TIDMAGD
AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa Reg. No. 1944/017354/06)
ISIN No. ZAE000043485 - JSE share code: ANG CUSIP: 035128206 - NYSE share
code: AU
Website: www.anglogoldashanti.com
News Release
THIS IS NOT AN OFFER FOR THE SALE OF SECURITIES. NOT FOR RELEASE OR
DISTRIBUTION IN OR INTO THE UNITED STATES
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO AUSTRALIA, CANADA OR JAPAN OR ANY OTHER STATE OR JURISDICTION IN WHICH IT
WOULD BE UNLAWFUL TO DO SO
ANGLOGOLD ASHANTI LIMITED ANNOUNCES THE PRICING OF ITS EQUITY OFFERING AND
MANDATORY CONVERTIBLE BONDS OFFERING AND CAUTIONARY ANNOUNCEMENT
Equity Offering
AngloGold Ashanti announces that its offering of 15,773,914 AngloGold Ashanti
ordinary shares ("ordinary shares") (and up to an additional 2,366,086 ordinary
shares pursuant to an over-allotment option granted to the underwriters) in the
form of ordinary shares or AngloGold Ashanti American Depositary Shares
("ADSs") (currently each ADS represents one ordinary share) (the "Equity
Offering") has been priced at US$43.50 per ADS and ZAR308.37 per ordinary
share. AngloGold Ashanti expects to receive gross proceeds of approximately
US$686 million from the Equity Offering (assuming no exercise of the
over-allotment option in respect of the Equity Offering).
Mandatory Convertible Bonds Offering
AngloGold Ashanti announces the final terms of the offering of US$686,162,400
mandatory convertible subordinated bonds due 2013, which will initially be
convertible into a maximum of 15,773,913 ADSs (and up to an additional
US$102,924,350 principal amount of such bonds which will initially be
convertible into a maximum of 2,366,087 ADSs pursuant to an over-allotment
option granted to the underwriters) (the "Mandatory Convertible Bonds") by its
wholly-owned subsidiary, AngloGold Ashanti Holdings Finance plc (the "Mandatory
Convertible Bonds Offering"). The Mandatory Convertible Bonds are fully and
unconditionally guaranteed by AngloGold Ashanti on a subordinated basis. The
Mandatory Convertible Bonds will be convertible into ADSs (or, in certain
circumstances, the cash value thereof), and pay a coupon of 6.00% per annum.
Conversion in full of the Mandatory Convertible Bonds (at the initial price of
approximately US$43.50 per ADS) would result in the issuance of a maximum of
15,773,913 ADSs. The initial price has been set at approximately US$43.50,
being the public offering price on the simultaneous ADS placement (equivalent
to a maximum conversion rate of 1.14943 ADSs per US$50 principal amount of
Mandatory Convertible Bonds), and the threshold appreciation price has been set
at approximately US$54.375, a premium of 25% percent to the initial price
(equivalent to a minimum conversion rate of 0.91954 ADSs per US$50 principal
amount of Mandatory Convertible Bonds). AngloGold Ashanti expects to receive
gross proceeds of approximately US$686 million from the Mandatory Convertible
Bonds Offering (assuming no exercise of the over-allotment option in respect of
the Mandatory Convertible Offering).
AngloGold Ashanti will apply to list the Mandatory Convertible Bonds on the New
York Stock Exchange.
AngloGold Ashanti shareholders will be requested to grant specific authority
for the directors to issue ordinary shares underlying the ADSs deliverable upon
conversion of the Mandatory Convertible Bonds.
In connection with the Equity Offering and Mandatory Convertible Bonds
Offering, UBS AG (London Branch) and Morgan Stanley & Co. Incorporated, acting
as stabilising managers on behalf of the underwriters, may over-allot or effect
transactions which may support the market price of AngloGold Ashanti ordinary
shares, ADSs and Mandatory Convertible Bonds at a level higher than that which
might otherwise prevail for a limited period after the pricing date. However,
there is no obligation of UBS AG (London Branch) or Morgan Stanley & Co.
Incorporated to do so. Such stabilising action may under no circumstances
continue beyond the 30th calendar day after the pricing date.
Purpose of the offerings and use of proceeds
AngloGold Ashanti intends to use the net proceeds from the Equity Offering and
Mandatory Convertible Bonds Offering, together with funds drawn from its
existing credit facilities and cash on hand, to effectively eliminate its gold
hedging position while maintaining a strong balance sheet to fund its
development projects and exploration initiatives, as described below.
