Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated February 17, 2010

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Jeppe Street

Newtown, 2001

(P.O. Box 62117, Marshalltown, 2107)

South Africa

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1):

Yes No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7):

Yes No X

Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

Yes No X

Enclosure: Press release     ANGLOGOLD ASHANTI LIMITED REPORT FOR THE QUARTER AND
                                         YEAR ENDED 31 DECEMBER 2009 PREPARED IN ACCORDANCE
                                         WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

Quarter 4 2009

Report

for the quarter and year ended 31 December 2009

Group results for the quarter….

º Record adjusted headline earnings of $228m, or 62 US cents per share
º Production of 1.182Moz, 2% better than guidance
º TauTona back in production after successful inspection and repair
º Received gold price, excluding hedge buy-back costs, increased by 14% in US dollar terms, discount of 6.4% to
spot achieved
º Improvement on all benchmark safety indicators
º Geita and Obuasi continue turnaround
º Hedge commitments fall to 3.9Moz

…. and the year

º Gold production of 4.6Moz, at the top end of guidance
º Total cash costs of $514/oz, better than guidance
º Net debt falls to $868m, creating further financial flexibility
º Project One management intervention gaining traction across portfolio
º Uranium production of 1.44Mlbs exceeds guidance by 3%
º Hedge restructuring cuts commitments by 2.0Moz to less than one year’s production
º Safety stoppages impact South African production
º Tropicana project in Australia progresses to a bankable feasibility study
º Final dividend of 70 South African cents per share (approximately 9.10 US cents per share), declared, resulting in a
total dividend of 130 South African cents per share (approximately 16.75 US cents per share) for the 2009 year

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

SA rand / Metric

US dollar / Imperial

Operating review
Gold
Produced

- kg / oz (000)

36,767

36,925 143,049 154,958

1,182

1,187

4,599

4,982

Price received

- R/kg / $/oz

247,985

61,095 201,805 130,522

1,029

261

751

485

Price received excluding hedge
buy-back costs

- R/kg / $/oz

247,985

225,388 246,048 185,887

1,029

906

925

702

Total cash costs

- R/kg / $/oz

143,596

133,274 136,595 117,462

598

534

514

444

Total production costs

- R/kg / $/oz

178,379

166,355 171,795 150,149

743

667

646

567

Financial review
Adjusted gross profit (loss)

- Rm / $m

2,521

(4,110)

3,686 (2,945)

337

(510) 412

(384)

Adjusted gross profit excluding hedge
buy-back costs

- Rm / $m

2,521

2,205 10,001 5,072

337

287

1,208

626

Profit (loss) attributable to equity
shareholders

- Rm / $m

3,179

(8,245)

(2,762)

(16,105)

424

(1,042) (320)

(1,195)

cents/share

867

(2,286)

(765)

(5,077)

116

(289) (89)

(377)

Adjusted headline earnings (loss)

- Rm / $m

1,706

(4,757)

(211)

(7,197)

228

(596) (50)

(897)

cents/share

466

(1,319)

(58)

(2,269)

(165) (14)

(283)

Adjusted headline earnings (loss)
excluding hedge buy-back costs

- Rm / $m

1,706

1,249 5,795

228

162

708

cents/share

466

346 1,604

196

Cash flow from operating activities
excluding hedge buy-back costs

- Rm / $m

3,610

2,185 10,096 5,387

465

336

1,299

584

Capital expenditure

- Rm / $m

2,275

1,842 8,726 9,905

293

232

1,027

1,201

Notes:

1. Refer to note C "Non-GAAP disclosure" for the definition.

2. Refer to note B "Non-GAAP disclosure" for the definition.

3. Refer to note A "Non-GAAP disclosure" for the definition.

$ represents US dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

Operations at a glance

for the quarter ended 31 December 2009

Production

Total cash costs

Adjusted gross profit (loss)

excluding hedge buy-back

costs

oz (000)

Variance

$/oz

Variance

SOUTHERN AFRICA

448

(7)

575

123

South Africa
Great Noligwa

(19)

1,014

(8)

(1)

Kopanang

102

400

(10)

Moab Khotsong

489

Tau Lekoa

732

(8)

Surface Operations

(10)

459

(2)

Mponeng

127

397

Savuka

100

4,062

(59)

(8)

TauTona

(66)

1,443

188

(25)

(40)

Namibia
Navachab

730

CONTINENTAL AFRICA

401

665

118

Ghana
Iduapriem

515

Obuasi

567

(15)

Guinea
Siguiri - Attributable 85%

(3)

636

Mali
Morila - Attributable 40%

(3)

656

Sadiola - Attributable 41%

3,4

640

Yatela - Attributable 40%

382

Tanzania
Geita

(2)

1,055

(13)

(5)

Non-controlling interests, exploration and other

AUSTRALASIA 107

863

(3)

Australia
Sunrise Dam

107

836

(1)

Exploration and other

(3)

(2)

SOUTH AMERICA

170

386

Argentina
Cerro Vanguardia - Attributable 92.50%

339

(10)

Brazil
AngloGold Ashanti Brasil Mineração

419

Serra Grande - Attributable 50%

337

(24)

Non-controlling interests, exploration and other

NORTH AMERICA

424

United States of America
Cripple Creek & Victor

420

Other

(1)

OTHER

Sub-total 1,182

598

380

Less equity accounted investments

(43) (8)

AngloGold Ashanti

337

1 Refer to note B "Non-GAAP disclosure" for the definition.
2 Variance December 2009 quarter on September 2009 quarter - increase (decrease).
3 Equity accounted joint ventures.
4. Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE QUARTER

SAFETY

AngloGold Ashanti’s focus on improving safety standards over the long-term yielded encouraging results
during the quarter with a 7% improvement in the overall lost time injury rate. Moab Khotsong operated
without a fatality for 1 million shifts, an overwhelmingly positive result for the South African operating teams.

Safety stoppages – both those enforced by the state mine inspector and implemented by AngloGold
Ashanti’s management – remained a key theme during the three-month period, with 69 shifts lost at the
South African operations. This figure includes 40 shifts lost at TauTona, which remained closed for much of
the fourth quarter for a thorough inspection of the entire shaft infrastructure. The review yielded no material
deficiencies in the underground steelwork and the mine was successfully reopened in January.

Tragically, one miner was fatally injured at Mponeng, in South Africa and another died in a trucking accident
at Siguiri, in Guinea. These incidents underscore the importance of implementing the company’s Safety
Transformation Blueprint in 2009, a comprehensive strategy for the next step change in AngloGold Ashanti’s
overall safety performance that will take the company toward its goal of eliminating lost time injuries.

OPERATING REVIEW

Production was broadly in line with the previous quarter at 1.18Moz, which was better than the guidance of
1.16Moz. The slightly lower output quarter-on-quarter reflects the management enforced stoppage at
TauTona, remedial work underway at Savuka for part of the year and continued safety related stoppages.

Total cash costs rose 12% to $598/oz, some 1% above market guidance due mainly to accounting for
deferred stripping charges and a stronger-than-anticipated exchange rate. Sustained strength in local
operating currencies in Brazil, Australia and South Africa continued to erode the benefit of a higher dollar
gold price. The Australian dollar was the best performer of this group, gaining 9% over the period, while the
Brazilian real rose 7% and the rand 4%.

Southern African operations produced 448,000oz in the three months ended December at a total cash cost
of $575/oz, compared to 483,000oz at $525/oz in the previous quarter. TauTona’s stoppage was the chief
contributor to lower production from the West Wits operations as the number of shifts lost to safety-related
interruptions more than doubled. Great Noligwa’s production also declined sharply as the mine’s operations
were scaled back in preparation for management interventions designed to address the steep escalation in
operating costs that took place during 2009. Grade improvements contributed towards increased production
and lower costs at Kopanang and Tau Lekoa.

Continental Africa’s production improved to 401,000oz in the three months ended December at a total cash
cost of $665/oz, from 391,000oz at $615/oz in the previous quarter. Production improved at three of the
seven operations and was unchanged at Sadiola. Obuasi’s operating performance continued to improve
during the quarter, as a result of continued focus on grade control. The company received an insurance
settlement covering the previous quarter’s underground flooding. At Geita where operational improvements
are underway as part of the company’s business improvement initiatives, volumes mined increased by 14%.
Total cash costs, however, were distorted by stripping charges during the quarter.

In Australasia, Sunrise Dam’s production rose to 107,000oz at a total cash cost of $836/oz, from 102,000oz
at $647/oz in the prior quarter. Total cash costs have been inflated by deferred waste stripping charges
during the quarter.

In North America, Cripple Creek & Victor’s (CC&V) production rose to 56,000oz at a total cash cost of
$420/oz for the three months to December, from 54,000oz at $394/oz in the previous quarter. The operation
has stabilised under its new leadership, and is now well positioned for recovery during 2010.

South America’s production improved to 170,000oz at a total cash cost of $386/oz in the three months
ended December, from 157,000oz at $349/oz. AngloGold Brasil Mineração delivered an especially strong
performance, boosting output from the Cuiabá and Lamego operations which helped offset the impact on
costs of the continued strengthening of the Brazilian real. Cerro Vanguardia held its production and costs
steady over the quarter, making it the most efficient operation in the group.

FINANCIAL AND CORPORATE REVIEW

Adjusted headline earnings for the quarter rose to a record $228m, from a loss of $596m in the prior quarter,
when significant restructuring of the hedge book was undertaken. The previous quarter’s profit, excluding the
hedge buy-back costs, was $162m.

The average realised gold price for the quarter was $1,029/oz, representing a 6.4% discount to the average
spot price of $1,100/oz. Delivery into hedge contracts continued at a slightly quicker pace than anticipated,
with overall hedge commitments at the end of 2009 of 3.9Moz. This is significantly less than a year’s
production and is consistent with the stated intention of increasing AngloGold Ashanti’s exposure to the spot
gold price.

Profit attributable to equity shareholders was $424m for the quarter, compared to a loss of $1.04bn during
the prior period. Two key components of this change were the partial reversal of asset impairments at Geita,
Obuasi and Iduapriem after taking into account the higher gold price and revised mining plans across the
operations, as well as the loss in the prior quarter relating to the hedge buy-back and the normal sale
exempted contracts brought on to the balance sheet.

EXPLORATION

Total exploration spend during the quarter was $71m, an increase of 30% over the previous quarter.
Extensive greenfields exploration work was undertaken in Western Australia, throughout the tenement
package near the Tropicana Gold Project. While the approval process for recommencement of drilling at La
Colosa continued with regional government officials, exploration drilling and regional reconnaissance work
got underway on alternative project sites in the country. Exploration drilling also resumed during November
at the Mongbwalu resource in the Democratic Republic of the Congo, while additional mapping was done
southwest of the site.

ANNUAL REVIEW

Adjusted headline earnings, normalised to exclude the $758m after tax cost of restructuring the hedge book
in the third quarter, was $708m for the year. The company reported an adjusted headline loss of $50m, when
taking the hedge restructuring cost into account. A dividend of 70 South African cents (approximately
9.10 US cents per share) was declared for the six months ended 31 December 2009, an increase of 17%
from the previous declaration, taking the total dividend for the year to R1.30 (approximately 16.

75 US cents)

per share, representing a 30% increase over the 2008 dividend.

The statement of financial position was significantly strengthened during the year with the raising of a
$732.5m convertible bond in May, the proceeds from which were used to repay debt and an issue of new
shares for $278m, net of issue expenses, in cash in September, to fund the initial purchase of a 35% stake in
the Kibali gold project (formerly Moto gold project). AngloGold Ashanti’s stake was later increased to 45%,
with Randgold Resources controlling another 45% and the Government of the Democratic Republic of the
Congo holding 10%. Net debt at 31 December 2009 was $868m, some $415m lower than the net debt
position as at 31 December 2008.

Production in 2009 declined 8% to 4.60Moz, in line with revised guidance. Southern Africa’s production
declined by 14% to 1.86Moz, reflecting the increased number of safety-related stoppages resulting from
more stringent policing of safety regulations as well as the proactive approach by the company’s managers
to averting accidents. Production during the year from Continental Africa fell by 3% to 1.52Moz as
improvements at Geita and Obuasi offset declines from Sadiola and Morila. In South America, production
jumped by 6% to 598,000oz, with a strong turnaround from Argentina, the chief contributor. CC&V in North
America. suffered from below-par recoveries from the leach pad, resulting in a 16% drop in production to
218,000oz.

Total cash costs were better than forecast, rising 16% to $514/oz. The strengthening of the local operating
currencies against the dollar during the course of the year was a dominant theme for operations in South
Africa, Australia and Brazil, increasing dollar-denominated operating costs in those regions. Rising power
prices were also a key factor in South Africa, where management continued to focus its efforts on reducing
electricity consumption in order to mitigate higher tariffs. Robbie Lazare, formerly the executive vice
president of human resources and a previous head of AngloGold Ashanti’s Africa’s underground operations,
has been appointed to lead a task team that will optimise the production and cost profile of the South African
mines.

AngloGold Ashanti’s overall safety performance in 2009 showed improvements in the benchmark Lost Time
Injury Frequency Rate (LTIFR), which was 10% better than the previous year at 6.57 per million hours
worked. Tragically, 16 fatal accidents were reported during the year. That compared to 34 in 2007 and 14 in
2008, when the “Safety is Our First Value” initiative was first introduced. This encouraging improvement in
safety was demonstrated by Great Noligwa’s achievement, during the third quarter, of 2 million fatality free
shifts. This is the first time Great Noligwa has reached this milestone in its 40-year history. AngloGold
Ashanti remains committed to achieving zero fatalities.

The year was characterised by the progress made in the turnaround of key assets, though there remains
much to do to realise the full potential of the portfolio. Initial implementation of AngloGold Ashanti’s business
improvement programme yielded encouraging results at Geita, the Mponeng plant, Sunrise Dam, Siguiri and
AngloGold Ashanti Brasil Mineração. This programme is the technical component of Project One, the
overarching strategy which will marry the company’s technical and planning capabilities with a more scientific
and accountability-based approach to human resources management. The complexity of this programme is
evidenced by its $35m budgeted cost and the 130-member, multi-disciplinary support team required for its
implementation across the organisation. The potential value release, already demonstrated at the pilot sites,
is many times that figure.

In 2010, the business improvement programme will be rolled out to an additional 12 sites, including:
Mponeng and Kopanang underground mines; the Iduapriem plant; Obuasi mine and plant; Cerro Vanguardia
and Serra Grande mine and plants; the CC&V mine; TauTona and Moab Khotsong underground mines;
Navachab mine and plant; Great Noligwa uranium plant; and the Kopanang plant.

AngloGold Ashanti concluded the sale of Boddington during 2009 which resulted in the transfer of about
6.7Moz of Ore Reserves to Newmont Mining Corporation. After accounting for the Boddington sale,
AngloGold Ashanti recorded a 5% increase in Ore Reserves from 68.2Moz to 71.4Moz. AngloGold Ashanti’s
share of the Kibali Ore Reserves, acquired with the purchase of a 45% share in Kibali gold project during the
year, increased to 4.2Moz from the 2.48Moz attributable share in the initial study conducted by the previous
owner.

Mineral Resources declined by 1% to 229.1Moz after the transfer of 11.9Moz for the Boddington sale. The
Kibali gold project added 8.9Moz to the overall Mineral Resource, offset by a 7.8Moz reduction at Obuasi
due to a change in the underground model and a reassessment of surface sources, as well as a 3.2Moz
drop at the Vaal River Surface Operations due to the lower uranium price.

OUTLOOK

First quarter production is expected to be 1.07Moz at a total cash cost of approximately $660/oz. This
assumes an oil price of $75/barrel and average exchange rates of R7.70/$, BRL1.70/$, A$/$0.93 and
Argentinean peso 3.90/$.

AngloGold Ashanti’s annual production guidance for 2010 is 4.5Moz to 4.7Moz. This reflects the sale of Tau
Lekoa, cautious assumptions regarding the frequency of safety related stoppages in South Africa, and from
CC&V as the grade stabilises in 2010 which affected recoveries from the leach pad in 2009.

Capital expenditure for 2010 is estimated at US$1.0bn to US$1.1bn.

ONE-YEAR FORECAST – 2010
For the year ended 31 December

Forecast

Expected

production

total cash

000 oz

cost

$/oz

(1)

South Africa

(2)(3)

1,722 – 1,800

553 – 571

Namibia

96 – 100

600 – 628

Ghana

593 – 619

562 – 588

Guinea

295 – 308

527 – 552

Mali

265 – 277

663 – 695

Tanzania

339 – 354

833 – 872

Australia

381 – 398

901 – 943

Argentina

176 – 184

411 – 430

Brazil

419 – 437

424 – 444

United States of America

214 – 223

480 – 503

AngloGold Ashanti

4,500 – 4,700

590 – 615

(1)

Based on the following assumptions: R7.70/$, A$/$0.93, BRL1.70/$ and Argentinean peso 3.90/$; oil
at $75 per barrel. The year on year increase in total cash costs is due to the unwinding of previously
incurred deferred stripping charges, implementation of royalties in South Africa, higher power tariffs,
escalation and stronger local operating currencies.

(2)

In South Africa, production assumes stable power supply from Eskom and 38 South African
cents/Kwh. An increase in power tariffs of 35% has been considered.

(3)

Excludes Tau Lekoa

(4)

AngloGold Ashanti anticipates a discount to the spot gold price of 8% to 10% based on a gold price of
$950/oz to $1,250/oz

OTHER ILLUSTRATIVE ESTIMATES – 2010
For the year ended 31 December

Depreciation and amortisation

700

Corporate costs, marketing and business improvement

210

Expensed exploration and pre-feasibilities

216

Interest and finance charges

120

OPERATING RESULTS FOR THE QUARTER

SOUTHERN AFRICA

SOUTH AFRICA

Great Noligwa’s gold production declined 19% from the previous quarter to 1,044kg (34,000oz), due mainly
to safety-related stoppages, a seismic event and the scaling down of operations ahead of future optimisation
initiatives. This strategy is designed to return the mine to profitability. Yield was 2% higher as a result of an
increase in plant inventory release. Total cash costs rose 7% to R243,647/kg ($1,014/oz), mainly because of
lower volumes mined. The rise in costs was partially offset by the switch to lower summer power tariffs as
well as savings on major expenditure items. The adjusted gross loss was R56m ($8m), 2% lower than the
previous quarter.

The LTIFR improved to 11.54 (13.88).

Kopanang’s gold production rose 11% to 3,177kg (102,000oz), due mainly to accessing of high grade raise
lines and also stope-width reduction which helped increase yield by 14%. As a result, total cash costs
declined by 13% to R96,085/kg ($400/oz). Adjusted gross profit improved by 64% to R345m ($46m),
compared to R210m ($27m) in the prior quarter.

The LTIFR deteriorated to 13.34 (12.29).

Moab Khotsong’s production increased by 18% to 2,260kg (73,000oz), due primarily to a 27% increase in
area mined as a result of improved face advance and face length. This is despite an 11% drop in yield to
8.88g/t. Total cash costs were 1% lower at R117,467/kg ($489/oz) as the higher production was offset by
increased costs associated with the final labour build up, and higher service contractor costs. Adjusted gross
profit rose 57% to R94m ($13m), compared to R60m ($8m) in the previous quarter.

The LTIFR improved marginally to 16.05 (16.17).

Tau Lekoa’s, production rose 8% to 1,044kg (34,000oz), due mainly to a 12% improvement in grade
achieved by improving overall mining quality and reducing stoping widths. As a result, total cash costs fell
12% to R175,943/kg ($732/oz). Adjusted gross profit was R78m ($10m), compared to R23m ($3m) in the
previous quarter.

The LTIFR deteriorated to 16.10 (14.61).

Vaal River Surface Operations’ production decreased by 8% to 1,127kg (36,000oz), due mainly to fewer
tonnes treated and a 10% drop in grade. This resulted in a 9% increase in total cash costs to R110,207/kg
($459/oz). This was partially offset by a favourable gold-in-process adjustment caused by an inventory
lockup. Adjusted gross profit was down 9% to R145m ($19m), compared to R160m ($21m) in the previous
quarter.

The LTIFR deteriorated to 2.24 (0.55).

Mponeng’s production rose by 1% to 3,938kg (127,000oz), primarily due to a 1% increase in yield and
inventory movements. Area mined was however 8% lower as a result of DMR stoppages. A depletion of
lock-up in the plant resulted in total cash costs increasing by 2% to R95,372/kg ($397/oz). Adjusted gross
profit was R524m ($70m), compared to R461m ($60m) in the previous quarter.

LTIFR deteriorated to 11.16 (9.32). The mine reported one fatality during the quarter.

Savuka remains constrained following a series of seismic events that occurred close to shaft infrastructure
on 22 May 2009. Production doubled from these limited levels to 63kg (2,000oz), largely due to a 58%
increase in yield, as high value panels in the VCR horizon were mined. Rehabilitation work is progressing
according to plan and return to normal production levels is anticipated in the second quarter of 2010. The
adjusted gross loss reduced to R63m ($8m) compared to R87m ($11m) the previous quarter.

The LTIFR improved to 3.93 (12.76).

TauTona’s production declined by 67% to 765kg (25,000oz). Underground operations at the mine were
suspended on 23 October 2009 to conduct inspection and shaft steel work rehabilitation along the shaft
barrel. This pre-emptive safety measure, which followed an incident where a length of steel was dislodged
and fell down the shaft, was undertaken in the final two months of 2009. Consequently, total cash costs rose
to R346,655/kg ($1,443/oz). The adjusted gross loss was R186m ($25m), compared to a profit of R112m
($15m) in the previous quarter.

The LTIFR improved to 6.37 (16.06).

NAMIBIA

Navachab’s production improved by 6% to 17,000oz, mainly due to an improvement in yield from the higher-
grade Grid A. Volumes mined declined due to the harder blend of ore mined. Total cash costs increased by
19% to $730/oz because of higher contractor costs as well as gold-in-process and deferred stripping
adjustments. Adjusted gross profit was $5m, compared to $3m in the previous quarter.

The LTIFR deteriorated to 2.62 (0.00).

CONTINENTAL AFRICA

GHANA

Iduapriem’s production increased by 4% to 54,000oz, with improvements in yield as a result of higher feed
grade material mined but offset by lower throughput. Total cash costs increased by 4% to $515/oz mainly as
a result of an increase in fuel prices, deferred stripping charges with lower stripping ratios and higher
royalties resulting from the increase in the spot price. Adjusted gross profit increased to $26m from $16m in
the prior period.

The LTIFR was 0.00 (0.78).

Obuasi’s production rose 5% to 97,000oz as a result of further improvements in grade-control management
and an better recoveries following the installation of a new regrind mill. Total cash costs dropped 15% to
$567/oz after the insurance settlement from the previous quarter’s underground flooding more than offset
higher wages. Adjusted gross profit more than tripled to $26m, from $8m in the prior quarter.

The LTIFR improved to 2.41 (2.46).

GUINEA

Siguiri’s production (85% attributable) was 3% lower at 77,000oz due to a 4% decrease in yield partially
offset by a 1% improvement in tonnage throughput. Total cash costs increased by 27% to $636/oz, due
mainly to higher royalty expenditure resulting from the increased spot price and an increase in waste
stripping expenditure in line with the mining plan. Adjusted gross profit increased by 15% to $30m from $26m
in the prior quarter.

LTIFR was 0.65 (0.66). The mine reported one fatality during the quarter.

MALI

Morila’s production (40% attributable) was 3% lower at 31,000oz due to lower tonnage throughput. Total
cash costs rose 17% to $656/oz due to the lower production, higher royalty expenditure resulting from the
increased spot price, an increase in fuel prices and increased consumable stores cost. Adjusted gross profit
increased by $2m to $13m.

LTIFR was 0.00 (0.00).

Sadiola’s attributable production (increased to 41% from 38% effective 29 December 2009) was maintained
at 32,000oz. Total cash costs increased by 20% to $640/oz due to an 11% increase in throughput and a 9%
decline in grade coupled with higher fuel costs as well as higher royalty expenditure resulting from the
increased spot price. Adjusted gross profit increased by $2m to $12m.

The LTIFR was 0.00 (0.00).

Yatela’s production (40% attributable) increased by 27% to 28,000oz, with a material increase in tonnage
stacked. Total cash costs increased to $382/oz due to the non-recurring previous quarter’s gain from
stockpile credits. Adjusted gross profit increased to $17m from $14m in the prior quarter.

The LTIFR was 0.00 (0.00).

TANZANIA

Geita’s gold production declined by a marginal 2% to 81,000oz. Total cash costs increased by 19% to
$1,055/oz as a result of a 5% decline in yield, 3% more tonnage treated and an increase in waste stripping
costs. The adjusted gross loss was $13m compared to a loss of $8m in the previous quarter.

The LTIFR was 0.00 (0.00).

AUSTRALASIA

AUSTRALIA

Sunrise Dam’s gold production increased by 5% to 107,000oz due to a 4% increase in yield offset slightly
by lower tonnage throughput. Total cash costs increased by 19% to A$920/oz ($836/oz), largely due to
deferred waste being expensed during the quarter. Adjusted gross profit was A$12m, ($11m) compared to
A$15m ($12m) in the previous quarter.

LTIFR was 0.00 (2.28).

