page 1 - sec.gov | home certain statements contained in this document, other than s atements of...
TRANSCRIPT
0001205613-16-000269.txt : 201606130001205613-16-000269.hdr.sgml : 2016061320160613141312ACCESSION NUMBER:0001205613-16-000269CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:4CONFORMED PERIOD OF REPORT:20160613FILED AS OF DATE:20160613DATE AS OF CHANGE:20160613
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:ANGLOGOLD ASHANTI LTDCENTRAL INDEX KEY:0001067428STANDARD INDUSTRIAL CLASSIFICATION:GOLD & SILVER ORES [1040]IRS NUMBER:000000000FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:6-KSEC ACT:1934 ActSEC FILE NUMBER:001-14846FILM NUMBER:161710500
BUSINESS ADDRESS:STREET 1:76 JEPPE STREET, NEWTOWN, 2001STREET 2:PO BOX 62117 MARSHALLTOWN 2107CITY:JOHANNESBURG 2001STATE:T3ZIP:00000BUSINESS PHONE:27116376000
MAIL ADDRESS:STREET 1:76 JEPPE STREET, NEWTOWN, 2001STREET 2:PO BOX 62117 MARSHALLTOWN 2107CITY:JOHANNESBURG 2001STATE:T3ZIP:00000
FORMER COMPANY:FORMER CONFORMED NAME:ANGLOGOLD LTDDATE OF NAME CHANGE:19980803
6-K1anglogold_report.htm
Page 1
20-F or Form 40-F.
Regulation S-T Rule 101(b)(1):
Regulation S-T Rule 101(b)(7):
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.
Production was 861,000 oz at an average total cash cost of $702/oz
All-in sustaining costs were $860/oz, a 7% improvement year-on-year
Net debt lower at $2.127bn compared to $2.190bn in the previous quarter
The outlook for the full year remains unchanged and within previous guidance range
2016
2015
2015
Gold
Rounding of figures may result in computational discrepancies.
Certain statements contained in this document, other than s atements of historical fact, including, without limitation, those concerning the econ omic outlook for the gold mining industry,
expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, co t savings and other operating results, pro ductivity improvements, growth prospects
and outlook of AngloGold Ashantis operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations
of certain of AngloGold Ashantis exploration and production projects and the completion of acquisitions, dispositions or join venture transactions, AngloGold Ashantis liquidity and capital
forward-looking statements regarding AngloGold Ashantis operations, economic performance and financial condition. These forward-looking st atements or forecas s involve known and
unknown risks, uncertainties and other factors that may cause AngloGold Ashantis actual results, performance or achievements to differ materially from the anticipated results, performance
reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially ffrom those set out in the forward-looking
statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and ope rating initiatives, changes in the regulatory
environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rat s, the outcome of pending or future litiga ion proceedings, and
Exchange Commission. These factors are not necessarily all of the important factors that could cause AngloGold Ashantis actual results to diff er materially from those expressed in any
forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future re ults. Consequently, readers are cautioned not to place undue
reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All s ubsequent written or oral forward-looking
statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
This communication may contain certain Non-GAAP financial measures. AngloGold Ashanti utilises certain Non-GAAP pe formance measures and ratios in managing its business. Non-
GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operatio ns or any other measures of performance
prepared in accordance with IFRS. In addition, the presentati n of these measures may not be comparable to similarly titled measures other com panies may use. An loGold Ashanti posts
information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the Invest rs tab on the main page. This informatio is updated regularly.
