |||
Trade payables | 406,000,000 | 403,000,000 | 365,000,000 |
Accruals | 205,000,000 | 191,000,000 | 167,000,000 |
Short-term provisions | 31,000,000 | 30,000,000 | 53,000,000 |
Other payables | 5,000,000 | 3,000,000 | 1,000,000 |
Total current trade, other payables and deferred income | 647,000,000 | 627,000,000 | 586,000,000 |
Total trade, other payables and provisions | 654,000,000 | 635,000,000 | 601,000,000 |
Short term silicosis settlement provision | 16,000,000 | 12,000,000 | 11,000,000 |
Current restructuring provision | $ 7,000,000 | $ 0 | $ 0 |
TAXATION (Details)
TAXATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Current Tax Liability [Roll Forward] | |||
Balance at beginning of year | $ 139 | $ 62 | $ 54 |
Refunds during the year | 20 | 0 | 7 |
Payments during the year | (336) | (431) | (228) |
Taxation of items included in the income statement | 248 | 562 | 298 |
Offset of VAT and other taxes | (87) | (41) | (50) |
Withholding tax transferred from (to) trade, other payables and provisions | 7 | (7) | 0 |
Discounting of tax receivable | 1 | 0 | 0 |
Transfer from tax receivable relating to North America | 0 | (4) | (10) |
Translation | (2) | (2) | (9) |
Balance at end of year | 10 | ||
Balance at end of year | 139 | 62 | |
Included in the statement of financial position as follows: | |||
Taxation asset included in trade, other receivables and other assets | (49) | (14) | (10) |
Taxation liability | 39 | 153 | 72 |
Current tax assets | $ (10) | ||
Current tax liabilities | $ 139 | $ 62 |
CASH GENERATED FROM OPERATION_2
CASH GENERATED FROM OPERATIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of cash flows [abstract] | |||
Profit before taxation | $ 958 | $ 1,589 | $ 619 |
Adjusted for: | |||
Movement on non-hedge derivatives and other commodity contracts | 0 | 0 | (6) |
Amortisation of tangible and right of use assets (note 4) | 474 | 568 | 580 |
Amortisation of intangible assets (note 4) | 3 | 2 | 3 |
Finance costs and unwinding of obligations (note 6) | 116 | 177 | 172 |
Environmental, rehabilitation, silicosis and other provisions | (20) | (50) | (6) |
Impairment and derecognition of assets | 7 | 1 | 3 |
Profit on sale of assets | (22) | (2) | 0 |
Other expenses (income) | 61 | 51 | 41 |
Interest income | (58) | (27) | (14) |
Share of associates and joint ventures’ (profit) loss (note 7) | (249) | (278) | (168) |
Other non-cash movements | 30 | 35 | 43 |
Movements in working capital | 53 | (238) | (165) |
Cash generated from operations | 1,353 | 1,828 | 1,102 |
Decrease (increase) in inventories | 58 | (83) | (67) |
Increase in trade, other receivables and other assets | (49) | (163) | (138) |
Increase in trade, other payables and provisions | 44 | 8 | 40 |
Movements in working capital | $ 53 | $ (238) | $ (165) |
RELATED PARTIES - Related Party
RELATED PARTIES - Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Percentage of shareholders to gain majority for change in control (in percent) | 35.00% | ||
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Sales and services rendered to related parties | $ 7 | $ 11 | $ 19 |
Purchases and services acquired from related parties | 14 | 20 | 12 |
Outstanding balances arising from sale of goods and services due by related parties | 7 | 11 | 19 |
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Sales and services rendered to related parties | 0 | 8 | 7 |
Purchases and services acquired from related parties | 0 | 1 | 1 |
Outstanding balances arising from sale of goods and services due by related parties | $ 0 | $ 0 | $ 1 |
Chief Executive Officer | |||
Disclosure of transactions between related parties [line items] | |||
Notice Period | 12 months | ||
Change of control | 12 months | ||
Chief Financial Officer | |||
Disclosure of transactions between related parties [line items] | |||
Notice Period | 6 months | ||
Change of control | 6 months | ||
Other Executive Management team members | |||
Disclosure of transactions between related parties [line items] | |||
Notice Period | 6 months | ||
Change of control | 6 months |
RELATED PARTIES - Executive Dir
RELATED PARTIES - Executive Directors' and Prescribed Officers' Remuneration (Details) | 12 Months Ended | |||
Dec. 31, 2021ZAR (R) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)ZAR (R) | Dec. 31, 2019USD ($)ZAR (R) | |
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remuneration | $ | $ 2,150,550 | $ 1,485,000 | $ 1,174,000 | |
Convenience conversation average exchange rate USD/ZAR) | 14.7842 | 16.4506 | 14.445 | |
Deferred Share Plan (DSP) | Minimum | ||||
Disclosure of transactions between related parties [line items] | ||||
Vesting period | 3 years | 3 years | ||
Deferred Share Plan (DSP) | Maximum | ||||
Disclosure of transactions between related parties [line items] | ||||
Vesting period | 5 years | 5 years | ||
Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | R 2,930,000 | |||
Cash in lieu of dividends | 67,000 | |||
Other benefits | 681,000 | |||
Other Payments | 22,974,000 | |||
Single total figure of remuneration | 83,323,000 | $ 5,636,000 | $ 3,138,000 | $ 5,097,000 |
Executive Directors | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 28,133,000 | |||
Executive Directors | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 10,289,000 | |||
A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 2,066,000 | |||
Cash in lieu of dividends | 0 | |||
Other benefits | 156,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 40,813,000 | 2,761,000 | 0 | 0 |
A Calderon | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 20,481,000 | |||
A Calderon | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 10,289,000 | |||
KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 864,000 | |||
Cash in lieu of dividends | 67,000 | |||
Other benefits | 525,000 | |||
Other Payments | 22,974,000 | |||
Single total figure of remuneration | 42,510,000 | 2,875,000 | 3,138,000 | 5,097,000 |
KC Ramon | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 7,652,000 | |||
KC Ramon | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 2,788,000 | |||
Cash in lieu of dividends | 247,000 | |||
Other benefits | 8,951,000 | |||
Other Payments | 22,871,000 | |||
Single total figure of remuneration | 211,251,000 | 14,289,000 | 14,490,000 | 20,962,000 |
Total prescribed officers | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 83,953,000 | |||
Total prescribed officers | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 35,072,000 | |||
SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 0 | |||
Cash in lieu of dividends | 30,000 | |||
Other benefits | 1,246,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 24,738,000 | 1,673,000 | 2,019,000 | 2,190,000 |
SD Bailey | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 15,752,000 | |||
SD Bailey | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 0 | |||
Cash in lieu of dividends | 0 | |||
Other benefits | 131,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 8,947,000 | 605,000 | 0 | 0 |
I Boninelli | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 4,091,000 | |||
I Boninelli | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 137,000 | |||
Cash in lieu of dividends | 0 | |||
Other benefits | 29,000 | |||
Other Payments | 264,000 | |||
Single total figure of remuneration | 8,957,000 | 606,000 | 0 | 0 |
VA Chamberlain | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 7,228,000 | |||
VA Chamberlain | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 0 | |||
Cash in lieu of dividends | 0 | |||
Other benefits | 1,489,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 2,264,000 | 153,000 | 1,250,000 | 3,292,000 |
PD Chenard | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
PD Chenard | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 291,000 | |||
Cash in lieu of dividends | 54,000 | |||
Other benefits | 1,548,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 18,644,000 | 1,261,000 | 2,673,000 | 4,742,000 |
GJ Ehm | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 6,359,000 | |||
GJ Ehm | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 291,000 | |||
Cash in lieu of dividends | 52,000 | |||
Other benefits | 1,578,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 33,870,000 | 2,291,000 | 2,686,000 | 4,659,000 |
L Eybers | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 21,189,000 | |||
L Eybers | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 141,000 | |||
