SOURCE: AngloGold Ashanti

AngloGold Ashanti

July 23, 2012 03:28 ET

AngloGold Ashanti Gold Production Rises 9%; Ahead of Guidance

JOHANNESBURG, SOUTH AFRICA--(Marketwire - Jul 23, 2012) - AngloGold Ashanti (NYSE: AU) is pleased to report strong second quarter gold production of 1.073Moz, which represents a 9% improvement on the first quarter, at an estimated total cash cost of $800/oz - $805/oz. The result is better than the company's market guidance for the quarter of 1.04Moz at a total cash cost of $840/oz - $845/oz, due largely to strong operating performances from the group's Continental Africa region and the Americas region. Production from the South African operations also improved over the period, and was 18% higher than the first quarter of 2012.

Adjusted headline earnings for the quarter are estimated at between $240m to $255m. When compared with the first quarter of 2012, exploration and other expenditures were higher, though in line with annual guidance provided in February of this year. In addition, this level of adjusted headline earnings reflects a lower average gold price received during the quarter when compared to the previous quarter, lower uranium and silver by-product credits, higher gold inventory levels that were sold only subsequent to the end of the quarter due to the timing of gold shipments and a non-recurring one-time deferred tax credit that was included in the first quarter.

AngloGold Ashanti will report its operating and reviewed financial results to the market on 6 August 2012.

Certain statements made in this communication, 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 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 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 expenditure and the outcome and consequence of any
potential or pending litigation or regulatory (including tax) proceedings or
environmental issues, are forward-looking statements regarding AngloGold
Ashanti's operations, economic performance and financial condition.  These
forward-looking statements 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 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 and market conditions,
success of business and operating initiatives, changes in the regulatory
environment and other government actions including environmental approvals and
actions, fluctuations in gold prices and exchange rates, and business and
operational risk management. For a discussion of certain of these and other
factors, refer to AngloGold Ashanti's annual report for the year ended 31
December 2011, which was distributed to shareholders on 4 April 2012 and the
company's 2011 annual report on Form 20-F, which was filed with the Securities
and Exchange Commission in the United States on 23 April 2012.  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, stakeholders
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 today's date 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

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  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.

Contact Information

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