REVENUE

12 Months Ended

Dec. 31, 2020

Revenue


For the years ended December 31	2020	2019
Gold sales1
Spot market sales	$11,129	$9,084
Concentrate sales	520	101
Provisional pricing adjustments	21	1
	$11,670	$9,186
Copper sales1
Copper concentrate sales	$644	$371
Provisional pricing adjustments	53	22
	$697	$393
Other sales2	$228	$138
Total	$12,595	$9,717

1Revenues include amounts transferred from OCI to earnings for commodity cash flow hedges.

2Revenues from the sale of by-products from our gold and copper mines.

For the year ended December 31, 2020, the Company has two customers that individually account for more than 10% of the Company’s total revenue. These customers represent approximately 23% and 14% of total revenue. However, because gold can be sold through numerous gold market traders worldwide, the Company is not economically dependent on a limited number of customers for the sale of its product.

Principal Products

All of our gold mining operations produce gold in doré form, except Porgera (until placed on care and maintenance in April 2020), which produces both gold doré and gold concentrate. Gold doré is unrefined gold bullion bars usually consisting of 90% gold that is refined to pure gold bullion prior to sale to our customers. Concentrate is a semi-processed product containing the valuable ore mineral from which most of the waste mineral has been eliminated. Our Lumwana mine produces a concentrate that primarily contains copper. Our Phoenix mine produces a concentrate

that contains both gold and copper. Incidental revenues from the sale of by-products, primarily copper, silver and energy at our gold mines, are classified within other sales.

Provisional Copper and Gold Sales

We have provisionally priced sales for which price finalization, referenced to the relevant copper and gold index, is outstanding at the balance sheet date. Our exposure at December 31, 2020 to the impact of movements in market commodity prices for provisionally priced sales is set out in the following table:


	Volumes subject to final pricing Copper (millions) Gold (000s)		Impact on net income before taxation of 10% movement in market price
As at December 31	2020	2019	2020	2019
Copper pounds	49	39	$16	$11
Gold ounces	22	15	4	2

At December 31, 2020, our provisionally priced copper sales subject to final settlement were recorded at an average price of $3.17/lb (2019: $2.80/lb). At December 31, 2020, our provisionally priced gold sales subject to final settlement were recorded at an average price of $1,899/oz (2019: $1,524/oz). The sensitivities in the above tables have been determined as the impact of a 10% change in commodity prices at each reporting date, while holding all other variables, including foreign currency exchange rates, constant.