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 May 07, 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 RESULTS FOR THE QUARTER ENDED
                                             MARCH 31, 2010 PREPARED IN ACCORDANCE WITH
                                             INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Quarter 1 2010

Report

for the quarter ended 31 March 2010

Group results for the quarter….

· Gold production of 1.08Moz, ahead of guidance
· Total cash costs of $619/oz, 6% better than guidance
· Adjusted headline earnings of $61m recorded for the quarter
· Cripple Creek & Victor improvement continues; Brasil Mineraçáo continues to deliver strong cost performance
· TauTona restarted successfully in January after shaft inspection and repair
· Geita continues turnaround progress with strong production performance
· Uranium production of 313,000lbs is above target with stock levels at 1Mlbs
· Hedge book commitments further reduced by 350,000oz to 3.55Moz

Events post quarter-end…

· Achieved investment-grade international credit ratings from S&P and Moody’s
· Further restructured the balance sheet with longer-term debt package
· Issued $1bn rated bonds comprising $300m 30-year notes, $700m 10-year notes
· Raised $1bn unsecured credit facility from a 16-bank syndicate

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

33,574

36,767 34,306 143,049

1,079

1,182

1,103

4,599

Price received

- R/kg / $/oz

244,873

247,985 273,103 201,805

1,015

1,029

858

751

Price received excluding hedge

buy-back costs

- R/kg / $/oz

244,873

247,985 273,109 246,048

1,015

1,029

858

925

Total cash costs

- R/kg / $/oz

149,431

143,596 141,552 136,595

619

598

445

514

Total production costs

- R/kg / $/oz

190,374

178,739 180,751 171,795

789

743

568

646

Financial review

Adjusted gross profit

- Rm / $m

1,638

2,521 2,764 3,686

218

337

279

412

Adjusted gross profit excluding hedge

buy-back costs

- Rm / $m

1,638

2,521 2,764 10,001

218

337

279

1,208

Profit (loss) attributable to equity

shareholders

- Rm / $m

1,150

3,179 1

(2,762)

157

424

(320)

cents/share

313

867 -

(765)

116

(89)

Adjusted headline earnings (loss)

- Rm / $m

463

1,706 1,482 (211)

228

150

(50)

cents/share

126

466 414 (58)

(14)

Adjusted headline earnings

excluding hedge buy-back costs

- Rm / $m

463

1,706 1,482 5,795

228

150

708

cents/share

126

466 414

1,604

196

Cash flow from operating activities

excluding hedge buy-back costs

- Rm / $m

1,326

3,610 2,427 10,096

179

465

243

1,299

Capital expenditure

- Rm / $m

1,283

2,275 2,381 8,726

171

293

241

1,027

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 March 2010

Production

Total cash costs

Adjusted gross

profit (loss)

oz (000)

Variance

$/oz

Variance

SOUTH AFRICA

384

(11)

626

(67)

Great Noligwa

(15)

946

(7)

(8)

Kopanang

(31)

585

(35)

Moab Khotsong

(14)

574

(12)

Tau Lekoa

(21)

904

(8)

Mponeng

115

(9)

440

(25)

Savuka

(50)

6,263

(11)

(3)

TauTona

779

(46)

(4)

Surface Operations

(6)

518

(4)

CONTINENTAL AFRICA

374

(11)

630

(6)

104

(19)

Ghana
Iduapriem

(63)

791

(24)

Obuasi

559

(1)

Guinea
Siguiri - Attributable 85%

(5)

567

(11)

(5)

Mali
Morila - Attributable 40%

(19)

619

(6)

(2)

Sadiola - Attributable 41%

3,4

(6)

569

(11)

Yatela - Attributable 40%

(4)

474

(1)

Namibia
Navachab

656

(10)

(1)

Tanzania
Geita

828

(22)

Non-controlling interests, exploration
and other

(7)

AUSTRALASIA 114

931

(3)

(11)

Australia
Sunrise Dam

114

900

(10)

Exploration and other

(4)

(1)

AMERICAS 207

(8)

398

103

(17)

Argentina
Cerro Vanguardia - Attributable 92.50%

390

Brazil
AngloGold Ashanti Brasil Mineração

(15)

369

(12)

(7)

Serra Grande - Attributable 50%

(26)

453

(6)

United States of America
Cripple Creek & Victor

482

(1)

Non-controlling interests, exploration
and other

(3)

OTHER

(6)

Sub-total 1,079

(9)

619

260

(120)

Less equity accounted investments

(42)

AngloGold Ashanti

218

(119)

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

Variance March 2010 quarter on December 2009 quarter - increase

(decrease).

Equity accounted joint ventures.

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

Production for the seasonally weak first quarter declined by 9% to 1.08Moz from that of the previous quarter.
This was, however, ahead of guidance of 1.07Moz.

Total cash costs, which includes a $25/oz charge for deferred stripping, rose 4% to $619/oz, resulting from
lower production and inflationary increases. Total cash costs were, however, better than guidance of
$660/oz, due to higher than anticipated inventory build-up, lower than expected release of deferred stripping
charges and other efficiencies.

SAFETY

AngloGold Ashanti’s focus on safety continued at the start of the year, with January’s lost time injury
frequency rate (LTIFR) of 4.96 injuries per million hours worked, having been the best achieved in the
company’s history. The LTIFR for the quarter of 7.02 was little changed from the same period in 2009 but
decreased by 7% from the previous quarter. The South African operations lost 18 shifts to safety-related
stoppages.

Tragically, three miners were fatally injured during the quarter in separate incidents at Siguiri, Kopanang and
Moab Khotsong. Both South African mines had each achieved 1 million fatality free shifts earlier in the
quarter, underscoring the significant successes in reducing injury from falls of ground at these deep mines.
AngloGold Ashanti’s management team analysed the causes of these recent fatalities and is working to put
in place measures to prevent any reoccurrence. The Safety Transformation Blueprint, an overarching
strategy to help eliminate all workplace injuries, remains on track for implementation in the first half of this
year and will assist in realising the next quantum improvement in the overall safety performance.

Sadiola achieved the important milestone of 5 million shifts over a year without a lost time injury, while Cerro
Vanguardia went without a lost time injury for 1 million hours worked.

OPERATING REVIEW

The South African operations produced 384,000oz in the first quarter of 2010, at a total cash cost of
$626/oz, compared with 431,000oz at $569/oz in the previous quarter. The traditionally slow start to the year,
following the annual December break contributed to the decline, as did safety stoppages at Kopanang and
lower grades reported at Moab Khotsong, Great Noligwa, Kopanang and Mponeng. TauTona was
successfully restarted and contributed 44,000oz after the inspection and rehabilitation of the shaft barrel at
the end of last year. The rehabilitation work being carried out at Savuka, to repair damage to the
underground infrastructure caused a year ago by a seismic event, continues and is expected to be
completed by September 2010.

Continental Africa’s production decreased to 374,000oz in the first quarter at a total cash cost of $630/oz,
from 418,000oz at $668/oz the previous quarter. Iduapriem was the chief contributor to the decline,
producing only 20,000oz after the operation was suspended for 10 weeks to increase the overall tailings
storage capacity. While output at Obuasi was marginally higher for the quarter, production will be impacted
by around 20,000oz to 25,000oz in the second quarter as gold processing is curtailed pending the
implementation of a revised water management strategy. Geita continued its turnaround, with the anticipated
higher grades from the Nyankanga pit helping to boost production and lower unit costs.

Australia’s production rose to 114,000oz at a total cash cost of A$1,030/oz ($931/oz), from 107,000oz at
A$949/oz ($863/oz) in the prior quarter. Total cash costs were inflated by deferred waste-stripping charges
during the quarter of some A$357/oz ($322/oz).

The Americas production fell to 207,000oz at a total cash cost of $398/oz during the first quarter, from
226,000oz at $385/oz in the previous quarter. The decline came from a planned reduction in grade from
Serra Grande and anticipated lower tonnages from AngloGold Brasil Mineraçáo, which despite this remained
the lowest cost producer in the group at $369/oz. Argentina further consolidated its recovery of the past 18
months with steady production of 47,000oz, while Cripple Creek & Victor continued its recovery from leach
pad issues that hampered its performance last year, with a 4% increase in production over the quarter to
58,000oz.

FINANCIAL AND CORPORATE REVIEW

Adjusted headline earnings (excluding accelerated hedge buy-back costs) for the quarter declined to $61m,
from $228m in the prior quarter, due largely to: the decreased production in a seasonally weak quarter,
particularly when compared with the traditionally strong fourth quarter; the non-recurrence of a $65m foreign
exchange gain; higher charges for amortisation and rehabilitation; and higher tax charges due to non-
recurring credits and certain tax-free gains recorded in the previous quarter.

Profit attributable to equity shareholders (including fair value movements on the bond and the hedge book)
was $157m for the quarter, compared with $424m during the prior period when historical asset impairments
at Geita, Obuasi and Iduapriem were reversed. This was partly negated by the net gain on the unrealised
non-hedge derivatives.

The average realised gold price for the quarter was $1,015/oz, representing an 8.6% discount to the average
spot price of $1,110/oz. Delivery into hedge contracts continued with the removal of a further 350,000oz from
the book during the first quarter, leaving total commitments of 3.55Moz at 31 March 2010. The hedge book is
expected to reduce by a further 280,000oz by the end of the year, resulting in an average discount to spot
gold prices of between 8% and 10%, in line with previous guidance. This assumes a gold price range of
$950/oz to $1,250/oz and annual production of between 4.5Moz to 4.7Moz.

Subsequent to the quarter-end, AngloGold Ashanti successfully concluded two legs of a financing package
totalling $2bn, to fulfil the company’s commitment to refinance its debt facilities that were due to mature in
the near term and to extend the overall tenor of its debt. The first leg comprised a four-year, unsecured
revolving credit facility with a syndicate of 16 banks at an interest rate of 175 basis points above the London
Interbank Offered Rate. After receiving investment grade ratings from Moody’s Investors Service and
Standard & Poor, AngloGold Ashanti completed a $1bn bond issue in April. The issue, which was more than
six times oversubscribed, comprised: $700m of 10-year notes carrying a coupon of 5.375%, at a premium of
165 basis points above United States treasury bills of equivalent maturity; and $300m of 30-year notes with a
coupon of 6.5%, or 200 basis points above the relevant treasury bills. This outcome is to be welcomed in that
it removes refinancing risk and serves to match AngloGold Ashanti’s debt to the long-life nature of its
portfolio.

The proceeds from the bond will be used to extinguish and cancel: the $500m term facility from Standard
Chartered, of which half was drawn at the quarter-end; and the $1.15bn revolving credit facility which
matures in December 2010, of which $710m was drawn at the end of the first quarter. The cancellation of
these debt facilities will result in a once off $8m charge (accelerated amortisation of fees) to the income
statement in the second quarter.

EXPLORATION

Total exploration expenditure during the first quarter, inclusive of expenditure at equity accounted joint
ventures, was $48m ($17m on brownfields exploration, $17m on greenfields exploration and $14m on pre-
feasibility studies), compared with $71m ($29m on brownfields, $25m on greenfields and $17m on pre-
feasibility studies) in the previous quarter. A total of 39,280m was drilled during the quarter at existing
priority targets so as to delineate new targets across the company’s property holdings. Work on the feasibility
study for the Tropicana project continued according to schedule, while further drilling on the nearby Boston
Shaker showed potential for an additional open-pit and Havana Deeps showed underground mining

potential. Additional expenditure of A$9m was approved to accelerate drilling on both deposits, increasing
the Tropicana JV exploration budget for 2010 to A$25m.

In Colombia, where final permissions are awaited for the resumption of drilling at the La Colosa project,
exploration was undertaken on two other prospects. Elsewhere in the Americas, where AngloGold Ashanti
has 50,000km

of exploration tenements in the most prospective gold territories and new frontiers,

exploration efforts were focused on new targets which were identified in Brazil, Argentina and Canada.

A 50,000m drilling campaign, expected to commence during the June quarter, is planned for AngloGold
Ashanti’s landholdings in the Democratic Republic of the Congo following the successful conclusion of
negotiations with the state-owned gold company. A pre-feasibility study is currently underway at the
Mongbwalu concession and is expected to be completed within a year.

OUTLOOK

AngloGold Ashanti’s production and total cash cost guidance for the full year 2010 are both unchanged at
4.5Moz to 4.7Moz at a total cash cost of $590/oz to $615/oz. This assumes an average exchange rate of
R7.70/$ and an oil price of $75/barrel.

Our press release dated 30 March 2010 flagged that second quarter production from Ghana will be 20,000 to
25,000 ounces lower, for reasons stated previously. In addition, Sunrise Dam will have a planned drop in
quarterly production in the second quarter, but remains on track for the full year’s target. We are therefore
guiding second quarter’s production at similar levels recorded in the first quarter, i.e. 1.079Moz at a total
cash cost of $650/oz at a rand exchange rate of R7.40/$ for the quarter.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

Great Noligwa’s gold production declined by 13% from the previous quarter to 908kg (29,000oz), due
mainly to planned downscaling of the operation; lower grades mined caused by the replacement of panels
affected by seismicity; and a shaft incident which resulted in a three-day stoppage. The lower production is in
line with a downscaling strategy designed to return the mine to profitability in 2010. Total cash costs fell 6%
to R228,300/kg ($946/oz), mainly because of this initiative. The adjusted gross loss of R58m ($8m) was 4%
higher than the previous quarter.

The LTIFR deteriorated to 14.84 (11.54).

Kopanang’s gold production declined by 31% to 2,183kg (70,000oz), the result of lower volumes mined due
in part to safety related stoppages. Grades were also 20% lower because of decreased mining values. As a
result, total cash costs rose by 47% to R141,068/kg ($585/oz), while adjusted gross profit declined to R81m
($11m), compared with R345m ($46m) in the prior quarter.

The LTIFR improved to 9.45 (13.34). The mine had one fatality during the quarter.

Moab Khotsong’s production declined by 13% to 1,956kg (63,000oz), primarily caused by a five-day safety-
related stoppage following a fatal accident during the quarter. Grade was 3% lower at 8.58g/t with the mining
of lower grade areas. Total cash costs rose by 18% to R138,531/kg ($574/oz) because of the lower output,
combined with an increased labour complement transferred from Great Noligwa. Adjusted gross profit
decreased to R7m ($1m), compared with R94m ($13m) in the previous quarter.

The LTIFR improved to 15.39 (16.05). The mine reported one fatality during the quarter.

Tau Lekoa’s production declined by 20% to 833kg (27,000oz), in line with a planned reduction in volume
mined as well as lower grade caused by lock-up in the plant. Total cash costs increased by 24% to
R218,156/kg ($904/oz). Adjusted gross profit was R18m ($2m), compared with R78m ($10m) in the previous
quarter.

The LTIFR deteriorated to 26.48 (16.10).

Mponeng’s production decreased by 9% to 3,584kg (115,000oz), impacted primarily by reduced vamping
and a 6% drop in yield caused by dilution from increased stoping widths. Consequently, total cash costs
increased by 11% to R106,198/kg ($440/oz). Adjusted gross profit was R342m ($45m), compared with
R524m ($70m) in the previous quarter.

LTIFR deteriorated to 14.16 (11.16).

Savuka’s production remained constrained at 43kg (1,000oz) following a series of seismic events that
occurred close to the shaft infrastructure on 22 May 2009. Rehabilitation work is progressing slower than
anticipated and return to normal production levels is anticipated in the second half of 2010. The adjusted
gross loss widened to R84m ($11m), compared with R63m ($8m) in the previous quarter.

The LTIFR deteriorated to 4.05 (3.93).

TauTona’s production nearly doubled to 1,383kg (44,000oz) as normal mining operations resumed following
the suspension of underground operations during the previous quarter to repair and inspect steelwork along
the shaft barrel. Consequently, total cash costs decreased to R188,082/kg ($779/oz). The adjusted gross
loss narrowed to R32m ($4m), compared to a loss of R186m ($25m) in the previous quarter.

The LTIFR deteriorated to 14.65 (6.37).

Surface Operations production decreased by 6% to 1,058kg (34,000oz), due mainly to a 6% drop in grade
from waste-rock, resulting in a 14% increase in total cash costs to R125,192/kg ($518/oz). Initiatives to
upgrade areas being reclaimed are under investigation. Adjusted gross profit was down 21% to R114m
($15m), compared with R145m ($19m) in the previous quarter.

The LTIFR improved to 0.00 (2.24).

CONTINENTAL AFRICA

GHANA

Iduapriem’s production decreased by 63% to 20,000oz as a result of the temporary suspension of
operations following a decision taken jointly with the Ghana Environmental Protection Agency and the
company to upgrade the existing tailings storage facility. Total cash costs rose by 54% to $791/oz and
adjusted gross profit decreased to $2m from $26m in the previous quarter.

The LTIFR deteriorated to 0.83 (0.00).

Obuasi’s production rose by 1% to 98,000oz as a result of further improvements in grade-control
management. Total cash costs dropped 1% to $559/oz as a result of the higher grades mined, but was partly
offset by lower throughput due to a temporary plant shutdown to implement a revised water management
strategy. Adjusted gross profit increased to $30m, 15% better than the prior quarter.

The LTIFR improved to 1.31 (2.41).

REPUBLIC OF GUINEA

Siguiri’s production (85% attributable) declined by 5% to 73,000oz as a result of marginally lower tonnage
throughput and a 2% decrease in recovered grade. Total cash costs fell 11% to $567/oz due to lower royalty
expenditure related to timing of gold sales and lower waste-stripping costs. Adjusted gross profit decreased
to $25m from $30m in the previous quarter.

The LTIFR deteriorated to 1.30 (0.65). The mine had one fatality during the quarter.

MALI

Morila’s production (40% attributable) declined by 19% to 25,000oz as a result of an 8% decrease in
tonnage throughput and a 12% fall in recovered grade. Total cash costs decreased by 6% to $619/oz due to
the lower tonnage throughput that resulted in a decrease in fuel and consumable stores usage, together with
a lower stockpile depletion expense. Adjusted gross profit decreased to $11m from $13m in the previous
quarter.

LTIFR was 0.00 (0.00).

Sadiola’s production (41% attributable) declined by 6% to 30,000oz as a result of a planned 6% decrease in
tonnage throughput. Total cash costs were 11% lower at $569/oz, as a result of the weaker local currency,
together with lower reagent and engineering stores costs. Adjusted gross profit increased to $15m from
$12m in the previous quarter.

The LTIFR deteriorated to 0.75 (0.00).

Yatela’s production (40% attributable) decreased by 4% to 27,000oz, resulting mainly from a decrease in
tonnage stacked. Total cash costs increased by 24% to $474/oz as a result of higher mining costs to access
new sources of ore, partially offset by the weakening of the local operating currency. Adjusted gross profit
decreased to $16m from $17m in the previous quarter.

