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Segment report
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Segment report
4
3
.
 
Segment report
Financial summary - US$ million
 
 
 
South
Africa
 
 
Ghana
 
 
Peru
 
 
Australia
 
 
 
 
 
 
 
 
 
 
 
 
South
Deep
1
 
 
Tarkwa
 
 
Damang
 
 
Asanko
2
 
 
Total
Ghana
 
 
Cerro
Corona
 
 
St Ives
 
 
Agnew
 
 
Granny

Smith
 
 
Gruyere
 
 
Total

Australia
 
 
Corporate

and
other
3
 
 
Group
including
Asanko
 
 
Group
excluding
Asanko
 
INCOME STATEMENT
for the year ended 31 December 2019
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Revenue
 
 
314.8
 
 
 
720.4
 
 
 
288.3
 
 
 
153.3
 
 
 
1,162.0
 
 
 
399.0
 
 
 
505.0
 
 
 
304.6
 
 
 
383.8
 
 
 
51.2
 
 
 
1,244.6
 
 
 
—  
 
 
 
3,120.4
 
 
 
2,967.1
 
Cost of sales
 
 
(275.1
) 
 
 
(497.2
) 
 
 
(195.5
) 
 
 
(133.4
) 
 
 
(826.1
) 
 
 
(255.0
) 
 
 
(333.8
) 
 
 
(224.9
) 
 
 
(212.7
) 
 
 
(28.2
) 
 
 
(799.7
) 
 
 
(10.9
) 
 
 
(2,166.9
) 
 
 
(2,033.5
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales before gold invetory change and amortisation and depreciation
 
 
(245.9
) 
 
 
(329.8
) 
 
 
(150.4
) 
 
 
(88.7
) 
 
 
(568.9
) 
 
 
(168.4
) 
 
 
(231.3
) 
 
 
(164.6
) 
 
 
(157.0
) 
 
 
(19.1
) 
 
 
(572.1
) 
 
 
0.1
 
 
 
(1,555.2
) 
 
 
(1,466.5
) 
Gold inventory change
 
 
3.7
 
 
 
14.4
 
 
 
8.8
 
 
 
(1.7
) 
 
 
21.5
 
 
 
6.0
 
 
 
2.5
 
 
 
2.6
 
 
 
(0.3
) 
 
 
5.4
 
 
 
10.2
 
 
 
0.0
 
 
 
41.3
 
 
 
43.0
 
Amortisation and depreciation
 
 
(32.9
) 
 
 
(181.8
) 
 
 
(53.9
) 
 
 
(43.0
) 
 
 
(278.7
) 
 
 
(92.6
) 
 
 
(105.0
) 
 
 
(62.9
) 
 
 
(55.4
) 
 
 
(14.5
) 
 
 
(237.8
) 
 
 
(11.0
) 
 
 
(653.0
) 
 
 
(610.0
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other costs
 
 
(3.0
) 
 
 
(12.8
) 
 
 
(14.3
) 
 
 
(8.0
) 
 
 
(35.1
) 
 
 
(4.7
) 
 
 
(5.4
) 
 
 
(0.4
) 
 
 
(7.9
) 
 
 
(0.4
) 
 
 
(14.1
) 
 
 
(20.8
) 
 
 
(77.7
) 
 
 
(69.7
) 
Investment income
 
 
1.0
 
 
 
10.1
 
 
 
—  
 
 
 
—  
 
 
 
10.1
 
 
 
—  
 
 
 
0.4
 
 
 
0.3
 
 
 
0.3
 
 
 
—  
 
 
 
1.0
 
 
 
(4.8
) 
 
 
7.3
 
 
 
7.3
 
Finance expense
 
 
(6.6
) 
 
 
(12.9
) 
 
 
(14.3
) 
 
 
—  
 
 
 
(27.2
) 
 
 
(7.0
) 
 
 
(2.7
) 
 
 
(2.1
) 
 
 
(2.7
) 
 
 
(3.2
) 
 
 
(10.7
) 
 
 
(50.7
) 
 
 
(102.2
) 
 
 
(102.2
) 
Loss on financial instruments
 
 
(25.8
) 
 
 
(23.8
) 
 
 
(11.3
) 
 
 
—  
 
 
 
(35.1
) 
 
 
—  
 
 
 
(49.3
) 
 
 
(28.7
) 
 
 
(39.3
) 
 
 
(8.5
) 
 