Investors should visit this website to obtain important information about AngloGold Ashanti.
further reduction in debt levels, and solid levels of free cash generation despite weaker production in the period. The
result was also achieved despite lower grades, which were offset by tonnage improvements in key areas.
first quarter of 2015. Cash inflow from operating activities was positive at $227m, 19% more than the $190m achieved in
the first quarter of 2015, despite both lower production and a lower gold price received. The strong performance
was due mainly to strong cost management and benefits from weaker local currencies against the US dollar,
principally in South Africa and Brazil. This is lower when compared to the $383m cash inflow from operating
activities recorded in the fourth quarter of 2015, mainly due to working capital movements and lower production.
quarter of 2015, which included 41,000oz from the Cripple Creek & Victor (CC&V) mine, which was sold last year,
and 17,000oz from the Obuasi mine, which has now ceased production. While production from South Africa remained
relatively flat year-on-year at 236,000oz, production from the International operations was lower due to the
a b o v e m e n t i o n e d C C& V s al e a n d cessation of stockpile production from t h e Obuasi mine, as well as lower-grade
production from the Tropicana mine. At Kibali, challenges were encountered whilst ramping up both streams to run on
sulphides as per the design specification, resulting in a drop in recoveries. This was compounded by a bearing failure
on one of the ball mills. Costs improved relative to the first quarter of last year, benefitting from continued traction
from cost saving initiatives and weaker local currencies, which helped offset increases at Tropicana and Kibali.
self-help measures to reduce debt by improving margins, Srinivasan Venkatakrishnan, Chief Executive Officer of
AngloGold Ashanti, said. Notwithstanding our strong cost performance, were redoubling our efforts to ensure we
continue to capture as much margin as possible.
a 4% year-on-year reduction in total cash costs, 18% lower sustaining capital expenditure and a 38% reduction in
corporate and marketing costs. All-in costs were 8% lower at $924/oz.
$128m, compared with $195m (including $27m for CC&V) in the first quarter of 2015, and $223m in the fourth
quarter of 2015. Of the total capital spent, project capital expenditure during the quarter amounted to $19m. Capital
expenditure at continuing operations is expected to increase, particularly over the next two quarters, with slower-than-
anticipated spending in South Africa in the first quarter of the year, principally due the Easter public holidays resulting
in fewer working days.
$402m in the first quarter of 2015, mainly due to lower earnings as a result of a 3% decline in the realised gold price
from $1,217/oz to $1,185/oz and an 8% reduction in ounces sold over this period. Adjusted EBITDA for the previous
quarter was $388m.
and $3.150bn for the same quarter a year ago mainly due to the generation of free cash flow, the proceeds from the
sale of CC&V completed in August 2015, and the subsequent partial tender offer for the 8.5% high yield bonds due in
2020. This reduction in debt has resulted in a net debt to Adjusted EBITDA ratio of 1.47 times, compared with 2.02
times at the end of March 2015. Accordingly, debt levels remain well below the covenant of net debt to Adjusted
EBITDA of 3.5 times under our revolving credit agreements.
Total cash costs between $680/oz and $720/oz and
All-in sustaining costs between $900/oz and $960/oz,
14.90 (Argentina Peso), with oil at $35/bl average for the year, based on market expectations. The impact of the
Savuka section of Tau Tona seismic event on 29 April 2016, is still being evaluated and assessed.
be between $75m and $90m, and expensed exploration and study costs ( including equity accounted investments)
are estimated to be $130m to $150m. Depreciation and amortisation is forecast at $820m and interest and finance
costs are expected to be $190m (income statement) and $175m (cash flow statement).
operation is shutdown to remediate safety concern, continued to be a source of disruption in South Africa. AngloGold
Ashanti continues to engage with the regulator to find an outcome that will help make further improvements in safety in the
most sustainable and practical way possible.
following a series of seismic events.
million shifts without a fatality, whilst our Continental Africa recorded not a single lost-time injury in the three months
through March. Both Continental Africa and the Americas recorded significant safety gains, with AIFR better by 72% and
36% respectively, compared with the end of last year.
to 239,000oz at a total cash cost of $911/oz for the quarter ended March 2015. Production for the quarter was adversely
impacted by a slow start up post the Christmas holidays, the Easter long weekend which fell in March this year, and
ongoing safety-related stoppages across all operations which continue to affect production. Mponeng showed a strong
recovery, with production up by more than a third to 59,000oz, and all-in sustaining costs down 28% to $930/oz.
in the need to modify secondary support standards of all development ends. The mine, however, has now resumed
normal operations.