The LTIFR deteriorated to 3.42 (0.00).

NAMIBIA

Navachab’s production rose by 6% to 18,000oz as a result of an improvement in recovered grade. Total
cash costs dropped by 10% to $656/oz due to the higher grade ore treated and a decrease in waste mining
volumes. Adjusted gross profit decreased by $1m to $4m as a result of a higher amortisation expense for the
quarter.

The LTIFR improved to 2.52 (2.62).

TANZANIA

Geita’s production increased by 4% to 84,000oz due to an increase in recovered grade. Total cash costs
declined by 22% to $828/oz as AngloGold Ashanti’s Project ONE business improvement intervention began
to deliver results, coupled with lower deferred stripping charges and certain once-off credits. Reagent and
power consumption were reduced after implementing the new blending strategy, improved process controls
and reducing process variation. Plant and heavy mobile equipment maintenance costs were also reduced.
Adjusted gross profit increased to $1m from a loss of $13m recorded in the previous quarter.

The LTIFR was 0.00 (0.00).

AUSTRALASIA

AUSTRALIA

Sunrise Dam’s gold production increased by 7% to 114,000oz. Total cash costs increased 8% to A$995/oz
($900/oz), primarily due to the impact of deferred stripping costs which accounted for 32% of the total cash
costs. Adjusted gross profit was A$1m ($1m), compared with A$12m ($11m) in the previous quarter,
because of deferred stripping and inventory movements.

With one LTI in the quarter, the LTIFR was 2.34 (0.00).

AMERICAS

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold production remained unchanged at 47,000oz whilst silver
production increased as planned by 19% to 695,000oz. Total cash costs at $390/oz reflects the higher cost
of salaries, explosives and professional services, all partially offset by an increase in silver by-product
credits. Adjusted gross profit at $19m was similar to the previous quarter.

The LTIFR was 0.00 (0.00).

BRAZIL

AngloGold Ashanti Brasil Mineração’s production declined by 15% to 82,000oz, as a result of a planned
reduction in tonnages. Total cash costs fell 12% to $369/oz, due to a weaker real, higher acid by-product
credits and lower services and power supply costs. Adjusted gross profit declined to $39m from $46m in the
previous quarter, reflecting lower gold sales and received prices.

The LTIFR deteriorated to 1.15 (1.14).

At Serra Grande (50% attributable), production declined 26% to 20,000oz reflecting a planned drop in grade
and treated tonnage. Total cash costs rose 34% to $453/oz, reflecting lower production, as well as higher
maintenance costs and stockpile movements. Adjusted gross profit was $8m, compared to $14m of the
previous quarter.

The LTIFR was 0.00 (0.00).

UNITED STATES OF AMERICA

Cripple Creek & Victor’s gold production increased by 4% to 58,000oz, due in large part to the `hi-low’
stacking plan which placed higher grade ore closer to the liner in the old load-out-bin area and the lower
grade ore higher on the pad, further from the liner. The addition of lime improved pad chemistry, which
resulted in increased production. Total cash costs increased by 15% to $482/oz, due to fewer costs deferred
to inventory. Adjusted gross profit was $27m, compared with $28m in the prior quarter.

The LTIFR was unchanged at 3.80.

Notes:

·   All references to price received include 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.
·   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

Gold traded in a relatively tight range of $90/oz during the first quarter of the year, compared with
$218/oz the previous quarter. The price averaged 1% higher during the period at $1,110/oz. The
price held convincingly above $1,000/oz, reflecting broad investor satisfaction despite lingering
uncertainty on the prognosis for the global economy and financial markets.

The inverse correlation of the gold price and the US dollar remained largely intact and late January
saw a stronger dollar exert downward pressure on the gold price. The dollar rallied in response to
increased reserve requirements announced by the Chinese, followed by the Reserve Bank of India.
Both highlighted the fragility of any global recovery.

Growing doubt over sovereign stability, most notably that of Greece, and the ability of certain
countries to fund or refinance significant debt obligations approaching maturity, added impetus to
the dollar’s gains. Greece is not alone. Other European nations holding large tranches of maturing
debt are also likely to face refinancing headwinds, placing further strain on the euro and ensured a
stronger dollar than might have been expected.

Nevertheless, the gold price has remained steady, trading comfortably above $1,000/oz. The
picture is decidedly more bullish in Europe, where the continued economic turmoil has pushed
bullion to historic highs in euro terms. This further reflects the metal’s true performance as a
financial asset.

Gold touched a record €834/oz during the quarter, 3% higher than its previous high of €812/oz on
3 December 2009. The price has continued to climb since the end of the quarter, reaching €900/oz
on 3 May 2010.

Combined holdings of the nine major gold exchange traded funds were little changed, despite the
stronger dollar, ending the quarter 1Moz lower at 55.3Moz.

Speculative activity on COMEX division of the New York Mercantile Exchange was more
pronounced, with the net long position rising 36% from its trough during the quarter to a peak of
30.4Moz.

1.2. Official sector

Official sector selling was once again conspicuous by its absence. There were no sales recorded
during the quarter despite the IMF’s stated intention to sell 191 tonnes of gold on the open market.
No central bank purchases were announced in the first quarter.

1.3. Producer de-hedging

No significant activity was reported.

1.4. Currencies

The US dollar remained relatively weak against most other currencies, notwithstanding its strength
relative to the euro.

The rand again outperformed most emerging market currencies in the quarter ended 31 March.
The Australian dollar remained resolute, averaging A$/$0.9045 during the quarter and trading in a
narrow range of A$/$0.8640 to A$/$0.9320. The strength of the Australian dollar was aided by the

hawkish stance of the Reserve Bank of Australia, a standout amongst central banks after hiking
rates a further 25 basis points against a global backdrop of low interest rates in many other
countries.

The Brazilian real, which for many quarters stood out among the best performing emerging market
currencies, failed to extend its strengthening trend. During the quarter under review it averaged
$/BRL 1.80 which is 3% weaker than its average of the previous quarter, closing at $/BRL 1.78 at
the end of March.

1.5. Silver

Silver prices continued to display a close correlation to gold prices. The silver price averaged
$16.93/oz for the quarter, from $17.53/oz the previous quarter. The silver ETF remained static
quarter on quarter at 396Moz.

2. PHYSICAL DEMAND

2.1. Jewellery sales

The world’s largest gold markets of India and China performed well, while there was encouraging
jewellery consumption data from the Middle East for the first time since the onset of the global
financial crisis. Relative gold price stability aided recovery in all markets. India, the world’s largest
gold consumer, enjoyed a vastly improved first quarter amid upbeat sentiment stoked by signs of
accelerating economic growth and a stronger rupee. Gold imports topped 144 tonnes, the highest
first quarter tally in the past five years. Many retailers are restocking and also increasing the share
of gold jewellery relative to diamond jewellery in their inventories to boost turnover over profit
margins. It is anticipated that the first quarter’s gains will be consolidated in the second quarter,
with key buying opportunities presented by the Hindu New Year festivals, including the highly
auspicious day of Akshaya Tritiya, as well as the upcoming wedding season.

China’s first quarter sales are traditionally marked by strong demand amid Chinese New Year and
Valentines Day celebrations. While many retailers reported good trade given that the two events
fell on the same day this year, demand would have been stronger had the two not been combined.
Interestingly, Women’s Day on 8 March registered strong sales for the first time as women marked
the day by buying jewellery, a positive indicator for the Chinese jewellery market. Some Chinese
manufacturers reported the first quarter as their strongest of the past decade. January and
February orders were predictably high while a surprisingly robust March indicates retailer
confidence in the coming months.

While the US market continued its struggle, some positive data from the fourth quarter continued
into the new year. Sterling Jewellers, the countries largest retailer, reported an 8% increase in
sales for the full year through January. There were signs of retailers cautiously adding to
inventories as year-on-year sales showed a modest increase. High-end retailers, including Tiffany,
Sacks of Fifth Avenue and Neiman Marcus, reported strong sales. A continuation of that trend
would confirm the popular contention that the high-end market would be first to recover from the
slump. The luxury sector showed a similar rebound, as post-holiday discounting bolstered first
quarter sales.

The Middle East showed signs of recovery. In the United Arab Emirates an increase in tourists
visiting before and after the Dubai Shopping Festival helped boost gold sales. Residents also
showed signs of adjusting to a $1,090/oz gold price level, which further supported sales boosted by
growing consumer confidence. Total jewellery sales increased by as much as 20% year on year.
Turkish jewellery exports leapt 52% to 10.4 tonnes, while local jewellery sales rose 33% from a
year earlier. In the Kingdom of Saudi Arabia, the relative stability of gold prices in the first quarter,
along with, increased government stimulus and occasions like Spring Holiday, Valentine’s Day and
Mothers’ Day, all aided a 12% to 15% increase in jewellery sales.

2.2. Investment market

Last year’s positive trend in bar and coin sales in India continued in the first quarter. The Indian
ETF showed low levels of redemptions, while the launch of three new funds was announced.
Changes to income tax regulations put more money in the hands of consumers, further boosting
the local gold market. Recent advertising campaigns sponsored by commercial banks, extolling
gold as a ‘real’ asset that can be used as collateral, are also now gaining traction. Scrap activity
declined significantly.

In the US, bar and coin sales remained steady. January saw some investors selling gold to
rebalance portfolios, but gold ETF sales were strong since February. ETF demand in the first
quarter dropped sharply from the same period in 2009, when investors sought safe haven during
the darkest days of the financial crisis. The launch of Sprott Asset Management’s physical gold
delivery ETF, saw ten tons of gold absorbed in just four days. In another significant transaction,
China Investment Corp bought 1.5 million units of the SPDR Gold Trust, the world’s largest ETF.
The fact that CIC chose not to buy physical gold from Chinese sources highlights one of the
primary benefits of investing in ETFs: they are easier to value, book and transact.

First quarter demand for China Gold Investment Bars was more than double that in the first quarter
of last year. In fact, demand for gold bars in China during January and February was so strong that
the Shanghai Gold Exchange imported 70t of bullion. Such positive data reflects a growing fear of
rising inflation and investors diversifying away from property.

Middle Eastern investment saw some improvement in the first quarter, although it is more muted
than gains in the jewellery sector. However it should be remembered that in terms of sales, the
Middle Eastern jewellery market is far more significant than the investment market. In the UAE,
demand for coins and bars rose by more than 15%, as Asian residents adjusted to a gold price
around $1,090/oz. The Turkish market for physical gold investment showed modest gains and
increased both year on year and quarter on quarter. Despite stronger jewellery manufacture,
bullion imports were virtually non-existent as Turkish manufacturers were served by an increased
supply of scrap. In Saudi Arabia the level of investment demand was flat.

Hedge position

As at 31 March 2010, the net delta hedge position was 3.35Moz or 104t (at 31 December 2009: 3.49Moz or 108t),
representing a further reduction of 0.14Moz for the quarter. The total commitments of the hedge book as at 31 March
2010 was 3.55Moz or 110t, a reduction of 0.35Moz from the position as at 31 December 2009.

The marked-to-market value of all hedge transactions making up the hedge positions was a negative $2.07bn (negative
R15.09bn), decreasing by $0.11bn (R1.09bn) over the quarter. This value was based on a gold price of $1,112.50/oz,
exchange rates of R7.30/$ and A$/$0.9162 and the prevailing market interest rates and volatilities at that date.

As at 5 May 2010, the marked-to-market value of the hedge book was a negative $2.18bn (negative R16.47bn), based
on a gold price of $1,169.20/oz and exchange rates of R7.55/$ and A$/$0.9073 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 March 2010

Year

2010

2011

2012

2013

2014

2015

Total

US DOLLAR/GOLD
Forward contracts

Amount (oz)

*(488,927)

60,000

122,500

119,500

91,500

*(95,427)

US$/oz

*$985

$227 $418 $477 $510

3,281

Put options sold

Amount (oz)

181,895

148,000

85,500

60,500

536,395

US$/oz

$772

$623 $538 $440 $450

$620

Call options sold

Amount (oz)

770,360

776,800

811,420

574,120

680,470

29,000

3,642,170

US$/oz

$607

$554

$635

$601

$604

$670

$601

RAND/GOLD
Forward contracts

Amount (oz)

*(30,000)

ZAR/oz

*R7,181

Put options sold

Amount (oz)

30,000

ZAR/oz

R7,500

Call options sold

Amount (oz)

30,000

ZAR/oz

R8,267

A DOLLAR/GOLD
Forward contracts

Amount (oz)

100,000

A$/oz

A$643

Call options purchased

Amount (oz)

100,000

A$/oz

A$712

** Total net gold:

Delta (oz)

(250,090)

(808,775)

(880,206)

(660,682)

(726,215)

(26,463) (3,352,431)

Committed (oz)

(281,433)

(836,800)

(933,920)

(693,620)

(771,970)

(29,000) (3,546,743)

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

** 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 options formula with the ruling market prices, interest rates and
volatilities as at 31 March 2010.

Fair value of derivative analysis by accounting designation at 31 March 2010

Figures in millions

Non-hedge

accounted

Total

US Dollar

Commodity option contracts

(1,829)

Forward sale commodity contracts

(237)

Interest rate swaps

(13)

Total hedging contracts

(2,079)

Embedded derivatives

(1)

Warrants on shares

Option component of convertible bond

(127)

Total derivatives

(2,204)

Credit risk adjustment

(120)

Total derivatives - before credit risk adjustment

(2,324)

Rounding of figures may result in computational discrepancies.

Exploration

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the Project Zaaiplaats area. MMB5 deflection 7 advanced to a
depth of 2,797m. MZA9 continued drilling deflection 23 and advanced 267m over the quarter. The Vaal reef
intersection is expected in June 2010. The long deflection from MGR6 continued drilling and the hole is
currently at a depth of 2,742m. The Vaal Reef is expected to be intersected in September 2010 after minor
delays were caused by a jammed core barrel. MGR8 progressed to 40m above the reef (3,139m) when the
rods broke. A wedge was then set at 3,010m so as to bypass the stuck rods. A reef intersection is
anticipated in June 2010.

In the Western Ultra Deep Levels area, UD51 advanced from a depth of 2,796m to a depth of 3,064m with a
Ventersdorp Contact Reef intersection expected in September 2010.

At Obuasi in Ghana, 1,374m of drilling was completed above 50 level. Drilling is scheduled to re-start on
50 level, with one hole starting in May and two in June as the sites are re-equipped.

In Argentina, positive results have been obtained from in-fill drilling on the known veins. In regional
exploration, detailed mapping on four targets defined by radial and circular magnetic signatures at El Volcán
is continuing.

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 and Sunrise North including Neville. Drilling has continued at
Wilga with a series of water bores being drilled.

In Brazil, surface and underground drilling for oxide and sulphide ore at Córrego do Sítio, remains the
primary focus. The Fe-Quad step change exploration project commenced with exploration starting at the
Pari prospect. At MSG, the down-dip extension of the Pequizão ore body is being targeted. Potential
extensions of the Cajueiro are being targeted by a new drilling programme following structural
reinterpretation. Final reports on exploration for MSG in accordance to the Brazilian Mining regulations have
been completed and six new applications for exploration are being considered by the authorities. Regional
exploration work continued on the Votorantim Metais areas.

In Colombia, at the La Colosa project, some restrictions on exploration activities have been lifted by the
authorities. However, some water permits crucial for the resumption of exploration drilling remain suspended
due to drought and consequent water restrictions. The most likely scenario is for drilling to resume late in the
third quarter. Meanwhile, geophysical work (induction potential) is continuing and results to date encourage
the view that it can be used to develop drill target extensions to the altered early diorite which is the primary
host of the gold mineralisation. The development of a ‘geometallurgical model’, to define local variability in
gold recovery and other important metallurgical treatment characteristics is progressing and will be
invaluable for planning future exploitation.

At Kibali in the Democratic Republic of the Congo, Mineral Resource drilling of the KCD deposit continued
and targeted the defining of the open pit/underground interface and the pit shell itself. A total of 19 holes
(8,183m) were drilled. Drilling of the KCD Sessenge gap and the KCD infill programme commenced with
400m and 1,481m being drilled respectively. In the case of the KCD infill drilling all boreholes confirmed the
existing wireframe model.

A review and reinterpretation of the ore zones on the project was undertaken during the quarter – this
involved the re-logging of some 163 boreholes taking into consideration alteration, mineralisation and
structural criteria.

Surface mapping has been completed on four oxide ore potential targets with the result that a 5,000m RC
programme has been proposed for the Memekazi – Renzi project area. Soil sampling started at Block 1 in
January with 747 samples taken. To date three anomalies have been identified in this block.

For Mongbwalu, a definitive agreement was signed with joint venture partner OKIMO on 20 March 2010.
Within one year a feasibility study (as defined in the joint venture agreement) must be completed and
submitted. In support of this feasibility study operations continued throughout the quarter aimed at
metallurgical and geotechnical test work as well as infill Mineral Resource drilling.

A total of 15 core holes (2,563m) were completed, nine for geotechnical test work and the remainder for
Mineral Resource definition.

At Siguiri in Guinea, a total of 22,173m of RC drilling was completed within the Combined Pits project area.
The aim being to upgrade oxide Mineral Resources in Bidini South and Kalamagna South areas, around the
Tubani Extension pit and between Bidini and Sanu-Tinti pits. Drilling around Kosise West and Kosise South
East prospects was also completed with the aim of generating new Mineral Resource ounces.

Geological and geotechnical diamond drilling (229.6m) in the Tubani Extension project was carried out early
in the quarter. Further drilling below Sanu Tinti, Sintroko and Soloni Pits brought the total of diamond drilling
to 1,368m.

Reconnaissance and delineation drilling continued on a ground gravity and surface geochemical target north
west of the Seguélén pit, and to the south west of the planned Sokunu pit with a total of 5,932m AC drilling.

Geochemical soil sampling for the first quarter covered two main areas, being the exploration license to the
west of the TSF and the north eastern area of Block 1. Data interpretation is currently ongoing to define the
targets that require follow up.

Ground geophysics IP grids were completed over a portion of Sintroko South and the Tubani Extension
areas for orientation purposes, and over the Sokunu-Kosise gap for targeting purposes. The equipment has
subsequently moved to the Saraya deposit in Block 2.

At Geita in Tanzania, exploration work focused on processing data collected from the Nyankanga Cut 7 infill
drilling programme. A total of 14,000m new core was logged and together with the re-logging of 49,700m of
historic core (which confirmed the previous interpretations), was incorporated into the updated Nyankanga
geological model.

