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ANGLOGOLD ASHANTI LIMITED - Market update report for the quarter ended 30 September 2017

Release Date: 06/11/2017 07:05
Code(s): ANG     PDF:  
Wrap Text
Market update report for the quarter ended 30 September 2017

AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa)
Reg. No. 1944/017354/06
ISIN. ZAE000043485 – JSE share code: ANG
CUSIP: 035128206 – NYSE share code: AU
("AngloGold Ashanti" or the "Company")

Market update report
for the quarter ended 30 September 2017

Johannesburg, 6 November 2017 - AngloGold Ashanti is pleased to provide an operational update for the quarter ended
30 September 2017. Detailed financial and operational results are provided on a six-monthly basis i.e. at the end of June
and December.
  
-   Third-quarter gold production rose 11% year-on-year to 997,000oz
-   AISC unchanged at $1,071/oz despite higher planned reinvestment expenditures, stronger 
    currencies and inflation
-   Free cash flow $88m– strong turnaround from $41m outflow in the second-quarter of 2017
-   Adjusted EBITDA $399m, up from $395m in the third quarter of 2016
-   Production, AISC, total cash costs and capital expenditure remain within original guidance
-   Net debt to Adjusted EBITDA ratio of 1.49 times, down from 1.56 in the second quarter of 2017
-   Restructuring of South African operations remains on track
-   All brownfields capital projects remain on track and on budget

                                                                                 Quarter                           Nine months
                                                                              ended        ended                  ended        ended
                                                                                Sep          Sep                    Sep          Sep
                                                                               2017         2016                   2017         2016
                                                                                           US dollar / Imperial
 Operating review
 Gold
    Produced                                                     - oz (000)     997           900                 2,746        2,645
    Sold                                                         - oz (000)     979           898                 2,769        2,645
 Financial review
    Price received                                               - $/oz       1,277         1,334                 1,251        1,260
    All-in sustaining costs                                      - $/oz       1,071         1,071                 1,071          965
    All-in costs                                                 - $/oz       1,142         1,166                 1,143        1,044
    Total cash costs                                             - $/oz         807           797                   800          737
     Gross profit                                                - $m           205           236                   530          665
     Free cash inflow / (outflow)                                - $m            88           131                  (73)          239
     Net debt                                                    - $m         2,063         1,972                 2,063        1,972
     Capital expenditure                                         - $m           251           211                   705          529
$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

FINANCIAL AND CORPORATE REVIEW
Third quarter overview
AngloGold Ashanti delivered $88m of free cash flow for the third quarter of 2017 following a strong operating performance from the
group, with production 11% higher compared with the same period last year and 9% more than the previous quarter. Each of the
operating regions showed improved production over both periods. The group remains on track to meet full-year production, cost and
capital guidance as well as to deliver on its restructuring objectives in South Africa. Our slate of brownfields projects to extend life
and improve margins, remains on track and on budget.

Production rose to 997,000oz at an all-in sustaining cost (AISC) of $1,071/oz for the quarter ended 30 September 2017 compared to
900,000oz for the quarter ended 30 September 2016. All-in sustaining costs were unchanged despite inflationary pressure on costs,
stronger currencies and the group proceeding with planned higher reinvestment expenditures, which were offset by lower
rehabilitation costs, corporate costs and exploration costs. AISC levels for the quarter were driven mainly by higher capital
expenditure levels, which are reflective of the implementation of the Company's inward investment programme.

"Our strong production performance resulted in good free cash flow generation, despite our planned reinvestment programme and a
flat gold price," Chief Executive Officer Srinivasan Venkatakrishnan said. "We expect a strong finish to the year at our key international
operations and continued delivery to tight timelines and budgets on our portfolio-improvement projects."

For the third quarter of 2017, improved production performances were delivered in all regions when compared with the same quarter
in 2016, with the core South African assets continuing their improving trajectory, showing promising operating recoveries from the
prior year's interruptions. The International Operations delivered another strong performance, driven by contributions from both mines
in Australia, AGA Mineração in Brazil and Siguiri, Geita and Iduapriem in Continental Africa. Kibali had improved margins relative to
the previous quarter, but saw lower production compared with the third quarter of 2016, due to lower tonnes treated following conveyor
downtime and issues experienced with the crusher.

Free cash flow generation was $88m for the third quarter of 2017, compared with an outflow of $41m during the second quarter of
this year, and an inflow of $131m in the third quarter of 2016. Free cash flow for the quarter was affected by the lower gold price
received, higher operating costs with some currency impact, indirect VAT receivables lock-up principally in Tanzania and the DRC
where this continues to be a challenge, and the planned increase in reinvestment capital expenditure levels.

Adjusted earnings before interest, tax, depreciation and amortisation ("Adjusted EBITDA") stood at $399m for the quarter, up from
$395m in the third quarter of 2016, and increased by $103m, or 35%, from $296m for the second quarter of 2017.

Net debt as at 30 September 2017 was $2.063bn, up from $1.972bn at the same time last year, but lower than the $2.151bn posted
at the end of the second quarter of 2017. Accordingly, net debt to Adjusted EBITDA ratio was 1.49 times as at
30 September 2017, compared with 1.26 times as at 30 September 2016, but slightly lower than the 1.56 times as at the end of the
last quarter. The current net debt to Adjusted EBITDA ratio remains well below the covenant ratio of 3.5 times under our revolving
credit facilities ("RCFs").

The balance sheet remains robust with strong liquidity and long-dated maturities providing significant financial flexibility. Undrawn
facilities as at 30 September 2017 comprise approximately $910m available under the $1bn US dollar RCF, A$250m undrawn on the
A$500m Australian dollar RCF, approximately R1.335bn available from South African facilities, and cash and cash equivalents at the
end of the quarter of $177m compared to $276m, at the end of the third quarter of 2016.

