Obuasi
…a new beginning
Obuasi…a world class resource with a
century of history
Several legacy issues addressed and a significant contribution made to Ghana’s economy…
2004
AngloGold
and Ashanti
merge
Q1 2012
Production
impacted by erratic
power supply and
declining gold price
2010
Operating problems,
notably ore-pass
hang-ups and poor
development rates
Dec 2014
Mine development
suspended,
u/g production halted.
Retrenchments with
union agreement
Dec 2012-13
Significant
impairments recorded
against Obuasi.
Underground decline
commenced
alongside suite of
initiatives to
modernise the mine
April 2015
Company announces
that feasibility study
is advanced and will
be optimised during
the rest of the year
Dec 2014 - present
Mine continues in
limited operating phase;
decline development
reaches 26L; JV
partner search
…but struggled to remain viable, requiring decisive intervention to effect systemic change..
1
Obuasi…limited operations state
Placing the mine in limited operations mode has allowed an opportunity to reset…
Transition to limited operating state completed Dec. 2014
workforce retrenched, full entitlements paid, Collective Agreement dissolved
continued stakeholder engagement with good support for Obuasi strategy
focus on changing work culture – emphasis on accountability, productivity, delivery
Obuasi in limited operating state – with decline development continuing
Development of Obuasi Deeps decline has continued and has reached 26Level
Diamond drilling of Block 8L has confirmed the modelled resource tonnes and grade
Tailings rehabilitation underway, generating some revenue
Ongoing activities include pumping, care of u/g and surface infrastructure, security
Social investment and skills development has continued throughout
Feasibility Study commenced in July 2014; draft complete and now being
optimised
Covers all aspects of the operation, including operating footprint, power, infrastructure
Detailed mine closure plan developed
…and create a solid foundation for a sustainable, profitable long-term mining operation
Benefits of the proposed JV…
Strong track record of successful Joint Ventures between Randgold and
AngloGold Ashanti delivering benefits to all stakeholders
Shared cost of capital at a time when the industry is under pressure,
especially given lower commodity prices
New development plan, delivering long term profitability, will once again
enable Obuasi to contribute to the regional and national economy and
employment
Randgold has a strong track record of successfully building and operating
mines in Africa; committed to partnering with host countries and local
communities
Important source of potential investment in Ghana at a crucial time for
economy
Affirms Ghana’s image as a stable jurisdiction for international / mining capital
Two global leaders in the gold mining industry with a strong investor base
comprising most large, global funds as shareholders
2
AngloGold Ashanti…background and strengths
Maximising sustainable free cash flow from a high-quality portfolio…
9 COUNTRIES 19 OPERATIONS
2014 Gold Production
PURE GOLD PLAY
South Africa
28%
Australia
14%
OIL & CURRENCY LEVERAGE
Continental
Africa
36%
Americas
22%
2014 Gross Profit
South Africa
26%
Australia
14%
Continental
Africa
39%
Existing JVs with Randgold
Americas
21%
…whilst maintaining the integrity of the business and a focus on delivery.
AngloGold Ashanti…background and strengths…
Strengths lie in the diversity of the portfolio…
• Largest producer on African continent; strong operating and
exploration track record
All-in sustaining costs, All-in costs and
Average gold price
• Geographically diverse and production from both open-pit
and underground operations (50/50 split)
2500
• Deep pool of technical expertise across disciplines and
2000
• Decisive management with proven experience of large-scale
strong governance
$/oz
1500
1000
project development and operational turnaround in both
developed and emerging markets
1551
1275 1302
• Committed to stakeholder partnerships and safe, sustainable
1155
1015 993 1060 1036 1017
development of ore deposits
926 928
500
0
All-in sustaining costs
All-in costs
Average gold price
• Leveraged to lower oil prices and weaker currencies
• Currently management are focused on:

Delivering sustainable cash flow improvements and
returns

Cost management performance – overheads,
operations, exploration and capital

Portfolio improvements and rationalisation

Prudent, decisive action on operations and balance
sheet
…and the proven track record of an experienced management team.
3
Randgold with its African focus has out
performed the market over the past 10 years…
Grown from nothing to 4th largest gold mining company in market cap in 20 years
Share price comparison
10 years
Randgold
Randgold Resources…discovered 5 multi
million ounce deposits in 17 years
Morila Gold Mine
Mali
Equity
40%
Total reserves
0.3Moz
Total resources 0.5Moz
2014 production 110 272oz
Loulo-Gounkoto Mine
Complex, Mali
Equity
80%
Loulo:
Total reserves
4.9Moz
Total resources
9.2Moz
Gounkoto:
Total reserves
3.2Moz
Total resources
4.6Moz
Loulo-Gounkoto
2014 production 639 219oz
Mali
Côte
d’Ivoire
Kibali Gold Mine
DRC
Equity
45%
Total reserves
11Moz
Total resources
20.4Moz
2014 production
526 627oz
Democratic Republic
of Congo
Senegal
Massawa Feasibility
Project, Senegal
Equity
83%
Total Reserves 2.0Moz
Total Resources 4.7Moz
Joint Ventures with
AngloGold Ashanti
Tongon Gold Mine
Côte d’Ivoire
Equity
89%
Total reserves
2.2Moz
Total resources
3.7Moz
2014 production
227 103oz
Reserves and resources as at 31 Dec 2014
4
Randgold Resources…has developed 5
world class mines in Africa
Listed on
NASDAQ
2000
Morila
pours
first gold
1997
Listed on
LSE
Moz
30
Loulo
construction
starts
Loulo
development
approved
Loulo
first gold
Gounkoto
Gounkoto
discovered
first gold
Morila
Tongon
LOM
construction
Tongon
extended
starts
first gold
Acquisition
of Moto
Goldmines
Massawa
discovered
Kibali
construction
starts
Group
production
exceeds
1.1Moz
Kibali
first gold
ahead of
schedule
Grade g/t
5
25
4
20
1997
Morila and
Yalea
discovered
Yalea UG
development
starts
Grade g/t
3
15
2
10
1995
Randgold
Resources
incorporated
1
5
0
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Oz produced
Reserves Moz
Resources Moz
Grade g/t
Morila mine in Mali: JV between Randgold (40%),
AngloGold (40%) and Govt. of Mali (20%)
Discovered in 1997 and built by Randgold Resources
40% sold to AngloGold and first gold poured in October 2000
Converted to a stockpile treatment operation in 2009
LOM extended to 2017 by retreatment of TSF and proposed mining
of Domba satellite deposit
$1.4 billion paid in dividends to stakeholders to date
$2 billion contributed to Malian economy in the form of royalties,
direct and indirect taxes, dividends and payments to local suppliers,
local salaries and community investment
Successfully developing a sustainable, economically viable
agribusiness to ensure the area benefits from sustainable business
after mine closure
5
Kibali mine in DRC: JV between Randgold (45%),
AngloGold Ashanti (45%) and SOKIMO (10%)
Acquired from Moto Goldmines in 2009
Mine development started in 2011 and first gold poured in
September 2013 ahead of schedule
Integrated open pit and underground mine for total investment
of $2.5 billion
Established new town of Kokiza and successfully resettled
more than 4 000 families
2 of 4 hydropower stations built supplying 22MW of power
526koz of gold produced in first full year of production and on
track to achieve 600koz in 2015
$1 billion spent on local contractors and service providers
since start of construction
The opportunity at hand...
Potential to transform Obuasi into a world class gold mine building on the
existing strong partnership between Randgold Resources and AngloGold
Ashanti
Development decision hinges on strict Randgold and AngloGold Ashanti
investment criteria with no meaningful expenditure beforehand
Large, high grade reserve expected to drive low cost production from a
more focused, efficient and mechanised operation
New development would reinvigorate an important Ghanaian mining
district
Successful transformation of Obuasi through joint venture would increase
gold production and benefit all stakeholders
6
Details of transaction…
Randgold sole funder of new Obuasi development plan
Randgold and AngloGold Ashanti boards to approve plan by February
2016
Approved investment agreement and permitting approvals are key
conditions to proceeding with the re-development of the mine
Assuming all conditions satisfied, Obuasi will be redeveloped through:
A Joint Venture Structure, with equal representation on board
Jointly funded by AngloGold Ashanti and Randgold Resources
Randgold to be appointed operator
Next steps…
Timeline for JV investment in and redevelopment of Obuasi
31 January 2016
Randgold
completes due
diligence and
development plan
16 September 2015
Randgold/AngloGold
Ashanti sign
investment agreement
facilitating Obuasi
redevelopment
February 2016
Satisfaction of all
conditions precedent
(other than Govt of
Ghana consent)
February 2016
Approval of
development
plan by boards
of Randgold and
AGA
March 2016
Govt of Ghana terms ratified
by parliament; transaction
closes; Randgold assumes
operating control under JV
arrangement
March 2016
Approvals by
Govt. of Ghana
April 2016
Obuasi
redevelopment
commences
7
Key issues to be addressed…
Technical
Government
Partners must agree on revised feasibility study and development plan
which delivers more efficient, mechanised, high grade and sustainably
profitable operation
Feasibility to integrate short term, near-surface resource potential with long
term conversion and development of substantial underground resource, and
rehabilitation and streamlining of processing and other facilities
JV conditional on revised stability and development agreements ratified by
parliament and issue of all necessary environmental licenses and permits
South African Reserve Bank approval required
Social
All social and CSR factors incorporated in updated feasibility and
development plan
Project must be sustainably profitable over life of mine and beyond
Commercial
Other
AngloGold Ashanti and Randgold must demonstrate that Obuasi
redevelopment is an attractive investment that will deliver acceptable,
risk-related returns
Safety and compliance with international standards core to both
AngloGold Ashanti’s and Randgold’s operating philosophy
No shareholder approvals required from Randgold or AngloGold Ashanti
Disclaimer…
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the historical information
contained herein, the matters discussed in this presentation are forward-looking statements within the meaning of
Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934, and
applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements
with respect to the future price of gold, the estimation of mineral reserves and resources, the realisation of mineral
reserve estimates, the timing and amount of estimated future production, costs of production, reserve
determination and reserve conversion rates. Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as ‘will’, ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’,
‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of
such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be
taken’, ‘occur’ or ‘be achieved’. Assumptions upon which such forward-looking statements are based are in turn
based on factors and events that are not within the control of Randgold Resources Limited (‘Randgold’) and there
is no assurance they will prove to be correct. Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual results, level of activity, performance or
achievements of Randgold to be materially different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to mining operations, including political risks and instability
and risks related to international operations, actual results of current exploration activities, conclusions of
economic evaluations, changes in project parameters as plans continue to be refined, as well as those factors
discussed in Randgold’s filings with the US Securities and Exchange Commission (the ‘SEC’). Although Randgold
has attempted to identify important factors that could cause actual results to differ materially from those contained
in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Randgold does not undertake to update any forward-looking
statements herein, except in accordance with applicable securities laws.
Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code. As such
numbers are reported to the second significant digit. They are equivalent to National Instrument 43-101. Mineral
resources are reported at a cut-off grade based on a gold price of US$1 500/oz.
The reporting of mineral reserves is also in accordance with Industry Guide 7. Pit optimisations are carried out at a
gold price of US$1 000/oz, except for Morila which is reported at US$1 300/oz. Mineral reserves are reported at a
cut-off grade based on US$1 000/oz gold price within the pit designs. Underground reserves are also based on a
gold price of US$1 000/oz. Dilution and ore loss are incorporated into the calculation of reserves.
Cautionary note to US investors: The United States Securities and Exchange Commission (the SEC) permits
mining companies, in their filings with the SEC, to disclose only proven and probable ore reserves. Randgold uses
certain terms in this annual report such as ‘resources’, that the SEC does not recognise and strictly prohibits the
company from including in its filings with the SEC. Investors are cautioned not to assume that all or any parts of
the company’s resources will ever be converted into reserves which qualify as ‘proven and probable reserves’ for
the purposes of the SEC’s Industry Guide number 7.
8