AngloGold Ashanti plc (AngloGold Ashanti) operates as an independent, global gold mining company with a diverse portfolio of operations, projects and exploration activities across 11 countries on four continents.
While gold is the company’s principal product, it also produces silver (Argentina) and sulphuric acid (Brazil) as by-products. The company has projects in Colombia, including the Quebradona mine, which is expected to produce both gold and copper, in Côte d’Ivoire, and in the United Sta...
AngloGold Ashanti plc (AngloGold Ashanti) operates as an independent, global gold mining company with a diverse portfolio of operations, projects and exploration activities across 11 countries on four continents.
While gold is the company’s principal product, it also produces silver (Argentina) and sulphuric acid (Brazil) as by-products. The company has projects in Colombia, including the Quebradona mine, which is expected to produce both gold and copper, in Côte d’Ivoire, and in the United States, where it is also continuing exploration activities. The Group is headquartered in Denver, Colorado, in the United States. The company’s registered office and principal executive office are located in the United Kingdom. The Group also retains a substantial corporate office in Johannesburg, South Africa.
2024
On 19 January 2024, AngloGold Ashanti completed its initial acquisition of an 11.7 percent interest in G2 Goldfields Inc., a Canadian gold mining company with exploration properties in Guyana, South America.
On 17 October 2024, AngloGold Ashanti and IAMGOLD Corporation completed the sale of each of their 40 percent interests in Société d’Exploitation des Mines d’Or de Yatela S.A. (‘Yatela’), the company operating the Yatela gold mine, to the Government of Mali.
On 22 November 2024, AngloGold Ashanti completed its acquisition of Centamin plc, a Jersey gold mining and exploration company whose primary asset is the Sukari gold mine in Egypt.
Products
AngloGold Ashanti’s main product is gold. Once mined, the gold ore is processed into doré (unrefined gold bars) on site, and then dispatched to precious metals refineries for refining to a purity of at least 99.5 percent, in accordance with the standards of ‘good delivery’ as determined by the London Bullion Market Association (LBMA). This refined gold is then sold directly to bullion banks. By-products of its gold mining operations, often a function of local geological characteristics, include silver in Argentina and sulphuric acid in Brazil.
Operations
The company has developed a high-quality, well-diversified asset portfolio, including production from 11 operations in eight countries (Argentina, Australia, Brazil, Egypt, Ghana, Guinea, the DRC, and Tanzania), supported by greenfields projects in the United States, Colombia, and Côte d’Ivoire. It also has a focused global exploration programme. The company’s portfolio comprises long-life, operating assets with differing ore body types, located in key gold-producing regions around the world.
The company’s operations and projects are grouped regionally as follows: Africa (DRC, Egypt, Ghana, Guinea, and Tanzania, and projects in Côte d’Ivoire); Americas (Argentina and Brazil, and projects in the United States and Colombia); and Australia (Australia).
Exploration
The company’s exploration programme is focused on creating significant value for the company’s stakeholders by providing long-term optionality and improving the quality of its asset portfolio. It has a successful track record of growth through its greenfields and brownfields exploration programmes.
Brownfields exploration focuses on delivering value-accretive additions to sustain and grow its existing mines, as well as driving development of future mines at its advanced projects. AngloGold Ashanti’s discoveries include La Colosa and Quebradona (Nuevo Chaquiro) in Colombia, and Silicon-Merlin in Nevada, USA.
Africa
AngloGold Ashanti has six mining operations and two projects within the Africa region: Kibali Gold Mine in the Democratic Republic of the Congo (‘DRC’), a joint venture (‘JV’) between AngloGold Ashanti (45 percent), Barrick Gold Corporation (‘Barrick’) (following its merger with Randgold Resources Limited (‘Randgold’)) (45 percent), and Société Minière de Kilo-Moto S.A. (‘SOKIMO’), a state-owned gold mining company (10 percent); Iduapriem Gold Mine (‘Iduapriem’) and Obuasi Gold Mine (‘Obuasi’) in Ghana; Siguiri Gold Mine (‘Siguiri’) in Guinea, co-owned by AngloGold Ashanti (85 percent) and the government of Guinea (15 percent); Geita Gold Mine (‘GGM’ or ‘Geita’) in Tanzania; Sukari Gold Mine (‘Sukari’) in Egypt, co-owned by AngloGold Ashanti (50 percent) and the Egyptian Mineral Resources Authority (‘EMRA’) (50 percent); The Doropo project (‘Doropo’) in Côte d’Ivoire; and The Archean-Birimian Contact project (‘ABC’) in Côte d’Ivoire.
Mining in the Africa Region is from both open pit and underground, with Obuasi being an underground mine, Iduapriem and Siguiri being open pit mines, and Kibali, Geita, and Sukari being a combination of open pit and underground mines.
DRC
KIBALI
The company had determined that, as of 31 December 2024, Kibali continues to be a material property for purposes of Regulation S-K 1300.
Kibali is a joint venture co-owned by AngloGold Ashanti (45 percent), Barrick (45 percent), and SOKIMO (10 percent). SOKIMO is wholly-owned by the DRC government. 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. Barrick operates the mine, which comprises both open pit and underground operations.
Kibali is a gold mining, processing, and exploration project. Operations currently focus on open pit and underground mining. The mine was originally developed and operated by Randgold. Following the completion of the merger of Randgold and Barrick in 2019, Barrick became the operator at Kibali for both exploration and mining. Kibali is currently a production stage property.
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 210 km 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-Uélé province. The geographic coordinates of the processing plant at Kibali are latitude 3°6’50’N and longitude 29°35’38’E.
AngloGold Ashanti's rights and permits
AngloGold Ashanti holds a significant stake in the Kibali gold mine, which is located in the Haut-Uélé province in the northeastern part of the DRC. The Kibali gold mine is owned by Kibali Goldmines, which is a joint venture between Barrick Gold Corporation (45 percent), AngloGold Ashanti (45 percent), and Société Minière de Kilo-Moto S.A. (‘SOKIMO’) (10 percent), which represents the interest of the DRC government. AngloGold Ashanti and Barrick Gold Corporation each have a 50 percent interest in Kibali (Jersey) Limited, which holds their respective 45 percent interest in Kibali Goldmines.
