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RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
21 FEBRUARY 2017
ANGLOGOLD ASHANTI RESULTS
BUILDING SAFETY PROCEDURE
A siren will sound and information will be broadcast over the public address system.
Move quickly to the nearest exit points, which are on both sides of the auditorium and atthe back right hand corner.
Please gather at the open car park behind Turbine Square where safety wardens willadvise you on any additional procedures.
SAFETY…in case of an emergency
IS OUR FIRST VALUE
2RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlookfor the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and otheroperating results, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including theachievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and productionprojects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capitalexpenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues,are forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and financial condition.
These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’sactual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in theseforward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts arereasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set outin the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success ofbusiness and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations ingold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management.
For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2015, which was filed withthe United States Securities and Exchange Commission ("SEC"). These factors are not necessarily all of the important factors that could cause AngloGoldAshanti’s actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also havematerial adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGoldAshanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after thedate hereof 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 herein.
The financial information contained in this news release has not been reviewed or reported on by the Company's external auditors.
This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratiosin managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results orcash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures maynot be comparable to similarly titled measures other companies may use. AngloGold Ashanti posts information that is important to investors on the mainpage of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors shouldvisit this website to obtain important information about AngloGold Ashanti.
DISCLAIMER
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 3
Ron Largent
International
VenkatIntroduction
AGENDA
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 4
Graham Ehm
Projects & Exploration
Christine Ramon
Financials
01 Chris SheppardSouth Africa
Region
VenkatConclusion
02 03
04 05 06
POSITIONED TO CREATE VALUE THROUGH THE CYCLE
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 5
Focus on sustainable improvements to margins and cash flow
Consistent delivery on targets; improving cost management on key metrics
Improving balance sheet flexibility and elimination of high cost debt
Maintaining optionality to deliver value-adding growth
Ongoing portfolio improvements and rationalisation, decisive action on operations
Working towards zero harm through the elimination of high consequence events
Responding decisively and proactively to create sustainable value through the cycle Responding decisively and proactively to create sustainable value through the cycle
1,115
1,067
2016 H2
2016
929
875
2016 H2
2016
2016 – KEY INDICATORS
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 6
AISC $/oz
14%of 2016 production
520 kozAustralia
27%of 2016 production
967 kozSouth Africa
36%of 2016 production
1,321 kozContinental Africa
23%of 2016 production
820 kozAmericas
AISC $/oz
958
904
2016 H2
2016
AISC $/oz
1,205
1,081
2016 H2
2016
AISC $/oz
*After once off bond redemption costs**AISC based on World Gold Council standardRounding may result in computational discrepancies.
HIGHLIGHTS H2 2016• Strong safety performance; fatality-free fourth quarter
• Free cash flow $170m, up 55% from $110m in H2 2015
• Production up 8% from H1 2016
2016 Group production
3.628MozH2 2016 production of 1.883Moz
2016 HIGHLIGHTS • Free cash flow $278m*, up 97% from 2015
• Dividend resumed after c.3-year hiatus - ZAR 130 cents per share (approximately US 10 cents per share)
• Reduced net debt level $1.92bn
• All-in sustaining costs** $986/oz within revised guidance
• Significant safety improvements – >6 months with no operating fatality in SA
• Reserves 50.1mozs, substantially offsetting depletion
FOCUS ON SAFETY – PROGRESS REPORT
7
5.00
7.00
9.00
11.00
13.00
15.00
17.00
19.00
0
5
10
15
20
25
30
35
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
AIF
R
Fat
aliti
es
Group Safety Statistics
Fatals (Act) AIFR
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
• No fatalities in Q4 2016; 158 fatality-free days in SA unit at year-end
• 2016 safety milestones in SA:• one million fatality-free shifts at Mponeng,
Kopanang and Moab Khotsong• Two million fatality-free shifts in Vaal River
Region• Moab Khotsong achieved full year fatality-free
in September• Surface Operations achieved full year with no
lost-time injuries
• Reportable environmental incidents continues to improve, falling to one in 2016. (Improvement of 75% year-on-year and 94% since 2012)
Safety remains our highest priority. Safety remains our highest priority.
