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Ghana Expected Credit Loss
 12 Months Ended
Dec. 31, 2023
Disclosure of impairment loss and reversal of impairment loss [abstract]  
Ghana expected credit loss Ghana expected credit loss
United States Dollar
Figures in millions unless otherwise stated
2023
2022
2021
Ghana expected credit loss – loan advanced to contractor1
(25.4)
(3.9)
(41.1)
Damang expected credit loss – receivable2
(7.8)
—
—
Tarkwa expected credit loss – receivable3
—
(13.6)
—
Total expected credit loss
(33.2)
(17.5)
(41.1)
1The expected credit loss provision of US$25.4 million (2022: US$3.9 million and 2021: US$41.1 million) was raised against a contractor loan at
31 December 2023. The total expected credit loss amounted to US$25.4 million of which the interest portion amounting to US$2.0 million was
included in trade and other receivables and the loan portion amounting to US$23.4 million was included in loan advanced – contractor.The
contractor loan (refer note 13.2) related to the financial assistance provided to a contractor at Ghana for the procurement of new fleet. Refer note 41
for further details.
2The expected credit loss provision of US$7.8 million (2022: US$nil and 2021: US$nil) was raised against a receivable at 31 December 2023. The
receivable of US$7.8 million in 2023 related to a payment advanced to a contractor at Damang.
3The expected credit loss provision of US$nil (2022: US$13.6 million and 2021: US$nil ) was raised against a receivable at 31 December 2022. The
receivable of US$13.6 million in 2022 related to a payment advanced to a contractor at Tarkwa.
Loan advanced – contractor
United States Dollar
Figures in millions unless otherwise stated
2023
2022
Balance at beginning of the year
23.4
27.3
Expected credit loss1
(23.4)
(3.9)
Total loan advanced to contractor2
—
23.4
1The total expected credit loss recognised in the income statement for 2023 amounted to US$25.4 million of which the interest portion amounting
to US$2.0 million was included in trade and other receivables and the loan portion amounting to US$23.4 million was included in loan advanced –
contractor. Refer note 13.1.
2Due to issues with fleet availability at both Tarkwa and Damang, an agreement was entered into between Gold Fields and Engineers and Planners
(“E&P”) to provide financial assistance to E&P in order to procure new fleet. The initial loan amounted to US$68.4 million, bears interest at a market
related - rate and a portion is secured over the fleet purchased in 2020. At 31 December 2023, a cumulative expected credit loss provision of
US$68.4 million (2022:US$45.0 million) was raised against the loan, resulting in a net balance of US$nil (2022: US$23.4 million).