Some 10,000 new density readings were collected across the ore body. The average densities of the
lithologies were confirmed but showed greater variability.

An IP survey over the Area 3 test area has been completed and the data is currently being processed.
Target consolidation of the first 20 regional exploration targets commenced in February with the collation of
Prospect 5 data. The plan is to review all 20 targets by the end of 2010 with the aim of implementing follow
up drilling plans for the five highest potential targets.

Geological mapping on the extension area to Star and Comet commenced in March to assist with delineating
an area for IP survey in June quarter 2010 and compiling revised geological models.

In Mali, drilling continued at Yatela with the aim of extending the life of the Yatela and Alamoutala pits.
Significant drill intersections were drilled at the KW-18 pit area. At Yatela North, the most northern drilling,
located at the base of the Tamboura escarpment, shows mineralisation is open northwards.

The Sadiola Deeps Infill drilling is progressing well and remains on schedule. A review of the geological
models of the Tambali and FN2 areas (north and south of the Sadiola open pit) has been undertaken and
new wireframes are being created accordingly. It is expected that this will lead to an increase in Mineral
Resource.

A detailed ground gravity survey is underway in the south of the Sadiola lease area over a significant gravity
low anomaly identified to the south of Sekekoto SE prospect.

At Navachab in Namibia, 86 holes, totaling 11,255m, were drilled. Off-mine drilling focused on the LS/LM
contact mineralisation at Anomaly 16 Valley target area with 27 RC holes (3,507m) and 5 diamond holes
being drilled (669m). This drilling is probing the down plunge extension of the higher grade portion of
mineralisation at the Valley target.

On-mine exploration drilling focused on the down plunge extension of the NP2 FW veins as well as the main
pit FW vein down plunge extension with 12 diamond holes (3,270m) being completed on the NP2 vein set
and 2 diamond holes (755m) being completed for the main pit FW vein set. 40 RC holes totaling 3,054m
were drilled on the proposed HME waste dump extension to test the area for mineralisation.

At Cripple Creek & Victor in the United States, drilling and studies continue to quantify the potential of the
high grade Mineral Resource. Metallurgical testing of a high grade composite sample is underway as is an
interim Mineral Resource model. Mineral resource delineation drilling commenced in the North Cresson area.

GREENFIELD EXPLORATION

Greenfield exploration activities were undertaken in Australia, the Americas, China, Southeast Asia, Sub-
Saharan Africa and the Middle East & North Africa. A total of 39,280m of diamond, RC and AC drilling was
completed at existing priority targets and used to delineate new targets in Australia and Colombia.

In Australia, on the Tropicana JV, (AngloGold Ashanti 70%, Independence Group 30%) AngloGold Ashanti
is currently undertaking a feasibility study and seeking environmental approvals required for open pit mining.
Exploration is continuing throughout the tenement package and prioritised on targets close to the proposed
gold operation.

The feasibility study is advancing with pit designs complete and mine scheduling in progress. The plant flow
sheet and layout has been finalised. The design of infrastructure including administration and plant facilities
buildings, tailings storage, access roads, village, water supply, and airstrip are nearing completion. The
estimation of feasibility level capital and operating costs is in progress. The company will also consider the
potential impact of the Resource Super Profits Tax being proposed by the Government of Australia effective
1 July 2012.

The Tropicana JV has responded to public submissions received during the eight week public review period
for the Tropicana Gold project environmental impact assessment. The Environmental Protection Authority
(EPA) is currently considering the project. It is anticipated the EPA will provide a recommendation on the
project approval and approval conditions to the Western Australia Minister for the Environment. The approval
and conditions are subject to potential public appeals.

During the quarter the Tropicana JV partners approved additional expenditure of A$8.7m to accelerate
drilling of the Havana Deeps and Boston Shaker Zones, increasing the 2010 Tropicana JV exploration
budget to A$25m.

At Boston Shaker, mineralisation has been intersected over an approximate 600m strike length and is
located approximately 500m northeast of the Tropicana pit. Exploration is targeting Boston Shaker as a
possible additional open pit mining area with further RC and diamond drilling being carried out to determine
the northern and down-dip extents of the mineralisation.

Drilling at Havana Deeps identified the down-dip extensions of the mineralisation, which may have potential
for underground mining. Gold intersections include 35m @ 5.03 g/t Au from 514m (including 22m @ 6.41 g/t
Au from 527m) and 23m @ 3.39 g/t Au from 327m (including 21m @ 3.64 g/t Au from 349m).

At Tumbleweed, 10km north of Tropicana-Havana, aircore drilling returned gold results including 12m @
0.72 g/t Au from 28m. Follow-up reverse circulation and diamond drilling will be completed in the June
quarter.

The approximately 11,400km

Viking project, including 6,500km

of granted exploration licences, is

southwest of the Tropicana JV within the Albany-Fraser foreland tectonic setting that hosts the Tropicana
deposit. Here surface geochemical sampling continued throughout the quarter.

Greenfields exploration in the Americas in the first quarter focused on early stage exploration in Colombia,
Canada, Brazil, Argentina and the USA. Two projects were drilled in Colombia, both of which will see
continued evaluation throughout 2010. Several new targets were identified in Colombia, Brazil, Argentina
and Canada as a result of AngloGold Ashanti’s 100% greenfields exploration programmes as well as those
with JV partners. AngloGold Ashanti currently has exploration tenements that cover more than 50,000km

some of the most prospective belts and new frontiers in the Americas.

In China, at the Jinchanggou project, transfer of the remaining exploration licences into the JV is underway.
Following completion of this structural targets identified from trenching will be drill tested. The three new
applications in the Junggar Belt of northeast China are still pending final approval. Military clearance has
been obtained from Provincial level, but due to procedural changes has been passed to Beijing for final
clearance. We expect the licences to be granted in June quarter.

In the Solomon Islands, exploration activities continued at two JV’s with XDM Resources. Exploration
activities included airborne electro-magnetic geophysical surveys, trenching, geological mapping and
geochemical sampling. Spectral and petrographic studies, with remodelling of existing geophysical data,
were also completed to improve understanding of the project areas. Drilling equipment was being mobilised
to high-priority drill targets identified and prioritised during the first quarter work.

In Sub-Saharan Africa, project generation work is ongoing with the development of new conceptual targets
to guide longer term strategies. A number of specific exploration opportunities are currently under
negotiation.

In the Democratic Republic of the Congo, the protracted mining contract renegotiation over the former
Concession 40 area was concluded in March. The areal extent of Exploitation Licences currently held by
OKIMO is 7,443km

and approximately 5,900km

is to be transferred to the joint venture company, Ashanti

Goldfields Kilo (AGK), of which 86.22% of the share capital is held by AngloGold Ashanti and the remaining
13.78% by OKIMO, a state-owned gold company. The Mongbwalu project is now the subject of a
Pre-feasibility Study (PFS), which is to be completed within 12 months as per the agreement. Geotechnical
and metallurgical drill-testing has been completed for the PFS and a 50,000m combined diamond and

reverse circulation drilling programme is scheduled to commence during the second quarter. Regional
greenfields exploration on the remaining licence area will focus primarily on regional soil sampling,
reconnaissance mapping and drill-testing of key targets.

In Gabon, encouraging results came from work on licences held by Dome Ventures that are the subject of
an earn-in. Drilling on these licences is planned for the third quarter. Data from a recently released regional
geophysical survey that was flown in 2009 as part of the Sysmin project is currently being acquired by
AngloGold Ashanti. This will enable detailed interpretation and aid in target generation work over AngloGold
Ashanti’s 8,000km

prospecting licence, as well as the exploration licences that were acquired from Swala.

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.

In Russia, the Sale and Purchase Agreement for the disposal of the Zoloto Taigi JV property of Veduga to
Alfa Gold, was concluded this quarter and Federal Antimonopoly Service approval was received. Completion
is expected in the second quarter.

ANGLOGOLD ASHANTI/DE BEERS JOINT VENTURE

During the quarter the Launch and Recovery system was commissioned and integrated with the sonic drill
rig. In March, drilling activities started off the west coast of South Island, New Zealand. A total of 249m were
drilled during the quarter. The first assay results are expected early in the third quarter.

Group operating results

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

OPERATING RESULTS
UNDERGROUND OPERATIONS
Milled

- 000 tonnes

/ - 000 tons

2,801

2,910

3,032

11,944

3,087

3,207

3,343

13,166

Yield

- g / t

/ - oz / t

6.22

6.68

6.22

6.41

0.181

0.195

0.181

0.187

Gold produced

- kg

/ - oz (000)

17,414

19,435

18,857

76,532

560

625

606

2,461

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

2,692

3,068

3,264

12,779

2,967

3,382

3,598

14,086

Yield

- g / t

/ - oz / t

0.47

0.48

0.56

0.51

0.014

0.014

0.016

0.015

Gold produced

- kg

/ - oz (000)

1,276

1,476

1,824

6,481

208

OPEN-PIT OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

39,861

40,346

45,352

167,000

43,939

44,474

49,992

184,086

Treated

- 000 tonnes

/ - 000 tons

5,919

6,645

5,737

25,582

6,525

7,325

6,324

28,199

Stripping ratio

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

4.93

4.71

5.44

5.58

4.93

4.71

5.44

5.58

Yield

- g / t

/ - oz / t

2.05

1.98

1.99

1.96

0.060

0.058

0.057

Gold in ore

- kg

/ - oz (000)

7,131

10,348

7,750

34,934

229

333

249

1,123

Gold produced

- kg

/ - oz (000)

12,161

13,128

11,406

50,041

391

422

367

1,609

HEAP LEACH OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

16,565

14,480

13,882

57,456

18,260

15,961

15,302

63,334

Placed

- 000 tonnes

/ - 000 tons

5,457

4,678

5,605

19,887

6,015

5,156

6,179

21,922

Stripping ratio

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

2.08

2.23

1.51

1.94

2.08

2.23

1.51

1.94

Yield

- g / t

/ - oz / t

0.56

0.72

0.57

0.65

0.016

0.021

0.017

0.019

Gold placed

- kg

/ - oz (000)

3,068

3,380

3,220

12,958

109

104

417

Gold produced

- kg

/ - oz (000)

2,723

2,728

2,219

9,995

321

TOTAL
Gold produced

- kg

/ - oz (000)

33,574

36,767

34,306

143,049

1,079

1,182

1,103

4,599

Gold sold

- kg

/ - oz (000)

32,999

37,359

32,584

142,837

1,061

1,201

1,048

4,592

Price received

- R / kg

/ - $ / oz

- sold

244,873

247,985

273,109

201,805

1,015

1,029

858

751

Price received excluding hedge
buy-back costs

- R / kg

/ - $ / oz

- sold

244,873

247,985

273,109

246,048

1,015

1,029

858

925

Total cash costs

- R / kg

/ - $ / oz

- produced

149,431

143,596

141,552

136,595

619

598

445

514

Total production costs

- R / kg

/ - $ / oz

- produced

190,374

178,379

180,751

171,795

789

743

568

646

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

300

333

293

317

9.64

10.72

9.42

10.20

Actual

- g

/ - oz

268

292

287

292

8.61

9.40

9.23

9.40

CAPITAL EXPENDITURE

- Rm

/ - $m

1,283

2,275

2,381

8,726

171

293

241

1,027

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

March

December

March

December

2010

2009

SA Rand million

Notes

Unaudited

Audited

Revenue

8,453

9,514

6,824

31,961

Gold income

8,222

9,234

6,518

30,745

Cost of sales

(6,060)

(6,219)

(5,621)

(23,220)

Gain (loss) on non-hedge derivatives and other commodity contracts

(2,706)

205

(11,934)

Gross profit (loss)

2,221

309

1,102

(4,409)

Corporate administration and other expenses

(282)

(359)

(351)

(1,275)

Market development costs

(19)

(10)

(28)

(87)

Exploration costs

(277)

(442)

(221)

(1,217)

Other operating (expenses) income

(56)

(50)

(80)

Operating special items

(174)

4,761

(60)

5,209

Operating profit (loss)

1,413

4,317

391

(1,859)

Interest received

133

444

Exchange gain

527

852

Fair value adjustment on option component of convertible bond

356

(66)

(249)

Finance costs and unwinding of obligations

(239)

(268)

(252)

(1,146)

Share of equity accounted investments' profit

163

227

223

785

Profit (loss) before taxation

1,796

4,870

476

(1,173)

Taxation

(558)

(1,522)

(384)

(1,172)

Profit (loss) for the period

1,238

3,348

(2,345)

Allocated as follows:
Equity shareholders

1,150

3,179

(2,762)

Non-controlling interests

169

417

1,238

3,348

(2,345)

Basic profit (loss) per ordinary share (cents)

313

867

(765)

Diluted profit (loss) per ordinary share (cents)

313

865

(765)

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

March

December

March

December

2010

2009

US Dollar million

Notes

Unaudited

Audited

Revenue

1,126

1,273

689

3,916

Gold income

1,095

1,236

658

3,768

Cost of sales

(807)

(833)

(568)

(2,813)

Gain (loss) on non-hedge derivatives and other commodity contracts

(363)

(1,533)

Gross profit (loss)

301

111

(578)

Corporate administration and other expenses

(37)

(48)

(35)

(154)

Market development costs

(3)

(1)

(3)

(10)

Exploration costs

(37)

(59)

(22)

(150)

Other operating (expenses) income

(8)

(5)

(8)

Operating special items

(23)

636

(6)

691

Operating profit (loss)

193

576

(209)

Interest received

Exchange gain

112

Fair value adjustment on option component of convertible bond

(9)

(33)

Finance costs and unwinding of obligations

(32)

(36)

(25)

(139)

Share of equity accounted investments' profit

Profit (loss) before taxation

244

650

(121)

Taxation

(76)

(204)

(39)

(147)

Profit (loss) for the period

168

446

(268)

Allocated as follows:
Equity shareholders

157

424

(320)

Non-controlling interests

168

446

(268)

Basic profit (loss) per ordinary share (cents)

116

(89)

Diluted profit (loss) per ordinary share (cents)

115

(89)

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

March

December

March

December

2010

2009

Restated

SA Rand million

Unaudited

Audited

Profit (loss) for the period

1,238

3,348

(2,345)

Exchange differences on translation of foreign operations

(280)

(618)

166

(2,645)

Net loss on cash flow hedges

(1)

(140)

(171)

(132)

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

279

181

530

1,155

Hedge ineffectiveness on cash flow hedges

Realised gains (losses) on hedges of capital items

(15)

(12)

Deferred taxation thereon

(98)

(13)

(91)

(263)

181

289

788

Net (loss) gain on available for sale financial assets

(45)

346

482

Deferred taxation thereon

(5)

(3)

(13)

(44)

341

469

Actuarial gain recognised

Deferred taxation thereon

(28)

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

(143)

(172)

535

(1,328)

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

1,095

3,176

627

(3,673)

Allocated as follows:
Equity shareholders

1,007

3,008

530

(4,099)

Non-controlling interests

168

426

1,095

3,176

627

(3,673)

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Year

ended

March

December

March

December

2010

2009

Restated

US Dollar million

Unaudited

Audited

Profit (loss) for the period

168

446

(268)

Exchange differences on translation of foreign operations

(45)

(14)

318

Net loss on cash flow hedges

(17)

(16)

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

138

Hedge ineffectiveness on cash flow hedges

Realised gains (losses) on hedges of capital items

(2)

(1)

Deferred taxation thereon

(13)

(3)

(9)

(35)

Net (loss) gain on available for sale financial assets

(6)

Deferred taxation thereon

(1)

(2)

(6)

Actuarial gain recognised

Deferred taxation thereon

(3)

Other comprehensive income for the period net of tax

471

Total comprehensive income for the period net of tax

208

457

203

Allocated as follows:
Equity shareholders

197

434

150

Non-controlling interests

208

457

203

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

March

December

March

2010

2009

SA Rand million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

42,476

43,263

41,404

Intangible assets

1,309

1,316

1,408

Investments in associates and equity accounted joint ventures

4,795

4,758

2,897

Other investments

1,315

1,302

704

Inventories

2,485

2,508

2,884

Trade and other receivables

867

788

716

Derivatives

Deferred taxation

349

451

477

Cash restricted for use

364

394

359

Other non-current assets

54,078

54,883

50,884

Current assets
Inventories

5,216

5,102

5,877

Trade and other receivables

1,517

1,419

1,827

Derivatives

1,517

2,450

4,744

Current portion of other non-current assets

Cash restricted for use

118

Cash and cash equivalents

5,346

8,176

5,874

13,716

17,237

18,408

Non-current assets held for sale

665

650

9,104

14,381

17,887

27,512

TOTAL ASSETS

68,459

72,770

78,396

EQUITY AND LIABILITIES

Share capital and premium

39,884

39,834

37,513

Retained earnings and other reserves

(17,465)

(18,276)

(13,995)

Non-controlling interests

956

966

893

Total equity

23,375

22,524

24,411

Non-current liabilities
Borrowings

4,809

4,862

9,147

Environmental rehabilitation and other provisions

3,383

3,351

3,934

Provision for pension and post-retirement benefits

1,181

1,179

1,299

Trade, other payables and deferred income

144

108

115

Derivatives

941

1,310

Deferred taxation

5,661

5,599

6,153

16,119

16,409

20,648

Current liabilities
Current portion of borrowings

7,095

9,493

9,745

Trade, other payables and deferred income

3,867

4,332

4,683

Derivatives

16,674

18,770

17,376

Taxation

1,271

1,186

803

28,907

33,781

32,607

Non-current liabilities held for sale

731

28,965

33,837

33,338

Total liabilities

45,084

50,246

53,986

TOTAL EQUITY AND LIABILITIES

68,459

72,770

78,396

Net asset value - cents per share

6,386

6,153

6,818

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

March

December

March

2010

2009

US Dollar million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

5,823

5,819

4,320

Intangible assets

180

177

147

Investments in associates and equity accounted joint ventures

657

640

302

Other investments

180

175

Inventories

340

337

301

Trade and other receivables

119

106

Derivatives

Deferred taxation

Cash restricted for use

Other non-current assets

7,414

7,381

5,308

Current assets
Inventories

715

686

613

Trade and other receivables

208

191

190

Derivatives

208

330

495

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

733

1,100

613

1,880

2,319

1,920

Non-current assets held for sale

950

1,971

2,406

2,870

TOTAL ASSETS

9,385

9,787

8,178

EQUITY AND LIABILITIES

Share capital and premium

5,811

5,805

5,503

Retained earnings and other reserves

(2,738)

(2,905)

(3,049)