16
10
54
1
2012 2013 2014 2015 2016
Environmental Incidents
WE CONTINUE TO DELIVER ON OUR COMMITMENTS
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 8
Our foundation and the quality of our business was further strengthened in 2016 as we delivered on key commitments
Our foundation and the quality of our business was further strengthened in 2016 as we delivered on key commitments
2016Commitments Delivered
Further improved safety and sustainability performance
Continue to enhance marginsand cash flow
Effect South Africa operational turnaround
Advance low capital, high return brownfields opportunities
Extend asset lives through focused exploration
Revisit Obuasi feasibility study; assess all options
Move Colombia projects up value curve; reduce holding cost
WIPWIP
WIP
Continue debt reduction to improve balance sheet flexibility
DISCIPLINED APPROACH TO GROWTH
9
• Prioritise margins over growth; inward investment preferred over M&A
• Improving production mix through:• efficiency improvements, operational flexibility and
mine-plan changes• high-return, low-risk, self-funded brownfield projects
• Careful stage-gating to ensure optimal capital allocation
• Full evaluation of country/project risks
• Mid-teen returns targeted through the cycle
Our focus is to improve net asset value in a sustainable way, through strict capital allocationOur focus is to improve net asset value in a sustainable way, through strict capital allocation
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
0 500 1000 1500
2016 All-In Cost
3-Year Low
Reserve Price
3-Year Avg
3-Year High
Gold $/oz
Spo
t gol
d pr
ice
AGA Mineração [Current LOM:2032]
Pre-strip Teberebieorebody; extend LOM, improve optionality
Increase ORD; significant exploration potential remains
Siguiri [Current LOM:2027]
Iduapriem [Current LOM:2026]
Increase Cuiaba ORD; improve mining flexibility related to geotechnical conditions
New combination plant increases endowment and production, and lowers cost
Sulphide plant extends mine life increases production
Tropicana [Current LOM:2026]
Invest in gold recovery improvements
Mining, processing enhancements to improve margins and LOM
Sustaining Growth
DISCIPLINED INWARD INVESTMENT – 2017 FOCUS AREAS
10
Capital expenditure in 2017 will be focused on improving portfolio quality, extending life and improving operational flexibility
Capital expenditure in 2017 will be focused on improving portfolio quality, extending life and improving operational flexibility
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
Mponeng [Current LOM: >2050]
B120 progressing, with Phase 1 development continuing
Sadiola [Current LOM: 2027]
*LOM forecast based on current business plans; subject to change.
Geita [Current LOM 2025]
Sunrise Dam [Current LOM:2031]
INVESTING IN STABLE AND SUSTAINABLE OUTCOMES
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 11
-
1,000
2,000
3,000
4,000
5,000
2016 2017F 2018F 2019F 2020F 2021F
South Africa Continental Africa Australia Americas
-
200
400
600
800
1,000
2016 2017F 2018F 2019F 2020F 2021F
South Africa Continental Africa Australia Americas
Sustaining Capex ($m)Production (koz)
Total tonnes treated OP + milled UG¹ (‘000)
-
0.50
1.00
1.50
2.00
2.50
3.00
2016 2017F 2018F 2019F 2020F 2021F
Average Recovered Grade² (g/t)
-
10,000
20,000
30,000
40,000
50,000
2016 2017F 2018F 2019F 2020F 2021F
South Africa Continental Africa Australia Americas
¹excludes placed heap leach mining²excluding Surface and Dumps ³All projections are based on current assumptions and are subject to change given amongst other things prevailing conditions; excludes potential Obuasi and Colombia developments/projects
Ron Largent Outgoing Chief Operating
Officer: International
SUCCESSION PLANNING FOR INTERNATIONAL OPERATIONS
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 12
Ludwig EybersIncoming Chief Operating
Officer: International
