6-K 1 anglogold_mror.htm Anglogold - MROR
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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 March 26, 2021
Commission File Number 1-14846
AngloGold Ashanti Limited
(Name of registrant)
76 Rahima Moosa 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.
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):
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):
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.
Yes
No X

Enclosure: Press release
ANGLOGOLD ASHANTI LIMITED – MINERAL RESOURCE AND ORE
RESERVE REPORT FOR THE YEAR ENDED DECEMBER 31, 2020
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M I N E R A L
R E S O U R C E   A N D
O R E R E S E R V E
R E P O R T
as at 31 December 2020
<R&R>
2020
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AngloGold Ashanti Limited <R&R> 2020
OUR VISION, MISSION AND VALUES
T O   B E   T H E
LEADING
MINING COMPANY
VISION
MISSION
To create value for our shareholders,
our employees and our business, and
social partners through safely and
responsibly exploring, mining and
marketing our products.
CONSISTENT
DELIVERY
VALUES
Safety is our
first value.
We treat each
other with dignity
and respect.
We are accountable
for our actions and
undertake to deliver on our
commitments.
We want the communities
and societies in which we
operate to be better off for
AngloGold Ashanti having
been there.
We value
diversity.
We respect
the environment.
> Our Vision, Mission and Values / Contents / About this report / Group profile / Corporate governance / Year in review / Group overview
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CONTENTS
CONTENTS
S E C T I O N   1 :
INTRODUCTION
S E C T I O N   2 :
AFRICA
S E C T I O N   3 :
AMERICAS
2
About this report
3
Group profile
4
Corporate governance
5
Year in review
10
Group overview
18
Regional overview
21
Democratic Republic of the Congo
(DRC)
30
Ghana
52
Republic of Guinea (Guinea)
66
Tanzania
80
Regional overview
84
Argentina
94
Brazil
140
Colombia
S E C T I O N   4 :
AUSTRALIA
S E C T I O N   5 :
ADMINISTRATIVE INFORMATION
168
Regional overview
171
Sunrise Dam
180
Butcher Well
186
Tropicana
197
Definitions
199
Glossary of terms
202
Abbreviations
203
Administrative information for
professional organisations
204
Administration and corporate
information
ANGLOGOLD ASHANTI’S 2020 SUITE OF REPORTS COMPRISES:
<IR>
Integrated Report
<SR>
Sustainability Report
<NOM>
Notice of Annual General Meeting and Summarised
Financial Information (Notice of Meeting)
<R&R>
Mineral Resource and Ore Reserve Report
<AFS>
Annual Financial Statements
<WWW>
Reporting website
About this report

Our footprint
Corporate governance
P2
P3
P4
Supporting financial, operational, and
sustainability data are available at
www.aga-reports.com
Stakeholder feedback
We welcome stakeholder feedback on our reporting. Should you have any
comments or suggestions on this report, contact our investor relations team at:
investor.relations@anglogoldashanti.com
Disclaimer
The information in this report is based on information signed off by Mr VA Chamberlain, a Competent Person who is a full-time employee of AngloGold Ashanti Ltd.
Mr VA Chamberlain consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

AngloGold Ashanti confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement
and, in the case of estimates of Mineral Resource or Ore Reserve, that all material assumptions and technical parameters underpinning the estimates in the relevant
market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s
findings are presented have not been materially modified from the original market announcement.

All photographs depicted showing employees and/or community members in this report were taken prior to the onset of the COVID-19 pandemic and do not reflect
AngloGold Ashanti’s standard operating procedure that was implemented as a result of the pandemic.
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AngloGold Ashanti Limited <R&R> 2020
Our Vision, Mission and Values / > Contents / About this report / Group profile / Corporate governance / Year in review / Group overview
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AngloGold Ashanti Limited <R&R> 2020
ABOUT THIS REPORT
The reporting criteria, as outlined in the reporting code, have been
used in the preparation of internal Competent Person reports (CPR)
for each operation, from which the numbers stated in this report have
been drawn. Reporting is also in accordance with Section 12.13
of the Johannesburg Stock Exchange (JSE) Listings Requirements
(as updated from time to time).
Information is presented by operating region, country, mine and
project. Topics for brief discussion in this report include regional
and country overview, introduction, geology, exploration, projects
and estimation. Further to this, the following information is used to
illustrate additional detail across our operations and projects:
Location and infrastructure maps
Legal aspects and tenure
Geological cross-sections and maps of underground workings
where applicable
Details of average drill hole spacing and type
Inclusive Mineral Resource and Ore Reserve
• below infrastructure
• by-products
• year-on-year reconciliation
• sensitivities
Exclusive Mineral Resource
Inferred Mineral Resource in annual Ore Reserve design*
Ore Reserve modifying factors
Grade tonnage information on the Mineral Resource
Details of appointed Competent Persons
Although the term Mineral Reserve is used throughout the
SAMREC Code, it is recognised by the SAMREC Code that the
term Ore Reserve is synonymous with Mineral Reserve. AngloGold
Ashanti elects to use Ore Reserve in its reporting.
AngloGold Ashanti’s reporting on Exploration as well as a
breakdown of the operational production performance and
comparison is detailed fully in the
<IR>. Detail on the Environmental
Impact Management including funding is provided in the <SR> and
the <IR>
.
The Mineral Resource, as reported, is inclusive of the Ore Reserve
component unless otherwise stated. Mineral Resource and Ore
Reserve estimates are reported as at 31 December 2020 and are
net of 2020 production depletion.
*
Inferred Mineral Resource cannot be converted to Ore Reserve
and is thus not stated as part of the Ore Reserve in compliance
with the SAMREC Code. Inferred Mineral Resource may
however have an influence on the Ore Reserve by virtue of its
inclusion in the optimisation process used to define the final
pit limits or underground design. Inclusion in the production
schedule will also influence the cash flow and thus the viability of
any project. A separate schedule is run for the Ore Reserve with
any included Inferred Mineral Resource set to waste to test if it
is cash positive. This indicates that the Ore Reserve is able to
stand on its own and is therefore not at risk due to the Inferred
Mineral Resource in the optimisation process.
Our philosophy is that the first two years of the business plan is
covered by Ore Reserve, the first five years of the business plan
has minimal Inferred Mineral Resource and that only beyond
five years we allow for lower confidence material to be included
in the plan. Exploration drilling to upgrade this confidence is
included in the plan at the time it is required and well before the
time it is mined.
The following should be noted in respect of the <R&R> report:
All figures are expressed on an attributable basis unless otherwise
indicated
Unless otherwise stated, $ or dollar refers to United States dollars
Locations on maps are indicative
Group and company are used interchangeably
Mine, operation and business unit are used interchangeably
Rounding off of numbers may result in computational discrepancies
To reflect that figures are not precise calculations and that there is
uncertainty in their estimation, AngloGold Ashanti reports tonnage,
content for gold and silver to two decimals and copper, sulphur and
molydenum content with no decimals
Metric tonnes (t) are used throughout this report and all ounces are
Troy ounces
For terminology used in this report, please refer to the <Glossary of
terms> on page 199.
All grade tonnage curves reflect the gold Mineral Resource and
exclude stockpiles unless otherwise stated
Abbreviations used in this report: gold – Au, copper – Cu,
silver – Ag, sulphur – S, molybdenum – Mo
The Mineral Resource and Ore Reserve as at 31 December 2020 for AngloGold Ashanti Limited (AngloGold Ashanti) are reported
in accordance with the minimum standards described by The South African Code for the Reporting of Exploration Results,
Mineral Resources and Mineral Reserves (The SAMREC Code, 2016 edition).
The addresses of the professional organisations to which the
Competent Persons are affiliated are provided on page 203.
Employees working at Lamego underground
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Operations
Projects
OUR FOOTPRINT
AMERICAS
1
Argentina
Cerro Vanguardia (92.5%)
2
Brazil
Serra Grande
AGA Mineração
3
Colombia
Gramalote (50%)
(1)
La Colosa
Quebradona
AFRICA
4
Guinea
Siguiri (85%)
5
Ghana
Iduapriem
Obuasi
(2)
6
DRC
Kibali (45%)
(3)
7
Tanzania
Geita
AUSTRALIA
8
Australia
Sunrise Dam
Butcher Well (70%)
(4)
Tropicana (70%)
Note: Percentages indicate the ownership interest held by
AngloGold Ashanti. All operations are 100%-owned unless
otherwise indicated
(1)
Gramalote is managed by B2Gold and there was a change
in ownership from 51% to 50%
(2)
Obuasi’s redevelopment project began in 2019
(3)
Kibali is operated by Barrick Gold Corporation (Barrick)
(4)
Butcher Well has been declared as a Mineral Resource
for the first time
2
3
1
7
6
5
4
8
GROUP PROFILE
STREAMLINED
portfolio
STRONGEST
balance sheet in a decade
RAMP UP
at Obuasi continues
UNLOCKING VALUE
in Colombia
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AngloGold Ashanti Limited <R&R> 2020
Our Vision, Mission and Values / Contents / About this report /
> Group profile / Corporate governance / Year in review / Group overview
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AngloGold Ashanti Limited <R&R> 2020
CORPORATE GOVERNANCE
AngloGold Ashanti reports its Mineral Resource and Ore
Reserve in accordance with the minimum standards
prescribed by the SAMREC Code and Section 12.13 of the
JSE Listings Requirements (as updated from time to time).
We achieve this through ensuring the principles of integrity,
transparency and materiality are central to the compilation of this
report and through using the reporting criteria and definitions as
detailed in the SAMREC Code. Refer to <Definitions> in this report
on page 197 for further details regarding the relationship between
Exploration Results, Mineral Resource and Ore Reserve, the Table
1 and reporting on an ‘if not, why not basis’ in the SAMREC Code.
In complying with the SAMREC Code, the changes to AngloGold
Ashanti’s Mineral Resource and Ore Reserve have been reviewed
and it was concluded that none of the changes are material to the
overall valuation of the Company. AngloGold Ashanti has therefore
once again resolved not to provide the detailed reporting as defined
in Table 1 of the SAMREC Code, apart from the maiden Mineral
Resource declaration for Butcher Well. The Company will however
continue to provide the high level of detail it has in previous years
in order to comply with the transparency requirements of the
SAMREC Code.
Our established Mineral Resource and Ore Reserve Steering
Committee (RRSC) is responsible for setting and overseeing our
Mineral Resource and Ore Reserve governance framework, and
for ensuring that it meets AngloGold Ashanti’s goals and objectives
while complying with all relevant regulatory codes. The committee’s
membership and terms of references are mandated under a policy
document signed by the Chief Executive Officer.
The Audit and Risk Committee as well as the Investment
Committee of the board, review the Mineral Resource and Ore
Reserve and make a recommendation to the board which provides
the final approval for the Mineral Resource and Ore Reserve.
Over more than a decade, the Company has developed and
implemented a rigorous system of internal and external reviews
aimed at providing assurance in respect of Ore Reserve and
Mineral Resource estimates.
Due to the travel restrictions around COVID-19, the internal
reviews could not take place on-site but were instead conducted
as desktop reviews. The same restriction meant that the external
audits could not take place either. With the scope of work for
these audits requiring a site visit it was not possible to conduct
them remotely. The internal policy requirement of auditing all
operations on an average of once every three years will be met by
an increased number of audits in 2021.
Numerous internal Mineral Resource and Ore Reserve process
reviews were completed by suitably qualified Competent Persons
from within AngloGold Ashanti. No significant deficiencies were
identified. Our Mineral Resource and Ore Reserve are underpinned
by appropriate Mineral Resource management processes
and protocols. These procedures have been developed to be
compliant with the guiding principles of the U.S. Sarbanes-Oxley
Act of 2002 (SOX).
AngloGold Ashanti makes use of a web-based group reporting
database called the Resource and Reserve Reporting System
(RCubed) for the compilation and authorisation of Mineral Resource
and Ore Reserve reporting. It is a fully integrated system for
reporting and reconciliation of Mineral Resource and Ore Reserve
that supports various regulatory reporting requirements, including
the United States Securities and Exchange Commission (SEC)
and the JSE under the SAMREC Code. AngloGold Ashanti uses
RCubed to ensure a documented chain of responsibility exists from
the Competent Persons at the operations to the Company’s RRSC.
AngloGold Ashanti has also developed an enterprise-wide risk
management tool that provides consistent and reliable data that
allows for visibility of risks and actions across the group. This tool is
used to facilitate, control and monitor material risks to the Mineral
Resource and Ore Reserve, thus ensuring that the appropriate risk
management and mitigation plans are in place.
Competent Persons
The information in this report relating to Exploration Results,
Mineral Resources and Ore Reserves is based on information
compiled by or under the supervision of the Competent
Persons as defined in the SAMREC Code. All Competent
Persons are employed by AngloGold Ashanti, except for
Kibali (which uses Barrick Competent Persons), and have
sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity which
they are undertaking. The legal tenure of each operation and
project has been verified to the satisfaction of the accountable
Competent Person and all Ore Reserves have been confirmed
to be covered by the required mining permits or there exists
a realistic expectation that these permits will be issued. This
will be detailed within this document. 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.
Accordingly, the Chairman of the Mineral Resource and Ore
Reserve Steering Committee, VA Chamberlain, MSc (Mining
Engineering), BSc (Hons) (Geology), MGSSA, FAusIMM,
assumes responsibility for the Mineral Resource and Ore
Reserve processes for AngloGold Ashanti and is satisfied that
the Competent Persons have fulfilled their responsibilities.
VA Chamberlain has 33 years’ experience in exploration and
mining and is employed full-time by AngloGold Ashanti, and
can be contacted at the following address: 76 Rahima Moosa
Street, Newtown, Johannesburg, 2001, South Africa.
Gold bars at Geita Gold Mine
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Our Vision, Mission and Values / Contents / About this report / Group profile / > Corporate governance / Year in review / Group overview
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YEAR IN REVIEW
124.5Moz
Inclusive Mineral Resource
29.7Moz
Ore Reserve
GOLD
COPPER
9,677Mlb
Inclusive Mineral Resource
3,105Mlb
Ore Reserve
Gold price
The following local prices of gold were used as the basis for estimation:
Local prices of gold
Gold price
Australia
Brazil
Argentina
Colombia
US$/oz
AUD/oz
BRL/oz
ARS/oz
COP/oz
2020 Ore Reserve
1,200
1,604
5,510
119,631
4,096,877
2019 Ore Reserve
1,100
1,512
4,230
57,080
3,230,030
2020 Mineral Resource
1,500
2,170
7,682
142,507
5,094,827
2019 Mineral Resource
1,400
1,981
5,166
78,102
3,838,220
Copper price
The following copper prices were used as the basis for estimation:
Copper price
US$/lb
COP/lb
2020 Ore Reserve
2.65
9,047
2019 Ore Reserve
2.65
7,947
2020 Mineral Resource
3.30
11,209
2019 Mineral Resource
3.30
9,646
AngloGold Ashanti strives to actively create value by growing
its major asset – the Mineral Resource and Ore Reserve.
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.
Price assumptions
The SAMREC Code requires the use of reasonable economic
assumptions. These include long-range commodity price and
exchange rate forecasts. These are reviewed annually and are
prepared in-house using a range of techniques including historic
price averages. AngloGold Ashanti selects a conservative Ore
Reserve price relative to its peers. This is done to fit into the
strategy to include a margin in the mine planning process. The
resultant plan is then valued at a higher business planning price.
The Mineral Resource sensitivities shown in the detail of this
report use a base of US$1,500/oz and a range of US$200/oz,
unless otherwise stated. The Ore Reserve sensitivities shown in
the detail of this report use a base of US$1,200/oz and a range of
US$100/oz, unless otherwise stated.
Brushing of a gold bar, Sunrise Dam
AngloGold Ashanti Limited <R&R> 2020
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Our Vision, Mission and Values / Contents / About this report / Group profile / Corporate governance / > Year in review / Group overview
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AngloGold Ashanti Limited <R&R> 2020
YEAR IN REVIEW CONTINUED
Mineral Resource
GOLD
The AngloGold Ashanti Mineral Resource reduced from 175.6Moz
in December 2019 to 124.5Moz in December 2020. This gross
annual decrease of 51.1Moz includes depletion of 3.7Moz, and
disposal of assets in the South African region and Sadiola of
54.1Moz. This is partly offset by additions due to exploration and
modelling changes of 2.9Moz, changes in economic assumptions
of 3.5Moz and other factors of 0.3Moz. The Mineral Resource was
estimated using a gold price of US$1,500/oz, unless otherwise
stated (2019: US$1,400/oz).
Year-on-year changes
Moz
Mineral Resource as at 31 December 2019
175.6
Disposal
Mponeng
(45.6)
Vaal River Surface
(2.5)
Mine Waste Solutions
(2.1)
West Wits Surface
(0.5)
Sadiola
(3.2)
Sub-total
121.7
Depletions
(3.7)
Sub-total
118.0
Additions
Due to:
Geita
Exploration success
1.9
Siguiri
Gold price and exploration success
1.5
Iduapriem
Mineral Resource gold price increase
0.8
Tropicana
Gold price and revised underground constraining
0.8
Cerro Vanguardia
Gold price and exploration success
0.7
Serra Grande
Revised interpretation of Mina III underground and open pit
0.6
AGA Mineração
Gold price and exploration countered by changes in methodology
0.5
Other
Additions less than 0.5Moz
1.1
Sub-total
125.9
Reductions
Due to:
Obuasi
Estimation methodology and cost
(1.4)
Other
Reductions less than 0.5Moz
(0.0)
Mineral Resource as at 31 December 2020
124.5
COPPER
The AngloGold Ashanti Mineral Resource of 4.39Mt (9,677Mlb) remained unchanged between December 2019 and December 2020.
The Mineral Resource was estimated at a copper price of US$3.30/lb (2019: US$3.30/lb).
Year-on-year changes
Mt
Mlb
Ore Reserve as at 31 December 2019
4.39
9,677
Additions
Due to:
Quebradona
No changes
Ore Reserve as at 31 December 2020
4.39
9,677
Core logging at Iduapriem
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Our Vision, Mission and Values / Contents / About this report / Group profile / Corporate governance / > Year in review / Group overview
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YEAR IN REVIEW CONTINUED
50
100
150
200
(0.1)
0.0
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2020
AngloGold Ashanti
Gold Mineral Resource
4.7
(2.7)
0.4
(3.7)
5.6
(1.1)
175.6
(54.1)
124.5
Ounces (millions)
7,500
8,000
8,500
9,000
9,500
10,000
0
0
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2020
AngloGold Ashanti
Copper Mineral Resource
0
0
0
0
0
0
9,677
0
9,677
Pounds (millions)
Iduapriem core shed
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
YEAR IN REVIEW CONTINUED
Ore Reserve
GOLD
The AngloGold Ashanti Ore Reserve reduced from 43.9Moz in December 2019 to 29.7Moz in December 2020. This gross annual decrease
of 14.2Moz includes depletion of 3.4Moz, and disposal of assets in the South African region and Sadiola of 16.7Moz. This is partly offset by
additions due to exploration and modelling changes of 4.5Moz, changes in economic assumptions of 1.0Moz and other factors of 0.4Moz.
The Ore Reserve was estimated using a gold price of US$1,200/oz, unless otherwise stated (2019: US$1,100/oz).
Year-on-year changes
Moz
Ore Reserve as at 31 December 2019
43.9
Disposal
Mponeng
(11.0)
Vaal River Surface
(2.1)
Mine Waste Solutions
(1.9)
West Wits Surface
(0.2)
Sadiola
(1.6)
Sub-total
27.1
Depletions
(3.4)
Sub-total
23.7
Additions
Due to:
Obuasi
Updated Mineral Resource models based on new exploration results
1.8
Geita
Exploration success at Nyamulilima and the completion of an economic
study to start up this new open pit
1.4
Kibali
Exploration success
0.5
Iduapriem
Increased Ore Reserve price and operational improvements
0.5
AGA Mineração
Exploration and increased Ore Reserve price countered by geological model
changes at the quartz vein satellite bodies and Serrotinho
0.4
Siguiri
Exploration success
0.4
Serra Grande
New exchange rate, gold price and cost reduction
0.4
Cerro Vanguardia
Exploration, methodology, price and cost countered by geotechnical changes
0.3
Sunrise Dam
Exploration success
0.3
Other
Additions less than 0.3Moz
0.1
Sub-total
29.8
Reductions
Due to:
Other
Reductions less than 0.3Moz
(0.1)
Ore Reserve as at 31 December 2020
29.7
COPPER
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. The Ore Reserve was estimated at a copper price of
US$2.65/lb (2019: US$2.65/lb).
Year-on-year changes
Mt
Mlb
Ore Reserve as at 31 December 2019
1.39
3,068
Additions
Due to:
Quebradona
Result of the update of the mine plan in an effort to optimise
the production levels as part of the feasibility study (FS)
0.02
37.3
Ore Reserve as at 31 December 2020
1.41
3,105
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YEAR IN REVIEW CONTINUED
10
20
30
40
50
(0.1)
0.3
0.0
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2020
AngloGold Ashanti
Gold Ore Reserve
0.8
0.4
0.1
(3.4)
4.2
0.2
43.9
(16.7)
29.7
Ounces (millions)
2,800
2,850
2,900
2,950
3,000
3,050
3,100
3,150
3,200
0
37
0
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2020
AngloGold Ashanti
Copper Ore Reserve
0
0
0
0
0
0
3,068
0
3,105
Pounds (millions)
By-products
Several by-products will be recovered as a result of processing of the gold Ore Reserve and copper Ore Reserve. These include
0.41Mt of sulphur from Brazil, 23.89Moz of silver from Argentina and 26.19Moz of silver from Colombia. At present, there are no
plans to recover molybdenum at the Quebradona project in Colombia. The Quebradona process plant will be designed to treat
approximately 6.2Mtpa underground ore to produce copper concentrate over a 23-year mine life, with provision of space for a
molybdenum plant in the future.
