AngloGold Ashanti Announces Departure of Mark Cutifani

AngloGold Ashanti Announces Departure of Mark Cutifani 
JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 01/08/13 --  AngloGold
Ashanti (NYSE: AU) -- The Board of AngloGold Ashanti today announced
the resignation of Chief Executive Officer Mark Cutifani, who has
accepted an offer to become the Chief Executive Officer of Anglo
American Plc, effective April 3. Mark will remain in the role of CEO
of AngloGold Ashanti until March 31. 
The Board of Directors, under Chairman Tito Mboweni, has initiated a
formal search for a new Chief Executive Officer of AngloGold Ashanti,
in terms of which both internal and external candidates will be
considered. When Mark's resignation becomes effective and until a new
CEO has been appointed, the board has asked Chief Financial Officer
Srinivasan Venkatakrishnan (Venkat) and Executive Vice President
Business & Technical Development Tony O'Neill to act as joint interim
Chief Executives, with Venkat responsible for all Finance and
Corporate functions and Tony responsible for all Operations, Projects
(including ERP and procurement) and Technical functions.  
Both executives are well suited for their interim roles with strong
track records at AngloGold Ashanti and in the mining industry. Venkat
has held positions at AngloGold and Ashanti Goldfields since 2000 and
has been Chief Financial Officer of AngloGold Ashanti since 2005.
Tony, who will join the board of directors in coming weeks, joined
AngloGold Ashanti in 2008 and has had an extensive career in mining
since 1978. Both Venkat and Tony have indicated to the Board of
Directors that they are not at this time intending to put themselves
forward for the position of CEO. 
Commenting on Mark's intended departure, Mr. Tito Mboweni, Chairman
of the Board of Directors, said: "I would like to thank Mark for five
years of inspirational leadership, during which time he transformed
the business. Mark led a significant operations and financial
turnaround with industry-leading returns, and built a leadership team
with outstanding breadth and depth. I am indebted to Mark for
successfully navigating many difficult aspects of the global business
and for setting the company up for long-term success." 
Since the launch of AngloGold's new strategy under Mark at the
beginning of 2008, safety has improved by some 70%, the hedge book
has been eliminated and the balance sheet rebuilt, the operating
performance of several key assets have been improved and key growth
projects are scheduled to start production in the next 12 months.
Earnings before interest, tax, depreciation and amortisation almost
tripled over that time, outpacing gains in the gold price. Mark also
initiated a comprehensive business improvement and people-focused
intervention -- Project One -- which continues to drive stability and
improved performance across the business. 
AngloGold Ashanti's Board, its executive management team and
employees would like to offer their heartfelt thanks to Mark for his
significant contribution to the company and to wish him every success
in his new role. 
Commenting on his intended departure, Mark said: "It's been a
privilege working with the Board and my colleagues to rebuild our
operations and financial foundations and deliver industry-leading
capital returns, whilst developing a project pipeline to deliver
long-term sustainable value. But it's the focus on people, the
rebuilding of the management team and their delivery of significant
safety, environment and community development improvements, that will
help AngloGold Ashanti prosper in the long term." 
Backgrounds of Interim Co-Chief Executive Officers Srinivasan
Venkatakrishnan and Tony O'Neill 
Mr S Venkatakrishnan (Venkat) 
 Chief Financial
Venkat joined AngloGold Ashanti on 1 July 2004, having been Chief
Financial Officer at Ashanti Goldfields Company Limited (Ashanti)
until that company's merger with AngloGold Limited in May 2004. He
was appointed to the board on 1 August 2005, is a member of the
Executive, Risk and Information Integrity and Investment Committees
and is invited to attend meetings of the Audit and Corporate
Governance Committee. Venkat has extensive financial experience,
having been a director in the reorganisation services division of
Deloitte & Touche in London prior to joining Ashanti in 2000. Venkat
is a member of the audit committee of the World Gold Council and has
recently been appointed to the Financial Reporting Investigation
Panel, an advisory panel of the JSE. 
Venkat led the team that eliminated a 12Moz hedge book at an
attractive average price, generating significant value for the
company. He was also the key executive behind rebuilding the balance
sheet through a series of successful and innovative financings that
included debt, convertible debt and equity. His efforts to secure an
international investment grade rating for AngloGold Ashanti and then
to successfully defend that rating after a wave of industrial unrest
in South Africa, have helped AngloGold Ashanti retain a competitive
cost of capital. As the lead executive on all M&A activity, he has
successfully negotiated a series of acquisitions and disposals,
including the $1bn sale of the Boddington stake to Newmont and the
sale of Tau Lekoa to Simmer & Jack. (Acquisitions have largely been
bolt-on in nature and value accretive.) 
Mr AM O'Neill 
 BSc (Mining Engineering), MBA
 Executive Vice
President - Business and Technical Development 
Tony O'Neill joined AngloGold Ashanti in July 2008 as Executive Vice
President - Business and Technical Development, having consulted to
the company prior to this on its asset portfolio strategy. He is a
mining engineer with an MBA from the University of Melbourne. His
extensive career in mining, predominantly in the gold sector, has
spanned almost 35 years, including his previous role as executive in
charge of operations at Newcrest Mining and before that as the
executive in charge of the gold business of Western Mining
Corporation. Tony is a recognised global business and technical
expert in the mining industry. He has led the strategy development
and delivery of significant turnarounds in large, complex and
geographically diverse mining businesses; capitalising on his deep
understanding of the resources sector, its inputs, and conditions for
As Executive Vice President - Business & Technical Development for
AngloGold Ashanti Ltd, Tony has had full accountability for a wide
global portfolio ranging from Exploration, Innovation & Improvement,
strategy, Mergers & Acquisitions, Asset Management, Business
Knowledge & Information Technology, Supply Chain and Safety &
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, Guinea and Australia, 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 of 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). 
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 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.  
Alan Fine
+27 83 250 0757 
Stewart Bailey
+1 646 338 4337/ +27-83-253-2021 
Stewart Bailey (US & SA)
+1 646 338 4337  
Sabrina Brockman (US & Canada)
+1 (212) 858 7702 / +1 646 379 2555 
Mike Bedford (UK/ Europe & SA)
+44 779 497 7881 / +44 1225 93 8483 
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