Page 1
background image
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated April 03, 2014
Commission File Number 1-14846
AngloGold Ashanti Limited
(Name of registrant)
76 Jeppe Street
Newtown, 2001
(P.O. Box 62117, Marshalltown, 2107)
South Africa
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F X         Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):
Yes
No X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):
Yes
No X
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes              No X
Enclosure:   ANGLOGOLD ASHANTI MINERAL RESOURCE AND ORE RESERVE
                     STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2013
background image
MINERAL
RESOURCE AND
ORE RESERVE
REPORT
2013
background image
ANNUAL
INTEGRATED
REPORT
2013
MINERAL
RESOURCE AND
ORE RESERVE
REPORT
2013
NOTICE OF ANNUAL
GENERAL MEETING
AND SUMMARISED
FINANCIAL
INFORMATION
2013
FOR THE YEAR ENDED 31 DECEMBER
ANNUAL
INTEGRATED
REPORT
•
CEO’s review
•
Financial and operating
performance and outlook
•
Leadership and governance
•
Understanding and
mitigating risks
MINERAL RESOURCE
AND ORE RESERVE
REPORT
•
Measured, Indicated and
Inferred Mineral Resource*
•
Proved and Probable
Ore Reserve*
*
By group, region, country
and operation
NOTICE OF ANNUAL
GENERAL MEETING
AND SUMMARISED
FINANCIAL INFORMATION
•
Notice of annual
general meeting –
timing and resolutions
to be voted on
•
Summarised financial
information
 
 
ANNUAL
SUSTAINABILITY
REPORT
2013
ANNUAL
SUSTAINABILITY
REPORT
•
Letter from CEO
•
Material sustainability
issues
•
Approach to risk
•
Sustainability performance
•
Panel feedback
ANNUAL
FINANCIAL
STATEMENTS
2013
ANNUAL
FINANCIAL
STATEMENTS
•
Corporate governance
•
Directors’ report
•
Remuneration report
•
Financial statements –
group and company
Forward-looking statements
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, 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’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 and requirements, 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
United States SEC on 26 July 2013 and to our annual reports on Form 20-F
and any prospectus supplement filed with the United States SEC subsequent
to the date of this report. 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 of this Integrated Report
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 & media”
tab on the main page. This information is updated regularly. Investors should
visit this website to obtain important information about AngloGold Ashanti.
Our primary platform for reporting is
our online report at www.aga-reports.com
MINERAL RESOURCE AND ORE RESERVE REPORT 2013
background image
ABOUT THIS REPORT
The Mineral Resource is inclusive of the Ore Reserve component unless otherwise stated. Note also that all Mineral Resources and
Ore Reserves listed in this document are attributable unless otherwise stated.
Information is presented either by operating region, country, mine or project. The following tables and graphs are used to illustrate
developments across AngloGold Ashanti’s operations during 2013:
Inclusive Mineral Resource and Ore Reserve comparison by region, country, mine and project; development sampling results; details
of average drill-hole spacing and type; Exclusive Mineral Resource; Mineral Resource below infrastructure; Inclusive Mineral Resource
and Ore Reserve by-products; year-on-year reconciliation of the Mineral Resource and Ore Reserve; Inferred Mineral Resource in
business plan; Ore Reserve modifying factors; grade tonnage information on the Mineral Resource and lists of appointed Competent
Persons. Topics for brief discussion include regional overview; country overview; Mineral Resource estimation; Ore Reserve estimation;
location; geology; exploration and projects.
Note: Rounding of figures in this document may result in minor computational discrepancies. Throughout this report, the metric system of measurement
is used and dollar or $ represents US dollar unless otherwise stated. All grade tonnage graphs in this document are for Mineral Resources.
GUIDE TO REPORTING
AngloGold Ashanti Limited (AngloGold Ashanti) publishes a suite of reports to record its overall performance annually. The Annual
Integrated Report for the 2013 financial year should be read in conjunction with our Notice of Meeting and Summarised Financial
Information 2013, which has been posted to shareholders, our Annual Sustainability Report 2013 and our Annual Financial
Statements 2013.
Other reports available for the financial year are this Mineral Resource and Ore Reserve Report 2013, operational profiles and country fact
sheets. These reports are all available on our annual report portal at www.aga-reports.com.
For ease of use, a detailed guide on how to use our reports may be found on the inside front cover of this report. For terminology used,
please refer to the glossary of terms on page 187.
FOR NOTING:
The following key parameters should be noted in respect of our reports:
•
Production is expressed on an attributable basis unless otherwise indicated.
•
The average workforce, including employees and contractors, is reported for AngloGold Ashanti, its subsidiaries and its joint
ventures. The joint ventures are reported on an attributable basis.
•
Unless otherwise stated, $ or dollar refers to US dollars throughout this suite of reports.
•
Locations on maps are for indication purposes only.
•
Group and company are used interchangeably.
•
‘Statement of financial position’ and ‘balance sheet’ are used interchangeably.
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 (the 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).
1
GROUP OVERVIEW
background image
OUR 
VISION, MISSION AND VALUES
VISION
TO BE THE LEADING MINING COMPANY
To create value for our shareholders, our employees and our business and social partners
through safely and responsibly exploring, mining and marketing our products. Our primary
focus is gold, but we will pursue value creating opportunities in other minerals where we can
leverage our existing assets, skills and experience to enhance the delivery of value.
EXPLORING
MINING
MARKETING
OUR
MISSION
MINERAL RESOURCE AND ORE RESERVE REPORT 2013
2
background image
Safety is our first value.
We place people first and correspondingly put the highest priority on safe and healthy practices and
systems of work. We are responsible for seeking out new and innovative ways to ensure that our
workplaces are free of occupational injury and illness. We live each day for each other and use our
collective commitment, talents, resources and systems to deliver on our most important commitment
... to care.
We treat each other with dignity and respect.
We believe that individuals who are treated with respect and who are entrusted to take responsibility
respond by giving their best. We seek to preserve people’s dignity, their sense of self-worth in all our
interactions, respecting them for who they are and valuing the unique contribution that they can make
to our business success. We are honest with ourselves and others, and we deal ethically with all of
our business and social partners.
We value diversity
.
We aim to be a global leader with the right people for the right jobs. We promote inclusion and team
work, deriving benefit from the rich diversity of the cultures, ideas, experiences and skills that each
employee brings to the business.
We are accountable for our actions and undertake to
deliver on our commitments.
We are focused on delivering results and we do what we say we will do. We accept responsibility
and hold ourselves accountable for our work, our behaviour, our ethics and our actions. We aim to
deliver high performance outcomes and undertake to deliver on our commitments to our colleagues,
business and social partners, and our investors.
The communities and societies in which we operate will
be better off for AngloGold Ashanti having been there.
We uphold and promote fundamental human rights where we do business. We contribute to building
productive, respectful and mutually beneficial partnerships in the communities in which we operate.
We aim to leave host communities with a sustainable future.
We respect the environment.
We are committed to continually improving our processes in order to prevent pollution, minimise
waste, increase our carbon efficiency and make efficient use of natural resources. We will develop
innovative solutions to mitigate environmental and climate risks.
OUR
VALUES
3
OUR VISION, MISSION AND VALUES
background image
CONTENTS
SECTION
ONE
P06-17
GROUP OVERVIEW
10
Mineral Resource by
country (inclusive of
Ore Reserve)
11
Mineral Resource by
country (exclusive of
Ore Reserve)
12
Ore Reserve by country
14
Reconciliation of Mineral
Resource
16
Reconciliation of Ore
Reserve
SECTION
TWO
P18-57
SOUTH AFRICA
18

South Africa
22
Great Noligwa
26
Kopanang
31
Moab Khotsong
37
Mponeng
45
TauTona
50
Surface Operations
56
Uranium
ZA
SECTION
THREE
P58-82
CONTINENTAL AFRICA
60
Democratic Republic
of the Congo
61
Kibali
65
Mongbwalu
68
Ghana
69
Iduapriem
74
Obuasi
81
Guinea
82
Siguiri
CA
SECTION
THREE
CONT
P90-117
CONTINENTAL AFRICA
90
Mali
91
Morila
94
Sadiola
101
Yatela
104
Namibia
105
Navachab
109
Tanzania
110
Geita
CA
GOLD MINING AND
EXPLORATION COMPANIES
ONE OF THE
WORLD’S
FOREMOST
MINERAL RESOURCE AND ORE RESERVE REPORT 2013
4
background image
SECTION SIX
P184-190
ADMINISTRATIVE
INFORMATION
185
Definitions
187
Glossary of terms
190
Abbreviations
IBC
Administrative
Information
AU
SECTION FOUR
P118-131
AUSTRALASIA
120
Australia
122
Sunrise Dam
126
Tropicana
AM
SECTION FIVE
P132-183
AMERICAS
134
Argentina
135
Cerro Vanguardia
141
Brazil
143
AGA Mineração
162
Serra Grande
168
Colombia
169
Gramalote
172
La Colosa
176
United States of America
177
Cripple Creek & Victor
(CC&V)
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
5
GROUP OVERVIEW
background image
GROUP OVERVIEW
SECTION ONE
P06-17
Headquartered in Johannesburg,
South Africa, AngloGold Ashanti
has 21 operations and two
advanced major exploration
projects in 12 countries. Two new
mines, Tropicana in Australia and
Kibali in the Democratic Republic
of the Congo (DRC), came on
stream in late 2013.
MINERAL RESOURCE AND ORE RESERVE REPORT 2013
6
background image
GROUP OVERVIEW
Argentina
Cerro Vanguardia (92.5%)
Brazil
Serra Grande
AGA Mineração
Colombia
Gramalote (51%)
La Colosa
United States
Cripple Creek & Victor (CC&V)
Australia
Sunrise Dam
Tropicana (70%)
Location of AngloGold Ashanti’s operations and projects – 2013
Guinea
Siguiri (85%)
Mali
Morila (40%)*
Sadiola (41%)
Yatela (40%)
Ghana
Iduapriem
Obuasi
DRC
Kibali (45%)*
Mongbwalu (86.2%)
Tanzania
Geita
Namibia
Navachab
South Africa
Vaal River operations
Great Noligwa
Kopanang
Moab Khotsong
West Wits operations
Mponeng
TauTona
Surface Operations**
1
1
2
2
3
3
11
12
11
12
13
14
13
14
15
15
16
16
9
9
8
8
18
18
17
17
7
7
10
10
19
19
19
19
20
20
20
4
5
4
5
6
6
SOUTH
AFRICA
AMERICAS
CONTINENTAL
AUSTRALASIA
SOUTH
AFRICA
AFRICA
Inclusive Mineral Resources – attributable
(Moz)
South Africa
94.3
Continental Africa
69.1
Australasia
8.6
Americas
61.1
Ore Reserve – attributable
(Moz)
South Africa
30.9
Continental Africa
24.4
Australasia
3.8
Americas
8.8
Percentages in brackets indicate the ownership interest of
AngloGold Ashanti, whether held directly or indirectly. All operations
and projects are 100%-owned unless otherwise indicated.
*
Both Morila and Kibali are managed and operated by Randgold
Resources Limited.
** Includes Mine Waste Solutions (MWS).
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
7
GROUP OVERVIEW
background image
THE YEAR IN REVIEW
MINERAL RESOURCE AND ORE RESERVE
The AngloGold Ashanti 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 have been
reviewed and it was concluded that none of the changes are material to the overall valuation of the company. AngloGold Ashanti has
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 programmes, innovation in both geological modelling and
mine planning and continual optimisation of its asset portfolio.
GOLD PRICE
The following local prices of gold were used as a basis for estimation in the December 2013 declaration:
Local prices of gold
Gold price
South Africa
Australia
Brazil
Argentina
US$/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
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 241.5 million ounces (Moz) 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 has been estimated at a gold price of US$1,600/oz (2012: US$2,000/oz).
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 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
An Inferred Mineral Resource was transferred to SOKIMO
(0.6)
Mineral Resource as at 31 December 2013
233.0
Rounding of figures may result in computational discrepancies.
MINERAL RESOURCE AND ORE RESERVE REPORT 2013
8
background image
ORE RESERVE
The AngloGold Ashanti Ore Reserve reduced from 74.1Moz in December 2012 to 67.9Moz in December 2013. This gross annual decrease
of 6.2Moz includes depletion of 5.0Moz. The balance of 1.2Moz reductions in Ore Reserve, results from changes in economic assumptions
between 2012 and 2013 which resulted in a reduction of 3.4Moz to the Ore Reserve, whilst exploration and modelling changes
resulted in an increase of 2.2Moz. The Ore Reserve has been calculated using a gold price of US$1,100/oz (2012: US$1,300/oz).
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 processing of the gold Ore Reserve. These include 57.9kt of uranium oxide from the
South African operations, 0.38Mt 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 stated otherwise, 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. The
legal tenure of each operation and project has been verified to the satisfaction of the accountable Competent Person.
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
•
Mineral Resource and Ore Reserve at TauTona
•
Ore Reserve at Kibali
•
Mineral Resource at Gramalote
The external reviews were conducted by the following companies AMEC (Kopanang, Great Noligwa, TauTona and Gramalote) and
Snowden (Kibali Mine). Certificate of competence documentation has 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.
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
9
GROUP OVERVIEW
background image
MINERAL RESOURCE BY COUNTRY
Inclusive of Ore Reserve (Attributable)
Tonnes
Grade
Contained
gold
as at 31 December 2013
Category
million
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
Democratic Republic of the Congo
Measured
2.47
2.50
6.17
0.20
Indicated
71.63
3.78
270.43
8.69
Inferred
31.56
3.54
111.76
3.59
Total
105.65
3.68
388.36
12.49
Ghana
Measured
44.70
4.67
208.68
6.71
Indicated
115.10
3.85
443.68
14.26
Inferred
139.22
2.85
396.84
12.76
Total
299.02
3.51
1,049.21
33.73
Guinea
Measured
33.95
0.62
21.15
0.68
Indicated
96.07
0.76
73.04
2.35
Inferred
61.17
0.97
59.06
1.90
Total
191.19
0.80
153.25
4.93
Mali
Measured
7.19
0.82
5.91
0.19
Indicated
39.30
2.03
79.88
2.57
Inferred
20.34
0.89
18.04
0.58
Total
66.83
1.55
103.83
3.34
Namibia
Measured
22.10
0.65
14.39
0.46
Indicated
75.04
1.31
98.57
3.17
Inferred
6.83
1.26
8.61
0.28
Total
103.96
1.17
121.57
3.91
Tanzania
Measured
–
–
–
–
Indicated
78.48
2.96
232.31
7.47
Inferred
31.38
3.17
99.35
3.19
Total
109.87
3.02
331.66
10.66
Australia
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
Argentina
Measured
12.97
1.42
18.44
0.59
Indicated
30.23
3.15
95.07
3.06
Inferred
5.66
2.64
14.93
0.48
Total
48.86
2.63
128.44
4.13
Brazil
Measured
16.86
5.42
91.38
2.94
Indicated
21.37
5.13
109.70
3.53
Inferred
49.90
5.29
263.85
8.48
Total
88.13
5.28
464.93
14.95
Colombia
Measured
14.80
0.79
11.62
0.37
Indicated
52.90
0.59
31.07
1.00
Inferred
1,161.73
0.80
925.92
29.77
Total
1,229.43
0.79
968.61
31.14
United States
Measured
249.25
0.76
188.67
6.07
Indicated
173.17
0.66
114.06
3.67
Inferred
51.24
0.67
34.50
1.11
Total
473.66
0.71
337.24
10.84
Total
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 AND ORE RESERVE REPORT 2013
10
background image
MINERAL RESOURCE BY COUNTRY
Exclusive of Ore Reserve (Attributable)
Tonnes
Grade
Contained gold
as at 31 December 2013
Category
million
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
Democratic Republic of the Congo
Measured
0.09
1.63
0.14
0.00
Indicated
32.31
3.35
108.15
3.48
Inferred
30.62
3.59
109.83
3.53
Total
63.02
3.46
218.13
7.01
Ghana
Measured
9.67
7.88
76.17
2.45
Indicated
56.22
3.54
199.27
6.41
Inferred
139.22
2.85
396.84
12.76
Total
205.10
3.28
672.28
21.61
Guinea
Measured
0.41
0.61
0.25
0.01
Indicated
43.36
0.80
34.85
1.12
Inferred
61.17
0.97
59.06
1.90
Total
104.94
0.90
94.15
3.03
Mali
Measured
5.43
0.73
3.96
0.13
Indicated
23.21
1.74
40.37
1.30
Inferred
20.34
0.89
18.04
0.58
Total
48.98
1.27
62.36
2.00
Namibia
Measured
7.29
0.52
3.80
0.12
Indicated
40.72
1.15
46.72
1.50
Inferred
6.83
1.26
8.61
0.28
Total
54.84
1.08
59.13
1.90
Tanzania
Measured
–
–
–
–
Indicated
48.23
2.43
117.00
3.76
Inferred
31.38
3.17
99.35
3.19
Total
79.61
2.72
216.35
6.96
Australia
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
Argentina
Measured
3.62
2.29
8.30
0.27
Indicated
26.68
2.08
55.58
1.79
Inferred
5.66
2.64
14.93
0.48
Total
35.95
2.19
78.80
2.53
Brazil
Measured
6.46
6.08
39.30
1.26
Indicated
10.94
5.02
54.88
1.76
Inferred
47.34
5.29
250.63
8.06
Total
64.74
5.33
344.81
11.09
Colombia
Measured
14.80
0.79
11.62
0.37
Indicated
52.90
0.59
31.07
1.00
Inferred
1,161.73
0.80
925.92
29.77
Total
1,229.43
0.79
968.61
31.14
United States
Measured
127.24
0.67
85.85
2.76
Indicated
112.52
0.63
70.38
2.26
Inferred
51.24
0.67
34.50
1.11
Total
291.00
0.66
190.74
6.13
Total
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
Rounding of figures may result in computational discrepancies.
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
11
GROUP OVERVIEW
background image
ORE RESERVE BY COUNTRY
(Attributable)
Tonnes
Grade
Contained gold
as at 31 December 2013
Category
million
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
Democratic Republic of the Congo
Proved
2.43
2.36
5.71
0.18
Probable
37.23
4.16
154.98
4.98
Total
39.66
4.05
160.70
5.17
Ghana
Proved
31.73
3.90
123.61
3.97
Probable
53.35
3.58
190.90
6.14
Total
85.08
3.70
314.52
10.11
Guinea
Proved
33.72
0.62
21.03
0.68
Probable
52.51
0.69
36.26
1.17
Total
86.23
0.66
57.28
1.84
Mali
Proved
–
–
–
–
Probable
23.70
1.94
45.91
1.48
Total
23.70
1.94
45.91
1.48
Namibia
Proved
–
–
–
–
Probable
46.34
1.29
59.65
1.92
Total
46.34
1.29
59.65
1.92
Tanzania
Proved
–
–
–
–
Probable
36.92
3.28
121.29
3.90
Total
36.92
3.28
121.29
3.90
Australia
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
Argentina
Proved
10.27
1.04
10.63
0.34
Probable
7.30
5.23
38.20
1.23
Total
17.57
2.78
48.84
1.57
Brazil
Proved
8.40
4.13
34.71
1.12
Probable
10.30
4.29
44.18
1.42
Total
18.71
4.22
78.89
2.54
United States
Proved
122.01
0.84
102.83
3.31
Probable
60.65
0.72
43.67
1.40
Total
182.65
0.80
146.50
4.71
Total
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.
