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ANGLOGOLD ASHANTI LIMITED - Market Update Report for the quarter ended 31 March 2016

Release Date: 09/05/2016 07:05
Code(s): ANG     PDF:  
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, 
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