The Kibali gold project is operated by Barrick Gold Corporation and comprises ten exploitation permits, of which seven expire in 2029 and three in 2030. Those exploitation permits (11447, 11467, 11468, 11469, 11470, 11471, 11472, 5052, 5073, and 5088) cover an area of approximately 1,836 km² in the Moto goldfields.
GHANA
AngloGold Ashanti has two mines in Ghana. Obuasi and Iduapriem are both wholly-owned and operated by AngloGold Ashanti.
Obuasi is an underground mine operating at depths of up to 1,500m, with a continuous history of mining dating back to the 1890s. Iduapriem is an open pit mine.
Obuasi is located in the Ashanti region of southern Ghana, approximately 60 km south of Kumasi. Mining was temporarily suspended at the end of 2014 while a series of economic studies progressed. Obuasi underground development resumed in the first half of 2019, with the first gold produced in December 2019. The ramp-up of the redevelopment project was delayed by the temporary stoppage of underground activities after a fall of ground incident in May 2021. Production remained suspended for several months to allow for reviews and investigations, but slowly resumed in the latter part of 2021.
Iduapriem is located in the Western region of Ghana, some 85 km from the coast and south of Obuasi, near the town of Tarkwa.
AngloGold Ashanti's rights and permits
The Obuasi mine, which is located in the Ashanti region of Ghana, originally held four contiguous mining leases, namely, the Obuasi, Binsere 1, Binsere 2, and Binsere 3 Mining Leases. The Obuasi Mining Lease was granted by the Government of Ghana on 5 March 1994, covering an area of approximately 338 km² in the Amansie East and Adansi West districts of the Ashanti region, for a term of 30 years from the date of the agreement. The Binsere Mining Leases were granted on 9 April 1998, covering an area of 140 km², for a term of 30 years from the date of the agreement. All leases in respect of the Obuasi mine had been duly ratified in accordance with Ghanaian law. In March 2007, the Government of Ghana agreed to extend the term of the Obuasi Mining Lease for a further term of 30 years. The amended Obuasi Mining Lease was also ratified by Parliament on 23 October 2008. The Obuasi Mining Lease will expire in March 2054, and the Binsere Mining Leases in April 2028. The mining leases are renewable. On 3 March 2016, the Minerals Commission approved AGA Ghana's application to surrender approximately 273.54 km² of the area to the Government of Ghana, reducing the combined area under AGA Ghana's lease areas to 201.46 km². The remaining parcel of land that will be subject to the mining lease is situated within various villages and townships in the region but excludes the municipality of Obuasi. On 15 January 2021, the Minerals Commission approved AGA Ghana's application to surrender a further 60.24 km² of lease area, thereby reducing the total lease area to 141.22 km² under three mining leases, namely, the Obuasi Mining Lease (87.48 km²), the Binsere 1 Mining Lease (29.03 km²), and the Binsere 2 Mining Lease (24.71 km²). These mining leases are covered by the Obuasi DA and Obuasi TCA.
The Iduapriem mine, which is located in the Western region of Ghana, operates under four different mining leases, namely, the Iduapriem Mining Lease (LVB1539/89) (36.47 km²), the Ajopa Mining Lease (LVB/WR326/09) (46.12 km²), the Teberebie Mining Lease (LVB3722H/92) (28.53 km²), and the Ajopa South Mining Lease (28.10 km²). On 17 February 2020, the mining leases were extended for a further period of 15 years, and such leases will now expire in February 2035. All leases in respect of the Iduapriem mine have been duly ratified in accordance with Ghanaian law.
OBUASI
The company had determined that, as of 31 December 2024, Obuasi continues to be a material property for purposes of Regulation S-K 1300.
Obuasi is wholly-owned by AngloGold Ashanti and is a production stage property. The mine is an underground operation, and it has been in operation since 1897 (more than 120 years). It has been operated by AngloGold Ashanti since 2004.
The mine is in the municipality of Obuasi, in the Ashanti region of Ghana, about 240 km northwest of the capital, Accra, and 60 km south of Kumasi. The geographic coordinates of the processing plant at Obuasi are latitude 6°10’11’N and longitude 1°41’16’W.
IDUAPRIEM
Iduapriem mine is wholly-owned and operated by AngloGold Ashanti and a production stage property. The mine is a multiple open pit operation that currently sources ore from the Block 5, Ajopa, and Blocks 7 and 8 pits. In March 2023, AngloGold Ashanti and Gold Fields announced that they had agreed to the key terms of a proposed joint venture in Ghana between Gold Fields’ Tarkwa and AngloGold Ashanti’s neighbouring Iduapriem mines. Despite constructive engagement with the government of Ghana, the requisite approvals by the government for the proposed joint venture have not yet been obtained. Following the recent national elections, Gold Fields and AngloGold Ashanti are working to engage with the new government on the potential joint venture. There can be no certainty that the parties will enter into a definitive agreement with respect to the proposed joint venture or about the timing, terms, and conditions of any such definitive agreement. Implementation of the proposed joint venture is subject to, among other matters, reaching agreement with the government of Ghana regarding the proposed joint venture, conclusion of confirmatory due diligence, and securing all requisite regulatory approvals. Consequently, the Mineral Resource and Mineral Reserve for Iduapriem are reported on the basis of a stand-alone Iduapriem mine.
The mine is located in the Western region of Ghana, some 70 km north of the coastal city of Takoradi and approximately 10 km southwest of the town of Tarkwa. The 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).
GUINEA
SIGUIRI
Siguiri is AngloGold Ashanti’s only operation in the Republic of Guinea. The mine is co-owned by AngloGold Ashanti (85 percent) and the government of Guinea (15 percent). The mine is a conventional open pit operation situated in the Siguiri district in the northeast of Guinea.
