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Australia to Joint Venture Partner, Newmont Mining Corporation AngloGold Ashanti Annual Financial Statements 2009 AngloGold Ashanti’s sole operating asset in Australasia is Sunrise Dam. The group also has an extensive exploration programme under way in Australasia, the most advanced of which is Tropicana, a joint venture in which AngloGold Ashanti holds 70% and the Independence Group NL has 30%. Tropicana is managed by AngloGold Ashanti and covers 13,500km2 of tenements. This project is the focus of the group’s exploration activities in Australasia. Exploration in the Australasia region is also currently being conducted in the Philippines and the Solomon Islands. Further information on the progress being made here is presented in the Exploration review on page 114 of this report. In January 2009, AngloGold Ashanti agreed to sell its 33.33% interest in the Boddington project in Australia to joint venture partner, Newmont Mining Corporation. This project is therefore not covered in this report. The Australasian operation produced 401,000oz of gold in 2009, equivalent to 9% of total group production. Australia For information on the regulatory environment and licence to operate in Australia, refer to the section entitled Regulatory environment enabling AngloGold Ashanti to mine on page 142 of this report. Sunrise Dam Description The Sunrise Dam gold mine is located in the northern goldfields of Western Australia, 220km northeast of Kalgoorlie and 55km south of Laverton. The mine consists of a large open pit which is now in its thirteenth year of operation, and an underground mine which began operations in 2004. Mining at both operations is conducted by contractors and the ore mined is treated in a conventional gravity and carbon-in-leach (CIL) processing plant which is owner-managed. Key statistics Sunrise Dam 2009 2008 2007 Pay limit (oz/t) 0.08 0.09 0.06 (g/t) 2.45 2.79 1.76 Recovered grade* (oz/t) 0.084 0.101 0.142 (g/t) 2.87 3.46 4.86 Gold production (000oz) 401 433 600 Total cash costs ($/oz) 646 531 306 Total production costs ($/oz) 751 635 385 Capital expenditure ($m) 31 19 30 Total number of employees 455 410 357 Employees 99 77 102 Contractors 356 333 255 * Open-pit operation P91 AngloGold Ashanti Annual Financial Statements 2009 Review of operations Gold production (000oz) Capital expenditure ($m) 07 600 07 30 08 433 08 19 09 401 09 31 09 Total cash costs ($/oz) Total number of employees* 07 306 07 357 08 531 08 410 09 646 09 455 * Including contractors 09 Safety Safety performance at Sunrise Dam continued to improve during 2009 with an LTIFR for 2009 of 1.19 per million hours worked (2008: 1.83). Safety leadership training has been the main strategy for both the exploration group and Sunrise Dam over the course of 2009. In addition other strategies being developed are: risk management; values-based safety leadership; role clarity and personal accountability; open, transparent and learning safety culture and safety systems. Sunrise Dam is compliant with OHSAS 18001. The mine won the 2009 Chamber of Minerals and Energy Surface Emergency Response competition as well as receiving a number of awards in the Underground Emergency Response competition later in the year. Operational review Production for 2009 decreased by 7%, or 32,000oz, to 401,000oz, equivalent to 9% of group gold production. The decline reflects the lower average annual grade of ore processed given that the high-grade Mega pit was completed in 2008. Following the cessation of operations at the Mega Pit, open pit mining continued in the North Wall Cutback as planned. The ore was sourced from a combination of underground and open pit operations with the use of lower grade stockpiles to supplement the ore feed to the plant. Plant productivity initiatives, which resulted in an increase in processing throughput from 3.8Mt to 3.9Mt, helped partially offset the decline in grades. Underground tonnage expanded at a greater than anticipated rate, increasing by 15%, or 103,000t, to 781,000t. Mill feed from underground ore yielded approximately 111,000oz, contributing 28% to total mine production compared with 17%, or 73,000oz, the previous year. The conversion of the mine's diesel power station to liquified natural gas (LNG) was completed in the first quarter of 2009, enabling Sunrise Dam to benefit for a large part of the year from reduced power costs. Total cash costs increased to $646/oz from $531/oz. In local currency (A$) terms, costs rose by 30% to A$808/oz. This rise was broadly in line with expectations and primarily as a result of the lower production base and the cash costs associated with inventory draw down and non-cash deferred stripping costs. Capital expenditure for the year amounted to A$39m, an increase of 70% on the previous year. Stay-in-business expenditure declined by 53% to $7m (A$9m), due to tailings storage facility efficiency initiatives