Non-controlling interests

131

130

Total equity

3,204

3,030

2,547

Non-current liabilities
Borrowings

659

654

954

Environmental rehabilitation and other provisions

464

451

410

Provision for pension and post-retirement benefits

162

159

135

Trade, other payables and deferred income

Derivatives

129

176

Deferred taxation

776

753

642

2,210

2,207

2,153

Current liabilities
Current portion of borrowings

973

1,277

1,017

Trade, other payables and deferred income

530

582

489

Derivatives

2,286

2,525

1,813

Taxation

174

159

3,963

4,543

3,402

Non-current liabilities held for sale

3,971

4,550

3,478

Total liabilities

6,181

6,757

5,631

TOTAL EQUITY AND LIABILITIES

9,385

9,787

8,178

Net asset value - cents per share

875

828

711

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Year

ended

March

December

March

December

2010

2009

SA Rand million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

8,166

9,596

6,404

31,473

Payments to suppliers and employees

(6,640)

(5,889)

(3,726)

(20,896)

Cash generated from operations

1,526

3,707

2,678

10,577

Dividends received from equity accounted investments

117

136

173

751

Taxation paid

(317)

(233)

(423)

(1,232)

Cash utilised for hedge buy-back costs

(6,315)

Net cash inflow from operating activities

1,326

3,610

2,427

3,781

Cash flows from investing activities
Capital expenditure

(1,267)

(2,243)

(2,387)

(8,656)

Proceeds from disposal of tangible assets

1,814

9,029

Other investments acquired

(120)

(229)

(160)

(750)

Acquisition of associates and equity accounted joint ventures

(72)

(2,638)

(2,646)

Proceeds on disposal of associate

Associates' loans advanced

(17)

(17)

Associates' loans repaid

Proceeds from disposal of investments

196

165

680

(Increase) decrease in cash restricted for use

(3)

(104)

(91)

Interest received

129

445

Loans advanced

(37)

(1)

Repayment of loans advanced

Net cash outflow from investing activities

(1,382)

(2,967)

(2,370)

(2,000)

Cash flows from financing activities
Proceeds from issue of share capital

114

2,384

Share issue expenses

(39)

(4)

(84)

Proceeds from borrowings

264

162

10,938

24,901

Repayment of borrowings

(2,642)

(57)

(10,135)

(24,152)

Finance costs paid

(76)

(180)

(410)

(946)

Dividends paid

(260)

(43)

(178)

(474)

Net cash (outflow) inflow from financing activities

(2,711)

(118)

325

1,629

Net (decrease) increase in cash and cash equivalents

(2,767)

525

382

3,410

Translation

(63)

(677)

(672)

Cash and cash equivalents at beginning of period

8,176

8,328

5,438

Cash and cash equivalents at end of period

5,346

8,176

5,874

8,176

Cash generated from operations
Profit (loss) before taxation

1,796

4,870

476

(1,173)

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

(672)

2,281

1,621

14,417

Amortisation of tangible assets

1,267

1,152

1,261

4,615

Finance costs and unwinding of obligations

239

268

252

1,146

Environmental, rehabilitation and other expenditure

(70)

(47)

Operating special items

169

(4,708)

(5,148)

Amortisation of intangible assets

Deferred stripping

204

205

(313)

(467)

Fair value adjustment on option component of convertible bonds

(356)

249

Interest received

(65)

(133)

(97)

(444)

Share of equity accounted investments' profit

(163)

(227)

(223)

(785)

Other non-cash movements

(675)

(853)

Movements in working capital

(948)

674

(464)

(951)

1,526

3,707

2,678

10,577

Movements in working capital
(Increase) decrease in inventories

(97)

(183)

(440)

634

(Increase) decrease in trade and other receivables

(302)

438

(337)

106

(Decrease) increase in trade and other payables

(549)

419

313

(1,691)

(948)

674

(464)

(951)

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Year

ended

March

December

March

December

2010

2009

US Dollar million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

1,086

1,283

646

3,845

Payments to suppliers and employees

(881)

(805)

(378)

(2,500)

Cash generated from operations

205

478

268

1,345

Dividends received from equity accounted investments

101

Taxation paid

(42)

(32)

(43)

(147)

Cash utilised for hedge buy-back costs

(797)

Net cash inflow from operating activities

179

465

243

502

Cash flows from investing activities
Capital expenditure

(169)

(281)

(241)

(1,019)

Proceeds from disposal of tangible assets

242

1,142

Other investments acquired

(16)

(29)

(16)

(89)

Acquisition of associates and equity accounted joint ventures

(10)

(353)

(354)

Proceeds on disposal of associate

Associates' loans advanced

(2)

(2)

Associates' loans repaid

Proceeds from disposal of investments

Decrease (increase) in cash restricted for use

(10)

Interest received

Loans advanced

(5)

Repayment of loans advanced

Net cash outflow from investing activities

(184)

(379)

(239)

(195)

Cash flows from financing activities
Proceeds from issue of share capital

306

Share issue expenses

(5)

(11)

Proceeds from borrowings

1,105

2,774

Repayment of borrowings

(352)

(22)

(1,024)

(2,731)

Finance costs paid

(10)

(23)

(41)

(111)

Dividends paid

(35)

(6)

(18)

(56)

Net cash (outflow) inflow from financing activities

(362)

(22)

171

Net (decrease) increase in cash and cash equivalents

(367)

478

Translation

(72)

Cash and cash equivalents at beginning of period

1,100

1,108

575

Cash and cash equivalents at end of period

733

1,100

613

1,100

Cash generated from operations
Profit (loss) before taxation

244

650

(121)

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

(94)

306

164

1,787

Amortisation of tangible assets

169

154

127

555

Finance costs and unwinding of obligations

139

Environmental, rehabilitation and other expenditure

(9)

(6)

Operating special items

(629)

(683)

Amortisation of intangible assets

Deferred stripping

(32)

(48)

Fair value adjustment on option component of convertible bonds

(48)

Interest received

(9)

(18)

(10)

(54)

Share of equity accounted investments' profit

(22)

(30)

(23)

(94)

Other non-cash movements

(90)

(115)

Movements in working capital

(124)

(49)

(50)

205

478

268

1,345

Movements in working capital
Increase in inventories

(33)

(35)

(34)

(155)

(Increase) decrease in trade and other receivables

(45)

(32)

(45)

(Decrease) increase in trade and other payables

(46)

150

(124)

(49)

(50)

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 2008

37,336

799

(22,765)

(1,008)

(18)

(347)

8,959

22,956

790

23,746

Profit for the period

Comprehensive income

283

166

529

535

Total comprehensive income

- - 1 283 80 - 166 530 97 627

Shares issued

177

Share-based payment for share awards

Dividends paid

(178)

Translation

(6)

(7)

(3)

(6)

Balance at March 2009

37,513

832

(22,932)

(732)

(347)

9,125

23,518

893

24,411

Balance at December 2009

39,834

1,194

(25,739)

(174)

414

(285)

6,314

21,558

966

22,524

Profit for the period

1,150

1,238

Comprehensive income (expense)

181

(44)

(280)

(143)

Total comprehensive income (expense)

- - 1,150 181 (44) - (280) 1,007 88 1,095

Shares issued

Share-based payment for share awards

Dividends paid

(255)

Dividends of subsidiaries

(84)

Translation

(2)

(6)

(14)

Balance at March 2010

39,884

1,237

(24,822)

364

(285)

6,034

22,419

956

23,375

US Dollar million

Balance at December 2008

5,485

(2,361)

(107)

(2)

(37)

(635)

2,428

2,511

Profit for the Period

Comprehensive income (expense)

(14)

Total comprehensive income (expense)

- - - 28 8 - (14) 22 10 32

Shares issued

Share-based payment for share awards

Dividends paid

(18)

Translation

(2)

Balance at March 2009

5,503

(2,381)

(76)

(36)

(649)

2,454

2,547

Balance at December 2009

5,805

161

(2,744)

(23)

(38)

(317)

2,900

130

3,030

Profit for the period

157

168

Comprehensive income (expense)

(6)

Total comprehensive income (expense)

- - 157 24 (6) - 22 197 11 208

Shares issued

Share-based payment for share awards

Dividends paid

(35)

Dividends of subsidiaries

(11)

Translation

(3)

(1)

Balance at March 2010

5,811

170

(2,625)

(39)

(295)

3,073

131

3,204

Rounding of figures may result in computational discrepancies.

Segmental reporting

for the quarter ended 31 March 2010

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

Gold income
South Africa

3,083

3,469

2,889

13,625

410

465

292

1,665

Continental Africa

3,082

3,920

2,390

11,723

411

525

241

1,435

Australasia

844

848

626

1,819

113

113

221

Americas

1,879

1,823

1,365

6,552

250

244

138

805

8,888

10,060

7,270

33,719

1,184

1,346

734

4,126

Equity accounted investments
included above

(666)

(826)

(752)

(2,974)

(89)

(111)

(76)

(358)

8,222

9,234

6,518

30,745

1,095

1,236

658

3,768

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

Gross profit (loss)
South Africa

797

242

1,119

(1,778)

108

113

(255)

Continental Africa

815

(74)

(129)

(976)

110

(10)

(13)

(116)

Australasia

(24)

(1,325)

(3)

(168)

Americas

909

344

349

735

122

Other

244

2,538

629

1,466

(3,100)

343

148

(422)

Equity accounted investments
included above

(317)

(320)

(364)

(1,309)

(42)

(43)

(37)

(156)

2,221

309

1,102

(4,409)

301

111

(578)

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

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

387

880

1,621

4,556

118

164

539

Continental Africa

781

920

619

2,856

104

123

351

Australasia

(25)

473

(3)

Americas

771

896

706

3,181

103

120

390

Other

243

1,955

2,841

3,128

11,309

260

380

316

1,364

Equity accounted investments
included above

(317)

(320)

(364)

(1,308)

(42)

(43)

(37)

(156)

1,638

2,521

2,764

10,001

218

337

279

1,208

Rounding of figures may result in computational discrepancies.

Quarter ended

Year ended

US Dollar million

SA Rand million

US Dollar million

Quarter ended

Year ended

Quarter ended

Year ended

US Dollar million

Quarter ended

Year ended

AngloGold Ashanti implemented IFRS 8 “Operating Segments” with effect from 1 January 2009. 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 (“CODM”). As a result of changes in management structure and reporting
from 1 January 2010, the CODM has changed its reportable segments. Navachab which was previously included with Southern Africa now
forms part of Continental Africa and North and South America have been combined into the Americas. Southern Africa has been renamed
to South Africa. Individual members of the Executive Management team are responsible for the geographic regions of the business.
Comparative information has been presented on a consistent basis.

Quarter ended

Year ended

SA Rand million

Quarter ended

Year ended

Segmental reporting (continued)

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

Gold production

(1)

South Africa

11,949

13,418

14,385

55,908

384

431

463

1,797

Continental Africa

11,643

12,993

11,218

49,292

374

418

360

1,585

Australasia

3,552

3,331

3,041

12,477

114

107

401

Americas

6,431

7,025

5,662

25,372

207

226

182

816

33,574

36,767

34,306

143,049

1,079

1,182

1,103

4,599

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

Capital expenditure

(1)

South Africa

610

931

669

3,228

121

385

Continental Africa

204

510

400

1,654

198

Australasia

940

1,599

177

Americas

393

737

365

2,157

258

Other

1,283

2,275

2,381

8,726

171

293

241

1,027

Equity accounted investments
included above

(16)

(33)

(70)

(2)

(4)

(8)

1,267

2,242

2,387

8,656

169

289

242

1,019

As at

Mar

Dec

Mar

Dec

Mar

2010

2009

2010

2009

Unaudited

Total assets
South Africa

18,176

19,308

19,987

2,492

2,597

2,085

Continental Africa

28,660

29,401

26,309

3,929

3,954

2,745

Australasia

4,208

4,494

14,053

577

604

1,466

Americas

14,692

14,642

16,177

2,014

1,969

1,688

Other

3,242

5,493

2,783

444

740

290

68,978

73,337

79,309

9,456

9,864

8,274

Equity accounted investments
included above

(518)

(567)

(913)

(71)

(77)

(96)

68,459

72,770

78,396

9,385

9,787

8,178

Rounding of figures may result in computational discrepancies.

Year ended

Quarter ended

Year ended

Quarter ended

Year ended

(1)

Gold production includes equity accounted investments.

US Dollar million

oz (000)

SA Rand million

US Dollar million

Year ended

Notes

for the quarter ended 31 March 2010

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. 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 2009 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2010, where applicable. Effective 1 January 2010 the Chief Operating Decision Maker changed the
reportable segments. Details are included 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 ended 31 March 2010.

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec Mar

Dec

Mar

Dec Mar Dec

2010 2009 2009

2009

2010

2009 2009 2009

Unaudited Unaudited Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Gold income

8,222

9,234

6,518

30,745

1,095

1,236

658

3,768

By-products (note 3)

166

147

208

772

Interest received

133

444

8,453

9,514

6,824

31,961

1,126

1,273

689

3,916

Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec Mar

Dec

Mar

Dec Mar Dec

2010 2009 2009

2009

2010

2009 2009 2009

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

(4,713)

(4,865) (4,628)

(18,493)

(628)

(652)

(467)

(2,234)

By-products revenue (note 2)

166

147

208

772

By-products cash operating costs

(60)

(77) (96)

(351)

(8)

(10)

(10) (43)

(4,607)

(4,795)

(4,516)

(18,072)

(614)

(642)

(456)

(2,183)

Royalties

(189)

(179) (178)

(699)

(25)

(24)

(18)

(84)

Other cash costs

(37)

(43) (29)

(134)

(5)

(6)

(3)

(16)

Total cash costs

(4,832)

(5,017)

(4,723)

(18,905)

(644)

(671)

(477)

(2,283)

Retrenchment costs

(52)

(39)

(14)

(110)

(7)

(5)

(1)

(14)

Rehabilitation and other non-cash

costs

(86)

(59)

(182)

(12)

(6) (22)

Production costs

(4,971)

(5,050) (4,796)

(19,197)

(663)

(676)

(484)

(2,319)

Amortisation of tangible assets

(1,267)

(1,152) (1,261)

(4,615)

(169)

(154)

(127)

(555)

Amortisation of intangible assets

(4)

(4) (6)

(18)

(1)

(2)

Total production costs

(6,242)

(6,206) (6,063)

(23,830)

(832)

(830) (612)

(2,876)

Inventory change

182

(13)

442

610

(2)

(6,060)

(6,219)

(5,621)

(23,220)

(807)

(833)

(568)

(2,813)

Gain (loss) on non-hedge derivatives and other commodity contracts

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2010 2009

2009

2010

2009 2009 2009

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

(Loss) gain on realised non-hedge

derivatives

(524)

(494)

1,867

2,476

(69)

(66)

189

254

Loss on hedge buy-back costs

(6,315)

(797)

Gain (loss) on unrealised non-

hedge derivatives

583

(2,212)

(1,662)

(8,095)

(297) (168)

(990)

(2,706)

205

(11,934)

(363)

(1,533)

Rounding of figures may result in computational discrepancies.

Other operating (expenses) income

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec Mar

Dec

Mar

Dec Mar Dec

2010 2009 2009

2009

2010

2009 2009 2009

Unaudited Unaudited Unaudited

Audited

Unaudited

Unaudited Unaudited Audited

SA Rand million

US Dollar million

Pension and medical defined

benefit provisions

(24)

(24)

(44)

(3)

(2)

(5)

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

(32)

(26)

(31)

(5)

(3)

Miscellaneous

(2)

- (5)

(56)

(50)

(80)

(8)

(5)

(8)

Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec Mar

Dec

Mar

Dec Mar Dec

2010 2009 2009

2009

2010

2009 2009 2009

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Indirect tax expenses

(44)

(240)

(3)

(219)

(6)

(32)

(29)

Net (impairments) reversals of

tangible assets (note 9)

(81)

5,209

5,115

(11)

696

683

Recovery (loss) on consignment

stock

(95)

(12)

Impairment of debtors

(33)

(63)

(66)

(4)

(6)

(7)

Contract termination fee at Geita

Gold Mine

(5)

(1)

Insurance claim recovery

Net (loss) profit on disposal and

abandonment of land, mineral
rights, tangible assets and
exploration properties (note 9)

(11)

(275)

420

(2)

(37)

(174)

4,761

(60)

5,209

(23)

636

(6) 691

Finance costs and unwinding of obligations

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2010 2009

2009

2010

2009 2009 2009

Unaudited

SA Rand million

US Dollar million

Finance costs

(161)

(191)

(181)

(863)

(22)

(26) (17)

(105)

Unwinding obligations, equity portion of

convertible bond and other discounts

(78)

(77)

(71)

(283)

(10)

(10) (8)

(34)

(239)

(268)

(252)

(1,146)

(32)

(36) (25)

(139)

8. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2010 2009

2009

2010

2009 2009 2009

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

South African taxation
Mining

tax

(60)

(153)

(8)

(19)

Non-mining

tax

(95)

(10)

(30)

(89)

(13)

(1) (3)

(10)

(Under) over provision prior year

(12)

(16)

(33)

(2)

(2)

(4)

Deferred

taxation:

Temporary differences

108

(180)

(322)

(535)

(24)

(33)

(61)

Unrealised non-hedge derivatives and other

commodity contracts

(160)

204

168

1,451

(22)

181

Change in estimated deferred tax rate

156

- 156 4

(130)

118

(200)

797

(18)

(20)

108

Foreign taxation
Normal

taxation

(337)

(335)

(137)

(1,113)

(45)

(45)

(14)

(138)

Over (under) provision prior year

90 (11)

50 -

(1)

Deferred

taxation:

Temporary differences

(92)

(1,410)

(48)

(1,220)

(13)

(188)

(5)

(164)

Unrealised non-hedge derivatives and other

commodity contracts

314

(428)

(1,640)

(183)

(1,969)

(58)

(219)

(18)

(255)

(558)

(1,522)

(384)

(1,172)

(76)

(204) (39)

(147)

Rounding of figures may result in computational discrepancies.

Headline earnings (loss)

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2010 2009

2009

2010

2009 2009 2009

Unaudited

Audited

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 earnings
(loss):

Profit (loss) attributable to equity shareholders

1,150

3,179

(2,762)

157

424

(320)

Net impairments (reversals) of tangible assets

(note 6)

(5,209)

(5,115)

(696)

(683)

Net (profit) loss on disposal and abandonment

of land, mineral rights, tangible assets and
exploration properties (note 6)

275

(6)

(420)

(1)

(49)

Impairment of investment in associates and

joint ventures

1 76 3

Reversal of impairment in associates

(75)

(10)

Operating special items of associates

Taxation on items above - current portion

(12)

145

(2)

Taxation on items above - deferred portion

(21)

1,414

(1)

1,360

(3)

189

182

1,241

(353)

(6,790)

169

(48)

(852)

Cents per share

(1)

Headline earnings (loss)

338

(96)

(1,880)

(13)

(236)

(1)

Calculated on the basic weighted average number of ordinary shares.

