UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated February 17, 2011
Commission File Number 1-14846
AngloGold Ashanti Limited
(Name of registrant)
76 Jeppe Street
Newtown, 2001
(P.O. Box 62117, Marshalltown, 2107)
South Africa
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
20-F or Form 40-F.
Form 20-F X
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Regulation S-T Rule 101(b)(1):
Yes
No X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
Regulation S-T Rule 101(b)(7):
Yes
No X
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes
No X
Enclosure: Press release
ANGLOGOLD ASHANTI REPORT FOR THE QUARTER AND YEAR
ENDED 31 DECEMBER 2010 PREPARED IN ACCORDANCE WITH IFRS
ENDED 31 DECEMBER 2010 PREPARED IN ACCORDANCE WITH IFRS
Quarter 4 2010
Report
for the quarter and year ended 31 December 2010
Group results for the quarter….
· Adjusted headline earnings, excluding accelerated hedge buy-back costs, $294m.
· Hedge book eliminated, giving full exposure to gold price from 7 October.
· Net debt of $1.3bn, better than pro-forma guidance due to robust cash generation.
· Production of 1.148Moz at a total cash cost of $672/oz; both improved on guidance.
· Strong performances from West Wits, Cerro Vanguardia and Siguiri.
· Australasia region delivers strong performance of 102,000oz, with significant cost improvement.
· Uranium production of 374,000lbs.
· Tropicana project approved for development after successful feasibility study.
· Strong safety performance in fourth quarter with no fatal accidents.
· Hedge book eliminated, giving full exposure to gold price from 7 October.
· Net debt of $1.3bn, better than pro-forma guidance due to robust cash generation.
· Production of 1.148Moz at a total cash cost of $672/oz; both improved on guidance.
· Strong performances from West Wits, Cerro Vanguardia and Siguiri.
· Australasia region delivers strong performance of 102,000oz, with significant cost improvement.
· Uranium production of 374,000lbs.
· Tropicana project approved for development after successful feasibility study.
· Strong safety performance in fourth quarter with no fatal accidents.
For the year….
· Adjusted headline earnings, excluding accelerated hedge buy-back costs, $787m.
· Production of 4.52Moz at a total cash cost of $638/oz; within exchange-rate adjusted guidance.
· Uranium production of 1.46Mlbs on continued strong grade and recovery performance.
· Geita, Cripple Creek and South Africa turnarounds successfully executed.
· Final dividend of 80 South African cents per share (approximately 11 US cents per share), declared, resulting in a
total dividend of 145 South African cents per share (approximately 20 US cents per share) for the 2010 year.
· Production of 4.52Moz at a total cash cost of $638/oz; within exchange-rate adjusted guidance.
· Uranium production of 1.46Mlbs on continued strong grade and recovery performance.
· Geita, Cripple Creek and South Africa turnarounds successfully executed.
· Final dividend of 80 South African cents per share (approximately 11 US cents per share), declared, resulting in a
total dividend of 145 South African cents per share (approximately 20 US cents per share) for the 2010 year.
Quarter
Year
Quarter
Year
ended
ended
ended
ended
ended
ended
ended
ended
Dec
Sep
Dec
Dec
Dec
Sep
Dec
Dec
2010
2010
2010
2009
2010
2010
2010
2009
SA rand / Metric
US dollar / Imperial
Operating review
Gold
Produced
- kg / oz (000)
35,703
36,129
140,418
143,049
1,148
1,162
4,515
4,599
Price received
1
- R/kg / $/oz
99,671
(47,750)
135,862
201,805
452
(239)
561
751
Price received excluding hedge
buy-back costs
1
- R/kg / $/oz
303,454
267,707
271,018
246,048
1,372
1,141
1,159
925
Total cash costs
- R/kg / $/oz
148,474
151,007
149,577
136,595
672
643
638
514
Total production costs
- R/kg / $/oz
201,465
187,695
190,889
171,795
912
800
816
646
Financial review
Adjusted gross (loss) profit
2
- Rm / $m
(3,718)
(8,670)
(8,027)
3,686
(540)
(1,229)
(1,191)
412
Adjusted gross profit excluding hedge
buy-back costs
2
- Rm / $m
3,598
2,969
10,927
10,001
522
408
1,507
1,209
Profit (loss) attributable to equity
shareholders
- Rm / $m
404
443
637
(2,762)
56
51
76
(320)
- cents/share
105
120
171
(765)
15
14
20
(89)
Adjusted headline loss
3
- Rm / $m
(5,263)
(8,389)
(12,210)
(211)
(764)
(1,184)
(1,758)
(50)
- cents/share
(1,368)
(2,277)
(3,283)
(58)
(199)
(321)
(473)
(14)
Adjusted headline earnings excluding
hedge buy-back costs
3
- Rm / $m
2,026
2,184
5,652
5,795
294
303
787
708
- cents/share
527
593
1,520
1,604
76
82
212
196
Cash flow from operating activities
excluding hedge buy-back costs
- Rm / $m
5,076
3,238
12,603
10,096
679
424
1,669
1,299
Capital expenditure
- Rm / $m
2,572
1,855
7,413
8,726
365
253
1,015
1,027
Notes:
1. Refer to note C "Non-GAAP disclosure" for the definition.
2. Refer to note B "Non-GAAP disclosure" for the definition.
3. Refer to note A "Non-GAAP disclosure" for the definition.
$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
Operations
at a glance
for the quarter ended 31 December 2010
for the quarter ended 31 December 2010
oz (000)
% Variance
2
$/oz
% Variance
2
$m
$m Variance
2
SOUTH AFRICA
476
-
616
4
239
50
Great Noligwa
34
(6)
915
7
6
3
Kopanang
78
(1)
658
(1)
33
11
Moab Khotsong
76
(8)
669
22
16
(7)
Tau Lekoa
-
(100)
-
(100)
-
(1)
Mponeng
143
4
485
2
106
22
Savuka
11
38
885
16
4
2
TauTona
81
14
645
(12)
33
19
Surface Operations
52
(2)
536
28
42
4
CONTINENTAL AFRICA
374
-
790
9
141
32
Ghana
Iduapriem
Iduapriem
58
2
746
30
25
3
Obuasi
66
(12)
949
14
10
6
Guinea
Siguiri - Attributable 85%
Siguiri - Attributable 85%
71
15
687
(2)
44
19
Mali
Morila - Attributable 40%
Morila - Attributable 40%
3
24
4
760
(4)
14
5
Sadiola - Attributable 41%
3
29
(3)
783
26
15
(1)
Yatela - Attributable 40%
3
9
(10)
1,386
4
(3)
(1)
Namibia
Navachab
Navachab
28
22
748
-
17
10
Tanzania
Production
Total cash costs
Adjusted
gross profit (loss) excluding
hedge buy-back costs
1
Geita
90
(3)
749
6
26
1
Non-controlling interests, exploration
and other
and other
(5)
(9)
AUSTRALASIA
102
10
894
(16)
41
46
Australia
Sunrise Dam
Sunrise Dam
102
10
860
(19)
44
49
Exploration and other
(4)
(4)
AMERICAS
196
(10)
465
7
125
(9)
Argentina
Cerro Vanguardia - Attributable 92.50%
Cerro Vanguardia - Attributable 92.50%
50
4
357
(5)
39
13
Brazil
AngloGold Ashanti Brasil Mineração
AngloGold Ashanti Brasil Mineração
85
(9)
460
11
32
(23)
Serra Grande - Attributable 50%
19
(5)
509
9
13
3
United States of America
Cripple Creek & Victor
Cripple Creek & Victor
42
(25)
558
13
27
(2)
Non-controlling interests, exploration
and other
and other
14
-
OTHER
2
(2)
Sub-total
1,148
(1)
672
5
548
117
Equity accounted investments included above
(26)
(3)
AngloGold Ashanti
522
114
1
Refer to note B "Non-GAAP disclosure" for the definition.
3
Equity accounted joint ventures.
2
Variance December 2010 quarter on September 2010 quarter - increase (decrease).
Rounding of figures may result in computational discrepancies.
Financial and Operating Report
OVERVIEW FOR THE QUARTER
FINANCIAL AND CORPORATE REVIEW
As previously announced, AngloGold Ashanti eliminated its hedge book on 7 October 2010, ending
the contractual sale of a portion of its production at discounts to market prices. The company now
has full exposure to the price of gold, which increases its potential for cash-flow generation and
earnings. Of the $2.64bn spent to undertake this final restructuring of the hedge book, which
straddled September and October, $1.58bn was spent in the third quarter and the remaining $1.06bn
in October of the fourth quarter.
the contractual sale of a portion of its production at discounts to market prices. The company now
has full exposure to the price of gold, which increases its potential for cash-flow generation and
earnings. Of the $2.64bn spent to undertake this final restructuring of the hedge book, which
straddled September and October, $1.58bn was spent in the third quarter and the remaining $1.06bn
in October of the fourth quarter.
Turning to the balance sheet, strong cash generation during the quarter and the year left the company
with a net debt level (excluding the mandatory convertible bonds) of $1.3bn, better than guidance of
$1.7bn given on 11 November. Debt maturities are well spread and range from three to 30 years.
with a net debt level (excluding the mandatory convertible bonds) of $1.3bn, better than guidance of
$1.7bn given on 11 November. Debt maturities are well spread and range from three to 30 years.
Adjusted headline earnings, excluding the hedge buy-back and related costs, were $294m, or 76 US
cents a share, compared with $303m, or 82 US cents the previous quarter. The result is especially
significant, given that the third quarter earnings were boosted by a once-off tax credit of $82m. The
company generated cash flow from operations, excluding hedge buy back costs, of $679m
cents a share, compared with $303m, or 82 US cents the previous quarter. The result is especially
significant, given that the third quarter earnings were boosted by a once-off tax credit of $82m. The
company generated cash flow from operations, excluding hedge buy back costs, of $679m
.
After taking account of the hedge buy back costs, the company posted an adjusted headline loss of
$764m for the quarter and a profit attributable to ordinary shareholders of $56m.
$764m for the quarter and a profit attributable to ordinary shareholders of $56m.
OPERATING RESULTS
Production and total cash costs for the three months to 31 December were both within the guidance
set by the company. Production over the period was 1.148Moz, following the sale of the Tau Lekoa
mine, compared to 1.162Moz the previous quarter. Total cash costs rose 5% to $672/oz, during a
quarter again characterized by significant appreciation in the Brazilian real, the Australian dollar and
the South African rand. Strong production performances were delivered by several key operations,
including the West Wits mines in South Africa, Sunrise Dam in Australia, Siguiri in Guinea, Navachab
in Namibia and Cerro Vanguardia in Argentina. Uranium production was 374,000lbs, compared to
389,000lbs in the third quarter.
set by the company. Production over the period was 1.148Moz, following the sale of the Tau Lekoa
mine, compared to 1.162Moz the previous quarter. Total cash costs rose 5% to $672/oz, during a
quarter again characterized by significant appreciation in the Brazilian real, the Australian dollar and
the South African rand. Strong production performances were delivered by several key operations,
including the West Wits mines in South Africa, Sunrise Dam in Australia, Siguiri in Guinea, Navachab
in Namibia and Cerro Vanguardia in Argentina. Uranium production was 374,000lbs, compared to
389,000lbs in the third quarter.
Guidance for the fourth quarter was 1.14Moz at a total cash cost of $675/oz, assuming an average
exchange rate of R6.75/$ and $640/oz assuming a weaker rand at R7.25/$. This compares to an
average realised exchange rate of R6.88/$ over the quarter.
exchange rate of R6.75/$ and $640/oz assuming a weaker rand at R7.25/$. This compares to an
average realised exchange rate of R6.88/$ over the quarter.
SAFETY
AngloGold Ashanti delivered a fatality free performance for only the second time in the company’s
history. This demonstrates not only the strides made in changing working practices and attitudes
toward safety by every member in the organisation, but also the possibility to work safely at depth.
This achievement provides powerful motivation to redouble efforts to eliminate injuries from the
workplace. The all-injury frequency rate ended the year at 11.5 per million hours worked - an
improvement of 11% on the level of 2009. AngloGold is in the process of implementing a new
procedure for accident investigation and incident management, as well as an electronic Workplace
Management Reporting System (WMRS) across all operations to improve incident analysis. This will
create a platform from which specific initiatives can be developed to drive further improvements in
safety.
history. This demonstrates not only the strides made in changing working practices and attitudes
toward safety by every member in the organisation, but also the possibility to work safely at depth.
This achievement provides powerful motivation to redouble efforts to eliminate injuries from the
workplace. The all-injury frequency rate ended the year at 11.5 per million hours worked - an
improvement of 11% on the level of 2009. AngloGold is in the process of implementing a new
procedure for accident investigation and incident management, as well as an electronic Workplace
Management Reporting System (WMRS) across all operations to improve incident analysis. This will
create a platform from which specific initiatives can be developed to drive further improvements in
safety.
OPERATING REVIEW
The South Africa operations produced 476,000oz at a total cash cost of $616/oz in the fourth quarter
of 2010, compared with 478,000oz at a total cash cost of $594/oz the previous quarter. The
performance was driven by another strong set of results from the core operations, with rand-
denominated costs improving by 2% from the previous quarter as management continued to focus on
improving safety and productivity. The success of the business improvement interventions made in
the region are evident in overall productivity figures for AngloGold Ashanti’s South African mines,
which are 14% higher in the fourth quarter, compared with the same period in 2009. At the West Wits
operations, Mponeng, the company’s largest mine, output increased by 4% to 143,000oz due to
increased tonnages resulting from fewer safety related stoppages and improved tramming
efficiencies. The neighbouring TauTona mine delivered a 14% rise in production to 81,000oz, driven
by improved grade from higher face values, together with increased flexibility across its high grade
areas. At the Vaal River operations, production from Moab Khotsong declined by 8% to 76,000oz due
to grade challenges arising from ore dilution and the overall mining mix. Costs rose 22% to $669/oz.
Following a successful effort in returning Great Noligwa to profitability, production declined 6% to
34,000oz because of an increase in off-reef mining necessitated by the geological structure
encountered during the period. Kopanang’s output was marginally lower at 78,000oz as lower
volumes were mined. The Surface operations, which replaced Tau Lekoa feed with marginal ore, had
a 2% decrease in production to 52,000oz.
of 2010, compared with 478,000oz at a total cash cost of $594/oz the previous quarter. The
performance was driven by another strong set of results from the core operations, with rand-
denominated costs improving by 2% from the previous quarter as management continued to focus on
improving safety and productivity. The success of the business improvement interventions made in
the region are evident in overall productivity figures for AngloGold Ashanti’s South African mines,
which are 14% higher in the fourth quarter, compared with the same period in 2009. At the West Wits
operations, Mponeng, the company’s largest mine, output increased by 4% to 143,000oz due to
increased tonnages resulting from fewer safety related stoppages and improved tramming
efficiencies. The neighbouring TauTona mine delivered a 14% rise in production to 81,000oz, driven
by improved grade from higher face values, together with increased flexibility across its high grade
areas. At the Vaal River operations, production from Moab Khotsong declined by 8% to 76,000oz due
to grade challenges arising from ore dilution and the overall mining mix. Costs rose 22% to $669/oz.
Following a successful effort in returning Great Noligwa to profitability, production declined 6% to
34,000oz because of an increase in off-reef mining necessitated by the geological structure
encountered during the period. Kopanang’s output was marginally lower at 78,000oz as lower
volumes were mined. The Surface operations, which replaced Tau Lekoa feed with marginal ore, had
a 2% decrease in production to 52,000oz.
The Continental Africa operations produced 374,000oz at a total cash cost of $790/oz in the fourth
quarter of 2010, compared with 373,000oz at a total cash cost of $725/oz the previous quarter.
Geita’s production declined by 3% to 90,000oz mainly due to fewer tons of higher grade material
processed compared with the previous quarter, although this was partly offset by an increase in
overall tonnage throughput. Total cash costs increased by 6% to $749/oz. Production from
Iduapriem rose 2% to 58,000oz following improvements to plant availability and utilisation, which
offset lower grade. The 30% rise in cash costs followed an increase in the 2010 electricity tariff which
was effected in the fourth quarter.
quarter of 2010, compared with 373,000oz at a total cash cost of $725/oz the previous quarter.
Geita’s production declined by 3% to 90,000oz mainly due to fewer tons of higher grade material
processed compared with the previous quarter, although this was partly offset by an increase in
overall tonnage throughput. Total cash costs increased by 6% to $749/oz. Production from
Iduapriem rose 2% to 58,000oz following improvements to plant availability and utilisation, which
offset lower grade. The 30% rise in cash costs followed an increase in the 2010 electricity tariff which
was effected in the fourth quarter.
At Obuasi, the high level taskforce appointed in November, started work to define the long-term
turnaround strategy for the operation, which continued to be challenged by poor blasting
fragmentation and restricted ore passes, in addition to an unplanned plant shutdown for maintenance
on the tailings facility. Production declined by 12% to 66,000oz and costs, also impacted by the
higher power price, rose 14% to $949/oz. In Guinea, Siguiri’s production rose by 15% to 71,000oz as
conveyor belt modifications and consistent feed of dry ore drove higher tonnage throughput. Total
cash costs decreased by 2% to $687/oz. Mali continued to deliver strong operational free cashflow to
the business. Production from Morila rose 4% to 24,000oz at an improved total cash cost of $760/oz.
At Yatela, output fell 10% to 9,000oz due to the lower grade ore stacked during previous periods.
Lower recovered grade at Sadiola led to a 3% drop in production to 29,000oz. Costs increased by
26% to $783/oz as new sources of ore were accessed. In Namibia, Navachab’s production jumped
by 22% to 28,000oz as higher-grade ore was mined from the base of the pit, along with higher overall
tonnages and improved performance from the operations at the bottom of the main pit and the
benefits of the dense-media-separator (DMS plant).
turnaround strategy for the operation, which continued to be challenged by poor blasting
fragmentation and restricted ore passes, in addition to an unplanned plant shutdown for maintenance
on the tailings facility. Production declined by 12% to 66,000oz and costs, also impacted by the
higher power price, rose 14% to $949/oz. In Guinea, Siguiri’s production rose by 15% to 71,000oz as
conveyor belt modifications and consistent feed of dry ore drove higher tonnage throughput. Total
cash costs decreased by 2% to $687/oz. Mali continued to deliver strong operational free cashflow to
the business. Production from Morila rose 4% to 24,000oz at an improved total cash cost of $760/oz.
At Yatela, output fell 10% to 9,000oz due to the lower grade ore stacked during previous periods.
Lower recovered grade at Sadiola led to a 3% drop in production to 29,000oz. Costs increased by
26% to $783/oz as new sources of ore were accessed. In Namibia, Navachab’s production jumped
by 22% to 28,000oz as higher-grade ore was mined from the base of the pit, along with higher overall
tonnages and improved performance from the operations at the bottom of the main pit and the
benefits of the dense-media-separator (DMS plant).
The Americas operations produced 196,000oz at a total cash cost of $465/oz in the fourth quarter of
2010, compared with 218,000oz at a total cash cost of $433/oz the previous quarter. Cerro
Vanguardia, in Argentina, delivered yet another strong operating quarter with a 4% rise in production
to 50,000oz due to an increase in tonnages mined. Silver credits and the weaker peso helped offset
higher fuel consumption and accelerating inflation in Argentina with total cash costs dropping 5% to
$357/oz. At Cripple Creek & Victor in the United States, production fell by 25% as planned, to
42,000oz due to stacking ore on higher sections of the pad. Cash cost rose 13% to $558/oz. At
AngloGold Ashanti Brasil Mineração, production was 9% lower at 85,000oz due to lower grades and a
2010, compared with 218,000oz at a total cash cost of $433/oz the previous quarter. Cerro
Vanguardia, in Argentina, delivered yet another strong operating quarter with a 4% rise in production
to 50,000oz due to an increase in tonnages mined. Silver credits and the weaker peso helped offset
higher fuel consumption and accelerating inflation in Argentina with total cash costs dropping 5% to
$357/oz. At Cripple Creek & Victor in the United States, production fell by 25% as planned, to
42,000oz due to stacking ore on higher sections of the pad. Cash cost rose 13% to $558/oz. At
AngloGold Ashanti Brasil Mineração, production was 9% lower at 85,000oz due to lower grades and a
drop in tonnages caused by the performance of the Cuiabá fleet and geomechanical problems which
affected the Queiroz plant. The 11% increase in cash costs to $460/oz reflects the stronger real as
well as higher maintenance costs and lower by-product credits. Serra Grande’s production was 5%
lower at 19,000oz reflecting lower grades as expected, while costs climbed 9%.
affected the Queiroz plant. The 11% increase in cash costs to $460/oz reflects the stronger real as
well as higher maintenance costs and lower by-product credits. Serra Grande’s production was 5%
lower at 19,000oz reflecting lower grades as expected, while costs climbed 9%.
Australasia produced 102,000oz at a total cash cost of $894/oz in the fourth quarter of 2010,
compared with 93,000oz at a total cash cost of $1,064/oz the previous quarter. Sunrise Dam, the
only operating mine in the region, delivered a significant increase in both ore tonnage and grades
from the underground section of the operation. The economies of scale achieved helped drive down
unit costs. Total cash costs improved 16% from the previous quarter which included a lower non-cash
deferred stripping charge of $160/oz.
compared with 93,000oz at a total cash cost of $1,064/oz the previous quarter. Sunrise Dam, the
only operating mine in the region, delivered a significant increase in both ore tonnage and grades
from the underground section of the operation. The economies of scale achieved helped drive down
unit costs. Total cash costs improved 16% from the previous quarter which included a lower non-cash
deferred stripping charge of $160/oz.
PROJECTS
AngloGold Ashanti incurred capital expenditure of $365m during the quarter, of which $95m was
spent on growth projects. Of the growth-related capital, $54m was spent in the Americas, $14m was
spent in Continental Africa, $3m in Australasia and $23m in South Africa.
spent on growth projects. Of the growth-related capital, $54m was spent in the Americas, $14m was
spent in Continental Africa, $3m in Australasia and $23m in South Africa.
Detailed engineering work for the refurbishment of the São Bento plant, at the Córrego do Sítio
project in Brazil’s Minas Gerais state, remains on schedule. Manufacturing of the autoclave was also
completed on schedule and the unit was delivered in January 2011. Mine stopes and underground
infrastructure were completed on time in preparation for the beginning of ramp-up activities in
December. The Lamego mine reached full production at the end of the fourth quarter as planned, with
completion of the main surface facilities expected at the end of April 2011. Of the 11,884m drilled at
AngloGold Ashanti Córrego do Sítio Mineraçáo, the majority was at Córrego do Sítio II.
project in Brazil’s Minas Gerais state, remains on schedule. Manufacturing of the autoclave was also
completed on schedule and the unit was delivered in January 2011. Mine stopes and underground
infrastructure were completed on time in preparation for the beginning of ramp-up activities in
December. The Lamego mine reached full production at the end of the fourth quarter as planned, with
completion of the main surface facilities expected at the end of April 2011. Of the 11,884m drilled at
AngloGold Ashanti Córrego do Sítio Mineraçáo, the majority was at Córrego do Sítio II.
In the Democratic Republic of Congo, significant progress was made on the Kibali joint venture,
operated by AngloGold Ashanti’s joint venture partner Randgold Resources. The project team has
largely been assembled, with the appointments of the project manager, construction manager, cost
engineer and financial controller. Good progress has been made on determining the hydropower
strategy, with environmental impact assessments now underway, while procurement of items
necessary for site establishment started ahead of schedule. Road infrastructure critical to
development of the project, was completed, including a network of 28km in the site and surrounding
communities and the 179km stretch between the towns of Aru and Doko, a key staging point for
Kibali’s construction. The commute between these communities, which in the past could take several
days during the rainy season, has been cut to three hours.
operated by AngloGold Ashanti’s joint venture partner Randgold Resources. The project team has
largely been assembled, with the appointments of the project manager, construction manager, cost
engineer and financial controller. Good progress has been made on determining the hydropower
strategy, with environmental impact assessments now underway, while procurement of items
necessary for site establishment started ahead of schedule. Road infrastructure critical to
development of the project, was completed, including a network of 28km in the site and surrounding
communities and the 179km stretch between the towns of Aru and Doko, a key staging point for
Kibali’s construction. The commute between these communities, which in the past could take several
days during the rainy season, has been cut to three hours.
Work continued on completion of a feasibility study on the Mongbwalu project, which is due for
submission to the boards of AngloGold Ashanti and Okimo, the DRC’s state-owned gold company
and the 13.78% partner on the project, during the first quarter of 2011.
submission to the boards of AngloGold Ashanti and Okimo, the DRC’s state-owned gold company
and the 13.78% partner on the project, during the first quarter of 2011.
In Australia, the bankable feasibility study for the Tropicana project was completed, presented to the
joint venture partners AngloGold Ashanti (70%) and Independence Group NL (30%), and approved by
their boards in November, paving the way for the project’s development. Primary state and federal
environmental approvals were received during the quarter. AngloGold Ashanti plans to announce
appointment of the EPCM and open-pit mining contract during the first quarter of 2011. Detailed
design of the plant and infrastructure construction will commence in 2011, with construction of the
220km site access road the first major contract. Exploration of the Havana Deeps and Boston Shaker
areas continued with a feasibility study of open pit mining at Boston Shaker approved during the
quarter. A decision on advancing Havana Deeps to pre-feasibility stage is also expected in the
March 2011 quarter.
joint venture partners AngloGold Ashanti (70%) and Independence Group NL (30%), and approved by
their boards in November, paving the way for the project’s development. Primary state and federal
environmental approvals were received during the quarter. AngloGold Ashanti plans to announce
appointment of the EPCM and open-pit mining contract during the first quarter of 2011. Detailed
design of the plant and infrastructure construction will commence in 2011, with construction of the
220km site access road the first major contract. Exploration of the Havana Deeps and Boston Shaker
areas continued with a feasibility study of open pit mining at Boston Shaker approved during the
quarter. A decision on advancing Havana Deeps to pre-feasibility stage is also expected in the
March 2011 quarter.
EXPLORATION
Total exploration expenditure during the fourth quarter, inclusive of expenditure at equity accounted
joint ventures, was $65m ($23m on brownfield, $26m on greenfield and $16m on pre-feasibility
studies), compared with $72m the previous quarter ($28m on brownfield, $19m on greenfield and
$25m on pre-feasibility studies). The following are highlights from the company’s exploration activities
during the quarter. More detail on AngloGold Ashanti’s exploration programme can be found at
joint ventures, was $65m ($23m on brownfield, $26m on greenfield and $16m on pre-feasibility
studies), compared with $72m the previous quarter ($28m on brownfield, $19m on greenfield and
$25m on pre-feasibility studies). The following are highlights from the company’s exploration activities
during the quarter. More detail on AngloGold Ashanti’s exploration programme can be found at
www.anglogoldashanti.com
.
During the quarter 58,823m of greenfield exploration drilling was completed at existing priority sites
and used to delineate new targets in Australia, Canada, Guinea, Gabon, Colombia and the Solomon
Islands. This compares with 98,000m the previous quarter.
and used to delineate new targets in Australia, Canada, Guinea, Gabon, Colombia and the Solomon
Islands. This compares with 98,000m the previous quarter.