which enabled capital works on the facility to be delayed. P92 AngloGold Ashanti Annual Financial Statements 2009 The bulk of the increased capital expenditure was associated with expansion of underground operations with $16m (A$20m) spent on Ore Reserve development to access new mining areas. Expenditure on infrastructure increased from $1m (A$2m) to $8m (A$10m) with the construction of a paste fill plant that will allow maximum ore extraction and enable greater productivity from the underground mine. Growth prospects The North Wall Cutback will continue to supply ore to the plant until mid-2011. Ore from the cutback will be blended with stockpiled ore and ore from the underground mine. Production from the underground mine is expected to continue to increase and as a result a paste fill plant has been constructed to enable larger stopes to be extracted. In addition, continued exploration and advances in geological understanding have resulted in further growth in underground reserves which increased to 1.2Moz (after depletion). Underground resources at year-end were 2.53Moz (indicated 1.63Moz). The mine’s total Ore Reserve at year-end was 1.73Moz and the total Mineral Resource, 3.62Moz. Both figures account for depletion. Outlook Gold production for 2010 is projected to range between 381,000oz and 398,000oz, with more than 157,000oz sourced from the underground mine. Underground production will continue to ramp up for the next few years, with a peak annual capacity target in excess of 200,000oz per year planned for 2013. Total cash costs are estimated to be between $875/oz (A$941/oz) and $916/oz (A$951/oz), including $207/oz on non-cash deferred stripping costs. Capital expenditure is scheduled to be $28m (A$30m), with Ore Reserve development being the main focus. P93 AngloGold Ashanti Annual Financial Statements 2009 Review of operations Community and environment Sunrise Dam continues to support the Laverton community through its involvement with the Laverton Mining Liaison Committee and Shire Council, representation on the Laverton Leonora Cross Cultural Association (LLCCA) and the Mt Margaret Mission and Laverton School lunch programmes. In support of the development of local indigenous business, Sunrise Dam committed to a new contract during the year with Carey Mining, an indigenous-owned mining contractor. Sunrise Dam continues to maintain its certification to ISO 14001 and the International Cyanide Code. A mine closure plan is currently in place and waste dumps and paddock tailings dams are progressively rehabilitated in line with this plan. Tropicana Description The Tropicana joint venture comprises more than 13,500km2 of tenements along more than 300km of the ancient collision zone between the Yilgarn Craton and the Albany Fraser Province in Western Australia. The Tropicana Gold Project is located 330km east-northeast of Kalgoorlie within the northern part of the joint venture area. AngloGold Ashanti holds a 70% interest in the Tropicana joint venture with Independence Group NL 30%. Operating review, growth prospects and outlook The pre-feasibility study for the Tropicana Gold Project was completed in July 2009 with the joint venture partners approving the start of a feasibility study which is scheduled for completion by September 2010. The pre-feasibility study was based on a Measured, Indicated and Inferred Mineral Resource of 75.3Mt, grading 2.07g/t for 5.01Moz, on a 100% basis. This study considered a wide range of project options and defined a preferred project with the following specifications: • Open pit mining of the Tropicana and Havana deposits via a conventional drill-and-blast, truck-and-excavator operation; • Ore processing at a rate of 5.5Mt to 6Mt a year, based on a comminution circuit comprising two-stage crushing, high- pressure grinding rolls and ball milling, along with a conventional CIL circuit; • Development of considerable supporting infrastructure, including construction of 220km of new roads as well as power infrastructure and communications capacity; and • A proven and probable reserve on a 100% basis totals 45Mt, grading 2.3g/t for 3.3Moz. The key development issues to be addressed in the feasibility study are owner versus contract mining, and diesel versus gas power, using a third party power purchase agreement. The feasibility study will also focus on mine and resource development options to optimise project economics. The project is expected to produce between 330,000oz and 410,000oz annually (100%) over its life. Cash costs, which will depend on the mining and treatment options chosen, and gold and oil prices, are expected to be between A$590/oz and A$710/oz. The capital cost of plant and infrastructure, excluding mining fleet capital, is estimated to be approximately A$520m. The Environmental Impact Assessment was issued for an eight-week Public Environmental Review in September 2009.
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