ANGLOGOLD ASHANTI LIMITED - Q3 Earnings Jump on 12% Output Gain

AngloGold Ashanti Limited

(Incorporated in the Republic of South Africa \ Reg. No. 1944/017354/06)

ISIN No. ZAE000043485 - JSE share code: ANG \ CUSIP: 035128206 - NYSE share
code: AU

Website: www.anglogoldashanti.com

News Release

06 November 2013

AngloGold Ashanti Q3 Earnings Jump on 12% Output Gain, 10% Cost Decline

  * Gold production up 12% from previous quarter to 1,043koz; better than
    950koz-1Moz guidance.

  * Total cash costs $809/oz improve 10%; better than $860/oz-$890/oz guidance

  * Annual cost and production guidance1 maintained at 4.0Moz - 4.1Moz at $815/
    oz - $845/oz.

  * Operating improvements recorded by all four operating regions and 9 of 10
    countries.

  * Corporate costs* fall by 26% from the previous quarter to $42m.

  * Expensed exploration costs fall by 30% to $55m from the previous quarter.

  * All-in sustaining costs** improved by 11% to $1,155/oz, from $1,302/oz the
    previous quarter.

  * Cash flow from operating activities increased 128% from the previous
    quarter to $319m.

  * Record safety performance: SA fatality free in Q3; Vaal River mines
    fatality free 14 months.

  * Tropicana and Kibali projects started production on time and budget;
    ramp-up underway for both.

  * Balance sheet strengthened; 7-year bond replaced convertibles maturing in
    2014.

* Including administration, marketing and other expenses; ** Excluding second
quarter stockpile impairments.

(PRESS - RELEASE: ANGLOGOLD ASHANTI) - AngloGold Ashanti today posted a strong
set of results for the third quarter, which saw earnings jump on the back of a
12% rise in production and 10% drop in total cash costs from the previous
quarter, as efficiency improvement initiatives began to bear fruit.

Gold production for the three months to September 30 rose to 1.043Moz at a
total cash cost of $809/oz, compared with guidance of 950,000oz to 1Moz at $860
/oz to $890/oz. Normalised adjusted headline earnings, after stripping out
one-time items including retrenchment costs and the gain on settlement of a
mandatory convertible bond, was $110m compared with $9m for the second quarter.

AngloGold Ashanti responded swiftly to a sharp drop in the gold price this
year, cutting unprofitable ounces from its production base, optimising its
capital expenditure and enhancing efficiency by slashing waste and improving
its mine plans. The company's Executive has led a drive since the appointment
of the new CEO in May, to realise targeted cuts of $460m from corporate and
exploration costs, $500m from direct operating cost savings and also to reduce
capital expenditure after two new projects poured their first gold in
September.

"We've delivered a decisive response to the lower gold price with all operating
regions showing better production and we've seen cost improvements at every
level," Chief Executive Officer, Srinivasan Venkatakrishnan, said. "We'll
continue driving hard to build on these early successes."

The Tropicana mine in Australia and the Kibali mine in the Democratic Republic
of Congo, both produced their first gold in the last week of September, ahead
of schedule and within budget. Together, these two mines are expected to
contribute production of between 550,000oz to 600,000oz next year at total cash
costs below our current average. While these are expected to further improve
AngloGold Ashanti's overall cost profile, the company will look to continue
removing unprofitable ounces from its production base in order to further
improve free cash flow generation.

Corporate costs* fell by 26% from the previous quarter to $42m, expensed
exploration costs dropped 30% to $55m and capital expenditure was 19% lower
than the previous quarter. All-in sustaining costs**, a standard developed by
the World Gold Council to represent the total cost of producing gold at a
sustainable level, improved by 11% to $1,155/oz from $1,302/oz the previous
quarter.

In addition to an impressive operating and financial performance, AngloGold
Ashanti reported a record safety performance with an all-injury frequency rate
of 6.65 per million hours worked. There were no fatalities reported at the deep
South African underground gold mines during the quarter, and the Vaal River
Operations maintained their record safety performance, with more than 14 months
since its last fatal accident.

Adjusted headline earnings for the third quarter were $576m, compared with a
loss of $135m the previous quarter.

                        Q2'2013       Q3'2013     Improvement?     Quantum of
                                                                  improvement

Gold Price received   US$1,421/oz   US$1,327/oz        No             (7%)

  Gold Production      935,000oz    1,043,000oz        Yes            12%

  Total cash costs      $898/oz       $809/oz          Yes            10%

    Corporate &           $57m          $42m           Yes            26%
     marketing*

   Exploration &          $79m          $55m           Yes            30%
     evaluation

Capital Expenditure      $556m         $448m           Yes            19%

All-in sustaining **   $1,302/oz     $1,155/oz         Yes            11%

 (WGC standard) ***

  Cash inflow from       $140m         $319m           Yes            128%
operating activities

 Free cash outflow       $497m         $205m           Yes            59%

* Including administration, marketing and other expenses; ** Excluding second
quarter stockpile impairments;

*** World Gold Council Standard.

SPONSOR: UBS South Africa (Pty) Limited

ENDS

1Both cost and production estimates are subject to unfavourable revisions in
light of recent labour-related challenges in South Africa. 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 in the prospectus supplement to AngloGold Ashanti's prospectus dated 17
July 2012, that was filed with the Securities and Exchange Commission ("SEC")
on 26 July 2013 and is available at the SEC's home page at http://www.sec.gov.

CONTACTS:

Media:                 Tel:                         E-mail:

hris Nthite            +27 (0) 11 637 6388/+27 (0)  cnthite@anglogoldashanti.com
                       83 301 2481

Stewart Bailey         +1 646 338 4337/ +1 212      sbailey@anglogoldashanti.com
                       858-7702 / +27 83 253 2021

General inquiries                                   media@anglogoldashanti.com

Investors:

Andrea Maxey           +61 8 9425 4603/ +61 400 072 amaxey@anglogoldashanti.com.au
(Investors & Media)    199

Sabrina Brockman (US & +1 (212) 858 7702 / +1 646   sbrockman@anglogoldashanti.com
Canada)                379 2555

Fundisa Mgidi (South   +27 11 6376763 / +27 82 821  fmgidi@anglogoldashanti.com
Africa)                5322

General inquiries                                   investors@anglogoldashanti.com

+

Disclaimer

Certain statements contained in this document, 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, cost savings and other operating results, return on
equity, productivity improvements, growth prospects and outlook of AngloGold
Ashanti's operations, individually or in the aggregate, including the
achievement of project milestones, commencement and completion of commercial
operations of certain of AngloGold Ashanti's exploration and production
projects and the completion of acquisitions and dispositions, AngloGold
Ashanti's liquidity and capital resources and capital expenditures 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 or forecasts 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 and forecasts 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 and political and market conditions, the success of
business and operating initiatives, changes in the regulatory environment and
other government actions, including environmental approvals, fluctuations in
gold 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 the prospectus supplement to AngloGold Ashanti's
prospectus dated 17 July 2012 that was filed with the SEC on 26 July 2013.
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, readers 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 the
date 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. 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
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.