{"id":3661,"date":"2025-03-20T08:41:25","date_gmt":"2025-03-20T06:41:25","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/24\/?p=3661"},"modified":"2025-03-25T13:44:44","modified_gmt":"2025-03-25T11:44:44","slug":"cost-of-sales","status":"publish","type":"post","link":"https:\/\/reports.anglogoldashanti.com\/24\/ar\/financials\/cost-of-sales\/","title":{"rendered":"Cost of sales"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1a2ddb66 wp-block-columns-is-layout-flex\" style=\"padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"lazyblock-charts-Z1ly2eC wp-block-lazyblock-charts\">  \n\n<h6 class=\"chart-title\">Operating costs ($m)<\/h6>\n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-Z1ly2eC-treE6eaKOQ1y\"\n        style=\"position: relative; min-height: 160px; height:160px; width:100%\"><\/canvas>\n<\/div>\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/ar-p52-operating-costs.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-Z1ly2eC-treE6eaKOQ1y', 'Operating costs ($m)',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '0'\n             );\n        });        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>Operating costs include salaries and wages, stores and other consumables, fuel, power and water, mining contractors, labour, contractors and consultants, and other expenses. The 1% decrease in operating costs is mainly due to cost control initiatives to combat inflation. The biggest decreases were seen in the Brazilian operations achieved through insourcing services and process improvements, which reduced contractor costs, savings from lower legal compliance activities, a non-recurrence of a plant stoppage, and reduced technical consulting expenses, further aided by the weakening of the Brazilian real.<\/p>\n\n\n\n<p>Global cost increases at other operations in labour and contractor expenses partially offset this. Siguiri&#8217;s additional costs arose from integrating former contractor staff and equipment into the business following the owner-mining transition, while higher costs for reagents, cement, and power impacted Obuasi. Inflationary pressures impacted Argentina, while adverse weather events and longer haul distances contributed to rising costs at locations such as Tropicana and Sunrise Dam.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center has-super-light-gray-background-color has-background is-layout-flex wp-container-core-columns-is-layout-1a2ddb66 wp-block-columns-is-layout-flex\" style=\"padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"lazyblock-charts-1ubPLk wp-block-lazyblock-charts\">  \n\n<h6 class=\"chart-title\">Royalties ($m)<\/h6>\n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-1ubPLk-JzFmVHdbrv0T\"\n        style=\"position: relative; min-height: 160px; height:160px; width:100%\"><\/canvas>\n<\/div>\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/ar-p52-royalties.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-1ubPLk-JzFmVHdbrv0T', 'Royalties ($m)',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '0'\n             );\n        });        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>Royalties, generally calculated as a percentage of revenue, increased from $190m in 2023 to $246m in 2024, primarily due to the increase in the average gold price received per ounce<sup>APM<\/sup> and gold sales. On average, a $100\/oz move in the gold price attracts around $5\/oz in royalties.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-border-color has-super-light-gray-border-color has-global-padding is-layout-constrained wp-container-core-group-is-layout-80fb368b wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<h6 class=\"wp-block-heading\">Total cash cost <sup>APM<\/sup> &#8211; 2024 VS 2023 ($\/oz)<\/h6>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"515\" src=\"https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/p52-total-cash-cost-1024x515.png\" alt=\"\" class=\"wp-image-3894\" srcset=\"https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/p52-total-cash-cost-1024x515.png 1024w, https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/p52-total-cash-cost-300x151.png 300w, https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/p52-total-cash-cost-768x386.png 768w, https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/p52-total-cash-cost-1536x772.png 1536w, https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/p52-total-cash-cost-2048x1030.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-super-light-gray-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-1e1e7fe8 wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p>Total cash costs<sup>APM<\/sup> per ounce for the Group rose 4% year on year to $1,157\/oz in 2024 versus $1,115\/oz in 2023. Total cash costs<sup>APM<\/sup> per ounce for managed operations rose by only 2% year on year to $1,187\/oz in 2024 versus $1,162\/oz in 2023, despite inflationary pressures on labour, material and contractor costs, and the impact of higher royalties paid, driven by the increase in the average gold price received per ounce<sup>APM<\/sup>. The overall cost performance came amid an inflation rate of approximately 7% and cost increases that were approximately 2% higher and related to royalties based on the higher gold price received<sup>APM<\/sup>. The higher inflation rate was partly offset by a cumulative foreign currency exchange rate that was about 4% weaker against the US dollar. See below for more details on inflation and foreign currency exchange rate impacts.