"Removing the hedge book represents the last phase of the balance sheet
restructuring and once completed, is expected to give us full exposure to the
gold price, widening profit margins and improving cash flow," Chief Executive
Officer Mark Cutifani said. "It will also enhance our ability to fund an
exciting pipeline of organic expansion projects at a time many of our peers are
forced to make expensive acquisitions to secure growth."
AngloGold Ashanti's strategy has the support of New York-based Paulson & Co.
Inc., the company's largest shareholder with 12.1% of its shares outstanding as
per the latest filings, and Cape Town-based Allan Gray Limited, whose clients
are the company's second largest shareholder with a 9.5% shareholding.
"We are steadfast supporters of AngloGold Ashanti's management team, its growth
plans and its strategy of increasing its exposure to the gold price," John
Paulson, President of Paulson & Co. Inc. said.
"We support this move by AngloGold Ashanti in accordance with its strategy to
remove the gold hedges" said Allan Gray Portfolio Manager, Sandy McGregor.
During 2009, AngloGold Ashanti continued to execute its strategy to reduce its
outstanding gold hedging position, which resulted in its decision to accelerate
the settlement of certain outstanding gold hedging positions. These accelerated
settlements, together with the normal scheduled deliveries and maturities of
other gold derivatives positions during 2009 and the first half of 2010,
reduced the total committed ounces from 5.99 million ounces as at 31 December
2008 to 3.22 million ounces as at 30 June 2010 and to 2.72 million ounces as at
14 September 2010.
AngloGold Ashanti estimates that its current residual hedging position would
likely result in it realising an effective discount to the gold spot price of
approximately 6-11% until 2014 and an effective discount of less than 1% in
2015 if the hedge book were not restructured, assuming an annual production of
5.0 million ounces and a spot price of between US$950 and US$1,450 per ounce.
AngloGold Ashanti believes that the outlook for the gold price remains robust,
with strong physical and investment demand coupled with diminishing global mine
supply. AngloGold Ashanti has therefore decided to accelerate the elimination
of its residual gold hedging position and maximise its unhedged leverage to the
spot gold price of its future gold production.
AngloGold Ashanti intends to effectively eliminate all its remaining gold
hedging position by early 2011, market conditions permitting, including by
procuring early settlement of all existing contracts that mature in 2010 and
beyond, or by purchasing off-setting derivatives, or both. AngloGold Ashanti
believes that this would have the following benefits:
* AngloGold Ashanti would be fully exposed from 2011 to the spot price of
gold in what it expects to be a strong gold price environment.
* AngloGold Ashanti expects to realise higher profit margins and cash flows
from 2011 as a result of the low committed prices under existing contracts
that would be removed.
* AngloGold Ashanti's strategic position would be enhanced with a more robust
capital structure to fund the growth initiatives set out in more detail
below as a result of the expected improvement in its profitability and cash
flow. On a combined basis, AngloGold Ashanti believes that these growth
initiatives, which it estimates will require project capital expenditure
(excluding any stay in business or ore reserve development capital
expenditure) of approximately US$2,450 million over the next three years,
have the potential to add significantly to its ore reserves as well as the
potential to increase its annual gold production from current levels.
Due to the low committed prices under its current hedge contracts (at an
average price of less than US$450 per ounce) relative to the current market
price, the elimination of AngloGold Ashanti's hedging arrangements will require
a significant capital commitment. AngloGold Ashanti expects that it would have
a significant one-off negative impact on its financial statements during each
period in which the restructuring of its hedges is implemented. The exact
nature, extent and execution of AngloGold Ashanti's gold hedge restructuring
will depend upon the successful completion of the Equity Offering and the
Mandatory Convertible Bonds Offering, as well as prevailing and anticipated
market conditions at the time of restructuring, particularly prevailing gold
prices and exchange rates and other relevant economic factors. As at 30 June
2010, the negative marked-to-market value of all hedge transactions making up
AngloGold Ashanti's hedge position was approximately US$2.41 billion.
AngloGold Ashanti's development projects and exploration initiatives
AngloGold Ashanti prioritises organic growth through greenfield exploration,
brownfield exploration and project development, leveraging its current ground
holding and asset position at, what AngloGold Ashanti believes, is the most
value efficient path to growth.