In Australia, exploration in the Tropicana joint venture (JV) during the quarter focused on reverse
circulation and diamond drill testing of targets adjacent to the project resource. The Boston Shaker
resource lies 360m north of the Tropicana open pit resource and has been tested to a maximum
vertical depth of 230m. A full feasibility study on Boston Shaker started in September 2010, with
exploration drilling suggesting potential for expansion of the open pit resource determined in the
scoping study. Significant results included: 8.0m @ 8.08 g/t Au from 242m, 6m @ 6.54 g/t Au from
82m, 13m @ 3.66 g/t Au from 33m, 11m @ 3.34 g/t Au from 48m and 16m @ 4.88 g/t Au from 397m.
An underground scoping study on Havana Deeps was completed in October 2010 and indicates
potential viability of underground mining outside the Havana open pit resource. Drill holes targeting
Havana Deeps returned further significant results, including: 9m @ 11.7 g/t Au from 462m, 11m @
11.2 g/t Au from 416m and 10m @ 14.5 g/t Au from 374m.
circulation and diamond drill testing of targets adjacent to the project resource. The Boston Shaker
resource lies 360m north of the Tropicana open pit resource and has been tested to a maximum
vertical depth of 230m. A full feasibility study on Boston Shaker started in September 2010, with
exploration drilling suggesting potential for expansion of the open pit resource determined in the
scoping study. Significant results included: 8.0m @ 8.08 g/t Au from 242m, 6m @ 6.54 g/t Au from
82m, 13m @ 3.66 g/t Au from 33m, 11m @ 3.34 g/t Au from 48m and 16m @ 4.88 g/t Au from 397m.
An underground scoping study on Havana Deeps was completed in October 2010 and indicates
potential viability of underground mining outside the Havana open pit resource. Drill holes targeting
Havana Deeps returned further significant results, including: 9m @ 11.7 g/t Au from 462m, 11m @
11.2 g/t Au from 416m and 10m @ 14.5 g/t Au from 374m.
At the Saxby JV with Falcon Minerals in northwest Queensland, geochemical results were returned
for all samples from the 4,000m programme of five pre-collared diamond drill holes completed in mid-
2010. A high-grade gold intersection of 15m @ 9.09 g/t Au from 701m was returned and further
check assays are pending.
for all samples from the 4,000m programme of five pre-collared diamond drill holes completed in mid-
2010. A high-grade gold intersection of 15m @ 9.09 g/t Au from 701m was returned and further
check assays are pending.
In the Solomon Islands, exploration activities continued at the Kele and Mase JVs with XDM
Resources. At Kele, about 1,515m of diamond drilling was completed in the quarter, along with
mechanical trenching and geochemical sampling focussed on the Babatia and Vulu prospects. Best
results from the drilling at Kele included 15.5m @ 7.89 g/t Au and 30.2m @ 2.74 g/t Au from argillic
alteration zones. Best results from trenching include 25m @ 3.1g/t Au and 9m @ 2.99 g/t Au. At
Mase, about 985m of diamond drilling was completed.
Resources. At Kele, about 1,515m of diamond drilling was completed in the quarter, along with
mechanical trenching and geochemical sampling focussed on the Babatia and Vulu prospects. Best
results from the drilling at Kele included 15.5m @ 7.89 g/t Au and 30.2m @ 2.74 g/t Au from argillic
alteration zones. Best results from trenching include 25m @ 3.1g/t Au and 9m @ 2.99 g/t Au. At
Mase, about 985m of diamond drilling was completed.
In the Americas, drilling was undertaken at four regions in Colombia. Exploration continued at the La
Colosa project in Colombia, where three rigs are now in operation, while 3,477m was drilled at the
Gramalote deposit. Additional sampling and mapping was conducted at the Quebradona property,
while an extensive ground IP survey was completed at Loma Esperanza anomaly. Encouraging
results from infill soil sampling were received from the Falcão JV with Horizonte Minerals in Brazil’s
southern Para state. In Argentina, a scout RC drill programme at the La Volcan prospect for a total of
1,794m in 12 holes. Assay results included some narrow mineralised quartz zones with up to 3 g/t Au
and 40 g/t Au. Deeper diamond drilling is warranted to test anticipated higher Au grade horizons of
the mineralised system.
Colosa project in Colombia, where three rigs are now in operation, while 3,477m was drilled at the
Gramalote deposit. Additional sampling and mapping was conducted at the Quebradona property,
while an extensive ground IP survey was completed at Loma Esperanza anomaly. Encouraging
results from infill soil sampling were received from the Falcão JV with Horizonte Minerals in Brazil’s
southern Para state. In Argentina, a scout RC drill programme at the La Volcan prospect for a total of
1,794m in 12 holes. Assay results included some narrow mineralised quartz zones with up to 3 g/t Au
and 40 g/t Au. Deeper diamond drilling is warranted to test anticipated higher Au grade horizons of
the mineralised system.
In Continental Africa, regional exploration in the DRC continued on the 5,487km² Kilo project, owned
by Ashanti Goldfields Kilo (AGK), in which AngloGold Ashanti has a 86.22% stake and Okimo
13.78%. Regional exploration initiatives, including a 5,000m diamond drilling programme over key
targets, commenced to test mineralisation in and around intrusive bodies at the Mount Tsi prospect.
The first phase of a regional reconnaissance sampling and mapping programme was completed and
several regional scale anomalies identified. Trenching, detailed mapping and sampling of these
by Ashanti Goldfields Kilo (AGK), in which AngloGold Ashanti has a 86.22% stake and Okimo
13.78%. Regional exploration initiatives, including a 5,000m diamond drilling programme over key
targets, commenced to test mineralisation in and around intrusive bodies at the Mount Tsi prospect.
The first phase of a regional reconnaissance sampling and mapping programme was completed and
several regional scale anomalies identified. Trenching, detailed mapping and sampling of these
anomalies is ongoing in the northern and central areas, with encouraging results. At the Kibali joint
venture, 5,705m of mineral-resource conversion drilling targeted planned underground infrastructure.
One hole aimed to upgrade KCD down-plunge mineral resource from inferred to the indicated
category, proved successful. Regional exploration work on Blocks 2, 3 and 4 around the Siguiri mine
in Guinea is ongoing.
venture, 5,705m of mineral-resource conversion drilling targeted planned underground infrastructure.
One hole aimed to upgrade KCD down-plunge mineral resource from inferred to the indicated
category, proved successful. Regional exploration work on Blocks 2, 3 and 4 around the Siguiri mine
in Guinea is ongoing.
At the Saraya South extension and Foulata East targets in Block 2, a further 1,658m was drilled with a
best intercept of 32m @ 5.27 g/t Au, from 4m in the oxides. In Block 3, soil geochemistry confirms
consistent anomalism along the sediment-amphibolite contact extending a further 1.6km southward,
resulting in an anomaly with a strike length of about 6.8km, still open towards the south; a programme
to test these anomalies in underway. At Obuasi in Ghana, the brownfield team completed 1,074m of
drilling, with four new reef intersections obtained.
best intercept of 32m @ 5.27 g/t Au, from 4m in the oxides. In Block 3, soil geochemistry confirms
consistent anomalism along the sediment-amphibolite contact extending a further 1.6km southward,
resulting in an anomaly with a strike length of about 6.8km, still open towards the south; a programme
to test these anomalies in underway. At Obuasi in Ghana, the brownfield team completed 1,074m of
drilling, with four new reef intersections obtained.
In the Middle East & North Africa, where AngloGold Ashanti has a joint venture with Thani
Investments, exploration work included Phase II sampling and mapping at the Wadi Kareem and
Hodine concessions in Egypt. At Hodine, diamond drilling commenced at the Hutite prospect, to
follow-up on the encouraging results from traverse rock chip sampling of 33m @ 4.37 g/t Au, including
7.5m @ 8.85 g/t Au. In Eritrea, a 10,000 line km airborne electromagnetic, magnetic and radiometric
survey commenced at the Kerkasha and Akordat North exploration licences and will be completed in
the first quarter of 2011. Thani Ashanti entered into a binding Heads of Terms with Stratex
International to explore for epithermal gold deposits in the Afar region of Ethiopia and in Djibouti.
Investments, exploration work included Phase II sampling and mapping at the Wadi Kareem and
Hodine concessions in Egypt. At Hodine, diamond drilling commenced at the Hutite prospect, to
follow-up on the encouraging results from traverse rock chip sampling of 33m @ 4.37 g/t Au, including
7.5m @ 8.85 g/t Au. In Eritrea, a 10,000 line km airborne electromagnetic, magnetic and radiometric
survey commenced at the Kerkasha and Akordat North exploration licences and will be completed in
the first quarter of 2011. Thani Ashanti entered into a binding Heads of Terms with Stratex
International to explore for epithermal gold deposits in the Afar region of Ethiopia and in Djibouti.
ANNUAL REVIEW
Adjusted headline earnings, normalised to exclude the $2.5bn post taxation cost of restructuring the
hedge book during the year, was $787m. The company reported an adjusted headline loss of
$1,758m, when taking the restructuring cost into account. A
hedge book during the year, was $787m. The company reported an adjusted headline loss of
$1,758m, when taking the restructuring cost into account. A
final dividend of 80 South African cents
per share (approximately 11 US cents per share), declared, resulting in a total dividend of 145 South
African cents per share (approximately 20 US cents per share) for the 2010 year.
African cents per share (approximately 20 US cents per share) for the 2010 year.
This represents an
11.5% increase from the total dividend paid in 2009.
Production in 2010 declined 2% to 4.52Moz, within the range forecast by the company at the
beginning of 2010, while total cash costs rose 24% to $638/oz, in line with exchange-rate adjusted
guidance. Significant improvements were made at the South African operations, which experienced
fewer safety-related stoppages; at Geita, where improvements related to Project ONE continued to
show results; and at Cripple Creek & Victor, where the revised pad-stacking strategy yielded the
desired outcome. The sale of Tau Lekoa, seismic impact at Savuka, the ten week shut down at
Iduapriem and ongoing operational challenges at Obuasi contributed to the lower production. A multi-
disciplinary taskforce has been established to design and execute the turnaround strategy for Obuasi.
Uranium production reached 1.46Mlbs in 2010, compared with 1.44Mlbs the previous year, as grades
and recoveries improved.
beginning of 2010, while total cash costs rose 24% to $638/oz, in line with exchange-rate adjusted
guidance. Significant improvements were made at the South African operations, which experienced
fewer safety-related stoppages; at Geita, where improvements related to Project ONE continued to
show results; and at Cripple Creek & Victor, where the revised pad-stacking strategy yielded the
desired outcome. The sale of Tau Lekoa, seismic impact at Savuka, the ten week shut down at
Iduapriem and ongoing operational challenges at Obuasi contributed to the lower production. A multi-
disciplinary taskforce has been established to design and execute the turnaround strategy for Obuasi.
Uranium production reached 1.46Mlbs in 2010, compared with 1.44Mlbs the previous year, as grades
and recoveries improved.
AngloGold Ashanti also saw the acceleration of ‘mining inflation’ impact prices of skilled and unskilled
labour, contractors, heavy equipment and consumables in several of its operating regions as rising
metal prices spurred activity in the global resources sector. The impact on dollar-denominated costs
was magnified by significant strengthening of the Brazilian real, the South African rand and the
Australian dollar.
labour, contractors, heavy equipment and consumables in several of its operating regions as rising
metal prices spurred activity in the global resources sector. The impact on dollar-denominated costs
was magnified by significant strengthening of the Brazilian real, the South African rand and the
Australian dollar.
Project ONE, AngloGold Ashanti’s new operating model central to the achievement of long-term
productivity, safety, environmental and financial targets, was implemented at 15 operations. To date,
the business improvement initiatives introduced since the articulation of AngloGold Ashanti’s new
strategy in April 2008, has improved operational cashflow by around $500m.
productivity, safety, environmental and financial targets, was implemented at 15 operations. To date,
the business improvement initiatives introduced since the articulation of AngloGold Ashanti’s new
strategy in April 2008, has improved operational cashflow by around $500m.
Tragically, there were 15 fatalities across the company’s 21 mines during the year, with 10 occurring
at the South African operations. Eliminating injuries from the workplace remains AngloGold Ashanti’s
most important objective and the particular focus is being placed on the Safety Transformation
component of Project ONE to achieve this goal.
at the South African operations. Eliminating injuries from the workplace remains AngloGold Ashanti’s
most important objective and the particular focus is being placed on the Safety Transformation
component of Project ONE to achieve this goal.
The overall quality and tenor of the balance sheet was greatly improved during the year with the
award of investment grade ratings by Standard & Poor’s and Moody’s Investor Services, which paved
the way for the successful issue in April of a $700m, 10-year bond and a $300m, 30-year bond. A
dual tranche capital raising for net proceeds of $1.53bn – comprising roughly equal parts of equity
and a three-year mandatory convertible note – were concluded in September. This created the
platform for the elimination of the final 3.2Moz hedge on 7 October. This fulfilled a long-standing
strategic objective of the company, to reduce financial risk and improve cashflow generation ability by
increasing overall exposure to the gold price. The balance sheet ended stronger with a net debt level
(excluding the mandatory convertible bond) of $1.3bn at year end.
award of investment grade ratings by Standard & Poor’s and Moody’s Investor Services, which paved
the way for the successful issue in April of a $700m, 10-year bond and a $300m, 30-year bond. A
dual tranche capital raising for net proceeds of $1.53bn – comprising roughly equal parts of equity
and a three-year mandatory convertible note – were concluded in September. This created the
platform for the elimination of the final 3.2Moz hedge on 7 October. This fulfilled a long-standing
strategic objective of the company, to reduce financial risk and improve cashflow generation ability by
increasing overall exposure to the gold price. The balance sheet ended stronger with a net debt level
(excluding the mandatory convertible bond) of $1.3bn at year end.
The company estimated in September that it would grow production from its current operating and
exploration portfolio to between 5.4Moz and 5.6Moz over five years and estimated expansion capital
of $2.4bn to be invested over the next three years. The board approved the Sao Bento and
Tropicana projects during the course of the year and feasibility studies progressed on the Kibali and
Mongbwalu projects. In Colombia, drilling resumed on the La Colosa deposit after a two-year hiatus
and started on the Gramalote joint venture. Both assets are undergoing feasibility studies. Greenfield
exploration accelerated dramatically from 2009, with encouraging results from Colombia, Australia,
the Solomon Islands, Egypt, Gabon and Canada’s Baffin Island region.
exploration portfolio to between 5.4Moz and 5.6Moz over five years and estimated expansion capital
of $2.4bn to be invested over the next three years. The board approved the Sao Bento and
Tropicana projects during the course of the year and feasibility studies progressed on the Kibali and
Mongbwalu projects. In Colombia, drilling resumed on the La Colosa deposit after a two-year hiatus
and started on the Gramalote joint venture. Both assets are undergoing feasibility studies. Greenfield
exploration accelerated dramatically from 2009, with encouraging results from Colombia, Australia,
the Solomon Islands, Egypt, Gabon and Canada’s Baffin Island region.
Reserves (which were calculated at a gold price of US$850/oz) improved by 0.6Moz to end the year
at 71.2Moz*, after accounting for depletion. Resources were largely unchanged after depletion, at
220Moz*. *Restated for the sale of Tau Lekoa.
at 71.2Moz*, after accounting for depletion. Resources were largely unchanged after depletion, at
220Moz*. *Restated for the sale of Tau Lekoa.
OUTLOOK
AngloGold Ashanti’s production and total cash cost guidance for the full year 2011 is expected to be
4.55Moz – 4.75Moz at a total cash cost of $660/oz to $685/oz. This assumes an average exchange
rate of R7.11/$, BRL1.70/$, A$/$0.98 and Argentinean peso 4.12/$ and an oil price of $95/barrel.
4.55Moz – 4.75Moz at a total cash cost of $660/oz to $685/oz. This assumes an average exchange
rate of R7.11/$, BRL1.70/$, A$/$0.98 and Argentinean peso 4.12/$ and an oil price of $95/barrel.
First quarter production and total cash cost guidance is expected to be 1.04Moz at a total cash cost of
between $675/oz and $700/oz. This assumes an average exchange rate of R7.00/$, BRL1.70/$,
A$/$1.00 and Argentinean peso 4.03/$ and an oil price of $95/barrel.
between $675/oz and $700/oz. This assumes an average exchange rate of R7.00/$, BRL1.70/$,
A$/$1.00 and Argentinean peso 4.03/$ and an oil price of $95/barrel.
Review of the Gold Market
Gold price movement and investment markets
Gold price data
During the fourth quarter, gold hit new highs in both US dollar and Euro terms, reaching $1,431/oz and
€1,075/oz. The gold price averaged $1,370/oz over the period, 12% more than the preceding quarter.
Although the announcement of the much anticipated second round of quantitative easing by the Federal
Reserve helped propel bullion back above $1,400/oz level in early November, it was the return of Sovereign
risk in the Euro zone that saw gold largely maintain that level over the balance of the quarter after Ireland
became the second EU member to accept a bailout from the European Financial Stability Fund.
€1,075/oz. The gold price averaged $1,370/oz over the period, 12% more than the preceding quarter.
Although the announcement of the much anticipated second round of quantitative easing by the Federal
Reserve helped propel bullion back above $1,400/oz level in early November, it was the return of Sovereign
risk in the Euro zone that saw gold largely maintain that level over the balance of the quarter after Ireland
became the second EU member to accept a bailout from the European Financial Stability Fund.
Investment demand
Despite heightened Sovereign Risk in the fourth quarter, exchange traded funds (ETF) did not reflect the
same levels of growth exhibited in the second quarter when this uncertainty first presented itself. ETF
holdings remained relatively stagnant during the quarter at 2,100 tonnes or 68Moz. On the COMEX, the
largest position for the quarter was reported at 32.6Mozs long, some 1.1Mozs less than the largest ever long
position reported. In China, retail bar investment increased by approximately 45% and local gold supply was
once again insufficient to meet demand. As a result of this deficit, gold sold at a premium of RMB 5/gram
over the international gold price. The fourth quarter saw the Middle East investment markets receiving a
welcome boost with bar and coin sales rising in the United Arab Emirates, Turkey and the Kingdom of Saudi
Arabia.
same levels of growth exhibited in the second quarter when this uncertainty first presented itself. ETF
holdings remained relatively stagnant during the quarter at 2,100 tonnes or 68Moz. On the COMEX, the
largest position for the quarter was reported at 32.6Mozs long, some 1.1Mozs less than the largest ever long
position reported. In China, retail bar investment increased by approximately 45% and local gold supply was
once again insufficient to meet demand. As a result of this deficit, gold sold at a premium of RMB 5/gram
over the international gold price. The fourth quarter saw the Middle East investment markets receiving a
welcome boost with bar and coin sales rising in the United Arab Emirates, Turkey and the Kingdom of Saudi
Arabia.
Official sector
The second year of the current Central Bank Accord, which commenced at the end of September 2009, has
seen sales totalling 54 tonnes in the period up to December 2010. This is comprised almost entirely of sales
from the IMF, which has subsequently concluded its sale of 403 tonnes, with a little more than half sold to
Official Sector participants.
seen sales totalling 54 tonnes in the period up to December 2010. This is comprised almost entirely of sales
from the IMF, which has subsequently concluded its sale of 403 tonnes, with a little more than half sold to
Official Sector participants.
Jewellery sales
The fourth quarter saw the Indian gold market, still the world’s largest, growing by more than 20%. It appears
2009’s poor showing has been shrugged off. The Rupee price for a gram of gold exceeded INR2,100 for the
first time ever during the quarter and encouragingly, this new peak did not prompt a rise in gold recycling.
Dollar weakness and Rupee strength were once again the hallmark of the quarter, which did not deter Indian
buyers. Similarly, in China, the jewellery market grew by over 8%. Consumers still favour pure gold jewellery
as an investment to safeguard from economic uncertainty and rising inflation. The 18 carat jewellery market
did not fare as well due largely to its inferior investment status and showed a small decline from the previous
quarter. In the United Arab Emirates, a strong quarter for tourism contributed to good sales of 22 carat
jewellery, while Turkish exports rose marginally over the fourth quarter, with shipments primarily to the U.S.
and Russia. The Kingdom of Saudi Arabia experienced a weaker fourth quarter with demand down by some
10% on the previous quarter.
2009’s poor showing has been shrugged off. The Rupee price for a gram of gold exceeded INR2,100 for the
first time ever during the quarter and encouragingly, this new peak did not prompt a rise in gold recycling.
Dollar weakness and Rupee strength were once again the hallmark of the quarter, which did not deter Indian
buyers. Similarly, in China, the jewellery market grew by over 8%. Consumers still favour pure gold jewellery
as an investment to safeguard from economic uncertainty and rising inflation. The 18 carat jewellery market
did not fare as well due largely to its inferior investment status and showed a small decline from the previous
quarter. In the United Arab Emirates, a strong quarter for tourism contributed to good sales of 22 carat
jewellery, while Turkish exports rose marginally over the fourth quarter, with shipments primarily to the U.S.
and Russia. The Kingdom of Saudi Arabia experienced a weaker fourth quarter with demand down by some
10% on the previous quarter.
Mineral Resource and Ore Reserve
Mineral Resource and Ore Reserve are reported in accordance with the minimum standards described by
the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserve (JORC
Code, 2004 Edition), and also conform to the standards set out in the South African Code for the Reporting
of Exploration Results, Mineral Resource and Mineral Reserve (The SAMREC Code, 2007 edition). Mineral
Resource is inclusive of the Ore Reserve component unless otherwise stated.
the Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserve (JORC
Code, 2004 Edition), and also conform to the standards set out in the South African Code for the Reporting
of Exploration Results, Mineral Resource and Mineral Reserve (The SAMREC Code, 2007 edition). Mineral
Resource is inclusive of the Ore Reserve component unless otherwise stated.
Mineral Resource
When the 2009 Mineral Resource is restated to exclude the sale of Tau Lekoa (6.2Moz), the Mineral
Resource is reduced from 226.7Moz to 220.5Moz. The total Mineral Resource remained steady, dropping
slightly from 220.5Moz in 2009 to 220.0Moz in December 2010. A year-on-year increase of 5.8Moz occurred
before the subtraction of depletion and a decrease of 0.5Moz after the subtraction of depletion. It should be
noted that changes in economic assumptions from 2009 to 2010 resulted in the Mineral Resource increasing
by 3.5Moz whilst exploration and modelling resulted in an increase of 0.7Moz. The remaining increase of
1.6Moz resulted from various other factors. Depletions from the Mineral Resource for 2009 totalled 6.3Moz.
Resource is reduced from 226.7Moz to 220.5Moz. The total Mineral Resource remained steady, dropping
slightly from 220.5Moz in 2009 to 220.0Moz in December 2010. A year-on-year increase of 5.8Moz occurred
before the subtraction of depletion and a decrease of 0.5Moz after the subtraction of depletion. It should be
noted that changes in economic assumptions from 2009 to 2010 resulted in the Mineral Resource increasing
by 3.5Moz whilst exploration and modelling resulted in an increase of 0.7Moz. The remaining increase of
1.6Moz resulted from various other factors. Depletions from the Mineral Resource for 2009 totalled 6.3Moz.
MINERAL RESOURCE
Moz
Mineral Resource as at 31 December 2009
226.7
Sale of Tau Lekoa
(6.2)
Restated 2009 Mineral Resource
220.5
Reductions
Great Noligwa
Great Noligwa
Due to economics and depletion
(2.4)
TauTona
Transfers to Mponeng so as to improve change of mining
(1.3)
Siguiri
Revision to modelling procedures and increased costs
(1.0)
Other
Total of non-significant changes
(3.6)
Additions
Vaal River Surface
Vaal River Surface
An economic study demonstrated that these tailings can be
economically reworked to recover uranium
economically reworked to recover uranium
3.0
West Wits Surface
1.3
Other
Total of non-significant changes
3.5
Mineral Resource as at 31 December 2010
220.0
Rounding of numbers may result in computational discrepancies.
Mineral resource has been calculated at a gold price of US$1,100/oz (2009: US$1,025/oz).
ORE RESERVE
When the 2009 Ore Reserve is restated to exclude Tau Lekoa (0.8Moz), the 2009 Ore Reserve is reduced
from 71.4Moz to 70.6Moz. Using the restated figure, the AngloGold Ashanti Ore Reserve increased from
70.6Moz in 2009 to 71.2Moz in December 2010. A year-on-year increase of 6.2Moz occurred before the
subtraction of 5.6Moz for depletion, resulting in an increase of 0.6Moz after the subtraction of depletion. It
should be noted that changes in the economic assumptions from 2009 to 2010 resulted in the Ore Reserve
increasing by 2.4Moz while exploration and modelling resulted in a further increase of 3.8Moz.
from 71.4Moz to 70.6Moz. Using the restated figure, the AngloGold Ashanti Ore Reserve increased from
70.6Moz in 2009 to 71.2Moz in December 2010. A year-on-year increase of 6.2Moz occurred before the
subtraction of 5.6Moz for depletion, resulting in an increase of 0.6Moz after the subtraction of depletion. It
should be noted that changes in the economic assumptions from 2009 to 2010 resulted in the Ore Reserve
increasing by 2.4Moz while exploration and modelling resulted in a further increase of 3.8Moz.
ORE RESERVE
Moz
Ore Reserve as at 31 December 2009
71.4
Sale of Tau Lekoa
(0.8)
Restated 2009 Ore Reserve
70.6
Reductions
Geita
Geita
Depletions and model changes
(0.9)
Obuasi
Depletions and refinements to Ore Reserve estimation
(0.7)
Siguiri
Remodelling in accordance with reconciliation and depletion
(0.7)
TauTona
Depletion and transfers to Mponeng, minor model changes
(0.7)
Other
Total non-significant changes
(1.2)
Additions
Cripple Creek & Victor
Cripple Creek & Victor
MLE2 project study incorporated
1.4
Mponeng
Transfers from TauTona countered some model losses
1.2
Sadiola
Additions from the Deep Suphide project
0.8
Other
Total non-significant changes
1.3
Ore Reserve as at 31 December 2010
71.2
Rounding of numbers may result in computational discrepancies.
(1)
Some of the Ore Reserves previously reflected against TauTona have now been transferred to Mponeng to
facilitate the mining plan.
Ore reserve has been calculated using a gold price of US$850/oz (2009: US$800/oz).
BY-PRODUCTS
Several by-products are recovered as a result of the processing of gold Ore Reserve. These include 21,591t
of uranium oxide from the South African operations, 443,761t of sulphur from Brazil and 34.6Moz of silver
from Argentina. Details of by-product Mineral Resource and Ore Reserve are given in the Mineral Resource
and Ore Reserve Report 2010
of uranium oxide from the South African operations, 443,761t of sulphur from Brazil and 34.6Moz of silver
from Argentina. Details of by-product Mineral Resource and Ore Reserve are given in the Mineral Resource
and Ore Reserve Report 2010
(1)
.
EXTERNAL AUDIT OF MINERAL RESOURCE
During the course of the year and as part of the rolling audit programme, AngloGold Ashanti’s 2010 Mineral
Resource at the following operations were submitted for external audit by the Australian-based company
Quantitative Group (QG):
Resource at the following operations were submitted for external audit by the Australian-based company
Quantitative Group (QG):
• Vaal Reef at Great Noligwa, Kopanang and Moab Khotsong mines
• Cerro Vanguardia
• Serra Grande
• Cripple Creek and Victor
• Mongbwalu
• Cerro Vanguardia
• Serra Grande
• Cripple Creek and Victor
• Mongbwalu
AngloGold Ashanti’s 2010 Ore Reserve at the following operations were submitted for external audit by a
number of international consulting companies, namely:
number of international consulting companies, namely:
• Geita
AMC
• Obuasi
AMC
• Siguiri
AMC
• Sunrise Dam: underground
Optiro
• Cripple Creek and Victor
Pincock Allen and Holt
•
Cerro Vanguardia
Xstract
•
Serra Grande
Xstract
• Brasil Mineração – Cuiabá
Xstract
The company has been informed that the audits identified no material shortcomings in the process by which
AngloGold Ashanti's Mineral Resource and Ore Reserve were evaluated. It is the company's intention to
continue this process so that each of its operations will be audited, on average, every three years.
