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Mineral Resource & Mineral Reserve

AngloGold Ashanti strives to actively create value by growing its major assets – For further information see Mineral Resource and Mineral Reserve – summary.

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 2022 PDF, 36MB

GOLD

Mineral resource

The AngloGold Ashanti gold Mineral Resource increased from 123.2Moz as at 31 December 2021 to 131.4Moz as at 31 December 2022. This annual net increase of 8.2Moz includes 5.1Moz in relation to the first-time reporting of the Mineral Resource for North Bullfrog and Mother Lode (after the acquisition of Corvus Gold in January 2022) as well as Sterling including the Crown Block (after the acquisition of Coeur Sterling in November 2022). Increases due to changes in economic assumptions of 2.7Moz and exploration and modelling changes of 7.1Moz, were partially offset by depletion of 3.2Moz and other factors of 3.5Moz. The Mineral Resource was estimated using a gold price of $1,750/oz, unless otherwise stated (2021: $1,500/oz).

Gold Mineral Resource — year-on-year changes
Moz
Mineral Resource as at 31 December 2021 123.2
Acquisitions North Bullfrog 2.5
Sterling 0.9
Mother Lode 1.7
  Sub-total 128.3
Depletions   (3.2)
  Sub-total 125.1
Additions Due to:  
Siguiri Exploration success, minor model changes and the increase in the Mineral Resource price 3.2
Geita Exploration success and changes in methodology due to revised estimation parameters, and refined ore wireframes as well as an increase in the Mineral Resource price and decrease in costs 2.3
Sunrise Dam An increase in Mineral Resource price resulting in the newly optimised Cleo cutback, exploration drilling activities and model methodology changes 1.1
Silicon Exploration success and a change in the Mineral Resource price 0.8
AGA Mineração Exploration at Córrego do Sítio (CdS), Cuiabá and Lamego together with an increase in the Mineral Resource price 0.8
Iduapriem Exploration from Blocks 7 and 8, and Block 3W and an increase in the Mineral Resource price 0.7
Other Additions less than 0.5Moz 0.9
  Sub-total 134.9
Reductions Due to:  
Obuasi An increase in cost which resulted in higher cut-off grades as well as the sterilisation of stopes in the depletion process (2.1)
North Bullfrog (excluding Acquisition) Updating methodology changes after the acquisition including prices, costs and updating modifying factors such as process recoveries (1.0)
Other Reductions less than 0.5Moz (0.4)
Mineral Resource as at 31 December 2022 131.4

Mineral reserve

The AngloGold Ashanti gold Mineral Reserve increased from 29.8Moz as at 31 December 2021 to 30.4Moz as at 31 December 2022. This annual net increase of 0.6Moz includes additions due to exploration and modelling changes of 2.8Moz, and changes in economic assumptions of 1.0Moz. This increase was partially offset by depletion of 2.9Moz and reductions due to other factors of 0.3Moz. The Mineral Reserve was estimated using a gold price of $1,400/oz, unless otherwise stated (2021: $1,200/oz).

Gold Mineral Reserve — year-on-year changes
    Moz
Mineral Reserve as at 31 December 2021 29.8
Depletions   (2.9)
  Sub-total 26.9
Additions Due to:  
Geita Ongoing exploration drilling success resulting in larger pit designs at Nyamulilima and the first-time reporting of the Geita Hill underground Mineral Reserve, as well as an increase in the Mineral Reserve price and reduced cost 1.5
Siguiri The first-time reporting of Sorofe, Sanutinti, Kalamagna Mineral Reserve, exploration infill drilling updates and the increase in the Mineral Reserve price combined with the selection of a higher revenue factor shell at Kami and Foulata 1.0
Kibali The conversion of the 11000 lode in the Karagba, Chauffeur and Durba (KCD) underground and growth in the Ikamva and Oere pits due to exploration successes together with an increase in the Mineral Reserve price 0.6
AGA Mineração Exploration and methodology changes together with an increase in the Mineral Reserve price 0.3
Other Additions less than 0.3Moz 0.6
  Sub-total 30.9
Reductions Due to:  
Obuasi Exploration as a result of infill drilling and an increase in mining cost and sustaining capital (0.3)
Other Reductions less than 0.3Moz (0.2)
Mineral Reserve as at 31 December 2022 30.4

Copper

Mineral resource

The AngloGold Ashanti copper Mineral Resource remained unchanged at 4.26Mt (9,384Mlb) as at 31 December 2022. The Mineral Resource was estimated using a copper price of $3.50/lb, unless otherwise stated (2021: $3.50/lb).

Copper Mineral Resource — year-on-year changes
    Mt Mlb
Mineral Resource as at 31 December 2020 4.39 9,677
Reductions Due to:
Quebradona Decreases resulted from the remodelling of the orebody including three new drill holes.
Mineral Resource as at 31 December 2022 4.26 9,384

Mineral Reserve

The AngloGold Ashanti Ore Reserve increased from 1.39Mt (3,068Mlb) in December 2019 to 1.41Mt (3,105Mlb) in December 2020. This gross annual increase of 0.02Mt is due to optimisation of the production levels.

Copper Mineral Reserve — year-on-year changes
    Mt Mlb
Mineral Reserve as at 31 December 2021 1.47 3,250
No changes Due to:
Quebradona Optimisation of the FS is still ongoing and no additional exploration has been completed
Mineral Reserve as at 31 December 2022 1.47 3,250

For detailed information, refer to AngloGold Ashanti's 2022<RR> Mineral Resource and Mineral Reserve report

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