strengthening portfolio quality...portfolio continues to preserve a competitive margin, despite...

Michael Erickson – SVP Australia6 August 2018

DIGGERS AND DEALERS

STRENGTHENING PORTFOLIO QUALITY

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 andoutlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain ofAngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capitalexpenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statementsregarding 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 achievementsto differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectationsreflected 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 differmaterially 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 andoperating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome ofpending 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, which was filed with the United States Securities and Exchange Commission (“SEC”). These factorsare 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 orunpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashantiundertakes 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 ofunanticipated 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 behalfare qualified by the cautionary statements herein.

The financial information contained in this market update presentation has not been reviewed or reported on by the Company's external auditors.

This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAPfinancial 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 inaccordance 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 isimportant 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 visitthis website to obtain important information about AngloGold Ashanti.

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AGENDA

Global portfolio quality

Growing margins through new projects

Australia’s role in the global portfolio

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GLOBAL PORTFOLIO

Americasc.25%

of 2018 production Australiac.18%

of 2018 production

Continental Africac.42%

of 2018 production

South Africac.15%

of 2018 production

2018 GuidanceProduction 3.325Moz-3.450Moz

AISC $990/oz-$1,060/oz

FOCUS ON MARGINS

Portfolio continues to preserve a competitive margin, despite significant inward investment

*All-in Sustaining Costs - a World Gold Council standard excluding stockpile write-offs

0

200

400

600

800

1,000

1,200

1,400

1,600

2013A 2014A 2015A 2016A 2017A 2018E

AISC AIC Avg Gold Price

5

US$

/oz

AGENDA




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• Located in Ghana’s Ashanti Gold Belt, 200 km NW of Accra

• Large, high-grade orebody

• Average grade: 8.8g/t

• Ore Reserve: 5.9Moz

• Mineral Resource: 36Moz

• 20+ years' mine life

• US$450-500M investment for annual production of 400,000oz

• Average AISC over life of mine: US$750 – 850/oz

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GLOBAL PORTFOLIO – OBUASI


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ODD existingODD plannedExisting lateral developmentPlanned lateral developmentPlanned rehabilitationExisting shafts Planned shafts


a) Capex intensity = project capex / run-rate production

b) Classification includes top 10 gold producers’ projects with forecast avg. LoM production >200koz & capex information available; companies include: Agnico Eagle, Barrick, Goldcorp, Gold Fields, Kinross, Newcrest, Newmont, Polyus, Polymetal, Randgold

c) LoM average production and AISC

d) 2017A AISC of the top 10 gold mines in Africa by production

e) Excludes Randgold since not reporting AISC

Source: Company information

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AGENDA




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AUSTRALIAN OPERATIONS

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0

100

200

300

400

500

600

700

800

900

Gol

d pr

oduc

tion

(000

s oz

)

Australian gold mines – 2017 production

Source: Wood Mackenzie

Tropicana: ~485,000oz* for 2018 would increase ranking to 4th place

*Based on calendar 2018 guidance12

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8Sunrise Dam: ~300,000oz* for 2018 would increase ranking to 8th place

AUSTRALIAN OPERATIONS

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SUNRISE DAM OBJECTIVES

Increase in annual gold production of +27% from 2017

Strategic Objectives

• High level target – 4Mtpa @ 3g/t @ 90% recovery

• Sustainable annual production of between

300,000oz – 350,000oz

• Long-term (real) AISC of US$900 - $950/oz @ US$0.75

• Deliver a long-life mine with consistent cash returns

SUNRISE DAM – OREBODY POTENTIAL

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• Vogue - the largest mineralised zone discovered to date

• Open down dip – step out drilling planned for 2019

• Will produce over 1Mt of ore in 2019

• Midway Shear (MWS) Steeps delivered 15 g/t stopes in Q1 2018

Plan view of MWS Steeps and Vogue

500m

600m

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• Carey Shear is a repetition of the upper stratigraphy

• Potential to be another significant mining area

• Mineralisation open in all directions

• Steep high grade zones continue to occur

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SUNRISE DAM – ENDOWMENT MODELLING

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SUNRISE DAM – EVOLVING MINING STRATEGY

• Mine design linked to RC drilling capability

• Systematic approach for development, drilling and Ore

Reserve conversion

• Optimising large stope extraction

• Underground mine management system

• Road-train haulage solution unlocks potential to lift

underground production rate

• Capitalises on existing Western Exploration Incline

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SUNRISE DAM – RECOVERY ENHANCEMENT

• Addition of flotation and ultra-fine grind circuit to achieve

an average increase in recovery of ~8%

• Successfully commissioned on schedule in June 2018

• Capital investment of US$28 million

• Project IRR 34%

• Opportunity to increase mill throughput

LAVERTON DISTRICT UPSIDE

• Consolidation of a highly prospective 500+ sq km tenement

package in a world-class location

• Agreement to earn up to 70% in Saracen Mineral Holdings’

Butcher Well and Lake Carey tenements through

expenditure of up to A$25 million

• Encouraging exploration results to date

• Synergy with Sunrise Dam = opportunity to replace low-

grade stockpiles

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TROPICANA – CONTINUING TO DELIVER

• Consistently delivering production and cost guidance

• 2017/18 production of 467,000oz - better than mid-

point of guidance

• On track to deliver 478,000 – 492,000oz in CY2018

• CY2019 production guidance of 515,000 – 535,000oz

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BOSTON SHAKER 1

BOSTON SHAKER 4

BOSTON SHAKER 3

TROPICANA

HAVANA STH

Stage 4

Stage 6

Stage 5

HAVANA

2019 PLAN STAGING

Two locations and five stages

Four decision points

Mining stage 2018 2019 2020 2021 2022 2023 2024 2025 2026

Current mining activityTropicana/Havana 3 and Havana South

Boston Shaker 3

Boston Shaker 4

Havana Stage 4

Havana Stage 5

Havana Stage 6

TROPICANA – OPEN PIT OPTIONALITY

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TROPICANA – MINING OPTIMISATION

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TROPICANA – PROCESSING PLANT OPTIMISATION

Additional 6MW ball mill to unlock

potential

• Good fit with Long Island mine plan

• Will increase throughput to 8.2Mtpa

• Will increase recovery by up to 3%

by reducing grind size

• Construction 35% complete

• Commissioning scheduled for

December 2018

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TROPICANA – BOSTON SHAKER

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TROPICANA – BOSTON SHAKER

• Two discrete ore lodes

• Base of design 650m below surface

• Orebody open at depth

• Pre-feasibility Study to be completed in December 2018 quarter

• Anticipated start in June 2019 quarter

Tropicana Boston Shaker

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SUMMARY

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• Quality of global portfolio strengthening as mature

assets are sold and new projects come on stream

• Australian mines exceeding production and cost

expectations through culture of continuous

improvement

• New strategy delivers step-change at Sunrise Dam

• Tropicana prepares for underground mining

strengthening portfolio quality...portfolio continues to preserve a competitive margin, despite...

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