SOUTH AMERICA

ARGENTINA

Cerro Vanguardia’s production (92.5% attributable) was flat at 47,000oz. As a result, total cash costs rose
1% to $339/oz from the previous quarter mainly due to a decrease in the by-product credit from a decline in
silver sales. Adjusted gross profit was $19m, compared to $29m the previous quarter.

The LTIFR was 0.00 (3.88).

BRAZIL

AngloGold Ashanti Brasil Mineração’s production rose 8% to 97,000oz as a result of increased
throughput at Cuiabá and Lamego. Total cash costs rose 26% to $419/oz, due to the stronger Brazilian real,
lower prices for acid by-product, higher labour and maintenance costs which were partly negated by the
benefit of higher production. Adjusted gross profit rose to $46m, compared to $41m in the previous quarter.

The LTIFR improved to 1.14 (2.37).

Serra Grande’s production (50% attributable) rose 35% to 27,000oz, reflecting higher grades and improved
recoveries as additional leaching tanks became available at the end of September. Total cash costs fell by
24% to $337/oz, reflecting the higher production and lower inflation, which more than offset higher service
costs and the stronger Brazilian real. Adjusted gross profit was $14m, compared to $7m in the previous
quarter.

The LTIFR was 0.00 (1.32).

NORTH AMERICA

UNITED STATES OF AMERICA

At Cripple Creek & Victor gold production increased 4% to 56,000oz due to pad phase timing and the pH
balance of the pad. Total cash costs rose 7% to $420/oz as higher cost ounces were placed on the pad
partially offset by efficiencies in the use of lime and cyanide. Adjusted gross profit was $28m compared to
$22m in the prior quarter due to higher gold price.

The LTIFR improved to 3.80 (6.15).

Notes:

· All references to price received includes realised non-hedge derivatives.

· All references to “Adjusted gross profit (loss)” refers to gross profit (loss) adjusted for unrealised non-hedge derivatives and other
commodity contracts and excludes hedge buy-back costs.

· In the case of joint venture and operations with non-controlling interests, all production and financial results are attributable to
AngloGold Ashanti.

· Rounding of figures may result in computational discrepancies.

Review of the Gold Market

1. GOLD PRICE MOVEMENT AND INVESTMENT MARKETS

1.1. Gold price data

After breaching the psychologically significant $1,000/oz level for a brief period in the third quarter,

the gold price traded comfortably above this mark for the entire fourth quarter during which it

averaged $1,100/oz. This represented a 15% increase on the previous quarter. The price

appreciated 26% from its opening levels of $872/oz at the beginning of 2009 to close the year at

$1,102/oz.

It was at the beginning of November that the rally was most pronounced, spurred by the Reserve

Bank of India’s purchase of 200t of bullion from the International Monetary Fund’s sales quota. The

purchase surprised the market as India had not been viewed as a likely buyer and it proved the

catalyst that drove the price to new heights.

The peak of $1,226/oz in early December corresponded with record combined investment holdings

of 56.6Moz held by exchange traded funds and a record speculative long position on the COMEX

division of the New York Mercantile Exchange and the Chicago Board of Trade of almost 33Moz.

This rally did not, however, coincide with record lows in the dollar, as one might have expected.

Instead, the dollar traded in a tight range between $1.47 and $1.51/Euro, helping propel gold to a

record Euro812/oz.

This upward march in prices took place against a backdrop of continued economic uncertainty. In

December, fears over the creditworthiness of certain European member states resurfaced while

Dubai flirted with default. This boosted the relative strength of the dollar, which gained another fillip

from positive jobs data in the United States. The US dollar ended the quarter at $1.429/Euro, a 6%

gain from its lows of the quarter. Gold meanwhile closed 10% off its quarterly high at $1,102/oz.

1.2. Official Sector

The central banks of Sri Lanka and Mauritius joined India in adding to their gold reserves during the

quarter. The Mauritian central bank bought 2t from the IMF, while Sri Lanka said it had bought 10t

of gold as part of an ongoing initiative to increase its reserves. Since the renewal of the Central

Bank Gold Agreement in September, there have been only two tonnes of disposals from member

signatories in the first quarter of this third agreement.

1.3. Producer de-hedging

Barrick Gold Corp eliminated the last of their hedge commitments during the fourth quarter

following their announcement in August of their intention to do so. The completion of the hedge

close-out which was announced on 1 December, required the purchase of about 5Moz.

1.4. Currencies

Emerging markets were the beneficiaries of strong metals and commodity prices and remained the

focus of investors eager to earn yield.

The South African rand continued its strengthening trend during the fourth quarter, shaking off a

short-lived bout of weakness between late October and early November where it slipped by 10%

against the dollar. The rand soon recouped these losses and averaged R7.47/$ during the fourth

quarter, a further 4% appreciation on the previous quarter. The rand gained 21% against the dollar

during the year.

The Brazilian real also continued its appreciation against the greenback. Lawmakers in Brazil were

sufficiently concerned about the effects of the stronger currency to levy a tax on foreign purchases

of domestic stocks and securities. This did little to deter speculative inflows as the real gained an

average 7% from the previous quarter. The currency gained 25% over the year.

The Australian dollar rose to a peak of A$/$0.94, reflecting the healthy state of the economy. The

Reserve Bank of Australia started tightening monetary policy, hiking rates 0.25% each month

during the fourth quarter. The currency averaged A$/$0.91 for the fourth quarter, almost 10%

stronger than its third quarter average. The A$ appreciated 28% over the course of 2009 against its

US counterpart.

2. PHYSICAL DEMAND

2.1. Jewellery Sales

While the negative trend of the first nine months continued in most major markets during the fourth

quarter, there were some areas of growth around the festive season.

The crucial Indian market remained under pressure in the fourth quarter although there was some

good news. Gold imports during the period exceeded those of the same quarter a year earlier.

India’s gold jewellery trade benefitted from a relatively good Diwali, which is a traditional gifting

occasion. Disposable income increased during the period after bonuses were paid across the

massive Indian public sector. The strong Diwali sales are all the more heartening considering a

difficult 2009 monsoon season, which depressed sales. The Rupee gold price remains very high at

over INR17,500/oz, which continues to dampen demand. Consumers appear to have accepted the

new, much higher, price floor but many are making only essential wedding purchases until the

economy stabilises. Jewellers are following the trend prevalent among producers of fast moving

consumer goods of decreasing the weight of product rather than raising prices.

China continues to outperform other key jewellery markets. Still, sales in the fourth quarter were flat

or slightly better than the same period in 2008. Consumers continue to prefer the investment

appeal of pure gold jewellery. In covering the financial crisis, the Chinese media repeatedly

featured stories on the gold price and consumers continue to take note, with ‘smart’ shoppers

limiting their jewellery purchases to pure gold.

The market in the United States finally experienced much-needed good news as fourth quarter

jewellery sales beat expectations with a 7% year-on-year increase. Interestingly, the improvement

in jewellery sales over the holiday season exceeded that of the luxury sector, another major

laggard during the recession.

The global economic recession continued to harm the Middle Eastern jewellery market. Egypt’s

jewellery sales slumped by as much as 32% year-on-year and the United Arab Emirates fell 30%.

The crucial UAE tourist industry, which has been depressed throughout the year, showed a

welcome improvement this quarter. This helped jewellery sales and left retailers more bullish about

2010, with many increasing inventories for the first time in months. In Saudi Arabia, fourth-quarter

sales were depressed on the back of continued pressure on consumers resulting from the

recession and also a weaker than normal Hajj period. Gold jewellery demand fell by approximately

35% year-on-year.

2.2. Investment Market

Interestingly, at the end of 2009 gold investment demand exceeded gold jewellery demand for the

first time since the gold price reached a record price of $850/oz in 1980.

In India, the fourth quarter saw strong coin sales continue the trend established in the first three

quarters of the year. Gold-based mutual funds also saw increased deposits. For many Indian

consumers, who already hold substantial gold assets, there is no clear investment case for adding

gold to their portfolios at the current high price. India is unique in this regard as it has a far bigger

existing gold supply, held by a bigger pool of people, than any other gold market.

The US market continued its rally with the case for gold investment gaining traction with both retail

investors and institutions. The fourth quarter saw healthy demand for bars, coins and Exchange

Traded Funds (ETFs). The GLD ETF represents approximately $66bn of direct investment in the

gold market. There is now also talk of significant bar purchases by some of the larger buyers which

are opting for bullion rather than paying the storage and management fees charged by the ETF

issuers.

China’s retail gold investment outpaced jewellery demand with a 10% year-on-year gain in the

fourth quarter. The traditional Chinese gold jewellery market is 24 carat, therefore jewellery

demand - which includes an investment motivation - still exceeds gold investment demand by a

factor of four to one.

Gold investment demand in the Middle East remains the most moribund of all major regional

markets. In the United Arab Emirates, the decline in coin and bar hoarding mirrors the decline in

jewellery demand, with a 30% slump. Many jewellers and key retail investors did not stock bars or

coins due to price volatility and low margins. In Egypt, bar and coin demand was poor, at an

estimated 250kg during the quarter, while bullion imports were low. Scrap supply slowed despite

the high gold price as traders were wary of price volatility.

Hedge position

As at 31 December 2009, the net delta hedge position was 3.49Moz or 108t (at 30 September 2009: 3.93Moz or 122t),
representing a further reduction of 0.44Moz for the quarter. The total commitments of the hedge book as at 31 December
2009 was 3.9Moz or 121t, a reduction of 0.4Moz from the position as at 30 September 2009.

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $2.18bn (negative
R16.18bn), increasing by $0.34bn (R2.35bn) over the quarter. This value was based on a gold price of $1,101.95/oz,
exchange rates of R7.4350/$ and A$/$0.8967 and the prevailing market interest rates and volatilities at that date.

As at 16 February 2010, the marked-to-market value of the hedge book was a negative $2.11bn (negative R16.21bn),
based on a gold price of $1,112.45/oz and exchange rates of R7.6910/$ and A$/$0.8952 and the prevailing market
interest rates and volatilities at the time.

These marked-to-market valuations are in no way predictive of the future value of the hedge position, nor of future impact
on the revenue of the company. The valuation represents the theoretical cost of buying all hedge contracts at the time of
valuation, at market prices and rates available at the time.

The following table indicates the group’s commodity hedge position at 31 December 2009

Year

2010

2011

2012

2013

2014

2015

Total

US DOLLAR/GOLD
Forward contracts

Amount (oz)

*(435,142)

60,000

122,500

119,500

91,500

*(41,642)

US$/oz

*$909

$227 $418 $477 $510

*$5,457

Put options sold

Amount (oz)

475,860

148,000

85,500

60,500

830,360

US$/oz

$929

$623 $538 $440 $450

$764

Call options sold

Amount (oz)

1,065,380

776,800

811,420

574,120

680,470

29,000

3,937,190

US$/oz

$619

$554

$635

$601

$604

$670

$605

RAND/GOLD
Forward contracts

Amount (oz)

**(40,000)

ZAR/oz

R7,223

Put options sold

Amount (oz)

40,000

ZAR/oz

R7,475

Call options sold

Amount (oz)

40,000

ZAR/oz

R8,175

A DOLLAR/GOLD
Forward contracts

Amount (oz)

100,000

A$/oz

A$646

Call options purchased

Amount (oz)

100,000

A$/oz

A$712

*** Total net gold:

Delta (oz)

(436,666)

(789,849)

(863,406)

(651,962)

(719,638)

(26,258) (3,487,779)

Committed

(oz)

(630,238)

(836,800)

(933,920)

(693,620)

(771,970)

(29,000)

(3,895,548)

Represents a net long position and net short US Dollars resulting from both forward sales and purchases for the period.

Represents a net long position resulting from both forward sales and purchases.

***

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 31 December 2009.

Fair value of derivative analysis by accounting designation at 31 December 2009

Figures in millions

Cash flow hedge

accounted

Non-hedge

accounted

Total

US Dollar

Commodity option contracts

–

(1,987)

Forward sale commodity contracts

(37)

(158)

(195)

Interest rate swaps

– (13) (13)

Total hedging contracts

(37)

(2,158)

(2,195)

Embedded derivatives

– (1) (1)

Warrants on shares

– 5

Option component of convertible bond

–

(175)

Total derivatives

(37)

(2,329) (2,366)

Credit risk adjustment

– (150) (150)

Total derivatives - before credit risk adjustment

(37)

(2,479)

(2,516)

Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure during the fourth quarter, inclusive of expenditure at equity accounted joint
ventures, was $71m ($29m brownfields, $25m greenfields, $17m studies), compared with $55m ($22m
brownfields, $29m greenfields, $4m studies) in the previous quarter.

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the Project Zaaiplaats area. MMB5 deflection 5, intersect the
Jersey Fault. Deflection 7 is now being drilled to intersect the Vaal Reef. MZA9 continued drilling a long
deflection but technical issues resulted in deflection 19 being stopped. Deflection 23 is now being drilled and
the first reef intersection is now expected in May 2010. The long deflection from MGR6 continued drilling and
the hole is currently at a depth of 2,397m. The Vaal Reef is expected to be intersected in July 2010.
Progress on MGR8 was slow due to weak rock formations. The hole is currently at 3,020m and a reef
intersection is anticipated in February 2010.

In the Western Ultra Deep Levels area, UD51 intersect a partly artesian fracture system and this has
significantly reduced the advance. The hole is currently at a depth of 2,796m and a Ventersdorp Contact reef
intersection is expected in June 2010.

At Obuasi in Ghana, no drilling was undertaken on 50 Level due to flooding. Once dewatering is complete
rehabilitation of the planned drill sites will be required prior to the recommencement of drilling operations.

In Argentina, Mineral Resource definition drilling continued on the Osvaldo Diez, El Trio and Laguna Veins.
Underground definition drilling continued at Osvaldo Diez.

Sampling, mapping and geological recognisance continued in the Volcan Area and the aeromagnetic survey
of the sector started with some interesting structural trends identified. The survey was delayed by an
unfortunate helicopter incident which damaged the probe.

In Australia, at Sunrise Dam, drilling continued to infill and extend both surface and underground lodes.
Underground targets included GQ, Cosmo, Dolly and extensions to all these bodies. Surface targets
included the paleochannel, Golden Delicious, Neville and the north ramp. Opportunities have also been
identified for other open pittable satellite targets and drilling has started at Wilga.

In Brazil, at the Córrego do Sítio Sulphide Project, drilling continued with 3,975m being drilled from surface,
8,299m drilled from underground and 1,047m of underground development. At the Lamego project, 2,721m
of surface drilling and 1,137m of underground development were completed. For Cuiabá, 4,278m of drilling
was completed. At Serra Grande drilling focused on the Cajuerio, Pequizão and Palmeiras targets. During
the quarter drilling with the Devidrill system was successfully tested.

At Kibali in the Democratic Republic of the Congo, a review of the structural and lithological controls on
mineralisation was completed over the KCD deposit. Drilling also concentrated on investigating the possible
linking of the KCD deposit with Gorumbwa at depth.

Work focused on:
•

resource drilling (44 holes completed, 8,484m);

•

core review of selected KCD holes (60 holes) and geological modelling;

•

surface mapping of the KCD – Gorungwa areas;

•

the completion of two diamond drill holes (1,556m) in the KCD – Gorumbwa gap;

•

on-going soil geochemistry over the block 1, west of KCD, 4 new anomalies identified;

•

sampling of the old Durba mill (251 samples); and

•

first pass geological aeromagnetic interpretation.

At Mongbwalu, a programme of diamond drilling commenced during the fourth quarter, with six PQ sized
holes being completed to enable sample collection for metallurgical test work. In addition the first of ten
diamond drill holes was completed as part of the geotechnical sampling programme. A further 1,230m of
geotechnical drilling is planned to be completed early in the first quarter of 2010. This will be followed by an
RC and diamond drilling infill drilling programme to allow the upgrading of the current Inferred Mineral
Resource to Indicated status in support of the small scale mine feasibility study.

At Siguiri in Guinea, work was completed on the Sintroko South Extension, the Combined Pits area,
Komatigiuya and Sintroko. The Komatigiuya target represents a significant new discovery. Work continues in
the Tubani area with infill drilling between the marginal ore stockpile and pit.

IP Geophysical equipment arrived on site and a test self-potential (SP) survey over Sintroko South was
completed. Results are promising with IP anomalies co-incident with known mineralisation. Future surveys
will include Tubani and the rest of the Sintroko area.

At Geita in Tanzania, IP geophysical surveys were carried out on Area 3 but have been put on hold until
January 2010 in order to support the core re-boxing and re-logging programmes and the gyro-survey teams
working on the NY7 infill drilling programme.

The original Central Thrust Ramp geological modeling programme has been redesigned to focus on the
Nyankanga deposit. At the end of the quarter a total of 45,848m have been relogged and modeling is
ongoing.

The infill drilling programme at Nyankanga Cut 7 was completed in December. A total of 16,727m was
drilled. Logging and sampling should be completed in January 2010.

At Yatela in Mali, drilling continued with the aim of extending the life of the Yatela and Alamoutala open pits.
Results to date have been encouraging and remodeling of the ore bodies, which is ongoing, is expected to
increase the mine life. A further 7,500m of drilling has been approved to extend this work in 2010.

The Sadiola Deeps infill drilling commenced in December with two diamond drill holes (582m) and three RC
holes (560m) being completed. Further drilling was also undertaken to infill the FE3/FE4 pit gap, and all
holes have been sampled and submitted for assay, results are awaited.

Due to the seasonal weather conditions, the ground gravity survey was suspended and will recommence in
January 2010. A high resolution aeromagnetic and radiometric survey was completed over the Sadiola and
Yatela mining lease areas.

At Navachab in Namibia, the on mine exploration drilling programme concentrated on the North Pit 2
Footwall vein extensions. Off mine drilling was conducted on both the Klipspringer and Steenbok/Starling
targets. Assay results from these programmes are awaited. A gradient IP survey was completed over the
Anomaly 16 prospect. The results indicate the potential for significant sulphide mineralisation and several
drill targets were recommended.

At Cripple Creek & Victor in the United States of America, resource extension drilling continued during the
quarter. Drilling and studies continue to quantify the potential of the high grade Mineral Resource.
Metallurgical testing of high grade material is underway and further metallurgical test drilling has been
planned.

ANGLOGOLD ASHANTI / DE BEERS JOINT VENTURE

During the quarter, a memorandum of understanding was signed with Seafield Resources and drilling off the
west coast of South Island, New Zealand (Seafield Venture) is planned to start this quarter.

GREENFIELDS EXPLORATION

Greenfield exploration activities were undertaken in Australia, the Americas, China, Southeast Asia, Sub-
Saharan Africa, Russia, the Democratic Republic of the Congo and the Middle East & North Africa. A total of
36,802m of diamond, RC and AC drilling was completed at existing priority targets and used to delineate new
targets in Australia, Colombia and Canada.

Work continued on the feasibility study for the Tropicana Gold Project in Australia while environmental
approvals required for open pit mining were sought. Exploration continued throughout the tenement package
while targets close to the proposed gold operation were prioritized. AngloGold Ashanti owns 70% of the project
and Independence Group owns the rest.

Drilling about 550m northeast of the proposed Tropicana pit returned results of 7m @ 2.1g/t gold from 141m
and 14m @ 3.49g/t gold from 176m. Significantly, these intersections from the same hole may represent the
faulted northern continuation of the Tropicana ore body. Encouraging results were also obtained to the south of
the proposed Havana pit at the Havana South zone and Crouching Tiger prospects. In Havana South,
significant intersections included 13m @ 2.37g/t gold from 317m and 21m @ 2.50g/t gold from 202m. RC
drilling at Crouching Tiger intersected 8m @ 2.83g/t gold from 134m.

In more regional exploration, significant aircore results were returned from Black Dragon, 30km from the
Tropicana – Havana resource, including 4m @ 0.6g/t gold from 40m. At Tumbleweed, 10km north of
Tropicana, aircore drilling returned 8m @ 0.81g/t gold from 56m. These results confirm the anomalous zones
identified by previous significant aircore intersections and extend the potential size of the targets. At Voodoo
Child, 50km north of Tropicana, aircore drilling intersected 17m @ 2.25g/t gold from 3m. Infill aircore drilling
and follow-up reverse circulation drilling are planned for these prospects in 2010.

The Viking project, which spans about 11,000 square kilometres and includes 6,200 square kilometres of
granted exploration licences, is southwest of the joint venture area and within the Albany-Fraser foreland
tectonic setting that hosts the Tropicana deposit. Surface geochemical sampling continued throughout the
quarter and an airborne magnetic-radiometric survey was completed.

Greenfields exploration in the Americas was active in Colombia, Brazil, and Canada. In Colombia, 688.6 m
of Phase III drilling at one project with the rest of the work focused on regional reconnaissance and follow-up
exploration. In Brazil, the exploration team initiated various reconnaissance programmes in unexplored
areas. In Canada, projects in the Laurentian and Commander Resources JV’s were advanced to drill stage.

In China, a soil sampling programme across the Jinchanggou tenements, designed to identify similar high-
grade zones to those delineated in this year’s trenching programme, was completed. Soil sampling ended in
early December, final results were obtained later that month and analysis of the results is ongoing. The three
new applications in the Junggar Belt of NE China are pending approval from the Provincial Department of
Land and Resources.

In Southeast Asia, project-generation activities and specific evaluations continued in a number of areas
across the region. In the Solomon Islands two joint venture agreements were signed with XDM Resources
under which AngloGold Ashanti can earn a 51% participating interest in two separate projects, by spending
US$10m in total. A further 19% interest in each area can be earned by the successful completion of a
bankable feasibility study. AngloGold Ashanti has agreed to complete a C$3.3m initial private placement in
XDM Resources and may also exercise a further C$3.98m. Field mapping, auger soil sampling, rock chip
sampling and petrological studies have commenced.

In Sub-Saharan Africa, AngloGold Ashanti and Canada’s Dome Ventures Corp entered into a joint venture
agreement over Domes’ 100% owned Mevang and Ndjole licences in Gabon, covering a combined
4,000 square kilometers. AngloGold also staked the “Ogooue” prospect covering 8,295 square kilometers of
similar geology and concluded a transaction for the Mimongo and Koumaneyoung licences. Collectively, this
area is referred to as the “Gabon Gold Project” and totals approximately 16,501 square kilometers.

In the Democratic Republic of the Congo, negotiations continued with the Government to secure
concession licenses and are expected to be concluded in early 2010. Drilling recommenced in November
and a total of 1,108m in 10 holes was completed for metallurgical test work at the Mongbwalu Resource
area, while field mapping continued along strike from the deposit. Mapping was completed at Mosaba Hill,
southwest of Mongbwalu and Kopatele, southwest of Nzebi.

In the Middle East & North Africa, the strategic alliance between AngloGold Ashanti and Thani Investments
has identified several promising projects in the Arabian Nubian Shield.

Mineral Resource and Ore Reserve

Mineral Resource and Ore Reserve are reported in accordance with the minimum standards described by
the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC
Code, 2004 Edition), and also conform to the standards set out in the South African Code for the Reporting
of Mineral Resources and Mineral Reserves (SAMREC 2000 Code). Mineral Resources are inclusive of the
Ore Reserve component unless otherwise stated.

MINERAL RESOURCES

When the 2008 Mineral Resource is restated to exclude the sale of Boddington (11.9Moz) and the purchase
of Kibali (10.1Moz) the Mineral Resource is reduced from 241.0Moz to 239.2Moz. The total Mineral
Resources decreased from 239.2Moz in 2008 to 226.7Moz in December 2009. A year-on-year decrease of
6.3Moz (3%) occurred before the subtraction of depletion and a decrease of 12.5Moz (5%) after the
subtraction of depletion.

It should be noted that the changes in economic assumptions from 2008 to 2009 resulted in the Mineral
Resource decreasing by 2.8Moz whilst exploration and modelling resulted in an increase of 3.5Moz. The
remaining loss of 6.9Moz resulted from various other reasons. Depletions from the Mineral Resource for
2009 totalled 6.2Moz.

Moz

Mineral Resources as at 31 December 2008

241.0

Sale of Boddington

(11.9)

Acquisition of Kibali

10.1

Restated 2008 Mineral Resources

239.2

Reductions
Obuasi

Predominantly due to changes in the underground resource models
and a re-assessment of the surface resources. This reduction does
not impact on the Ore Reserve

(7.8)

Vaal River Surface
(VRGO)

Reductions due to lower uranium price

(3.2)

Geita

Predominantly due to depletion, model updates and increase in costs

(1.4)

Kibali

Conversion of Inferred to Indicated Mineral Resource resulted in
losses

(1.2)

West Wits Surface

Reductions due to lower uranium price

(1.2)

Other

Total of non-significant changes

(4.0)

Additions
Moab Khotsong

Gains due to exploration resulting in an increase in confidence and
grades

2.2

Other

Total of non-significant changes

4.1

Mineral Resources as at 31 December 2009

226.7

Mineral resources have been calculated at a gold price of US$1,025/oz (2008: US$1,000/oz)

Rounding of figures may result in computational discrepencies.