Cash in lieu of dividends | 0 | |||
Other benefits | 358,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 42,235,000 | 2,857,000 | 0 | 0 |
MC Godoy | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 4,782,000 | |||
MC Godoy | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 35,072,000 | |||
I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 301,000 | |||
Cash in lieu of dividends | 15,000 | |||
Other benefits | 48,000 | |||
Other Payments | 602,000 | |||
Single total figure of remuneration | 8,833,000 | 598,000 | 468,000 | 0 |
I Kramer | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 5,459,000 | |||
I Kramer | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 629,000 | |||
Cash in lieu of dividends | 13,000 | |||
Other benefits | 271,000 | |||
Other Payments | 0 | |||
Single total figure of remuneration | 21,182,000 | 1,433,000 | 1,241,000 | 0 |
L Marwick | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 13,735,000 | |||
L Marwick | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 756,000 | |||
Cash in lieu of dividends | 36,000 | |||
Other benefits | 2,239,000 | |||
Other Payments | 17,599,000 | |||
Single total figure of remuneration | 34,970,000 | 2,365,000 | 2,322,000 | 2,565,000 |
S Ntuli | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 5,358,000 | |||
S Ntuli | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Pension scheme benefits | 242,000 | |||
Cash in lieu of dividends | 47,000 | |||
Other benefits | 14,000 | |||
Other Payments | 4,406,000 | |||
Single total figure of remuneration | 6,611,000 | $ 447,000 | $ 1,831,000 | $ 3,514,000 |
TR Sibisi | Deferred Share Plan (DSP) | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
TR Sibisi | Sign-on awards granted | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
ZAR denominated | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 6,104,000 | |||
ZAR denominated | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 0 | |||
ZAR denominated | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 6,104,000 | |||
ZAR denominated | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 24,533,000 | |||
ZAR denominated | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 4,648,000 | |||
ZAR denominated | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 4,725,000 | |||
ZAR denominated | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 1,047,000 | |||
ZAR denominated | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 440,000 | |||
ZAR denominated | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 0 | |||
ZAR denominated | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 0 | |||
ZAR denominated | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 0 | |||
ZAR denominated | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 2,408,000 | |||
ZAR denominated | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 4,706,000 | |||
ZAR denominated | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 5,415,000 | |||
ZAR denominated | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 1,144,000 | |||
USD/AUD denominated | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 12,145,000 | |||
USD/AUD denominated | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 7,821,000 | |||
USD/AUD denominated | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 4,324,000 | |||
USD/AUD denominated | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 32,836,000 | |||
USD/AUD denominated | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 3,062,000 | |||
USD/AUD denominated | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 0 | |||
USD/AUD denominated | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 252,000 | |||
USD/AUD denominated | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 335,000 | |||
USD/AUD denominated | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 10,392,000 | |||
USD/AUD denominated | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 10,760,000 | |||
USD/AUD denominated | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 1,882,000 | |||
USD/AUD denominated | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 0 | |||
USD/AUD denominated | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 1,828,000 | |||
USD/AUD denominated | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | 3,567,000 | |||
USD/AUD denominated | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Base Salary | R 758,000 |
RELATED PARTIES - Director And
RELATED PARTIES - Director And Other Key Management Personnel (Details) | 12 Months Ended | |||
Dec. 31, 2021ZAR (R) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)ZAR (R) | Dec. 31, 2019USD ($)ZAR (R) | |
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | $ | $ 2,150,550 | $ 1,485,000 | $ 1,174,000 | |
Convenience conversation average exchange rate USD/ZAR) | 14.7842 | 16.4506 | 14.445 | |
Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | R 83,323,000 | 5,636,000 | $ 3,138,000 | $ 5,097,000 |
Total cash equivalent received reconciliation | 54,761,000 | 3,704,000 | 4,278,000 | 3,057,000 |
A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 40,813,000 | 2,761,000 | 0 | 0 |
Total cash equivalent received reconciliation | 20,332,000 | 1,375,000 | 0 | 0 |
KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 42,510,000 | 2,875,000 | 3,138,000 | 5,097,000 |
Total cash equivalent received reconciliation | 34,429,000 | 2,329,000 | 4,278,000 | 3,057,000 |
Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 211,251,000 | 14,289,000 | 14,490,000 | 20,962,000 |
Total cash equivalent received reconciliation | 205,434,000 | 13,897,000 | 16,337,000 | 9,968,000 |
SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 24,738,000 | 1,673,000 | 2,019,000 | 2,190,000 |
Total cash equivalent received reconciliation | 20,175,000 | 1,365,000 | 1,508,000 | 1,041,000 |
I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 8,947,000 | 605,000 | 0 | 0 |
Total cash equivalent received reconciliation | 4,856,000 | 328,000 | 0 | 0 |
VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 8,957,000 | 606,000 | 0 | 0 |
Total cash equivalent received reconciliation | 4,253,000 | 288,000 | 0 | 0 |
PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 2,264,000 | 153,000 | 1,250,000 | 3,292,000 |
Total cash equivalent received reconciliation | 22,871,000 | 1,547,000 | 2,204,000 | 900,000 |
GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 18,644,000 | 1,261,000 | 2,673,000 | 4,742,000 |
Total cash equivalent received reconciliation | 30,130,000 | 2,038,000 | 3,843,000 | 2,536,000 |
L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 33,870,000 | 2,291,000 | 2,686,000 | 4,659,000 |
Total cash equivalent received reconciliation | 30,142,000 | 2,039,000 | 3,756,000 | 2,082,000 |
MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 42,235,000 | 2,857,000 | 0 | 0 |
Total cash equivalent received reconciliation | 6,964,000 | 471,000 | 0 | 0 |
I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 8,833,000 | 598,000 | 468,000 | 0 |
Total cash equivalent received reconciliation | 7,920,000 | 536,000 | 98,000 | 0 |
L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 21,182,000 | 1,433,000 | 1,241,000 | 0 |
Total cash equivalent received reconciliation | 14,012,000 | 948,000 | 231,000 | 0 |
S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 34,970,000 | 2,365,000 | 2,322,000 | 2,565,000 |
Total cash equivalent received reconciliation | 45,120,000 | 3,052,000 | 1,862,000 | 1,160,000 |
TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Single total figure of remunera- tion | 6,611,000 | 447,000 | 1,831,000 | 3,514,000 |
Total cash equivalent received reconciliation | 18,991,000 | $ 1,285,000 | $ 2,835,000 | $ 2,249,000 |
DSP Awards, Unvested | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (49,388,000) | |||
DSP Awards, Unvested | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (20,481,000) | |||
DSP Awards, Unvested | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (28,907,000) | |||
DSP Awards, Unvested | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (83,953,000) | |||
DSP Awards, Unvested | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (15,752,000) | |||
DSP Awards, Unvested | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (4,091,000) | |||
DSP Awards, Unvested | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (7,228,000) | |||
