Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Investor Day (February 2021)
121 slides from Anglogold Ashanti's investor day presentation, Feb 25, 2021
Slide 1: Form 6-K cover page
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 Report on Form 6-K dated February 23, 2021 Commission File Number 1-14846 AngloGold Ashanti Limited (Name of regist
Slide 2: Capital Markets Day 23 February 2021
CAPITAL MARKETS DAY 23 FEBRUARY 2021 1
Slide 3: Disclaimer
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 cos
Slide 4: Competent Persons
COMPETENT PERSONS Disclaimer The information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resource is based on information compiled by Mr VA Chamberlain, a Competent Person who is a Member of the GSSA. He is a full-time employee of AngloGold Ashanti Ltd. Mr
Slide 5: Agenda
AGENDA Part 1: Building a Diversified, Decisive, Sustainable Business 01 Christine Ramon: Overview and Strategy 02 Ian Kramer: Financial Overview 03 Stewart Bailey: Sustainability 04 T Tim Thompson: Exploration Partt 2: Technical P 05 V Vaughan Chamberlain: Mineral Resource and Ore Reserves 06 Sicel
Slide 6: Overview and Strategy
01 Overview & Strategy Christine Ramon Overview and Strategy D I V E R S I F I E D, D E C I S I V E, S U S T A I N A B L E B U S I N E S S 5
Slide 7: An attractive value proposition
01 Overview & Strategy AN ATTRACTIVE VALUE PROPOSITION A World’s 3rd largest producer of gold, well positioned to capitalise on recent portfolio optimisations and to invest in the long-term sustainability of the business Detailed mine-by-mine strategic growth plan to unlock full underlying value of
Slide 8: A solid year – good progress, with more to do
01 Overview & Strategy A SOLID YEAR – GOOD PROGRESS, WITH MORE TO DO Generated $1.0bn Free Cash Added 6.0Moz of gross Ore Streamlined, margin-focused Flow (FCF) before growth – Reserve – improving group portfolio – 10 operating assets leading to fivefold increase in Reserve life to ~11 years and 2 g
Slide 9: ESG is integral to our business performance
01 Overview & Strategy ESG IS INTEGRAL TO OUR BUSINESS PERFORMANCE E Our sustainability priorities Health and Safety Zero harm Healthy employees and communities Enabling resilient communities GOVERNANCE Social investment and skills training CREATING AND Human rights promotion and protection SOCIAL T
Slide 10: Leading sustainability performance
01 Overview & Strategy LEADING SUSTAINABILITY PERFORMANCE L 2020 SOCIAL CONTRIBUTION $3,470m Total economic distribution $1,664m Suppliers & services + $1,055m + $508m + Government Employees $221m Providers of capital + $22m Community ENVIRONMENT Increasing water efficiency and lower emissions HUMAN
Slide 11: Consistently delivering on commitments
01 Overview & Strategy CONSISTENTLY DELIVERING ON COMMITMENTS C Performance vs. Guidance Delivering Upon Strategic Commitments Strong Balance Below target Adjusted Net Debt/EBITDA of production guidance Sheet <1.0x –0.24x as at 31 December 2020 Met or exceeded Improve Dividend payments resumed in 20
Slide 12: A diversified and balanced portfolio with a robust pipeline
01 Overview & Strategy A DIVERSIFIED AND BALANCED PORTFOLIO WITH A ROBUST PIPELINE Ore Reserve Mineral Resource Nevada Americas Continental Africa Australia Silicon Rhyolite Transvaal 7.5Moz 19.1Moz 3.0Moz 2020 Production: 649koz 1,604koz 553koz Reserve life: 12 years 12 years 5 years 56.0 Moz 58.7
Slide 13: Disciplined, shareholder-focused capital allocation
01 Overview & Strategy DISCIPLINED, SHAREHOLDER-FOCUSED CAPITAL ALLOCATION D Trransparent allocation hierarchy to maximize long-term shareholder value and returns Operating and Capital Productivity • Reinvesting in our asset base to support the long-term sustainability of our Net Operating Cash Flow
Slide 14: Building momentum in reserve conversion
01 Overview & Strategy BUILDING MOMENTUM IN RESERVE CONVERSION B We’ve begun to unlock the latent potential from our existing portfolio, with more to come RESERVE LIFE1 CHANGE Y-O-Y ORE RESERVE (Moz) 25 0.63 29.67 0.95 20 2020 1.15 End 2020 Start 2020 1.73 15 1.89 2019 10 1.89 1.91 5 2.34 0 4.21 4.2
Slide 15: Returning to growth – attractive long term profile
01 Overview & Strategy RETURNING TO GROWTH – ATTRACTIVE LONG TERM PROFILE R Production Total Capex AISC Koz $m $/oz 1,230 1,230 1,200 1,150 1,150 1,130 1,130 3,600 1,050 1,270 1,250 950 900 CAGR: 4-6% 3,450 1,200 1,140 1,100 3,150 1,120 3,025 3,200 1,050 3,150 990 2,900 950 2,900 2,825 2,700 800 202
Slide 16: A world-class investment with several catalysts
01 Overview & Strategy A WORLD-CLASS INVESTMENT WITH SEVERAL CATALYSTS World’s 3rd largest producer of gold, well positioned to capitalise on recent portfolio optimisations and increased confidence in the long-term sustainability STRONG MOMENTUM SOLID FOUNDATIONS EXCITING OUTLOOK Long-term growth pr