During 2010, greenfield exploration activities are being undertaken in five
regions: the Americas (including Canada and Colombia); Australia; Asia
(including China and the Solomon Islands); Sub-Saharan, West and East Africa
(including the Democratic Republic of Congo, Gabon, Guinea and Tanzania) and
the Middle East/North Africa (including Egypt and Eritrea).
Current key greenfield development initiatives approved or under consideration
include the following projects:
* Australia. The Tropicana joint venture, in which AngloGold Ashanti holds a
70% interest, covers approximately 12,500 square kilometres and is located
to the east and northeast of Kalgoorlie in Western Australia. Together with
ongoing exploration, a pre-feasibility study was completed for Tropicana in
the second quarter of 2009 and the favourable outcome of this study has
resulted in a decision to proceed with a feasibility study which is
scheduled for completion in the fourth quarter of 2010 when the partners
will make a development decision. In July 2010, the Western Australia
Environmental Protection Agency released its report and recommendation on
the project and it is anticipated State and Federal Ministers will announce
their decisions by year-end. If the necessary regulatory and board
approvals are obtained by year-end, construction will start in early 2011,
with gold production to begin in 2013. Finalisation of capital and
operating costs are in progress and development of the implementation
schedule and construction contracting strategies are underway. AngloGold
Ashanti has estimated that Tropicana would produce between 330,000 and
410,000 ounces per annum (70% of which is attributable to AngloGold
Ashanti) over its life. As part of the Tropicana project, scoping studies
are expected to be completed in the second half of the year at both the
Havana Deeps deposit and at the Boston Shaker deposit. The Havana Deeps
prospect represents the potential higher-grade underground extension of the
Havana open-pit orebody, which already forms part of the Tropicana project.
The Boston Shaker deposit, located about 500 metres northeast of Tropicana,
has now been defined over a 700 metre strike length, is open down dip and
may be included in the Tropicana project. In addition to the Tropicana
project, reconnaissance exploration drilling is also continuing in parallel
within parts of the remaining 12,500 square kilometre area of the Tropicana
joint venture.
* Colombia. In Colombia, AngloGold Ashanti has developed a "3 level
participation model" comprising its own exploration initiatives,
exploration joint ventures with established players and equity positions in
other exploration companies that are also active in Colombia. AngloGold
Ashanti's land holding position in Colombia, which includes tenements held
and under application and including tenements held with its joint venture
partners, is approximately 16,100 square kilometres. Principal exploration
initiatives in Colombia include AngloGold Ashanti's wholly-owned La Colosa
deposit as well as the Gramalote joint venture with B2Gold (in which
AngloGold Ashanti now owns a 51% interest following its recent acquisition
of an additional 2% interest from B2Gold Corp pursuant to the Gramalote
joint venture agreement). On 20 October 2009, AngloGold Ashanti received a
resolution from the Ministry of the Environment and Territorial Development
of Colombia, which allowed for initiation of exploration permitting
procedures for La Colosa before the regional environmental authority,
Cortolima. Drill preparation work and regional exploration (including
mapping and sampling) is in progress and further exploration drilling as
part of ongoing pre-feasibility studies began in August 2010. Also in
August 2010, AngloGold Ashanti entered into an amendment to the Gramalote
joint venture agreement with B2Gold, pursuant to which it assumed
operatorship of the Gramalote joint venture. Feasibility studies and
further exploration drilling will now commence at Gramalote in September
2010 and are planned to continue into 2011 and 2012 with the goal of
completing a final feasibility study by the end of 2012.
* DRC. After the findings of the DRC Mineral Review Commission were completed
in February 2009, AngloGold Ashanti engaged with the DRC government and
L'Office des Mines d'Or de Kilo-Moto, or OKIMO (the DRC state gold mining
company and shareholder with AngloGold Ashanti in Ashanti Goldfields Kilo
(AGK)) to negotiate a definitive joint venture agreement and supporting
documentation with OKIMO for the development, in accordance with the DRC
mining code, of the AGK project in which AngloGold Ashanti holds an 86.22%
interest, as well as the transfer of exploitation permits covering an area
of 5,866 square kilometres as part of the original Concession 40 tenement
to AGK. These agreements were entered into on 20 March 2010.