ORE RESERVES

When the 2008 Ore Reserve is restated to exclude the sale of Boddington (6.7Moz) and the purchase of
Kibali (2.5Moz), the 2008 Ore Reserve is reduced from 74.9Moz to 70.7 Moz. Using the restated figure, the
total AngloGold Ashanti Ore Reserves increased from 70.7Moz in 2008 to 71.4Moz in December 2009. A
year-on-year increase of 6.0Moz (8%) occurred before the subtraction of 5.2Moz for depletion, resulting in an
increase of 0.8Moz (1%) after the subtraction of depletion.

It should be noted that the changes in the economic assumptions from 2008 to 2009 resulted in the Ore
Reserve increasing 3.2Moz while exploration and modelling resulted in a further increase of 2.7Moz.

Moz

Ore Reserves as at 31 December 2008

74.9

Sale of Boddington

(6.7)

Acquisition of Kibali

2.5

Restated 2008 Ore Reserves

70.7

Reductions
Great Noligwa

Northern portion of mine was removed from plan to ensure
profitability

(1.0)

Kopanang

Reduction due to mine design changes plus slightly lower MCF, also
changes in geological structure, facies and evaluation model

(0.7)

Cripple Creek & Victor

Adjustment due to heap leach reconciliation issues

(0.6)

Other

Total of non-significant changes

(2.3)

Additions

Tropicana

First Ore Reserve reported for Tropicana - based on Enhanced
Feasibility Study and Owner Mining

2.3

Kibali

New acquisition (2.5Moz) and underground Ore Reserve additions
(1.7Moz)

1.7

Sadiola

Deep Sulphides Ore Reserve included and ownership increased
from 38% to 41%

1.0

Other

Total of non-significant changes

0.4

Ore Reserves as at 31 December 2009

71.4

Ore reserves have been calculated using a gold price of US$800/oz (2008: US$720/oz).

Rounding of figures may result in computational discrepancies.

BY-PRODUCTS

Several by-products are recovered as a result of the processing of gold Ore Reserves. These include
17,000t of uranium oxide from the South African operations, 409,000t of sulphur from Brazil and 34.9Moz of
silver from Argentina. Details of by-product Mineral Resources and Ore Reserves are given in the Mineral
Resource and Ore Reserve Report 2009, which will be available on or about 26 March 2010 either on the
corporate website, www.AngloGoldAshanti.com, or on request from the contacts detailed at the end of this
report.

EXTERNAL AUDIT OF MINERAL RESOURCE

During the course of the year and as part of the rolling audit programme, AngloGold Ashanti’s 2009 Mineral
Resources at the following operations were submitted for external audit by the Australian based company
Quantitative Group (QG):
•

Carbon Leader at Mponeng, TauTona and Savuka mines;

•

Navachab – Main Pit;

•

Geita – Nyankanga;

•

Obuasi – KMS Deep;

•

Siguiri – Project Area 1;

•

Sadiola – Deep Sulphide;

•

Sunrise Dam – Underground; and

•

Brasil Mineração – Cuiabá.

The company has been informed that the audit identified no material shortcomings in the process by which
AngloGold Ashanti's Mineral Resources were evaluated. It is the company's intention to continue this
process so that each of its operations will be audited every three years on average.

COMPETENT PERSONS

The information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves is
based on information compiled by the Competent Persons. These individuals are identified in the report. The
Competent Persons consent to the inclusion of Exploration Results, Mineral Resources and Ore Reserves
information in this report, in the form and context in which it appears.

During the past decade, the company has developed and implemented a rigorous system of internal and
external reviews of exploration results, Mineral Resources and Ore Reserves. A documented chain of
responsibility exists from the Competent Persons at the operations to the company's Mineral Resource and
Ore Reserve Steering Committee. Accordingly, the Chairman of the Mineral Resource and Ore Reserve
Steering Committee, VA Chamberlain, MSc (Mining Engineering), BSc (Hons) (Geology), MAusIMM,
assumes responsibility for the Mineral Resource and Ore Reserve processes for AngloGold Ashanti and is
satisfied that the Competent Persons have fulfilled their responsibilities.

MINERAL RESOURCES BY COUNTRY (ATTRIBUTABLE)

as at 31 December 2009

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Measured

30.37

14.18

430.77 13.85

Indicated

300.55

7.59

2,281.63

73.36

Inferred

42.24

13.51

570.45

18.34

Total

373.16

8.80

3,282.85

105.55

Namibia

Measured

17.24

0.78

13.46 0.43

Indicated

66.84

1.24

82.57

2.65

Inferred

18.53

1.07

19.92

0.64

Total

102.60

1.13

115.95

3.73

Democratic Republic of the Congo

Measured

0.00

—

0.00 0.00

Indicated

59.17

3.29

194.93

6.27

Inferred

31.82

4.61

146.79

4.72

Total

90.99

3.76

341.72

10.99

Ghana

Measured

80.21

4.98

399.77 12.85

Indicated

72.39

3.86

279.66

8.99

Inferred

98.44

3.88

382.02

12.28

Total

251.04

4.23

1,061.45

34.13

Guinea

Measured

36.58

0.68

24.73 0.80

Indicated

130.15

0.85

110.34

3.55

Inferred

78.22

0.89

69.85

2.25

Total

244.95

0.84

204.92

6.59

Mali

Measured

18.34

1.46

26.86 0.86

Indicated

37.23

1.82

67.80

2.18

Inferred

20.89

1.77

36.94

1.19

Total

76.46

1.72

131.59

4.23

Tanzania

Measured

0.00

—

0.00 0.00

Indicated

87.70

3.46

303.46

9.76

Inferred

13.03

4.04

52.63

1.69

Total

100.73

3.54

356.10

11.45

Australia

Measured

34.10

1.87

63.60 2.04

Indicated

38.83

2.88

111.97

3.60

Inferred

15.34

3.01

46.13

1.48

Total

88.26

2.51

221.69

7.13

United States of America

Measured

280.80

0.82

231.03 7.43

Indicated

194.55

0.73

142.71

4.59

Inferred

73.12

0.73

53.58

1.72

Total

548.46

0.78

427.31

13.74

Argentina

Measured

12.00

1.78

21.37 0.69

Indicated

22.70

3.38

76.62

2.46

Inferred

6.16

3.71

22.82

0.73

Total

40.85

2.96

120.81

3.88

Brazil

Measured

11.24

6.49

72.93 2.34

Indicated

15.16

6.02

91.28

2.93

Inferred

30.53

6.76

206.35

6.63

Total

56.93

6.51

370.56

11.91

Colombia

Measured

0.00

—

0.00 0.00

Indicated

15.16

0.93

14.18

0.46

Inferred

402.51

1.00

401.40

12.91

Total

417.67

0.99

415.57

13.36

Total

Measured

520.88

2.47

1,284.51 41.30

Indicated

1,040.43

3.61

3,757.14

120.79

Inferred

830.81

2.42

2,008.87

64.59

Total

2,392.12

2.95

7,050.53

226.68

Rounding of figures may result in computational discrepencies.

ORE RESERVES BY COUNTRY (ATTRIBUTABLE)

as at 31 December 2009

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Proved

8.80

8.13

71.60 2.30

Probable

213.96

4.16

890.80

28.64

Total

222.76

4.32

962.40

30.94

Namibia

Proved

9.85

0.93

9.12 0.29

Probable

32.40

1.28

41.42

1.33

Total

42.25

1.20

50.55

1.63

Democratic Republic of the Congo

Proved

0.00

—

0.00 0.00

Probable

28.71

4.48

128.65

4.14

Total

28.71

4.48

128.65

4.14

Ghana

Proved

40.29

3.36

135.34 4.35

Probable

51.31

4.66

239.31

7.69

Total

91.60

4.09

374.65

12.05

Guinea

Proved

30.83

0.64

19.59 0.63

Probable

87.85

0.86

75.99

2.44

Total

118.67

0.81

95.58

3.07

Mali

Proved

9.24

1.99

18.35 0.59

Probable

18.96

2.02

38.32

1.23

Total

28.21

2.01

56.67

1.82

Tanzania

Proved

0.00

—

0.00 0.00

Probable

47.36

3.33

157.57

5.07

Total

47.36

3.33

157.57

5.07

Australia

Proved

23.63

2.24

53.00 1.70

Probable

25.72

2.82

72.63

2.34

Total

49.35

2.55

125.63

4.04

United States of America

Proved

99.82

0.92

92.29 2.97

Probable

46.40

0.89

41.17

1.32

Total

146.22

0.91

133.47

4.29

Argentina

Proved

10.76

1.37

14.78 0.48

Probable

9.64

4.53

43.66

1.40

Total

20.40

2.86

58.44

1.88

Brazil

Proved

6.67

5.90

39.37 1.27

Probable

7.30

5.37

39.21

1.26

Total

13.97

5.63

78.58

2.53

Total

Proved

239.89

1.89

453.45 14.58

Probable

569.61

3.11

1,768.73

56.87

Total

809.50

2.75

2,222.19

71.44

Rounding of figures may result in computational discrepencies.

MINERAL RESOURCES BY COUNTRY (ATTRIBUTABLE) EXCLUSIVE OF ORE RESERVES

as at 31 December 2009

Category

Tonnes

million

Grade

g/t

Contained

gold

tonnes

Contained

gold

Moz

South Africa

Measured

22.89

14.34

328.17 10.55

Indicated

100.15

11.48

1,149.86

36.97

Inferred

21.11

15.73

332.07

10.68

Total

144.15

12.56

1,810.10

58.20

Namibia

Measured

7.39

0.59

4.34 0.14

Indicated

34.43

1.19

40.99

1.32

Inferred

18.53

1.07

19.92

0.64

Total

60.35

1.08

65.24

2.10

Democratic Republic of the Congo

Measured

0.00

—

0.00 0.00

Indicated

30.46

2.18

66.28

2.13

Inferred

31.82

4.61

146.79

4.72

Total

62.28

3.42

213.07

6.85

Ghana

Measured

27.08

5.05

136.86 4.40

Indicated

34.89

3.99

139.29

4.48

Inferred

53.62

3.86

206.88

6.65

Total

115.58

4.18

483.02

15.53

Guinea

Measured

3.75

0.78

2.93 0.09

Indicated

45.56

0.86

39.30

1.26

Inferred

78.22

0.89

69.85

2.25

Total

127.52

0.88

112.07

3.60

Mali

Measured

4.86

0.79

3.85 0.12

Indicated

20.27

1.58

32.05

1.03

Inferred

20.89

1.77

36.94

1.19

Total

46.02

1.58

72.84

2.34

Tanzania

Measured

0.00

—

0.00 0.00

Indicated

43.22

3.21

138.72

4.46

Inferred

13.03

4.04

52.63

1.69

Total

56.24

3.40

191.35

6.15

Australia

Measured

1.70

1.36

2.32 0.07

Indicated

13.11

3.00

39.34

1.26

Inferred

15.34

3.01

46.13

1.48

Total

30.15

2.91

87.79

2.82

United States of America

Measured

180.98

0.77

138.73 4.46

Indicated

148.15

0.69

101.53

3.26

Inferred

68.65

0.74

50.77

1.63

Total

397.78

0.73

291.04

9.36

Argentina

Measured

2.29

3.08

7.06 0.23

Indicated

16.04

2.17

34.80

1.12

Inferred

6.16

3.71

22.82

0.73

Total

24.49

2.64

64.68

2.08

Brazil

Measured

4.31

6.41

27.63 0.89

Indicated

8.20

5.77

47.29

1.52

Inferred

29.45

6.81

200.66

6.45

Total

41.96

6.57

275.57

8.86

Colombia

Measured

0.00

—

0.00 0.00

Indicated

15.16

0.93

14.18

0.46

Inferred

402.51

1.00

401.40

12.91

Total

417.67

0.99

415.57

13.36

Total

Measured

255.24

2.55

651.88 20.66

Indicated

509.64

3.62

1,843.61

59.27

Inferred

759.32

2.09

1,586.84

51.02

Total

1,524.20

2.68

4,082.34

131.25

Rounding of figures may result in computational discrepencies.

Group

operating results

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

OPERATING RESULTS
UNDERGROUND OPERATIONS
Milled

- 000 tonnes

/ - 000 tons

2,910

3,090

3,227

11,944

12,335

3,207

3,406

3,557

13,166

13,597

Yield

- g / t

/ - oz / t

6.68

6.41

6.72

6.41

6.89

0.195

0.187

0.196

0.187

0.201

Gold produced

- kg

/ - oz (000)

19,435

19,816

21,679

76,532

85,025

625

637

697

2,461

2,734

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

3,068

3,102

3,092

12,779

11,870

3,382

3,419

3,408

14,086

13,085

Yield

- g / t

/ - oz / t

0.48

0.49

0.44

0.51

0.42

0.014

0.014

0.013

0.015

0.012

Gold produced

- kg

/ - oz (000)

1,476

1,527

1,362

6,481

5,009

208

161

OPEN-PIT OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

40,346

37,408

40,332

167,000

175,999

44,474

41,235

44,458

184,086

194,006

Treated

- 000 tonnes

/ - 000 tons

6,645

6,713

6,575

25,582

25,388

7,325

7,400

7,248

28,199

27,985

Stripping ratio

- t (mined total - mined ore) / t mined ore

4.71

6.08

4.65

5.58

5.24

4.71

6.08

4.65

5.58

5.24

Yield

- g / t

/ - oz / t

1.98

1.95

2.01

1.96

2.12

0.058

0.057

0.059

0.057

0.062

Gold in ore

- kg

/ - oz (000)

10,348

8,604

18,394

34,934

47,160

333

277

591

1,123

1,516

Gold produced

- kg

/ - oz (000)

13,128

13,077

13,240

50,041

53,930

422

420

426

1,609

1,734

HEAP LEACH OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

14,480

14,605

13,712

57,456

54,754

15,961

16,099

15,115

63,334

60,356

Placed

- 000 tonnes

/ - 000 tons

4,678

4,409

5,861

19,887

23,462

5,156

4,860

6,460

21,922

25,863

Stripping ratio

- t (mined total - mined ore) / t mined ore

2.23

2.52

1.47

1.94

1.43

2.23

2.52

1.47

1.94

1.43

Yield

- g / t

/ - oz / t

0.72

0.60

0.61

0.65

0.62

0.021

0.018

0.019

0.018

Gold placed

- kg

/ - oz (000)

3,380

2,667

3,577

12,958

14,496

109

115

417

466

Gold produced

- kg

/ - oz (000)

2,728

2,505

3,148

9,995

10,994

101

321

353

TOTAL
Gold produced

- kg

/ - oz (000)

36,767

36,925

39,429

143,049

154,958

1,182

1,187

1,268

4,599

4,982

Gold sold

- kg

/ - oz (000)

37,359

38,435

39,249

142,837

155,954

1,201

1,236

1,262

4,592

5,014

Price received

- R / kg

/ - $ / oz

- sold

247,985

61,095

219,329

201,805

130,522

1,029

261

687

751

485

Price received excluding hedge
buy-back costs

- R / kg

/ - $ / oz

- sold

247,985

225,388

219,329

246,048

185,887

1,029

906

687

925

702

Total cash costs

- R / kg

/ - $ / oz

- produced

143,596

133,274

134,813

136,595

117,462

598

534

422

514

444

Total production costs

- R / kg

/ - $ / oz

- produced

178,379

166,355

172,312

171,795

150,149

743

667

540

646

567

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

333

328

342

317

333

10.72

10.56

11.00

10.20

10.70

Actual

- g

/ - oz

292

301

295

292

309

9.40

9.68

9.48

9.40

9.94

CAPITAL EXPENDITURE

- Rm

/ - $m

2,275

1,842

2,994

8,726

9,905

293

232

302

1,027

1,201

Tonnes (tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Year

ended

Year

ended

Group

income statement

Quarter

Year

ended

December

September

December

2009

2008

2009

2008

SA Rand million

Notes

Unaudited

Audited

Revenue

9,514

8,806

8,771

31,961

30,790

Gold income

9,234

8,512

8,517

30,745

29,774

Cost of sales

(6,219)

(6,168)

(6,928)

(23,220)

(22,558)

(Loss) gain on non-hedge derivatives and other commodity contracts

(2,706)

(11,216)

598

(11,934)

(6,277)

Gross profit (loss)

309

(8,872)

2,187

(4,409)

939

Corporate administration and other expenses

(359)

(264)

(363)

(1,275)

(1,090)

Market development costs

(10)

(24)

(41)

(87)

(113)

Exploration costs

(442)

(311)

(298)

(1,217)

(1,037)

Other operating income (expenses)

(36)

(80)

(29)

Operating special items

4,761

(231)

(15,855)

5,209

(15,379)

Operating profit (loss)

4,317

(9,738)

(14,309)

(1,859)

(16,709)

Interest received

133

121

108

444

536

Exchange gain

527

852

Fair value adjustment on option component of convertible bond

(66)

(60)

(249)

185

Finance costs and unwinding of obligations

(268)

(305)

(225)

(1,146)

(926)

Share of equity accounted investments' profit (loss)

227

175

(381)

785

(1,177)

Profit (loss) before taxation

4,870

(9,782)

(14,797)

(1,173)

(18,058)

Taxation

(1,522)

1,650

2,978

(1,172)

2,079

Profit (loss) after taxation from continuing operations

3,348

(8,132)

(11,819)

(2,345)

(15,979)

Discontinued operations
Profit from discontinued operations

198

Profit (loss) for the period

3,348

(8,132)

(11,815)

(2,345)

(15,781)

Allocated as follows:
Equity shareholders

3,179

(8,245)

(11,869)

(2,762)

(16,105)

Non-controlling interests

169

113

417

324

3,348

(8,132)

(11,815)

(2,345)

(15,781)

Basic profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

867

(2,286)

(3,336)

(765)

(5,140)

Profit from discontinued operations

Profit (loss)

867

(2,286)

(3,335)

(765)

(5,077)

Diluted profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

865

(2,286)

(3,336)

(765)

(5,140)

Profit from discontinued operations

Profit (loss)

865

(2,286)

(3,335)

(765)

(5,077)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group

income statement

Quarter

Year

ended

December

September

December

2009

2008

2009

2008

US Dollar million

Notes

Unaudited

Audited

Revenue

1,273

1,140

884

3,916

3,743

Gold income

1,236

1,101

858

3,768

3,619

Cost of sales

(833)

(796)

(698)

(2,813)

(2,728)

(Loss) gain on non-hedge derivatives and other commodity contracts

(363)

(1,421)

230

(1,533)

(297)

Gross profit (loss)

(1,116)

390

(578)

594

Corporate administration and other expenses

(48)

(34)

(37)

(154)

(131)

Market development costs

(1)

(3)

(4)

(10)

(13)

Exploration costs

(59)

(40)

(30)

(150)

(126)

Other operating income (expenses)

(5)

(8)

(6)

Operating special items

636

(31)

(1,600)

691

(1,538)

Operating profit (loss)

576

(1,229)

(1,275)

(209)

(1,220)

Interest received

Exchange gain

112

Fair value adjustment on option component of convertible bond

(9)

(9)

(33)

Finance costs and unwinding of obligations

(36)

(39)

(23)

(139)

(114)

Share of equity accounted investments' profit (loss)

(39)

(138)

Profit (loss) before taxation

650

(1,236)

(1,324)

(121)

(1,377)

Taxation

(204)

209

313

(147)

197

Profit (loss) after taxation from continuing operations

446

(1,027)

(1,011)

(268)

(1,180)

Discontinued operations
Profit from discontinued operations

Profit (loss) for the period

446

(1,027)

(1,011)

(268)

(1,155)

Allocated as follows:
Equity shareholders

424

(1,042)

(1,016)

(320)

(1,195)

Non-controlling interests

446

(1,027)

(1,011)

(268)

(1,155)

Basic profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

116

(289)

(285)

(89)

(385)

Profit from discontinued operations

Profit (loss)

116

(289)

(285)

(89)

(377)

Diluted profit (loss) per ordinary share (cents)

Profit (loss) from continuing operations

115

(289)

(285)

(89)

(385)

Profit from discontinued operations

Profit (loss)

115

(289)

(285)

(89)

(377)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group statement of comprehensive income

Quarter

Year

ended

December

September

December

2009

2008

2009

2008

SA Rand million

Unaudited

Audited

Profit (loss) for the period

3,348

(8,132)

(11,815)

(2,345)

(15,781)

Exchange differences on translation of foreign operations

(576)

336

4,150

(2,465)

8,747

Net loss on cash flow hedges

(140)

(142)

(99)

(132)

(721)

Net loss on cash flow hedges removed from equity and reported in gold income

181

122

369

1,155

1,782

Hedge ineffectiveness on cash flow hedges

(18)

Realised gains (losses) on hedges of capital items

(35)

(18)

(12)

(18)

Deferred taxation thereon

(13)

(58)

(263)

(254)

(56)

261

788

853

Net gain (loss) on available for sale financial assets

346

100

482

(74)

Release on disposal of available for sale financial assets

(1)

(9)

Deferred taxation thereon

(5)

(4)

(12)

(13)

341

(6)

469

(72)

Actuarial gain (loss) recognised

(171)

(364)

Deferred taxation thereon

(28)

(28)

124

(113)

(240)

Other comprehensive (expense) income for the period net of tax

(130)

376

4,292

(1,148)

9,288

Total comprehensive income (expense) for the period net of tax

3,218

(7,756)

(7,523)

(3,493)

(6,493)

Allocated as follows:
Equity shareholders

3,050

(7,869)

(7,570)

(3,919)

(6,839)

Non-controlling interests

168

113

426

346

3,218

(7,756)

(7,523)

(3,493)

(6,493)

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Year

ended

December

September

December

2009

2008

2009

2008

Restated

US Dollar million

Unaudited

Profit (loss) for the period

446

(1,027)

(1,011)

(268)

(1,155)

Exchange differences on translation of foreign operations

(50)

(267)

300

(561)

Net loss on cash flow hedges

(17)

(15)

(6)

(16)

(87)

Net loss on cash flow hedges removed from equity and reported in gold income

138

216

Hedge ineffectiveness on cash flow hedges

(2)

Realised gains (losses) on hedges of capital items

(4)

(2)

(1)

(2)

Deferred taxation thereon

(3)

(4)

(35)

(28)

(1)

107

Net gain (loss) on available for sale financial assets

(9)

Release on disposal of available for sale financial assets

(1)

Deferred taxation thereon

(1)

(1)

(2)

(9)

Actuarial gain (loss) recognised

(19)

(44)

Deferred taxation thereon

(3)

(3)

(13)

(29)

Other comprehensive income (expense) for the period net of tax

(251)

453

(492)

Total comprehensive income (expense) for the period net of tax

452

(941)

(1,262)

185

(1,647)

Allocated as follows:
Equity shareholders

429

(956)

(1,266)

132

(1,690)

Non-controlling interests

452

(941)

(1,262)

185

(1,647)

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

December

September

December

2009

2008

SA Rand million

Note

Unaudited

Audited

ASSETS

Non-current assets
Tangible assets

43,263

37,416

41,081

Intangible assets

1,316

1,315

1,403

Investments in associates and equity accounted joint ventures

4,758

1,890

2,814

Other investments

1,302

961

625

Inventories

2,508

2,550

2,710

Trade and other receivables

788

766

585

Derivatives

Deferred taxation

451

487

475

Other non-current assets

54,489

45,415

49,725

Current assets
Inventories

5,102

4,997

5,663

Trade and other receivables

1,419

3,586

2,076

Derivatives

2,450

2,900

5,386

Current portion of other non-current assets

Cash restricted for use

481

501

415

Cash and cash equivalents

8,176

8,328

5,438

17,631

20,314

18,980

Non-current assets held for sale

650

642

7,497

18,281

20,956

26,477

TOTAL ASSETS

72,770

66,371

76,202

EQUITY AND LIABILITIES

Share capital and premium

39,834

39,759

37,336

Retained earnings and other reserves

(18,276)

(21,601)

(14,380)

Non-controlling interests

966

848

790

Total equity

22,524

19,006

23,746

Non-current liabilities
Borrowings

4,862

12,512

8,224

Environmental rehabilitation and other provisions

3,351

3,530

3,860

Provision for pension and post-retirement benefits

1,179

1,280

1,293

Trade, other payables and deferred income

108

107

Derivatives

1,310

1,249

235

Deferred taxation

5,599

4,272

5,838

16,409

22,950

19,549

Current liabilities
Current portion of borrowings

9,493

1,867

10,046

Trade, other payables and deferred income

4,332

4,449

4,946

Derivatives

18,770

16,954

16,426

Taxation

1,186

1,079

1,033

33,781

24,349

32,451

Non-current liabilities held for sale

456

33,837

24,415

32,907

Total liabilities

50,246

47,365

52,456

TOTAL EQUITY AND LIABILITIES

72,770

66,371

76,202

Net asset value - cents per share

6,153

5,195

6,643

Rounding of figures may result in computational discrepancies.