Slide 17: Financials
02 Financials Ian Kramer Financials ENSURE FINANCIAL FLEXIBILITY AND OPTIMISE OVERHEADS, C O S T S A N D C A P I TA L E X P E N D I T U R E
Slide 18: Disciplined, shareholder-focused capital allocation
02 Financials DISCIPLINED, SHAREHOLDER-FOCUSED CAPITAL ALLOCATION D Transparent allocation hierarchy to maximize long-term shareholder value and returns Operating and Capital Productivity • Reinvesting in our asset base to support the long-term sustainability of our Net Operating Cash Flow business
Slide 19: Sustaining and growth capex
02 Financials SUSTAINING AND GROWTH CAPEX S Strong track-record of operating and developing projects on-budget, with initiatives to reduce the capital intensity of the business Operating & Capital Productivity Sustaining Capex Growth Capex Sustaining Capital Total 5Y cumulative Sustaining Capex: Tot
Slide 20: Balancing capital returns to shareholders
02 Financials BALANCING CAPITAL RETURNS TO SHAREHOLDERS B Operating & Capital Productivity Dividend Policy FCF and Dividend Sensitivity to the Gold Price Sustaining S gCCapital p Strong Balance Sheet $1,600- Dividends 9 Updated dividend policy to 20% $1,800m Growth Capital pay-out ratio of FCF pre-g
Slide 21: Strong balance sheet position
02 Financials STRONG BALANCE SHEET POSITION Debt at the lowest levels in a decade Operating & Capital Productivity Strong liquidity of $2.8bn supported by $1.4bn undrawn multi-currency RCF Sustaining g Capital p Strong balance sheet Strong Balance Sheet Improved balance sheet flexibility with new $7
Slide 22: Robust balance sheet to self-fund growth
02 Financials ROBUST BALANCE SHEET TO SELF-FUND GROWTH R Operating & Capital Productivity AGA Debt Maturity Profile Sustaining g Capital p $1,600 Strong Balance Sheet Dividends $1,400 Growth Capital $1,200 Excess Cash Flow Options $1,000 Balance sheet US$ million $800 remains 1,400 robust with $600
Slide 23: Excess cash flow further delivering shareholder returns
02 Financials EXCESS CASH FLOW FURTHER DELIVERING SHAREHOLDER RETURNS E Allocation of excess cash flow will be evaluated against additional returns to shareholders Operating & Capital Productivity • Targeting a return in excess of our hurdle rate Sustaining g Capital p Growth • Will pursue value acc
Slide 24: Sustainability
03 Sustainability Stewart Bailey Sustainability S T R O N G E S G P E R F O R M A N C E U N D E R P I N S S U S TA I N A B L E BUSINESS SUCCESS
Slide 25: Our values link business activities to sustainability performance
03 Sustainability OUR VALUES LINK BUSINESS ACTIVITIES TO SUSTAINABILTY PERFORMANCE O A N G L O G O L D A S H A N T I ’ S S U S TA I N A B I L I T Y M I S S I O N To ensure the RESPONSIBLE DEVELOPMENT of natural resources in MEANINGFUL PARTNERHIPS with our host governments and communities. We aim to
Slide 26: ESG is central to our business decisions
03 Sustainability ESG IS CENTRAL TO OUR BUSINESS DECISIONS E Sustainability priorities Health and Safety GOVERNANCE Enabling resilient communities CREATING AND SOCIAL TRANSPARENCY Reducing environmental footprint AND UNDERPIN FINANCIAL EVERYTHING VALUE WE DO Inclusion and Diversity Human Rights SUST
Slide 27: Governance is the foundation of strong ESG performance
03 Sustainability GOVERNANCE IS THE FOUNDATION OF STRONG ESG PERFORMANCE G GOVERNANCE FRAMEWORK 1. Robust Board Oversight • Active Board oversight and engagement on sustainability issues • Social, Ethics and Sustainability Committee oversees detailed sustainability performance and governance • Audit
Slide 28: Health & safety approach delivers real gains and saves lives
03 Sustainability HEALTH & SAFETY APPROACH DELIVERS REAL GAINS AND SAVES LIVES H The health and safety of employees is our first priority Driving towards zero harm Healthy workplaces, employees and communities • All sites OHSAS 18001:2007 certified • Sunrise Dam, Siguiri, Geita, Tropicana and Cerro
Slide 29: Health & safety: delivering social value
03 Sustainability HEALTH & SAFETY H A world-class example of delivering social value Protecting more than 1 million people from malaria…extended to 16 districts in Ghana… • More than 90% reduction in malaria cases in Obuasi since inception • More than a million people protected from malaria • Signif
Slide 30: Focused on climate change
03 Sustainability FOCUSED ON CLIMATE CHANGE F Scope 1 & 2 GHG Emissions Intensity 1. EMISSION REDUCTIONS ACHIEVED Target - 30% reduction off 2007 Base Innovative methods used to reduce emissions intensity 70 2. TCFD DISCLOSURE IN 2021 Base 60 Year Disclosure in line with TCFD Recommendations set for
Slide 31: Responsible tailings stewardship
03 Sustainability RESPONSIBLE TAILINGS STEWARDSHIP R Robust governance framework OPERATIONAL MANAGEMENT Committed to implementing TSF operator/superintendent manages day-to-day operation Global Industry Standards on OVERSIGHT SYSTEM Plant/process manager is the TSF “Owner”; implements TSF operations
