Name and Location
Tropicana joint venture (JV) project, Australia.

Client
The project is a JV between AngloGold Ashanti Australia (70%) and Independence Group (30%).

Project Description
The Tropicana project is located at the northern end of the Tropicana JV tenements and is centred on the opencut mining of the Tropicana and Havana deposits.

The approved project will produce 3.45-million ounces of gold over a ten-year mine life.

The project will use conventional drill-and-blast, truck-and-excavator opencut mining methods. The 5.8-million-ton-a-year capacity (fresh ore) process plant has been designed for water and energy efficiency, with the comminution circuit comprising two-stage crushing, high-pressure grinding rolls, ball milling and a carbon-in-leach circuit for gold recovery.

A prefeasibility study (PFS), started in 2011 on a combined openpit and underground development, based on the potential extraction of the Havana Deeps mineralisation, is due for completion by mid-2013.

Value
Capital expenditure, including preproduction operating costs, is pegged at between A$690-million and A$740-million (real) or between A$725-million and A$775-million (nominal – including escalation).

Duration
Construction began in the June quarter of 2011 and first gold is expected in the December quarter of 2013.

Latest Developments
The mineral resource estimate for the Tropicana project has increased by a further 1.48-million ounces to 7.89-million ounces of contained gold, as a result of drilling completed in 2012 and greater confidence in the viability of a larger pit at Havana.

The growth in resources primarily reflects additional drilling completed as part of the Havana Deeps PFS, targeting the down- plunge and along-strike extents of the Havana orebody outside the current Havana openpit.

Detailed mining, metallurgical and other study investigations are under way and will be completed during 2013 to update the ore reserve. The PFS will consider the trade-off between openpit and underground mining options and will provide recommendations for the optimal mining approach.

The results of the 2012 drilling indicate that cutbacks on current pit designs at Havana, Tropicana and Boston Shaker are potentially economically viable outcomes.

Key Contracts and Suppliers
Macmahon Contractors (mining contractor).

On Budget and on Time?
Not stated.

Contact Details for Project Information
AngloGold Ashanti Australia investor relations, Andrea Maxey, tel +61 8 9425 4603
or email sbailey@anglogoldashanti.com.
Independence Group investor relations, tel +61 8 9479 1777, fax +61 8 9479 1877 or email contact@igo.com.au.
MacMahon Contractors, tel +61 8 9232 1000 or fax +61 8 9232 1001.