Sale of assets
AngloGold Ashanti sold various assets in South Africa and Mali during 2020. On conclusion of the sales and after depletions for that period
of 2020, the final Mineral Resource and Ore Reserve at the time of the sale are shown below:
Operation
Category
Moz
South Africa
Mponeng
Mineral Resource
45.65
Ore Reserve
10.94
Surface Operations
Mineral Resource
5.11
Ore Reserve
4.16
Mali
Sadiola
Mineral Resource
3.32
Ore Reserve
1.58
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
GROUP OVERVIEW
Mineral Resource
Mineral Resource by country inclusive of Ore Reserve: gold
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
DRC
Measured
17.87
4.19
74.84
2.41
Indicated
43.94
3.23
141.73
4.56
Inferred
7.49
2.79
20.89
0.67
Total
69.30
3.43
237.46
7.63
Ghana
Measured
23.04
3.29
75.82
2.44
Indicated
166.59
3.72
619.76
19.93
Inferred
83.75
5.14
430.40
13.84
Total
273.38
4.12
1,125.98
36.20
Guinea
Measured
17.55
0.62
10.94
0.35
Indicated
137.77
0.96
132.05
4.25
Inferred
69.40
1.06
73.62
2.37
Total
224.71
0.96
216.61
6.96
Tanzania
Measured
6.29
4.76
29.89
0.96
Indicated
43.02
2.48
106.64
3.43
Inferred
32.43
3.39
109.91
3.53
Total
81.73
3.02
246.44
7.92
Argentina
Measured
9.90
2.02
19.98
0.64
Indicated
30.27
2.23
67.40
2.17
Inferred
8.21
1.97
16.15
0.52
Total
48.37
2.14
103.53
3.33
Brazil
Measured
24.31
4.05
98.41
3.16
Indicated
33.24
3.95
131.23
4.22
Inferred
56.06
3.80
213.20
6.85
Total
113.61
3.90
442.84
14.24
Colombia
Measured
57.90
0.58
33.84
1.09
Indicated
1,118.55
0.79
883.10
28.39
Inferred
620.91
0.45
279.70
8.99
Total
1,797.36
0.67
1,196.64
38.47
Australia
Measured
56.95
1.25
71.05
2.28
Indicated
72.90
1.70
123.85
3.98
Inferred
46.88
2.30
107.84
3.47
Total
176.73
1.71
302.74
9.73
Total
Measured
213.79
1.94
414.77
13.34
Indicated
1,646.28
1.34
2,205.76
70.92
Inferred
925.12
1.35
1,251.70
40.24
Total
2,785.19
1.39
3,872.24
124.50
Mineral Resource by country inclusive of Ore Reserve: copper
Tonnes
Grade
Contained copper
as at 31 December 2020
Category
million
%Cu
tonnes million pounds million
Colombia
Measured
57.90
1.10
0.64
1,406
Indicated
203.77
0.89
1.81
3,981
Inferred
340.43
0.57
1.95
4,290
Total
602.10
0.73
4.39
9,677
Total
Measured
57.90
1.10
0.64
1,406
Indicated
203.77
0.89
1.81
3,981
Inferred
340.43
0.57
1.95
4,290
Total
602.10
0.73
4.39
9,677
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Mineral Resource by country exclusive of Ore Reserve: gold
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
DRC
Measured
3.60
3.62
13.04
0.42
Indicated
17.65
2.76
48.64
1.56
Inferred
7.49
2.79
20.89
0.67
Total
28.75
2.87
82.57
2.65
Ghana
Measured
8.50
2.42
20.53
0.66
Indicated
90.17
3.51
316.51
10.18
Inferred
77.35
5.46
422.05
13.57
Total
176.02
4.31
759.09
24.41
Guinea
Measured
Indicated
79.68
0.97
77.24
2.48
Inferred
69.26
1.06
73.60
2.37
Total
148.94
1.01
150.83
4.85
Tanzania
Measured
1.18
3.32
3.93
0.13
Indicated
21.97
2.47
54.34
1.75
Inferred
32.43
3.39
109.91
3.53
Total
55.58
3.03
168.18
5.41
Argentina
Measured
4.48
2.31
10.36
0.33
Indicated
19.26
2.40
46.18
1.48
Inferred
6.89
1.79
12.33
0.40
Total
30.64
2.25
68.87
2.21
Brazil
Measured
16.45
3.81
62.64
2.01
Indicated
18.36
2.92
53.53
1.72
Inferred
55.95
3.81
212.92
6.85
Total
90.76
3.63
329.08
10.58
Colombia
Measured
Indicated
1,002.75
0.78
784.74
25.23
Inferred
620.91
0.45
279.70
8.99
Total
1,623.66
0.66
1,064.44
34.22
Australia
Measured
30.53
1.21
37.01
1.19
Indicated
45.18
1.40
63.46
2.04
Inferred
42.36
2.28
96.44
3.10
Total
118.06
1.67
196.91
6.33
Total
Measured
64.75
2.28
147.49
4.74
Indicated
1,295.02
1.12
1,444.64
46.45
Inferred
912.63
1.35
1,227.83
39.48
Total
2,272.41
1.24
2,819.96
90.66
GROUP OVERVIEW CONTINUED
Mineral Resource by country exclusive of Ore Reserve: copper
Tonnes
Grade
Contained copper
as at 31 December 2020
Category
million
%Cu
tonnes million pounds million
Colombia
Measured
Indicated
150.43
0.70
1.05
2,319
Inferred
340.43
0.57
1.95
4,290
Total
490.86
0.61
3.00
6,609
Total
Measured
Indicated
150.43
0.70
1.05
2,319
Inferred
340.43
0.57
1.95
4,290
Total
490.86
0.61
3.00
6,609
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
GROUP OVERVIEW CONTINUED
Ore Reserve
Ore Reserve by country: gold
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
DRC
Proved
9.12
4.34
39.58
1.27
Probable
25.28
3.66
92.51
2.97
Total
34.41
3.84
132.09
4.25
Ghana
Proved
7.67
1.16
8.93
0.29
Probable
69.73
4.62
322.01
10.35
Total
77.40
4.28
330.94
10.64
Guinea
Proved
17.55
0.62
10.94
0.35
Probable
55.99
0.86
47.90
1.54
Total
73.53
0.80
58.84
1.89
Tanzania
Proved
Probable
28.04
2.59
72.68
2.34
Total
28.04
2.59
72.68
2.34
Argentina
Proved
5.26
1.71
9.01
0.29
Probable
11.05
1.87
20.64
0.66
Total
16.31
1.82
29.65
0.95
Brazil
Proved
5.84
3.26
19.03
0.61
Probable
15.21
3.58
54.39
1.75
Total
21.05
3.49
73.42
2.36
Colombia
Proved
Probable
175.18
0.75
130.91
4.21
Total
175.18
0.75
130.91
4.21
Australia
Proved
26.42
1.29
34.04
1.09
Probable
27.72
2.18
60.39
1.94
Total
54.14
1.74
94.43
3.04
Total
Proved
71.85
1.69
121.54
3.91
Probable
408.20
1.96
801.43
25.77
Total
480.05
1.92
922.97
29.67
Ore Reserve by country: copper
Tonnes
Grade
Contained copper
as at 31 December 2020
Category
million
%Cu
tonnes million pounds million
Colombia
Proved
Probable
112.72
1.25
1.41
3,105
Total
112.72
1.25
1.41
3,105
Total
Proved
Probable
112.72
1.25
1.41
3,105
Total
112.72
1.25
1.41
3,105
“ The information in this report relating to Exploration Results, Mineral Resource
and Ore Reserve is based on information compiled by or under the supervision of
the Competent Persons as defined in the SAMREC Code.”
12
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GROUP OVERVIEW CONTINUED
Portal entrance to Star and Comet underground at Geita
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
GROUP OVERVIEW CONTINUED
Reconciliation of gold Mineral Resource (gold content Moz)
as at 31 December 2020
Previous year
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Africa Region
Kibali
7.72
(0.51)
0.59
(0.04)
(0.09)
(0.04)
Iduapriem
6.17
(0.32)
0.80
(0.31)
0.28
0.06
Obuasi
31.04
(0.16)
(0.01)
(1.98)
1.47
(1.45)
0.60
Siguiri
5.70
(0.25)
0.32
1.22
(0.02)
Sadiola
3.18
0.00
0.14
Geita
6.64
(0.60)
1.79
0.40
0.19
(0.47)
(0.02)
Total
60.44
(1.83)
3.50
(1.93)
3.31
(2.02)
0.57
South Africa Region
Vaal River Surface
2.62
(0.13)
Mine Waste Solutions
2.15
(0.07)
West Wits Surface
0.57
(0.04)
Mponeng
45.81
(0.17)
Total
51.15
(0.40)
Americas Region
Cerro Vanguardia
2.81
(0.15)
0.20
0.00
0.19
0.39
(0.11)
AGA Mineração
10.45
(0.45)
0.65
(0.68)
0.40
0.34
(0.04)
(0.08)
(0.05)
Serra Grande
3.21
(0.14)
0.48
(0.14)
0.07
0.20
Gramalote
3.07
La Colosa
28.33
Quebradona
7.13
Total
55.01
(0.74)
1.32
(0.82)
0.67
0.92
(0.04)
(0.08)
(0.16)
Australia Region
Sunrise Dam
4.07
(0.34)
0.47
(0.31)
0.23
Butcher Well
0.27
Tropicana
4.91
(0.37)
0.02
0.38
0.45
(0.05)
Total
8.98
(0.71)
0.76
0.07
0.69
(0.05)
Grand Total
175.59
(3.68)
5.59
(2.68)
4.67
(1.15)
(0.04)
(0.08)
0.41
Reconciliation of copper Mineral Resource (copper content Mlb)
as at 31 December 2020
Previous year
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Americas Region
Quebradona
9,677
Total
9,677
Grand Total
9,677
14
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GROUP OVERVIEW CONTINUED
Acquisition/
disposal
Current year
Net diff
% Comments
7.63
(0.09)
(1)
Exploration additions at Megi-Marakeke-Sayi, Pamao and Aerodrome, KCD (Karagba, Chauffeur, and Durba)
offset the combined impacts of depletion and cost (increase in cut-off grades with inclusion of sustaining
capital and the royalty increase from 4.5 to 4.7%).
6.68
0.51
8
Significant ounce gain due to Mineral Resource shell adjustment resulting from the change in Mineral
Resource gold price from US$1,400/oz to US$1,500/oz.
29.52
(1.52)
(5)
Changes were mainly a result of depletion (active mining from Sansu and Block 8), model changes (due to
drilling and interpretation changes), economics (gold price and cost increases) and other factors such as
additional areas that were reduced due to the Mineable Shape Optimiser (MSO) process.
6.96
1.27
22
Gains from exploration and the increase in gold price offset depletion.
(3.32)
(3.18)
(100)
A minor ounce increase occurred due to the increased Mineral Resource gold price. Sadiola Mine was sold
to Allied Gold on 30 December 2020.
7.92
1.29
19
Both the underground and surface mining areas gained Mineral Resource due to exploration which offset
depletion. Upgrades to the Mineral Resource categories also occurred.
(3.32)
58.72
(1.72)
(3)
(2.50)
(2.62)
(100)
Vaal River Surface was sold as of 30 September 2020 to Harmony Gold Mining Company Limited.
Depletions stated for the operation are up to and including 30 September 2020.
(2.08)
(2.15)
(100)
Mine Waste Solutions was sold as of 30 September 2020 to Harmony Gold Mining Company Limited.
Depletions stated for the operation are up to and including 30 September 2020.
(0.53)
(0.57)
(100)
West Wits Surface was sold as of 30 September 2020 to Harmony Gold Mining Company Limited.
Depletions stated for the operation are up to and including 30 September 2020.
(45.65)
(45.81)
(100)
Mponeng Mine was sold as of 30 September 2020 to Harmony Gold Mining Company Limited. Depletions
stated for the operation are up to and including 30 September 2020.
(50.76)
(51.15)
(100)
3.33
0.52
19
Exploration gains, the increase in Mineral Resource gold price and fluctuations in the exchange rate
offset depletion.
10.54
0.09
1
A loss of Mineral Resource occurred due to a revision of the classification requirements and modified
parameters for the mineable Mineral Resource constraining shape. Exploration gains and the increase in
Mineral Resource gold price helped offset this.
3.69
0.48
15
A reviewed interpretation of Mina III underground and open pit added approximately 250koz of gold, more
than offsetting depletion. Mining at Palmeiras Sul changed from underground to open pit.
(0.06)
3.01
(0.06)
(2)
The Mineral Resource did not materially change from the last reporting period. The Mineral Resource price
was kept at US$1,400/oz. Attributable percentage changed from 51% to 50%. Drilling which occurred in
2020 will be captured in an updated Mineral Resource which is expected early in 2021.
28.33
No changes compared to 2019.
7.13
No changes compared to 2019.
(0.06)
56.04
1.03
2
4.11
0.05
1
Exploration gains and the Mineral Resource gold price increase balanced the losses due to depletion,
Mineral Resource limiting shape changes and sterilisation.
0.27
0.27
100
Maiden Mineral Resource for Butcher Well project.
5.35
0.43
9
The Mineral Resource increase was mainly driven by higher Mineral Resource gold price, methodology
changes to the stope definition process in the Mineral Resource limiting shape, and minor increases due to
exploration additions resulting from conversion drilling. These changes offset depletion in the open pit and
underground operations.
9.73
0.75
8
(54.14)
124.50
(51.09)
(29)
Acquisition/
disposal
Current year
Net diff
% Comments
9,677
No changes compared to 2019.
9,677
9,677
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
GROUP OVERVIEW CONTINUED
Reconciliation of gold Ore Reserve (gold content Moz)
as at 31 December 2020
Previous year
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Africa Region
Kibali
4.16
(0.40)
0.21
0.08
0.00
Iduapriem
1.80
(0.34)
0.10
0.17
0.12
Obuasi
7.12
(0.16)
1.71
0.15
(0.09)
Siguiri
1.76
(0.24)
0.30
0.09
0.09
0.04
(0.06)
(0.07)
Sadiola
1.58
0.00
Geita
1.51
(0.62)
1.39
0.19
(0.00)
Total
17.93
(1.75)
3.60
0.18
0.49
0.14
(0.00)
(0.06)
0.05
South Africa Region
Vaal River Surface
2.17
(0.11)
Mine Waste Solutions
1.93
(0.07)
West Wits Surface
0.27
(0.04)
Mponeng
11.10
(0.15)
Total
15.47
(0.36)
Americas Region
Cerro Vanguardia
0.77
(0.15)
0.09
0.08
0.03
0.09
(0.03)
AGA Mineração
1.76
(0.43)
0.34
(0.03)
0.07
(0.01)
(0.00)
(0.00)
0.09
Serra Grande
0.41
(0.14)
0.03
0.12
0.05
0.10
0.06
Gramalote
1.76
Quebradona
2.53
(0.04)
Total
7.22
(0.71)
0.45
0.16
0.15
0.18
0.03
(0.00)
0.05
Australia Region
Sunrise Dam
1.10
(0.26)
0.19
0.02
0.04
0.02
0.02
0.02
Tropicana
2.12
(0.33)
(0.07)
(0.01)
0.15
(0.17)
0.02
(0.01)
0.19
Total
3.22
(0.59)
0.11
0.00
0.20
(0.16)
0.02
0.01
0.21
Grand Total
43.86
(3.42)
4.17
0.35
0.84
0.17
0.05
(0.05)
0.31
Reconciliation of copper Ore Reserve (copper content Mlb)
as at 31 December 2020
Previous year
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Americas Region
Quebradona
3,068
37
Total
3,068
37
Grand Total
3,068
37
16
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GROUP OVERVIEW CONTINUED
Other
Acquisition/
disposal
Current year
Net diff
% Comments
0.20
4.25
0.09
2
Exploration additions partially countered the depletion.
0.06
1.91
0.11
6
The increase in Ore Reserve was primarily due to the increased Ore Reserve price and some
operational improvements which overcame the depletion.
0.01
8.73
1.61
23
The significant contributing factors to the increase in Ore Reserve were block model updates
based on new drilling and the gold price. These factors impacted positively.
(0.02)
1.89
0.13
7
The change in Ore Reserve was due to exploration success which was partially countered
by depletion.
(1.58)
(1.58)
(100)
Sadiola Mine was sold to Allied Gold on 30 December 2020.
(0.13)
2.34
0.82
55
The increase in Ore Reserve was primarily due to the exploration success at Nyamulilima and
the completion of an economic study to start up this new open pit.
0.11
(1.58)
19.12
1.18
7
(2.07)
(2.17)
(100)
Vaal River Surface was sold as of 30 September 2020 to Harmony Gold Mining Company
Limited. Depletions stated for the operation are up to and including 30 September 2020.
(1.87)
(1.93)
(100)
Mine Waste Solutions was sold as of 30 September 2020 to Harmony Gold Mining Company
Limited. Depletions stated for the operation are up to and including 30 September 2020.
(0.23)
(0.27)
(100)
West Wits Surface was sold as of 30 September 2020 to Harmony Gold Mining Company
Limited. Depletions stated for the operation are up to and including 30 September 2020.
(10.95)
(11.10)
(100)
Mponeng Mine was sold as of 30 September 2020 to Harmony Gold Mining Company Limited.
Depletions stated for the operation are up to and including 30 September 2020.
(15.11)
(15.47)
(100)
0.07
0.95
0.19
24
The Ore Reserve increased due to contributions from exploration, methodology, price and cost
which were countered by geotechnical changes and depletions.
(0.05)
1.73
(0.03)
(2)
Increase in Ore Reserve was due to gold price and exploration. This was offset by losses due to
change in Mineral Resource. Modifying factors have been updated to align with historical data.
0.63
0.22
53
Ore Reserve increased due to changes in exchange rate, gold price and cost. Updates in the
Mineral Resource resulted in an increase in the Ore Reserve.
(0.03)
1.72
(0.03)
(2)
The Ore Reserve did not materially change from the last reporting period. The Ore Reserve
price was kept at US$1,100/oz. Attributable percentage changed from 51% to 50%.
2.49
(0.04)
(2)
There are no material changes to the Ore Reserve, optimisation of mining shapes resulted in the
minor change.
0.02
(0.03)
7.52
0.30
4
0.01
1.15
0.05
4
The underground Ore Reserve is based on the 2020 third quarter block model and mining
schedule aligned to the business plan for 2021.
1.89
(0.23)
(11)
The inclusion in the mine plan of incremental stopes at a lower cut-off grade and changes in
geotechnical assumptions have largely offset the previous year’s depletion.
0.01
3.04
(0.19)
(6)
0.14
(16.73)
29.67
(14.18)
(32)
Other
Acquisition/
disposal
Current year
Net diff
% Comments
3,105
37
1
There are no material changes to the Ore Reserve. Optimisation of mining shapes resulted in
the minor change.
3,105
37
1
3,105
37
1
AngloGold Ashanti Limited <R&R> 2020
17
Our Vision, Mission and Values / Contents / About this report / Group profile / Corporate governance / Year in review / > Group overview
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AngloGold Ashanti Limited <R&R> 2020
REGIONAL OVERVIEW
Africa
2
DRC
Tanzania
Ghana
Guinea
1
3
4
LEGEND:
1
Guinea Siguiri (85%)
2
Ghana Iduapriem / Obuasi
(1)
3
DRC Kibali (45%)
(2)
4
Tanzania Geita
Operation Project
Kibali
■ Iduapriem
Obuasi
Siguiri
Geita
Contribution to
regional production
(%)
39
17
8
13
23
Key statistics
Units
2020
2019
2018
Operational performance
Tonnes treated/milled
Mt
23.9
26.6
27.3
Recovered grade
oz/t
0.058
0.052
0.050
g/t
1.99
1.80
1.72
Gold production
000oz
1,603
1,538
1,512
Total cash costs
$/oz
757
759
773
All-in sustaining costs
$/oz
935
896
904
Capital expenditure
$m
397
410
313
57%
contribution to group production*
2,000km
0
Development drilling underground at Obuasi
(1)
Obuasi’s redevelopment project began in 2019
(2)
Kibali is operated by Barrick
*Group production excluding South African Operations
18
> Regional overview / DRC / Ghana / Guinea / Tanzania
background image
As at December 2020, the Mineral Resource (inclusive of
Ore Reserve) for the Africa region was 58.7Moz
(2019: 60.4Moz) and the Ore Reserve 19.1Moz (2019: 17.9Moz).
This is equivalent to 47% and 64% of the group’s Mineral Resource
and Ore Reserve respectively. Combined production from these
operations totalled 1.60Moz of gold in 2020, or 57% of group
production*.
AngloGold Ashanti has five mining operations within the Africa region:
Kibali in the DRC, a joint venture (JV) with Barrick and Société Minère
de Kilo-Moto (SOKIMO), the state-owned gold mining company
Iduapriem in Ghana
Obuasi in Ghana
Siguiri in Guinea
Geita in Tanzania
Mining is from both open pit and underground, with Obuasi
being an underground mine, Iduapriem and Siguiri being open pit
mines, and Kibali and Geita being a combination of open pit and
underground mines.
Africa
Rest of AngloGold Ashanti
Contribution to group
Mineral Resource
(Moz)
65.8
58.7
Africa
Rest of AngloGold Ashanti
Contribution to group
Ore Reserve
(Moz)
10.6
19.1
Kibali
Geita
Iduapriem
Sadiola
Siguiri
Obuasi
0
5
10
15
20
25
30
35
3.2
0.0
6.2
6.7
5.7
7.0
7.7
7.6
6.6
7.9
31.0
29.5
Africa Mineral Resource
per operation/project (Moz)
Iduapriem
Kibali
Obuasi
Sadiola
Siguiri
Geita
0
2
4
6
8
10
1.6
0.0
1.8
1.9
1.8
1.9
1.5
2.3
4.2
4.3
7.1
8.7
Africa Ore Reserve
per operation/project (Moz)
2019
2020
2019
2020
REGIONAL OVERVIEW CONTINUED
Africa
PPortal entrance to the underground mine at Obuasi
*Group production excluding South African Operations
AngloGold Ashanti Limited <R&R> 2020
19
> Regional overview / DRC / Ghana / Guinea / Tanzania
background image
AngloGold Ashanti Limited <R&R> 2020
REGIONAL OVERVIEW CONTINUED
Africa
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Africa
Measured
64.74
2.96
191.50
6.16
Indicated
391.32
2.56
1,000.18
32.16
Inferred
193.07
3.29
634.82
20.41
Total
649.13
2.81
1,826.49
58.72
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Africa
Measured
13.29
2.82
37.49
1.21
Indicated
209.47
2.37
496.73
15.97
Inferred
186.53
3.36
626.44
20.14
Total
409.29
2.84
1,160.66
37.32
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Africa
Proved
34.34
1.73
59.45
1.91
Probable
179.04
2.99
535.10
17.20
Total
213.38
2.79
594.55
19.12
View of the processing plant at Obuasi
20
> Regional overview / DRC / Ghana / Guinea / Tanzania
background image
DEMOCRATIC REPUBLIC OF THE CONGO
Africa
DRC
Kisangani
Lubumbashi
Bunia
Kinshasa
1
LEGEND:
1
Kibali (45%)
(1)
(1)
Kibali is operated by Barrick
Operation
Kibali, one of the largest mines of its kind in Africa, is
situated in the DRC, adjacent to the town of Doko and 210km
from Arua on the Ugandan border. Kibali is co-owned by
AngloGold Ashanti (45%), Barrick (45%) following its merger
with Randgold Resources Limited, and SOKIMO (10%), a
state-owned gold mining company.
