MINERAL RESOURCE AND ORE RESERVE REPORT 2015 SUPPORTING OUR STRATEGY for sustainable cash flow improvements and returns CONTENTS P3-15 P16-57 P58-121 INTRODUCTION SOUTH AFRICA CONTINENTAL AFRICA 3 Our values 16 Regional overview 58 Regional overview 4 Group profile 20 Kopanang 62 Democratic Republic 6 Corporate governance 26 Moab Khotsong of the Congo 7 The year in review 34 Mponeng 63 Kibali 12 Group overview 43 TauTona 69 Ghana 48 Surface Operations 70 Iduapriem 78 Obuasi 85 Guinea 86 Siguiri 96 Mali 97 Morila 101 Sadiola 109 Tanzania 110 Geita P122-137 P138-197 P198-207 AUSTRALASIA AMERICAS ADMINISTRATIVE INFORMATION 122 Regional overview 138 Regional overview 126 Sunrise Dam 142 Argentina 199 Definitions 132 Tropicana 143 Cerro Vanguardia 201 Glossary of terms 150 Brazil 205 Abbreviations 151 AGA Mineração 206 Administrative 154 – Córrego do Sítio information for 162 – Cuiabá professional 168 – Lamego organisations 173 – Nova Lima Sul IBC Administrative 176 Serra Grande information 184 Colombia 185 Gramalote 189 La Colosa 193 Quebradona MINERAL RESOURCE AND ORE RESERVE REPORT 2015 ABOUT THIS REPORT The Mineral Resource and Ore Reserve for AngloGold Ashanti Limited THE 2015 (AngloGold Ashanti) are reported in accordance with the minimum SUITE OF REPORTS standards described by the Australasian Code for Reporting of Exploration INCLUDES: Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 >IR Integrated Report Edition), and also conform to the standards set out in the South African >SDR Sustainable Development Code for the Reporting of Exploration Results, Mineral Resources and Ore Report >R&R Mineral Resource and Ore Reserves (The SAMREC Code, 2007 edition and amended July 2009). Reserve Report The reporting criteria as outlined in the reporting codes have been used in the preparation >AFS Annual Financial of internal competent person reports (CPR) for each operation, from which the numbers Statements stated in this report have been drawn. Reporting is also in accordance with Section 12 of the >OPS Operational Profiles Johannesburg Stock Exchange Listings Requirements. >NOM Notice of Annual General The Mineral Resource is inclusive of the Ore Reserve component unless otherwise stated. Meeting and Summarised Financial Information Note also that all Mineral Resource and Ore Reserve listed in this document are attributable to (Notice of Meeting) AngloGold Ashanti unless otherwise stated. Information is presented by operating region, country, mine or project. The following tables and graphs are used to illustrate developments across AngloGold Ashanti’s operations during 2015: Legal aspects and tenure; inclusive Mineral Resource and Ore Reserve comparison by region, country, mine and project; details of average drill hole/sampling spacing and type; Mineral Resource sensitivities; exclusive Mineral Resource; Mineral Resource below infrastructure; inclusive Mineral Resource and Ore Reserve by-products; year-on-year reconciliation of the Mineral Resource and Ore Reserve; Inferred Mineral Resource in business plan; Ore Reserve modifying factors; grade tonnage information on the Mineral Resource and details of appointed competent persons. Topics for brief discussion include regional overview; country overview; introduction; geology; exploration; projects and estimation. The Mineral Resource sensitivities shown in the detail of this report use a base of $1,400/oz and a range of $200/oz. GUIDE TO REPORTING AngloGold Ashanti publishes a suite of reports to record its overall performance annually. While the Integrated Report 2015 is our primary report, it should be read in conjunction with this report, the Mineral Resource and Ore Reserve Report 2015, as well as the other reports making up our full suite of reports for the year. The full suite of reports is available on our annual report portal at www.aga-reports.com and Our primary also on our corporate website, www.anglogoldashanti.com. platform for reporting is our online reporting website For terminology used in this report, please refer to the glossary of terms on page 201. www.aga-reports.com FOR NOTING: Note: Rounding of figures in this The following key parameters should be noted in respect of our reports: document may result in minor • Production is expressed on an attributable basis unless otherwise indicated computational discrepancies. Throughout this report the metric • Unless otherwise stated, $ or dollar refers to US dollars throughout this suite of reports system of measurement is used. • Locations on maps are for indication purposes only • Group and company are used interchangeably • Mine, operation and business unit are used interchangeably 1 OUR MISSION To create value for our shareholders, our employees and our business and social partners through safely and responsibly exploring, mining and marketing our products. Our primary focus is gold, but we will pursue value creating opportunities in other minerals where we can leverage our existing assets, skills and experience to enhance the delivery of value. 