AngloGold Ashanti's Mineral Resource and Ore Reserve were evaluated. It is the company's intention to
continue this process so that each of its operations will be audited, on average, every three years.
COMPETENT PERSONS
The information in this report relating to exploration results, Mineral Resource and Ore Reserve is based on
information compiled by the Competent Persons. These individuals are identified in the expanded Mineral
Resource and Ore Reserve Report 2010
information compiled by the Competent Persons. These individuals are identified in the expanded Mineral
Resource and Ore Reserve Report 2010
(1)
. The Competent Persons consent to the inclusion of Exploration
Results, Mineral Resource and Ore Reserve information in this report, in the form and context in which it
appears.
appears.
During the past decade, the company has developed and implemented a rigorous system of internal and
external reviews of Exploration Results, Mineral Resource or Ore Reserve. A documented chain of
responsibility exists from the Competent Persons at the operations to the company's Mineral Resource and
Ore Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource and Ore Reserve
Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MGSSA,
MAusIMM, assumes responsibility for the Mineral Resource and Ore Reserve processes for AngloGold
Ashanti and is satisfied that the Competent Persons have fulfilled their responsibilities.
external reviews of Exploration Results, Mineral Resource or Ore Reserve. A documented chain of
responsibility exists from the Competent Persons at the operations to the company's Mineral Resource and
Ore Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource and Ore Reserve
Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MGSSA,
MAusIMM, assumes responsibility for the Mineral Resource and Ore Reserve processes for AngloGold
Ashanti and is satisfied that the Competent Persons have fulfilled their responsibilities.
(1)
A detailed breakdown of Mineral Resource and Ore Reserve is provided in the Mineral Resource and Ore
Reserve Report 2010, which will be available on or about 31 March 2011 on the AngloGold Ashanti
website (www.anglogoldashanti.com), from where it may be downloaded as a PDF file using Adobe
Acrobat Reader. The report will also be available in printed format on request from the AngloGold Ashanti
offices at the addresses given at the back of the Annual Financial Statements.
website (www.anglogoldashanti.com), from where it may be downloaded as a PDF file using Adobe
Acrobat Reader. The report will also be available in printed format on request from the AngloGold Ashanti
offices at the addresses given at the back of the Annual Financial Statements.
MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) INCLUSIVE OF ORE RESERVE
as at 31 December 2010
Category
Tonnes
million
Grade
g/t
Contained
gold
tonnes
Contained
gold
Moz
South Africa
Measured
26.51
15.30
405.52
13.04
Indicated
753.04
2.76
2,075.87
66.74
Inferred
40.82
13.81
563.55
18.12
Total
820.38
3.71
3,044.94
97.90
Democratic Republic of the Congo
Measured
0.00
-
0.00
0.00
Indicated
59.67
3.64
217.41
6.99
Inferred
30.54
3.27
99.94
3.21
Total
90.21
3.52
317.35
10.20
Ghana
Measured
77.12
4.83
372.49
11.98
Indicated
83.38
3.82
318.84
10.25
Inferred
105.26
3.71
390.99
12.57
Total
265.76
4.07
1,082.33
34.80
Guinea
Measured
43.18
0.65
28.28
0.91
Indicated
101.78
0.77
78.19
2.51
Inferred
77.77
0.85
66.11
2.13
Total
222.73
0.77
172.58
5.55
Mali
Measured
15.52
1.36
21.17
0.68
Indicated
54.86
1.79
98.07
3.15
Inferred
19.87
1.66
32.98
1.06
Total
90.24
1.69
152.22
4.89
Namibia
Measured
23.30
0.86
20.09
0.65
Indicated
72.57
1.28
92.78
2.98
Inferred
23.33
1.13
26.41
0.85
Total
119.20
1.17
139.28
4.48
Tanzania
Measured
0.00
—
0.00
0.00
Indicated
80.32
3.37
270.88
8.71
Inferred
21.95
3.62
79.57
2.56
Total
102.27
3.43
350.46
11.27
Australia
Measured
34.88
1.74
60.55
1.95
Indicated
35.49
2.85
101.12
3.25
Inferred
19.84
2.90
57.63
1.85
Total
90.21
2.43
219.30
7.05
Argentina
Measured
11.12
1.50
16.63
0.53
Indicated
20.86
3.82
79.69
2.56
Inferred
10.20
3.19
32.55
1.05
Total
42.18
3.06
128.87
4.14
Brazil
Measured
11.18
6.39
71.43
2.30
Indicated
15.60
6.10
95.14
3.06
Inferred
30.80
6.81
209.73
6.74
Total
57.57
6.54
376.31
12.10
Colombia
Measured
0.00
—
0.00
0.00
Indicated
15.78
0.93
14.75
0.47
Inferred
414.06
0.98
406.06
13.06
Total
429.85
0.98
420.81
13.53
United States of America
Measured
283.04
0.78
221.76
7.13
Indicated
216.53
0.73
157.18
5.05
Inferred
79.61
0.75
59.66
1.92
Total
579.18
0.76
438.60
14.10
Total
Measured
525.84
2.32
1,217.92
39.16
Indicated
1,509.88
2.38
3,599.94
115.74
Inferred
874.07
2.32
2,025.18
65.11
Total
2,909.79
2.35
6,843.04
220.01
Rounding of figures may result in computational discrepancies.
MINERAL RESOURCE BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVE
as at 31 December 2010
Category
Tonnes
million
Grade
g/t
Contained
gold
tonnes
Contained
gold
Moz
South Africa
Measured
15.29
17.73
271.14
8.72
Indicated
563.41
1.65
927.58
29.82
Inferred
19.64
18.69
367.04
11.80
Total
598.34
2.62
1,565.75
50.34
Democratic Republic of the Congo
Measured
0.00
—
0.00
0.00
Indicated
26.23
2.93
76.72
2.47
Inferred
30.54
3.27
99.94
3.21
Total
56.77
3.11
176.66
5.68
Ghana
Measured
29.69
6.96
206.52
6.64
Indicated
34.46
2.45
84.26
2.71
Inferred
105.26
3.71
391.01
12.57
Total
169.41
4.02
681.79
21.92
Guinea
Measured
4.46
0.80
3.59
0.12
Indicated
34.07
0.77
26.22
0.84
Inferred
77.77
0.85
66.11
2.13
Total
116.30
0.82
95.91
3.08
Mali
Measured
4.69
0.75
3.50
0.11
Indicated
18.27
1.69
30.79
0.99
Inferred
19.09
1.70
32.37
1.04
Total
42.05
1.59
66.66
2.14
Namibia
Measured
9.03
0.58
5.24
0.17
Indicated
42.83
1.11
47.50
1.53
Inferred
23.33
1.13
26.41
0.85
Total
75.20
1.05
79.15
2.54
Tanzania
Measured
0.00
—
0.00
0.00
Indicated
41.62
2.93
121.83
3.92
Inferred
21.95
3.62
79.57
2.56
Total
63.57
3.17
201.40
6.48
Australia
Measured
10.83
0.93
10.10
0.32
Indicated
12.10
2.92
35.29
1.13
Inferred
19.84
2.90
57.63
1.85
Total
42.77
2.41
103.02
3.31
Argentina
Measured
1.36
3.61
4.91
0.16
Indicated
16.70
2.20
36.72
1.18
Inferred
9.95
2.97
29.56
0.95
Total
28.01
2.54
71.18
2.29
Brazil
Measured
6.37
6.15
39.19
1.26
Indicated
8.35
6.10
50.93
1.64
Inferred
28.08
6.78
190.31
6.12
Total
42.81
6.55
280.44
9.02
Colombia
Measured
0.00
—
0.00
0.00
Indicated
15.78
0.93
14.75
0.47
Inferred
414.06
0.98
406.06
13.06
Total
429.85
0.98
420.81
13.53
United States of America
Measured
135.85
0.75
102.38
3.29
Indicated
137.77
0.71
98.42
3.16
Inferred
69.52
0.77
53.85
1.73
Total
343.14
0.74
254.66
8.19
Total
Measured
217.57
2.97
646.57
20.79
Indicated
951.59
1.63
1,551.01
49.87
Inferred
839.05
2.15
1,799.86
57.87
Total
2,008.21
1.99
3,997.44
128.52
Rounding of figures may result in computational discrepancies.
ORE RESERVE BY COUNTRY (ATTRIBUTABLE)
as at 31 December 2010
Category
Tonnes
million
Grade
g/t
Contained
gold
tonnes
Contained
gold
Moz
South Africa
Proved
12.03
8.24
99.07
3.19
Probable
191.99
4.41
845.74
27.19
Total
204.02
4.63
944.81
30.38
Democratic Republic of the Congo
Proved
—
—
—
—
Probable
33.44
4.21
140.69
4.52
Total
33.44
4.21
140.69
4.52
Ghana
Proved
44.01
3.13
137.85
4.43
Probable
49.30
4.41
217.28
6.99
Total
93.31
3.81
355.13
11.42
Guinea
Proved
39.05
0.62
24.38
0.78
Probable
67.44
0.74
49.71
1.60
Total
160.49
0.70
74.08
2.38
Mali
Proved
4.96
2.23
11.03
0.35
Probable
39.18
1.78
69.82
2.24
Total
44.14
1.83
80.86
2.60
Namibia
Proved
14.27
1.02
14.49
0.47
Probable
29.74
1.45
42.99
1.38
Total
44.01
1.31
57.48
1.85
Tanzania
Proved
—
—
—
—
Probable
40.92
3.20
131.06
4.21
Total
40.92
3.20
131.06
4.21
Australia
Proved
24.05
2.10
50.45
1.62
Probable
23.39
2.81
65.83
2.12
Total
47.44
2.45
116.28
3.74
Argentina
Proved
9.54
1.22
11.63
0.37
Probable
8.57
5.32
45.62
1.47
Total
18.10
3.16
57.25
1.84
Brazil
Proved
6.91
5.80
40.06
1.29
Probable
7.40
5.26
38.88
1.25
Total
14.30
5.52
78.94
2.54
United States of America
Proved
147.19
0.81
119.37
3.84
Probable
78.76
0.75
58.76
1.89
Total
225.95
0.79
178.13
5.73
Total
Proved
302.00
1.68
508.32
16.34
Probable
570.12
2.99
1,706.39
54.86
Total
872.12
2.54
2,214.71
71.20
Rounding of figures may result in computational discrepancies.
Group
income statement
Quarter
Quarter
Quarter
Year
Year
ended
ended
ended
ended
ended
December
September
December
December
December
2010
2010
2009
2010
2009
SA Rand million
Notes
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Revenue
2
11,095
10,668
9,514
40,135
31,961
Gold income
10,614
10,372
9,234
38,833
30,745
Cost of sales
3
(7,016)
(6,659)
(6,219)
(25,833)
(23,220)
Loss on non-hedge derivatives and other
commodity contracts
commodity contracts
4
(529)
(1,041)
(2,706)
(5,136)
(11,934)
Gross profit (loss)
3,069
2,672
309
7,864
(4,409)
Corporate administration and other expenses
(488)
(350)
(359)
(1,491)
(1,275)
Market development costs
(30)
(26)
(10)
(98)
(87)
Exploration costs
(338)
(440)
(442)
(1,446)
(1,217)
Other operating (expenses) income
5
(27)
(50)
58
(149)
(80)
Special items
6
(208)
(424)
4,761
(894)
5,209
Operating profit (loss)
1,978
1,382
4,317
3,786
(1,859)
Interest received
119
58
133
311
444
Exchange gain (loss)
93
(113)
527
18
852
Fair value adjustment on option component of
convertible bonds
convertible bonds
(280)
(166)
(66)
39
(249)
Finance costs and unwinding of obligations
7
(357)
(285)
(268)
(1,203)
(1,146)
Fair value loss on mandatory convertible bonds
(222)
(160)
-
(382)
-
Share of equity accounted investments' profit
63
151
227
467
785
Profit (loss) before taxation
1,394
867
4,870
3,036
(1,173)
Taxation
8
(878)
(318)
(1,522)
(2,018)
(1,172)
Profit (loss) for the period
516
549
3,348
1,018
(2,345)
Allocated as follows:
Equity shareholders
Equity shareholders
404
443
3,179
637
(2,762)
Non-controlling interests
112
106
169
381
417
516
549
3,348
1,018
(2,345)
Basic profit (loss) per ordinary share (cents)
1
105
120
867
171
(765)
Diluted profit (loss) per ordinary share (cents)
2
105
120
865
171
(765)
1
Calculated on the basic weighted average number of ordinary shares.
Rounding of figures may result in computational discrepancies.
2
Calculated on the diluted weighted average number of ordinary shares.
Group
income statement
Quarter
Quarter
Quarter
Year
Year
ended
ended
ended
ended
ended
December
September
December
December
December
2010
2010
2009
2010
2009
US Dollar million
Notes
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Revenue
2
1,613
1,461
1,273
5,514
3,916
Gold income
1,543
1,420
1,236
5,334
3,768
Cost of sales
3
(1,021)
(911)
(833)
(3,550)
(2,813)
Loss on non-hedge derivatives and other
commodity contracts
commodity contracts
4
(77)
(152)
(363)
(702)
(1,533)
Gross profit (loss)
445
357
40
1,082
(578)
Corporate administration and other expenses
(71)
(48)
(48)
(206)
(154)
Market development costs
(5)
(4)
(1)
(14)
(10)
Exploration costs
(49)
(60)
(59)
(198)
(150)
Other operating (expenses) income
5
(4)
(7)
8
(20)
(8)
Special items
6
(31)
(60)
636
(126)
691
Operating profit (loss)
285
178
576
518
(209)
Interest received
17
8
18
43
54
Exchange gain (loss)
14
(16)
71
3
112
Fair value adjustment on option component of
convertible bonds
convertible bonds
(41)
(24)
(9)
(1)
(33)
Finance costs and unwinding of obligations
7
(52)
(39)
(36)
(166)
(139)
Fair value loss on mandatory convertible bonds
(33)
(22)
-
(55)
-
Share of equity accounted investments' profit
9
21
30
63
94
Profit (loss) before taxation
199
106
650
405
(121)
Taxation
8
(127)
(41)
(204)
(276)
(147)
Profit (loss) for the period
72
65
446
129
(268)
Allocated as follows:
Equity shareholders
Equity shareholders
56
51
424
76
(320)
Non-controlling interests
16
14
22
53
52
72
65
446
129
(268)
Basic profit (loss) per ordinary share (cents)
1
15
14
116
20
(89)
Diluted profit (loss) per ordinary share (cents)
2
14
14
115
20
(89)
1
Calculated on the basic weighted average number of ordinary shares.
Rounding of figures may result in computational discrepancies.
2
Calculated on the diluted weighted average number of ordinary shares.
Group statement of comprehensive income
Quarter
Quarter
Quarter
Year
Year
ended
ended
ended
ended
ended
December
September
December
December
December
2010
2010
2009
2010
2009
SA Rand million
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Profit (loss) for the period
516
549
3,348
1,018
(2,345)
Exchange differences on translation of foreign
operations
operations
(759)
(1,100)
(618)
(1,766)
(2,645)
Share of equity accounted investments' other
comprehensive expense (income)
comprehensive expense (income)
1
2
-
(1)
-
Net loss on cash flow hedges
-
-
(140)
-
(132)
Net loss on cash flow hedges removed from
equity and reported in gold income
equity and reported in gold income
-
-
181
279
1,155
Hedge ineffectiveness on
cash flow hedges
cash flow hedges
-
-
15
-
40
Realised gain (loss) on hedges of capital items
1
-
2
3
(12)
Deferred taxation thereon
-
(1)
(13)
(99)
(263)
1
(1)
45
183
788
Net gain on available-for-sale financial assets
298
43
346
440
482
Release on disposal of available-for-sale
financial assets
financial assets
(194)
-
-
(235)
-
Deferred taxation thereon
-
-
(5)
13
(13)
104
43
341
218
469
Actuarial (loss) gain recognised
(175)
-
88
(175)
88
Deferred taxation thereon
47
-
(28)
47
(28)
Deferred taxation thereon
47
-
(28)
47
(28)
(128)
-
60
(128)
60
Other comprehensive expense
for the period net of tax
for the period net of tax
(781)
(1,056)
(172)
(1,494)
(1,328)
Total comprehensive (expense) income
for the period net of tax
for the period net of tax
(265)
(507)
3,176
(476)
(3,673)
Allocated as follows:
Equity shareholders
Equity shareholders
(377)
(613)
3,007
(857)
(4,099)
Non-controlling interests
112
106
169
381
426
(265)
(507)
3,176
(476)
(3,673)
Rounding of figures may result in computational discrepancies.
Group
statement of comprehensive income
Quarter
Quarter
Quarter
Year
Year
ended
ended
ended
ended
ended
December
September
December
December
December
2010
2010
2009
2010
2009
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Profit (loss) for the period
72
65
446
129
(268)
Exchange differences on translation of foreign
operations
operations
123
151
(45)
213
318
Share of equity accounted investments' other
comprehensive expenses
comprehensive expenses
-
1
-
-
-
Net loss on cash flow hedges
-
-
(17)
-
(16)
Net loss on cash flow hedges removed from
equity and reported in gold income
equity and reported in gold income
-
-
26
38
138
Hedge ineffectiveness on
cash flow hedges
cash flow hedges
-
-
2
-
5
Realised gain (loss) on hedges of capital items
-
-
1
-
(1)
Deferred taxation thereon
-
-
(3)
(13)
(35)
-
-
9
25
91
Net gain on available-for-sale financial assets
41
5
41
60
57
Release on disposal of available-for-sale
financial assets
financial assets
(26)
-
-
(32)
-
Deferred taxation thereon
-
-
(1)
2
(2)
15
5
40
30
55
Actuarial (loss) gain recognised
(24)
-
10
(24)
10
Deferred taxation thereon
6
-
(3)
6
(3)
Deferred taxation thereon
6
-
(3)
6
(3)
(18)
-
7
(18)
7
Other comprehensive income
for the period net of tax
for the period net of tax
120
157
11
250
471
Total comprehensive income
for the period net of tax
for the period net of tax
192
222
457
379
203
Allocated as follows:
Equity shareholders
Equity shareholders
176
208
435
326
150
Non-controlling interests
16
14
22
53
53
192
222
457
379
203
Rounding of figures may result in computational discrepancies.
Group
statement of financial position
As at
As at
As at
December
September
December
2010
2010
2009
SA Rand million
Note
Unaudited
Unaudited
Audited
ASSETS
Non-current assets
Tangible assets
Tangible assets
40,600
41,489
43,263
Intangible assets
1,277
1,296
1,316
Investments in associates and equity accounted joint ventures
4,087
4,329
4,758
Other investments
1,555
1,627
1,302
Inventories
2,268
2,268
2,508
Trade and other receivables
1,000
994
788
Derivatives
6
8
40
Deferred taxation
131
88
451
Cash restricted for use
214
214
394
Other non-current assets
59
92
63
51,197
52,405
54,883
Current assets
Inventories
Inventories
5,848
5,860
5,102
Trade and other receivables
1,625
1,588
1,419
Derivatives
-
453
2,450
Current portion of other non-current assets
4
2
3
Cash restricted for use
69
84
87
Cash and cash equivalents
3,776
9,313
8,176
11,322
17,300
17,237
Non-current assets held for sale
110
114
650
11,432
17,414
17,887
TOTAL ASSETS
62,629
69,819
72,770
,
,
,
EQUITY AND LIABILITIES
Share capital and premium
11
45,678
45,598
39,834
Retained earnings and other reserves
(19,470)
(19,159)
(18,276)
Non-controlling interests
815
916
966
Total equity
27,023
27,355
22,524
Non-current liabilities
Borrowings
Borrowings
16,877
17,363
4,862
Environmental rehabilitation and other provisions
3,873
3,332
3,351
Provision for pension and post-retirement benefits
1,258
1,187
1,179
Trade, other payables and deferred income
110
119
108
Derivatives
1,158
947
1,310
Deferred taxation
5,910
5,776
5,599
29,186
28,724
16,409
Current liabilities
Current portion of borrowings
Current portion of borrowings
886
1,864
9,493
Trade, other payables and deferred income
4,630
4,061
4,332
Derivatives
-
7,316
18,770
Taxation
882
499
1,186
6,398
13,740
33,781
Non-current liabilities held for sale
22
-
56
6,420
13,740
33,837
Total liabilities
35,606
42,464
50,246
TOTAL EQUITY AND LIABILITIES
62,629
69,819
72,770
Net asset value - cents per share
8,532
8,654
6,153
Rounding of figures may result in computational discrepancies.
Group
statement of financial position
As at
As at
As at
December
September
December
2010
2010
2009
US Dollar million
Note
Unaudited
Unaudited
Audited
ASSETS
Non-current assets
Tangible assets
Tangible assets
6,180
5,961
5,819
Intangible assets
194
186
177
Investments in associates and equity accounted joint ventures
622
622
640
Other investments
237
234
175
Inventories
345
326
337
Trade and other receivables
152
143
106
Derivatives
1
1
5
Deferred taxation
20
13
61
Cash restricted for use
33
31
53
Other non-current assets
9
13
8
7,793
7,530
7,381
Current assets
Inventories
Inventories
890
842
686
Trade and other receivables
247
228
191
Derivatives
-
65
330
Current portion of other non-current assets
1
-
-
Cash restricted for use
10
12
12
Cash and cash equivalents
575
1,338
1,100
1,723
2,485
2,319
Non-current assets held for sale
16
17
87
1,739
2,502
2,406
TOTAL ASSETS
9,532
10,032
9,787
,
,
,
EQUITY AND LIABILITIES
Share capital and premium
11
6,627
6,615
5,805
Retained earnings and other reserves
(2,638)
(2,817)
(2,905)
Non-controlling interests
124
132
130
Total equity
4,113
3,930
3,030
Non-current liabilities
Borrowings
Borrowings
2,569
2,495
654
Environmental rehabilitation and other provisions
589
479
451
Provision for pension and post-retirement benefits
191
170
159
Trade, other payables and deferred income
17
17
14
Derivatives
176
136
176
Deferred taxation
900
830
753
4,442
4,127
2,207
Current liabilities
Current portion of borrowings
Current portion of borrowings
135
268
1,277
Trade, other payables and deferred income
705
584
582
Derivatives
-
1,051
2,525
Taxation
134
72
159
974
1,975
4,543
Non-current liabilities held for sale
3
-
7
977
1,975
4,550
Total liabilities
5,419
6,102
6,757
TOTAL EQUITY AND LIABILITIES
9,532
10,032
9,787
Net asset value - cents per share
1,299
1,243
828
Rounding of figures may result in computational discrepancies.
Group
statement of cash flows
Quarter
Quarter
Quarter
Year
Year
ended
ended
ended
ended
ended
December
September
December
December
December
2010
2010
2009
2010
2009
SA Rand million
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Cash flows from operating activities
Receipts from customers
Receipts from customers
10,955
10,566
9,596
39,717
31,473
Payments to suppliers and employees
(5,944)
(7,105)
(5,889)
(26,682)
(20,896)
Cash generated from operations
5,011
3,461
3,707
13,035
10,577
Dividends received from equity accounted investments
218
116
136
939
751
Taxation paid
(153)
(339)
(233)
(1,371)
(1,232)
Cash utilised for hedge buy-back costs
(7,312)
(11,021)
-
(18,333)
(6,315)
Net cash (outflow) inflow from operating activities
(2,236)
(7,783)
3,610
(5,730)
3,781
Cash flows from investing activities
Capital expenditure
Capital expenditure
(2,470)
(1,771)
(2,243)
(7,108)
(8,656)
Proceeds from disposal of tangible assets
12
468
1,814
500
9,029
Other investments acquired
(152)
(432)
(229)
(832)
(750)
Acquisition of associates and equity accounted joint ventures
(100)
(48)
(2,638)
(319)
(2,646)
Proceeds on disposal of associate
-
-
-
4
-
Loans advanced to associates and equity accounted joint ventures
-
-
(17)
(22)
(17)
Loans repaid from associates and equity accounted joint ventures
-
-
-
-
3
Proceeds from disposal of investments
578
280
196
1,039
680
Decrease (increase) in cash restricted for use
8
142
19
182
(91)
Interest received
59
57
129
232
445
Loans advanced
(8)
4
-
(41)
(1)
Repayment of loans advanced
2
-
2
3
4
Net cash outflow from investing activities
(2,071)
(1,300)
(2,967)
(6,362)
(2,000)
Cash flows from financing activities
Proceeds from issue of share capital
Proceeds from issue of share capital
31
5,596
39
5,656
2,384
Share issue expenses
(31)
(113)
(39)
(144)
(84)
Proceeds from borrowings
1,880
7,139
162
16,666
24,901
Repayment of borrowings
(2,400)
(21)
(57)
(12,326)
(24,152)
Repayment of borrowings
(2,400)
(21)
(57)
(12,326)
(24,152)
Finance costs paid
(398)
(46)
(180)
(821)
(946)
Mandatory convertible bonds transaction costs
(30)
(155)
-
(184)
-
Dividends paid
(139)
(264)
(43)
(846)
(474)
Net cash (outflow) inflow from financing activities
(1,087)
12,136
(118)
8,001
1,629
Net (decrease) increase in cash and cash equivalents
(5,394)
3,053
525
(4,091)
3,410
Translation
(70)
(347)
(677)
(236)
(672)
Cash and cash equivalents at beginning of period
9,313
6,607
8,328
8,176
5,438
Cash and cash equivalents at end of period
(1)
3,849
9,313
8,176
3,849
8,176
Cash generated from operations
Profit (loss) before taxation
Profit (loss) before taxation
1,394
867
4,870
3,036
(1,173)
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts
Movement on non-hedge derivatives and other commodity contracts
499
241
2,281
2,946
14,417
Amortisation of tangible assets
1,341
1,240
1,152
5,022
4,615
Finance costs and unwinding of obligations
357
285
268
1,203
1,146
Environmental, rehabilitation and other expenditure
470
53
(70)
535
(47)
Special items
279
542
(4,708)
1,076
(5,148)
Amortisation of intangible assets
7
4
4
18
18
Deferred stripping
156
237
205
921
(467)
Fair value adjustment on option component of convertible bonds
280
166
66
(39)
249
Fair value loss on mandatory convertible bonds
222
160
-
382
-
Interest received
(119)
(58)
(133)
(311)
(444)
Share of equity accounted investments' profit
(63)
(151)
(227)
(467)
(785)
Other non-cash movements
133
88
(675)
250
(853)
Movements in working capital
55
(213)
674
(1,537)
(951)
5,011
3,461
3,707
13,035
10,577
Movements in working capital
(Increase) decrease in inventories
(Increase) decrease in inventories
(101)
306
(183)
(667)
634
Decrease
(increase) in trade and other receivables
(200)
(80)
438
(781)
106
Increase (decrease) in trade and other payables
356
(439)
419
(89)
(1,691)
55
(213)
674
(1,537)
(951)
Rounding of figures may result in computational discrepancies.