Following the conclusion of these agreements, AngloGold Ashanti, in partnership
with OKIMO is scheduled to complete a feasibility study at the Mongbwalu-Adidi
project in the first quarter of 2011. A 20,000 metre combined drilling
programme is currently underway at Mongbwalu-Adidi and a further 5,000 metre
programme is planned for early phase drill-testing of regional targets within
the broader 5,866 square kilometre area during 2010. In addition to the 86.22%
interest in AGK, AngloGold Ashanti also holds a 45% interest in the Kibali Gold
Project (45% held by Randgold Resources Limited and 10% by OKIMO) where, as at
31 December 2009, the 45% attributable share of AngloGold Ashanti's ore
reserves of Kibali was 4.14 million ounces and where exploration and
feasibility studies continue. An updated feasibility study, which will optimise
the mining plan and the size of the plant, is on track for completion by the
end of 2010. Pre-construction preparations have run ahead of plan given
positive interaction with local communities and rapid development of associated
infrastructure allowing the start of construction to be brought-forward by six
months to mid-2011. The project is on track to produce its first gold in
January 2014.
Brownfield exploration, which is aimed at identifying ounces for production at
or around existing mines, is being undertaken around all of AngloGold Ashanti's
current operations. In 2009, the most successful brownfield exploration results
from AngloGold Ashanti's existing programmes were achieved in Guinea, Mali,
South Africa and the United States. In the first six months of 2010, AngloGold
Ashanti's most successful brownfield exploration results were achieved at
Sunrise Dam in Australia, at its Siguiri mine in Guinea and in Brazil,
particularly at Córrego do Sítio (including the Saõ Bento mine).
Current key brownfield development initiatives approved or under consideration
include the following projects:
* Mponeng Ventersdorp Contact Reef, or VCR, below 120 Level project (South
Africa): Approved in February 2007, this project entails exploiting the VCR
ore reserves located from 120 Level to 126 Level at Mponeng and is
estimated to recover 2.7 million ounces of gold with first production
scheduled for 2013 and full production in 2015.
* Mponeng Carbon Leader Reef, or CLR, below 120 Level project (South Africa):
A feasibility study is in progress to exploit the CLR ore reserves located
below 120 Level at Mponeng. Estimates are that 14.7 million ounces of gold
could be recovered from this project, which is anticipated to be developed
in the medium term, with annual production of approximately 450,000 ounces.
* Moab Khotsong phase II (Zaaiplaats) (South Africa): A feasibility study has
been completed on the optimal extraction of the ore body within the lower
mine area of Moab Khotsong which, if developed, will further extend the
life of Moab Khotsong recovering an estimated 5.1 million ounces of gold
with an average annual production of 370,000 ounces. This project is
anticipated to be developed in the medium term with further underground
exploration and some pre-development approved by AngloGold Ashanti's board
of directors in August 2010 to commence in the second half of 2010.
* Cerro Vanguardia (Argentina): The underground mining project at Cerro
Vanguardia in Argentina will involve underground mining below seven of the
deeper high-grade open pits that have been or are currently being mined by
way of open-pit techniques. Underground mining is expected to be cheaper
than open-pit mining in these deeper pits. A feasibility study, including
trial mining below one of the existing pits, is scheduled to be completed
in the second half of 2010. If approved by AngloGold Ashanti's board of
directors in the short term following the completion of the feasibility
study, it is expected that this project, which has the potential to produce
613,000 ounces of gold and 6.1 million ounces of silver over the
anticipated life of the project, will be developed from early 2011.
Similar underground production at other pits at Cerro Vanguardia may be
considered in the future. In addition, a feasibility study for a heap leach
project at Cerro Vanguardia, based on the treatment of low grade ore through a
small heap leaching operation, was completed in 2009. The feasibility study
indicated that Cerro Vanguardia's annual gold production could rise by an
additional 20,000 ounces per annum through the employment of this process. The
project was approved by AngloGold Ashanti's board of directors in February 2010
and production is scheduled to begin in the second quarter of 2011.
* Córrego do Sítio (including the Saõ Bento mine) (Brazil): AngloGold Ashanti
acquired the former Saõ Bento property from Eldorado Gold Corporation in
December 2008 and subsequently this was renamed AngloGold Ashanti Córrego
do Sítio Mineraçaõ. This acquisition resulted in the consolidation and
doubling in size of the Córrego do Sítio project (Phase II), adding mineral
potential and infrastructure. The project plan for Phase I of the project
(which includes only the original Córrego do Sítio property) covers
potential mining of the Cachorro Bravo, Laranjeiras and Carvoaria Velha ore
bodies. The Córrego do Sítio Phase I feasibility study, which included an
assessment of the metallurgical process for production of 140,000 ounces of
gold annually and 1.9 million ounces over life, has been finalised and the
project was approved by AngloGold Ashanti's board of directors in May 2010.