• Ron Largent retiring after exemplary career spanning nearly 30 years, most recently overseeing restructuring and subsequent significant turnaround of our International Operations into world-class portfolio
• Ludwig, a mining engineer, has worked closely with Ron for several years and has held accountability for planning and production in the International Portfolio since appointment at Deputy COO: International last year
• Formerly EVP Continental Africa, responsible for turnaround of our largest operating region:
- oversaw significant restructuring, with 44% productivity gains, in a ‘dollarized’ environment- led gains in safety, a significant drop in AIFR, and large improvement in environmental performance - Continental Africa is AngloGold Ashanti’s largest cash generator
• More than two decades of mining experience, including senior technical, operating and project management roles
• Worked in senior roles in Ghana, Australia and South Africa
Ron Largent
International
VenkatIntroduction
AGENDA
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 13
Graham Ehm
Projects & Exploration
Christine Ramon
Financials
01 Chris SheppardSouth Africa
Region
VenkatConclusion
02 03
04 05 06
FOCUS ON SAFETY – KEY INTERVENTIONS
14
Consistent, intensive focus on embedding safety culture and embracing latest technologies has helped improve safety
Consistent, intensive focus on embedding safety culture and embracing latest technologies has helped improve safety
Strategic Interventions across AngloGold Ashanti• Major Hazard Management programme• Large-scale training to improve overall safety capability• Lessons from reporting high-potential incidents
Specific SA Interventions Include• Improved seismic coverage• Increased backfill placement• Mining cycle changes • Pre-conditioning• Netting and bolting• Locomotive technology
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
A SUBSTANTIAL INVESTOR IN SOUTH AFRICA
AngloGold Ashanti remains a significant investor in its SA production base, which employs c. 28,000 people and has a potential future spanning several decades. The viability of this business needs to be ensured by ensuring costs are actively managed
AngloGold Ashanti remains a significant investor in its SA production base, which employs c. 28,000 people and has a potential future spanning several decades. The viability of this business needs to be ensured by ensuring costs are actively managed
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 15
Cash Operating Cost(Labour, electricity, consumables, etc.)
R12.6 billion
Growth Capital, Exploration and Evaluation Costs(Drilling and studies for future production, projects)
R2.1 billion
Sustaining Capital Investment(Investment in asset integrity and projects to ensure future sustained future production)
R2.7 billion
Total R17.4 billion
SA Operating and Capital Expenditure 2016
Cash Operating Costs Growth Capital, Exploration and Evauation Costs Capital Investment
R17.4 Billion2016
SOUTH AFRICA OPERATIONS OVERVIEW
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 16
*World Gold Council standard
Total cash costsAll-in sustaining costs*
Production koz
Costs $/oz
• At the West Wits, • Mponeng delivered strong results assisted by the ‘de-
risk mine plan’ formulated in 2015 to improve safety• TauTona experienced production challenges during
the year following 2 seismic incidents
• At Vaal River,• Moab Khotsong saw an increase in volume mined,
with additional face length created, 3% higher grades and a 5% increase in the Mine Call Factor
• Kopanang experienced significant safety related stoppages through the year, in addition to face time constraints, due to mining in the extremities of the lease area
• Surface Operations produced 187,000oz at a total cash costs of $899/oz, compared to 193,000oz at a total cash cost of $912/oz in the previous year.
• The uranium plant at MWS was recommissioned in the H2 2016. Recoveries are expected to improve due to the optimisation of the plant circuit.