10. Number of shares

Quarter ended

Year ended

Mar

Dec Mar Dec

2010

2009 2009 2009

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

E ordinary shares of 25 SA cents each

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

B redeemable preference shares of 1 SA cent each

5,000,000

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

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

362,352,345

362,240,669 354,135,912 362,240,669

E ordinary shares in issue

3,709,362

3,794,998 3,927,894 3,794,998

Total ordinary shares:

366,061,707

366,035,667 358,063,806 366,035,667

A redeemable preference shares

2,000,000

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

B redeemable preference shares

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

362,295,477

362,137,200 353,635,884 356,563,773

E ordinary shares

3,734,382

3,809,476 3,940,464 3,873,169

Fully vested

options

1,186,849

539,666 805,303 791,353

Weighted average number of shares

367,216,708

366,486,342 358,381,651 361,228,295

Dilutive potential of share options

733,901

1,205,730

Diluted number of ordinary shares

(1)

367,950,609

367,692,072 358,381,651 361,228,295

(1)

The basic and diluted number of ordinary shares is the same for the March 2009 quarter and year ended December 2009 as the effects of shares for

performance related options are anti-dilutive.

11.

Share capital and premium

As at

Mar

Dec

Mar

Mar Dec

Mar

2010

2009

2010 2009

2009

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

40,662

38,246

5,935

5,625

Ordinary shares issued

2,438

173

312

E ordinary shares cancelled

(10)

(22)

(5)

(1)

(2)

(1)

Sub-total

40,695

40,662

38,414

5,939

5,935

5,642

Redeemable preference shares held within the group

(313)

(313)

(53)

(53) (53)

Ordinary shares held within the group

(205)

(212)

(269)

(31)

(32) (39)

E ordinary shares held within group

(293)

(303)

(320)

(44)

(45) (47)

Balance at end of period

39,884

39,834

37,513

5,811

5,805

5,503

Rounding of figures may result in computational discrepancies.

12. Exchange rates

Mar

Dec Mar

2010

2009 2009

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

7.50

8.39 9.90

ZAR/USD average for the quarter

7.50

7.47 9.90

ZAR/USD closing

7.30

7.44 9.59

ZAR/AUD average for the year to date

6.78

6.56 6.58

ZAR/AUD average for the quarter

6.78

6.80 6.58

ZAR/AUD closing

6.68

6.67 6.60

BRL/USD average for the year to date

1.80

2.00 2.31

BRL/USD average for the quarter

1.80

1.74 2.31

BRL/USD closing

1.78

1.75 2.33

ARS/USD average for the year to date

3.83

3.73 3.54

ARS/USD average for the quarter

3.83

3.81 3.54

ARS/USD closing

3.87

3.80 3.71

13. Capital commitments

Mar

Dec

Mar Mar

Dec Mar

2010

2009

2009 2010

2009 2009

Unaudited Audited Unaudited Unaudited Audited Unaudited

SA Rand million

US Dollar million

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

(1)

1,179

976 1,721 162

131

180

(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.

14. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 31 March 2010 are detailed below:

Contingencies and guarantees

SA Rand million

US Dollar million

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution – South Africa

(2)

Sales tax on gold deliveries – Brazil

(3)

554

Other tax disputes – Brazil

(4)

197

Indirect taxes – Ghana

(5)

Contingent assets
Royalty – Boddington Gold Mine

(6)

Insurance claim – Savuka Gold Mine

(7)

-
-

Financial guarantees
Oro Group (Pty) Ltd

(8)

100

917

126

Rounding of figures may result in computational discrepancies.

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 – AngloGold Ashanti has identified groundwater contamination plumes at certain of its

operations, which have occurred primarily as a result of seepage from mine residue stockpiles. Numerous
scientific, technical and legal studies have been undertaken to assist in determining the magnitude of the
contamination and to find sustainable remediation solutions. The group 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. Subject to the completion of trials and the technology being a proven remediation
technique, no reliable estimate can be made for the obligation.

(2) Deep groundwater pollution – The company 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. Due to the interconnected nature of mining operations, any proposed solution
needs to be a combined one supported by all the mines located in these gold fields. As a result the Department of
Mineral Resources and affected mining companies are involved in the development of a “Regional Mine Closure
Strategy”. In view of the limitation of current information for the accurate estimation of a liability, no reliable
estimate can be made for the obligation.

(3) Sales tax on gold deliveries – 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. 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 assessment, 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) Other tax disputes – 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
$9m.

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 $18m.

(5) Indirect taxes – 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) Royalty – 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) Insurance claim – 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 – The company has provided sureties in favour of a lender on a gold loan facility with its affiliate

Oro Group (Pty) Limited and one of its subsidiaries to a maximum value of $14m, R100m. The suretyship
agreements have a termination notice period of 90 days.

15. 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 $42m at 31 March 2010

(31 December 2009: $36m). The last audited value added tax return was for the period ended 31 January 2010
and at the reporting date the audited amount was $36m. 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 $49m at 31 March 2010 (31 December

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 $45m 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%.

16. Subsequent events

•

During April 2010 AngloGold Ashanti secured a US$1 billion, four-year unsecured revolving credit facility
(RCF) from its banking syndicate, to refinance its existing unsecured revolving credit facility that matures in
December 2010 and to extend the overall tenor of its statement of financial position. The new RCF, agreed
with a group of 16 banks, replaces a three-year facility of US$1.15 billion that was due to mature in December
2010. The RCF carries a margin of 175 basis points above the London Interbank Offered Rate and carries a
commitment fee of 40 percent of margin.

•

AngloGold Ashanti Limited also announced the pricing of an offering of $1 billion of 10-year and 30-year
unsecured notes during April 2010. The offering consisted of $700m of 10-year unsecured notes at a coupon
of 5.375%, a premium of 165 basis points over 10 year treasuries and $300m of 30-year unsecured notes at a
coupon of 6.50%, a premium of 200 basis points over treasuries. The issue was significantly oversubscribed.
The offering closed on 28 April 2010. AngloGold Ashanti estimates that the net proceeds from the offering will
be approximately $983m, after deducting discounts and estimated expenses.

17. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

18. Announcements

On 19 February 2010, AngloGold Ashanti announced that following discussions with the Environmental Protection
Agency of Ghana (EPA), the Iduapriem mine in Ghana had been temporarily suspended to address adverse
environmental impacts arising from the current tailings storage facility.

On 24 February 2010, AngloGold Ashanti announced that Mr Tito Mboweni, the former Governor of the South African
Reserve Bank has been appointed, with effect from 1 June 2010, as chairman of AngloGold Ashanti, to succeed
Mr Russell Edey, following his retirement as chairman and from the board at the conclusion of the annual general
meeting to be held on 7 May 2010.

On 26 March 2010, AngloGold Ashanti announced that it has entered into a definitive joint venture agreement (JVA)
with l’Office des Mines d’Or de Kilo-Moto (OKIMO) relating to the development of the Ashanti Goldfields Kilo (AGK)
project in the Democratic Republic of the Congo (DRC) and the transfer of the exploitation permits to AGK. Under
the JVA, AngloGold Ashanti and OKIMO agree to jointly develop the AGK project through the joint company AGK,
in which AGA holds an 86.22% interest and OKIMO holds the remaining 13.78%. The JVA provides for the
exploitation permits to be transferred from OKIMO to AGK covering an area of approximately 6,000 km

in the Ituri

district in the northeastern DRC. This includes the Mongbwalu project where a mineral resource of approximately
3 million ounces has been identified by previous exploration work and where further exploration and feasibility
studies are currently taking place.

Following its announcement of 19 February 2010 of a temporary suspension of operations at the Iduapriem mine,
AngloGold Ashanti announced on 30 March 2010 that it had applied for a permit from the EPA for the construction
of the tailings facility and expected gold production to resume at Iduapriem in April. The Company was accelerating

the establishment of a water treatment plant and a new tailings storage facility which it aims to commission in the
third quarter of 2010 and early 2011 respectively. In addition, it announced that at its Obuasi mine in Ghana,
AngloGold Ashanti had suspended the operation of gold processing pending the implementation of a revised water
management strategy to reduce contaminants contained in its discharge. Details of the strategy have been
submitted to the EPA.

On 9 April 2010, AngloGold Ashanti noted the following investment grade ratings assigned to it:

• Moody’s Investors Service

Baa3, Outlook Stable

• Standard & Poor’s

BBB-, Outlook Stable

On 21 April 2010, AngloGold Ashanti announced that it had secured a US$1 billion, four-year unsecured revolving

credit facility.

On 21 April 2010, AngloGold Ashanti announced the appointment of Mr Ferdinand (Fred) Ohene-Kena, the former

Ghanaian Minister of Mines and Energy to the board. The appointment becomes effective on 1 June 2010.

On 22 April 2010, AngloGold Ashanti announced the pricing of an offering of US$1 billion of 10-year and 30-year

unsecured notes. The issue was significantly oversubscribed and the offering closed on 28 April 2010.

19. Dividend

Final Dividend No. 107 of 70 South African cents or 6.2067 UK pence or 13.22 cedis per ordinary share was paid to
registered shareholders on 19 March 2010, while a dividend of 2.079 Australian cents per CHESS Depositary
Interest (CDI) was paid on the same day. On 22 March 2010, holders of Ghanaian Depositary Shares (GhDSs)
were paid 0.1322 cedis per GhDS. Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents
one ordinary share. A dividend of 9.4957 US cents per American Depositary Share (ADS) was paid to holders of
American Depositary Receipts (ADRs) on 29 March 2010. Each ADS represents one ordinary share.

Final Dividend No. E7 of 35 South African cents was paid to holders of E ordinary shares on 19 March 2010, being
those employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief Executive Officer

5 May 2010

Non-GAAP

disclosure

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

Headline earnings (loss) (note 9)

1,241

(353)

(6,790)

169

(48)

(852)

(Gain) loss on unrealised non-hedge derivatives and other commodity
contracts (note 4)

(583)

2,212

1,662

8,095

(82)

297

168

990

Deferred tax on unrealised non-hedge derivatives and other (note 8)
commodity contracts

160

(219)

(181)

(1,765)

(29)

(18)

(221)

Fair value adjustment on option component of convertible bond

(356)

249

(48)

Adjusted headline earnings (loss)

(1)

463

1,706

1,482

(211)

228

150

(50)

Cost of hedge buy-back net of taxation

6,006

758

Adjusted headline earnings excluding hedge buy-back costs

(1)

463

1,706

1,482

5,795

228

150

708

Cents per share

(2)

Adjusted headline earnings (loss)

(1)

126

466

414

(58)

(14)

Adjusted headline earnings excluding hedge buy-back costs

(1)

126

466

414

1,604

196

(1)

-
-

-
-
-

(2)

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

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

(1)

Gross profit (loss)

2,221

309

1,102

(4,409)

301

111

(578)

(Gain) loss on unrealised non-hedge derivatives and other commodity
contracts (note 4)

(583)

2,212

1,662

8,095

(82)

297

168

990

Adjusted gross profit

(1)

1,638

2,521

2,764

3,686

218

337

279

412

Cost of hedge buy-back (note C)

6,315

797

Adjusted gross profit excluding hedge buy-back costs

(1)

1,638

2,521

2,764

10,001

218

337

279

1,208

Rounding of figures may result in computational discrepancies.

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

(Gain) loss 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;

Year ended

US Dollar million

Quarter ended

In addition, during the June 2008 quarter the hedge book was reduced and non-hedge derivative 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 were accelerated and
settled. The impact on earnings after taxation was $916m in 2008 and $758m in 2009.

Quarter ended

The unrealised fair value change on the onerous uranium contracts; and

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

Adjusted headline earnings (loss) is intended to illustrate earnings after adjusting for:

SA Rand million

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;
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

Adjusted gross profit

Quarter ended

Year ended

The unrealised fair value change of the warrents on shares and the embedded derivative.

(1)

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

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

Price received

Gold income (note 2)

8,222

9,234

6,518

30,745

1,095

1,236

658

3,768

Adjusted for non-controlling interests

(284)

(302)

(238)

(1,056)

(38)

(44)

(24)

(132)

7,938

8,932

6,280

29,689

1,057

1,192

634

3,636

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

(524)

(494)

1,867

2,476

(69)

(66)

189

254

Loss on hedge buy-back costs (note 4)

(6,315)

(797)

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

667

826

752

2,975

110

357

Attributable gold income including realised non-hedge derivatives

8,081

9,264

8,899

28,825

1,077

1,236

899

3,450

Attributable gold sold - kg / - oz (000)

32,999

37,359

32,584

142,837

1,061

1,201

1,048

4,592

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

244,873

247,985

273,109

201,805

1,015

1,029

858

751

Attributable gold income including realised non-hedge derivatives
as above

8,081

9,264

8,899

28,825

1,077

1,236

899

3,450

Cost of hedge buy-back (note 4)

6,315

797

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

8,081

9,264

8,899

35,140

1,077

1,236

899

4,247

Attributable gold sold - kg / - oz (000)

32,999

37,359

32,584

142,837

1,061

1,201

1,048

4,592

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

244,873

247,985

273,109

246,048

1,015

1,029

858

925

Total costs

Total cash costs (note 3)

4,832

5,017

4,723

18,905

644

671

477

2,283

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

(155)

(121)

(214)

(777)

(21)

(16)

(22)

(91)

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

340

384

347

1,412

171

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

5,017

5,280

4,856

19,540

669

706

490

2,363

Retrenchment costs (note 3)

110

Rehabilitation and other non-cash costs (note 3)

(5)

182

(1)

Amortisation of tangible assets (note 3)

1,267

1,152

1,261

4,615

169

154

127

555

Amortisation of intangible assets (note 3)

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

(51)

(45)

(108)

(7)

(5)

(12)

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

218

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

6,392

6,558

6,201

24,575

852

878

626

2,970

Gold produced - kg / - oz (000)

33,574

36,767

34,306

143,049

1,079

1,182

1,103

4,599

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

149,431

143,596

141,552

136,595

619

598

445

514

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

190,374

178,379

180,751

171,795

789

743

568

646

EBITDA

Operating profit (loss)

1,413

4,317

391

(1,859)

193

576

(209)

Amortisation of tangible assets (note 3)

1,267

1,152

1,261

4,615

169

154

127

555

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 6)

(5,209)

(5,115)

(696)

(683)

(Gain) loss on unrealised non-hedge derivatives and other commodity
contracts (note 4)

(583)

2,212

1,662

8,095

(82)

297

168

990

Loss on hedge buy-back costs (note 4)

6,315

797

RMB derivative contracts buy-back costs

331

728

Share of associates' EBITDA

318

348

401

1,394

166

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

275

(6)

(420)

(1)

(49)

2,511

3,430

3,716

13,771

334

458

375

1,663

Rounding of figures may result in computational discrepancies.

Quarter ended

US Dollar million / Imperial

Quarter ended

Year ended

SA Rand million / Metric

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Unaudited

Interest cover

EBITDA (note E)

2,511

3,430

3,716

13,771

334

458

375

1,663

Finance costs (note 7)

161

191

181

863

105

Capitalised finance costs

135

161

191

249

998

120

Interest cover - times

Free cash flow

Net cash inflow from operating activities

1,326

3,610

2,427

3,781

179

465

243

502

Stay-in-business capital expenditure

(880)

(1,579)

(1,036)

(5,078)

(117)

(203)

(105)

(606)

446

2,031

1,391

(1,297)

262

138

(104)

As at

Mar

Dec

Mar

Dec

Mar

2010

2009

2010

2009

Unaudited

Net asset value - cents per share

Total equity

23,375

22,524

24,411

3,204

3,030

2,547

Number of ordinary shares in issue - million (note 10)

366

366

358

366

366

358

Net asset value - cents per share

6,386

6,153

6,818

875

828

711

Total equity

23,375

22,524

24,411

3,204

3,030

2,547

Intangible assets

(1,309)

(1,316)

(1,408)

(180)

(177)

(147)

22,066

21,208

23,003

3,024

2,853

2,400

Number of ordinary shares in issue - million (note 10)

366

366

358

366

366

358

Net tangible asset value - cents per share

6,028

5,794

6,424

826

779

670

Net debt

Borrowings - long-term portion

4,809

4,862

9,147

659

654

954

Borrowings - short-term portion

7,095

9,493

9,745

973

1,277

1,017

Total borrowings

11,904

14,355

18,892

1,632

1,931

1,971

Corporate office lease

(258)

(258)

(259)

(35)

(35)

(27)

Unamortised portion on the convertible bond

905

1,019

124

137

Cash restricted for use

(482)

(481)

(443)

(66)

(65)

(46)

Cash and cash equivalents

(5,346)

(8,176)

(5,874)

(733)

(1,100)

(613)

Net debt

6,722

6,459

12,316

922

868

1,285

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Quarter ended

SA Rand million

Year ended

Quarter ended

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

SA Rand / US Dollar

SOUTH AFRICA

610

931

669

3,228

121

385

Great Noligwa

205

Kopanang

145

102

486

Moab Khotsong

167

244

184

874

104

Tau Lekoa

142

Surface Operations

Mponeng

167

258

196

912

109

Savuka

107

TauTona

111

133

479

CONTINENTAL AFRICA

204

510

400

1,654

198

Ghana

Iduapriem

235

Obuasi

139

220

265

788

Guinea

Siguiri - Attributable 85%

187

Mali

Morila - Attributable 40%

Sadiola

- Attributable 41%

Yatela - Attributable 40%

(10)

(1)

Namibia

Navachab

164

Tanzania

Geita

160

Non-controlling interests, exploration
and other

AUSTRALASIA

940

1,599

177

Australia

Sunrise Dam

259

Boddington

891

1,335

146

Exploration

AMERICAS

393

737

365

2,157

258

Argentina

Cerro Vanguardia - Attributable 92.5%

141

Brazil
AngloGold Ashanti Brasil Mineração

162

218

123

705

Serra Grande - Attributable 50%

279

United States of America

Cripple Creek & Victor

294

726

Non-controlling interests, exploration
and other

305

OTHER

SUB-TOTAL

1,283

2,275

2,381

8,726

171

293

241

1,027

Equity accounted investments included above

(16)

(33)

(70)

(2)

(4)

(8)

ANGLOGOLD ASHANTI

1,267

2,242

2,387

8,656

169

289

242

1,019

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 March 2010

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. orebody

(total)

metres

thickness (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

SOUTH AFRICA
VAAL RIVER
Great Noligwa
C reef

138

Vaal reef

558

Kopanang
Vaal reef

6,006

736

28.4

42.39

1,204

2.20

Moab Khotsong
Vaal reef

4,884

530

138.2

22.79

3,149

1.09

154

Tau Lekoa
Ventersdorp Contact reef

2,100

168

66.2

8.38

555

0.04

WEST WITS
Mponeng
Ventersdorp Contact reef

4,215

440

65.3

35.94

2,347

Tau Tona
Ventersdorp Contact reef

107

Carbon Leader reef

1,949

15.8

202.34

3,197

1.43

CONTINENTAL AFRICA
Obuasi

4,735

1,630

450.0

7.35

AUSTRALASIA
Sunrise Dam

372

3.88

AMERICAS
Brasil Mineração
Mina de Cuiabá

1,299

437

1,558.0

8.93

Córrego do Sitio

1,440

193

3.58

Lamego

1,080

60.0

Serra Grande
Mina III

1,544

1,464

300.0

3.71

Mina Nova

109

Palmeiras

1,127

310

200.0

6.04

Pequizão

367

200.0

7.48

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. orebody

(total)

feet

thickness (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

SOUTH AFRICA
VAAL RIVER
Great Noligwa
C reef

454

Vaal reef

1,829

Kopanang
Vaal reef

19,703

2,415

11.2

1.24

1.15

4.40

4.10

Moab Khotsong
Vaal reef

16,024

1,739

54.4

0.66

3.01

2.18

9.88

Tau Lekoa
Ventersdorp Contact reef

6,890

551

26.1

0.24

0.53

0.08

0.17

WEST WITS
Mponeng
Ventersdorp Contact reef

13,829

1,444

25.7

1.05

2.25

Tau Tona
Ventersdorp Contact reef

350

Carbon Leader reef

6,395

197

6.2

5.90

3.06

2.86

1.48

CONTINENTAL AFRICA
Obuasi

15,536

5,346

177.2

0.21

AUSTRALASIA
Sunrise Dam

1,220

0.11

AMERICAS
Brasil Mineração
Mina de Cuiabá

4,262

1,434

613.4

0.26

Córrego do Sitio

4,724

632

0.10

Lamego

3,542

23.6

Serra Grande
Mina III

5,067

4,803

118.1

0.11

Mina Nova

358

Palmeiras

3,696

1,017

78.7

0.18

Pequizão

1,203

1,204

78.7

0.22

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

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Metric

SOUTH AFRICA

11,949

13,418

14,385

55,908

Great Noligwa

5.53

5.57

5.37

5.73

908

1,044

1,349

4,914

Kopanang

6.02

7.57

6.21

6.74

2,183

3,177

2,409

10,481

Moab Khotsong

8.58

8.88

9.48

9.36

1,956

2,260

2,028

7,686

Tau Lekoa

3.27

3.59

3.56

3.32

833

1,044

962

3,852

Mponeng

7.77

8.27

9.58

8.66

3,584

3,938

3,967

16,159

Savuka

2.41

3.91

5.33

5.45

432

924

TauTona

6.46

7.11

7.61

7.29

1,383

765

1,822

6,800

Surface Operations

0.44

0.47

0.59

0.53

1,058

1,127

1,416

5,092

CONTINENTAL AFRICA

11,643

12,993

11,218

49,292

Ghana

Iduapriem

1.56

1.81

1.71

1.72

637

1,693

1,147

5,909

Obuasi

5.54

5.52

4.45

5.18

3,039

3,024

2,862

11,861

Guinea
Siguiri - Attributable 85%

1.04

1.06

1.19

1.11

2,265

2,396

2,499

9,836

Mali

Morila - Attributable 40%

1.99

2.25

2.92

2.47

779

957

1,228

4,251

Sadiola

- Attributable 41%

2.12

3.12

2.52

929

991

1,113

4,187

Yatela

- Attributable 40%

1.86

3.91

2.73

3.62

840

872

421

2,768

Namibia

Navachab

2.09

1.97

1.61

1.58

557

526

569

2,014

Tanzania

Geita

2.15

2.09

1.50

1.89

2,598

2,534

1,379

8,466

AUSTRALASIA

3,552

3,331

3,041

12,477

Australia
Sunrise Dam

3.72

3.03

2.78

2.87

3,552

3,331

3,041

12,477

AMERICAS

6,431

7,025

5,662

25,372

Argentina

Cerro Vanguardia - Attributable 92.50%

6.37

6.12

6.98

6.51

1,460

1,448

1,476

5,980

Brazil
AngloGold Ashanti Brasil Mineração

7.36

7.28

6.43

7.02

2,548

3,019

2,121

10,229

Serra Grande

- Attributable 50%

4.34

5.83

3.65

4.72

627

826

328

2,396

United States of America
Cripple Creek & Victor

0.47

0.46

1,796

1,731

1,736

6,768

ANGLOGOLD ASHANTI

33,574

36,767

34,306

143,049

Underground Operations

6.22

6.68

6.22

6.41

17,414

19,435

18,857

76,532

Surface and Dump Reclamation

0.47

0.48

0.56

0.51

1,276

1,476

1,824

6,481

Open-pit Operations

2.05

1.98

1.99

1.96

12,161

13,128

11,406

50,041

Heap Leach Operations

0.56

0.72

0.57

0.65

2,723

2,728

2,219

9,995

33,574

36,767

34,306

143,049

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

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

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Metric

SOUTH AFRICA

145

165

185

177

11,383

13,381

13,142

55,737

Great Noligwa

903

1,021

1,256

4,892

Kopanang

134

212

160

175

2,183

3,108

2,253

10,413

Moab Khotsong

144

193

202

180

1,926

2,219

1,903

7,644

Tau Lekoa

116

107

832

1,021

901

3,829

Mponeng

222

241

256

252

3,234

4,029

3,543

16,163

Savuka

132

369

925

TauTona

121

179

161

1,213

818

1,590

6,804

Surface Operations

917

1,608

1,997

1,812

1,053

1,102

1,327

5,066

CONTINENTAL AFRICA

355

392

360

381

11,709

13,951

11,022

49,475

Ghana

Iduapriem

228

611

453

549

894

1,718

1,292

5,921

Obuasi

216

208

213

209

3,126

3,203

2,805

12,035

Guinea

Siguiri - Attributable 85%

497

520

617

547

2,239

2,622

2,346

9,590

Mali

Morila - Attributable 40%

1,152

1,479

938

1,266

759

1,129

1,153

4,341

Sadiola

- Attributable 41%

537

645

791

720

911

1,099

1,076

4,329

Yatela - Attributable 40%

1,193

1,264

560

958

814

931

414

2,826

Namibia

Navachab

282

284

368

290

530

538

573

1,984

Tanzania

Geita

417

390

226

338

2,436

2,713

1,363

8,449

AUSTRALASIA

2,450

2,330

2,304

2,287

3,515

3,474

2,945

12,317

Australia

Sunrise Dam

2,450

2,330

2,304

2,287

3,515

3,474

2,945

12,317

AMERICAS

720

700

616

659

6,391

6,552

5,474

25,308

Argentina

Cerro Vanguardia - Attributable 92.50%

697

690

702

710

1,305

1,175

1,106

5,991

Brazil

AngloGold Ashanti Brasil Mineração

567

531

429

481

2,560

2,906

2,158

10,117

Serra Grande - Attributable 50%

536

723

305

544

640

782

421

2,445

United States of America

Cripple Creek & Victor

1,528

1,548

1,621

1,538

1,887

1,689

1,789

6,755

ANGLOGOLD ASHANTI

268

292

287

292

32,999

37,359

32,584

142,837

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

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

SA Rand / Metric

SOUTH AFRICA

151,186

136,761

109,087

123,401

209,205

178,845

150,836

163,770

Great Noligwa

228,300

243,647

186,735

211,048

306,829

299,374

249,489

264,016

Kopanang

141,068

96,085

107,584

107,580

208,975

134,571

166,235

155,744

Moab Khotsong

138,531

117,467

93,120

111,662

241,896

202,773

168,658

194,532

Tau Lekoa

218,156

175,943

188,797

191,184

223,101

168,412

231,027

201,203

Mponeng

106,198

95,372

77,520

86,928

138,312

115,109

94,484

105,562

Savuka

1,517,849

975,068

143,876

295,800

2,205,193

1,256,025

176,681

367,668

TauTona

188,082

346,655

122,643

147,668

269,098

479,619

173,718

210,794

Surface Operations

125,192

110,207

66,734

89,867

135,242

112,168

71,151

93,700

CONTINENTAL AFRICA

151,942

159,820

188,046

162,309

185,017

191,688

222,110

192,988

Ghana

Iduapriem

190,882

123,630

170,086

137,397

241,604

143,945

190,908

154,038

Obuasi

134,933

136,172

222,941

170,861

170,571

182,052

273,155

215,305

Guinea

Siguiri - Attributable 85%

136,885

152,730

156,700

139,036

153,897

169,839

173,970

159,275

Mali

Morila - Attributable 40%

149,020

157,585

131,403

140,981

160,461

182,675

143,832

155,936

Sadiola

- Attributable 41%

137,326

153,896

100,400

128,920

141,701

181,463

123,397

151,233

Yatela - Attributable 40%

114,328

91,723

174,214

98,617

118,553

125,839

194,766

121,069

Namibia

Navachab

158,176

175,352

145,453

165,298

178,444

163,946

163,586

177,190

Tanzania

Geita

199,666

253,398

323,980

251,419

244,731

291,177

392,313

296,126

AUSTRALASIA

224,450

207,318

189,206

175,584

244,516

231,129

232,961

205,027

Australia

Sunrise Dam

216,864

200,811

182,648

171,100

236,354

223,993

225,777

199,918

AMERICAS

95,906

92,559

111,766

93,832

130,984

128,504

153,882

132,089

Argentina

Cerro Vanguardia - Attributable 92.50%

94,137

81,425

127,374

96,642

123,554

119,975

162,697

131,823

Brazil

AngloGold Ashanti Brasil Mineração

88,937

100,737

91,588

88,765

126,130

131,656

139,410

127,982

Serra Grande - Attributable 50%

109,099

81,045

158,853

107,311

156,119

114,390

205,445

142,878

United States of America

Cripple Creek & Victor

116,558

100,989

106,971

100,315

143,494

124,846

141,245

127,226

ANGLOGOLD ASHANTI

149,431

143,596

141,552

136,595

190,374

178,379

180,751

171,795

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

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

SOUTH AFRICA

387

880

1,621

2,371

387

880

1,621

4,556

Great Noligwa

(58)

(56)

(270)

(58)

(56)

(86)

Kopanang

345

247

535

345

247

926

Moab Khotsong

202

136

202

395

Tau Lekoa

168

Mponeng

342

524

628

1,633

342

524

628

2,265

Savuka

(84)

(63)

(113)

(84)

(63)

(108)

TauTona

(32)

(186)

163

(150)

(32)

(186)

163

226

Surface Operations

114

145

267

578

114

145

267

770

CONTINENTAL AFRICA

781

920

619

486

781

920

619

2,856

Ghana

Iduapriem

193

295

193

538

Obuasi

224

194

(7)

(281)

224

194

(7)

332

Guinea

Siguiri - Attributable 85%

188

223

218

(223)

188

223

218

766

Mali
Morila - Attributable 40%

166

462

166

462

Sadiola - Attributable 41%

1 and 2

115

166

470

115

166

470

Yatela - Attributable 40%

122

129

376

122

129

376

Namibia

Navachab

138

Tanzania

Geita

(96)

(164)

(833)

(96)

(164)

(403)

Non-controlling interests, exploration
and other

(10)

177

(10)

177

AUSTRALASIA

(25)

(112)

(25)

473

Australia

Sunrise Dam

118

(48)

118

537

Exploration and other

(29)

(24)

(22)

(64)

(29)

(24)

(22)

(64)

AMERICAS

771

896

706

2,006

771

896

706

3,181

Argentina

Cerro Vanguardia - Attributable 92.50%

139

142

104

385

139

142

104

607

Brazil

AngloGold Ashanti Brasil Mineração

293

341

288

736

293

341

288

1,231

Serra Grande - Attributable 50%

104

105

104

253

United States of America

Cripple Creek & Victor

200

207

229

513

200

207

229

804

Non-controlling interests, exploration
and other

101

266

101

286

OTHER

244

243

SUB-TOTAL

1,955

2,841

3,128

4,995

1,955

2,841

3,128

11,309

Equity accounted investments
included above

(317)

(320)

(364)

(1,309)

(317)

(320)

(364)

(1,308)

ANGLOGOLD ASHANTI

1,638

2,521

2,764

3,686

1,638

2,521

2,764

10,001

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

Adjusted gross profit (loss) - Rm

Adjusted gross profit (loss) excluding hedge
buy-back

costs - Rm

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Imperial

SOUTH AFRICA

384

431

463

1,797

Great Noligwa

0.161

0.162

0.157

0.167

158

Kopanang

0.176

0.221

0.181

0.197

102

336

Moab Khotsong

0.250

0.259

0.276

0.273

247

Tau Lekoa

0.095

0.105

0.104

0.097

124

Mponeng

0.227

0.241

0.279

0.253

115

127

128

520

Savuka

0.070

0.114

0.156

0.159

TauTona

0.189

0.207

0.222

0.213

218

Surface Operations

0.013

0.014

0.017

0.015

164

CONTINENTAL AFRICA

374

418

360

1,585

Ghana

Iduapriem

0.045

0.053

0.050

190

Obuasi

0.162

0.161

0.130

0.151

381

Guinea
Siguiri - Attributable 85%

0.030

0.031

0.035

0.032

316

Mali

Morila - Attributable 40%

0.058

0.066

0.085

0.072

137

Sadiola

- Attributable 41%

0.062

0.091

0.074

135

Yatela

- Attributable 40%

0.054

0.114

0.080

0.106

Namibia

Navachab

0.061

0.058

0.047

0.046

Tanzania

Geita

0.063

0.061

0.044

0.055

272

AUSTRALASIA

114

107

401

Australia
Sunrise Dam

0.108

0.088

0.081

0.084

114

107

401

AMERICAS

207

226

182

816

Argentina

Cerro Vanguardia - Attributable 92.50%

0.186

0.178

0.203

0.190

192

Brazil
AngloGold Ashanti Brasil Mineração

0.215

0.212

0.187

0.205

329

Serra Grande

- Attributable 50%

0.126

0.170

0.106

0.138

United States of America
Cripple Creek & Victor

0.014

0.013

218

ANGLOGOLD ASHANTI

1,079

1,182

1,103

4,599

Undergound Operations

0.181

0.195

0.181

0.187

560

625

606

2,461

Surface and Dump Reclamation

0.014

0.016

0.015

208

Open-pit Operations

0.060

0.058

0.057

391

422

367

1,609

Heap leach Operations

0.016

0.021

0.017

0.019

321

1,079

1,182

1,103

4,599

placed / tonnes 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

The yield is calculated on gold placed into leach pad

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

Imperial

SOUTH AFRICA

4.67

5.31

5.95

5.70

366

430

423

1,792

Great Noligwa

2.61

2.48

3.08

2.86

157

Kopanang

4.30

6.82

5.16

5.63

100

335

Moab Khotsong

4.63

6.19

6.51

5.79

246

Tau Lekoa

2.94

3.72

3.43

123

Mponeng

7.14

7.76

8.24

8.11

104

130

114

520

Savuka

0.42

0.68

4.24

2.38

TauTona

3.89

2.06

5.76

5.16

219

Surface Operations

29.48

51.69

64.20

58.27

163

CONTINENTAL AFRICA

11.43

12.61

11.58

12.23

376

448

354

1,591

Ghana

Iduapriem

7.34

19.65

14.55

17.63

190

Obuasi

6.93

6.69

6.84

6.72

101

103

387

Guinea

Siguiri - Attributable 85%

15.99

16.73

19.85

17.58

308

Mali

Morila - Attributable 40%

37.04

47.55

30.14

40.70

140

Sadiola

- Attributable 41%

17.26

20.75

25.42

23.14

139

Yatela - Attributable 40%

38.36

40.65

17.99

30.80

Namibia

Navachab

9.06

9.14

11.83

9.33

Tanzania

Geita

13.41

12.55

7.25

10.87

272

AUSTRALASIA

78.77

74.90

74.06

73.52

113

112

396

Australia

Sunrise Dam

78.77

74.90

74.06

73.52

113

112

396

AMERICAS

23.15

22.49

19.80

21.18

206

211

176

813

Argentina

Cerro Vanguardia - Attributable 92.50%

22.40

22.18

22.56

22.83

193

Brazil

AngloGold Ashanti Brasil Mineração

18.23

17.09

13.80

15.45

325

Serra Grande - Attributable 50%

17.24

23.25

9.80

17.51

United States of America

Cripple Creek & Victor

49.11

49.78

52.12

49.46

217

ANGLOGOLD ASHANTI

8.61

9.40

9.23

9.40

1,061

1,201

1,048

4,592

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

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

US Dollar / Imperial

SOUTH AFRICA

626

569

343

466

867

744

474

617

Great Noligwa

946

1,014

587

794

1,272

1,246

784

990

Kopanang

585

400

338

406

867

560

522

586

Moab Khotsong

574

489

292

424

1,003

844

530

737

Tau Lekoa

904

732

593

718

925

701

726

749

Mponeng

440

397

244

329

573

479

297

399

Savuka

6,263

4,062

452

1,115

9,123

5,231

555

1,387

TauTona

779

1,443

385

559

1,115

1,997

546

797

Surface Operations

518

459

210

341

559

467

223

355

CONTINENTAL AFRICA

630

668

584

608

767

793

688

720

Ghana

Iduapriem

791

515

535

516

1,003

599

600

579

Obuasi

559

567

701

630

707

758

858

796

Guinea

Siguiri - Attributable 85%

567

636

492

519

638

707

547

595

Mali

Morila - Attributable 40%

619

656

413

527

667

760

452

583

Sadiola

- Attributable 41%

569

640

315

488

588

755

388

571

Yatela - Attributable 40%

474

382

547

368

491

524

612

455

Namibia

Navachab

656

730

457

622

740

683

514

663

Tanzania

Geita

828

1,055

1,018

954

1,015

1,212

1,232

1,121

AUSTRALASIA

931

863

594

662

1,014

962

732

770

Australia

Sunrise Dam

900

836

574

646

980

932

709

751

AMERICAS

398

385

351

354

544

535

483

499

Argentina

Cerro Vanguardia - Attributable 92.50%

390

339

400

355

512

499

511

487

Brazil

AngloGold Ashanti Brasil Mineração

369

419

288

339

523

548

438

486

Serra Grande - Attributable 50%

453

337

499

406

647

476

646

542

United States of America

Cripple Creek & Victor

482

420

336

376

594

520

444

475

ANGLOGOLD ASHANTI

619

598

445

514

789

743

568

646

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

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2010

2009

2010

2009

SOUTH AFRICA

118

163

263

118

164

539

Great Noligwa

(8)