Siguiri is a production stage property, operated by AngloGold Ashanti. Gold-bearing ore is mined from several pits (generally three pits at any one time). Mining occurs primarily at Kami, Bidini, and Kosise pits in Block 1, as well as Saraya pit in Block 2.
Siguiri is located in the Kankan region of Guinea, approximately 850 km north-northeast of Conakry, 25 km northwest of the town of Siguiri, and 220 km southeast of the Malian capital Bamako, near the Malian border.
AngloGold Ashanti's rights and permits
The Group's Guinean subsidiary, Société AngloGold Ashanti de Guinée S.A. (‘SAG’), has title to the Siguiri mine in the form of a mining concession, originally granted by virtue of Presidential Decree D/97/171/PRG/SGG, dated 4 August 1997, for a period of 25 years (the ‘Mining Concession’). The Mining Concession covers exploration and mining for gold, silver, diamonds, and associated ores, and was originally covered by a mining convention entered into with the Republic of Guinea in 1993 and amended in 2005. On 28 June 2016, SAG and the Government of Guinea concluded a revised and consolidated mining convention (Convention de Base Révisée et Consolidée) (the ‘Revised Mining Convention’), which encompasses a renewal of the term of the original mining convention and other amendments necessary to support an expansion project to extend the life of the Siguiri mine (the ‘Expansion’). In compliance with the provisions of the Guinea Mining Code, the Revised Mining Convention was ratified by the Guinean National Assembly (Law L/2016/N°067/AN dated 30 December 2016, promulgated by Decree D/2017/015/PRG/SGG dated 24 January 2017), submitted to the Guinean Supreme Court, which rendered a favourable opinion (Judgement N°AC 005 dated 16 January 2017), and ratified by the President of the Republic of Guinea (Decree D/2017/021/PRG/SGG dated 24 January 2017), following which it replaced the original mining convention and became effective on 24 January 2017. The Mining Concession expired on 4 August 2022; however, a renewal request was filed prior to its expiry in accordance with the provisions of the Revised Mining Convention on 1 February 2022.
TANZANIA
GEITA
The company had determined that, as of 31 December 2024, Geita continues to be a material property for purposes of Regulation S-K 1300.
Geita (‘GGM’), one of AngloGold Ashanti’s flagship mines, is located in northwestern Tanzania, in the Lake Victoria goldfields in the Geita region, about 120 km west of Mwanza and 4 km west of the town of Geita. The Geita gold deposits are mined as a multiple open pit and underground operation, with ore production from Star and Comet, Nyankanga, and Geita Hill underground mines, and from Nyamulilima open pit. The mine is currently serviced by a CIL processing plant with an annual capacity of 5.4Mt.
GGM is wholly-owned and operated by AngloGold Ashanti. The property is currently in a production stage.
GGM is located in the Geita region of Tanzania, approximately 1,200 km from the main Tanzanian business centre of Dar es Salaam. It falls within the Lake Zone of northwestern Tanzania, approximately 120 km west of Mwanza and 4 km west of the town of Geita. The mining lease area falls within the Archaean Sukumaland Greenstone Belt of the Lake Victoria goldfields. The geographic coordinates of the processing plant at Geita are latitude 2°51’53’N and longitude 32°11’12’W.
AngloGold Ashanti's rights and permits
The Geita gold mine is located in the Lake Victoria goldfields in the Geita region of Tanzania. AngloGold Ashanti has concluded a mining development agreement with the Ministry of Minerals on 24 June 1999 and was issued a special mining licence (SML45/99) covering approximately 196 km² for an initial period of 25 years, which expired on 26 August 2024. The special mining licence (SML45/99) was renewed by the MC for a further period of 15 years, with effect from 27 August 2024, and will now expire in 2039. The renewed special mining licence (SML45/99) currently contains a number of new conditions, which remain under discussion between AngloGold Ashanti and the Government of Tanzania, related to the implementation of the 2017 mining regulations in Tanzania.
On 9 October 2014, an addendum to the mining development agreement was entered into ratifying, among other matters, an increase in the royalty rate from three percent to four percent, with effect from 1 May 2012. In March 2020, Geita Gold Mining Limited received the consent of the Minister of Minerals to change the mining method under its special mining licence from open pit to underground method, subject to the requisite terms and conditions. Within the special mining licence area, there are also seven primary mining licences of approximately 0.63 km² in total, which belong to third parties. Furthermore, AngloGold Ashanti holds prospecting licences covering an area of 23 km² in the immediate vicinity of its special mining licence area, and an area of 649 km² located in the Dodoma, Singida, and Shinyanga regions, but none of these areas contain any Mineral Reserve. All licences are in good standing.
EGYPT
SUKARI
The company had determined that, as of 31 December 2024, Sukari is a material property for purposes of Regulation S-K 1300.
Sukari is jointly owned by Pharaoh Gold Mines NL (‘PGM’) (a wholly-owned subsidiary of AngloGold Ashanti) and EMRA through their respective 50 percent equity stake in Sukari Gold Mines Company (‘SGM’), the joint operating company of the Sukari gold mine. It is a production stage property. The mine is an underground and open pit operation, and it has been in operation since 2009. AngloGold Ashanti acquired Sukari on 22 November 2024.
Sukari is located in the Red Sea Governorate in the Eastern Desert of Egypt, approximately 750 km southeast of Cairo and 25 km via road, southwest of Marsa Alam on the Red Sea coast. The geographic coordinates of the processing plant at Sukari are latitude 24°57'34’N and longitude 34°42'42’E.