967
1,004
481
486
505
500
2016 FY
2015 FY
2016 H2
2016 H1
2015 H2
2015 H1
896
881
984
809
867
894
1,081
1,088
1,205
958
1,079
1,097
2016 FY
2015 FY
2016 H2
2016 H1
2015 H2
2015 H1
The weaker exchange rate was largely offset by lower production volumes partially due to safety-related stoppages along with cost inflationary pressures including annual power tariff increases and salary adjustments
The weaker exchange rate was largely offset by lower production volumes partially due to safety-related stoppages along with cost inflationary pressures including annual power tariff increases and salary adjustments
Safety West Wits Vaal River• Continue to reinforce clear roles,
schedules and work routines to encourage safe practices
• Establish adoption processes that support sustainable practices and improved safety and health outcomes
• Studying infrastructure and operational synergies to further operating efficiencies
• Option studies to optimise end of life of mine at TauTona/Savuka in particular
• P500 efficiency initiatives well embedded; integral part of operations
• Vaal River optimization with aim to effect overall cost savings and orderly surface-footprint reduction
Surface Ops Mponeng B120 Technology• Offset the drop in MOD grade by
increasing throughput
• In addition to P500 savings, leverage procurement
• Stepping up implementation of Enterprise Development projects for local communities
• Focus on Phase 1 build up to steady state as a foundation for further brownfields growth
• Study combined CLR/VCR extraction approach, moving from PFS to FS
• Focus remains on TauTona with clear stage-gates for project success aimed at achieving desired machine/system efficiencies
• Consultations aimed at obtaining regulator approval for continuous operations
2017 PRIORITIES – SOUTH AFRICA
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 17
Working towards zero harm is our number one priorityWorking towards zero harm is our number one priority
Ron Largent
International
VenkatIntroduction
AGENDA
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 18
Graham Ehm
Projects & Exploration
Christine Ramon
Financials
01 Chris SheppardSouth Africa
Region
VenkatConclusion
02 03
04 05 06
INTERNATIONAL OPERATIONS OVERVIEW
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 19
The International operations continue to perform well despite local inflationary pressures, and operational challenges at Kibali
The International operations continue to perform well despite local inflationary pressures, and operational challenges at Kibali
• Continental Africa delivered 1.321Moz at total cash cost of $717/oz in 2016 compared to 1.435Moz at $678/oz in 2015• Impacted by challenges at Kibali and planned lower
production at Geita; strong performances from Iduapriem and Siguiri
• Americas produced 820,000oz in 2016 at total cash cost of $578/oz compared to 831,000oz at $576/oz in 2015• Impacted by lower year-on-year contribution from Brazil;
Argentina delivers record production result
• Australia produced 520,000oz for 2016 at total cash cost of $793/oz compared to 560,000oz at $702/oz for 2015• Lower contribution from Tropicana mainly due to the
planned reduction in grade. Grade streaming to be reintroduced in H2 2017
• Sunrise Dam saw increased underground ore production, improved grades and higher mill throughput
*World Gold Council standard
Total cash costsAll-in sustaining costs*
Production koz
Costs $/oz
2,661
2,826
1,402
1,259
1,448
1,378
2016 FY
2015 FY
2016 H2
2016 H1
2015 H2
2015 H1
689
653
707
670
638
669
929
823
981
873
806
840
2016 FY
2015 FY
2016 H2
2016 H1
2015 H2
2015 H1
2017 PRIORITIES – INTERNATIONAL
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 20
Sunrise Dam Tropicana Siguiri Geita
• Commence recovery enhancement project, resource extension drilling and underground materials handling study
(Objective: to increase recoveries and improve underground tonnages)
• Execution of Long Island Study, resumption of grade streaming and optimisation of expanded processing plant
(Objective: improve mill-feed grade)
• Execute on hard-rock combination plant project
• Project fully approved, long-lead items ordered
• Plan and build 39MW power plant
(Objective: Increase production, lower cost, extend mine life)
• First full-year underground mining/development at Star & Comet;
• Start Nyankanga underground;test Geita Hill
• Underground exploration to increase resource
• Build 40 MW power plant
(Objective: Increase production, extend mine life)
Iduapriem CVSA Serra Grande Mineração
• Execute on pre-stripping at Teberebie
• Confirm exploration potential of Block 1
(Objective: Increase grade, extend mine life)
• Focus on site/regional exploration
• Completion of option review of regional resources
(Objective: Extend mine life)
• Developing high-grade Palmeiras and Inga ore bodies
• Accelerate regional exploration
• Drilling and evaluation of recent Orinoco JV
(Objective: Increase production, extend mine life)
• Accelerate ore-reserve development at Cuiaba to improve mining flexibility
• Continue drilling satellite ore bodies
• Evaluate ore sorting prototypes• Implementation of ore sorting at
Córrego do Sítio
(Objective: Increase production, extend mine life)
TROPICANA: OPERATIONAL EXCELLENCE IN PROGRESS
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 21
Optimising Tropicana Life of Mine (Long Island Study)
Current Operational Value Enhancement
• Over past six months: Reserve up 1.1Moz for 3.4Moz contained gold; Resource up 1.5Moz for >8Moz contained gold**
• Potential for further 7-year life extension
• Optimisation using Tropicana pit for waste dumping
• Completed plant expansion to 7.5Mpta in 2016
• Plan now for 7.6Mpta to 7.9Mpta over next 12 months
• Mining intensified with 600t shovel; grade streaming resumes
0
200
400
600
800
1000
1200
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2013 2014 2015 2016 2017E
$/ozoz
Production* AISC
317,000oz mid point
attributable
*Attributable 70%
We have used innovative thinking to optimise the mine at nominal capital cost in the near- to medium-term, whilst a long-term future is taking shape
We have used innovative thinking to optimise the mine at nominal capital cost in the near- to medium-term, whilst a long-term future is taking shape
**Net of depletion
Payback achieved within
first 3 years
TROPICANA: LONG ISLAND STUDY TIMELINE
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 22
Long Island Study
Update
Long Island Study
Finalisation
Business Plan Update
Operational Readiness
Long Island Commences
H2 2016• Model update, optimisation and
scheduling • Mineral Resource and Ore
Reserve update • Long Island Drilling continuing
2017• Capture Long Island outcome in
Business Plan
2019• Initial cutback to commence once
Tropicana pit is mined to full depth
2018• Long Island operational
readiness preparation
H1 2017• 2017 model update, optimisation and scheduling• Update Ore Reserve & Mineral Resource• Update LOM plan
WIP
Optimise steady state operations
Ron Largent
International
VenkatIntroduction
AGENDA
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 23
Graham Ehm
Projects & Exploration
Christine Ramon
Financials
01 Chris SheppardSouth Africa
Region
VenkatConclusion
02 03
04 05 06
ORE RESERVE AND MINERAL RESOURCE UPDATE
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 24
Our exploration programme is yielding good results with most of the year’s depletion offset by reserve gains whilst resources see an increase
Our exploration programme is yielding good results with most of the year’s depletion offset by reserve gains whilst resources see an increase
45
50
55
51.70 -3.90 1.10 0.60 0.50 0.40 -0.30 50.10
Dec 2015 Depletion Tropicana AGA Mineracao Siguiri Sunrise Dam Kibali Dec 2016
Reconciliation of Ore Reserve 2016 vs.2015
190
200
210
220
207.80 -4.40 5.50 2.20 1.50 1.30 1.20 0.90 0.90 0.80 -0.80 -1.00 -0.60 -0.60 214.70
Dec 2015 Depletion Obuasi Mponeng Tropicana SunriseDam
AGAMineracao
Siguiri Geita Other Kibali MoabKhotsong
TauTona Kopanang Dec 2016
Reconciliation of Mineral Resource 2015 vs. 2016
VALUE-DRIVING PORTFOLIO IMPROVEMENTS - BROWNFIELDS
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 25
This snapshot of our Brownfields opportunities highlights tremendous value within the portfolio
This snapshot of our Brownfields opportunities highlights tremendous value within the portfolio
Project Main Scope Capex Production AISC Mine Life
Siguiri Expansion
Treat fresh/transitional material
$158M¹ over 2 years
300koz pa c. $900/ozInitially adds 4
years from 2019
Sadiola Sulphides**
Treat hard rock material $410M 300koz pa c. $900/oz Adds 10 years
TOTAL $568MOver 3 years
¹ Approved scope change for owner build power station reduces cost and increases project NPV.** Contingent on investment decision which is dependent on various approvals and permits awaited from the Government of Mali
c$570M OF CAPITAL TO DEVELOP WELL OVER 4Moz AT SIGNIFICANTLY LOWER COSTS
STEP-OUT PROJECTS PROVIDE LONG-TERM OPTIONS
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 26
This snapshot of our step-out growth opportunities highlight tremendous hidden value within the portfolio
This snapshot of our step-out growth opportunities highlight tremendous hidden value within the portfolio
Project Main Scope for 2017 Update
Gramalote,Colombia
Pre-feasibility targeted for year-end
• Permitted project• Successful PFS completion will result in resource-to-
reserve conversion• Current resource 3.475Moz attributable
Obuasi,Ghana
• Preparing new Amendment to Programme of Mining Operations
• Review all future options
• Fenced operational area cleared of illegal mining activity, work continues to remove the rest
• Identified illegal mining holes within fenced area closed
Mponeng,South Africa
Optimisation study around current phased approached
• Will seek to explore improvements around logistics, face time availability, work cycles, seismic risk management and costs
AIMING TO DAYLIGHT VALUE OF UNDER-APPRECIATED ASSETS
KIBALI – STRONG RECOVERY
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 27
131123
150
182
0
10
20
30
40
50
60
70
80
90
0
20
40
60
80
100
120
140
160
180
200
Q1 2016 Q2 2016 Q3 2016 Q4 2016
%koz
Production vs. Recovery
Gold Production Recovery
1,640 1,681
2,093
2,300
0
0.5
1
1.5
2
2.5
3
0
500
1000
1500
2000
2500
Q1 2016 Q2 2016 Q3 2016 Q4 2016
g/t
kt
Tonnes Treated vs. Grade
Throughput/Runtime Grade
Kibali recovered well from a challenging start to the year, with a firm foundation in place for the longer term
Kibali recovered well from a challenging start to the year, with a firm foundation in place for the longer term
*figures shown at 100%
PRODDUCTION_WASTEPASS
PRODUCTION OPA_4
MHL_HAULAGE_SOUTH
MHL_HAULAGE_NORTH
Conveyor level transfer station in progress (CV01)
CRUSHER INCLINE
C_ INCLINE
KIBALI – SHAFT OPERATIONS SCHEDULED BY YEAR-END
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 28
Construction of the metallurgical facility and infrastructure• Construction of Ambarau hydropower plant continued during the quarter; first power rescheduled to Q1• Construction at Azambi, third hydropower plant, has commenced• Expansion of ultra-fine grind capacity, to improve full sulphide-feed recoveries, continued to schedule; commissioning
planned for Q1 2017
Declines• Underground ramp-up continued in Q4 2016, ore from underground operations 454,713t • Development profile in line with Q3 at 3.5km to ensure sufficient ore from shaft operations scheduled for later in 2017
Vertical shaft• Off-shaft development on schedule for commissioning in Q4 2017
GREENFIELDS EXPLORATION STRATEGY
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 29
*According to SNL (2016)
• Primary focus on countries with synergies to optimise cost and opportunities, targeting >6Moz discovery with high margin, low capital potential by 2019
• Greenfields Exploration team delivers ounces consistently at <$25/oz
• Credited* with share in eight discoveries from 2001-2015 hosting 73.3Moz attributable gold in reserves and resources
• Most gold discovered by any of the profiled companies, almost twice that of nearest competitor
Ron Largent
International
VenkatIntroduction
AGENDA
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 30
Graham Ehm
Projects & Exploration
Christine Ramon
Financials
01 Chris SheppardSouth Africa
Region
VenkatConclusion
02 03
04 05 06
KEY METRICS: COMPARATIVE PERFORMANCE
31
2016 H2 2015 H2 Change (%)
Gold Price Received ($/oz) 1,274 1,113 14
Gold Production* (kozs) 1,883 1,953 -4
Total cash costs ($/oz) 780 699 12
All-in sustaining costs ($/oz) 1,058 897 18
All-in costs ($/oz) 1,155 991 17
Adjusted EBITDA ($m) 767 679 13
Adjusted EBITDA margin (%) 36.1 34.5 5
Tax ($m) 138 96 44
Interest cost ($m) 72 103 -30
Working capital inflows ($m) 26 61 -57
Free cash flow ($m)** 170 110 55
Net Debt ($m) 1,916 2,190 -13
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
*excluding discontinued operations**including bond redemption premium
FOCUS ON MARGINS – PROGRESS REPORT
32
We remain focused on margins while we reinvest in low-capital, high return options within the business
We remain focused on margins while we reinvest in low-capital, high return options within the business
1,597
1,312 1,341
1,170
1,017 9931,052 1,034 1,005
920 928 937860
911
1,058
700
900
1100
1300
1500
1700
1900
2100
Q42012
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
2016H1
2016H2
$/o
z
All-in sustaining costs, All-in costs and Average gold price
All-in sustaining costs* Average gold price All-in costs*
*World Gold Council standard adjusted to exclude stockpile and NRV adjustments
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
HALF YEAR
NUMBERS
640
660
680
700
720
740
760
780
800
699 -8 34 39 5 -3 2 12 780
H2 2015 Exchange Inflation Volume andgrade
Stockpiles andinventory
By products Efficiency Other H2 2016
H2 Cash Cost $/oz vs. Prior Year
COST PERFORMANCE
33
Inflation, lower grades, and higher sustaining capex have pushed costs higherInflation, lower grades, and higher sustaining capex have pushed costs higher
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
800
850
900
950
1,000
1,050
1,100
897 81 4 21 1 57 -3 1,058
H2 2015 Cash Costs RetrenchmentCosts
Rehab and othernon cash costs
ExplorationCosts
Sustaining capex Inventory andOther
H2 2016
All-in sustaining cost $oz soldExcluding Stockpile NRV and other adjustments
AHE RECONCILIATION
34RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
$m2015 AHE 49
Gold Price 312
Ounces sold (241)
Effects of weakening local currencies 169
Effects of inflation (124)
Net finance costs 61
Reduced income from associates (57)
Increased depreciation (32)
Other movements 6
2016 AHE 143
Once-off costs:
DB pension fund costs 12
Net impact of once-off taxes and FX on deferred tax balance (32)
Legal fees and provisions 7
2016 AHE Normalised 130
Undrawn facilities*At 31 December 2016
*Total calculated with ZAR facility at R13.7311/$ (excluding DMTNP), AUD facility at 0.7215$ to A$
A$265m
R2.2bn
US$1.010bn
US$215mCash
$1.576bn
BALANCE SHEET FLEXIBILITY
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 35
Highest cost debt redeemed using our US dollar RCF and internal cash generation; ample liquidity, no near-dated maturities, and sufficient covenant headroom
Highest cost debt redeemed using our US dollar RCF and internal cash generation; ample liquidity, no near-dated maturities, and sufficient covenant headroom
Last-12-months adjusted EBITDA ratio based on restated results
Net debt and Net debt to Adjusted EBITDA
1.811.70
1.942.02 1.95
1.54 1.49 1.47 1.441.26 1.24
1500
2000
2500
3000
3500
0.5
1
1.5
2
2.5
3
3.5
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Net
deb
t $m
Net
deb
t to
Adj
uste
d E
BIT
DA
Net debt to Adjusted EBITDA Net debt
POSITIVE CASH FLOW MOMENTUM SUPPORTS RESUMPTION OF DIVIDEND
36
We continue to deliver on our strategy of improving free cash flows even in a volatile environmentWe continue to deliver on our strategy of improving free cash flows even in a volatile environment
*2015 adjusted for bond redemption premium of $61m on part settlement of $1.25bn bonds and for Obuasi redundancy costs and Rand Refinery loan in 2014**2016 Adjusted for bond redemption premium on settlement of remaining $1.25bn bonds
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
-666 -1064
142 202*308**
2012 2013 2014 2015 2016
Free Cash Flow Generation (Adjusted FCF) $m
Dividend policy – 10% of free cash flow generated by the business for that year, before growth capex, subject to the board’s discretion
Guidance Notes
Production (000oz) 3,600 – 3,750
- Obuasi in limited operations phase with no production anticipated in 2017. No provision for any unforeseen operational disruptions, power-related stoppages, or changes to asset portfolio and/or operating mines.- Note that there is, as always, a strong negative impact expected in
the first half of the year given the slow start-up in SA following the holiday break, and interruptions around the Easter break.
Costs All-in sustaining costs ($/oz) 1,050 – 1,100 Assumptions : ZAR14.25/$, $/A$0.75, BRL3.40/$ and AP16.50/$;
Brent $58/bl. (All averages for the year); AISC includes group corporate costsTotal cash costs ($/oz) 750 – 800
OverheadsCorporate costs ($m) 80 – 90 Inflation and retention of critical skills and skills development
Expensed exploration and study costs ($m) 170 – 190 Including equity accounted joint ventures
Capex
Total ($m) 950 – 1,050
Sustaining Capex ($m) 830 – 900Stay-in-business, ore-reserve development, asset integrity; Includes increases particularly at Geita, AGA Mineração, and Sunrise Dam
Non-sustaining Capex ($m) 120 – 150 Includes project capital for projects at Siguiri, Kibali and Mponeng
Depreciation & Amortisation ($m) 850
Depreciation & Amortisation
included in equity accounted earnings ($m)125 Earnings of associates and joint ventures
Interest and finance costs ($m) - income statement 140
Interest and finance costs ($m) – cash flow 135 Affected by timing of coupon payments
Other operating expenses ($m) 85 Primarily includes the costs of limited operations related to Obuasi
SENSITIVITIES (based on $1200/oz gold price and the same assumptions used for guidance)
AISC ($/oz) Cash flow before any taxes ($m)
10% change in the oil price ~4% ~14
10% change in local currency ~$60 ~100
10% change in the gold price ~$4 ~430
50koz change in production ~$14 ~55
GUIDANCE - 2017
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 37
Both production and cost estimates assume neither labour interruptions or power disruptions, nor changes to asset portfolio and/or operating mines and have not been reviewed by our external auditors. Other unknown or unpredictable factors could also have material adverse effects on our future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2015, filed with the SEC.
Ron Largent
International & Projects
VenkatIntroduction
AGENDA
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 38
Graham Ehm
Projects & Exploration
Christine Ramon
Financials
01 Chris SheppardSouth Africa
Region
VenkatConclusion
02 03
04 05 06
2013 2014 2015 2016
CONSISTENTLY MEETING OUR COMMITMENTS
39
Consistently meeting or exceeding our commitments is a cornerstone of our strategy and is fundamental to our investment case
Consistently meeting or exceeding our commitments is a cornerstone of our strategy and is fundamental to our investment case
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
Annual Production (continuing operations)Moz
Production Guidance
COMMITMENTS FOR 2017
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016 40
Focus remains on ensuring stable, consistent outcomes in a volatile environmentFocus remains on ensuring stable, consistent outcomes in a volatile environment
2017Commitments
Further improve safety and sustainability performance
Continue to enhance margins and cash flow
Execute on low capital, high return brownfields projects
Proactively manage debt and improve financial flexibility
Return to dividend paying statusContinue moving long-term projects up value curve
Move to sustainable resolution at Obuasi
Continued focus on turn around in SA and Kibali
INVESTMENT CASE – VALUE CATALYSTS
41
1. High-quality portfolio of long-life, pure gold assets with strong leverage to energy and currencies
4. Decisive strategic responses cements ability to weather lower gold price
5. Balance sheet flexibility - appropriate liquidity, covenant and maturities
6. Well developed engagement model ensures strong stakeholder relationships and license to operate
2. Transparent, decisive management team focused on delivery and shareholder value
3. Prioritising margins over production growth – focus on cost and capital discipline
for value uplift and a sustainable, long-term mining business
A strong investment case with several catalysts…
RESULTS FOR THE HALF YEAR & YEAR ENDED DECEMBER 2016
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