DSP Awards, Unvested | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
DSP Awards, Unvested | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (6,359,000) | |||
DSP Awards, Unvested | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (21,189,000) | |||
DSP Awards, Unvested | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (4,782,000) | |||
DSP Awards, Unvested | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (5,459,000) | |||
DSP Awards, Unvested | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (13,735,000) | |||
DSP Awards, Unvested | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (5,358,000) | |||
DSP Awards, Unvested | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (10,289,000) | |||
Sign-on awards granted | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (10,289,000) | |||
Sign-on awards granted | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (35,072,000) | |||
Sign-on awards granted | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (35,072,000) | |||
Sign-on awards granted | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Sign-on awards granted | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | R 0 | |||
Deferred Share Plan (DSP) | Minimum | ||||
Disclosure of transactions between related parties [line items] | ||||
Vesting period | 3 years | 3 years | ||
Deferred Share Plan (DSP) | Maximum | ||||
Disclosure of transactions between related parties [line items] | ||||
Vesting period | 5 years | 5 years | ||
Deferred Share Plan (DSP) | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | R (28,133,000) | |||
Settlement fair value | 11,479,000 | |||
Deferred Share Plan (DSP) | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (20,481,000) | |||
Settlement fair value | 0 | |||
Deferred Share Plan (DSP) | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (7,652,000) | |||
Settlement fair value | 11,479,000 | |||
Deferred Share Plan (DSP) | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (83,953,000) | |||
Settlement fair value | 54,273,000 | |||
Deferred Share Plan (DSP) | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (15,752,000) | |||
Settlement fair value | 6,793,000 | |||
Deferred Share Plan (DSP) | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (4,091,000) | |||
Settlement fair value | 0 | |||
Deferred Share Plan (DSP) | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (7,228,000) | |||
Settlement fair value | 0 | |||
Deferred Share Plan (DSP) | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Settlement fair value | 7,977,000 | |||
Deferred Share Plan (DSP) | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (6,359,000) | |||
Settlement fair value | 9,465,000 | |||
Deferred Share Plan (DSP) | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (21,189,000) | |||
Settlement fair value | 9,402,000 | |||
Deferred Share Plan (DSP) | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (4,782,000) | |||
Settlement fair value | 0 | |||
Deferred Share Plan (DSP) | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (5,459,000) | |||
Settlement fair value | 2,434,000 | |||
Deferred Share Plan (DSP) | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (13,735,000) | |||
Settlement fair value | 4,760,000 | |||
Deferred Share Plan (DSP) | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | (5,358,000) | |||
Settlement fair value | 7,593,000 | |||
Deferred Share Plan (DSP) | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Awards earned during the period reflected but not yet settled | 0 | |||
Settlement fair value | 5,849,000 | |||
BSP, CIP, DSP and LTIP share awards settled | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 7,751,000 | |||
Market movement since grant date | 1,596,000 | |||
Vesting fair value | 9,347,000 | |||
BSP, CIP, DSP and LTIP share awards settled | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
BSP, CIP, DSP and LTIP share awards settled | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 7,751,000 | |||
Market movement since grant date | 1,596,000 | |||
Vesting fair value | 9,347,000 | |||
BSP, CIP, DSP and LTIP share awards settled | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 37,202,000 | |||
Market movement since grant date | 6,993,000 | |||
Vesting fair value | 44,195,000 | |||
BSP, CIP, DSP and LTIP share awards settled | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 3,892,000 | |||
Market movement since grant date | 504,000 | |||
Vesting fair value | 4,396,000 | |||
BSP, CIP, DSP and LTIP share awards settled | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
BSP, CIP, DSP and LTIP share awards settled | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 2,099,000 | |||
Market movement since grant date | 425,000 | |||
Vesting fair value | 2,524,000 | |||
BSP, CIP, DSP and LTIP share awards settled | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 2,624,000 | |||
Market movement since grant date | (151,000) | |||
Vesting fair value | 2,473,000 | |||
BSP, CIP, DSP and LTIP share awards settled | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 6,912,000 | |||
Market movement since grant date | 1,468,000 | |||
Vesting fair value | 8,380,000 | |||
BSP, CIP, DSP and LTIP share awards settled | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 6,683,000 | |||
Market movement since grant date | 1,376,000 | |||
Vesting fair value | 8,059,000 | |||
BSP, CIP, DSP and LTIP share awards settled | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
BSP, CIP, DSP and LTIP share awards settled | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 1,772,000 | |||
Market movement since grant date | 340,000 | |||
Vesting fair value | 2,112,000 | |||
BSP, CIP, DSP and LTIP share awards settled | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 1,543,000 | |||
Market movement since grant date | 262,000 | |||
Vesting fair value | 1,805,000 | |||
BSP, CIP, DSP and LTIP share awards settled | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 6,278,000 | |||
Market movement since grant date | 1,637,000 | |||
Vesting fair value | 7,915,000 | |||
BSP, CIP, DSP and LTIP share awards settled | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 5,399,000 | |||
Market movement since grant date | 1,132,000 | |||
Vesting fair value | 6,531,000 | |||
Sign-on cash settled | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 10,289,000 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 10,289,000 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 4,583,000 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 4,583,000 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on cash settled | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Currency movement since grant date | 0 | |||
Sign-on shares settled | Executive Directors | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 10,289,000 | |||
Sign-on shares settled | A Calderon | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 10,289,000 | |||
Sign-on shares settled | KC Ramon | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | Total prescribed officers | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 6,513,000 | |||
Market movement since grant date | 3,644,000 | |||
Vesting fair value | 10,157,000 | |||
Settlement fair value | 4,583,000 | |||
Sign-on shares settled | SD Bailey | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | I Boninelli | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | VA Chamberlain | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | PD Chenard | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 6,513,000 | |||
Market movement since grant date | 3,644,000 | |||
Vesting fair value | 10,157,000 | |||
Settlement fair value | R 0 | |||
Sign-on shares settled | PD Chenard | Minimum | ||||
Disclosure of transactions between related parties [line items] | ||||
Vesting period | 2 years | 2 years | ||
Sign-on shares settled | PD Chenard | Maximum | ||||
Disclosure of transactions between related parties [line items] | ||||
Vesting period | 3 years | 3 years | ||
Sign-on shares settled | GJ Ehm | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | R 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | L Eybers | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | MC Godoy | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 4,583,000 | |||
