MAKING A DIFFERENCE - The Vault...• Commissioned second ball mill • Ramp up to design tonnage (960 tph) achieved within three shifts • Design grind achieved within one week •

Andrea Maxey – VP Corporate Affairs, Community & HR7 August 2019

DIGGERS AND DEALERS

MAKING A DIFFERENCE

Boston Shaker portal preparation, Tropicana, Western Australia

DISCLAIMER

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 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, and business and operational risk management. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2018, which has 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.

The financial information in this document has not been reviewed or reported on by the Company’s external auditors.

Non-GAAP financial measuresThis 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.

2

AGENDA

Update on portfolio and strategic

direction

How we are delivering value

Community contribution

3

WORLD-CLASS GLOBAL PORTFOLIO

Gold Production (2018)

3.4 Moz

AISC (2018)US$765/oz

4

WORLD CLASS PORTFOLIO – AUSTRALIAN ASSETS

Gold Production (2018)

625,000 oz

AISC (2018)US$762/oz

Employees~ 650

Contractors~ 800

5

STRATEGY – SUSTAINABLE CASHFLOW IMPROVEMENT AND RETURNS

Towards zero harm, excellence in environmental stewardship, community

development

Ongoing portfolio improvements

through investment and rationalisation

Consistent delivery; improving cost

management, focus on enhancing

margins

Decisive action on operations; balance sheet

flexibility remains a

priority

Maintaining optionality to

deliver value-adding

growth over the long term

CORE STRATEGIC FOCUS AREAS

6

MARGIN IMPROVEMENT

700

900

1,100

1,300

2013 2014 2015 2016 2017 2018 Q1 2019

All-in Sustaining Costs vs. Gold PriceUS$/oz

AISC* Avg Gold Price*World Gold Council standard

REINVESTMENT

CONTINUOUS IMPROVEMENT RESTRUCTURING

7

14%margin

19%margin

21%margin

21%margin

16%margin

23%margin

22%margin

BALANCE SHEET STRENGTH – DISCIPLINED CAPITAL MANAGEMENT

0

1

2

3

4

2013 2014 2015 2016 2017 2018 2019 Q1

1.27X

Net Debt to Adjusted EBITDA

Covenant 3.5X

1.0X New Target

through the cycle

8

AGENDA


direction



9

Production: 2,908 koz

AISC: US$923/oz

Production: 421 koz

AISC: US$1,139/oz

Australia

TanzaniaDRC

Mali

GhanaGuinea

Brazil

Argentina

Colombia

South Afr ica Operat ions Q1 2018 – Q1 2019

In ternat iona l Operat ions Q1 2018 – Q1 2019

South Africa

DELIVERING VALUE: PORTFOLIO RESTRUCTURE

Countries where AGA operates 10

DELIVERING VALUE: SOUTH AFRICA REVIEW

• Restructuring has created a focused, cash-generative South African portfolio

• Mponeng underground mine requires a significant investment in the medium term to extend life beyond eight years

• Life extension option competes for capital with other higher-return projects in the portfolio

• Review of divestment options underway, taking into consideration the best outcome for all stakeholders

11

DELIVERING VALUE: INVESTMENT IN OBUASI

2014 – Decision to close the mine

2016 - Care & maintenance; optimised feasibility study

2018 – Parliamentary ratification of agreements; project commencement

2019 – Official launch of the redevelopment project

12

GHANA


Key Metrics

Gold produced: 8.59 Moz over 21 years

Annual gold production first 10 years: 350,000 – 400,000 oz

Annual gold production second 10 years: 400,000 – 450,000 oz

Average head grade: 8.8 g/t

AISC*: US$725-$825/oz

Total project capex: US$580-$630 million

IRR**: 16%-23%*Money terms at approval.**Based on a gold price of US$1,100-$1,240/oz.

13


14

.…Full mine redesign incorporating existing and some new infrastructure … …

…to implement large scale, modern mechanized mining.


…… in two phases.to deliver 2,000 tpd by end 2019 and 4,000 tpd by end 2020.15

Processing plant flowsheet –new build and refurbishment ….…

DELIVERING VALUE: INVESTMENT IN OBUASI - PROGRESS TO DATE

Project is on schedule and on budget

First development blast took place successfully in early February

Project on track to deliver first gold at the end of 2019

16

DELIVERING VALUE: INVESTMENT IN TROPICANA

• Commissioned second ball mill

• Ramp up to design tonnage (960 tph) achieved within three shifts

• Design grind achieved within one week

• Concept to commissioning - Sept 2017 to Nov 2018

• Further optimisation work has shown potential for >1,000 tph

17

DELIVERING VALUE: INVESTMENT IN TROPICANA

Exceeded feasibility

parameters

Consistently achieved and

exceeded production and cost guidance

Improved production profile and enhanced cashflow – mine life extended to 202918

DELIVERING VALUE: INVESTMENT IN TROPICANA – BOSTON SHAKER

Boston Shaker Key Metrics* (100%)

Life of mine underground gold production: 732,000 oz over 8 years

Ave. underground ore production: 1.1 Mtpa

Average underground gold grade: 3.84 g/t

Average annual gold production from Boston Shaker underground: 105,000 oz

AISC*: US$725-$825/oz

Capital investment: A$105.7 million

IRR: 39%

*Gold price assumption: USD1,240/oz; AUD1,654/oz

19

DELIVERING VALUE: INVESTMENT IN TROPICANA – BOSTON SHAKER

North part of mine

VOG South and at depth

Carey Shear and COE

Elle / MWS

TGMPlant

TSF

ROMBoston Shaker

TropicanaHavana

UG exploration potential

Conceptual target


0.3 g/t Wireframe

3.0 g/t Grade shell

Havana South

N1 km

Havana Deeps


Stg 3

Havana South HGZ

Havana NE Flank

Stg 2

Stg 1

UG exploration

potential

With the commencement of Boston Shaker Underground…

…there is potential to exploit additional underground opportunities.20

DELIVERING VALUE: SUNRISE DAM EXPLORATION

World class ore body; remains open along strike and depth. 21

900m

DELIVERING VALUE: SUNRISE DAM OPERATIONAL EXCELLENCE

22

• Hybrid communications platform underground

• Underground Mine Management System implemented

• Safety enhancement through situational awareness technology

• Remote bogging from surface to improve productivity

Technology transformation will deliver mine to mill visibility…

…acting as a key enabler to improve safety and productivity.

AGENDA


direction



23

COMMUNITY: LOCAL PROCUREMENT

24

Spend in Last 5 Years

$387MVendors across the Goldfields

301Annual local government

spend

$9.4M

$85M $84M$78M $75M

$65M YTD

2015 2016 2017 2018 2019

Annu

al s

pend

Total annual AGAA spend in the Goldfields region

$25.6MRoyalties paid to WA Government in 2018

COMMUNITY: INVESTMENT

25

Students in the Dandjoo Darbalung programme. Eastern Goldfields College students participating in the Leeuwin Ocean Adventure.

COMMUNITY: LOCAL EMPLOYMENT

26Kalgoorlie Girls Academy - careers visit to Tropicana

Graduate ceremony – Get Into Mining Programme.

SUMMARY

Premier gold investment with diverse

global portfolio

Update on portfolio and strategic direction

Obuasi, Tropicana Boston Shaker,

Operational Excellence


Long term partnerships and investment


27

MAKING A DIFFERENCE - The Vault...• Commissioned second ball mill • Ramp up to design tonnage (960 tph) achieved within three shifts • Design grind achieved within one week •

Documents