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BORROWINGS
 12 Months Ended
Dec. 31, 2022
Disclosure of borrowing costs [Abstract]  
BORROWINGS BORROWINGS
US Dollars
Figures in millions202220212020
Non-current
Unsecured
Debt carried at amortised cost
Rated bonds - issued October 2021745744 — 
Semi-annual coupons are paid at 3.375% per annum on the $750m 7-year bonds. The bonds were issued on 22 October 2021, are repayable on 1 November 2028.
Rated bonds - issued October 2020694 693 692 
Semi-annual coupons are paid at 3.75% per annum on $700m 10-year bonds. The bonds were issued on 1 October 2020, are repayable on 1 October 2030.
Rated bonds - issued April 2010296 296 295 
Semi-annual coupons are paid at 6.5% per annum on $300m 30-year bonds. The $300m bonds are repayable in April 2040.
Rated bonds - issued July 2012— — 764 
Semi-annual coupons were paid at 5.125% per annum on the $750m 10-year bonds. The bonds were issued on 30 July 2012 and were repaid during October 2021 and November 2021.
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF)
31 — 
The Facility consisted of a US dollar-based facility with interest charged at a margin of 1.45% above LIBOR and an Australian dollar-based facility capped at $500m with a margin of 1.45% above BBSY. The applicable margin was subject to a ratings grid. The facility was issued on 23 October 2018 and was repaid and cancelled on 9 June 2022.
Multi-currency syndicated revolving credit facility ($1.4bn multi-currency RCF) - 2022
30 
This facility was entered into on 9 June 2022 and consists of a US dollar- based facility with interest charged at a margin of 1.45% above SOFR plus a credit adjustment spread and an Australian dollar-based facility capped at $500m with a margin of 1.45% above BBSY. The applicable margin is subject to a ratings grid. The facility is available until 9 June 2027, with the option on application to extend by two years.
Siguiri revolving credit facility ($65m)
— 35 67 
Interest paid at 8.5% above LIBOR. The facility was issued on 23 August 2016, extended to 3 August 2022 and repaid and cancelled.
Siguiri revolving credit facility ($65m) - 2022
67 
Interest paid at 8% above term SOFR. The facility was issued on 13 October 2022 and is available until 13 October 2025.
Geita revolving credit facility ($150m)
113 
Multi-currency RCF consisting of a Tanzanian shilling component which was capped at the equivalent of US$45m. Interest on this component was paid at 12.5%. Interest on the remaining USD component was paid at LIBOR plus 6.7%. The facility was cancelled during December 2021.
Geita revolving credit facility ($150m) - 2021
151 110 
A multi-currency RCF was entered into during December 2021, consisting of a Tanzanian shilling component which is capped at the equivalent of US$87m. This component bears interest at 12.5%. The remaining USD component of the facility bears interest at LIBOR plus 6.7%. The facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement.
Total borrowings (note 33)
1,983 1,909 1,931 
Current portion of borrowings (note 34)
(18)(51)(142)
Total non-current borrowings (note 34)
1,965 1,858 1,789 
US Dollars
Figures in millions202220212020
Amounts falling due
Within one year18 51 142 
Between one and two years149 31 812 
Between two and five years102 110 — 
After five years1,714 1,717 977 
(note 33)
1,983 1,909 1,931 


IBOR linked borrowings

During the first half of 2022, the US$1.4bn multi-currency revolving credit facility (“RCF”) was repaid and replaced with a new five-year unsecured $1.4bn multi-currency RCF with interest charged at a margin of 1.45% above the Secured Overnight Financing Rate (“SOFR”) adjusted for credit adjustment spread. The $65m Siguiri RCF which was due to mature on 3 May 2022, was extended on 29 April 2022 for three months and the interest rate amended to a fixed rate plus 8.5%. During the second half of 2022, this Siguiri RCF was repaid and replaced with a new three-year unsecured $65m RCF with interest charged at a margin of 8% above term SOFR. The transition from LIBOR to SOFR had no impact on the Group financial statements as the relief provided by the Interbank Offered Rate (“IBOR”) Phase 2 amendments was applied.

The table below provides further detail on revolving credit facilities (RCFs) which reference LIBOR. At 31 December 2022, this facility had yet to transfer to an alternative benchmark rate:

Figures in millions - US DollarCarrying value at 31 December 2022Repayable within one yearRepayable between one and two years
Geita revolving credit facility ($150m) (1)
63— 63 

(1) The Geita RCF consists of a Tanzanian shilling component which is capped at the equivalent of US$87m and this component bears interest at 12.5%. The remaining component bears interest at LIBOR plus 6.7%. The Facility was fully drawn at 31 December 2022. The Geita RCF facility matures either in August 2024 or December 2024 depending on the fulfilment of certain conditions in the facility agreement.
BORROWINGS continued
US Dollars
Figures in millions202220212020
Currency
The currencies in which the borrowings are denominated are as follows:
US dollar1,858 1,829 1,884 
Australian dollar37 33 — 
SA rand— — — 
Tanzanian shillings88 47 47 
(notes 33)
1,983 1,909 1,931 
Undrawn facilities
Undrawn borrowing facilities as at 31 December are as follows:
FirstRand Bank Limited (R150m; 2021: R150m; 2020: R500m) - SA rand
9 10 34 
Multi currency syndicated revolving credit facility ($1.4bn) - US Dollar
1,362 1,367 1,400 
Geita Revolving credit facility - $150m - US dollar / Tanzanian shilling
— 40 41 
Siguiri Revolving credit facility - $65m - US dollar
— 30 — 
1,371 1,447 1,475 
Change in liabilities arising from financing activities:
Reconciliation of borrowings (excluding lease liabilities) (1)
A reconciliation of the total borrowings included in the statement of financial position is set out in the following table:
Opening balance 1,909 1,931 2,033 
Proceeds from borrowings 266 822 2,226 
Repayment of borrowings (184)(820)(2,310)
Finance costs paid on borrowings (89)(115)(114)
Deferred loan fees(8)(4)4 
Other borrowing fees— (11)(15)
Interest charged to the income statement 97 106 115 
Translation (8)— (8)
Closing balance 1,983 1,909 1,931 
Reconciliation of finance costs paid:
A reconciliation of the finance cost paid included in the statement of cash flows is set out in the following table:
Finance costs paid on borrowings 89 115 114 
Capitalised finance cost(2)(14)(17)
Commitment fees, utilisation fees and other borrowing costs 12 10 13 
Total finance costs paid 99 111 110 

(1) Refer note 14 for changes in lease liabilities arising from financing activities.