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
12
background image
GROUP OVERVIEW
13
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
RECONCILIATION OF INCLUSIVE MINERAL RESOURCE:
2012 – 2013
(Au content Moz)
Previous
year
Sources of change
as at 31 December 2013
Depletion
Gold price
Cost
Exploration       Methodology
Acquisition/
disposal
Other
South Africa
Great Noligwa
1.036
(0.128)
–
0.777
0.054
–
–
(0.103)
Kopanang
9.248
(0.280)
–
(1.131)
(1.148)
–
–
0.103
Moab Khotsong
20.914
(0.295)
–
(0.372)
(0.045)
–
–
–
Vaal River Surface
4.756
(0.162)
–
–
(0.037)
0.064
–
0.004
Mine Waste Solutions
2.584
(0.205)
–
–
0.004
0.006
–
0.018
Mponeng
50.817
(0.459)
(0.784)
(0.384)
1.309
–
–
2.052
Savuka
2.978
(0.052)
–
(0.826)
0.075
0.395
–
(2.570)
TauTona
4.693
(0.298)
–
(0.004)
0.041
(0.161)
–
0.189
West Wits Surface
1.571
(0.020)
–
–
0.015
0.023
–
0.005
Total
98.597
(1.899)
(0.784)
(1.940)
0.268
0.327
–
(0.303)
Continental Africa
Kibali
8.505
(0.048)
(0.171)
0.364
1.871
–
(0.552)
–
Mongbwalu
2.057
–
–
–
0.461
–
–
–
Iduapriem
6.619
(0.288)
(0.312)
–
0.072
0.186
–
0.060
Obuasi
29.825
(0.351)
–
–
0.098
(2.177)
–
–
Siguiri
5.171
(0.248)
(0.557)
(0.333)
0.788
0.167
–
(0.061)
Morila
0.270
(0.054)
–
–
–
0.013
–
0.004
Sadiola
3.786
(0.087)
(0.549)
–
0.019
(0.065)
–
(0.006)
Yatela
0.089
(0.010)
(0.073)
–
–
–
–
–
Navachab
4.408
(0.103)
(0.074)
(0.280)
0.047
0.069
–
(0.158)
Geita
12.282
(0.620)
(1.608)
(0.408)
0.233
0.816
–
(0.031)
Total
73.012
(1.809)
(3.345)
(0.658)
3.590
(0.991)
(0.552)
(0.191)
Australasia
Sunrise Dam
2.819
(0.361)
(0.103)
0.113
0.469
0.265
–
0.024
Tropicana
5.524
(0.234)
–
–
–
0.116
–
–
Total
8.343
(0.596)
(0.103)
0.113
0.469
0.382
–
0.024
Americas
Cerro Vanguardia
4.717
(0.246)
(0.607)
(0.058)
0.280
0.042
–
–
AGA Mineração
11.794
(0.458)
(0.108)
–
0.639
(0.059)
–
0.150
Serra Grande
2.787
(0.182)
(0.005)
–
0.310
0.079
–
–
Gramalote
2.552
–
(0.113)
–
0.754
(0.104)
–
–
La Colosa
26.838
–
(4.101)
–
5.316
–
–
–
Cripple Creek & Victor
12.897
(0.577)
(0.664)
(0.570)
0.211
(0.780)
–
0.325
Total
61.586
(1.462)
(5.598)
(0.628)
7.510
(0.822)
–
0.475
Grand total
241.538
(5.766)
(9.829)
(3.112)
11.837
(1.104)
(0.552)
0.005
Rounding of figures may result in computational discrepancies.
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
14
background image
Current
year
Net diff
%
Comments
1.636
0.60
58
Change mainly due to areas of the Vaal Reef and Crystalkop Reef now being considered potentially
economic, this was offset by a minor value drop, depletions and transfers.
6.792
(2.46)
(27)
Change mainly due to low grade areas becoming uneconomic. Grades are marginally down and
expected to drop in the direction of mining with reduced tonnage due to lower stoping width planned.
20.202
(0.71)
(3)
Changes mainly due to new sampling data at Top and Lower Mine, depletions, stoping width change
and pillars becoming uneconomic.
4.626
(0.13)
(3)
Changes mainly due to depletions from waste rock dump material and Sulphur Paydam. Additions were
mainly tailings material.
2.406
(0.18)
(7)
Changes mainly due to depletions.
52.551
1.73
3
Decrease in Ventersdorp Contact Reef due to estimation domain changes on Elsburgs as well as low-
grade areas becoming uneconomic, offset by transfers from Savuka and TauTona.
0
(2.98)
–
Changes were mainly due depletions and transfers to TauTona and Mponeng as well as low-grade areas
becoming uneconomic.
4.461
(0.23)
(5)
Decrease was mainly due to depletions and low-grade areas becoming uneconomic offset by an
increase due to structure modelling changes and transfers from Savuka.
1.594
0.02
1
Growth due to annual tailings additions.
94.267
(4.33)
(4)
9.968
1.46
17
Modelling and re-interpretation of the ore zone due to new exploration drilling information resulted in
positive changes. The ground comprising of Kibali South Inferred Mineral Resource was transferred to
Sokimo in settlement of the remaining obligations.
2.518
0.46
22
Increase due to new exploration Mineral Resource extension drilling information.
6.338
(0.28)
(4)
Increase due to Mineral Resource model extensions into the Ajopa bridge area which was offset by
depletions and gold price changes.
27.395
(2.43)
(8)
Decrease due to updated domaining in the Mineral Resource models, updating of depletion wireframes around the
historically mined-out areas and increase in cut-off grade from 1.06 to 1.6 g/t.
4.927
(0.24)
(5)
Decrease due to a drop in gold price, increase in cost and depletion. This was only partially offset by
gains from infill drilling and updated models in P1 and P3.
0.233
(0.04)
(14)
Stockpiles continued to be treated during 2013. Main pit tonnages now included in 2013.
3.099
(0.69)
(18)
Decrease due to gold price.
0.006
(0.08)
(93)
Yatela Main Pit Pushback 8 is no longer economic due to reduction in gold price and geotech issues.
Only stockpiles remain.
3.909
(0.50)
(11)
Slight model gains in Anomaly 13 and Anomaly 16 were offset by reductions due to gold price and costs.
10.663
(1.62)
(13)
Reduction due to lower gold price was slightly offset by positive model changes in the lower cutbacks of
Nyankanga as the result of new infill exploration drill holes.
69.056
(3.96)
(5)
3.227
0.41
14
Additional Mineral Resource defined from exploration drilling and lower mining costs.
5.406
(0.12)
(2)
Minor changes due to depletion and pit designs – no change to models.
8.633
0.29
3
4.129
(0.59)
(12)
Significant reductions due to increased costs, reduced gold price and depletion.
11.959
0.16
1
Depletions and the effect of economics was balanced by revised modelling and exploration information.
2.989
0.20
7
Increases due to exploration success.
3.088
0.54
21
The main changes were due to exploration addition, classification methodology and revisions to the
estimation technique.
28.053
1.22
5
Exploration success.
10.842
(2.05)
(16)
Reductions in: gold price, estimated grade and recovery factors in Cresson resulted in reductions which were
in part compensated for by exploration success and a reduced cut-off grade.
61.061
(0.53)
(1)
233.017
(8.52)
(4)
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
15
GROUP OVERVIEW
background image
RECONCILIATION OF ORE RESERVE:
2012 – 2013
(Au content Moz)
Sources of change
as at 31 December 2013
Previous
year
Depletion
Model change
Changes in
economics
New ounces
from project
Scope
change
South Africa
Great Noligwa
0.393
(0.068)
0.163
–
–
(0.009)
Kopanang
1.393
(0.203)
0.182
–
–
0.082
Moab Khotsong
6.606
(0.217)
(0.227)
–
–
(0.073)
Vaal River Surface
4.649
(0.152)
(0.055)
–
–
–
Mine Waste Solutions
2.347
(0.203)
0.003
–
–
0.104
Mponeng
13.807
(0.364)
(0.042)
–
–
1.165
Savuka
0.544
(0.034)
–
–
–
(0.509)
TauTona
1.649
(0.195)
(0.266)
–
–
0.200
West Wits Surface
0.171
(0.019)
0.008
–
–
0.025
Total
31.560
(1.457)
(0.234)
–
–
0.984
Continental Africa
Kibali
4.921
(0.048)
0.294
–
–
–
Iduapriem
2.206
(0.215)
(0.048)
–
–
0.028
Obuasi
8.517
(0.215)
(0.158)
–
–
–
Siguiri
2.202
(0.227)
0.024
(0.157)
0.037
(0.023)
Morila
0.056
(0.054)
–
–
–
0.038
Sadiola
2.138
(0.133)
(0.208)
(0.276)
–
–
Yatela
0.032
(0.010)
–
(0.022)
–
–
Navachab
2.099
(0.094)
0.062
(0.128)
–
(0.022)
Geita
5.421
(0.496)
0.464
(1.998)
–
0.506
Total
27.592
(1.493)
0.431
(2.582)
0.037
0.527
Australasia
Sunrise Dam
1.184
(0.371)
0.037
–
–
0.314
Tropicana
2.731
(0.134)
0.012
–
–
(0.007)
Total
3.914
(0.505)
0.049
–
–
0.308
Americas
Cerro Vanguardia
2.032
(0.282)
0.094
(0.329)
–
0.055
AGA Mineração
2.330
(0.405)
0.112
(0.018)
0.004
(0.106)
Serra Grande
0.764
(0.144)
(0.005)
(0.013)
(0.033)
0.003
Cripple Creek and Victor
5.883
(0.694)
(0.005)
(0.497)
–
0.022
Total
11.011
(1.524)
0.195
(0.857)
(0.028)
(0.025)
Grand total
74.077
(4.979)
0.441
(3.438)
0.008
1.794
Rounding of figures may result in computational discrepancies.
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
16
background image
Acquisition/
disposal
Other
Current
year
Net diff
%
Comments
–
–
0.478
0.09
22
Selected Crystalkop reef areas included in the Ore Reserve.
–
–
1.455
0.06
4
Increase due to the grade cut-off being reduced based as the result of
higher planned volumes.
–
0.033
6.122
(0.48)
(7)
Decrease due to structural modelling changes in Top and Middle mine,
and reduction in grade in Lower mine.
–
0.019
4.460
(0.19)
(4)
Decrease mainly as a result of depletions.
–
(0.003)
2.248
(0.10)
(4)
Decrease due to depletions.
–
–
14.567
0.76
5
Ore Reserve increased due to the transfer of Savuka Ore Reserve to
Mponeng and mine design changes.
–
–
0
(0.54)
–
Ore Reserve transferred to TauTona and Mponeng (majority to Mponeng).
–
–
1.388
(0.26)
(16)
Decrease due to structural interpretation changes and depletions.
–
(0.001)
0.184
0.01
7
Slight increase due to re-instatement of Savuka R11 waste rock dump.
–
0.047
30.901
(0.66)
(2)
–
–
5.166
0.25
5
Converted Inferred Mineral Resource to Indicated Mineral Resource via
grade control drilling thereby increasing the Probable Ore Reserve.
–
–
1.971
(0.24)
(11)
Impact of decreased gold price and depletion.
–
(0.003)
8.141
(0.38)
(4)
Impact of decreased gold price and depletion.
–
(0.012)
1.842
(0.36)
(16)
Impact of decreased gold price, total costs increased and depletion
reduced Ore Reserve. This was partially offset by Inferred Mineral
Resource conversion.
–
0.004
0.044
(0.01)
(22)
Stockpile depletion and addition of mining cutback.
–
(0.089)
1.432
(0.71)
(33)
Reduction due to model changes, gold price change, depletions and write
down of stockpile material.
–
0.001
0
(0.03)
–
No Ore Reserve being reported. Mining operations have ceased.
–
–
1.918
(0.18)
(9)
Impact of decreased gold price and depletion.
–
0.002
3.899
(1.52)
(28)
Impact of decreased gold price and depletion, negative impact from
model changes and higher contract costs. Scope changes, include Ore
Reserve additions from Nyankanga Cut 11.
–
(0.097)
24.413
(3.18)
(12)
–
0.013
1.177
(0.01)
(1)
Additional ore tonnages added by lower mining costs, achieved by replacing
bulk development sampling with RC grade control drilling.
–
0.028
2.630
(0.10)
(4)
Minor changes due to depletion and pit designs.
–
0.041
3.807
(0.11)
(3)
–
–
1.570
(0.46)
(23)
Significant reductions due to increased costs, reduced gold price and
depletion.
–
0.052
1.971
(0.36)
(15)
Changes due to revised planning factors and changes to mining styles.
–
(0.006)
0.566
(0.20)
(26)
The main impacts in the Ore Reserve were due to economics parameters
and needed to remove an open pit due to geotechnical revaluation.
–
–
4.710
(1.17)
(20)
Lower gold price had the most substantial impact (aside from depletion) in
reducing the 2013 Ore Reserve.
–
0.046
8.817
(2.19)
(20)
–
0.036
67.938
(6.14)
(8)
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
17
GROUP OVERVIEW
background image
SOUTH AFRICA
SECTION TWO
P18-57
This section covers AngloGold Ashanti’s
five deep level mines and surface
operations in the South Africa Region.
ZA
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
18
background image
As at December 2013, AngloGold Ashanti’s operations in South Africa have a total Inclusive Mineral Resource of 94.27Moz (2012:
98.60Moz) and an Ore Reserve of 30.90Moz (2012: 31.56Moz). This is equivalent to around 40% and 45% of the group’s Mineral
Resource and Ore Reserve respectively. The South African operations produced 1.3Moz of gold in 2013, or 32% of group production,
and 1.38Mlb of uranium oxide.
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
South Africa
Category
million
g/t
Tonnes
Moz
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
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
South Africa
Category
million
g/t
Tonnes
Moz
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
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
South Africa
Category
million
g/t
Tonnes
Moz
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
OVERVIEW
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
Moz
60
50
40
30
20
10
0
December 2012
December 2013
South Africa
Inclusive Mineral Resource – attributable
Per operation/project
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
Moz
16
14
12
10
8
6
4
2
0
December 2012
December 2013
South Africa
Ore Reserve – attributable
Per operation/project
* Savuka has formed part of TauTona operations since 2013.
19
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
COUNTRY OVERVIEW
AngloGold Ashanti’s South Africa operations comprise five deep-level underground mines and surface processing operations. These
operations are all located within the Witwatersrand Basin and are in two mining districts, the Vaal River and West Wits areas.
•
The Vaal River operations consist of the Great Noligwa, Kopanang and Moab Khotsong mines and the Vaal River Surface processing
operation. Since July 2012, Mine Waste Solutions (MWS) has also formed part of these operations.
•
The West Wits operations consist of the Mponeng and TauTona mines (Savuka forms part of TauTona operations) and the West Wits
Surface processing operation.
The Vaal River operations are situated near the town of Klerksdorp. The primary reefs mined by these operations are the Vaal Reef (VR),
the Ventersdorp Contact Reef (VCR) and the secondary Crystalkop Reef (C Reef).
The West Wits operations are situated near the town of Carletonville. The primary reefs mined by these operations are the Carbon
Leader Reef (CLR) and the Ventersdorp Contact Reef (VCR).
All five underground operations are 100% owned by AngloGold Ashanti. The Vaal River Surface, MWS and West Wits Surface
operations re-work the waste rock dumps and tailings dams which resulted from the mining and processing of the primary and
secondary reef horizons.
MINERAL RESOURCE ESTIMATION
The sampling data used in Mineral Resource estimation includes underground chip samples, underground drill holes and surface drill
holes. All sample locations are reported as a composite over a mineralised width, resulting in a single channel width (cm) and metal
accumulation (cm.g/t) value.
SOUTH AFRICA
continued
Free State
North
West
Province
Northern Cape
Eastern Cape
LESOTHO
Potchefstroom
Orkney
West Wits
Vaal River
TauTona
Mponeng
Surface Operations
Moab Khotsong
Surface Operations*
Great Noligwa
Kopanang
Carletonville
Gauteng
Mpumalanga
Kwazulu Natal
Limpopo
Johannesburg
* Includes Mine Waste Solutions (MWS).
South Africa
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
20
background image
AngloGold Ashanti makes use of a Bayesian geostatistical approach where, in the absence of dense sampling data, gold estimations
are based on a combination of the observed data and external knowledge relating to the data. A Bayesian geostatistical approach
asserts that the area to be evaluated forms part of a larger continuous entity, to which the observed data belongs.
Mixed support Co-Kriging is used in the estimation of the Mineral Resource for all South African underground operations. It is a
technique that enables the use of data of mixed support, allowing both drill hole and underground sampling data to be used together.
Estimation is performed into large block sizes, generally >210m x 210m, which fully capture the within-block variance, allowing the
Co-Kriging of data of different support sizes over long ranges. Estimation is done per geological homogeneous zone, in logarithmic
space because of the highly skewed gold distribution. The final gold estimates are then calculated by back transforming the estimates,
using lognormal four parameter distribution models. Simple Kriging is used for grade control and Measured Mineral Resource at a
30m x 30m block size and constrained by the weight of the mean value.
The Mineral Resource is initially reported as inclusive of the Ore Reserve as it forms the basis for the Ore Reserve conversion process.
Mineral Resource cut-off grades are computed for each operation, by reef horizon. These cut-off grades incorporate a profit margin
that is relevant to the business plan. Grade tonnage curves are produced for each operation, which show the potential of the deposit
at different cut-off grades.
ORE RESERVE ESTIMATION
Mine design delineates the mining areas and supporting development for each mining level and section, usually by extrapolating the
existing mining design. The in-situ Mineral Resource is scheduled monthly for the full Life of Mine (LOM) plan. The value estimates for
these schedules are derived from the Mineral Resource model.
Modifying factors are applied to the in-situ Mineral Resource to arrive at an Ore Reserve. These factors comprise a dilution factor to
accommodate the difference between the milling width and the stoping width, as well as the Mine Call Factor (MCF).
Development sampling results – January to December 2013
Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating
the Ore Reserve.
Sampled gold
Sampled uranium
Statistics are shown in metric
units
Advanced
metres (total)*
Sampled
metres
Avg. channel
width (cm)
Avg. g/t
Avg. cm.g/t
Avg. kg/t
Avg.
cm.kg/t
Vaal River
Great Noligwa
Crystalkop Reef
345.0
50.0
10.2
92.84
947
2.37
36.72
Vaal Reef
911.4
86.0
58.9
45.69
2,691
1.53
76.81
Kopanang
Vaal Reef
14,671.2
1,698.0
22.8
53.68
1,224
3.55
81.95
Moab Khotsong
Vaal Reef
10,587.5
1,270.0
133.4
25.97
3,464
0.95
125.38
West Wits
Mponeng
Ventersdorp Contact Reef
13,277.2
1,962.0
69.4
27.84
1,932
–
–
TauTona
Carbon Leader Reef
7,460.3
393.0
23.2
122.80
2,849
1.54
31.11
* This includes both on-reef and off-reef development.
21
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
LOCATION
Great Noligwa is located about 15km southeast of the town of Orkney, in the southern part of the Klerksdorp Goldfield. The Great
Noligwa mining lease area is about 49km
2
and is constrained to the north by China African Precious Metals, to the east by Buffelsfontein
mine, to the south by Moab Khotsong and the Jersey and De Hoek faults (downward displacement of 1,000m and 900m respectively),
and to the west by Kopanang Mine.
Great Noligwa Mine commenced production in 1968, making it one of the group’s older South African mines. (It was originally Number
8 Shaft of the historic Vaal Reefs Mining Company). The economic horizons are exploited between 1,500m and 2,600m below surface
through a mining method that gains access to the gold-bearing reefs with footwall haulages and return airway development. Cross-
cuts are developed every 180m from the haulages to the reef horizon. Raises are then developed on-reef to the level above and the
reef is mined out on strike.
GEOLOGY
The Vaal Reef (VR) is the principal economic horizon at Great Noligwa and the Crystalkop Reef (C Reef) is the secondary economic
horizon. Both reefs are part of the Witwatersrand Supergroup and are stratigraphically located near the middle of the Central Rand
Group. The C Reef forms the top of the Johannesburg Subgroup, while the VR lies approximately 265m below the C Reef.
The VR unit can reach a maximum thickness of 2m and consists of a thin basal conglomerate (the C facies) and a thicker sequence
of upper conglomerates (the A facies). These two sedimentary facies are separated by the B facies, which is a layer of barren
orthoquartzite. A facies is the principal economic horizon within the VR, but remnants of the C facies are sporadically preserved below
the A facies. High gold values in the VR are often located at the base of this unit and are associated with high uranium values as well
as with the presence of carbon. Uranium is a very important by-product of Great Noligwa.
GREAT NOLIGWA
North West Province
N
Free State Province
Klerksdorp
Orkney
Village Main Reef
Hartebeestfontein
Stilfontein
Village Main Reef
Buffelsfontein
China African
Precious Metals
4 Shaft
Weltevreden
Vaal River
Village Main Reef
Tau Lekoa
Village Main Reef
Border
Great Noligwa
Moab Khotsong
Kopanang
Kilometres
0
1
2
3
4
Locality plan
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
22
background image
The C Reef has been mined on a limited scale in the central part of Great Noligwa, where a high-grade, north-south orientated
sedimentary channel, containing two economic horizons, has been exposed. To the east and the west of this channel the C Reef is
poorly developed with relatively small areas of economic interest. As in the case of VR, high uranium values are also often associated
with high gold values and the presence of a 5mm to 2cm thick carbon seam at the base of the conglomerate. To the north of the mine
the C Reef sub-crops against the Gold Estates Conglomerate Formation and in the extreme south of the mine the C Reef has been
eliminated by a deep Kimberley erosion channel and the Jersey fault.
A geological model is employed to delineate variations (either lateral or vertical) in characteristics of the VR. The current geological
model thus subdivides the VR at Great Noligwa, Kopanang and Moab Khotsong Mines into homogeneous zones (referred to as
geozones, facies or Estimation Domains (ED)) based on geological and grade characteristics.
EXPLORATION
Exploration is currently focused on defining smaller structural features of less than 10m that have an influence on the mining
activities. With the conclusion of exploration drilling in the Fish Project area no further exploration to increase the Mineral Resource
has been planned.
PROJECTS
Increase in Mineral Resource and Ore Reserve
The Mineral Resource has increased by 58% due to changed assumptions about considerations of reasonable and realistic prospects
for eventual economic extraction. This was done as a result of the change in economic and business guidelines for Great Noligwa Mine
allowing for an increase in the Mineral Resource (mainly from the C Reef and the Fish Area on the VR) and Ore Reserve.