 
(125.8
) 
 
 
(51.3
) 
 
 
(238.0
) 
 
 
(238.0
) 
Share-based payments
 
 
0.8
 
 
 
(3.4
) 
 
 
(1.8
) 
 
 
—  
 
 
 
(5.2
) 
 
 
(1.1
) 
 
 
(1.7
) 
 
 
(1.2
) 
 
 
(1.3
) 
 
 
(0.3
) 
 
 
(4.5
) 
 
 
(10.5
) 
 
 
(20.5
) 
 
 
(20.5
) 
Long-term incentive plan
 
 
(1.0
) 
 
 
(0.7
) 
 
 
(0.3
) 
 
 
—  
 
 
 
(1.0
) 
 
 
(0.4
) 
 
 
(0.5
) 
 
 
(0.4
) 
 
 
(0.4
) 
 
 
(0.1
) 
 
 
(1.4
) 
 
 
(5.3
) 
 
 
(9.1
) 
 
 
(9.1
) 
Exploration expense
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(4.4
) 
 
 
(10.0
) 
 
 
(2.8
) 
 
 
(17.0
) 
 
 
(0.2
) 
 
 
(30.0
) 
 
 
(50.0
) 
 
 
(84.4
) 
 
 
(84.4
) 
Profit on disposal of Maverix Metals Incorporated
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
14.6
 
 
 
14.6
 
 
 
14.6
 
Restructuring costs
 
 
(0.3
) 
 
 
(0.3
) 
 
 
—  
 
 
 
—  
 
 
 
(0.3
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(0.6
) 
 
 
(0.6
) 
Silicosis settlement costs
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
1.6
 
 
 
1.6
 
 
 
1.6
 
Impairment and reversal of impairment of investments and assets, net
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(0.2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(9.6
) 
 
 
(9.8
) 
 
 
(9.8
) 
Profit/(loss) on disposal of assets
 
 
0.7
 
 
 
0.2
 
 
 
0.1
 
 
 
—  
 
 
 
0.3
 
 
 
—  
 
 
 
(0.4
) 
 
 
0.3
 
 
 
0.3
 
 
 
—  
 
 
 
0.2
 
 
 
—  
 
 
 
1.2
 
 
 
1.2
 
Royalties
 
 
(1.6
) 
 
 
(25.8
) 
 
 
(10.3
) 
 
 
(7.7
) 
 
 
(43.8
) 
 
 
(5.5
) 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
(30.5
) 
 
 
—  
 
 
 
(81.4
) 
 
 
(73.7
) 
Mining and income tax
 
 
3.4
 
 
 
(52.4
) 
 
 
(15.1
) 
 
 
0.2
 
 
 
(67.3
) 
 
 
(37.6
) 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
(69.9
) 
 
 
(4.0
) 
 
 
(175.4
) 
 
 
(175.6
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current taxation
 
 
—  
 
 
 
(72.5
) 
 
 
—  
 
 
 
—  
 
 
 
(72.5
) 
 
 
(56.3
) 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
(55.7
) 
 
 
(6.1
) 
 
 
(190.6
) 
 
 
(190.6
) 
Deferred taxation
 
 
3.4
 
 
 
20.1
 
 
 
(15.1
) 
 
 
0.2
 
 
 
5.2
 
 
 
18.7
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
(14.2
) 
 
 
2.1
 
 
 
15.2
 
 
 
15.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit/(loss) for the year
 
 
7.2
 
 
 
101.3
 
 
 
25.5
 
 
 
4.3
 
 
 
131.1
 
 
 
83.1
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
159.3
 
 
 
(201.7
) 
 
 
179.1
 
 
 
174.7
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Profit/(loss) attributable to :
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
- Owners of the parent
 
 
7.2
 
 
 
91.2
 
 
 
22.9
 
 
 
4.3
 
 
 
118.4
 
 
 
82.7
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
159.3
 
 
 
(201.7
) 
 
 
166.0
 
 
 
161.6
 
-
Non-controlling
interest holders
 
 
—  
 
 
 
10.1
 
 
 
2.6
 
 
 
—  
 
 
 
12.7
 
 
 
0.4
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
 
 
 
—  
 
 
 
13.1
 
 
 
13.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT OF FINANCIAL POSITION
at 31 December 2019
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Total assets (excluding deferred taxation)
 
 
875.0
 
 
 
1,773.8
 
 
 
440.5
 
 
 
