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 2024 PDF, 8MB

GOLD

Mineral resource

The AngloGold Ashanti gold Measured and Indicated Mineral Resource increased from 59.9Moz at 31 December 2023 to 67.1Moz at 31 December 2024. Additions included the acquisition of Centamin assets (Sukari and Doropo) of 2.8Moz, exploration and modelling changes of 2.6Moz, changes in economic assumptions of 1.6Moz and other changes of 0.2Moz. As a result, the net year-on-year gold Measured and Indicated Mineral Resource addition was 7.2Moz. `

The AngloGold Ashanti gold Inferred Mineral Resource increased from 46.4Moz at 31 December 2023 to 55.0Moz at 31 December 2024. Additions included the acquisition of Centamin assets (Sukari, Doropo and ABC) of 3.0Moz, exploration and modelling changes of 3.6Moz and changes in economic assumptions of 2.1Moz. The additions were partially offset by reductions which included other factors of 0.1Moz. As a result, the net year-on-year gold Inferred Mineral Resource addition was 8.6Moz.

The gold Mineral Resource at 31 December 2024 was estimated using a gold price of $1,900/oz, unless otherwise stated (2023: $1,750/oz).

		Moz
		Measured and Indicated	Inferred
Mineral Resource at 31 December 2023		59.9	46.4
Acquisition	Sukari, Doropo and ABC after depletion	2.8	3.0
	Sub-total	62.7	49.4
Notable Changes	Due to:
Obuasi	The addition was due to exploration drilling, along with underground model revisions, an increase in the Mineral Resource price, cost reduction initiatives and geotechnical changes.	1.5	1.9
Expanded Silicon	The addition was due to exploration drilling and reinterpretation of the geological model for Merlin and was partially offset by geotechnical changes and increased projected mining and processing costs.	–	3.0
Sunrise Dam	The addition was due to moderate gains from exploration drilling and methodology. Increased scheduled mining costs were completely offset by increased Mineral Resource price and a more favourable exchange rate resulting in decreased cut-off grades for both open pit and underground Mineral Resource.	1.2	–
Kibali	The addition was due to exploration drilling and modelling at Rhino, Gorumbwa and Kombokolo as well as an increase in the Mineral Resource price from $1,700/oz to $1,900/oz, except for Mengu Hill which was reported at $1,700/oz. The addition was partially offset by increased actualised costs and depletion.	0.7	0.1
Geita	The addition was largely due to exploration success from accelerated drilling activities and model revisions. The increase in the Mineral Resource price was partially offset by higher costs related to both open pit and underground mining.	0.3	0.7
Iduapriem	The addition was mainly due to Mineral Resource conversion drilling at Blocks 4 and 5, and an increase in the Mineral Resource price. The additions were partially offset by changes in the geological model in Block 4, increased costs, and geotechnical parameters.	0.5	0.6
ABC	Acquired in November 2024, reductions due to methodology changes of constraining the Mineral Resource by a $2,000/oz pit shell.	–	(0.6)
Other	Combined impact of other changes less than 0.5Moz.	0.2	(0.1)
Mineral Resource at 31 December 2024		67.1	55.0

Mineral reserve

The AngloGold Ashanti gold Mineral Reserve increased from 28.1Moz at 31 December 2023 to 31.2Moz at 31 December 2024. Additions included the acquisition of Centamin assets (Sukari and Doropo) of 4.1Moz, exploration and modelling changes of 2.4Moz and other changes of 0.8Moz. The additions were partially offset by reductions which included depletion of 2.8Moz and changes in economic assumptions of 1.4Moz. As a result, the net year-on-year gold Mineral Reserve addition was 3.1Moz.

The gold Mineral Reserve at 31 December 2024 was estimated using a gold price of $1,600/oz, unless otherwise stated (2023: $1,400/oz).

		Moz
Mineral Reserve at 31 December 2023		28.1
Acquisition	Sukari (after depletion) and Doropo	4.1
	Sub-total	32.2
Depletion	Total depletion (excludes Sukari depletion):	(2.8)
	Sub-total	29.4
Notable Additions	Due to:
Geita	The addition was mainly due to ongoing exploration drilling success and improved processing recoveries, partially offset by an increase in operating costs and changes in geotechnical parameters	0.5
AGA Mineração	The addition at Cuiabá and Lamego was mainly due to exploration success, methodology changes, an increase in the Mineral Reserve price and operational changes partially offset by metallurgical recovery, geotechnical changes and cost increases.	0.5
Other	Combined impact of additions less than 0.3Moz.	0.9
	Sub-total	31.3
Notable Reductions	Due to:
Other	Combined impact of reductions less than 0.3Moz.	(0.1)
Mineral Reserve at 31 December 2024		31.2

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 2024 as compared to 31 December 2023, as a feasibility study optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Resource at 31 December 2024 was estimated using a copper price of $3.50/lb (2023: $3.50/lb).

		Mlb
		Measured and Indicated	Inferred
Mineral Resource at 31 December 2023		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 2024		2,902	3,231

Mineral Reserve

The AngloGold Ashanti copper Mineral Reserve remained unchanged at 1.47Mt (3,250Mlb) at 31 December 2024 as compared to 31 December 2023, as a feasibility study optimisation is still ongoing and no additional exploration has been completed at Quebradona. The copper Mineral Reserve at 31 December 2024 was estimated using a copper price of $2.90/lb (2023: $2.90/lb).

		Mlb
Mineral Reserve at 31 December 2023		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 2024		3,250