Fish Project (Zuiping A Fault loss)
Drilling was completed within the Zuiping A Fault zone containing remnant blocks of VR. This ground is situated in the eastern part of
the mining lease area and is referred to as the Fish Block. The reef blocks are situated in a high-grade zone within the Zuiping A Fault
loss area. The Zuiping faults are early NNW-dipping thrusts and reverse faults. Based on new exploration drilling information the area
has been subject to a significant structural re-interpretation. As a result the geological confidence has been increased for this area and
the block was re-instated into the Mineral Resource. The mining feasibility of this block will be investigated during 2014.
C Reef
A large portion of C Reef was re-instated into the Mineral Resource on the basis that it is now potentially economic. This was due to
economic considerations resulting in C reef being included into the Planning Resource (Reserve). 96% of the C Reef Mineral Resource
falls within the Measured and Indicated Mineral Resource categories. Exploration drilling is currently focused on delineating smaller
faults with throws of less than 10m and the edges of the erosional Kimberley channels.
AngloGold Ashanti Technology and Innovation Consortium (ATIC) Project
A C Reef block of ground was identified on 64 Level, where the ATIC Project will focus on improving the mining method that can better
extract lower-value reef. This should increase productivity, improve gold recovery, reduce development costs and improve safety.
Currently access development is taking place and reef boring is expected to start during the latter part of 2014.
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole
Channel
Other
Comments
Great Noligwa
Measured
5 x 5
–
–
–
–
Underground chip sampling
Indicated
100 x 100
–
–
–
–
Underground drilling
Inferred
1,000 x 1,000
–
–
–
–
Surface drilling
Grade/Ore Control
–
–
–
–
See Measured category
23
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
1.04
-0.13
0.00
0.78
0.05
0.00
-0.10
0.00
1.64
Ounces 
(millions)
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
0.9
0.8
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Great Noligwa
Mineral Resource reconciliation: 2012 to 2013
0.39
-0.07
0.16
0.00
0.00
-0.01
0.00
0.00
0.48
Ounces 
(millions)
0.50
0.48
0.46
0.44
0.42
0.40
0.38
0.36
0.34
0.32
0.30
2012
Other
2013
Great Noligwa
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
GREAT NOLIGWA
continued
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Great Noligwa
Category
million
g/t
Tonnes
Moz
Crystalkop Reef
Measured
0.50
13.05
6.54
0.21
Indicated
0.19
15.61
3.01
0.10
Inferred
0.00
23.10
0.05
0.00
Total
0.70
13.79
9.60
0.31
Vaal Reef
Measured
1.99
18.29
36.38
1.17
Indicated
0.20
17.63
3.59
0.12
Inferred
0.05
24.57
1.30
0.04
Total
2.25
18.38
41.27
1.33
Great Noligwa
Total
2.94
17.29
50.87
1.64
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
South Africa
Category
million
g/t
Tonnes
Moz
Great Noligwa
Measured
1.05
20.57
21.67
0.70
Indicated
0.07
29.61
2.20
0.07
Inferred
0.05
24.51
1.35
0.04
Great Noligwa
Total
1.18
21.32
25.22
0.81
The majority of the Exclusive Mineral Resource is due to design and schedule losses planned in the structurally complex mineralised deposit.
Mineral Resource below infrastructure
There is no Mineral Resource below infrastructure.
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
24
background image
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Great Noligwa
Category
million
g/t
Tonnes
Moz
Crystalkop Reef
Proved
0.39
5.68
2.21
0.07
Probable
0.15
5.81
0.86
0.03
Total
0.54
5.72
3.07
0.10
Vaal Reef
Proved
1.09
9.24
10.11
0.33
Probable
0.20
8.49
1.70
0.05
Total
1.29
9.12
11.81
0.38
Great Noligwa
Total
1.83
8.12
14.88
0.48
Ore Reserve modifying factors
as at
31 December 2013
Great Noligwa
Gold
price
ZAR/kg
Cut-off
value
g/t Au
Cut-off
value
cm.g/t
Au
Stoping
width
cm
Dilution
%
Diluted
grade
MCF
%
MetRF
%
Crystalkop Reef
360,252
11.24
1,600
142.3
59.8
8.52
58.0
94.5
Vaal Reef
360,252
9.13
1,600
175.2
50.6
9.34
58.0
94.5
Inferred Mineral Resource in business plan
No planning or scheduling took place in areas classified as Inferred Mineral Resource.
Ore Reserve below infrastructure
There is no Ore Reserve reported below infrastructure.
0
2
4
6
8
10
12
14
16
18
20
Tonnes above 
cut-off (millions)
Average 
grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
27
26
25
24
23
22
21
20
19
18
17
16
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0
0.8
Tonnes above cut-off
Ave grade above cut-off
Great Noligwa
Grade tonnage curve – Underground (metric)
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Brenda Freese
GSSA
966 602
16 years
BSc Hons (Geology)
GDE (Mineral Economics) WITS
Ore Reserve
Willie Olivier
PLATO
MS 0136
23 years
Government Certificate of Competency
in Mine Survey
25
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
LOCATION
Kopanang is one of three AngloGold Ashanti mines located in the Vaal River district, the other two being Great Noligwa and Moab
Khotsong. Kopanang is located in the Free State province, approximately 170km southwest of Johannesburg and 10km southeast
of the town of Orkney. The current mining lease encompasses an area of 35km
2
and is bound by Great Noligwa to the east, China
African Precious Metals Number 3 Shaft to the north and the Jersey fault (1,000m displacement) to the south. The natural extension
of the mine is to the southwest.
The mine has been in production since 1984. The shaft was sunk based on geological information provided by 14 surface drill holes
(of which only eight had intersected Vaal Reef (VR)), shaft sinking initiated in 1977 and was completed by 1981 with production
commencing in 1984. The gold-bearing reef horizons are accessed via a twin shaft system which descends to a maximum depth of
2,334m, while the main working levels are situated between 1,300m and 2,024m below surface. A sequential grid mining layout is
used from which scattered mining takes place.
GEOLOGY
Kopanang is situated in a structurally complex area of the Witwatersrand Basin, which has been subjected to numerous tectonic
events. Two tabular gold- and uranium-mineralised reef horizons, the VR and Crystalkop Reef (C Reef), have been mined historically
at Kopanang. Currently only the VR is being mined, with limited C Reef mining planned during the LOM. The C Reef is situated
stratigraphically about 250m above the VR at Kopanang and is accessible through the VR infrastructure. These conglomerate units
dip at an average of 21° towards the south and occur in a 2,100m thick sedimentary sequence comprising the Central Rand Group.
Mining is complicated by the presence of an assortment of steep (85°– 50°) north-dipping and younger low-angle (50°–15°) south-
dipping faults. The interplay of these main fault regimes, along with abundant pre- and post-dating dykes, makes for a complex and
geologically challenging deposit.
A geological model is employed to delineate variations (either lateral or vertical) in characteristics of the VR. The current geological
model thus subdivides the VR at Great Noligwa, Kopanang and Moab Khotsong Mines into homogeneous zones (referred to as
geozones, facies or Estimation Domains (ED)) based on geological and grade characteristics.
KOPANANG
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
26
background image
EXPLORATION
Brownfields exploration targeting VR on Gencor 1 E and De Pont Landing was completed during 2013. The exploration encompassed
the drilling of six exploration holes from surface and three long inclined drill holes from underground over a period of five years.
The new information acquired, in conjunction with historical drill hole information, alteration mineralogy studies, underground chip
sampling data and analysis, resulted in the re-introduction of the 520 Estimation Domain (ED) to the west of the current mining
front. The 520 ED was believed to be unnecessary because the reef was interpreted as having the same lithological characteristics
as the 460 and 430 geozones and was removed during 2007. Mining progressed well into the historic 520 ED and returned values
significantly above the low values (< 200cm.g/t) associated with the 520 ED. The exploration programme from 2009 to 2013 was
designed to test the gold value to the west.
The 520 ED has been used for the estimation of the 2013 Mineral Resource. The result of this facies change was that values in the
520 ED decreased to an average estimate of 193cm.g/t and the contained ounces were no longer considered as reasonable and
realistic prospects for eventual economic extraction. The value for the 520 ED was estimated by a global estimate using the surface
drill holes in the 520 ED.
Exploration drilling in the area below 68 Level, that is beneath current mine infrastructure, was completed during 2013. The target
blocks consist of VR Inferred and Indicated Mineral Resource and also projected target blocks towards the Jersey fault. This drilling
has increased confidence in the Mineral Resource. However there was no increase in contained ounces.
Exploration on the Ventersdorp Contact Reef (VCR) was re-started during 2011 through surface drilling operations. This reef is situated
approximately 500m stratigraphically above the VR on Kopanang. After the promising results that were returned from KGD8 whereby
the targeted facies was intersected at a value of 3,633cm.g/t over a channel width of 282cm, two exploration holes from underground
and an additional surface hole were drilled during 2013. This was to test the lateral and distal extent of the economic VCR facies
within reach of the current infrastructure. KGD12 was drilled from surface and intersected the oligomictic channel superimposed on an
underlying polymictic channel. Values were returned of 929cm.g/t for the two acceptable and representative intersections (Deflections
3 and 4) over a channel width of 186cm.
In addition to this surface drill hole, LIBB15 and K7865 were drilled from underground platforms. Both these holes were stopped
short of the VCR due to the holes extending well past the original anticipated VCR positions and placing the blocks above the current
infrastructure. K7865, drilling from 53 BW RAW was stopped in the Mondeor Formation at 293m due to safety concerns. This was a
steeply-inclined hole and the depth penetration limit of the rig was reached. LIBB15 drilling from 50 BW Access Crosscut was stopped
at 324m in the GE4s approximately 80 – 100m short of the VCR. This information allowed for the structure model to be updated. A
much larger exploration plan is required to confirm the VCR high-grade channel extension and the structure. This will be dependent
on the feasibility of mining the VCR profitably. No VCR is included in the Mineral Resource.
PROJECTS
AngloGold Ashanti Technology and Innovation Consortium (ATIC) Reef Boring Project
A VR block of ground was identified on 42 Level, where the ATIC Project will focus on improving the mining method that can better
extract lower-value reef. This should increase productivity, improve gold recovery, reduce development costs and improve safety.
Access development was completed during 2013 and reef boring is planned to begin during the first half of 2014.
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole
Channel
Other
Comments
Kopanang
Measured
5 x 5
–
–
–
–
Underground chip sampling
Indicated
100 x 100
–
–
–
–
Underground drilling
Inferred
1,000 x 1,000
–
–
–
–
Surface drilling
Grade/Ore Control
–
–
–
–
See Measured category
27
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Kopanang
Category
million
g/t
Tonnes
Moz
Crystalkop Reef
Measured
0.07
11.92
0.86
0.03
Indicated
0.41
12.87
5.34
0.17
Inferred
0.39
13.46
5.29
0.17
Total
0.88
13.06
11.49
0.37
Vaal Reef EDOM
Measured
0.16
12.96
2.11
0.07
Indicated
0.37
7.05
2.63
0.08
Inferred
0.05
51.28
2.37
0.08
Total
0.58
12.22
7.11
0.23
Vaal Reef Base
Measured
4.48
14.36
64.28
2.07
Indicated
6.42
13.29
85.32
2.74
Inferred
0.23
71.99
16.61
0.53
Total
11.13
14.94
166.22
5.34
Vaal Reef Above Infrastructure
Measured
0.06
14.84
0.83
0.03
Indicated
1.99
11.73
23.31
0.75
Inferred
0.12
18.99
2.29
0.07
Total
2.16
12.22
26.43
0.85
Kopanang
Total
14.75
14.32
211.24
6.79
42% of the Exclusive Mineral Resource is expected to be taken up by the shaft pillar and Mineral Resource beyond the current
infrastructure. 43% can be attributed to design and schedule losses in structurally complex areas and areas with marginal gold
mineralisation. 15% of the Exclusive Mineral Resource has been identified as areas for investigation with potential for inclusion
in the Planning Resource.
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Kopanang
Category
million
g/t
Tonnes
Moz
Measured
2.58
18.64
48.01
1.54
Indicated
2.41
21.74
52.42
1.69
Inferred
0.56
30.96
17.39
0.56
Kopanang
Total
5.55
21.23
117.82
3.79
Mineral Resource below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Kopanang
Category
million
g/t
Tonnes
Moz
Measured
0.04
17.51
0.67
0.02
Indicated
0.33
13.57
4.42
0.14
Inferred
0.28
16.55
4.70
0.15
Kopanang
Total
0.65
15.11
9.78
0.31
KOPANANG
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
28
background image
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Kopanang
Category
million
g/t
Tonnes
Moz
Crystalkop Reef
Proved
0.02
5.31
0.09
0.00
Probable
0.35
6.60
2.28
0.07
Total
0.36
6.54
2.36
0.08
Vaal Reef EDOM
Proved
0.16
4.63
0.72
0.02
Probable
0.21
4.52
0.97
0.03
Total
0.37
4.57
1.70
0.05
Vaal Reef Base
Proved
2.02
6.61
13.34
0.43
Probable
4.03
6.90
27.84
0.90
Total
6.05
6.81
41.18
1.32
Kopanang
Total
6.78
6.67
45.24
1.45
Ore Reserve modifying factors
as at 31 December 2013
Kopanang
Gold
price
ZAR/kg
Cut-off
value
g/t Au
Cut-off
value
cm.g/t
Au
Stoping
width
cm
Dilution
%
Diluted
grade
MCF
%
MetRF
%
Crystalkop Reef
360,252
9.43
1,000
106.0
53.5
7.51
70.5
95.5
Vaal Reef Base
360,252
9.43
1,000
106.0
51.3
7.18
70.5
95.5
Vaal Reef EDOM
360,252
9.43
1,000
106.0
51.4
4.83
70.5
95.5
Inferred Mineral Resource in business plan
as at 31 December 2013
Tonnes
million
Grade
g/t
Contained gold
Kopanang
Tonnes Moz
Comment
Crystalkop Reef
0.09
15.60
1.47
0.05
In situ content
Vaal Reef Base
0.06
12.14
0.77
0.02
In situ content
Total
0.16
14.21
2.24
0.07
With appropriate caution, some Inferred Mineral Resource was included in the business plan during the optimisation process. This
accounts for 3% of the business plan.
Ore Reserve below infrastructure
There is no Ore Reserve reported below infrastructure.
9.25
-0.28
0.00
-1.13
-1.15
0.00
0.10
0.00
6.79
Ounces 
(millions)
9.5
9.0
8.5
8.0
7.5
7.0
6.5
6.0
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Kopanang
Mineral Resource reconciliation: 2012 to 2013
1.39
-0.20
0.18
0.00
0.00
0.08
0.00
0.00
1.45
Ounces 
(millions)
1.50
1.45
1.40
1.35
1.30
1.25
1.20
1.15
1.10
2012
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Other
Acquisition/
Disposal
2013
Kopanang
Ore Reserve reconciliation: 2012 to 2013
29
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
0
2
4
6
8
10
12
14
16
18
20
Tonnes above 
cut-off (millions)
Average 
grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
30
28
26
24
22
20
18
16
14
12
16
14
12
10
8
6
4
2
0
Tonnes above cut-off
Ave grade above cut-off
Kopanang
Grade tonnage curve – Underground (metric)
KOPANANG
continued
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Brenda Freese
GSSA
966 602
16 years
BSc Hons (Geology)
GDE (Mineral Economics) WITS
Ore Reserve
Willie Olivier
PLATO
MS 0136
23 years
Government Certificate of Competency
in Mine Survey
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
30
background image
MOAB KHOTSONG
LOCATION
Moab Khotsong is situated near the towns of Orkney and Klerksdorp, about 180km southwest of Johannesburg. The mining lease
area lies to the south of Great Noligwa and Kopanang mines. Moab Khotsong is a relatively new mine and the first gold was produced
in 2003.
The original plan was to exploit two distinct portions of the Moab Khotsong lease area, namely the Middle Mine (85 to 101 Level)
and the Lower Mine (101 to 118 Level). The Middle Mine exploits the Vaal Reef (VR) to depths of between 2,600m and 3,054m
below surface on the down-thrown side of the De Hoek and Jersey fault complex. In 2008 the SV4 section of Great Noligwa was
incorporated into Moab Khotsong and this section is now termed the Top Mine.
The extension of Moab Khotsong mine to the down-thrown side of the fault complex is strategic because the life of the Vaal River
operations could be increased significantly. The initial development of Moab Khotsong was taken with a view that the new mine would
be well positioned to exploit additional surrounding ore blocks. The most important of these blocks will be the Zaaiplaats blocks,
positioned to the southwest of the current Moab Khotsong infrastructure and extending some 400m deeper than the existing mine.
Mining is based on a scattered mining method with an integrated backfill support system combined with bracket pillars.
GEOLOGY
The VR is the only economic horizon that is exploited at Moab Khotsong mine (refer to the description of the VR under the Great
Noligwa section on page 18). The Crystalkop Reef (C Reef) is preserved in the northern part of the mine where the reef has been
intersected by a number of drill holes. No development or stoping has taken place on the C Reef at Moab Khotsong to date.
The geology at Moab Khotsong is structurally complex with large fault-loss areas, but the main block at Zaaiplaats appears to be
comparatively undeformed and only faults of less than 30m displacement are expected. The geological setting is one of crustal
extension, bounded in the northwest and southeast by major south-dipping fault systems with north-dipping Zuiping faults sandwiched
between them. The De Hoek and Buffels East faults structurally bound the reef blocks of the Middle Mine to the northwest and
southeast respectively and the northern boundary is a north-dipping fault. The southern boundary fault of the Middle Mine is currently
not defined. Drilling is currently taking place in the Middle Mine area to obtain structural information below 101 Level.
Due to the magnitude of the displacement across the De Hoek fault (more than 700m down to the south), geological structures
encountered on the up-thrown side of the De Hoek fault cannot be locally projected to the down-thrown side and vice versa. It is only
once the development is through the De Hoek fault that geological mapping information has any bearing on the reef blocks, and a
considerable amount of exploration drilling is required to accurately delineate these blocks in this structurally complex area.
Occurrences of gold
31
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
EXPLORATION
Brownfields exploration is currently focused on improving confidence in the geological model. Five surface drilling machines and
nineteen underground drilling machines were in operation during 2013 and reduced to one and seven respectively by end of 2013.
The surface drill hole MHH2 was drilled on the Hormah Prospecting Right area adjacent to the current Lower Mine Area C. MHH2
intersected an unusual development of poor VR at 31,43.98m beneath a large fault, interpreted to significantly reduce the size of the
target block. Plans to drill MHH3 were subsequently cancelled and the Hormah Prospecting Right was allowed to lapse.
Two rigs (MGR6 and MGR8) targeted the periphery of the Zaaiplaats project area, where multiple structures define the ore block
margins. The deflection drilling programme at drill hole MGR8 was further delayed by technical issues and subsequently abandoned
due to cost reductions implemented during 2013. The long deflection of MGR6 progressed drilling in order to increase the structural
confidence along the southern margin of Zaaiplaats. The deflection was stopped at a depth of 2,416.87m as a result of the capital
budget cuts.
Two rigs (MMB6 and MMB7) targeted the core of the Zaaiplaats project area, where dip changes and increased grade variability
could impact on the Ore Reserve. Surface drill hole MMB6 obtained the target reef horizon after one year of diamond drilling. The VR
was intersected at a depth of 3,309.73m, only 11.3m above the current structural model. Drill hole MMB7 similarly achieved the VR
intersection after one year of diamond drilling. The intersected depth of 3,335.11m was 29m below the current modelled position.
A third surface drill hole, MZA10, is planned to drill for additional structural certainty in the early gold portion of Zaaiplaats and is
scheduled to commence drilling in early 2014.
Surface drill hole MCY6, which was drilled to upgrade target blocks east of Moab Middle Mine, intersected substantial faulting.
Stratigraphic reconciliation with the model indicated that the target blocks are both smaller and at far greater depths than originally
modelled. Hence subsequent planned surface holes MCY7 and MCY8 have been abandoned.
Nineteen underground diamond drilling machines were deployed to carry out capital drilling on the Top, Middle and Lower Mines at
the beginning of the year and later reduced to seven machines during the year. This drilling is primarily used to obtain structural and
grade information aimed at increasing the Mineral Resource base of Moab Khotsong Mine. Two drilling rigs are currently deployed in
the Top Mine to obtain structural information on the VR blocks below 76 Level. Three drilling rigs were deployed in the Middle Mine to
obtain structural information on the Level 3 VR blocks below 101 Level while five drill rigs located in the Middle Mine to obtain structural
information on both the VR and C Reef horizons in the eastern area of the mine were removed.
Four drilling rigs were initially deployed to carry out capital drilling associated with the Zaaiplaats project where two hydraulics were
drilling for cover and two Long Inclined Boreholes (LIB) for exploration. The primary purpose of the current drilling is to improve
confidence in both geological and grade distribution in the Zaaiplaats block. During November two mother holes (LIB78 and LIB79)
intersected VR, becoming the first underground exploration reef Intersections in the Zaaiplaats block. The drill rigs are currently busy
with short deflections to obtain additional evaluation compliant VR intersections.