AngloGold Ashanti's rights and permits
Sukari gold mine is located in the Red Sea Governorate in the Eastern Desert of Egypt. It is jointly owned by PGM (a wholly-owned subsidiary of AngloGold Ashanti) and EMRA through their respective 50 percent equity stake in SGM, which operates the Sukari gold mine. The Sukari Concession Agreement was ratified by the Egyptian Parliament through the adoption of Law No. 222/1994 and came into effect on 13 June 1995. The Sukari exploitation lease covers an area of approximately 160 km² surrounding the Sukari gold mine site within the Sukari concession. Under the terms of the Sukari Concession Agreement, the exploitation lease is valid for 30 years from the first date of commercial discovery and may be renewed for a further 30-year period, at the option of PGM, with reasonable commercial justification and upon six months written notice to EMRA prior to the expiry of the initial 30-year period. The renewal of the exploitation lease will need to be ratified by the Egyptian Parliament.
Certain AngloGold Ashanti wholly-owned Egyptian subsidiaries, the EDX Companies, hold the EDX Exploration Licences, which cover approximately 2,460 km² of prospective greenfield exploration tenements in the Red Sea Governorate in the Eastern Desert of Egypt, outside of the Sukari mining concession area. The EDX Exploration Licences currently comprise two separate exploration licences covering the Nugrus block and the Najd Fault Corridor block, respectively. The exploration licence for the Nugrus block, covering an area of approximately 848 km² located adjacent to the Sukari gold mine, is held by Centamin Central Mining S.A.E. It is currently in its second exploration phase, which has a duration of two years and will expire on 25 May 2026, subject to renewal. The exploration licence for the Najd Fault Corridor block, covering approximately 1,374 km² located southeast of the former El Sid gold mine, is held by Centamin North Mining S.A.E. It is currently in its first exploration phase, which has a duration of two years and will expire on 30 September 2025, subject to renewal.
CÔTE D'IVOIRE
DOROPO
Doropo is a development stage property owned by AngloGold Ashanti. Upon issuance of an exploitation permit, the government of Côte d'Ivoire is entitled to a free-carried interest in the Doropo project. Consequently, the Mineral Resource for the Doropo project is limited to the Mineral Resource expected to be attributable to AngloGold Ashanti (90 percent).
The project's planned open pit mining operation will consist of a cluster of pits in the main project development area, supplemented by regional satellite pits.
Doropo is located in northeastern Côte d'Ivoire, within the Bounkani region, in the Zanzan district, approximately 480 km north of Abidjan and 50 km north of Bouna.
ABC
Archean-Birimian Contact (‘ABC’) is a wholly-owned exploration stage property of AngloGold Ashanti. ABC consists of gold exploration activities along the under-explored ABC zone.
ABC is located in northwestern Côte d'Ivoire, within the Kabadougou region in the Denguélé district, approximately 550 km northwest of Abidjan.
Americas
The Americas region includes the mining jurisdictions Brazil and Argentina, in which AngloGold Ashanti has three operations. In Argentina, the company has one mining operation: the Cerro Vanguardia Mine, co-owned by AngloGold Ashanti (92.5 percent) and Fomento Minero de Santa Cruz Sociedad del Estado (‘Fomicruz SE’) (7.5 percent). In Brazil, the company has two mining operations: the AngloGold Ashanti Córrego do Sítio Mineração operations (‘AGA Mineração’), which include the Cuiabá, Lamego, and Córrego do Sítio (‘CdS’) mines, and Mineração Serra Grande S.A. (‘Serra Grande’).
Argentina
CERRO VANGUARDIA
Cerro Vanguardia, a production stage gold-silver operation, is the company’s sole operation in Argentina. The mine is operated by Cerro Vanguardia S.A. (‘CVSA’), which is a company formed by AngloGold Ashanti (92.5 percent) and Fomicruz SE, a state-owned company operating in the province of Santa Cruz (7.5 percent). The climate is semi-arid, and although snow does occur, winter is mild, and exploration activities are normally possible all year round. Cerro Vanguardia operates multiple small open pits with high stripping ratios and multiple narrow-vein underground mines located within the property and mined simultaneously. Cerro Vanguardia has been in operation for more than 20 years. Silver is produced as a by-product.
Cerro Vanguardia is located in the Province of Santa Cruz, southern Patagonia, Argentina, approximately 110 km north-northwest of the coastal town of Puerto San Julián. Access to the area is by aircraft from Buenos Aires to Comodoro Rivadavia (380 km) or Rio Gallegos (510 km), and then by road to the mine site.
AngloGold Ashanti's rights and permits
The Cerro Vanguardia mine is located in the Province of Santa Cruz in Argentina. The mining concession holder of Cerro Vanguardia is AngloGold Ashanti's partner, Fomento Minero de Santa Cruz S.E. (‘Fomicruz’), which is wholly owned by the Santa Cruz Province. On 27 December 1996, Fomicruz entered into a usufruct agreement whereby CVSA was granted an irrevocable right to exploit the Cerro Vanguardia deposit (encompassing an area of approximately 543 km²) for a 40-year period. The mining licence (402642/CV/97), which covers the full Mineral Reserve, expires on 26 December 2036. CVSA is a corporation incorporated in Argentina, indirectly controlled by AngloGold Ashanti (92.5 percent), with Fomicruz as a minority shareholder (7.5 percent). On 14 August 1996, CVSA obtained its tax, customs, and foreign exchange stability certificate, which expires in 2026.
Brazil
AngloGold Ashanti’s operations in Brazil comprise AGA Mineração in the Quadrilátero Ferrífero (Iron Quadrangle), Minas Gerais state, and Serra Grande in the Goiás state. AGA Mineração consists of several operations, namely Cuiabá, Lamego, and CdS.
Ore from the Cuiabá and Lamego underground mines is processed at the Cuiabá gold plant. The concentrate produced is transported by aerial ropeway to the Queiroz plant for processing and refining. The Queiroz hydrometallurgical plant also produces sulphuric acid as a by-product. Tailings deposition at the Calcinados TSF, as well as processing of gold concentrate at the Queiroz plant, which services the Cuiabá mine complex (composed of the Cuiabá and Lamego mines), which had been suspended, resumed in September 2024.
Serra Grande comprises three mechanised underground mines, Mina III, Mina Nova, and Mina Palmeiras, and an open pit, as well as a dedicated metallurgical plant.