—  
2
 
 
 
2,214.3
 
 
 
744.4
 
 
 
792.7
 
 
 
567.0
 
 
 
419.2
 
 
 
650.4
 
 
 
2,429.3
 
 
 
32.8
 
 
 
6,295.8
 
 
 
6,295.8
 
Total liabilities (excluding deferred taxation)
 
 
1,357.9
 
 
 
276.9
 
 
 
361.6
 
 
 
—  
2
 
 
 
638.5
 
 
 
232.1
 
 
 
160.1
 
 
 
114.9
 
 
 
122.0
 
 
 
600.8
 
 
 
997.8
 
 
 
(7.3
) 
 
 
3,219.0
 
 
 
3,219.0
 
Net deferred taxation (assets)/liabilities
 
 
(201.0
) 
 
 
241.6
 
 
 
(0.1
) 
 
 
—  
2
 
 
 
241.5
 
 
 
66.4
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
114.7
 
 
 
(53.4
) 
 
 
168.1
 
 
 
168.1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditure
6
 
 
33.1
 
 
 
125.5
 
 
 
76.3
 
 
 
26.8
 
 
 
228.6
 
 
 
56.1
 
 
 
98.3
 
 
 
76.1
 
 
 
72.2
 
 
 
72.1
 
 
 
318.7
 
 
 
2.8
 
 
 
639.3
 
 
 
612.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The above is a geograhical analysis presented by location of assets.
The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa, Damang and Asanko mines, in Australia, St Ives, Agnew, Granny Smith and Gruyere and in Peru, the Cerro Corona mine. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page xxx.
Figures may not add as they are rounded independently.
 
1
 
 
The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 29%.
2
 
 
For the purpose of the review of the segment by the CODM, Asanko’s income statement is proportionately consolidated in the Ghana segment. Equity Accounted Joint Venture carried at US$89.9 million.
3
 
 
“Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation of South Deep.
4
 
 
Other costs “Corporate and other” comprise share of profit of equity accounted investees, net of taxation of US$3.1 million, loss on
buy-back
of US$1 billion notes of US$5.0 million and the balance of US$18.9 million consists mainly of corporate related costs.
5
 
 
The Australian operations are entitled to transfer and
off-set
profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.
6
 
 
Capital expenditure for the year ended 31 December 2019.
7
 
 
Includes revenue from the sale of copper amounting to US$165.1 million.
43.
 
Segment report
Financial summary—US$ million
 
 
 
South
Af
r
ica
 
 
Ghana
 
 
Peru
 
 
Australia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
South
Deep
1
 
 
Tarkwa
 
 
Damang
 
 
Asanko
2
 
 
Total
Ghana
 
 
Cerro
Corona
 
 
St
Ives
 
 
Agnew/
Lawlers
 
 
Granny
Smith
 
 
Total
Australia
 
 
Gruyere
 
 
Corporate
and
other
3
 
 
Group
including
Asanko
 
 
Group
excluding
Asanko
 
INCOME STATEMENT
for the year ended 31 December 2018
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Revenue
 
 
210.1
 
 
 
666.9
 
 
 
229.0
 
 
 
54.9
 
 
 
950.8
 
 
 
351.0
 
 
 
464.7
 
 
 
301.1
 
 
 
355.0
 
 
 
1,120.8
 
 
 
—  
 
 
 
—  
 
 
 
2,632.7
 
 
 
2,577.8
 
Cost of sales
 
 
(320.5
) 
 
 
(477.1
) 
 
 
(224.3
) 
 
 
(52.9
) 
 
 
(754.3
) 
 
 
(236.6
) 
 
 
(332.2
) 
 
 
(236.4
) 
 
 
(212.7
) 
 
 
(781.3
) 
 
 
—  
 
 
 
(3.1
) 
 
 
(2,095.9
) 
 
 
(2,043.0
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales before gold invetory change and amortisation and depreciation
 
 
(262.0
) 
 
 
(298.7
) 
 
 
(143.5
) 
 
 
(41.6
) 
 
 
(483.8
) 
 
 
(160.3
) 
 
 
(200.9
) 
 
 
(159.7
) 
 
 
(166.3
) 
 
 
(526.9
) 
 
 
—  
 
 
 
0.6
 
 
 
(1,432.4
) 
 
 
(1,390.8
) 
Gold inventory change
 
 
(9.6
) 
 
 
(10.1
) 
 
 
19.1
 
 
 
4.2
 
 
 
13.2
 
 
 
5.5
 
 
 
14.9
 
 
 
(1.7
) 
 
 
(1.8
) 
 
 
11.4
 
 
 
—  
 
 
 
—  
 
 
 
20.4
 
 
 
16.2
 
Amortisation and depreciation
 
 
(48.9
) 
 
 
(168.3
) 
 
 
(99.9
) 
 
 
(15.5
) 
 
 
(283.7
) 
 
 
(81.8
) 
 
 
(146.2
) 
 
 
(75.0
) 
 
 
(44.6
) 
 
 
(265.8
) 
 
 
—  
 
 
 
(3.7
) 
 
 
(683.9
) 
 
 
(668.4
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income/(costs)
 
 
(6.3
) 
 
 
(0.9
) 
 
 
8.4
 
 
 
(0.3
) 
 
 
7.2
 
 
 
1.5
 
 
 
4.5
 
 
 
9.1
 
 
 
1.1
 
 
 
14.8
 
 
 
(3.5
) 
 
 
(44.5
) 
 
 
(30.8
) 
 
 
(30.5
) 
Share-based payments
 
 
(4.7
) 
 
 
(6.8
) 
 
 
(2.1
) 
 
 
—  
 
 
 
(8.9
) 
 
 
(4.3
) 
 
 
(3.5
) 
 
 
(2.6
) 
 
 
(3.1
) 
 
 
(9.2
) 
 
 
—  
 
 
 
(10.4
) 
 
 
(37.5
) 
 
 
(37.5
) 
Long-term incentive plan
 
 
0.1
 
 
 
0.4
 
 
 
—  
 
 
 
—  
 
 
 
0.4
 
 
 
0.4
 
 
 
(0.2
) 
 
 
—  
 
 
 
(0.2
) 
 
 
(0.4
) 
 
 
—  
 
 
 
(1.6
) 
 
 
(1.1
) 
 
 
(1.1
) 
Exploration expense
 
 
—  
 
 
 
—  
 
 
 
(0.4
) 
 
 
—  
 
 
 
(0.4
) 
 
 
(1.1
) 
 
 
(18.2
) 
 
 
(8.0
) 
 
 
(11.0
) 
 
 
(37.2
) 
 
 
(0.5
) 
 
 
(65.0
) 
 
 
(104.2
) 
 
 
(104.2
) 
Restructuring costs
 
 
(11.2
) 
 
 
(88.8
) 
 
 
(13.9
) 
 
 
—  
 
 
 
(102.7
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(113.9
) 
 
 
(113.9
) 
Silicosis settlement costs
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
4.5
 
 
 
4.5
 
 
 
4.5
 
Impairment and reversal of impairment of investments and assets, net
 
 
(246.2
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(1.9
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
0.0
 
 
 
—  
 
 
 
(272.2
) 
 
 
(520.3
) 
 
 
(520.3
) 
Profit/(loss) on disposal of assets
 
 
1.0
 
 
 
(38.0
) 
 
 
—  
 
 
 
—  
 
 
 
(38.0
) 
 
 
—  
 
 
 
(0.3
) 
 
 
(0.1
) 
 
 
—  
 
 
 
(0.4
) 
 
 
—  
 
 
 
(14.2
) 
 
 
(51.6
) 
 
 
(51.6
) 
Investment income
 
 
0.9
 
 
 
8.3
 
 
 
—  
 
 
 
—  
 
 
 
8.3
 
 
 
—  
 
 
 
0.4
 
 
 
0.2
 
 
 
0.3
 
 
 
0.9
 
 
 
—  
 
 
 
(2.3
) 
 
 
7.8
 
 
 
7.8
 
Finance expense
 
 
(9.6
) 
 
 
(4.3
) 
 
 
(9.8
) 
 
 
—  
 
 
 
(14.1
) 
 
 
(5.0
) 
 
 
(2.5
) 
 
 
(1.0
) 
 
 
(1.0
) 
 
 
(4.6
) 
 
 
(0.2
) 
 
 
(54.5
) 
 
 
(88.0
) 
 
 
(88.0
) 
Gain on acquisition of Asanko
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
51.8
 
 
 
51.8
 
 
 
51.8
 
Royalties
 
 
(1.0
) 
 
 
(21.2
) 
 
 
(7.3
) 
 
 
(2.8
) 
 
 
(31.3
) 
 
