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					                                   AngloGold Ashanti
                                  “Delivering Sustainable Value”
                                  September 2012




             Webcast link: http://www.denvergoldforum.org/dgf12/company-webcast/AU:US




Disclaimer
Certain statements made in this communication, 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 and other operating results, growth
prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones,
the completion and commencement 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 expenditure and the outcome and
consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking statements
regarding AngloGold Ashanti’s operations, economic performance and financial condition. These forward-looking statements 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 and market conditions, success of business and operating initiatives,
changes in the regulatory environment and other government actions including environmental approvals and actions, fluctuations in gold
prices and exchange rates, and business and operational risk management. For a discussion of certain of these and other factors, refer to
AngloGold Ashanti's annual report for the year ended 31 December 2011, which was distributed to shareholders on 4 April 2012, the
company’s 2011 annual report on Form 20-F, which was filed with the Securities and Exchange Commission in the United States on 23 April
2012 and the prospectus supplement to the company’s prospectus dated July 17, 2012 that was filed with the Securities and Exchange
Commission on July 25, 2012. 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, stakeholders 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 today’s date or to reflect the occurrence of unanticipated events, except to the extent required by
applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf
are qualified by the cautionary statements herein.

This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance
measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for,
the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In
addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.

AngloGold Ashanti posts information that is important to investors on the main page of its website at www.anglogoldashanti.com and under
the “Investors” tab on the main page. This information is updated regularly. Investors should visit this website to obtain important
information about AngloGold Ashanti.
                                                                                                                                                 1
Value proposition…not just talking…delivering
We have led the industry in focussing on creating sustainable value…

                  3 500                                                                                                             20

                                                                                                                                    18
                  3 000
                                                                                                                                    16

                  2 500                                                                                                             14

                                                                                                                                    12
                  2 000
                                                                                                                                    10
                  1 500
                                                                                                                                    8


                  1 000                                                                                                             6

                                                                                                                                    4
                    500
                                                                                                                                    2

                      0                                                                                                             0
                                        2007                              2008         2009           2010              2011

                                    EBITDA (1) ($m)                                           Return on Net Capital Employed* (%)

*Adjusted for hedge buy backs and impairments; (1) excluding hedge buy-back costs


                        ...as our “returns mantra” is now being picked up by our industry colleagues.
                                                                                                                                         2




Leading the industry
We have set ourselves apart…
 Margins are growing…
          Hedge book eliminated.
          Project ONE helps reduce cost creep.
          Projects offer excellent value due to low capital intensity (project capital / annual production).
 Projects are on budget and on schedule…
          Project control discipline supports delivery.
          Capital discipline drives the investment case.
          Value case is supported by low capital intensity of projects.
 M&A transactions deliver value…
                Resource finding costs over five years of $22/oz, so not forced to pay over the odds for resources.
                São Bento, Moto and Golden Cycle acquisitions, and Boddington sale show value discipline.
 Net debt is in control.
          Net debt to EBITDA ratio at end of 1Q12 was 0.3.
          RCF and bonds provide balance sheet flexibility.
          Low gearing and funding headroom provide funding capacity.
 Strong management team with proven track record.
          High quality, low execution risk projects; all in construction.
          Track record for low-cost, high-value bolt-on acquisitions.

                                                                                    …delivering on the key elements of our strategy.
                                                                                                                                         3
Safety and environment…getting the basics right
Safety is our first value…
 All injury frequency rate (AIFR)                    Environmental incidents
 per million hours worked                            Reportable incidents: total AGA



                                                        60


                                                        50


                                                        40


                                                        30


                                                        20


                                                        10                                               2012 Annualised


                                                         0
                                                                2008         2009      2010       2011      2012 YTD




                                            ...significant improvement across the entire business.
                                                                                                                           4




Global footprint…building the portfolio
An extensive global exploration and operations footprint…                                     2008 Production




     Operations
     Study
     Construction
    New exploration
Study/construction
    Exploration




                        ...with continually improving diversification and industry leading returns.
*Current estimate                                                                                                          5
Operations delivery: 2011 successes…with more potential
Our focus on business and process re-engineering…                                                                                        EBITDA $m
                                                                                                                                              South Africa
                                                                                                                                                             680
                                                                                                                                                                            1,412

                                                                                                                                              Continental Africa
                                                                                                                                                  190
                                                                                                                                                                      1,111


        USA                                 Mali
                                         Sadiola
                                                                                                                                              Australia
        CC&V                            & Yatela
                                                                                                                                               35
                                       Guinea
                                         Siguiri
                                                                                                                                              9
                                                   Ghana                        Tanzania
                  Brazil                           Iduapriem
                                                      Obuasi                    Geita                                                         Americas
            Serra Grande
         Córrego do Sítio                                  DRC
         Brasil Mineração                                 Kibali
                                                      Mongbwalu            South Africa
                                                                                                                                                    255
                                                                           TauTona
                                                        Namibia
                                                         Navachab
                                                                           Mponeng                                                                            739
                                                                           Surface Ops
                                         Argentina                         Moab/Great Noligwa
                                        Cerro Vanguardia                   Kopanang               Australia                                   AngloGold Ashanti*
     Best practice                                                                                Sunrise Dam
     Solid performance                                                                            Tropicana                                                1,131
     Turnaround – good trends
                                                                                                                                                                                 3,014
     Improvement needed
     Cash drain – material risk
                                                                                                                                                             2008         2011

                                                                                                                                       * Includes corporate and other segment

                   ...has led the industry in driven strong earnings and cash flow improvements.
                                                                                                                                                                                            6




Project ONE…measuring progress…20% real cost improvement
We introduced the concept of integrated change management…
                                                                                                                                                               $20m         $946m
                                                                                                                                                  $97m
Financial savings realised (2008 to 31 March 2012 )
$m
                                                                                                                           $18m       -$8m                                          $163m
                                                                                                                $21m
                                                                         $29m           $0m         $10m
        Tonnage throughput                                     $176m                                                                                                                $16m
        Grade improvement
        Silver recovery
        Cost savings
                                                    $98m                                                                                                                            $361m

                                      $79m


                             $36m
                    $203m




      $167m
                                                                                                                                                                                    $407m




       AGABM        Geita   Serra    Iduapriem      CVSA       Obuasi   SAR             Mponeng      SAR         Sunrise    Siguiri    CC&V       SAR       Navachab        Total
                            Grande                                      Uranium         Plant        Power       Dam                              Cost


                              …and our improvement scorecard is second to none in our industry.
                                                                                                                                                                                            7
Cost trends differentiate us from the industry
We are starting to see the results of our work on core processes…


Cash costs + sustaining capex*                                                                  NCE costs*
Peer Group +20% vs. AngloGold Ashanti +5%.                                                      Peer group +21% vs. AngloGold Ashanti +7%.


220                                                                                              220

200                                                                                              200

180                                                                                              180

160                                                                                              160

140                                                                                              140

120                                                                                              120

100                                                                                              100

 80                                                                                               80
      1Q09                4Q09                3Q10               2Q11                  1Q12            1Q09     4Q09        3Q10        2Q11         1Q12



                                Peer group average                        AGA                                           Peer group average     AGA


*period from 1H of 2011 to 1H 2012
Peers: Barrick, Newmont, Goldcorp, Newcrest, Kinross, Randgold, Gold Fields, Harmony




                                       …deliver sustainable competitive cost and performance improvement.
                                                                                                                                                            8




Capital intensity…a track record of value delivery
We have sourced value opportunities across our business portfolio…

                       Organic Development…650,000ozspa ~ US$1,500/oz…US$85/oz over life
                       CC&V                                           from leach pads and mill installation
                       Obuasi                                         targeted from business improvement work
                       Geita                                          from business improvement work
                       CVSA                                           targeted from business improvement and new developments
                       Iduapriem                                      from mining and mill expansion
                       MSG                                            from mill expansion
                       Cuiaba                                         from mine and mill expansions
                       Exploration…480,000ozspa ~ US$2,500/oz…US120/oz over life
                       Tropicana                                      from new development
                       Mongbwalu                                      from new development
                       Acquisitions…710,000ozspa ~ US$3,500/oz…US$170/oz over life
                       CC&V                                           from Golden Cycle purchase
                       Kibali                                         from Moto purchase
                       CDS                                            from Sao Bento purchase
                       MWS                                            from purchase of Mine Waste Solutions
                       MSG                                            from purchase of Kinross stake


      …building on internal opportunities in addition to securing “external value plumbs”.
                                                                                                                                                            9
Sustainable gold equation…helps guide capital allocations
The real cost equation helps guides our capital allocations…

       1.                                             2.                                 3.
        Exploration success ensures                   Focus on competitive capital          Total costs must remain below our strategic
        competitive entry cost, laying                and strong operating margins          cut-off of $1280/oz. M&A opportunities must
       foundation for long-term value                  drives the return equation.             compete with organic cost structures.

            Gold price @ $1650/oz
                                                                                                                                                       Cash flow
                                                                                                                   Margins drive returns                margin
                                                           True “cash flow” costs
                                                                                                                                                       $370/oz
                                                                             200              1230                 50               1280
$/oz




                                                            800




            Includes acquisition costs

                                           200

                30

             Greenfields                  Project     Cash operating        Sustain.         Sub Total          Corporate         Grand Total
             exploration                development    expenditure           capex       (project level cost   admin. cost   (before tax & interest)
            (Resources)                                                                      structure)

                                                                       …to ensure we maintain margins and capital returns.
                                                                                                                                                               10




Focused on the right metrics…to create value
 We’ve kept a tight rein on costs which has helped meet EBITDA targets…
Production % variation to market guidance                                                EBITDA $m (1)
                                                                                                                                     
                                                                               
                                                                                                                   
                                                              x x
                                                                                                                                                      
            x x x                                                                                  x
                  Includes impact of safety stoppages
                                                                            x


Cash Cost % Favourable Deviation to Market Guidance


                                                                                        Working to improve production consistency.

                                                                                        Performance to cost guidance remains solid…
                                                            
                                                                                   …underwriting consistent EBITDA
                        
                                                  
                                                                                       performance…delivering on key performance target.
                              

   (1) excluding hedge buy-back costs
                                                                            ...despite a challenging production environment.
                                                                                                                                                               11
We are growing the business…and our value engine
 We are improving the quality of our portfolio…


                                                       5.4-5.6Moz*
                                                                          Greenfields
                                                                           Tropicana
                                         0.7Moz                            Kibali
                                                                           Mongbwalu

                                                                          Brownfields
          4.3Moz       - 0.6Moz                                            Córrego do Sítio
                                                                           CVSA (HL & underground)
                                         1.0Moz                            CC&V MLE 2
                                                                           Sadiola Deeps
                                                                           Business Improvements
                                                                           Other



             2011      Depletion        Growth         2014 annualised*




                    ...improving margins…driving sustainable cash and value generation.
*Current estimate                                                                                       12




Exploration…new resources, new opportunities…value growth
Significant results from some key greenfields projects… Legend
                                                                     Significant results and progress
                                                                     Active projects
                                                                     Active drilling rigs on site




                                   ...continuing to build the resource pipeline…at low cost.
                                                                                                        13
Key value drivers….delivering to potential
We’ve identified the next key priorities to unlock near-term value…




       Colombia…delivering a world-class project pipeline.


       South Africa…optimising a world-class operating base.


       Obuasi…bring a large, world-class resource to account.


                              ...and we’ve developed strategies to more aggressively drive delivery.
                                                                                                                                   14




 Colombia – principal targets
We’ve used our first-mover advantage in Colombia to build a strong position...


                                       Gramalote (51% JV)
                                       4.1Moz gold                           Colombia is investor friendly with strong
                                       Pre-feasibility                        government institutions, evolving mining legislation
                                       First production 2016*
                                                                              and strong interest from majors.
     La Colosa (100%)
     24Moz gold porphyry
     Pre-feasibility                                                         Our land position; includes Colombia’s most
     First production 2019*                                                   prospective tenements.
                                                                             ~30Moz resource; net cost of >$2/oz.

                                                                             Significant scale of the current opportunity and
                                                                              future potential requires careful consideration of
                                                                              funding methods.

                                                                             Dedicated EVP appointed to define our
                                                                              development and funding strategy for Colombia,
                                                                              and deliver first production from the region.
                                          Quebradona
                                          Copper-gold-molybdenum porphyry    Gramalote expected to deliver first production in
                                          Scoping
                                                                              about 2016 and demonstrate operating and
                                                                              sustainability credentials.




                                                         ...in the world’s most prospective new gold district.
*Current estimate                                                                                                                  15
AngloGold Ashanti South Africa…world class by any measure
A substantial resource base with emerging new value potential…

                                                                  World class ore-body
                                                                      98Moz Resource and 32Moz reserve
                                                                      5Moz surface resource
                                                                      Average underground reserve grade - 9,48 g/t


                                                                  World class infrastructure
                                                                      14.7Mtpa milling capacity
                                                                      11.2Mtpa hoist capacity – 63% utilised
                                                                      Reliable power; capacity in construction


                                                                  World class mining jurisdiction
                                                                      Well established mining culture
                                                                      Constitution enshrines full property rights
                                                                      Independent judiciary; rule of law abides
                                                                      Good dialogue with supportive government




                                …new opportunities through management and technology programs.
                                                                                                                     16




South Africa…earnings growth driven by margin expansion
Operations are at various stages in the mining life cycle…
Production
            1 800
                                                                       Production has declined due to progressive
            1 600
            1 400                                                       reduction in available mining fronts.
            1 200
 000 ozs




            1 000
                                                                       Despite lower production, the earnings
              800
              600                                                       power of the South African business has
              400                                                       grown significantly given focus on quality
              200                                                       production and cost management.
                ‐
                        2004                              2011
                        Vaal River         West Wits                   This is a long-term business with a
EBITDA                                                                  world-class resource base...that
            800                                                         requires long-term thinking and
            700                                                         associated structural reconstruction.
            600
            500                                                        We have a track record of responding
   US$m




            400                                                         quickly and decisively to our operating
            300                                                         environment; our focus is on producing
            200                                                         high-quality ounces…underpinning
            100                                                         cash and earnings delivery.
             ‐
                       2004                            2011
                              Vaal River      West Wits

                    ...with a substantial pipeline of projects opening up new value opportunities.
                                                                                                                     17
South Africa...innovation is introducing best practice
New technology will be introduced progressively…


                                                                                      Focus is on in-stope reef-boring and improved ore-
                                                                                       body definition; this will result in the enhanced
                                                                                       forecasting accuracy of grade and resource models.
                                                         Drill
                             Waste
                                                                                      These technologies have the potential to significantly
                                                                                       improve safety and productivity across all underground
                                                                                       mining operations across the portfolio.

                              High-grade reef                                         Significant progress with in-hole digital surveying and
                                                                                       reef-boring techniques at TauTona pilot site.

                                                                                      First hole successfully completed during the second
                                                                                       quarter; six more holes planned by year-end.
                                        Waste                                                1st borehole: 24 days and 5.73kg Au recovered
                                                                                             2nd borehole:12 days and 2.61kg Au recovered
                                                                                             3rd borehole: data pending
                                   ~1m
                                                                                      Project is already self-funding!



                                                                                        ...to help us maintain our production rate.
                                                                                                                                                 18




Continental Africa: 2011 Operations delivery
Portfolio improvements measured in cash flow gains…
     Mali                                          Best practice                                                                      1092
     Sadiola & Yatela
                                                   Solid performance
                                                   Turnaround – good trends
                                                   Improvement needed
Guinea                                             Cash drain – material risk
Siguiri

                                                                                                                          488
          Ghana
          Iduapriem                     Tanzania
             Obuasi                     Geita

                      DRC
                   Kibali
               Mongbwalu


                  Namibia
                  Navachab                                                                                                      209
                                                                                                  153         141
                                                                                     116
                                                                           87                99
                                                    76
                                           51                      50
                                  31                                            34
             12         0     9                                                                           5


                                                                                                                    -52
              Yatela         Navachab           Morila             Sadiola      Iduapriem     Siguiri     Obuasi     Geita      Total CAR

                                                                    2008 EBITDA             2011 EBITDA


                                          ...and our current portfolio assessment sees more opportunities.
                                                                                                                                                 19
Obuasi 2008…no cash…no plan…but lots of potential
In 2008, the site we found was demoralised and did not have a real plan…

$m

 250



 200
                                                                                                     What we found in 2008
 150                                                                                                  was a site demoralised and
                                                                                                      losing money. The plan
 100
                                                                                                      was to continue losing
                                                                                                      money!
 50



     0
         2004   2005    2006    2007     2008   2009   2010   2011   2012   2013   2014   2015

 -50



-100



-150

                       EBITDA          Pre-tax cashflow

                         ...and losing money, it represented a material risk to the global business.
                                                                                                                                         20




Obuasi…stop the cash bleed…build a new strategy
Our first priority was to stabilise the site…

$m

 250

                                                    Stabilise                                     Our first priority was to stabilise
 200
                                                                                                   the site.
 150
                                                                                                      • Focus on cash margin
                                                                                                          ounces.
                                                                                                      • Downsize workforce to
 100
                                                                                                          improve productivities.
                                                                                                      • Strip out excess costs.
 50
                                                                                                      • Re-engineer key
                                                                                                          processes.
     0
         2004   2005    2006    2007     2008   2009   2010   2011   2012   2013   2014   2015    By 2009, the site was
 -50                                                                                               generating free cash flow and
                                                                                                   funding clean up of legacy
-100                                                                                               issues.

-150

                       EBITDA          Pre-tax cashflow       Pre-tax cashflow
                                       Pre-stabilisation      Post-stabilisation
                                                                                            ...and stem the cashflow drain.
                                                                                                                                         21
Obuasi…the strategy has been defined…execution is in play
We have stabilised the operation…

$m
                                                                                                                                             We have been investing in
 250                                                                                                                                          cleaning up and correcting
                                                                            Stabilise                                   Transform             legacy operating and
 200                                                                                                                                          community issues –
                                                                                                                       Current State          funding the recovery from
 150                                                                                                                   Production 300Kozs     internal cash flows.
                                                                                                                       EBITDA US$180m
 100
                                                                                                                       Target                The next step is to push
                                                                                                                       Production 500Kozs     the transformation agenda
  50                                                                                                                   EBITDA +$350m          – increasing production,
                                                                                                                                              reducing costs and
     0                                                                                                                                        delivering free cash.
          2004        2005       2006        2007        2008         2009       2010        2011        2012        2013    2014   2015

 -50
                                                                                                                                             The strategy will be
                                                                                                                                              substantially self
-100
                                                                                                                                              funding…a lower risk
                                                                                                                                              profile transformation.
-150

                             EBITDA                   Pre-tax cashflow

                              ...we are building a strategy that will take us towards our business targets.
                                                                                                                                                                           22




Value proposition…leadership in value creation
Peer-group leading returns…not a promise…simply delivering…

Return on equity                                                                                                     EV/EBITDA
Q2 2012




Annualised adjusted earnings / shareholders equity at end 2Q12
EV - share prices at end of 2Q12; EBITDA annualised 2Q12
Peer group includes ,in no particular order: Barrick, Randgold, Newmont, Gold Fields, Harmony, Goldcorp, Newcrest, Kinross


                                                                                                                                            ...at a compelling price.
                                                                                                                                                                           23
Value proposition…a simple story
We are delivering a compelling value track record…




       Today…delivering industry leading returns.


       Tomorrow…most competitive growth pipeline.


       The future…new opportunities already emerging.


                             ...that is continuing to evolve and improve as we deliver.
                                                                                     24




                                                                                     25

				
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