Wrap Text
Market Update Report for the quarter ended 31 March 2016
ANGLOGOLD ASHANTI LIMITED
Registration No. 1944/017354/06
Incorporated in the Republic of South Africa
Share codes:
ISIN: ZAE000043485
JSE: ANG
NYSE: AU
ASX: AGG
GhSE: (Shares) AGA
GhSE: (GhDS) AAD
Market update report
for the quarter ended 31 March 2016
Johannesburg, 9 May 2016 - AngloGold Ashanti is pleased to provide an operational update for the quarter ended 31 March 2016.
Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June and December.
- Free cash flow was $70m for the quarter, a strong improvement to the free cash outflow of $40m in Q 1 2015
- Production was 861,000 oz at an average total cash cost of $702/oz
- All-in sustaining costs were $860/oz, a 7% improvement year-on-year
- Net debt lower at $2.127bn compared to $2.190bn in the previous quarter
- The outlook for the full year remains unchanged and within previous guidance range
Quarter Year
ended ended ended ended
Mar Dec Mar Dec
2016 2015 2015 2015
Operating review US dollar / Imperial
Gold
Produced from continuing operations - oz (000) 861 997 928 3,830
Produced from discontinued operations - oz (000) - - 41 117
Produced continuing and discontinued operations - oz (000) 861 997 969 3,947
Sold from continuing operations - oz (000) 876 1,014 952 3,850
Sold from discontinued operations - oz (000) - - 45 115
Sold continuing and discontinued operations - oz (000) 876 1,014 997 3,965
Continuing operations
Price received - $/oz 1,185 1,104 1,217 1,158
All-in sustaining costs - $/oz 860 860 920 910
All-in costs - $/oz 924 959 999 1,001
Total cash costs - $/oz 702 663 734 712
Financial review
Continuing and discontinued operations
Adjusted gross profit - $m 210 212 209 721
Free cash inflow / (outflow) - $m 70 160 (40) 141
Net debt - $m 2,127 2,190 3,150 2,190
Capital expenditure - $m 128 223 195 857
$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
Forward-looking statements
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic
outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings
and other operating results, productivity improvements, growth prospects and outlook of AngloGold Ashanti's operations, individually or in the aggregate,
including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's exploration and production
projects and the completion of acquisitions, dispositions or joint venture transactionss, AngloGold Ashanti's liquidity and capital resources and capital expenditures
and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements
regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks,
uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results,
performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially
from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of
business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and
exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to
AngloGold Ashanti's annual reports on Form 20-F filled with the United States Securities and Exchange Commission. These factors are not necessarily all of the important
factors that could cause AngloGold Ashanti's actual results to difffer materially from those expressed in any forward-looking statements. Other unknown or unpredictable
factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements.
AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking
statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
The market update report has not been reviewed or reported on by the Company's external auditors.
Non-GAAP financial measures
This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business.
Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures
of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.
AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under the "Investors" tab on the main page.
This information is updated regularly.
Investors should visit this website to obtain important information about AngloGold Ashanti.
FINANCIAL AND CORPORATE REVIEW
First quarter overview
AngloGold Ashanti delivered another consistent operating and financial performance for the first quarter of 2016, with a
further reduction in debt levels, and solid levels of free cash generation despite weaker production in the period. The
result was also achieved despite lower grades, which were offset by tonnage improvements in key areas.
Free cash flow for the first quarter of the year was $70m, a strong improvement to the free cash outflow of $40m in the
first quarter of 2015. Cash inflow from operating activities was positive at $227m, 19% more than the $190m achieved in
the first quarter of 2015, despite both lower production and a lower gold price received. The strong performance
was due mainly to strong cost management and benefits from weaker local currencies against the US dollar,
principally in South Africa and Brazil. This is lower when compared to the $383m cash inflow from operating
activities recorded in the fourth quarter of 2015, mainly due to working capital movements and lower production.
