AngloGold Ashanti Limited (2010)
Notes to the financial statements [extract]
1 Accounting policies [extract]
1.3 Summary of significant accounting policies [extract]
Inventories [extract]
Inventories are valued at the lower of cost and net realisable value after appropriate allowances for redundant and slow moving items. Cost is determined on the following bases:
…
- heap leach pad materials are measured on an average total production cost basis. The cost of materials on the leach pad from which gold is expected to be recovered in a period longer than 12 months is classified as a non-current asset.