AGD Anglogold Ash

 
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 
 
19 February 2014 
 
NEWS RELEASE 
 
AngloGold Grows Annual Output FirstTime in 9 Years; Costs Fall 
 
(JOHANNESBURG - PRESS RELEASE) -- AngloGold Ashanti said today all-in 
sustaining costs in 2013 improved and annual production rose for the first time 
in almost a decade after it successfully cut spending and commissioned two new 
mines. 
 
Production in 2013 was 4.105Moz, exceeding guidance, compared to 3.944Moz in 
2012, the first time yearly production increased since 2005. Additional, 
profitable production growth is anticipated in 2014. All-in sustaining costs 
(AISC) for the year were $1,174/oz, down from $1,251/oz the previous year. By 
the fourth quarter, AISC had fallen sharply to $1,015/oz as cost saving, 
efficiency improvements and capital reductions bear fruit. 
 
Tropicana and Kibali, both commissioned ahead of time and on budget in 
September, delivered 106,000oz of attributable production in the fourth 
quarter, at an average cash cost of $532/oz. This provides the flexibility to 
further rationalise marginal production while the group continues to focus on 
overhead and operating costs. 
 
"Thanks to our investment made in prior years, we are starting to reverse 
nearly a decade of shrinking production," Venkat said. "This gives us the 
flexibility to remove marginal production without compromising our base, which 
sets us apart in a sector that generally continues to shrink." 
 
AngloGold Ashanti took decisive action to counter the sharp drop in the gold 
price in 2013, with key initiatives to enhance revenue and reduce overhead and 
operating costs while maintaining the long-term optionality of the business. 
The company has more than halved corporate costs and cut exploration spending 
by focusing on three core regions, while the completion of its two flagship 
projects are expected to result in a drop in capital investment. 
 
"We continue to refocus the entire business to give us sustainable free cash 
flow," Venkat said. 
 
Fourth Quarter 
 
AngloGold Ashanti saw strong quarterly improvements throughout the year across 
almost every metric. Earnings before interest, tax, depreciation and 
amortisation rose to $544m in the three months to December 31, a 66% 
improvement on the third quarter's $327m. Adjusted headline earnings normalised 
for various items, rose to $164m, from $110m in the third quarter. 
 
Production for the fourth quarter rose 18% to 1.229Moz compared to the third 
quarter, while total cash costs improved 8% to $748/oz. AISC were $1,015/oz in 
the fourth quarter, down 12% from $1,155/oz in the third quarter. The strong 
cost reduction reflects better-than-anticipated outcomes from the companies 
Project 500 initiative to realise $500m of operating cost savings between 
mid-2013 and the end of 2014. 
 
"We're ahead of plan on our cost savings," Ron Largent, Chief Operating 
Officer: International, said. "We're intensifying our drive to achieve 
additional efficiencies this year." 
 
The fourth-quarter and annual production improvement was achieved alongside a 
record safety performance for the group, which saw 80% of the operations 
setting new safety records, and overall safety trends reaching their best 
levels in the company's history. Tragically, eight fatalities were recorded 
during the year, compared with 18 in 2012. 
 
Outlook* 
 
Further improvements are anticipated in 2014. Production is expected to rise to 
between 4.2Moz and 4.5Moz at a total cash cost of $750/oz to $790/oz. AISC, a 
measure designed using the World Gold Council framework to represent all of the 
cost and capital expenditure required to produce an ounce of gold, is also 
expected to improve further, to between $1,025/oz and $1,075/oz. Capital 
Expenditure, which includes deferred stripping charges and investment in new 
projects, is anticipated to be between $1.3bn and $1.45bn. 
 
*Assumptions made in determining outlook: Exchange rates of ZAR11/$, A$0.85/$, 
BRL2.45/$ and AP6.45/$; Brent $100/bl. 
 
ENDS 
 
Sponsor: UBS South Africa (Pty) Ltd 
 
Contacts 
 
Media 
 
Chris Nthite  +27 (0) 11 637 cnthite@anglogoldashanti.com 
              6388/+27 (0) 
              83 301 2481 
 
Stewart       +27 81 032     sbailey@anglogoldashanti.com 
Bailey        2563 / +27 11 
              637 6031 
 
General                      media@anglogoldashanti.com 
inquiries 
 
Investors 
 
Stewart       +27 81 032     sbailey@anglogoldashanti.com 
Bailey        2563 / +27 11 
              637 6031 
 
Sabrina       +1 (212) 858   sbrockman@anglogoldashanti.com 
Brockman (US  7702 / +1 646 
& Canada)     379 2555 
 
Fundisa Mgidi +27 11 6376763 fmgidi@anglogoldashanti.com 
(South        / +27 82 821 
Africa)       5322 
 
General                      investors@anglogoldashanti.com 
inquiries 
 
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, cash 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 and dispositions, 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 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 the prospectus supplement to AngloGold Ashanti's 
prospectus dated 17 July 2012 that was filed with the United States Securities 
and Exchange Commission ("SEC") on 26 July 2013. 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. 
 
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. 
 
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 
 
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