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Anglogold Ld (AGD)

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Monday 02 November, 2009

Anglogold Ld

Further re Moto Acquisition

AngloGold Ashanti Limited \ (Incorporated in the Republic of South Africa)
(Reg. No.1944/017354/06) \ ISIN Number: ZAE000043485 \ NYSE symbol: AU \ JSE
share code: ANG

Corporate Affairs Department: \ 3rd Floor \ 76 Jeppe Street \ Johannesburg 2001 \ S  outh Africa
Tel +27 (0)11 637 6317 \ Fax +27 (0)11 637 6399/6400 \


31 October 2009


AngloGold Ashanti Limited (JSE:ANG) ("AngloGold Ashanti" or the "Company") is
pleased to announce that, together with Randgold Resources Limited
("Randgold"), it has entered into a definitive agreement with L'Office des
Mines d'Or de Kilo-Moto ("OKIMO"), whereby they will jointly purchase an
additional 20% stake in the Moto gold project (the "Moto Gold Project") for an
aggregate consideration of approximately US$113.6 million (the "Acquisition").
The Acquisition consideration is to be funded equally by AngloGold Ashanti and
Randgold, with AngloGold Ashanti's 50% share of this consideration being
approximately US$56.8 million which it will fund from existing cash resources.

On 15 October 2009, AngloGold Ashanti announced that, together with Randgold,
it had completed the acquisition of Moto Goldmines Limited ("Moto"), a gold
exploration and development company which holds a 70% interest in Kibali
Goldmines s.p.r.l. ("Kibali Goldmines"), a joint venture company which owns
100% of the Moto Gold Project and in which OKIMO, a Congolese parastatal
entity, currently holds a 30% interest.

To implement the Acquisition, AngloGold Ashanti and Randgold have entered into
a share purchase agreement (the "SPA") with OKIMO, pursuant to which and
subject to the fulfilment of certain conditions precedent as set out below,
Kibali (Jersey) Limited ("Kibali (Jersey)"), a joint venture company that is
owned by AngloGold Ashanti and Randgold and the same vehicle which holds
AngloGold Ashanti's and Randgold's recently acquired joint venture interest in
Moto, will acquire 20% of the issued share capital of Kibali Goldmines from
OKIMO. Therefore, following completion of the Acquisition, Randgold and
AngloGold will together hold an indirect 90% interest in Kibali Goldmines and
OKIMO will hold the remaining 10% interest, thereby maintaining the continued
interest of the Government of the Democratic Republic of the Congo (the "DRC")
in the Moto Gold Project.

"This increases our participation in the Moto Gold project, which is an
important part of our future growth plans,'' AngloGold Ashanti CEO Mark
Cutifani said. ``We look forward to working closely with the DRC Government and
continuing our successful, decade-long partnership, with Randgold to bring this
resource to account.''

In addition to and as part of the Acquisition, AngloGold Ashanti and Randgold
have secured certain undertakings and commitments from the Government of the
DRC in respect of Kibali Goldmines' exploitation permits and licenses, as well
as the existing DRC mining legislation and the fiscal regime under which the
Moto Gold Project will operate. These undertakings are further detailed under
the Protocol and Declaration below.


AngloGold Ashanti and Randgold have procured that Moto and Kibali (Jersey)
enters into a protocol (the "Protocol") with the Government of the DRC under

 1. the renewal of all the exploitation permits held by Kibali Goldmines will
    be authorised by the Government of the DRC subject to compliance with the
    provisions of the DRC mining legislation;
 2. for such time as the Moto Gold Project is in commercial production and
    provided that Kibali Goldmines complies with the DRC mining legislation,
    all exploitation permits held by Kibali Goldmines shall be renewed on their
    respective earliest renewal dates; and
 3. the Government of the DRC acknowledges that no further payment shall be
    required in relation to the acquisition of Moto by AngloGold Ashanti and
Under the terms of the Protocol, Moto will make a payment to the Government of
the DRC and OKIMO of US$4.5 million within three business days of the delivery
of certain documents by the Government of the DRC and OKIMO which are
conditions to the Acquisition and which should take place within 10 business
days of entering into the SPA. 50% of the payment will go to each of the
Government of the DRC and to OKIMO.