Slide 32: Inclusion and diversity
03 Sustainability IINCLUSION AND DIVERSITY An imperative to build a business that better reflects society Board – gender profile Executive Committee – gender profile Male 33% Male 44% 56% 67% Female Female • Oversight from the Sustainability, Ethics and Social Committee and have a specific policy Ge
Slide 33: Respecting human rights is fundamental to our business
03 Sustainability RESPECTING HUMAN RIGHTS IS FUNDAMENTAL TO OUR BUSINESS R We treat each other with dignity and respect. W BEST-IN-CLASS HUMAN RIGHTS Zero reported human rights RESPECT FOR INDIGENOUS PEOPLES incidents • One country of operation (Australia) where Indigenous • Global Human Rights Poli
Slide 34: Creating resilient and self-sustaining communities
03 Sustainability CREATING RESILIENT AND SELF-SUSTAINING COMMUNITIES C Our aim is to make positive impacts wherever we operate by developing skills in our host communities and spending locally to build capacity in these markets • Build strong partnerships • Establish and maintain strong partnerships
Slide 35: Resilient and self-sustaining communities
03 Sustainability RESILIENT AND SELF-SUSTAINING COMMUNITIES R We’re working with our host communities to grow resilience We have undertaken community development initiatives to maximise impact in: • Food security – stimulating commercial-level agriculture using locally • Broadening the economic base
Slide 36: Our ESG performance
03 Sustainability OUR ESG PERFORMANCE O Is independently ranked above industry average We engage openly with index providers, which rate our sustainability performance, we are committed to sustainable practices and accountability Achieved overall rating of 4.3 out of a total of 5 Ranked 4th out of 3
Slide 37: ESG drives our business performance
03 Sustainability ESG DRIVES OUR BUSINESS PERFORMANCE E Sustainability Priorities Health and Safety Implement revised safety strategy Drive toward Zero harm in workplace and communities Maintain compliance with COVID-19 protocols Enable resilient communities Launch community acceptance survey, reduc
Slide 38: Exploration
04 Exploration Tim Thompson Exploration PLANNING FOR THE FUTURE 37
Slide 39: Track record of growth driven by steady drilling investment
04 Exploration TRACK RECORD OF GROWTH DRIVEN BY STEADY DRILLING INVESTMENT T Strong track record of delivering new Ore Reserve and Success to Date Mineral Resource at a low exploration cost • 19.2 Moz in New Ore Reserve added during the last 5 years • 15.4 Moz in New Mineral Resource added during th
Slide 40: Systematic exploration investment – multiple growth options
04 Exploration SYSTEMATIC EXPLORATION INVESTMENT – MULTIPLE GROWTH OPTIONS S Clearly defined strategy for building the portfolio Greenfields Brownfields Equity Investments Focused grassroots exploration Stable budget allocations directed targeting discoveries aligned with toward systematic identific
Slide 41: Exciting brownfields potential
04 Exploration EXCITING BROWNFIELDS POTENTIAL E $150m – $160m Brownfields Exploration Investment in 2021 • Sunrise Dam drilling in Vogue extensions and the new Frankie discovery creates optionality • Geita’s Nyamulilima discovery and Geita Hill Guinea Underground start up provide new (Siguiri) suppl
Slide 42: Exploring greenfield projects in top mining jurisdictions
04 Exploration EXPLORING GREENFIELD PROJECTS IN TOP MINING JURISDICTIONS E $30 – $35m Greenfield Project Areas in 2021 • Terrane scale target generation and monitoring yielded several new concepts to advance in 2021 • District scale prospects identified will West Africa advance through peer reviewed
Slide 43: Optionality created by select investments
04 Exploration OPTIONALITY CREATED BY SELECT INVESTMENTS O Key Investments Update • Pure Gold Mining has produced first gold at the Madsen mine near Red Lake, Ontario Heliostar Metals Commander • Corvus Gold is conducting advanced Resources exploration in Southern Nevada Corvus Pure Gold Gold • Corv
Slide 44: Robust pipeline optionality to support long-term production
04 Exploration ROBUST PIPELINE OPTIONALITY TO SUPPORT LONG-TERM PRODUCTION R Transforming geological concepts to gold production REGION CREATE VALUE CRYSTALLIZE VALUE Tropicana UG (TJV) North QLD Targets Tropicana District Boston Shaker UG (TJV) AUSTRALIA Aust. Target Gen n Laverton District i trict
Slide 45: Time for Q&A
time for Q&A…
Slide 46: Mineral Resource and Ore Reserve
05 Mineral Resource & Ore Reserve Vaughan Chamberlain Mineral Resource and Ore Reserve U N D E R P I N N E D B Y A P P R O P R I AT E M I N E R A L R E S O U R C E MANAGEMENT PROCESSES AND PROTOCOLS
Slide 47: Rigorous resource identification and classification process
05 Mineral Resource & RIGOROUS RESOURCE IDENTIFICATION AND CLASSIFICATION PROCESS R Ore Reserve Significant Endowment and Blue Sky Tangible Potential Beyond Resources Adjust Probability of Occurrence Adjust for Conversion Adjust for Endowment to Resource Probability of Blue Sky Minability Metallurgi
Slide 48: Exploring to increase confidence and maximize returns
05 Mineral Resource & EXPLORING TO INCREASE CONFIDENCE AND MAXIMIZE RETURNS E Ore Reserve Exploration levels are described by the level of “confidence” targeted by the process Exploration Triangle Exploration Project Economical Exploration Categorisation “Resource” Categorisation Level Assessment Fi
Slide 49: Exploring to increase confidence – illustrative example
05 Mineral Resource & EXPLORING TO INCREASE CONFIDENCE AND MAXIMIZE RETURNS E Ore Reserve Driving Confidence in the Plan – Illustrative example Measured Indicated Inferred Blue Sky 100% 80% 60% 40% 20% 0% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Flexible enough to take
Slide 50: Multidisciplinary approach to Ore Reserve reconciliation
05 Mineral Resource & MULTIDISCIPLINARY APPROACH TO ORE RESERVE RECONCILIATION M Ore Reserve Exploration Alone is More than Replacing Annual Depletion 2019 Depletion Exploration Methodology Price Cost Geotechnical Metallurgical Operational Acquisition / 2020 Other Disposal 49
Slide 51: Disciplined production grade and tonnage reconciliation
05 Mineral Resource & DISCIPLINED PRODUCTION GRADE AND TONNAGE RECONCILIATION D Ore Reserve Idealised Reconciliation Chain of Produced Grade and Tonnage Measurement / Modelled Estimate Mining Mineral Grade design: Mining actual Delivered Plant Plant Gold Resource control Grade control Movement Surve
Slide 52: Africa Region Assets
06 Continental Africa Assets Sicelo Ntuli Africa Region Assets G E I TA , K I B A L I , S I G U I R I , I D U A P R I E M 51
Slide 53: Geita – world class geology, proven track record
06 Continental Africa Assets GEITA – WORLD CLASS GEOLOGY, PROVEN TRACK RECORD G Tanzania, Africa Region T Overview Key Asset Statistics Operation Type: Open-pit and underground Avg. Ore Reserve Grade: 2.59g/t Deposit Type: Vein / narrow vein, banded iron formation 2.3 Moz Ownership: 100% Avg. Exclus
Slide 54: Geita – enormous potential remains in a large lease
06 Continental Africa Assets GEITA – ENORMOUS POTENTIAL REMAINS IN A LARGE LEASE G 2020 Ore Reserve Tonnes Grade Contained Gold Category (Mt) (g/t) (Moz) Life-of-mine Proved and Probable 28.04 2.59 2.34 10+ 2020 Exclusive Mineral Resource Tonnes Grade Contained Gold years Category (Mt) (g/t) (Moz) M
Slide 55: Geita outlook – extending mine life with high quality targets
06 Continental Africa Assets GEITA OUTLOOK – EXTENDING MINE LIFE WITH HIGH QUALITY TARGETS G Five-year asset outlook Base plan Upside potential • Dip in production over the next two years from • Nyankanga, Geita Hill, Star & Comet, • Down-plunge extensions of main deposits at UG elevated 2020 levels
Slide 56: Geita – Nyankanga steady drilling success
06 Continental Africa Assets GEITA – NYANKANGA STEADY DRILLING SUCCESS AND GROWING MOMENTUM G 2015 2017 2019 2020 Measured Resource Indicated Resource Inferred nferred Resource Block 5 3.13g/t • Ramping up production in Blocks 3, 4 and 5 • Development ongoing at Block 1 – an additional platform for
Slide 57: Geita – Star & Comet, Ridge 8
06 Continental Africa Assets GEITA – STAR & COMET, RIDGE 8 – SUCCESS AT FILLING IN THE GAPS G S&C Cut 2 S&C NW Rig 8-Cut3 S&C Cut 3 Ridge8 gap (Cut5) S&C Cut3-Ridg8 Gap (Cut5) S&C Cut2 S&C Cut3-Ridg8 Gap S&C Cut3 S&C C2-C3 Gap (Cut 4) Assay value above Underground Advance Underground 2 g/t Mine desi
Slide 58: Geita Hill deposit – testing down-plunge extensions
06 Continental Africa Assets GEITA – GEITA HILL DEPOSIT – TESTING FOR DOWN-PLUNGE EXTENSIONS G • Portal development at Geita Hill West pit commenced in Q4 2020 to access blocks 1&2 in 2021 • The development will look to unlock 1.5Moz of Mineral Resource over the next 5 years • Upside potential of do
Slide 59: Geita – Nyamulilima district
06 Continental Africa Assets GEITA – NYAMULILIMA DISTRICT – STRONG START AND MORE TO COME G Nyamulilima OP Nyamulilima District Targets • 1.0 Moz Ore Reserve declared at the end 2020 • Highly prospective exploration targets within the district are priority targets in the exploration program • Extend
Slide 60: Kibali – premier asset, high margin and long life
06 Continental Africa Assets KIBALI – PREMIER ASSET, HIGH MARGIN AND LONG LIFE K DRC, Africa Region Overview Key Asset Statistics Attributable Operation Type: Open-pit and underground Avg. Ore Reserve Grade: Deposit Type: Orogenic, banded iron formation 2.7Moz 4.3 Moz 3.84g/t Ownership: 45% (45% Bar
Slide 61: Kibali – where the potential sits
06 Continental Africa Assets KIBALI – WHERE THE POTENTIAL SITS K 2020 Ore Reserve (Attributable) Tonnes Grade Contained Gold Category Life-of-mine (Mt) (g/t) (Moz) Proved and Probable 34.41 3.84 4.25 15+ 2020 Exclusive Mineral Resource (Attributable) Tonnes Grade Contained Gold years Category (Mt) (
Slide 62: Kibali outlook – keeping the momentum going
06 Continental Africa Assets KIBALI OUTLOOK – KEEPING THE MOMENTUM GOING K Five-year asset outlook Base plan Upside potential • Steady production outlook • Primary production sourced from KCD Underground • 5-year exploration pipeline in place to replace Reserve depletion • Plant throughput maintaine
Slide 63: Kibali – KCD long-term potential
06 Continental Africa Assets KIBALI – KCD LONG-TERM POTENTIAL K Brownfields Exploration • A robust exploration pipeline in place to replace to target Reserve Depletion over the next couple of year • Main KZ trend remains prospective and a target for additional open pit opportunities • UG exploration
Slide 64: Siguiri – recovery in action
06 Continental Africa Assets SIGUIRI – RECOVERY IN ACTION S Guinea, G i Continental Africa Overview Key Asset Statistics Attributable Operation Type: Open-pit Avg. Ore Reserve Grade: Deposit Type: Vein / narrow vein, orogenic 1.9 Moz 0.80g/t Ownership: 85% (15% Government of Guinea) Avg. Exclusive M
Slide 65: Siguiri – where the potential sits
06 Continental Africa Assets SIGUIRI – WHERE THE POTENTIAL SITS S 2020 Ore Reserve (Attributable) Tonnes Grade Contained Gold Category (Mt) (g/t) (Moz) Life-of-mine Proved and Probable 73.53 0.80 1.89 10+ 2020 Exclusive Mineral Resource (Attributable) Category Tonnes Grade Contained Gold years (Mt)
Slide 66: Combination plant now trending in the right direction
06 Continental Africa Assets COMBINATION PLANT NOW TRENDING IN THE RIGHT DIRECTION C 100 95 90 Design parameter 85 80 75 Recovery % 70 65 60 55 50 45 40 Daily Step changes 35 2020/05/01 2020/06/01 2020/07/01 2020/08/01 2020/09/01 2020/10/01 2020/11/01 2020/12/01 2021/01/01 2021/02/01 2021/03/01 • In
Slide 67: Siguiri outlook – getting the processing right is key
06 Continental Africa Assets SIGUIRI OUTLOOK – GETTING THE PROCESSING RIGHT IS KEY S Five-year asset outlook Base plan Upside potential • Production step up on improved recovery at the • Kami, Bidini, Tubani, Silakoro, Sintroko & • Kounkoun Mineral Resource in Block 3 + Spent Combination Plant Sokun
Slide 68: Siguiri – Blocks 1 and 2 potential
06 Continental Africa Assets SIGUIRI – BLOCKS 1 AND 2 POTENTIAL S Block 1 Block 2 Section looking NE with results for one of 4 holes returned in Q4 2020 Saraya Section looking North • Block 1 has great Sulphide potential • Two main orebodies currently exist in Block 2 namely Foulata and Saraya • Stu
Slide 69: Iduapriem – solid performer with long-life potential
06 Continental Africa Assets IIDUAPRIEM – SOLID PERFORMER WITH LONG-LIFE POTENTIAL Ghana, Continental Africa Gh Overview Key Asset Statistics Operation Type: Open-pit Avg. Ore Reserve 1.9 Moz Grade: Deposit Type: Conglomerate-hosted 1.29g/t Ownership: 100% 3.8 Moz Avg. Exclusive Mineral Resource Gra
Slide 70: Iduapriem – where the potential sits
06 Continental Africa Assets IIDUAPRIEM – WHERE THE POTENTIAL SITS 2020 Ore Reserve Tonnes Grade Contained Gold Category (Mt) (g/t) (Moz) Life-of-mine Proved and Probable 45.87 1.29 1.91 10+ 2020 Exclusive Mineral Resource Tonnes Grade Contained Gold years Category (Mt) (g/t) (Moz) Measured + Indica
Slide 71: Iduapriem outlook – unearthing the potential
06 Continental Africa Assets IIDUAPRIEM OUTLOOK – UNEARTHING THE POTENTIAL Five-year asset outlook Base plan Upside potential • Production dips in 2021 – 2023, from strong 2020 • Ore sourced primarily from Block 7&8 Cut 2 • Pushbacks at Block 7&8 (Cut 6) levels, as Mine Life Extension gets underway
Slide 72: Iduapriem – reinvesting for the long-term
06 Continental Africa Assets IIDUAPRIEM – REINVESTING FOR THE LONG-TERM • Block 7&8 • 3-year investment in waste stripping and TSF • Mining executed with bigger equipment • Cut 21 • Split of the bigger Cut 2 • Stripping commenced in 2020 • Ore delivery in Q4 2021 • Cut 5 Summary • Stripping from (20
Slide 73: COO Africa summary
06 Continental Africa Assets COO AFRICA SUMMARY C • The portfolio is focused, with ESG at the centre of decision-making • We have a prioritised exploration programme • We are allocating capital optimally • There is a clear pathway for growth • Our Values will continue to guide our actions • We are c
Slide 74: International Assets
07 International Assets Ludwig Eybers International Assets TROPICANA, SUNRISE DAM, AGA MINERAÇÃO, SERRA GRANDE, CVSA 73
Slide 75: Tropicana – continues to exceed expectations
07 International Assets TROPICANA – CONTINUES TO EXCEED EXPECTATIONS T Australia A t Overview Key Asset Statistics Attributable Operation Type: Open-pit and underground Avg. Ore Reserve Grade: 1.9 Moz Deposit Type: Orogenic 1.71g/t Ownership: 70% (30% IGO Limited) Avg. Exclusive Mineral 3.5Moz Resou