exchange rate despite lower volumes, higher wages and power prices and re-instatement of Moab Khotsong employees
(who are part of the Association of Mining Construction Union (AMCU)) following the Labour Court ruling at the end of last
year.
compared to 351,000oz at a total cash cost of $714/oz for the quarter ended March 2015. At Kibali, the plan to ramp up
treatment of harder sulphide ore saw challenges resulting in lower recovered grades and production. Morilas production
was 14,000oz lower in line with the mine plan. The Obuasi mine produced 16,000oz less year-on-year given the
conclusion of production from stockpiled material. Despite lower production, the region saw strong cost management due
to ongoing initiatives targeted at maintaining or lowering direct operating costs and input costs, particularly fuel.
195,000oz at a total cash cost of $603/oz for the quarter ended March 2015. The region delivered a solid performance as
a result of a marginal increased contribution from Brazil while Argentina production remained stable.
the same quarter last year, due to both higher tonnage and feed grade from mining high grade blocks at Mina III and
Pequiso. At Minerao, Crrego do Stio delivered stable performance from both the oxide and sulphide operations,
while Cuiab mine was affected due to delayed access to certain high grade stopes at Serrotinho L7, given geo-technical
and ground support issues. These are being addressed and we expect to catch up and recover lost production in coming
quarters.
management and saving initiatives and the depreciation of the local currencies against the US dollar, despite
unfavourable inventory movements and inflationary pressure. In Argentina, costs were also favourably impacted by export
benefits (reimbursement from the Government for exports channeled through Patagonia ports) and higher by-product
sold, partially offset by salary increases in February as agreed with the union, the union strike in January and higher heap
leaching costs and higher amortisation from stripping assets.
143,000oz at a total cash cost of $679/oz for the quarter ended March 2015. Australias total cash cost increased by 20%
compared to the same quarter last year mainly due to lower production as well as movements in stockpiles inventory.
plan and the mines grade streaming strategy. Production was also impacted by mining schedule delays, which
contributed to lower head grades from the Havana pit with some benches deferred to the second quarter. In addition, it is
expected that approximately 300,000t of stockpiled ore will be used in coming quarters to supplement the mill feed while
the waste stripping of the Tropicana Pit cutback is being carried out.
stockpile inventory movements accounted for $120/oz, consistent with the mine plan.
exploration and other
exploration and other
exploration and other
exploration and other
VAAL RIVER
Kopanang
Vaal reef
Moab Khotsong Vaal reef
Mponeng
Ventersdorp Contact reef
TauTona Carbon Leader reef
Sunrise Dam
AngloGold Ashanti Minerao
Mina de Cuiab
Mina III
Cerro Vanguardia
VAAL RIVER
Kopanang
Vaal reef
Moab Khotsong Vaal reef
Mponeng
Ventersdorp Contact reef
TauTona Carbon Leader reef
Sunrise Dam
AngloGold Ashanti Minerao
Mina de Cuiab
Mina III
Cerro Vanguardia
Incorporated in the Republic of South Africa
NYSE: AU
ASX: AGG
GhSE: (Shares)
Deutsche Securities (SA) Proprietary Ltd
76 Rahima Moosa Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
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
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155
(As AngloGold Ashanti delisted from the London
Stock Exchange on 22 September 2014, this
information is provided for administration
purposes only.)
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: +44 20 7796 8644
Fax: +44 20 7796 8645
E-mail:
S Venkatakrishnan*
SM Pityana
M Richter
Executive Vice President Legal, Commercial and
Governance and Company Secretary:
ME Sanz Perez
[email protected]
www.anglogoldashanti.com
[email protected]
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.
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
Website : [email protected]
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 (Australia only)
Fax: +61 8 9323 2033
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 302 229664
Fax: +233 302 229975
BNY 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
Website: www.bnymellon.com.com\shareowner
dividend reinvestment plan for A
London Stock Exchange on 22 September
2014, this information is provided for
Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone:
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZY
England
Telephone:
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: June 13, 2016
6-K2anglogold_report.pdf
begin 644 anglogold_report.pdf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email protected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