(1)
The cash and cash equivalents balance at 31 December 2010 includes cash and cash equivalents included on the statement of financial position as part
of non-current assets held for sale of R73m.
Group
statement of cash flows
Quarter
Quarter
Quarter
Year
Year
ended
ended
ended
ended
ended
December
September
December
December
December
2010
2010
2009
2010
2009
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Cash flows from operating activities
Receipts from customers
Receipts from customers
1,589
1,441
1,283
5,448
3,845
Payments to suppliers and employees
(925)
(995)
(805)
(3,734)
(2,500)
Cash generated from operations
664
446
478
1,714
1,345
Dividends received from equity accounted investments
39
25
19
143
101
Taxation paid
(24)
(47)
(32)
(188)
(147)
Cash utilised for hedge buy-back costs
(1,061)
(1,550)
-
(2,611)
(797)
Net cash (outflow) inflow from operating activities
(382)
(1,126)
465
(942)
502
Cash flows from investing activities
Capital expenditure
Capital expenditure
(350)
(242)
(281)
(973)
(1,019)
Proceeds from disposal of tangible assets
2
64
242
69
1,142
Other investments acquired
(23)
(58)
(29)
(114)
(89)
Acquisition of associates and equity accounted joint ventures
(15)
(6)
(353)
(44)
(354)
Proceeds on disposal of associate
-
-
-
1
-
Loans advanced to associates and equity accounted joint ventures
-
-
(2)
(3)
(2)
Loans repaid from associates and equity accounted joint ventures
-
-
-
-
-
Proceeds from disposal of investments
80
38
25
142
81
Decrease (increase) in cash restricted for use
2
19
2
25
(10)
Interest received
8
8
17
32
55
Loans advanced
(1)
-
-
(6)
-
Repayment of loans advanced
-
-
-
-
1
Net cash outflow from investing activities
(297)
(177)
(379)
(871)
(195)
Cash flows from financing activities
Proceeds from issue of share capital
Proceeds from issue of share capital
4
790
5
798
306
Share issue expenses
(4)
(16)
(5)
(20)
(11)
Proceeds from borrowings
276
1,011
29
2,316
2,774
Repayment of borrowings
(324)
(3)
(22)
(1,642)
(2,731)
Repayment of borrowings
(324)
(3)
(22)
(1,642)
(2,731)
Finance costs paid
(58)
(8)
(23)
(115)
(111)
Mandatory convertible bonds transaction costs
(4)
(22)
-
(26)
-
Dividends paid
(20)
(37)
(6)
(117)
(56)
Net cash (outflow) inflow from financing activities
(130)
1,715
(22)
1,194
171
Net (decrease) increase in cash and cash equivalents
(809)
412
64
(619)
478
Translation
57
60
(72)
105
47
Cash and cash equivalents at beginning of period
1,338
866
1,108
1,100
575
Cash and cash equivalents at end of period
(1)
586
1,338
1,100
586
1,100
Cash generated from operations
Profit (loss) before taxation
Profit (loss) before taxation
199
106
650
405
(121)
Adjusted for:
Movement on non-hedge derivatives and other commodity contracts
Movement on non-hedge derivatives and other commodity contracts
72
43
306
408
1,787
Amortisation of tangible assets
195
170
154
690
555
Finance costs and unwinding of obligations
52
39
36
166
139
Environmental, rehabilitation and other expenditure
69
8
(9)
78
(6)
Special items
42
76
(629)
152
(683)
Amortisation of intangible assets
1
-
-
2
2
Deferred stripping
23
32
27
125
(48)
Fair value adjustment on option component of convertible bonds
41
24
9
1
33
Fair value loss on mandatory convertible bonds
33
22
-
55
-
Interest received
(17)
(8)
(18)
(43)
(54)
Share of equity accounted investments' profit
(9)
(21)
(30)
(63)
(94)
Other non-cash movements
19
13
(90)
37
(115)
Movements in working capital
(56)
(58)
72
(299)
(50)
664
446
478
1,714
1,345
Movements in working capital
Increase in inventories
Increase in inventories
(85)
(63)
(35)
(236)
(155)
Decrease
(increase) in trade and other receivables
(46)
(34)
55
(142)
(45)
Increase in trade and other payables
75
39
52
79
150
(56)
(58)
72
(299)
(50)
Rounding of figures may result in computational discrepancies.
(1)
The cash and cash equivalents balance at 31 December 2010 includes cash and cash equivalents included on the statement of financial position as part
of non-current assets held for sale of $11m.
Group statement of changes in equity
Cash
Available
Foreign
Share
Other
flow
for
Actuarial
currency
Non-
capital &
capital
Retained
hedge
sale
(losses)
translation
controlling
Total
SA Rand million
premium
reserves
earnings
reserve
reserve
gains
reserve
Total
interests
equity
Balance at 31 December 2008
37,336
799
(22,765)
(1,008)
(18)
(347)
8,959
22,956
790
23,746
(Loss) profit for the year
(2,762)
(2,762)
417
(2,345)
Other comprehensive income (expense)
779
469
60
(2,645)
(1,337)
9
(1,328)
Total comprehensive (expense) income
-
-
(2,762)
779
469
60
(2,645)
(4,099)
426
(3,673)
Shares issued
2,582
2,582
2,582
Shares issue expenses
(84)
(84)
(84)
Share-based payment for share awards
net of exercised
net of exercised
122
122
122
Dividends paid
(392)
(392)
(392)
Dividends of subsidiaries
-
(83)
(83)
Equity transaction of joint venture
306
306
306
Translation
(33)
180
55
(37)
2
167
(167)
-
Balance at 31 December 2009
39,834
1,194
(25,739)
(174)
414
(285)
6,314
21,558
966
22,524
Profit for the year
637
637
381
1,018
Other comprehensive (expense) income
(1)
183
218
(128)
(1,766)
(1,494)
(1,494)
Total comprehensive (expense) income
-
(1)
637
183
218
(128)
(1,766)
(857)
381
(476)
Shares issued
5,988
5,988
5,988
Shares issue expenses
(144)
(144)
(144)
Share-based payment for share awards
net of exercised
net of exercised
92
92
92
Dividends paid
(492)
(492)
(492)
Dividends of subsidiaries
-
(469)
(469)
Transfers to other reserves
25
(25)
-
-
Translation
(35)
157
1
(64)
4
63
(63)
-
Balance at 31 December 2010
45,678
1,275
(25,437)
(15)
568
(409)
4,548
26,208
815
27,023
Equity holders of the parent
,
,
(
,
)
(
)
(
)
,
,
,
US Dollar million
Balance at 31 December 2008
5,485
85
(2,361)
(107)
(2)
(37)
(635)
2,428
83
2,511
(Loss) profit for the year
(320)
(320)
52
(268)
Other Comprehensive income
90
55
7
318
470
1
471
Total comprehensive (expense) income
-
-
(320)
90
55
7
318
150
53
203
Shares issued
331
331
331
Shares issue expenses
(11)
(11)
(11)
Share-based payment for share awards
net of exercised
net of exercised
15
15
15
Dividends paid
(45)
(45)
(45)
Dividends of subsidiaries
-
(11)
(11)
Equity transaction of joint venture
37
37
37
Translation
24
(18)
(6)
3
(8)
(5)
5
-
Balance at 31 December 2009
5,805
161
(2,744)
(23)
56
(38)
(317)
2,900
130
3,030
Profit for the year
76
76
53
129
Other comprehensive income (expense)
25
30
(18)
213
250
250
Total comprehensive income (expense)
-
-
76
25
30
(18)
213
326
53
379
Shares issued
842
842
842
Shares issue expenses
(20)
(20)
(20)
Share-based payment for share awards
net of exercised
net of exercised
13
13
13
Dividends paid
(67)
(67)
(67)
Dividends of subsidiaries
-
(64)
(64)
Transfers to other reserves
3
(3)
-
-
Translation
17
(15)
(1)
(6)
(5)
5
-
Balance at 31 December 2010
6,627
194
(2,750)
(2)
86
(62)
(104)
3,989
124
4,113
Rounding of figures may result in computational discrepancies.
Segmental
reporting
for the quarter and year ended 31 December 2010
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited Unaudited
Unaudited
Audited
Unaudited Unaudited Unaudited
Unaudited
Audited
Gold income
South Africa
South Africa
4,499
4,633
3,469
16,056
13,625
654
634
465
2,207
1,665
Continental Africa
3,654
3,490
3,920
13,604
11,723
532
478
525
1,868
1,435
Australasia
988
711
848
3,391
1,819
143
98
113
466
221
Americas
2,073
2,082
1,823
8,202
6,552
301
285
244
1,124
805
11,214
10,916
10,060
41,253
33,719
1,630
1,495
1,346
5,665
4,126
Equity accounted investments
included above
included above
(600)
(544)
(826)
(2,420)
(2,974)
(87)
(75)
(111)
(331)
(358)
10,614
10,372
9,234
38,833
30,745
1,543
1,420
1,236
5,334
3,768
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited Unaudited
Unaudited
Audited
Unaudited Unaudited Unaudited
Unaudited
Audited
Gross profit (loss)
South Africa
South Africa
(345)
2,742
242
3,180
(1,778)
(50)
375
32
429
(255)
Continental Africa
4,412
(573)
(74)
4,219
(976)
640
(86)
(10)
604
(116)
US Dollar million
AngloGold Ashanti has implemented IFRS 8 “Operating Segments” with effect from 1 January 2009. AngloGold Ashanti’s operating segments
are being reported based on the financial information provided to the Chief Executive Officer and the Executive Management team, collectively
identified as the Chief Operating Decision Maker (“CODM”). As a result of changes in management structure and reporting from 1 January
2010, the CODM has changed its reportable segments. Individual members of the Executive Management team are responsible for geographic
regions of the business. Comparative information has been presented on a consistent basis. Navachab which was previously included in
Southern Africa now forms part of Continental Africa and North and South America has been combined into Americas. Southern Africa has been
renamed to South Africa. The Johannesburg corporate office was previously included in Southern Africa and now forms part of "Other".
are being reported based on the financial information provided to the Chief Executive Officer and the Executive Management team, collectively
identified as the Chief Operating Decision Maker (“CODM”). As a result of changes in management structure and reporting from 1 January
2010, the CODM has changed its reportable segments. Individual members of the Executive Management team are responsible for geographic
regions of the business. Comparative information has been presented on a consistent basis. Navachab which was previously included in
Southern Africa now forms part of Continental Africa and North and South America has been combined into Americas. Southern Africa has been
renamed to South Africa. The Johannesburg corporate office was previously included in Southern Africa and now forms part of "Other".
Quarter ended
Year ended
SA Rand million
Quarter ended
Year ended
SA Rand million
US Dollar million
Quarter ended
Year ended
Quarter ended
Year ended
(
)
( )
(
)
( )
( )
(
)
Australasia
(513)
(992)
31
(1,452)
(1,325)
(75)
(139)
4
(206)
(168)
Americas
(317)
1,636
344
2,664
735
(46)
226
46
357
89
Other
13
28
86
171
244
2
4
11
23
28
3,250
2,841
629
8,782
(3,100)
471
380
83
1,207
(422)
Equity accounted investments
included above
included above
(180)
(168)
(320)
(918)
(1,309)
(26)
(23)
(43)
(125)
(156)
3,069
2,672
309
7,864
(4,409)
445
357
40
1,082
(578)
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited Unaudited
Unaudited
Audited
Unaudited Unaudited Unaudited
Unaudited
Audited
Adjusted gross profit excluding
hedge buy-back costs
South Africa
hedge buy-back costs
South Africa
1,652
1,374
880
4,580
4,556
239
189
118
634
539
Continental Africa
971
795
920
3,314
2,856
141
109
123
455
351
Australasia
279
(38)
57
217
473
41
(5)
8
33
56
Americas
863
979
896
3,563
3,181
125
134
120
487
390
Other
13
28
88
171
243
2
4
11
23
28
3,778
3,137
2,841
11,845
11,309
548
431
380
1,632
1,364
Equity accounted investments
included above
included above
(180)
(168)
(320)
(918)
(1,308)
(26)
(23)
(43)
(125)
(156)
3,598
2,969
2,521
10,927
10,001
522
408
337
1,507
1,209
Rounding of figures may result in computational discrepancies.
Quarter ended
Year ended
US Dollar million
SA Rand million
Quarter ended
Year ended
Segmental
reporting (continued)
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited Unaudited
Unaudited
Audited
Unaudited Unaudited Unaudited
Unaudited
Audited
Gold production
(1)
South Africa
14,801
14,859
13,418
55,528
55,908
476
478
431
1,785
1,797
Continental Africa
11,623
11,600
12,993
46,390
49,292
374
373
418
1,492
1,585
Australasia
3,175
2,894
3,331
12,313
12,477
102
93
107
396
401
Americas
6,105
6,776
7,025
26,187
25,372
196
218
226
842
816
35,703
36,129
36,767
140,418
143,049
1,148
1,162
1,182
4,515
4,599
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited Unaudited
Unaudited
Audited
Unaudited Unaudited Unaudited
Unaudited
Audited
Capital expenditure
South Africa
South Africa
1,009
731
931
3,096
3,228
144
100
121
424
385
Continental Africa
685
439
510
1,708
1,654
97
60
66
234
198
Australasia
71
72
60
290
1,599
10
10
8
40
177
Americas
782
604
737
2,270
2,157
111
82
94
311
258
Corporate and other
25
9
36
49
88
3
1
4
6
9
2,572
1,855
2,275
7,413
8,726
365
253
293
1,015
1,027
Equity accounted investments
included above
included above
(102)
(84)
(33)
(305)
(70)
(15)
(11)
(4)
(42)
(8)
2,470
1,771
2,242
7,108
8,656
350
242
289
973
1,019
As at
As at
As at
As at
As at
As at
Dec
Sep
Dec
Dec
Sep
Dec
2010
2010
2009
2010
2010
2009
SA Rand million
US Dollar million
kg
Year ended
Quarter ended
Year ended
Quarter ended
oz (000)
Quarter ended
Year ended
Year ended
Quarter ended
Unaudited
Unaudited
Audited
Unaudited Unaudited
Audited
Total assets
South Africa
South Africa
16,226
16,394
17,061
2,469
2,356
2,295
Continental Africa
26,060
26,896
29,401
3,966
3,864
3,954
Australasia
3,644
3,466
4,494
555
498
604
Americas
13,855
13,918
14,642
2,109
2,000
1,970
Corporate and other
3,384
9,667
7,739
515
1,389
1,041
63,169
70,341
73,337
9,614
10,107
9,864
Equity accounted investments
included above
included above
(540)
(522)
(567)
(82)
(75)
(77)
62,629
69,819
72,770
9,532
10,032
9,787
(1)
Gold production includes equity accounted investments.
Rounding of figures may result in computational discrepancies.
SA Rand million
US Dollar million
Notes
for the quarter and year ended 31 December 2010
1.
Basis of preparation
The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
except for certain financial instruments which are stated at fair value. The group’s accounting policies used in the
preparation of these financial statements are consistent with those used in the annual financial statements for the
year ended 31 December 2009 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2010, where applicable. Effective 1 January 2010, the Chief Operating Decision Maker changed the
reportable segments. Details are included in Segmental reporting.
except for certain financial instruments which are stated at fair value. The group’s accounting policies used in the
preparation of these financial statements are consistent with those used in the annual financial statements for the
year ended 31 December 2009 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2010, where applicable. Effective 1 January 2010, the Chief Operating Decision Maker changed the
reportable segments. Details are included in Segmental reporting.
The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34 Interim
reporting, JSE Listings Requirements and in the manner required by the South African Companies Act, 1973 for the
preparation of financial information of the group for the quarter and year ended 31 December 2010.
reporting, JSE Listings Requirements and in the manner required by the South African Companies Act, 1973 for the
preparation of financial information of the group for the quarter and year ended 31 December 2010.
2. Revenue
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Gold income
10,614
10,372
9,234
38,833
30,745
1,543
1,420
1,236
5,334
3,768
By-products (note 3)
321
224
147
935
772
47
31
20
129
94
Royalties received
42
15
-
56
-
6
2
-
8
-
Interest received
119
58
133
311
444
17
8
18
43
54
11,095
10,668
9,514
40,135
31,961
1,613
1,461
1,273
5,514
3,916
3.
Cost of sales
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Cash operating costs
(5,120)
(5,220)
(4,942)
(20,084)
(18,844)
(745)
(715)
(662)
(2,756)
(2,277)
Insurance reimbursement
-
37
-
123
-
-
5
-
16
-
By-products revenue (note 2)
321
224
147
935
772
47
31
20
129
94
(4,799)
(4,959)
(4,795)
(19,026)
(18,072)
(698)
(679)
(642)
(2,611)
(2,183)
Royalties
(313)
(282)
(179)
(1,030)
(699)
(45)
(39)
(24)
(142)
(84)
Other cash costs
(54)
(43)
(43)
(182)
(134)
(8)
(6)
(6)
(25)
(16)
Total cash costs
(5,166)
(5,284)
(5,017)
(20,238)
(18,905)
(751)
(724)
(671)
(2,778)
(2,283)
Retrenchment costs
(64)
(23)
(39)
(166)
(110)
(9)
(3)
(5)
(23)
(14)
Rehabilitation and other non-cash
costs
(529)
(106)
5
(756)
(182)
(78)
(15)
1
(109)
(22)
Production costs
(5,759)
(5,414)
(5,050)
(21,160)
(19,197)
(838)
(741)
(676)
(2,910)
(2,319)
Amortisation of tangible assets
(1,341)
(1,240)
(1,152)
(5,022)
(4,615)
(195)
(170)
(154)
(690)
(555)
Amortisation of intangible assets
(7)
(4)
(4)
(18)
(18)
(1)
-
-
(2)
(2)
Total production costs
(7,107)
(6,658)
(6,206)
(26,200)
(23,830)
(1,034)
(912)
(830)
(3,602)
(2,876)
Inventory change
92
(1)
(13)
367
610
13
1
(2)
52
63
(7,016)
(6,659)
(6,219)
(25,833)
(23,220)
(1,021)
(911)
(833)
(3,550)
(2,813)
4.
Loss on non-hedge derivatives and other commodity contracts
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
(Loss) gain on realised non-hedge
derivatives
-
(745)
(494)
(2,073)
2,476
-
(101)
(66)
(277)
254
Loss on hedge buy-back costs
(7,316)
(11,639)
-
(18,954)
(6,315)
(1,061)
(1,637)
-
(2,698)
(797)
Gain (loss) on unrealised non-hedge
derivatives
6,787
11,343
(2,212)
15,891
(8,095)
985
1,586
(297)
2,273
(990)
(529)
(1,041)
(2,706)
(5,136)
(11,934)
(77)
(152)
(363)
(702)
(1,533)
Rounding of figures may result in computational discrepancies.
5.
Other operating (expenses) income
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Pension and medical defined benefit
provisions
45
(24)
29
(28)
(44)
7
(3)
4
(3)
(5)
Claims filed by former employees in
respect of loss of employment,
work-related accident injuries and
diseases, governmental fiscal
claims and care and maintenance of
old tailings operations
work-related accident injuries and
diseases, governmental fiscal
claims and care and maintenance of
old tailings operations
(72)
(26)
31
(121)
(31)
(11)
(4)
4
(17)
(3)
Miscellaneous
-
-
(2)
-
(5)
-
-
-
-
-
(27)
(50)
58
(149)
(80)
(4)
(7)
8
(20)
(8)
6.
Special items
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Indirect tax expenses and legal claims
(46)
-
(240)
(125)
(219)
(6)
-
(32)
(17)
(29)
Mandatory convertible bonds issue
discount, underwriting and
professional fees
professional fees
5
(401)
-
(396)
-
1
(56)
-
(56)
-
Net (impairments) reversals of tangible
assets (note 9)
(399)
(92)
5,209
(634)
5,115
(59)
(13)
696
(91)
683
Recovery (loss) on consignment stock
-
39
14
39
(95)
-
5
2
5
(12)
Impairment of other receivables
(11)
(4)
-
(67)
(66)
(2)
(1)
-
(9)
(7)
Contractor termination costs at Geita
Gold Mining Limited
-
-
-
(8)
-
-
-
-
(1)
-
Insurance claim recovery
31
93
54
134
54
4
14
7
19
7
Royalties received
41
15
-
56
-
6
2
-
8
-
Net (loss) profit on disposal and
derecognition of land, mineral rights,
tangible assets and exploration
properties (note 9)
tangible assets and exploration
properties (note 9)
(81)
(74)
(275)
(191)
420
(11)
(10)
(37)
(25)
49
Impairment of investment (note 9)
(16)
-
-
(16)
-
(2)
-
-
(2)
-
Profit on disposal of investments
(note 9)
269
-
-
314
-
37
-
-
43
-
(208)
(424)
4,761
(894)
5,209
(31)
(60)
636
(126)
691
7.
Finance costs and unwinding of obligations
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Finance costs
(259)
(189)
(191)
(834)
(835)
(38)
(26)
(26)
(115)
(101)
Unwinding of obligations, accretion of
convertible bonds and other
discounts
discounts
(98)
(96)
(77)
(369)
(311)
(14)
(13)
(10)
(51)
(38)
(357)
(285)
(268)
(1,203)
(1,146)
(52)
(39)
(36)
(166)
(139)
8. Taxation
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
South African taxation
Mining tax
-
84
(60)
-
(153)
-
13
(8)
-
(19)
Non-mining tax
(53)
71
(10)
(112)
(89)
(8)
10
(1)
(13)
(10)
Over (under) provision prior year
34
618
7
628
(33)
5
87
1
89
(4)
Deferred taxation
Temporary differences
Temporary differences
80
1,311
(180)
1,377
(535)
12
184
(24)
195
(61)
Unrealised non-hedge derivatives and
other commodity contracts
(461)
(2,152)
204
(2,353)
1,451
(67)
(301)
27
(334)
181
Change in estimated deferred tax rate
39
(7)
156
39
156
6
(1)
21
6
21
(361)
(76)
118
(421)
797
(52)
(7)
16
(57)
108
Foreign taxation
Normal taxation
Normal taxation
(617)
(358)
(335)
(1,628)
(1,113)
(90)
(49)
(45)
(226)
(138)
Over provision prior year
46
29
90
17
50
7
4
12
3
7
Deferred taxation
Temporary differences
Temporary differences
54
87
(1,410)
37
(1,220)
8
12
(188)
7
(164)
Unrealised non-hedge derivatives and
other commodity contracts
-
-
15
(23)
314
-
-
2
(3)
40
(517)
(242)
(1,640)
(1,597)
(1,969)
(75)
(33)
(219)
(219)
(255)
(878)
(318)
(1,522)
(2,018)
(1,172)
(127)
(41)
(204)
(276)
(147)
Rounding of figures may result in computational discrepancies.
9.
Headline earnings (loss)
Quarter ended
Year ended
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited Unaudited
Unaudited
Audited
Unaudited Unaudited Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
The profit (loss) attributable to equity
shareholders has been adjusted by
the following to arrive at headline
earnings (loss):
the following to arrive at headline
earnings (loss):
Profit (loss) attributable to equity
shareholders
404
443
3,179
637
(2,762)
56
51
424
76
(320)
Net impairments (reversals) of tangible
assets (note 6)
399
92
(5,209)
634
(5,115)
59
13
(696)
91
(683)
Net loss (profit) on disposal and
derecognition of land, mineral rights,
tangible assets and exploration
properties (note 6)
tangible assets and exploration
properties (note 6)
81
74
275
191
(420)
11
10
37
25
(49)
Impairment of investment (note 6)
16
-
-
16
-
2
-
-
2
-
Profit on disposal of investments
(note 6)
(269)
-
-
(314)
-
(37)
-
-
(43)
-
Impairment of investment in
associates and joint ventures
166
-
75
157
76
23
-
10
24
10
Reversal of impairment in associates
(94)
(74)
(75)
(126)
(75)
(13)
(10)
(10)
(19)
(10)
Special items of associates
-
(7)
1
(7)
1
-
(1)
-
(1)
-
Taxation on items above - current
portion
-
-
(12)
4
145
-
-
(2)
-
18
Taxation on items above - deferred
portion
(143)
(51)
1,414
(230)
1,360
(21)
(7)
189
(33)
182
561
476
(353)
962
(6,790)
79
55
(48)
122
(852)
Cents per share
(1)
Headline earnings (loss)
146
129
(96)
259
(1,880)
21
15
(13)
33
(236)
(1)
Calculated on the basic weighted average number of ordinary shares.
10. Number of shares
Quarter ended
Year ended
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Authorised number of shares:
Ordinary shares of 25 SA cents each
Ordinary shares of 25 SA cents each
600,000,000
600,000,000
600,000,000
600,000,000 600,000,000
E ordinary shares of 25 SA cents each
4,280,000
4,280,000
4,280,000
4,280,000
4,280,000
A redeemable preference shares of 50 SA cents each
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
B redeemable preference shares of 1 SA cent each
5,000,000
5,000,000
5,000,000
5,000,000
5,000,000
Issued and fully paid number of shares:
Ordinary shares in issue
Ordinary shares in issue
381,204,080
380,966,077
362,240,669
381,204,080 362,240,669
E ordinary shares in issue
2,806,126
2,837,150
3,794,998
2,806,126
3,794,998
Total ordinary shares:
384,010,206
383,803,227
366,035,667
384,010,206
366,035,667
A redeemable preference shares
2,000,000
2,000,000
2,000,000
2,000,000
2,000,000
B redeemable preference shares
778,896
778,896
778,896
778,896
778,896
In calculating the diluted number of ordinary shares
outstanding for the period, the following were taken
into consideration:
into consideration:
Ordinary shares
381,103,478
364,556,377
362,137,200
367,664,700 356,563,773
E ordinary shares
2,818,699
2,954,409
3,809,476
3,182,662
3,873,169
Fully vested options
797,875
905,619
539,666
1,023,459
791,353
Weighted average number of shares
384,720,052
368,416,405
366,486,342
371,870,821 361,228,295
Dilutive potential of share options
1,493,052
1,113,099
1,205,730
1,569,606
-
Diluted number of ordinary shares
(1)
386,213,104
369,529,504
367,692,072
373,440,427 361,228,295
(1)
The basic and diluted number of ordinary shares is the same for the year ended December 2009 as the effects of shares for performance related
options are anti-dilutive.
11. Share capital and premium
As at
As at
Dec
Sep
Dec
Dec
Sep
Dec
2010
2010
2009
2010
2010
2009
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Balance at beginning of period
40,662
40,662
38,246
5,935
5,935
5,625
Ordinary shares issued
5,771
5,733
2,438
812
806
312
E ordinary shares cancelled
(90)
(85)
(22)
(13)
(12)
(2)
Sub-total
46,343
46,310
40,662
6,734
6,729
5,935
Redeemable preference shares held within the group
(313)
(313)
(313)
(53)
(53)
(53)
Ordinary shares held within the group
(139)
(181)
(212)
(22)
(28)
(32)
E ordinary shares held within the group
(213)
(218)
(303)
(32)
(33)
(45)
Balance at end of period
45,678
45,598
39,834
6,627
6,615
5,805
Rounding of figures may result in computational discrepancies.