(35)

(8)

(12)

Kopanang

113

Moab Khotsong

Tau Lekoa

Mponeng

192

272

Savuka

(11)

(8)

(16)

(11)

(8)

(15)

TauTona

(4)

(25)

(24)

(4)

(25)

Surface Operations

CONTINENTAL AFRICA

104

123

104

123

351

Ghana

Iduapriem

Obuasi

(1)

(34)

(1)

Guinea

Siguiri - Attributable 85%

(32)

Mali
Morila - Attributable 40%

Sadiola - Attributable 41%

1 and 2

Yatela - Attributable 40%

Namibia

Navachab

Tanzania

Geita

(13)

(17)

(100)

(13)

(17)

(46)

Non-controlling interests, exploration
and other

AUSTRALASIA

(3)

(17)

(3)

Australia

Sunrise Dam

(10)

Exploration and other

(4)

(3)

(2)

(6)

(4)

(3)

(2)

(8)

AMERICAS

103

120

242

103

120

390

Argentina

Cerro Vanguardia - Attributable 92.50%

Brazil

AngloGold Ashanti Brasil Mineração

150

Serra Grande - Attributable 50%

United States of America

Cripple Creek & Victor

Non-controlling interests, exploration
and other

OTHER

SUB-TOTAL

260

380

316

568

260

380

316

1,364

Equity accounted investments included above

(42)

(43)

(37)

(156)

(42)

(43)

(37)

(156)

ANGLOGOLD ASHANTI

218

337

279

412

218

337

279

1,208

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

Adjusted gross profit (loss) - $m

Adjusted gross profit (loss) excluding hedge buy-back

costs - $m

South Africa

Vaal River

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

153

293

360

465

1,648

Milled

- 000 tonnes / - 000 tons

164

187

251

858

181

207

277

945

Yield

- g/t

/ - oz/t

5.53

5.57

5.37

5.73

0.161

0.162

0.157

0.167

Gold produced

- kg

/ - oz (000)

908

1,044

1,349

4,914

158

Gold sold

- kg

/ oz (000)

903

1,021

1,256

4,892

157

Total cash costs

- R

/ - $

- ton milled

1,263

1,357

1,002

1,209

153

165

133

- R/kg

/ - $/oz

- produced

228,300

243,647

186,735

211,048

946

1,014

587

794

Total production costs

- R/kg

/ - $/oz

- produced

306,829

299,374

249,489

264,016

1,272

1,246

784

990

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

2.61

2.48

3.08

2.86

Actual

- m

/ - ft

2.43

2.48

3.06

2.77

26.18

26.68

32.98

29.82

FINANCIAL RESULTS (MILLION)
Gold income

216

246

279

1,127

136

Cost of sales

278

307

313

1,292

156

Cash operating costs

205

253

251

1,031

125

Other cash costs

Total cash costs

207

254

252

1,037

125

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

227

266

258

1,063

129

Amortisation of tangible assets

234

Inventory change

(1)

(6)

(24)

(6)

(1)

(2)

(62)

(61)

(34)

(165)

(8)

(3)

(20)

Realised non-hedge derivatives and other commodity contracts

(105)

(15)

(58)

(56)

(270)

(8)

(35)

Add back hedge buy-back costs

184

(58)

(56)

(86)

(8)

(12)

Capital expenditure

205

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross (loss) profit

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

South Africa

Vaal River

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

104

376

950

1,115

1,043

4,049

Milled

- 000 tonnes / - 000 tons

363

419

388

1,556

400

462

428

1,715

Yield

- g/t

/ - oz/t

6.02

7.57

6.21

6.74

0.176

0.221

0.181

0.197

Gold produced

- kg

/ - oz (000)

2,183

3,177

2,409

10,481

102

336

Gold sold

- kg

/ oz (000)

2,183

3,108

2,253

10,413

100

335

Total cash costs

- R

/ - $

- ton milled

850

728

668

725

103

- R/kg

/ - $/oz

- produced

141,068

96,085

107,584

107,580

585

400

338

406

Total production costs

- R/kg

/ - $/oz

- produced

208,975

134,571

166,235

155,744

867

560

522

586

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

134

212

160

175

4.30

6.82

5.16

5.63

Actual

- m

/ - ft

5.41

6.92

6.45

6.29

58.27

74.44

69.46

67.69

FINANCIAL RESULTS (MILLION)
Gold income

522

746

499

2,401

100

295

Cost of sales

451

418

374

1,623

197

Cash operating costs

305

303

258

1,120

136

Other cash costs

Total cash costs

308

305

259

1,128

137

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

316

310

264

1,149

139

Amortisation of tangible assets

140

118

136

483

Inventory change

(5)

(9)

(26)

(9)

(1)

(3)

328

124

777

Realised non-hedge derivatives and other commodity contracts

122

(243)

(34)

345

247

535

Add back hedge buy-back costs

391

345

247

926

113

Capital expenditure

145

102

486

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

South Africa

Vaal River

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

123

396

411

373

1,327

Milled

- 000 tonnes / - 000 tons

228

254

214

821

251

280

236

905

Yield

- g/t

/ - oz/t

8.58

8.88

9.48

9.36

0.250

0.259

0.276

0.273

Gold produced

- kg

/ - oz (000)

1,956

2,260

2,028

7,686

247

Gold sold

- kg

/ - oz (000)

1,926

2,219

1,903

7,644

246

Total cash costs

- R

/ - $

- ton milled

1,188

1,044

883

1,046

143

127

116

- R/kg

/ - $/oz

- produced

138,531

117,467

93,120

111,662

574

489

292

424

Total production costs

- R/kg

/ - $/oz

- produced

241,896

202,773

168,658

194,532

1,003

844

530

737

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

144

193

202

180

4.63

6.19

6.51

5.79

Actual

- m

/ - ft

2.71

3.26

3.46

2.89

29.14

35.06

37.24

31.11

FINANCIAL RESULTS (MILLION)
Gold income

454

529

421

1,761

215

Cost of sales

465

450

320

1,487

182

Cash operating costs

268

264

188

852

104

Other cash costs

Total cash costs

271

266

189

858

105

Retrenchment costs

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

278

262

192

865

105

Amortisation of tangible assets

195

197

151

630

Inventory change

(8)

(9)

(22)

(9)

(1)

(2)

(11)

101

274

(1)

Realised non-hedge derivatives and other commodity contracts

101

(138)

(20)

202

136

Add back hedge buy-back costs

259

202

395

Capital expenditure

167

244

184

874

104

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

South Africa

Vaal River

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

240

589

639

605

2,579

Milled

- 000 tonnes / - 000 tons

255

291

270

1,159

281

321

298

1,277

Yield

- g/t

/ - oz/t

3.27

3.59

3.56

3.32

0.095

0.105

0.104

0.097

Gold produced

- kg

/ - oz (000)

833

1,044

962

3,852

124

Gold sold

- kg

/ oz (000)

832

1,021

901

3,829

123

Total cash costs

- R

/ - $

- ton milled

713

631

673

636

- R/kg

/ - $/oz

- produced

218,156

175,943

188,797

191,184

904

732

593

718

Total production costs

- R/kg

/ - $/oz

- produced

223,101

168,412

231,027

201,203

925

701

726

749

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

116

107

2.94

3.72

3.43

Actual

- m

/ - ft

6.01

6.58

6.24

6.63

64.69

70.82

67.18

71.34

FINANCIAL RESULTS (MILLION)
Gold income

200

243

197

876

107

Cost of sales

185

172

208

771

Cash operating costs

180

182

181

732

Other cash costs

Total cash costs

182

184

182

736

Retrenchment costs

Rehabilitation and other non-cash costs

(14)

(13)

(2)

Production costs

184

173

183

733

Amortisation of tangible assets

Inventory change

(1)

(4)

(14)

(4)

(1)

(11)

105

(1)

Realised non-hedge derivatives and other commodity contracts

(83)

(12)

Add back hedge buy-back costs

145

168

Capital expenditure

142

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

South Africa

West Wits

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

335

885

866

811

3,602

Milled

- 000 tonnes / - 000 tons

461

476

414

1,866

508

525

456

2,057

Yield

- g/t

/ - oz/t

7.77

8.27

9.58

8.66

0.227

0.241

0.279

0.253

Gold produced

- kg

/ - oz (000)

3,584

3,938

3,967

16,159

115

127

128

520

Gold sold

- kg

/ - oz (000)

3,234

4,029

3,543

16,163

104

130

114

520

Total cash costs

- R

/ - $

- ton milled

826

788

743

753

100

- R/kg

/ - $/oz

- produced

106,198

95,372

77,520

86,928

440

397

244

329

Total production costs

- R/kg

/ - $/oz

- produced

138,312

115,109

94,484

105,562

573

479

297

399

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

222

241

256

252

7.14

7.76

8.24

8.11

Actual

- m

/ - ft

5.09

4.93

4.86

5.22

54.82

53.05

52.37

56.23

FINANCIAL RESULTS (MILLION)
Gold income

1,036

1,157

770

4,254

138

155

524

Cost of sales

448

464

335

1,706

209

Cash operating costs

373

306

1,396

170

Other cash costs

Total cash costs

381

376

308

1,405

171

Retrenchment costs

Rehabilitation costs

(4)

(1)

Production costs

395

373

310

1,413

172

Amortisation of tangible assets

101

293

Inventory change

(48)

(40)

(6)

(4)

588

694

435

2,548

315

Realised non-hedge derivatives and other commodity contracts

(246)

(170)

193

(915)

(33)

(23)

(123)

342

524

628

1,633

192

Add back hedge buy-back costs

632

342

524

628

2,265

272

Capital expenditure

167

258

196

912

109

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

South Africa

West Wits

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

161

388

Milled

- 000 tonnes

/ - 000 tons

170

187

Yield

- g/t

/ - oz/t

2.41

3.91

5.33

5.45

0.070

0.114

0.156

0.159

Gold produced

- kg

/ - oz (000)

432

924

Gold sold

- kg

/ - oz (000)

369

925

Total cash costs

- R

/ - $

- ton milled

3,655

3,817

767

1,611

440

464

177

- R/kg

/ - $/oz

- produced

1,517,849

975,068

143,876

295,800

6,263

4,062

452

1,115

Total production costs

- R/kg

/ - $/oz

- produced

2,205,193

1,256,025

176,681

367,668

9,123

5,231

555

1,387

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

132

0.42

0.68

4.24

2.38

Actual

- m

/ - ft

1.08

1.05

4.57

2.88

11.68

11.26

49.14

31.01

FINANCIAL RESULTS (MILLION)
Gold income

218

Cost of sales

340

Cash operating costs

271

Other cash costs

Total cash costs

273

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Production costs

275

Amortisation of tangible assets

Inventory change

(1)

(11)

(1)

(81)

(61)

(122)

(11)

(8)

(17)

Realised non-hedge derivatives and other commodity contracts

(3)

(2)

(84)

(63)

(113)

(11)

(8)

(16)

Add back hedge buy-back costs

(84)

(63)

(108)

(11)

(8)

(15)

Capital expenditure

107

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross (loss) profit

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

South Africa

West Wits

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

120

293

137

365

1,290

Milled

- 000 tonnes / - 000 tons

214

233

900

236

105

257

992

Yield

- g/t

/ - oz/t

6.46

7.11

7.61

7.29

0.189

0.207

0.222

0.213

Gold produced

- kg

/ - oz (000)

1,383

679

1,774

6,561

211

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

168

140

608

185

154

670

Yield

- g/t

/ - oz/t

0.51

0.34

0.39

0.015

0.010

0.011

Gold produced

- kg

/ - oz (000)

238

TOTAL

Yield

- g/t

/ - oz/t

6.46

7.11

7.61

7.29

0.189

0.207

0.222

0.213

Gold produced

- kg

/ - oz (000)

1,383

765

1,822

6,800

218

Gold sold

- kg

/ - oz (000)

1,213

818

1,590

6,804

219

Total cash costs

- R

/ - $

- ton milled

1,216

1,007

599

666

147

122

- R/kg

/ - $/oz

- produced

188,082

346,655

122,643

147,668

779

1,443

385

559

Total production costs

- R/kg

/ - $/oz

- produced

269,098

479,619

173,718

210,794

1,115

1,997

546

797

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

121

179

161

3.89

2.06

5.76

5.16

Actual

- m

/ - ft

2.38

1.06

3.34

2.83

25.61

11.45

35.91

30.46

FINANCIAL RESULTS (MILLION)
Gold income

384

270

353

1,839

225

Cost of sales

332

374

277

1,434

175

Cash operating costs

256

263

222

998

121

Other cash costs

Total cash costs

260

265

223

1,004

122

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

263

264

226

1,017

124

Amortisation of tangible assets

109

103

416

Inventory change

(40)

(39)

(5)

(4)

(104)

405

(14)

Realised non-hedge derivatives and other commodity contracts

(85)

(82)

(555)

(11)

(74)

(32)

(186)

163

(150)

(4)

(25)

(24)

Add back hedge buy-back costs

376

(32)

(186)

163

226

(4)

(25)

Capital expenditure

111

133

479

Total yield excludes the surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross (loss) profit

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

South Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,430

2,390

2,386

9,674

2,678

2,634

2,631

10,663

Yield

- g/t

/ - oz/t

0.44

0.47

0.59

0.53

0.013

0.014

0.017

0.015

Gold produced

- kg

/ - oz (000)

1,058

1,127

1,416

5,092

164

Gold sold

- kg

/ - oz (000)

1,053

1,102

1,327

5,066

163

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

125,192

110,207

66,734

89,867

518

459

210

341

Total production costs

- R/kg

/ - $/oz

- produced

135,242

112,168

71,151

93,700

559

467

223

355

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

917

1,608

1,997

1,812

29.48

51.69

64.20

58.27

FINANCIAL RESULTS (MILLION)
Gold income

258

260

287

1,150

139

Cost of sales

141

124

474

Cash operating costs

132

124

458

Other cash costs

Total cash costs

132

124

458

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

132

124

458

Amortisation of tangible assets

Inventory change

(2)

(3)

(6)

(3)

(1)

116

137

193

676

Realised non-hedge derivatives and other commodity contracts

(98)

(14)

114

145

267

578

Add back hedge buy-back costs

192

114

145

267

770

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

IDUAPRIEM
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

4,647

5,585

5,999

25,401

5,123

6,157

6,613

28,000

Treated

- 000 tonnes

/ - 000 tons

408

935

671

3,440

450

1,031

739

3,792

Stripping ratio

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

4.60

2.99

5.09

5.19

4.60

2.99

5.09

5.19

Yield

- g/t

/ - oz/t

1.56

1.81

1.71

1.72

0.045

0.053

0.050

Gold in ore

- kg

/ - oz (000)

1,731

2,382

1,731

6,818

219

Gold produced

- kg

/ - oz (000)

637

1,693

1,147

5,909

190

Gold sold

- kg

/ - oz (000)

894

1,718

1,292

5,921

190

Total cash costs

- R/kg

/ - $/oz

- produced

190,882

123,630

170,086

137,397

791

515

535

516

Total produced costs

- R/kg

/ - $/oz

- produced

241,604

143,945

190,908

154,038

1,003

599

600

579

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

228

611

453

549

7.34

19.65

14.55

17.63

FINANCIAL RESULTS (MILLION)
Gold income

179

488

250

1,371

169

Cost of sales

194

234

247

915

110

Cash operating costs

113

194

182

756

Other cash costs

Total cash costs

122

209

195

812

Rehabilitation and other non-cash costs

Production costs

136

216

199

828

100

Amortisation of tangible assets

Inventory change

(10)

(1)

(15)

254

456

(2)

Realised non-hedge derivatives and other commodity contracts

(61)

(161)

(8)

(23)

193

295

Add back hedge buy-back costs

243

193

538

Capital expenditure

235

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - 000 tons

535

532

492

1,979

589

587

543

2,182

Treated

- 000 tonnes

/ - 000 tons

509

500

562

2,066

561

551

619

2,278

Yield

- g/t

/ - oz/t

5.54

5.52

4.45

5.18

0.162

0.161

0.130

0.151

Gold produced

- kg

/ - oz (000)

2,821

2,761

2,501

10,710

344

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

262

511

737

2,498

289

563

813

2,753

Yield

- g/t

/ - oz/t

0.83

0.51

0.49

0.46

0.024

0.015

0.014

0.013

Gold produced

- kg

/ - oz (000)

218

263

361

1,151

TOTAL

Yield

- g/t

/ - oz/t

5.54

5.52

4.45

5.18

0.162

0.161

0.130

0.151

Gold produced

- kg

/ - oz (000)

3,039

3,024

2,862

11,861

381

Gold sold

- kg

/ - oz (000)

3,126

3,203

2,805

12,035

101

103

387

Total cash costs

- R/kg

/ - $/oz

- produced

134,933

136,172

222,941

170,861

559

567

701

630

Total production costs

- R/kg

/ - $/oz

- produced

170,571

182,052

273,155

215,305

707

758

858

796

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

216

208

213

209

6.93

6.69

6.84

6.72

FINANCIAL RESULTS (MILLION)
Gold income

680

936

547

2,738

125

334

Cost of sales

536

594

757

2,601

309

Cash operating costs

374

382

606

1,911

226

Other cash costs

116

Total cash costs

410

412

638

2,027

240

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

414

440

647

2,087

248

Amortisation of tangible assets

105

111

135

466

Inventory change

(25)

(2)

145

342

(210)

138

(21)

Realised non-hedge derivatives and other commodity contracts

(148)

203

(418)

(20)

(58)

224

194

(7)

(281)

(1)

(34)

Add back hedge buy-back costs

612

224

194

(7)

332

(1)

Capital expenditure

139

220

265

788

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit (loss)

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

Continental Africa

Guinea

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

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

- 000 tonnes

/ - 000 tons

7,490

5,514

5,314

20,124

8,256

6,079

5,858

22,183

Treated

- 000 tonnes

/ - 000 tons

2,184

2,256

2,094

8,844

2,408

2,486

2,308

9,748

Stripping ratio

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

1.66

0.81

1.13

1.00

1.66

0.81

1.13

1.00

Yield

- g/t

/ - oz/t

1.04

1.06

1.19

1.11

0.030

0.031

0.035

0.032

Gold produced

- kg

/ - oz (000)

2,265

2,396

2,499

9,836

316

Gold sold

- kg

/ - oz (000)