Production was 861,000oz at an average total cash cost of $702/oz, compared to 969,000oz at $734/oz in the first
quarter of 2015, which included 41,000oz from the Cripple Creek & Victor (CC&V) mine, which was sold last year,
and 17,000oz from the Obuasi mine, which has now ceased production. While production from South Africa remained
relatively flat year-on-year at 236,000oz, production from the International operations was lower due to the
abovementioned CC & V sale and cessation of stockpile production from the Obuasi mine, as well as lower-grade
production from the Tropicana mine. At Kibali, challenges were encountered whilst ramping up both streams to run on
sulphides as per the design specification, resulting in a drop in recoveries. This was compounded by a bearing failure
on one of the ball mills. Costs improved relative to the first quarter of last year, benefitting from continued traction
from cost saving initiatives and weaker local currencies, which helped offset increases at Tropicana and Kibali.
"We again generated significant free cash flow despite the lower gold price, which shows the continued success of our
self-help measures to reduce debt by improving margins," Srinivasan Venkatakrishnan, Chief Executive Officer of
AngloGold Ashanti, said. "Notwithstanding our strong cost performance, we're redoubling our efforts to ensure we continue
to capture as much margin as possible."
All-in sustaining costs (AISC) were $860/oz, a 7% improvement year-on-year, which reflects, among other improvements,
a 4% year-on-year reduction in total cash costs, 18% lower sustaining capital expenditure and a 38% reduction in
corporate and marketing costs. All-in costs were 8% lower at $924/oz.
Total capital expenditure (including equity accounted entities and discontinued operations) during the first quarter was
$128m, compared with $195m (including $27m for CC&V) in the first quarter of 2015, and $223m in the fourth
quarter of 2015. Of the total capital spent, project capital expenditure during the quarter amounted to $19m. Capital
expenditure at continuing operations is expected to increase, particularly over the next two quarters, with slower-than-
anticipated spending in South Africa in the first quarter of the year, principally due the Easter public holidays resulting
in fewer working days.
Adjusted earnings before interest, tax, depreciation and amortisation (Adjusted EBITDA) were $378m, compared with
$402m in the first quarter of 2015, mainly due to lower earnings as a result of a 3% decline in the realised gold price
from $1,217/oz to $1,185/oz and an 8% reduction in ounces sold over this period. Adjusted EBITDA for the previous
quarter was $388m.
At the end of the first quarter of 2016, net debt was lower at $2.127bn compared to $2.190bn in the previous quarter
and $3.150bn for the same quarter a year ago mainly due to the generation of free cash flow, the proceeds from the
sale of CC&V completed in August 2015, and the subsequent partial tender offer for the 8.5% high yield bonds due in
2020. This reduction in debt has resulted in a net debt to Adjusted EBITDA ratio of 1.47 times, compared with 2.02
times at the end of March 2015. Accordingly, debt levels remain well below the covenant of net debt to Adjusted
EBITDA of 3.5 times under our revolving credit agreements.
The outlook for the full year remains unchanged as follows:
- Production between 3.6Moz to 3.8Moz
- Total cash costs between $680/oz and $720/oz and
- All-in sustaining costs between $900/oz and $960/oz,
assuming average exchange rates against the US dollar of 15.00 (Rand), 4.00 (Brazil Real), 0.70 (Aus$) and
14.90 (Argentina Peso), with oil at $35/bl average for the year, based on market expectations. The impact of the
Savuka section of Tau Tona seismic event on 29 April 2016, is still being evaluated and assessed.
Capital expenditure is anticipated to be between $790m and $850m. Corporate and marketing costs are estimated to
be between $75m and $90m, and expensed exploration and study costs ( including equity accounted investments)
are estimated to be $130m to $150m. Depreciation and amortisation is forecast at $820m and interest and finance
costs are expected to be $190m (income statement) and $175m (cash flow statement).
