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 11, 2011

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 REPORT FOR THE QUARTER ENDED
31 MARCH 2011 PREPARED IN ACCORDANCE WITH IFRS

Quarter 1 2011

Report

for the quarter ended 31 March 2011

Group results for the quarter….

· First quarter production of 1.039Moz at a total cash cost of $706/oz.
· First quarter uranium production of 365klbs and silver production of 681koz
· Adjusted headline earnings of $203m, or 53 US cents a share.
· Hedge removal ensures strong cash generation from operating activities of $513m.
· Continued improvement in net debt to $1.1bn; a reduction of some $200m during the quarter.
· Kopanang shows 3% production gain, despite South Africa Christmas shutdown.
· Sadiola benefits from higher tonnages and grades for 3% production increase.
· Iduapriem showing early benefits from Project ONE, higher tonnages offset lower grade.
· Cripple Creek & Victor continues turnaround, with strong production gain.
· Exploration at Hutite prospect in Egypt showing promising, high-grade intercepts.
· New ore body discovered at Sunrise Dam.

Events post quarter-end…

· Proposed BEE restructuring ensures value for all beneficiaries; incremental accounting cost of about $18m.

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

32,303

35,703 33,574

140,418

1,039

1,148

1,079

4,515

Price received

- R/kg / $/oz

312,261

99,671 244,873 135,862

1,391

452

1,015

561

Price received excluding hedge

buy-back costs

- R/kg / $/oz

312,261

303,454 244,873 271,018

1,391

1,372

1,015

1,159

Total cash costs

- R/kg / $/oz

158,707

148,474 149,431 149,577

706

672

619

638

Total production costs

- R/kg / $/oz

200,632

201,465 190,374 190,889

893

912

789

816

Financial review

Adjusted gross profit (loss)

- Rm / $m

3,464

(3,718)

1,638 (8,027)

497

(540) 218

(1,191)

Adjusted gross profit excluding hedge

buy-back costs

- Rm / $m

3,464

3,598 1,638

10,927

497

522

218

1,507

Profit attributable to equity

shareholders

- Rm / $m

1,658

404 1,150 637

241

157

cents/share

430

105 313 171

Adjusted headline earnings (loss)

- Rm / $m

1,415

(5,263)

463 (12,210)

203

(764) 61

(1,758)

cents/share

367

(1,368)

126 (3,283)

(199) 17

(473)

Adjusted headline earnings

excluding hedge buy-back costs

- Rm / $m

1,415

2,026 463

5,652

203

294

787

cents/share

367

527 126

1,520

212

Cash flow from operating activities

excluding hedge buy-back costs

- Rm / $m

3,607

5,076 1,326

12,603

513

679

179

1,669

Capital expenditure

- Rm / $m

1,740

2,572 1,283 7,413

249

365

171

1,015

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 2011

oz (000)

% Variance

$/oz

% Variance

$m Variance

SOUTH AFRICA

401

(16)

637

210

(29)

Great Noligwa

(35)

1,202

(2)

(8)

Kopanang

589

(10)

Moab Khotsong

(11)

586

(12)

Mponeng

118

(17)

516

(19)

Savuka

833

(6)

TauTona

(33)

856

(22)

Surface Operations

(8)

540

(2)

CONTINENTAL AFRICA

363

(3)

819

163

Ghana

Iduapriem

(3)

714

(4)

(1)

Obuasi

1,011

Guinea

Siguiri - Attributable 85%

(8)

675

(2)

Mali

Morila - Attributable 40%

(8)

832

(3)

Sadiola - Attributable 41%

699

(11)

Yatela - Attributable 40%

(22)

1,387

Namibia

Navachab

(39)

955

(11)

Tanzania

Geita

817

Production

Total cash costs

Adjusted

gross profit (loss) excluding

hedge buy-back costs

Non-controlling interests, exploration
and other

AUSTRALASIA

(29)

1,153

(36)

Australia

Sunrise Dam

(29)

1,083

(33)

Exploration and other

(5)

(1)

AMERICAS

203

480

156

Argentina

Cerro Vanguardia - Attributable 92.50%

(10)

435

(7)

Brazil

AngloGold Ashanti Mineração

(1)

444

(3)

Serra Grande - Attributable 50%

(11)

711

(7)

United States of America

Cripple Creek & Victor

494

(11)

Non-controlling interests, exploration
and other

(4)

OTHER

(7)

(9)

Sub-total 1,039 (9) 706 5 527 (21)

Equity accounted investments included above

(31)

(5)

AngloGold Ashanti

497 (25)

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

Equity accounted joint ventures.