12. Exchange rates
Dec
Sep
Dec
2010
2010
2009
Unaudited
Unaudited
Unaudited
ZAR/USD average for the year to date
7.30
7.45
8.39
ZAR/USD average for the quarter
6.88
7.31
7.47
ZAR/USD closing
6.57
6.96
7.44
ZAR/AUD average for the year to date
6.71
6.68
6.56
ZAR/AUD average for the quarter
6.80
6.61
6.80
ZAR/AUD closing
6.70
6.73
6.67
BRL/USD average for the year to date
1.76
1.78
2.00
BRL/USD average for the quarter
1.70
1.75
1.74
BRL/USD closing
1.67
1.69
1.75
ARS/USD average for the year to date
3.91
3.89
3.73
ARS/USD average for the quarter
3.96
3.94
3.81
ARS/USD closing
3.97
3.96
3.80
13. Capital commitments
Dec
Sep
Dec
Dec
Sep
Dec
2010
2010
2009
2010
2010
2009
Unaudited
Unaudited
Audited
Unaudited
Unaudited
Audited
SA Rand million
US Dollar million
Orders placed and outstanding on capital contracts
at the prevailing rate of exchange
(1)
1,156
1,624
976
176
233
131
(1)
Includes capital commitments relating to equity accounted joint ventures.
Liquidity and capital resources
To service the above capital commitments and other operational requirements, the group is dependent on existing
cash resources, cash generated from operations and borrowing facilities.
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.
be subject to foreign investment, exchange control laws and regulations and the quantity of foreign exchange
available in offshore countries. In addition, distributions from joint ventures are subject to the relevant board
approval.
The credit facilities and other finance arrangements contain financial covenants and other similar undertakings. To
the extent that external borrowings are required, the group’s covenant performance indicates that existing financing
facilities will be available to meet the above commitments. To the extent that any of the financing facilities mature in
the near future, the group believes that sufficient measures are in place to ensure that these facilities can be
refinanced.
the extent that external borrowings are required, the group’s covenant performance indicates that existing financing
facilities will be available to meet the above commitments. To the extent that any of the financing facilities mature in
the near future, the group believes that sufficient measures are in place to ensure that these facilities can be
refinanced.
14.
Contingencies
AngloGold Ashanti’s material contingent liabilities and assets at 31 December 2010 are detailed below:
Contingencies and guarantees
SA Rand million
US Dollar million
Contingent liabilities
Groundwater pollution
Groundwater pollution
(1)
-
-
Deep groundwater pollution – South Africa
(2)
-
-
Sales tax on gold deliveries – Brazil
(3)
587
89
Other tax disputes – Brazil
(4)
219
34
Indirect taxes – Ghana
(5)
70
11
Contingent assets
Royalty – Boddington Gold Mine
Royalty – Boddington Gold Mine
(6)
Royalty – Tau Lekoa Gold Mine
(7)
-
-
-
-
-
-
Financial Guarantees
Oro Group (Pty) Limited
Oro Group (Pty) Limited
(8)
100
15
976
149
AngloGold Ashanti is subject to contingencies pursuant to environmental laws and regulations that may in future
require the group to take corrective action as follows:
require the group to take corrective action as follows:
(1) Groundwater pollution – AngloGold Ashanti has identified groundwater contamination plumes at certain of its
operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous
scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the
contamination and to find sustainable remediation solutions. The group has instituted processes to reduce future
scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the
contamination and to find sustainable remediation solutions. The group has instituted processes to reduce future
potential seepage and it has been demonstrated that Monitored Natural Attenuation (MNA) by the existing
environment will contribute to improvement in some instances. Furthermore, literature reviews, field trials and base
line modelling techniques suggest, but are not yet proven, that the use of phyto-technologies can address the soil
and groundwater contamination. Subject to the completion of trials and the technology being a proven remediation
technique, no reliable estimate can be made for the obligation.
environment will contribute to improvement in some instances. Furthermore, literature reviews, field trials and base
line modelling techniques suggest, but are not yet proven, that the use of phyto-technologies can address the soil
and groundwater contamination. Subject to the completion of trials and the technology being a proven remediation
technique, no reliable estimate can be made for the obligation.
(2)
Deep groundwater pollution – The company has identified a flooding and future pollution risk posed by deep
groundwater in the Klerksdorp and Far West Rand gold fields. Various studies have been undertaken by
AngloGold Ashanti since 1999. Due to the interconnected nature of mining operations, any proposed solution
needs to be a combined one supported by all the mines located in these gold fields. As a result the Department of
Mineral Resources and affected mining companies are now involved in the development of a “Regional Mine
Closure Strategy”. In view of the limitation of current information for the accurate estimation of a liability, no reliable
estimate can be made for the obligation.
AngloGold Ashanti since 1999. Due to the interconnected nature of mining operations, any proposed solution
needs to be a combined one supported by all the mines located in these gold fields. As a result the Department of
Mineral Resources and affected mining companies are now involved in the development of a “Regional Mine
Closure Strategy”. In view of the limitation of current information for the accurate estimation of a liability, no reliable
estimate can be made for the obligation.
(3)
Sales tax on gold deliveries – Mineração Serra Grande S.A. (MSG), received two tax assessments from the State
of Goiás related to payments of sales taxes on gold deliveries for export. AngloGold Ashanti Brasil Mineração
Ltda. manages the operation and its attributable share of the first assessment is approximately $55m. In November
2006 the administrative council’s second chamber ruled in favour of MSG and fully cancelled the tax liability related
to the first period. The State of Goiás has appealed to the full board of the State of Goiás tax administrative
council. The second assessment was issued by the State of Goiás in October 2006 on the same grounds as the
first assessment, and the company’s attributable share of the assessment is approximately $34m. The company
believes both assessments are in violation of federal legislation on sales taxes.
Ltda. manages the operation and its attributable share of the first assessment is approximately $55m. In November
2006 the administrative council’s second chamber ruled in favour of MSG and fully cancelled the tax liability related
to the first period. The State of Goiás has appealed to the full board of the State of Goiás tax administrative
council. The second assessment was issued by the State of Goiás in October 2006 on the same grounds as the
first assessment, and the company’s attributable share of the assessment is approximately $34m. The company
believes both assessments are in violation of federal legislation on sales taxes.
(4)
Other tax disputes – MSG received a tax assessment in October 2003 from the State of Minas Gerais related to
sales taxes on gold. The tax administrators rejected the company’s appeal against the assessment. The company
is now appealing the dismissal of the case. The company’s attributable share of the assessment is approximately
$10m.
is now appealing the dismissal of the case. The company’s attributable share of the assessment is approximately
$10m.
AngloGold Ashanti subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes
involve federal tax assessments including income tax, royalties, social contributions and annual property tax. The
amount involved is approximately $24m.
involve federal tax assessments including income tax, royalties, social contributions and annual property tax. The
amount involved is approximately $24m.
(5)
Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $11m during September 2009
in respect of 2006, 2007 and 2008 tax years following an audit by the tax authorities related to indirect taxes on
various items. Management is of the opinion that the indirect taxes are not payable and the company has lodged
an objection.
various items. Management is of the opinion that the indirect taxes are not payable and the company has lodged
an objection.
(6)
Royalty – As a result of the sale of the interest in the Boddington Gold Mine joint venture during 2009, the group is
entitled to receive a royalty on any gold recovered or produced by the Boddington Gold Mine, where the gold price
is in excess of Boddington Gold Mine’s cash cost plus $600/oz. The royalty commenced on 1 July 2010 and is
capped at a total amount of $100m, R657m. Royalties of $2m, R17m were received during the quarter.
is in excess of Boddington Gold Mine’s cash cost plus $600/oz. The royalty commenced on 1 July 2010 and is
capped at a total amount of $100m, R657m. Royalties of $2m, R17m were received during the quarter.
(7)
Royalty – As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to
receive a royalty on the production of a total of 1.5 million ounces by the Tau Lekoa Gold Mine and in the event
that the average monthly rand price of gold exceeds R180,000/kg (subject to inflation adjustment). Where the
average monthly rand price of gold does not exceed R180,000/kg (subject to inflation adjustment), the ounces
produced in that quarter do not count towards the total 1.5 million ounces upon which the royalty is payable.
that the average monthly rand price of gold exceeds R180,000/kg (subject to inflation adjustment). Where the
average monthly rand price of gold does not exceed R180,000/kg (subject to inflation adjustment), the ounces
produced in that quarter do not count towards the total 1.5 million ounces upon which the royalty is payable.
The royalty will be determined at 3% of the net revenue (being gross revenue less State royalties) generated by
the Tau Lekoa assets. Royalties of $3m, R21m were received during the quarter.
the Tau Lekoa assets. Royalties of $3m, R21m were received during the quarter.
(8)
Provision of surety – The company has provided sureties in favour of a lender on a gold loan facility with its affiliate
Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $15m, R100m. The suretyship
agreements have a termination notice period of 90 days.
agreements have a termination notice period of 90 days.
15.
Concentration of risk
There is a concentration of risk in respect of recoverable value added tax and fuel duties from the Tanzanian
government:
government:
•
Recoverable value added tax due from the Tanzanian government amounts to $49m at 31 December 2010
(30 September 2010: $48m). The last audited value added tax return was for the period ended 31 October 2010
and at the reporting date the audited amount was $49m. The outstanding amounts at Geita have been
discounted to their present value at a rate of 7.82%.
(30 September 2010: $48m). The last audited value added tax return was for the period ended 31 October 2010
and at the reporting date the audited amount was $49m. The outstanding amounts at Geita have been
discounted to their present value at a rate of 7.82%.
•
Recoverable fuel duties from the Tanzanian government amounts to $62m at 31 December 2010 (30 September
2010: $55m). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject
to authorisation by the Customs and Excise authorities. Claims for the refund of fuel duties amounting to $43m
have been lodged with the Customs and Excise authorities which are still outstanding, whilst claims for a refund
of $19m have not yet been submitted. The amounts outstanding have been discounted to their present value at a
rate of 7.82%.
2010: $55m). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject
to authorisation by the Customs and Excise authorities. Claims for the refund of fuel duties amounting to $43m
have been lodged with the Customs and Excise authorities which are still outstanding, whilst claims for a refund
of $19m have not yet been submitted. The amounts outstanding have been discounted to their present value at a
rate of 7.82%.
16. Borrowings
AngloGold Ashanti’s borrowings are interest bearing.
17. Announcements
On 7 October 2010, AngloGold Ashanti completed the elimination of its gold hedge book, providing the company and
its shareholders with full exposure to the prevailing gold price. As a result, the company will sell the gold it produces at
market prices and therefore expects to enhance cash flow and profit margins as a result of removing hedge contracts
with low committed gold prices.
its shareholders with full exposure to the prevailing gold price. As a result, the company will sell the gold it produces at
market prices and therefore expects to enhance cash flow and profit margins as a result of removing hedge contracts
with low committed gold prices.
On 26 October 2010, shareholders in a general meeting approved a specific authority to place up to 18,140,000
ordinary shares of the company under the control of the directors for purposes of the conversion of the $789m 6%
mandatory convertible subordinated bonds due 2013 issued on 15 September 2010.
ordinary shares of the company under the control of the directors for purposes of the conversion of the $789m 6%
mandatory convertible subordinated bonds due 2013 issued on 15 September 2010.
AngloGold Ashanti realised net proceeds from the sale of its entire holding of shares in Vancouver-based gold
producer B2Gold Corporation ("B2Gold"). The stake, equivalent to about 10.17% of B2Gold's outstanding shares were
sold on 9 November 2010 in an orderly fashion, after the markets closed.
producer B2Gold Corporation ("B2Gold"). The stake, equivalent to about 10.17% of B2Gold's outstanding shares were
sold on 9 November 2010 in an orderly fashion, after the markets closed.
On 11 November 2010, AngloGold Ashanti announced that the development of the Tropicana Gold Project in Western
Australia had been approved by the boards of AngloGold Ashanti (70% interest) and Independence Group NL
(30% interest). It is anticipated that the project will produce 3.45 million ounces of gold over a ten year mine life at a
total cash cost of $696/oz to $715/oz
Australia had been approved by the boards of AngloGold Ashanti (70% interest) and Independence Group NL
(30% interest). It is anticipated that the project will produce 3.45 million ounces of gold over a ten year mine life at a
total cash cost of $696/oz to $715/oz
(1)
. In the first three years of operation, gold production is expected to be between
470,000oz and 490,000oz per annum at a cash cost of $568/oz to $588/oz
(1)
. Capital expenditure, including pre-
production operating costs, is estimated at $676m to $725m (Real) or $711m to $760m (Nominal including escalation).
(1)
Assumes an exchange rate of A$:US$0.98.
18. Dividend
The directors declared Final Dividend No. 109 of 80 (Final Dividend No. 107: 70) South African cents per ordinary
share for the year ended 31 December 2010. In compliance with the requirements of Strate, given the company's
primary listing on the JSE Limited, the salient dates for payment of the dividend are as follows:
share for the year ended 31 December 2010. In compliance with the requirements of Strate, given the company's
primary listing on the JSE Limited, the salient dates for payment of the dividend are as follows:
To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.
Each CDI represents one-fifth of an ordinary share.
2011
Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis
Thursday, 3 March
Last date to trade ordinary shares cum dividend
Friday, 4 March
Last date to register transfers of certificated securities cum dividend
Friday, 4 March
Ordinary shares trade ex dividend
Monday, 7 March
Record date
Friday, 11 March
Payment date
Friday, 18 March
On the payment date, dividends due to holders of certificated securities on the South African share register will
either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders.
either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders.
Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant
CSDP or broker.
CSDP or broker.
To comply with further requirements of Strate, between Monday, 7 March 2011 and Friday, 11 March 2011, both
days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share registers will
be permitted and no ordinary shares pertaining to the South African share register may be dematerialised or
rematerialised.
days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share registers will
be permitted and no ordinary shares pertaining to the South African share register may be dematerialised or
rematerialised.
To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.
Each American Depositary Share (ADS) represents one ordinary share.
2011
Ex dividend on New York Stock Exchange
Wednesday, 9 March
Record date
Friday, 11 March
Approximate date for currency conversion
Friday, 18 March
Approximate payment date of dividend
Monday, 28 March
Assuming an exchange rate of R7.2728/$, the dividend payable per ADS is equivalent to 11 US cents. This
compares with the final dividend of 9.4957 US cents per ADS paid on 29 March 2010. However the actual rate of
payment will depend on the exchange rate on the date for currency conversion.
compares with the final dividend of 9.4957 US cents per ADS paid on 29 March 2010. However the actual rate of
payment will depend on the exchange rate on the date for currency conversion.
To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share.
100 GhDSs represent one ordinary share.
2011
Last date to trade and to register GhDSs cum dividend
Friday, 4 March
GhDSs trade ex dividend
Monday, 7 March
Record date
Friday, 11 March
Approximate payment date of dividend
Monday, 21 March
Assuming an exchange rate of R1/¢0.2069, the dividend payable per share is equivalent to 0.1655 cedis. This
compares with the final dividend of 0.1322 cedis per share paid on 19 March 2010. However, the actual rate of
payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have
determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax at a
rate of 8%.
compares with the final dividend of 0.1322 cedis per share paid on 19 March 2010. However, the actual rate of
payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have
determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax at a
rate of 8%.
In addition, directors declared Dividend No. E9 of 40 South African cents per E ordinary share, payable to
employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends will
be paid on Friday, 18 March 2011.
employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends will
be paid on Friday, 18 March 2011.
19.
Detailed report
This report contains a summary of the results of AngloGold Ashanti’s operations. A detailed report appears on the
internet and is obtainable in printed format from the investor relations contacts, whose details, along with the
website address, appear at the end of this report.
internet and is obtainable in printed format from the investor relations contacts, whose details, along with the
website address, appear at the end of this report.
By order of the Board
T T MBOWENI
M CUTIFANI
Chairman
Chief Executive Officer
15 February 2011
Non-GAAP disclosure
A
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Headline earnings (loss) (note 9)
561
476
(353)
962
(6,790)
79
55
(48)
122
(852)
(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts (note 4)
commodity contracts (note 4)
(6,787)
(11,343)
2,212
(15,891)
8,095
(985)
(1,586)
297
(2,273)
990
Deferred tax on unrealised non-hedge derivatives and other
commodity contracts (note 8)
commodity contracts (note 8)
461
2,152
(219)
2,376
(1,765)
67
301
(29)
337
(221)
Fair value adjustment on option component of convertible bonds
280
166
66
(39)
249
41
24
9
1
33
Fair value loss on mandatory convertible bonds
222
160
-
382
-
33
22
-
55
-
Adjusted headline (loss) earnings
(1)
(5,263)
(8,389)
1,706
(12,210)
(211)
(764)
(1,184)
228
(1,758)
(50)
Hedge buy-back and related costs net of taxation
7,289
10,573
-
17,862
6,006
1,058
1,487
-
2,545
758
Adjusted headline earnings excluding hedge buy-back costs
(1)
2,026
2,184
1,706
5,652
5,795
294
303
228
787
708
Cents per share
(2)
Adjusted headline (loss) earnings
(1)
(1,368)
(2,277)
466
(3,283)
(58)
(199)
(321)
62
(473)
(14)
Adjusted headline earnings excluding hedge buy-back costs
(1)
527
593
466
1,520
1,604
76
82
62
212
196
(1)
-
-
-
-
-
-
-
-
-
From time to time AngloGold Ashanti Limited may publicly disclose certain "Non-GAAP" financial measures in the course of its financial presentations, earnings releases, earnings
conference calls and otherwise.
conference calls and otherwise.
The group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful
comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported
operating results or cash flow from operations or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be
comparable to similarly titled measures that other companies use.
comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported
operating results or cash flow from operations or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be
comparable to similarly titled measures that other companies use.
Adjusted headline (loss) earnings
Quarter ended
Year ended
(Gain) loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and other commodity
contracts as follows:
contracts as follows:
SA Rand million
The unrealised fair value change on the option component of the convertible bonds;
Year ended
US Dollar million
Quarter ended
During the June 2008 quarter the hedge book was reduced and non-hedge derivative contracts to the value of $1,1bn was early settled. Following the sale of the investment in Nufcor
International Ltd. (NIL), uranium contracts of 1m pounds were cancelled. In the September 2009 quarter the hedge book was further reduced and contracts to the value of $797m were
accelerated and settled. The impact on earnings after taxation was $916m in 2008 and $758m in 2009;
In the September 2010 quarter the hedge book was further reduced and contracts to the value of $1.6bn were accelerated and settled. The impact on earnings after taxation was $1.5bn
in the September 2010 quarter. In the December 2010 quarter the hedge book was fully settled and hedge contracts to the value of $1.1bn were accelerated and settled. The impact on
earnings after taxation was $1.1bn in the December 2010 quarter;
International Ltd. (NIL), uranium contracts of 1m pounds were cancelled. In the September 2009 quarter the hedge book was further reduced and contracts to the value of $797m were
accelerated and settled. The impact on earnings after taxation was $916m in 2008 and $758m in 2009;
In the September 2010 quarter the hedge book was further reduced and contracts to the value of $1.6bn were accelerated and settled. The impact on earnings after taxation was $1.5bn
in the September 2010 quarter. In the December 2010 quarter the hedge book was fully settled and hedge contracts to the value of $1.1bn were accelerated and settled. The impact on
earnings after taxation was $1.1bn in the December 2010 quarter;
The unrealised fair value change on the onerous uranium contracts; and
Open positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the current reporting date; and
Adjusted headline (loss) earnings is intended to illustrate earnings after adjusting for:
Settled positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the date of settlement.
The unrealised fair value change in contracts that are still open at the reporting date, as well as, the unwinding of the historic marked-to-market value of the position settled in the period;
Investment in hedge restructure transaction: During the hedge restructure in December 2004 and March 2005 quarters, $83m and $69m in cash was injected respectively into the hedge
book in these quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for the purposes of the
adjustment to earnings, will only be taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the short-term contracts were settled;
book in these quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for the purposes of the
adjustment to earnings, will only be taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the short-term contracts were settled;
The unrealised fair value change of the warrants on shares and the embedded derivative.
(2)
B
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Reconciliation of gross profit (loss) to adjusted gross
(loss) profit:
(loss) profit:
(1)
Gross profit (loss)
3,069
2,672
309
7,864
(4,409)
445
357
40
1,082
(578)
(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts (note 4)
commodity contracts (note 4)
(6,787)
(11,343)
2,212
(15,891)
8,095
(985)
(1,586)
297
(2,273)
990
Adjusted gross (loss) profit
(1)
(3,718)
(8,670)
2,521
(8,027)
3,686
(540)
(1,229)
337
(1,191)
412
Hedge buy-back costs (note 4)
7,316
11,639
-
18,954
6,315
1,061
1,637
-
2,698
797
Adjusted gross profit excluding hedge buy-back costs
(1)
3,598
2,969
2,521
10,927
10,001
522
408
337
1,507
1,209
C
Price received
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Gold income (note 2)
10,614
10,372
9,234
38,833
30,745
1,543
1,420
1,236
5,334
3,768
Adjusted for non-controlling interests
(320)
(294)
(302)
(1,173)
(1,056)
(47)
(40)
(44)
(161)
(132)
10,294
10,078
8,932
37,660
29,689
1,496
1,380
1,192
5,173
3,636
(Loss) gain on realised non-hedge derivatives (note 4)
-
(745)
(494)
(2,073)
2,476
-
(101)
(66)
(277)
254
Hedge buy-back costs (note 4)
(7,316)
(11,639)
-
(18,954)
(6,315)
(1,061)
(1,637)
-
(2,698)
(797)
Associates and equity accounted joint ventures' share of gold
income including realised non-hedge derivatives
income including realised non-hedge derivatives
600
544
826
2,420
2,975
87
74
110
330
357
Attributable gold income including realised non-hedge
derivatives
derivatives
3,578
(1,762)
9,264
19,053
28,825
522
(284)
1,236
2,528
3,450
Attributable gold sold - kg / - oz (000)
35,900
36,894
37,359
140,240
142,837
1,154
1,186
1,201
4,509
4,592
Revenue price per unit - R/kg / - $/oz
99,671
(47,750)
247,985
135,862
201,805
452
(239)
1,029
561
751
Attributable gold income including realised non-hedge derivatives
as above
as above
3,578
(1,762)
9,264
19,053
28,825
522
(284)
1,236
2,528
3,450
Hedge buy-back costs (note 4)
7,316
11,639
-
18,954
6,315
1,061
1,637
-
2,698
797
Attributable gold income including realised non-hedge derivatives
normalised for hedge buy-back costs
normalised for hedge buy-back costs
10,894
9,877
9,264
38,007
35,140
1,584
1,353
1,236
5,226
4,247
Attributable gold sold - kg / - oz (000)
35,900
36,894
37,359
140,240
142,837
1,154
1,186
1,201
4,509
4,592
Revenue price per unit normalised for hedge buy-back costs
- R/kg / - $/oz
- R/kg / - $/oz
303,454
267,707
247,985
271,018
246,048
1,372
1,141
1,029
1,159
925
Rounding of figures may result in computational discrepancies.
Calculated on the basic weighted average number of ordinary shares.
SA Rand million
US Dollar million
Adjusted gross (loss) profit
Quarter ended
Year ended
Year ended
g
Quarter ended
(1)
Adjusted gross (loss) profit excludes unrealised non-hedge derivatives and other commodity contracts.
Quarter ended
US Dollar million / Imperial
Quarter ended
Year ended
Year ended
SA Rand million / Metric
Dec
Sep
Dec
Dec
Dec
Dec
Sep
Dec
Dec
Dec
2010
2010
2009
2010
2009
2010
2010
2009
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
D
Total costs
Total cash costs (note 3)
5,166
5,284
5,017
20,238
18,905
751
724
671
2,778
2,283
Adjusted for non-controlling interests and non-gold producing
companies
companies
(226)
(193)
(121)
(642)
(777)
(33)
(26)
(16)
(90)
(91)
Associates' and equity accounted joint ventures' share of
total cash costs
total cash costs
361
365
384
1,407
1,412
53
50
51
193
171
Total cash costs adjusted for non-controlling interests
and non-gold producing companies
and non-gold producing companies
5,301
5,456
5,280
21,003
19,540
771
747
706
2,881
2,363
Retrenchment costs (note 3)
64
23
39
166
110
9
3
5
23
14
Rehabilitation and other non-cash costs (note 3)
529
106
(5)
756
182
78
15
(1)
109
22
Amortisation of tangible assets (note 3)
1,341
1,240
1,152
5,022
4,615
195
170
154
690
555
Amortisation of intangible assets (note 3)
7
4
4
18
18
1
-
-
2
2
Adjusted for non-controlling interests and non-gold producing
companies
companies
(104)
(67)
9
(266)
(108)
(15)
(9)
2
(37)
(12)
Associates and equity accounted joint ventures' share of
production costs
production costs
55
19
80
105
218
8
2
12
15
26
Total production costs adjusted for non-controlling
interests and non-gold producing companies
interests and non-gold producing companies
7,193
6,781
6,558
26,804
24,575
1,047
929
878
3,683
2,970
Gold produced - kg / - oz (000)
35,703
36,129
36,767
140,418
143,049
1,148
1,162
1,182
4,515
4,599
Total cash cost per unit - R/kg / -$/oz
148,474
151,007
143,596
149,577
136,595
672
643
598
638
514
Total production cost per unit - R/kg / -$/oz
201,465
187,695
178,379
190,889
171,795
912
800
743
816
646
E
EBITDA
Operating profit (loss)
1,978
1,382
4,317
3,786
(1,859)
285
178
576
518
(209)
Amortisation of tangible assets (note 3)
1,341
1,240
1,152
5,022
4,615
195
170
154
690
555
Amortisation of intangible assets (note 3)
7
4
4
18
18
1
-
-
2
2
Net impairments of tangible assets (note 6)
399
92
(5,209)
634
(5,115)
59
13
(696)
91
(683)
(Gain) loss on unrealised non-hedge derivatives and other
commodity contracts (note 4)
commodity contracts (note 4)
(6,787)
(11,343)
2,212
(15,891)
8,095
(985)
(1,586)
297
(2,273)
990
Loss on hedge buy-back costs (note 4)
7,316
11,639
-
18,954
6,315
1,061
1,637
-
2,698
797
Mandatory convertible bonds issue discount,
underwriting and professional fees (note 6)
underwriting and professional fees (note 6)
(5)
401
-
396
-
(1)
56
-
56
-
Exchange effects of equity raising
-
21
-
21
-
-
3
-
3
-
RMB derivative contracts buy-back costs
-
-
331
-
728
-
-
43
-
94
Share of associates' EBITDA
182
197
348
936
1,394
27
27
47
128
166
Impairment of investments (note 6)
16
-
-
16
-
2
-
-
2
-
Loss (profit) on disposal and abandonment of assets (note 6)
81
74
275
191
(420)
11
10
37
25
(49)
Profit on disposal of investment (note 6)
(269)
-
-
(314)
-
(37)
-
-
(43)
-
4,260
3,706
3,430
13,769
13,771
619
509
458
1,897
1,663
F
Interest cover
Quarter ended
Year ended
Quarter ended
Year ended
SA Rand million / Metric
US Dollar million / Imperial
EBITDA (note E)
4,260
3,706
3,430
13,769
13,771
619
509
458
1,897
1,663
Finance costs (note 7)
259
189
191
834
835
38
26
26
115
101
Capitalised finance costs
-
-
-
-
135
-
-
-
-
15
259
189
191
834
970
38
26
26
115
116
Interest cover - times
16
20
18
17
14
16
20
18
16
14
G
Free cash flow
Net cash (outflow) inflow from operating activities
(2,236)
(7,783)
3,610
(5,730)
3,781
(382)
(1,126)
465
(942)
502
Stay-in-business capital expenditure
(1,892)
(1,296)
(1,579)
(5,279)
(5,078)
(268)
(177)
(203)
(723)
(606)
(4,128)
(9,079)
2,031
(11,009)
(1,297)
(650)
(1,303)
262
(1,665)
(104)
As at
As at
As at
As at
As at
As at
Dec
Sep
Dec
Dec
Sep
Dec
2010
2010
2009
2010
2010
2009
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
H
Net asset value - cents per share
Total equity
27,023
27,355
22,524
4,113
3,930
3,030
Mandatory convertible bonds
5,739
5,860
-
874
842
-
32,762
33,215
22,524
4,987
4,772
3,030
Number of ordinary shares in issue - million (note 10)
384
384
366
384
384
366
Net asset value - cents per share
8,532
8,654
6,153
1,299
1,243
828
Total equity
27,023
27,355
22,524
4,113
3,930
3,030
Mandatory convertible bonds
5,739
5,860
-
874
842
-
Intangible assets
(1,277)
(1,296)
(1,316)
(194)
(186)
(177)
31,485
31,919
21,208
4,793
4,586
2,853
Number of ordinary shares in issue - million (note 10)
384
384
366
384
384
366
Net tangible asset value - cents per share
8,199
8,317
5,794
1,248
1,195
779
I
Net debt
Borrowings - long-term portion
11,148
11,503
4,862
1,697
1,653
654
Borrowings - short-term portion
876
1,864
9,493
133
268
1,277
Total borrowings
(1)
12,024
13,367
14,355
1,830
1,921
1,931
Corporate office lease
(259)
(259)
(258)
(39)
(37)
(35)
Unamortised portion on the convertible bonds
734
696
1,019
112
100
137
Cash restricted for use
(283)
(298)
(481)
(43)
(43)
(65)
Cash and cash equivalents
(3,776)
(9,313)
(8,176)
(575)
(1,338)
(1,100)
Net debt excluding mandatory convertible bonds
8,440
4,193
6,459
1,285
603
868
(1) Borrowings exclude the mandatory convertible bonds of $874m, R5,739m.