Group

statement of financial position

As at

December

September

December

2009

2008

Restated

US Dollar million

Note

Unaudited

ASSETS

Non-current assets
Tangible assets

5,819

4,980

4,345

Intangible assets

177

175

148

Investments in associates and equity accounted joint ventures

640

252

298

Other investments

175

128

Inventories

337

339

287

Trade and other receivables

106

102

Derivatives

Deferred taxation

Other non-current assets

7,328

6,045

5,259

Current assets
Inventories

686

665

599

Trade and other receivables

191

477

220

Derivatives

330

386

570

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

1,100

1,108

575

2,372

2,703

2,008

Non-current assets held for sale

793

2,459

2,788

2,801

TOTAL ASSETS

9,787

8,833

8,060

EQUITY AND LIABILITIES

Share capital and premium

5,805

5,794

5,485

Retained earnings and other reserves

(2,905)

(3,378)

(3,057)

Non-controlling interests

130

113

Total equity

3,030

2,529

2,511

Non-current liabilities
Borrowings

654

1,665

870

Environmental rehabilitation and other provisions

451

470

408

Provision for pension and post-retirement benefits

159

170

137

Trade, other payables and deferred income

Derivatives

176

166

Deferred taxation

753

569

617

2,207

3,054

2,068

Current liabilities
Current portion of borrowings

1,277

249

1,063

Trade, other payables and deferred income

582

592

524

Derivatives

2,525

2,256

1,737

Taxation

159

144

109

4,543

3,241

3,433

Non-current liabilities held for sale

4,550

3,250

3,481

Total liabilities

6,757

6,304

5,549

TOTAL EQUITY AND LIABILITIES

9,787

8,833

8,060

Net asset value - cents per share

828

691

702

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Year

ended

December

September

December

2009

2008

2009

2008

SA Rand million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

9,596

8,545

8,772

31,473

30,117

Payments to suppliers and employees

(5,889)

(6,147)

(6,210)

(20,896)

(24,429)

Cash generated from operations

3,707

2,398

2,562

10,577

5,688

Cash utilised by discontinued operations

(4)

(11)

Dividends received from equity accounted investments

136

257

751

739

Taxation paid

(233)

(234)

(127)

(1,232)

(1,029)

Cash utilised for hedge buy-back costs

(6,315)

(10)

(6,315)

(8,514)

Net cash inflow (outflow) from operating activities

3,610

(4,130)

2,678

3,781

(3,127)

Cash flows from investing activities
Capital expenditure

(2,243)

(1,836)

(2,964)

(8,656)

(9,846)

Proceeds from disposal of tangible assets

1,814

9,029

301

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(229)

(328)

(197)

(750)

(769)

Acquisition of associates and equity accounted joint ventures

(2,638)

(2,646)

Proceeds on disposal of associate

(1)

382

Associates' loans advanced

(17)

(3)

(17)

(38)

Associates' loans repaid

Proceeds from disposal of investments

196

258

203

680

729

Decrease (increase) in cash restricted for use

(16)

(91)

(49)

Interest received

129

129

445

538

Loans advanced

(1)

(3)

Repayment of loans advanced

Net cash outflow from investing activities

(2,967)

(1,749)

(2,733)

(2,000)

(8,640)

Cash flows from financing activities
Proceeds from issue of share capital

2,215

2,384

13,592

Share issue expenses

(39)

(34)

(11)

(84)

(421)

Proceeds from borrowings

162

6,709

1,622

24,901

7,034

Repayment of borrowings

(57)

(12,957)

(477)

(24,152)

(5,066)

Finance costs paid

(180)

(110)

(266)

(946)

(788)

Dividends paid

(43)

(253)

(474)

(455)

Net cash (outflow) inflow from financing activities

(118)

(4,430)

879

1,629

13,896

Net increase (decrease) in cash and cash equivalents

525

(10,309)

824

3,410

2,129

Translation

(677)

869

(672)

Cash and cash equivalents at beginning of period

8,328

17,768

4,585

5,438

3,246

Cash and cash equivalents at end of period

8,176

8,328

5,438

8,176

5,438

Cash generated from operations
Profit (loss) before taxation

4,870

(9,782)

(14,797)

(1,173)

(18,058)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

2,281

11,041

(1,046)

14,417

3,169

Amortisation of tangible assets

1,152

1,107

1,387

4,615

4,620

Finance costs and unwinding of obligations

268

305

225

1,146

926

Environmental, rehabilitation and other expenditure

(70)

(72)

(47)

Operating special items

(4,708)

231

15,855

(5,148)

15,379

Amortisation of intangible assets

Deferred stripping

205

(96)

(140)

(467)

(418)

Fair value adjustment on option component of convertible bonds

(2)

249

(185)

Interest received

(133)

(121)

(108)

(444)

(536)

Share of equity accounted investments' (profit) loss

(227)

(175)

381

(785)

1,177

Other non-cash movements

(675)

363

(853)

776

Movements in working capital

674

(232)

507

(951)

(1,221)

3,707

2,398

2,562

10,577

5,688

Movements in working capital
(Increase) decrease in inventories

(183)

104

(1,162)

634

(3,588)

Decrease (increase) in trade and other receivables

438

(125)

135

106

(618)

Increase (decrease) in trade and other payables

419

(211)

1,533

(1,691)

2,985

674

(232)

507

(951)

(1,221)

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Year

ended

December

September

December

2009

2008

2009

2008

US Dollar million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

1,283

1,104

892

3,845

3,672

Payments to suppliers and employees

(805)

(741)

(681)

(2,500)

(3,040)

Cash generated from operations

478

363

210

1,345

632

Cash utilised by discontinued operations

(1)

Dividends received from equity accounted investments

101

Taxation paid

(32)

(32)

(7)

(147)

(125)

Cash utilised for hedge buy-back costs

(797)

(1)

(797)

(1,113)

Net cash inflow (outflow) from operating activities

465

(461)

221

502

(529)

Cash flows from investing activities
Capital expenditure

(281)

(239)

(298)

(1,019)

(1,194)

Proceeds from disposal of tangible assets

242

1,142

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(29)

(39)

(19)

(89)

(93)

Acquisition of associates and equity accounted joint ventures

(353)

(1)

(354)

Proceeds on disposal of associate

(2)

Associates' loans advanced

(2)

(2)

(4)

Associates' loans repaid

Proceeds from disposal of investments

Decrease (increase) in cash restricted for use

(2)

(10)

(6)

Interest received

Loans advanced

Repayment of loans advanced

Net cash outflow from investing activities

(379)

(227)

(274)

(195)

(1,041)

Cash flows from financing activities
Proceeds from issue of share capital

287

306

1,722

Share issue expenses

(5)

(5)

(11)

(54)

Proceeds from borrowings

784

149

2,774

853

Repayment of borrowings

(22)

(1,573)

(17)

(2,731)

(614)

Finance costs paid

(23)

(16)

(25)

(111)

(93)

Dividends paid

(6)

(32)

(56)

(58)

Net cash (outflow) inflow from financing activities

(22)

(555)

108

171

1,756

Net increase (decrease) in cash and cash equivalents

(1,243)

478

186

Translation

(72)

(35)

(88)

Cash and cash equivalents at beginning of period

1,108

2,305

555

575

477

Cash and cash equivalents at end of period

1,100

1,108

575

1,100

575

Cash generated from operations
Profit (loss) before taxation

650

(1,236)

(1,324)

(121)

(1,377)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

306

1,398

(276)

1,787

(88)

Amortisation of tangible assets

154

143

140

555

560

Finance costs and unwinding of obligations

139

114

Environmental, rehabilitation and other expenditure

(9)

(8)

(6)

Operating special items

(629)

1,600

(683)

1,538

Amortisation of intangible assets

Deferred stripping

(13)

(14)

(48)

(51)

Fair value adjustment on option component of convertible bonds

(25)

Interest received

(18)

(16)

(11)

(54)

(66)

Share of equity accounted investments' (profit) loss

(30)

(22)

(94)

138

Other non-cash movements

(90)

(115)

Movements in working capital

(50)

(206)

478

363

210

1,345

632

Movements in working capital
Increase in inventories

(35)

(12)

(1)

(155)

(151)

Decrease (increase) in trade and other receivables

(25)

(45)

(9)

Increase (decrease) in trade and other payables

(40)

150

(46)

(50)

(206)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

Cash

Available

Foreign

Share

Other

flow

for

Actuarial

currency

Non-

capital &

capital

Retained

hedge

sale

(losses)

translation

controlling

Total

SA Rand million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at December 2007

22,371

714

(5,524)

(1,634)

(108)

326

16,204

429

16,633

(Loss) profit for the year

(16,105)

324

(15,781)

Comprehensive income (expense)

831

(72)

(240)

8,747

9,266

9,288

Total comprehensive (expense) income

- - (16,105) 831 (72) (240) 8,747 (6,839) 346 (6,493)

Shares issued

14,965

Share-based payment for share awards

118

Dividends paid

(324)

Dividends of subsidiaries

(131)

Acquisition of non-controlling interests

(914)

(908)

Transfers to other reserves

(12)

Translation

(45)

(205)

(5)

(254)

140

(114)

Balance at December 2008

37,336

799

(22,879)

(1,008)

(18)

(347)

9,073

22,956

790

23,746

(Loss) profit for the year

(2,762)

417

(2,345)

Comprehensive income (expense)

779

469

(2,465)

(1,157)

(1,148)

Total comprehensive (expense) income

- - (2,762) 779 469 60 (2,465) (3,919) 426 (3,493)

Shares issued

2,498

Share-based payment for share awards

122

Dividends paid

(392)

Dividends of subsidiaries

(83)

Equity transaction of joint venture

306

Translation

(33)

(37)

(13)

(167)

(180)

Balance at December 2009

39,834

1,194

(26,033)

(174)

414

(285)

6,608

21,558

966

22,524

US Dollar million

Balance at December 2007 - restated

3,608

105

(1,020)

(240)

(16)

(67)

2,379

2,442

(Loss) profit for the year

(1,195)

(1,155)

Comprehensive income (expense)

104

(9)

(29)

(561)

(495)

(492)

Total comprehensive (expense) income

- - (1,195) 104 (9) (29) (561) (1,690) 43 (1,647)

Shares issued

1,877

Share-based payment for share awards

Dividends paid

(41)

Dividends of subsidiaries

(17)

Acquisition of non-controlling interests

(111)

(110)

Transfers to other reserves

(1)

Translation

(35)

(2)

(7)

Balance at December 2008 - restated

5,485

(2,368)

(107)

(2)

(37)

(628)

2,428

2,511

(Loss) profit for the year

(320)

(268)

Comprehensive income

300

452

453

Total comprehensive (expense) income

- - (320) 90 55 7 300 132 185

Shares issued

320

Share-based payment for share awards

Dividends paid

(45)

Dividends of subsidiaries

(11)

Equity transaction of joint venture

Translation

(6)

(8)

Balance at December 2009

5,805

161

(2,733)

(23)

(38)

(328)

2,900

130

3,030

Rounding of figures may result in computational discrepancies.

Segmental

reporting

for the quarter and year ended 31 December 2009

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Audited

Unaudited

Audited

Gold income
Southern Africa

3,596

4,081

3,649

14,114

12,395

482

530

368

1,723

1,505

Continental Africa

2,967

2,111

2,010

8,260

9,334

397

270

203

1,019

1,148

Australasia

848

449

937

1,819

2,338

113

221

280

South America

1,398

1,452

1,390

5,176

3,723

187

188

140

634

446

North America

425

420

531

1,376

1,984

171

240

9,234

8,512

8,517

30,745

29,774

1,236

1,101

858

3,768

3,619

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Gross profit (loss) adjusted for
unrealised non-hedge derivatives
and other commodity contracts

Southern Africa

919

(1,374)

1,266

2,414

(265)

123

(170)

128

268

(57)

Continental Africa

881

(1,640)

(542)

443

(2,798)

118

(205)

(55)

(334)

Australasia

(499)

(112)

(554)

(63)

(17)

(70)

South America

691

(215)

432

1,512

211

(25)

184

North America

205

(126)

170

494

(15)

Other

244

167

Sub-total

2,841

(3,839)

1,425

4,995

(3,140)

380

(475)

143

568

(412)

Less equity accounted investments

(320)

(271)

(184)

(1,309)

195

(43)

(35)

(18)

(156)

2,521

(4,110)

1,241

3,686

(2,945)

337

(510)

125

412

(384)

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Adjusted gross profit excluding
hedge buy-back costs

Southern Africa

919

906

1,266

4,694

3,938

123

118

128

556

473

Continental Africa

881

635

(542)

2,718

(232)

118

(55)

334

(12)

Australasia

473

182

South America

691

668

432

2,395

1,148

296

138

North America

205

165

170

786

545

Other

243

Sub-total

2,841

2,476

1,425

11,309

5,621

380

321

143

1,364

693

Less equity accounted investments

(320)

(271)

(184)

(1,308)

(549)

(43)

(35)

(18)

(156)

(67)

2,521

2,205

1,241

10,001

5,072

337

287

125

1,208

626

Rounding of figures may result in computational discrepancies.

AngloGold Ashanti has implemented IFRS8 “Operating Segments” with effect from 1 January 2009 and this has resulted in a change to the segmental information reported
by Anglogold Ashanti. Comparative information has been presented on a consistent basis. AngloGold Ashanti’s operating segments are being reported based on the
financial information provided to the Chief Executive Officer and the Executive Management team, collectively identified as the Chief Operating Decision Maker. Individual
members of the Executive Management team are responsible for geographic regions of the business.

US Dollar million

Quarter ended

Year ended

Quarter ended

Year ended

Quarter ended

Year ended

SA Rand million

Quarter ended

Year ended

Quarter ended

Year ended

SA Rand million

US Dollar million

Quarter ended

Year ended

SA Rand million

US Dollar million

Segmental

reporting (continued)

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Audited

Unaudited

Audited

Gold production

(1)

Southern Africa

13,943

15,014

16,799

57,922

67,409

448

483

540

1,862

2,167

Continental Africa

12,468

12,155

12,459

47,278

48,588

401

391

401

1,520

1,562

Australasia

3,331

3,176

2,651

12,477

13,477

107

102

401

433

South America

5,294

4,896

5,098

18,604

17,468

170

157

164

598

562

North America

1,731

1,684

2,422

6,768

8,016

218

258

36,767

36,925

39,429

143,049

154,958

1,182

1,187

1,268

4,599

4,982

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Audited

Unaudited

Audited

Capital expenditure

(1)

Southern Africa

952

927

849

3,392

2,877

124

116

405

349

Continental Africa

490

308

707

1,490

2,059

178

250

Australasia

1,054

1,599

3,618

105

177

439

South America

441

357

301

1,430

1,044

171

127

North America

295

163

727

221

Other

2,275

1,842

2,994

8,726

9,905

293

232

302

1,027

1,201

As at

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

Unaudited

Audited

Unaudited

Audited

Total assets
Southern Africa

20,169

22,778

20,241

2,713

3,031

2,141

Continental Africa

28,539

20,385

24,405

3,838

2,713

2,581

Australasia

4,494

6,728

12,936

604

895

1,368

South America

9,269

9,061

10,386

1,247

1,206

1,098

North America

5,373

5,002

5,422

723

666

573

Other

5,493

2,919

3,661

739

389

388

73,337

66,873

77,051

9,864

8,900

8,149

Less equity accounted investments

(567)

(502)

(849)

(77)

(67)

(89)

72,770

66,371

76,202

9,787

8,833

8,060

Rounding of figures may result in computational discrepancies.

oz (000)

US Dollar million

(1)

Gold production and capital expenditure includes equity accounted investments.

Year ended

Quarter ended

SA Rand million

US Dollar million

Year ended

Quarter ended

Year ended

Quarter ended

Year ended

Quarter ended

Notes

for the quarter and year ended 31 December 2009

1. Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
except for certain financial instruments which are stated at fair value. Except for the change in accounting policy
described in note 15, the group’s accounting policies used in the preparation of these financial statements are
consistent with those used in the annual financial statements for the year ended 31 December 2008 and revised
International Financial Reporting Standards (IFRS) which are effective 1 January 2009, where applicable, with the
only significant changes arising from IAS1 (revised) – “Presentation of Financial Statements” and IFRS8 “Operating
Segments”. As a result of the revision of IAS1, a Statement of comprehensive income, which discloses non owner
changes in equity, and a statement of changes in equity are presented. The effects of the adoption of IFRS8 are
disclosed in Segmental reporting.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS34, JSE Listings
Requirements and in the manner required by the South African Companies Act, 1973 for the preparation of financial
information of the group for the quarter and year ended 31 December 2009.

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Gold income

9,234

8,512

8,517

30,745

29,774

1,236

1,101

858

3,768

3,619

By-products (note 3)

147

173

147

772

480

Interest received

133

121

108

444

536

9,514

8,806

8,771

31,961

30,790

1,273

1,140

884

3,916

3,743

3. Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec Dec Dec Dec Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

(4,865)

(4,719) (4,948)

(18,493)

(16,865)

(652)

(608) (498)

(2,234)

(2,045)

By-products revenue (note 2)

147

173

147

772

480

By-products cash operating costs

(77)

(74) (65)

(351)

(286)

(10)

(10) (7) (43)

(36)

(4,795)

(4,620) (4,866)

(18,072)

(16,671)

(642)

(595) (490)

(2,183)

(2,023)

Other cash costs

(222)

(222) (196)

(833)

(734)

(30)

(29) (20) (100) (90)

Total cash costs

(5,017)

(4,842) (5,062)

(18,905)

(17,405)

(671)

(624) (510)

(2,283)

(2,113)

Retrenchment costs

(39)

(17) (16)

(110)

(72)

(5)

(2) (2) (14) (9)

Rehabilitation and other non-cash
costs

(96) 2

(182)

(218)

(12) -

(22)

(28)

Production costs

(5,050)

(4,955) (5,076)

(19,197)

(17,695)

(676)

(638) (511)

(2,319)

(2,150)

Amortisation of tangible assets

(1,152)

(1,107) (1,387)

(4,615)

(4,620)

(154)

(143) (140) (555) (560)

Amortisation of intangible assets

(4)

(4) (9)

(18)

(21)

(1) (1) (2) (2)

Total production costs

(6,206)

(6,066) (6,472)

(23,830)

(22,336)

(830)

(781) (652)

(2,876)

(2,712)

Inventory change

(13)

(102) (456)

610 (222)

(2)

(14) (47) 63

(16)

(6,219)

(6,168) (6,928)

(23,220)

(22,558)

(833)

(796) (698)

(2,813)

(2,728)

Rounding of figures may result in computational discrepancies.

(Loss) gain on non-hedge derivatives and other commodity contracts

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

(Loss) gain on realised non-hedge
derivatives

(494)

(139) (348)

2,476 (1,275)

(66)

(19) (35) 254

(155)

Realised loss on other commodity
contracts

(253)

(32)

Loss on hedge buy-back costs

(6,315) -

(6,315)

(8,634)

(797) -

(797)

(1,088)

(Loss) gain on unrealised non-hedge
derivatives

(2,212)

(4,762) 898

(8,095)

3,774 (297)

(606) 260

(990) 965

Unrealised gain on other commodity
physical borrowings

Provision reversed for gain on future
deliveries of other commodities

(2,706)

(11,216) 598

(11,934)

(6,277)

(363)

(1,421) 230

(1,533) (297)

Other operating income (expenses)

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Pension and medical defined benefit
provisions

(24) 80 (44)

8 4

(3) 8

(5) (2)

Claims filed by former employees in
respect of loss of employment, work-
related accident injuries and
diseases, governmental fiscal claims
and costs of old tailings operations

(11) (20)

(31)

(37)

(2) (2) (3) (4)

Miscellaneous

(2)

(1) 1 (5)

- -

(36) 61 (80)

(29)

(5) 6

(8) (6)

Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Indirect tax (expenses) reimbursement

(240)

148

(219)

198

(32)

(29)

Siguiri royalty payment calculation
dispute with the Guinean
Administration

(26)

(3)

ESOP costs resulting from
rights offer

(76)

(9)

Contractor termination costs at
Iduapriem

(10)

(1)

Net reversals/(impairments) of tangible
assets (note 8)

5,209

(94) (14,786)

5,115 (14,792)

696

(13) (1,492)

683

(1,493)

Impairment of goodwill (note 8)

(1,080)

(109)

Recovery of exploration costs

Recovery (loss) on consignment stock

(95)

(12)

Provision for bad debt - Pamodzi Gold

(66)

(7)

Insurance claim recovery

Net (loss) profit on disposal and
abandonment of land, mineral rights,
tangible assets and exploration
properties (note 8)

(275)

(156) (55)

420 381 (37)

(21) (4) 49

Nufcor Uranium Trust contributions by
other members (note 8)

Impairment of investments (note 8)

(42)

(6)

(Loss) profit on disposal of investment
in Nufcor International Limited
(note 8)

(4)

4,761

(231) (15,855)

5,209 (15,379)

636

(31) (1,600)

691

(1,538)

Rounding of figures may result in computational discrepancies.

7. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

South

African

taxation

Mining tax

(60)

(153)

(8)

(19)

Non-mining tax

(10)

(18)

(89)

(85)

(1)

(2)

(10)

(12)

Over (under) provision prior year

(12) 18 (33)

(42)

(2) 2

(4) (6)

Deferred taxation:

Temporary differences

(180)

(44) (446)

(535)

161 (24)

(6) (45) (61) 30

Unrealised non-hedge
derivatives and other
commodity contracts

204

1,317

(98)

1,451

(841)

167

181

(89)

Change in estimated deferred tax
rate

156

(62)

156

(62)

(6)

Change in statutory tax rate

118

1,353

(605)

797

(799)

171

(50)

108

(74)

Foreign taxation

Normal taxation

(335)

(262) (231)

(1,113)

(651)

(45)

(34) (24) (138) (79)

Over (under) provision prior year

(27) - 50 41 12

(4)

Deferred taxation:

Temporary differences

(1,410)

393

3,970

(1,220)

3,747

(188)

401

(164)

372

Unrealised non-hedge derivatives
and other commodity contracts

193

(155)

314

(259)

(15)

(27)

(1,640)

297

3,583

(1,969)

2,878

(219)

363

(255)

271

(1,522)

1,650

2,978

(1,172)

2,079

(204)

209

313

(147)

197

Headline (loss) earnings

Quarter ended

Year ended

Quarter ended

Year ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

The profit (loss) attributable to equity
shareholders has been adjusted
by the following to arrive at
headline (loss) earnings:
Profit (loss) attributable to equity
shareholders

3,179

(8,245) (11,869)

(2,762)

(16,105)

424

(1,042) (1,016) (320) (1,195)

Net (reversals)/impairments of
tangible assets (note 6)

(5,209)

14,786

(5,115)

14,792

(696)

1,492

(683)

1,493

Impairment of goodwill (note 6)

1,080

109

Net loss (profit) on disposal and
abandonment of land, mineral
rights, tangible assets and
exploration properties (note 6)

275

156

(420)

(381)

(49)

(52)

Impairment of investments (note 6)

Nufcor Uranium Trust contributions
by other members (note 6)

(19)

(3)

Loss (profit) on disposal of
investment in Nufcor International
Limited (note 6)

(14)

(2)

Profit on disposal of discontinued
assets

(218)

(27)

Impairment and operating special
item of investment in associates

(2) 347

2 389

Profit on disposal of assets in
associate

(30)

(3)

Taxation on items above - current
portion

(12)

(48) 3

145 10 (2)

(6)

Taxation on items above - deferred
portion

1,414

(22) (3,933)

1,360 (3,915)

189

(3) (397) 182

(395)

Discontinued operations taxation on
items above

(6)

(1)

(353)

(8,068) 516

(6,790)

(4,375)

(48)

(1,018) 234

(852) (30)

Cents per share

(1)

Headline (loss) earnings

(96)

(2,237) 145

(1,880)

(1,379)

(13)

(282) 66

(236) (9)

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Number of shares

Quarter ended

Year ended

Dec

Sep

Dec

2009

2008

2009

2008

Unaudited

Unaudited Unaudited Audited

Authorised number of shares:
Ordinary shares of 25 SA cents each

600,000,000

600,000,000

400,000,000 600,000,000 400,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

4,280,000 4,280,000 4,280,000

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000

2,000,000 2,000,000 2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000

5,000,000 5,000,000 5,000,000

Issued and fully paid number of shares:
Ordinary shares in issue

362,240,669

362,003,085

353,483,410 362,240,669 353,483,410

E ordinary shares in issue

3,794,998

3,832,568

3,966,941 3,794,998 3,966,941

Total ordinary shares:

366,035,667

365,835,653

357,450,351 366,035,667 357,450,351

A redeemable preference shares

2,000,000

2,000,000

2,000,000 2,000,000 2,000,000

B redeemable preference shares

778,896

778,896

778,896 778,896 778,896

In calculating the diluted number of ordinary shares outstanding for the
period, the following were taken into consideration:
Ordinary shares

362,137,200

356,194,586

351,517,689 356,563,773 312,610,124

E ordinary shares

3,809,476

3,848,172

3,980,034 3,873,169 4,046,364

Fully vested options

539,666

622,613

440,430 791,353 547,460

Weighted average number of shares

366,486,342

360,665,371

355,938,153 361,228,295 317,203,948

Dilutive potential of share options

1,205,730

Diluted number of ordinary shares

(1)

367,692,072

360,665,371

355,938,153 361,228,295 317,203,948

(1) The basic and diluted number of ordinary shares is the same for the September 2009 quarter, December 2008 quarter and years ended December 2009

and December 2008 as the effects of shares for performance related options are anti-dilutive.