Safety update
Regrettably, there was a fatality at TauTona mine during the quarter. Section 54 safety stoppages, whereby the entire
operation is shutdown to remediate safety concern, continued to be a source of disruption in South Africa. AngloGold
Ashanti continues to engage with the regulator to find an outcome that will help make further improvements in safety in the
most sustainable and practical way possible.
Subsequent to the quarter-end, on 29 April 2016, regrettably there were two fatalities at the Savuka section of Tau Tona
following a series of seismic events.
There were some notable safety successes, including both Mponeng and the Vaal River operations each reaching one-
million shifts without a fatality, whilst our Continental Africa recorded not a single lost-time injury in the three months
through March. Both Continental Africa and the Americas recorded significant safety gains, with AIFR better by 72% and
36% respectively, compared with the end of last year.
The all-injury frequency rate was at 8.44 per million hours worked, compared with 7.66 in the same quarter last year.
Operating highlights
The South Africa region produced 236,000oz at a total cash cost of $786/oz for the quarter ended March 2016 compared
to 239,000oz at a total cash cost of $911/oz for the quarter ended March 2015. Production for the quarter was adversely
impacted by a slow start up post the Christmas holidays, the Easter long weekend which fell in March this year, and
ongoing safety-related stoppages across all operations which continue to affect production. Mponeng showed a strong
recovery, with production up by more than a third to 59,000oz, and all-in sustaining costs down 28% to $930/oz.
South Africa's total cash cost was down 14% compared to the same quarter last year, benefitting from the weaker
exchange rate despite lower volumes, higher wages and power prices and re-instatement of Moab Khotsong employees
(who are part of the Association of Mining Construction Union (AMCU)) following the Labour Court ruling at the
end of last year.
The Continental Africa region produced 305,000oz at a total cash cost of $719/oz for the quarter ended March 2016
compared to 351,000oz at a total cash cost of $714/oz for the quarter ended March 2015. At Kibali, the plan to ramp up
treatment of harder sulphide ore saw challenges resulting in lower recovered grades and production. Morila's production
was 14,000oz lower in line with the mine plan. The Obuasi mine produced 16,000oz less year-on-year given the conclusion
of production from stockpiled material. Despite lower production, the region saw strong cost management due to ongoing
initiatives targeted at maintaining or lowering direct operating costs and input costs, particularly fuel.
The Americas region produced 196,000oz at a total cash cost of $516/oz for the quarter ended March 2016 compared to
195,000oz at a total cash cost of $603/oz for the quarter ended March 2015. The region delivered a solid performance as
a result of a marginal increased contribution from Brazil while Argentina production remained stable.
Brazil's production increase was mainly driven by a 6% improvement in output from the Serra Grande mine compared to
the same quarter last year, due to both higher tonnage and feed grade from mining high grade blocks at Mina III and
Pequisão. At Mineração, Córrego do Sítio delivered stable performance from both the oxide and sulphide operations,
while Cuiabá mine was affected due to delayed access to certain high grade stopes at Serrotinho L7, given geo-technical
and ground support issues. These are being addressed and we expect to catch up and recover lost production in coming
quarters.
Americas' total cash cost was down 14% compared to the same quarter last year driven by continued strong cost
management and saving initiatives and the depreciation of the local currencies against the US dollar, despite
unfavourable inventory movements and inflationary pressure. In Argentina, costs were also favourably impacted by export
benefits (reimbursement from the Government for exports channeled through Patagonia ports) and higher by-product
sold, partially offset by salary increases in February as agreed with the union, the union strike in January and higher heap
leaching costs and higher amortisation from stripping assets.
In Australia, production was 124,000oz at a total cash cost of $814/oz for the quarter ended March 2016 compared to
143,000oz at a total cash cost of $679/oz for the quarter ended March 2015. Australia's total cash cost increased by 20%
compared to the same quarter last year mainly due to lower production as well as movements in stockpiles inventory.
Tropicana's lower production during the quarter was due to a 21% decrease in the head grade, consistent with the mine
plan and the mine's grade streaming strategy. Production was also impacted by mining schedule delays, which
contributed to lower head grades from the Havana pit with some benches deferred to the second quarter. In addition, it is
expected that approximately 300,000t of stockpiled ore will be used in coming quarters to supplement the mill feed while
the waste stripping of the Tropicana Pit cutback is being carried out.
At Sunrise Dam, costs were favourably impacted by inventory movement and higher production, while at Tropicana
stockpile inventory movements accounted for $120/oz, consistent with the mine plan.
Corporate update
AngloGold Ashanti rating action by Standard & Poor's Rating
AngloGold Ashanti confirms that Standard & Poor's Rating Agency has affirmed on 25 April 2016 AngloGold Ashanti's BB+
long-term corporate credit rating and revised the outlook to stable from negative.
S&P cited the reduction in debt and increasing local currency gold prices as reasons for the increase in earnings, cash
flows, liquidity, and credit metrics for AngloGold Ashanti. The stable outlook reflects S&P's expectation that AngloGold
Ashanti can maintain core credit metrics at the higher end of their intermediate category.
S&P further raised the short-term national scale rating to 'zaA-1' from 'zaA-2' and their long-term national scale rating on
the subordinated medium-term note program to 'zaA-' from 'zaBBB+'.
Obuasi Update
Despite AngloGold Ashanti Ghana's repeated attempts to have Ghanaian authorities restore law and order at the idled
Obuasi mine, the security situation on site continues to deteriorate. Faced with increasing lawlessness, trespassing,
damage to property and threat to the personal safety of its employees, AngloGold Ashanti Ghana has been forced to turn
to the remedy, provided for in its Mining Lease, to protect and enforce its contractual rights.
Accordingly, AngloGold Ashanti Ghana filed a Request for Arbitration with the International Centre for Settlement of
Investment Disputes (ICSID) on Friday, 8 April 2016. The case was registered on 2 May 2016. ICSID is an international
arbitration institution, headquartered in Washington, D.C., which facilitates dispute resolution between international
investors and host states. The relevant authorities in Ghana have been duly notified of the commencement of proceedings.
In the interests of safety, AngloGold Ashanti Ghana in February withdrew employees performing non-essential functions
from the Obuasi mine, following the incursion of illegal miners inside the fenced areas of the site. Remaining employees
have been performing critical tasks related to maintenance of the site, and also water treatment, provision of medical
services and maintenance of electrical facilities that provide power and water to employees' homes and surrounding
communities.
There has been no impact on AngloGold Ashanti's production and AISC as the site was not forecast to be in production
for at least this year.
The incursion by illegal miners followed the withdrawal of government military protection from the mine on Tuesday,
2 February 2016, after initial incursions on 30 and 31 January 2016. The Ghana Army has a Memorandum of
Understanding with the Chamber of Mines, on behalf of its members, to deploy military personnel at mining operations.
Since February, AngloGold Ashanti has engaged on numerous occasions with Cabinet ministers of Ghana including the
Minister of Lands and Natural Resources, as well as other senior government officials. Despite these engagements, and
the fact that His Excellency the President of Ghana directed the return of security agencies in March, law and order is yet to
be restored.
The Company informed local authorities through a declaration of Force Majeure, that under the current situation
it may be constrained from fulfilling certain conditions of its Amended Programme of Mining Operations, the permit that
covers current activities at Obuasi mine. If allowed to continue unchecked, this illegal mining and vandalism of property
taking place on parts of the concession, gravely threaten the long-term viability of the mine and AngloGold Ashanti Ghana's
ability to continue its feasibility study and maintain critical services
AngloGold Ashanti Ghana hopes this next step of ICSID arbitration will provide for reinstatement of safety and security at
Obuasi mine.
Publication of Draft Mining Charter
AngloGold Ashanti notes the publication by South Africa's Department of Mineral Resources (DMR), on Friday,
15 April 2016, of the draft Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining and
Minerals Industry 2016. The document, also known as the Mining Charter, is open for comments and representations for
30 days after publication.
AngloGold Ashanti is currently analysing the provisions contained in the document. AngloGold Ashanti had no input into its
contents, prior its publication. AngloGold Ashanti, along with its industry peers, through the Chamber of Mines of South
Africa, will engage with the Minister of Mineral Resources (the Minister) and the DMR, to provide comments and
representations as requested by the Minister.
Operations at a glance
for the quarters ended 31 March 2016, 31 December 2015 and 31 March 2015
Production Underground milled / treated Surface milled / treated Open-pit treated Underground Recoverd grade Surface Recoverd grade Open-pit Recoverd grade
oz (000) 000 tonnes 000 tonnes 000 tonnes g/tonne g/tonne g/tonne
Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015
SOUTH AFRICA 236 252 239 769 848 739 9,173 8,478 8,146 - - - 7.56 7.35 7.85 0.16 0.18 0.19 - - -
Vaal River Operations 90 87 94 360 422 384 - - - - - - 7.76 6.41 7.57 - - - - - -
Kopanang 22 28 29 133 175 168 - - - - - - 5.22 4.95 5.44 - - - - - -
Moab 68 59 64 227 247 217 - - - - - - 9.25 7.45 9.22 - - - - - -
West Wits Operations 97 113 93 385 415 344 - - - - - - 7.82 8.51 8.41 - - - - - -
Mponeng 59 61 44 243 239 151 - - - - - - 7.47 8.03 9.07 - - - - - -
TauTona 38 52 49 142 176 193 - - - - - - 8.43 9.17 7.89 - - - - - -
Total Surface Operations 47 49 50 - - - 9,173 8,478 8,146 - - - - - - 0.16 0.18 0.19 - - -
First Uranium SA 24 23 24 - - - 6,747 6,152 5,953 - - - - - - 0.11 0.12 0.12 - - -
Surface Operations 23 26 27 - - - 2,427 2,326 2,193 - - - - - - 0.29 0.34 0.38 - - -
Other 2 3 2 23 12 11 - - - - - - - - - - - - - - -
INTERNATIONAL OPERATIONS 625 745 688 1,536 1,626 1,398 - 130 237 8,199 8,692 7,732 3.53 3.91 4.12 - 1.89 1.53 1.65 1.85 1.92
CONTINENTAL AFRICA 305 366 351 - - - - 130 237 6,471 6,978 5,974 - - - - 1.89 1.53 1.46 1.60 1.74
DRC
Kibali - Attr. 45% 59 69 73 - - - - - - 738 776 716 - - - - - - 2.48 2.78 3.16
Ghana
Iduapriem 46 56 40 - - - - - - 1,217 1,255 1,024 - - - - - - 1.16 1.39 1.21
Obuasi 1 8 17 - - - - 130 237 - - - - - - - 1.89 1.53 - - -
Guinea
Siguiri - Attr. 85% 62 71 64 - - - - - - 2,460 2,657 2,328 - - - - - - 0.78 0.83 0.85
Mali
Morila - Attr. 40% 6 7 20 - - - - - - 308 327 287 - - - - - - 0.65 0.66 2.21
Sadiola - Attr. 41% 19 16 19 - - - - - - 482 561 471 - - - - - - 1.23 0.88 1.25
Tanzania
Geita 113 139 118 - - - - - - 1,267 1,403 1,147 - - - - - - 2.76 3.09 3.20
Non-controlling interests,
exploration and other
