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Mineral Resource & Mineral Reserve

AngloGold Ashanti strives to actively create value by growing its major assets

This drive is based on active, well-defined brownfields and advanced project development programmes, innovation in both geological modelling and mine planning, and continual optimisation of the asset portfolio. Ensuring a viable Mineral Resource and Mineral Reserve pipeline enables delivery of sustained value-adding growth in the long term.

For detailed information, refer to AngloGold Ashanti's Mineral Resource and Mineral Reserve Report 2023 PDF, 46.4MB

GOLD

Mineral resource

The AngloGold Ashanti gold Measured and Indicated Mineral Resource decreased from 60.6Moz at 31 December 2022 to 59.9Moz at 31 December 2023. Additions included exploration and modelling changes of 1.5Moz. Reductions included the sale of Gramalote of 2.0Moz and economic assumptions of 0.2Moz. As a result, the net year-on-year gold Measured and Indicated Mineral Resource reduction was 0.7Moz.

The AngloGold Ashanti gold Inferred Mineral Resource increased from 40.8Moz at 31 December 2022 to 46.4Moz at 31 December 2023. Additions included exploration and modelling changes of 8.7Moz. The additions were partially offset by reductions which included the sale of Gramalote of 0.6Moz, changes in economic assumptions of 1.3Moz and other factors of 1.2Moz. As a result, the net year-on-year gold Inferred Mineral Resource addition was 5.6Moz. The gold Inferred Mineral Resource included for the first time the Inferred Mineral Resource of 9.1Moz declared at the Merlin deposit in the Expanded Silicon project after the successful completion and approval of an initial assessment.

The gold Mineral Resource at 31 December 2023 was estimated using a gold price of $1,750/oz, unless otherwise stated (2022: $1,750/oz).

    Moz
    Measured and Indicated Inferred
Mineral Resource at 31 December 2022 60.6 40.8
Disposals Gramalote (2.0) (0.6)
  Sub-total 58.6 40.2
Notable Changes Due to:    
Merlin A first-time Mineral Resource was declared after the successful completion of an initial assessment based on exploration success. 9.1
Obuasi The addition was mainly due to exploration drilling, underground model updates and the remodelling of Anyinam open pit, and was partially offset by an increase in cost. Void management is ongoing and has resulted in the net restoration of previously unmineable stopes. 1.4 (1.2)
Siguiri The addition was mainly due to exploration drilling and modelling activities at Sokunu, Kozan North, Kalamagna and Kounkoun as well as improved costs. 0.8 0.3
Geita The addition of exploration success for Measured and Indicated Mineral Resource was mainly due to accelerated drilling activities at Geita Hill and Nyankanga underground as well as favourable cost reductions which led to a drop in the cut-off grade. This was partially offset by Mineral Resource conversion and methodology changes for Inferred Mineral Resource. 0.6 (0.3)
North Bullfrog The net reduction was mainly as a result of the Mineral Reserve being declared for the first time after the successful completion of a FS. (0.8) (0.1)
Other Combined impact of other changes less than 0.5Moz. (0.7) (1.6)
Mineral Resource at 31 December 2023   59.9 46.4

Mineral reserve

The AngloGold Ashanti gold Mineral Reserve decreased from 28.8Moz at 31 December 2022 to 28.1Moz at 31 December 2023. Additions of 2.5Moz to the gold Mineral Reserve included 2.0Moz from exploration and modelling changes and 0.5Moz due to other impacts. The 2.0Moz from exploration and modelling included the first-time reporting of the North Bullfrog gold Mineral Reserve of 1.0Moz after the successful completion and approval of a FS. Reductions included depletion of 2.9Moz and economic assumptions of 0.3Moz. As a result, the net year-on-year gold Mineral Reserve reduction is 0.7Moz. The gold Mineral Reserve at 31 December 2023 was estimated using a gold price of $1,400/oz, unless otherwise stated (2022: $1,400/oz).

    Moz
Mineral Reserve at 31 December 2022 28.8
Depletion   (2.9)
  Sub-total 25.9
Notable Additions Due to:  
North Bullfrog A first-time Mineral Reserve was declared after the successful completion of a FS. 1.0
Kibali The addition was mainly due to exploration success at 11000 Lode, Rhino, Sessenge and Mengu and a decrease in the cut-off used for Pamao Main pit. 0.5
Tropicana The addition was mainly due to new exploration drilling and model changes in Boston Shaker and Havana underground and inclusion of stockpiled material. The impact of the cost increase in the open pit was partially offset by an operational change in the open pit design. 0.5
Geita The addition was mainly due to exploration success at Nyankanga and Star and Comet, improvement in processing and rehandling costs as well as contractor rates, together with open pit operational changes partially offset by revised Mineral Resource models in the open pit. 0.3
Other Combined impact of additions less than 0.3Moz. 0.4
  Sub-total 28.6
Notable Reductions Due to:  
Obuasi The reduction was mainly due to an increase in sustaining capital expenditure and operating costs and changes in the mining recovery factor. (0.4)
Other Combined impact of reductions less than 0.3Moz. (0.1)
Mineral Reserve at 31 December 2023   28.1

Copper

Mineral resource

The AngloGold Ashanti copper Mineral Resource remained unchanged at 1.32Mt (2,902Mlb) Measured and Indicated Mineral Resource and 1.47Mt (3,231Mlb) Inferred Mineral Resource at 31 December 2023 as compared to 31 December 2022, as a FS optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Resource at 31 December 2023 was estimated using a copper price of $3.50/lb (2022: $3.50/lb).

    Mlb
    Measured and Indicated Inferred
Mineral Resource at 31 December 2022 2,902 3,231
No changes Due to:    
Quebradona The optimisation of the FS is still ongoing and no additional exploration has been completed.
Mineral Resource at 31 December 2023   2,902 3,231

Mineral Reserve

The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) at 31 December 2023 as compared to 31 December 2022, as a FS optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Reserve at 31 December 2023 was estimated using a copper price of $2.90/lb (2022: $2.90/lb).

    Mlb
Mineral Reserve at 31 December 2022 3,250
No changes Due to:  
Quebradona The optimisation of the FS is still ongoing and no additional exploration has been completed.
Mineral Reserve at 31 December 2023   3,250

For detailed information, refer to AngloGold Ashanti's 2023 Mineral Resource and Mineral Reserve report

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