South Africa's AngloGold Ashanti Ltd , the world's third biggest gold producer, said on Friday it planned to raise 13.48 billion rand ($1.7 billion) through a rights offer of new stock.

The mining group said it had finalised terms of the offer and shareholders had approved the issue of up to 71 million shares.

We are delighted with the support for the rights issue, AngloGold Chief Executive Mark Cutifani said in a statement.

As a result we have been able to finalise the pricing of the rights issue at a higher level than initially contemplated, which will increase proceeds to the company by around 1.5 billion (rand).

The cash will be used to provide AngloGold with additional financial resources to fund new mines, mine development and exploration. (Reporting by Serena Chaudhry; Editing by David Holmes)

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