2,239

2,622

2,346

9,590

308

Total cash costs

- R/kg

/ - $/oz

- produced

136,885

152,730

156,700

139,036

567

636

492

519

Total production costs

- R/kg

/ - $/oz

- produced

153,897

169,839

173,970

159,275

638

707

547

595

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

497

520

617

547

15.99

16.73

19.85

17.58

FINANCIAL RESULTS (MILLION)
Gold income

484

753

498

2,132

101

260

Cost of sales

356

417

413

1,511

182

Cash operating costs

260

304

333

1,146

137

Other cash costs

222

Total cash costs

310

366

392

1,368

164

Rehabilitation and other non-cash costs

Production costs

313

368

394

1,408

169

Amortisation of tangible assets

158

Inventory change

(22)

(56)

(2)

(6)

127

336

621

Realised non-hedge derivatives and other commodity contracts

(113)

134

(845)

(15)

(111)

188

223

218

(223)

(32)

Add back hedge buy-back costs

989

125

188

223

218

766

Capital expenditure

187

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit (loss)

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

MORILA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

487

527

637

690

Mined

- 000 tonnes

/ - 000 tons

1,397

1,510

1,540

1,664

Treated

- 000 tonnes

/ - 000 tons

392

425

421

1,721

432

468

464

1,897

Stripping ratio

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

1.27

1.17

1.27

1.17

Yield

- g/t

/ - oz/t

1.99

2.25

2.92

2.47

0.058

0.066

0.085

0.072

Gold produced

- kg

/ - oz (000)

779

957

1,228

4,251

137

Gold sold

- kg

/ - oz (000)

759

1,129

1,153

4,341

140

Total cash costs

- R/kg

/ - $/oz

- produced

149,020

157,585

131,403

140,981

619

656

413

527

Total production costs

- R/kg

/ - $/oz

- produced

160,461

182,675

143,832

155,936

667

760

452

583

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

1,152

1,479

938

1,266

37.04

47.55

30.14

40.70

FINANCIAL RESULTS (MILLION)
Gold income

203

297

329

1,130

135

Cost of sales

122

198

163

668

Cash operating costs

102

133

137

521

Other cash costs

Total cash costs

116

151

161

599

Rehabilitation and other non-cash costs

Production costs

116

163

161

614

Amortisation of tangible assets

Inventory change

(3)

(14)

(1)

166

462

Realised non-hedge derivatives and other commodity contracts

166

462

Add back hedge buy-back costs

166

462

Capital expenditure

Morila is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Mail

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

SADIOLA - Attributable 41%

1 and 2

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,354

1,162

4,540

1,771

1,520

5,939

Mined

- 000 tonnes

/ - 000 tons

2,646

2,587

2,246

8,750

2,916

2,852

2,476

9,645

Treated

- 000 tonnes

/ - 000 tons

438

467

357

1,658

483

515

394

1,828

Stripping ratio

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

7.49

7.59

4.64

5.89

7.49

7.59

4.64

5.89

Yield

- g/t

/ - oz/t

2.12

3.12

2.52

0.062

0.091

0.074

Gold produced

- kg

/ - oz (000)

929

991

1,113

4,187

135

Gold sold

- kg

/ - oz (000)

911

1,099

1,076

4,329

139

Total cash costs

- R/kg

/ - $/oz

- produced

137,326

153,896

100,400

128,920

569

640

315

488

Total production costs

- R/kg

/ - $/oz

- produced

141,701

181,463

123,397

151,233

588

755

388

571

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

537

645

791

720

17.26

20.75

25.42

23.14

FINANCIAL RESULTS (MILLION)
Gold income

244

286

305

1,120

134

Cost of sales

130

194

139

650

Cash operating costs

111

134

464

Other cash costs

Total cash costs

128

153

112

540

Rehabilitation and other non-cash costs

Production costs

128

160

112

548

Amortisation of tangible assets

Inventory change

(2)

115

166

470

Realised non-hedge derivatives and other commodity contracts

115

166

470

Add back hedge buy-back costs

115

166

470

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

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

YATELA - Attributable 40%

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

704

410

939

2,536

776

451

1,035

2,795

Placed

- 000 tonnes

/ - 000 tons

304

325

271

1,099

335

358

299

1,211

Stripping ratio

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

4.29

2.05

2.86

2.59

4.29

2.05

2.86

2.59

Yield

- g/t

/ - oz/t

1.86

3.91

2.73

3.62

0.054

0.114

0.080

0.106

Gold placed

- kg

/ - oz (000)

565

1,271

739

3,981

128

Gold produced

- kg

/ - oz (000)

840

872

421

2,768

Gold sold

- kg

/ - oz (000)

814

931

414

2,826

Total cash costs

- R/kg

/ - $/oz

- produced

114,328

91,723

174,214

98,617

474

382

547

368

Total production costs

- R/kg

/ - $/oz

- produced

118,553

125,839

194,766

121,069

491

524

612

455

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

1,193

1,264

560

958

38.36

40.65

17.99

30.80

FINANCIAL RESULTS (MILLION)
Gold income

219

243

118

725

Cost of sales

115

348

Cash operating costs

223

Other cash costs

Total cash costs

273

Rehabilitation and other non-cash costs

Production costs

295

Amortisation of tangible assets

Inventory change

(3)

122

129

376

Realised non-hedge derivatives and other commodity contracts

122

129

376

Add back hedge buy-back costs

122

129

376

Capital expenditure

(10)

(1)

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

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Namibia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

822

794

823

3,490

1,075

1,038

1,076

4,565

Mined

- 000 tonnes

/ - 000 tons

2,677

2,147

2,203

9,417

2,951

2,367

2,429

10,381

Treated

- 000 tonnes

/ - 000 tons

267

352

1,278

294

388

1,409

Stripping ratio

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

2.47

5.14

5.47

5.58

2.47

5.14

5.47

5.58

Yield

- g/t

/ - oz/t

2.09

1.97

1.61

1.58

0.061

0.058

0.047

0.046

Gold produced

- kg

/ - oz (000)

557

526

569

2,014

Gold sold

- kg

/ - oz (000)

530

538

573

1,984

Total cash costs

- R/kg

/ - $/oz

- produced

158,176

175,352

145,453

165,298

656

730

457

622

Total production costs

- R/kg

/ - $/oz

- produced

178,444

163,946

163,586

177,190

740

683

514

663

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

282

284

368

290

9.06

9.14

11.83

9.33

FINANCIAL RESULTS (MILLION)
Gold income

127

156

489

Cost of sales

351

Cash operating costs

317

Other cash costs

Total cash costs

333

Rehabilitation and other non-cash costs

Production costs

100

340

Amortisation of tangible assets

(13)

(2)

Inventory change

(5)

(6)

(1)

138

Realised non-hedge derivatives and other commodity contracts

(95)

(12)

Add back hedge buy-back costs

138

Capital expenditure

164

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Continental Africa

Tanzania

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

GEITA

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

4,153

4,981

4,334

18,389

5,432

6,515

5,669

24,053

Mined

- 000 tonnes

/ - 000 tons

12,051

13,990

12,285

51,070

13,283

15,422

13,542

56,295

Treated

- 000 tonnes

/ - 000 tons

1,209

1,211

917

4,480

1,333

1,335

1,011

4,939

Stripping ratio

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

10.05

11.08

11.64

12.07

10.05

11.08

11.64

12.07

Yield

- g/t

/ - oz/t

2.15

2.09

1.50

1.89

0.063

0.061

0.044

0.055

Gold produced

- kg

/ - oz (000)

2,598

2,534

1,379

8,466

272

Gold sold

- kg

/ - oz (000)

2,436

2,713

1,363

8,449

272

Total cash costs

- R/kg

/ - $/oz

- produced

199,666

253,398

323,980

251,419

828

1,055

1,018

954

Total production costs

- R/kg

/ - $/oz

- produced

244,731

291,177

392,313

296,126

1,015

1,212

1,232

1,121

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

417

390

226

338

13.41

12.55

7.25

10.87

FINANCIAL RESULTS (MILLION)
Gold income

839

669

1,580

112

203

Cost of sales

583

766

532

2,446

102

298

Cash operating costs

487

608

426

2,021

246

Other cash costs

Total cash costs

508

627

439

2,087

254

Rehabilitation and other non-cash costs

Production costs

509

639

439

2,100

256

Amortisation of tangible assets

117

366

Inventory change

(43)

(2)

(19)

(6)

(2)

256

(96)

(466)

(866)

(13)

(47)

(95)

Realised non-hedge derivatives and other commodity contracts

(247)

302

(33)

(5)

(96)

(164)

(833)

(13)

(17)

(100)

Add back hedge buy-back costs

430

(96)

(164)

(403)

(13)

(17)

(46)

Capital expenditure

160

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit (loss)

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

Australasia

Australia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - ooo tons

150

195

143

780

165

215

158

860

Treated

- 000 tonnes

/ - 000 tons

131

147

217

733

144

162

239

808

Yield

- g/t

/ - oz/t

5.38

5.75

4.97

4.73

0.157

0.168

0.145

0.138

Gold produced

- kg

/ - oz (000)

704

845

1,077

3,464

111

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,383

1,510

1,398

5,636

1,809

1,975

1,829

7,372

Treated

- 000 tonnes

/ - 000 tons

766

820

705

3,138

844

903

777

3,459

Stripping ratio

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

5.04

6.86

27.83

13.51

5.04

6.87

27.83

13.51

Yield

- g/t

/ - oz/t

3.72

3.03

2.78

2.87

0.108

0.088

0.081

0.084

Gold produced

- kg

/ - oz (000)

2,848

2,487

1,964

9,013

290

TOTAL

Yield

- g/t

/ - oz/t

3.72

3.03

2.78

2.87

0.108

0.088

0.081

0.084

Gold produced

- kg

/ - oz (000)

3,552

3,331

3,041

12,477

114

107

401

Gold sold

- kg

/ - oz (000)

3,515

3,474

2,945

12,317

113

112

396

Total cash costs

- R/kg

/ - $/oz

- produced

216,864

200,811

182,648

171,100

900

836

574

646

Total production costs

- R/kg

/ - $/oz

- produced

236,354

223,993

225,777

199,918

980

932

709

751

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

2,450

2,330

2,304

2,287

78.77

74.90

74.06

73.52

FINANCIAL RESULTS (MILLION)
Gold income

844

848

626

1,819

113

221

Cost of sales

843

772

680

2,484

113

103

300

Cash operating costs

744

648

534

2,055

249

Other cash costs

Total cash costs

770

669

555

2,135

103

259

Rehabilitation and other non-cash costs

Production costs

770

673

592

2,185

103

265

Amortisation of tangible assets

309

Inventory change

(6)

(11)

(1)

(54)

(665)

(5)

(79)

Realised non-hedge derivatives and other commodity contracts

171

617

118

(48)

(10)

Add back hedge buy-back costs

585

118

537

Capital expenditure

259

Total yield excludes the underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit (loss)

Adjusted gross profit excluding hedge buy-back costs

Americas

Argentina

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

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

- 000 tonnes / - 000 tons

6,223

6,044

5,211

22,077

6,860

6,663

5,745

24,335

Treated

- 000 tonnes / - 000 tons

229

237

212

919

253

261

233

1,013

Stripping ratio

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

26.06

23.01

23.14

22.42

26.06

23.01

23.14

22.42

Yield

- g/t

/ - oz/t

6.37

6.12

6.98

6.51

0.186

0.178

0.203

0.190

Gold in ore

- kg

/ - oz (000)

1,538

1,530

1,561

6,336

204

Gold produced

- kg

/ - oz (000)

1,460

1,448

1,476

5,980

192

Gold sold

- kg

/ - oz (000)

1,305

1,175

1,106

5,991

193

Total cash costs

- R/kg

/ - $/oz

- produced

94,137

81,425

127,374

96,642

390

339

400

355

Total production costs

- R/kg

/ - $/oz

- produced

123,554

119,975

162,697

131,823

512

499

511

487

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

697

690

702

710

22.40

22.18

22.56

22.83

FINANCIAL RESULTS (MILLION)
Gold income

301

282

333

1,495

182

Cost of sales

162

140

191

782

Cash operating costs

108

162

453

Other cash costs

125

Total cash costs

137

118

188

578

Rehabilitation and other non-cash costs

(1)

Production costs

140

126

188

597

Amortisation of tangible assets

191

Inventory change

(19)

(34)

(49)

(6)

(2)

(5)

139

142

713

Realised non-hedge derivatives and other commodity contracts

(37)

(328)

(4)

(40)

139

142

104

385

Add back hedge buy-back costs

222

139

142

104

607

Capital expenditure

141

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Americas

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

285

371

318

1,382

314

409

351

1,523

Treated

- 000 tonnes / - 000 tons

334

398

320

1,391

368

438

353

1,534

Yield

- g/t

/ - oz/t

7.36

7.28

6.43

7.02

0.215

0.212

0.187

0.205

Gold produced

- kg

/ - oz (000)

2,461

2,895

2,059

9,770

314

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

764

735

739

2,682

842

810

815

2,956

Placed

- 000 tonnes / - 000 tons

139

153

Stripping ratio

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

20.27

21.82

25.58

18.35

20.27

21.82

25.58

18.35

Yield

- g/t

/ - oz/t

2.71

3.88

2.30

3.26

0.079

0.113

0.067

0.095

Gold placed

- kg

/ - oz (000)

125

451

Gold produced

- kg

/ - oz (000)

124

459

TOTAL

Yield

- g/t

/ - oz/t

7.36

7.28

6.43

7.02

0.215

0.212

0.187

0.205

Gold produced

- kg

/ - oz (000)

2,548

3,019

2,121

10,229

329

Gold sold

- kg

/ - oz (000)

2,560

2,906

2,158

10,117

325

Total cash costs

- R/kg

/ - $/oz

- produced

88,937

100,737

91,588

88,765

369

419

288

339

Total production costs

- R/kg

/ - $/oz

- produced

126,130

131,656

139,410

127,982

523

548

438

486

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

567

531

429

481

18.23

17.09

13.80

15.45

FINANCIAL RESULTS (MILLION)
Gold income

691

694

543

2,364

289

Cost of sales

326

378

294

1,265

154

Cash operating costs

220

296

188

880

108

Other cash costs

Total cash costs

227

304

194

908

111

Rehabilitation and other non-cash costs

Production costs

230

310

194

940

116

Amortisation of tangible assets

101

369

Inventory change

(19)

(1)

(44)

(3)

(6)

365

315

248

1,099

135

Realised non-hedge derivatives and other commodity contracts

(72)

(363)

(9)

(47)

293

341

288

736

Add back hedge buy-back costs

495

293

341

288

1,231

150

Capital expenditure

162

218

123

705

Tonnes / Tons placed onto leach pad.

Total yield represents underground operations.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Americas

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

113

141

439

125

156

101

484

Treated

- 000 tonnes / - 000 tons

124

125

425

137

138

469

Yield

- g/t

/ - oz/t

4.34

5.83

3.65

4.72

0.126

0.170

0.106

0.138

Gold produced

- kg

/ - oz (000)

537

730

298

2,010

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

238

227

182

809

262

251

200

892

Treated

- 000 tonnes / - 000 tons

104

115

Stripping ratio

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

9.64

6.07

9.00

5.74

9.64

6.07

9.00

5.74

Yield

- g/t

/ - oz/t

3.55

3.37

3.96

3.70

0.103

0.098

0.116

0.108

Gold in ore

- kg

/ - oz (000)

106

426

Gold produced

- kg

/ - oz (000)

386

TOTAL

Yield

- g/t

/ - oz/t

4.34

5.83

3.65

4.72

0.126

0.170

0.106

0.138

Gold produced

- kg

/ - oz (000)

627

826

328

2,396

Gold sold

- kg

/ - oz (000)

640

782

421

2,445

Total cash costs

- R/kg

/ - $/oz

- produced

109,099

81,045

158,853

107,311

453

337

499

406

Total production costs

- R/kg

/ - $/oz

- produced

156,119

114,390

205,445

142,878

647

476

646

542

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

536

723

305

544

17.24

23.25

9.80

17.51

FINANCIAL RESULTS (MILLION)
Gold income

171

194

100

569

Cost of sales

343

Cash operating costs

238

Other cash costs

Total cash costs

257

Rehabilitation and other non-cash costs

Production costs

261

Amortisation of tangible assets

Inventory change

(5)

(1)

105

226

Realised non-hedge derivatives and other commodity contracts

(15)

(121)

(2)

(16)

104

105

Add back hedge buy-back costs

148

104

253

Capital expenditure

279

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

Americas

United States of America

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2010

2009

2010

2009

CRIPPLE CREEK & VICTOR

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

15,097

13,335

12,204

52,238

16,642

14,699

13,453

57,582

Placed

- 000 tonnes

/ - 000 tons

5,117

4,320

5,306

18,650

5,640

4,762

5,849

20,558

Stripping ratio

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

1.90

2.09

1.32

1.79

1.90

2.09

1.32

1.79

Yield

- g/t

/ - oz/t

0.47

0.46

0.014

0.013

Gold placed

- kg

/ - oz (000)

2,406

1,984

2,417

8,526

274

Gold produced

- kg

/ - oz (000)

1,796

1,731

1,736

6,768

218

Gold sold

- kg

/ - oz (000)

1,887

1,689

1,789

6,755

217

Total cash costs

- R/kg

/ - $/oz

- produced

116,558

100,989

106,971

100,315

482

420

336

376

Total production costs

- R/kg

/ - $/oz

- produced

143,494

124,846

141,245

127,226

594

520

444

475

PRODUCTIVITY PER EMPLOYEE
Actual

- g

/ - oz

1,528

1,548

1,621

1,538

49.11

49.78

52.12

49.46

FINANCIAL RESULTS (MILLION)
Gold income

520

425

243

1,376

171

Cost of sales

258

216

245

861

103

Cash operating costs

269

254

346

1,173

140

Other cash costs

Total cash costs

286

260

363

1,217

145

Rehabilitation and other non-cash costs

(60)

(59)

(8)

Production costs

286

200

363

1,158

137

Amortisation of tangible assets

183

Inventory change

(82)

(24)

(189)

(480)

(11)

(3)

(19)

(55)

262

209

(3)

515

Realised non-hedge derivatives and other commodity contracts

(62)

(3)

232

(2)

(8)

(7)

200

207

229

513

Add back hedge buy-back costs

292

200

207

229

804

Capital expenditure

294

726

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

Adjusted gross profit

Adjusted gross profit excluding hedge buy-back costs

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 hedge 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 capital 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 2009, which was distributed to shareholders on 30 March 2010, and the company’s annual report on Form 20-F, filed with the Securities and Exchange
Commission in the United States on 19 April 2010. 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

ANGLOGOLD ASHANTI LIMITED

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: May 7, 2010

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary