Name and Location
Tropicana joint venture (JV) gold 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, Havana and Havana South deposits.

The project currently has a total mineral reserve of about 118-million tonnes, grading 2.08 g/t gold for 7.89-million ounces, and an ore reserve of 57.1-million tonnes at 2.12 g/t gold for 3.9-million ounces.

The project will use conventional drill-and-blast and truck-and-excavator opencut mining methods. The 5.8-million-tonne-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.

Value
Capital expenditure for the project is estimated at $800-million.

Duration
The mine was officially opened on March 6, 2014.

Latest Developments
AngloGold Ashanti and its JV partner Independence Group officially opened the Tropicana gold mine on March 6.

The eight-million-ounce mine is on track to produce 500 000 oz/y of gold over the first three years of operation.

Average mine life production is estimated at between 330 000 oz/y and 350 000 oz/y for the remainder of the 11-year mine life.

Operating costs at the mine have also placed the Tropicana operation among the lowest-cost producers in Western Australia.

“Consequently, even with a subdued, but hopefully improving gold price, Tropicana is delivering for its shareholders,” Ehm has said.

AngloGold Ashanti chairperson Sipho Pityana added that the Tropicana mine requires a capital investment of about A$800-million.

Key Contracts and Suppliers
Macmahon Contractors (mining contractor).

On Budget and on Time?
Gold production occurred ahead of schedule and within budget. The project was originally forecast to begin production in the fourth quarter of this year.

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.