Variance March 2011 quarter on December 2010 quarter - increase (decrease).

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

The first quarter of 2011 is the first period in which the company’s earnings were unencumbered by the hedge
book, which was removed on 7 October 2010. The group now has full exposure to the spot price of gold, which
continued to perform strongly in the face of inflationary fears, macroeconomic uncertainty and geopolitical
tension. Adjusted headline earnings were $203m, or 53 US cents a share in the seasonally weak production
period, compared with $294m, or 76 US cents the previous quarter. Profit attributable to ordinary shareholders
was $241m, from $56m the previous quarter.

Cash generated from operating activities was strong at $513m. Free cash flow (after all capital expenditure,
finance costs and tax) was $229m and this helped reduce net debt (excluding the mandatory convertible bond)
from $1.3bn at the end of last quarter to $1.1bn at 31 March 2011.

On 14 April 2011, following the end of the quarter, AngloGold Ashanti announced the proposed restructuring of
its black economic empowerment transaction, initially entered into in 2006, to ensure the intended benefits
accrue to its recipients, namely its South African employees, through the Bokamoso ESOP trust and BEE
Partner, Izingwe Holdings.

The total incremental accounting cost to AngloGold Ashanti of the proposed restructuring which is subject to
shareholders’ approval, is around R121m (approximately $18m of which $12m will be recorded in 2011), while
the pro-forma impact on adjusted headline earnings and net asset value per share is 0.4% and 0.2%
respectively. When implemented following shareholder approval, approximately $8m of the accounting cost will
be recorded during the second quarter 2011, with the balance of $4m spread equally in the third and fourth
quarters of 2011. The principal component of the restructured transaction is the proposed reinstatement over the
next three years of a total of some 1.37m E Ordinary shares that have either lapsed or are expected to lapse
without realising the anticipated value for their holders. Also, an additional 48,923 new ordinary shares will be
allotted to employees who qualify for the scheme as of the original cut-off date.

The Board believes that proactively implementing the proposed restructuring will be recognised by government,
AngloGold Ashanti’s employees, Izingwe and society as a whole, as reinforcing the company’s continued
commitment to the spirit of transformation and empowerment as contained in the Mining Charter. Management
believes that the amendment of this transaction has the potential to enhance labour relations within AngloGold
Ashanti’s South African operations and more broadly, reinforce AngloGold Ashanti’s reputation as a good
corporate citizen in South Africa.

OPERATING RESULTS

Production and total cash costs for the three months to 31 March 2011, traditionally the slowest production
quarter for AngloGold Ashanti, were 1.039Moz at $706/oz, compared with 1.148Moz at $672/oz the previous
quarter. The result was affected by torrential rainfall which disrupted production at Sunrise Dam in Australia and
Navachab in Namibia, as well as the seasonally slow restart after the Christmas break in South Africa. Strong
performances were delivered by Cripple Creek & Victor in the U.S., Kopanang in South Africa and Sadiola in
Mali.

Guidance for the first quarter was initially set at 1.04Moz at a total cash cost of $675/oz - $700/oz. This was
adjusted to 1.02Moz, with a consequent impact on costs, on 15 March 2011 following the weather impact on the
Australian operations.

Total cash costs at $706/oz were adversely impacted by higher fuel prices, royalties (on the back of improved
spot prices) and accounting deferred stripping costs.

SAFETY

Tragically, two employees lost their lives during the quarter in separate incidents at Great Noligwa, in South
Africa and at Obuasi, in Ghana. This is especially distressing, given the unblemished record of the previous
quarter. Thorough analysis of those incidents was undertaken and steps taken to prevent their reoccurrence.
Encouragement can be taken from AngloGold Ashanti’s long-term all-injury statistics, which at 10.25 per million
hours worked, were the lowest in the company’s history and bear testimony to the commitment at all levels to
reaching our goal of an injury free workplace, and to the effectiveness of the systemic cultural changes being
made in this business. In March, this broad measure of safety had improved by more than half from its levels of
2007, with South Africa and the Continental Africa regions leading the improvements. While these gains are
encouraging, additional interventions and procedures are being designed and implemented to address specific
factors influencing safety performance in order to drive continued improvements in these statistics.