PROJECTS
The initial development of Moab Khotsong was taken with a view that the new mine would be well positioned to exploit additional
surrounding ore blocks adjacent and contiguous to current mining areas. The most important of these blocks will be the Zaaiplaats
blocks, positioned to the southwest of the current Moab Khotsong infrastructure and extending below the existing mine. The Moab
Khotsong Level 1 business plan is expected to produce some 2.0Moz of gold. Zaaiplaats will provide an additional 5.2Moz, of
gold, extending the mine’s life to approximately 2040 and serving as a gateway for opportunities beyond the initial target blocks.
Phase 1 of Project Zaaiplaats was approved in July 2010 and was concluded during April 2013 with the commissioning of the second
rock silo. No gold will be produced during this phase which will be used to establish infrastructure required for phase 2. Phase 2
will create a drilling platform and exploit early opportunities to produce gold. Phase 2 aims to produce 0.5Moz of gold which will
supplement the current business plan. The Phase 2 project has been deferred by two years, providing time to investigate alternatives,
following gold price drop and variation from initial project assumptions.
The phase 3 study concluded a pre-feasibility study in March 2013. The pre-feasibility study explored various conventional mining
options of accessing the mineralised deposit through either Moab Khotsong or Kopanang, while accessing other mining blocks
adjacent and contiguous to the Zaaiplaats mineralised deposit. The South African Region ATIC study team is conducting concept
studies applying technology mine design concepts to the Zaaiplaats blocks.
MOAB KHOTSONG
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
32
background image
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole
Channel
Other
Comments
Moab Khotsong
Measured
5 x 5
–
–
–
–
Underground chip sampling
Indicated
100 x 100,
800 x 800
–
–
–
–
Underground drilling
Inferred
1,000 x 1,000
–
–
–
–
Surface drilling
Grade/Ore Control
–
–
–
–
See Measured category
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Moab Khotsong
Category
million
g/t
Tonnes
Moz
Vaal Reef Lower Mine – Area A
Measured
–
–
–
–
Indicated
0.16
22.86
3.74
0.12
Inferred
1.08
19.28
20.84
0.67
Total
1.25
19.75
24.59
0.79
Vaal Reef Lower Mine – Area B
Measured
–
–
–
–
Indicated
3.99
9.64
38.41
1.24
Inferred
1.39
9.49
13.16
0.42
Total
5.37
9.60
51.58
1.66
Vaal Reef Lower Mine – Area C
Measured
–
–
–
–
Indicated
1.00
21.26
21.19
0.68
Inferred
1.45
22.70
32.99
1.06
Total
2.45
22.11
54.18
1.74
Vaal Reef Lower Mine – Area PZ 2
Measured
–
–
–
–
Indicated
8.96
20.78
186.13
5.98
Inferred
2.93
20.87
61.23
1.97
Total
11.89
20.81
247.37
7.95
Crystalkop Reef – Middle Mine Area
Measured
–
–
–
–
Indicated
–
–
–
–
Inferred
1.28
9.58
12.22
0.39
Total
1.28
9.58
12.22
0.39
Vaal Reef – Middle Mine
Measured
1.55
23.56
36.49
1.17
Indicated
5.29
22.63
119.75
3.85
Inferred
1.91
18.40
35.12
1.13
Total
8.75
21.87
191.35
6.15
Vaal Reef – Top Mine
Measured
0.72
18.89
13.60
0.44
Indicated
0.32
17.66
5.62
0.18
Inferred
0.03
29.01
0.97
0.03
Total
1.07
18.84
20.19
0.65
Vaal Reef – Great Noligwa Shaft Pillar
Measured
0.11
16.95
1.83
0.06
Indicated
1.53
16.42
25.06
0.81
Inferred
–
–
–
–
Total
1.63
16.45
26.89
0.86
Moab Khotsong
Total
33.69
18.65
628.36
20.20
33
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Moab Khotsong
Category
million
g/t
Tonnes
Moz
Measured
1.13
29.62
33.54
1.08
Indicated
8.52
21.05
179.30
5.76
Inferred
10.07
17.53
176.54
5.68
Moab Khotsong
Total
19.72
19.74
389.38
12.52
The Exclusive Mineral Resource consists of designed rock engineering bracket pillars, designed dip pillars and the Great Noligwa shaft
pillar on the VR. The major portion of this Exclusive Mineral Resource is located in the Lower Mine area, with minor amounts in the Top
and Middle Mines, C Reef and shaft pillar areas. The bracket pillars are designed for safety reasons and will therefore not be mined,
whereas the shaft pillar can only be safely extracted at the end of the mine life.
Mineral Resource below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Moab Khotsong
Category
million
g/t
Tonnes
Moz
Measured
0.37
23.80
8.73
0.28
Indicated
13.48
20.07
270.57
8.70
Inferred
7.62
20.41
155.49
5.00
Moab Khotsong
Total
21.47
20.25
434.79
13.98
20.91
-0.29
0.00
-0.37
-0.05
0.00
0.00
0.00
20.20
Ounces (millions)
21.0
20.9
20.8
20.7
20.6
20.5
20.4
20.3
20.2
20.1
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Moab Khotsong
Mineral Resource reconciliation: 2012 to 2013
6.61
-0.22
-0.23
0.00
0.00
-0.07
0.03
0.00
6.12
Ounces (millions)
6.7
6.6
6.5
6.4
6.3
6.2
6.1
6.0
5.9
2012
Other
2013
Moab Khotsong
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
MOAB KHOTSONG
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
34
background image
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Moab Khotsong
Category
million
g/t
Tonnes
Moz
Vaal Reef Lower Mine – Area PZ 2
Proved
–
–
–
–
Probable
14.03
9.18
128.75
4.14
Total
14.03
9.18
128.75
4.14
Vaal Reef – Middle Mine
Proved
0.74
12.73
9.39
0.30
Probable
3.48
12.91
44.95
1.45
Total
4.22
12.88
54.34
1.75
Vaal Reef – Top Mine
Proved
0.51
9.33
4.72
0.15
Probable
0.29
9.11
2.60
0.08
Total
0.79
9.25
7.32
0.24
Moab Khotsong
Total
19.04
10.00
190.41
6.12
Ore Reserve modifying factors
as at
31 December 2013
Moab Khotsong
Gold
price
ZAR/kg
Cut-off
value
g/t Au
Cut-off
value
cm.g/t
Au
Stoping
width
cm
Dilution
%
Diluted
grade
MCF
%
MetRF
%
Vaal Reef – Lower Mine – Area
PZ 2
360,252
3.94
500
127.0
56.5
11.90
81.0
96.0
Vaal Reef – Middle Mine
360,252
3.21
500
155.6
45.1
10.56
77.2
95.6
Vaal Reef – Top Mine
360,252
3.05
500
164.0
48.5
17.47
76.1
95.1
Inferred Mineral Resource in business plan
as at 31 December 2013
Tonnes
million
Grade
g/t
Contained gold
Moab Khotsong
Tonnes
Moz
Comment
Vaal Reef Lower Mine – Area
PZ 2
2.34
21.01
49.23
1.58
–
Vaal Reef – Middle Mine
0.24
9.29
2.23
0.07
–
Vaal Reef – Top Mine
0.01
30.19
0.43
0.01
–
Total
2.60
19.98
51.89
1.67
–
The Inferred Mineral Resource was used for optimisation purposes as it forms part of the business plan, but it was not included in the
Ore Reserve.
Ore Reserve below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Moab Khotsong
Category
million
g/t
Tonnes
Moz
Proved
–
–
–
–
Probable
14.03
9.18
128.75
4.14
Moab Khotsong
Total
14.03
9.18
128.75
4.14
35
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Francis Rebaone
Gaelejwe
GSSA
965 326
13 years
BSc Hons (Geology)
Ore Reserve
Andre Johnson
SACNASP
400011/06
23 years
Government Certificate of Competency
in Mine Survey
HND (Mineral Resource Management)
MEng (Mining Engineering)
MOAB KHOTSONG
continued
0
2
4
6
8
10
12
14
16
18
Tonnes above 
cut-off (millions)
Average 
grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
27
25
23
21
19
17
34
30
26
22
18
14
10
Tonnes above cut-off
Ave grade above cut-off
Moab Khotsong
Grade tonnage curve – Underground (metric)
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
36
background image
LOCATION
Along with TauTona and Savuka, Mponeng comprises the West Wits Operations. Situated south of the TauTona and Savuka mines,
Mponeng is near the town of Carletonville and approximately 65km west of Johannesburg. Mponeng was previously named Western
Deep Levels South.
The original twin shaft sinking from surface commenced in 1981 and was commissioned along with the gold plant complex in
1986 when production began. Through the use of two hoisting shafts, a sub-shaft and two service shafts, Mponeng exploits the
Ventersdorp Contact Reef (VCR) between depths of 2,800m and 3,400m below surface.
South of the Mponeng lease area lies the Western Ultra Deep Levels (WUDLS) area. This area is currently being explored through a
surface drilling programme and from underground drilling platforms.
GEOLOGY
The VCR is the main reef horizon being mined at Mponeng. The VCR forms the base of the Ventersdorp Supergroup which caps
the Witwatersrand Supergroup through an angular unconformity. The overlying Ventersdorp Lavas halted the deposition of the VCR
preserving it in its current state. The VCR consists of a quartz pebble conglomerate, which can be up to 3m thick in places. The
footwall stratigraphy, following a period of uplift and erosion, controlled the development and preservation of the VCR. The footwall
consists of series of sedimentary layers from the Central Rand Group of the Witwatersrand Supergroup which, due to its erosional
nature, exposes VCR from the youngest layers in the west to the oldest in the east.
MPONENG
N
Kilometres
0
1
2
3
4
Carletonville
Fochville
Mponeng
TauTona
Savuka
Welverdiend
Sibanye Gold Limited
Driefontein Gold Mine
Blyvooruitzicht
Harmony
Kusasalethu
Gauteng Province
Locality plan
37
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
MPONENG
continued
The relatively argillaceous protoquartzites of the Kimberley Formation are covered by the best-preserved VCR conglomerates.
The VCR is characterised by a series of channel terraces preserved at different relative elevations, and the highest gold values are
preserved in these channel deposits. The different channel terraces are divided by zones of thinner ‘slope’ reef, which is of lower value
and becomes more prevalent on the higher terraces and on the harder footwall units. The Elsburg Formation lies to the west and is
relatively more durable, while the eastern side of the mine is dominated by shales and siltstones of the Booysens Formation and due
to the erosional nature of the system, preserved both thick and thinner VCR conglomerates. No VCR is preserved on the Krugersdorp
Formation on the far eastern side of Mponeng.
The other gold-bearing reef with reported Mineral Resource for Mponeng is the Carbon Leader Reef (CLR). This reef has been mined at
the adjacent Savuka and TauTona mines, and plans are being made at Mponeng to mine the CLR in the future. The CLR at Mponeng
consists of (on average) a 20cm thick, tabular, auriferous quartz pebble conglomerate formed near the base of the Central Rand
Group. The CLR is approximately 900m deeper than the VCR. The CLR is divided into three sedimentary units, Unit 1, Unit 2 and
Unit 3. The Mponeng CLR Project area is dominated by Unit 3 with a smaller portion of Unit 2 towards the east. Unit 2 is a complex
channel deposit, and Unit 3 is the oldest of the CLR channel deposits and preserves the relatively lower values that can be contained
in the CLR.
Both the VCR and the CLR reefs have been subjected to faulting and are intruded by a series of igneous dykes and sills of various
ages that cross-cut the reefs. There is an inherent risk in mining through these faults and intrusives and a key objective of AngloGold
Ashanti mine geologists is to identify these geological features ahead of the working face to assist with deciding on the best practice
when approaching or mining through these structures.
Mining currently is focused on the eastern and western edges of the lease area above 120 Level. The risk to maintaining higher values
is increasing due to the erratic nature and poor preservation of VCR on the Elsburg and Booysens Footwall zones. The goal for the next
two years is to successfully predict and model the higher value trends where they exist in order to meet the demand of the business
plan. The below 120 Level ground is scheduled to mine the VCR on Kimberly footwall, which is better mineralised and of higher value
where VCR is preserved, however this will only start contributing to Mponeng production in two years’ time.
EXPLORATION
Underground exploration targets are located within the current mining lease and the adjacent WUDLS area, which is a natural extension
to the current mining fronts accessing the deeper portions of the VCR and CLR mineral deposits.
The majority of the Mineral Resource within WUDLS lease area is classified as an Inferred Mineral Resource. The upgrading of this
ground was not possible in 2013 due to the poor drilling progress of the underground exploration holes. Below 120 Level drilling
platforms were delayed continually due to flooding and power supply problems. The surface drilling was partially successful with one
drill hole, UD51, intersecting the VCR at a depth of 3,837m below surface. This is the first VCR intersection in the central portion of the
WUDLS area and returned a grade of 3.65g/t over 20.7cm channel width.
For the exploration on the upper west side of the mine, the LIB intersected high volumes of flammable gas and underground fissure
water. The holes were delayed from progressing further and were stopped. The planned targets are to be re-accessed from different
platforms starting in early 2014.
Exploration of VCR on the south west portion of the lease ahead of the Phase 1 project in the west completed 3 new reef Intersections.
Drilling continues and will further confirm the geological model and current value trends on the Elsburg footwall zone.
The CLR exploration programme was successful in 2013. Planned targets were intersected in the first half of 2013. The rest of the
platforms on 126 Level and on TauTona were not going to be ready in time so the targets schedule for CLR phase 2 was deferred to 2014.
The planned extension of Mponeng, through the phased deepening projects, will provide greater mining access to the CLR and
the VCR Mineral Resource. Exploration drilling from these newly-developed platforms will meet the demands for the project start-
up dates. Exploration drilling on both the CLR and the VCR will continue until the results have provided sufficient confidence in the
geological models.
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
38
background image
SOUTH AFRICA
39
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
MPONENG
continued
PROJECTS
The planned project phases will extract that portion of the Mineral Resource currently below infrastructure. The Phase 1 VCR project has
successfully accessed ground to 126 Level. In September 2013 phase 1 intersected the VCR reef on the 123 – 42 line approximately
3,405m below surface, the deepest at which VCR has ever been intersected. The phase 1 project is planned to be in full production
in January 2015. VCR will be mined at an average planned area of 20,000m² per month in phase 1 and will extend Mponeng’s LOM
to 2032.
The Carbon Leader project Phase 2 will extract CLR south of the TauTona and Savuka mines from 123 and 126 Levels. During
2013 preparations for the shaft infrastructure was being done with the development of ramp design and the supporting on-level
infrastructure.
Future phases on VCR (Phase 3 and 5) and CLR (Phase 4 and 6) are being considered for economic studies and are dependent on
the progress from continued exploration work and design options considerations.
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole
Channel
Other
Comments
Mponeng
Measured
5 x 5
–
–
–
–
Underground chip sampling
Indicated
100 x 100
–
–
–
–
Underground drilling
Inferred
1,000 x 1,000
–
–
–
–
Surface and underground drilling
Grade/Ore Control
–
–
–
–
See Measured category
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Mponeng
Category
million
g/t
Tonnes
Moz
TauTona Ventersdorp Contact Reef Shaft Pillar
Measured
0.49
17.40
8.47
0.27
Indicated
1.25
20.21
25.22
0.81
Inferred
–
–
–
–
Total
1.73
19.42
33.69
1.08
Ventersdorp Contact Reef Above 109 Level
Measured
5.53
10.97
60.68
1.95
Indicated
4.51
7.05
31.75
1.02
Inferred
–
–
–
–
Total
10.04
9.21
92.43
2.97
Ventersdorp Contact Reef 109 to 120 Level
Measured
3.48
20.51
71.43
2.30
Indicated
5.74
11.86
68.01
2.19
Inferred
0.66
3.84
2.54
0.08
Total
9.88
14.37
141.99
4.57
Ventersdorp Contact Reef Below 120 Level
Measured
0.23
21.29
4.88
0.16
Indicated
10.45
15.78
164.94
5.30
Inferred
0.09
3.84
0.34
0.01
Total
10.77
15.80
170.17
5.47
Ventersdorp Contact Reef WUDLS
Measured
–
–
–
–
Indicated
2.53
15.67
39.67
1.28
Inferred
11.76
14.99
176.34
5.67
Total
14.29
15.11
216.01
6.94
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
40
background image
as at 31 December 2013
Tonnes
Grade
Contained gold
Mponeng
Category
million
g/t
Tonnes
Moz
Ventersdorp Contact Reef Block 1
Measured
0.07
4.28
0.29
0.01
Indicated
2.99
4.18
12.52
0.40
Inferred
–
–
–
–
Total
3.06
4.19
12.81
0.41
Ventersdorp Contact Reef Block 3
Measured
0.01
6.52
0.10
0.00
Indicated
5.00
5.97
29.85
0.96
Inferred
–
–
–
–
Total
5.01
5.97
29.95
0.96
Ventersdorp Contact Reef Block 5
Measured
0.05
3.38
0.18
0.01
Indicated
1.60
6.17
9.85
0.32
Inferred
–
–
–
–
Total
1.65
6.08
10.03
0.32
Ventersdorp Contact Reef Outside Project areas Measured
0.24
4.95
1.18
0.04
Indicated
7.36
3.96
29.13
0.94
Inferred
–
–
–
–
Total
7.60
3.99
30.32
0.97
TauTona Carbon Leader Reef Shaft Pillar
Measured
0.32
41.72
13.27
0.43
Indicated
1.10
41.48
45.61
1.47
Inferred
–
–
–
–
Total
1.42
41.54
58.88
1.89
TauTona Carbon Leader Reef Eastern Block
Measured
–
–
–
–
Indicated
0.66
23.08
15.20
0.49
Inferred
–
–
–
–
Total
0.66
23.08
15.20
0.49
Carbon Leader Reef Below 120 Level
Measured
–
–
–
–
Indicated
27.79
22.19
616.68
19.83
Inferred
7.97
20.39
162.60
5.23
Total
35.76
21.79
779.28
25.05
Carbon Leader Reef Savuka
Measured
0.15
15.59
2.30
0.07
Indicated
2.40
17.29
41.45
1.33
Inferred
–
–
–
–
Total
2.54
17.19
43.76
1.41
Mponeng
Total
104.42
15.65
1,634.52
52.55
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Mponeng
Category
million
g/t
Tonnes
Moz
Measured
8.83
15.05
132.83
4.27
Indicated
38.38
14.02
537.96
17.30
Inferred
5.97
20.62
123.15
3.96
Mponeng
Total
53.18
14.93
793.93
25.53
The current mining practice in the West Wits is to leave behind 35% to 50% of the Mineral Resource as stability pillars. This is done
to minimise the effects of seismicity on underground workings. Bracket pillars are also placed around igneous intrusives and other
geological structures to improve stability and to minimise risks associated with seismicity around these structures. All these pillars and
areas that mining cannot access are included in the Exclusive Mineral Resource.
Other areas of the Mineral Resource that do not form part of LOM fall under categories considered to be beyond infrastructure and
below the economic cut-off for the mine.
Inclusive Mineral Resource continued
41
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
MPONENG
continued
Mineral Resource below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Mponeng
Category
million
g/t
Tonnes
Moz
Measured
–
–
–
–
Indicated
30.32
21.65
656.35
21.10
Inferred
19.74
17.17
338.94
10.90
Mponeng
Total
50.06
19.88
995.29
32.00
50.82
-0.46
-0.78
-0.38
1.31
0.00
2.05
0.00
52.55
Ounces
 (millions)
53.0
52.5
52.0
51.5
51.0
50.5
50.0
49.5
49.0
48.5
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Mponeng
Mineral Resource reconciliation: 2012 to 2013
13.81
-0.36
-0.04
0.00
0.00
1.17
0.00
0.00
14.57
Ounces 
(millions)
14.6
14.4
14.2
14.0
13.8
13.6
13.4
13.2
2012
Other
2013
Mponeng
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
Dykes
Ventersdorp Lava
VCR Reef
Elsburgs Quartzites
Dennys Quartzites
Kimberley Quartzites
Booysens Shales
Krugersdorp Quartzites
Luipaardsvlei Quartzites
Randfontein Quartzites
-3,700
-3,750
-3,800
0
500
1,000
1,500
SECTION THROUGH 123 LEVEL
E
W
Mponeng Gold Mine Phase 1 below 120 Ventersdorp Contact Reef
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
42
background image
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Mponeng
Category
million
g/t
Tonnes
Moz
Ventersdorp Contact Reef
Proved
0.48
6.11
2.90
0.09
Above 109 Level
Probable
0.52
7.18
3.77
0.12
Total
1.00
6.67
6.67
0.21
Ventersdorp Contact Reef
Proved
1.73
9.19
15.90
0.51
109 to 120 Level
Probable
5.04
5.62
28.34
0.91
Total
6.77
6.53
44.25
1.42
Ventersdorp Contact Reef
Proved
0.40
10.26
4.13
0.13
Below 120 Level
Probable
10.42
8.06
84.00
2.70
Total
10.82
8.14
88.13
2.83
TauTona Carbon Leader Reef
Proved
–
–
–
–
Eastern Block
Probable
1.06
11.74
12.40
0.40
Total
1.06
11.74
12.40
0.40
Carbon Leader Reef Below 120 Level
Proved
–
–
–
–
Probable
23.31
12.13
282.63
9.09
Total
23.31
12.13
282.63
9.09
Carbon Leader Savuka
Proved
0.19
7.90
1.50
0.05
Probable
2.27
7.70
17.48
0.56
Total
2.46
7.72
18.99
0.61
Mponeng
Total
45.42
9.98
453.07
14.57
Ore Reserve modifying factors
as at 31 December 2013
Mponeng
Gold
price
ZAR/kg
Cut-off
value
g/t Au
Cut-off
value
cm.g/t
Au
Stoping
width
cm
Dilution
%
Diluted
grade
MCF
%
MetRF
%
Carbon Leader Reef Savuka
360,252
6.25
750
120.0
48.3
7.22
81.0
98.3
Carbon Leader Reef Below 120
Level
360,252
7.14
750
105.0
42.2
8.84
81.0
98.4
TauTona Carbon Leader Reef
Eastern Block
360,252
6.49
750
115.5
49.1
11.34
81.6
98.4
Ventersdorp Contact Reef 109
to 120 Level
360,252
5.58
750
134.4
46.5
5.67
81.0
97.9
Ventersdorp Contact Reef
Above 109 Level
360,252
5.69
750
131.9
46.2
5.73
80.9
98.0
Ventersdorp Contact Reef
Below 120 Level
360,252
5.05
750
148.5
44.1
6.41
84.5
98.1
43
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
MPONENG
continued
0
2
4
6
8
10
12
14
16
18
Tonnes above
 cut-off (millions)
Average 
grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
28
26
24
22
20
18
16
14
12
110
100
90
80
70
60
50
40
30
Tonnes above cut-off
Ave grade above cut-off
Mponeng
Grade tonnage curve – Underground (metric)
Inferred Mineral Resource in business plan
as at 31 December 2013
Tonnes
million
Grade
g/t
Contained gold
Mponeng
Tonnes Moz
Comment
Carbon Leader Reef Below
120 Level
5.73
14.49
82.95
2.67
Carbon Leader Reef Phase 2, 4 and 6 – Inferred
Mineral Resource included in business plan but not
in Ore Reserve
Total
5.73
14.49
82.95
2.67
The Inferred Mineral Resource was used for optimisation purposes and it forms part of the business plan, but it was not included in
the Ore Reserve. These portions of the deposit are located in the WUDLS area below current infrastructure and that part of the CLR
Mineral Resource that is to be included in the CLR phase 4 project.
Ore Reserve below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Mponeng
Category
million
g/t
Tonnes
Moz
Proved
–
–
–
–
Probable
23.31
12.13
282.63
9.09
Mponeng
Total
23.31
12.13
282.63
9.09
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Gareth Flitton
GSSA
964 758
10 years
BSc Hons (Geology)
GDE (Mineral Economics) WITS
Ore Reserve
Pieter Enslin
PLATO
PMS 0183
31 years
GDE (Mineral Economics) WITS
HND (Mineral Resource Management)
MSCC
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
44
background image
TAUTONA
LOCATION
TauTona (Savuka has formed part of TauTona operations since 2013), lies on the West Wits Line, just south of Carletonville in the
North West Province, about 70km southwest of Johannesburg. Mining at this operation takes place at depths ranging from 2,000m
to 3,640m. The mine has a three-shaft system.
The mine exploits the Carbon Leader Reef (CLR) at depths varying from 2,600m to 3,500m below datum. The Ventersdorp Contact
Reef (VCR), which is about 900m above the CLR, has largely been mined out and mining operations on the VCR horizon ceased in
2010 and 2013 at Savuka and TauTona mines respectively.
GEOLOGY
The CLR is the principal economic horizon at TauTona and the VCR is the secondary economic horizon. The CLR is located near
the base of the Johannesburg Subgroup, which forms part of the Central Rand Group. The Central Rand Group sediments are
unconformably overlain by the Klipriviersberg lavas and the VCR is developed at the interface between the Central Rand Group
sediment and the overlying lavas. The CLR and the VCR at TauTona are vertically separated by about 900m of shales and quartzites.
The CLR is a thin, on average 20cm thick, tabular, auriferous quartz pebble conglomerate and consists of three sedimentary facies
or units. Economically, the most important is Unit 1, which is present as a sheet-like deposit over the whole mine, although reef
development and grades tend to decrease very rapidly where Unit 1 overlies Unit 2. Unit 2 is a complex channel deposit that is only
present along the eastern-most limit of current mining at TauTona. The Unit 2 CLR may be over 2m thick. Unit 3 is preserved below
Unit 1 in the southern parts of TauTona and is the oldest of the CLR conglomerates.
45
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
All production on the VCR at TauTona ceased in 2013, and no future mining has been planned on this reef horizon. The VCR is
comprised of a quartz pebble conglomerate (up to 2m thick) capping the top-most angular unconformity of the Witwatersrand
Supergroup. The topography of the VCR depositional area is uneven and the reef is draped over a series of slopes and forms terraces
at different elevations.
The CLR and VCR are cross-cut by faults and intrusive dykes that displace the reef horizons. The faulting, in conjunction with the
many intrusives that also intersect the deposit, is responsible for most of the risk inherent in deep-level gold mining, since seismicity is
associated with these geological features.
EXPLORATION
Savuka is a mature mine that is approaching the end of its productive life. No exploration is currently taking place at this operation and
any un-mined ground will be re-allocated to surrounding mines.
No further exploration drilling has been planned for 2014.
PROJECTS
No projects are currently being undertaken at Savuka as it is approaching the end of its productive life.
At TauTona a project was initiated to drill a series of long holes from 112 Level to explore the ground south of the Pretorius Fault Zone.
The programme was abandoned mid 2012 due to methane intersections. The programme will continue with shorter geological drill
holes south of the Pretorius to investigate the lateral movement of this geological structure and the implications thereof. Information
on the different intrusions, age relationships and characteristics of geological features are required to determine the geotechnical
properties of this area.
AngloGold Ashanti Technology and Innovation Consortium (ATIC) Reef Boring Project
Two blocks of ground in the WW were identified on 97 Level, where the ATIC Project will focus on improving the mine design and
planning, with a view towards increasing productivity, improving gold recovery and improving safety.
Block nine, the current test site, is proving the reef boring theory to mine all the gold, only the gold, all the time.
AngloGold Ashanti Technology and Innovation Consortium (ATIC) Geological Drilling Project
Orebody knowledge and exploration plays a critical part in the exploitation of a mineralised deposit. Testing of alternative drilling
technology on 75 Level seeks to improve current planning practices and will be essential in the application of mechanical reef mining.
The trial will direct the geological drilling strategy going forward with two options envisaged:
a) Favourable results – Trial continues but with alterations and design modifications to the machine and auxiliary equipment.
b) Unfavourable results – Alternative drilling methods will be tested.
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole
Channel
Other
Comments
TauTona
Measured
5 x 5
–
–
–
–
Underground chip sampling
Indicated
100 x 100
–
–
–
–
Underground drilling
Inferred
1,000 x 1,000
–
–
–
–
Surface drilling
Grade/Ore Control
–
–
–
–
See Measured category
TAUTONA
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
46
background image
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
TauTona
Category
million
g/t
Tonnes
Moz
East of the Bank Between 100 & 112 Levels
Measured
0.53
28.36
14.99
0.48
Indicated
1.77
23.66
41.77
1.34
Inferred
–
–
–
–
Total
2.29
24.74
56.77
1.83
Carbon Leader Reef – 1C11
Measured
0.15
20.76
3.11
0.10
Indicated
0.12
26.20
3.21
0.10
Inferred
–
–
–
–
Total
0.27
23.21
6.31
0.20
Carbon Leader Reef Base
Measured
1.04
25.97
26.91
0.87
Indicated
1.07
32.78
35.13
1.13
Inferred
–
–
–
–
Total
2.11
29.43
62.04
1.99
Savuka Carbon Leader Reef
Measured
0.44
17.01
7.47
0.24
Indicated
0.27
22.41
6.15
0.20
Inferred
–
–
–
–
Total
0.71
19.09
13.62
0.44
TauTona
Total
5.39
25.75
138.75
4.46
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
TauTona
Category
million
g/t
Tonnes
Moz
Measured
1.75
23.84
41.60
1.34
Indicated
1.31
30.77
40.24
1.29
Inferred
–
–
–
–
TauTona
Total
3.05
26.81
81.85
2.63
At TauTona the Exclusive Mineral Resource is defined by mining strategy, and additional Mineral Resource is expected to be taken up
in safety, boundary and remnant pillars ahead of current mining.
Mineral Resource below infrastructure
There is no Mineral Resource reported below infrastructure.
4.69
-0.30
0.00
-0.00
0.04
-0.16
0.19
0.00
4.46
Ounces 
millions)
4.70
4.60
4.50
4.40
4.30
4.20
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
TauTona
Mineral Resource reconciliation: 2012 to 2013
1.65
-0.20
-0.27
0.00
0.00
0.20
0.00
0.00
1.39
Ounces 
(millions)
1.65
1.60
1.55
1.50
1.45
1.40
1.35
1.30
1.25
1.20
1.15
1.10
2012
Other
2013
TauTona
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
47
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
TAUTONA
continued
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
TauTona
Category
million
g/t
Tonnes
Moz
East of the Bank Between
Proved
0.16
9.77
1.60
0.05
100 & 112 Levels
Probable
1.29
8.89
11.44
0.37
Total
1.45
8.99
13.03
0.42
Carbon Leader Reef – 1C11
Proved
0.01
6.91
0.05
0.00
Probable
0.06
9.26
0.55
0.02
Total
0.07
8.98
0.61
0.02
Carbon Leader Reef Base
Proved
0.37
9.85
3.66
0.12
Probable
2.74
9.08
24.83
0.80
Total
3.11
9.17
28.50
0.92
Savuka Carbon Leader Reef
Proved
0.08
6.55
0.53
0.02
Probable
0.06
8.78
0.51
0.02
Total
0.14
7.49
1.04
0.03
TauTona
Total
4.76
9.06
43.18
1.39
The closure of Blyvooruitzicht in 2013, and their subsequent inability to continue with groundwater pumping, presents a serious
risk to the economic viability of TauTona’s Ore Reserves. In order to mitigate this risk the Covalent Water Company was established
in order to assume pumping at source at their No. 4 and 6 shafts (previously Blyvooruitzicht No. 4 and No. 6 shaft). Although the
Covalent Water Company will be responsible to handle the bulk of the underground water from Blyvooruitzicht mine, around 8Ml/day
of underground water will build up within the workings of Blyvooruitzicht mine’s No. 5 shaft after which it will flow through the workings
to Savuka. Savuka currently does not have the facilities to pump this water to surface and as a result an underground pipeline from
Savuka to TauTona was established in order to pump the water from Savuka to TauTona from where it can be pumped to surface.
Although all the mitigating actions are already in place, the water level at Blyvooruitzicht No. 5 shaft has not yet reached the point
where the water will flow to Savuka.
2.98
-0.05
0.00
-0.83
0.07
0.40
-2.57
0.00
0.00
Ounces
 (millions)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Savuka
Mineral Resource reconciliation: 2012 to 2013
0.54
-0.03
0.00
0.00
0.00
-0.51
0.00
0.00
0.00
Ounces
 (millions)
0.6
0.5
0.4
0.3
0.2
0.1
0.0
2012
Other
2013
Savuka
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
48
background image
Ore Reserve modifying factors
as at 31 December 2013
TauTona
Gold
price
ZAR/kg
Cut-off
value
Cut-off
value
cm.g/t
Au
Stoping
width
cm
Dilution
%
Diluted
grade
MCF
%
MetRF
%
Carbon Leader Reef 1C11
360,252
8.58
900
120.0
57.7
8.98
71.8
97.3
Carbon Leader Reef Base
360,252
8.58
900
105.0
63.0
9.17
71.8
97.3
East of the Bank Between 100 &
112 Levels
360,252
8.58
900
105.0
63.0
8.99
71.8
97.3
Savuka Carbon Leader
Reef
360,252
7.83
900
115.0
54.5
7.49
65.0
97.3
Inferred Mineral Resource in business plan
No planning or scheduling took place in material classified as Inferred Mineral Resource during the planning process.
Ore Reserve below infrastructure
There is no Ore Reserve reported below infrastructure.
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Michelle Pienaar
GSSA
967 796
13 years
BSc Hons (Geology)
Ore Reserve
Joey Modise
PLATO
MS 0113
26 years
Government Certificate of Competency
in Mine Survey
HND (Mineral Resource Management)
0
2
4
6
8
12
10
14
16
18
20
22
24
Tonnes above 
cut-off (millions)
Average 
grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
34
32
30
28
26
24
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
Tonnes above cut-off
Ave grade above cut-off
TauTona
Grade tonnage curve – Underground (metric)
49
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
OVERVIEW
Surface operations in South Africa produce gold by treating lower-grade surface material such as waste rock dumps and the re-treatment
of tailings storage facilities (TSF). Surface operations comprise Vaal River Surface, West Wits Surface and Mine Waste Solutions (MWS). In
Vaal River the Kopanang, West and Mispah Gold Plants are dedicated Surface Operations plants, while the Noligwa gold plant and South
uranium plant circuit process reef material for extraction of gold and uranium. Waste rock dump material is processed in the Noligwa gold
plant (Vaal River), Mponeng and Savuka gold plants (West Wits) when mills are not filled to capacity with reef material.
AngloGold Ashanti acquired the MWS tailings retreatment operation in the Vaal River region in July 2012. The MWS tailings dams are
scattered over an area that stretches approximately 13.5km north-south and 14km east-west. The MWS Mineral Resource comprises
TSFs that originated from the processing of material from the Buffelsfontein, Hartebeestfontein and the Stilfontein gold mines. MWS
comprises three separate gold plants namely Stream 1, Stream 2 and Stream 3. Hydraulically-reclaimed material from several TSFs
are delivered to the three plants for gold extraction. Since August 2013 the Sulphur Paydam (a TSF previously processed at Vaal River
East Gold Plant) was transferred to MWS.
LOCATION
The Vaal River Surface Operations are located immediately to the north and south of the Vaal River, close to the town of Orkney in the
North West Province of South Africa. These operations extract gold from the waste rock dumps material emanating from the mining
and processing of the Vaal Reef (VR) and Ventersdorp Contact Reef (VCR) mined at the Vaal River mines. The majority of surface gold
produced is from the processing of waste rock dump material, as well as from the reclamation of TSFs and a small contribution from
by-product gold from the rehabilitation of surface areas. The rehabilitation is in line with our commitment to care for the environment.
The MWS operation is located approximately 8km from the town of Klerksdorp near Stilfontein within 20km of the Vaal River Surface
operations.
The West Wits Surface Operations are located on the West Wits Line, near the town of Carletonville, across the border between the
North West and Gauteng Provinces in South Africa. These operations process waste rock dump material sourced from the mining and
processing of the Carbon Leader Reef (CLR) and the VCR mined at the West Wits mines in the Carletonville/Fochville area.
WASTE ROCK DUMPS
The waste rock dumps have been built from waste rock mined from underground workings; hoisted, transported and deposited via
conveyor belt. The gold contained within these dumps was sourced from three areas:
•
minor reefs that were developed in order to access the primary reef;
•
gold-bearing reefs that were contained within small fault blocks that were exposed by off-reef development; and
•
cross-tramming of gold-bearing reef material to the waste tips.
During 2013 the Great Noligwa waste rock dump had reached its end of life and in line with the environmental rehabilitation practice,
footprint cleaning has commenced in the year’s fourth quarter. Footprint cleanup of the No. 7 waste rock dump in Vaal River
commenced late 2013 and it is foreseen that the cleanup will continue in 2014.
TAILINGS STORAGE FACILITIES
The tailings dams are made up of tailings material which originated from the processing of the underground ore from the Orkney gold
mines (VR Surface) and Buffels and Stilfontein gold mines (MWS). These gold mines are deep-level gold mines, which predominantly
extract the tabular, conglomeritic VR. The VR has been predominantly mined for gold in the past although the reef contains both gold
and uranium oxide.
The material contained in the tailings dams is generally fine in nature. The footprints of the MWS tailings dams and Vaal River Surface
Operations tailings dams cover an area of approximately 1,100ha.
The West Wits tailings are not planned for processing in the current business plan, but this remains an opportunity and will be re-
evaluated in the future.
SURFACE OPERATIONS
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
50
background image
RECLAMATION METHODOLOGY
Waste rock dump
Bulldozers are used to create furrows through the waste rock material in order to blend the rock. The material is then loaded onto rail
hoppers by means of a front-end loader and transported to the relevant gold plants for processing.
Tailings storage facilities
The tailings are recovered using a number of monitoring guns situated in strategic positions. The extraction process utilises the
monitoring guns to deliver water at pressure, typically 30 bar, to the face. The tailings are then effectively blasted from the high wall by
the pressurised water from the monitoring gun nozzle. These guns can be positioned to mine the selected bench top-to-bottom or
bottom-to-top. Bench heights are basically constrained by the force delivered from the nozzle. With sufficient pressure, face lengths
of up to 25m can be managed.
The reclamation strategy is aimed at mining the higher-grade dams first. The pump stations are located at the lowest point of the dams
to ensure that the slurry from the dams will flow towards the pump station from where the slurry will be pumped to the processing
plant. To access the high-grade areas first, trenches will be mined through the lower-grade dams to the higher grade dams. Slurry from
the dams will flow through these trenches to the slurry pump station.
ENVIRONMENTAL REHABILITATION
Rehabilitation work is ongoing and gold is produced from cleaning-up operations at Vaal River where material was treated through the
archive mill at East Gold Plant until July 2013. Since the closure of the East Gold Plant, this material is now processed at Kopanang
Gold Plant.
PROJECTS AND GROWTH
Treatment of the Vaal River TSF, Sulphur Paydam, commenced at MWS in May 2013. Subsequently treatment of TSF Mineral Resource
at Vaal River ceased as of July 2013. Design of a new pump station for reclaiming the Vaal River East TSF to the MWS circuit is in
progress with the pump station required to commence operation by June 2014.
Initiatives to sustain margins include projects to improve logistics and reduce costs. The projects will receive focus in early 2014.
51
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
SURFACE OPERATIONS
continued
MINERAL RESOURCE
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Vaal River Surface
Category
million
g/t
Tonnes
Moz
Tailings storage facilities
Measured
–
–
–
–
Indicated
454.65
0.27
123.55
3.97
Inferred
–
–
–
–
Total
454.65
0.27
123.55
3.97
Waste rock dump
Measured
–
–
–
–
Indicated
35.65
0.48
17.27
0.56
Inferred
4.45
0.69
3.06
0.10
Total
40.10
0.51
20.33
0.65
West Wits Surface
Tailings storage facilities
Measured
–
–
–
–
Indicated
178.73
0.24
43.57
1.40
Inferred
–
–
–
–
Total
178.73
0.24
43.57
1.40
Waste rock dump
Measured
–
–
–
–
Indicated
11.35
0.53
6.00
0.19
Inferred
–
–
–
–
Total
11.35
0.53
6.00
0.19
Mine Waste Solutions
Tailings storage facilities
Measured
142.43
0.22
31.18
1.00
Indicated
162.02
0.24
39.04
1.26
Inferred
15.51
0.30
4.62
0.15
Total
319.96
0.23
74.84
2.41
Surface Operations
Total
1,004.79
0.27
268.29
8.63
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
West Wits Surface
Category
million
g/t
Tonnes
Moz
Measured
0
0
0
0
Indicated
178.93
0.24
43.83
1.41
Inferred
0
0
0
0
Total
178.93
0.24
43.83
1.41
Mine Waste Solutions
Measured
0
0
0
0
Indicated
1.00
0.31
0.31
0.01
Inferred
0.34
0.30
0.10
0.00
Total
1.33
0.31
0.41
0.01
Surface Operations
Total
180.27
0.25
44.24
1.42
The Exclusive Mineral Resource includes a small portion of MWS and the majority of West Wits Surface operations’ TSF Mineral Resource.
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
52
background image
4.76
-0.16
0.00
0.00
-0.04
0.06
0.00
0.00
4.63
Ounces 
(millions)
4.76
4.72
4.68
4.64
4.60
4.56
4.52
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Vaal River Surface
Mineral Resource reconciliation: 2012 to 2013
4.65
-0.15
-0.06
0.00
0.00
0.00
0.02
0.00
4.46
Ounces 
(millions)
4.65
4.60
4.55
4.50
4.45
4.40
4.35
2012
Other
2013
Vaal River Surface
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
1.57
-0.02
0.00
0.00
0.01
0.02
0.00
0.00
1.59
Ounces 
(millions)
1.595
1.585
1.575
1.565
1.555
1.545
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
West Wits Surface
Mineral Resource reconciliation: 2012 to 2013
0.17
-0.02
0.01
0.00
0.00
0.03
-0.00
0.00
0.18
Ounces
(millions)
0.190
0.185
0.180
0.175
0.170
0.165
0.160
0.155
0.150
0.145
2012
Other
2013
West Wits Surface
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
2.58
-0.20
0.00
0.00
0.00
0.01
0.02
0.00
2.41
Ounces
(millions)
2.60
2.55
2.50
2.45
2.40
2.35
2.30
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Mine Waste Solutions
Mineral Resource reconciliation: 2012 to 2013
2.35
-0.20
0.00
0.00
0.00
0.10
-0.00
0.00
2.25
Ounces
 (millions)
2.35
2.30
2.25
2.20
2.15
2.10
2.05
2012
Other
2013
Mine Waste Solutions
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
53
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
SURFACE OPERATIONS
continued
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Vaal River Surface
Category
million
g/t
Tonnes
Moz
Tailings storage facilities
Proved
–
–
–
–
Probable
454.65
0.27
123.55
3.97
Total
454.65
0.27
123.55
3.97
Waste rock dump
Proved
–
–
–
–
Probable
35.65
0.43
15.16
0.49
Total
35.65
0.43
15.16
0.49
West Wits Surface
Waste rock dump
Proved
–
–
–
–
Probable
11.15
0.51
5.73
0.18
Total
11.15
0.51
5.73
0.18
Mine Waste Solutions
Tailings storage facilities
Proved
142.43
0.22
31.18
1.00
Probable
161.02
0.24
38.74
1.25
Total
303.45
0.23
69.91
2.25
Surface Operations
Total
804.91
0.27
214.36
6.89
Ore Reserve modifying factors
as at 31 December 2013
Vaal River Surface
Gold
price
ZAR/kg
Cut-off
value
g/t Au
Dilution
%
Diluted
g/t
%
RMF
(based
on
tonnes)
%
RMF
(based
on g/t)
%
MRF
(based
on
tonnes)
%
MRF
(based
on g/t)
MCF
%
MetRF
%
Tailings storage facilities
360,252
0.18
–
–
100.0
100.0
100.0
100.0
100.0
57.6
Waste rock dump
360,252
0.40
–
–
100.0
88.0
100.0
100.0
100.0
89.0
West Wits Surface
Waste rock dump
360,252
0.53
–
–
100.0
100.0
100.0
100.0
100.0
90.0
Mine Waste Solutions
Tailings storage facilities
360,252
0.18
–
–
100.0
100.0
100.0
100.0
100.0
57.6
Inferred Mineral Resource in business plan
as at 31 December 2013
Tonnes
million
Grade
g/t
Contained gold
Surface Operations
Tonnes
Moz
Comment
Vaal River Surface
Waste rock dump
4.45
0.62
2.76
0.09
No. 3 Waste rock dump part of BP2014 plan
Mine Waste Solutions
Tailings storage facilities
15.17
0.30
4.52
0.15
Inferred Mineral Resource Tailings storage facility material
Total
19.62
0.37
7.28
0.23
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
54
background image
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Raymond Orton
PLATO
MS 0132
27 years
GDE (Mineral Economics) WITS
Government Certificate of Competency
in Mine Survey
HND (Mineral Resource Management)
ND (Survey)
Ore Reserve
Mariaan Gagiano
SAIMM
705 920
29 years
Certificate of Competency: Assaying
55
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
URANIUM
OVERVIEW
Uranium is produced at Vaal River by processing the reef material from Moab Khotsong, Great Noligwa and Kopanang in the Noligwa
gold plant/South Uranium plant circuit. The reef is milled at the Noligwa Gold Plant and processed at the South Uranium Plant for uranium
oxide extraction by the reverse leach process. Ammonium diuranate (ADU or ‘yellow cake’) is the final product of the South Uranium plant
and is transported to Nufcor (located in Gauteng) where the material is calcined and packed for shipment to the converters.
PROJECTS AND GROWTH
AngloGold Ashanti acquired the MWS tailings retreatment operation in the Vaal River region in July 2012. Currently the TSF material
is processed for extraction of gold; completion of the construction of the uranium circuit is in progress and it will be commissioned in
early 2014 for extraction of uranium from the TSF material.
Inclusive Mineral Resource by-product: Uranium (U3O8)
Tonnes
Grade
Contained uranium oxide
as at 31 December 2013
Category
million
kg/t
Tonnes Pounds million
Great Noligwa
Measured
–
–
–
–
Indicated
2.89
0.52
1,491
3.29
Inferred
0.05
0.48
26
0.06
Total
2.94
0.52
1,517
3.34
Kopanang
Measured
–
–
–
–
Indicated
13.96
0.63
8,771
19.34
Inferred
0.79
1.05
830
1.83
Total
14.75
0.65
9,601
21.17
Moab Khotsong
Measured
–
–
–
–
Indicated
23.71
0.82
19,412
42.80
Inferred
10.07
0.75
7,581
16.71
Total
33.79
0.80
26,993
59.51
Mponeng
Measured
0.32
0.31
97
0.21
Indicated
32.09
0.29
9,339
20.59
Inferred
7.97
0.27
2,182
4.81
Total
40.38
0.29
11,618
25.61
TauTona
Measured
–
–
–
–
Indicated
5.39
0.30
1,612
3.55
Inferred
–
–
–
–
Total
5.39
0.30
1,612
3.55
Vaal River Surface
Measured
–
–
–
–
Indicated
454.65
0.09
42,243
93.13
Inferred
–
–
–
–
Total
454.65
0.09
42,243
93.13
West Wits Surface
Measured
–
–
–
–
Indicated
178.73
0.07
12,809
28.24
Inferred
–
–
–
–
Total
178.73
0.07
12,809
28.24
Mine Waste Solutions
Measured
142.43
0.07
9,790
21.58
Indicated
162.02
0.08
12,907
28.46
Inferred
15.51
0.09
1,469
3.24
Total
319.96
0.08
24,166
53.28
Total
Total
1,050.59
0.12
130,560
287.83
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
56
background image
Ore Reserve by-product: Uranium (U3O8)
Tonnes
Grade
Contained uranium oxide
as at 31 December 2013
Category
million
kg/t
Tonnes Pounds million
Great Noligwa
Proved
1.48
0.28
413
0.91
Probable
0.35
0.26
90
0.20
Total
1.83
0.27
502
1.11
Kopanang
Proved
2.19
0.35
768
1.69
Probable
4.59
0.35
1,591
3.51
Total
6.78
0.35
2,358
5.20
Moab Khotsong
Proved
1.24
0.32
396
0.87
Probable
17.79
0.37
6,538
14.41
Total
19.04
0.36
6,934
15.29
Vaal River Surface
Proved
–
–
–
–
Probable
420.00
0.09
39,478
87.04
Total
420.00
0.09
39,478
87.04
Mine Waste Solutions
Proved
5.39
0.09
489
1.08
Probable
109.52
0.07
8,135
17.94
Total
114.92
0.08
8,624
19.01
Total
Total
562.58
0.10
57,897
127.64
57
SOUTH AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
This section covers AngloGold
Ashanti’s nine mining operations
and a development project in
six countries within Continental
Africa Region.
CA
CONTINENTAL AFRICA
SECTION THREE
P58-117
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
58
background image
OVERVIEW
OVERVIEW
AngloGold Ashanti has nine mining operations within Continental Africa Region: Kibali in the Democratic Republic of the Congo (DRC)
(production commenced in the 3rd quarter 2013); Iduapriem and Obuasi in Ghana; Siguiri in Guinea; Morila, Sadiola and Yatela in Mali;
Navachab in Namibia; and Geita in Tanzania. It also has the development project, Mongbwalu in the DRC.
As at 31 December 2013, the total attributable Mineral Resource (inclusive of the Ore Reserve) for the Continental Africa region was
69.06Moz (2012: 73.01Moz) and the attributable Ore Reserve, 24.41Moz (2012: 27.59Moz). This is equivalent to around 30% and
36% of the group’s Mineral Resource and Ore Reserve respectively. Combined production from these operations totalled 1.46Moz of
gold in 2013, equivalent to 36% of group production.
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Continental Africa
Category
million
g/t
Tonnes
Moz
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
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Continental Africa
Category
million
g/t
Tonnes
Moz
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
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Continental Africa
Category
million
g/t
Tonnes
Moz
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
 
 
 
 
 
Moz
35
30
25
20
15
10
5
0
December 2012
December 2013
Continental Africa
Inclusive Mineral Resource – attributable
Per operation/project
 
 
Moz
9
8
7
6
5
4
3
2
1
0
December 2012
December 2013
Continental Africa
Ore Reserve – attributable
Per operation/project
 
*
Management embarked on a careful review of the company’s portfolio which led to the abandoning of a Mongbwalu development project.
** No more Ore Reserve being reported. Mining operations have ceased.
59
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
COUNTRY OVERVIEW
AngloGold Ashanti owns 45% of Kibali and 86.2% of the Mongbwalu project in the Democratic Republic of Congo (DRC). Implementation
of the Mongbwalu project was suspended in 2013 while production commenced during the 3rd quarter of 2013 at Kibali.
Kibali
On 15 October 2009 AngloGold Ashanti acquired a 50% indirect interest in Moto Goldmines Ltd through a joint venture with Randgold
Resources Limited (Randgold). On 21 December 2009, Randgold and AngloGold Ashanti increased their joint venture interest in Kibali
to 90%, whilst Société Minière de Kilo-Moto (SOKIMO) retained a 10% holding.
The operation is a joint development between three separate groups:
•
AngloGold Ashanti;
•
Randgold, which is the operator, an African-focused gold mining and exploration business with primary listings on the London Stock
Exchange and Nasdaq; and
•
SOKIMO, the state-owned gold mining company.
The consolidated lease is made up of 10 mining concessions.
Mongbwalu
The Mongbwalu project is situated within the 5,487km2 permit covered by Concession 40 in the Ituri Province of north-eastern DRC.
Concession 40 has a rich history of gold occurrences and covers the entire Kilo Archaean granite-greenstone belt that extends
approximately 850km west-northwest of Lake Albert. The concession is held in a joint venture between AngloGold Goldfields Kilo
(AGK) and SOKIMO, a government body which currently holds a 13.8% non-contributory share. AGK is 86.2% owned by AngloGold
Ashanti. A feasibility study has been completed around the old Adidi mine as part of the agreement with the DRC government. During
2013 it was decided to halt the implementation of the project. The project is currently on hold.
MINERAL RESOURCE ESTIMATION
Mineral Resource estimation is undertaken by in-house competent persons or by approved external consultants. The results of both
diamond drilling (DD) and reverse circulation (RC) drilling are used in the estimation process. 3D mineralised envelopes are established
using both grade and geology and these are then statistically verified to confirm their validity for use in grade estimation. Appropriate
domaining of homogeneous zones is conducted whereby high-grade central core areas are modeled separately to the lower-grade
surrounding halos. Volumes are then filled with block model cells and these are then interpolated for density, rock type and grade, the
latter using Ordinary Kriging. Grade top cuts are applied to drill-hole data to prevent the spread of high grades during the estimation
process. Drill-hole spacing is used to guide the Mineral Resource classification according to requirements of the relevant reporting
codes. The open-pit Mineral Resource is quoted within a limiting shell and the underground Mineral Resource is quoted above a
specified cut off.
ORE RESERVE ESTIMATION
The Ore Reserve for Kibali has been based on the latest Mineral Resource model using Ordinary Kriging. High-grade domains (1.0-4.0g/t)
are commonly surrounded by a low-grade (+0.3g/t) halo.
The open-pit Ore Reserve shell optimisations were completed on the Mineral Resource model. This incorporated the mining layout,
operating factors, stripping ratio and relevant cut-off grade for the Ore Reserve. An open pit–underground interface was determined as
optimal at 5,685 mRL between the Karagba, Chauffeur and Durba deposit (KCD) open pit and underground mine.
A cut-off grade analysis at US$1,000/ oz was used to determine a cut-off grade of 2.4g/t for the underground mine. Longitudinal
and transverse stoping methods with hydraulic and waste rock fill were chosen as the preferred mining method. Underground stope
designs were updated from the previously reported Ore Reserve using the Mineral Resource model. Modifying factors for planned and
unplanned rock dilution, backfill dilution and ore loss were applied to obtain the reported Ore Reserve. Metallurgical, environmental,
social, legal, marketing and economic factors were adequately considered in the Kibali feasibility study and have been updated as the
project has developed for the Ore Reserve to remain viable.
DRC
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
60
background image
KIBALI
LOCATION
Kibali is located in the north-eastern part of the Democratic Republic of the Congo (DRC) near the international borders with Uganda
and Sudan. The local office is located in the village of Doko, which is centrally located within the project area. Kibali is approximately
210km by road from Arua, on the Ugandan border and immediately north of the district capital of Watsa. The operations area falls
within the administrative district of Haut Uélé in Province Orientale. The town of Bunia, which is the United Nations controlled entry
point to north-eastern DRC, lies about 200km to the south of the project.
GEOLOGY
Kibali is located within the Moto Greenstone Belt, which consists of Archaean Kibalian volcano-sedimentary rocks and ironstone-
chert horizons that have been metamorphosed to greenschist facies. It is cut by regional scale north, east, northeast and northwest
trending faults and is bounded to the north by the Middle Archaean West Nile granite-gneiss complex and the south by the Upper
Zaire granitic complex.
The local geology consists of a volcano-sedimentary sequence comprising fine-grained sedimentary rocks, several varieties of
pyroclastic rocks, basaltic flow rocks, mafic-intermediate intrusions (dykes and sills) and intermediate-felsic intrusive rocks (stocks,
dykes and sills). This sequence is variably altered from slight to intense, such that in some cases the original lithology of the rock is
unrecognisable.
Several major mineralised trends have been outlined by soil geochemistry data and by the distribution of known gold mineralisation.
The Kibali-Durba-Karagba Trend and the Gorumbwa-Kombokolo Splay are anomalous with respect to gold endowment, and together
define a mineralised, northeast-striking ‘mineralised corridor’, 1.5km wide and 8km long. These corridors host the deposits of Kibali,
Sessenge, Gorumbwa, Karagba, Chauffeur and Durba and Pakaka.
The main Kibali deposit, which comprises the combination of Karagba, Chauffeur and Durba, is colloquially termed the KCD deposit
and hosts 73% of the grant’s Mineral Resource and 82% of the Ore Reserve (both for open pit and underground mining options). The
next biggest deposit is Pakaka, which hosts some 6% of the Mineral Resource and 7% of the Ore Reserve. Currently only the KCD
deposit hosts an underground Ore Reserve and this constitutes 66% of the total KCD Ore Reserve.
Gold mineralisation is generally associated with structural features, resulting in tightly constrained zones which often host pods or
lenses of plunging mineralisation. Alteration is closely associated with the mineralisation and is typically carbonate-silica-albite with
minor sulphide.
EXPLORATION
A large amount of exploration was undertaken by the previous owners of the Kibali project, Moto Goldmines Ltd, and this was focused
primarily on the KCD deposit. Since the acquisition of the concession area by AngloGold Ashanti and Randgold, the dominant
exploration targets have been the KCD underground area and upgrading the confidence in the proposed KCD open pit. During 2013
exploration was focused on Mengu Hill for confidence upgrades and ore extensions around the KCD deposit. Historical exploration
holes for Aerodrome, Rhino and Gorumbwa were reviewed and closer spaced infill holes were completed at Aerodrome to increase
confidence in the geological model. The advanced and infill grade control programme also identified additional ore tonnages.
PROJECTS
Additional oxide sources from Aerodrome, Rhino and Gorumbwa were investigated. Updated Mineral Resource models are in progress
for these projects. The mine plan has been reviewed to optimally incorporate the various ore sources.
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole Channel
Other
Comments
Kibali
Measured
5 x 10
–
–
–
–
–
Indicated
40 x 40
–
–
–
–
Inferred
80 x 80
–
–
–
–
Grade/Ore Control                  5 x 10
–
–
–
–
–
61
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Kibali
Category
million
g/t
Tonnes
Moz
Open pit
Measured
2.47
2.50
6.17
0.20
Indicated
36.39
2.08
75.81
2.44
Inferred
12.17
2.16
26.32
0.85
Total
51.03
2.12
108.29
3.48
Underground
Measured
–
–
–
–
Indicated
30.56
5.20
158.89
5.11
Inferred
13.83
3.10
42.86
1.38
Total
44.38
4.55
201.75
6.49
Kibali
Total
95.41
3.25
310.04
9.97
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Kibali
Category
million
g/t
Tonnes
Moz
Measured
0.09
1.63
0.14
0.00
Indicated
27.63
2.62
72.41
2.33
Inferred
25.06
2.68
67.26
2.16
Kibali
Total
52.78
2.65
139.81
4.50
The Exclusive Mineral Resource is primarily due to the gold price differential between the Mineral Resource and Ore Reserve. At
the KCD deposit it is also partially due to the selection of a fixed interface between the open pit and the underground mining areas.
The Exclusive Mineral Resource makes up 45% of the total Mineral Resource. The Inferred Mineral Resource component forms a
significant part of this material. As part of wrapping up outstanding commitments under the original agreement with Sokimo, a deal
was reached to transfer a portion of ground south of the Kibali River which contains the Kibali South Inferred Mineral Resource to
Sokimo in settlement of the remaining obligations. This resulted in a reduction of the Inferred Mineral Resource.
Mineral Resource below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Kibali
Category
million
g/t
Tonnes
Moz
Measured
–
–
–
–
Indicated
30.56
5.20
158.89
5.11
Inferred
13.83
3.10
42.86
1.38
Kibali
Total
44.38
4.55
201.75
6.49
8.50
-0.05
-0.17
0.36
1.87
-0.00
0.00
-0.55
9.97
Ounces
 (millions)
11.0
10.5
10.0
9.5
9.0
8.5
8.0
7.5
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Kibali
Mineral Resource reconciliation: 2012 to 2013
4.92
-0.05
0.29
0.00
0.00
0.00
0.00
0.00
5.17
Ounces 
(millions)
5.20
5.15
5.10
5.05
5.00
4.95
4.90
4.85
4.80
2012
Other
2013
Kibali
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
KIBALI
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
62
background image
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Kibali
Category
million
g/t
Tonnes
Moz
Open pit
Proved
2.43
2.36
5.71
0.18
Probable
17.54
2.49
43.65
1.40
Total
19.97
2.47
49.36
1.59
Underground
Proved
–
–
–
–
Probable
19.69
5.66
111.33
3.58
Total
19.69
5.66
111.33
3.58
Kibali
Total
39.66
4.05
160.70
5.17
Ore Reserve modifying factors
as at 31 December 2013
Kibali
Gold
price
US$/oz
Cut-off
value
g/t Au
Stoping
width
cm
Dilution
%
Dilution
g/t
%
RMF
(based
on
tonnes)
%
RMF
(based
on g/t)
%
MRF
(based
on
tonnes)
%
MRF
(based
on g/t)
MCF
%
MetRF
%
Open pit
1,000
0.90
–
10.0
–
100.0
100.0
100.0
100.0
100.0
84.5
Underground
1,000
2.40
2,000
2.7
1.00
100.0
100.0
100.0
100.0
100.0
88.9
* $1,000 Ore Reserve price used by Randgold Resources Limited (operating partner).
63
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
KIBALI
continued
Inferred Mineral Resource in business plan
There is no Inferred Mineral Resource included in the reported Ore Reserve for Kibali. The current mine plan does not have any reliance
on the Inferred Mineral Resource to support the economic viability of the project.
Ore Reserve below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Kibali
Category
million
g/t
Tonnes
Moz
Proved
–
–
–
–
Probable
19.69
5.66
111.33
3.58
Kibali
Total
19.69
5.66
111.33
3.58
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership number
Relevant experience
Mineral Resource
Rodney Quick*
SACNASP
400014/05
20 years
Ore Reserve
* Employed by Randgold Resources Limited.
0
2
1
4
3
5
7
8
9
10
6
Tonnes above
 cut-off (millions)
Average 
grade above 
cut-off (g/t)
Cut-off grade (g/t)
16
14
12
10
8
6
4
2
0
60
50
40
30
20
10
0
Tonnes above cut-off
Ave grade above cut-off
Kibali
Grade tonnage curve – Surface (metric)
0
1
2
3
4
5
6
7
8
9
10
Tonnes above 
cut-off (millions)
Average 
grade above 
cut-off (g/t)
Cut-off grade (g/t)
14
12
10
8
6
4
2
0
100
90
80
70
60
50
40
30
20
10
0
Tonnes above cut-off
Ave grade above cut-off
Kibali
Grade tonnage curve – Underground (metric)
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
64
background image
MONGBWALU
LOCATION
The Mongbwalu project covers an area of 396km2 which forms part of the larger Ashanti Goldfields Kilo (AGK) concession of
exploitation licences, totalling 5,487km2 in the Ituri province of the north-eastern DRC. Management embarked on a careful review
of the company’s portfolio which led to the abandoning of a Mongbwalu development project. The district capital of Bunia lies to the
southwest of the concession area, some three hours by road from the project site. Bunia is approximately one hour’s flight from the
nearest international airport at Kampala in Uganda.
GEOLOGY
The Mongbwalu project is located in the Kilo Archaean granite-greenstone belt, approximately 3,000km in area and situated 850km
west-northwest of Lake Albert. The Kibalian rocks have been divided into an upper and lower unit. The lower unit is dominated by
magnesium-rich tholeiitic basalts whilst the upper unit is dominated by schists, quartzites and banded iron formations. The relationship
between the upper and lower units appears to be conformable.