 
(5.1
) 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
(27.9
) 
 
 
—  
 
 
 
—  
 
 
 
(65.3
) 
 
 
(62.5
) 
Mining and income tax
 
 
162.7
 
 
 
1.8
 
 
 
12.1
 
 
 
—  
 
 
 
13.9
 
 
 
(56.4
) 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
(85.3
) 
 
 
1.2
 
 
 
29.8
 
 
 
65.9
 
 
 
65.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current taxation
 
 
—  
 
 
 
(19.6
) 
 
 
—  
 
 
 
—  
 
 
 
(19.6
) 
 
 
(52.1
) 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
(89.6
) 
 
 
29.5
 
 
 
(13.9
) 
 
 
(145.7
) 
 
 
(145.7
) 
Deferred taxation
 
 
162.7
 
 
 
21.4
 
 
 
12.1
 
 
 
—  
 
 
 
33.5
 
 
 
(4.3
) 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
4.3
 
 
 
(28.3
) 
 
 
43.7
 
 
 
211.6
 
 
 
211.6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss)/profit for the year
 
 
(224.7
) 
 
 
40.1
 
 
 
(8.3
) 
 
 
(1.1
) 
 
 
30.9
 
 
 
42.6
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
190.2
 
 
 
(3.0
) 
 
 
(381.8
) 
 
 
(345.9
) 
 
 
(344.8
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss)/profit attributable to :
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
- Owners of the parent
 
 
(224.7
) 
 
 
36.1
 
 
 
(7.5
) 
 
 
(1.1
) 
 
 
27.5
 
 
 
42.4
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
190.2
 
 
 
—  
5
 
 
 
(381.8
) 
 
 
(349.3
) 
 
 
(348.2
) 
-
Non-controlling
interest holders
 
 
—  
 
 
 
4.0
 
 
 
(0.8
) 
 
 
—  
 
 
 
3.2
 
 
 
0.2
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
 
 
 
—  
5
 
 
 
—  
 
 
 
3.4
 
 
 
3.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT OF FINANCIAL POSITION
at 31 December 2018
8
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Total assets (excluding deferred taxation)
 
 
812.5
 
 
 
1,566.9
 
 
 
168.5
 
 
 
—  
2
 
 
 
1,735.4
 
 
 
708.8
 
 
 
702.4
 
 
 
492.6
 
 
 
306.7
 
 
 
1,501.7
 
 
 
127.2
 
 
 
949.2
 
 
 
5,834.8
 
 
 
5,834.8
 
Total liabilities (excluding deferred taxation)
 
 
1,277.6
 
 
 
152.7
 
 
 
132.0
 
 
 
—  
2
 
 
 
284.7
 
 
 
211.7
 
 
 
135.2
 
 
 
66.5
 
 
 
75.1
 
 
 
276.8
 
 
 
101.6
 
 
 
790.1
 
 
 
2,942.5
 
 
 
2,942.5
 
Net deferred taxation (assets)/liabilities
 
 
(189.0
) 
 
 
261.7
 
 
 
(15.2
) 
 
 
—  
2
 
 
 
246.5
 
 
 
85.1
 
 
 
—  
5
 
 
 
—  
5
 
 
 
—  
5
 
 
 
71.4
 
 
 
30.5
 
 
 
(59.1
) 
 
 
185.4
 
 
 
185.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditure
6
 
 
58.3
 
 
 
156.1
 
 
 
138.5
 
 
 
12.8
 
 
 
307.4
 
 
 
33.2
 
 
 
127.2
 
 
 
72.8
 
 
 
78.8
 
 
 
278.7
 
 
 
134.3
 
 
 
15.1
 
 
 
827.0
 
 
 
814.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The above is a geograhical analysis presented by location of assets.
The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/ Lawlers, Granny Smith and Gruyere Gold project and in Peru, the Cerro Corona mine. Whilst the Gruyere Gold project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page xxx.
US dollar figures may not add as they are rounded independently.
 
1
 
 
The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 29%.
2
 
 
For the purpose of the review of the segment by the CODM, Asanko is proportionately consolidated in the Ghana segment. Equity Accounted Joint Venture carried at US$85.8 million.
3
 
 
“Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation of South Deep.
4
 
 
Other costs “Corporate and other” comprise share of loss of equity accounted investees, net of taxation of US$13.1 million and the balance of US$31.4 million consists mainly of corporate related costs.
5
 
 
The Australian operations are entitled to transfer and
off-set
profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.
6
 
 
Capital expenditure for the year ended 31 December 2018.
7
 
 
Includes revenue from the sale of copper amounting to US$169.2 million.
8
 
 
Refer to note 42 for further details.
Segment report
Financial summary—US$ million
 
 
South
Africa
 
 
Ghana
 
 
Peru
 
 
Australia
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
South
Deep
1
 
 
Tarkwa
 
 
Damang
 
 
Total
Ghana
 
 
Cerro
Corona
 
 
St
Ives
 
 
Agnew/
Lawlers
 
 
Granny
Smith
 
 
Total
Australia
 
 
Gruyere
 
 
Corporate
and
other
2
 
 
Continuing
Operations
 
 
Darlot
 
 
Discontinued
Operations
 
 
Group
 
INCOME STATEMENT for the year ended 31 December 2017
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Revenue
 
 
354.1
 
 
 
710.8
 
 
 
180.3
 
 
 
891.1
 
 
 
392.9
 
 
 
457.3
 
 
 
302.6
 
 
 
363.8
 
 
 
1,123.7
 
 
 
—  
 
 
 
—  
 
 
 
2,761.8
 
 
 
49.0
 
 
 
49.0
 
 
 
2,810.8
 
Cost of sales
 
 
(379.0
) 
 
 
(526.0
) 
 
 
(144.5
) 
 
 
(670.5
) 
 
 
(285.2
) 
 
 
(330.9
) 
 
 
(232.7
) 
 
 
(203.9
) 
 
 
(767.5
) 
 
 
(1.3
) 
 
 
(1.8
) 
 
 
(2,105.1
) 
 
 
(50.7
) 
 
 
(50.7
) 
 
 
(2,155.8
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales before gold invetory change and amortisation and depreciation
 
 
(306.3
) 
 
 
(348.0
) 
 
 
(121.3
) 
 
 
(469.3
) 
 
 
(151.2
) 
 
 
(187.6
) 
 
 
(154.9
) 
 
 
(156.8
) 
 
 
(499.3
) 
 
 
(1.3
) 
 
 
0.9
 
 
 
(1,426.5
) 
 
 
(46.3
) 
 
 
(46.3
) 
 
 
(1,472.8
) 
Gold inventory change
 
 
1.5
 
 
 
42.0
 
 
 
(0.9
) 
 
 
41.1
 
 
 
(3.1
) 
 
 
29.0
 
 
 
4.5
 
 
 
(3.6
) 
 
 
29.9
 
 
 
—  
 
 
 
—  
 
 
 
69.5
 
 
 
(0.9
) 
 
 
(0.9
) 
 
 
68.6
 
Amortisation and depreciation
 
 
(74.2
) 
 
 
(220.0
) 
 
 
(22.3
) 
 
 
(242.3
) 
 
 
(130.9
) 
 
 
(172.3
) 
 
 
(82.3
) 
 
 
(43.5
) 
 
 
(298.1
) 
 
 
—  
 
 
 
(2.7
) 
 
 
(748.1
) 
 
 
(3.5
) 
 
 
(3.5
) 
 
 
(751.6
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other income/(costs)
 
 
7.6
 
 
 
(3.1
) 
 
 
(0.6
) 
 
 
(3.7
) 
 
 
(12.1
) 
 
 
18.0
 
 
 
6.4
 
 
 
4.6
 
 
 
29.0
 
 
 
—  
 
 
 
(10.3
) 
 
 
10.6
 
 
 
(0.2
) 
 
 
(0.2
) 
 
 
10.4
 
Share-based payments
 
 
(3.5
) 
 
 
(4.8
) 
 
 
(1.3
) 
 
 
(6.1
) 
 
 
(3.6
) 
 
 
(2.2
) 
 
 
(1.7
) 
 
 
(2.1
) 
 
 
(6.0
) 
 
 
—  
 
 
 
(7.6
) 
 
 
(26.8
) 
 
 
(0.6
) 
 
 
(0.6
) 
 
 
(27.4
) 
Long-term incentive plan
 
 
—  
 
 
 
(0.9
) 
 
 
(0.3
) 
 
 
(1.2
) 
 
 
(0.7
) 
 
 
(0.7
) 
 
 
(0.5
) 
 
 
(0.6
) 
 
 
(1.8
) 
 
 
—  
 
 
 
(1.3
) 
 
 
(5.0
) 
 
 
(0.1
) 
 
 
(0.1
) 
 
 
(5.1
) 
Exploration expense
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(0.5
) 
 
 
(23.0
) 
 
 
(15.9
) 
 
 
(10.8
) 
 
 
(49.6
) 
 
 
(1.8
) 
 
 
(57.8
) 
 
 
(109.8
) 
 
 
(1.5
) 
 
 
(1.5
) 
 
 
(111.3
) 
Restructuring costs
 
 
(2.3
) 
 
 
(4.7
) 
 
 
(2.2
) 
 
 
(6.9
) 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(9.2
) 
 
 
—  
 
 
 
—  
 
 
 
(9.2
) 
Silicosis settlement costs
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(30.2
) 
 
 
(30.2
) 
 
 
—  
 
 
 
—  
 
 
 
(30.2
) 
Impairment and reversal of impairment of investments and assets, net
 
 
—  
 
 
 
(6.8
) 
 
 
(3.5
) 
 
 
(10.3
) 
 
 
52.6
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
(242.5
) 
 
 
(200.2
) 
 
 
—  
 
 
 
—  
 
 
 
(200.2
) 
Profit/(loss) on disposal of assets
 
 
0.3
 
 
 
2.9
 
 
 
(0.2
) 
 
 
2.7
 
 
 
—  
 
 
 
(0.2
) 
 
 
1.5
 
 
 
—  
 
 
 
1.3
 
 
 
—  
 
 
 
(0.3
) 
 
 
4.0
 
 
 
—  
 
 
 
—  
 
 
 
4.0
 
Investment income
 
 
0.8
 
 
 
3.4
 
 
 
0.2
 
 
 
3.6
 
 
 
—  
 
 
 
0.9
 
 
 
0.6
 
 
 
0.7
 
 
 
2.2
 
 
 
—  
 
 
 
(1.0
) 
 
 
5.6
 
 
 
0.4
 
 
 
0.4
 
 
 
6.0
 
Finance expense
 
 
(12.4
) 
 
 
(5.2
) 
 
 
(5.1
) 
 
 
(10.3
) 
 
 
(4.7
) 
 
 
(2.8
) 
 
 
(1.0
) 
 
 
(1.0
) 
 
 
(4.8
) 
 
 
—  
 
 
 
(49.1
) 
 
 
(81.3
) 
 
 
—  
 
 
 
—  
 
 
 
(81.3
) 
Gain on sale of discontinued operations
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
23.5
 
 
 
23.5
 
 
 
23.5
 
Royalties
 
 
(1.8
) 
 
 
(21.7
) 
 
 
(5.5
) 
 
 
(27.1
) 
 
 
(5.3
) 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
(27.8
) 
 
 
—   
4
 
 
 
—  
 
 
 
(62.0
) 
 
 
(1.1
) 
 
 
(1.1
) 
 
 
(63.1
) 
Mining and income tax
 
 
10.9
 
 
 
(58.6
) 
 
 
3.1
 
 
 
(55.5
) 
 
 
(36.1
) 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
(89.5
) 
 
 
—   
4
 
 
 
(3.0
) 
 
 
(173.2
) 
 
 
(5.6
) 
 
 
(5.6
) 
 
 
(179.0
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current taxation
 
 
—  
 
 
 
(58.0
) 
 
 
—  
 
 
 
(58.0
) 
 
 
(50.8
) 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
(91.7
) 
 
 
—   
4
 
 
 
(4.2
) 
 
 
(204.7
) 
 
 
(2.3
) 
 
 
(2.3
) 
 
 
(207.0
) 
Deferred taxation
 
 
10.9
 
 
 
(0.6
) 
 
 
3.1
 
 
 
2.5
 
 
 
14.7
 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
2.2
 
 
 
—   
4
 
 
 
1.2
 
 
 
31.5
 
 
 
(3.3
) 
 
 
(3.3
) 
 
 
28.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss)/profit for the year
 
 
(25.3
) 
 
 
85.4
 
 
 
20.4
 
 
 
105.8
 
 
 
97.4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
209.2
 
 
 
—   
4
 
 
 
(404.9
) 
 
 
(20.8
) 
 
 
13.1
 
 
 
13.1
 
 
 
(7.7
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Loss)/profit attributable to :
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
- Owners of the parent
 
 
(25.3
) 
 
 
76.9
 
 
 
18.4
 
 
 
95.3
 
 
 
96.9
 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
209.2
 
 
 
—   
4
 
 
 
(404.9
) 
 
 
(31.8
) 
 
 
13.1
 
 
 
13.1
 
 
 
(18.7
) 
-
Non-controlling
interest holders
 
 
—  
 
 
 
8.5
 
 
 
2.0
 
 
 
10.5
 
 
 
0.5
 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
 
 
 
—   
4
 
 
 
—  
 
 
 
11.0
 
 
 
—  
 
 
 
—  
 
 
 
11.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
STATEMENT OF FINANCIAL POSITION
at 31 December 2017
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Total assets (excluding deferred taxation)
 
 
1,220.5
 
 
 
1,765.2
 
 
 
184.9
 
 
 
1,950.1
 
 
 
774.0
 
 
 
693.7
 
 
 
500.0
 
 
 
392.0
 
 
 
1,585.7
 
 
 
34.9
 
 
 
1,017.8
 
 
 
6,548.1
 
 
 
—  
 
 
 
—  
 
 
 
6,548.1
 
Total liabilities (excluding deferred taxation)
 
 
1,352.1
 
 
 
232.3
 
 
 
130.0
 
 
 
362.3
 
 
 
188.7
 
 
 
138.2
 
 
 
71.5
 
 
 
78.1
 
 
 
287.8
 
 
 
32.9
 
 
 
572.4
 
 
 
2,763.2
 
 
 
—  
 
 
 
—  
 
 
 
2,763.2
 
Net deferred taxation (assets)/liabilities
 
 
(47.6
) 
 
 
283.1
 
 
 
(3.1
) 
 
 
280.0
 
 
 
80.8
 
 
 
—  
4
 
 
 
—  
4
 
 
 
—  
4
 
 
 
82.8
 
 
 
—   
4
 
 
 
(18.3
) 
 
 
381.9
 
 
 
—  
4
 
 
 
—  
4
 
 
 
381.9
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditure
5
 
 
82.4
 
 
 
180.6
 
 
 
132.1
 
 
 
312.8
 
 
 
34.0
 
 
 
156.2
 
 
 
73.7
 
 
 
87.0
 
 
 
316.9
 
 
 
81.1
 
 
 
6.4
 
 
 
833.6
 
 
 
6.8
 
 
 
6.8
 
 
 
840.4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The above is a geograhical analysis presented by location of assets.
The Group’s continuing operations are primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held both inside and outside South Africa. The segment results have been prepared and presented based on management’s reporting format. Gold mining operations are managed and internally reported based on the following geographical areas: in South Africa, South Deep mine, in Ghana, Tarkwa and Damang mines, in Australia, St Ives, Agnew/ Lawlers, Granny Smith and Gruyere Gold project and in Peru, the Cerro Corona mine. Whilst the Gruyere Gold project does not meet the quantitative criteria for disclosure as a separate segment, it is expected to become a significant contributor to the Group’s performance in future years as the project is being developed. The Group also has exploration interests which are included in the “Corporate and other” segment. Refer to accounting policies on segment reporting on page xxx.
The Group’s discontinued operation is primarily involved in gold mining, exploration and related activities. Activities are conducted and investments held in Australia.
US dollar figures may not add as they are rounded independently.
 
1
 		 The income statement and statement of financial position of South Deep is that of the operating mine and does not include any of the adjustments made in respect of the purchase price allocation relating to the acquisition of South Deep (refer note 14). South Deep Gold mine, being an unincorporated joint venture, is not liable for taxation. Taxation included in South Deep is indicative, as tax is provided in the holding companies at a rate of 30%.
2
 		 “Corporate and other” represents the items to reconcile segment data to consolidated financial statement totals, including the elimination of intercompany transactions and balances as well as the Group’s exploration interests. This does not represent a separate segment as it does not generate revenue. Included in “Corporate and other” is the adjustment made in respect of the purchase price allocation, including goodwill relating to the acquisition of South Deep.
3
 		 Other costs “Corporate and other” comprise share of loss of associates after taxation of US$1.3 million and the balance of US$9.0 million consists mainly of corporate related costs.
4
 		 The Australian operations are entitled to transfer and
off-set
profits and losses from one company to another, therefore it is not meaningful to split the royalties, income or deferred taxation.
5
 		 Capital expenditure for the year ended 31 December 2017.
6
 		 Includes revenue from the sale of copper amounting to US$177.8 million.