Sign-on shares settled | I Kramer | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | L Marwick | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | S Ntuli | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | 0 | |||
Sign-on shares settled | TR Sibisi | ||||
Disclosure of transactions between related parties [line items] | ||||
Grant fair value | 0 | |||
Market movement since grant date | 0 | |||
Vesting fair value | 0 | |||
Settlement fair value | R 0 |
RELATED PARTIES - Directors and
RELATED PARTIES - Directors and Key Management Personnel (Details) | Feb. 28, 2021USD ($) | Dec. 31, 2021ZAR (R)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020ZAR (R)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019ZAR (R)shares | Dec. 31, 2019USD ($)shares | Jun. 30, 2020ZAR (R) |
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | $ | $ 2,150,550 | $ 1,485,000 | $ 1,174,000 | |||||
Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | R 83,323,000 | 5,636,000 | 3,138,000 | 5,097,000 | ||||
KC Ramon | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 42,510,000 | 2,875,000 | 3,138,000 | 5,097,000 | ||||
Total prescribed officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 211,251,000 | 14,289,000 | 14,490,000 | 20,962,000 | ||||
SD Bailey | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 24,738,000 | 1,673,000 | 2,019,000 | 2,190,000 | ||||
VA Chamberlain | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 8,957,000 | 606,000 | 0 | 0 | ||||
PD Chenard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 2,264,000 | 153,000 | 1,250,000 | 3,292,000 | ||||
MC Godoy | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 42,235,000 | 2,857,000 | 0 | 0 | ||||
GJ Ehm, | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 18,644,000 | 1,261,000 | 2,673,000 | 4,742,000 | ||||
L Eybers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 33,870,000 | 2,291,000 | 2,686,000 | 4,659,000 | ||||
I Kramer | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 8,833,000 | 598,000 | 468,000 | 0 | ||||
L Marwick | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 21,182,000 | 1,433,000 | 1,241,000 | 0 | ||||
S Ntuli | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | 34,970,000 | 2,365,000 | 2,322,000 | 2,565,000 | ||||
TR Sibisi(5) | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | R 6,611,000 | $ 447,000 | $ 1,831,000 | $ 3,514,000 | ||||
KPM Dushnisky | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | R | R 3,300,000 | R 6,300,000 | ||||||
KPM Dushnisky | Payment of compensation balance of 12-month notice period | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Single total figure of remunera- tion | $ | $ 2,800,000 | |||||||
Share Sign On Incentive | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Duration of business day volume to calculate weighted average per share price | 5 days | 5 days | ||||||
Share Sign On Incentive | Directors and Key Management Personnel | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 120,415 | 120,415 | ||||||
Granted (in shares) | 112,802 | 112,802 | ||||||
Vested, deemed settled (in shares) | 120,415 | 120,415 | ||||||
Forfeited/ Lapsed (in shares) | 896 | 896 | ||||||
Awards outstanding at end of year (in shares) | 111,906 | 111,906 | 120,415 | 120,415 | ||||
Fair value of granted awards | R | R 31,904,000 | |||||||
Fair value of vested/matched awards | R | 37,434,000 | |||||||
Fair value of unvested awards | R | R 36,784,000 | |||||||
Share Sign On Incentive | Total prescribed officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 32,476 | 32,476 | ||||||
Granted (in shares) | 107,353 | 107,353 | ||||||
Vested, deemed settled (in shares) | 32,476 | 32,476 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 107,353 | 107,353 | 32,476 | 32,476 | ||||
Fair value of granted awards | R | R 30,489,000 | |||||||
Fair value of vested/matched awards | R | 10,157,000 | |||||||
Fair value of unvested awards | R | R 35,287,000 | |||||||
Share Sign On Incentive | PD Chenard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 32,476 | 32,476 | ||||||
Granted (in shares) | 0 | 0 | ||||||
Vested, deemed settled (in shares) | 32,476 | 32,476 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 0 | 0 | 32,476 | 32,476 | ||||
Fair value of granted awards | R | R 0 | |||||||
Fair value of vested/matched awards | R | 10,157,000 | |||||||
Fair value of unvested awards | R | R 0 | |||||||
Share Sign On Incentive | MC Godoy | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 0 | 0 | ||||||
Granted (in shares) | 107,353 | 107,353 | ||||||
Vested, deemed settled (in shares) | 0 | 0 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 107,353 | 107,353 | 0 | 0 | ||||
Fair value of granted awards | R | R 30,489,000 | |||||||
Fair value of vested/matched awards | R | 0 | |||||||
Fair value of unvested awards | R | R 35,287,000 | |||||||
Share Sign On Incentive | Other management | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 87,939 | 87,939 | ||||||
Granted (in shares) | 5,449 | 5,449 | ||||||
Vested, deemed settled (in shares) | 87,939 | 87,939 | ||||||
Forfeited/ Lapsed (in shares) | 896 | 896 | ||||||
Awards outstanding at end of year (in shares) | 4,553 | 4,553 | 87,939 | 87,939 | ||||
Fair value of granted awards | R | R 1,415,000 | |||||||
Fair value of vested/matched awards | R | 27,277,000 | |||||||
Fair value of unvested awards | R | R 1,497,000 | |||||||
Deferred Share Plan (DSP) | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 2,289,762 | 2,289,762 | 1,599,360 | 1,599,360 | 0 | 0 | ||
Granted (in shares) | 1,185,348 | 1,185,348 | 1,176,532 | 1,176,532 | 1,669,191 | 1,669,191 | ||
Vested, deemed settled (in shares) | 459,913 | 459,913 | 330,555 | 330,555 | 14,623 | 14,623 | ||
Forfeited/ Lapsed (in shares) | 322,814 | 322,814 | 155,575 | 155,575 | 55,208 | 55,208 | ||
Awards outstanding at end of year (in shares) | 2,692,383 | 2,692,383 | 2,289,762 | 2,289,762 | 1,599,360 | 1,599,360 | ||
Fair value of granted awards | R | R 308.97 | R 325.97 | R 204.42 | |||||
Deferred Share Plan (DSP) | Directors and Key Management Personnel | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 2,106,323 | 2,106,323 | ||||||
Granted (in shares) | 1,185,348 | 1,185,348 | ||||||
Vested, deemed settled (in shares) | 865,168 | 865,168 | ||||||
Forfeited/ Lapsed (in shares) | 322,814 | 322,814 | ||||||
Awards outstanding at end of year (in shares) | 2,103,689 | 2,103,689 | 2,106,323 | 2,106,323 | ||||
Fair value of granted awards | R | R 366,238,000 | |||||||
Fair value of vested/matched awards | R | 266,170,000 | |||||||
Fair value of unvested awards | R | R 691,482,000 | |||||||
Deferred Share Plan (DSP) | Executive Directors | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 134,421 | 134,421 | ||||||
Granted (in shares) | 79,541 | 79,541 | ||||||
Vested, deemed settled (in shares) | 30,475 | 30,475 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 183,487 | 183,487 | 134,421 | 134,421 | ||||
Fair value of granted awards | R | R 24,576,000 | |||||||
Fair value of vested/matched awards | R | 9,347,000 | |||||||
Fair value of unvested awards | R | R 60,312,000 | |||||||
Deferred Share Plan (DSP) | KC Ramon | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 134,421 | 134,421 | ||||||
Granted (in shares) | 79,541 | 79,541 | ||||||
Vested, deemed settled (in shares) | 30,475 | 30,475 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 183,487 | 183,487 | 134,421 | 134,421 | ||||
Fair value of granted awards | R | R 24,576,000 | |||||||
Fair value of vested/matched awards | R | 9,347,000 | |||||||
Fair value of unvested awards | R | R 60,312,000 | |||||||
Deferred Share Plan (DSP) | Total prescribed officers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 528,926 | 528,926 | ||||||
Granted (in shares) | 319,465 | 319,465 | ||||||
Vested, deemed settled (in shares) | 143,481 | 143,481 | ||||||
Forfeited/ Lapsed (in shares) | 72,484 | 72,484 | ||||||
Awards outstanding at end of year (in shares) | 632,426 | 632,426 | 528,926 | 528,926 | ||||
Fair value of granted awards | R | R 98,706,000 | |||||||
Fair value of vested/matched awards | R | 44,194,000 | |||||||
Fair value of unvested awards | R | R 207,878,000 | |||||||
Deferred Share Plan (DSP) | SD Bailey | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 52,433 | 52,433 | ||||||
Granted (in shares) | 51,929 | 51,929 | ||||||
Vested, deemed settled (in shares) | 14,325 | 14,325 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 90,037 | 90,037 | 52,433 | 52,433 | ||||