Detailed engineering commenced immediately after the project was approved.
Underground development is progressing to schedule and various
environmental licenses have been obtained. The refurbishment and upgrade of
the Saõ Bento plant (also part of the 2008 acquisition) is currently in
process, while the contracts for the design and manufacture of the
autoclaves have already been awarded. Production is expected to commence in
early 2012.
* Lamego (Brazil): A feasibility study for the Lamego project was approved by
AngloGold Ashanti's board of directors in September 2008 and is currently
being implemented. The planned ramp up in production at Lamego resulted in
production of 18,000 ounces in 2009, with 33,000 ounces expected in 2010
and full production of 48,000 ounces expected in 2011. It is estimated that
Lamego will produce approximately 469,000 ounces of gold over an
anticipated life of project of nine years.
* Nova Lima Sul (Brazil): The objective of this project is to mine a number
of target areas in the vicinity of AngloGold Ashanti Brazil Mineraçaõ's
current operations and process the ore utilising idle capacity at AngloGold
Ashanti Brazil Mineraçaõ's Queiroz processing plant. The project consists
of three phases and a feasibility study for phase 1 of the project, which
is estimated to have the potential to produce approximately 880,000 ounces
of gold, is expected to be completed in early 2011. If phase 1 is approved
by AngloGold Ashanti's board of directors following completion of the
feasibility study, development of this phase of the project will then
commence. The feasibility studies for phases 2 and 3 of the project are
expected to be completed by the end of 2013.
* Obuasi and Obuasi Deeps (Ghana): Brownfields exploration and studies for
the exploitation of the vast ore body below 50 Level at Obuasi continue, in
addition to business improvement initiatives and other mine design and
operating plans to establish sustained improvements in operational
performance and efficiencies in existing operations at Obuasi.
* Sadiola Deeps (Mali): The objective of this project is to treat the hard
sulphide ore from the main pit through a new plant in parallel with the
current oxide plant thus increasing the overall processing capacity at
Sadiola. Iamgold, AngloGold Ashanti's equivalent 41% partner in Sadiola, is
currently undertaking a feasibility study for Sadiola Deeps, which is
expected to be completed in late 2010.
* Mine Life Extension projects at Cripple Creek & Victor, or CC&V (United
States): The required permits have been granted from the State of Colorado
and Teller County and construction has begun on the first mine life
extension project at the Cripple Creek & Victor mine as approved by
AngloGold Ashanti's board of directors in October 2008, which includes the
development of new sources of ore and an extension to the existing
heap-leach facility. The project has been accelerated and is now scheduled
to be commissioned by the end of 2010 and is expected to extend the mine
life, resulting in the recovery of 1.4 million ounces of gold. In addition,
development drilling continues to define areas of interest for which
engineering analysis and permitting requirements are being evaluated in a
feasibility study for a second mine life extension project at the Cripple
Creek & Victor mine.
Cautionary announcement
The Mandatory Convertible Bonds Offering may have a material effect on the
price of AngloGold Ashanti's securities. Accordingly, AngloGold Ashanti
shareholders are advised to exercise caution when dealing in AngloGold
Ashanti's securities until a further announcement is made in relation to the
request to grant specific authority for the directors to issue ordinary shares
underlying the ADSs deliverable upon conversion of the Mandatory Convertible
Bonds.
Johannesburg
15 September 2010
Financial adviser and sponsor: UBS
Underwriters and bookrunners: Morgan Stanley & Co. Incorporated and UBS AG
(London Branch)
Co-bookrunners: Citigroup Global Markets Limited and Deutsche Bank AG, London
Branch
South African legal advisers: Taback and Associates (Pty) Limited
United States of America and United Kingdom legal advisers: Shearman & Sterling
LLP
Underwriters' United States of America legal advisers: Davis Polk & Wardwell
LLP
Reporting accountants and auditors: Ernst & Young Inc
UBS AG (London Branch), Morgan Stanley & Co. Incorporated, Citigroup Global
Markets Limited and Deutsche Bank AG, London Branch are acting for AngloGold
Ashanti and no one else in connection with the Equity Offering and Mandatory
Convertible Offering and will not be responsible to anyone other than AngloGold
Ashanti for providing the protections afforded to clients of UBS AG (London
Branch), Morgan Stanley & Co. Incorporated, Citigroup Global Markets Limited
and Deutsche Bank AG, London Branch nor for providing advice in connection with
the Equity Offering and Mandatory Convertible Bonds Offering.
