OPERATING HIGHLIGHTS
In the Africa region – subsidiaries, gold production (on an attributable basis) was 271,000oz for the quarter ended 31 March 2024,
compared to 284,000oz for the quarter ended 31 March 2023. In the Africa region – joint ventures, gold production (on an attributable
basis) was 76,000oz for the quarter ended 31 March 2024, compared to 64,000oz for the quarter ended 31 March 2023.
In Ghana, at Iduapriem, gold production was 62,000oz for the quarter ended 31 March 2024, compared to 63,000oz for the same period last
year, mainly due to a marginal decrease in recovered grade, partly offset by higher tonnes processed.
At Obuasi, gold production was 54,000oz for the quarter ended 31 March 2024, in line with the mine plan, compared to 60,000oz for the
same period last year. Total ore tonnes mined and treated were 18% higher when compared with the first quarter of 2023, while grade was
24% lower, in line with the mine plan. During the first quarter of 2024, underground ore tonnes treated averaged 91kt/pm, supported by
additional development. The site is contending with intermittent power disruptions from the public utility. Obuasi is forecast to produce
between 275,000oz and 320,000oz of gold in 2024 and between 325,000oz and 375,000oz of gold in 2025, as it continues its ramp-up to
steady state production.
In Guinea, at Siguiri, gold production (on an attributable basis) was 41,000oz for the quarter ended 31 March 2024, compared to 63,000oz
for the same period last year. Gold production was lower year-on-year mainly due to poor equipment availability, lower feed grades and a
significant decline in metallurgical recoveries in the plant, associated with highly carbonaceous ore feed from parts of the Bidini pit. The mine
has taken delivery of a new excavator in April 2024 and subsequently prioritised ore from alternative mining areas, which has assisted a
recovery in gold production rates after the quarter-end.
In Tanzania, at Geita, gold production was 114,000oz for the quarter ended 31 March 2024, compared to 98,000oz for the same period last
year. Gold production was higher year-on-year mainly due to higher total recovered grade of 2.85g/t, compared to total recovered grade of
2.70g/t in the same period in 2023. Underground treated material increased mainly due to a stronger underground performance, partly offset
by a relatively weaker open pit performance. A strong end to 2023 from the underground mining areas enabled additions to ore stockpiles,
supporting the increased feed ratio from underground during the first quarter of 2024. In addition, tonnes treated were higher in the quarter
ended 31 March 2024 given the impact of the SAG mill shutdown to replace the girth gear in the same period last year.
In the DRC, at Kibali, gold production (on an attributable basis) was 76,000oz for the quarter ended 31 March 2024, compared to 64,000oz
for the same period last year. Gold production was higher year-on-year mainly due to higher recovered grades resulting from a higher
proportion of underground ore tonnes treated at a higher feed grade as a result of increased underground efficiency in the quarter ended 31
March 2024 as compared to the same period in 2023 during which time the mine was converting to underground multi-lite mining.
In the Americas, gold production (excluding CdS) was 125,000oz of gold (on an attributable basis) for the quarter ended 31 March 2024,
compared to 99,000oz for the quarter ended 31 March 2023.
Brazil delivered a significant turnaround following the operational issues encountered in 2023, with improvements on most production
metrics across both operations. At Cuiabá (AGA Mineração), gold production was 65,000oz for the quarter ended 31 March 2024, compared
to 42,000oz for the same period last year. Gold production was higher year-on-year mainly due to higher tonnes processed and higher
recovered grades. Cuiabá’s gold production comprised 21,000oz of gravimetric gold and 44,000oz of gold-in-concentrate.
At Serra Grande, gold production was 21,000oz for the quarter ended 31 March 2024, compared to 15,000oz for the same period last year.
Gold production was higher year-on-year mainly due to higher recovered grades, partly offset by lower tonnes processed.
In Argentina, at Cerro Vanguardia, gold production (on an attributable basis) was 39,000oz for the quarter ended 31 March 2024, compared
to 42,000oz for the same period last year. Gold production was lower year-on-year mainly due to lower plant throughput as a result of a
planned plant stoppage that was carried out in March 2024, partly offset by the placement of higher heap leach tonnes due to operational
efficiencies.
In Australia, gold production was 109,000oz of gold (on an attributable basis) for the quarter ended 31 March 2024, compared to 125,000oz
for the quarter ended 31 March 2023.
At Sunrise Dam, gold production was 56,000oz for the quarter ended 31 March 2024, compared to 61,000oz for the same period last year.
Gold production was lower year-on-year mainly due to lower recovered grades, partly offset by higher tonnes processed.
At Tropicana, gold production (on an attributable basis) was 53,000oz for the quarter ended 31 March 2024, compared to 64,000oz for the
same period last year. Gold production was lower year-on-year mainly due to lower tonnes processed. As noted above, gold production was
impacted by heavy rains and flooding during the month of March. The area in which the Tropicana gold mine is located received 312mm of
rain in a 72-hour period from 9 March, almost 40% higher than its average annual rainfall. The subsequent flooding interrupted power supply
to the processing plant and required mining operations to be temporarily suspended. Since the flooding, remedial work to recommence
operations was successfully completed and mining and processing has since restarted. The impact of the rainfall event at Tropicana is
expected to continue into the second quarter of 2024 as water continues to be pumped out of the Havana 5 pit, which was scheduled to be
the main source of open pit ore in the first half of 2024. The operation expects to process proportionally more ore from stockpiles whilst ore
from Havana 5 has been deferred into the second half of 2024. The impact on gold production at Tropicana during the first half of 2024 is
expected to be partly offset in the second half of the year, as higher-grade ore from the Havana 5 pit becomes available and the Havana 4
pit ramps up production.