AngloGold Ashanti and Randgold have secured additional support from the
Government of the DRC in the form of a declaration (the "Declaration") under
which the Government of the DRC:

 1. formally acknowledges the Acquisition and the Protocol entered into by Moto
    and Kibali (Jersey) in respect of the renewal of exploitation permits held
    by Kibali Goldmines;
 2. confirms that the current DRC mining legislation is in full force and
    effect and that there are no current proposals to amend it;
 3. confirms that the DRC mining legislation contains the totality of the
    taxes, royalties and other fees payable to the Government of the DRC in
    relation to mining activities in the DRC and guarantees the stability of
    these provisions as provided in the DRC mining legislation;
 4. provided that Kibali Goldmines complies with the DRC mining legislation and
    payment is made under the Protocol, agrees to renew all of the exploitation
    permits held by Kibali Goldmines on the terms of the Protocol and to grant
    in a timely manner all other permits and licenses required for development
    and exploitation of the Moto Gold Project;
 5. provided that the Moto Gold Project is in commercial production, that
    Kibali Goldmines complies with the DRC mining legislation and payment is
    made under the Protocol, agrees to renew all exploitation permits held by
    Kibali Goldmines on future renewal dates;
 6. provided that payment is made under the Protocol, agrees not to terminate
    or limit the scope or effect of Kibali Goldmines' exploitation permits
    other than in accordance with their terms or in accordance with the
    provisions of the joint venture agreement which governs the operation of
    Kibali Goldmines; and
 7. undertakes not to take any action to prevent, prohibit or frustrate future
    intra-group transfers by Randgold, AngloGold, Moto or Kibali (Jersey) of
    shares in Kibali Goldmines and they will not be required to acquire a
    further interest in Kibali Goldmines as a result of any such intra-group
Conditions Precedent

The Acquisition is subject to the fulfilment of a number of conditions,

 1. in the case of AngloGold Ashanti, approval of the Acquisition by the South
    African Reserve Bank;
 2. in the case of Randgold, approval of the Acquisition by its shareholders;
 3. approval by the board of directors and the shareholders of OKIMO, such
    approval to be granted within 10 business days of entering into the SPA;
 4. the delivery, by the Government of the DRC within 10 business days of
    entering into the SPA, of a notification letter regarding a meeting of the
    Cabinet of the DRC confirming that it has considered the Acquisition and
    its terms and that the Acquisition is in accordance with DRC law; and
 5. the renewal of all exploitation permits held by Kibali Goldmines which
    expire in 2014 pursuant to the Protocol.
Reasons for and Benefits of the Acquisition

It is anticipated that the Acquisition will result in the following benefits:

 1. increases AngloGold Ashanti shareholders participation in the Moto Gold
    Project, thereby further increasing AngloGold Ashanti's Ore Reserves and
    Mineral Resources: The Acquisition increases AngloGold Ashanti
    shareholders' participation in the Moto Gold project by 10%. Based on the
    feasibility study completed in March 2009 by Moto, the Acquisition in
    conjunction with the acquisition of 50% of Moto completed earlier this
    month, will increase AngloGold Ashanti's existing attributable Ore Reserves
    by 2.5Moz and its existing attributable Mineral Resources by approximately
    10.1Moz. It is envisaged that the vast Mineral Resource of the Moto Gold
    Project will support the development of a long life and profitable mining
    operation. The Company believes that the combination of AngloGold Ashanti's
    and Randgold's regional business knowledge and government relationships
    with their extensive gold mining expertise in Africa will assist in
    unlocking the value of the Moto Gold Project;
 2. retains support of the Government of the DRC for the Moto Gold Project: In
    addition to and as part of the Acquisition, AngloGold Ashanti and Randgold
    have secured certain undertakings and commitments from the Government of
    the DRC in respect of Kibali Goldmines' exploitation permits and licenses,
    as well as the existing DRC mining legislation and the fiscal regime under
    which the Moto Gold Project will operate. AngloGold Ashanti and Randgold
    both consider the continued support of the Government of the DRC as
    critical to the successful development of the Moto Gold Project;
 3. removes a 20% carried interest in the Moto Gold Project: OKIMO currently
    holds a 30% non-dilutable carried interest in the Moto Gold Project through
    its holding in Kibali Goldmines. Under the current shareholding structure,
    this would mean that AngloGold Ashanti and Randgold fund 100% of capital
    required to develop the Moto Gold Project with only 70% of the benefit
    following repayment of capital funding. The Acquisition reduces OKIMO's
    holding to a 10% non-dilutable carried interest and increases AngloGold
    Ashanti's and Randgold's interest in the Moto Gold Project to 90%; and
 4. simplifies the historic arrangements between Moto, Kibali Goldmines and
    OKIMO: Historically, there have been a number of loans, commitments and
    agreements in place between Moto, Kibali Goldmines and OKIMO in relation to
    the Moto Gold Project which, under the new agreements, will be simplified.

Financial Advisors to AngloGold Ashanti



Legal Advisors to AngloGold Ashanti

Fasken Martineau DuMoulin LLP

Shearman & Sterling LLP

JSE Sponsor



                  Tel:            Mobile:          E-mail:                     
Alan Fine (Media) +27 (0) 11 637  + 27 (0) 83 325  [email protected]  
                  6383            0757                                         
Joanne Jones      +27 (0) 11 637  +27 (0) 82 896   [email protected] 
(Media)           6813            0306                                         
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(Investors)       637-6339        0991                                         
Stewart Bailey    +1 212 836 4303 +1 646 338 4337  [email protected]

Certain statements made in this communication, including, without limitation,
those concerning AngloGold Ashanti's strategy to reduce its gold hedging
position including the extent and effects of the reduction, the economic
outlook for the gold mining industry, expectations regarding gold prices,
production, cash costs and other operating results, growth prospects and
outlook of AngloGold Ashanti's operations, individually or in the aggregate,
including the completion and commencement of commercial operations of certain
of AngloGold Ashanti's exploration and production projects and completion of
acquisitions and dispositions, AngloGold Ashanti's liquidity and capital
resources, and expenditure and the outcome and consequences of any pending
litigation proceedings, contain certain forward-looking statements regarding
AngloGold Ashanti's operations, economic performance and financial condition.
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 and market conditions, success of
business and operating initiatives, changes in the regulatory environment and
other government actions, fluctuations in gold prices and exchange rates, and
business and operational risk management. For a discussion of such factors,
refer to AngloGold Ashanti's annual report for the year ended 31 December 2008,
which was distributed to shareholders on 27 March 2009 and the company's annual
report on Form 20-F, filed with the Securities and Exchange Commission in the
United States on May 5, 2009 as amended on May 6, 2009. AngloGold Ashanti
undertakes no obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after today's
date or to reflect the occurrence of unanticipated events. 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

HSBC, which is authorised and regulated in the United Kingdom by the Financial
Services Authority, is only acting for AngloGold Ashanti and Randgold and no
one else in connection with the Acquisition and will not be responsible to
anyone other than AngloGold Ashanti and Randgold for providing the protections
afforded to clients of HSBC, nor for providing advice in relation to the
Acquisition, the contents of this announcement or any other matter referred to

AngloGold Ashanti posts information that is important to investors on the main
page of its website at and under the "Investors" tab
on the main page. This information is updated regularly. Investors should visit
this website to obtain important information about AngloGold Ashanti.


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