Fair value of granted awards | R | R 16,045,000 | |||||||
Fair value of vested/matched awards | R | 4,396,000 | |||||||
Fair value of unvested awards | R | R 29,595,000 | |||||||
Deferred Share Plan (DSP) | VA Chamberlain | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 19,889 | 19,889 | ||||||
Granted (in shares) | 15,498 | 15,498 | ||||||
Vested, deemed settled (in shares) | 8,228 | 8,228 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 27,159 | 27,159 | 19,889 | 19,889 | ||||
Fair value of granted awards | R | R 4,788,000 | |||||||
Fair value of vested/matched awards | R | 2,524,000 | |||||||
Fair value of unvested awards | R | R 8,927,000 | |||||||
Deferred Share Plan (DSP) | PD Chenard | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 40,251 | 40,251 | ||||||
Granted (in shares) | 0 | 0 | ||||||
Vested, deemed settled (in shares) | 8,050 | 8,050 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 32,201 | 32,201 | 40,251 | 40,251 | ||||
Fair value of granted awards | R | R 0 | |||||||
Fair value of vested/matched awards | R | 2,473,000 | |||||||
Fair value of unvested awards | R | R 10,584,000 | |||||||
Deferred Share Plan (DSP) | GJ Ehm, | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 120,204 | 120,204 | ||||||
Granted (in shares) | 73,218 | 73,218 | ||||||
Vested, deemed settled (in shares) | 27,321 | 27,321 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 166,101 | 166,101 | 120,204 | 120,204 | ||||
Fair value of granted awards | R | R 22,622,000 | |||||||
Fair value of vested/matched awards | R | 8,380,000 | |||||||
Fair value of unvested awards | R | R 54,597,000 | |||||||
Deferred Share Plan (DSP) | L Eybers | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 115,886 | 115,886 | ||||||
Granted (in shares) | 72,734 | 72,734 | ||||||
Vested, deemed settled (in shares) | 26,272 | 26,272 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 162,348 | 162,348 | 115,886 | 115,886 | ||||
Fair value of granted awards | R | R 22,473,000 | |||||||
Fair value of vested/matched awards | R | 8,058,000 | |||||||
Fair value of unvested awards | R | R 53,364,000 | |||||||
Deferred Share Plan (DSP) | I Kramer | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 12,892 | 12,892 | ||||||
Granted (in shares) | 11,816 | 11,816 | ||||||
Vested, deemed settled (in shares) | 6,884 | 6,884 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 17,824 | 17,824 | 12,892 | 12,892 | ||||
Fair value of granted awards | R | R 3,651,000 | |||||||
Fair value of vested/matched awards | R | 2,112,000 | |||||||
Fair value of unvested awards | R | R 5,859,000 | |||||||
Deferred Share Plan (DSP) | L Marwick | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 11,482 | 11,482 | ||||||
Granted (in shares) | 36,223 | 36,223 | ||||||
Vested, deemed settled (in shares) | 5,884 | 5,884 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 41,821 | 41,821 | 11,482 | 11,482 | ||||
Fair value of granted awards | R | R 11,192,000 | |||||||
Fair value of vested/matched awards | R | 1,805,000 | |||||||
Fair value of unvested awards | R | R 13,747,000 | |||||||
Deferred Share Plan (DSP) | S Ntuli | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 62,114 | 62,114 | ||||||
Granted (in shares) | 58,047 | 58,047 | ||||||
Vested, deemed settled (in shares) | 25,226 | 25,226 | ||||||
Forfeited/ Lapsed (in shares) | 0 | 0 | ||||||
Awards outstanding at end of year (in shares) | 94,935 | 94,935 | 62,114 | 62,114 | ||||
Fair value of granted awards | R | R 17,935,000 | |||||||
Fair value of vested/matched awards | R | 7,915,000 | |||||||
Fair value of unvested awards | R | R 31,205,000 | |||||||
Deferred Share Plan (DSP) | TR Sibisi(5) | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 93,775 | 93,775 | ||||||
Granted (in shares) | 0 | 0 | ||||||
Vested, deemed settled (in shares) | 21,291 | 21,291 | ||||||
Forfeited/ Lapsed (in shares) | 72,484 | 72,484 | ||||||
Awards outstanding at end of year (in shares) | 0 | 0 | 93,775 | 93,775 | ||||
Fair value of granted awards | R | R 0 | |||||||
Fair value of vested/matched awards | R | 6,531,000 | |||||||
Fair value of unvested awards | R | R 0 | |||||||
Deferred Share Plan (DSP) | Other management | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 1,442,976 | 1,442,976 | ||||||
Granted (in shares) | 786,342 | 786,342 | ||||||
Vested, deemed settled (in shares) | 691,212 | 691,212 | ||||||
Forfeited/ Lapsed (in shares) | 250,330 | 250,330 | ||||||
Awards outstanding at end of year (in shares) | 1,287,776 | 1,287,776 | 1,442,976 | 1,442,976 | ||||
Fair value of granted awards | R | R 242,956,000 | |||||||
Fair value of vested/matched awards | R | 212,629,000 | |||||||
Fair value of unvested awards | R | R 423,292,000 | |||||||
Long Term Incentive Plan (LTIP) | ||||||||
Disclosure of transactions between related parties [line items] | ||||||||
Awards outstanding at beginning of year (in shares) | 111,562 | 111,562 | 229,639 | 229,639 | 447,842 | 447,842 | ||
Vested, deemed settled (in shares) | 2,333 | 2,333 | 118,077 | 118,077 | 218,203 | 218,203 | ||
Forfeited/ Lapsed (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | ||
Awards outstanding at end of year (in shares) | 109,229 | 109,229 | 111,562 | 111,562 | 229,639 | 229,639 | ||
Fair value of granted awards | R | R 129.94 | |||||||
Duration of business day volume to calculate weighted average per share price | 5 days | 5 days |
RELATED PARTIES - Non-Executive
RELATED PARTIES - Non-Executive Director Remuneration (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Director fees | $ 1,375,050 | ||
Committee fees | 730,500 | ||
Travel allowance | 45,000 | ||
Single total figure of remuneration | $ 2,150,550 | $ 1,485,000 | $ 1,174,000 |
Non-Executive Directors | |||
Disclosure of transactions between related parties [line items] | |||
Percentage increase in remuneration received | 2.00% | ||
M Ramos (Chairperson) | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | $ 359,350 | ||
Committee fees | 92,000 | ||
Travel allowance | 0 | ||
Single total figure of remuneration | 451,350 | 202,000 | 107,000 |
R Gasant (Lead independent director) | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | 179,900 | ||
Committee fees | 116,500 | ||
Travel allowance | 0 | ||
Single total figure of remuneration | 296,400 | 223,000 | 193,000 |
KOF Busia | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | 139,300 | ||
Committee fees | 93,500 | ||
Travel allowance | 7,500 | ||
Single total figure of remuneration | 240,300 | 103,000 | 0 |
AM Ferguson | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | 139,300 | ||
Committee fees | 103,000 | ||
Travel allowance | 12,500 | ||
Single total figure of remuneration | 254,800 | 197,000 | 217,000 |
AH Garner | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | 139,300 | ||
Committee fees | 53,500 | ||
Travel allowance | 8,750 | ||
Single total figure of remuneration | 201,550 | 174,000 | 196,000 |
N Magubane | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | 139,300 | ||
Committee fees | 38,500 | ||
Travel allowance | 0 | ||
Single total figure of remuneration | 177,800 | 171,000 | 0 |
MDC Richter | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | 139,300 | ||
Committee fees | 103,000 | ||
Travel allowance | 7,500 | ||
Single total figure of remuneration | 249,800 | 209,000 | 230,000 |
JE Tilk | |||
Disclosure of transactions between related parties [line items] | |||
Director fees | 139,300 | ||
Committee fees | 130,500 | ||
Travel allowance | 8,750 | ||
Single total figure of remuneration | $ 278,550 | $ 206,000 | $ 231,000 |
RELATED PARTIES - Directors_ an
RELATED PARTIES - Directors’ and Prescribed Officers’ interests in AngloGold Ashanti Shares (Details) | 12 Months Ended | ||
Dec. 31, 2021shares | Dec. 31, 2020shares | Dec. 31, 2019shares | |
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 205,318 | 212,688 | 140,336 |
Indirect beneficial holding (in shares) | 12,213 | 12,213 | 16,213 |
American Depository Shares | |||
Disclosure of transactions between related parties [line items] | |||
Number of foreign held shares equal to one company share (in shares) | 1 | ||
CHESS Depository Shares | |||
Disclosure of transactions between related parties [line items] | |||
Number of foreign held shares equal to one company share (in shares) | 5 | ||