OPERATING REVIEW

The South Africa operations produced 401,000oz at a total cash cost of $637/oz in the first quarter of 2011,
compared with 476,000oz at a total cash cost of $616/oz the previous quarter. The performance was impacted
by the slow restart following the annual year-end break by most of the South African workforce, as well as
disruption caused by safety stoppages. At the West Wits operations, production from Mponeng, the company’s
largest mine, declined by 17% to 118,000oz due mainly to lower grades and tonnages, influenced by
underground temperature-related constraints. At neighbouring TauTona, the seasonal factors had a similar
impact on production, compounded by lower yield and a seismic event in February. Production fell 33% to
54,000oz at a total cash cost of $856/oz. At the Vaal River operations, production from Moab Khotsong declined
by 11% to 68,000oz due to lower volumes resulting from the restart after Christmas, safety stoppages during
February and high underground temperatures. This was partially offset by higher yield. Kopanang managed a
3% increase in production despite the Christmas shutdown as yields improved by 13%. Costs declined by 10%
to $589/oz. At Great Noligwa, production dropped 35% to 22,000oz, with safety stoppages and ore-pass
blockages contributing to the decline. Lower grade affected production from the Surface Operations, resulting in
a 8% decline to 48,000oz. Costs were well contained at $540/oz.

The Continental Africa operations produced 363,000oz at a total cash cost of $819/oz in the first quarter of
2011, compared with 374,000oz at a total cash cost of $790/oz the previous quarter. Geita’s production
increased by 4% to 94,000oz mainly due to higher grades mined from the Nyankanga pit. Higher fuel and labour
charges pushed total cash costs 9% higher to $817/oz. Production from Iduapriem declined 3% as planned to
56,000oz due to the decrease in recovered grade. This was partially offset by improved throughput arising from
increased plant availability and utilisation. Total cash costs improved by 4% to $714/oz. At Obuasi, production
rose 6% to 70,000oz due to a 5% increase in tonnage, achieved through consistency in plant operations and
improved underground equipment availability. The operation’s 7% increase in total cash costs to $1,011/oz
included a $54/oz non-cash charge for inventory movements. At Siguiri, production was 8% lower at 65,000oz
following a reduction in tonnages, which was offset by higher recovered grades. Total cash costs improved by
2% to $675/oz due to reduced spending on external service providers. Mali continued to deliver strong
operational free cashflow to the business. Production from Morila fell 8% to 22,000oz at a total cash cost of
$832/oz. At Yatela, output fell 22% to 7,000oz as less ore was stacked. Higher recovered grade and tonnages
at Sadiola led to a 3% increase in production to 30,000oz. Costs decreased 11% to $699/oz. In Namibia,
Navachab’s production fell to 17,000oz as torrential rainfall hampered access to higher grade areas at the base
of the pit.

The Americas operations produced 203,000oz at a total cash cost of $480/oz in the first quarter of 2011,
compared with 196,000oz at a total cash cost of $465/oz the previous quarter. Cerro Vanguardia, in Argentina,
posted a 10% decline in production to 45,000oz due to a planned reduction in grade and two scheduled plant
shutdowns. Accelerating inflation in Argentina, particularly evident in higher payroll costs, caused a 22% rise in
total cash costs to $435/oz, though this was partially offset by lower consumption of fuel, explosives and other
consumables. At Cripple Creek & Victor in the U.S., production rose 36% to 57,000oz as planned, due to
stacking ore closer to the liner on the new pad. Cash costs improved 11% to $494/oz. At AngloGold Ashanti
Córrego do Sítio Mineração (AngloGold Ashanti Mineração), production was little changed at 84,000oz, as higher
grades offset lower tonnage caused by continued challenges relating to performance of the underground fleet
and geotechnical challenges in the underground mine. Total cash costs improved by 3% to $444/oz, aided by
higher by-product credits and lower costs on certain consumables. At Serra Grande, production decreased by

11% as planned to 17,000oz, due to lower grades and tonnages. Total cash cost increased 40% from previous
quarter to $711/oz as a consequence of the lower production, local currency appreciation and additional
equipment maintenance.