2 MINERAL RESOURCE AND ORE RESERVE REPORT 2015 OUR VALUES Safety is our We treat each other We value diversity. We are accountable We want the We respect the first value. with dignity and We aim to be a global for our actions communities and environment. We place people first respect. leader with the right and undertake societies in which We are committed to and correspondingly We believe that people for the right to deliver on our we operate to continually improving put the highest priority individuals who are jobs. We promote commitments. be better off for our processes in order on safe and healthy treated with respect inclusion and team We are focused on AngloGold Ashanti to prevent pollution, practices and systems and who are entrusted work, deriving benefit delivering results and having been there. minimise waste, of work. We are to take responsibility, from the rich diversity we do what we say We uphold and increase our carbon responsible for seeking respond by giving of the cultures, ideas, we will do. We accept promote fundamental efficiency and make out new and innovative their best. We seek experiences and skills responsibility and hold human rights where efficient use of natural ways to prevent injury to preserve people’s that each employee ourselves accountable we do business. We resources. We will and illness in our dignity, their sense of brings to the business. for our work, our contribute to building develop innovative business and to ensure self-worth in all our behaviour, our ethics productive, respectful solutions to mitigate that our workplaces are interactions, respecting and our actions. and mutually beneficial environmental and free of occupational them for who they We aim to deliver partnerships in the climate risks. injury and illness. We are and valuing the high performance communities in which live each day for each unique contribution outcomes and we operate. We aim other and use our that they can make to undertake to deliver to leave a legacy of collective commitment, our business success. on our commitments enduring value. talents, resources and We are honest with to our colleagues, systems to deliver on ourselves and others, business and social our most important and we deal ethically partners, and our commitment .... with all of our business investors. to care. and social partners. 3 GROUP PROFILE VALUE This section provides an overview of TOWARDS AngloGold Ashanti’s Mineral Resource VALUE CREATION and Ore Reserve position and the through credible and sustainable business changes thereto in 2015. 4 MINERAL RESOURCE AND ORE RESERVE REPORT 2015 LOCATION OF ANGLOGOLD ASHANTI’S OPERATIONS AND ADVANCED PROJECTS Our operations and three advanced projects are grouped regionally as follows: • South Africa • Continental Africa (Ghana, Guinea, Mali, the Democratic Republic of Congo, Tanzania) • Americas (Argentina, Brazil, Colombia) • Australasia (Australia) 5 4 6 3 7 8 2 9 10 1 AMERICAS CONTINENTAL SOUTH AFRICA AUSTRALASIA 1 Argentina AFRICA 9 South Africa 10 Australia Cerro Vanguardia (92.5%) Vaal River Sunrise Dam 4 Guinea Tropicana (70%) 2 Brazil Siguiri (85%) Kopanang Serra Grande 5 Mali Moab Khotsong AGA Mineração Morila (40%) (1) West Wits 3 Colombia Sadiola (41%) Mponeng Gramalote (51%) 6 Ghana La Colosa TauTona Iduapriem (2) Quebradona (92.42%) Surface Operations Obuasi (3) 7 DRC Kibali (45%) (1) 8 Tanzania Geita Percentages indicate the ownership interest in AngloGold Ashanti, whether held directly or indirectly. All operations are 100%-owned unless otherwise indicated. (1) Both Morila and Kibali are managed and operated by Randgold Resources Limited. (2) Surface operations includes First Uranium SA, which owns Mine Waste Solutions (MWS). MWS is managed and operated as a separate cash- generating unit. (3) Obuasi has been on limited operations since the end of 2014. 5 CORPORATE GOVERNANCE The AngloGold Ashanti Mineral Resource and Ore Reserve are reported in accordance with the minimum standards described by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition), and also conform to the standards set out in the South African Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The SAMREC Code, 2007 edition and amended July 2009). The Mineral Resource is inclusive of the Ore Reserve component unless otherwise stated. In complying with revisions to the JORC code the changes to AngloGold Ashanti’s Mineral Resource and Ore Reserve