Total capital expenditure (including equity accounted investments) increased by $40m during the third quarter, from $211m for the
third quarter of 2016 to $251m for the third quarter of 2017. Project capital expenditure during the quarter amounted to $32m, up
from $25m during the third quarter of 2016. Capital expenditure is expected to increase again in the fourth quarter, in line with past
trends due to timing of the expenditures.

Total sustaining capital expenditure increased by 18% to $219m for the quarter, compared to $186m for the third quarter of 2016.
Sustaining capital expenditure for the International Operations increased by 33% to $186m, compared to $140m for the third quarter
of 2016. Sustaining capital projects include the planned new power plant and underground development at Geita, increased
underground development at Kibali as the new underground mine ramps up, capitalised stripping at Iduapriem at the cut-back of the
Teberebie pit, and the recovery improvement initiatives at Sunrise Dam. It is anticipated that the sustaining capital expenditure will
peak in the last quarter of the year, in line with the plans.

The outlook for the full year remains unchanged as follows:
-  Production between 3.6Moz and 3.75Moz;
-  Capital expenditure between $950m and $1,050m;
-  Total cash costs between $750/oz and $800/oz; and
-  AISC between $1,050/oz and $1,100/oz.

Assuming average exchange rates against the US dollar of 13.20ZAR (Rand), 3.20BRL (Brazil Real), 0.77AUD (Aus$) and 16.75ARS
(Argentina Peso), with oil at $48/bl on average for the year.

Both production and cost estimates assume no labour or other interruptions, or changes to asset portfolio and/or operating mines and
have not been reviewed by our external auditors. Other unknown or unpredictable factors could also have material adverse effects on
our future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been
correct. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December
2016, filed with the United States Securities and Exchange Commission.

Comparison of the third quarter 2017 performance versus the previous quarter and the same quarter last year is shown below:
                                                                                                                      
                                                                                         Improved                         Improved
Particulars                                                  Q3 2017        Q2 2017        Q vs Q         Q3 2016     Qtr vs prior
                                                                                                                            Yr Qtr
Gold Production (kozs)                                           997            918            9%             900              11%
Gold price received ($/oz)                                     1,277          1,256            2%           1,334              -4%
Total cash costs ($/oz)                                          807            781            3%             797               1%
Corporate & marketing costs ($m) *                                17             18           -6%              17               0%
Exploration & evaluation costs ($m)                               29             31           -6%              42             -31%
All-in sustaining costs ($/oz) **                              1,071          1,082           -1%           1,071               0%
All-in costs ($/oz) **                                         1,142          1,150           -1%           1,166              -2%
Adjusted EBITDA ($m)                                             399            296           35%             395               1%
Capital expenditure ($m)                                         251            238            5%             211              19%
Cash inflow from operating activities ($m)                       345            228           51%             386             -11%
Free cash inflow / outflow ($m)                                   88           (41)          315%             131             -33%
Free cash inflow / outflow ($m) excl. tender premium and 
SAR redundancies                                                  95           (39)          344%             161             -41%


*  Includes administration and other expenses.
** World Gold Council standard, excludes stockpiles written off.

The underlying operational performance in the third quarter of 2017 was stronger than the same quarter last year, but in 2016 the
group benefitted from inter-alia the following four factors namely: a higher US dollar gold price; much weaker currencies notably the
SA Rand and Brazilian Real and lower capital spend as compared to a high reinvestment year like 2017. In addition, free cash flow
for 2017 was adversely impacted by the VAT lock-ups at both Geita and Kibali.

FINANCIAL AND OPERATING REPORT

Safety Update
The All-Injury Frequency Rate (AIFR) of the group, the broadest measure of workplace safety, for the quarter ended September 2017
was 6.98 per million hours worked, a 6% improvement from 7.42 in the second quarter of the year. Sadiola, Yatela, Siguiri, Iduapriem,
Obuasi, La Colosa, Gramalote, Quebradona and Greenfields Exploration achieved an injury free quarter.

Regrettably, there was a fatality in the South Africa region during the quarter. This fatality was a result of medical complications that
followed a serious injury sustained earlier in the year.

During the quarter, all the South African operations had passed one million fatality-free shifts. The International Operations recorded
375 days without a fatal accident, as at the end of the quarter.

On 1 September 2017, AngloGold Ashanti was awarded South Africa's most prestigious safety accolade at the annual MineSAFE
Conference, for the Mining Company with the best safety improvements, achieved at its ultra-deep mines. The Company's West Wits
gold plants were also recognised as Best in Class in the processing plants category.

"Safety is, and always will be, our first priority. We have made strides to improve safety in recent years – and in particular the past 
15 months – but the fatal accidents since the end of the quarter at our South African Operations, have demonstrated again that victory
can never be declared in this regard. We will be focusing closely on our safe production strategy and also intensifying our search for
continuous improvement," Venkatakrishnan said.

OPERATING HIGHLIGHTS
The South Africa region produced 261,000oz at a total cash cost of $1,088/oz for the third quarter of 2017 compared to 235,000oz
at a total cash cost of $997/oz for the same quarter in 2016. Total cash costs increased year-on-year due to inflationary pressures,
mainly from increases in consumables and power costs, lower grades, stronger currencies and unfavourable gold in-process
movements. These were partially compensated by higher volumes and cost efficiencies, which included efficient power consumption
and business improvement initiatives.

In West Wits, production was 93,000oz at a total cash cost of $1,337/oz for the third quarter of 2017 compared to 86,000oz at a total
cash cost of $1,106/oz for the same quarter in 2016. Production increased as Mponeng's performance improved by 10% due to higher
tonnages treated, in part reflecting recovery from safety-related production interruptions experienced in the same quarter in 2016.
Following the plan to restructure the South African mines, TauTona's performance was negatively impacted by the downscaling of
operations in anticipation of the transition to care and maintenance, with the final blast occurring on 15 September 2017.

At Vaal River, production was 114,000oz at a total cash cost of $942/oz for the third quarter of 2017, compared to 100,000oz at a total
cash cost of $889/oz in the same quarter in 2016. Production increased from strong performances at both Moab Khotsong and
Kopanang as the mines recovered from safety related production interruptions in the same quarter in 2016. Moab Khotsong, which
delivered improved tonnages year-on-year, was the lowest cash cost producer for the South African region during the quarter at
$757/oz. At Kopanang, the quarter was dominated by proceedings of the Section 189 process along with the potential disposal of the
mine as was announced on 15 September 2017.

Surface Operations produced 51,000oz at a total cash cost of $963/oz for the third quarter of 2017, compared to 47,000oz at a total
cash cost of $1,026/oz in the same quarter in 2016. The production increase was driven by Mine Waste Solutions which, during the
month of September, achieved its highest production level since its acquisition by us in 2012. Tonnages processed increase by 6%
year-on-year, with improved volumes reclaimed across all the respective sites. Studies to improve current trends in gold recoveries
are continuing and operations remain suspended at the flotation and uranium circuit.

The Vaal River surface sources suffered a decline in production as a result of the suspension of the processing of the Kopanang
Marginal Ore Dump (MOD) due to the low grade received and low mill availability, as well as challenges experienced at the Mispah
Gold Plant resulting from the sticky nature of the MOD material. West Wits Surface Sources also saw a slight reduction in MOD tonnes
treated.

The Continental Africa region produced 380,000oz at a total cash cost of $696/oz for the third quarter of 2017 compared to 333,000oz
at a total cash cost of $760/oz for the same quarter in 2016. Production increased by 14% compared with the third quarter of 2016,
driven by strong contributions from Geita and Siguiri and a solid performance by Iduapriem.

At Siguiri, production was 83,000oz, up 32% compared with production of 63,000oz the third quarter of 2016 driven by higher ore
tonnes treated given the softer nature of the ore, higher plant utilisation, and 26% higher average recovered grades from mining the
new Seguelen pit which commenced in the first quarter this year. Geita's production was up 21% compared with the same quarter of
last year, mainly driven by higher grades mined, supported by the underground ore. Iduapriem's production increased by 5%, driven
by higher volumes treated from higher plant utilisation, whilst production at Kibali decreased compared with the same quarter of last
year. Kibali's production was impacted by lower plant throughput resulting in 6% lower tonnes treated during the quarter compared to
the same period last year, due to conveyor downtime and challenges experienced with the crusher which are being addressed. The
final commissioning of Kibali's underground operations and the integration and automation of the vertical shaft in the last quarter of
this year, remains on a tight schedule and is key for Kibali to achieve its production target of 610,000oz (100%).

Total cash costs dropped mainly due to the increased production in the region. At Iduapreim, total cash costs were lower than the
prior year quarter as deferred stripping activities at the Cut 3 Teberebie and pre-stripping activities at the Cut 1 Teberebie pit were
undertaken. At Siguiri, the higher recovered grades impacted positively on cash costs as mining was undertaken in the Seguelen pit
in the current quarter.

The Americas region produced 213,000oz at a total cash cost of $673/oz for the third quarter of 2017 compared to 211,000oz at a
total cash cost of $588/oz for the same quarter in 2016. Production improvement in the region is attributable to higher tonnes mined
and treated at AGA Mineração. Total cash costs were impacted by the end of the rebate programme on Argentina's Patagonia ports
and lower feed grades in Argentina and some mines in Brazil.

Cerro Vanguardia's production was flat at 71,000oz at a total cash cost of $566/oz for the third quarter of 2017 compared to a total
cash cost of $529/oz for the same quarter in 2016. Despite higher tonnes treated and higher heap-leach tonnes placed during the
quarter compared to same period last year, lower grades impacted negatively on production due to the variability of the mining model.
The by-product income was lower for the quarter ended 30 September 2017 because of the lower average silver price. Total cash
costs were higher compared to same period last year mainly due to cessation of the rebate programme on Argentina's Patagonia
ports in December 2016. Costs were also impacted by inflationary pressures. These negative effects on costs were partially offset by
favourable stockpile movements due to higher volumes of stockpile inventory, and a weaker exchange rate reflecting the peso's
depreciation against the dollar.

Brazil produced 142,000oz at a total cash cost of $715/oz for the third quarter of 2017 compared to 139,000oz at a total cash cost of
$614/oz for the same quarter in 2016. Production was higher due to higher volumes treated, despite lower grades at AGA Mineração.
Total cash costs in Brazil increased reflecting lower feed grades and costs related to higher volume treated, inflation related increases
as well as the unfavourable exchange rate.

AGA Mineração produced 112,000oz at a total cash cost of $692/oz for the third quarter of 2017 compared to 107,000oz at a total
cash cost of $609/oz for the same quarter in 2016. Production increased mainly due to a higher production from the Córrego do Sítio
complex, with higher tonnes and higher grades from both oxide and sulphide mining, in line with the revised mine plan. Total cash
costs were higher compared to same period last year due to higher tonnes treated as well as lower grades from the Cuiaba complex.
Cuiaba complex experienced operational challenges, which included geotechnical problems and delays in development that
prevented access to high grade areas. These are being addressed and will translate into improvements in the forthcoming quarters.

At Serra Grande, production was 30,000oz at a total cash cost of $799/oz for the third quarter of 2017 compared to 32,000oz at a
total cash cost of $628/oz for the same quarter in 2016. Production decreased for the quarter reflecting operational issues, unplanned
lower feed grades from the open pit, higher underground dilution, model changes and rock mechanical problems.