Australasia produced 72,000oz at a total cash cost of $1,153/oz in the first quarter of 2011, compared with
102,000oz at a total cash cost of $894/oz the previous quarter. (This figure includes deferred stripping charge of
$73/oz) The flood inundation event during the quarter at Sunrise Dam severely impacted all aspects of the
operation. Laverton, 56km from the mine, had its highest rainfall in February since records were first kept in
1899. Sunrise Dam, meanwhile, recorded rainfall 30% higher than Laverton’s for the month, with the bulk of the
rain falling in only two events. In one 24-hour period alone, more than 150mm fell, resulting in destructive flash
flooding and substantial inflows of water into the open pit and underground. All efforts were directed into
pumping and dewatering during the period.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $249m during the quarter, of which $89m was spent on growth
projects. Of the growth-related capital, $49m was spent in the Americas, $18m was spent in Continental Africa,
$5m in Australasia and $17m in South Africa.

Good progress was made on the Córrego do Sítio project in Brazil’s Minas Gerais state. The team from Sherritt
is preparing to visit the site to commission the autoclave, while the major plant refurbishment was finalised during
April. Purchasing processes for the main pieces of equipment and major civil works are also complete. The ball
mill from the Queiroz plant has been disassembled and trucked to Córrego do Sítio, while the new jaw crusher,
screen and vibrating feeders are already on site. Other imported equipment, including Knelson concentrator and
autoclave lining have already been shipped to Brazil. Ore production was ahead of plan during the period.

In the Democratic Republic of the Congo, progress was made on the Kibali joint venture, operated by
AngloGold Ashanti’s joint venture partner Randgold Resources. The partners have been involved in detailed
technical discussions around the final project design. Randgold has further provided guidelines on a high-level
integrated project implementation schedule. However, this schedule requires further work. A mining-study
manager was appointed to co-ordinate a full redesign and schedule for the underground mine. Randgold also
provided a milestone schedule which indicates that the project approval is planned for the first quarter in 2012.
The relocation action plan project is progressing well with good support from the community.

Also in the DRC, AngloGold Ashanti completed the feasibility study on the Mongbwalu project in March 2011.
The Mongbwalu project forms part of Ashanti Goldfields Kilo, a DRC company 86.22% owned and managed by
AngloGold Ashanti and 13.78% by SOKIMO, the DRC state-owned mining company. The project is currently
moving into an optimisation phase which is planned to be completed by June 2011 and the project will
be submitted to the AngloGold Ashanti board for project funding approval. The Mineral Resource model is
currently updated with the latest drilling data and is due for completion during the current quarter. A project
manager has been appointed to oversee the upgrade and refurbishment of the existing run-of-river hydro power
station. The project will result in reliable green power to the surrounding district residents and industry.

At the Tropicana project in Australia (AngloGold Ashanti 70% and manager, Independence Group NL 30%), the
contract for construction of the 220km site access road was awarded during the quarter. Major approvals for the
road were obtained and construction has begun. In April, the EPCM contract with Lycopodium was executed and
the open-pit mining contract was nearing completion. Tenders were issued for the long lead-time, major
equipment packages. Detailed engineering design of the plant and infrastructure is underway and will be carried
out in parallel with road construction, while plant construction is scheduled to begin early in 2012. Boston Shaker
feasibility study work during the quarter included metallurgical testing, resource modelling, pit optimisations and
design. It is anticipated that reserves and resources for Boston Shaker will be updated by mid 2011. A two-year
pre-feasibility study on Havana Deeps was approved by the Tropicana JV partners during the quarter and drilling
to support the study began in late March. The study will examine the best options for exploiting the Havana
Deeps mineralisation, including mining using an expanded pit with an underground operation beneath the pit, or
using an underground mine below the current planned pit design.

EXPLORATION

Total exploration expenditure during the first quarter, inclusive of expenditure at equity accounted joint ventures,
was $71m ($26m on brownfield, $25m on greenfield and $20m on pre-feasibility studies), compared with $65m
the previous quarter ($23m on brownfield, $26m on greenfield and $16m on pre-feasibility studies). The following
are highlights from the company’s exploration activities during the quarter. More detail on AngloGold Ashanti’s
exploration programme can be found at www.anglogoldashanti.com.

Greenfield exploration activities were undertaken in six regions (Australia, Americas, China, Southeast Asia, Sub-
Saharan Africa and the Middle East & North Africa) during the first quarter. A total of 35,801m of diamond, RC
and AC drilling was completed at existing priority targets and used to delineate new targets in Australia, Guinea,
Gabon, the DRC, Egypt and the Solomon Islands.