AUSTRALASIA 124 144 143 638 672 519 - - - 1,525 1,468 1,526 1.71 1.70 2.56 - - - 1.82 2.28 2.03
Australia
Sunrise Dam 54 50 57 638 672 519 - - - 384 332 444 1.71 1.70 2.56 - - - 1.53 1.29 0.96
Tropicana - Attr. 70% 70 94 86 - - - - - - 1,141 1,136 1,082 - - - - - - 1.92 2.57 2.47
Exploration and othe
AMERICAS 196 235 195 897 954 879 - - - 203 246 232 4.83 5.48 4.83 - - - 6.45 6.41 5.82
Argentina
Cerro Vanguardia - Attr. 92.50% 65 72 65 80 64 64 - - - 168 213 195 7.15 8.75 5.82 - - - 7.33 6.99 6.57
Brazil
AngloGold Ashanti Mineração 98 117 99 526 594 530 - - - - - - 5.37 5.60 5.61 - - - - - -
Serra Grande 33 46 31 291 296 285 - - - 35 32 38 3.20 4.51 3.16 - - - 2.24 2.56 1.88
Non-controlling interests,
exploration and other
Continuing operations 861 997 928 2,304 2,474 2,137 9,173 8,608 8,382 8,199 8,692 7,732 4.88 5.09 5.41 0.16 0.20 0.23 1.65 1.85 1.92
Discontinued operations
Cripple Creek & Victor - - 41 - - - - - - - - 48 - - - - - - - - 0.16
Total 861 997 969 2,304 2,474 2,137 9,173 8,608 8,382 8,199 8,692 7,780 4.88 5.09 5.41 0.16 0.20 0.23 1.65 1.85 1.92
Total cash costs All-in sustaining costs ORD / Deferred stripping capex Other sustaining capex Non sustaining capex Adjusted gross profit (loss)
$/oz $/oz $m $m $m $m
Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015 Mar 2016 Dec 2015 Mar 2015
SOUTH AFRICA 786 776 911 919 988 1,095 22 25 26 5 24 10 5 6 8 42 34 11
Vaal River Operations 786 777 868 925 1,041 1,062 9 11 11 1 7 3 - - 1 15 9 8
Kopanang 1,205 908 1,055 1,387 1,142 1,266 3 3 4 - 2 1 - - - (7) (1) (4)
Moab 647 714 782 772 993 969 6 8 7 1 5 2 - - 1 21 10 11
West Wits Operations 813 759 977 984 958 1,202 13 14 15 2 7 3 5 6 7 15 16 (5)
Mponeng 726 722 1,000 930 959 1,307 9 10 10 2 4 2 5 6 7 13 9 (5)
TauTona 947 802 957 1,066 957 1,106 3 4 5 1 4 1 - - - 2 7 1
Total Surface Operations 730 815 868 750 893 945 - - - 1 5 3 - - - 13 9 7
First Uranium SA 609 728 852 643 754 1,000 - - - 1 2 2 - - - 6 4 (1)
Surface Operations 857 893 882 862 1,017 895 - - - - 3 - - - - 7 5 8
Other - - - - - - - - - 1 3 1 - - - - - -
INTERNATIONAL OPERATIONS 674 619 676 822 786 836 30 25 26 51 104 68 14 38 31 175 185 235
CONTINENTAL AFRICA 719 676 714 815 813 839 4 - - 27 58 33 14 38 31 75 77 117
DRC
Kibali - Attr. 45% 774 603 630 830 669 623 4 - - 1 1 - 9 34 28 4 5 25
Ghana
Iduapriem 992 897 1,046 981 972 1,182 - - - - 6 5 - - - 6 2 -
Obuasi 443 1,607 628 715 684 966 - - - - 1 - 4 5 5 (3) 4 7
Guinea
Siguiri - Attr. 85% 746 788 887 819 957 991 - - - 6 13 4 1 - - 23 16 15
Mali
Morila - Attr. 40% 926 1,082 535 1,056 1,114 614 - - - - 1 1 - - - - (2) 8
Sadiola - Attr. 41% 772 921 876 805 1,104 912 - - - - 3 - - - (2) 5 1 5
Tanzania
Geita 548 465 579 722 715 775 - - - 19 33 22 - - - 38 48 55
Non-controlling interests,
4 2 3
exploration and other - - - 1 - 1 - - -
AUSTRALASIA 814 685 679 994 864 842 4 4 1 13 14 19 - - - 25 31 47
Australia
Sunrise Dam 840 969 970 985 1,103 1,095 4 4 1 3 3 4 - - - 12 2 6