10. Share capital and premium

As at

Dec

Sep

Dec

Sep

Dec

(1)

2009

2008

2009

2008

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

38,246

38,246

23,322

5,625

5,625

3,752

Ordinary shares issued

2,438

2,409

14,946

312

308

1,875

E ordinary shares cancelled

(22)

(17) (22) (2)

(2) (3)

Sub-total

40,662

40,638

38,246

5,935

5,931

5,625

Redeemable preference shares held within the group

(313)

(313) (313) (53)

(53) (53)

Ordinary shares held within the group

(212)

(258) (272) (32)

(38) (39)

E ordinary shares held within group

(303)

(308) (325) (45)

(45) (47)

Balance at end of period

39,834

39,759

37,336

5,805

5,794

5,485

(1) During 2009, the group changed its accounting policy to account for equity using historical rates of exchange. The effect of the change has been

calculated retrospectively.

11. Exchange rates

Dec Sep

Dec

2009 2009

2008

Unaudited

ZAR/USD average for the year to date

8.39

8.70 8.25

ZAR/USD average for the quarter

7.47

7.77 9.92

ZAR/USD closing

7.44

7.51 9.46

ZAR/AUD average for the year to date

6.56

6.48 6.93

ZAR/AUD average for the quarter

6.80

6.47 6.67

ZAR/AUD closing

6.67

6.62 6.57

BRL/USD average for the year to date

2.00

2.08 1.84

BRL/USD average for the quarter

1.74

1.87 2.28

BRL/USD closing

1.75

1.77 2.34

ARS/USD average for the year to date

3.73

3.70 3.16

ARS/USD average for the quarter

3.81

3.83 3.33

ARS/USD closing

3.80

3.84 3.45

Rounding of figures may result in computational discrepancies.

12. Capital commitments

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Orders placed and outstanding on capital
contracts at the prevailing rate of
exchange

(1)

976

1,096

775

131

146

(1) Includes capital commitments relating to equity accounted joint ventures.

Liquidity and capital resources

To service the above capital commitments and other operational requirements, the group is dependent on existing
cash resources, cash generated from operations and borrowing facilities.

Cash generated from operations is subject to operational, market and other risks. Distributions from operations may
be subject to foreign investment and exchange control laws and regulations and the quantity of foreign exchange
available in offshore countries. In addition, distributions from joint ventures are subject to the relevant board
approval.

The credit facilities and other financing arrangements contain financial covenants and other similar undertakings.
To the extent that external borrowings are required, the groups covenant performance indicates that existing
financing facilities will be available to meet the above commitments. To the extent that any of the financing facilities
mature in the near future, the group believes that these facilities can be refinanced.

13. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 31 December 2009 are detailed below:

Contingencies and Guarantees (millions)

SA rand

US dollar

Contingent liabilities
Groundwater pollution – South Africa

(1)

Deep groundwater pollution – South Africa

(2)

Sales tax on gold deliveries – Brazil

(3)

560

Other tax disputes – Brazil

(4)

191

Withholding taxes – Ghana

(5)

Contingent assets
Royalty – Boddington Gold Mine

(6)

Insurance claim – Savuka Gold Mine

(7)

Financial guarantees
Oro Group (Pty) Ltd

(8)

100

918

123

AngloGold Ashanti is subject to contingencies pursuant to environmental laws and regulations that may in future
require the group to take corrective action as follows:

(1) Groundwater pollution – South Africa – AngloGold Ashanti has identified groundwater contamination plumes at its

Vaal River and West Wits operations, which have occurred primarily as a result of seepage from mine residue
stockpiles. Numerous scientific, technical and legal studies have been undertaken since 2002 to assist in
determining the magnitude of the contamination and to find sustainable remediation solutions. The company has
instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural
Attenuation (MNA) by the existing environment will contribute to improvement in some instances. Furthermore,
literature reviews, field trials and base line modelling techniques suggest, but are not yet proven, that the use of
phyto-technologies can address the soil and groundwater contamination at all South African operations. Subject to
the completion of trials and the technology being a proven remediation technique, no reliable estimate can be
made for the obligation at this time.

(2) Deep groundwater pollution – South Africa – AngloGold Ashanti has identified a flooding and future pollution risk

posed by deep groundwater in the Klerksdorp and Far West Rand gold fields. Various studies have been
undertaken by AngloGold Ashanti since 1999. However, due to the interconnected nature of mining operations,
any proposed solution needs to be a combined one that is supported by all the mines located in these gold fields.
Toward this the Department of Mineral Resources and affected mining companies are now involved in the
development of a “Regional Mine Closure Strategy”. Nevertheless, in view of the limitation of current information
for the accurate estimation of a liability, no reliable estimate can be made for the obligation at this time.

(3) Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A. (MSG), received two tax assessments from

the State of Goiás related to payments of sales taxes on gold deliveries for export. The MSG operation is co-
owned with Kinross Gold Corporation. AngloGold Ashanti Brasil Mineração Ltda. manages the operation and its
attributable share of the first assessment is approximately $47m. In November 2006 the administrative council’s
second chamber ruled in favour of MSG and fully cancelled the tax liability related to the first period. The State of
Goiás has appealed to the full board of the State of Goiás tax administrative council. The second assessment was
issued by the State of Goiás in October 2006 on the same grounds as the first one, and the attributable share of
the assessment is approximately $29m. The company believes both assessments are in violation of Federal
legislation on sales taxes.

(4) MSG received a tax assessment in October 2003 from the State of Minas Gerais related to sales taxes on gold.

The tax administrators rejected the company’s appeal against the assessment. The company is now appealing the
dismissal of the case. The company’s attributable share of the assessment is approximately $8m.

AngloGold subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve
federal tax assessments including income tax, royalties, social contributions and annual property tax. The amount
involved is approximately $17m.

(5) Withholding Taxes – Ghana – AngloGold Ashanti (Ghana) Limited received a tax assessment for $9m during

September 2009 following an audit by the tax authorities related to indirect taxes on various items. Management is
of the opinion that the indirect taxes are not payable and the company has lodged an objection.

(6) As a result of the sale of the interest in the Boddington Gold Mine joint venture during 2009, the group is entitled to

receive a royalty on any gold recovered or produced by the Boddington Gold Mine, where the gold price is in
excess of Boddington Gold Mine’s cash cost plus $600/oz. The royalty commences on 1 July 2010 and is capped
at a total amount of $100m, R744m.

(7) On 22 May 2009 an insurable event occurred at Savuka Gold Mine. The amounts due from the insurers are

subject to a formula based on lost production, average gold price and average exchange rates subject to various
excesses and the production and the preparation of supportable data. The insurable amount is not yet
determinable, but management expects that it is likely to exceed $40m, R297m and will be received during the first
half of 2010.

(8) Provision of surety – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a gold loan

facility with its affiliate Oro Group (Pty) Ltd and one of its subsidiaries to a maximum value of $13m, R100m. The
suretyship agreements have a termination notice period of 90 days.

14. Concentration of risk

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Tanzanian government:

• Reimbursable value added tax due from the Tanzanian government amounts to $36m at 31 December 2009

(30 September 2009: $25m). The last audited value added tax return was for the period ended 31 October 2009
and at the reporting date the audited amount was $28m. The outstanding amounts at Geita have been discounted
to their present value at a rate of 7.82%.

• Reimbursable fuel duties from the Tanzanian government amounts to $48m at 31 December 2009 (30 September

2009: $48m). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to
authorisation by the Customs and Excise authorities. Claims for refund of fuel duties amounting to $44m have
been lodged with the Customs and Excise authorities, whilst claims for refund of $4m have not yet been lodged.
The outstanding amounts have been discounted to their present value at a rate of 7.82%.

15. Change in accounting policy

In terms of IAS 21 “The Effects of Changes in Foreign Exchange Rates”, the group has previously presented equity
at the closing rate of exchange. During the current year the group changed its accounting policy to account for
equity using historical rates of exchange. Management’s judgement is that the change in accounting policy will
provide more relevant and reliable information when the group is compared to its gold mining peers, as they report
their equity at historical rates of exchange.

The effects of the change in accounting policy have been calculated retrospectively and are as follows as at
31 December 2008 and 2007:

Share capital and premium - US Dollar million

2008 2007

Previously at closing rate

3,425

3,292

Restated at historical rate

3,752

3,713

Impact on translation

327 421

16. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

17. Announcements

On 25 November 2009, AngloGold Ashanti announced that the finalisation of the sale of the Tau Lekoa mine
together with the adjacent Weltevreden, Jonkerskraal and Goedgenoeg project areas to Simmer and Jack Mines
Limited, as announced on 17 February 2009, which was anticipated to close at the earliest on 1 January 2010 may
be delayed. All suspensive conditions to the sale have been fulfilled except for the approval of the Department of
Mineral Resources (DMR) of the transfer of the applicable mining rights. The approval is expected to occur during
2010 and the duration of the interim period provided for in the sale agreement will therefore be extended.

On 22 December 2009, AngloGold Ashanti reported the completion of the further acquisition as announced on
2 November 2009 that, together with Randgold Resources Limited (“Randgold’), they had jointly entered into an
agreement with L’Office des Mines d’Or de Kilo-Moto (“OKIMO”) to purchase two-thirds of OKIMO’s 30% stake in
the Kibali gold project (formerly the Moto gold project) for $113.6m (AngloGold Ashanti acquiring an effective
additional 10% interest for $56.8m). This follows an announcement on 15 October 2009 that, together with
Randgold, it had completed the acquisition of Moto Goldmines Limited, the gold exploration and development
company which held a 70% interest in the project. OKIMO is a Congolese parastatal entity. Following completion of
the transaction, Randgold and AngloGold Ashanti together hold a 90% interest in the project, and OKIMO holds the
remaining 10% stake, maintaining the continued vested interest of the Government of the Democratic Republic of
the Congo (the “DRC”) in the Kibali gold project.

On 29 December 2009, AngloGold Ashanti Limited announced that in terms of its pre-emptive rights, it together
with IAMGOLD Corporation had closed a transaction with the International Finance Corporation (“IFC”) for the
purchase of the IFC’s 6% stake in Société d’Exploitation des Mines d’or de Sadiola (“SEMOS”), which owns the
Sadiola Gold Mine for a total upfront consideration of $24m (AngloGold Ashanti $12m) to be followed by contingent
payments during 2010, 2011 and 2012 not exceeding in total $3m (AngloGold Ashanti $1.5m). This transaction has
resulted in AngloGold Ashanti and IAMGOLD each increasing their respective interest in Sadiola from 38% to 41%.
In addition, AngloGold Ashanti and IAMGOLD have extended an offer to the Republic of Mali to take up its
proportionate entitlement of 19.15% of the 6% sale interest, by acquiring an equal 0.574% interest in SEMOS from
each of them on terms proportionately identical to those set out above, on or before 31 March 2010.

18. Dividend

The directors declared Final Dividend No. 107 of 70 (Final Dividend No. 105: 50) South African cents per ordinary
share for the year ended 31 December 2009. In compliance with the requirements of Strate, given the company's
primary listing on the JSE Limited, the salient dates for payment of the dividend are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.

2010

Currency conversion date for UK pounds, Australian dollars and Ghanaian cedis

Thursday, 4 March

Last date to trade ordinary shares cum dividend

Friday, 5 March

Last date to register transfers of certificated securities cum dividend

Friday, 5 March

Ordinary shares trade ex dividend

Monday, 8 March

Record date

Friday, 12 March

Payment date

Friday, 19 March

On the payment date, dividends due to holders of certificated securities on the South African share register will
either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders.

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant
CSDP or broker.

To comply with the further requirements of Strate, between Monday, 8 March 2010 and Friday, 12 March 2010,
both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share
registers will be permitted and no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.

2010

Ex dividend on New York Stock Exchange

Wednesday, 10 March

Record date

Friday, 12 March

Approximate date for currency conversion

Friday, 19 March

Approximate payment date of dividend

Monday, 29 March

Assuming an exchange rate of R7.69/$, the dividend payable per ADS is equivalent to 9.10 US cents. This
compares with the final dividend of 4.99 US cents per ADS paid on 23 March 2009. However the actual rate of
payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share.

2010

Last date to trade and to register GhDSs cum dividend

Friday, 5 March

GhDSs trade ex dividend

Monday, 8 March

Record date

Friday, 12 March

Approximate payment date of dividend

Monday, 22 March

Assuming an exchange rate of R1/¢0.1863, the dividend payable per GhDS is equivalent to 0.1304 cedis. This
compares with the final dividend of 0.06565 cedis per Ghanaian Depositary Share (GhDS) paid on 16 March 2009.
However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. In
Ghana, the authorities have determined that dividends payable to residents on the Ghana share register be subject
to a final withholding tax at a rate of 10%, similar to the rate applicable to dividend payments made by resident
companies which is currently at 10%.

In addition, directors declared Dividend No. E7 of 35 South African cents per E ordinary share, payable to
employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends will
be paid on Friday, 19 March 2010.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief Executive Officer

16 February 2010

Non-GAAP

disclosure

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Headline (loss) earnings (note 8)

(353)

(8,068)

516

(6,790)

(4,375)

(48)

(1,018)

234

(852)

(30)

Loss (gain) on unrealised non-hedge derivatives and other commodity
contracts (note 4)

2,212

4,762

(946)

8,095

(3,885)

297

606

(265)

990

(978)

Deferred tax on unrealised non-hedge derivatives and other
commodity contracts

(219)

(1,510)

254

(1,765)

1,219

(29)

(191)

(221)

132

Associate's and equity accounted joint ventures share of loss
on unrealised non-hedge derivatives and other commodity
contracts

Associate's and equity accounted joint ventures share of deferred tax
on unrealised non-hedge derivatives and other commodity contracts

(2)

Fair value adjustment on option component of convertible bond

(2)

249

(185)

(25)

Adjusted headline earnings (loss)

(1)

1,706

(4,757)

(178)

(211)

(7,197)

228

(596)

(17)

(50)

(897)

Cost of hedge buy-back net of taxation

6,006

7,266

758

916

Adjusted headline earnings (loss) excluding hedge buy-back costs

(1)

1,706

1,249

(178)

5,795

228

162

(17)

708

Cents per share

(2)

Adjusted headline earnings (loss)

(1)

466

(1,319)

(50)

(58)

(2,269)

(165)

(5)

(14)

(283)

Adjusted headline earnings (loss) excluding hedge buy-back costs

(1)

466

346

(50)

1,604

(5)

196

(1)

-
-

(2)

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Reconciliation of gross profit (loss) to adjusted gross profit:

(1)

Gross profit (loss)

309

(8,872)

2,187

(4,409)

939

(1,116)

390

(578)

594

Loss (gain) on unrealised non-hedge derivatives and other commodity
contracts (note 4)

2,212

4,762

(946)

8,095

(3,885)

297

606

(265)

990

(978)

Adjusted gross profit (loss)

(1)

2,521

(4,110)

1,241

3,686

(2,945)

337

(510)

125

412

(384)

Realised loss on other commodity contracts (note 4)

253

Cost of hedge buy-back (note C)

6,315

7,764

797

979

Adjusted gross profit excluding hedge buy-back costs

(1)

2,521

2,205

1,241

10,001

5,072

337

287

125

1,208

626

Rounding of figures may result in computational discrepancies.

Investment in hedge restructure transaction: During the hedge restructure in December 2004 and March 2005 quarters, $83m and $69m in cash was injected respectively into the hedge book in these
quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for the purposes of the adjustment to earnings, will only be
taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the short-term contracts were settled;

US Dollar million

Headline earnings (loss) adjusted for the effect of unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond, is intended to illustrate earnings after
adjusting for:

SA Rand million

From time to time AngloGold Ashanti may publicly disclose certain "Non-GAAP" financial measures in the course of its financial presentations, earnings releases, earnings conference calls and
otherwise.

The group utilises certain Non-GAAP performance measures and ratios in managing its business and may provide users of this financial information with additional meaningful comparisons between
current results and results in prior operating periods. 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 measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other
companies use.

Calculated on the basic weighted average number of ordinary shares.

Headline earnings (loss) adjusted for unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bonds

Quarter ended

Year ended

Loss (gain) on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and other commodity contracts as follows:

SA Rand million

The unrealised fair value change on the option component of the convertible bond; and

Quarter ended

In addition, during the June 2008 quarter the hedge book was reduced and contracts to the value of $1,1bn was early settled. Following the sale of the investment in Nufcor International Ltd. (NIL)
uranium contracts of 1m pounds were cancelled. In the September 2009 quarter the hedge book was further reduced and contracts to the value of $797m was settled. The impact on earnings after
taxation was $916m in 2008 and $758m in 2009.

Settled positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the date of settlement.

The unrealised fair value change in contracts that are still open at the reporting date, as well as, the unwinding of the historic marked-to-market value of the position settled in the period;

Open positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the current reporting date; and

Year ended

The unrealised fair value change on the onerous uranium contracts.

Quarter ended

Year ended

Gross profit (loss) adjusted for unrealised non-hedge derivatives, other commodity contracts and hedge buy-back costs

(1)

Adjusted gross profit (loss) excludes unrealised non-hedge derivatives and other commodity contracts

Quarter ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Price received

Gold income (note 2)

9,234

8,512

8,517

30,745

29,774

1,236

1,101

858

3,768

3,619

Adjusted for non-controlling interests

(302)

(310)

(308)

(1,056)

(1,078)

(44)

(40)

(31)

(132)

(131)

8,932

8,202

8,209

29,689

28,696

1,192

1,061

827

3,636

3,488

(Loss) gain on realised non-hedge derivatives (note 4)

(494)

(139)

(348)

2,476

(1,275)

(66)

(19)

(35)

254

(155)

Loss on hedge buy-back costs (note 4)

(6,315)

(8,634)

(797)

(1,088)

Associate's and equity accounted joint ventures share of gold
income including realised non-hedge derivatives

826

600

748

2,975

1,568

110

357

185

Attributable gold income including realised non-hedge derivatives

9,264

2,348

8,609

28,825

20,355

1,236

323

867

3,450

2,430

Attributable gold sold - kg / - oz (000)

37,359

38,435

39,249

142,837

155,954

1,201

1,236

1,262

4,592

5,014

Revenue price per unit - R/kg / - $/oz

247,985

61,095

219,329

201,805

130,522

1,029

261

687

751

485

Attributable gold income including realised non-hedge derivatives
as above

9,264

2,348

8,609

28,825

20,355

1,236

323

867

3,450

2,430

Cost of hedge buy-back (note 4)

6,315

7,764

797

979

Associate's and equity accounted joint ventures share of loss on
hedge buy-back costs

871

109

Attributable gold income including realised non-hedge derivatives
normalised for hedge buy-back costs

9,264

8,663

8,609

35,140

28,990

1,236

1,120

867

4,247

3,518

Attributable gold sold - kg / - oz (000)

37,359

38,435

39,249

142,837

155,954

1,201

1,236

1,262

4,592

5,014

Revenue price per unit normalised for hedge buy-back costs
- R/kg / - $/oz

247,985

225,388

219,329

246,048

185,887

1,029

906

687

925

702

Total costs

Total cash costs (note 3)

5,017

4,842

5,062

18,905

17,405

671

624

510

2,283

2,113

Adjusted for non-controlling interests and non-gold producing
companies

(121)

(228)

(204)

(777)

(741)

(16)

(29)

(21)

(91)

(90)

Associates' and equity accounted joint ventures share of total cash
costs

384

307

457

1,412

1,538

171

187

Total cash costs adjusted for non-controlling interests and non-
gold producing companies

5,280

4,921

5,315

19,540

18,202

706

634

535

2,363

2,210

Retrenchment costs (note 3)

110

Rehabilitation and other non-cash costs (note 3)

(5)

(2)

182

218

(1)

Amortisation of tangible assets (note 3)

1,152

1,107

1,387

4,615

4,620

154

143

140

555

560

Amortisation of intangible assets (note 3)

Adjusted for non-controlling interests and non-gold producing
companies

(42)

(58)

(108)

(209)

(5)

(6)

(12)

(25)

Associate's and equity accounted joint ventures share of
production costs

126

218

343

Total production costs adjusted for non-controlling
interests and non-gold producing companies

6,558

6,143

6,794

24,575

23,267

878

791

684

2,970

2,824

Gold produced - kg / - oz (000)

36,767

36,925

39,429

143,049

154,958

1,182

1,187

1,268

4,599

4,982

Total cash cost per unit - R/kg / -$/oz

143,596

133,274

134,813

136,595

117,462

598

534

422

514

444

Total production cost per unit - R/kg / -$/oz

178,379

166,355

172,312

171,795

150,149

743

667

540

646

567

EBITDA

Operating profit (loss)

4,317

(9,738)

(14,309)

(1,859)

(16,709)

576

(1,229)

(1,275)

(209)

(1,220)

Amortisation of tangible assets (note 3)

1,152

1,107

1,387

4,615

4,620

154

143

140

555

560

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 6)

(5,209)

14,786

(5,115)

14,792

(696)

1,492

(683)

1,493

Impairment of goodwill (note 6)

1,080

109

Loss (gain) on unrealised non-hedge derivatives and other commodity
contracts (note 4)

2,212

4,762

(946)

8,095

(3,885)

297

606

(265)

990

(978)

Loss on realised other commodity contracts (note 4)

253

Loss on hedge buy-back costs (note 4)

6,315

8,634

797

1,088

RMB derivative contracts buy-back costs

331

397

728

Share of associates' EBITDA

348

299

279

1,394

820

166

Discontinued operations EBITDA

(17)

(2)

Impairment of investments (note 6)

Loss (profit) on disposal and abandonment of assets (note 6)

275

156

(420)

(381)

(49)

(52)

Nufcor Uranium trust contributions by other members (note 6)

(19)

(3)

Loss (profit) on disposal of investment in Nufcor International Limited
(note 6)

(14)

(2)

3,430

3,396

2,391

13,771

9,237

458

441

241

1,663

1,131

Rounding of figures may result in computational discrepancies.

US Dollar million / Imperial

Year ended

SA Rand million / Metric

Quarter ended

Year ended

Quarter ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Interest cover

EBITDA (note E)

3,430

3,396

2,391

13,771

9,237

458

441

241

1,663

1,131

Finance costs

268

305

225

1,146

926

139

114

Capitalised finance costs

135

263

268

306

300

1,281

1,189

154

146

Interest cover - times

Free cash flow

Net cash inflow from operating activities

3,610

(4,130)

2,678

3,781

(3,127)

465

(461)

221

502

(529)

Stay-in-business capital expenditure

(1,579)

(1,287)

(1,317)

(5,078)

(4,452)

(203)

(161)

(132)

(605)

(540)

2,031

(5,417)

1,361

(1,297)

(7,579)

262

(622)

(103)

(1,069)

As at

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

Unaudited

Net asset value - cents per share

Total equity

22,524

19,006

23,746

3,030

2,529

2,511

Number of ordinary shares in issue - million (note 9)

366

366

357

366

366

357

Net asset value - cents per share

6,153

5,195

6,643

828

691

702

Total equity

22,524

19,006

23,746

3,030

2,529

2,511

Intangible assets

(1,316)

(1,315)

(1,403)

(177)

(175)

(148)

21,208

17,691

22,343

2,853

2,354

2,363

Number of ordinary shares in issue - million (note 9)

366

366

357

366

366

357

Net tangible asset value - cents per share

5,794

4,836

6,251

779

643

661

Net debt

Borrowings - long-term portion

4,862

12,512

8,224

654

1,665

870

Borrowings - short-term portion

9,493

1,867

10,046

1,277

249

1,063

Total borrowings

14,355

14,379

18,270

1,931

1,914

1,933

Corporate office lease

(258)

(257)

(254)

(35)

(34)

(27)

Unamortised portion on the convertible bond

1,019

1,029

(38)

137

137

(4)

Cash restricted for use

(481)

(501)

(415)

(65)

(67)

(44)

Cash and cash equivalents

(8,176)

(8,328)

(5,438)

(1,100)

(1,108)

(575)

Net debt

6,459

6,322

12,125

868

842

1,283

Rounding of figures may result in computational discrepancies.

