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## Review of Operations 

## Revised CAGP Mine Plan 

An updated economic analysis incorporating a revised Life of Mine Plan (“LOMP”) for the CAGP was completed in May 2011. The new LOMP reflected upgraded crushing and grinding capacity, upgraded Mineral Reserves and the assumed results of successful throughput optimisation during the first 18 months of operation. 

Key elements of the LOMP upgrade include: 

• Average process throughput increased from 5.5Mtpa to 7.9Mtpa; 

• Additional 1,000,000 ounces of gold recovered; 

• Average gold production to increase 38% to approximately 265,000ozpa; 

• C1 1 cash costs increase to US$551/oz; base case gold price increased to US$1,150/oz; 

• EBITDA over life of project increased 127% from $685M (July 2009 Feasibility Study) to $1,559M (US$1,150/oz gold price); and 

• Government royalties 5% and a 1.5% royalty to AngloGold Ashanti Limited which at a gold price of US$1,150/oz equates to a US$75/oz. 

1 C1 defined as the cash cost incurred at each processing stage, from mining through to recoverable gold delivered to market, less net by-product credits. 

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