Tropicana - Attr. 70% 728 512 422 900 693 584 - - - 11 11 15 - - - 19 33 48
Exploration and other - - - - - - - - - (5) (4) (7)
AMERICAS 516 490 603 723 684 820 22 22 24 11 32 16 - - - 75 77 71
Argentina
Cerro Vanguardia - Attr. 92.50% 509 589 651 650 778 916 5 6 6 - 10 9 - - - 30 19 23
Brazil
AngloGold Ashanti Mineração 485 432 548 702 647 716 11 12 12 7 15 6 - - - 36 47 42
Serra Grande 565 435 680 874 587 962 6 3 7 4 6 1 - - - 9 13 4
Non-controlling interests,
- (1) 2
exploration and other - - - - 1 - - - -
Continuing operations 702 663 734 860 860 920 52 50 52 57 128 78 19 44 38
Discontinued operations
Cripple Creek & Victor - - - - - 3 - - 24
OTHER 1 (3) 1
Total 52 50 52 57 128 81 19 44 62 218 216 247
Equity accounted investments included above (8) (4) (38)
AngloGold Ashanti 210 212 209
Rounding of figures may result in computational discrepancies.
Development Sampling
for the quarter ended 31 March 2016
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.
Statistics are shown in metric units Advanced Sampled
metres Sampled Avg. ore body gold uranium
(total)* metres thickness (cm) Avg. g/t Avg. cm.g/t Avg. kg/t Avg. cm.kg/t
SOUTHERN AFRICA
VAAL RIVER
Kopanang
Vaal reef 1,695 234 18.0 84.50 1,521 3.91 71
Moab Khotsong
Moab Khotsong Vaal reef 1,909 182 68.3 34.55 2,360 1.03 68
WEST WITS
Mponeng
Ventersdorp Contact reef 1,465 194 83.6 16.52 1,381 - -
TauTona
TauTona Carbon Leader reef 622 34 140.6 9.64 1,355 - -
AUSTRALASIA
Sunrise Dam 1,738 674 - 1.68 - - -
SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá 1,257 1,517 0.6 7.15 - - -
Córrego do Sitio Mina I 649 73 60.0 5.67 - - -
Córrego do Sitio Mina II 2,039 729 - 5.50 - - -
Lamego 6 6 - 7.15 - - -
Serra Grande
Mina III 764 609 100.0 2.54 - - -
Mina Nova 1,054 1,036 - 3.05 - - -
CVSA
Cerro Vanguardia 549 545 400.0 8.35 - - -
Statistics are shown in imperial units Advanced Sampled
feet Sampled Avg. ore body gold uranium
(total) feet thickness (inches) Avg. oz/t Avg. ft.oz/t Avg. lb/t Avg. ft.lb/t
SOUTHERN AFRICA
VAAL RIVER
Kopanang
Vaal reef 5,560 768 7.09 2.46 1.46 7.82 4.62
Moab Khotsong
Moab Khotsong Vaal reef 6,262 597 26.89 1.01 2.26 2.06 4.62
WEST WITS
Mponeng
Ventersdorp Contact reef 4,805 636 32.91 0.48 1.32 - -
TauTona
TauTona Carbon Leader reef 2,042 112 55.35 0.28 1.30 - -
AUSTRALASIA
Sunrise Dam 5,702 2,211 - 0.05 - - -
SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá 4,123 4,976 0.24 0.21 - - -
Córrego do Sitio Mina I 2,129 240 23.62 0.17 - - -
Córrego do Sitio Mina II 6,690 2,392 - 0.16 - - -
Lamego 21 21 - 0.21 - - -
Serra Grande
Mina III 2,507 1,998 39.37 0.07 - - -
Mina Nova 3,458 3,398 - 0.09 - - -
CVSA
Cerro Vanguardia 1,801 1,788 157.48 0.24 - - -
* This includes total "on-reef" and "off-reef" development metres
Administrative information
JSE Sponsor:
Deutsche Securities (SA) Proprietary Ltd
Auditors: Ernst & Young Inc.
Offices
Registered and Corporate
76 Rahima Moosa Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624
Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 303 772190
Fax: +233 303 778155
United Kingdom Secretaries
(As AngloGold Ashanti delisted from the London
Stock Exchange on 22 September 2014, this
information is provided for administration
purposes only.)
St James's Corporate Services Limited
Suite 31, Second Floor
107 Cheapside
London
EC2V 6DN
Telephone: +44 20 7796 8644
Fax: +44 20 7796 8645
Email: jane.kirton@corpserv.co.uk
Directors
Executive
S Venkatakrishnan(*§) (Chief Executive Officer)
KC Ramon(^) (Chief Financial Officer)
Non-Executive
SM Pityana(^) (Chairman)
Prof LW Nkuhlu(^) (Lead Independent Director)
A Garner(#)
R Gasant(^)
DL Hodgson(^)
NP January-Bardill(^)
MJ Kirkwood(*)
M Richter(#)
RJ Ruston(~)
(*)British (§)Indian (#)American
(~)Australian (^)South African
Officers
Executive Vice President – Legal, Commercial and
Governance and Company Secretary:
ME Sanz Perez
Investor Relations Contacts
Stewart Bailey
Telephone: +27 11 637 6031
Mobile: +27 81 032 2563
Email: sbailey@anglogoldashanti.com
Fundisa Mgidi
Telephone: +27 11 637 6763
Mobile: +27 82 821 5322
E-mail: fmgidi@anglogoldashanti.com
Sabrina Brockman
Telephone: +1 212 858 7702
Mobile: +1 646 379 2555
Email: sbrockman@anglogoldashantina.com
General email enquiries
Investors@anglogoldashanti.com
AngloGold Ashanti website
www.anglogoldashanti.com
Company secretarial email
Companysecretary@anglogoldashanti.com
AngloGold Ashanti posts information that is
important to investors on the main page of its
website at www.anglogoldashanti.com and under
the "Investors" tab on the main page. This
information is updated regularly. Investors should
visit this website to obtain important information
about AngloGold Ashanti.
PUBLISHED BY ANGLOGOLD ASHANTI
Share Registrars
South Africa
Computershare Investor Services (Pty) Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
Website : queries@computershare.co.za
Australia
Computershare Investor Services Pty Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (Australia only)
Fax: +61 8 9323 2033
Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 302 229664
Fax: +233 302 229975
ADR Depositary
BNY Mellon (BoNY)
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free in USA) or
+1 201 680 6578 (outside USA)
E-mail: shrrelations@mellon.com
Website: www.bnymellon.com.com\shareowner
Global BuyDIRECTSM
BoNY maintains a direct share purchase and
dividend reinvestment plan for ANGLOGOLD
ASHANTI.
Telephone: +1-888-BNY-ADRS
United Kingdom
(As AngloGold Ashanti delisted from the
London Stock Exchange on 22 September
2014, this information is provided for
administration purposes only.)
Shares
Computershare Investor Services (Jersey) Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 (0) 870 889 3177
Fax: +44 (0) 870 873 5851
Depository Interests
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZY
England
Telephone: +44 (0) 870 702 0000
Fax: +44 (0) 870 703 6119
March 2016 Market update - www.AngloGoldAshanti.com
Date: 09/05/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.