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Anglogold Ashanti CEO to step down
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
(“AngloGold Ashanti” or the “Company”)
NEWS RELEASE
ANGLOGOLD ASHANTI CEO TO STEP DOWN
(JOHANNESBURG) – AngloGold Ashanti announces that Kelvin Dushnisky will step down as chief
executive officer (CEO), effective 1 September 2020. The Board thanks Kelvin for his contribution in
delivering on its strategy and wishes him well in the future. Kelvin will remain in Toronto to spend time
with his family but will be available to assist the group with a smooth handover until 28 February 2021.
“I would like to thank Kelvin for his role in advancing our strategy, and wish him the very best for the
future,” AngloGold Ashanti Chairman Sipho Pityana said. “AngloGold Ashanti is well positioned to
further improve returns for shareholders, through improved operational performance and our rigorous
approach to capital allocation.”
Kelvin leaves AngloGold Ashanti in solid shape, with robust cash flows aiding ongoing debt reduction.
The quality of the portfolio continues to improve, with the agreed sale of our South African assets in
progress, the Obuasi Redevelopment Project ramping up to full production, our two high-quality
Colombia projects progressing through feasibility-study stage, and initiatives to increase reserve life at
key assets, progressing well.
“I’ve enjoyed the challenge of leading AngloGold Ashanti over these past two years, during which time
we’ve made tremendous progress on many fronts, from safety, to effective capital deployment and
streamlining the asset base, all while continuing to deliver strong returns,” Dushnisky said. “I’d like to
thank my executive team and employees across the business for their hard work and dedication, and
the Board for its support.”
Transitional Arrangements
The Board is pleased to announce that Christine Ramon currently chief financial officer (CFO), has
been appointed Interim CEO, whilst the Board embarks on a comprehensive recruitment process to
find a new CEO to deliver on the Group’s strategy for enhanced value creation. Christine will assume
the role on 1 September 2020. The recruitment process will be designed to search for the candidate
with strong leadership skills and relevant industry experience as well as values which are aligned with
AngloGold Ashanti’s.
Christine brings extensive experience and knowledge of the business to the interim role. A chartered
accountant, she has been an executive director of AngloGold Ashanti’s Board and a member of its
executive management team for the past six years. Prior to that, Christine held senior management and
executive positions in various companies, including CFO at Sasol from 2006 to 2013 after having served
as CEO of Johnnic Holdings. Ian Kramer, currently Senior Vice President: Group Finance, will assume
the role of Interim CFO for the duration of the transition period.
During this transitional period the Board, primarily through the Investment Committee and Audit and
Risk Committee, will provide additional guidance and support to the executive management team.
Looking ahead, the Board and executive management have maintained a clear set of near-term
priorities, including safe navigation of the Covid-19 pandemic, prioritising the welfare and safety of our
people and the support of healthcare systems in host communities, while also ensuring continued
operating improvements.
ENDS
Johannesburg
30 July 2020
JSE Sponsor: The Standard Bank of South Africa Limited
CONTACTS
Media
Chris Nthite +27 11 637 6388/ +27 83 301 2481 cnthite@anglogoldashanti.com
General inquiries media@anglogoldashanti.com
Investors
Sabrina Brockman +1 646 880 4526/ +1 646 379 2555 sbrockman@anglogoldashanti.com
Yatish Chowthee +27 11 637 6273 / +27 78 364 2080 yrchowthee@anglogoldashanti.com
Fundisa Mgidi +27 11 637 6763 / +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, return on equity, 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 and
forecasts 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, any supply chain disruptions, any public health crises, pandemics or
epidemics (including the COVID-19 pandemic), and other business and operational risks and other factors. For a discussion of
such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2019, which has
been filed with the United States Securities and Exchange Commission (SEC). 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.
Incorporated in the Republic of South Africa Reg No: 1944/017354/06
ISIN. ZAE000043485 – JSE share code: ANG CUSIP: 035128206 – NYSE share code: AU
Website: www.anglogoldashanti.com
Date: 30-07-2020 04:00:00
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