US Dollar million

Quarter ended

US Dollar million

SA Rand million

Year ended

Quarter ended

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

SA Rand / US Dollar

Great Noligwa

205

213

Kopanang

145

123

116

486

391

Moab Khotsong

244

250

205

874

736

104

Tau Lekoa

142

146

Surface Operations

Mponeng

258

239

228

912

707

109

Savuka

107

TauTona

133

135

147

479

491

SOUTH AFRICA

931

865

815

3,228

2,779

121

108

385

337

Navachab

164

SOUTHERN AFRICA

952

927

849

3,392

2,877

124

116

405

349

Iduapriem

150

235

448

Obuasi

220

191

383

788

922

112

Siguiri - Attributable 85%

187

151

Morila - Attributable 40%

(1)

Sadiola

- Attributable 41%

Yatela - Attributable 40%

Geita

105

160

433

Non-controlling interests, exploration
and other

CONTINENTAL AFRICA

490

308

707

1,490

2,059

178

250

Sunrise Dam

259

159

Boddington

1,007

1,335

3,457

100

146

419

Exploration

AUSTRALASIA

1,054

1,599

3,618

105

177

439

Cripple Creek & Victor

294

163

726

221

NORTH AMERICA

295

163

727

221

Cerro Vanguardia - Attributable 92.50%

141

125

AngloGold Ashanti Brasil Mineração

218

196

129

705

565

Serra Grande - Attributable 50%

279

168

Non-controlling interests, exploration
and other

305

186

SOUTH AMERICA

441

357

301

1,430

1,044

171

127

OTHER

ANGLOGOLD ASHANTI

2,275

1,842

2,994

8,726

9,905

293

232

302

1,027

1,201

Rounding of figures may result in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Development

for the quarter ended 31 December 2009

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. channel

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

SOUTHERN AFRICA
VAAL RIVER
Great Noligwa
C reef

226

9.6

85.52

821

2.65

25.41

Vaal reef

702

124.8

14.28

1,782

0.38

47.91

Kopanang
Vaal reef

7,338

770

28.1

48.61

1,366

3.11

85.55

Moab Khotsong
Vaal reef

4,890

420

132.3

31.91

4,222

1.66

215.19

Tau Lekoa
Ventersdorp Contact reef

2,184

160

71.2

5.20

370

0.01

1.05

SOUTHERN AFRICA
WEST WITS
Mponeng
Ventersdorp Contact reef

4,441

522

47.8

41.28

1,973

Tau Tona
Ventersdorp Contact reef

Carbon Leader reef

857

11.9

325.29

3,871

2.11

24.91

CONTINENTAL AFRICA
Obuasi

4,818

2,146

*450.0

6.98

3,141

AUSTRALASIA
Sunrise Dam

599

3.70

SOUTH AMERICA
Brasil Mineração
Mina de Cuiabá

1,310

314

937.0

5.64

Córrego do Sitio

5,030

1,783

3.82

Lamego

1,130

60.0

4.85

Serra Grande
Mina III

1,582

840

100.0

4.08

Mina Nova

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. channel

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

SOUTHERN AFRICA
VAAL RIVER
Great Noligwa
C reef

741

295

3.8

2.49

0.79

5.30

1.67

Vaal reef

2,302

49.1

0.42

1.71

0.76

3.11

Kopanang
Vaal reef

24,073

2,526

11.1

1.42

1.31

6.22

5.73

Moab Khotsong
Vaal reef

16,042

1,378

52.1

0.93

4.04

3.32

14.41

Tau Lekoa
Ventersdorp Contact reef

7,167

525

28.0

0.15

0.35

0.02

0.05

SOUTHERN AFRICA
WEST WITS
Mponeng
Ventersdorp Contact reef

14,572

1,713

18.8

1.20

1.89

Tau Tona
Ventersdorp Contact reef

134

Carbon Leader reef

2,813

190

4.7

9.49

3.70

4.22

1.65

CONTINENTAL AFRICA
Obuasi

15,806

7,041

*177.2

0.20

3.01

AUSTRALASIA
Sunrise Dam

1,965

0.11

SOUTH AMERICA
Brasil Mineração
Mina de Cuiabá

4,299

1,030

368.9

0.16

Córrego do Sitio

16,503

5,848

0.11

Lamego

3,706

138

23.6

0.14

Serra Grande
Mina III

5,190

2,756

39.4

0.12

Mina Nova

301

* Average ore body width.

Sampled

gold

uranium

Development values represent actual results of sampling, no allowances having been made for adjustments necessary in estimating ore reserves.

Sampled

gold

uranium

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Metric

Great Noligwa

5.57

5.46

6.37

5.73

7.33

1,044

1,292

1,969

4,914

10,268

Kopanang

7.57

6.63

6.78

6.74

6.82

3,177

2,857

2,827

10,481

11,244

Moab Khotsong

8.88

9.99

9.03

9.36

9.31

2,260

1,922

2,194

7,686

5,965

Tau Lekoa

3.59

3.20

3.53

3.32

3.58

1,044

971

1,105

3,852

4,444

Surface Operations

0.47

0.52

0.42

0.53

0.36

1,127

1,229

848

5,092

2,864

Mponeng

8.27

8.15

9.45

8.66

10.02

3,938

3,892

4,492

16,159

18,672

Savuka

3.91

2.48

6.96

5.45

6.28

566

924

2,057

TauTona

7.11

7.39

8.37

7.29

8.66

765

2,309

2,184

6,800

9,769

SOUTH AFRICA

13,418

14,504

16,185

55,908

65,283

Navachab

1.97

1.61

1.53

1.58

1.43

526

509

614

2,014

2,126

SOUTHERN AFRICA

13,943

15,014

16,799

57,922

67,409

Iduapriem

1.81

1.54

1.83

1.72

1.76

1,693

1,608

1,761

5,909

6,221

Obuasi

5.52

5.68

4.62

5.18

4.37

3,024

2,847

3,062

11,861

11,107

Siguiri - Attributable 85%

1.06

1.10

1.11

1.20

2,396

2,451

2,533

9,836

10,350

Morila - Attributable 40%

2.25

2.26

3.31

2.47

3.08

957

995

1,456

4,251

5,298

Sadiola

- Attributable 41%

2.12

2.33

3.58

2.52

3.42

991

983

1,530

4,187

5,357

Yatela

- Attributable 40%

3.91

3.24

2.60

3.62

2.66

872

685

503

2,768

2,052

Geita

2.09

2.20

1.68

1.89

1.92

2,534

2,586

1,614

8,466

8,203

CONTINENTAL AFRICA

12,468

12,155

12,459

47,278

48,588

Sunrise Dam

3.03

2.90

2.33

2.87

3.46

3,331

3,176

2,651

12,477

13,477

AUSTRALASIA

3,331

3,176

2,651

12,477

13,477

Cerro Vanguardia - Attributable 92.50%

6.12

6.20

7.44

6.51

5.44

1,448

1,469

1,752

5,980

4,799

AngloGold Ashanti Brasil Mineração

7.28

7.33

7.77

7.02

7.62

3,019

2,806

2,596

10,229

9,960

Serra Grande

- Attributable 50%

5.83

4.41

8.00

4.72

7.58

826

621

750

2,396

2,709

SOUTH AMERICA

5,294

4,896

5,098

18,604

17,468

Cripple Creek & Victor

0.46

0.44

0.48

0.46

0.49

1,731

1,684

2,422

6,768

8,016

NORTH AMERICA

1,731

1,684

2,422

6,768

8,016

ANGLOGOLD ASHANTI

36,767

36,925

39,429

143,049

154,958

Underground Operations

6.68

6.41

6.72

6.41

6.89

19,435

19,816

21,679

76,532

85,025

Surface and Dump Reclamation

0.48

0.49

0.44

0.51

0.42

1,476

1,527

1,362

6,481

5,009

Open-pit Operations

1.98

1.95

2.01

1.96

2.12

13,128

13,077

13,240

50,041

53,930

Heap Leach Operations

0.72

0.60

0.61

0.65

0.62

2,728

2,505

3,148

9,995

10,994

36,767

36,925

39,429

143,049

154,958

The yield of Yatela and Cripple Creek & Victor reflects gold placed / tonnes

placed.

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Rounding of figures may result in computational discrepancies.

Yield - g/t

Gold produced - kg

The yield is calculated on gold placed into leach pad inventory / tonnes

placed on to leach pad.

The yield of TauTona, Obuasi, AngloGold Ashanti Brasil Mineração and Serra Grande

represents underground operations.

The yield of Sunrise Dam represents open-pit operations.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Metric

Great Noligwa

125

143

1,021

1,374

1,967

4,892

10,282

Kopanang

212

191

188

175

188

3,108

2,978

2,823

10,413

11,253

Moab Khotsong

193

178

231

180

204

2,219

2,021

2,192

7,644

5,966

Tau Lekoa

116

107

124

107

127

1,021

1,030

1,104

3,829

4,447

Surface Operations

1,608

1,759

1,157

1,812

1,021

1,102

1,323

847

5,066

2,867

Mponeng

241

237

289

252

296

4,029

4,094

4,496

16,163

18,720

Savuka

170

158

566

925

2,063

TauTona

226

209

161

214

818

2,403

2,184

6,804

9,800

SOUTH AFRICA

165

184

204

177

204

13,381

15,259

16,179

55,737

65,398

Navachab

284

287

373

290

368

538

491

643

1,984

2,128

SOUTHERN AFRICA

168

186

208

180

207

13,919

15,749

16,822

57,722

67,526

Iduapriem

611

578

679

549

600

1,718

1,517

1,717

5,921

6,230

Obuasi

208

196

218

209

197

3,203

2,850

3,003

12,035

10,974

Siguiri - Attributable 85%

520

527

637

547

625

2,622

3,069

2,680

9,590

10,469

Morila - Attributable 40%

1,479

1,554

1,021

1,266

873

1,129

983

1,438

4,341

5,446

Sadiola

- Attributable 41%

645

692

1,102

720

931

1,099

894

1,459

4,329

5,418

Yatela - Attributable 40%

1,264

984

665

958

618

931

642

479

2,826

2,050

Geita

390

409

254

338

329

2,713

2,505

1,638

8,449

8,088

CONTINENTAL AFRICA

399

391

335

386

374

13,413

12,458

12,413

47,490

48,675

Sunrise Dam

2,330

2,243

2,150

2,287

2,741

3,474

2,843

2,734

12,317

13,455

AUSTRALASIA

2,330

2,243

2,150

2,287

2,741

3,474

2,843

2,734

12,317

13,455

Cerro Vanguardia - Attributable 92.50%

690

822

710

559

1,175

2,088

1,528

5,991

5,169

AngloGold Ashanti Brasil Mineração

531

526

582

481

558

2,906

2,931

2,696

10,117

10,464

Serra Grande - Attributable 50%

723

571

745

544

716

782

689

676

2,445

2,693

SOUTH AMERICA

593

573

390

545

489

4,863

5,708

4,900

18,553

18,326

Cripple Creek & Victor

1,548

1,520

2,318

1,538

1,909

1,689

1,676

2,380

6,755

7,972

NORTH AMERICA

1,548

1,520

2,318

1,538

1,909

1,689

1,676

2,380

6,755

7,972

ANGLOGOLD ASHANTI

292

301

295

292

309

37,359

38,435

39,249

142,837

155,954

Rounding of figures may result in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

SA Rand / Metric

Great Noligwa

243,647

228,066

144,190

211,048

119,140

299,374

269,935

179,299

264,016

145,120

Kopanang

96,085

110,280

99,050

107,580

91,516

134,571

154,448

135,067

155,744

129,241

Moab Khotsong

117,467

119,083

101,180

111,662

102,216

202,773

195,043

166,260

194,532

170,693

Tau Lekoa

175,943

198,952

152,541

191,184

140,368

168,412

204,095

197,435

201,203

173,780

Surface Operations

110,207

101,339

116,749

89,867

116,290

112,168

106,128

123,411

93,700

124,038

Mponeng

95,372

93,380

71,022

86,928

65,365

115,109

113,899

85,700

105,562

84,523

Savuka

975,068

2,448,510

81,339

295,800

106,748

1,256,025

3,001,824

144,345

367,668

137,104

TauTona

346,655

125,198

103,961

147,668

97,483

479,619

178,428

186,583

210,794

135,160

SOUTH AFRICA

136,761

130,009

101,675

123,401

95,144

178,845

168,432

141,898

163,770

126,673

Navachab

175,352

153,760

163,164

165,298

142,795

163,946

173,607

186,190

177,190

160,623

SOUTHERN AFRICA

138,216

130,815

103,922

124,858

96,647

178,283

168,608

143,516

164,236

127,744

Iduapriem

123,630

123,471

184,109

137,397

141,662

143,945

135,470

205,867

154,038

164,300

Obuasi

136,172

167,356

227,350

170,861

171,223

182,052

205,661

280,492

215,305

224,223

Siguiri - Attributable 85%

152,730

125,416

152,574

139,036

123,442

169,839

155,245

177,449

159,275

143,801

Morila - Attributable 40%

157,585

139,689

122,592

140,981

111,128

182,675

150,571

146,612

155,936

131,341

Sadiola

- Attributable 41%

153,896

132,930

123,137

128,920

106,486

181,463

151,846

186,097

151,233

148,948

Yatela - Attributable 40%

91,723

54,240

178,973

98,617

151,165

125,839

69,808

168,722

121,069

155,196

Geita

253,398

220,599

294,552

251,419

193,392

291,177

258,683

342,695

296,126

245,414

CONTINENTAL AFRICA

159,820

151,525

187,010

162,309

145,457

191,688

180,036

223,947

192,988

180,906

Sunrise Dam

200,811

161,239

154,754

171,100

138,295

223,993

184,234

188,295

199,918

165,643

AUSTRALASIA

207,318

163,403

162,701

175,584

143,892

231,129

187,005

193,158

205,027

171,135

Cerro Vanguardia - Attributable 92.50%

81,425

84,615

148,071

96,642

162,345

119,975

113,590

183,107

131,823

202,598

AngloGold Ashanti Brasil Mineração

100,737

82,838

74,764

88,765

78,701

131,656

123,798

115,725

127,982

113,696

Serra Grande - Attributable 50%

81,045

111,359

82,975

107,311

77,872

114,390

147,349

114,416

142,878

104,690

SOUTH AMERICA

92,710

87,276

104,448

93,917

106,336

130,196

124,522

141,969

132,686

141,485

Cripple Creek & Victor

100,989

98,114

102,980

100,315

83,448

124,846

122,291

137,163

127,226

111,667

NORTH AMERICA

101,854

101,004

113,386

102,971

90,397

125,737

125,204

147,583

129,906

118,636

ANGLOGOLD ASHANTI

143,596

133,274

134,813

136,595

117,462

178,379

166,355

172,312

171,795

150,149

Rounding of figures may result in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Great Noligwa

(56)

(241)

(270)

(430)

(56)

(57)

(86)

421

Kopanang

345

(180)

240

535

(132)

345

210

240

926

644

Moab Khotsong

(199)

114

136

(138)

114

395

Tau Lekoa

(123)

(230)

168

Surface Operations

145

(32)

578

145

160

770

177

Mponeng

524

(172)

594

1,633

772

524

461

594

2,265

1,887

Savuka

(63)

(92)

(113)

(8)

(63)

(87)

(108)

104

TauTona

(186)

(265)

(150)

(130)

(186)

112

226

495

SOUTH AFRICA

880

(1,304)

1,243

2,371

(253)

880

881

1,243

4,556

3,883

Navachab

(70)

(12)

138

SOUTHERN AFRICA

919

(1,374)

1,266

2,414

(265)

919

906

1,266

4,694

3,938

Iduapriem

193

(122)

295

(165)

193

121

538

147

Obuasi

194

(548)

(330)

(281)

(1,063)

194

(330)

332

(550)

Siguiri - Attributable 85%

223

(790)

103

(223)

223

199

103

766

438

Morila

- Attributable 40%

107

462

(20)

107

462

315

Sadiola

1,2

- Attributable 41%

470

(180)

470

222

Yatela

- Attributable 40%

129

109

376

(53)

129

109

376

Geita

(96)

(499)

(570)

(833)

(1,545)

(96)

(69)

(570)

(403)

(1,054)

Non-controlling interests, exploration and
other

177

169

177

169

CONTINENTAL AFRICA

881

(1,640)

(542)

443

(2,798)

881

635

(542)

2,718

(232)

Sunrise Dam

(491)

(48)

(480)

537

256

Exploration and other

(24)

(9)

(13)

(64)

(74)

(24)

(9)

(13)

(64)

(74)

AUSTRALASIA

(499)

(112)

(554)

473

182

Cerro Vanguardia - Attributable 92.50%

142

(6)

385

(231)

142

216

607

(87)

AngloGold Ashanti Brasil Mineração

341

(179)

271

736

129

341

317

271

1,231

776

Serra Grande - Attributable 50%

104

(93)

105

104

253

213

Non-controlling interests, exploration and
other

104

286

234

104

304

246

SOUTH AMERICA

691

(215)

432

1,512

211

691

668

432

2,395

1,148

Cripple Creek & Victor

207

(121)

195

513

155

207

170

195

804

601

Other

(2)

(5)

(25)

(19)

(56)

(2)

(5)

(25)

(18)

(56)

NORTH AMERICA

205

(126)

170

494

205

165

170

786

545

OTHER

244

167

243

SUB-TOTAL

2,841

(3,839)

1,425

4,995

(3,140)

2,841

2,476

1,425

11,309

5,621

Less equity accounted investments

(320)

(271)

(184)

(1,309)

195

(320)

(271)

(184)

(1,308)

(549)

ANGLOGOLD ASHANTI

2,521

(4,110)

1,241

3,686

(2,945)

2,521

2,205

1,241

10,001

5,072

Equity accounted investments.

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Rounding of figures may result in computational discrepancies.

SA Rand

Gross profit (loss) adjusted for the gain (loss) on unrealised non-hedge

derivatives and other commodity contracts - Rm

Adjusted gross profit (loss) excluding hedge buy-back costs - Rm

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Imperial

Great Noligwa

0.162

0.159

0.186

0.167

0.214

158

330

Kopanang

0.221

0.193

0.198

0.197

0.199

102

336

362

Moab Khotsong

0.259

0.291

0.263

0.273

0.271

247

192

Tau Lekoa

0.105

0.093

0.103

0.097

0.104

124

143

Surface Operations

0.014

0.015

0.012

0.015

0.011

164

Mponeng

0.241

0.238

0.276

0.253

0.292

127

125

144

520

600

Savuka

0.114

0.072

0.203

0.159

0.183

TauTona

0.207

0.216

0.244

0.213

0.253

218

314

SOUTH AFRICA

431

466

520

1,797

2,099

Navachab

0.058

0.047

0.045

0.046

0.042

SOUTHERN AFRICA

448

483

540

1,862

2,167

Iduapriem

0.053

0.045

0.053

0.050

0.051

190

200

Obuasi

0.161

0.166

0.135

0.151

0.127

381

357

Siguiri - Attributable 85%

0.031

0.032

0.035

316

333

Morila - Attributable 40%

0.066

0.096

0.072

0.090

137

170

Sadiola

- Attributable 41%

0.062

0.068

0.104

0.074

0.100

135

172

Yatela

- Attributable 40%

0.114

0.095

0.076

0.106

0.078

Geita

0.061

0.064

0.049

0.055

0.056

272

264

CONTINENTAL AFRICA

401

391

401

1,520

1,562

Sunrise Dam

0.088

0.085

0.068

0.084

0.101

107

102

401

433

AUSTRALASIA

107

102

401

433

Cerro Vanguardia - Attributable 92.50%

0.178

0.181

0.217

0.190

0.159

192

154

AngloGold Ashanti Brasil Mineração

0.212

0.214

0.227

0.205

0.222

329

320

Serra Grande

- Attributable 50%

0.170

0.129

0.233

0.138

0.221

SOUTH AMERICA

170

157

164

598

562

Cripple Creek & Victor

0.013

0.014

0.013

0.014

218

258

NORTH AMERICA

218

258

ANGLOGOLD ASHANTI

1,182

1,187

1,268

4,599

4,982

Undergound Operations

0.195

0.187

0.196

0.187

0.201

625

637

697

2,461

2,734

Surface and Dump Reclamation

0.014

0.013

0.015

0.012

208

161

Open-pit Operations

0.058

0.057

0.059

0.057

0.062

422

420

426

1,609

1,734

Heap leach Operations

0.021

0.018

0.019

0.018

101

321

353

1,182

1,187

1,268

4,599

4,982

placed.

Rounding of figures may result in computational discrepancies.

placed on to leach pad.

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Yield - oz/t

Gold produced - oz (000)

The yield of TauTona, Obuasi, AngloGold Ashanti Brasil Mineração and Serra Grande

represents underground operations.

The yield of Sunrise Dam represents open-pit operations.

The yield of Yatela and Cripple Creek & Victor reflects gold placed / tonnes

The yield is calculated on gold placed into leach pad inventory / tonnes

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Imperial

Great Noligwa

2.48

3.03

4.01

2.86

4.60

157

331

Kopanang

6.82

6.14

6.06

5.63

6.04

100

335

362

Moab Khotsong

6.19

5.73

7.44

5.79

6.55

246

192

Tau Lekoa

3.72

3.45

4.00

3.43

4.08

123

143

Surface Operations

51.69

56.54

37.19

58.27

32.82

163

Mponeng

7.76

7.63

9.31

8.11

9.53

130

132

145

520

602

Savuka

0.68

0.34

5.48

2.38

5.09

TauTona

2.06

7.26

6.73

5.14

6.89

219

315

SOUTH AFRICA

5.31

5.92

6.57

5.70

6.55

430

491

520

1,792

2,103

Navachab

9.14

9.24

12.00

9.33

11.83

SOUTHERN AFRICA

5.40

5.99

6.68

5.77

6.65

448

506

541

1,856

2,171

Iduapriem

19.65

18.59

21.83

17.63

19.30

190

200

Obuasi

6.69

6.29

7.01

6.72

6.34

103

387

353

Siguiri - Attributable 85%

16.73

16.93

20.47

17.58

20.09

308

337

Morila - Attributable 40%

47.55

49.98

32.84

40.70

28.05

140

175

Sadiola

- Attributable 41%

20.75

22.25

35.44

23.14

29.95

139

174

Yatela - Attributable 40%

40.65

31.64

21.38

30.80

19.86

Geita

12.55

13.15

8.16

10.87

10.58

272

260

CONTINENTAL AFRICA

12.82

12.58

10.79

12.40

12.02

431

401

399

1,527

1,565

Sunrise Dam

74.90

72.12

69.12

73.52

88.12

112

396

433

AUSTRALASIA

74.90

72.12

69.12

73.52

88.12

112

396

433

Cerro Vanguardia - Attributable 92.50%

22.18

22.20

26.43

22.83

17.98

193

166

AngloGold Ashanti Brasil Mineração

17.09

16.92

18.71

15.45

17.94

325

336

Serra Grande - Attributable 50%

23.25

18.35

23.95

17.51

23.04

SOUTH AMERICA

19.08

18.42

12.53

17.54

15.73

156

184

158

596

589

Cripple Creek & Victor

49.78

48.87

74.51

49.46

61.39

217

256

NORTH AMERICA

49.78

48.87

74.51

49.46

61.39

217

256

ANGLOGOLD ASHANTI 9.40

9.68

9.48

9.40

9.94

1,201

1,236

1,262

4,592

5,014

Rounding of figures may result in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

US Dollar / Imperial

Great Noligwa

1,014

916

452

794

458

1,246

1,084

562

990

557

Kopanang

400

442

310

406

348

560

619

423

586

492

Moab Khotsong

489

478

317

424

379

844

783

520

737

632

Tau Lekoa

732

797

478

718

533

701

818

618

749

658

Surface Operations

459

406

366

341

440

467

426

387

355

469

Mponeng

397

375

222

329

249

479

458

268

399

323

Savuka

4,062

9,847

255

1,115

411

5,231

12,063

452

1,387

518

TauTona

1,443

501

325

561

374

1,997

714

584

801

509

SOUTH AFRICA

569

522

318

466

362

744

676

444

617

480

Navachab

730

615

512

622

534

683

695

584

663

601

SOUTHERN AFRICA

575

525

325

472

367

742

676

449

619

484

Iduapriem

515

493

577

516

525

599

541

645

579

611

Obuasi

567

671

712

630

633

758

824

879

796

834

Siguiri - Attributable 85%

636

500

478

519

466

707

619

556

595

542

Morila - Attributable 40%

656

559

385

527

419

760

603

460

583

495

Sadiola

- Attributable 41%

640

532

386

488

399

755

608

583

571

554

Yatela - Attributable 40%

382

219

561

368

572

524

281

529

455

591

Geita

1,055

883

921

954

728

1,212

1,035

1,071

1,121

929

CONTINENTAL AFRICA

665

615

586

608

544

798

715

701

723

678

Sunrise Dam

836

647

486

646

531

932

740

590

751

635

AUSTRALASIA

863

655

511

662

552

962

751

606

770

657

Cerro Vanguardia - Attributable 92.50%

339

336

464

355

608

499

452

573

487

757

AngloGold Ashanti Brasil Mineração

419

333

234

339

300

548

499

363

486

432

Serra Grande - Attributable 50%

337

445

260

406

294

476

589

359

542

394

SOUTH AMERICA

386

349

327

353

402

542

499

445

500

534

Cripple Creek & Victor

420

394

322

376

309

520

491

429

475

413

NORTH AMERICA

424

406

355

385

334

523

503

462

485

438

ANGLOGOLD ASHANTI 598

534

422

514

444

743

667

540

646

567

Rounding of figures may result in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Dec

Sep

Dec

Sep

Dec

2009

2008

2009

2008

2009

2008

2009

2008

Great Noligwa

(8)

(31)

(35)

(55)

(8)

(7)

(12)

Kopanang

(22)

113

Moab Khotsong

(25)

(20)

Tau Lekoa

(15)

(30)

Surface Operations

(3)

Mponeng

(20)

192

272

227

Savuka

(8)

(12)

(16)

(2)

(8)

(11)

(15)

TauTona (25)

(33)

(24)

(17)

(25)

SOUTH AFRICA

118

(161)

126

263

(55)

118

115

126

539

466

Navachab

(9)

(2)

SOUTHERN AFRICA

123

(170)

128

268

(57)

123

118

128

556

473

Iduapriem

(15)

(21)

Obuasi

(69)

(33)

(34)

(126)

(33)

(61)

Siguiri - Attributable 85%

(99)

(32)

Morila

- Attributable 40%

(4)

Sadiola

1,2

- Attributable 41%

(23)

Yatela

- Attributable 40%

(7)

Geita

(13)

(63)

(58)

(100)

(181)

(13)

(8)

(58)

(46)

(119)

Non-controlling interests, exploration and
other

CONTINENTAL AFRICA

118

(205)

(55)

(334)

118

(55)

334

(12)

Sunrise Dam

(62)

(10)

(61)

Exploration and other

(3)

(1)

(7)

(9)

(3)

(1)

(8)

(9)

AUSTRALASIA

(63)

(17)

(70)

Cerro Vanguardia - Attributable 92.50%

(30)

(12)

AngloGold Ashanti Brasil Mineração

(22)

150

Serra Grande - Attributable 50%

(12)

Non-controlling interests, exploration and
other

SOUTH AMERICA

(25)

184

296

138

Cripple Creek & Victor

(15)

Other

(1)

(3)

(2)

(6)

(1)

(3)

(2)

(7)

NORTH AMERICA

(15)

OTHER

SUB-TOTAL

380

(475)

143

568

(412)

380

321

143

1,364

693

Less equity accounted investments

(43)

(35)

(18)

(156)

(43)

(35)

(18)

(156)

(67)

ANGLOGOLD ASHANTI 337

(510)

125

412

(384)

337

287

125

1,208

626

Equity accounted investments.

