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Trading Statement for the year ended 31 December 2020
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”)
9 February 2021
NEWS RELEASE
ANGLOGOLD ASHANTI TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020
AngloGold Ashanti will release results for the year ended 31 December 2020 (the “Period”) on the
Johannesburg Stock Exchange News Service on 22 February 2021.
With reference to the Listings Requirements of the JSE Limited, issuers are required to publish
a trading statement as soon as they become reasonably certain that the financial results for the
period to be reported on next will differ by at least 20% from those of the previous corresponding
reporting period.
Expected Headline Earnings and Basic Earnings – Continued Operations
Shareholders are advised that the Company has reasonable certainty that headline earnings for the
Period are expected to be between $962 million and $1,037 million, with headline earnings per share
(“HEPS”) of between US 229 cents and US 247 cents. Headline earnings and HEPS for the comparative
period in 2019 were $379 million and US 91 cents, respectively.
The total basic earnings from continuing operations (“basic earnings – continuing operations”) for the
Period are expected to be between $910 million and $982 million, resulting in total basic earnings per
share from continuing operations (“EPS – continuing operations”) of between US 216 cents and US 233
cents. The basic earnings – continuing operations and EPS – continuing operations for the comparative
period were $364 million and US 87 cents, respectively.
The expected overall increases in headline earnings and basic earnings – continuing operations for the
Period compared to the comparative period were primarily due to the following reasons:
• The gold price received increased by 27%;
• Weaker local currencies more than offset inflationary increases across operating jurisdictions;
• Income from joint ventures, mainly Kibali, increased by $110 million (post-tax) or US 26 cents
per share; and
• Care & maintenance costs of $47 million (post-tax) or US 11 cents per share incurred at Obuasi
in the comparative period were not repeated in the current Period.
The increases in earnings were partly offset by:
Non-cash adjustments
• The derecognition of the remaining deferred tax assets after the sale of the South African
operations to Harmony Gold Mining Company Limited (“Harmony”) of $69 million, or US 16 cps
in the current Period; and
• Discounting of the Argentine export duties receivable resulted in a decrease in earnings of $15
million (post-tax) or US 4 cents per share.
Other income statement effects
• Adverse inventory and stockpile movements;
• Higher taxes, withholding taxes and royalties paid in the Period in most jurisdictions as a result
of the higher gold price;
• Additional losses realised on oil and gold derivatives of $17 million (post-tax) or US 4 cents per
share when compared to the comparative period; and
• A Brazilian power utility refund received in April 2019 of $11 million (post-tax) or US 3 cents per
share not repeated in the current Period.
In addition, basic earnings – continuing operations were favourably impacted in the current Period by a
profit of $18 million (post-tax) or US 4 cents per share as a result of the disposal of the Company’s
interest in the Sadiola and Morila joint ventures. This profit is excluded from headline earnings.
Reconciliation of Basic Earnings (Continuing and Discontinued Operations) to Headline
Earnings
The reconciliation of basic earnings from continuing and discontinued operations to headline earnings
primarily include the following items that are excluded from headline earnings:
• A profit of $18 million (post-tax) or US 4 cents per share as a result of the disposal of the
Company’s interest in the Sadiola and Morila joint ventures;
• A non-cash impairment reversal of $17 million (post-tax) or US 4 cents per share relating to the
sale of the South African operations to Harmony; and
• A loss on the sale of the South African operations to Harmony of $81 million (post-tax) or US 19
cents per share.
Operational Performance – Continuing and Discontinued Operations
Production for the year ended 31 December 2020 is expected to be 3.047Moz, compared to 3.281Moz
for the year ended 31 December 2019, with the decline in production mainly due to the sale of the South
African operations and the impact of the COVID-19 pandemic on production. AngloGold Ashanti
delivered a solid production performance for the year, taking into consideration the challenges created
by the pandemic. The performance for the year was underpinned by a record year at Geita, and steady
performances at Kibali, Iduapriem, Siguiri, Sunrise Dam, and AGA Mineração which helped offset
declines in production at Tropicana, Cerro Vanguardia and Serra Grande. The Obuasi Redevelopment
Project continued its ramp-up, delivering 127,000oz of production despite delays in receiving equipment
and in the arrival of critical skills for the project as a result of lockdowns in various jurisdictions during
the year.
The financial information on which this trading statement is based has not been reviewed and reported
on by AngloGold Ashanti’s external auditors.
Johannesburg
9 February 2021
JSE Sponsor: The Standard Bank of South Africa Limited
CONTACTS
Media
Chris Nthite +27 11 637 6388/ +27 83 301 2481 cnthite@anglogoldashanti.com
General inquiries media@anglogoldashanti.com
Investors
Sabrina Brockman +1 646 880 4526/ +1 646 379 2555 sbrockman@anglogoldashanti.com
Yatish Chowthee +27 11 637 6273 / +27 78 364 2080 yrchowthee@anglogoldashanti.com
Fundisa Mgidi +27 11 637 6763 / +27 82 821 5322 fmgidi@anglogoldashanti.com
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, return on equity, 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 and
forecasts 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, any supply chain disruptions, any public health crises, pandemics or
epidemics (including the COVID-19 pandemic), and other business and operational risks and other factors. For a discussion of
such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2019 and the Risk
Factors section in AngloGold Ashanti’s Prospectus Supplement dated 28 September 2020, which have each been filed with the
United States Securities and Exchange Commission (SEC). 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.
Incorporated in the Republic of South Africa Reg No: 1944/017354/06
ISIN. ZAE000043485 – JSE share code: ANG CUSIP: 035128206 – NYSE share code: AU
Website: www.anglogoldashanti.com
Date: 09-02-2021 07:05:00
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