AGA MINERAÇÃO
AGA Mineração encompasses mining operations at Cuiabá, Lamego, and CdS. The AGA Mineração mining complex is located in southeastern Brazil in the state of Minas Gerais. Operations are 30 km from the capital of the state (Belo Horizonte) in the case of Cuiabá and Lamego, and approximately 100 km in the case of CdS.
AGA MINERAÇÃO - CÓRREGO DO SÍTIO
CdS is wholly-owned by AngloGold Ashanti. It began operations in 1989 and consists of multiple open pit (conventional bench mining) and underground mines (mainly using sub-level stoping). The property was placed on care and maintenance in August 2023.
The CdS complex is located in the municipalities of Santa Bárbara and Barão de Cocais, which are located 100 km east of the city of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil. These operations are included in an important mining district referred to as the Iron Quadrangle, the second biggest Brazilian area for the production of iron, gold, and manganese.
AGA MINERAÇÃO – CUIABÁ
Cuiabá is an underground operation (mainly using sub-level long hole open stoping) that is wholly-owned by AngloGold Ashanti, within one of the most important metallogenetic provinces in Brazil, known as the Iron Quadrangle. This region is an important producer of iron ore, manganese, and gold in Brazil. The property is currently in a production stage and operated by AGA Mineração.
Cuiabá is located 30 km to the east of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil.
AGA MINERAÇÃO – LAMEGO
Lamego is an underground operation (mainly using sub-level long hole open stoping) that is wholly-owned by AngloGold Ashanti, within one of the most important metallogenetic provinces in Brazil, known as the Iron Quadrangle. This region is an important producer of iron ore, manganese, and gold in Brazil. The property is currently in a production stage and operated by AGA Mineração.
Lamego is located 30 km to the east of Belo Horizonte in the state of Minas Gerais, in the southeast of Brazil.
SERRA GRANDE
Mineração Serra Grande S.A. (‘MSG’ or ‘Serra Grande’) is wholly-owned and operated by AngloGold Ashanti and is located in the northwest of the state of Goiás, in central Brazil. It operates three underground mines (using sub-level stoping (bottom-up and top-down) and room-and-pillar mining methods) and one open pit mine. The property is currently in a production stage.
Serra Grande is located in the state of Goiás, 5 km south of the town of Crixás, 420 km from the Brazilian capital, Brasília, and approximately 350 km from the state capital of Goiás, Goiânia. The employment of approximately 1,000 people in this largely rural area makes mining the principal economic activity in the region.
AngloGold Ashanti's rights and permits
At AGA Mineração in the state of Minas Gerais in Brazil, Cuiabá has a series of ANM mining concessions and exploration permits. Cuiabá's mining concessions include mining concession No. 000.323/1973 (covering an area of 3,661.52 hectares), mining concession No. 830.937/1979 (covering an area of 433.60 hectares), and mining concession No. 831.027/1980 (covering an area of 382.42 hectares). Cuiabá has requested the ANM to consolidate these three mining concessions into a single mining group concession No. 931.006/2022 (4,477.54 hectares), which request was approved by ANM in June 2024.
Lamego has a series of ANM mining concessions and exploration permits. Lamego's mining concessions include mining concession No. 830.720/1981 (covering an area of 577.14 hectares), mining concession No. 831.554/1983 (covering an area of 462.09 hectares), and mining concession No. 832.238/2003 (covering an area of 583.45 hectares). These three individual mining concessions are consolidated into a single mining group concession No. 932.710/2017 (1,622.68 hectares).
Córrego do Sítio (‘CdS’) has a series of ANM mining concessions and exploration permits. CdS's mining concessions include mining concession No. 001.463/1963 (covering an area of 198.05 hectares), mining concession No. 002.429/1935 (covering an area of 794.43 hectares), mining concession No. 002.887/1936 (covering an area of 1,221.11 hectares), mining concession No. 830.129/1982 (covering an area of 460.13 hectares), mining concession No. 830.351/1979 (covering an area of 920.56 hectares), mining concession No. 830.353/1979 (covering an area of 859.22 hectares), mining concession No. 830.767/1981 (covering an area of 1,000.00 hectares), mining concession No. 830.943/1979 (covering an area of 556.37 hectares), and mining concession No. 833.472/2003 (covering an area of 7.57 hectares). These nine individual mining concessions are consolidated into a single mining group concession No. 930.065/2018 (6,017.44 hectares). In August 2023, the company placed the CdS mine on care and maintenance.
At Serra Grande in the state of Goiás in Brazil, the company has a series of concessions and exploration permits. Serra Grande's mining concessions include mining concession No. 002.286/1935 (covering an area of 4,206.92 hectares), mining concession No. 860.352/1979 (covering an area of 947.04 hectares), mining concession No. 860.824/1979 (covering an area of 1,000.06 hectares), mining concession No. 860.746/2005 (covering an area of 88.31 hectares), mining concession No. 862.103/1994 (covering an area of 125.37 hectares), and mining concession No. 804.366/1975 (covering an area of 196.05 hectares). These six individual mining concessions are consolidated into a single mining group concession No. 960.658/1987 (6,563.75 hectares).
Australia
AngloGold Ashanti operates two mines and has one project in Western Australia.
Sunrise Dam, wholly-owned by AngloGold Ashanti, is located 205 km north-northeast of Kalgoorlie and 55 km south of Laverton.
Tropicana is a joint operation between AngloGold Ashanti (70 percent and the operator) and AFB Resources Pty Limited (30 percent), a subsidiary of Regis Resources Limited. Tropicana is located 200 km east of Laverton and 330 km east-northeast of Kalgoorlie.
The Butcher Well project is a joint venture between AngloGold Ashanti (70 percent) and Northern Star Resources Limited (‘Northern Star Resources’) (30 percent). The project is managed by AngloGold Ashanti. Butcher Well is located 20 km southwest of the Sunrise Dam mine and is considered to be a potential satellite operation.
SUNRISE DAM
Sunrise Dam is a production stage property with an active underground and open pit mine that is wholly-owned and operated by AngloGold Ashanti. The company conducts brownfield exploration activities on the site.
Sunrise Dam is approximately 205 km north-northeast of Kalgoorlie and 55 km south of Laverton in the state of Western Australia.
BUTCHER WELL
Butcher Well is a joint venture between AngloGold Ashanti (70 percent) and Northern Star Resources (30 percent). Butcher Well encompasses two tenement packages, Butcher Well and Lake Carey, covering approximately 339.56 km². AngloGold Ashanti also holds a significant tenement package adjacent to the Northern Star joint venture properties.
The project is in the exploration stage in the early stages of study, with no Mineral Reserve declared. An Inferred Mineral Resource is stated, which has been the focus of a conceptual study. As the project is still in a concept study phase, no mining has taken place. Both open pit and underground mining options (using conventional open cut, drill and blast, and transverse longhole open stoping, respectively) are being explored.
The Butcher Well project is located in the Laverton district in the state of Western Australia, 20 km southwest of AngloGold Ashanti’s Sunrise Dam mine and 180 km northeast of Kalgoorlie. Butcher Well is considered a potential satellite operation to Sunrise Dam.
The Sunrise Dam airstrip is approximately 70 km by road from the project, with a travel time of approximately 90 minutes on the road on the circumference of the southern part of Lake Carey. Lake Carey is a large salt lake that covers a part of the western project area, with Sunrise Dam located to the east of the lake and the Butcher Well project located on the western shore.
TROPICANA
Tropicana mine is a production stage property. Several open pits have been developed along the strike extent of the ore body, named from north to south: Boston Shaker, Tropicana, Havana, and Havana South. Underground mines are also in operation beneath the Boston Shaker and Tropicana open pits, with a Mineral Reserve declared for the Havana underground. The project is a joint operation between AngloGold Ashanti (70 percent), as operator, and AFB Resources (Pty) Limited (30 percent), a subsidiary of Regis Resources Limited.
Tropicana is located 330 km northeast of Kalgoorlie and 200 km east of Laverton in the state of Western Australia.
AngloGold Ashanti's rights and permits
AngloGold Ashanti has been granted 21-year term mining leases with rights of renewal to all of its mining areas in Australia, including its proportionate share of joint venture operations; accordingly, it has, together with its joint venture partners where applicable, the exclusive right to mine in those areas. Both the Group and its joint venture partners are fully authorised to conduct operations in accordance with relevant laws and regulations. The mining leases and rights of renewal cover the current life-of-mine at AngloGold Ashanti's operations in Australia.
At Sunrise Dam in the state of Western Australia, one mining lease (M39/1116) covers the deposit and mine infrastructure (approximately 7,808 hectares), and another mining lease (M39/1117) covers the water extraction infrastructure used to supply the operation with water (approximately 1,768 hectares). Both leases are currently in good standing, with expiry dates in 2038. Both mining leases are within an area that is the subject of the Nyalpa Pirniku native title determination, which determination was made by the Federal Court of Australia on 31 October 2023. In relation to the area of M39/1116 and M39/1117, the native title rights and interests are non-exclusive in nature. The determination records that these mining leases prevail over native title.
The Butcher Well joint venture in the state of Western Australia has security of tenure for all current exploration licences and for the contiguous mining leases that cover its Mineral Resource. There are three mining leases: mining lease (M39/165), which covers 602.35 hectares with an expiry date in 2030; mining lease (M39/166), which covers 990 hectares with an expiry date in 2030; and mining lease (M39/230), which covers 446.4 hectares with an expiry date in 2032. These mining leases are also within the area of the Nyalpa Pirniku native title determination. In relation to the area of M39/165, M39/166, and M39/230, the native title rights and interests are non-exclusive in nature. The determination records that these mining leases prevail over native title.
At Tropicana in the state of Western Australia, the deposit is situated upon a single mining lease (M39/1096) covering approximately 27,228 hectares, which is currently in good standing, with an expiry date in 2036. This mining lease is wholly surrounded by an area that is the subject of the Nangaanya-ku Part A native title determination, which determination was made by the Federal Court of Australia on 29 November 2021, although the determination excludes M39/1096 itself. In relation to the area surrounding M39/1096, the native title rights and interests are exclusive in nature. M39/1096 itself is subject to Part B of the Nangaanya-ku native title claim, which is pending determination of the remaining issues by the Federal Court of Australia.
AngloGold Ashanti Australia Limited is also conducting early stage exploration activities in the state of Queensland under the Mineral Resources Act 1989 (QLD). AngloGold Ashanti holds 45 exploration permits covering 1,210,900 hectares. Each permit is granted with an initial term of five years, renewable for two further periods of not more than five years each.
Projects
The projects in Colombia form a significant contribution to AngloGold Ashanti’s Mineral Resource and comprise two projects: La Colosa and Minera de Cobre Quebradona (‘Quebradona’).
The projects in Nevada in the United States include North Bullfrog, Expanded Silicon, Mother Lode, and Sterling (which includes the Crown Block deposits of SNA, Secret Pass, and Daisy).
COLOMBIA
AngloGold Ashanti Colombia has two greenfields projects: La Colosa and Quebradona.
The La Colosa project is wholly-owned and managed by AngloGold Ashanti. It is located in the Department of Tolima, 150 km west of Bogotá, and 30 km west of the major town of Ibagué.
The Quebradona project is wholly-owned and managed by AngloGold Ashanti and comprises the Nuevo Chaquiro deposit, a significant copper-gold porphyry. The Quebradona project is situated in the Middle Cauca region of Colombia, in the Department of Antioquia, 90 km southwest of Medellín.
LA COLOSA
Property description: La Colosa is wholly-owned and managed by AngloGold Ashanti. La Colosa is an exploration stage project with no Mineral Reserve declared. However, open pit mining (with potentially some underground mining) is the preferred mining method. The La Colosa project is currently at an early project stage, and a number of possible technical options have been identified, all of which are capital intensive. It was placed in force majeure in 2017 through October 2024.
The project is located in the Department of Tolima, 150 km west of Bogotá, and 30 km west of the major town of Ibagué. La Colosa is a large porphyry gold deposit located on the eastern flank of the Central Cordillera of Colombia. Mineralisation is exposed on the surface.
QUEBRADONA
The Quebradona project is wholly-owned and managed by AngloGold Ashanti and comprises the Nuevo Chaquiro deposit, a significant copper-gold porphyry. The project was previously a joint venture between AngloGold Ashanti and B2Gold. It completed a conceptual study in 2016, as well as a pre-feasibility study in 2018, which supported first-time reporting of a Mineral Reserve. Quebradona will be a copper mine with gold and silver as by-products and is at a development stage.
AngloGold Ashanti became the 100 percent owner and manager of the project. B2Gold will be entitled to a royalty equal to two percent of the net profit generated from the sale of any mineral product by the project. The Quebradona project is situated in the Middle Cauca region of Colombia.
AngloGold Ashanti’s rights and permits
The La Colosa project, which is managed by AngloGold Ashanti Colombia S.A.S. (‘AGA Colombia’), is situated in the Department of Tolima in Colombia. It was placed in force majeure in 2017 due to delays in granting environmental permits by national and local environmental authorities, thereby preventing AGA Colombia from undertaking further exploration activities. The most recent one-year grant of force majeure, during which time the specified timelines for completing the various phases of the mining project under the concession contract were suspended, expired in June 2024. Although AGA Colombia applied for an extension of the grant of force majeure prior to its expiry, the Colombian Mining Authority issued a resolution on 8 April 2025 declaring that force majeure ended at La Colosa in October 2024, which is the date that AngloGold Ashanti’s application for the environmental permit for La Colosa was denied by the Colombian Ministry of Environment and Sustainable Development. The permit denial was issued on the basis of the restrictions resulting from the 2017 popular consultation in Cajamarca with respect to mining activities in the region, which basis AngloGold Ashanti has challenged as unconstitutional. Meanwhile, the underlying circumstances which led to the initial declaration of force majeure, namely that AngloGold Ashanti has not obtained an environmental permit allowing it to conduct exploration activities, persist. AngloGold Ashanti has filed a legal challenge to the denial by the Ministry of Environment and Sustainable Development of the application for the environmental permit and is evaluating its legal options with respect to the Colombian Mining Authority’s decision not to extend the force majeure declaration. In addition, AngloGold Ashanti has been conducting preparatory work and activities at La Colosa since 2017. Furthermore, AGA Colombia applied for a mining area integration (consolidation) of its concession contracts related to La Colosa, in respect of which AGA Colombia was not in compliance with some of the specified timelines. The application for mining area integration (consolidation) was approved in March 2017, which remedied the non-compliance of each consolidated concession and reset the specified timelines. La Colosa now has a single integrated mining concession contract (EIG-163), which covers a total area of 9,210 hectares and expires on 28 February 2037.
The Quebradona project, which is managed by Minera de Cobre Quebradona S.A.S. B.I.C. (‘MCQ’), is situated in the Department of Antioquia in Colombia. MCQ obtained the integration of concession agreement 5881 in October 2016 and registered it in December 2016. As a result, MCQ was granted the exclusive right to explore, take ownership, and dispose of the mineral reserves (ore) extracted from the concession area. MCQ has the right to request an extension of up to 30 years, at least two years before the expiration of the operating period. This extension is not automatic, and the request must be filed with new technical, economic, environmental, and social studies that demonstrate the status of the mineral resources. Concession contract 5881 initially covered a total area of 7,593 hectares, which was reduced to 4,881.89 hectares by the relevant mining authority (Secretaría de Minas de Antioquia) on 4 March 2022. It will expire in May 2037 and is currently in its ninth year of the integrated exploration phase. In September 2021, the permits for the construction and mining operation were approved by the relevant mining authority (Secretaría de Minas de Antioquia). On 4 November 2021, ANLA officially notified AngloGold Ashanti of its decision to ‘archive’ the environmental licence application relating to the Quebradona project. ANLA has neither denied nor granted the licence, but deemed that the information provided by AngloGold Ashanti is not enough for this authority to take a substantive decision. On 18 November 2021, AngloGold Ashanti appealed the archiving decision in order to secure further details on the specific additional information ANLA requires to make a determination. ANLA denied the appeal on 29 April 2022, and the archiving decision was confirmed. AngloGold Ashanti is in the process of preparing a new Environmental Impact Assessment for the Quebradona project, which is expected to be submitted to ANLA in 2027 in connection with its environmental licence application.
The United States of America (Nevada)
All projects in the Beatty district in southern Nevada are wholly-owned by AngloGold Ashanti. The North Bullfrog project is a development stage property, and the Expanded Silicon, Mother Lode, and Sterling projects are exploration stage properties. The North Bullfrog project and Mother Lode were acquired through the acquisition of Corvus Gold Inc. (‘Corvus Gold’) in January 2022. Sterling, which includes the Crown Block deposits of SNA, Secret Pass, and Daisy, was acquired through the acquisition of Coeur Sterling, Inc. (‘Coeur Sterling’) in November 2022.
North Bullfrog, Mother Lode, and Sterling declared Mineral Resource for the first time in 2022. The addition of the North Bullfrog project, as well as the Mother Lode and Sterling projects into the AngloGold Ashanti North America portfolio, together with the Expanded Silicon project and other exploration targets, provides the opportunity to develop a world-class operational cluster within the Beatty district in Nevada.
The North Bullfrog project is the most advanced of AngloGold Ashanti’s projects within the Beatty district. The Expanded Silicon project completed an initial assessment incorporating the Silicon and Merlin deposits during the fourth quarter of 2023, and a Mineral Resource was declared for the Merlin deposit in the Expanded Silicon project for the first time in 2023.
NORTH BULLFROG
The North Bullfrog project is a development stage property wholly-owned and managed by AngloGold Ashanti. AngloGold Ashanti acquired North Bullfrog as part of the Corvus Gold acquisition in January 2022. The proposed mining method is conventional open pit mining. A Mineral Reserve at North Bullfrog was declared for the first time in 2023.
The North Bullfrog project is located approximately 14 km northwest of the town of Beatty in Nye County, Nevada, USA. The project is within the Bullfrog Hills sub-district, of the Bullfrog Hills-Bare Mountains District. The Bullfrog Hills-Bare Mountains District is an historic mining centre that produced approximately 3 Moz of gold and 4 Moz of silver, primarily from the Barrick-owned Bullfrog pit.
EXPANDED SILICON
The Expanded Silicon project is an exploration stage property wholly-owned and managed by AngloGold Ashanti. Mineral Resource conversion drilling was a focus during 2024, which supported an updated initial assessment incorporating the Silicon and Merlin deposits. The successful completion of the project concept study in 2023 allowed the project to proceed to the next stage gate of the pre-feasibility study. The nature of the Expanded Silicon project mineralisation lends itself to conventional large scale open pit mining.
The Expanded Silicon project is located approximately 12 km east of the town of Beatty in Nye County, Nevada, USA. The project is within the Bare Mountains sub-district, of the Bullfrog Hills-Bare Mountains District.
MOTHER LODE
The Mother Lode project is an exploration stage property wholly-owned and managed by AngloGold Ashanti. A preliminary economic assessment was completed by Corvus Gold in 2020, resulting in the declaration of a Mineral Resource. AngloGold Ashanti acquired Mother Lode as part of the Corvus Gold acquisition in January 2022. The Mother Lode gold deposits contain mineralisation at or near the surface that is suitable for open pit mining methods. No Mineral Reserve has been declared at Mother Lode.
The Mother Lode project is located approximately 10 km east of the town of Beatty in Nye County, Nevada, USA. The project is within the Bare Mountains sub-district, of the Bullfrog Hills-Bare Mountains District.
STERLING
The Sterling project is wholly-owned and managed by AngloGold Ashanti. AngloGold Ashanti acquired Sterling as part of the Coeur Sterling acquisition in November 2022. Sterling includes the Sterling Mine, a mining property currently on care and maintenance. It also includes the Crown Block deposits of SNA, Secret Pass, and Daisy, and the tenements surrounding those properties, which are all in exploration stage. The elevation of the property is around 1,200 m, on the lower, eastern slopes of Bare Mountain. The local terrain is characterised by rounded or craggy ridges separated by ephemeral washes. The northern ‘Crown’ strip comprises the general area of Fluorspar Canyon.
The Sterling property is situated in southern Nye County, Nevada, near the town of Beatty, about 185 km northwest of Las Vegas. The project is within the Bare Mountains sub-district, of the Bullfrog Hills-Bare Mountains District. The Secret Pass, SNA, and Daisy deposits of the Crown Block in the Sterling project are located 6 km east of the town of Beatty. The remaining deposits of the Sterling project are located 14 km southeast of the town of Beatty.
AngloGold Ashanti’s rights and permits
In the state of Nevada, the company’s wholly-owned subsidiaries hold a significant number of mining claims on federal lands. This includes approximately 7,000 claims (covering approximately 140,000 acres) in the vicinity of Beatty, Nevada, which cover a number of different projects and deposits, including the Expanded Silicon project, the North Bullfrog project, the Mother Lode project, and the Sterling mine.
Although the Sterling mine is currently in care and maintenance status, it remains subject to complex permitting and regulatory requirements, including compliance with relevant provisions of the U.S. Federal Mine Safety and Health Act of 1977 and oversight by the U.S. Department of Labor’s Mine Safety and Health Administration (‘MSHA’).
By-Products
Several by-products are expected to be recovered as a result of processing of the gold Mineral Reserve and copper Mineral Reserve. These include 0.29 Mt of sulphur from Brazil, 17.33 Moz of silver from Argentina, 28.11 Moz of silver from Colombia, and 3.58 Moz of silver from Nevada, USA. Molybdenum, at present, is not planned for recovery at Quebradona. The Quebradona processing plant has been designed to treat underground ore and to produce copper concentrate, with provision of space in the plant site for a molybdenum plant in the future.
Seasonality
Subject to other factors and unforeseen circumstances, in the first quarter (year ended 31 December 2024), gold production is generally lower than gold production during the rest of the year as a result of the ramp-up of operations after annual holiday production declines.
Strategy
The company has key strategic focus areas, which enable it to deliver on its overall strategy.
Regulation
In December 2024, AngloGold Ashanti finalised an in-principle agreement around the terms and conditions of a new Model Mining Exploitation Agreement (‘MMEA’) with EMRA and the MoP in respect of the EDX mining operations.
AngloGold Ashanti’s operating properties are located in the state of Western Australia, where tenure is issued under, and mining operations are governed by, the Mining Act 1978 (WA).
AngloGold Ashanti Australia Limited is also conducting early stage exploration activities in the state of Queensland under the Mineral Resources Act 1989 (QLD).
AngloGold Ashanti is subject to extensive EHS laws and regulations in the various jurisdictions in which the company operates. These requirements govern, among other things, extraction, use, conservation, and discharge of water; air emissions (including dust control and greenhouse gases (‘GHGs’)); mine and dam safety; regulatory and community reporting; clean-up of contamination; land use and conservation of protected areas; protection of threatened and endangered species; rehabilitation and closure of mined land; worker health and safety, and community health; and the generation, transportation, storage, and disposal of solid and hazardous wastes, such as reagents, radioactive materials, and mine tailings.
In 2021, AngloGold Ashanti committed to the International Council on Mining & Metals (‘ICMM’) target of achieving net zero Scope 1 and Scope 2 GHG emissions by 2050. In 2022, AngloGold Ashanti announced its commitment to achieve a 30 percent reduction in its absolute Scope 1 and Scope 2 GHG emissions by 2030.
History
AngloGold Ashanti plc was incorporated in the Republic of South Africa in 1944.
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