Non-Executive Directors | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 34,800 | 26,800 | 26,800 |
Indirect beneficial holding (in shares) | 0 | 0 | 0 |
KOF Busia | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 2,000 | ||
AM Ferguson | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 5,000 | ||
MDC Richter | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 10,300 | 9,300 | 9,300 |
Indirect beneficial holding (in shares) | 0 | 0 | |
AH Garner | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 17,500 | 17,500 | 17,500 |
Indirect beneficial holding (in shares) | 0 | 0 | |
Executive Directors | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 96,639 | 91,949 | 59,124 |
Indirect beneficial holding (in shares) | 0 | 0 | 0 |
A Calderon | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 4,690 | 0 | 0 |
Indirect beneficial holding (in shares) | 0 | 0 | 0 |
KC Ramon | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 91,949 | 91,949 | 59,124 |
Indirect beneficial holding (in shares) | 0 | 0 | 0 |
Prescribed Officers | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 73,879 | 93,939 | 54,412 |
Indirect beneficial holding (in shares) | 12,213 | 12,213 | 16,213 |
SD Bailey | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 12,867 | 8,609 | 1,190 |
Indirect beneficial holding (in shares) | 0 | 0 | 0 |
GJ Ehm, | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 26,125 | 50,443 | 35,058 |
Indirect beneficial holding (in shares) | 12,213 | 12,213 | 16,213 |
L Eybers | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 28,466 | 28,466 | 18,164 |
Indirect beneficial holding (in shares) | 0 | 0 | 0 |
S Ntuli | |||
Disclosure of transactions between related parties [line items] | |||
Direct beneficial holding (in shares) | 6,421 | 6,421 | 0 |
Indirect beneficial holding (in shares) | 0 | 0 | 0 |
RELATED PARTIES - Directors_ _2
RELATED PARTIES - Directors’ and Prescribed Officers’ interests in AngloGold Ashanti Shares, Changes After Period End (Details) - Related party transactions - shares | Mar. 07, 2022 | Mar. 02, 2022 | Mar. 01, 2022 |
KC Ramon | |||
Disclosure of transactions between related parties [line items] | |||
Number of shares retained (in shares) | 26,751 | ||
Off market exercise of vested share awards (in shares) | 50,000 | ||
On-market sale of shares to fund tax liability in relation to costs incurred in exercise of awards (in shares) | 23,249 | ||
MC Godoy | |||
Disclosure of transactions between related parties [line items] | |||
Number of shares retained (in shares) | 32,643 | ||
On-market sale of shares to fund tax liability in relation to costs incurred in exercise of awards (in shares) | 15,666 | ||
Off market award of the first tranche of the sign-on bonus to retain 32,643 shares (in shares) | 48,309 |
CONTRACTUAL COMMITMENTS AND C_3
CONTRACTUAL COMMITMENTS AND CONTINGENCIES - Contractual Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Capital commitments | |||
Acquisition of tangible assets contracted for | $ 146 | $ 120 | $ 161 |
Acquisition of tangible assets not contracted for | 547 | 367 | 426 |
Capital commitments | 693 | 487 | 587 |
Purchase obligations [Abstract] | |||
Purchase obligations | 1,047 | 1,273 | 1,085 |
Within one year | |||
Purchase obligations [Abstract] | |||
Purchase obligations | 423 | 391 | 506 |
- thereafter | |||
Purchase obligations [Abstract] | |||
Purchase obligations | 624 | 882 | 579 |
Joint ventures | |||
Capital commitments | |||
Capital commitments | 4 | 12 | 2 |
Project capital | |||
Capital commitments | |||
Capital commitments | 401 | 287 | 450 |
Project capital | Within one year | |||
Capital commitments | |||
Capital commitments | 337 | 216 | 288 |
Project capital | - thereafter | |||
Capital commitments | |||
Capital commitments | 64 | 71 | 162 |
Stay-in-business capital | |||
Capital commitments | |||
Capital commitments | 292 | 200 | 137 |
Stay-in-business capital | Within one year | |||
Capital commitments | |||
Capital commitments | 292 | 200 | 117 |
Stay-in-business capital | - thereafter | |||
Capital commitments | |||
Capital commitments | $ 0 | $ 0 | $ 20 |
CONTRACTUAL COMMITMENTS AND C_4
CONTRACTUAL COMMITMENTS AND CONTINGENCIES - Contingencies (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 20, 2014USD ($) | Apr. 02, 2013plaintiff |
Disclosure of contingent liabilities [line items] | |||||
Contingent liabilities | $ 0 | $ 97 | $ 97 | ||
Number of plaintiffs | plaintiff | 152 | ||||
Litigation | AngloGold Ashanti (Ghana) Limited | |||||
Disclosure of contingent liabilities [line items] | |||||
Contingent liabilities | $ 0 | $ 97 | $ 97 | $ 97 |
FINANCIAL RISK MANAGEMENT ACT_3
FINANCIAL RISK MANAGEMENT ACTIVITIES - Maturities of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 654 | $ 635 | $ 601 |
Borrowings | 2,735 | 2,657 | 2,601 |
USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 2,638 | 2,610 | 2,437 |
AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 33 | 22 | |
TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 64 | 47 | 53 |
ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | 89 | ||
Within one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | 647 | 627 | 586 |
Borrowings | 119 | 205 | 802 |
Within one year | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 113 | $ 158 | $ 790 |
Effective rate % | 4.30% | 5.00% | 5.80% |
Within one year | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 0 | $ 0 | |
Effective rate % | 1.50% | 2.30% | |
Within one year | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 6 | $ 47 | $ 6 |
Effective rate % | 12.50% | 12.50% | 12.50% |
Within one year | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 6 | ||
Effective rate % | 8.10% | ||
Between one and two years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 7 | $ 8 | $ 15 |
Borrowings | 115 | 901 | 185 |
Between one and two years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 76 | $ 901 | $ 132 |
Effective rate % | 4.20% | 5.00% | 6.00% |
Between one and two years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 33 | $ 0 | |
Effective rate % | 1.50% | 2.30% | |
Between one and two years | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 6 | $ 0 | $ 47 |
Effective rate % | 12.50% | 0.00% | 12.50% |
Between one and two years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 6 | ||
Effective rate % | 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 | 332 | 137 | 1,012 |
Between two and five years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 280 | $ 137 | $ 913 |
Effective rate % | 4.10% | 4.60% | 6.10% |
Between two and five years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 0 | $ 22 | |
Effective rate % | 0.00% | 2.30% | |
Between two and five years | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 52 | $ 0 | $ 0 |
Effective rate % | 12.50% | 0.00% | 0.00% |
Between two and five years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 77 | ||
Effective rate % | 8.10% | ||
After five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Trade and other payables | $ 0 | $ 0 | $ 0 |
Borrowings | 2,169 | 1,414 | 602 |
After five years | USD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 2,169 | $ 1,414 | $ 602 |
Effective rate % | 4.10% | 4.60% | 6.50% |
After five years | AUD | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 0 | $ 0 | |
Effective rate % | 0.00% | 0.00% | |
After five years | TZS | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 0 | $ 0 | $ 0 |
Effective rate % | 0.00% | 0.00% | 0.00% |
After five years | ZAR | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Borrowings | $ 0 | ||
Effective rate % | 0.00% |
FINANCIAL RISK MANAGEMENT ACT_4
FINANCIAL RISK MANAGEMENT ACTIVITIES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 202 | $ 160 | $ 194 |
Within one year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | 68 | 42 | 51 |
Between one and two years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | 50 | 31 | 33 |
Between two and five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | 74 | 68 | 54 |
After five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | 10 | 19 | 56 |
USD | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | 64 | 20 | 35 |
USD | Within one year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 32 | $ 10 | $ 22 |
Effective rate % | 2.30% | 6.10% | 7.00% |
USD | Between one and two years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 19 | $ 4 | $ 4 |
Effective rate % | 2.30% | 6.10% | 7.00% |
USD | Between two and five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 13 | $ 6 | $ 8 |
Effective rate % | 2.30% | 6.10% | 7.00% |
USD | After five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 0 | $ 0 | $ 1 |
Effective rate % | 0.00% | 0.00% | 7.00% |
AUD | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 108 | $ 120 | $ 141 |
AUD | Within one year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 24 | $ 22 | $ 22 |
Effective rate % | 4.60% | 4.70% | 3.50% |
AUD | Between one and two years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 23 | $ 21 | $ 22 |
Effective rate % | 4.60% | 4.70% | 3.50% |
AUD | Between two and five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 51 | $ 58 | $ 42 |
Effective rate % | 4.60% | 4.70% | 3.50% |
AUD | After five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 10 | $ 19 | $ 55 |
Effective rate % | 4.60% | 4.70% | 3.50% |
BRL | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 23 | $ 16 | $ 9 |
BRL | Within one year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 10 | $ 7 | $ 3 |
Effective rate % | 11.00% | 8.40% | 6.80% |
BRL | Between one and two years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 7 | $ 5 | $ 3 |
Effective rate % | 11.00% | 8.40% | 6.80% |
BRL | Between two and five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 6 | $ 4 | $ 3 |
Effective rate % | 11.00% | 8.40% | 6.80% |
BRL | After five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 0 | $ 0 | $ 0 |
Effective rate % | 0.00% | 0.00% | 0.00% |
ZAR | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 7 | $ 4 | $ 9 |
ZAR | Within one year | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 2 | $ 3 | $ 4 |
Effective rate % | 5.90% | 9.80% | 9.80% |
ZAR | Between one and two years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 1 | $ 1 | $ 4 |
Effective rate % | 5.90% | 9.80% | 9.80% |
ZAR | Between two and five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 4 | $ 0 | $ 1 |
Effective rate % | 5.90% | 0.00% | 9.80% |
ZAR | After five years | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Lease liabilities | $ 0 | $ 0 | $ 0 |
Effective rate % | 0.00% | 0.00% | 0.00% |
FINANCIAL RISK MANAGEMENT ACT_5
FINANCIAL RISK MANAGEMENT ACTIVITIES - Credit Risk Exposure (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | $ 117 | $ 188 | $ 86 |
Other investments | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 1 | 2 | 67 |
Financial assets | 117 | 188 | 170 |
Trade and other receivables | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 87 | 95 | 57 |
Trade and other receivables | Financial assets past due but not impaired | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets | 18 | 12 | 15 |
Cash restricted for use (note 21) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 58 | 73 | 64 |
Cash and cash equivalents (note 22) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 1,154 | 1,330 | 456 |
Total financial assets | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 1,300 | 1,500 | 644 |
Other investment, transferred as held for sale | |||
Disclosure of detailed information about financial instruments [line items] | |||
Maximum exposure to credit risk | 0 | 0 | 63 |
Financial assets | $ 0 | $ 0 | $ 84 |
FINANCIAL RISK MANAGEMENT ACT_6
FINANCIAL RISK MANAGEMENT ACTIVITIES - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets | |||
Carrying amount | $ 117 | $ 188 | $ 86 |
Borrowings | |||
Financial liabilities | |||
Carrying amount | 1,909 | 1,931 | 2,033 |
Fair value | 2,011 | 2,131 | 2,135 |
Other investments | |||
Financial assets | |||
Carrying amount | 117 | 188 | 170 |
Fair value | 117 | 188 | 170 |
Other investment, transferred as held for sale | |||
Financial assets | |||
Carrying amount | $ 0 | $ 0 | $ 84 |
FINANCIAL RISK MANAGEMENT ACT_7
FINANCIAL RISK MANAGEMENT ACTIVITIES - Assets Measured at Fair Value on a Recurring Basis (Details) $ in Millions | Feb. 12, 2020oz | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Disclosure of fair value measurement of assets [line items] | ||||
Assets | $ 7,967 | $ 7,672 | $ 6,863 | |
South African assets | Discontinued operations | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Portion of consideration received consisting of deferred consideration, above production threshold (in USD per ounce) | oz | 260 | |||
Consideration receivable, initial production threshold (in ounces) | oz | 250,000 | |||
Portion of consideration received consisting of deferred consideration, below datum of current infrastructure (in USD per ounce) | oz | 20 | |||
Transaction date ounces of reserves (in ounces) | oz | 8,530,000 | |||
Equity securities - FVTOCI | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 116 | 186 | 82 | |
Equity securities - FVTOCI | Level 1 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 116 | 186 | 82 | |
Equity securities - FVTOCI | Level 2 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 0 | 0 | 0 | |
Equity securities - FVTOCI | Level 3 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 0 | 0 | 0 | |
Deferred compensation asset | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 25 | 28 | ||
Deferred compensation asset | Level 1 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 0 | 0 | ||
Deferred compensation asset | Level 2 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 0 | 0 | ||
Deferred compensation asset | Level 3 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | $ 25 | $ 28 | ||
Equity securities - FVTOCI | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 21 | |||
Equity securities - FVTOCI | Level 1 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 21 | |||
Equity securities - FVTOCI | Level 2 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | 0 | |||
Equity securities - FVTOCI | Level 3 | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Assets | $ 0 |
FINANCIAL RISK MANAGEMENT ACT_8
FINANCIAL RISK MANAGEMENT ACTIVITIES - Reconciliation of Deferred Compensation Asset (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of fair value measurement of assets [line items] | |
Opening balance | $ 28 |
Unwinding of the deferred compensation asset | 2 |
Changes in estimates - fair value adjustments | (3) |
Translation | (2) |
Closing balance | 25 |
10% Increase in number of ounces | |
Effect of changes in assumptions | |
Change in deferred compensation asset $m | 3 |
10% Decrease in number of ounces | |
Effect of changes in assumptions | |
Change in deferred compensation asset $m | $ (3) |
FINANCIAL RISK MANAGEMENT ACT_9
FINANCIAL RISK MANAGEMENT ACTIVITIES - Environmental Obligations (Details) - 96 months ended Dec. 31, 2021 - Environmental obligations $ in Millions, $ in Millions | AUD ($) | USD ($) |
Iduapriem | ||
Disclosure of other provisions [line items] | ||
Carrying value of liability | $ 54 | |
Cash component of bond | 11 | |
Bond guarantees issued by banks | 39 | |
Obuasi | ||
Disclosure of other provisions [line items] | ||
Carrying value of liability | 217 | |
Cash component of bond | 21 | |
Bond guarantees issued by banks | 30 | |
Obuasi | Stanbic Bank Ghana Limited | ||
Disclosure of other provisions [line items] | ||
Bond guarantees issued by banks | 13 | |
Obuasi | United Bank for Africa Ghana Limited | ||
Disclosure of other provisions [line items] | ||
Bond guarantees issued by banks | $ 17 | |
Australia | ||
Disclosure of other provisions [line items] | ||
Payments to environment fund | $ 10 | |
Carrying value of liability | $ 138 |
FINANCIAL RISK MANAGEMENT AC_10
FINANCIAL RISK MANAGEMENT ACTIVITIES - Interest Rate Risk (Details) - Interest rate risk Tsh in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021TZS (Tsh) | Dec. 31, 2020USD ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020TZS (Tsh) | Dec. 31, 2020ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019AUD ($) | Dec. 31, 2019TZS (Tsh) | Dec. 31, 2019ZAR (R) |
Financial assets | USD denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Change in interest amount due to change in interest rate | $ 3 | $ 6 | $ 1 | |||||||||
Financial assets | AUD denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | ||||
Change in interest amount due to change in interest rate | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||
Financial assets | CAD denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||
Change in interest amount due to change in interest rate | $ 5 | $ 4 | ||||||||||
Financial assets | ARS denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 2.50% | 2.50% | 2.50% | 2.50% | ||||||||
Change in interest amount due to change in interest rate | $ 1 | $ 121 | ||||||||||
Financial assets | ZAR denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 1.50% | 1.50% | 1.50% | 1.50% | ||||||||
Change in interest amount due to change in interest rate | $ 1 | R 1 | ||||||||||
Financial liabilities | USD denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||
Change in interest amount due to change in interest rate | $ 1 | $ 1 | ||||||||||
Financial liabilities | AUD denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 1.50% | 1.50% | 1.50% | 1.50% | 1.00% | 1.00% | 1.00% | 1.00% | ||||
Change in interest amount due to change in interest rate | $ 1 | $ 1 | $ 1 | $ 1 | ||||||||
Financial liabilities | TZS denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% |
Change in interest amount due to change in interest rate | $ 1 | Tsh 2,692 | $ 1 | Tsh 2,730 | $ 1 | Tsh 2,704 | ||||||
Financial liabilities | ZAR denominated | ||||||||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||||||||
Change in interest rate (in basis points) | 1.50% | 1.50% | 1.50% | 1.50% | ||||||||
Change in interest amount due to change in interest rate | $ 1 | R 15 |
FINANCIAL RISK MANAGEMENT AC_11
FINANCIAL RISK MANAGEMENT ACTIVITIES - Foreign Exchange Risk (Details) - Foreign exchange risk - Borrowings $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
ZAR denominated | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in exchange rate | 1.50 | 1.50 | 1.50 |
Change in borrowings total due to increase in exchange rate | $ 0 | $ 0 | $ (7) |
Decrease in exchange rate | (1.5) | (1.5) | (1.50) |
Change in borrowings total due to decrease in exchange rate | $ 0 | $ 0 | $ 9 |
TZS denominated | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in exchange rate | 250 | 250 | 250 |
Change in borrowings total due to increase in exchange rate | $ (5) | $ (5) | $ (5) |
Decrease in exchange rate | (250) | (250) | (250) |
Change in borrowings total due to decrease in exchange rate | $ 6 | $ 6 | $ 6 |
AUD denominated | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Increase in exchange rate | 0.1 | 0.1 | 0.1 |
Change in borrowings total due to increase in exchange rate | $ (2) | $ 0 | $ (1) |
Decrease in exchange rate | (0.1) | (0.1) | (0.1) |
Change in borrowings total due to decrease in exchange rate | $ 2 | $ 0 | $ 1 |
CAPITAL MANAGEMENT (Details) -
CAPITAL MANAGEMENT (Details) - Narrative | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2021USD ($) | Oct. 31, 2021USD ($) | Oct. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2021ZAR (R) | Dec. 31, 2020ZAR (R) | Dec. 31, 2019ZAR (R) | Oct. 31, 2018AUD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Maximum debt covenant ratio allowed per agreement | 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 | |||||
$750m Rated bonds | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||
Term of facility | 7 years | 7 years | |||||||
Interest rate (in percent) | 3.375% | 3.375% | 3.375% | 3.375% | 3.375% | ||||
$300m Rated bonds | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | $ 300,000,000 | $ 300,000,000 | |||||||
Term of facility | 30 years | ||||||||
Interest rate (in percent) | 6.50% | 6.50% | 6.50% | 6.50% | |||||
$700m Rated bonds | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | $ 700,000,000 | $ 700,000,000 | |||||||
Term of facility | 10 years | ||||||||
Interest rate (in percent) | 3.75% | 3.75% | 3.75% | 3.75% | |||||
Geita revolving credit facility ($150m) - 2021 | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | $ 150,000,000 | $ 150,000,000 | |||||||
Term of facility | 3 years | ||||||||
Capped amount, Tanzanian Shilling Facility | $ 87,000,000 | $ 87,000,000 | |||||||
US Dollar component of 2021 unsecured $150m multi-currency facility | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis (in percent) | 6.70% | 6.70% | 6.70% | 6.70% | |||||
Tanzanian shilling component of 2021 unsecured $150m multi-currency facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Interest rate (in percent) | 12.50% | 12.50% | 12.50% | 12.50% | |||||
Tanzanian shilling component of 2021 unsecured $150m multi-currency facility | Minimum | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Interest rate (in percent) | 5.00% | 5.00% | 5.00% | 5.00% | |||||
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Notional amount | $ 1,400,000,000 | $ 1,400,000,000 | $ 1,400,000,000 | $ 500,000,000 | R 1,400,000,000 | R 1,400,000,000 | R 1,400,000,000 | ||
Term of facility | 5 years | ||||||||
Capped amount, AUD facility | $ 500,000,000 | ||||||||
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) | LIBOR | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Adjustment to interest rate basis (in percent) | 1.45% | 1.45% | 1.45% | 1.45% |
CAPITAL MANAGEMENT - Gearing Ra
CAPITAL MANAGEMENT - Gearing Ratio (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Adjusted net debt from continuing operations | ||||
Borrowings - non-current portion (note 24) | $ 1,858 | $ 1,789 | $ 1,299 | |
Lease liabilities - non-current portion (note 14) | 124 | 116 | 126 | |
Borrowings - current portion (note 24) | 51 | 142 | 734 | |
Lease liabilities - current portion (note 14) | 61 | 37 | 45 | |
Total borrowings | 2,094 | 2,084 | 2,204 | |
Less: cash and cash equivalents (note 22) | (1,154) | (1,330) | (456) | $ (329) |
Net debt | 940 | 754 | 1,748 | |
IFRS16 lease adjustments | (149) | (106) | (119) | |
Unamortised portion of borrowing costs | 32 | 22 | 16 | |
Cash restricted for use (note 21) | (58) | (73) | (64) | |
Adjusted net debt | 765 | 597 | 1,581 | |
Adjusted EBITDA from continuing operations | ||||
Profit before taxation | 958 | 1,589 | 619 | |
Finance costs and unwinding of obligations (note 6) | 116 | 177 | 172 | |
Interest income | (58) | (27) | (14) | |
Amortisation of tangible, intangible and right of use assets (note 4) | 477 | 570 | 583 | |
Other amortisation | 4 | 6 | 6 | |
Associates and joint ventures’ adjustments for amortisation, interest and taxation | 183 | 168 | 149 | |
EBITDA | 1,680 | 2,483 | 1,515 | |
Foreign exchange and fair value adjustments | 43 | 0 | 12 | |
Dividend income | 0 | (2) | 0 | |
Retrenchment and related costs | 20 | 2 | 7 | |
Care and maintenance costs (note 5) | 45 | 0 | 47 | |
Impairment, derecognition of assets and (profit) loss on disposal | (11) | 1 | 6 | |
Profit on disposal of joint ventures | 0 | (19) | 0 | |
Premium on settlement of bonds | 24 | 0 | 0 | |
Loss (gain) on non-hedge derivatives and other commodity contracts | 0 | 5 | (5) | |
Associates and joint ventures’ share of costs | 0 | 0 | (2) | |
Adjusted EBITDA (as defined in the Revolving Credit Agreements) | $ 1,801 | $ 2,470 | $ 1,580 | |
Gearing ratio (Adjusted net debt to Adjusted EBITDA) | 0.42 | 0.24 | 1 | |
Maximum debt covenant ratio allowed per agreement | 3.5 | 3.5 | 3.5 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions | Feb. 22, 2022R / shares | Feb. 22, 2022R / shares$ / shares | Sep. 10, 2021$ / shares | Aug. 06, 2021$ / shares | Mar. 26, 2021$ / shares | Feb. 22, 2021R / shares | Feb. 21, 2020R / shares | Feb. 21, 2020$ / shares | Feb. 19, 2019R / shares | Feb. 19, 2019$ / shares | Jan. 18, 2022$ / shares | Jan. 18, 2022USD ($) | Jan. 17, 2022 |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Dividends declared (ZAR/USD per share) | (per share) | $ 0.06 | $ 0.87 | $ 0.48 | R 7.05 | R 1.65 | $ 0.09 | R 0.95 | $ 0.07 | |||||
Major purchases of assets | Corvus Gold Inc. | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Percentage of voting equity interests acquired | 80.50% | ||||||||||||
Consideration transferred per share (in USD per share) | $ / shares | $ 4.10 | ||||||||||||
Consideration transferred | $ 445 | ||||||||||||
Non-cash consideration | 80 | ||||||||||||
Percentage of ownership interest held before acquisition | 19.50% | ||||||||||||
Foreign exchange rate | $ / shares | 1.26 | ||||||||||||
Cash consideration transferred | $ 365 | ||||||||||||
Declaration of dividends | |||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||
Foreign exchange rate | R / shares | 15.50 | 15.50 | |||||||||||
Dividends declared (ZAR/USD per share) | (per share) | R 2.17 | $ 0.14 |