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30)\">\n<style>\n    table {\n        width: fit-content;\n        border-collapse: collapse;\n        width: 100%;\n    }\n\n    th,\n    td {\n        padding: 10px;\n        border: none;\n    }\n\n    tbody td:last-child,\n    tbody td:nth-last-child(2) {\n        text-align: right;\n    }\n\n    .header {\n        color: #000;\n        font-weight: 600;\n        text-align: right;\n        border: none;\n    }\n\n    .bg-blue {\n        background-color: #517480;\n        color: white;\n    }\n\n    .current {\n        background-color: #e4e6e8;\n    }\n\n\n    .stats {\n        text-align: right;\n        display: flex;\n        justify-content: end\n    }\n\n    .detail {\n        display: flex;\n        align-items: center;\n        gap: 5px;\n        justify-content: flex-end;\n    }\n\n    .detail img {\n        height: 20px;\n        width: 20px;\n    }\n\n\n    .row-border-bottom {\n        border-bottom: 1px solid #e4e6e8;\n    }\n\n    .row-border-top {\n        border-top: 1px solid #e4e6e8;\n    }\n\n    .row-border-bottom-thick {\n        border-bottom: 2px solid #000;\n    }\n\n    .row-border-top-thick {\n        border-top: 2px solid #000;\n    }\n\n    .percent {\n        width: 60px;\n    }\n<\/style>\n<figure class=\"financial-table wp-block-table\" style=\"position: relative; overflow:visible\">\n    <table>\n        <col>\n        <col style=\"width: 140px\" class=\"current\">\n        <col style=\"width: 140px\" class=\"current\">\n        <col style=\"width: 140px\">\n        <col style=\"width: 140px\">\n        <thead>\n            <tr class='row-border-top-thick'>\n                <th style='border: none !important;'><\/th>\n                <th colspan='2' class='header bg-blue' style='text-align: center; border-bottom: 1px solid #fff;'>\n                    2024\n                <\/th>\n                <th colspan='2' class='header' style='text-align: center; border-bottom: 1px solid #e4e6e8;'>\n                    2023\n                <\/th>\n            <\/tr>\n            <tr>\n                <th class='header' style='text-align: left;'>\n                    Inflation and exchange rates\n                <\/th>\n                <th align='right' class='header bg-blue'>\n                    Local CPI <sup>(1)<\/sup>\n                <\/th>\n                <th align='right' class='header bg-blue'>\n                    Local FX: US$ <sup>(2)<\/sup>\n                <\/th>\n                <th align='right' class='header '>\n                    Local CPI <sup>(1)<\/sup>\n                <\/th>\n                <th align='right' class='header'>\n                    Local FX: US$ <sup>(2)<\/sup>\n                <\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td>USA<\/td>\n                <td align='right' style='text-align: right;'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            2.9%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td>\n                    &nbsp;\n                <\/td>\n                <td>\n                    3.4%\n                <\/td>\n                <td>\n                    &nbsp;\n                <\/td>\n            <\/tr>\n            <tr>\n                <td>\n                    Ghana\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-up.svg'>\n                        <span class='percent'>\n                            23.8%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-up.svg'>\n                        <span class='percent'>\n                            (25.6%)\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td>\n                    23.2%\n                <\/td>\n                <td>\n                    (30.7%)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td>\n                    Argentina\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            117.8%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            (210.2%)\n                        <\/span>\n\n                    <\/span>\n                <\/td>\n                <td>\n                    211.4%\n                <\/td>\n                <td>\n                    (126.1%)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td>\n                    Australia\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            2.4%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-up.svg'>\n                        <span class='percent'>\n                            (0.7%)\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td>\n                    4.1%\n                <\/td>\n                <td>\n                    (4.4%)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td>\n                    Tanzania\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-up.svg'>\n                        <span class='percent'>\n                            3.1%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            (7.9%)\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td>\n                    3.0%\n                <\/td>\n                <td>\n                    (4.2%)\n                <\/td>\n            <\/tr>\n            <tr>\n                <td>\n                    Guinea\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            6.4%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n\n                        <span class='percent'>\n                            (0.3%)\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td>\n                    9.3%\n                <\/td>\n                <td>\n                    2.1%\n                <\/td>\n            <\/tr>\n            <tr>\n                <td>\n                    Brazil\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-up.svg'>\n                        <span class='percent'>\n                            4.8%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            (7.9%)\n                        <\/span>\n\n                    <\/span>\n                <\/td>\n                <td>\n                    4.6%\n                <\/td>\n                <td>\n                    3.3%\n                <\/td>\n            <\/tr>\n            <tr >\n                <td style='border-bottom: 1px solid #000;'>\n                    Colombia\n                <\/td>\n                <td style='border-bottom: 1px solid #000;' align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-down.svg'>\n                        <span class='percent'>\n                            5.2%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td style='border-bottom: 1px solid #000;' align='right'>\n                    <span class='detail'>\n                        <img src='https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/icon-trend-up.svg'>\n                        <span class='percent'>\n                            5.9%\n                        <\/span>\n                    <\/span>\n                <\/td>\n                <td style='border-bottom: 1px solid #000;'>\n                    9.3%\n                <\/td>\n                <td style='border-bottom: 1px solid #000;'>\n                    (1.7%)\n                <\/td>\n            <\/tr>\n\n        <\/tbody>\n        <tfoot class='row-border-bottom-thick'>\n            <td style='font-weight: 600;'>\n                Average inflation\n            <\/td>\n            <td style='text-align: right; font-weight: 600;'>\n                6.6%\n            <\/td>\n            <td><\/td>\n            <td style='text-align: right;'>\n                8.4%\n            <\/td>\n            <td><\/td>\n        <\/tfoot>\n    <\/table>\n<\/figure>\n\n\n\n<p class=\"has-small-font-size\"><em>Information sourced from Bloomberg and not always up to current reporting date<br><sup>(1) <\/sup>Percentage change in respective index CPI \u2013 Consumer Price Index<br><sup>(2) <\/sup>Percentage variance of annual FX rate (FX \u2013 Foreign Exchange)<\/em><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group has-super-light-gray-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-1e1e7fe8 wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p>The mining industry continues to grapple with rising input costs that negatively affect total operating expenses. Despite inflationary pressures on the cost of labour, materials, and contractor services, AngloGold Ashanti recorded a reduction in its realised inflation rate to 6.6% in 2024 from 8.4% in 2023, indicating a positive trend toward price stability.<\/p>\n\n\n\n<p>The US CPI moderated to 2.9% in 2024 from 3.4% in 2023, while in Argentina inflation declined significantly, from 211.4% to 117.8%. In Brazil, inflation was stable at approximately 4.8%, highlighting the progress being made globally in managing inflationary pressures.<\/p>\n\n\n\n<p>During the financial year ending 31 December 2024, the depreciation of the Brazilian real, Australian dollar and Argentinean peso against the US dollar favourably impacted AngloGold Ashanti&#8217;s US dollar-denominated operating costs, helping to mitigate some cost pressures and supporting the Company&#8217;s financial performance.<\/p>\n<\/div>\n\n\n\n<p>For a reconciliation between cost of sales and total cash costs<sup>APM<\/sup> please refer to refer to<em> alternative performance measures<\/em> set out under <strong><a href=\"http:\/\/other-information\"><em>Other information on pages 232\u2013247<\/em><\/a><\/strong>.<\/p>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center has-super-light-gray-background-color has-background is-layout-flex wp-container-core-columns-is-layout-1a2ddb66 wp-block-columns-is-layout-flex\" style=\"padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><div class=\"lazyblock-charts-ZPa8b5 wp-block-lazyblock-charts\">  \n\n<h6 class=\"chart-title\">Amortisation* ($m)<\/h6>\n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-ZPa8b5-iAcMecfJqYoQ\"\n        style=\"position: relative; min-height: 160px; height:160px; width:100%\"><\/canvas>\n<\/div>\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/24\/wp-content\/uploads\/2025\/03\/ar-p53-amortisation.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-ZPa8b5-iAcMecfJqYoQ', 'Amortisation* ($m)',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '0'\n             );\n        });        \n}\n\n<\/script><\/div>\n\n\n<p class=\"has-small-font-size\"><em>* Refers to amortisation included in cost of sales only<\/em><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p>Amortisation increased from $658m in 2023 to $752m in 2024, mainly on tangible assets. At Geita the increase was driven by higher amortisation on heavy mining equipment (HME) assets, increased deferred stripping, and Mineral Reserve development amortisation. Brazil saw higher amortisation due to the restart of the Queir\u00f3z metallurgical plant at Cuiab\u00e1, while Iduapriem experienced decreases from lower deferred stripping amortisation.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Operating costs include salaries and wages, stores and other consumables, fuel, power and water, mining contractors, labour, contractors and consultants, and other expenses. The 1% decrease in operating costs is mainly due to cost control initiatives to combat inflation. The biggest decreases were seen in the Brazilian operations achieved through insourcing services and process improvements, which reduced contractor costs, savings from lower legal compliance activities, a non-recurrence of a plant stoppage, and reduced technical consulting expenses, further aided by the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3661","post","type-post","status-publish","format-standard","hentry","category-financials"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cost of sales - Reporting Suite 2024 | AngloGold Ashanti<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.anglogoldashanti.com\/24\/ar\/financials\/cost-of-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cost of sales - Reporting Suite 2024 | AngloGold Ashanti\" \/>\n<meta property=\"og:description\" content=\"Operating costs include salaries and wages, stores and other consumables, fuel, power and water, mining contractors, labour, contractors and consultants, and other expenses. The 1% decrease in operating costs is mainly due to cost control initiatives to combat inflation. 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