Slide 76: Tropicana – where the potential sits
07 International Assets TROPICANA – WHERE THE POTENTIAL SITS T 2020 Ore Reserve (Attributable) Tonnes Grade Contained Gold Category (Mt) (g/t) (Moz) Life-of-mine Proved and Probable 34.39 1.71 1.89 10+ 2020 Exclusive Mineral Resource (Attributable) Tonnes Grade Contained Gold years Category (Mt) (g/
Slide 77: Tropicana outlook – finding the balance
07 International Assets TROPICANA OUTLOOK – FINDING THE BALANCE T Five-year asset outlook Base Plan Upside Potential • Havana cutbacks underway which will allow access to • Boston Shaker open pit • Lease area opportunities to extend LOM the deeper Havana open pit ore from late 2021 onwards • Havana
Slide 78: Tropicana's downdip extension opportunities
07 International Assets TROPICANA’S DOWNDIP EXTENSION OPPORTUNITIES T 77
Slide 79: Sunrise Dam – geological indicators point to long life
07 International Assets SUNRISE DAM – GEOLOGICAL INDICATORS POINT TO LONG LIFE S Australia A t Overview Key Asset Statistics Operation Type: Underground 1.2 Moz Avg. Ore Reserve Deposit Type: Vein / narrow vein, orogenic Grade: 1.81g/t Ownership: 100% 2.6Moz Throughput Capacity: 4.1 Mt p.a. Avg. Exc
Slide 80: Sunrise Dam – where the potential sits
07 International Assets SUNRISE DAM – WHERE THE POTENTIAL SITS S 2020 Ore Reserve Tonnes Grade Contained Gold Category (Mt) (g/t) (Moz) Life-of-mine Proved and Probable 19.74 1.81 1.15 10+ 2020 Exclusive Mineral Resource Tonnes Grade Contained Gold years Category (Mt) (g/t) (Moz) Measured + Indicate
Slide 81: Sunrise Dam outlook – exploration worth its weight in gold
07 International Assets SUNRISE DAM OUTLOOK – EXPLORATION WORTH ITS WEIGHT IN GOLD S Five-year asset outlook Base plan Upside potential • Steady production over the next two years • Vogue underground ore body • New discoveries – Frankie followed by step-ups toward 300kozpa in the • Carey Shear • Rem
Slide 82: Sunrise Dam – revealing its significant geological potential
07 International Assets SUNRISE DAM’S – REVEALING ITS SIGNIFICANT GELOGICAL POTENTIAL S 81
Slide 83: AGA Mineração – vast untapped geological potential
07 International Assets AGA MINERAÇÃO – VAST UNTAPPED GEOLOGICAL POTENTIAL A Brazil, South America B Overview Key Asset Statistics Operation Type: Open pit and underground Avg. Ore Reserve 1.7 Moz Grade: Deposit Type: Vein / narrow vein, orogenic, banded iron 3.84g/t formation Ownership: 100% Avg. E
Slide 84: AGA Mineração – where the potential sits
07 International Assets AGA MINERAÇÃO – WHERE THE POTENTIAL SITS A 2020 Ore Reserve Tonnes Grade Contained Gold Category (Mt) (g/t) (Moz) Life-of-mine Proved and Probable 14.06 3.84 1.73 15+ 2020 Exclusive Mineral Resource Tonnes Grade Contained Gold years Category (Mt) (g/t) (Moz) Measured + Indica
Slide 85: AGA Mineração outlook – bringing a major resource to account
07 International Assets AGA MINERAÇÃO OUTLOOK – BRINGING A MAJOR RESOURCE TO ACCOUNT A Five year asset outlook Base plan Upside potential • Steady production in 2021, stepping up in each • Increase flexibility at Cuiabá mine • Potential to grow Mineral Resource by testing subsequent year to above 45
Slide 86: CdS complex – highly prospective down dip extensions
07 International Assets CDS COMPLEX – HIGHLY PROSPECTIVE DOWN DIP EXTENSIONS C 2015 2020 85
Slide 87: Cuiabá – mineralisation keeps extending deeper
07 International Assets CUIABÁ – MINERALISATION KEEPS EXTENDING DEEPER C 86
Slide 88: Serra Grande – brimming with potential
07 International Assets SERRA GRANDE – BRIMMING WITH POTENTIAL S Brazil, South America Overview Key Asset Statistics Operation Type: Open-pit and underground Avg. Ore Reserve 0.6 Moz Grade: Deposit Type: Vein / narrow vein, orogenic 2.79g/t Ownership: 100% Avg. Exclusive Mineral 3.2Moz Resource Grad
Slide 89: Serra Grande – where the potential sits
07 International Assets SERRA GRANDE – WHERE THE POTENTIAL SITS S 2020 Ore Reserve Tonnes Grade Contained Gold Category (Mt) (g/t) (Moz) Life-of-mine Proved and Probable 6.99 2.79 0.63 15+ 2020 Exclusive Mineral Resource Tonnes Grade Contained Gold years Category (Mt) (g/t) (Moz) Measured + Indicate
Slide 90: Serra Grande outlook – lease potential driving upside
07 International Assets SERRA GRANDE OUTLOOK – LEASE POTENTIAL DRIVING UPSIDE S Five-year asset outlook Base plan Upside potential • Production steady this year, then edging up • Mature asset with additional near-mine • Exploration & ORD creates an option to on higher volumes and grades opportunitie
Slide 91: Serra Grande's exceptional ore body evolution
07 International Assets SERRA GRANDE’S EXCEPTIONAL ORE BODY EVOLUTION S 2010 2020 1.00m@33.90g/t Mina Nova Palmeiras 1.00m@13.90g/t 1.00 0m@ Ingá 2.07m@11.00g/t Pequizão Mina III 1.60m@14.23g/t 1.00m@24.93g/t 1.20m@15.80g/t 2.00m@11.27g/t 1.00m@35.50g/t 7.94 1.00m@147.94g/ 1.10m@31.08g/t t Mangaba 9
Slide 92: Cerro Vanguardia – mine life surprising on the upside
07 International Assets CERRO VANGUARDIA – MINE LIFE SURPRISING ON THE UPSIDE C Argentina, South America A Overview Key Asset Statistics Attributable Operation Type: Open-pit and underground Avg. Ore Reserve Grade: 1.0 Moz 1.82g/t Deposit Type: Epithermal, vein / narrow vein Ownership: 92.5% (7.5% F
Slide 93: Cerro Vanguardia – where the potential sits
07 International Assets CERRO VANGUARDIA – WHERE THE POTENTIAL SITS C 2020 Ore Reserve (Attributable) Tonnes Grade Contained Gold / Category (Mt) (g/t) Silver Life-of-mine (Moz) Proved and Probable (gold) 16.31 1.82 0.95 8+ Proved and Probable (silver) 16.31 45.56 2020 Exclusive Mineral Resource (At
Slide 94: Cerro Vanguardia outlook – reinvigorating the plan
07 International Assets CERRO VANGUARDIA OUTLOOK – REINVIGORATING THE PLAN C Five-year asset outlook Base plan Upside potential • Production expected to be flat over period • Four-year exploration program • Ongoing exploration which will target targeting near-mine potential, as around ~3Moz of Miner
Slide 95: Cerro Vanguardia – realising latent potential via the drill bit
07 International Assets CERRO VANGUARDIA – REALISING LATENT POTENTIAL VIA THE DRILL BIT 2016 2020 Osvaldo Diez 2-8 Osvaldo Diez 4 Au: 3,2 g/t Au: 1.8 g/t Ag: 98 g/t Ag: 240 g/t Width: 1.9 m Au: 4.14 g/t Width: 2 m Ag: 586 g/t Width: 2 m 94
Slide 96: COO International summary
07 International Assets COO INTERNATIONAL SUMMARY C The International Operations has a clear path to create value: • Commitment to safeguarding the health, wellbeing and safety of our people • Operational Excellence Program to continuously improve costs, capital and efficiencies • Improve Resource c
Slide 97: Projects
08 Projects Graham Eh hm Projects OBUASI, QUEBRADONA, GRAMALOTE 96
Slide 98: Obuasi – Africa's next generation, world-class mine
08 Projects OBUASI – AFRICA’S NEXT GENERATION, WORLD-CLASS MINE O Ghana, Continental Africa Gh Overview Key Asset Statistics Operation Type: Underground Avg. Ore Reserve Grade: Deposit Type: Vein / narrow vein 8.7 Moz 8.62g/t Ownership: 100% Avg. Exclusive Mineral 20.6 Moz Resource Grade: Throughput
Slide 99: Obuasi – project parameters at approval
08 Projects OBUASI – PROJECT PARAMETERS AT APPROVAL O Obuasi is a long-life, world class asset – Project Metrics1 (Annual average over LOM) continue to track metrics at approval Plant throughput Mt 1.6 – 1.8 Head grade g/t 8.8 • Obuasi has embarked on the process of rebuilding all aspects of the Gol
Slide 100: Massive resource and high confidence in a growing reserve
08 Projects MASSIVE RESOURCE AND HIGH CONFIDENCE IN A GROWING RESERVE M Ore Reserve increase to 8.7Moz from 7.12Moz with in-fill drilling and Mineral Resource conversion… …while Mineral Resource decreased slightly to ~30Moz with improvement to resource models and minor depletions 99
Slide 101: Grade distribution – mining from high grades to higher grades
08 Projects GRADE DISTRIBUTION – MINING FROM HIGH GRADES TO HIGHER GRADES G 100
Slide 102: Obuasi – Phase 2 flowchart
08 Projects OBUASI – PHASE 2 FLOWCHART O Crusher Flash Cells Flotation Vertimill Stockpile Gravity Circuit Concentrate SAG 1 Thickener Blower Reactor Ball Mill Tails Cooling Tower Cooling Tower Thickener Apron Feeder To Goldroom Vibrating Feeder CCDs SAG 2 BIOX Reactors Neutralisation Backfill Thick
Slide 103: Phase 2 ramp up to 4,000tpd – process plant
08 Projects PHASE 2 RAMP UP TO 4,000TPD – SOLID BASE FOR THE LONG TERM P Good progress in the process plant despite COVID-19 related delays… Elution & Gold Room Regrind verti-mill Mill control room cameras …plant commissioning commenced with the Phase 2 SAG/Ball Mill in late Dec 2020 102
Slide 104: Phase 2 ramp up – KRS shaft and underground handling
08 Projects PHASE 2 RAMP UP TO 4,000TPD – SOLID BASE FOR THE LONG TERM P KRS shaft and U/G materials handling commissioning commenced late 2020… Ball Mill U/ground conveyor GCVS vent fans KRS Headframe KRS Winder Paste-fill plant U/ground grizzly …while completion of the GCVS vent shaft, paste-fill
Slide 105: Phase 2 ramp up – Biox TSF and surface infrastructure
08 Projects PHASE 2 RAMP UP TO 4,000TPD – SOLID BASE FOR THE LONG TERM P Biox TSF completed in late 2020 with other surface infrastructure to be completed during 1H21 Biox TSF Water ponds Emergency generators Storm water drainage works Demolition - CIL 104
Slide 106: Quebradona – bringing a world class discovery to account
08 Projects QUEBRADONA – BRINGING A WORLD CLASS DISCOVERY TO ACCOUNT Q Colombia, C l South America Overview Key Asset Statistics Avg. Ore Reserve Avg. Ore Reserve Grade: Grade: 1.25% 3 Blbs 3.1 B 2.5 Moz M 0.69g/t Cu Au Avg. Exclusive Mineral Avg. Exclusive Mineral Resource Grade: Resource Grade: 0.
Slide 107: Quebradona project metrics
08 Projects QUEBRADONA PROJECT METRICS Q Quebradona – a high-quality, high-grade Project Metrics1 (Annual average over LOM) copper-gold porphyry deposit Plant throughput Mt 6.2 Head grade % / g/t 1.21 / 0.67 Copper / Gold production Mlbs / Koz 130 / 67 • A significant global copper-gold porphyry dep
Slide 108: Quebradona – high quality discovery in world class district
08 Projects QUEBRADONA – HIGH QUALITY DISCOVERY IN WORLD CLASS DISTRICT Q • Nuevo Chaquiro – main deposit of the Quebradona Project located in the middle Cauca region of Colombia – East flank of western cordillera • In a very prospective area with several deposits discovered along the Middle Cauca B
Slide 109: Quebradona mine design
08 Projects QUEBRADONA MINE DESIGN Q • T Two 6km access tunnels developed from surface represents majority of first two years project activity • Sub-level caving (SLC) mining method • Internal ramp system to connect upper SLC levels to ore crushing/transfer level • TSF based on stacking of filtered
Slide 110: Quebradona processing
08 Projects QUEBRADONA PROCESSING Q Secondary Crushing Coarse Secondary Stockpile screen Secondary crusher Grinding & Flash Flotation Hydrocyclone batery Bulk Flotation Tailings Handling HPGR Bulk Tailings Flotation thickener HPGR HPGR Plant wet screen Ball Mill Tailings filter Fine ore stockpile Hy
Slide 111: Quebradona biodiversity initiative
08 Projects QUEBRADONA BIODIVERSITY INITIATIVE Q A innovative plan to create and integrate a park and biodiversity centre into its Quebradona project 110
Slide 112: Gramalote – bringing a world class discovery to account
08 Projects GRAMALOTE – BRINGING A WORLD CLASS DISCOVERY TO ACCOUNT G Colombia, South America C Overview Key Asset Statistics Operation Type: Open-pit Avg. Ore Reserve Grade: Deposit Type: Mesothermal gold deposit 0.86g/t 1.3 Moz Ownership: 50% (50% B2Gold manager/ operator) 1.7 Moz Avg. Exclusive M
Slide 113: Gramalote – potential to be a low cost, long-life mine
08 Projects GRAMALOTE – POTENTIAL TO BE A LOW COST, LONG-LIFE MINE G Project Metrics1 (Annual average over LOM) Gramalote has the potential to become a Plant throughput Mt 11 large, low-cost open-pit gold mine Head grade g/t 0.85 Gold production Koz 284 50:50 JV with B2Gold, as manager and operator
Slide 114: Gramalote – straightforward mining, excellent metallurgy
08 Projects GRAMALOTE – STRAIGHTFORWARD MINING, EXCELLENT METALLURGY G • Ore Zones vary in width from tens of meters to 150m in true width dipping vertical to sub-vertical to the south-southeast • Silver to gold ratio approximately 1:1 • Conventional open-pit, truck-and-shovel operation • Gramalote
Slide 115: Gramalote – mineral processing
08 Projects GRAMALOTE – MINERAL PROCESSING G Ore ROM Mill Feed Material Primary Crusher SAG / Ball Milling Flash Flotation Froth Flotation Tailings Pumps Conc. Regrinding (Rougher / Cleaner) Thickening Leach TMF CCD Merrill-Crowe Smelting Dore Bars Cyanide Tailings Pumps CIP Carbon-Desorption Destru
Slide 116: Projects summary
08 Projects PROJECTS SUMMARY P • Obuasi is on the final lap for project completion • Quebradona is world class and brings copper into the portfolio • Gramalote adds low cost ounces to the portfolio • The 3 projects add approx. 20 million gold equivalent ounces to the portfolio • 1 million gold equiv
Slide 117: Conclusion
09 Conclusion Christine Ram mon Conclusion D I V E R S I F I E D , D E C I S I V E , S U STAI NAB LE B U S I N E S S 116
Slide 118: A premier investment opportunity
09 Conclusion A PREMIER INVESTMENT OPPORTUNITY OPERATIONAL EXCELLENCE ROBUST BALANCE SHEET Growing Ore Reserve, production R0.5bn 3.41 Long-term balance sheet and increasing margins Moz 3.31 improvement achieved through 3.01 disciplined capital allocation – 2.91 $1.3bn $1.4bn 2.81 without equity iss
Slide 119: Time for Q&A
time for Q&A… 118
Slide 120: AngloGold Ashanti
at ANGLOGOLDASHANTI
Slide 121: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. AngloGold Ashanti Limited Date: February 23, 2021 By: /s/ MML MOKOKA________ Name: MML Mokoka Title: Co