MINERAL RESOURCE AND ORE RESERVE
Summary

AngloGold Ashanti’s 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 Mineral Reserves (The SAMREC Code, 2007 edition and amended July 2009).

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 were reviewed and it was concluded that none of the changes are material to the overall valuation of the company. AngloGold Ashanti therefore resolved not to provide the detailed reporting as defined in Table 1 of the code. The company will, however, continue to provide the high level of detail it has in previous years in order to comply with the transparency requirements of the code.

AngloGold Ashanti strives to actively create value by growing its major asset – the Mineral Resource and Ore Reserve. This drive is based on an active, well-defined brownfields and greenfields exploration programme, innovation in both geological modelling and mine planning and continual optimisation of its asset portfolio.

GOLD PRICE

The local prices of gold were used as a basis for estimation of the December 2013 declaration.

The JORC and SAMREC Codes require the use of reasonable economic assumptions. These include long-range commodity price forecasts which are prepared in-house.

MINERAL RESOURCE

The total Mineral Resource decreased from 241.5Moz in December 2012 to 233.0Moz in December 2013. A gross annual decrease of 2.8Moz occurred before depletion, while the net decrease after allowing for depletion is 8.5Moz. Changes in economic assumptions from December 2012 to December 2013 resulted in a 12.9Moz decrease to the Mineral Resource, whilst exploration and modelling resulted in an increase of 10.7Moz. Depletion from the Mineral Resource for the year totalled 5.8Moz.

The Mineral Resource was estimated at a gold price of US$1,600/oz (2012: US$2,000/oz).

ORE RESERVE

The AngloGold Ashanti Ore Reserve reduced from 74.1Moz in December 2012 to 67.9Moz in December 2013. A gross annual decrease of 6.2Moz includes depletion of 5.0Moz. The additional reduction of 1.2Moz in the Ore Reserve results from changes in economic assumptions from 2012 to 2013, which resulted in a reduction of 3.4Moz to the Ore Reserve, while exploration and modelling changes resulted in an increase of 2.2Moz.

The Ore Reserve was calculated using a gold price of $1,100/oz (2012: $1,300/oz).

Local prices of gold
    South Africa Australasia Brazil Argentina
  $/oz ZAR/kg AUD/oz BRL/oz ARS/oz
2013 Ore Reserve 1,100 360,252 1,249 2,551 6,186
2013 Mineral Resource 1,600 434,112 1,606 3,304 8,106
Inclusive Mineral Resource
    Moz
Mineral Resource as at 31 December 2012 241.5
Reductions    
Kopanang Negative exploration results defined a large uneconomic area (2.5)
Savuka Depletions and transfers to TauTona and Mponeng (3.0)
Obuasi Revised domaining of Mineral Resource models (2.4)
Geita Gold price resulted in an increased cut-off (1.6)
CC&V Gold price, model grade and recovery factors (2.1)
Other Total of non-significant changes (3.8)
Additions    
Mponeng Transfers from the Savuka Mineral Resource 1.7
Kibali Positive exploration results 2.0
La Colosa Exploration growth tempered by reduced economics 1.2
Other Total of non-significant changes 2.6
Disposals    
Kibali Kibali South Inferred Mineral Resource transferred to SOKIMO (0.6)
Mineral Resource as at 31 December 2013 233.0
Ore Reserve
    Moz
Ore Reserve as at 31 December 2012 74.1
Reductions    
Savuka Depletions and transfers to TauTona and Mponeng (0.5)
Moab Khotsong Model changes and depletions (0.5)
Sadiola Model changes, economics and depletions (0.7)
Geita Economic changes had a significant negative effect (1.5)
CC&V Lower gold price (1.2)
Other Total non-significant changes (3.0)
Additions    
Mponeng Mainly due to net effect of transfer from Savuka 0.8
Other Total non-significant changes 0.4
Ore Reserve as at 31 December 2013 67.9

Rounding of figures may result in computational discrepancies.

BY-PRODUCTS

Several by-products are recovered as a result of the processing of the gold Ore Reserve. These include 57,897t of uranium oxide from the South African operations, 382,766t of sulphur from Brazil and 29.6Moz of silver from Argentina.

COMPETENT PERSONS

The information in this report relating to exploration results, Mineral Resources and Ore Reserves is based on information compiled by or under the supervision of the Competent Persons as defined in the JORC or SAMREC Codes. All Competent Persons are employed by AngloGold Ashanti, unless otherwise stated, and have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking. The Competent Persons consent to the inclusion of Exploration Results, Mineral Resource and Ore Reserve information in this report, in the form and context in which it appears.

During the past decade, the company has developed and implemented a rigorous system of internal and external reviews aimed at providing assurance in respect of Ore Reserve and Mineral Resource estimates. The following operations were subject to an external review in line with the policy that each operation/project will be reviewed by an independent third party on average once every three years:

  • Mineral Resource and Ore Reserve at Kopanang and Great Noligwa Mines
  • Mineral Resource and Ore Reserve at TauTona Mine
  • Ore Reserve at Kibali Mine
  • Mineral Resource at Gramalote

External reviews were conducted by the following companies: AMEC (Kopanang, Great Noligwa, TauTona and Gramalote) and Snowden (Kibali Mine). Certificates of sign-off have been received from all companies conducting the external reviews to state that the Mineral Resource and/or Ore Reserve comply with the JORC Code and the SAMREC Code.

Numerous internal Mineral Resource and Ore Reserve process reviews were completed by suitably qualified Competent Persons from within AngloGold Ashanti. A documented chain of responsibility exists from the Competent Persons at the operations to the company’s Mineral Resource and Ore Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource and Ore Reserve Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MGSSA, FAusIMM, assumes responsibility for the Mineral Resource and Ore Reserve processes for AngloGold Ashanti and is satisfied that the Competent Persons have fulfilled their responsibilities.

A detailed breakdown of Mineral Resource and Ore Reserve and backup detail is provided in the Annual Mineral Resource and Ore Reserve 2013.

Mineral Resource by region (attributable) inclusive of Ore Reserve
        Contained gold
Gold as at 31 December 2013 Category Tonnes million Grade g/t Tonnes Moz
South Africa Measured 164.79 2.48 409.37 13.16
  Indicated 949.84 2.07 1,968.70 63.30
  Inferred 51.36 10.78 553.96 17.81
  Total 1,165.99 2.51 2,932.03 94.27
Continental Africa Measured 110.41 2.32 256.30 8.24
  Indicated 475.62 2.52 1,197.92 38.51
  Inferred 290.50 2.39 693.66 22.30
  Total 876.52 2.45 2,147.88 69.06
Australasia Measured 35.57 1.65 58.87 1.89
  Indicated 70.92 2.10 148.71 4.78
  Inferred 20.05 3.04 60.92 1.96
  Total 126.54 2.12 268.51 8.63
Americas Measured 293.87 1.06 310.12 9.97
  Indicated 277.67 1.26 349.90 11.25
  Inferred 1,268.53 0.98 1,239.20 39.84
  Total 1,840.07 1.03 1,899.22 61.06
AngloGold Ashanti Measured 604.64 1.71 1,034.66 33.27
  Indicated 1,774.04 2.07 3,665.23 117.84
  Inferred 1,630.45 1.56 2,547.74 81.91
  Total 4,009.13 1.81 7,247.63 233.02

Rounding of figures may result in computational discrepancies.

Mineral Resource by region (attributable) exclusive of Ore Reserve
        Contained gold
Gold as at 31 December 2013 Category Tonnes million Grade g/t Tonnes Moz
South Africa Measured 15.33 18.11 277.65 8.93
  Indicated 230.62 3.71 856.27 27.53
  Inferred 17.00 18.74 318.52 10.24
  Total 262.95 5.52 1,452.43 46.70
Continental Africa Measured 22.89 3.68 84.32 2.71
  Indicated 244.05 2.24 546.35 17.57
  Inferred 289.56 2.39 691.73 22.24
  Total 556.50 2.38 1,322.40 42.52
Australasia Measured 3.21 0.87 2.80 0.09
  Indicated 43.29 1.97 85.30 2.74
  Inferred 20.05 3.04 60.92 1.96
  Total 66.55 2.24 149.02 4.79
Americas Measured 152.12 0.95 145.07 4.66
  Indicated 203.04 1.04 211.91 6.81
  Inferred 1,265.98 0.97 1,225.98 39.42
  Total 1,621.13 0.98 1,582.96 50.89
AngloGold Ashanti Measured 193.55 2.63 509.83 16.39
  Indicated 720.99 2.36 1,699.83 54.65
  Inferred 1,592.59 1.44 2,297.16 73.86
  Total 2,507.13 1.80 4,506.82 144.90
Ore Reserve by region (attributable)
        Contained gold
Gold as at 31 December 2013 Category Tonnes million Grade g/t Tonnes Moz
South Africa Proved 150.77 0.68 102.05 3.28
  Probable 731.97 1.17 859.08 27.62
  Total 882.75 1.09 961.13 30.90
Continental Africa Proved 67.88 2.22 150.35 4.83
  Probable 250.06 2.44 608.99 19.58
  Total 317.93 2.39 759.34 24.41
Australasia Proved 32.37 1.73 56.08 1.80
  Probable 27.16 2.30 62.33 2.00
  Total 59.53 1.99 118.41 3.81
Americas Proved 140.68 1.05 148.17 4.76
  Probable 78.25 1.61 126.06 4.05
  Total 218.93 1.25 274.23 8.82
AngloGold Ashanti Proved 391.70 1.17 456.65 14.68
  Probable 1,087.44 1.52 1,656.45 53.26
  Total 1,479.14 1.43 2,113.11 67.94

Rounding of figures may result in computational discrepancies.