The consolidated lease is made up of 10 mining concessions. The
metallurgical plant comprises a twin-circuit sulphide and oxide plant
with conventional carbon-in-leach (CIL), including gravity recovery
as well as a float and ultra-fine grind circuit.
Exclusive Mineral Resource
Ore Reserve
Inclusive Mineral Resource
2.4Moz
(31%)
Measured
4.6Moz
(60%)
Indicated
0.7Moz
(9%)
Inferred
0.4Moz
(16%)
Measured
1.6Moz
(59%)
Indicated
0.7Moz
(25%)
Inferred
3.0Moz
(70%)
Probable
1.3Moz
(30%)
Proved
Barrick operates the mine which comprises both open pit and
underground operations.
Attributable production from the DRC was 364koz of gold in 2020,
or 23% of the region’s production.
As at December 2020, the Mineral Resource (inclusive of
Ore Reserve) for the DRC was 7.6Moz (2019: 7.7Moz) and the
Ore Reserve was 4.2Moz (2019: 4.2Moz).
300km
0
View of ball mill at the processing plant at Kibali
AngloGold Ashanti Limited <R&R> 2020
21
Regional overview / > DRC / Ghana / Guinea / Tanzania
background image
AngloGold Ashanti Limited <R&R> 2020
KIBALI
Africa
Introduction
Property description
Operations currently focus on open pit and underground mining. Mining of the KCD open pit operation
commenced in July 2012. Development of the underground mine commenced in 2013 and production
ramped up to 3.8Mt in 2020. Initial production was via a twin decline from surface however, from 2018
onwards, the majority of ore was hoisted up the shaft. The decline is used to haul some of the shallower
zones and to supplement shaft haulage.
Location
Kibali is located in the northeastern part of the DRC near the international borders with Uganda and South
Sudan. The mine is located adjacent to the village of Doko, which is located to the west of the lease area.
Kibali is approximately 210km by road from Arua and immediately north of the district capital of Watsa.
The operational area falls within the administrative territory of Watsa in Haut-Uele province.
History
On 15 October 2009, AngloGold Ashanti acquired a 50% indirect interest in Moto Goldmines Limited through
a JV with Randgold, with Moto holding a 70% stake in Kibali and the balance (30%) being held by the DRC
parastatal, SOKIMO. On 21 December 2009, Randgold and AngloGold Ashanti increased their JV interest
in Kibali to 90%, while SOKIMO retained a 10% holding. On 2 January 2019, Randgold merged with Barrick
and their portion of the JV is now with the combined company, trading as Barrick. The first gold was poured
in September 2013 from the open pit operations and development of the underground mine commenced in
the same year.
First underground ore from development was also mined in 2013 and stoping began in 2015. Underground
production has continued to ramp up to 1.8Mt in 2017, 3.5Mt in 2018, 3.6Mt in 2019, and 3.8Mt in 2020.
Initial production was truck hauled by a twin decline to surface. In 2017, the haulage shaft (740m deep) and
materials handling system were commissioned.
Legal aspects and tenure
The Mineral Resource and Ore Reserve is covered by exploitation permits (11447, 11467, 11468,11469,
11470, 11471, 11472, 5052, 5073, and 5088) totalling 1,836km2
. Kibali was granted 10 exploitation permits
under the DRC mining code, seven of which are valid until 2029, and three are valid until 2030. All necessary
government agreements and approvals required for the mine are in place.
Mining method
The operation comprises both open pit and underground mining. The open pit Ore Reserve shell
optimisations are conducted on the Mineral Resource models. Detailed mine designs are then completed for
open pit mining. This incorporates the mining layout, operating factors, stripping ratio, relevant cut-off grades,
and modifying factors required for the reporting of the Ore Reserve.
For the underground operation, longitudinal and transverse longitudinal stoping methods with paste backfill
are used as the mining methods.
Operational infrastructure
The mine site is located within 160km of the border with Uganda and all transport links take place through
Uganda to Kenya or Tanzania. Surface infrastructure associated with the overall Kibali operation includes a
processing plant, tailings storage facility (TSF), camp, airstrip, workshops and offices. Power to the mine is
self-generated by a combination of hydroelectric and diesel generators.
Mineral processing
The current processing plant can treat both oxide and fresh sulphide material and uses flotation with
ultra-fine grind of the flotation concentrate, a treatment that is required for the sulphide ore type before
leaching. Kibali has a processing operation capable of producing an average of 600koz of gold per annum
by treating 7.2Mtpa throughput.
Risks
There are no known material risks that will impact on the Mineral Resource and Ore Reserve.
Open pit mining activities at Kibali
22
Regional overview / > DRC / Ghana / Guinea / Tanzania
background image
Map showing Kibali Gold Mine infrastructure and licences, with the total mining lease area insert shown in
the top right corner
0
10
20km
Licences
Mining
Mine Infrastructure
Pits
Plant
Stockpiles
TSF
Waste dumps
Underground workings
Settlements
Towns
Villages
Roads
Main
Secondary
Airfield
Insert
Total mining lease area
Map zoomed in area
0
1
2
3km
Plant centroid co-ordinates
3°6’50”N, 29°35’31”E
Insert: Total mining lease area
KIBALI CONTINUED
Africa
AngloGold Ashanti Limited <R&R> 2020
23
Regional overview / > DRC / Ghana / Guinea / Tanzania
background image
AngloGold Ashanti Limited <R&R> 2020
KIBALI CONTINUED
Africa
NW-SE Geological cross-section through the KCD orebody,
elevation in metres above mean sea level (AMSL)
Geology
Deposit type
Deposits of the Kibali district are located in the Archaean Moto
Greenstone Belt bounded to the north by the West Nile Gneiss
and to the south by plutonic rocks of the Watsa district. The
belt comprises three lithostratigraphically distinct blocks. The
eastern portion of the belt comprises of psammopelitic schists,
amphibolite, banded iron formation (BIF), and gneissic granitoid sills
metamorphosed under upper greenschist to low-mid-amphibolite
facies conditions. Relative weakly foliated basalts, cherts,
siliciclastic rocks, dacitic volcanoclastic rocks, and carbonaceous
argillite metamorphosed under mid-to-upper greenschist facies
conditions comprise the central and western-most parts of the
belt. Granitoid plutons, aged ca. 2,460Ma, intrude these rocks.
A thick package of immature sandstone, gritstone, conglomerate,
and probably acid tuffs forms much of the western part of the belt,
including the host rocks to KCD, the largest deposit discovered to
date within the belt. Radiometric dating indicates these siliciclastic
rocks were deposited during a belt-wide basin extension event
between ca. 2,629Ma and 2,626Ma with much of the detritus
derived from adjacent older parts of the belt.
Boundaries between these lithostratigraphic blocks represent
important exploration targets.
The main Kibali deposit consists of a combination of the KCD
deposits. Currently, only the KCD deposits host an underground
Ore Reserve and this constitutes 76% of the total Kibali Ore
Reserve.
Mineralisation style
Gold deposits of the Kibali district are classified as Archaean
orogenic gold deposits. At Kibali, the gold deposits are
largely hosted in siliciclastic rocks, BIF and chert that were
metamorphosed under greenschist facies conditions. Ore-forming
H
2
O-CO
2
-rich fluids migrated along a linked network of gently
northeast-dipping shears and northeast to north-northeast plunging
fold axes that are commonly referred to as the KZ Trend. The richly
mineralised KZ Trend appears to have initiated as an extensional fault
system along the boundary between the relatively young basin in the
western part of the belt and older rocks to the east. Mineralisation
occurred during the later stages of subsequent regional contractional
deformation which resulted in inversion of the basin and the
development of reverse faults and folds. Ongoing deformation during
hydrothermal activity resulted in the development of lodes in a variety
of related structural settings within the KZ Trend. The source(s)
of metal and fluids, which formed the deposits remain unknown,
but metamorphic devolatilisation reactions within the supracrustal
rocks of the Moto Greenstone Belt and deeper fluid and metal
sources may have contributed.
Mineralisation characteristics
Gold deposits of the Kibali district
are associated with halos of
quartz, ankerite, and sericite
(ACSA-A alteration) that extend
for 10s to 100s of metres into the
adjacent rocks. This widespread
ACSA-A alteration assemblage is
superimposed on older greenschist
facies metamorphic assemblages.
Locally, in the vicinity of the main
mineralised zones, ACSA-A
alteration is overprinted by
ankerite-siderite pyrite alteration
(ACSA-B) that hosts the ore. Gold is
directly associated with the ACSA-B
alteration assemblage. In smaller
peripheral deposits a late chlorite,
carbonate, pyrite assemblage is
associated with the ore rather than
the ACSA-B assemblage, implying
a district-wide zonation of mineral
assemblages along and across the
mineralised KZ Trend. Zones of
auriferous ACSA-B alteration are
commonly developed along the
margins of BIF, or contacts between
chert, carbonaceous phyllite, and
BIF. Mineralised rocks in the Kibali
district typically lack significant
infill quartz rich veins, unlike many
other orogenic gold deposits. Gold
is instead associated with pyrite in
zones of alteration that replaced
100m
24
Regional overview / > DRC / Ghana / Guinea / Tanzania
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KIBALI CONTINUED
Africa
the earlier mineralogy of the host rocks. Local remobilisation
and upgrading of ACSA-B related ore occurred adjacent to the
margins of some post-ore cross-cutting chlorite, carbonate, pyrite,
magnetite-altered diorite dykes.
The location of the individual lodes within the KCD deposit are
intimately controlled by the position, shape, and orientation of
a series of gently northeast-plunging tight to isoclinal folds. The
ACSA-A alteration developed during the formation of these folds,
and the sericite foliation which is an integral part of the ACSA-A
assemblage formed parallel to their axial planes. Zones of later
auriferous ACSA-B alteration developed along the axes, limbs,
and more rarely the axial planes of these folds, locally wrapping
around the hinges of the folds to form elongate northeast-plunging
concave-shaped rods. ACSA-B alteration is also commonly
focused along the margins of more extensive BIFs, indicating a
stratigraphic as well as structural control to the distribution of
ore, both within KCD, and the wider KZ Trend. Shear zones that
were active during folding are a third key structural control on the
location of ore within KCD and the wider KZ Trend.
At KCD a folded carbonaceous shear in the core of the deposit
juxtaposes stratigraphically distinct blocks. The 3000 lodes above
this shear are hosted by locally ferruginous cherts, carbonaceous
argillites, and minor greywacke, whereas the 5000 and 9000
lodes below are hosted by siliciclastic rocks and BIF. Fold shapes
and wavelength differ between the two blocks reflecting their
different rheologies during folding, and this is reflected in the scale,
shape, and continuity of lodes in each block. At Pakaka and
Kalimva-Ikamva chlorite, carbonate, pyrrhotite, pyrite-altered shear
zones rather than folds are the principal controls of gold distribution.
Exploration
During 2020, KCD was the centre of exploration activities with
continued underground Mineral Resource definition of the 9000 lode.
Continued Mineral Resource definition drilling in KCD underground
added 1.03Moz of total Mineral Resource to Kibali.
At Megi-Marakeke-Sayi a prefeasibility study (PFS) was successfully
completed, adding a new open pit Proved and Probable Ore
Reserve, and extending the Kibali open pit life to 2032. For a
second successive year Kibali more than replaced depletion of the
Ore Reserve. This has enabled the updated life of mine (LOM) plan
to increase the utilisation of the installed plant capacity, with an
average annual throughput of 7Mt and annual gold production in
excess of 750koz sustained through to 2030.
Projects
At the end of 2020, Kibali delivered a third successive year of
greater than 800kozpa total gold production, as an increased
and stable plant performance was backed up with a record
underground ore production of 3,791kt.
In 2020, Kibali in conjunction with Tractafric successfully
commissioned a grid stabiliser system consisting of five battery
modules, capable of injecting 9MW into the power grid to offset
high-cost diesel-generated power. The system is charged by
hydropower from the three hydro stations and is currently configured
as a spinning reserve to supply the required power to the shaft
winder on demand, and absorb, or supply power during an
emergency condition. In 2021 the system is being developed and
configured to supply both reactive, and active power, which will
further reduce the project power demand from the diesel generators.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Type of drilling
Category
Spacing m (-x-)
Diamond
RC
Blasthole
Channel
Other
Measured
5 x 10, 10 x 25
Indicated
30 x 40, 40 x 40
Inferred
80 x 80
Grade/ore control
5 x 10, 10 x 25
Paste plant at Kibali
AngloGold Ashanti Limited <R&R> 2020
25
Regional overview / > DRC / Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
KIBALI CONTINUED
Africa
Estimation
Mineral Resource estimation is undertaken by Barrick in-house
Competent Persons or by approved external consultants. The
results of both diamond drilling (DD) and reverse circulation
(RC) drilling are used in the estimation process. 3D mineralised
envelopes are established using grade and geology, and these are
then statistically verified to confirm their validity for use in grade
estimation. Appropriate domaining of homogeneous zones is
conducted whereby high-grade central core areas are modelled
separately from the lower-grade surrounding halos. Volumes are
filled with block model cells and interpolated for density, rock type
Kibali
Surface (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average grade
above cut-off (g/t)
0
2
4
6
10
1
3
5
7
8
9
40
35
30
25
20
15
10
5
0
15
13
11
9
7
5
3
1
Tonnes above cut-off
Average grade above cut-off
Kibali
Underground (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average grade above cut-off (g/t)
0
1
2
3
4
5
6
7
8
9
10
43
38
33
28
23
18
13
8
3
14
12
10
8
6
4
Tonnes above cut-off
Average grade above cut-off
Grade tonnage curves
and grade; the latter using ordinary kriging. Grade top cuts and
restricted searches are applied to drill hole data to prevent the
spread of high-grades during the estimation process. Drill hole
spacing is used to guide the Mineral Resource classification. The
open pit Mineral Resource is quoted within a limiting shell. The
underground Mineral Resource is constrained by the application
of optimised mineable Mineral Resource shapes, which applies
reasonable mineability constraints including a minimum mining
width, a reasonable distance from current or planned development,
and a measure of assumed profitability at the related Mineral
Resource cut-off grade.
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Open pit
Measured
4.64
2.76
12.81
0.41
Indicated
19.44
2.25
43.75
1.41
Inferred
2.41
2.26
5.44
0.18
Total
26.48
2.34
62.00
1.99
Underground
Measured
12.58
4.85
61.05
1.96
Indicated
24.50
4.00
97.98
3.15
Inferred
5.08
3.04
15.45
0.50
Total
42.16
4.14
174.48
5.61
Stockpile
Measured
0.65
1.50
0.98
0.03
Indicated
Inferred
Total
0.65
1.50
0.98
0.03
Kibali
Total
69.30
3.43
237.46
7.63
26
Regional overview / > DRC / Ghana / Guinea / Tanzania
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KIBALI CONTINUED
Africa
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Kibali
Measured
3.60
3.62
13.04
0.42
Indicated
17.65
2.76
48.64
1.56
Inferred
7.49
2.79
20.89
0.67
Total
28.75
2.87
82.57
2.65
0
1
2
3
4
5
6
7
8
9
0.00
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2020
Kibali
Total (Moz)
0.00
(0.04)
(0.04)
(0.51)
0.59
(0.09)
7.72
0.00
7.63
Ounces (millions)
Year-on-year changes in Mineral Resource
Exploration changes (additional ounces from exploration drilling campaigns) offset the impact of depletion, but overall the Mineral Resource
is slightly down as a result of the removal of unrecoverable blocks from underground (reported as other).
Inclusive Mineral Resource sensitivity
1,300
1,500
1,700
Percentage change
10
5
0
-5
-10
-15
-20
Kibali
Percentage change
Mineral Resource price ($/oz)
Tonnes Ounces
Grade
The Kibali Mineral Resource is quoted at US$1,500/oz
(used by Barrick, the operating partner). The Kibali
Mineral Resource is very sensitive to a significant
decrease in gold price for both open pit and
underground, but less sensitive to an increase in gold
price. This is due to the geological constraints placed
on the high-grade underground mineralisation which
leaves a lower-grade surrounding margin that only
becomes mineable at materially higher gold prices.
The exclusive Mineral Resource for the open pits largely comprises Inferred Mineral Resource and tonnages that occur below the Ore
Reserve cut-off grade (due to gold price difference). At the KCD deposit, it is also partially due to the selection of a fixed interface between
open pit and underground mining areas. Both the open pit and underground Mineral Resource below the Ore Reserve mining cut-off grade
form a significant part of this material.
AngloGold Ashanti Limited <R&R> 2020
27
Regional overview / > DRC / Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
KIBALI CONTINUED
Africa
Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Open pit
Proved
2.72
2.96
8.07
0.26
Probable
10.88
2.40
26.16
0.84
Total
13.61
2.52
34.23
1.10
Underground
Proved
5.74
5.32
30.53
0.98
Probable
14.40
4.61
66.35
2.13
Total
20.14
4.81
96.88
3.11
Stockpile
Proved
0.65
1.50
0.98
0.03
Probable
Total
0.65
1.50
0.98
0.03
Kibali
Total
34.41
3.84
132.09
4.25
Estimation
The open pit Ore Reserve shell optimisations were run on the Mineral Resource models. The process incorporated the mining layout,
operating factors, stripping ratio, relevant cut-off grades and modifying factors for reporting the Ore Reserve. An open pit underground
interface was set at 5,685mRL between the KCD open pit and underground mine.
A cut-off grade analysis at US$1,200/oz was used to determine a cut-off grade of 2.09g/t for the underground mine. Longitudinal and
transverse longhole open stoping methods with paste backfill are the current preferred mining methods. Underground stope designs were
updated from the previously reported Ore Reserve using the latest Mineral Resource models. Modifying factors for planned and unplanned
rock dilution, backfill dilution and ore loss were applied to obtain the reported Ore Reserve.
Metallurgical, environmental, social, legal, marketing and economic factors were adequately considered in the Kibali FS and have been
updated as the project has developed.
Ore Reserve modifying factors
as at 31 December 2020
Gold price
US$/oz
Cut-off
grade
g/t Au
Stoping
width
cm
Dilution
%
Dilution
g/t
MRF
(% based
on tonnes)
MCF
%
MetRF
%
Open pit
1,200
1.11
10.0
97.0
100.0
84.5
Underground
1,200
2.09
2,000
4.0
1.0
90.0
100.0
89.8
Stockpile
1,200
0.54
100.0
86.8
Inferred Mineral Resource in annual Ore Reserve design
Tonnes
Grade
Contained gold
as at 31 December 2020
million
g/t
tonnes
Moz
Open pit
2.49
2.41
5.99
0.19
Underground
2.21
4.80
10.61
0.34
Total
4.70
3.53
16.60
0.53
With appropriate caution, a portion of the Inferred Mineral Resource was included
in the business plan during the optimisation process. The updated business plan
contains a total of 11% of Inferred Mineral Resource (on an ounce basis), which
is predominantly scheduled from 2031 onwards. All Inferred Mineral Resource
included in the business plan has had modifying factors applied to the Mineral
Resource and is planned to be mostly converted into Ore Reserve by the end of
2021. The added Inferred Mineral Resource is primarily from the Pamao South pit
and KCD underground, with a small addition from the KCD pushback.
The current mine plan has no reliance on the Inferred Mineral Resource to
support the economic viability of the project at the declared Ore Reserve gold
price of US$1,200/oz.
Overlooking the crushing circuit
28
Regional overview / > DRC / Ghana / Guinea / Tanzania
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KIBALI CONTINUED
Africa
2.5
3.0
3.5
4.0
4.5
5.0
0.00
0.00
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2020
Kibali
Total (Moz)
0.08
0.00
0.20
(0.40)
0.21
0.00
4.16
0.00
4.25
Ounces (millions)
Year-on-year changes in Ore Reserve
Mining depletion was more than offset by significant exploration changes (conversion of Inferred Mineral Resource to higher confidence
categories) and subsequent inclusion in Ore Reserve based on study outcomes. The Other reconciliation item for Ore Reserve relates to
the addition of Megi-Marakeke-Sayi, after successful completion of a PFS, adding a new open pit Proved and Probable Ore Reserve, and
extending the Kibali open pit life to 2032. The application of a higher gold price (US$1,200/oz) on selected small open pits resulted in a
small increase in the Ore Reserve.
Ore Reserve sensitivity
1,100
1,200
1,300
Percentage change
5
4
3
2
1
0
-1
-2
-3
-4
Kibali
Percentage change
Ore Reserve price ($/oz)
Tonnes Ounces
Grade
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
and Ore Reserve
Simon Bottoms
(1)
Geological Society of
London (FGS CGeol)
1 023 769
11 years
MGeol
(1)
Employed by Barrick as SVP, Africa and Middle East Mineral Resource Manager, 3rd Floor, Unity Chambers, 28 Halkett Street, St. Helier, Jersey,
Channel Islands
The Kibali underground Ore Reserve is insensitive to
a small change in gold price because it is geologically
constrained, and the current Ore Reserve designs
effectively mine the entire high-grade shoots, with the
surrounding halo of mineralisation providing dilution.
The open pit Ore Reserve has a limited sensitivity
due to data constraints within the higher confidence
Measured and Indicated Mineral Resource.
A US$1,200/oz Ore Reserve price was used.
AngloGold Ashanti Limited <R&R> 2020
29
Regional overview / > DRC / Ghana / Guinea / Tanzania
background image
AngloGold Ashanti Limited <R&R> 2020
GHANA
Africa
Bolgatanga
GHANA
Tamale
Kumasi
Accra
Tarkwa
Skondi Takoradi
1
2
LEGEND:
1
Obuasi
(1)
2
Iduapriem
Operation
Project
AngloGold Ashanti has two mines in Ghana. Obuasi, currently
in a redevelopment phase, is an underground mine operating
at depths of up to 1,500m with a continuous history of mining
dating back to the 1890s and Iduapriem, an open pit mine.
Obuasi underground development restarted in the first half of 2019,
with the first gold produced in December 2019.
Obuasi and Iduapriem are both wholly owned by AngloGold
Ashanti. Obuasi is located in the Ashanti region of southern Ghana,
approximately 80km south of Kumasi. Mining was temporarily
Exclusive Mineral Resource
Ore Reserve
Inclusive Mineral Resource
2.4Moz
(7%)
Measured
19.9Moz
(55%)
Indicated
13.8Moz
(38%)
Inferred
0.7Moz
(3%)
Measured
10.2Moz
(42%)
Indicated
13.6Moz
(55%)
Inferred
10.4Moz
(97%)
Probable
0.3Moz
(3%)
Proved
suspended at the end of 2014 while a series of economic studies
progressed. Iduapriem is located in western Ghana, some 85km
from the coast and south of Obuasi, near the town of Tarkwa.
Attributable production from Ghana was 402koz of gold in 2020,
or 25% of the region’s production.
As at December 2020, the Mineral Resource (inclusive of Ore
Reserve) for Ghana was 36.2Moz (2019: 37.2Moz) and the Ore
Reserve was 10.6Moz (2019: 8.9Moz).
Underground drilling at Obuasi
150km
0
(1)
Obuasi’s redevelopment project began in 2019
30
Regional overview / DRC / > Ghana / Guinea / Tanzania
background image
Mining of Blocks 7 and 8 - Cut 2 at Iduapriem
GHANA CONTINUED
Africa
AngloGold Ashanti Limited <R&R> 2020
31
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
IDUAPRIEM
Africa
Introduction
Property description
Iduapriem Mine is wholly owned by AngloGold Ashanti. It is a multiple open pit operation that currently
sources ore from the Block 3W, Ajopa, and Block 7 and 8 pits. More recently the Block 5 pit was re-instated
in the mining plan.
Location
The mine is located in the western region of Ghana, some 70km north of the coastal city of Takoradi and
approximately 10km southwest of the town of Tarkwa. Iduapriem Mine is bordered to the north by Gold Fields
Ghana Limited (Tarkwa Mine) and to the east by the Ghana Manganese Company Limited (a manganese
mine in existence since the 1920s).
History
A FS was completed in 1990 and in October 1991, the then owners, Golden Shamrock Limited (Golden
Shamrock) began construction of a 1.36Mtpa semi-autogenous milling circuit and carbon-in-pulp (CIP) plant.
Mining commenced in August 1992 with the first gold pour achieved in September of that year. Golden
Shamrock was acquired by Ashanti Goldfields Company Limited in 1996. In 2000, a portion of the
non-operational Teberebie Goldfields Limited company (a subsidiary of Pioneer Goldfields Limited) was
purchased resulting in an increased Ore Reserve and LOM. In 2002, Ashanti upgraded the plant capacity to
4Mtpa and in 2004 AngloGold merged with Ashanti to become AngloGold Ashanti. In 2009 the plant capacity
was further extended to the current 5.2Mtpa.
Legal aspects and tenure
Iduapriem comprises the following mining leases (all renewed in 2020):
• Iduapriem Concession LVB1539/89 covering 36.47km
2
• Ajopa Concession LVB/WR326/09 covering 46.12km
2
• Teberebie Concession LVB3722H/92 covering 28.98km
2
• Ajopa South West Concession covering 28.10km
2
The renewal of all four mining leases have been obtained and are valid until February 2035.
In light of above renewal, all environmental legislations are now compliant.
Mining method
Iduapriem Mine is an open pit operation which makes use of contract mining. It uses conventional drill and
blast, with truck and excavator load and haul.
Operational infrastructure
Surface infrastructure associated with Iduapriem’s operation includes a primary crusher, overland conveyor,
CIL processing plant next to the main office building, a TSF, and two camp areas for contractors and
company employees. The town of Tarkwa is also adjacent to the tenement. Power is supplied to the mine by
the Volta River Authority and Ghana Grid Company (GRIDCo).
Mineral processing
The current processing plant treats free-milling material from open-cast mining, by a conventional crush with
a semi-autogenous ball milling circuit and cyanide leach. Iduapriem operates a two stage crushing circuit
consisting of a 54-75 primary gyratory crusher and two GP 550 gyratory crushers for secondary crushing.
The Iduapriem treatment plant has two semi-auto geneous grinding mills (SAG mills) and two ball mills which
run in two parallel circuits, each with a SAG mill and a ball mill.
Risks
Power reliability, slope/high wall stability (rockfall potential) and inrush/inundation (flooding of pits, TSFs and
infrastructure) are considered potential risks. Mitigation plans are in place to manage these risks. The future
lower mining cost is a risk going forward if not realised, however there is a realistic expectation it will be
achieved through competitive bidding.
Geology
Iduapriem Mine is located within the Tarkwaian Group which forms
part of the West African Craton that is covered, to a large extent,
by metavolcanics and metasediments of the Birimian Supergroup.
In Ghana, the Birimian terrane consists of northeast-southwest
trending volcanic belts separated by basins, and the Tarkwaian
Group was deposited in these basins as shallow water deltaic
sediments. The Tarkwaian lithologies are considered to represent
the erosion products that accumulated following uplift and
deformation of the underlying Birimian rocks during the Eburnean
orogeny. The basins (grabens) are believed to have formed as a
result of rifting, preferentially in the central parts of the Birimian
volcanic belts. The Tarkwaian Group consists of a thick sequence
of clastic metasedimentary rocks which have undergone low-grade
regional metamorphism.
Deposit type
At Tarkwa, the entire Tarkwaian Group has been folded into a
broad syncline and is locally referred to as the Tarkwa Syncline.
The Banket Series Formation comprises a sequence of
individual quartz pebble conglomerates (Banket beds), breccia
conglomerates and metasandstones (also called quartzites and
grits). All known gold mineralisation within the Banket Formation
is associated with the conglomerates and it is found within the
matrix that binds the pebbles together. Gold content is a function
of the size and amount (packing) of quartz pebbles present within
a conglomeratic unit – the bigger and/or more pebbles present,
the higher the gold grade. The upper stratigraphic limit of the
Banket Series Formation is marked by the hangingwall quartzite
which exhibits well-developed and characteristic trough- and
cross-bedded haematitic black sand banding. The hangingwall
32
Regional overview / DRC / > Ghana / Guinea / Tanzania
background image
Map showing Iduapriem Mine infrastructure and licence boundaries, with the total mining lease area insert
shown in the top right corner
0
1
2
3km
Plant centroid co-ordinates
5°14’44”N, 2°02’38”W
Insert: Total mining lease area
0
2
4km
Licences
Mining
Mine Infrastructure
Pits
Plant
ROM pad
Crusher
Stockpiles
Leach pad
TSF
Waste dumps
Settlements
Towns
Villages
Roads
Main
Secondary
Insert
Total mining lease area
Map zoomed in area
IDUAPRIEM CONTINUED
Africa
AngloGold Ashanti Limited <R&R> 2020
33
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
IDUAPRIEM CONTINUED
Africa
Exploration
At Iduapriem 47,025m were drilled comprising 38,628m (DD) and
8,397m (RC) by the end of December 2020. Exploration focused
on Mineral Resource conversion drilling at Block 1, Efuanta, Block
5 extension and Badukrom.
Regional mapping of the hydrothermal targets commenced during
the year as well as auger drilling at Mile 8 and Mile 5W targets.
At Block 1, the reef package observed confirms the stratigraphy
to be similar to that developed in Blocks 7 and 8. Significant
intersections were returned for samples submitted from all drill
holes. Sample results received from the lab showed significant
results in the B and C reefs, and thin widths of duplicated reef were
often surrounded by low-grade material.
At Efuanta phase 1 drilling was completed with C reef (6m thick)
and D reef (11m thick) being intersected. Gold mineralisation was
also intercepted at shallower depth within potassic altered
quartzite units.
In Block 5 extension, 944m of RC and 4,863m of DD were drilled
and significant intersections returned.
Regional mapping and drilling commenced with mapping of the
hydrothermal target areas where grab samples returned very low
gold grade. Detailed mapping was carried out and indicated that
the area is underlain with regolith with limited exposure to outcrops
for sampling. Auger drilling at Mile 8 target was completed.
Projects
No major exploration projects have recently been completed
however an 18-month exploration programme has been planned
at Iduapriem for the future. This includes mine-wide geochemical
sampling, Mineral Resource drilling at Block 1, Blocks 7 and 8,
Ajopa and Block 5 extension.
Geological section of Block 1, with Mineral Resource constraining pit shells
Legend
Mined out surface
Current topography
$1,500/oz shell
Drill hole trace Faulted conglomerate
quartzite also contains thin discontinuous grit interbeds. Dykes and
sills of doleritic composition intrude the sedimentary sequence and
frequently occur adjacent to complex structural zones.
Mineralisation style
There are four recognised conglomerate reefs namely A, B, C and
D which are equivalent to the Tarkwaian Sub-basal, Basal (or Main),
Middle (or West) and Breccia Reefs respectively. The B and C reefs
are oligomictic, and consist of well sorted conglomerates that
have been mined underground in some areas more than a century
ago. The A and D reefs have a lower gold tenor and are polymictic
containing both well rounded and angular fragments. Gold is
found within the matrix that binds the pebbles together. The
gold is fine-grained, particulate and free milling (i.e. not locked
up with quartz or iron oxides). Mineralogical studies indicate
that the grain size of native gold particles ranges between 2
and 500 microns (0.002 to 0.5mm) and averages 130 microns
(0.13mm). The thickness of the main mineralised B and C reefs are
approximately 15m and 6m respectively. The mineralised sequence
dips at angles varying from steep to sub-vertical, at Blocks 1 and 2,
to steep (70° to 80° north dipping) towards Block 3 East. The dip
continues to be shallower at Block 3 West (50°), through Blocks
4 and 5 (45°) to become 35° at Block 7 South and 30° at Block
8. At Ajopa, the average dip is 50° to 60°. At Blocks 7 and 8, the
western limb of the syncline extends over 4km on the property,
with the eastern limb reaching the surface just beyond the eastern
boundary of the concession. The western and the eastern limbs
outcrop approximately 4km apart with the mineralised horizons
buried some 400m below the surface at the centre of the syncline.
Mineralisation characteristics
The gold is fine-grained, free milling and not associated with
sulphides.
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Regional overview / DRC / > Ghana / Guinea / Tanzania
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IDUAPRIEM CONTINUED
Africa
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Type of drilling
Category
Spacing m (-x-)
Diamond
RC
Blasthole
Channel
Other
Measured
20 x 15
Indicated
50 x 75
Inferred
100 x 100
Grade/ore control
20 x 15
View of the crusher
“ Exploration focused on Mineral Resource conversion drilling at Block 1,
Efuanta, Block 5 extension and Badukrom.”
In general, 200 x 200m drill hole spacing is used to define the extent and geometry of an anomaly. The majority of the Mineral Resource
area has been drill tested at a spacing of a 100 x 100m with the spacing closed up to 50 x 75m for the shallower, Indicated Mineral
Resource.
The appropriate grid for each phase is optimised for each project based on the geometry of the mineralisation, the continuity of geology and
grade, and mining experience from the pits.
In some cases, the data spacing may be reduced where structural complexity is encountered. Apart from the major fault structures,
geological continuity is considered to be very good with the conglomerate reefs being laterally consistent and continuous.
AngloGold Ashanti Limited <R&R> 2020
35
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
IDUAPRIEM CONTINUED
Africa
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Ajopa
Measured
Indicated
5.33
1.53
8.15
0.26
Inferred
4.09
1.32
5.40
0.17
Total
9.42
1.44
13.56
0.44
Block 1
Measured
Indicated
7.60
1.80
13.72
0.44
Inferred
0.17
1.70
0.29
0.01
Total
7.77
1.80
14.00
0.45
Block 3W
Measured
5.36
0.97
5.20
0.17
Indicated
1.30
1.20
1.56
0.05
Inferred
5.58
1.14
6.36
0.20
Total
12.24
1.07
13.12
0.42
Block 5
Measured
Indicated
5.49
1.24
6.83
0.22
Inferred
6.05
1.29
7.79
0.25
Total
11.54
1.27
14.62
0.47
Blocks 7 and 8 (other)
Measured
0.22
1.15
0.25
0.01
Indicated
4.89
1.37
6.69
0.22
Inferred
9.48
1.56
14.83
0.48
Total
14.59
1.49
21.77
0.70
Blocks 7 and 8 East cutback
Measured
6.37
1.50
9.58
0.31
Indicated
56.99
1.56
88.84
2.86
Inferred
10.02
1.61
16.16
0.52
Total
73.37
1.56
114.58
3.68
Stockpile (full grade ore)
Measured
3.83
0.92
3.52
0.11
Indicated
Inferred
Total
3.83
0.92
3.52
0.11
Stockpile (other)
Measured
Indicated
10.80
0.57
6.16
0.20
Inferred
2.76
0.68
1.88
0.06
Total
13.56
0.59
8.03
0.26
Stockpile (marginal ore)
Measured
0.59
0.66
0.39
0.01
Indicated
6.23
0.67
4.17
0.13
Inferred
Total
6.82
0.67
4.56
0.15
Iduapriem
Total
153.14
1.36
207.77
6.68
Estimation
Geostatistical techniques are used to estimate the Mineral
Resource. 3D wireframes are built from all geological information
obtained from drill hole data, mapping of pits and geophysical data
interpretations. Where appropriate, these wireframes are subdivided
into the individual reef units that occur within a broad conglomerate
package. Estimation is by ordinary kriging into block sizes that
range from 20 to 25m in the X and Y directions, and between 18
and 24m in the Z direction, depending on the reef width and data
spacing. Densities are allocated from tests conducted on drill hole
samples. Grade and tonnages are estimated from these block
models that are constrained within an optimised pit shell at the
Mineral Resource gold price. Full grade ore and marginal stockpiles
are surveyed monthly to validate tonnage measurements. Grade
estimates for these stockpiles are based on RC grade control
drilling from the individual pits mined. Old, historical stockpiles have
been drilled and sampled with the results used to assign grades.
These stockpiles are reported as part of the Mineral Resource
if material is above the economic cut-off grade at the Mineral
Resource gold price.
36
Regional overview / DRC / > Ghana / Guinea / Tanzania
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IDUAPRIEM CONTINUED
Africa
Iduapriem
Surface (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average
grade
above
cut-off (g/t)
0.1
0.5
0.9
1.3
1.9
0.3
0.7
1.1
1.5
1.7
165
145
125
105
85
65
45
25
2.4
2.2
2.0
1.8
1.6
1.4
1.2
Tonnes above cut-off
Average grade above cut-off
Grade tonnage curve
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Iduapriem
Measured
6.02
1.00
6.00
0.19
Indicated
49.79
1.36
67.88
2.18
Inferred
31.74
1.40
44.35
1.43
Total
87.55
1.35
118.23
3.80
RC exploration drilling
The exclusive Mineral Resource is that part of the Mineral Resource that is not converted to an Ore Reserve. It is defined as the
Mineral Resource that is outside the current Ore Reserve designs, but inside the Mineral Resource shells and includes the Inferred
Mineral Resource within the Ore Reserve design, as well as all the Mineral Resource within the Ore Reserve design that rests
between the Mineral Resource and Ore Reserve cut-offs. The exclusive Mineral Resource gives an indication of the future potential
of the deposit. This material could be converted to Ore Reserve by an increase in gold price, a reduction in costs and an upgrade in
geological confidence.
4.0
4.5
5.0
5.5
6.0
6.5
7.0
0.00
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2020
Iduapriem
Total (Moz)
0.28
(0.31)
0.06
(0.32)
0.80
0.00
6.17
0.00
6.68
Ounces (millions)
Year-on-year changes in Mineral Resource
AngloGold Ashanti Limited <R&R> 2020
37
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
IDUAPRIEM CONTINUED
Africa
The total Inclusive Mineral Resource ounces for Iduapriem Mine increased by 13.45% from 2019 to 2020 year end after depletion. This was
largely driven by exploration success at Block 1, Blocks 7 and 8 (Cut 5 region) and Ajopa. Further increases were noted due to the change
in gold price from US$1,400/oz to $1,500/oz.
Inclusive Mineral Resource sensitivity
1,300
1,500
1,700
Percentage change
20
10
0
-10
-20
-30
-40
-50
Iduapriem
Percentage change
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Ajopa
Proved
Probable
1.60
1.63
2.62
0.08
Total
1.60
1.63
2.62
0.08
Block 5
Proved
Probable
4.36
1.23
5.34
0.17
Total
4.36
1.23
5.34
0.17
Blocks 7 and 8 (other)
Proved
1.56
1.50
2.33
0.07
Probable
10.09
1.66
16.77
0.54
Total
11.64
1.64
19.10
0.61
Blocks 7 and 8 East cutback
Proved
1.69
1.59
2.70
0.09
Probable
10.67
1.65
17.60
0.57
Total
12.36
1.64
20.30
0.65
Stockpile (full grade ore)
Proved
3.83
0.92
3.52
0.11
Probable
Total
3.83
0.92
3.52
0.11
Stockpile (other)
Proved
Probable
5.26
0.74
3.88
0.12
Total
5.26
0.74
3.88
0.12
Stockpile (marginal ore)
Proved
0.59
0.66
0.39
0.01
Probable
6.23
0.67
4.17
0.13
Total
6.82
0.67
4.56
0.15
Iduapriem
Total
45.87
1.29
59.32
1.91
The Ore Reserve estimate for Iduapriem Mine is based on the development of appropriately detailed and engineered LOM plan. For each
deposit, Mineral Resource was depleted by the projected pit face positions for 31 December 2020.
The Mineral Resource is highly sensitive to changes
in gold price due to the high stripping cost and
capital-intensive cutbacks required to access the
deeper portions of the orebody. There is an 18%
upside in ounces at a higher Mineral Resource price
and a 43% downside in ounces at a lower Mineral
Resource price.
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Regional overview / DRC / > Ghana / Guinea / Tanzania
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IDUAPRIEM CONTINUED
Africa
Iduapriem processing plant
Estimation
The 3D Mineral Resource models are used as the basis for the Ore Reserve. An ore envelope is developed using the Mineral Resource
block model, geological information and the relevant cut-off grade, which is then used for mine design. An appropriate mining layout is
utilised and incorporates mining extraction losses and dilution factors.
The Ore Reserve is estimated within mine designs, using modifying factors based on actual mining and detailed analysis of cut-off grade,
geotechnical, environmental, productivity considerations and the requirements of the mining fleet. The upper portions of the Ajopa deposit
have been discounted for the estimated depletion by artisanal miners. This discount factor has been derived from observation and estimates
based on the Mineral Resource model.
Ore Reserve modifying factors
as at 31 December 2020
Gold price
US$/oz
Cut-off
grade
g/t Au
RMF
% (based
on tonnes)
RMF
% (based
on g/t)
MRF
% (based
on tonnes)
MRF
% (based
on g/t)
MCF
%
MetRF
%
Ajopa
1,200
0.90
100.0
100.0
100.0
96.0
100.0
95.9
Block 5
1,200
0.80
100.0
100.0
100.0
96.0
100.0
95.9
Blocks 7 and 8 (other)
1,200
0.80
100.0
100.0
100.0
96.0
100.0
95.9
Blocks 7 and 8 East cutback
1,200
0.80
100.0
100.0
100.0
96.0
100.0
95.9
Stockpile (full grade ore)
1,200
0.80
100.0
100.0
100.0
100.0
100.0
95.9
Stockpile (other)
1,200
0.55
100.0
100.0
100.0
100.0
100.0
93.0
Stockpile (marginal ore)
1,200
0.55
100.0
100.0
100.0
100.0
100.0
93.0
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2020
million
g/t
tonnes
Moz
Ajopa
0.43
1.35
0.59
0.02
Block 5
0.89
1.23
1.10
0.04
Blocks 7 and 8 (other)
0.23
1.95
0.44
0.01
Blocks 7 and 8 East cutback
0.64
1.65
1.05
0.03
Total
2.19
1.45
3.18
0.10
*Inferred Mineral Resource including lower confidence material
The Inferred Mineral Resource included in the nine-year business plan consists of extensions of all geological domains, in support of
extending the nine-year Ore Reserve LOM plan. With appropriate caution, a portion of the Inferred Mineral Resource was included in the
business plan during the optimisation process. This accounts for 5% of the business plan. No Inferred Mineral Resource is considered in
Ore Reserve reporting.
AngloGold Ashanti Limited <R&R> 2020
39
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
IDUAPRIEM CONTINUED
Africa
0.9
1.1
1.3
1.5
1.7
1.9
2.1
0.00
0.12
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Revenue factor
Operational
Acquisition/
disposal
2020
Iduapriem
Total (Moz)
0.17
0.10
0.06
(0.34)
0.00
0.00
1.80
0.00
1.91
Ounces (millions)
Year-on-year changes in Ore Reserve
On a year-on-year basis, the Ore Reserve increased as a result of a higher Ore Reserve price and some operational improvements which
overcame the depletion.
Ore Reserve sensitivity
1,100
1,200
1,300
Percentage change
4
3
2
1
0
-1
-2
Iduapriem
Percentage change
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Charles Kusi-Manu
MAusIMM
205 238
30 years
MSc, MBA, Dip (Geological
Engineering), Postgraduate
Certificate (Geostatistics)
Ore Reserve
Reuben Tisa Chama
SAIMM
703 095
19 years
BSc (Mining Engineering),
MBA
The Iduapriem Ore Reserve is insensitive to lower
gold price changes and is more sensitive to higher
gold prices due to the high stripping cost and capital
intensive cutbacks required to access the deeper
portions of the orebody. There is less than a 3%
upside in ounces at a higher Ore Reserve price and
less than a 1% downside in ounces at a lower Ore
Reserve price.
40
Regional overview / DRC / > Ghana / Guinea / Tanzania
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IDUAPRIEM CONTINUED
Africa
Open pit floor
AngloGold Ashanti Limited <R&R> 2020
41
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
OBUASI
Africa
Introduction
Property description
Obuasi Gold Mine is owned and operated by AngloGold Ashanti (Ghana) Limited (AGAG). AGAG was
established following the merger of the former AngloGold Limited of South Africa and Ashanti Goldfields
Company Limited of Ghana in April 2004.
Production at Obuasi started in 1897 and stopped in the last quarter of 2014. Some aspects of the mine
continued under limited operational conditions, including the development of the underground decline.
A favourable FS was completed in 2017 and indicated a strong technical and economical case with an
anticipated 20-year LOM. In 2018, approval was received from the AngloGold Ashanti board to proceed with
the project. The redevelopment project commenced in late 2018 and first gold was poured during the fourth
quarter of 2019.
Location
Obuasi Gold Mine is located in the municipality of Obuasi, in the Ashanti region of Ghana, some 260km
northwest of the capital Accra and 60km south of Kumasi.
History
Underground production was continuous from 1897 to 2014 and recommenced in 2018. A phase of open pit
mining was conducted from 1988 to 2000 with small intermittent open pit mining beyond that period. Total
historic production is ~33Moz gold, including ~5Moz gold from open pits.
Legal aspects and tenure
Obuasi Gold Mine concession previously covered an area of approximately 475km2 and had 80 communities
within a 30km radius of the mine. This was reduced to 201km2 in March 2016. The majority of the reduced
concession area falls in the Obuasi municipality. Minor portions of the new concession fall in the Adansi
North, Adansi South and Amansie Central districts.
Mineral Resource and Ore Reserve are covered by two mining leases, namely:
Obuasi Concession comprising 152.6km
2
Binsere Concession parts 1, 2 and 3 comprising 48.86km
2
The mining concessions, which expire on 5 March 2054, are covered by a Development Agreement and Tax
Concession Agreement with the government of Ghana.
Mining method
Obuasi is an underground operation with the main accesses into the mine consisting of shafts and a single
access decline with interlevel development of between 15 and 30m. The Obuasi Deeps Decline, which is
situated at the southern end of the mine, is designed to extend to a depth of about 1500m. The Obuasi
Underground operation employs mostly Long Hole Open Stoping (LHOS) mining method for ore extraction.
LHOS is a highly selective and productive method of mining that can be employed for orebodies of varying
thickness and dips. The three main distinct variations of the LHOS used at Obuasi are Longitudinal Retreat
Stoping (LRS), Longitudinal Open Stoping (LOS) and Transverse Open Stoping (TOS). The Blind Upper
Stoping is a form of LRS or TOS used for partial sill pillar recovery. Underhand drift and fill (UHDF) which is
used at Côte d’Or with extensive historical cut and fill mining is planned to be converted into LHOS.
Operational infrastructure
Existing infrastructure includes a 2.4Mtpa processing plant with flotation and bacterial oxidation (BIOX),
underground development, hoisting shafts and associated infrastructure, power and water reticulation, office
complexes, workshops and company housing estates. Power is supplied to the mine by the Volta River
Authority and GridCo.
Mineral processing
The plant is configured for flotation and BIOX treatment which is required for the refractory sulphide ore.
Risks
All available, appropriate data has been used for the Mineral Resource estimation. This includes data
collected prior to the merger of AngloGold and Ashanti Goldfields Company Limited in 2004. The risk
associated with the inclusion of this data has been mitigated by a comprehensive Data Validation Project
completed between 2015 and 2018.
Obuasi is currently implementing a redevelopment project that aims to establish Obuasi as a modern,
efficient, mechanised, underground operation. The first gold pour occurred in December 2019. Significant
progress has been made since the first gold pour with production currently at 2,000tpd and planned for
4,000tpd in 2021.
42
Regional overview / DRC / > Ghana / Guinea / Tanzania
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Map showing Obuasi Gold Mine infrastructure and licence
0
2
4
6km
Plant centroid co-ordinates
6°10’11”N, 1°41’16”W
Licences
Mining
Mine Infrastructure
Pits
Plant
TSF
Waste dumps
Underground access
Ponds and dams
Consolidated operations footprint
Roads
Main
Secondary
Villages
Airfield
OBUASI CONTINUED
Africa
AngloGold Ashanti Limited <R&R> 2020
43
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
OBUASI CONTINUED
Africa
Geology
Deposit type
The mine is located within the Obuasi concession
area in southwestern Ghana along the
northeasterly striking Ashanti volcanic belt. The
deposit is one of the most significant Proterozoic
gold belts discovered to date. The Ashanti belt
predominantly comprises sedimentary and mafic
volcanic rocks, and is the most prominent of
the five Birimian Supergroup gold belts found
in Ghana.
The Birimian was deformed, metamorphosed
and intruded by syn- and post-tectonic granitoids
during the Eburnean tectonothermal event
around two billion years ago. Folding trends are
dominantly north-northeast to northeast. Elongate
syn-Birimian basins developed between the
ridges of the Birimian system and these were filled
with the Tarkwaian molasse sediments made up
primarily of conglomerates, quartzose and arkosic
sandstones and minor shale units. Major faulting
has taken place along the same trends.
The Lower Birimian metasediments and
metavolcanics are characterised and defined by
argillaceous and fine-to-intermediate arenaceous
rocks. These rocks are represented by phyllites,
metasiltstones, metagreywackes, tuffaceous
sediments, ash tuffs and hornstones in order of
decreasing importance. Adjacent to the shear
zones, these rocks are replaced by sericitic,
chloritic and carbonaceous schists, which may be
graphitic in places. Multiple lodes are a common
feature in the mine.
Granites outcrop in the west and northwest of the
concession area and intrude the Birimian rocks
only. Two types of granite are present: one is
more resistant to weathering than the other, with
less resistant granite being prospective for gold
mineralisation.
Mineralised shears are found in close proximity
to the contact with harder metamorphosed and
metasomatically altered intermediate-to-basic
Upper Birimian volcanics. The competency
contrast between the harder metavolcanic rocks
to the east and the more argillaceous rocks to
the west is thought to have formed a plane of
weakness. During crustal movement, this plane
became a zone of shearing and thrusting coeval
with the compressional phases.
A typical schematic representation of the deposit in local grid, elevation
in mRL*
Mineralisation style
Gold mineralisation is associated with, and occurs within, graphite-chlorite-sericite
fault zones. These shear zones are commonly associated with pervasive silica,
carbonate and sulphide hydrothermal alteration and occur in tightly folded Lower
Birimian schists, phyllites, metagreywackes and tuffs, along the eastern limb of the
Kumasi anticlinorium.
Mineralisation characteristics
Two main ore types are present, namely quartz vein and sulphide ore. The quartz
vein type consists mainly of quartz with free gold in association with lesser amounts
of various metal sulphides containing iron, zinc, lead and copper. This ore type is
generally non-refractory. Sulphide ore is characterised by the inclusion of gold in the
crystal structure of arsenopyrite minerals. Higher gold grades tend to be associated
with finer grained arsenopyrite crystals. Sulphide ore is generally refractory.
Legend
Far Hangingwall Lode (FH30)
Hangingwall Lode 2 (HW02)
Footwall Lode 6 (FW06)
Metavolcanics
Footwall Lode 7 (FH07)
Graphite
Obuasi Fissure
Hangingwall Lode 1 (HW01)
Hangingwall-Footwall Shears
Shear Vein Quartz
0m 300m
Scale: 1:7,300
Vertical exaggeration: 1x
*mRL = 1.18m AMSL
“Obuasi has embarked on the
process of rebuilding the mine
in all its aspects to deliver a
modern, efficient, mechanised
underground operation.”
S
N
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Regional overview / DRC / > Ghana / Guinea / Tanzania
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OBUASI CONTINUED
Africa
Exploration
During the year, capitalised exploration drilling focused on 41 and
32 Level definition and infill, while the expensed drilling targeted
the George Cappendell Shaft (GCS) top (Block 8) area to convert
exploration targets to Inferred Mineral Resource.
The GCS top has extensive historical mining, however the block
has further opportunity for Mineral Resource identification and
definition with the planned drilling programme. The focus of the
drilling for the conceptual material in GCS top is ongoing and
expected to infill an area between 900 Level to 1400 Level. The
strategy is to make use of the existing stockpile cuddies along the
main decline and drill from 8 Level towards 14 Level. A total of
10,998m have been planned for the area. The results show that
continuity and grades are improving as the drilling extends down
dip and plunge.
The focus of the definition and infill drilling during the year was
to upgrade areas in Blocks 8L and 10 from Inferred to Indicated
Mineral Resource and ultimately prepare it for mining by doing the
last phase of grade control drilling. The strategy is to use 32 and
41 Level as the main drilling platforms and target the area below
32 and 41 Level respectively.
The Block 10 area to be drilled lies along the trend of a flat plunging
shoot of approximately 380m vertical extent, where the current
geological interpretation shows wider mineralisation with multiple
lodes. A total of about 32,000m were planned for drilling on
41 Level. Results from the drilling show that the dip of the Obuasi
fissure, which is the main drill target, appears to steepen and
roll over an easterly plunging felsic igneous body. High-grade
mineralised quartz veins seem to be concentrated around the
margins of this felsic igneous body creating a drill target at depth.
Where tighter spaced drilling has already been done into the area,
elevated metal content has been observed.
The shear zone, within which the mineralisation in Block 8 is
focused, is around the 12/74 fissure which links the Obuasi
fissure to the east with a network of carbonaceous shears on the
margin of the Sansu dyke to the west. The Obuasi and 12/74
fissures splay apart at the eastern end of Block 8 with the Obuasi
fissure continuing in a west-northwest direction. A total of about
16,000m were planned for drilling on 41 Level. Results show
a continuous Obuasi fissure below 32 Level but with a strong
display of pinch and swell characteristics. The assay results show
a reduction of about 5% on the width of the Obuasi fissure, while
the grade has shown an increase of about 6% compared to the
model estimated grades.
Projects
In 2014, a detailed FS began that considered the optimum mining
methodology and schedules for the underground mine, based
on modern mechanised mining methods and refurbishment of
underground, surface and process plant infrastructure. It was
recognised that a significant rationalisation and/or replacement of
current infrastructure will enable the delivery of high utilisation and
productivity metrics.
During this time, Obuasi continued in a limited operating phase
with underground activities essentially restricted to ongoing
development of the Obuasi deeps decline and underground infill
drilling. The limited operating phase was brought to a halt after
an incursion by illegal miners on Obuasi’s concession in February
2016. The mine was subsequently placed under care and
maintenance. The FS was finalised in March 2016, with a schedule
for the potential restart of underground production. The FS was
followed up with an optimised FS that considered reducing upfront
capital spend and this was finalised at the end of 2017. In 2018
approval was received from the AngloGold Ashanti board for
project commencement.
Obuasi has embarked on the process of rebuilding the mine in all
its aspects to deliver a modern, efficient, mechanised underground
operation. Underground development recommenced in quarter one
of 2019 and first gold was poured in December 2019.
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Type of drilling
Category
Spacing m (-x-)
Diamond
RC
Blasthole
Channel
Other
Measured
20 x 20
Indicated
60 x 60
Inferred
90 x 90
Grade/ore control
10 x 10, 15 x 15
Underground production drilling
AngloGold Ashanti Limited <R&R> 2020
45
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
OBUASI CONTINUED
Africa
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Anyankyirem
Measured
Indicated
5.52
2.38
13.10
0.42
Inferred
0.09
2.71
0.24
0.01
Total
5.61
2.38
13.35
0.43
Anyinam
Measured
0.00
2.50
0.01
0.00
Indicated
0.45
3.54
1.59
0.05
Inferred
1.02
4.23
4.32
0.14
Total
1.47
4.02
5.92
0.19
Gyabunsu-Sibi
Measured
0.05
4.00
0.21
0.01
Indicated
0.05
3.48
0.16
0.01
Inferred
0.28
3.97
1.13
0.04
Total
0.38
3.92
1.50
0.05
Above 50 Level – Block 1
Measured
Indicated
7.80
6.03
47.04
1.51
Inferred
2.56
6.39
16.35
0.53
Total
10.36
6.12
63.39
2.04
Above 50 Level – Block 2
Measured
Indicated
9.12
8.59
78.39
2.52
Inferred
3.06
5.09
15.58
0.50
Total
12.19
7.71
93.98
3.02
Above 50 Level – Block 8
Measured
4.94
8.52
42.08
1.35
Indicated
14.72
5.02
73.95
2.38
Inferred
3.46
4.53
15.69
0.50
Total
23.12
5.70
131.72
4.23
Above 50 Level – Block 10
Measured
Indicated
13.41
6.19
83.03
2.67
Inferred
5.31
5.72
30.37
0.98
Total
18.72
6.06
113.40
3.65
Above 50 Level – Adansi
Measured
Indicated
5.48
14.52
79.59
2.56
Inferred
1.81
14.31
25.89
0.83
Total
7.29
14.47
105.49
3.39
Above 50 Level – Côte d’Or
Measured
Indicated
0.01
18.03
0.19
0.01
Inferred
13.85
10.75
148.84
4.79
Total
13.86
10.76
149.03
4.79
Above 50 Level – Sansu
Measured
1.68
8.70
14.58
0.47
Indicated
6.81
5.13
34.92
1.12
Inferred
3.40
4.58
15.55
0.50
Total
11.88
5.48
65.06
2.09
Below 50 Level – Block 11
Measured
Indicated
3.09
19.30
59.70
1.92
Inferred
2.47
16.81
41.52
1.34
Total
5.56
18.20
101.23
3.25
Below 50 Level – Block 14
Measured
Indicated
1.50
7.95
11.96
0.38
Inferred
8.30
7.50
62.20
2.00
Total
9.80
7.56
74.16
2.38
Obuasi
Total
120.24
7.64
918.21
29.52
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OBUASI CONTINUED
Africa
Estimation
The underground Mineral Resource models are informed by underground mapping as well as DD and cross-cut channel sampling. 3D
wireframe models of the mineralisation are developed and used to define the grade estimation domains which are estimated by ordinary
kriging into blocks of 20 x 5 x 15m. For the open pit Mineral Resource, geological interpretation is based on RC and diamond core samples.
Estimation is by ordinary kriging into 30 x 30 x 10m blocks.
Obuasi uses AngloGold Ashanti’s internal rule of 15% error at 90% confidence to classify its Mineral Resource into Measured, Indicated and
Inferred Mineral Resource. The open pit Mineral Resource is constrained by pit optimisation whilst the underground Mineral Resource is
constrained by optimised mineable shapes.
Obuasi
Surface (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average grade
above cut-off (g/t)
0.0
1.0
2.0
3.0
4.0
5.0
0.5
1.5
2.5
3.5
4.5
17.5
15.0
12.5
10.0
7.5
5.0
2.5
0.0
7
6
5
4
3
2
1
Tonnes above cut-off
Average grade above cut-off
Obuasi
Underground (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average grade
above cut-off (g/t)
0
4
8
12
16
20
2
6
10
14
18
125
105
85
65
45
25
5
40
32
24
16
8
Tonnes above cut-off
Average grade above cut-off
Grade tonnage curves
Employee viewing the processing plant
AngloGold Ashanti Limited <R&R> 2020
47
Regional overview / DRC / > Ghana / Guinea / Tanzania
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AngloGold Ashanti Limited <R&R> 2020
OBUASI CONTINUED
Africa
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Obuasi
Measured
2.48
5.86
14.53
0.47
Indicated
40.38
6.16
248.64
7.99
Inferred
45.61
8.28
377.69
12.14
Total
88.47
7.24
640.86
20.60
The exclusive Mineral Resource is made up of Mineral Resource from underground and open pit. The bulk of the exclusive Mineral Resource
is from underground, and is spread across the entire deposit, where further study and design, change in costs and/or gold price is required
to develop economic extraction plans. A large proportion of the exclusive Mineral Resource is Inferred Mineral Resource and will require
upgrading before it can be mined.
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Obuasi
Measured
Indicated
4.60
15.59
71.66
2.30
Inferred
10.77
9.63
103.72
3.33
Total
15.37
11.41
175.39
5.64
Mineral Resource below infrastructure is from areas below 50 Level. These areas have been extensively drilled but no infrastructure is
currently in place to exploit it.
27
28
29
30
31
32
33
0.00
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2020
Obuasi
Total (Moz)
1.47
(1.98)
0.60
(0.16)
(0.01)
(1.45)
31.04
0.00
29.52
Ounces (millions)
Year-on-year changes in Mineral Resource
Year-on-year, the most significant changes came
from amendments to Mineral Resource models
(methodology), economics (price and cost changes)
and additional areas added to Block 1 (other). The
Mineral Resource models for Sansu and Blocks 1,
2, 8 and 10 were updated during the year and the
changes generally resulted in a reduction to the Mineral
Resource. Active mining took place from Sansu and

Block 8 (depletion).
Surveyor taking notes
48
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OBUASI CONTINUED
Africa
1,300
1,500
1,700
Percentage change
15
10
5
0
-5
-10
-15
-20
-25
Obuasi
Percentage change
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
Inclusive Mineral Resource sensitivity
Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Above 50 Level – Block 1
Proved
Probable
1.91
7.59
14.53
0.47
Total
1.91
7.59
14.53
0.47
Above 50 Level – Block 2
Proved
Probable
3.17
7.73
24.46
0.79
Total
3.17
7.73
24.46
0.79
Above 50 Level – Block 8
Proved
Probable
11.06
7.15
79.11
2.54
Total
11.06
7.15
79.11
2.54
Above 50 Level – Block 10
Proved
Probable
8.47
7.49
63.46
2.04
Total
8.47
7.49
63.46
2.04
Above 50 Level – Adansi
Proved
Probable
0.74
16.60
12.36
0.40
Total
0.74
16.60
12.36
0.40
Above 50 Level – Côte d’Or
Proved
Probable
0.01
16.47
0.10
0.00
Total
0.01
16.47
0.10
0.00
Above 50 Level – Sansu
Proved
Probable
3.46
6.89
23.85
0.77
Total
3.46
6.89
23.85
0.77
Below 50 Level – Block 11
Proved
Probable
2.71
19.87
53.76
1.73
Total
2.71
19.87
53.76
1.73
Obuasi
Total
31.53
8.62
271.63
8.73
Obuasi is sensitive to changes in gold price, especially
to a lower gold price, due to the lower-grade sulphide
mineralisation on the flanks of the high-grade quartz.
There is an approximate 5% upside in ounces at a
higher Mineral Resource price and a 13% downside in
ounces at a lower Mineral Resource price.
“Obuasi uses AngloGold Ashanti's internal rule of 15% error at 90% confidence to
classify its Mineral Resource into Measured, Indicated and Inferred Mineral Resource.”
AngloGold Ashanti Limited <R&R> 2020
49
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AngloGold Ashanti Limited <R&R> 2020
OBUASI CONTINUED
Africa
Estimation
3D Mineral Resource models are used as the basis for the Ore Reserve evaluation. Using the Mineral Resource block model, an ore
envelope is developed by applying the relevant cut-off grade, which is then used for mine design. An appropriate mining layout is designed
that incorporates mining extraction losses and dilution factors. All mine designs delineate stopes by taking into consideration cut-off grade,
geotechnical design parameters for each mining block, ventilation and backfill requirements, mining level and section, usually leading to an
optimisation of the existing infrastructure, mining sequence, and corresponding development layouts.
The underground operation runs to a depth of 1,500m from surface. Mining levels are between 15 and 20m intervals with major levels
between 30 and 60m intervals. Underground production mining methods include both longitudinal and transverse open stoping. The
current Ore Reserve has been estimated based on the updated 2020 Mineral Resource models with the exception of Côte d’Or and Adansi
Blocks that did not see changes to Ore Reserve figures from that of 2019. The Côte d’Or and Adansi Blocks combined, constitute about
5% in ounces of the total declared Ore Reserve. The significant changes to the Ore Reserve, resulting from the revised geological models
and extensive data validation, occurred in Sansu, Blocks 1, 2, 8 and 10. The 2019 block model for Block 11 was maintained as such as no
major design changes were done to the block.
Ore Reserve modifying factors
as at 31 December 2020
Gold price
US$/oz
Cut-off
grade
g/t Au
Dilution
%
MRF
% (based
on tonnes)
MRF
% (based
on g/t)
MCF
%
MetRF
%
Above 50 Level – Block 1
1,200
4.08
17.0
95.0
100.0
100.0
87.0
Above 50 Level – Block 2
1,200
4.18
17.0
95.0
100.0
100.0
87.0
Above 50 Level – Block 8
1,200
3.93
12.0
95.0
100.0
100.0
87.0
Above 50 Level – Block 10
1,200
4.25
17.0
95.0
100.0
100.0
87.0
Above 50 Level – Adansi
1,200
5.20
14.0
95.0
100.0
100.0
87.0
Above 50 Level – Côte d’Or
1,200
5.00
5.0
100.0
100.0
100.0
87.0
Above 50 Level – Sansu
1,200
3.82
12.0
95.0
100.0
100.0
87.0
Below 50 Level – Block 11
1,200
5.01
16.0
95.0
100.0
100.0
87.0
Several factors were used for modifying the Ore Reserve and include mining recovery, dilution and processing recovery. These were applied
based on the mining method employed and the understanding of geotechnical condition of the block. The maximum dilution factor applied
was 17% for most of the Sub-level Open Stopes (SLOS), while 12% was the minimum, with the exception of Côte d’Or, which had a 5%
dilution factor applied due to the planned UHDF mining method. The dilution factor applied to Côte d’Or will be reviewed in future when the
mining method is converted to SLOS.
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2020
million
g/t
tonnes
Moz
Above 50 Level – Block 2
0.58
6.91
4.02
0.13
Above 50 Level – Block 8
0.08
6.43
0.52
0.02
Above 50 Level – Block 10
0.06
8.70
0.53
0.02
Above 50 Level – Adansi
0.71
10.38
7.40
0.24
Above 50 Level – Côte d’Or
2.43
6.68
16.21
0.52
Below 50 Level – Block 11
0.70
10.79
7.53
0.24
Total
4.56
7.94
36.21
1.16
*Inferred Mineral Resource including lower confidence material
The Inferred Mineral Resource included in the 19-year business plan consists of extensions of all geological domains, in support of
extending the 19-year Ore Reserve LOM plan. With appropriate caution, a portion of the Inferred Mineral Resource was included in the
business plan during the optimisation process. This accounts for 12% of the business plan. No Inferred Mineral Resource is considered
in Ore Reserve reporting. An ongoing exploration programme is intended to upgrade the Inferred Mineral Resource into Indicated Mineral
Resource ahead of planned mining in the identified blocks.
50
Regional overview / DRC / > Ghana / Guinea / Tanzania
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OBUASI CONTINUED
Africa
Ore Reserve below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Obuasi
Proved
Probable
2.71
19.87
53.76
1.73
Total
2.71
19.87
53.76
1.73
Ore Reserve below infrastructure is restricted to the ground below 50 Level that requires a decline to access, and is located between 50
and 60 Level below Kwesi Mensah Shaft (KMS).
5.4
5.9
6.4
6.9
7.4
7.9
8.4
8.9
9.4
0.00
0.00
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2020
Obuasi
Total (Moz)
0.15
0.00
0.01
(0.16)
1.71
(0.09)
7.12
0.00
8.73
Ounces (millions)
Year-on-year changes in Ore Reserve
The change in Ore Reserve year-on-year after depletion resulted in approximately a 25% increase in contained metal. The positive net
changes are on account of a favourable gold price assumption and the conversion of Mineral Resource to Ore Reserve as a result of model
updates for Sansu, Blocks 1, 2, 8 and 10.
Ore Reserve sensitivity
1,100
1,200
1,300
Percentage change
20
10
0
-10
-20
Obuasi
Percentage change
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Emmarentia Maritz
SACNASP
118 345
17 years
BSc (Geology), BSc Hons (Geology), MSc
(Mineral Resource Evaluation)
Ore Reserve
Gerard Bagnell
MAusIMM
334 405
30 years
Dip (Mining Technology)
Obuasi is very sensitive to the changes in gold price,
especially to a lower gold price. There is a 7% upside
in ounces at a higher Ore Reserve price (US$1,300/oz)
and a 9% downside in ounces at a lower Ore Reserve
price (US$1,100/oz).
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
GUINEA
Africa
GUINEA
Kankan
Dabola
Labe
Conakry
1
LEGEND:
1
Siguiri (85%)
Operation
Siguiri Gold Mine is AngloGold Ashanti’s only operation in the Republic of Guinea. The mine is 85% owned by AngloGold Ashanti and
15% by the government of Guinea. The mine is a conventional open pit operation situated in the Siguiri district in the northeast of
Guinea. It lies about 850km north-northeast of the capital city of Conakry and 109km west of the border with Mali by road.
Gold-bearing ore is mined from several pits (generally three pits at any one time). A plant upgrade to process hard rock was completed in
2018 and production ramped up during 2019. In 2020 the mine continued to remove bottlenecks and optimise the plant. The project was
closed early in 2021.
Attributable production from Guinea was 214koz of gold in 2020, or 13% of the region’s production.
As at December 2020, the Mineral Resource (inclusive of Ore Reserve) for Guinea was 7.0Moz (2019: 5.7Moz) and the Ore Reserve was
1.9Moz (2019: 1.8Moz).
Exclusive Mineral Resource
Ore Reserve
Inclusive Mineral Resource
0.4Moz
(5%)
Measured
4.2Moz
(61%)
Indicated
2.4Moz
(34%)
Inferred
2.5Moz
(51%)
Indicated
2.4Moz
(49%)
Inferred
1.5Moz
(81%)
Probable
0.4Moz
(19%)
Proved
200km
0
Drilling for paddock blasting at Kami open pit, Siguiri
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Regional overview / DRC / Ghana / > Guinea / Tanzania
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SIGUIRI
Africa
Introduction
Property description
Siguiri, in Guinea, is 85% owned by AngloGold Ashanti and 15% by the government of Guinea. It is an open
pit operation with active mining occurring largely in Kami, Bidini and Tubani pits.
Location
The mine is located approximately 850km north-northeast of Conakry, 25km northwest of the town of Siguiri
and 220km southwest of the Malian capital Bamako, near the Malian border.
History
First gold mining can be traced back to the first great West African Empire, the Sarakolle Kingdom, but there
are no reliable records of prewestern production. The French became involved in the area in the
late 19
th
and early 20
th
centuries. Between 1931 and 1951, the French reported gold coming out of Siguiri,
with figures varying between 1 and 3.8t annually however, little exploration work was completed.
There was a phase of Russian exploration in the area between 1960 and 1963. The Russian work focused
on the placer deposits along the major river channels in the area. In 1980, Société Minière Internationale du
Quebéc (SOMIQ) gained the exploration rights for Siguiri and Mandiana. SOMIQ focused its work on the
Koron and Didi areas. The Chevaning Mining Company Limited was then created to undertake a detailed
economic evaluation of the prospect, with more intensive work beginning in the late 1980s.
Société Aurifere de Guinea (SAG) took over from its predecessors and continued work on the placer
deposits. Production on the Koron placer reached a peak in 1992 with 1.1t gold being produced, although
due to a number of difficulties, the mine was shut down later that year.
In the mid-1990s, Golden Shamrock acquired and operated the project as an open pit and heap leach.
In October 1996, Golden Shamrock was acquired by Ashanti Goldfields Corporation which operated Siguiri
as a heap leach until 2004. Ashanti Goldfields Corporation merged with AngloGold Corporation in 2004
to become AngloGold Ashanti. AngloGold Ashanti completed the design and construction of the 8.5Mtpa
saprolite soft rock treatment plant and commissioned it in 2005. This was later increased to 12Mtpa.
A Siguiri combination plant FS, based on the requirement to process fresh and transitional material in
combination with existing oxide material, was completed in 2015. The combination plant conversion project
began in 2017. The plant conversion will allow the mine to treat six million tonnes of hard fresh rock ore and
six million tonnes of oxide ore. Construction was completed in March 2019 and further optimisation and
debottlenecking of the plant continued in 2020. The project was closed early in 2021.
Legal aspects and tenure
Siguiri is mined under licence from the government of Guinea. The published Mineral Resource and
Ore Reserve are covered by SAG mining concession D/97/171/PRG/SGG, totalling 1,494.5km
2
.
The original SAG concession was granted under the Convention de Base between the République de Guinée
and SAG, signed on 4 August 1997. This allows the concession to be explored and mined exclusively for
gold, silver and diamonds by SAG for 25 years from the date of the agreement, until 4 August 2022.
The recent renewal of the Convention de Base will guide the renewal of the mining concession in 2022.
The SAG concession was granted under a new amended Convention de Base between the République
de Guinée and SAG signed on 28 June 2016, and ratified by the Guinean parliament on 13 December
2016. The Convention de Base was ratified by the constitutional court and published in the Journal Officiel
of the Republic of Guinea on 24 January 2017. Dependent on the submission of the necessary renewal
documentation on, or before, 4 March 2022, the concession can be explored and mined exclusively for gold,
silver and diamonds by SAG for 25 years from the date of agreement to 13 December 2041.
Mining method
Siguiri is currently a multi-pit fresh rock and oxide gold mining operation, mined by a contract miner. The
mining method is selective conventional mining using excavators and trucks on 3m high flitches. Three
Caterpillar 6020B excavators are the main loading equipment matched with Caterpillar 777G dump trucks.
In some deposits, a selective mining unit (SMU) of 10 x 10 x 3m has been defined based on historical
grade control, the deposit type, and the mining equipment used.
Aerial overview of the Siguiri crushing circuit
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SIGUIRI CONTINUED
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Operational infrastructure
Siguiri Gold Mine includes a processing plant, a TSF, and other infrastructure such as a mine village, water
supply system, roads, power supply by on-site generators, and communications systems. Additional
infrastructure includes on-site offices, accommodation, and workshops to support remote mining. Power for
the mine is self-generated.
The proposed Block 2 mine will comprise two pits, namely Foulata and Saraya. Capital for Block 2
infrastructure and road construction including 50km road construction to the existing plant is in place and
ready for execution from January 2020.
The town of Siguiri can be accessed via a small airfield and a well-paved road that connects Siguiri to Bamako
in the north and Kouroussa in the south. Access to the mine via roads and to Siguiri is easily passable through
most of the year, although some secondary roads are seasonal with limited access during the wet season.
Mineral processing
Processing of the ore is done by a hybrid CIL circuit processing plant converted from CIP in 2018. The plant
is capable of treating 50% hard ore post commissioning a new ball mill and three-stage crushing plant in
2019. Further modification of three leach tanks to CIL tanks was done in quarter four of 2020 giving a total of
seven CIL tanks.
Risks
The favourable conclusion of the Convention de Base negotiation during 2016 and its ratification in 2017 by
parliament has significantly reduced the risk of the remaining Mineral Resource and Ore Reserve not being
covered by a valid mining concession. The current mining concession is now confirmed to be valid until
4 August 2022, with high likelihood of renewal until 2041.
Performance of the combination plant to achieve the required mill throughput and recovery are seen as a risk
until the plant stabilises. There are several action plans in progress to address this.
Map showing Siguiri Gold Mine infrastructure, concession and exploration licences, Blocks 1 to 4
0
10
20
30km
Plant centroid co-ordinates
11°33’54”N, 9°23’27”W
Licences
Mining
Exploration
Mine Infrastructure
Pits
Plant
Stockpiles
Leach pad
TSF
Waste dumps
Deposit
Settlements
Towns
Villages
Roads
Main
Secondary
Introduction CONTINUED
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SIGUIRI CONTINUED
Africa
Map showing Siguiri Gold Mine infrastructure, concession and exploration licences for Block 1, with the total mining lease
area insert shown in the bottom left corner
Licences
Mining
Exploration
Mine Infrastructure
Pits
Plant
Stockpiles
Leach pad
RW Dam
TSF
Waste dumps
Settlements
Towns
Villages
Roads
Main
Secondary
Insert: Total mining lease area
0
20
40km
0
4
2
8km
Plant centroid co-ordinates
11°33’54”N, 9°23’27”W
Geology
The Siguiri Gold Mine is situated in the northern part of the Siguiri
Basin of Guinea, and is underlain by Lower Proterozoic rocks of the
Birimian metasedimentary and volcano-sedimentary formations.
Where exposed, the sediments consist of a well-bedded turbiditic
sequence of greenschist facies siltstones, sandstones, greywackes
and minor conglomerates, with some brecciated and possibly
volcanic members. Stratigraphic relationships in the area are
however, poorly understood due to poor exposure and a thick
lateritic duricrust which covers large portions of the lease.
The mineralisation at Siguiri occurs as secondary gold in alluvial
or colluvial gravel in lateritic cover and primary vein hosted
mineralisation. The veins are quartz dominant and display a variety
of styles and orientations, with a sub-vertical northeast-trending
conjugate quartz vein set predominating in most of the open pits,
irrespective of the orientation of the bedding. Auriferous quartz
veins show a strong lithological control and are best developed in
the sandstone/greywacke units.
The main structural and lithological trend in the current mining area
of Block 1 changes from a roughly north-south orientation in the
south to northwest-southeast in the north.
The geology of Block 2 differs from Block 1 in that the block
is mostly underlain by metavolcanics and volcanoclastics.
Mineralisation styles appear to be similar to those in Block 1,
with Saraya appearing to be located on a north-south
orientated structure.
Deposit type
Three main sedimentary packages are recognised in the Siguiri
district; the Balato, Fatoya and Kintinian Formations. The Balato
Formation is dominated by centimetre scale alternations of shale,
siltstone and greywacke. The overlying Fatoya Formation consists
of metre scale beds of greywacke fining towards the west.
The Kintinian Formation is a thick package of shale and sandstone
with a basal clast-supported conglomerate.
The orebodies are structurally controlled and the area has
undergone at least three distinct phases of deformation, with initial
north-south compression developing minor folds, the second
and largest deformation event is associated with east-west to
east-northeast and west-southwest directed compression leading
to north-south structural architecture, and the third event was
a northwest and southeast compression that led to refolding of
existing structures.
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AngloGold Ashanti Limited <R&R> 2020
SIGUIRI CONTINUED
Africa
Loading material onto a dump truck
A deep oxidation (weathering) profile is developed in the region,
varying between 50 and 150m. Following the completion of the
plant upgrade, both soft and hard rock can be fed to the plant.
Mineralisation style
Primary gold mineralisation occurs in all three lithostratigraphic units
of the Siguiri region although most of the known mineralisation
is found in the central and more competent Fatoya Formation. In
some deposits, the mineralisation shows strong lithological control
and is preferentially developed in coarser-grained units that have
higher fracture/vein densities relative to fine-grained rocks.
The mineralisation dominantly follows sub-vertical north-south
thrusts, northeast to southwest dextral shear zones, and
west-northwest to east-southeast sinistral faults associated
with the main (D2) deformation event. The mineralised veins
are remarkable for the relative consistency of their orientation
(northeast), despite the highly variable orientation of bedding and
major structures.
Mineralised veins are more intensely developed along major
structural trends with quartz-carbonate-sulphide veining developed
along structures. Some of these structures have developed as
incipient faults and are represented by discrete stockworks of
mineralised quartz-carbonate veins occurring along a trend, instead
of being clearly defined continuous structures.
Mineralisation characteristics
Two styles of primary mineralisation have been recognised at
Siguiri. The first is characterised by precipitation of gold-bearing
pyrite associated with proximal albite and distal carbonate
alteration, and opening of carbonate-pyrite veins. The second style
corresponds to east-northeast to west-southwest trending native
gold bearing quartz veins with carbonate selvages which cross-cut
carbonate-pyrite veins and show arsenopyrite (pyrite) halos.
“Exploration at Siguiri was
historically focused on finding
new oxide Mineral Resource in
the saprolite and upgrading the
confidence in the existing oxide
Mineral Resource.”
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SIGUIRI CONTINUED
Africa
Exploration
Exploration at Siguiri was historically focused on finding new oxide
Mineral Resource in the saprolite and upgrading the confidence
in the existing oxide Mineral Resource. This was achieved using
geophysics, soil geochemistry and drill hole sampling in the context
of the regional and pit-scale geological models. Following the
completion of an asset strategy optimisation project in 2012, which
indicated the potential economic viability of the fresh rock material,
the aim of the exploration has expanded, and the objectives are
four-fold. Firstly, to explore for replacement and additional oxide
material for short-term mining requirements at Sanu Tinti, Bidini,
Tubani South, Kami and Silakoro. Secondly, to explore new
conceptual oxide targets in Blocks 1 to 4 and the Saraya West
exploration licence. Thirdly, to increase the level of confidence in
major fresh rock targets below the existing oxide pits at Seguélén,
Kami and Bidini. Lastly, drilling to support the Block 2 projects at
Saraya and Foulata. To achieve all of these, 85,119m were drilled as
of December 2020 out of a budget of 108,006m.
Block 2 drilling in 2020, totaling 12,834m, was primarily focused
on infill drilling in increasing confidence in mainly the Saraya Mineral
Resource to generate an Indicated Mineral Resource in preparation
for 2022 mining. An advanced grade control programme was
additionally defined in all the active pits to better inform the
short-term mine planning.
Infill drilling comprising 56% (50,263m) of the total drilling occurred
on Blocks 1 and 2 over various deposits (Kami, Tubani, Sanu
Tinti, Bidini, Silakoro, Saraya and Foulata). Reconnaissance drilling
comprised 46% of the total metres (39,358m) and was focused
on depth extensions at Seguélén while new oxide targets were
drilled at Kami, Silakoro North, Setiguiya West, Niono, Balato North
(Block 1), Foulata and Saraya (Block 2), as well as the Saraya West
exploration licence.
Projects
A FS investigating the exploitation of fresh rock material was
completed in December 2015. Called the Combination Plant
project, it investigated the upgrade of the current plant to enable
processing a combination of oxides and of fresh rock material.
The plant throughput will remain at 12Mtpa with a flexible design
allowing up to 6Mtpa of fresh rock material to be processed.
Targeted fresh rock pits include Kami, Bidini, Tubani, Sintroko,
Seguélén and Sokuno. The FS was approved by the board of
AngloGold Ashanti following successful negotiations with the
government of Guinea regarding the Convention de Base and
having obtained access to Seguélén Area 1. Construction of the
combination plant commenced in 2017 and was commissioned
during quarter four of 2018.
Block 2’s mining is scheduled to commence in June 2021 following
the completion of the FS. This will start with Foulata, followed by
Saraya in 2022. The infill drilling inside the mine design, aimed at
converting Inferred to Indicated Mineral Resource, was delayed
and about 3,000m out of 16,000m will be carried over in 2021.
Block 3 drilling has also been moved to 2021 as well as the PFS for
possible mining in 2024.
W-E Geological cross-section through the Saraya deposit
Legend
Saraya Formation: brecciated shale units
Intrusive
Saraya Formation: coarse-grained
quartzo-feldspathic volcano-sediments
Doubaya Formation:
fine-grained chloritic shales
Intrusive: granodiorite, diorite to monzogranite
Fault
Transition/fresh rock contact
Pit shell outline
100m
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AngloGold Ashanti Limited <R&R> 2020
Mineral resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Type of drilling
Category
Spacing m (-x-)
Diamond
RC
Blasthole
Channel
Other
Measured
Indicated
20 x 40, 25 x 25
Inferred
20 x 40, 50 x 25, 50 x 50
Grade/ore control
5 x 12, 10 x 5, 10 x 10,
12.5 x 6.25, 12.5 x 7.5
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Bidini (sulphide)
Measured
Indicated
8.96
1.61
14.43
0.46
Inferred
2.63
1.72
4.52
0.15
Total
11.60
1.63
18.95
0.61
Bidini (oxide)
Measured
Indicated
3.29
1.38
4.54
0.15
Inferred
5.28
1.26
6.63
0.21
Total
8.57
1.30
11.17
0.36
Bidini (transitional)
Measured
Indicated
2.91
1.58
4.60
0.15
Inferred
1.15
1.95
2.25
0.07
Total
4.07
1.68
6.85
0.22
Eureka East
Measured
Indicated
0.64
1.18
0.75
0.02
Inferred
0.18
1.22
0.22
0.01
Total
0.81
1.19
0.97
0.03
Eureka North
Measured
Indicated
0.13
1.00
0.13
0.00
Inferred
0.09
0.91
0.09
0.00
Total
0.22
0.96
0.21
0.01
Foulata
Measured
Indicated
2.39
1.70
4.05
0.13
Inferred
0.19
2.33
0.45
0.01
Total
2.58
1.74
4.50
0.14
Kalamagna
Measured
Indicated
4.98
0.90
4.51
0.14
Inferred
1.23
0.88
1.08
0.03
Total
6.21
0.90
5.59
0.18
Kami (sulphide)
Measured
Indicated
21.68
1.02
22.06
0.71
Inferred
2.99
0.89
2.67
0.09
Total
24.67
1.00
24.72
0.79
Kami (oxide)
Measured
Indicated
9.23
0.73
6.70
0.22
Inferred
3.50
0.72
2.51
0.08
Total
12.73
0.72
9.21
0.30
SIGUIRI CONTINUED
Africa
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SIGUIRI CONTINUED
Africa
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Kami (transitional)
Measured
Indicated
1.48
0.97
1.44
0.05
Inferred
0.99
0.95
0.94
0.03
Total
2.46
0.96
2.38
0.08
Kosise
Measured
Indicated
3.13
0.74
2.30
0.07
Inferred
2.99
0.68
2.02
0.06
Total
6.12
0.71
4.32
0.14
Kounkoun
Measured
Indicated
Inferred
11.09
1.25
13.88
0.45
Total
11.09
1.25
13.88
0.45
Kozan North
Measured
Indicated
2.58
0.69
1.77
0.06
Inferred
0.48
0.72
0.35
0.01
Total
3.06
0.69
2.12
0.07
Kozan South
Measured
Indicated
6.16
0.66
4.05
0.13
Inferred
0.42
0.94
0.40
0.01
Total
6.58
0.68
4.45
0.14
Seguélén (oxide)
Measured
Indicated
7.83
0.83
6.52
0.21
Inferred
2.54
0.78
1.98
0.06
Total
10.36
0.82
8.50
0.27
Seguélén (sulphide)
Measured
Indicated
2.05
1.11
2.28
0.07
Inferred
2.36
1.06
2.49
0.08
Total
4.40
1.08
4.77
0.15
Seguélén (transitional)
Measured
Indicated
1.02
0.93
0.95
0.03
Inferred
0.53
1.01
0.54
0.02
Total
1.55
0.96
1.49
0.05
Saraya (sulphide)
Measured
Indicated
2.12
2.46
5.22
0.17
Inferred
0.88
2.41
2.12
0.07
Total
3.00
2.45
7.34
0.24
Saraya (oxide)
Measured
Indicated
1.53
1.66
2.54
0.08
Inferred
0.59
1.90
1.12
0.04
Total
2.12
1.73
3.66
0.12
Saraya (transitional)
Measured
Indicated
0.16
2.39
0.38
0.01
Inferred
0.08
2.39
0.20
0.01
Total
0.24
2.39
0.58
0.02
Sintroko South
Measured
Indicated
2.14
1.31
2.80
0.09
Inferred
0.29
1.94
0.57
0.02
Total
2.43
1.39
3.37
0.11
Inclusive Mineral Resource CONTINUED
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AngloGold Ashanti Limited <R&R> 2020
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Silakoro
Measured
Indicated
1.71
1.51
2.58
0.08
Inferred
0.31
1.88
0.58
0.02
Total
2.02
1.57
3.17
0.10
Sokunu
Measured
Indicated
6.71
0.81
5.42
0.17
Inferred
5.44
0.93
5.06
0.16
Total
12.16
0.86
10.48
0.34
Soloni
Measured
Indicated
3.81
0.67
2.54
0.08
Inferred
3.38
0.79
2.66
0.09
Total
7.18
0.72
5.20
0.17
Sorofe (sulphide)
Measured
Indicated
2.17
1.34
2.90
0.09
Inferred
3.90
1.77
6.90
0.22
Total
6.06
1.61
9.79
0.31
Sorofe (oxide)
Measured
Indicated
5.38
1.22
6.59
0.21
Inferred
0.99
1.45
1.44
0.05
Total
6.37
1.26
8.02
0.26
Sorofe (transitional)
Measured
Indicated
1.65
1.64
2.71
0.09
Inferred
1.48
1.58
2.33
0.08
Total
3.13
1.61
5.04
0.16
Stockpile (full grade ore)
Measured
5.48
0.86
4.69
0.15
Indicated
Inferred
Total
5.48
0.86
4.69
0.15
Stockpile (marginal ore)
Measured
12.07
0.52
6.25
0.20
Indicated
Inferred
Total
12.07
0.52
6.25
0.20
Stockpile (spent heap leach)
Measured
Indicated
31.95
0.54
17.29
0.56
Inferred
13.40
0.57
7.61
0.24
Total
45.35
0.55
24.90
0.80
Siguiri
Total
224.71
0.96
216.61
6.96
Inclusive Mineral Resource CONTINUED
SIGUIRI CONTINUED
Africa
The Siguiri inclusive
Mineral Resource is
reported within economic
pit shells, based on
a gold price of
US$1,500/oz and
considering mining,
processing and
operational costs.
Open pit at Siguiri
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Regional overview / DRC / Ghana / > Guinea / Tanzania
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SIGUIRI CONTINUED
Africa
Siguiri
Surface (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average grade above cut-off (g/t)
0.00
0.50
1.00
1.50
2.00
0.25
0.75
1.25
1.75
500
400
300
200
100
0
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Tonnes above cut-off
Average grade above cut-off
Grade tonnage curve
Estimation
Mineral Resource definition drilling is done with aircore drilling (AC),
RC and DD. All available geological drill hole information is validated
for use in the Mineral Resource models and together with the local
geology of the deposit, an understanding of grade variability is used
to categorise the drill hole information into appropriate estimation
domains. Detailed statistical analyses are conducted on each of
these domains which allows for the identification of high-grade
outlier values which are capped, with some models post processed
using local uniform conditioning (LUC).
The Mineral Resource model is estimated using ordinary kriging into
a 3D block model. Geological interpretation is based on geological
drill hole data. The dimensions of these Mineral Resource blocks
range from 10 x 10 x 2.5m to 50 x 25 x 6m block sizes, guided
by the shape of the deposit and the drilling density. The Mineral
Resource is declared within an optimised Mineral Resource pit shell
using a gold price of US$1,500/oz.
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Siguiri
Measured
Indicated
79.68
0.97
77.24
2.48
Inferred
69.26
1.06
73.60
2.37
Total
148.94
1.01
150.83
4.85
The exclusive Mineral Resource at Siguiri includes:
Indicated and Inferred Mineral Resource that falls outside the Ore Reserve pit shell but within the Mineral Resource optimised shell at
US$1,500/oz gold price.
Inferred Mineral Resource that occurs within the Ore Reserve pit shell.
All Mineral Resource that falls between the Mineral Resource and Ore Reserve cut-offs within the Ore Reserve design.
4.5
5.0
5.5
6.0
6.5
7.0
7.5
0.00
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2020
Siguiri
Total (Moz)
1.22
0.00
(0.02)
(0.25)
0.32
0.00
5.70
0.00
6.96
Ounces (millions)
Year-on-year changes in Mineral Resource
The increase in the Siguiri Mineral Resource is mainly driven by a higher Mineral Resource gold price (from US$1,400/oz to US$1,500/oz)
and gains due to exploration.
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
SIGUIRI CONTINUED
Africa
1,300
1,500
1,700
Percentage change
20
10
0
-10
-20
Siguiri
Percentage change
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
Inclusive Mineral Resource sensitivity
Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Bidini (sulphide)
Proved
Probable
6.59
1.12
7.36
0.24
Total
6.59
1.12
7.36
0.24
Bidini (oxide)
Proved
Probable
2.67
0.84
2.24
0.07
Total
2.67
0.84
2.24
0.07
Bidini (transitional)
Proved
Probable
2.38
1.13
2.68
0.09
Total
2.38
1.13
2.68
0.09
Foulata
Proved
Probable
1.26
1.55
1.96
0.06
Total
1.26
1.55
1.96
0.06
Kami (sulphide)
Proved
Probable
7.37
1.28
9.43
0.30
Total
7.37
1.28
9.43
0.30
Kami (oxide)
Proved
Probable
0.05
1.57
0.08
0.00
Total
0.05
1.57
0.08
0.00
Kami (transitional)
Proved
Probable
0.24
1.13
0.27
0.01
Total
0.24
1.13
0.27
0.01
Saraya (sulphide)
Proved
Probable
2.17
2.00
4.34
0.14
Total
2.17
2.00
4.34
0.14
Saraya (oxide)
Proved
Probable
1.16
1.68
1.95
0.06
Total
1.16
1.68
1.95
0.06
Saraya (transitional)
Proved
Probable
0.14
2.07
0.29
0.01
Total
0.14
2.07
0.29
0.01
As a low-grade deposit, Siguiri is very sensitive
to gold price changes. There is a 12% upside in
ounces at a higher Mineral Resource price and
a 14% downside in ounces at a lower Mineral
Resource price.
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SIGUIRI CONTINUED
Africa
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Stockpile (full grade ore)
Proved
5.48
0.86
4.69
0.15
Probable
Total
5.48
0.86
4.69
0.15
Stockpile (marginal ore)
Proved
12.07
0.52
6.25
0.20
Probable
Total
12.07
0.52
6.25
0.20
Stockpile (spent heap leach)
Proved
Probable
31.95
0.54
17.29
0.56
Total
31.95
0.54
17.29
0.56
Siguiri
Total
73.53
0.80
58.84
1.89
Estimation
The Mineral Resource models for each pit are depleted with surveys of actual mining to the end of September 2020 and forecast depletions
to the end of 2020. Costs are assigned on a pit-by-pit basis, reflecting the existing cost structure of the operation. The relevant dilution
and ore-loss factors are applied and pit optimisation is then performed. The relevant modifying factors such as metallurgical recoveries,
geotechnical parameters, cut-off grades, and economics are applied to generate the mine designs that are used to estimate the final
Ore Reserve.
Ore Reserve CONTINUED
Ore Reserve modifying factors
as at 31 December 2020
Gold price
US$/oz
Cut-off
grade
g/t Au
Dilution
%
Dilution
g/t
RMF
% (based
on tonnes)
RMF
% (based
on g/t)
MRF
% (based
on tonnes)
MRF
% (based
on g/t)
MCF
%
MetRF
%
Bidini (sulphide)
1,200
0.70
33.5
0.2
100.0
90.0
98.2
100.9
100.0
88.0
Bidini (oxide)
1,200
0.55
56.9
0.2
100.0
90.0
89.5
101.1
100.0
88.0
Bidini (transitional)
1,200
0.70
32.3
0.2
100.0
90.0
89.4
102.0
100.0
88.0
Foulata
1,200
0.80
48.4
0.4
100.0
100.0
80.2
103.5
100.0
88.0
Kami (sulphide)
1,200
0.70
10.8
0.5
100.0
95.0
95.1
103.1
100.0
88.0
Kami (oxide)
1,200
0.55
0.2
0.3
100.0
95.0
65.4
102.6
100.0
88.0
Kami (transitional)
1,200
0.70
4.8
0.4
100.0
95.0
85.7
99.3
100.0
88.0
Saraya (sulphide)
1,200
0.95
38.9
0.2
100.0
100.0
96.6
102.0
100.0
88.0
Saraya (oxide)
1,200
0.85
20.6
0.1
100.0
100.0
78.3
110.3
100.0
88.0
Saraya (transitional)
1,200
0.95
29.8
0.1
100.0
100.0
73.8
104.5
100.0
88.0
Stockpile
(spent heap leach)
1,200
100.0
100.0
100.0
100.0
100.0
88.0
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2020
million
g/t
tonnes
Moz
Bidini (sulphide)
1.39
1.10
1.53
0.05
Bidini (oxide)
3.70
0.92
3.42
0.11
Bidini (transitional)
1.29
1.01
1.31
0.04
Foulata
0.02
1.76
0.04
0.00
Saraya (sulphide)
0.16
2.39
0.39
0.01
Saraya (oxide)
0.23
2.03
0.47
0.02
Saraya (transitional)
0.01
1.59
0.01
0.00
Total
6.81
1.05
7.17
0.23
*Inferred Mineral Resource including lower confidence material
The Inferred Mineral Resource included in the seven-year business plan consists of extensions of all geological domains, in support of
extending the seven-year Ore Reserve LOM plan. With appropriate caution, a portion of the Inferred Mineral Resource was included in the
business plan during the optimisation process. This accounts for 11% of the business plan. No Inferred Mineral Resource is considered in
Ore Reserve reporting. For the optimisation, the impact of excluding Inferred Mineral Resource is tested to determine if the pit design will still
generate a positive cash flow at a US$1,200/oz gold price.
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
SIGUIRI CONTINUED
Africa
1.0
1.2
1.4
1.6
1.8
2.0
2.2
2.4
(0.06)
(0.07)
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2020
Siguiri
Total (Moz)
0.09
0.09
(0.02)
(0.24)
0.30
0.04
1.76
0.00
1.89
Ounces (millions)
Year-on-year changes in Ore Reserve
As at 31 December 2020, there was an increase in Ore Reserve in comparison to the previous year’s declaration, which was driven primarily
by the introduction of Block 2 (Foulata and Saraya) Ore Reserve, the increase in gold price, Kami and Bidini Mineral Resource modelling,
and offset by depletion, a decrease in metallurgical recovery as well as wall instability in the Tubani pit.
Ore Reserve sensitivity
1,100
1,200
1,300
Percentage change
6
5
4
3
2
1
0
-1
-2
Siguiri
Percentage change
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Adama Sissoko
MAusIMM
224 835
27 years
BSc Hons (Geology)
Ore Reserve
Desiderius Kamugisha
MAusIMM
227 181
19 years
BSc (Mining Engineering)
The Inferred Mineral Resource within the Ore Reserve design is 5% of the total ore scheduled. The major contributor of Inferred Mineral
Resource material is the Bidini and Saraya pits. Inferred Mineral Resource exists as pockets located within the Bidini stage 1 and Saraya
pit designs and will be converted to Indicated and Measured once access to drilling is provided (conversion costs are covered in the
2021/2022 exploration and grade control budgets).
Siguiri is sensitive to gold price changes. An increase
in gold price to US$1,300/oz has a 5% impact as the
pits remain constrained and a large percentage of
Ore Reserve comes from stockpiles. There is a
minimal downside in ounces at a lower gold price to
US$1,100/oz.
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Regional overview / DRC / Ghana / > Guinea / Tanzania
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SIGUIRI CONTINUED
Africa
Dump trucks carrying material from Tubani (Sorofe) open pit
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
TANZANIA
Africa
TANZANIA
Arusha
Tabora
Tanga
Dodoma
Kigoma
Lake
Tanganyika
Mwanza
Lake
Victoria
Dar-es-Salaam
1
LEGEND:
1
Geita
Operation
Geita, one of AngloGold Ashanti’s flagship mines, is located
in northwestern Tanzania, in the Lake Victoria goldfields of
the Mwanza region, about 120km from Mwanza and 4km
west of the town of Geita. The Geita gold deposits are mined
as a multiple open pit and underground operation, with the
underground operation having begun in 2016. The mine will
continue to operate as a mixed open pit and underground
operation until the entire economic open pit Mineral Resource
is exhausted. The mine is currently serviced by a CIL
processing plant with an annual capacity of 5.2Mt.
Exclusive Mineral Resource
Ore Reserve
Inclusive Mineral Resource
1.0Moz
(12%)
Measured
3.4Moz
(43%)
Indicated
3.5Moz
(45%)
Inferred
0.1Moz
(2%)
Measured
1.7Moz
(32%)
Indicated
3.5Moz
(66%)
Inferred
2.3Moz
(100%)
Probable
In 2016, underground mining successfully commenced at Star and
Comet to provide ore to the processing plant. Underground ore is
now a significant part of the feed to the plant, with underground
operations also having commenced at Nyankanga.
Attributable production from Tanzania was 623koz of gold in 2020,
or 39% of the region’s production.
As at December 2020, the Mineral Resource (inclusive of Ore
Reserve) for Tanzania was 7.9Moz (2019: 6.6Moz) and the Ore
Reserve was 2.3Moz (2019: 1.5Moz).
200km
0
Production drilling at Nyankanga Block 1 portal
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Regional overview / DRC / Ghana / Guinea / > Tanzania
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GEITA
Africa
Introduction
Property description
Geita Gold Mine (GGM) is wholly owned by AngloGold Ashanti and sources ore from Nyankanga open pit and
from two underground mines (Star and Comet as well as Nyankanga) in 2020. The Geita Hill underground
mine was approved for operations in mid-2020, with mine development commencing in November 2020. The
Nyankanga open pit was completed in September 2020, and will be replaced by the Nyamulilima open pit,
which is scheduled to commence production in 2021.
Location
GGM is located approximately 910km from the Tanzanian capital city of Dar es Salaam. It falls within the
Lake Zone of northwestern Tanzania, approximately 120km west of Mwanza and 4km away from the town
of Geita. The mining lease area falls within the Archaean Sukumaland Greenstone Belt of the Lake Victoria
goldfields.
History
In 1936, the first Geita deposits were discovered and by 1966, three mines had produced almost 1Moz of gold.
Ashanti acquired the project through acquisition of Cluff Resources in 1996 and in early December 2000,
Ashanti reached an agreement to sell AngloGold a 50% interest in Geita for $324 million. AngloGold added its
neighbouring Nyamulilima Hill deposits into the JV company. In 2004, the merger of AngloGold and Ashanti
resulted in the operation being wholly run by AngloGold Ashanti.
In 2015, a decision was taken to go underground at Star and Comet and the underground development
started in 2016. In 2017 the Nyankanga underground operation was started.
Legal aspects and tenure
The special mining licence (SML45/99) covers approximately 196.17km
2
and expires on 26 August 2024.
There are a further 120km
2
of prospecting licences in the immediate vicinity to the special mining licence
which do not contain any Ore Reserve.
Mining method
Mining at Geita uses both open pit and underground mining methods. Open pit mining at Nyankanga Cut 8
was completed in 2020. Work has commenced to establish the next open pit operation at Nyamulilima
Cuts 1 and 2. This mining is done utilising truck and shovel, operated by GGM, with a contractor providing
drill and blast support. Star and Comet underground has successfully transitioned to owner mining, and the
mining contractor African Underground Mining Services is used at Nyankanga and Geita Hill for underground
development as well as stoping. The mining method is a combination of LOS and TOS. Cemented aggregate
fill backfill is used at Nyankanga to fill the primary stopes. Ore is hauled from the Star and Comet and
Nyankanga underground operations to the central run-of-mine (ROM) pad by the Geita surface mining fleet.
Operational infrastructure
Geita has an established 5.2Mtpa CIL processing plant capable of processing hard ore. It also has an
established TSF with sufficient area to construct wall raises every three years to accommodate planned future
production. A full workshop facility is in place to support the maintenance of heavy mining equipment and
all light support equipment. Contractor infrastructure supported on the mine site includes workshops for the
production and exploration drilling contractor, workshops for the underground mining contractor, as well as
a plant for the explosives supplier. Geita has further support infrastructure in place including a mine village,
medical clinic, mine store, administration buildings and an airstrip.
Mineral processing
Geita’s ore processing method is via conventional CIL process with a throughput capacity of 5.2Mtpa. The
circuit contains a primary gyratory crusher, secondary and tertiary crushers, a semi-autogenous mill, ball
mill and 12 leach tanks. This is coupled with a gravity circuit using two Knelson concentrators. In planning
the plant feed blend material, hardness grade and sulphide content are considered in order to optimise
throughput and recovery. Power to the mine is self-generated.
Risks
There is minor artisanal and small scale mining activity as well as illegal intrusions into the mine, but there is a
holistic mitigation plan in process to manage this.
The addition of Nyamulilima Cuts 1 and 2 to the existing underground operations reduces the Ore Reserve
risk at Geita. The key is to have both open pit and underground operations on-site. Mitigating actions put in
place focus on optimising the exploration and project plans to convert both surface and underground Mineral
Resource to Ore Reserve. Other risks include reduced underground production efficiencies when transitioning
to owner mining in selected areas, ball mill and crusher plant integrity, and Mineral Resource to Ore Reserve
conversion.
AngloGold Ashanti Limited <R&R> 2020
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AngloGold Ashanti Limited <R&R> 2020
Geology
Deposit type
The Geita Greenstone Belt (GGB) hosts several world-class
shear-hosted Archaean lode gold deposits and forms the northern
portion of the regional Sukumaland Greenstone Belt, itself one of
several belts that comprise the Lake Victoria goldfields. Other gold
mines hosted in the Lake Victoria Goldfields include Golden Pride,
Bulyanhulu, Tulawaka, Buzwagi and North Mara.
The east-west oriented GGB is 60km in length and up to 15km
wide. The Geita terrain is comprised of upper-to-mid Nyanzian
greenschist facies units, made up of clastic sediments, black
shales, BIF, volcanoclastics and metabasalts. These have been
intruded by a variety of felsic to mafic intrusive bodies, dykes and
sills. Gabbro dykes accommodated by regional north-northeasterly
structures are also prominent geological features in the area.
Northwest trending deformation corridors divide the GGB into three
distinct sub-terrains, namely the Nyamulilima Terrain in the west
(hosting the Star and Comet, Ridge 8 and Nyamulilima deposits),
the Central Terrain in the central part (hosting the Nyankanga,
Geita Hill, Lone Cone and Chipaka deposits) and the Kukuluma
Terrain to the northeast (hosting the Matandani, Kukuluma and
Area 3 West deposits).
Mineralisation style
Geita’s gold mineralisation is preferentially hosted in BIF, cherts
and ironstones that have been affected by both ductile and
dominant brittle deformation associated with shear zones. The
shears preferentially exploit fold axial planes as well as the contacts
between the supracrustal and intrusive rocks.
The GGB has been through a protracted history of deformation,
which resulted in a large scale synformal configuration in the
Central Terrain, with west-northwest trending limbs connected by a
northeast trending hinge zone. The deposits of the Central Terrain
are mainly located within the relatively low-strain hinge zone.
The Nyankanga deposit is hosted in a BIF dominated supracrustal
package that is extensively intruded by, and locally forms a roof
pendant within the dioritic Nyankanga Intrusive Complex. At
Geita Hill, dioritic rocks are present as sills and dykes intruded
into a supracrustal sequence that has been subject to extensive
polyphase folding.
To the west, the Nyamulilima Terrain comprises a semi-circular
structure surrounding intrusive centers, which internally
encompasses structural systems of variable scale that locally
control gold mineralisation. At Star and Comet, a folded
sedimentary package of BIF intercalated with clastic and tuffaceous
metasediments is intruded by a tonalitic complex.
GEITA CONTINUED
Africa
Map showing Geita Gold Mine infrastructure and licences, with the total mining lease area shown in the top right corner
Plant centroid co-ordinates
2°51’53”N, 32°11’12”W
0
1
2
4km
Insert: Total mining lease area
Licences
Mining
Exploration
Mine infrastructure
Pits
Plant
ROM pad
Stockpiles
TSF
Waste dumps
Raw water dam
Underground access
Active
Planned
Deposit
Settlements
Towns
Villages
Roads
Main
Secondary
Airfield
Insert
Total mining lease area
Map zoomed in area
0
5
10km
68
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GEITA CONTINUED
Africa
The Kukuluma Terrain trends west-northwesterly, with sub-vertical
limbs being dominant over compressed, multiphase folded zones.
The three major deposits in the area (Kukuluma, Matandani
and Area 3) are located along a 5km long east-southeast
mineralisation trend. The geology of the deposits is dominated by
volcano-sedimentary rocks that are polydeformed and intruded by
syn-to-late folding diorite bodies. Host rocks for mineralisation are
fine-grained iron-rich clastic sediments, cherts, BIF and tuffaceous
rocks, with local intercalated carbonaceous shales.
Mineralisation characteristics
Gold mineralisation at Nyankanga occurs within a northeast trending
and northwest dipping anastomosing shear system, typically along
the lowermost shears, with higher-grade mineralisation mainly
proximal to the basal contact of BIF packages. Mineralisation is
associated with chlorite-carbonate-silica alteration and pyrite
dominant sulphide in the damage zones surrounding the
shear surfaces as veins, veinlets, local breccias and sulphide
replacement of magnetite layers. At Geita Hill, mineralisation at
the deposit scale is controlled by a narrow northeast-trending and
northwest-dipping shear zone that exploits the axial surfaces
of F3 folds. Ore is also hosted by damage zones adjacent to the
main shear.
At Star and Comet, a major mineralised shear zone runs
north-northwest to south-southeast through the deposit where
it is localised along the contact of BIF and tonalite. An envelope
of mostly brittle deformation up to 10m thick (which affects both
lithologies) occurs on either side of the shear zone and controls
the distribution of mineralisation. Most of the gold mineralisation
is hosted in pyrrhotite patches associated with strong silicification
together with carbonate alteration.
Within the Kukuluma Terrain, steeply dipping ductile/brittle
gold-fertile shear zones are developed along, or close to, the
edges of an elongate diorite body, hosted in iron-rich rocks and
locally exploiting axial surfaces of tight folds. Gold mineralisation
in the Kukuluma terrain is strongly associated with pyrrhotite,
pyrite and arsenopyrite concentrations, accompanied by strong
carbonate and silica alteration of host rocks. Gold is present in gold
minerals and sulphides, dominantly in arsenopyrite.
Star and Comet long section: high potential for lateral and down-dip Mineral Resource growth (view looking north)
New assays (Quarter 1
of 2021) > 2 g/t
Previous assays (Prior to
the end of 2020) > 2 g/t
Mining out
SCC2-C3 Gap
Footwall Structure
Ug Mine design
Legend
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GEITA CONTINUED
Africa
Exploration
The Geita exploration strategy is focused on securing near-term
ounces as well as extending the LOM beyond 2030. In 2020,
Mineral Resource conversion drilling was carried out at Star and
Comet and Nyankanga underground projects, while exploration
drilling for underground extensions and resource development
occurred at Star and Comet Cuts 2 and 3, where a total of 27km
of DD was completed. Mineral Resource development drilling also
occurred at Nyankanga Blocks 1 to 5 underground where a total
20km of DD was completed.
Surface drilling was focused at Nyamulilima Cuts 1 and 2 following
exploration success in 2019, with Mineral Resource development
drilling completed to support the Nyamulilima open pit mining study
– a total of 37km of RC and 35km of DD was completed, with
72km drilled in total.
A total of 37km of surface RC, 35km of surface DD and 47km of
underground DD was completed during the year, with a total of
118km drilled.
Mineral Resource development drilling at Star and Comet Cut 2
returned significant intersections, upgraded the level of Mineral
Resource confidence and provided a better understanding of the
limits of the ore zones for stope designs. At Star and Comet Cut 3,
drilling was done to upgrade material to Indicated Mineral Resource
classification and test down dip projections. Intersections within
the Cut 2 to Cut 3 gap confirmed the presence of high-grade
mineralisation, and also confirmed new mineralisation identified in
the Cut 3 to Ridge 8 gap.
The drilling programmes at Nyankanga Blocks 1, 2, 3, 4 and 5
underground projects aimed to convert the current Inferred to
Indicated Mineral Resource and further delineate the potential
strike, down-dip and down-plunge continuities. Mineral Resource
development drilling aimed to convert Inferred Mineral Resource to
Indicated Mineral Resource in Blocks 1 and 2, and commenced in
October 2020.
Significant surface drilling programmes were completed at
Nyamulilima Cuts 1 and 2 in 2020 and will continue in 2021, with
Mineral Resource development drilling to be concluded in 2021.
Surface exploration drilling will then test exploration targets in
the Nyamulilima District, including Xanadu, Xanadu West, Mabe,
Selous and Kibugwe which are high priority targets for exploration
through 2021 to 2024.
Projects
GGM’s exploration strategy is focused on three key areas. The
first is to increase the Mineral Resource/Ore Reserve base of the
underground mining operations, namely the Nyankanga and Star
and Comet underground mines in operation, and the Geita Hill
underground mine which commenced operations in November
2020. The underground exploration drilling will target Mineral
Resource extension as well as Mineral Resource to Ore Reserve
conversion in line with Geita’s LOM plan. The second key area is
aggressive surface exploration of satellite targets within GGM’s
tenement holdings to bring them into production, including the
Nyamulilima open pit project, which is scheduled to commence
production in mid-2021. The third key area focuses on completing
exploration for discovery, and development of major long lead
projects to sustain LOM operations in the future.
Underground mining successfully started at Star and Comet Cut 2
in 2016. Development at Star and Comet Cut 3 was initiated from
the Cut 2 platform and ramped up as planned in 2017. Detailed
mine design, planning and permitting for Nyankanga underground
was completed in 2016 and underground development
commenced at Blocks 4 and 5 in 2017. Underground exploration
drilling has successfully converted exploration targets and Inferred
Mineral Resource to Indicated Mineral Resource in these deposits.
Following the successful implementation of underground operations
at Star and Comet and Nyankanga underground, exploration
and Mineral Resource development drilling will be expanded to
include Geita Hill from 2021, with mining operations commencing in
November 2020.
Recent exploration success from drilling at Nyamulilima, where
drilling commenced in mid-2019 and continued through 2020,
defined a significant open pit Mineral Resource at Nyamulilima
(Cuts 1 and 2). This open pit Mineral Resource is scheduled to
commence production in mid-2021. Future exploration will continue
to explore targets in the Nyamulilima district for further open pit
potential to provide near-term value in the LOM plan.
There are approximately 50 conceptual exploration targets within
GGM’s leases, with exploration plans in place to test higher priority
targets, including Prospect 5 (Geita Hill ore body extension to the
northeast) and Fukiri-Jumanne (potential for the western extension
of Nyankanga-type orebodies).
The refractory ore project which encompasses Matandani,
Kukuluma and Area 3 was postponed due to high capital costs
related to plant modifications that were required to treat the
refractory ore as well as the transition to underground mining.
Drilling was completed in 2015 within the Matandani pit, which
contains the largest Mineral Resource potential. Metallurgical
scoping test work was successfully concluded in 2016 and the
PFS that was planned to commence in 2017 was put on hold.
Visible gold at Nyankanga
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GEITA CONTINUED
Africa
pXRF data collection
Mineral Resource
Details of average drill hole spacing and type in relation to Mineral Resource classification
Type of drilling
Category
Spacing m (-x-)
Diamond
RC
Blasthole
Channel
Other
Measured
10 x 15
Indicated
10 x 10, 20 x 20, 25 x 15,
25 x 40, 40 x 20, 40 x 40
Inferred
40 x 40, 50 x 40, 50 x 50,
80 x 40
Grade/ore control
5 x 10, 10 x 5, 10 x 10,
10 x 15
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GEITA CONTINUED
Africa
Inclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Area 3 West (oxide)
Measured
Indicated
0.45
2.64
1.18
0.04
Inferred
0.00
2.13
0.01
0.00
Total
0.45
2.64
1.19
0.04
Chipaka
Measured
Indicated
0.31
2.18
0.68
0.02
Inferred
0.47
2.44
1.14
0.04
Total
0.78
2.34
1.82
0.06
Kalondwa Hill
Measured
Indicated
Inferred
0.53
3.76
1.98
0.06
Total
0.53
3.76
1.98
0.06
Kukuluma (oxide)
Measured
Indicated
0.05
3.56
0.16
0.01
Inferred
0.02
2.28
0.05
0.00
Total
0.07
3.13
0.21
0.01
Kukuluma (transitional)
Measured
Indicated
0.09
4.70
0.43
0.01
Inferred
0.02
4.88
0.12
0.00
Total
0.11
4.74
0.54
0.02
Kukuluma (sulphide)
Measured
Indicated
0.02
4.89
0.12
0.00
Inferred
0.36
4.06
1.47
0.05
Total
0.39
4.11
1.59
0.05
Lone Cone
Measured
Indicated
0.67
2.98
2.01
0.06
Inferred
0.69
2.86
1.99
0.06
Total
1.37
2.92
3.99
0.13
Matandani (oxide)
Measured
Indicated
1.61
2.00
3.21
0.10
Inferred
0.75
2.14
1.61
0.05
Total
2.36
2.04
4.82
0.16
Matandani (transitional)
Measured
Indicated
0.06
3.39
0.20
0.01
Inferred
0.17
4.70
0.80
0.03
Total
0.23
4.36
1.01
0.03
Matandani (sulphide)
Measured
Indicated
0.06
3.75
0.24
0.01
Inferred
2.63
4.14
10.91
0.35
Total
2.70
4.14
11.15
0.36
Nyamulilima – Cuts 1 and 2
Measured
Indicated
17.08
2.21
37.83
1.22
Inferred
11.22
1.99
22.32
0.72
Total
28.30
2.13
60.15
1.93
Selous (open pit)
Measured
Indicated
Inferred
1.01
2.12
2.14
0.07
Total
1.01
2.12
2.14
0.07
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GEITA CONTINUED
Africa
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Stockpile (full grade ore)
Measured
1.60
4.44
7.08
0.23
Indicated
Inferred
Total
1.60
4.44
7.08
0.23
Stockpile (marginal ore)
Measured
Indicated
11.46
0.87
10.02
0.32
Inferred
Total
11.46
0.87
10.02
0.32
Stockpile (refractory ore)
Measured
Indicated
0.56
2.80
1.57
0.05
Inferred
Total
0.56
2.80
1.57
0.05
Geita Hill (underground) – Blocks 1 and 2
Measured
Indicated
1.64
3.81
6.26
0.20
Inferred
1.06
4.29
4.54
0.15
Total
2.70
4.00
10.80
0.35
Geita Hill (underground) – East
Measured
Indicated
1.65
4.29
7.09
0.23
Inferred
6.37
4.50
28.68
0.92
Total
8.03
4.46
35.77
1.15
Nyankanga (underground) – Blocks 1 and 2
Measured
Indicated
0.57
6.82
3.87
0.12
Inferred
2.19
5.03
10.99
0.35
Total
2.75
5.39
14.85
0.48
Nyankanga (underground) – Blocks 3 and 4
Measured
1.20
6.03
7.26
0.23
Indicated
4.12
5.25
21.63
0.70
Inferred
1.86
4.30
8.01
0.26
Total
7.18
5.14
36.89
1.19
Nyankanga (underground) – Block 5
Measured
0.76
4.62
3.49
0.11
Indicated
0.62
3.73
2.30
0.07
Inferred
0.01
4.85
0.06
0.00
Total
1.39
4.23
5.86
0.19
Ridge 8 (underground)
Measured
Indicated
0.89
3.75
3.35
0.11
Inferred
2.45
4.41
10.81
0.35
Total
3.34
4.23
14.16
0.46
Star and Comet (underground) – Cut 2
Measured
1.39
3.51
4.89
0.16
Indicated
0.18
3.57
0.66
0.02
Inferred
0.18
3.72
0.67
0.02
Total
1.76
3.54
6.21
0.20
Star and Comet (underground) – Cut 3
Measured
1.34
5.36
7.17
0.23
Indicated
0.91
4.19
3.83
0.12
Inferred
0.42
3.81
1.61
0.05
Total
2.67
4.72
12.61
0.41
Geita
Total
81.73
3.02
246.44
7.92
Inclusive Mineral Resource CONTINUED
AngloGold Ashanti Limited <R&R> 2020
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Regional overview / DRC / Ghana / Guinea / > Tanzania
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AngloGold Ashanti Limited <R&R> 2020
GEITA CONTINUED
Africa
Estimation
For the open pits, mineralisation boundaries for the individual
deposits are defined from detailed logging of all geological drill
holes. This information is validated and then used to create a 3D
model. The geological model is subsequently populated with an
appropriately dimensioned block model. Ordinary kriging is used
to interpolate values into the blocks and uniform conditioning (UC),
or LUC is used to generate a recoverable Mineral Resource model
which estimates the proportion of ore that occurs above the Mineral
Resource cut-off grade assuming a specified SMU. The open pit
Mineral Resource is reported within a US$1,500/oz optimised pit
shell and above the calculated mineralised waste cut-off grade per
pit. Stockpiled material above mineralised waste cut-off grade is
included in the Mineral Resource.
For the underground Mineral Resource, the geological model and
the mineralised boundary are generated in the same way as for
the open pits. However, a high-grade wireframe is delineated within
the broader, lower-grade mineralised envelope. In this instance,
all geological controls are adhered to when determining this
domain. Ordinary kriging models are then constructed within the
low-and high-grade domains, and numerous validation exercises
are completed to ensure robust estimates are achieved. The
ultimate open pit designs are used as the limiting boundaries
between open pit and underground during model compilation. The
underground Mineral Resource is reported inside a MSO volume
generated using a unique underground cut-off grade for each
deposit. The underground stopes and development are evaluated
using the ordinary kriging models and the open pit designs are
evaluated using the UC/LUC models.
Geita
Surface (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average grade
above cut-off (g/t)
0.0
0.5
1.0
1.5
2.0
3.0
2.5
80
70
60
50
40
30
20
10
0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
Tonnes above cut-off
Average grade above cut-off
Geita
Underground (metric)
Cut-off grade (g/t)
Tonnes above
cut-off (millions)
Average grade
above cut-off (g/t)
0
1
2
3
4
5
24
22
20
18
16
14
12
10
8
9
8
7
6
5
4
Tonnes above cut-off
Average grade above cut-off
Grade tonnage curves
Development of the portal entrance to Nyankanga underground
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GEITA CONTINUED
Africa
Exclusive Mineral Resource
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Geita
Measured
1.18
3.32
3.93
0.13
Indicated
21.97
2.47
54.34
1.75
Inferred
32.43
3.39
109.91
3.53
Total
55.58
3.03
168.18
5.41
3
4
5
6
7
8
9
0.00
0.00
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Other
Acquisition/
disposal
2020
Geita
Total (Moz)
0.19
0.40
(0.02)
(0.60)
1.79
(0.47)
6.64
0.00
7.92
Ounces (millions)
Year-on-year changes in Mineral Resource
Mineral Resource depletion has been offset by significant gains from exploration, resulting from underground Mineral Resource development
drilling and surface exploration drilling at the Nyamulilima Cuts 1 and 2 open pit project. Mineral Resource increases are also attributed
to methodology and increase in Mineral Resource gold price. Increased mining costs resulted in a decrease in Mineral Resource at
Nyankanga underground.
The exclusive Mineral Resource at Geita consists of:
Underground Mineral Resource within the MSO Mineral Resource
constraining shape, but outside of the Ore Reserve design, and
Inferred Mineral Resource within the Ore Reserve design. Ore
Reserve has been declared at Star and Comet Cuts 2 and 3, and
Nyankanga Blocks 1 to 5.
All open pit Mineral Resource that is located between the Ore
Reserve pit shell (at a gold price of US$1,200/oz) and the Mineral
Resource pit shell (at a gold price of US$1,500/oz).
Material within the Ore Reserve pit shell that is Inferred Mineral
Resource or falls below the Ore Reserve cut-off grade and above the
Mineral Resource cut-off grade, and material within the Nyankanga
Block 5 as well as the Star and Comet Cuts 2 and 3 underground
mine designs are classified as Inferred Mineral Resource.
This material forms potential extensions to the current LOM if it can
be converted to Ore Reserve. A significant portion of the material
in the Inferred Mineral Resource category will be targeted by infill
drilling programmes to upgrade potentially economical areas to
Indicated Mineral Resource.
Mineral Resource below infrastructure
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Geita
Measured
Indicated
4.19
3.98
16.70
0.54
Inferred
9.88
4.46
44.03
1.42
Total
14.08
4.31
60.73
1.95
The Mineral Resource below infrastructure for Geita has been reported for Geita Hill and Ridge 8 underground.
AngloGold Ashanti Limited <R&R> 2020
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Regional overview / DRC / Ghana / Guinea / > Tanzania
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AngloGold Ashanti Limited <R&R> 2020
1,300
1,500
1,700
Percentage change
15
10
5
0
-5
-10
-15
-20
Geita
Percentage change
Mineral Resource price ($/oz)
Tonnes
Ounces
Grade
Inclusive Mineral Resource sensitivity
GEITA CONTINUED
Africa
Ore Reserve
Ore Reserve
Tonnes
Grade
Contained gold
as at 31 December 2020
Category
million
g/t
tonnes
Moz
Nyamulilima – Cuts 1 and 2
Proved
Probable
13.35
2.32
30.93
0.99
Total
13.35
2.32
30.93
0.99
Stockpile (full grade ore)
Proved
Probable
1.60
4.35
6.94
0.22
Total
1.60
4.35
6.94
0.22
Stockpile (marginal ore)
Proved
Probable
6.51
0.89
5.82
0.19
Total
6.51
0.89
5.82
0.19
Nyankanga (underground) – Blocks 1 and 2
Proved
Probable
0.29
6.37
1.87
0.06
Total
0.29
6.37
1.87
0.06
Nyankanga (underground) – Blocks 3 and 4
Proved
Probable
3.14
4.77
14.99
0.48
Total
3.14
4.77
14.99
0.48
Nyankanga (underground) – Block 5
Proved
Probable
1.10
3.13
3.43
0.11
Total
1.10
3.13
3.43
0.11
Star and Comet (underground) – Cut 2
Proved
Probable
0.77
3.35
2.58
0.08
Total
0.77
3.35
2.58
0.08
Star and Comet (underground) – Cut 3
Proved
Probable
1.27
4.80
6.11
0.20
Total
1.27
4.80
6.11
0.20
Geita
Total
28.04
2.59
72.68
2.34
Geita is very sensitive to changes in gold price,
with a 6% upside in ounces at a higher Mineral
Resource gold price and an 11% downside in ounces
at a lower Mineral Resource price. Continual review
of cut-off grades in the underground operations is
undertaken to optimise gold production relative to
actual gold price.
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GEITA CONTINUED
Africa
Estimation
The Mineral Resource models are used as the basis for Ore
Reserve estimation. Input parameters for estimating the Ore
Reserve include gold price, mining dilution and recovery,
geotechnical information, stay in business capital, operating costs,
metallurgical recovery, processing capacity and mining equipment
capacities.
Appropriate Ore Reserve cut-off grades are applied and optimised
pit shells are generated for the open pit sources. Pit designs are
then done on selected shells and signed off by all relevant parties
to ensure compliance to specifications. Underground designs are
completed and evaluated. These designs are incorporated into the
production and treatment scheduling stages to yield ore tonnes
and grades. Financial evaluations are completed for production and
treatment schedules to check cash flow analysis from the estimated
Ore Reserve.
The Ore Reserve for Geita operating, prospective pits and
underground mine areas was estimated using updated economic
factors, latest Mineral Resource models, geological, geotechnical,
mining engineering and metallurgical parameters. Environmental,
sociopolitical, legal and regulatory factors are also considered.
View of the processing plant at Geita
AngloGold Ashanti Limited <R&R> 2020
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GEITA CONTINUED
Africa
Ore Reserve modifying factors
as at 31 December 2020
Gold price
US$/oz
Cut-off
grade
g/t Au
Dilution
%
RMF
% (based
on tonnes)
RMF
% (based
on g/t)
MRF
% (based
on tonnes)
MRF
% (based
on g/t)
MCF
%
MetRF
%
Open pit
Nyankanga – Cut 8
1,200
1.10
30.0
80.0
90.0
95.0
95.0
98.0
92.7
Nyamulilima – Cuts 1 & 2
1,200
1.35
5.5
90.5
100.3
100.0
100.0
98.0
88.5
Underground
Geita Hill – Blocks 1 and 2
1,200
10.0
100.0
100.0
95.0
95.0
98.0
88.5
Geita Hill – East
1,200
10.0
100.0
100.0
95.0
95.0
98.0
88.5
Nyankanga – Blocks 1 and 2
1,200
3.07
15.0
100.0
100.0
90.0
90.0
98.0
90.7
Nyankanga – Blocks 3 and 4
1,200
3.32
22.0
100.0
100.0
86.0
86.0
98.0
90.7
Nyankanga – Block 5
1,200
2.82
13.0
100.0
100.0
87.0
87.0
98.0
90.0
Star and Comet – Cut 2
1,200
1.68
10.0
100.0
100.0
95.0
95.0
98.0
88.4
Star and Comet – Cut 3
1,200
1.94
10.0
100.0
100.0
95.0
95.0
98.0
79.1
Inferred Mineral Resource in annual Ore Reserve design*
Tonnes
Grade
Contained gold
as at 31 December 2020
million
g/t
tonnes
Moz
Nyamulilima – Cuts 1 and 2
11.22
1.99
22.32
0.72
Geita Hill (underground) – Blocks 1 and 2
1.22
3.62
4.41
0.14
Geita Hill (underground) – East
2.97
3.83
11.38
0.37
Nyankanga (underground) – Blocks 1 and 2
1.48
4.17
6.16
0.20
Nyankanga (underground) – Blocks 3 and 4
0.64
4.20
2.70
0.09
Star and Comet (underground) – Cut 2
0.09
1.86
0.16
0.01
Star and Comet (underground) – Cut 3
0.15
2.51
0.39
0.01
Total
17.77
2.67
47.53
1.53
*Inferred Mineral Resource including lower confidence material
0.4
0.9
1.4
1.9
2.4
2.9
0.00
0.00
(0.00)
2019
Depletion
Exploration
Methodology
Price
Cost
Geotechnical
Metallurgical
Operational
Other
Acquisition/
disposal
2020
Geita
Total (Moz)
0.00
0.00
(0.13)
(0.62)
1.39
0.19
1.51
0.00
2.34
Ounces (millions)
Year-on-year changes in Ore Reserve
The Inferred Mineral Resource included in the ten-year business
plan consists of extensions of all geological domains, in support of
extending the ten-year Ore Reserve LOM plan. With appropriate
caution, a portion of the Inferred Mineral Resource was included in
the business plan during the optimisation process. This accounts
for 40% of the business plan. No Inferred Mineral Resource is
considered in Ore Reserve reporting.
The Inferred Mineral Resource in the business plan is present within
the final pit shell as exclusive Mineral Resource. Inferred Mineral
Resource is included in the Star and Comet and Nyankanga
underground mine designs however, it is not included in the Ore
Reserve estimation process and therefore it does not contribute to
the economic assessment of the underground Ore Reserve.
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GEITA CONTINUED
Africa
As at 31 December 2020, there was an increase in Ore Reserve in comparison to the previous year’s declaration, which was driven
primarily by the introduction of Nyamulilima open pit. There were also increases at Star and Comet Cuts 2 and 3. Nyankanga Block 5 had a
reduction due to the commencement of stoping, however there were significant increases at Blocks 3 and 4, with Blocks 1 and 2 having a
small increase.
1,100
1,200
1,300
Percentage change
20
10
0
-10
-20
-30
Geita
Percentage change
Ore Reserve price ($/oz)
Tonnes
Ounces
Grade
Inclusive Ore Reserve sensitivity
Competent Persons
Responsibility
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Damon Elder
MAusIMM
208 240
24 years
BSc Hons (Geology)
Ore Reserve
Ryan Ecclestone
MAusIMM
334 298
17 years
BEng (Mining Engineering)
Geita is very sensitive to a drop in gold price as it is
transitioning from the completion of operational open
pit to commencement of a new open pit. There is
an upside of 8% in ounces at a higher Ore Reserve
price and a 10% downside in ounces at a lower Ore
Reserve price.
Nyankanga Block 1 portal development
An