SOURCE: AngloGold Ashanti

AngloGold Ashanti

February 24, 2010 05:46 ET

Tito Mboweni Appointed Chairman of AngloGold Ashanti


AngloGold Ashanti is pleased to announce the appointment of Tito Mboweni as chairman of the company with effect from 1 June 2010. Mr Mboweni succeeds Russell Edey who retires after eight years as chairman, and a member of the board since AngloGold's inception in 1998.

In appointing Mr Mboweni, the board took full cognisance of his long and outstanding record of public service. As Labour Minister from 1994 to 1998, Mr Mboweni was architect of South Africa's post-apartheid labour legislation which today continues to provide the basis for the mutually respectful labour relationships central to AngloGold Ashanti's operational approach in South Africa. And the past ten years have cemented his reputation as one of the world's foremost and highly respected Central Bank governors.

Comments Mr Edey: "I am absolutely thrilled to be succeeded by Tito Mboweni. His standing in international business and financial circles, and his clear identification with the values upon which AngloGold Ashanti is built, is all that our company could have asked for."

Says CEO Mark Cutifani: "We're very pleased to be able to name someone of Tito Mboweni's calibre to chair our board. His experience and stature, both in South Africa and abroad, is a tremendous asset to a company with AngloGold Ashanti's global portfolio and project pipeline, as well as our international shareholder base."

Mr Cutifani also paid tribute to Russell Edey's service to AngloGold Ashanti: "Since joining the company in 2007, I have greatly appreciated Russell's support and backing. He provided continuity during a time of change and during a challenging period for the global economy, during which we successfully executed our hedge reductions and balance sheet restructuring. His vision, clear thinking and integrity have provided the company with a solid governance platform on which to execute our strategy. We wish him all the best for the future."

Certain statements made in this communication, including, without
limitation, those concerning AngloGold Ashanti's strategy to reduce its
gold hedging position including the extent and effects of the reduction,
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 completion of acquisitions and dispositions, AngloGold
Ashanti's liquidity and capital resources, and expenditure and the outcome
and consequences of any pending litigation proceedings, contain certain
forward-looking statements regarding AngloGold Ashanti's operations,
economic performance and financial condition. 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, fluctuations in gold prices and
exchange rates, and business and operational risk management. For a
discussion of such factors, refer to AngloGold Ashanti's annual report for
the year ended 31 December 2008, which was distributed to shareholders on
27 March 2009 and the company's annual report on Form 20-F, filed with the
Securities and Exchange Commission in the United States on May 5, 2009 as
amended on May 6, 2009. 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.  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

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.

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