Rounding of figures may result in computational discrepancies.
SA Rand million
US Dollar million
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 ft
2
3,147
-
-
-
3,147
Mined
- 000 tons
1,573
465
288
514
2,839
Milled / Treated
- 000 tons
1,845
463
174
539
3,020
Yield
- oz/t
0.230
0.141
0.159
0.188
0.205
Gold produced
- oz (000)
424
65
28
101
618
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tons
2,986
54
-
-
3,040
Yield
- oz/t
0.017
0.018
-
1.000
0.017
Gold produced
- oz (000)
52
1
-
-
53
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcy
-
17,919
1,771
-
19,689
Mined
- 000 tons
-
34,046
4,183
8,500
46,729
Treated
- 000 tons
-
6,550
820
286
7,656
Stripping ratio
- ratio
-
4.07
5.12
25.80
5.05
Yield
- oz/t
-
0.046
0.091
0.164
0.055
Gold produced
- oz (000)
-
299
74
47
420
HEAP LEACH OPERATION
Mined
Mined
- 000 tons
-
1,525
-
17,759
19,284
Placed
- 000 tons
-
340
-
5,608
5,948
Stripping ratio
- ratio
-
5.55
-
2.19
2.33
Yield
- oz/t
-
0.028
-
0.012
0.013
Gold placed
- oz (000)
-
10
-
65
75
Gold produced
- oz (000)
-
9
-
48
57
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- oz
6.07
11.10
67.29
19.88
9.30
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- oz (000)
476
313
102
196
1,087
61
61
IMPERIAL OPERATING RESULTS
QUARTER ENDED DECEMBER 2010
QUARTER ENDED DECEMBER 2010
Joint ventures' gold produced
- oz (000)
-
61
-
-
61
Attributable gold produced
- oz (000)
476
374
102
196
1,148
Minority gold produced
- oz (000)
-
12
-
23
36
Subsidiaries' gold sold
- oz (000)
476
312
105
198
1,090
Joint ventures' gold sold
- oz (000)
-
64
-
-
64
Attributable gold sold
- oz (000)
476
376
105
198
1,154
Minority gold sold
- oz (000)
-
12
-
24
37
Spot price
- $/oz
1,370
1,370
1,370
1,370
1,370
Price received
- $/oz sold
368
582
273
504
452
Price received excluding
hedge buy-back costs
hedge buy-back costs
- $/oz sold
1,373
1,370
1,368
1,374
1,372
Total cash costs
- $/oz produced
616
790
894
465
672
Total production costs
- $/oz produced
870
997
992
798
912
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2010 $'m
QUARTER ENDED DECEMBER 2010 $'m
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
654
532
143
301
-
1,630
(87)
1,543
Cash costs
(318)
(305)
(91)
(142)
5
(851)
53
(798)
By-products revenue
25
1
-
21
-
47
-
47
Total cash costs
(293)
(304)
(91)
(121)
5
(804)
53
(751)
Retrenchment costs
(7)
(1)
-
(1)
-
(9)
-
(9)
Rehabilitation and other non-cash costs
(22)
(30)
1
(32)
-
(83)
5
(78)
Amortisation of assets
(92)
(47)
(11)
(46)
(3)
(199)
3
(196)
Total production costs
(414)
(381)
(101)
(200)
2
(1,095)
61
(1,034)
Inventory change
-
(10)
(2)
24
-
13
1
13
Cost of sales
(414)
(391)
(103)
(176)
2
(1,082)
61
(1,021)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
239
141
41
125
2
548
(26)
522
Hedge buy-back costs
(478)
(296)
(115)
(172)
-
(1,061)
-
(1,061)
Adjusted gross (loss) profit
(239)
(155)
(75)
(47)
2
(513)
(26)
(540)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
189
795
-
1
-
985
-
985
Gross profit (loss)
(50)
640
(75)
(46)
2
471
(26)
445
Corporate and other costs
(3)
(6)
(1)
(18)
(51)
(79)
-
(80)
Exploration
(1)
(13)
(13)
(11)
(12)
(50)
1
(49)
Intercompany transactions
-
(12)
-
(1)
13
-
-
-
Special items
(60)
(7)
3
35
(2)
(31)
-
(31)
Operating profit (loss)
(114)
602
(86)
(40)
(51)
311
(26)
285
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
(1)
(3)
(1)
2
(106)
(109)
-
(109)
Exchange (loss) gain
-
4
-
11
(1)
14
(1)
14
Share of equity accounted investments profit
-
-
-
(1)
(11)
(12)
21
9
Profit (loss) before taxation
(115)
604
(86)
(29)
(169)
204
(5)
199
Taxation
(51)
(40)
(12)
(28)
(1)
(132)
5
(127)
Profit (loss) for the period
(166)
564
(98)
(57)
(170)
72
-
72
Equity shareholders
(166)
559
(98)
(68)
(171)
56
-
56
Non-controlling interests
-
4
-
11
1
16
-
16
Operating profit (loss)
(114)
602
(86)
(40)
(51)
311
(26)
285
Operating profit (loss)
(114)
602
(86)
(40)
(51)
311
(26)
285
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(189)
(795)
-
(1)
-
(985)
-
(985)
Hedge buy-back and related costs
478
296
115
172
-
1,061
-
1,061
Intercompany transactions
-
12
-
1
(13)
-
-
-
Special items
68
2
-
(36)
1
34
-
34
Share of associates' EBIT
-
-
-
(1)
(1)
(2)
26
24
EBIT
243
117
29
95
(63)
420
-
420
Amortisation of assets
92
47
11
46
3
199
(3)
196
Share of associates' amortisation
-
-
-
-
-
-
3
3
EBITDA
335
163
40
141
(60)
619
-
619
Profit (loss) attributable to equity shareholders
(166)
559
(98)
(68)
(171)
56
-
56
Special items
68
2
-
(36)
1
34
-
34
Share of associates' special items
-
-
-
-
10
10
-
10
Taxation on items above
(20)
(1)
-
-
-
(21)
-
(21)
Headline earnings (loss)
(119)
560
(98)
(104)
(160)
79
-
79
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(189)
(795)
-
(1)
-
(985)
-
(985)
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
67
-
-
-
-
67
-
67
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
41
41
-
41
Fair value loss on mandatory convertible bond
-
-
-
-
33
33
-
33
Hedge buy-back and related costs
net of taxation
net of taxation
475
296
115
172
-
1,058
-
1,058
Adjusted headline earnings (loss)
excluding hedge buy-back costs
excluding hedge buy-back costs
234
61
17
68
(86)
294
-
294
Ore reserve development capital
66
9
3
16
-
93
-
93
Stay-in-business capital
55
73
4
41
3
177
(2)
175
Project capital
23
14
3
54
-
95
(12)
82
Total capital expenditure
144
97
10
111
3
365
(15)
350
(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 ft
2
3,221
-
-
-
3,221
Mined
- 000 tons
2,013
452
117
570
3,151
Milled / Treated
- 000 tons
1,877
480
144
564
3,065
Yield
- oz/t
0.227
0.147
0.092
0.193
0.202
Gold produced
- oz (000)
425
71
13
109
618
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tons
2,792
314
-
-
3,106
Yield
- oz/t
0.019
0.015
-
-
0.018
Gold produced
- oz (000)
53
5
-
-
57
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcy
-
14,492
1,748
-
16,240
Mined
- 000 tons
-
29,361
4,053
8,231
41,646
Treated
- 000 tons
-
5,873
862
271
7,006
Stripping ratio
- ratio
-
4.54
3.86
26.04
5.47
Yield
- oz/t
-
0.049
0.092
0.173
0.059
Gold produced
- oz (000)
-
288
80
47
414
HEAP LEACH OPERATION
Mined
Mined
- 000 tons
-
1,661
-
16,507
18,168
Placed
- 000 tons
-
256
-
6,017
6,273
Stripping ratio
- ratio
-
8.43
-
1.87
2.07
Yield
- oz/t
-
0.030
-
0.014
0.014
Gold placed
- oz (000)
-
8
-
82
90
Gold produced
- oz (000)
-
10
-
62
72
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- oz
6.17
11.19
62.31
23.15
9.55
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- oz (000)
478
310
93
218
1,099
63
63
IMPERIAL OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2010
QUARTER ENDED SEPTEMBER 2010
Joint ventures' gold produced
- oz (000)
-
63
-
-
63
Attributable gold produced
- oz (000)
478
373
93
218
1,162
Minority gold produced
- oz (000)
-
11
-
24
35
Subsidiaries' gold sold
- oz (000)
513
306
87
220
1,125
Joint ventures' gold sold
- oz (000)
-
61
-
-
61
Attributable gold sold
- oz (000)
513
367
87
220
1,186
Minority gold sold
- oz (000)
-
11
-
25
36
Spot price
- $/oz
1,226
1,226
1,226
1,226
1,226
Price received
- $/oz sold
(287)
(62)
(405)
(359)
(239)
Price received excluding
hedge buy-back costs
hedge buy-back costs
- $/oz sold
1,135
1,152
1,141
1,137
1,141
Total cash costs
- $/oz produced
594
725
1,064
433
643
Total production costs
- $/oz produced
772
879
1,142
573
800
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2010 $'m
QUARTER ENDED SEPTEMBER 2010 $'m
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
582
436
99
277
-
1,394
(75)
1,319
Cash costs
(293)
(279)
(99)
(139)
6
(805)
50
(754)
By-products revenue
10
1
-
19
1
31
-
31
Total cash costs
(284)
(278)
(99)
(119)
7
(774)
50
(724)
Retrenchment costs
(3)
-
-
(1)
-
(3)
-
(3)
Rehabilitation and other non-cash costs
(2)
(13)
-
(1)
-
(15)
-
(15)
Amortisation of assets
(81)
(46)
(7)
(36)
(2)
(173)
2
(170)
Total production costs
(369)
(336)
(106)
(157)
4
(965)
53
(912)
Inventory change
(24)
9
2
14
-
2
(1)
1
Cost of sales
(393)
(327)
(104)
(143)
4
(963)
51
(911)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
189
109
(5)
134
4
431
(23)
408
Hedge buy-back costs
(729)
(446)
(134)
(328)
-
(1,637)
-
(1,637)
Adjusted gross (loss) profit
(540)
(337)
(139)
(194)
4
(1,206)
(23)
(1,229)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
915
251
-
420
-
1,586
-
1,586
Gross profit (loss)
375
(86)
(139)
226
4
380
(23)
357
Corporate and other costs
(3)
(4)
-
(9)
(43)
(58)
-
(59)
Exploration
-
(11)
(14)
(23)
(13)
(61)
-
(60)
Intercompany transactions
-
(12)
-
(1)
13
-
-
-
Special items
(8)
(1)
2
-
(52)
(58)
(1)
(60)
Operating profit (loss)
365
(113)
(152)
193
(90)
202
(24)
178
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
(1)
(2)
-
1
(74)
(78)
-
(78)
Exchange (loss) gain
-
(8)
-
(6)
(4)
(19)
3
(16)
Share of equity accounted investments profit
-
-
-
-
12
12
8
21
Profit (loss) before taxation
363
(124)
(152)
187
(156)
118
(13)
106
Taxation
18
(32)
3
(17)
(24)
(53)
13
(41)
Profit (loss) for the period
381
(156)
(149)
170
(180)
65
-
65
Equity shareholders
381
(160)
(149)
161
(183)
51
-
51
Non-controlling interests
-
3
-
9
3
15
-
14
Operating profit (loss)
365
(113)
(152)
193
(90)
202
(24)
178
Operating profit (loss)
365
(113)
(152)
193
(90)
202
(24)
178
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(915)
(251)
-
(420)
-
(1,586)
-
(1,586)
Hedge buy-back and related costs
729
446
134
328
59
1,696
-
1,696
Intercompany transactions
-
12
-
1
(13)
-
-
-
Special items
20
-
-
-
1
22
1
23
Share of associates' EBIT
-
-
-
-
2
2
23
25
EBIT
198
95
(17)
102
(42)
336
-
336
Amortisation of assets
81
46
7
36
2
173
(2)
170
Share of associates' amortisation
-
-
-
-
-
-
2
2
EBITDA
280
140
(10)
139
(39)
509
-
509
Profit (loss) attributable to equity shareholders
381
(160)
(149)
161
(183)
51
-
51
Special items
20
-
-
-
1
22
1
23
Share of associates' special items
-
-
-
-
(10)
(10)
(1)
(12)
Taxation on items above
(6)
-
-
(1)
-
(7)
-
(7)
Headline earnings (loss)
395
(159)
(149)
160
(192)
55
-
55
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(915)
(251)
-
(420)
-
(1,586)
-
(1,586)
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
301
-
-
-
-
301
-
301
Fair value adjustment on option component of
convertible bond
convertible bond
-
-
-
-
24
24
-
24
Fair value loss on mandatory convertible bond
-
-
-
-
22
22
-
22
Hedge buy-back and related costs
net of taxation
net of taxation
523
443
134
328
59
1,487
-
1,487
Adjusted headline earnings (loss)
304
33
(15)
69
(86)
303
-
303
Ore reserve development capital
65
9
4
14
-
93
-
93
Stay-in-business capital
22
33
4
25
1
85
(1)
84
Project capital
13
17
2
43
-
75
(10)
65
Total capital expenditure
100
60
10
82
1
253
(11)
242
(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 ft
2
3,562
-
-
-
3,562
Mined
- 000 tons
2,125
587
215
565
3,491
Milled / Treated
- 000 tons
1,918
551
162
576
3,207
Yield
- oz/t
0.205
0.161
0.168
0.202
0.195
Gold produced
- oz (000)
392
89
27
117
625
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tons
2,819
563
-
-
3,382
Yield
- oz/t
0.014
0.015
-
-
0.014
Gold produced
- oz (000)
39
8
-
-
47
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcy
-
16,055
1,975
-
18,030
Mined
- 000 tons
-
32,875
4,685
6,913
44,474
Treated
- 000 tons
-
6,129
903
292
7,325
Stripping ratio
- ratio
-
3.77
6.86
21.09
4.71
Yield
- oz/t
-
0.048
0.088
0.170
0.058
Gold produced
- oz (000)
-
292
80
50
422
HEAP LEACH OPERATION
Mined
Mined
- 000 tons
-
451
-
15,510
15,961
Placed
- 000 tons
-
358
-
4,798
5,156
Stripping ratio
- ratio
-
2.05
-
2.24
2.23
Yield
- oz/t
-
0.114
-
0.014
0.021
Gold placed
- oz (000)
-
41
-
68
109
Gold produced
- oz (000)
-
28
-
60
88
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- oz
5.31
12.61
74.90
22.49
9.40
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- oz (000)
431
327
107
226
1,091
91
91
IMPERIAL OPERATING RESULTS
QUARTER ENDED DECEMBER 2009
QUARTER ENDED DECEMBER 2009
Joint ventures' gold produced
- oz (000)
-
91
-
-
91
Attributable gold produced
- oz (000)
431
418
107
226
1,182
Minority gold produced
- oz (000)
-
14
-
30
44
Subsidiaries' gold sold
- oz (000)
430
347
112
211
1,099
Joint ventures' gold sold
- oz (000)
-
102
-
-
102
Attributable gold sold
- oz (000)
430
449
112
211
1,201
Minority gold sold
- oz (000)
-
15
-
28
43
Spot price
- $/oz
1,100
1,100
1,100
1,100
1,100
Price received
- $/oz sold
1,017
1,038
1,022
1,039
1,029
Total cash costs
- $/oz produced
569
668
863
395
598
Total production costs
- $/oz produced
744
793
962
537
743
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2009 $'m
QUARTER ENDED DECEMBER 2009 $'m
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
437
482
114
247
-
1,280
(111)
1,170
Cash costs
(254)
(289)
(93)
(121)
15
(742)
51
(691)
By-products revenue
9
1
-
10
(1)
20
-
20
Total cash costs
(246)
(288)
(92)
(111)
14
(723)
51
(671)
Retrenchment costs
(4)
-
-
(2)
-
(5)
-
(5)
Rehabilitation and other non-cash costs
4
(12)
(1)
5
-
(4)
5
1
Amortisation of assets
(76)
(41)
(10)
(31)
(2)
(161)
6
(154)
Total production costs
(321)
(341)
(103)
(139)
12
(893)
62
(830)
Inventory change
2
(18)
(3)
12
-
(7)
6
(2)
Cost of sales
(319)
(359)
(107)
(127)
12
(900)
68
(833)
Adjusted gross profit (loss)
118
123
8
120
11
380
(43)
337
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(86)
(133)
(4)
(74)
-
(297)
-
(297)
Gross (loss) profit
32
(10)
4
46
11
83
(43)
40
Corporate and other costs
(2)
(5)
-
-
(34)
(41)
-
(41)
Exploration
-
(4)
(15)
(25)
(15)
(59)
-
(59)
Intercompany transactions
-
(6)
3
-
3
-
-
-
Special items
(17)
689
(23)
(5)
(9)
636
1
636
Operating loss
13
664
(31)
15
(43)
618
(42)
576
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
-
1
6
(3)
(30)
(27)
-
(27)
Exchange gain (loss)
-
(5)
-
(1)
76
71
-
71
Share of equity accounted investments profit
-
-
-
-
(2)
(2)
32
30
Loss before taxation
13
659
(25)
11
1
659
(10)
650
Taxation
(71)
(230)
28
(27)
86
(213)
10
(204)
Loss for the period
(58)
429
3
(16)
88
446
-
446
Equity shareholders
(58)
426
3
(27)
80
424
-
424
Non-controlling interests
-
4
-
11
8
22
-
22
Operating loss
13
664
(31)
15
(43)
618
(42)
576
Unrealised non-hedge derivatives and other
commodity contracts
129
133
4
74
-
340
-
340
commodity contracts
Intercompany transactions
-
6
(3)
-
(3)
-
-
-
Special items
27
(720)
23
4
8
(659)
-
(659)
Share of associates' EBIT
-
-
-
-
(2)
(2)
43
41
EBIT
169
83
(7)
94
(41)
297
-
297
Amortisation of assets
76
41
10
31
2
161
(6)
154
Share of associates' amortisation
-
-
-
-
-
-
6
6
EBITDA
245
124
3
125
(38)
458
-
458
Loss attributable to equity shareholders
(58)
426
3
(27)
80
424
-
424
Special items
27
(720)
23
4
8
(659)
-
(659)
Taxation on items above
(6)
191
(3)
6
-
187
-
187
Headline loss
(37)
(104)
23
(18)
87
(48)
-
(48)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
86
133
4
74
-
297
-
297
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
56
-
(1)
(1)
(84)
(29)
-
(29)
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
9
9
-
9
Adjusted headline earnings (loss)
105
30
25
56
13
228
-
228
Ore reserve development capital
64
15
6
14
-
99
-
99
Stay-in-business capital
37
33
2
30
4
105
(2)
104
Project capital
20
18
-
50
-
88
(2)
85
Total capital expenditure
121
66
8
94
4
293
(4)
289
(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 ft
2
13,182
-
-
-
13,182
Mined
- 000 tons
7,723
2,015
756
2,021
12,516
Milled / Treated
- 000 tons
7,564
1,987
571
2,105
12,227
Yield
- oz/t
0.212
0.150
0.131
0.187
0.194
Gold produced
- oz (000)
1,607
299
75
394
2,374
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tons
11,297
917
-
-
12,214
Yield
- oz/t
0.016
0.019
-
1.000
0.016
Gold produced
- oz (000)
179
18
-
-
196
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcy
-
64,978
6,780
-
71,758
Mined
- 000 tons
-
127,402
15,949
32,305
175,656
Treated
- 000 tons
-
24,129
3,416
1,146
28,691
Stripping ratio
- ratio
-
4.04
4.94
25.51
5.02
Yield
- oz/t
-
0.046
0.094
0.170
0.057
Gold produced
- oz (000)
-
1,115
321
195
1,631
HEAP LEACH OPERATION
Mined
Mined
- 000 tons
-
5,467
-
68,601
74,068
Placed
- 000 tons
-
1,293
-
22,917
24,210
Stripping ratio
- ratio
-
6.50
-
2.03
2.17
Yield
- oz/t
-
0.036
-
0.013
0.015
Gold placed
- oz (000)
-
46
-
306
352
Gold produced
- oz (000)
-
60
-
253
314
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- oz
5.63
11.24
66.77
22.44
9.15
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- oz (000)
1,785
1,219
396
842
4,242
273
273
IMPERIAL OPERATING RESULTS
YEAR ENDED DECEMBER 2010
YEAR ENDED DECEMBER 2010
Joint ventures' gold produced
- oz (000)
-
273
-
-
273
Attributable gold produced
- oz (000)
1,785
1,492
396
842
4,515
Minority gold produced
- oz (000)
-
48
-
93
141
Subsidiaries' gold sold
- oz (000)
1,791
1,206
396
844
4,237
Joint ventures' gold sold
- oz (000)
-
272
-
-
272
Attributable gold sold
- oz (000)
1,791
1,478
396
844
4,509
Minority gold sold
- oz (000)
-
48
-
95
143
Spot price
- $/oz
1,227
1,227
1,227
1,227
1,227
Price received
- $/oz sold
488
663
519
555
561
Price received excluding
hedge buy-back costs
hedge buy-back costs
- $/oz sold
1,162
1,165
1,148
1,148
1,159
Total cash costs
- $/oz produced
598
712
982
432
638
Total production costs
- $/oz produced
809
867
1,065
615
816
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2010 $'m
ENDED DECEMBER 2010 $'m
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
2,082
1,780
454
1,071
-
5,388
(331)
5,056
Cash costs
(1,118)
(1,097)
(389)
(527)
31
(3,100)
194
(2,906)
By-products revenue
50
4
1
73
2
130
(1)
129
Total cash costs
(1,068)
(1,093)
(389)
(454)
33
(2,970)
193
(2,778)
Retrenchment costs
(19)
(1)
-
(3)
-
(23)
1
(23)
Rehabilitation and other non-cash costs
(26)
(56)
1
(33)
-
(114)
5
(109)
Amortisation of assets
(331)
(176)
(34)
(150)
(10)
(701)
9
(692)
Total production costs
(1,444)
(1,326)
(422)
(640)
23
(3,809)
208
(3,602)
Inventory change
(4)
1
-
56
-
53
(2)
52
Cost of sales
(1,448)
(1,325)
(422)
(584)
23
(3,756)
206
(3,550)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
634
455
33
487
23
1,632
(125)
1,507
Hedge buy-back costs
(1,207)
(742)
(249)
(500)
-
(2,698)
-
(2,698)
Adjusted gross (loss) profit
(574)
(287)
(216)
(13)
23
(1,066)
(125)
(1,191)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
1,003
890
10
370
-
2,273
-
2,273
Gross profit (loss)
429
604
(206)
357
23
1,207
(125)
1,082
Corporate and other costs
(10)
(11)
(2)
(38)
(178)
(240)
-
(240)
Exploration
(2)
(47)
(45)
(72)
(35)
(201)
2
(198)
Intercompany transactions
-
(37)
(1)
(2)
40
-
-
-
Special items
(84)
(31)
10
35
(55)
(125)
(1)
(126)
Operating profit (loss)
334
477
(244)
280
(205)
642
(124)
518
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
(2)
(8)
(1)
3
(172)
(178)
-
(178)
Exchange (loss) gain
-
(6)
-
3
7
3
-
3
Share of equity accounted investments profit
-
-
-
(1)
(8)
(10)
73
63
Profit (loss) before taxation
332
462
(245)
285
(378)
456
(51)
405
Taxation
(46)
(152)
(8)
(111)
(11)
(327)
51
(276)
Profit (loss) for the period
286
311
(253)
174
(389)
129
-
129
Equity shareholders
286
297
(253)
143
(396)
76
-
76
Non-controlling interests
-
14
-
31
8
53
-
53
Operating profit (loss)
334
477
(244)
280
(205)
642
(124)
518
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(1,003)
(890)
(10)
(370)
-
(2,273)
-
(2,273)
Hedge buy-back and related costs
1,207
742
249
500
59
2,757
-
2,757
Intercompany transactions
-
37
1
2
(40)
-
-
-
Special items
100
12
(6)
(35)
3
74
1
75
Share of associates' EBIT
-
-
-
(1)
(4)
(5)
123
118
EBIT
638
378
(10)
376
(187)
1,196
-
1,196
Amortisation of assets
331
176
34
150
10
701
(9)
692
Share of associates' amortisation
-
-
-
-
-
-
9
9
EBITDA
969
555
24
526
(177)
1,897
-
1,897
Profit (loss) attributable to equity shareholders
286
297
(253)
143
(396)
76
-
76
Special items
100
12
(6)
(35)
3
74
1
75
Share of associates' special items
-
-
-
-
5
5
(1)
4
Taxation on items above
(28)
(4)
-
(1)
-
(33)
-
(33)
Headline earnings (loss)
358
305
(259)
107
(389)
122
-
122
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(1,003)
(890)
(10)
(370)
-
(2,273)
-
(2,273)
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
334
-
3
-
-
337
-
337
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
1
1
-
1
Fair value loss on mandatory convertible bond
-
-
-
-
55
55
-
55
Hedge buy-back and related costs
net of taxation
net of taxation
998
739
249
500
59
2,545
-
2,545
Adjusted headline earnings (loss)
686
154
(17)
237
(273)
787
-
787
Ore reserve development capital
247
36
16
54
-
352
-
352
Stay-in-business capital
121
135
13
100
6
376
(5)
371
Project capital
56
63
11
157
-
287
(37)
250
Total capital expenditure
424
234
40
311
6
1,015
(42)
973
(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 ft
2
14,882
-
-
-
14,882
Mined
- 000 tons
8,668
2,182
860
2,007
13,717
Milled / Treated
- 000 tons
8,078
2,278
808
2,002
13,166
Yield
- oz/t
0.201
0.151
0.138
0.189
0.187
Gold produced
- oz (000)
1,626
344
111
379
2,461
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tons
11,333
2,753
-
-
14,086
Yield
- oz/t
0.015
0.013
-
-
0.015
Gold produced
- oz (000)
171
37
-
-
208
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcy
-
62,575
13,059
-
75,634
Mined
- 000 tons
-
128,168
30,691
25,227
184,086
Treated
- 000 tons
-
23,613
3,459
1,128
28,199
Stripping ratio
- ratio
-
4.41
8.87
20.54
5.58
Yield
- oz/t
-
0.047
0.084
0.181
0.057
Gold produced
- oz (000)
-
1,114
290
205
1,609
HEAP LEACH OPERATION
Mined
Mined
- 000 tons
-
2,795
-
60,539
63,334
Placed
- 000 tons
-
1,211
-
20,711
21,922
Stripping ratio
- ratio
-
2.59
-
1.91
1.94
Yield
- oz/t
-
0.106
-
0.014
0.019
Gold placed
- oz (000)
-
128
-
289
417
Gold produced
- oz (000)
-
89
-
232
321
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- oz
5.70
12.23
73.52
21.18
9.40
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- oz (000)
1,797
1,225
401
816
4,239
360
360
IMPERIAL OPERATING RESULTS
YEAR ENDED DECEMBER 2009
YEAR ENDED DECEMBER 2009
Joint ventures' gold produced
- oz (000)
-
360
-
-
360
Attributable gold produced
- oz (000)
1,797
1,585
401
816
4,599
Minority gold produced
- oz (000)
-
56
-
93
148
Subsidiaries' gold sold
- oz (000)
1,792
1,221
396
814
4,222
Joint ventures' gold sold
- oz (000)
-
370
-
-
370
Attributable gold sold
- oz (000)
1,792
1,591
396
814
4,592
Minority gold sold
- oz (000)
-
54
-
94
149
Spot price
- $/oz
974
974
974
974
974
Price received
- $/oz sold
767
738
733
753
751
Price received excluding hedge
buy-back costs
buy-back costs
- $/oz sold
920
926
919
935
925
Total cash costs
- $/oz produced
466
608
662
362
514
Total production costs
- $/oz produced
617
720
770
496
646
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2009 $'m
ENDED DECEMBER 2009 $'m
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
1,649
1,526
364
840
-
4,379
(358)
4,022
Cash costs
(882)
(996)
(266)
(440)
37
(2,548)
171
(2,377)
By-products revenue
44
4
1
45
-
94
-
94
Total cash costs
(838)
(993)
(266)
(395)
37
(2,454)
170
(2,283)
Retrenchment costs
(10)
(3)
-
(2)
-
(14)
-
(14)
Rehabilitation and other non-cash costs
1
(21)
(6)
(1)
-
(27)
6
(22)
Amortisation of assets
(263)
(158)
(38)
(111)
(8)
(578)
21
(557)
Total production costs
(1,110)
(1,174)
(309)
(509)
29
(3,073)
197
(2,876)
Inventory change
(2)
(1)
1
60
-
58
4
63
Cost of sales
(1,111)
(1,176)
(308)
(449)
29
(3,015)
202
(2,813)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
539
351
56
390
28
1,364
(156)
1,209
Hedge buy-back costs
(276)
(299)
(74)
(148)
-
(797)
-
(797)
Adjusted gross profit (loss)
263
52
(18)
242
28
567
(156)
412
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(518)
(167)
(151)
(153)
-
(990)
-
(990)
Gross (loss) profit
(255)
(116)
(168)
89
28
(422)
(156)
(578)
Corporate and other costs
(9)
(13)
(1)
(17)
(133)
(173)
-
(173)
Exploration
-
(14)
(37)
(64)
(38)
(153)
3
(150)
Intercompany transactions
-
(201)
(12)
(2)
215
-
-
-
Special items
(39)
686
60
4
(22)
690
1
691
Operating (loss) profit
(303)
342
(158)
11
52
(57)
(152)
(209)
Net finance income (costs), unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
1
(5)
11
(7)
(117)
(118)
1
(118)
Exchange gain (loss)
-
56
5
(8)
54
108
3
112
Share of equity accounted investments
(loss) profit
(loss) profit
-
-
-
(3)
(4)
(7)
101
94
Loss before taxation
(303)
394
(142)
(7)
(16)
(74)
(47)
(121)
Taxation
132
(275)
14
(40)
(25)
(194)
47
(147)
Loss for the period
(170)
119
(128)
(47)
(41)
(268)
-
(268)
Equity shareholders
(170)
106
(128)
(79)
(48)
(320)
-
(320)
Non-controlling interests
-
13
-
32
7
52
-
52
Operating (loss) profit
(303)
342
(158)
11
52
(57)
(152)
(209)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
612
167
151
153
-
1,084
-
1,084
Hedge buy-back costs
276
299
74
148
-
797
-
797
Intercompany transactions
-
201
12
2
(215)
-
-
-
Special items
42
(720)
(60)
(1)
7
(732)
-
(732)
Share of associates' EBIT
-
-
-
(3)
(4)
(7)
152
145
EBIT
626
290
19
310
(161)
1,084
-
1,084
Amortisation of assets
263
158
38
111
8
578
(21)
557
Share of associates' amortisation
-
-
-
-
-
-
21
21
EBITDA
889
448
57
421
(153)
1,663
-
1,663
Loss attributable to equity shareholders
(170)
106
(128)
(79)
(48)
(320)
-
(320)
Special items
42
(720)
(60)
(1)
7
(732)
-
(732)
Share of associates' special items
-
-
-
-
-
-
-
-
Taxation on items above
(8)
190
16
2
-
200
-
200
Headline loss
(136)
(424)
(172)
(78)
(41)
(852)
-
(852)
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
518
167
151
153
-
990
-
990
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
(181)
-
(45)
6
-
(221)
-
(221)
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
33
33
-
33
Hedge buy-back and related costs
net of taxation
net of taxation
276
261
74
148
-
758
-
758
Adjusted headline earnings (loss)
excluding hedge buy-back costs
excluding hedge buy-back costs
476
4
7
228
(8)
708
-
708
Ore reserve development capital
239
42
23
42
-
347
-
347
Stay-in-business capital
78
90
8
77
9
264
(6)
258
Project capital
67
65
146
138
-
416
(3)
414
Total capital expenditure
385
198
177
258
9
1,027
(8)
1,019
(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 m
2
292
-
-
-
292
Mined
- 000 tonnes
1,427
422
261
466
2,576
Milled / Treated
- 000 tonnes
1,673
420
158
489
2,739
Yield
- g/t
7.88
4.84
5.47
6.44
7.02
Gold produced
- kg
13,190
2,030
862
3,149
19,232
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tonnes
2,709
49
-
-
2,758
Yield
- g/t
0.59
0.60
-
34.29
0.59
Gold produced
- kg
1,611
29
-
-
1,640
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcm
-
13,699
1,354
-
15,053
Mined
- 000 tonnes
-
30,886
3,795
7,712
42,392
Treated
- 000 tonnes
-
5,942
744
259
6,945
Stripping ratio
- ratio
-
4.07
5.12
25.80
5.05
Yield
- g/t
-
1.56
3.11
5.63
1.88
Gold produced
- kg
-
9,291
2,313
1,459
13,063
HEAP LEACH OPERATION
Mined
Mined
- 000 tonnes
-
1,384
-
16,110
17,494
Placed
- 000 tonnes
-
308
-
5,088
5,396
Stripping ratio
- ratio
-
5.55
-
2.19
2.33
Yield
- g/t
-
0.97
-
0.40
0.43
Gold placed
- kg
-
298
-
2,019
2,317
Gold produced
- kg
-
272
-
1,496
1,768
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- g
189
345
2,093
618
289
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- kg
14,801
9,723
3,175
6,105
33,803
1 900
1 900
METRIC OPERATING RESULTS
QUARTER ENDED DECEMBER 2010
QUARTER ENDED DECEMBER 2010
Joint ventures' gold produced
- kg
-
1,900
-
-
1,900
Attributable gold produced
- kg
14,801
11,623
3,175
6,105
35,703
Minority gold produced
- kg
-
388
-
722
1,110
Subsidiaries' gold sold
- kg
14,805
9,712
3,263
6,143
33,924
Joint ventures' gold sold
- kg
-
1,976
-
-
1,976
Attributable gold sold
- kg
14,805
11,688
3,263
6,143
35,900
Minority gold sold
- kg
-
381
-
756
1,136
Spot price
- R/kg
303,106
303,106
303,106
303,106
303,106
Price received
- R/kg sold
81,074
128,171
60,117
111,273
99,671
Price received excluding
hedge buy-back costs
hedge buy-back costs
- R/kg sold
303,857
302,768
302,843
304,114
303,454
Total cash costs
- R/kg produced
136,217
174,621
197,828
102,746
148,474
Total production costs
- R/kg produced
192,292
220,079
219,476
176,022
201,465
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - QUARTER ENDED
DECEMBER 2010 ZAR'm
DECEMBER 2010 ZAR'm
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
4,499
3,654
988
2,073
-
11,214
(600)
10,614
Cash costs
(2,186)
(2,098)
(629)
(973)
36
(5,850)
363
(5,487)
By-products revenue
169
9
1
144
(2)
323
(1)
321
Total cash costs
(2,016)
(2,088)
(628)
(829)
34
(5,527)
361
(5,166)
Retrenchment costs
(50)
(5)
-
(10)
-
(65)
1
(64)
Rehabilitation and other non-cash costs
(150)
(204)
7
(218)
-
(564)
35
(529)
Amortisation of assets
(630)
(320)
(76)
(318)
(22)
(1,366)
18
(1,348)
Total production costs
(2,846)
(2,617)
(697)
(1,375)
13
(7,523)
416
(7,107)
Inventory change
(1)
(65)
(12)
166
-
88
5
92
Cost of sales
(2,847)
(2,683)
(709)
(1,209)
13
(7,435)
420
(7,016)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
1,652
971
279
863
13
3,778
(180)
3,598
Hedge buy-back costs
(3,298)
(2,041)
(792)
(1,185)
-
(7,316)
-
(7,316)
Adjusted gross (loss) profit
(1,647)
(1,069)
(513)
(321)
13
(3,537)
(180)
(3,718)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
1,301
5,481
-
4
-
6,787
-
6,787
Gross profit (loss)
(345)
4,412
(513)
(317)
13
3,250
(180)
3,069
Corporate and other costs
(22)
(41)
(6)
(122)
(355)
(545)
-
(545)
Exploration
(9)
(87)
(91)
(75)
(80)
(342)
4
(338)
Intercompany transactions
-
(84)
-
(4)
88
-
-
-
Special items
(406)
(49)
19
244
(15)
(208)
-
(208)
Operating profit (loss)
(782)
4,150
(591)
(275)
(349)
2,154
(176)
1,978
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
(4)
(18)
(5)
11
(724)
(740)
-
(740)
Exchange (loss) gain
-
31
-
74
(7)
98
(5)
93
Share of equity accounted investments
(loss) profit
(loss) profit
-
-
-
(8)
(75)
(83)
146
63
Profit (loss) before taxation
(786)
4,163
(595)
(198)
(1,155)
1,429
(35)
1,394
Taxation
(355)
(275)
(82)
(192)
(9)
(913)
35
(878)
Profit (loss) for the period
(1,141)
3,888
(678)
(390)
(1,164)
516
-
516
Equity shareholders
(1,141)
3,858
(678)
(465)
(1,170)
404
-
404
Non-controlling interests
-
31
-
76
6
112
-
112
Operating profit (loss)
(782)
4,150
(591)
(275)
(349)
2,154
(176)
1,978
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(1,301)
(5,481)
-
(4)
-
(6,787)
-
(6,787)
Hedge buy-back and related costs
3,298
2,041
792
1,185
(5)
7,311
-
7,311
Intercompany transactions
-
84
-
4
(88)
-
-
-
Special items
460
11
-
(248)
5
228
-
228
Share of associates' EBIT
-
-
-
(8)
(4)
(12)
176
164
EBIT
1,675
804
201
653
(441)
2,894
-
2,894
Amortisation of assets
630
320
76
318
22
1,366
(18)
1,348
Share of associates' amortisation
-
-
-
-
-
-
18
18
EBITDA
2,306
1,125
277
971
(419)
4,260
-
4,260
Profit (loss) attributable to equity shareholders
(1,141)
3,858
(678)
(465)
(1,170)
404
-
404
Special items
460
11
-
(248)
5
228
-
228
Share of associates' special items
-
-
-
-
71
71
-
71
Taxation on items above
(138)
(5)
-
-
-
(143)
-
(143)
Headline earnings (loss)
(819)
3,864
(678)
(713)
(1,093)
561
-
561
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
(1,301)
(5,481)
-
(4)
-
(6,787)
-
(6,787)
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
461
-
-
-
-
461
-
461
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
280
280
-
280
Fair value loss on mandatory convertible bond
-
-
-
-
222
222
-
222
Hedge buy-back and related costs
net of taxation
net of taxation
3,276
2,041
792
1,185
(5)
7,289
-
7,289
Adjusted headline earnings (loss)
excluding hedge buy-back costs
1,617
424
114
467
(596)
2,026
-
2,026
Ore reserve development capital
453
61
20
109
-
644
-
644
Stay-in-business capital
390
527
31
290
25
1,264
(15)
1,248
Project capital
166
97
19
383
-
665
(88)
578
Total capital expenditure
1,009
685
71
782
25
2,572
(102)
2,470
(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 m
2
299
-
-
-
299
Mined
- 000 tonnes
1,826
410
106
517
2,859
Milled / Treated
- 000 tonnes
1,702
435
131
512
2,780
Yield
- g/t
7.77
5.05
3.17
6.62
6.92
Gold produced
- kg
13,223
2,200
414
3,391
19,229
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tonnes
2,533
285
-
-
2,818
Yield
- g/t
0.65
0.50
-
-
0.63
Gold produced
- kg
1,636
143
-
-
1,779
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcm
-
11,080
1,336
-
12,416
Mined
- 000 tonnes
-
26,636
3,677
7,467
37,780
Treated
- 000 tonnes
-
5,328
782
246
6,356
Stripping ratio
- ratio
-
4.54
3.86
26.04
5.47
Yield
- g/t
-
1.68
3.17
5.93
2.03
Gold produced
- kg
-
8,952
2,480
1,456
12,887
HEAP LEACH OPERATION
Mined
Mined
- 000 tonnes
-
1,507
-
14,975
16,482
Placed
- 000 tonnes
-
232
-
5,458
5,691
Stripping ratio
- ratio
-
8.43
-
1.87
2.07
Yield
- g/t
-
1.04
-
0.47
0.49
Gold placed
- kg
-
242
-
2,554
2,797
Gold produced
- kg
-
305
-
1,929
2,234
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- g
192
348
1,938
720
297
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- kg
14,859
9,645
2,894
6,776
34,174
1 955
1 955
METRIC OPERATING RESULTS
QUARTER ENDED SEPTEMBER 2010
QUARTER ENDED SEPTEMBER 2010
Joint ventures' gold produced
- kg
-
1,955
-
-
1,955
Attributable gold produced
- kg
14,859
11,600
2,894
6,776
36,129
Minority gold produced
- kg
-
341
-
743
1,084
Subsidiaries' gold sold
- kg
15,948
9,532
2,697
6,829
35,005
Joint ventures' gold sold
- kg
-
1,889
-
-
1,889
Attributable gold sold
- kg
15,948
11,421
2,697
6,829
36,894
Minority gold sold
- kg
-
334
-
778
1,112
Spot price
- R/kg
287,837
287,837
287,837
287,837
287,837
Price received
- R/kg sold
(58,520)
(7,300)
(86,186)
(75,066)
(47,750)
Price received excluding hedge
buy-back costs
buy-back costs
- R/kg sold
266,454
270,165
267,056
266,777
267,707
Total cash costs
- R/kg produced
139,350
170,196
250,073
101,552
151,007
Total production costs
- R/kg produced
181,238
206,279
268,283
134,440
187,695
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS
QUARTER ENDED SEPTEMBER 2010
ZAR'm
QUARTER ENDED SEPTEMBER 2010
ZAR'm
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
4,249
3,181
720
2,020
-
10,171
(544)
9,627
Cash costs
(2,139)
(2,037)
(725)
(1,011)
38
(5,874)
366
(5,509)
By-products revenue
68
6
1
141
8
225
(1)
224
Total cash costs
(2,071)
(2,031)
(724)
(870)
46
(5,649)
365
(5,284)
Retrenchment costs
(19)
(2)
-
(4)
-
(25)
2
(23)
Rehabilitation and other non-cash costs
(11)
(90)
-
(5)
-
(107)
1
(106)
Amortisation of assets
(592)
(332)
(53)
(266)
(18)
(1,261)
17
(1,244)
Total production costs
(2,693)
(2,455)
(776)
(1,146)
28
(7,042)
384
(6,658)
Inventory change
(182)
68
17
104
-
7
(8)
(1)
Cost of sales
(2,875)
(2,387)
(759)
(1,042)
28
(7,034)
375
(6,659)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
1,374
795
(38)
979
28
3,137
(168)
2,969
Hedge buy-back costs
(5,183)
(3,169)
(953)
(2,335)
-
(11,639)
-
(11,639)
Adjusted gross (loss) profit
(3,809)
(2,374)
(991)
(1,356)
28
(8,502)
(168)
(8,670)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
6,550
1,801
(1)
2,992
-
11,343
-
11,343
Gross profit (loss)
2,742
(573)
(992)
1,636
28
2,841
(168)
2,672
Corporate and other costs
(18)
(26)
(2)
(66)
(313)
(426)
-
(426)
Exploration
(2)
(76)
(100)
(170)
(95)
(444)
4
(440)
Intercompany transactions
-
(91)
(2)
(6)
98
-
-
-
Special items
(55)
(6)
12
1
(370)
(416)
(8)
(424)
Operating profit (loss)
2,667
(772)
(1,084)
1,396
(652)
1,555
(173)
1,382
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
(9)
(18)
(2)
5
(526)
(550)
(3)
(553)
Exchange (loss) gain
-
(63)
-
(45)
(27)
(134)
22
(113)
Share of equity accounted investments
(loss) profit
(loss) profit
-
-
-
(1)
90
89
62
151
Profit (loss) before taxation
2,657
(852)
(1,086)
1,355
(1,115)
959
(92)
867
Taxation
108
(235)
20
(125)
(178)
(410)
92
(318)
Profit (loss) for the period
2,765
(1,087)
(1,066)
1,230
(1,293)
549
-
549
Equity shareholders
2,765
(1,111)
(1,066)
1,166
(1,311)
443
-
443
Non-controlling interests
-
24
-
64
18
106
-
106
Operating profit (loss)
2,667
(772)
(1,084)
1,396
(652)
1,555
(173)
1,382
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(6,550)
(1,801)
1
(2,992)
-
(11,343)
-
(11,343)
Hedge buy-back and related costs
5,183
3,169
953
2,335
422
12,060
-
12,060
Intercompany transactions
-
91
2
6
(98)
-
-
-
Special items
144
3
-
3
8
158
8
166
Share of associates' EBIT
-
-
-
(1)
16
15
165
180
EBIT
1,443
690
(128)
746
(304)
2,446
-
2,446
Amortisation of assets
592
332
53
266
18
1,261
(17)
1,244
Share of associates' amortisation
-
-
-
-
-
-
17
17
EBITDA
2,035
1,022
(76)
1,012
(286)
3,706
-
3,706
Profit (loss) attributable to equity shareholders
2,765
(1,111)
(1,066)
1,166
(1,311)
443
-
443
Special items
144
3
-
3
8
158
8
166
Share of associates' special items
-
-
-
-
(74)
(74)
(8)
(82)
Taxation on items above
(43)
-
-
(8)
-
(51)
-
(51)
Headline earnings (loss)
2,866
(1,107)
(1,066)
1,161
(1,378)
476
-
476
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
(6,550)
(1,801)
1
(2,992)
-
(11,343)
-
(11,343)
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
2,152
-
-
-
-
2,152
-
2,152
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
166
166
-
166
Fair value loss on mandatory convertible bond
-
-
-
-
160
160
-
160
Hedge buy-back and related costsi
3,717
3,148
953
2,335
422
10,573
-
10,573
Adjusted headline earnings (loss)
excluding hedge buy-back costs
excluding hedge buy-back costs
2,185
240
(112)
504
(630)
2,184
-
2,184
Ore reserve development capital
479
68
28
105
-
680
-
680
Stay-in-business capital
160
244
27
182
9
623
(7)
616
Project capital
92
126
18
317
-
552
(77)
475
Total capital expenditure
731
439
72
604
9
1,855
(84)
1,771
(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Area mined
Area mined
- 000 m
2
331
-
-
-
331
Mined
- 000 tonnes
1,928
532
195
513
3,167
Milled / Treated
- 000 tonnes
1,740
500
147
523
2,910
Yield
- g/t
7.01
5.53
5.75
6.93
6.68
Gold produced
- kg
12,205
2,761
845
3,625
19,435
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tonnes
2,558
511
-
-
3,068
Yield
- g/t
0.47
0.51
-
-
0.48
Gold produced
- kg
1,213
263
-
-
1,476
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcm
-
12,274
1,510
-
13,785
Mined
- 000 tonnes
-
29,824
4,250
6,272
40,346
Treated
- 000 tonnes
-
5,560
820
265
6,645
Stripping ratio
- ratio
-
3.77
6.86
21.09
4.71
Yield
- g/t
-
1.64
3.03
5.82
1.98
Gold produced
- kg
-
9,097
2,487
1,544
13,128
HEAP LEACH OPERATION
Mined
Mined
- 000 tonnes
-
410
-
14,070
14,480
Placed
- 000 tonnes
-
325
-
4,352
4,678
Stripping ratio
- ratio
-
2.05
-
2.24
2.23
Yield
- g/t
-
3.91
-
0.48
0.72
Gold placed
- kg
-
1,271
-
2,108
3,380
Gold produced
- kg
-
872
-
1,855
2,728
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- g
165
392
2,330
700
292
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- kg
13,418
10,172
3,331
7,025
33,946
2 821
2 821
METRIC OPERATING RESULTS
QUARTER ENDED DECEMBER 2009
QUARTER ENDED DECEMBER 2009
Joint ventures' gold produced
- kg
-
2,821
-
-
2,821
Attributable gold produced
- kg
13,418
12,993
3,331
7,025
36,767
Minority gold produced
- kg
-
423
-
944
1,367
Subsidiaries' gold sold
- kg
13,381
10,793
3,474
6,552
34,201
Joint ventures' gold sold
- kg
-
3,158
-
-
3,158
Attributable gold sold
- kg
13,381
13,951
3,474
6,552
37,359
Minority gold sold
- kg
-
463
-
878
1,340
Spot price
- R/kg
264,157
264,157
264,157
264,157
264,157
Price received
- R/kg sold
244,202
249,341
245,664
249,601
247,985
Total cash costs
- R/kg produced
136,761
160,448
207,318
94,963
143,596
Total production costs
- R/kg produced
178,845
190,566
231,129
129,098
178,379
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - QUARTER ENDED
DECEMBER 2009 ZAR'm
DECEMBER 2009 ZAR'm
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
investments
Total group
Gold income received
(1)
3,268
3,599
854
1,846
-
9,567
(826)
8,740
Cash costs
(1,902)
(2,159)
(692)
(908)
112
(5,548)
385
(5,163)
By-products revenue
67
9
2
78
(8)
148
(1)
147
Total cash costs
(1,835)
(2,149)
(691)
(829)
104
(5,400)
383
(5,017)
Retrenchment costs
(27)
(1)
-
(11)
-
(39)
-
(39)
Rehabilitation and other non-cash costs
29
(92)
(4)
35
-
(32)
37
5
Amortisation of assets
(567)
(305)
(75)
(235)
(18)
(1,200)
44
(1,156)
Total production costs
(2,400)
(2,547)
(770)
(1,040)
88
(6,670)
465
(6,206)
Inventory change
12
(132)
(26)
91
-
(55)
42
(13)
Cost of sales
(2,387)
(2,679)
(796)
(950)
88
(6,725)
506
(6,219)
Adjusted gross profit (loss)
880
920
57
896
88
2,841
(320)
2,521
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(638)
(994)
(27)
(553)
-
(2,212)
-
(2,212)
Gross (loss) profit
242
(74)
31
344
86
629
(320)
309
Corporate and other costs
(19)
(38)
(3)
(2)
(250)
(311)
-
(311)
Exploration
(1)
(26)
(110)
(189)
(115)
(442)
1
(442)
Intercompany transactions
-
(44)
22
(2)
24
-
-
-
Special items
(124)
5,153
(170)
(34)
(67)
4,757
4
4,761
Operating loss
98
4,970
(230)
116
(322)
4,632
(315)
4,317
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
-
5
42
(24)
(224)
(201)
-
(200)
Exchange gain (loss)
-
(39)
-
(6)
568
524
3
527
Share of equity accounted investments profit
-
-
-
-
(13)
(13)
239
227
Loss before taxation
98
4,937
(188)
87
10
4,943
(73)
4,870
Taxation
(528)
(1,719)
210
(205)
646
(1,596)
73
(1,522)
Loss for the period
(430)
3,218
22
(118)
656
3,348
-
3,348
Equity shareholders
(430)
3,190
22
(202)
599
3,179
-
3,179
Non-controlling interests
-
28
-
84
57
169
-
169
Operating loss
98
4,970
(230)
116
(322)
4,632
(315)
4,317
Unrealised non-hedge derivatives and
th
dit
t
t
969
994
27
553
-
2,543
-
2,543
other commodity contracts
969
994
27
553
2,543
2,543
Intercompany transactions
-
44
(22)
2
(24)
-
-
-
Special items
202
(5,391)
170
30
57
(4,931)
(3)
(4,934)
Share of associates' EBIT
-
-
-
-
(14)
(14)
318
304
EBIT
1,270
618
(56)
701
(304)
2,230
-
2,230
Amortisation of assets
567
305
75
235
18
1,200
(44)
1,156
Share of associates' amortisation
-
-
-
-
-
-
44
44
EBITDA
1,837
923
19
935
(285)
3,430
-
3,430
Loss attributable to equity shareholders
(430)
3,190
22
(202)
599
3,179
-
3,179
Special items
202
(5,391)
170
30
56
(4,932)
(3)
(4,935)
Share of associates' special items
-
-
-
-
(2)
(2)
3
1
Taxation on items above
(45)
1,427
(21)
42
-
1,402
-
1,402
Headline loss
(273)
(774)
171
(130)
653
(353)
-
(353)
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
638
994
27
553
-
2,212
-
2,212
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
421
-
(8)
(7)
(625)
(219)
-
(219)
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
66
66
-
66
Adjusted headline earnings (loss)
786
220
190
415
94
1,706
-
1,706
Ore reserve development capital
483
118
48
106
-
754
-
754
Stay-in-business capital
297
257
12
237
36
841
(16)
825
Project capital
151
135
-
394
-
680
(17)
663
Total capital expenditure
931
510
60
737
36
2,275
(33)
2,242
(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Y
Area mined
- 000 m
2
1,225
-
-
-
1,225
Mined
- 000 tonnes
7,007
1,828
686
1,834
11,354
Milled / Treated
- 000 tonnes
6,862
1,803
518
1,910
11,092
Yield
- g/t
7.28
5.16
4.50
6.41
6.66
Gold produced
- kg
49,970
9,300
2,330
12,248
73,847
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tonnes
10,248
832
-
-
11,081
Yield
- g/t
0.54
0.66
-
34.29
0.55
Gold produced
- kg
5,558
548
-
-
6,106
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcm
-
49,678
5,183
-
54,861
Mined
- 000 tonnes
-
115,577
14,469
29,306
159,352
Treated
- 000 tonnes
-
21,889
3,099
1,040
26,028
Stripping ratio
- ratio
-
4.04
4.94
25.51
5.02
Yield
- g/t
-
1.58
3.22
5.83
1.95
Gold produced
- kg
-
34,676
9,983
6,057
50,716
HEAP LEACH OPERATION
Mined
Mined
- 000 tonnes
-
4,960
-
62,234
67,194
Placed
- 000 tonnes
-
1,173
-
20,790
21,963
Stripping ratio
- ratio
-
6.50
-
2.03
2.17
Yield
- g/t
-
1.23
-
0.46
0.50
Gold placed
- kg
-
1,445
-
9,504
10,949
Gold produced
- kg
-
1,867
-
7,882
9,749
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- g
175
350
2,077
698
285
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- kg
55,528
37,892
12,313
26,187
131,920
Joint ventures' gold produced
- kg
8 498
8 498
METRIC OPERATING RESULTS
YEAR ENDED DECEMBER 2010
YEAR ENDED DECEMBER 2010
-
-
-
Attributable gold produced
- kg
55,528
46,390
12,313
26,187
140,418
Minority gold produced
- kg
-
1,499
-
2,897
4,396
Subsidiaries' gold sold
- kg
55,717
37,518
12,311
26,241
131,786
Joint ventures' gold sold
- kg
-
8,454
-
-
8,454
Attributable gold sold
- kg
55,717
45,972
12,311
26,241
140,240
Minority gold sold
- kg
-
1,480
-
2,961
4,441
Spot price
- R/kg
288,148
288,148
288,148
288,148
288,148
Price received
- R/kg sold
119,239
159,203
126,167
134,816
135,862
Price received excluding
hedge buy-back costs
hedge buy-back costs
- R/kg sold
271,453
272,523
267,875
268,931
271,018
Total cash costs
- R/kg produced
140,077
166,693
230,777
101,296
149,577
Total production costs
- R/kg produced
189,319
202,674
250,322
143,788
190,889
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2010 ZAR'm
ENDED DECEMBER 2010 ZAR'm
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
Total group
Gold income received
(1)
15,125
12,952
3,298
7,806
-
39,180
(2,420)
36,761
Cash costs
(8,133)
(7,990)
(2,847)
(3,841)
226
(22,585)
1,412
(21,173)
By-products revenue
355
31
6
532
16
940
(5)
935
Total cash costs
(7,778)
(7,959)
(2,841)
(3,309)
242
(21,645)
1,407
(20,238)
Retrenchment costs
(138)
(8)
-
(23)
-
(169)
4
(166)
Rehabilitation and other non-cash costs
(182)
(393)
7
(224)
-
(791)
34
(756)
Amortisation of assets
(2,415)
(1,287)
(248)
(1,086)
(71)
(5,106)
67
(5,040)
Total production costs
(10,512)
(9,646)
(3,082)
(4,642)
171
(27,712)
1,512
(26,200)
Inventory change
(31)
8
1
399
-
377
(11)
367
Cost of sales
(10,544)
(9,638)
(3,081)
(4,243)
171
(27,335)
1,501
(25,833)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
4,580
3,314
217
3,563
171
11,845
(918)
10,927
Hedge buy-back costs
(8,481)
(5,210)
(1,745)
(3,519)
-
(18,954)
-
(18,954)
Adjusted gross (loss) profit
(3,900)
(1,896)
(1,528)
44
171
(7,109)
(918)
(8,027)
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
7,080
6,115
75
2,621
-
15,891
-
15,891
Gross profit (loss)
3,180
4,219
(1,452)
2,664
171
8,782
(918)
7,864
Corporate and other costs
(72)
(77)
(14)
(273)
(1,300)
(1,737)
(1)
(1,738)
Exploration
(14)
(344)
(327)
(527)
(252)
(1,464)
18
(1,446)
Intercompany transactions
-
(270)
(8)
(14)
293
-
-
-
Special items
(586)
(229)
77
242
(391)
(886)
(8)
(894)
Operating profit (loss)
2,508
3,299
(1,725)
2,092
(1,479)
4,696
(910)
3,786
Net finance (costs) income, unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
(13)
(59)
(5)
24
(1,183)
(1,236)
1
(1,235)
Exchange (loss) gain
-
(50)
-
15
55
20
(2)
18
Share of equity accounted investments
(loss) profit
(loss) profit
-
-
-
(8)
(59)
(67)
534
467
Profit (loss) before taxation
2,495
3,190
(1,730)
2,123
(2,665)
3,413
(377)
3,036
Taxation
(342)
(1,108)
(54)
(816)
(76)
(2,396)
377
(2,018)
Profit (loss) for the period
2,153
2,083
(1,784)
1,307
(2,741)
1,018
-
1,018
Equity shareholders
2,153
1,981
(1,784)
1,084
(2,796)
637
-
637
Non-controlling interests
-
101
-
223
55
381
-
381
Operating profit (loss)
2,508
3,299
(1,725)
2,092
(1,479)
4,696
(910)
3,786
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
(7,080)
(6,115)
(75)
(2,621)
-
(15,891)
-
(15,891)
Hedge buy-back and related costs
8,481
5,210
1,745
3,519
417
19,371
-
19,371
Intercompany transactions
-
270
8
14
(293)
-
-
-
Special items
697
91
(45)
(242)
19
519
8
527
Share of associates' EBIT
-
-
-
(8)
(24)
(33)
902
869
EBIT
4,606
2,755
(93)
2,754
(1,359)
8,663
-
8,663
Amortisation of assets
2,415
1,287
248
1,086
71
5,106
(67)
5,040
Share of associates' amortisation
-
-
-
-
-
-
67
67
EBITDA
7,021
4,042
155
3,841
(1,288)
13,769
-
13,769
Profit (loss) attributable to equity shareholders
2,153
1,981
(1,784)
1,084
(2,796)
637
-
637
Special items
697
91
(45)
(242)
19
519
8
527
Share of associates' special items
-
-
-
-
32
32
(8)
24
Taxation on items above
(193)
(27)
2
(8)
-
(226)
-
(226)
Headline earnings (loss)
2,657
2,045
(1,827)
833
(2,746)
962
-
962
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
(7,080)
(6,115)
(75)
(2,621)
-
(15,891)
-
(15,891)
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
2,353
-
23
-
-
2,376
-
2,376
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
(39)
(39)
-
(39)
Fair value loss on mandatory convertible bond
-
-
-
-
382
382
-
382
Hedge buy-back and related costs
net of taxation
net of taxation
6,993
5,188
1,745
3,519
417
17,862
-
17,862
Adjusted headline earnings (loss)
excluding hedge buy-back costs
excluding hedge buy-back costs
4,923
1,118
(135)
1,731
(1,986)
5,652
-
5,652
Ore reserve development capital
1,806
259
114
391
-
2,570
-
2,570
Stay-in-business capital
881
987
97
729
49
2,744
(35)
2,709
Project capital
409
461
79
1,150
-
2,099
(271)
1,828
Total capital expenditure
3,096
1,708
290
2,270
49
7,413
(305)
7,108
(1) Gold income received is gold income per income statement and (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
South Africa
Continental
Africa
Australasia
Americas
Total group
UNDERGROUND OPERATION
Y
Area mined
- 000 m
2
1,383
-
-
-
1,383
Mined
- 000 tonnes
7,864
1,979
780
1,821
12,444
Milled / Treated
- 000 tonnes
7,328
2,066
733
1,817
11,944
Yield
- g/t
6.90
5.18
4.73
6.49
6.41
Gold produced
- kg
50,578
10,710
3,464
11,780
76,532
SURFACE AND DUMP RECLAMATION
Milled / Treated
Milled / Treated
- 000 tonnes
10,281
2,498
-
-
12,779
Yield
- g/t
0.52
0.46
-
-
0.51
Gold produced
- kg
5,330
1,151
-
-
6,481
OPEN-PIT OPERATION
Volume mined
Volume mined
- 000 bcm
-
47,840
9,984
-
57,824
Mined
- 000 tonnes
-
116,272
27,843
22,885
167,000
Treated
- 000 tonnes
-
21,421
3,138
1,023
25,582
Stripping ratio
- ratio
-
4.41
8.87
20.54
5.58
Yield
- g/t
-
1.62
2.87
6.22
1.96
Gold produced
- kg
-
34,662
9,013
6,366
50,041
HEAP LEACH OPERATION
Mined
Mined
- 000 tonnes
-
2,536
-
54,920
57,456
Placed
- 000 tonnes
-
1,099
-
18,788
19,887
Stripping ratio
- ratio
-
2.59
-
1.91
1.94
Yield
- g/t
-
3.62
-
0.48
0.65
Gold placed
- kg
-
3,981
-
8,977
12,958
Gold produced
- kg
-
2,768
-
7,227
9,995
PRODUCTIVITY PER EMPLOYEE
Actual
Actual
- g
177
381
2,287
659
292
TOTAL
Subsidiaries' gold produced
Subsidiaries' gold produced
- kg
55,908
38,086
12,477
25,372
131,843
Joint ventures' gold produced
kg
11 206
11 206
METRIC OPERATING RESULTS
YEAR ENDED DECEMBER 2009
YEAR ENDED DECEMBER 2009
-
-
-
-
Attributable gold produced
- kg
55,908
49,292
12,477
25,372
143,049
Minority gold produced
- kg
-
1,736
-
2,881
4,616
Subsidiaries' gold sold
- kg
55,737
37,979
12,317
25,308
131,341
Joint ventures' gold sold
- kg
-
11,496
-
-
11,496
Attributable gold sold
- kg
55,737
49,475
12,317
25,308
142,837
Minority gold sold
- kg
-
1,692
-
2,931
4,623
Spot price
- R/kg
260,704
260,704
260,704
260,704
260,704
Price received
- R/kg sold
206,290
198,056
197,748
200,623
201,805
Price received excluding hedge
buy-back costs
buy-back costs
- R/kg sold
245,489
245,962
245,220
247,045
246,048
Total cash costs
- R/kg produced
123,401
162,431
175,584
96,332
136,595
Total production costs
- R/kg produced
163,770
192,342
205,027
131,944
171,795
Rounding of figures may result in computational discrepancies.
FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2009 ZAR'm
ENDED DECEMBER 2009 ZAR'm
South Africa
Continental
Africa
Australasia
Americas
Corporate
and other
Sub-total
Less equity
accounted
Total group
Gold income received
(1)
13,683
12,606
3,020
6,886
-
36,195
(2,974)
33,221
Cash costs
(7,262)
(8,279)
(2,196)
(3,661)
305
(21,093)
1,416
(19,677)
By-products revenue
363
31
5
374
3
776
(4)
772
Total cash costs
(6,899)
(8,248)
(2,191)
(3,287)
307
(20,317)
1,412
(18,905)
Retrenchment costs
(77)
(23)
-
(11)
-
(112)
2
(110)
Rehabilitation and other non-cash costs
4
(166)
(51)
(11)
-
(224)
43
(182)
Amortisation of assets
(2,183)
(1,317)
(317)
(926)
(64)
(4,807)
175
(4,633)
Total production costs
(9,156)
(9,754)
(2,558)
(4,235)
243
(25,461)
1,631
(23,830)
Inventory change
29
4
11
531
-
575
34
610
Cost of sales
(9,127)
(9,750)
(2,548)
(3,704)
243
(24,886)
1,666
(23,220)
Adjusted gross profit (loss) excluding
hedge buy-back costs
hedge buy-back costs
4,556
2,856
473
3,181
243
11,309
(1,308)
10,001
Hedge buy-back costs
(2,185)
(2,370)
(585)
(1,175)
-
(6,315)
-
(6,315)
Adjusted gross profit (loss)
2,371
486
(112)
2,006
243
4,994
(1,308)
3,686
Unrealised non-hedge derivatives and other
commodity contracts
commodity contracts
(4,149)
(1,462)
(1,213)
(1,272)
-
(8,095)
-
(8,095)
Gross (loss) profit
(1,778)
(976)
(1,325)
735
244
(3,100)
(1,309)
(4,409)
Corporate and other costs
(78)
(107)
(5)
(143)
(1,108)
(1,442)
-
(1,442)
Exploration
(2)
(116)
(296)
(521)
(304)
(1,240)
23
(1,217)
Intercompany transactions
-
(1,816)
(107)
(15)
1,938
-
-
-
Special items
(307)
5,135
502
37
(170)
5,197
12
5,209
Operating (loss) profit
(2,165)
2,120
(1,231)
92
598
(586)
(1,274)
(1,859)
Net finance income (costs), unwinding of
obligations and fair value adjustments
obligations and fair value adjustments
8
(42)
81
(59)
(945)
(957)
5
(952)
Exchange gain (loss)
-
475
43
(60)
373
831
21
852
Share of equity accounted investments
(loss) profit
(loss) profit
-
-
-
(23)
(37)
(60)
844
785
Loss before taxation
(2,157)
2,553
(1,108)
(50)
(9)
(770)
(403)
(1,173)
Taxation
862
(2,132)
93
(322)
(75)
(1,574)
403
(1,172)
Loss for the period
(1,295)
422
(1,015)
(372)
(85)
(2,345)
-
(2,345)
Equity shareholders
(1,295)
316
(1,015)
(625)
(142)
(2,762)
-
(2,762)
Non-controlling interests
-
106
-
254
57
417
-
417
Operating (loss) profit
(2,165)
2,120
(1,231)
92
598
(586)
(1,274)
(1,859)
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
4,877
1,462
1,213
1,272
-
8,823
-
8,823
Hedge buy-back costs
2,185
2,370
585
1,175
-
6,315
-
6,315
Intercompany transactions
-
1,816
107
15
(1,938)
-
-
-
Special items
320
(5,389)
(502)
(13)
53
(5,532)
(3)
(5,535)
Share of associates' EBIT
-
-
-
(23)
(35)
(58)
1,277
1,219
EBIT
5,216
2,379
171
2,518
(1,322)
8,963
-
8,963
Amortisation of assets
2,183
1,317
317
926
64
4,807
(175)
4,633
Share of associates' amortisation
-
-
-
-
-
-
175
175
EBITDA
7,399
3,696
488
3,444
(1,258)
13,771
-
13,771
Loss attributable to equity shareholders
(1,295)
316
(1,015)
(625)
(142)
(2,762)
-
(2,762)
Special items
320
(5,389)
(502)
(13)
51
(5,534)
(3)
(5,537)
Share of associates' special items
-
-
-
-
-
-
3
4
Taxation on items above
(60)
1,425
130
10
-
1,505
-
1,505
Headline loss
(1,036)
(3,648)
(1,387)
(629)
(91)
(6,790)
-
(6,790)
Unrealised non-hedge derivatives and
other commodity contracts
other commodity contracts
4,149
1,462
1,213
1,272
-
8,095
-
8,095
Deferred tax on unrealised non-hedge
derivatives and other commodity contracts
derivatives and other commodity contracts
(1,451)
-
(364)
50
-
(1,765)
-
(1,765)
Fair value adjustment on option component
of convertible bond
of convertible bond
-
-
-
-
249
249
-
249
Hedge buy-back and related costs
net of taxation
net of taxation
2,185
2,061
585
1,175
-
6,006
-
6,006
Adjusted headline earnings (loss)
excluding hedge buy-back costs
excluding hedge buy-back costs
3,846
(125)
48
1,868
158
5,795
-
5,795
Ore reserve development capital
2,008
353
197
355
-
2,913
-
2,913
Stay-in-business capital
654
758
67
646
88
2,213
(47)
2,165
Project capital
566
543
1,335
1,157
-
3,601
(23)
3,578
Total capital expenditure
3,228
1,654
1,599
2,157
88
8,726
(70)
8,656
(1) Gold income received is gold income per income statement, (loss) gain on realised non-hedge derivatives (note 4).
Rounding of figures may result in computational discrepancies.
Rounding of figures may result in computational discrepancies.
Notes
Shareholders’ notice board
Shareholders’ diary:
Financial year-end
31 December
Annual financial statements
posting on or about
31 March 2011
Annual general meeting
11:00 SA time
11 May 2011
Quarterly reports
Released on or about
– Quarter ended 31 March 2011
11 May 2011
– Quarter ended 30 June 2011
1 August 2011
– Quarter ended 30 September 2011
1 November 2011
– Quarter ended 31 December 2011
*16 February 2012
* Approximate dates.
Dividends:
Dividend Number
Declared
Last date to trade
ordinary shares
cum dividend
Payment date to
shareholders
Payment date to ADS
holders
Interim – number 108
10 August 2010
27 August 2010
10 September 2010
20 September 2010
Final – number 109
15 February 2011
4 March 2011
18 March 2011
28 March 2011
Interim – number 110
*2 August 2011
*19 August 2011
*2 September 2011
*12 September 2011
* Proposed dates.
Dividend policy: Dividends are proposed by, and approved by the board of directors of AngloGold Ashanti, based on
the interim and year-end financial statements. Dividends are recognised when declared by the board of directors of
AngloGold Ashanti. AngloGold Ashanti expects to continue to pay dividends, although there can be no assurance that
dividends will be paid in the future or as to the particular amounts that will be paid from year to year. The payments of
future dividends will depend upon the Board’s ongoing assessment of AngloGold Ashanti’s earnings, after providing for
long term growth and cash/debt resources, the amount of reserves available for dividend using going concern
assessment and restrictions placed by the conditions of line convertible bond and other debt facilities and other factors.
the interim and year-end financial statements. Dividends are recognised when declared by the board of directors of
AngloGold Ashanti. AngloGold Ashanti expects to continue to pay dividends, although there can be no assurance that
dividends will be paid in the future or as to the particular amounts that will be paid from year to year. The payments of
future dividends will depend upon the Board’s ongoing assessment of AngloGold Ashanti’s earnings, after providing for
long term growth and cash/debt resources, the amount of reserves available for dividend using going concern
assessment and restrictions placed by the conditions of line convertible bond and other debt facilities and other factors.
Withholding tax: On 21 February 2007, the South African Government announced a proposal to replace the Secondary
Tax on Companies with a 10% withholding tax on dividends and other distributions payable to shareholders. The date for
the implementation of the withholding tax has not been announced. Although this may reduce the tax payable by the
South African operations of the group, thereby increasing distributable earnings, the withholding tax will generally reduce
the amount of dividends or other distributions received by AngloGold Ashanti shareholders.
Tax on Companies with a 10% withholding tax on dividends and other distributions payable to shareholders. The date for
the implementation of the withholding tax has not been announced. Although this may reduce the tax payable by the
South African operations of the group, thereby increasing distributable earnings, the withholding tax will generally reduce
the amount of dividends or other distributions received by AngloGold Ashanti shareholders.
Annual general meeting: Shareholders on the South African register who have dematerialised their shares in the
company (other than those shareholders whose shareholding is recorded in their own names in the sub-register
maintained by their CSDP) and who wish to attend the annual general meeting in person, will need to request their
CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between
them and the CSDP or broker.
company (other than those shareholders whose shareholding is recorded in their own names in the sub-register
maintained by their CSDP) and who wish to attend the annual general meeting in person, will need to request their
CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between
them and the CSDP or broker.
Voting rights: The articles of association provide that every member present at a meeting in person or, in the case of a
body corporate, represented, is entitled to one vote only on a show of hands. Upon a poll, members present or any duly
appointed proxy shall have one vote for every share held. There are no limitations on the right of non-South African
shareholders to hold or exercise voting rights attaching to any shares of the company. CDI holders are not entitled to
vote in person at meetings, but may vote by way of proxy. Options granted in terms of the share incentive scheme do
not carry rights to vote.
body corporate, represented, is entitled to one vote only on a show of hands. Upon a poll, members present or any duly
appointed proxy shall have one vote for every share held. There are no limitations on the right of non-South African
shareholders to hold or exercise voting rights attaching to any shares of the company. CDI holders are not entitled to
vote in person at meetings, but may vote by way of proxy. Options granted in terms of the share incentive scheme do
not carry rights to vote.
Change of details: Shareholders are reminded that the onus is on them to keep the company, through its nominated
share registrars, apprised of any change in their postal address and personal particulars. Similarly, where shareholders
received dividend payments electronically (EFT), they should ensure that the banking details which the share registrars
and/or CSDPs have on file are correct.
share registrars, apprised of any change in their postal address and personal particulars. Similarly, where shareholders
received dividend payments electronically (EFT), they should ensure that the banking details which the share registrars
and/or CSDPs have on file are correct.
Annual financial statements: Should you wish to receive a printed copy of our 2010 annual financial statements,
please request same from the contact persons listed at the end of this report or on the company’s website.
please request same from the contact persons listed at the end of this report or on the company’s website.
Certain statements made in this communication, including, without limitation, those concerning AngloGold Ashanti’s strategy to reduce its gold hedging position including the extent and effects of the
reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold
Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production projects,
the resumption of production at AngloGold Ashanti’s mines in Ghana, the completion of announced mergers and acquisitions transactions, AngloGold Ashanti’s liquidity and capital resources, and
expenditure and the outcome and consequences of any litigation proceedings or environmental issues, contain certain forward-looking statements regarding AngloGold Ashanti’s operations,
economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in
economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions,
fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these factors, refer to AngloGold Ashanti's annual report for the year
ended 31 December 2009, which was distributed to shareholders on 30 March 2010. The company’s annual report on Form 20-F, was filed with the Securities and Exchange Commission in the
United States on 19 April 2010 and as amended on 18 May 2010. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to
reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or
any person acting on its behalf are qualified by the cautionary statements herein. AngloGold Ashanti posts information that is important to investors on the main page of its website at
www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold
Ashanti.
reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and outlook of AngloGold
Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production projects,
the resumption of production at AngloGold Ashanti’s mines in Ghana, the completion of announced mergers and acquisitions transactions, AngloGold Ashanti’s liquidity and capital resources, and
expenditure and the outcome and consequences of any litigation proceedings or environmental issues, contain certain forward-looking statements regarding AngloGold Ashanti’s operations,
economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in
economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions including environmental approvals and actions,
fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of these factors, refer to AngloGold Ashanti's annual report for the year
ended 31 December 2009, which was distributed to shareholders on 30 March 2010. The company’s annual report on Form 20-F, was filed with the Securities and Exchange Commission in the
United States on 19 April 2010 and as amended on 18 May 2010. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to
reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or
any person acting on its behalf are qualified by the cautionary statements herein. AngloGold Ashanti posts information that is important to investors on the main page of its website at
www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold
Ashanti.
Administrative information
ANGLO GOLD ASHANTI LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
Incorporated in the Republic of South Africa
Share codes:
ISIN: ZAE000043485
JSE:
JSE:
ANG
LSE:
AGD
NYSE:
AU
ASX:
AGG
GhSE (Shares):
AGA
GhSE (GhDS):
AAD
Euronext Paris:
VA
Euronext Brussels:
ANG
JSE Sponsor:
UBS
Auditors:
Ernst & Young Inc
Offices
Registered and Corporate
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155
United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
E-mail: jane.kirton@corpserv.co.uk
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
E-mail: jane.kirton@corpserv.co.uk
Directors
Executive
M Cutifani ~ (Chief Executive Officer)
S Venkatakrishnan * (Chief Financial
Officer)
M Cutifani ~ (Chief Executive Officer)
S Venkatakrishnan * (Chief Financial
Officer)
Non-Executive
T T Mboweni (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman
T T Mboweni (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman
#
R Gasant
W A Nairn
Prof L W Nkuhlu
F Ohene-Kena
W A Nairn
Prof L W Nkuhlu
F Ohene-Kena
+
S M Pityana
* British
#
American
~ Australian
South African
+ Ghanaian
Officers
Company Secretary:
Company Secretary:
Ms L Eatwell
Investor Relations Contacts
South Africa
Renee Swan
Mobile: +27 79 523 9714
Fax: +27 11 637 6400
E-mail: rswan@AngloGoldAshanti.com
Renee Swan
Mobile: +27 79 523 9714
Fax: +27 11 637 6400
E-mail: rswan@AngloGoldAshanti.com
United States
Stewart Bailey
Telephone: +1-212-836-4303
Mobile: +1-646-717-3978
E-mail: sbailey@AngloGoldAshanti.com
Stewart Bailey
Telephone: +1-212-836-4303
Mobile: +1-646-717-3978
E-mail: sbailey@AngloGoldAshanti.com
General E-mail enquiries
investors@AngloGoldAshanti.com
investors@AngloGoldAshanti.com
AngloGold Ashanti website
http://www.AngloGoldAshanti.com
http://www.AngloGoldAshanti.com
Company secretarial E-mail
Companysecretary@AngoGoldAshanti.com
Companysecretary@AngoGoldAshanti.com
AngloGold Ashanti posts information that is
important to investors on the main page of
its website at www.anglogoldashanti.com
and under the “Investors” tab on the main
page. This information is updated regularly.
Investors should visit this website to obtain
important information about AngloGold
Ashanti.
important to investors on the main page of
its website at www.anglogoldashanti.com
and under the “Investors” tab on the main
page. This information is updated regularly.
Investors should visit this website to obtain
important information about AngloGold
Ashanti.
PUBLISHED BY ANGLOGOLD ASHANTI
PRINTED BY INCE (PTY) LIMITED
Share Registrars
South Africa
Computershare Investor Services (Pty)
Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
web.queries@computershare.co.za
Computershare Investor Services (Pty)
Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
web.queries@computershare.co.za
United Kingdom
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119
Australia
Computershare Investor Services Pty
Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (in Australia)
Fax: +61 8 9323 2033
Computershare Investor Services Pty
Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (in Australia)
Fax: +61 8 9323 2033
Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 303 229664
Fax: +233 303 229975
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 303 229664
Fax: +233 303 229975
ADR Depositary
The Bank of New York Mellon ("BoNY")
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free
in USA) or +1 201 680 6578 (outside
USA)
E-mail: shrrelations@mellon.com
Website:
www.bnymellon.com.com\shareowner
The Bank of New York Mellon ("BoNY")
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free
in USA) or +1 201 680 6578 (outside
USA)
E-mail: shrrelations@mellon.com
Website:
www.bnymellon.com.com\shareowner
Global BuyDIRECT
SM
BoNY maintains a direct share purchase
and dividend reinvestment plan for
A
and dividend reinvestment plan for
A
NGLO
G
OLD
A
SHANTI
.
Telephone: +1-888-BNY-ADRS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AngloGold Ashanti Limited
Date: February 17, 2011
By:
/s/ L Eatwell
Name: L EATWELL
Title: Company Secretary
Title: Company Secretary