The oldest known rocks at Mongbwalu are basement gneisses which have been dated at more than 3,400 Ma. Granitoid rocks comprise
more than 80% of the area, which includes rafts of Kibalian rocks, intruded by diorites of variable mineralogy, dated at 2,651 Ma.
The Kilo Archaean granite-greenstone belt was part of the Tanzania shield but was separated by Late Proterozoic crustal mobilisation
and then by later rifting along the eastern Rift Valley system. The rocks have undergone regional metamorphism, ranging from upper
greenschist to lower amphibolite facies. During the formation of the east African rift system over the past 100 – 200Ma, north-south faults
formed, along which dolerite-lamprophyre dykes were intruded. There is also evidence of some younger faulting in the region. The area
has undergone weak lateritic weathering to shallow depths. Cover sequences are thin and are generally no greater than 1m thick.
65
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
MONGBWALU
continued
The mineralisation at Mongbwalu is hosted in anastomosing mylonite bodies of around 10 – 15m in width. These mylonite bodies
have been subdivided into three main blocks separated by the late north-south trending Nzebi and Adidi faults, which offset
mineralisation by up to 200m. The fault blocks are termed the Western, Central and Eastern blocks – hosting the Nzebi, Adidi and
Kanga mylonites respectively.
EXPLORATION
Consequent on the last model update in 2011, it was recommended to proceed with three phases of drilling to upgrade confidence
and to target extensions to the current Mineral Resource base.
A significant amount of drilling was completed during 2012 and early 2013 which has been incorporated into the current Mineral
Resource update. The 2012 drill campaign mainly focussed on infill drilling to improve the confidence of the Mineral Resource in the
Mongbwalu project area (around the old Adidi mine).
The current model update includes 242 new drillholes of which 152 are diamond core and 90 reverse circulation holes.
PROJECTS
The interpretation of the high-grade mineralisation in this model was based on a geological re-logging exercise that identified three
relatively continuous mineralised quartz ore zones within the mylonite. These quartz zones were further refined in the current model
update, resulting in a thinner, more laterally continuous mineralised horizon.
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole Channel
Other
Comments
Mongbwalu
Measured
–
–
–
–
–
–
Indicated
50 x 25
–
–
–
–
Inferred
100 x 100
–
–
–
–
Grade/Ore Control
–
–
–
–
–
–
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Mongbwalu
Category
million
g/t
Tonnes
Moz
Underground
Measured
–
–
–
–
Indicated
4.68
7.64
35.74
1.15
Inferred
5.56
7.65
42.58
1.37
Mongbwalu
Total
10.24
7.65
78.32
2.52
The Mongbwalu Mineral Resource is reported at a cut-off grade of 2.8g/t Au. The mineralisation has been classified into Inferred Mineral
Resource and Indicated Mineral Resource and these represent a drill-hole spacing of 100m x 100m and 25m x 50m respectively. Due
to the fact that the development project has not advanced, all the Mineral Resource is exclusive and below infrastructure.
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
66
background image
2.06
0.00
0.00
0.00
0.46
0.00
0.00
0.00
2.52
Ounces
 (millions)
2.50
2.40
2.30
2.20
2.10
2.00
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Mongbwalu
Mineral Resource reconciliation: 2012 to 2013
0
1
2
3
4
5
6
7
8
Tonnes 
above 
cut-off 
(millions)
Average 
grade above 
cut-off (g/t)
Cut-off grade (g/t)
14
12
10
8
6
4
2
30
25
20
15
10
5
0
Tonnes above cut-off
Ave grade above cut-off
Mongbwalu
Grade tonnage curve – Underground (metric)
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Vasu Govindsammy
SACNASP
400086/04
17 years
BSc (Stats)
HND (Economic Geology)
MSc (Mining Engineering)
67
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
COUNTRY OVERVIEW
AngloGold Ashanti has two mines in Ghana: Obuasi, which has surface and underground operations, and Iduapriem, an open pit
mine. Obuasi and Iduapriem are both wholly owned by AngloGold Ashanti. Obuasi is located in the Ashanti region of southern Ghana,
approximately 80km south of Kumasi. It is primarily an underground mine operating at depths of up to 1,500m with a continuous
history of mining dating back to the 1890s. Iduapriem is located in western Ghana, some 85km from the coast and is currently an
open pit operation, although the options to mine underground may be considered in the future.
MINERAL RESOURCE ESTIMATION
Using the latest geological mapping, sampling and drilling Information, the relevant underground mineralisation wireframes are
updated on a monthly basis. Block models are estimated within the delineated mineralised ore zones using Ordinary Kriging. The
geological interpretation is based on diamond drill and cross-cut sampling information. Estimates are based on a block model
comprised of 20m x 5m x 15m blocks, which approximate the minimum selective mining unit (SMU).
Open pit mining commenced at the Sibi area of Obuasi in 2012 and was completed in 2013. The open pit Mineral Resource at both
Obuasi and Iduapriem were estimated by geostatistical techniques within 3D wireframe models of the mineralisation. These models
are based on geological information and cut-off boundaries defined by sampling results. Geological interpretation is based on trench
and reverse RC and/or DD drilling. Estimation is by Ordinary Kriging into 30m x 30m x 10m blocks.
Surface stockpiles volumes are based on surveys and grades based on historical sampling. Tailings are part of the Mineral Resource
with estimated tonnes and grades based on combinations of 3D block models of some dams and historical metallurgical discharge data.
ORE RESERVE ESTIMATION
The 3D Mineral Resource models are used as the basis for the Ore Reserve. A mineralisation envelope is developed using the Mineral
Resource block model, geological information and the relevant cut-off grade, which is then used for mine design. An appropriate
mining layout is designed that incorporates mining extraction losses and dilution factors.
Obuasi underground:
All mine designs are done using the Studio 5D-planner software package to delineate stopes by taking into consideration cut-off
grade, geotechnical design parameters for each mining block, mining level and section, usually leading to an extension to the existing
mining sequence, and corresponding development layouts. The underground operationally runs to a depth of 1,500m from surface.
Mining levels are at between 15 and 20m intervals with major levels between 30-60m intervals. Underground production is made up
of open stope mining (both longitudinal and transverse), and sub-levels caving methods.
Iduapriem open pit:
The Ore Reserve is estimated within mine designs based on modifying factors based on actual mining and detailed analysis of cut-
off grade, geotechnical, environmental, productivity considerations and the requirements of the mining fleet. The upper portions of
the Ajopa deposit have been discounted for the estimated depletion by artisanal miners. This discount factor has been derived from
observation and estimates based on the Mineral Resource model.
GHANA
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
68
background image
LOCATION
Iduapriem is located in the western region of Ghana, some 85km north of the coastal city of Takoradi and approximately 8km
southwest of the town of Tarkwa. Iduapriem is an open pit mine which commenced mining operations in 1992. Its processing facilities
include a 4.7 million tonnes per annum (Mtpa) carbon-in-pulp (CIP) plant with a gravity circuit. The gravity feed recovers about 30% of
the gold and the CIP plant recovers the remainder.
Iduapriem is bordered to the north by Gold Fields (Ghana) Ltd’s Tarkwa Mine and to the east by Ghana Manganese Company (GMC)
– a manganese mine which has existed since the 1920s.
GEOLOGY
Iduapriem is located within the Tarkwaian Group of rocks that form part of the West Africa Craton which is covered to a large extent
by metavolcanics and metasediments of the Birimian Supergroup. In Ghana, the Birimian terrane consists of northeast/southwest
trending volcanic belts separated by sedimentary basins. The Tarkwaian Group was deposited in these basins as shallow water deltaic
sediments. The gold mineralisation at Iduapriem is hosted in the Proterozoic Banket Series conglomerates that were developed within
these sediments.
IDUAPRIEM
69
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
The Banket Reef Zone (BRZ) comprises a sequence of individual beds of quartz pebble conglomerate, breccia conglomerate, quartzite
and grit. The outcropping Banket Series in the mine lease area forms prominent curved ridges that extend southwards from Tarkwa,
westwards through Iduapriem and northwards towards Teberebie.
All known gold mineralisation within the Banket Series is associated with the conglomerates and is found within the matrix that binds
the pebbles together. The gold content is a function of the size and amount of packing of the quartz pebbles within the conglomeratic
units. At Iduapriem, the gold mineralisation is unrelated to metamorphic or hydrothermal alteration events and the gold is coarse
grained, particulate and free milling. Mineralogical studies indicate that the grain size of native gold particles ranges between 2μm and
500μm and averages 130μm. Sulphide mineralisation is present only at trace levels and is not associated with the gold. Haematite
mineralisation is often extremely well developed on cross bed foresets. The conglomerates often show strong haematite mineralisation
in the matrix with rare visible gold grains.
EXPLORATION
Surface exploration drilling to probe the down-dip extension of the Block 7&8 pit has been suspended due to budgetary constraints.
A comprehensive brownfield exploration programme is being put together to understand the true potential within the three leases of
the Iduapriem concession.
169 diamond holes totaling 43,535m was planned, including 22,195m RC pre-collar and 21,340m DD tail for Block 7&8 Mineral
Resource conversion.
Geological mapping was focused on Block 3W, Block 5 and Block 8 North.
Block 3W is situated on a geologically disturbed area, though the mineralisation is lithologically controlled, there are some major late
structures controlling them. It is again located at the hinge of the Tarkwa Synformal basin plunging approximately 50° northeast.
The structural mapping at Block 5 shows three mineralised conglomerate horizons (reefs) striking NNE (005°-030°) with average dip
of 35°-40°. However there are evidences of minor local faulting and some shearing. The conglomerates alternate with the barren
quartzite, this relationship however is also observed in the individual mineralised reefs.
Overturned folding has been interpreted at Block 8N, with the fold axis running parallel to the major fault of the area, and has surfaced
two of the reefs on the footwall.
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole Channel
Other
Comments
Iduapriem
Measured
50 x 50,
50 x 75,
100 x 50
–
–
–
–
Indicated
50 x 75,
50 x 100,
100 x 75
–
–
–
–
Inferred
100 x 100
–
–
–
–
Grade/Ore Control                10 x 12,
10 x 15
–
–
–
–
–
IDUAPRIEM
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
70
background image
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Iduapriem
Category
million
g/t
Tonnes
Moz
Ajopa
Measured
–
–
–
–
Indicated
9.01
1.70
15.32
0.49
Inferred
2.69
1.22
3.28
0.11
Total
11.71
1.59
18.60
0.60
Block 3W
Measured
–
–
–
–
Indicated
0.10
1.17
0.12
0.00
Inferred
3.11
1.49
4.63
0.15
Total
3.21
1.48
4.75
0.15
Block 5
Measured
–
–
–
–
Indicated
0.02
1.01
0.02
0.00
Inferred
1.52
1.08
1.64
0.05
Total
1.54
1.08
1.65
0.05
Blocks 7 and 8
Measured
8.08
1.36
10.98
0.35
Indicated
49.44
1.65
81.47
2.62
Inferred
38.64
1.64
63.20
2.03
Total
96.15
1.62
155.65
5.00
Stockpile (Full Grade Ore)
Measured
7.08
0.86
6.06
0.19
Indicated
–
–
–
–
Inferred
–
–
–
–
Total
7.08
0.86
6.06
0.19
Stockpile (Other)
Measured
–
–
–
–
Indicated
–
–
–
–
Inferred
21.00
0.49
10.35
0.33
Total
21.00
0.49
10.35
0.33
Stockpile (Marginal Ore)
Measured
0.13
0.56
0.07
0.00
Indicated
–
–
–
–
Inferred
–
–
–
–
Total
0.13
0.56
0.07
0.00
Iduapriem
Total
140.82
1.40
197.14
6.34
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Iduapriem
Category
million
g/t
Tonnes
Moz
Measured
1.36
1.13
1.53
0.05
Indicated
27.75
1.57
43.52
1.40
Inferred
66.96
1.24
83.11
2.67
Iduapriem
Total
96.06
1.33
128.16
4.12
The Exclusive Mineral Resource listed above is derived mainly from the following:
•
Inferred Mineral Resource located within the optimised Ore Reserve pit shell; and
•
Mineral Resource located outside the Ore Reserve shell but within the optimised Mineral Resource shell. This consists mainly of
down-dip extensions of the ore zones, most of which may be mineable at a higher gold price.
71
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Iduapriem
Category
million
g/t
Tonnes
Moz
Ajopa
Proved
–
–
–
–
Probable
5.34
1.85
9.87
0.32
Total
5.34
1.85
9.87
0.32
Blocks 7 and 8
Proved
6.56
1.32
8.69
0.28
Probable
22.24
1.65
36.68
1.18
Total
28.79
1.58
45.36
1.46
Stockpile (Full Grade Ore)
Proved
7.08
0.86
6.06
0.19
Probable
–
–
–
–
Total
7.08
0.86
6.06
0.19
Iduapriem
Total
41.22
1.49
61.29
1.97
Ore Reserve modifying factors
as at 31 December 2013
Iduapriem
Gold
price
US$/oz
Cut-off
value
g/t Au
Dilution
%
Dilution
g/t
%
RMF
(based
on
tonnes)
%
RMF
(based
on g/t)
%
MRF
(based
on
tonnes)
%
MRF
(based
on g/t)
MCF
%
MetRF
%
Ajopa
1,100
0.86
–
–
102.5
92.0
100.0
94.0
100.0
95.0
Blocks 7 and 8
1,100
0.76
–
–
104.0
97.0
100.0
94.0
100.0
95.0
IDUAPRIEM
continued
6.62
-0.29
-0.31
0.00
0.07
0.19
0.06
0.00
6.34
Ounces
 (millions)
6.7
6.6
6.5
6.4
6.3
6.2
6.1
6.0
5.9
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Iduapriem
Mineral Resource reconciliation: 2012 to 2013
2.21
-0.22
-0.05
0.00
0.00
0.03
0.00
0.00
1.97
Ounces 
(millions)
2.25
2.20
2.15
2.10
2.05
2.00
1.95
1.90
1.85
2012
Other
2013
Iduapriem
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
72
background image
0.00
0.50
0.25
1.00
0.75
1.25
1.75
2.00
1.50
Tonnes above
 cut-off (millions)
Average 
grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
2.4
2.2
2.0
1.8
1.6
1.4
80
70
60
50
40
30
20
10
0
Tonnes above cut-off
Ave grade above cut-off
Iduapriem
Grade tonnage curve – Surface (metric)
Inferred Mineral Resource in business plan
as at 31 December 2013
Tonnes
million
Grade
g/t
Contained gold
Iduapriem
Tonnes Moz
Comment
Ajopa
1.54
1.23
1.90
0.06
Grade control drilling will be done on every bench
(18 m) for better ore definition
Blocks 7 and 8
2.88
1.44
4.13
0.13
Total
4.42
1.37
6.04
0.19
The Inferred Mineral Resource within the Ore Reserve design is 9% of the total ore scheduled (47.56Mt) and exists as pockets of
Inferred Mineral Resource material located within the models of all the deposits.
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Tebogo Mushi
SAIMM
702 438
10 years
BSc (Hons) Mining Engineering
GDE (Mineral Economics) WITS
Ore Reserve
Stephen Asante
Yamoah
MAusIMM
304 095
9 years
BSc (Hons) Mining Engineering
MSc (Mining Engineering)
73
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
LOCATION
Obuasi mine is located in the Ashanti Region of Ghana some 320km northwest of the capital Accra. The mine is situated in a largely
forested region, with surrounding land occupied by subsistence farmers. The mining concession covers an area of 47.5ha. Eighty
communities lie within a 30km radius of the mine. Obuasi mine employs sub-level open stoping and sub-level caring for extraction of
its mineable Ore Reserve.
GEOLOGY
The mine is located within the Obuasi concession area in south-western Ghana along the north easterly striking Ashanti volcanic
belt. The deposit is one of the most significant Proterozoic gold belts discovered to date. The Ashanti belt predominantly comprises
sedimentary and mafic volcanic rocks, and is the most prominent of the five Birimian Supergroup gold belts found in Ghana. The belt
is a 300km wrench fault system that propagated from Dixcove in the southwest to beyond Konongo in the northeast.
The Birimian was deformed, metamorphosed and intruded by syn- and post-tectonic granitoids during the Eburnean tectonothermal
event around two billion years ago. Folding trends are dominantly north-northeast to northeast. Elongate syn-Birimian basins
developed between the ridges of the Birimian system and these were filled with the Tarkwaian molasse sediments made up primarily
of conglomerates, quartzose and arkosic sandstones and minor shale units. Major faulting has taken place along the same trends.
Gold mineralisation is associated with, and occurs within, graphite-chlorite-sericite fault zones. These shear zones are commonly
associated with pervasive silica, carbonate and sulphide hydrothermal alteration and occur in tightly-folded Lower Birimian schists,
phyllites meta-greywackes, and tuffs, along the eastern limb of the Kumasi anticlinorium.
OBUASI
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
74
background image
Mineralised shears are found in close proximity to the ‘contact’ with harder metamorphosed and metasomatically-altered intermediate
to basic upper Birimian volcanics. The competency contrast between the harder metavolcanic rocks to the east and the more
argillaceous rocks to the west is thought to have formed a plane of weakness. During crustal movement, this plane became a zone of
shearing and thrusting coeval with the compressional phases.
The Lower Birimian metasediments and metavolcanics are characterised and defined by argillaceous and fine to intermediate
arenaceous rocks. These rocks are represented by phyllites, meta siltstones, meta greywackes, tuffaceous sediments, ash tuffs
and hornstones in order of decreasing importance. Adjacent to the shear zones, these rocks are replaced by sericitic, chloritic and
carbonaceous schists, which may be graphitic in places. Multiple lodes are a common feature in the mine.
Granites outcrop in the west and northwest of the concession area and intrude the Birimian rocks only. Two types of granite are
present, one is very resistant to weathering than the other, the less resistant granite is prospective for gold mineralisation.
Two main ore types are mined namely, quartz vein and sulphide ore. The quartz vein type consists mainly of quartz with free gold
in association with lesser amounts of various metal sulphides containing iron, zinc, lead and copper. This ore type is generally non-
refractory. Sulphide ore is characterised by the inclusion of gold in the crystal structure of arsenopyrite minerals. Higher gold grades
tend to be associated with finer grain arsenopyrite crystals. Sulphide ore is generally refractory.
EXPLORATION
Surface exploration
Three holes with total depth of 775m were drilled at Gyabunsu.
Underground exploration
Underground exploration during 2013 focused on Sansu 3 project area above 50 Level. The objective of the drilling programme was to
upgrade the Inferred Mineral Resource within the Sansu 3 block of quartz and sulphide mineralisation to Indicated Mineral Resource.
Ten holes with total depth of 3,421m were completed.
PROJECTS
Mining method
The mining method at Obuasi is being changed from transverse and longitudinal open stoping to longitudinal retreat mining in mining
blocks where it is suitable to do so. The major advantage of this method is the up to 50% reduction in waste development; reducing
capital expenditure along with additional reef drive exposure.
Sansu bypass decline project
The bypass decline became a necessity after the wall failure in the Sansu Open pit in January 2013 required closure of the old Sansu
Portal. Development of 590m (dimensions 5.0m x 5.0m) decline holed into 7 Level on 22 September 2013 as planned.
Obuasi deeps decline project
Following an extensive review, AngloGold Ashanti embarked on a process to modernise its Obuasi mine and reverse a long trend of
declining production and rising costs. This project is focused on the development of a new decline roadway system from surface to
by-pass aged infrastructure and more efficiently access the upper ore zones, some of which are not currently in the mine plan and
the deeper, higher-grade areas of the orebody to allow for additional ore extraction to meet the 2016 production targets. The project
is expected to complete by 2016.
75
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole Channel
Other
Comments
Obuasi
Measured
20 x 20,
40 x 20,
50 x 50
–
Percussion drilling for
open pits.
Indicated
30 x 30,
50 x 50,
60 x 60
–
–
Percussion drilling for
open pits and discharge
sampling for tailings.
Inferred
90 x 90,
100 x 100,
120 x 120
–
–
Percussion drilling for
open pits and discharge
sampling for tailings.
Grade/Ore Control                10 x 10
–
–
Channel sampling of cross
cuts and definition drilling.
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Obuasi
Category
million
g/t
Tonnes
Moz
Anyankyirem
Measured
–
–
–
–
Indicated
5.53
2.37
13.14
0.42
Inferred
0.11
2.50
0.27
0.01
Total
5.64
2.38
13.41
0.43
Anyinam
Measured
0.00
2.50
0.01
0.00
Indicated
0.45
3.54
1.59
0.05
Inferred
1.02
4.24
4.33
0.14
Total
1.47
4.02
5.93
0.19
Gyabunsu-Sibi
Measured
0.05
4.00
0.21
0.01
Indicated
0.05
3.48
0.16
0.01
Inferred
0.28
3.97
1.13
0.04
Total
0.38
3.92
1.50
0.05
Tailings (Kokoteasua)
Measured
3.22
1.97
6.33
0.20
Indicated
1.65
1.96
3.24
0.10
Inferred
–
–
–
–
Total
4.87
1.96
9.57
0.31
Tailings (Pompora)
Measured
–
–
–
–
Indicated
–
–
–
–
Inferred
33.61
1.57
52.89
1.70
Total
33.61
1.57
52.89
1.70
Other Surface Resources
Measured
–
–
–
–
Indicated
1.09
2.50
2.72
0.09
Inferred
–
–
–
–
Total
1.09
2.50
2.72
0.09
Upper Mine
Measured
2.19
10.10
22.12
0.71
Indicated
2.49
7.67
19.09
0.61
Inferred
0.94
6.00
5.63
0.18
Total
5.62
8.34
46.85
1.51
OBUASI
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
76
background image
as at 31 December 2013
Tonnes
Grade
Contained gold
Obuasi
Category
million
g/t
Tonnes
Moz
Above 50 Base
Measured
20.64
7.30
150.73
4.85
Indicated
39.91
5.83
232.70
7.48
Inferred
23.68
6.32
149.66
4.81
Total
84.23
6.33
533.09
17.14
Adansi 50-60
Measured
2.16
5.28
11.38
0.37
Indicated
1.83
4.46
8.15
0.26
Inferred
6.54
5.03
32.89
1.06
Total
10.52
4.98
52.42
1.69
Stockpile (Heap Leach)
Measured
1.08
0.58
0.63
0.02
Indicated
–
–
–
–
Inferred
–
–
–
–
Total
1.08
0.58
0.63
0.02
Stockpile (Surface Oxides)
Measured
0.02
1.70
0.04
0.00
Indicated
–
–
–
–
Inferred
–
–
–
–
Total
0.02
1.70
0.04
0.00
KMS 50-60
Measured
–
–
–
–
Indicated
3.53
18.67
65.96
2.12
Inferred
6.08
11.01
66.94
2.15
Total
9.61
13.82
132.90
4.27
Stockpile (Surface Sulphides)
Measured
0.05
2.58
0.13
0.00
Indicated
–
–
–
–
Inferred
–
–
–
–
Total
0.05
2.58
0.13
0.00
Obuasi
Total
158.20
5.39
852.07
27.39
77
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
OBUASI
continued
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Obuasi Category
million
g/t
Tonnes
Moz
Measured
8.31
8.98
74.64
2.40
Indicated
28.47
5.47
155.74
5.01
Inferred
72.26
4.34
313.74
10.09
Obuasi
Total
109.04
4.99
544.12
17.49
The Obuasi Exclusive Mineral Resource is made up of Mineral Resource from underground, open pit and tailings. The bulk of the
Exclusive Mineral Resource is from underground.
Mineral Resource below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Obuasi
Category
million
g/t
Tonnes
Moz
Measured
2.16
5.28
11.38
0.37
Indicated
5.36
13.82
74.11
2.38
Inferred
12.62
7.91
99.83
3.21
Obuasi
Total
20.13
9.20
185.32
5.96
29.82
-0.35
0.00
0.00
0.10
-2.18
0.00
0.00
27.39
Ounces 
(millions)
30.0
29.5
29.0
28.5
28.0
27.5
27.0
26.5
2012
Deple-
tion
Gold
price
Cost
Explo-
ration
Metho-
dology
Other
Acquisition/
Disposal
2013
Obuasi
Mineral Resource reconciliation: 2012 to 2013
8.52
-0.21
-0.16
0.00
0.00
0.00
-0.00
-0.00
8.14
Ounces 
(millions)
8.55
8.50
8.45
8.40
8.35
8.30
8.25
8.20
8.15
8.10
8.05
2012
Other
2013
Obuasi
Ore Reserve reconciliation: 2012 to 2013
Deple-
tion
Model
change
Economics
New
ounces
from
Projects
Scope
Change
Acquisition/
Disposal
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
78
background image
ORE RESERVE
Ore Reserve
as at 31 December 2013
Tonnes
Grade
Contained gold
Obuasi
Category
million
g/t
Tonnes
Moz
Tailings (Kokoteasua)
Proved
1.75
1.96
3.45
0.11
Probable
3.12
1.96
6.12
0.20
Total
4.87
1.96
9.57
0.31
Tailings (Pompora)
Proved
–
–
–
–
Probable
1.09
2.10
2.29
0.07
Total
1.09
2.10
2.29
0.07
Above 50 Base
Proved
15.74
6.18
97.34
3.13
Probable
19.17
5.47
104.80
3.37
Total
34.91
5.79
202.14
6.50
KMS 50-60
Proved
0.60
13.49
8.09
0.26
Probable
2.39
13.01
31.15
1.00
Total
2.99
13.11
39.23
1.26
Obuasi
Total
43.86
5.77
253.23
8.14
Ore Reserve modifying factors
as at 31 December 2013
Obuasi
Gold
price
US$/oz
Cut-off
value
g/t Au
Dilution
%
Dilution
g/t
%
RMF
(based
on
tonnes)
%
RMF
(based
on g/t)
%
MRF
(based
on
tonnes)
%
MRF
(based
on g/t)
MCF
%
MetRF
%
Above 50 Base
KMS 50-60
1,100
4.00*
12.0**
0.25
100.0
100.0
95.0
#
100.0
95.0
85.4
*
2.20g/t incremental cut-off, and 4.00g/t global cut-off for stopes, 1.5g/t cut-off for development.
**   20% for sub-level cave stoping, 12% for all other methods, 0% for development.
#
95% for stoping, 100% for development.
79
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
Inferred Mineral Resource in business plan
as at 31 December 2013
Tonnes
million
Grade
g/t
Contained gold
Obuasi
Tonnes Moz
Comment
Above 50 Base
1.94
6.79
13.15
0.42
5.5% Inferred Mineral Resource tonnes, and 6.5%
Inferred Mineral Resource ounces
KMS 50-60
0.17
15.37
2.55
0.08
Total
2.10
7.47
15.70
0.50
Ore Reserve below infrastructure
as at 31 December 2013
Tonnes
Grade
Contained gold
Obuasi
Category
million
g/t
Tonnes
Moz
Proved
0.60
13.49
8.09
0.26
Probable
2.39
13.01
31.15
1.00
Obuasi
Total
2.99
13.11
39.23
1.26
COMPETENT PERSONS
Category
Competent Person
Professional
organisation
Membership
number
Relevant
experience
Qualification
Mineral Resource
Clement Asamoah-
Owusu
MAusIMM
210 145
29 years
BSc (Hons) Geological Engineering
MSc (Mineral Exploration)
Ore Reserve
Christian Boafo
MAusIMM
312 532
16 years
Graduate Diploma (Mining)
OBUASI
continued
0.0
1.5
0.5
1.0
3.0
2.0
2.5
3.5
4.5
5.0
4.0
Tonnes above 
cut-off (millions)
Average 
grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
16
14
12
10
8
6
4
2
0
Tonnes above cut-off
Ave grade above cut-off
Obuasi
Grade tonnage curve – Surface (metric)
0
2
4
6
8
10
12
14
16
18
20
Tonnes 
above 
cut-off 
(millions)
Average grade 
above 
cut-off (g/t)
Cut-off grade (g/t)
40
35
30
25
20
15
10
5
0
120
100
80
60
40
20
0
Tonnes above cut-off
Ave grade above cut-off
Obuasi
Grade tonnage curve – Underground (metric)
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
80
background image
COUNTRY OVERVIEW
The Siguiri mine is AngloGold Ashanti’s only operation in the Republic of Guinea. The mine is 85% owned by AngloGold Ashanti and
15% by the government of Guinea. The mine is a conventional open pit operation situated in the Siguiri district in the northeast of
Guinea. It lies about 850km from the capital city of Conakry and 109km from the border with Mali. Gold-bearing ore is mined from
several pits and sent to a CIP plant.
MINERAL RESOURCE ESTIMATION
Mineral Resource definition drilling is done with air core (AC), RC and DD. All available geological drill-hole information is validated for
usage in the models and the local geology of the deposit together with an understanding of grade variability is used to classify the
drill-hole information into appropriate estimation domains. Detailed statistical analyses are conducted on each of these domains and
this allows for the identification of high-grade outlier values. If these values are anomalous to the general population characteristics
they may be cut, that is reduced back to the appropriate upper limit of the population.
The Mineral Resource model is estimated using Ordinary Kriging into a 3D block model. Geological interpretation is based on
geological drill-hole data. The dimensions of these Mineral Resource blocks range from 10m x 10m x 2.5m to 50m x 25m x 6m block
sizes, guided by the shape of the deposit and the drilling density. The Mineral Resource is declared within an optimised limiting Mineral
Resource pit shell using a gold price, of US$1,600/oz.
ORE RESERVE ESTIMATION
The Mineral Resource models for each pit are depleted to the current mined-out surface. Costs are assigned on a pit-by-pit basis,
reflecting the existing cost structure of the operation. The relevant dilution and ore loss factors are applied and pit optimisation is then
performed. The relevant modifying factors such as metallurgical recoveries, geotechnical parameters, cut-off grades and economics
are applied to generate the mine designs that are used to estimate the final Ore Reserve.
GUINEA
81
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
LOCATION
Siguiri is located in the Siguiri district of north-eastern Guinea, West Africa, and is about 850km from the capital city of Conakry. The 
Société Ashanti Goldfields de Guinée (SAG) mining concession consists of four blocks totaling 1,495km2.
Gold mining in the district can be traced back for centuries, but there are no reliable records of pre-Western production. The French
became involved in the area in the late 19th and early 20th centuries. Between 1931 and 1951 the French reported gold coming out
of Siguiri, with figures varying between 1 and 3.8 tonnes annually, however little exploration work was completed. There was a phase
of Russian exploration in the area between 1960 and 1963. The Russian work focused on the placer deposits along the major river
channels in the area. In 1980 SOMIQ (Société Minière Internationale du Quebec) gained the exploration rights for Siguiri and Mandiana.
SOMIQ focused its work on the Koron and Didi areas. The Chevaning Mining Company Ltd. was then created to undertake a detailed
economic evaluation of the prospect, with more intensive work beginning in the late 1980s. AuG (Société Aurifère de Guinée) took
over from its predecessors and continued work on the placers deposits. Production on the Koron placer reached a peak in 1992 with
1.1t gold being produced, although due to a number of difficulties the mine was shut down later that year.
Golden Shamrock started a pre-feasibility study in 1995 after which Ashanti Goldfields became interested in the deposit and Siguiri
Mine started production in 1998 as Société Ashanti Goldfields de Guinée (SAG). In 2004 the merger of AngloGold and Ashanti resulted
in the operation being run by AngloGold Ashanti. Siguiri is currently a multi-pit oxide gold mining operation. All ore and waste is mined
by a mining contractor utilizing backhoe excavators and trucks. Most material is free dig with very limited “paddock blasting” in soft
laterites and saprolite and hard rock blasting in Duricrust. Processing of the ore is done by a CIP plant which has been successfully
optimised to reach throughput of 11.5Mt per annum.
GEOLOGY
The gold mineralisation at Siguiri occurs in Paleoproterozoic Birimian rocks consisting of turbidites and lesser volcaniclastic sequences.
It is situated in an arcuate zone of a larger anastomosing shear zone system. These zones form part of the northerly trending,
continental scale shear zone system that transects the West African Craton and bordering areas.
SIGUIRI
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
82
background image
There are two types of oxide mineralisation in the Siguiri basin:
•
eluvial or alluvial hosted laterite mineralisation; and
•
primary quartz vein and associated shear hosted mineralisation.
The laterite mineralisation occurs as alluvial lateritic gravel adjacent to and immediately above the in-situ vein related mineralisation.
The vein related mineralisation is hosted in metasediments and areas of economic gold mineralisation are formed where these veins
are closely spaced.
The main vein related mineralisation at Siguiri is structurally controlled and associated with a major, east-northeast trending and steep
south dipping sheeted quartz vein sets that generally occur in the coarser, brittle siltstone and sandstone lithologies. The regional
development and consistent orientation of this main vein set, irrespective of the nature of wall rocks or wall-rock structures, indicates
the control of these veins by regional strains.
A deep oxidation (weathering) profile is developed in the region, varying between 50m to 150m. The mineralised saprolite provides the
main oxide feedstock for the CIP plant. The previous practice at Siguiri was to blend the laterite and saprolite ore types and to process
these using the heap-leach method. With the percentage of available laterite ore decreasing, a CIP plant was brought on stream during
2005 to treat predominantly saprolite oxide ore. With continued exploration into deeper fresh rock extensions of the ore deposit, new
treatment options are again under consideration.
EXPLORATION
Exploration at Siguiri was historically focused on finding a new oxide Mineral Resource in the saprolite, and upgrading the confidence in
the existing oxide Mineral Resource. This is achieved using geophysics, soil geochemistry and drill-hole sampling in the context of the
regional and pit-scale geological models. Following the completion of an Asset Strategy Optimisation project in 2012, which indicated
the potential economic viability of the fresh rock material, the aim of the exploration has expanded and the objectives are twofold.
Firstly, there is an aim to explore for replacement and additional oxide material for short-term mining requirements. The second
objective of the exploration programme is to increase the level of confidence in the five major fresh rock targets below the oxide pits
at Bidini, Kami, Kalamagna, Seguélén and Sintroko. In 2013, 52,000m of reconnaissance AC and RC drilling was completed to test
soil sampling and geophysical targets as well as potential extensions to known mineralised trends, 18,000m of RC and DD drilling was
done on fresh rock exploration, while infill RC drilling amounted to 18,000m.
The infill drilling was completed at Soloni and Sokunu to upgrade Inferred Mineral Resource to Indicated Mineral Resource.
Detailed geophysical surveys completed in 2012 and early 2013 were used to refine the 2013 reconnaissance drilling programme.
Reconnaissance drilling was completed on two targets south of the existing Sintroko Pit, on the anomalies that lie adjacent to a major
structure that extends northwestward from the Seguélén Mineral Resource area as well as at two targets, Niono and Silakoro, that
lie to the west of the main pit areas. Follow-up work will be conducted in 2014 on three of the targets that returned intersections of
significance.
The fresh rock programme was focused on three areas. At Bidini and Seguélén the aim was to complete diamond drill holes to test the
mineralisation projected to depths of 200m to 250m below the oxide Mineral Resource with a row of holes at each pit spaced 100m
apart. At Kami a grid of diamond drill holes was completed in December 2013. The Kami grid was planned to give a 100m x 100m
spaced coverage of the mineralisation projected to approximately 200m below the oxide Mineral Resource and to provide detailed
information on the geological structures and lithologies controlling the mineralisation.
PROJECTS
In association with the Continental Africa Region’s geological team as well as a Siguiri-sponsored PhD study by a student at the
University of Western Australia, good progress was achieved during 2013 on the production of a geological model for the mineralisation
on the Siguiri lease area. This model will be used to guide future exploration programmes as well as to inform the Mineral Resource
models. During the year RC and DD holes were drilled on the advanced Greenfields exploration targets at Saraya in Block 2 and
Kounkoun in Block 3 to provide samples for preliminary metallurgical testing. Economic scoping studies were conducted on these
deposits and the results of the studies and metallurgical tests will be used to decide on the timing of the next phase of work on these
deposits. An Inferred Mineral Resource has been declared for Kounkoun in 2013. Core samples from drill holes in Bidini and Kami were
also selected and submitted for preliminary metallurgical testing. The results are expected in the first quarter of 2014. The planned
project work in 2014 will involve a more-detailed assessment of the options to bring the Block 2 and Block 3 oxide deposits and the
Block 1 fresh rock deposits into production.
83
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
MINERAL RESOURCE
Details of average drill-hole spacing and type in relation to Mineral Resource classification
Type of drilling
Mine/Project
Category
Spacing
m (-x-)
Diamond
RC
Blast-hole Channel Other
Comments
Siguiri
Measured
–
–
–
–
–
–
Indicated
20 x 40,
25 x 25,
50 x 25
–
–
–
–
–
Inferred
20 x 40,
50 x 25,
50 x 50
–
–
–
–
Grade/Ore Control                5 x 10, 5 x 12,
10 x 5,
10 x 10
–
–
–
–
–
Inclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Siguiri
Category
million
g/t
Tonnes
Moz
Bidini
Measured
–
–
–
–
Indicated
3.17
1.17
3.71
0.12
Inferred
6.00
0.99
5.91
0.19
Total
9.16
1.05
9.62
0.31
Eureka East
Measured
–
–
–
–
Indicated
1.96
1.02
2.00
0.06
Inferred
0.41
0.72
0.30
0.01
Total
2.37
0.97
2.30
0.07
Foulata
Measured
–
–
–
–
Indicated
–
–
–
–
Inferred
3.37
1.48
4.98
0.16
Total
3.37
1.48
4.98
0.16
Kalamagna
Measured
–
–
–
–
Indicated
4.60
0.69
3.18
0.10
Inferred
0.60
0.74
0.44
0.01
Total
5.20
0.70
3.63
0.12
Kami
Measured
–
–
–
–
Indicated
8.48
0.79
6.73
0.22
Inferred
3.96
0.73
2.89
0.09
Total
12.44
0.77
9.62
0.31
Kosise
Measured
–
–
–
–
Indicated
3.72
0.74
2.75
0.09
Inferred
4.05
0.68
2.76
0.09
Total
7.77
0.71
5.51
0.18
Kozan North
Measured
–
–
–
–
Indicated
5.93
0.69
4.11
0.13
Inferred
0.54
0.70
0.38
0.01
Total
6.47
0.69
4.49
0.14
SIGUIRI
continued
MINERAL RESOURCE AND ORE RESERVE REPORT
2013
84
background image
as at 31 December 2013
Tonnes
Grade
Contained gold
Siguiri
Category
million
g/t
Tonnes
Moz
Kozan South
Measured
–
–
–
–
Indicated
6.93
0.72
4.97
0.16
Inferred
0.03
0.74
0.02
0.00
Total
6.96
0.72
4.99
0.16
Seguélén
Measured
6.26
0.79
4.96
0.16
Indicated
12.32
1.05
12.95
0.42
Inferred
4.89
1.23
6.04
0.19
Total
23.47
1.02
23.95
0.77
Sintroko South
Measured
–
–
–
–
Indicated
2.12
1.37
2.92
0.09
Inferred
0.20
1.77
0.36
0.01
Total
2.33
1.41
3.28
0.11
Sokunu
Measured
–
–
–
–
Indicated
4.50
0.87
3.92
0.13
Inferred
2.72
0.86
2.34
0.08
Total
7.21
0.87
6.26
0.20
Soloni
Measured
–
–
–
–
Indicated
6.11
0.72
4.37
0.14
Inferred
2.84
0.72
2.05
0.07
Total
8.95
0.72
6.42
0.21
Sorofe
Measured
–
–
–
–
Indicated
4.29
0.96
4.14
0.13
Inferred
2.78
1.20
3.33
0.11
Total
7.08
1.05
7.46
0.24
Kounkoun
Measured
–
–
–
–
Indicated
–
–
–
–
Inferred
15.38
1.28
19.65
0.63
Total
15.38
1.28
19.65
0.63
Stockpile (Marginal Ore)
Measured
22.27
0.48
10.80
0.35
Indicated
–
–
–
–
Inferred
–
–
–
–
Total
22.27
0.48
10.80
0.35
Stockpile (Full Grade Ore)
Measured
5.42
1.00
5.40
0.17
Indicated
–
–
–
–
Inferred
–
–
–
–
Total
5.42
1.00
5.40
0.17
Stockpile (Spent Heap Leach)
Measured
–
–
–
–
Indicated
31.95
0.54
17.29
0.56
Inferred
13.40
0.57
7.61
0.24
Total
45.35
0.55
24.90
0.80
Siguiri
Total
191.19
0.80
153.25
4.93
Exclusive Mineral Resource
as at 31 December 2013
Tonnes
Grade
Contained gold
Siguiri
Category
million
g/t
Tonnes
Moz
Measured
0.41
0.61
0.25
0.01
Indicated
43.36
0.80
34.85
1.12
Inferred
61.17
0.97
59.06
1.90
Siguiri
Total
104.94
0.90
94.15
3.03
Inclusive Mineral Resource continued
85
CONTINENTAL AFRICA
SECTION FOUR
SECTION FIVE
SECTION SIX
SECTION THREE
SECTION TWO
SECTION ONE
background image
The Exclusive Mineral Resource at Siguiri includes:
•
Indicated Mineral Resource that is economic at the Mineral Resource gold price of US$1,600/oz, but not at the Ore Reserve price.
This material forms 42% of the Exclusive Mineral Resource.
•
Inferred Mineral Resource not included in the current pit designs. Selected parts of these areas will be included in infill drilling
programmes during 2015 and 2016 to meet LOM planning requirements. This Inferred Mineral Resource forms 55% of the
Exclusive Mineral Resource.
•
Inferred Mineral Resource located within the Ore Reserve optimised pit shell. This material forms 3% of the Exclusive Mineral
Resource.
There are portions of Indicated Mineral Resource associated with all the major pits as a result of the material being sub-economic
under current Ore Reserve optimisation conditions. The Inferred Mineral Resource material associated with the Exclusive Mineral
Resource is not currently supported by sufficient geological information to be classified as Indicated Mineral Resource or Measured
Minera