On 19 October 2017, Newmont Mining Co. filed a lawsuit in the United States District Court for the Southern District of New York
against AngloGold Ashanti and certain related parties, alleging that AngloGold Ashanti and such parties did not provide Newmont
with certain information relevant to its purchase of the Cripple Creek and Victor Gold Mining Company in 2015 during the negotiation-
and-sale process. We believe the lawsuit is without merit and we intend to vigorously defend against it.

The Australia region produced 143,000oz at a total cash cost of $825/oz for the third quarter of 2017 compared to 121,000oz at a
total cash cost of $864/oz for the same quarter in 2016. Production increased by 18% compared to same period last year driven by
higher mill throughput; increased grades and metallurgical recoveries. Total cash costs decreased assisted by the production increase
together with lower maintenance and processing costs at Sunrise Dam, partially offset by the impact of deferred waste adjustments
at Tropicana.

Sunrise Dam's production was 63,000oz, up 24% compared to production of 51,000oz during the same period last year as a result of
higher mill throughput, increased grades, and improved metallurgical recoveries. Strong production is anticipated in the last quarter
as high-grade stopes are mined in the Cosmo ore zone. Tropicana's production was driven by the mill throughput which increased by
15% during the quarter due to plant de-bottlenecking. Capital spend is expected to be higher in the last quarter at both Sunrise Dam
and Tropicana as construction advances on the Recovery Enhancement Project and a wall raise on the tailings facility is undertaken
at Sunrise Dam. At Tropicana, the increase will be driven by the Fines Pulping Project in the processing plant and expansion of the
village to support Long Island. Work on the Long Island Study is expected to be completed in the latter part of the year.

CORPORATE UPDATE
Section 189 and South Africa Asset sales
On 28 June 2017, AngloGold Ashanti announced it would embark on a restructuring of its South African business to stem unaffordable
losses by placing some operations on care and maintenance and affecting as many as 8,500 people. The statutory consultation
process with labour unions relating to the restructuring of its South African business, was concluded on 28 August 2017. During –
and subsequent to - this process, job loss avoidance measures were explored, including Voluntary Severance Packages, transfers,
and sale of assets, among others. A dignified and respectful engagement with the affected employees is currently underway, and we
anticipate concluding the bulk of the current restructuring process at TauTona and Savuka by the end of the fourth quarter, as
planned. A summary of the number of employees affected will be provided once this difficult process is complete. Kopanang Mine
and the West Gold Plant have been suspended from the Section 189 restructuring process pending conclusion of the agreed sale to
Heaven-Sent SA Sunshine Investment Company Limited, which controls the local Village Main Reef operation, as announced on 19
October 2017 ("the Kopanang Disposal").

Following the conclusion of the disposal of the Moab Mining Sale Assets to Harmony Gold Mining Company Limited, as announced
on 19 October 2017, and the Kopanang Disposal, AngloGold Ashanti will cease to have underground mining operations in the Vaal
River region in South Africa. AngloGold Ashanti will retain the long-life Mine Waste Solutions tailings retreatment operation, as well
as the surface rock-dump reclamation operations in the Vaal River region, which will continue to be treated through the Kopanang
gold plant, which will also be retained by AngloGold Ashanti. These two operations in the Vaal River region together with the long-
life Mponeng mine in the West Wits region will form AngloGold Ashanti's operating base in South Africa.

Once the restructuring and the asset sales are completed, AngloGold Ashanti anticipates that about 13% of its production will come
from its South African assets. The proceeds from the sale will be applied to reduce debt, further improving the company's balance
sheet flexibility as it invests in the high-return brownfield projects that will improve the overall quality of its portfolio.

Legislation changes in Tanzania
At the end of June 2017, the Government of Tanzania (GoT), enacted the Natural Wealth and Resources (Permanent Sovereignty)
Act, No 5 of 2017, the Natural Wealth and Resources Contract (Review and Re-Negotiation of Unconscionable Terms) Act, No 6 of
2017 and the Written Laws (Miscellaneous Amendments) Act, No 7 of 2017. AngloGold Ashanti's subsidiaries continue to seek a
constructive dialogue with the GoT, and its agencies, to gain assurances that Geita Mine will not be affected by these legal and fiscal
changes.

On 13 July 2017, AngloGold Ashanti announced that its subsidiaries in Tanzania made a decision to take the precautionary step of
safeguarding their interests under the Mine Development Agreement (MDA), by commencing arbitration proceedings under the rules
of the United Nations Commission on International Trade Law, as provided for in the MDA.

For the full release, please refer to the announcement on the Company's Web site.

Despite the dispute over the legal basis for the increased royalty rate, from 4% to 6%, and the imposition of 1% clearing fee for the
export of gold, Tanzanian officials have insisted upon receipts of such payments as a condition of the release of exports. Whilst our
subsidiaries in Tanzania do not accept that they are bound to pay either new levy, these royalties and fees are being paid under
protest to ensure continued processing of export shipments. The impact of these additional royalties and levies currently is
approximately $20m on an annualised basis. The lack of input VAT refunds has resulted in approximately $40m increase in working
capital for the first nine months of the year. The company continues to engage with the revenue authorities to secure the refunds
due.

UPDATE ON CAPITAL PROJECTS

Obuasi
AngloGold Ashanti remains in advanced and constructive talks with the Government of Ghana with respect to a
Development and other agreements, that will create the necessary regulatory and fiscal certainty required before a decision can be made on
whether and how to proceed with the development of its high-grade Obuasi gold deposit into a modern, mechanised and highly
productive gold-mining operation.

Siguiri
At Siguiri, AngloGold Ashanti is investing about $115m over a little over two years to add a hard-rock plant to the current processing
infrastructure, providing the ability to develop the significant sulphide-ore potential that exists on the current concession. The company
is also building a new power plant at an additional cost of $43m, to provide electricity to the new facility.

As at the end of September, $58.5m has been spent on the project and a total of $141.9m committed. The project remains on
schedule and the costs are currently forecast within budget. All major commitments have now been concluded. The mill shells arrived
on site in September, and off-site fabrication and sourcing of electrical and instrumentation equipment and cabling, continued during
the quarter. Major contractors have mobilised on site and transition to a new mining contractor is set to commence in February 2018.

Kibali
At Kibali, the ramp up of the underground mine which will supplement, and eventually replace open-pit production is currently
underway. The underground operation and the integration and automation of the vertical shaft are proceeding to the final
commissioning and automation stage. It is expected that the mine will see significant increase in production once the final shaft
commissioning has been completed. The anticipated completion of the underground mine is in the fourth quarter of the year. The
vertical shaft construction progressed well during the quarter, completing the underground materials handling system. Paving of the
haulage level and automation development also progressed, targeting the full commissioning and ramp up of shaft ore delivery
system in the last quarter of the year.

Construction of the tailings return water detox facility was completed and commissioned during the quarter, facilitating better water
management. The only major capital project following the underground development would be the Gorumbwa resettlement project,
stripping activities mainly at the Pakaka and Kombokolo pits, and the third hydropower station, Azambi which is on schedule to deliver
its first power in the second quarter of 2018.

Sadiola Sulphide Project
At Sadiola, AngloGold Ashanti and joint-venture partner IAMGOLD Corporation are evaluating a project to add sulphide-ore
processing capability to the plant. Discussions with the Government of Mali continue regarding the Sadiola Sulphide Project. Despite
the benefits the project would generate locally and to the Government of Mali, there has been no resolution around the terms critical
to moving the project forward.

Mponeng Phase 1 and 2 Project
Anglogold Ashanti is extending the life of its Mponeng mine initially through the phase 1 project which accesses deeper, higher-grade
ore through the development of a decline below the current secondary shaft. Phase 2, under evaluation, would deepen the secondary
shaft to further extend life. The completion of the Mponeng Phase 1 project is expected in the second quarter of 2018. An additional

ventilation hole is being created from decline 3 to 116 level to create more ventilation capacity, along with an ore pass down to 126
level to ease ore handling logistics on 123 level.

The completion of the water management infrastructure on 127 level was delayed during the quarter due to flooding of the emergency
pump station and pump station panels. The emergency pump station is still under construction in the bottom of the decline system.
Commissioning is expected by year end.

The construction and commissioning of the ore handling infrastructure to 126 level is expected to be completed by the end of the first
half of 2018 after which the 126 level ramp-up to steady state ore reserve development will commence. The revised geological
resource model associated with the Ventersdorp Contact Reef is currently under review.

The feasibility study for the Mponeng life of mine project has recommenced, after being interrupted at the end of May 2017. The
interruption was planned in order to complete a geotechnical study to determine the most appropriate position of the infrastructure
relative to tolerable levels of rock stress. The study has resumed and the related revised schedule forecasts completion during the
first quarter of 2018.

For details on exploration work done during the quarter, see the Exploration Update document on the Company website.

The financial information, including any forward-looking information, set out in this market update report has not been reviewed and
reported on by the Company's external auditors. Outlook data is forward-looking information which is further discussed on the back
cover of this document.

Operations at a glance
for the quarters ended 30 September 2017, 30 June 2017 and 30 September 2016

                                                              Production               Underground milled/treated        Surface milled/treated
                                                               oz (000)                        000 tonnes                       000 tonnes
                                                      Sep-17     Jun-17    Sep-16     Sep-17     Jun-17     Sep-16      Sep-17    Jun-17    Sep-16
SOUTH AFRICA                                             261        237       235        933        864        788       9,421     8,944     9,473
Vaal River Operations                                    114         99       100        489        480        393           -         -         -
Kopanang                                                  30         29        25        176        196        142           -         -         -
Moab Khotsong                                             84         70        75        313        284        251           -         -         -
West Wits Operations                                      93         86        86        432        374        383           -         -         -
Mponeng                                                   63         58        57        289        238        248           -         -         -
TauTona                                                   30         28        29        143        137        135           -         -         -
Total Surface Operations                                  51         49        47          -          -          -       9,421     8,944     9,473
First Uranium SA                                          30         28        22          -          -          -       7,087     6,453     6,659
Surface Operations                                        21         21        26          -          -          -       2,335     2,491     2,815
Other                                                      4          2         2         11         10         13           -         -         -
                 
INTERNATIONAL OPERATIONS                                 736        681       665      2,084      2,034      1,804           -         -         -
CONTINENTAL AFRICA                                       380        351       333        341        252        178           -         -         -
DRC                 
Kibali - Attr. 45%                                        65         64        68        193        191        178           -         -         -
Ghana                  
Iduapriem                                                 58         58        55          -          -          -           -         -         -
Obuasi                                                     -          2         -          -          -          -           -         -         -
Guinea                      
Siguiri - Attr. 85%                                       83         83        63          -          -          -           -         -         -
Mali                    
Morila - Attr. 40%                                         6          6         4          -          -          -           -         -         -
Sadiola - Attr. 41%                                       15         14        17          -          -          -           -         -         -
Tanzania                    
Geita                                                    152        124       126        149         61          -           -         -         -
Non-controlling interests,                 
exploration and other                 
                 
AUSTRALASIA                                              143        128       121        713        813        689           -         -         -
Australia                 
Sunrise Dam                                               63         51        51        713        813        689           -         -         -
Tropicana - Attr. 70%                                     80         78        70          -          -          -           -         -         -
Exploration and other                 
                 
AMERICAS                                                 213        202       211      1,030        969        936           -         -         -
Argentina                 
Cerro Vanguardia - Attr. 92.50%                           71         71        71         76         72         64           -         -         -
Brazil                 
AngloGold Ashanti Mineração                              112        102       107        665        592        574           -         -         -
Serra Grande                                              30         28        32        289        305        298           -         -         -
Non-controlling interests,                 
exploration and other                 
Total                                                    997        918       900      3,017      2,898      2,592       9,421     8,944     9,473

Rounding of figures may result in computational discrepancies.