This announcement shall not constitute an offer to sell or the solicitation of
an offer to buy securities, nor shall there be any sale of the securities
described herein, in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction.
The offerings described in this announcement will only be addressed to and
directed at persons in member states of the European Economic Area, or EEA, who
are "Qualified Investors" within the meaning of Article 2(1)(e) of the European
Parliament and Council Directive 2003/71/EC, including any measure implementing
such Directive in any member state of the EEA (the "Prospectus Directive"). In
addition, in the United Kingdom, the offer will only be addressed to and
directed at (1) Qualified Investors who are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "Order"), or high net worth entities falling within
Article 49(2)(a)-(d) of the Order or (2) persons to whom it may otherwise
lawfully be communicated (all such persons together being referred to as
"Relevant Persons"). The Mandatory Convertible Bonds will only be available to,
and any invitation, offer or agreement to subscribe, purchase or otherwise
acquire such securities will be engaged in only with, (1) in the United
Kingdom, Relevant Persons and (2) in any member state of the EEA other than the
United Kingdom, Qualified Investors. The offering as described in this
announcement will not be addressed to the public in South Africa (as defined
in, and in accordance with the terms of, Chapter VI of the South African
Companies Act 1973 (as amended)).
This announcement includes "forward-looking information" within the meaning of
Section 27A of the Securities Act, and Section 21E of the Securities Exchange
Act of 1934, as amended. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements, including,
without limitation those concerning: AngloGold Ashanti's strategy to reduce its
gold hedging positions including the extent and effect of the reduction of its
gold hedging positions; the economic outlook for the gold mining industry;
expectations regarding gold prices, production, cash costs and other operating
results; growth prospects and outlook of AngloGold Ashanti's operations,
individually or in the aggregate, including the completion and commencement of
commercial operations at AngloGold Ashanti's exploration and production
projects; the completion of announced mergers and acquisitions transactions;
AngloGold Ashanti's liquidity and capital resources and expenditure; the
outcome and consequences of any pending litigation proceedings; and AngloGold
Ashanti's Project One performance targets. These forward-looking statements are
not based on historical facts, but rather reflect AngloGold Ashanti's current
expectations concerning future results and events and generally may be
identified by the use of forward-looking words or phrases such as "believe",
"aim", "expect", "anticipate", "intend", "foresee", "forecast", "likely",
"should", "planned", "may", "estimated", "potential" or other similar words and
phrases. Similarly, statements that describe AngloGold Ashanti's objectives,
plans or goals are or may be forward-looking statements.
These forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause the AngloGold Ashanti's actual results,
performance or achievements to differ materially from the anticipated results,
performance or achievements expressed or implied by these forward-looking
statements. Although AngloGold Ashanti believes that the expectations reflected
in these forward-looking statements are reasonable, no assurance can be given
that such expectations will prove to have been correct.
AngloGold Ashanti and AngloGold Ashanti Holdings Finance plc intend to register
the securities described herein for offer and sale in the United States. Any
public offering of securities to be made in the United States will be made by
means of a prospectus and a related prospectus supplement that will contain
detailed information about AngloGold Ashanti and its management, as well as
financial statements. Such prospectus may be obtained from AngloGold Ashanti at
76 Jeppe Street, Newtown, Johannesburg, South Africa.
For a discussion of such risk factors, shareholders should refer to the annual
report on Form 20-F for the year ended 31 December 2009, which was filed with
the Securities and Exchange Commission on 19 April 2010 and amended on 18 May
2010 and the preliminary prospectus supplement referenced above. 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.
ENDS
Contacts
Tel: E-mail:
Alan Fine (Media) +27 (0) 11 637- / +27 (0) 83 250 afine@anglogoldashanti.com
6383 0757
Joanne Jones +27 (0) 11 637- / +27 (0) 82 896 jjones@anglogoldashanti.com
(Media) 6813 0306
Sicelo Ntuli +27 (0) 11 / +27 (0) 71 608 sntuli@anglogoldashanti.com
(Investors) 637-6339 0991
Stewart Bailey +1 212 836 4303 / +1 646 338 4337 sbailey@anglogoldashanti.com
(Investors) / +27 (0) 82
330 9628
END
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