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Rounding of figures may result in computational discrepancies.

US Dollar

Gross profit (loss) adjusted for the gain (loss) on unrealised non-hedge

derivatives and other commodity contracts - $m

Adjusted gross profit (loss) excluding hedge buy-back costs - $m

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

153

265

360

447

625

1,648

2,849

Milled

- 000 tonnes / - 000 tons

187

237

309

858

1,400

207

261

341

945

1,543

Yield

- g/t

/ - oz/t

5.57

5.46

6.37

5.73

7.33

0.162

0.159

0.186

0.167

0.214

Gold produced

- kg

/ - oz (000)

1,044

1,292

1,969

4,914

10,268

158

330

Gold sold

- kg

/ oz (000)

1,021

1,374

1,967

4,892

10,282

157

331

Total cash costs

- R

/ - $

- ton milled

1,357

1,246

918

1,209

874

165

146

133

- R/kg

/ - $/oz

- produced

243,647

228,066

144,190

211,048

119,140

1,014

916

452

794

458

Total production costs

- R/kg

/ - $/oz

- produced

299,374

269,935

179,299

264,016

145,120

1,246

1,084

562

990

557

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

125

143

2.48

3.03

4.01

2.86

4.60

Actual

- m

/ - ft

2.48

3.03

3.68

2.77

3.69

26.68

32.65

39.59

29.82

39.70

FINANCIAL RESULTS (MILLION)
Gold income

246

307

433

1,127

1,894

136

234

Cost of sales

307

368

353

1,292

1,491

156

184

Cash operating costs

253

293

282

1,031

1,217

125

150

Other cash costs

Total cash costs

254

295

284

1,037

1,223

125

151

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

(1)

(4)

Production costs

266

300

289

1,063

1,241

129

153

Amortisation of tangible assets

234

249

Inventory change

(6)

(1)

(61)

(62)

(165)

402

(8)

(20)

Realised non-hedge derivatives and other commodity contracts

(180)

(2)

(105)

(832)

(23)

(15)

(105)

(56)

(241)

(270)

(430)

(8)

(31)

(35)

(55)

Add back hedge buy-back costs

184

736

Add realised loss on other commodity contracts

115

(56)

(57)

(86)

421

(8)

(7)

(12)

Capital expenditure

205

213

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross (loss) profit excluding hedge buy-back costs

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

104

105

376

408

1,115

1,067

1,134

4,049

4,392

Milled

- 000 tonnes / - 000 tons

419

431

417

1,556

1,649

462

475

460

1,715

1,818

Yield

- g/t

/ - oz/t

7.57

6.63

6.78

6.74

6.82

0.221

0.193

0.198

0.197

0.199

Gold produced

- kg

/ - oz (000)

3,177

2,857

2,827

10,481

11,244

102

336

362

Gold sold

- kg

/ oz (000)

3,108

2,978

2,823

10,413

11,253

100

335

362

Total cash costs

- R

/ - $

- ton milled

728

731

672

725

624

- R/kg

/ - $/oz

- produced

96,085

110,280

99,050

107,580

91,516

400

442

310

406

348

Total production costs

- R/kg

/ - $/oz

- produced

134,571

154,448

135,067

155,744

129,241

560

619

423

586

492

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

212

191

188

175

188

6.82

6.14

6.06

5.63

6.04

Actual

- m

/ - ft

6.92

6.62

7.02

6.29

6.81

74.44

71.29

75.57

67.69

73.35

FINANCIAL RESULTS (MILLION)
Gold income

746

666

624

2,401

2,107

100

295

255

Cost of sales

418

463

381

1,623

1,454

197

178

Cash operating costs

303

313

278

1,120

1,023

136

125

Other cash costs

Total cash costs

305

315

280

1,128

1,029

137

126

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Production costs

310

322

284

1,149

1,047

139

128

Amortisation of tangible assets

118

119

483

406

Inventory change

(9)

(1)

328

203

242

777

653

Realised non-hedge derivatives and other commodity contracts

(384)

(3)

(243)

(784)

(49)

(34)

(99)

345

(180)

240

535

(132)

(22)

Add back hedge buy-back costs

391

669

Add realised loss on other commodity contracts

107

345

210

240

926

644

113

Capital expenditure

145

123

116

486

391

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

123

411

319

379

1,327

1,039

Milled

- 000 tonnes / - 000 tons

254

192

243

821

641

280

212

268

905

707

Yield

- g/t

/ - oz/t

8.88

9.99

9.03

9.36

9.31

0.259

0.291

0.263

0.273

0.271

Gold produced

- kg

/ - oz (000)

2,260

1,922

2,194

7,686

5,965

247

192

Gold sold

- kg

/ - oz (000)

2,219

2,021

2,192

7,644

5,966

246

192

Total cash costs

- R

/ - $

- ton milled

1,044

1,190

914

1,046

951

127

139

116

103

- R/kg

/ - $/oz

- produced

117,467

119,083

101,180

111,662

102,216

489

478

317

424

379

Total production costs

- R/kg

/ - $/oz

- produced

202,773

195,043

166,260

194,532

170,693

844

783

520

737

632

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

193

178

231

180

204

6.19

5.73

7.44

5.79

6.55

Actual

- m

/ - ft

3.26

2.74

3.72

2.89

3.30

35.06

29.51

40.02

31.11

35.49

FINANCIAL RESULTS (MILLION)
Gold income

529

454

480

1,761

1,118

215

131

Cost of sales

450

397

364

1,487

1,018

182

121

Cash operating costs

264

227

221

852

606

104

Other cash costs

Total cash costs

266

229

222

858

610

105

Retrenchment costs

Rehabilitation and other non-cash costs

(6)

(8)

(1)

Production costs

262

233

214

865

615

105

Amortisation of tangible assets

197

141

150

630

403

Inventory change

(9)

(1)

116

274

100

Realised non-hedge derivatives and other commodity contracts

(256)

(2)

(138)

(237)

(32)

(20)

(30)

(199)

114

136

(138)

(25)

(20)

Add back hedge buy-back costs

259

201

Add realised loss on other commodity contracts

114

395

Capital expenditure

244

250

205

874

736

104

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

240

239

639

677

618

2,579

2,573

Milled

- 000 tonnes / - 000 tons

291

303

313

1,159

1,243

321

334

345

1,277

1,370

Yield

- g/t

/ - oz/t

3.59

3.20

3.53

3.32

3.58

0.105

0.093

0.103

0.097

0.104

Gold produced

- kg

/ - oz (000)

1,044

971

1,105

3,852

4,444

124

143

Gold sold

- kg

/ oz (000)

1,021

1,030

1,104

3,829

4,447

123

143

Total cash costs

- R

/ - $

- ton milled

631

637

538

636

502

- R/kg

/ - $/oz

- produced

175,943

198,952

152,541

191,184

140,368

732

797

478

718

533

Total production costs

- R/kg

/ - $/oz

- produced

168,412

204,095

197,435

201,203

173,780

701

818

618

749

658

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

116

107

124

107

127

3.72

3.45

4.00

3.43

4.08

Actual

- m

/ - ft

6.58

6.95

6.46

6.63

6.82

70.82

74.86

69.58

71.34

73.46

FINANCIAL RESULTS (MILLION)
Gold income

243

227

241

876

834

107

101

Cost of sales

172

210

218

771

773

Cash operating costs

182

192

168

732

621

Other cash costs

Total cash costs

184

193

169

736

624

Retrenchment costs

Rehabilitation and other non-cash costs

(14)

(13)

(2)

Production costs

173

195

180

733

646

Amortisation of tangible assets

127

Inventory change

(4)

(1)

105

Realised non-hedge derivatives and other commodity contracts

(140)

(1)

(83)

(292)

(18)

(12)

(37)

(123)

(230)

(15)

(30)

Add back hedge buy-back costs

145

290

168

Capital expenditure

142

146

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,390

2,358

2,039

9,674

7,922

2,634

2,599

2,248

10,663

8,733

Yield

- g/t

/ - oz/t

0.47

0.52

0.42

0.53

0.36

0.014

0.015

0.012

0.015

0.011

Gold produced

- kg

/ - oz (000)

1,127

1,229

848

5,092

2,864

164

Gold sold

- kg

/ - oz (000)

1,102

1,323

847

5,066

2,867

163

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

110,207

101,339

116,749

89,867

116,290

459

406

366

341

440

Total production costs

- R/kg

/ - $/oz

- produced

112,168

106,128

123,411

93,700

124,038

467

426

387

355

469

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

1,608

1,759

1,157

1,812

1,021

51.69

56.54

37.19

58.27

32.82

FINANCIAL RESULTS (MILLION)
Gold income

260

290

186

1,150

544

139

Cost of sales

124

139

105

474

355

Cash operating costs

124

125

458

333

Other cash costs

Total cash costs

124

125

458

333

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

124

125

458

333

Amortisation of tangible assets

Inventory change

(3)

137

151

676

189

Realised non-hedge derivatives and other commodity contracts

(183)

(1)

(98)

(146)

(23)

(14)

(19)

145

(32)

578

(3)

Add back hedge buy-back costs

192

134

145

160

770

177

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Southern Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

335

359

866

942

963

3,602

3,859

Milled

- 000 tonnes / - 000 tons

476

477

475

1,866

1,863

525

526

524

2,057

2,054

Yield

- g/t

/ - oz/t

8.27

8.15

9.45

8.66

10.02

0.241

0.238

0.276

0.253

0.292

Gold produced

- kg

/ - oz (000)

3,938

3,892

4,492

16,159

18,672

127

125

144

520

600

Gold sold

- kg

/ - oz (000)

4,029

4,094

4,496

16,163

18,720

130

132

145

520

602

Total cash costs

- R

/ - $

- ton milled

788

761

671

753

655

- R/kg

/ - $/oz

- produced

95,372

93,380

71,022

86,928

65,365

397

375

222

329

249

Total production costs

- R/kg

/ - $/oz

- produced

115,109

113,899

85,700

105,562

84,523

479

458

268

399

323

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

241

237

289

252

296

7.76

7.63

9.31

8.11

9.53

Actual

- m

/ - ft

4.93

5.34

5.77

5.22

5.69

53.05

57.43

62.09

56.23

61.25

FINANCIAL RESULTS (MILLION)
Gold income

1,157

1,267

954

4,254

3,403

155

165

524

414

Cost of sales

464

462

385

1,706

1,582

209

194

Cash operating costs

373

361

317

1,396

1,213

170

148

Other cash costs

Total cash costs

376

363

319

1,405

1,221

171

149

Retrenchment costs

Rehabilitation costs

(4)

(1)

Production costs

373

367

327

1,413

1,248

172

153

Amortisation of tangible assets

293

330

Inventory change

694

805

569

2,548

1,820

105

315

220

Realised non-hedge derivatives and other commodity contracts

(170)

(977)

(915)

(1,049)

(23)

(125)

(123)

(133)

524

(172)

594

1,633

772

(20)

192

Add back hedge buy-back costs

632

1,116

141

524

461

594

2,265

1,887

272

227

Capital expenditure

258

239

228

912

707

109

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Southern Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

156

388

675

Milled

- 000 tonnes / - 000 tons

170

328

187

361

Yield

- g/t

/ - oz/t

3.91

2.48

6.96

5.45

6.28

0.114

0.072

0.203

0.159

0.183

Gold produced

- kg

/ - oz (000)

566

924

2,057

Gold sold

- kg

/ - oz (000)

566

925

2,063

Total cash costs

- R

/ - $

- ton milled

3,817

6,073

566

1,611

670

464

712

177

- R/kg

/ - $/oz

- produced

975,068

2,448,510

81,339

295,800

106,748

4,062

9,847

255

1,115

411

Total production costs

- R/kg

/ - $/oz

- produced

1,256,025

3,001,824

144,345

367,668

137,104

5,231

12,063

452

1,387

518

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

170

158

0.68

0.34

5.48

2.38

5.09

Actual

- m

/ - ft

1.05

0.86

4.37

2.88

4.83

11.26

9.28

47.01

31.01

51.95

FINANCIAL RESULTS (MILLION)
Gold income

121

218

375

Cost of sales

340

283

Cash operating costs

271

218

Other cash costs

Total cash costs

273

220

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Production costs

275

236

Amortisation of tangible assets

Inventory change

(61)

(84)

(122)

(8)

(11)

(17)

Realised non-hedge derivatives and other commodity contracts

(2)

(8)

(100)

(1)

(13)

(63)

(92)

(113)

(8)

(12)

(16)

(2)

Add back hedge buy-back costs

112

(63)

(87)

(108)

104

(8)

(11)

(15)

Capital expenditure

107

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross (loss) profit excluding hedge buy-back costs

Southern Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

120

164

137

397

376

1,290

1,769

Milled

- 000 tonnes / - 000 tons

304

254

900

1,106

105

336

280

992

1,220

Yield

- g/t

/ - oz/t

7.11

7.39

8.37

7.29

8.66

0.207

0.216

0.244

0.213

0.253

Gold produced

- kg

/ - oz (000)

679

2,251

2,126

6,561

9,580

211

308

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

168

133

169

608

493

185

147

186

670

544

Yield

- g/t

/ - oz/t

0.51

0.43

0.34

0.39

0.38

0.015

0.013

0.010

0.011

Gold produced

- kg

/ - oz (000)

238

189

TOTAL
Yield

- g/t

/ - oz/t

7.11

7.39

8.37

7.29

8.66

0.207

0.216

0.244

0.213

0.253

Gold produced

- kg

/ - oz (000)

765

2,309

2,184

6,800

9,769

218

314

Gold sold

- kg

/ - oz (000)

818

2,403

2,184

6,804

9,800

219

315

Total cash costs

- R

/ - $

- ton milled

1,007

660

536

666

595

122

- R/kg

/ - $/oz

- produced

346,655

125,198

103,961

147,668

97,483

1,443

501

325

561

374

Total production costs

- R/kg

/ - $/oz

- produced

479,619

178,428

186,583

210,794

135,160

1,997

714

584

801

509

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

226

209

161

214

2.06

7.26

6.73

5.14

6.89

Actual

- m

/ - ft

1.06

3.60

3.34

2.83

3.60

11.45

38.80

36.00

30.46

38.79

FINANCIAL RESULTS (MILLION)
Gold income

270

747

469

1,839

1,794

225

220

Cost of sales

374

430

407

1,434

1,324

175

160

Cash operating costs

263

287

225

998

947

121

117

Other cash costs

Total cash costs

265

289

227

1,004

952

122

117

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

264

293

286

1,017

1,032

124

126

Amortisation of tangible assets

103

119

121

416

289

Inventory change

(104)

318

405

470

(14)

Realised non-hedge derivatives and other commodity contracts

(82)

(583)

(555)

(600)

(11)

(74)

(76)

(186)

(265)

(150)

(130)

(25)

(33)

(24)

(17)

Add back hedge buy-back costs

376

625

(186)

112

226

495

(25)

Capital expenditure

133

135

147

479

491

Total yield excludes the surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross (loss) profit excluding hedge buy-back costs

Southern Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

794

936

744

3,490

2,956

1,038

1,225

973

4,565

3,867

Mined

- 000 tonnes / - 000 tons

2,147

2,529

1,997

9,417

7,864

2,367

2,788

2,201

10,381

8,669

Treated

- 000 tonnes / - 000 tons

267

317

401

1,278

1,481

294

349

442

1,409

1,633

Stripping ratio

- t (mined total-mined ore) / t mined ore

5.14

6.37

3.84

5.58

5.39

5.14

6.37

3.84

5.58

5.39

Yield

- g/t

/ - oz/t

1.97

1.61

1.53

1.58

1.43

0.058

0.047

0.045

0.046

0.042

Gold produced

- kg

/ - oz (000)

526

509

614

2,014

2,126

Gold sold

- kg

/ - oz (000)

538

491

643

1,984

2,128

Total cash costs

- R/kg

/ - $/oz

- produced

175,352

153,760

163,164

165,298

142,795

730

615

512

622

534

Total production costs

- R/kg

/ - $/oz

- produced

163,946

173,607

186,190

177,190

160,623

683

695

584

663

601

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

284

287

373

290

368

9.14

9.24

12.00

9.33

11.83

FINANCIAL RESULTS (MILLION)
Gold income

127

111

141

489

327

Cost of sales

118

351

339

Cash operating costs

317

288

Other cash costs

Total cash costs

100

333

304

Rehabilitation and other non-cash costs

Production costs

100

105

340

307

Amortisation of tangible assets

(13)

(2)

Inventory change

(3)

(6)

(2)

(1)

138

(12)

(2)

Realised non-hedge derivatives and other commodity contracts

(95)

(12)

(70)

(12)

(9)

(2)

Add back hedge buy-back costs

138

Capital expenditure

164

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

IDUAPRIEM
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

5,585

7,333

4,997

25,401

17,397

6,157

8,083

5,508

28,000

19,177

Treated

- 000 tonnes / - 000 tons

935

1,042

964

3,440

3,535

1,031

1,148

1,063

3,792

3,897

Stripping ratio

- t (mined total-mined ore) / t mined ore

2.99

6.95

4.15

5.19

3.86

2.99

6.95

4.15

5.19

3.86

Yield

- g/t

/ - oz/t

1.81

1.54

1.83

1.72

1.76

0.053

0.045

0.053

0.050

0.051

Gold in ore

- kg

/ - oz (000)

2,382

1,353

1,189

6,818

5,916

219

190

Gold produced

- kg

/ - oz (000)

1,693

1,608

1,761

5,909

6,221

190

200

Gold sold

- kg

/ - oz (000)

1,718

1,517

1,717

5,921

6,230

190

200

Total cash costs

- R/kg

/ - $/oz

- produced

123,630

123,471

184,109

137,397

141,662

515

493

577

516

525

Total produced costs

- R/kg

/ - $/oz

- produced

143,945

135,470

205,867

154,038

164,300

599

541

645

579

611

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

611

578

679

549

600

19.65

18.59

21.83

17.63

19.30

FINANCIAL RESULTS (MILLION)
Gold income

488

297

358

1,371

1,356

169

165

Cost of sales

234

221

352

915

1,007

110

121

Cash operating costs

194

184

306

756

830

Other cash costs

Total cash costs

209

199

324

812

881

105

Rehabilitation and other non-cash costs

(1)

Production costs

216

201

323

828

884

100

105

Amortisation of tangible assets

138

Inventory change

(10)

(11)

(15)

(1)

254

456

349

Realised non-hedge derivatives and other commodity contracts

(61)

(199)

(161)

(514)

(8)

(25)

(23)

(65)

193

(122)

295

(165)

(15)

(21)

Add back hedge buy-back costs

243

312

193

121

538

147

Capital expenditure

150

235

448

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

532

433

517

1,979

1,923

587

478

570

2,182

2,119

Treated

- 000 tonnes / - 000 tons

500

459

564

2,066

2,096

551

506

622

2,278

2,311

Yield

- g/t

/ - oz/t

5.52

5.68

4.62

5.18

4.37

0.161

0.166

0.135

0.151

0.127

Gold produced

- kg

/ - oz (000)

2,761

2,606

2,605

10,710

9,151

344

294

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

511

611

883

2,498

3,455

563

673

974

2,753

3,808

Yield

- g/t

/ - oz/t

0.51

0.39

0.52

0.46

0.57

0.015

0.011

0.015

0.013

0.017

Gold produced

- kg

/ - oz (000)

263

240

457

1,151

1,956

TOTAL
Yield

- g/t

/ - oz/t

5.52

5.68

4.62

5.18

4.37

0.161

0.166

0.135

0.151

0.127

Gold produced

- kg

/ - oz (000)

3,024

2,847

3,062

11,861

11,107

381

357

Gold sold

- kg

/ - oz (000)

3,203

2,850

3,003

12,035

10,974

103

387

353

Total cash costs

- R/kg

/ - $/oz

- produced

136,172

167,356

227,350

170,861

171,223

567

671

712

630

633

Total production costs

- R/kg

/ - $/oz

- produced

182,052

205,661

280,492

215,305

224,223

758

824

879

796

834

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

208

196

218

209

197

6.69

6.29

7.01

6.72

6.34

FINANCIAL RESULTS (MILLION)
Gold income

936

528

611

2,738

2,626

125

334

321

Cost of sales

594

571

984

2,601

2,591

309

308

Cash operating costs

382

451

666

1,911

1,809

226

215

Other cash costs

116

Total cash costs

412

476

696

2,027

1,902

240

226

Retrenchment costs

Rehabilitation and other non-cash costs

(23)

(2)

Production costs

440

480

673

2,087

1,918

248

229

Amortisation of tangible assets

111

105

186

466

572

Inventory change

(14)

125

101

(2)

342

(44)

(374)

138

(6)

(38)

Realised non-hedge derivatives and other commodity contracts

(148)

(505)

(418)

(1,098)

(20)

(63)

(58)

(139)

194

(548)

(330)

(281)

(1,063)

(69)

(33)

(34)

(126)

Add back hedge buy-back costs

612

513

194

(330)

332

(550)

(33)

(61)

Capital expenditure

220

191

383

788

922

112

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) excluding hedge buy-back costs

Continental Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

SIGUIRI - Attributable 85%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

5,514

4,321

5,887

20,124

24,131

6,079

4,763

6,489

22,183

26,600

Treated

- 000 tonnes / - 000 tons

2,256

2,236

2,303

8,844

8,612

2,486

2,465

2,539

9,748

9,493

Stripping ratio

- t (mined total-mined ore) / t mined ore

0.81

0.92

0.95

1.00

1.13

0.81

0.92

0.95

1.00

1.13

Yield

- g/t

/ - oz/t

1.06

1.10

1.11

1.20

0.031

0.032

0.035

Gold produced

- kg

/ - oz (000)

2,396

2,451

2,533

9,836

10,350

316

333

Gold sold

- kg

/ - oz (000)

2,622

3,069

2,680

9,590

10,469

308

337

Total cash costs

- R/kg

/ - $/oz

- produced

152,730

125,416

152,574

139,036

123,442

636

500

478

519

466

Total production costs

- R/kg

/ - $/oz

- produced

169,839

155,245

177,449

159,275

143,801

707

619

556

595

542

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

520

527

637

547

625

16.73

16.93

20.47

17.58

20.09

FINANCIAL RESULTS (MILLION)
Gold income

753

589

561

2,132

2,297

101

260

282

Cost of sales

417

472

487

1,511

1,514

182

183

Cash operating costs

304

248

329

1,146

1,054

137

127

Other cash costs

222

224

Total cash costs

366

307

386

1,368

1,278

164

155

Rehabilitation and other non-cash costs

(11)

(1)

Production costs

368

337

375

1,408

1,289

169

157

Amortisation of tangible assets

158

200

Inventory change

(56)

(6)

336

118

621

783

Realised non-hedge derivatives and other commodity contracts

(113)

(907)

(845)

(724)

(15)

(114)

(111)

(92)

223

(790)

103

(223)

(99)

(32)

Add back hedge buy-back costs

989

379

125

223

199

103

766

438

Capital expenditure

187

151

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

MORILA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

608

527

2,890

795

690

3,781

Mined

- 000 tonnes / - 000 tons

1,664

1,510

7,952

1,834

1,664

8,766

Treated

- 000 tonnes / - 000 tons

425

440

1,721

1,718

468

485

1,897

1,893

Stripping ratio

- t (mined total-mined ore) / t mined ore

2.97

1.17

3.00

2.97

1.17

3.00

Yield

- g/t

/ - oz/t

2.25

2.26

3.31

2.47

3.08

0.066

0.096

0.072

0.090

Gold produced

- kg

/ - oz (000)

957

995

1,456

4,251

5,298

137

170

Gold sold

- kg

/ - oz (000)

1,129

983

1,438

4,341

5,446

140

175

Total cash costs

- R/kg

/ - $/oz

- produced

157,585

139,689

122,592

140,981

111,128

656

559

385

527

419

Total production costs

- R/kg

/ - $/oz

- produced

182,675

150,571

146,612

155,936

131,341

760

603

460

583

495

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

1,479

1,554

1,021

1,266

873

47.55

49.98

32.84

40.70

28.05

FINANCIAL RESULTS (MILLION)
Gold income

297

234

321

1,130

690

135

Cost of sales

198

148

215

668

710

Cash operating costs

133

122

152

521

503

Other cash costs

Total cash costs

151

139

179

599

589

Rehabilitation and other non-cash costs

(1)

Production costs

163

139

177

614

588

Amortisation of tangible assets

108

Inventory change

(1)

107

462

(20)

(4)

Realised non-hedge derivatives and other commodity contracts

107

462

(20)

(4)

Add back hedge buy-back costs

335

107

462

315

Capital expenditure

(1)

Morila is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

SADIOLA - Attributable 41%

1,2

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,354

1,086

1,251

4,540

4,742

1,771

1,420

1,636

5,939

6,203

Mined

- 000 tonnes / - 000 tons

2,587

2,072

2,447

8,750

9,158

2,852

2,284

2,698

9,645

10,095

Treated

- 000 tonnes / - 000 tons

467

421

428

1,658

1,564

515

464

471

1,828

1,724

Stripping ratio

- t (mined total-mined ore) / t mined ore

7.59

13.42

3.02

5.89

2.95

7.59

13.42

3.02

5.89

2.95

Yield

- g/t

/ - oz/t

2.12

2.33

3.58

2.52

3.42

0.062

0.068

0.104

0.074

0.100

Gold produced

- kg

/ - oz (000)

991

983

1,530

4,187

5,357

135

172

Gold sold

- kg

/ - oz (000)

1,099

894

1,459

4,329

5,418

139

174

Total cash costs

- R/kg

/ - $/oz

- produced

153,896

132,930

123,137

128,920

106,486

640

532

386

488

399

Total production costs

- R/kg

/ - $/oz

- produced

181,463

151,846

186,097

151,233

148,948

755

608

583

571

554

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

645

692

1,102

720

931

20.75

22.25

35.44

23.14

29.95

FINANCIAL RESULTS (MILLION)
Gold income

286

213

321

1,120

619

134

Cost of sales

194

137

273

650

799

Cash operating costs

134

114

159

464

482

Other cash costs

Total cash costs

153

131

188

540

570

Rehabilitation and other non-cash costs

Production costs

160

131

202

548

579

Amortisation of tangible assets

219

Inventory change

(12)

(11)

(2)

(1)

470

(180)

(23)

Realised non-hedge derivatives and other commodity contracts

470

(180)

(23)

Add back hedge buy-back costs

402

470

222

Capital expenditure

Sadiola is an equity accounted joint venture.

Effective 29 December 2009, AngloGold Ashanti increased its interest in Sadiola from 38% to 41%.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

YATELA - Attributable 40%

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

410

535

977

2,536

4,061

451

590

1,077

2,795

4,476

Placed

- 000 tonnes / - 000 tons

325

220

305

1,099

1,088

358

242

336

1,211

1,200

Stripping ratio

- t (mined total-mined ore) / t mined ore

2.05

8.43

5.15

2.59

7.09

2.05

8.43

5.15

2.59

7.09

Yield

- g/t

/ - oz/t

3.91

3.24

2.60

3.62

2.66

0.114

0.095

0.076

0.106

0.078

Gold placed

- kg

/ - oz (000)

1,271

713

793

3,981

2,895

128

Gold produced

- kg

/ - oz (000)

872

685

503

2,768

2,052

Gold sold

- kg

/ - oz (000)

931

642

479

2,826

2,050

Total cash costs

- R/kg

/ - $/oz

- produced

91,723

54,240

178,973

98,617

151,165

382

219

561

368

572

Total production costs

- R/kg

/ - $/oz

- produced

125,839

69,808

168,722

121,069

155,196

524

281

529

455

591

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

1,264

984

665

958

618

40.65

31.64

21.38

30.80

19.86

FINANCIAL RESULTS (MILLION)
Gold income

243

153

106

725

259

Cost of sales

115

348

312

Cash operating costs

223

277

Other cash costs

Total cash costs

273

310

Rehabilitation and other non-cash costs

(11)

(10)

(1)

Production costs

295

300

Amortisation of tangible assets

Inventory change

(4)

(8)

(7)

(1)

129

109

376

(53)

(7)

Realised non-hedge derivatives and other commodity contracts

129

109

376

(53)

(7)

Add back hedge buy-back costs

134

129

109

376

Capital expenditure

Yatela is an equity accounted joint venture.

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

GEITA
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

4,981

4,380

4,934

18,389

19,829

6,515

5,729

6,454

24,053

25,936

Mined

- 000 tonnes / - 000 tons

13,990

11,934

13,728

51,070

52,794

15,422

13,155

15,132

56,295

58,195

Treated

- 000 tonnes / - 000 tons

1,211

1,175

963

4,480

4,270

1,335

1,295

1,061

4,939

4,707

Stripping ratio

- t (mined total-mined ore) / t mined ore

11.08

10.55

12.11

12.07

9.69

11.08

10.55

12.11

12.07

9.69

Yield

- g/t

/ - oz/t

2.09

2.20

1.68

1.89

1.92

0.061

0.064

0.049

0.055

0.056

Gold produced

- kg

/ - oz (000)

2,534

2,586

1,614

8,466

8,203

272

264

Gold sold

- kg

/ - oz (000)

2,713

2,505

1,638

8,449

8,088

272

260

Total cash costs

- R/kg

/ - $/oz

- produced

253,398

220,599

294,552

251,419

193,392

1,055

883

921

954

728

Total production costs

- R/kg

/ - $/oz

- produced

291,177

258,683

342,695

296,126

245,414

1,212

1,035

1,071

1,121

929

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

390

409

254

338

329

12.55

13.15

8.16

10.87

10.58

FINANCIAL RESULTS (MILLION)
Gold income

669

569

360

1,580

2,628

203

328

Cost of sales

766

631

930

2,446

2,534

102

298

301

Cash operating costs

608

541

453

2,021

1,500

246

181

Other cash costs

Total cash costs

627

561

466

2,087

1,555

254

188

Rehabilitation and other non-cash costs

(41)

(23)

(4)

(2)

Production costs

639

561

425

2,100

1,533

256

186

Amortisation of tangible assets

119

366

449

Inventory change

(28)

386

(19)

552

(4)

(2)

(96)

(63)

(570)

(866)

(13)

(8)

(58)

(95)

Realised non-hedge derivatives and other commodity contracts

(436)

(1,639)

(55)

(5)

(207)

(96)

(499)

(570)

(833)

(1,545)

(13)

(63)

(58)

(100)

(181)

Add back hedge buy-back costs

430

491

(96)

(69)

(570)

(403)

(1,054)

(13)

(8)

(58)

(46)

(119)

Capital expenditure

105

160

433

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross loss excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross loss excluding hedge buy-back costs

Australasia

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - ooo tons

195

198

246

780

668

215

219

271

860

736

Treated

- 000 tonnes / - 000 tons

147

197

179

733

513

162

217

197

808

566

Yield

- g/t

/ - oz/t

5.75

4.21

4.11

4.73

4.40

0.168

0.123

0.120

0.138

0.128

Gold produced

- kg

/ - oz (000)

845

831

736

3,464

2,261

111

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,510

1,322

1,638

5,636

9,146

1,975

1,730

2,142

7,372

11,963

Treated

- 000 tonnes / - 000 tons

820

807

824

3,138

3,239

903

890

908

3,459

3,570

Stripping ratio

- t (mined total-mined ore) / t mined ore

6.86

12.19

(21.82)

13.51

15.28

6.87

12.20

(21.82)

13.51

15.28

Yield

- g/t

/ - oz/t

3.03

2.90

2.33

2.87

3.46

0.088

0.085

0.068

0.084

0.101

Gold produced

- kg

/ - oz (000)

2,487

2,346

1,915

9,013

11,216

290

361

TOTAL
Yield

- g/t

/ - oz/t

3.03

2.90

2.33

2.87

3.46

0.088

0.085

0.068

0.084

0.101

Gold produced

- kg

/ - oz (000)

3,331

3,176

2,651

12,477

13,477

107

102

401

433

Gold sold

- kg

/ - oz (000)

3,474

2,843

2,734

12,317

13,455

112

396

433

Total cash costs

- R/kg

/ - $/oz

- produced

200,811

161,239

154,754

171,100

138,295

836

647

486

646

531

Total production costs

- R/kg

/ - $/oz

- produced

223,993

184,234

188,295

199,918

165,643

932

740

590

751

635

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

2,330

2,243

2,150

2,287

2,741

74.90

72.12

69.12

73.52

88.12

FINANCIAL RESULTS (MILLION)
Gold income

848

449

937

1,819

2,338

113

221

280

Cost of sales

772

540

504

2,484

2,226

103

300

274

Cash operating costs

648

492

394

2,055

1,787

249

220

Other cash costs

Total cash costs

669

512

410

2,135

1,864

259

230

Rehabilitation and other non-cash costs

Production costs

673

522

415

2,185

1,873

265

231

Amortisation of tangible assets

309

359

Inventory change

(45)

(11)

(7)

(6)

(1)

(92)

433

(665)

112

(12)

(79)

Realised non-hedge derivatives and other commodity contracts

(399)

(345)

617

(592)

(50)

(35)

(66)

(491)

(48)

(480)

(62)

(10)

(61)

Add back hedge buy-back costs

585

736

537

256

Capital expenditure

259

159

Total yield excludes the underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

South America

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

CERRO VANGUARDIA - Atrributable 92.50%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

6,044

5,137

5,397

22,077

22,902

6,663

5,662

5,949

24,335

25,245

Treated

- 000 tonnes / - 000 tons

237

235

919

883

261

260

1,013

973

Stripping ratio

- t (mined total-mined ore) / t mined ore

23.01

18.74

22.72

22.42

27.50

23.01

18.74

22.72

22.42

27.50

Yield

- g/t

/ - oz/t

6.12

6.20

7.44

6.51

5.44

0.178

0.181

0.217

0.190

0.159

Gold in ore

- kg

/ - oz (000)

1,530

1,563

1,822

6,336

5,070

204

163

Gold produced

- kg

/ - oz (000)

1,448

1,469

1,752

5,980

4,799

192

154

Gold sold

- kg

/ - oz (000)

1,175

2,088

1,528

5,991

5,169

193

166

Total cash costs

- R/kg

/ - $/oz

- produced

81,425

84,615

148,071

96,642

162,345

339

336

464

355

608

Total production costs

- R/kg

/ - $/oz

- produced

119,975

113,590

183,107

131,823

202,598

499

452

573

487

757

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

690

822

710

559

22.18

22.20

26.43

22.83

17.98

FINANCIAL RESULTS (MILLION)
Gold income

282

454

367

1,495

910

182

108

Cost of sales

140

238

313

782

1,002

120

Cash operating costs

229

453

682

Other cash costs

125

Total cash costs

118

124

259

578

779

Rehabilitation and other non-cash costs

(1)

Production costs

126

124

265

597

833

100

Amortisation of tangible assets

191

139

Inventory change

(34)

(8)

(6)

(5)

(1)

142

216

713

(93)

(13)

Realised non-hedge derivatives and other commodity contracts

(222)

(38)

(328)

(139)

(28)

(4)

(40)

(17)

142

(6)

385

(231)

(30)

Add back hedge buy-back costs

222

144

142

216

607

(87)

(12)

Capital expenditure

141

125

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit (loss) excluding hedge buy-back costs

South America

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

371

362

304

1,382

1,203

409

399

335

1,523

1,326

Treated

- 000 tonnes / - 000 tons

398

364

305

1,391

1,186

438

402

336

1,534

1,307

Yield

- g/t

/ - oz/t

7.28

7.33

7.77

7.02

7.62

0.212

0.214

0.227

0.205

0.222

Gold produced

- kg

/ - oz (000)

2,895

2,670

2,372

9,770

9,034

314

290

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

735

516

1,164

2,682

4,363

810

569

1,283

2,956

4,809

Placed

- 000 tonnes / - 000 tons

139

225

153

248

Stripping ratio

- t (mined total-mined ore) / t mined ore

21.82

11.96

25.05

18.35

18.40

21.82

11.96

25.05

18.35

18.40

Yield

- g/t

/ - oz/t

3.88

3.36

3.16

3.26

3.63

0.113

0.098

0.092

0.095

0.106

Gold placed

- kg

/ - oz (000)

125

134

144

451

816

Gold produced

- kg

/ - oz (000)

124

136

224

459

926

TOTAL
Yield

- g/t

/ - oz/t

7.28

7.33

7.77

7.02

7.62

0.212

0.214

0.227

0.205

0.222

Gold produced

- kg

/ - oz (000)

3,019

2,806

2,596

10,229

9,960

329

320

Gold sold

- kg

/ - oz (000)

2,906

2,931

2,696

10,117

10,464

325

336

Total cash costs

- R/kg

/ - $/oz

- produced

100,737

82,838

74,764

88,765

78,701

419

333

234

339

300

Total production costs

- R/kg

/ - $/oz

- produced

131,656

123,798

115,725

127,982

113,696

548

499

363

486

432

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

531

526

582

481

558

17.09

16.92

18.71

15.45

17.94

FINANCIAL RESULTS (MILLION)
Gold income

694

642

673

2,364

1,673

289

200

Cost of sales

378

342

323

1,265

1,165

154

142

Cash operating costs

296

225

187

880

759

108

Other cash costs

Total cash costs

304

232

194

908

784

111

Rehabilitation and other non-cash costs

(5)

(3)

Production costs

310

259

189

940

781

116

Amortisation of tangible assets

111

369

351

Inventory change

(19)

(5)

(44)

(3)

(1)

(6)

315

300

350

1,099

509

135

Realised non-hedge derivatives and other commodity contracts

(479)

(79)

(363)

(380)

(60)

(8)

(47)

(46)

341

(179)

271

736

129

(22)

Add back hedge buy-back costs

495

647

341

317

271

1,231

776

150

Capital expenditure

218

196

129

705

565

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

South America

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

141

104

439

334

156

114

484

368

Treated

- 000 tonnes / - 000 tons

125

111

425

310

138

123

469

341

Yield

- g/t

/ - oz/t

5.83

4.41

8.00

4.72

7.58

0.170

0.129

0.233

0.138

0.221

Gold produced

- kg

/ - oz (000)

730

491

686

2,010

2,349

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

227

206

218

809

764

251

227

241

892

843

Treated

- 000 tonnes / - 000 tons

104

115

Stripping ratio

- t (mined total-mined ore) / t mined ore

6.07

5.18

8.11

5.74

6.73

6.07

5.18

8.11

5.74

6.73

Yield

- g/t

/ - oz/t

3.37

3.35

3.92

3.70

4.20

0.098

0.114

0.108

0.122

Gold in ore

- kg

/ - oz (000)

106

144

426

404

Gold produced

- kg

/ - oz (000)

129

386

360

TOTAL
Yield

- g/t

/ - oz/t

5.83

4.41

8.00

4.72

7.58

0.170

0.129

0.233

0.138

0.221

Gold produced

- kg

/ - oz (000)

826

621

750

2,396

2,709

Gold sold

- kg

/ - oz (000)

782

689

676

2,445

2,693

Total cash costs

- R/kg

/ - $/oz

- produced

81,045

111,359

82,975

107,311

77,872

337

445

260

406

294

Total production costs

- R/kg

/ - $/oz

- produced

114,390

147,349

114,416

142,878

104,690

476

589

359

542

394

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

723

571

745

544

716

23.25

18.35

23.95

17.51

23.04

FINANCIAL RESULTS (MILLION)
Gold income

194

154

150

569

450

Cost of sales

343

280

Cash operating costs

238

196

Other cash costs

Total cash costs

257

211

Rehabilitation and other non-cash costs

Production costs

261

212

Amortisation of tangible assets

Inventory change

(5)

(7)

(4)

(1)

105

226

170

Realised non-hedge derivatives and other commodity contracts

(148)

(3)

(121)

(91)

(19)

(16)

(11)

104

(93)

105

(12)

Add back hedge buy-back costs

148

134

104

253

213

Capital expenditure

279

168

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

North America

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2009

2008

2009

2008

2009

2008

2009

2008

CRIPPLE CREEK & VICTOR
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

13,335

13,553

11,571

52,238

46,330

14,699

14,940

12,755

57,582

51,071

Placed

- 000 tonnes / - 000 tons

4,320

4,150

5,511

18,650

22,149

4,762

4,574

6,075

20,558

24,415

Stripping ratio

- t (mined total-mined ore) / t mined ore

2.09

2.35

1.16

1.79

1.12

2.09

2.35

1.16

1.79

1.12

Yield

- g/t

/ - oz/t

0.46

0.44

0.48

0.46

0.49

0.013

0.014

0.013

0.014

Gold placed

- kg

/ - oz (000)

1,984

1,820

2,641

8,526

10,784

274

347

Gold produced

- kg

/ - oz (000)

1,731

1,684

2,422

6,768

8,016

218

258

Gold sold

- kg

/ - oz (000)

1,689

1,676

2,380

6,755

7,972

217

256

Total cash costs

- R/kg

/ - $/oz

- produced

100,989

98,114

102,980

100,315

83,448

420

394

322

376

309

Total production costs

- R/kg

/ - $/oz

- produced

124,846

122,291

137,163

127,226

111,667

520

491

429

475

413

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

1,548

1,520

2,318

1,538

1,909

49.78

48.87

74.51

49.46

61.39

FINANCIAL RESULTS (MILLION)
Gold income

425

420

531

1,376

1,984

171

240

Cost of sales

216

206

332

861

895

103

106

Cash operating costs

254

277

328

1,173

1,054

140

127

Other cash costs

Total cash costs

260

289

329

1,217

1,092

145

132

Rehabilitation and other non-cash costs

(60)

(59)

(8)

Production costs

200

290

357

1,158

137

140

Amortisation of tangible assets

183

243

Inventory change

(24)

(123)

(96)

(480)

(506)

(3)

(16)

(10)

(55)

(63)

209

214

198

515

1,089

134

Realised non-hedge derivatives and other commodity contracts

(3)

(335)

(3)

(2)

(934)

(43)

(7)

(118)

207

(121)

195

513

155

(15)

Add back hedge buy-back costs

292

446

207

170

195

804

601

Capital expenditure

294

163

726

221

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Adjusted gross profit excluding hedge buy-back costs

Shareholders’ notice board

Diary:

Financial year-end

31 December

Annual financial statements

posting on or about

26 March 2010

Annual general meeting

11:00 SA time

7 May 2010

Quarterly reports released:

Quarter ended 31 March 2010

7 May 2010

Quarter ended 30 June 2010

12 August 2010

Quarter ended 30 September 2010

11 November 2010

Quarter ended 31 December 2010

*10 February 2011

Dividends /

Dividend Number

Declared

Last date to trade

ordinary shares

cum dividend

Payment date to

shareholders

Payment date to ADS

holders

Interim – No. 106

29 July 2009

14 August 2009

28 August 2009

8 September 2009

Final – No. 107

16 February 2010

5 March 2010

19 March 2010

29 March 2010

Interim– No. 108

*10 August 2010

*27 August 2010

*10 September 2010

*20 September 2010

* Proposed dates.

Dividend policy: Dividends are proposed by, and approved by the board of directors of AngloGold Ashanti, based on
the interim and year-end financial statements. Dividends are recognised when declared by the board of directors of
AngloGold Ashanti. AngloGold Ashanti expects to continue to pay dividends, although there can be no assurance that
dividends will be paid in the future or as to the particular amounts that will be paid from year to year. The payments of
future dividends will depend upon the Board’s ongoing assessment of AngloGold Ashanti’s earnings, after providing for
long-term growth and cash/debt resources, the amount of reserves available for dividend using going concern
assessment and restrictions placed by the conditions of the convertible bond and other factors.

Withholding tax: On 21 February 2007, the South African Government announced a proposal to replace Secondary
Tax on Companies with a 10% withholding tax on dividends and other distributions payable to shareholders. This
proposal is expected to be implemented in 2010. Although this may reduce the tax payable by the South African

operations of the group thereby increasing distributable earnings, the withholding tax will generally reduce the amount of
dividends or other distributions received by AngloGold Ashanti shareholders.

Annual general meeting: Shareholders on the South African register who have dematerialised their shares in the
company (other than those shareholders whose shareholding is recorded in their own name in the sub-register
maintained by their CSDP) and who wish to attend the annual general meeting in person, will need to request their
CSDP or broker to provide them with the necessary authority in terms of the custody agreement entered into between
them and the CSDP or broker.

Voting rights: The articles of association provide that every member present at a meeting in person or, in the case of a
body corporate, represented, is entitled to one vote only on a show of hands. Upon a poll, members present or any duly
appointed proxy shall have one vote for every share held. There are no limitations on the right of non-South African
shareholders to hold or exercise voting rights attaching to any shares of the company. CDI holders are not entitled to
vote in person at meetings, but may vote by way of proxy. Options granted in terms of share incentive schemes do not
carry a right to vote.

Change of details: Shareholders are reminded that the onus is on them to keep the company, through its nominated
share registrars, apprised of any change in their postal address and personal particulars. Similarly, where shareholders
receive dividend payments electronically (EFT), they should ensure that the banking details which the share registrars
and/or CSDPs have on file are correct.

Certain statements made in this communication, including, without limitation, those concerning AngloGold Ashanti’s strategy to reduce its gold hedging position including the extent
and effects of the reduction, the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth
prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the completion and commencement of commercial operations of certain of
AngloGold Ashanti’s exploration and production projects and completion of acquisitions and dispositions, AngloGold Ashanti’s liquidity and capital resources, and expenditure and the
outcome and consequences of any pending litigation proceedings, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic performance and
financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements 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 and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold
prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to AngloGold Ashanti's annual report for the year ended
31 December 2008, which was distributed to shareholders on 27 March 2009 and the company’s annual report on Form 20-F, filed with the Securities and Exchange Commission in
the United States on May 5, 2009 and amended on May 6, 2009. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking
statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events. 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. AngloGold Ashanti posts information that is important to
investors on the main page of its website at www.anglgoldashanti.com and under the “Investors” tab on the main page. This information is updated regularly. Investors should visit
this website to obtain important information about AngloGold Ashanti.

Administrative

information

NGLO

OLD

SHANTI

IMITED

Registration No. 1944/017354/06
Incorporated in the Republic of South Africa

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

Registered and Corporate
76 Jeppe Street
Newtown 2001
(PO Box 62117, Marshalltown 2107)
South Africa
Telephone: +27 11 637 6000
Fax: +27 11 637 6624

Australia
Level 13, St Martins Tower
44 St George's Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone: +61 8 9425 4602
Fax: +61 8 9425 4662

Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone: +233 21 772190
Fax: +233 21 778155

United Kingdom Secretaries
St James's Corporate Services Limited
6 St James's Place
London SW1A 1NP
England
Telephone: +44 20 7499 3916
Fax: +44 20 7491 1989
E-mail: jane.kirton@corpserv.co.uk

Directors

Executive
M Cutifani ~ (Chief Executive Officer)
S Venkatakrishnan * (Chief Financial
Officer)

Non-Executive
R P Edey * (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman

W A Nairn
Prof W L Nkuhlu
S M Pityana

* British

American

~ Australian

South African

Officers
Company Secretary:

Ms L Eatwell

Investor Relations Contacts

South Africa
Sicelo Ntuli
Telephone: +27 11 637 6339
Fax: +27 11 637 6400
E-mail: sntuli@AngloGoldAshanti.com

United States
Stewart Bailey
Telephone: +1-212-836-4303
Mobile: +1-646-717-3978
E-mail: sbailey@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

AngloGold Ashanti website
http://www.AngloGoldAshanti.com

Company secretarial E-mail
Companysecretary@AngoGoldAshanti.com

AngloGold Ashanti posts information that is
important to investors on the main page of
its website at www.anglogoldashanti.com
and under the “Investors” tab on the main
page. This information is updated regularly.
Investors should visit this website to obtain
important information about AngloGold
Ashanti.

PUBLISHED BY ANGLOGOLD ASHANTI

PRINTED BY INCE (PTY) LIMITED

Share Registrars

South Africa
Computershare Investor Services (Pty)
Limited
Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
web.queries@computershare.co.za

United Kingdom
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119

Australia
Computershare Investor Services Pty
Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 2949 (in Australia)
Fax: +61 8 9323 2033

Ghana
NTHC Limited
Martco House
Off Kwame Nkrumah Avenue
PO Box K1A 9563 Airport
Accra
Ghana
Telephone: +233 21 229664
Fax: +233 21 229975

ADR Depositary
The Bank of New York Mellon ("BoNY")
BNY Shareowner Services
PO Box 358016
Pittsburgh, PA 15252-8016
United States of America
Telephone: +1 800 522 6645 (Toll free
in USA) or +1 201 680 6578 (outside
USA)
E-mail: shrrelations@mellon.com
Website:
www.bnymellon.com.com\shareowner

Global BuyDIRECT

BoNY maintains a direct share purchase
and dividend reinvestment plan for
A

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AngloGold Ashanti Limited

Date: February 17, 2010

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary