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AngloGold Maintains Investment Grade Credit Rating

AngloGold Maintains Investment Grade Credit Rating 
JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 12/10/12 --  AngloGold
Ashanti (NYSE: AU) is pleased to note that Standard & Poor's has
affirmed the investment grade rating on the company's publicly traded
debt following an extensive review. 
"We've taken strong, decisive action to maintain our investment grade
rating and preserve our financial stability and flexibility," Chief
Executive Officer Mark Cutifani said. "And at the same time our
strategy to improve the quality and diversity of our portfolio
remains firmly on track." 
The affirmation of the BBB-rating (with negative outlook) comes
despite a decision in October to downgrade South Africa's sovereign
debt rating and that of several of the country's other corporates.
The decision highlights AngloGold's geographically diverse production
base and new production coming on stream from projects already in
advanced stages of development. 
"Maintaining a strong and stable financial foundation has always been
key to ensuring we have cost-effective access to capital over the
long-term," said AngloGold's Chief Financial Officer, Srinivasan
Venkatakrishnan, who led the team through the rating review. "Despite
the raft of macro headwinds we've faced during the recent months,
we've shown that we have the strategy, portfolio and the team to make
good on our commitments." 
The investment grade rating reflects AngloGold's diverse portfolio of
operating gold mines, which reduces its dependence on any single
jurisdiction, the company's competitive total cost structure and its
ability to protect cash flows in a range of gold price scenarios.
AngloGold's two major new projects -- Tropicana in Australia and
Kibali in the Democratic Republic of Congo -- are scheduled to begin
production within the next year, further diversifying AngloGold's
production base. 
About AngloGold Ashanti 
AngloGold Ashanti is a global gold mining company and the world's
third largest gold producer. Headquartered in Johannesburg, South
Africa, AngloGold Ashanti has 20 operations on four continents and
one of the gold industry's most successful exploration teams which
work across both the established and new gold producing regions of
the world. This includes land positions in Colombia, Egypt, Guinea,
Australia and the Solomon Islands, among others. AngloGold Ashanti
employed 61,242 people, including contractors, in 2011 and produced
4.33Moz of gold, generating $6.6bn in gold income. Capital
expenditure in 2011 amounted to $1.5bn. As at 31 December 2011,
AngloGold Ashanti's Ore Reserve totalled 75.6Moz. 
The primary listing of the company's ordinary shares is on the JSE
Limited (JSE). Its ordinary shares are also listed on stock exchanges
in London and Ghana, as well as being quoted in New York in the form
of American Depositary Shares (ADSs), in Australia, in the form of
CHESS Depositary Interests (CDIs) and in Ghana, in the form of
Ghanaian Depositary Shares (GhDSs). 
At September 30 the company had a robust balance sheet, with net debt
of $1.569bn and earnings before interest tax, depreciation and
amortisation of $2.07bn in the first nine months of the year.
AngloGold Ashanti has the following publicly traded debt outstanding: 


 
--  $300m, 30-year bond due 2040, bearing a coupon of 6.5%
--  $700m, 10-year bond, due 2020, bearing a coupon of 5.375%
--  $750m, 10-year bond, due 2022, bearing a coupon of 5.125%
--  $732.5m, 5-year convertible bond, due 2014, bearing a coupon of 3.5%
    and a strike price of $47.61 per share

  
Moody's Investor Service, another international rating agency, rates
AngloGold Ashanti's debt Baa2, an investment grade ranking which is
two notches above high yield, or junk status. 
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
achievement of project milestones, the completion and commencement of
commercial operations of certain of AngloGold Ashanti's exploration
and production projects and the completion of acquisitions and
dispositions, any plan regarding the restructuring of any of
AngloGold Ashanti's operations, AngloGold Ashanti's liquidity and
capital resources and capital expenditure and the outcome and
consequence of any potential or pending litigation or regulatory
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, social, political 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, 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 and the
prospectus supplement to the company's prospectus dated July 17, 2012
that was filed with the Securities and Exchange Commission on July
25, 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 herein. 
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 As
hanti posts information that is important to investors on
the main page of its website at www.anglogoldashanti.com 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.  
Contacts  
Media
Alan Fine 
+27 83 250 0757 
Stewart Bailey 
+1 646 338 4337/ +27-83-253-2021 
Investors
investors@anglogoldashanti.com 
Stewart Bailey (US & SA) 
+1 646 338 4337  
Sabrina Brockman (US & Canada) 
+1 (212) 858 7702/ +1 646 379 2555 
Mike Bedford (UK & Europe) 
+44 779 497 7881/ +44 1225 93 8483 
 
 
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