AngloGold Ashanti Limited

(Incorporated in the Republic of South Africa)

Reg. No. 1944/017354/06

ISIN. ZAE000043485 - JSE share code: ANG CUSIP: 035128206 - NYSE share code: AU

JSE Bond Company Code BIANG ("AngloGold Ashanti" or the "Company")

23 May 2018

NEWS RELEASE

AngloGold to Restructure South African Cost Base to Ensure Viability of Retained Assets

(JOHANNESBURG - PRESS RELEASE) -- AngloGold Ashanti has made the difficult decision to begin a consultation process with employees in line with section 189 and 189A of the Labour Relations Act, with respect to restructuring its cost base to match and support a smaller operating footprint in South Africa.

AngloGold Ashanti signalled to stakeholders in June last year and through its first quarter market update that the restructuring of the asset portfolio in South Africa is still underway to ensure that both the on and off-mine cost structures are appropriate for the size of the smaller production base in the country. AngloGold Ashanti has reduced its production in South Africa by about 50%, through the sale of the Kopanang and Moab Khotsong Mines in February, and the closure of the TauTona mine announced late last year. The Company's remaining South African assets now include the Mponeng underground gold mine, and a surface operation, both of which have the potential for long lives.

The all-in costs of the South African business in the first quarter of this year was $1 361, compared to a gold price of only $1,330/oz during that period. This performance emphasises the need to address our cost base to ensure it is appropriate for our much-reduced production.

The consultation with organised labour groups, facilitated by the Council for Conciliation, Mediation and Arbitration (CCMA), will be aimed at safely ensuring the overall viability of the Company's remaining assets in South Africa, while minimising job losses to the greatest extent possible.

AngloGold Ashanti is committed to transparency and will share the plans and assumptions arising from its review during the CCMA process. The Company has also notified the Department of Minerals Resources' Mining Sustainability and Employment Committee in terms of section 52 of the Mineral and Petroleum Resources Development Act.

While all efforts will be made to limit the impact on employment, the current restructuring process contemplates some 2,000 roles across AngloGold Ashanti's South African business, which currently employs roughly 8,200 people. The restructuring will affect employees across the different categories and levels, including the region's Executive Committee and senior management.

Systemic Challenges

South African operations continue to face a multiplicity of challenges, including increasing depth and distance from central infrastructure, declining production profiles, and cost escalations that have continued to outpace both inflation and the gold price. In addition, the margins are negatively affected by a much stronger exchange rate.

In order to safeguard the long-term sustainability of its remaining South African business, AngloGold Ashanti has considered various options, including but not limited sales and services reductions, subject to the outcomes of the consultation process.

ENDS

Johannesburg

CONTACTS

Media

Chris Nthite

+27 11 637 6388/+27 83 301 2481

cnthite@anglogoldashanti.com

Stewart Bailey

+27 81 032 2563 / +27 11 637 6031

sbailey@anglogoldashanti.com

General inquiries

media@anglogoldashanti.com

Investors

Stewart Bailey

+27 81 032 2563 / +27 11 637 6031

sbailey@anglogoldashanti.com

Sabrina

Brockman

379

2555

sbrockman@anglogoldashanti.com

+1

646

880

4526/

+1

646

Fundisa Mgidi

+27 11 6376763 / +27 82 821 5322

fmgidi@anglogoldashanti.com

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, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, 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, dispositions or joint venture transactions, 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 are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such risk factors, refer to AngloGold Ashanti's annual reports on Form 20-F filed with the United States Securities and Exchange Commission. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

Non-GAAP financial measures

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 atwww.anglogoldashanti.comand under the "Investors" tab on the main page. This information is updated regularly. Investors should visit this website to obtain important information about AngloGold Ashanti.

Website:www.anglogoldashanti.com

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AngloGold Ashanti Ltd. published this content on 23 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 23 May 2018 14:27:09 UTC