                                  Open-pit treated          Underground Recovered grade       Surface Recovered grade     Open-pit Recovered grade
                                     000 tonnes                        g/tonne                        g/tonne                    g/tonne
                                  Sep-17     Jun-17    Sep-16    Sep-17    Jun-17    Sep-16   Sep-17   Jun-17    Sep-16  Sep-17    Jun-17    Sep-16
SOUTH AFRICA                           -          -         -      6.89      6.68      7.34     0.17     0.17      0.15       -         -         - 
Vaal River Operations                  -          -         -      7.24      6.45      7.89        -        -         -       -         -         -
Kopanang                               -          -         -      5.32      4.67      5.46        -        -         -       -         -         -
Moab Khotsong                          -          -         -      8.32      7.68      9.27        -        -         -       -         -         -
West Wits Operations                   -          -         -      6.67      7.15      7.02        -        -         -       -         -         -
Mponeng                                -          -         -      6.77      7.60      7.14        -        -         -       -         -         -
TauTona                                -          -         -      6.46      6.36      6.78        -        -         -       -         -         -
Total Surface Operations               -          -         -         -         -         -     0.17     0.17      0.15       -         -         -
First Uranium SA                       -          -         -         -         -         -     0.13     0.13      0.10       -         -         -
Surface Operations                     -          -         -         -         -         -     0.28     0.27      0.28       -         -         -
Other                                  -          -         -         -         -         -        -        -         -       -         -         -

INTERNATIONAL OPERATIONS           8,851      8,499     8,483      3.78      3.38      3.59        -        -         -    1.62      1.63      1.60
CONTINENTAL AFRICA                 6,885      6,752     6,720      5.59      4.77      4.09        -        -         -    1.44      1.43      1.42
DRC       
Kibali - Attr. 45%                   635        643       701      6.42      4.91      4.09        -        -         -    1.24      1.61      1.98
Ghana        
Iduapriem                          1,306      1,278     1,242         -         -         -        -        -         -    1.37      1.41      1.38
Obuasi                                 -          -         -         -         -         -        -        -         -       -         -         -
Guinea       
Siguiri - Attr. 85%                2,611      2,548     2,489         -         -         -        -        -         -    0.99      1.01      0.79
Mali     
Morila - Attr. 40%                   566        593       369         -         -         -        -        -         -    0.35      0.34      0.34
Sadiola - Attr. 41%                  514        515       497         -         -         -        -        -         -    0.92      0.87      1.08
Tanzania      
Geita                              1,253      1,174     1,423      4.52      4.34         -        -        -         -    3.25      3.06      2.68
Non-controlling interests,  
exploration and other  

AUSTRALASIA                        1,672      1,489     1,494      2.21      1.67      1.76        -        -         -    1.71      1.77      1.69
Australia       
Sunrise Dam                          313        192       313      2.21      1.67      1.76        -        -         -    1.24      1.15      1.11
Tropicana - Attr. 70%              1,359      1,298     1,180         -         -         -        -        -         -    1.82      1.86      1.85
Exploration and other       

AMERICAS                             294        257       269      4.27      4.45      4.84        -        -         -    5.41      6.24      5.68
Argentina       
Cerro Vanguardia - Attr. 92.50%      224        201       228      7.03      8.31      8.26        -        -         -    6.20      7.25      6.29
Brazil        
AngloGold Ashanti Mineração            -          -         -      4.73      5.05      5.37        -        -         -       -         -         -
Serra Grande                          70         56        41      2.49      2.37      3.08        -        -         -    2.88      2.63      2.30
Non-controlling interests,  
exploration and other  
Total                              8,851      8,499     8,483      4.74      4.36      4.73     0.17     0.18      0.15    1.62      1.63      1.60 

Rounding of figures may result in computational discrepancies.
                        
                                                                      Total cash costs           All-in sustaining costs    ORD / Stripping capex  
                                                                            $/oz                       $/oz                         $m             
                                                             Sep-17     Jun-17     Sep-16  Sep-17    Jun-17    Sep-16    Sep-17    Jun-17   Sep-16 
SOUTH AFRICA                                                  1,088      1,037        997   1,240     1,201     1,211        20        26       26 
Vaal River Operations                                           942        916        889   1,088     1,070     1,078         9        11       11 
Kopanang                                                      1,459      1,175      1,345   1,545     1,334     1,579         -         3        3 
Moab Khotsong                                                   757        808        736     921       960       911         9         8        8 
West Wits Operations                                          1,337      1,229      1,106   1,532     1,454     1,378        11        15       15 
Mponeng                                                         972        974        885   1,227     1,197     1,161        11        10       10 
TauTona                                                       2,109      1,760      1,536   2,174     1,988     1,800         -         6        5 
Total Surface Operations                                        963        945      1,026   1,041       996     1,155         -         -        - 
First Uranium SA                                                799        732        969     884       768     1,169         -         -        - 
Surface Operations                                            1,195      1,222      1,073   1,273     1,288     1,142         -         -        - 
Other                                                             -          -          -       -         -         -         -         -        - 

INTERNATIONAL OPERATIONS                                        714        689        724     996     1,013       995        85        97       68 
CONTINENTAL AFRICA                                              696        687        760     946       992       946        37        50       17 
DRC                             
Kibali - Attr. 45%                                              781        859        756   1,112     1,405       957         7         9        8 
Ghana                             
Iduapriem                                                       786        785        914   1,014     1,064       981         9        13        - 
Obuasi                                                            -          -          -       -         -         -         -         -        - 
Guinea                            
Siguiri - Attr. 85%                                             704        728        837     789       805       934         -         -        - 
Mali                            
Morila - Attr. 40%                                            1,024        963      1,424   1,163     1,072     1,659         -         -        - 
Sadiola - Attr. 41%                                             902        742      1,062   1,028       832     1,112         -         -        - 
Tanzania                            
Geita                                                           586        504        590     915       899       895        21        28        9 
Non-controlling interests,                            
exploration and other                                                                                                        -         -         - 

AUSTRALASIA                                                     825        815        864   1,133     1,120     1,266        16        12       16 
Australia                             
Sunrise Dam                                                     922      1,080      1,131   1,254     1,320     1,333         7         5        4 
Tropicana - Attr. 70%                                           686        597        614     951       919     1,118         9         7       12 
Exploration and other                                                                                                        -         -         - 
                            
AMERICAS                                                        673        613        588     989       977       928        32        35       34 
Argentina                               
Cerro Vanguardia - Attr. 92.50%                                 566        450        529     821       735       741        12        11       10 
Brazil                              
AngloGold Ashanti Mineração                                     692        654        609   1,027     1,051     1,024        13        17       16 
Serra Grande                                                    799        861        628   1,183     1,338     1,115         6         7        7 
Non-controlling interests,                            
exploration and other                                                                                                        1         1         1 
Sub-total                                                       807        781        797   1,071     1,082     1,071       105       124       94 
OTHER                                                                                                                      
Total                                                                                                                       105       124       94 
Equity accounted investments included above                                                                            
AngloGold Ashanti   

Rounding of figures may result in computational discrepancies.                                                                                                   
 
                                                                    Other sustaining capex      Non sustaining capex          Gross profit (loss)
                                                                             $m                         $m                             $m
                                                                   Sep-17   Jun-17   Sep-16   Sep-17   Jun-17   Sep-16   Sep-17   Jun-17   Sep-16
SOUTH AFRICA                                                           10       10       19        4        6        7      (8)       15       46
Vaal River Operations                                                   3        3        5        -        -        1       17       15       24
Kopanang                                                                -        1        2        -        -        -      (8)      (4)      (7)
Moab Khotsong                                                           3        2        4        -        -        1       25       18       31
West Wits Operations                                                    3        4        7        4        6        6     (23)     (20)      (3)
Mponeng                                                                 3        3        4        4        6        6        3        2       10
TauTona                                                                 -        1        2        -        -        -     (26)     (22)     (13)
Total Surface Operations                                                4        2        6        -        -        -      (2)       20       25
First Uranium SA                                                        2        1        5        -        -        -      (4)       19       19
Surface Operations                                                      2        1        2        -        -        -        1        -        6
Other                                                                   -        1        2        -        -        -        -        -        -

INTERNATIONAL OPERATIONS                                              101       79       72       28       18       18      214      171      202
CONTINENTAL AFRICA                                                     46       34       25       27       18       18      111       74       91
DRC                         
Kibali - Attr. 45%                                                     15       20        4        9        1       15        2     (12)       10
Ghana                         
Iduapriem                                                               2        1        2        -        -        -       20       18       16
Obuasi                                                                  -        -        -        -        -        1        -        1        1
Guinea                        
Siguiri - Attr. 85%                                                     5        3        6       15       14        2       33       30       22
Mali                        
Morila - Attr. 40%                                                      -        -        -        -        -        -        -        1      (2)
Sadiola - Attr. 41%                                                     1        -        1        1        -        -        3        5        2
Tanzania                        
Geita                                                                  24        9       10        -        -        -       47       28       38
Non-controlling interests,                        
exploration and other                                                   1        -        1        2        2        -        5        4        3

AUSTRALASIA                                                            24       19       20        -        -        -       34       26       19 
Australia                                                             
Sunrise Dam                                                            14        5        4        -        -        -       14        1      (1)
Tropicana - Attr. 70%                                                  10       14       16        -        -        -       27       30       25
Exploration and other                                                   -        -        -        -        -        -      (7)      (5)      (5)
                        
AMERICAS                                                               31       26       27        1        -        -       70       71       91 
Argentina                           
Cerro Vanguardia - Attr. 92.50%                                         5        3        5        -        -        -       31       38       48
Brazil                          
AngloGold Ashanti Mineração                                            21       17       17        1        -        -       34       29       33
Serra Grande                                                            4        4        5        -        -        -        4        2        8
Non-controlling interests,                        
exploration and other                                                   1        1        1        -        -        -        1        3        2
Sub-total                                                             111       89       92       32       24       25
OTHER                                                                   3        1        -                                   4      (2)      (1)
Total                                                                 114       90       92       32        24      25      210      184      246
Equity accounted investments included above                                                                                 (5)        6     (10)
AngloGold Ashanti                                                                                                           205      190      236 

Rounding of figures may result in computational discrepancies.

Development Sampling
for the quarter ended 30 September 2017
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
SOUTH AFRICA      
VAAL RIVER      
Kopanang      
Vaal reef                                            539           114              12.3         67.40            829         5.81             70
Moab Khotsong      
Moab Khotsong Vaal reef                            2,457           386              94.7         46.38          4,392         1.00             93
WEST WITS      
Mponeng      
Ventersdorp Contact reef                           1,775           296              54.8         40.62          2,226            -              -
TauTona       
TauTona Carbon Leader reef                           767            78              26.0         52.58          1,367         0.27           8.00
CONTINENTAL AFRICA       
Geita                                              3,440         1,202             425.0          4.90              -            -              -
SOUTH AMERICA       
AngloGold Ashanti Mineração       
Mina de Cuiabá                                     3,092         1,561               0.7          7.23              -            -              -
Lamego                                             1,079           429              60.0          2.29              -            -              -
Córrego do Sitio Mina I                            2,480           788                 -          4.36              -            -              -
Serra Grande       
Mina III                                           2,932         4,698                 -          2.79              -            -              -
Mina Nova                                            831         3,084                 -          2.17              -            -              -
CVSA       
Cerro Vanguardia                                   2,539           883             400.0          4.30              -            -              -

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
SOUTH AFRICA      
VAAL RIVER      
Kopanang      
Vaal reef                                       1,768          374                   4.84        1.97           0.79       11.62            4.69
Moab Khotsong     
Moab Khotsong Vaal reef                         8,060        1,266                  37.28        1.35           4.20        2.00            6.21
WEST WITS     
Mponeng     
Ventersdorp Contact reef                        5,824          971                  21.57        1.18           2.13           -               -
TauTona      
TauTona Carbon Leader reef                      2,516          256                  10.24        1.53           1.31        0.54            0.46
CONTINENTAL AFRICA      
Geita                                          11,286        3,943                 167.32        0.14              -           -               -
SOUTH AMERICA       
AngloGold Ashanti Mineração       
Mina de Cuiabá                                 10,143        5,122                   0.27        0.21              -           -               -
Lamego                                          3,541        1,406                  23.62        0.07              -           -               -
Córrego do Sitio Mina I                         8,135        2,586                      -        0.13              -           -               -
Serra Grande      
Mina III                                        9,620       15,413                      -        0.08              -           -               -
Mina Nova                                       2,727       10,118                      -        0.06              -           -               -
CVSA      
Cerro Vanguardia                                8,330        2,898                 157.48        0.13              -           -               -

* This includes total "on-reef" and "off-reef" development metres

Administration and corporate information
 ANGLOGOLD ASHANTI LIMITED                      Directors                                          
                                                Executive                                          Share Registrars
 Registration No. 1944/017354/06                S Venkatakrishnan*§ (Chief Executive Officer)      South Africa
 Incorporated in the Republic of South Africa   KC Ramon ^ (Chief Financial Officer)               Computershare Investor Services (Pty) Limited
                                                                                                   Rosebank Towers, 15 Biermann Avenue,
                                                                                                   Rosebank, 2196
                                                                                                   (PO Box 61051, Marshalltown 2107)
 Share codes:                                   Non-Executive                                      South Africa
 ISIN:                        ZAE000043485      SM Pityana^ (Chairman)                             Telephone: 0861 100 950 (in SA)
 JSE:                         ANG               A Garner#                                          Fax: +27 11 688 5218                                                                     
 NYSE:                        AU                R Gasant^                                          Website : queries@computershare.co.za
 ASX:                         AGG               DL Hodgson^                                       
 GhSE: (Shares)               AGA               NP January-Bardill^                                Australia
 GhSE: (GhDS)                 AAD               MJ Kirkwood*                                       Computershare Investor Services Pty Limited
                                                M Richter#                                         Level 11, 172 St George's Terrace
                                                RJ Ruston~                                         Perth, W A 6000
                                                SV Zilwa^                                          (GPO Box D182 Perth, WA 6840)
 JSE Sponsor:                                                                                      Australia
 Deutsche Securities (SA) Proprietary Limited                                                      Telephone: +61 8 9323 2000
                                                                                                   Telephone: 1300 55 2949 (Australia only) 
                                                *British    (§)Indian   (#)American                Fax: +61 8 9323 2033                                   
 Auditors: Ernst & Young Inc.                   ~ Australian  ^South African                                                                      
                                                                                                   Ghana
 Offices                                        Officers                                           NTHC Limited
 Registered and Corporate                       Executive Vice President – Legal, Commercial and   Martco House
 76 Rahima Moosa Street                         Governance and Company Secretary:                  Off Kwame Nkrumah Avenue
 Newtown 2001                                                                                      PO Box K1A 9563 Airport
 (PO Box 62117, Marshalltown 2107)              ME Sanz Perez                                      Accra
 South Africa                                                                                      Ghana
 Telephone: +27 11 637 6000                                                                        Telephone: +233 302 235814/6
 Fax: +27 11 637 6624                           Investor Relations Contacts                        Fax: +233 302 229975
                                                Stewart Bailey                                     
                                                Telephone: +27 11 637 6031
                                                Mobile: +27 81 032 2563                            ADR Depositary
 Australia                                      E-mail: sbailey@anglogoldashanti.com               BNY Mellon (BoNY)
 Level 13, St Martins Tower                                                                        BNY Shareowner Services
 44 St George's Terrace                                                                            PO Box 30170
 Perth, W A 6000                                Fundisa Mgidi                                      College Station, TX 77842-3170
 (PO Box Z5046, Perth WA 6831)                  Telephone: +27 11 637 6763                         United States of America
 Australia                                      Mobile: +27 82 821 5322                            Telephone: +1 866-244-4140 (Toll free in USA) or
 Telephone: +61 8 9425 4602                     E-mail: fmgidi@anglogoldashanti.com                           +1 201 680 6825 (outside USA)
 Fax: +61 8 9425 4662
                                                                                                   E-mail: shrrelations@cpushareownerservices.com
                                                                                                   Website: www.mybnymdr.com
                                                Sabrina Brockman
                                                Telephone: +1 646 880 4526                         Global BuyDIRECT SM
 Ghana                                          Mobile: +1 646 379 2555                            BoNY maintains a direct share purchase and dividend
 Gold House                                     E-mail: sbrockman@anglogoldashantina.com           reinvestment plan for ANGLOGOLD ASHANTI.
 Patrice Lumumba Road                                                                              Telephone: +1-888-BNY-ADRS
 (PO Box 2665)
 Accra                                          General e-mail enquiries
 Ghana                                          Investors@anglogoldashanti.com
 Telephone: +233 303 773400
 Fax: +233 303 778155                           AngloGold Ashanti website
                                                www.anglogoldashanti.com

                                                Company secretarial e-mail
                                                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

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 transactions, 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 filed 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 differ 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.

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.



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