In Australia, in the Tropicana JV (AngloGold Ashanti 70%, Independence Group 30%) regional Greenfields
exploration during the quarter was affected by seasonal, but larger than anticipated, rainfall events in the
Tropicana area and adjacent goldfields. Exploration programs were impacted, but have re-commenced. Regional
geochemical sampling programs recommenced in February at the wholly-owned Viking project, which lies
southwest of the Tropicana JV within the Albany-Fraser foreland tectonic setting that hosts the Tropicana deposit.
Aircore drilling of geochemical anomalies and an airborne magnetic survey are planned for the second quarter.
In late 2010, AngloGold Ashanti entered a farm-in and joint venture agreement with Stellar Resources over the
Coronation Bore and Gairdner projects in the Gawler Craton of South Australia, targeting world-class Iron Oxide
Copper Gold mineralisation. Land access negotiations have progressed with expectations of commencing
geophysical surveys in the second quarter. At the Cornelia Range project, located in central Western Australia,
land access negotiations advanced during the quarter and planning commenced for airborne geophysical
surveying and field reconnaissance. AngloGold Ashanti withdrew from the Saxby JV (NW Queensland) with
Falcon Minerals Limited in February 2011 and has no further interest in the project.

Greenfields exploration in the Americas during the first quarter of 2011 continued focusing on early stage
exploration in Colombia, Canada, USA, Brazil and Argentina. In Canada, joint-venture partner Commander
Resources is preparing for the field season at the Baffin Island Gold Project in Nunavut. In Brazil, at the Falcão
Joint Venture, 100m x 50m spaced infill soil sampling has been extended along strike to cover prospective areas
of the target structure highlighted by the geophysics. To date 11 lines with a total length of 46.1km have been
sampled. Drill testing is scheduled to commence in May. In Colombia, field teams continued rock and soil
sampling and mapping at Quebradona. In March, a diamond drilling program was initiated at the Chaquiro
Project. A total of 694m were drilled in Q1 and drilling at Chaquiro continues. At the Colosa project area, where
AngloGold Ashanti now has four rigs working, a series of strong drill results continue to confirm the company’s
confidence in the ore body.

In the Solomon Islands, exploration activities continued at the Kele and Mase joint ventures with XDM
Resources. Tenement applications associated with two additional joint venture agreements covering the New
Georgia and Vangunu project areas progressed. At Kele, diamond drilling resumed in late February, with 997m of
drilling completed during the quarter. Other work included mechanical trenching totalling 1.71km and
geochemical sampling with work focussed in the Babatia, Tango West, Konga, Arovo and Vulu prospect areas.
Specialist activities included further geophysical, structural and spectral studies of the established mineralised
prospect areas.

In the Democratic Republic of the Congo, regional exploration continued on Ashanti Goldfields Kilo’s (AGK)
5,487km

Kilo project. A 5,000m diamond drilling programme over key targets in the regional Kilo area that

commenced last quarter at Mont Tsi continued and a total of 1,212m over four holes were drilled to test the
mineralisation in and around intrusive bodies. Preliminary results are encouraging with hole MTDD001 returning
an intercept of 23.03m @ 3.08 g/t Au. A follow-up soil sampling grid comprising 1,275 samples has been
completed on the 2010 stream sediment sampling anomaly. Several soil anomalies have been identified so far
and further investigations are underway. Follow-up of regional soil anomalies by trenching, detailed mapping and
sampling is ongoing in the northern and central areas with encouraging results. In Gabon, drilling continued on
the Ndjolé licence being explored in a joint venture with Dome Ventures. To date, a total of 3,000m has been
drilled at the LaMboumi prospect. Extensive sampling has been carried out with 16,000 samples on the Dome JV
licences and 5,200 samples on AngloGold Ashanti’s own exploration licences, with robust anomalies that will be
tested in the coming months. An EM and magnetic survey was flown during the first quarter over the Ndjole

licence and preliminary results show that the prospective lithologies can be mapped in detail below the soil cover
with the EM. This geophysical data will be used to generate further drill targets in the short term and direct the
continuing soil sampling programme.

In Tanzania, a field mapping exercise was undertaken on the Lusahunga licences, some 150km west of Geita
Gold Mine, to test the initial interpretation of airborne geophysical data from a survey completed in 2010. Grab
samples yielded encouraging results up to 11 g/t Au and a follow-up sampling and drilling programme is being
planned for later in the year.

In Guinea, regional exploration work including soil sampling and drilling continued on Blocks 2 and 4 that form
part of the greater Siguiri mine tenement. At the end of the first quarter, a total of 6,763 soil samples have been
collected, including 2,454 from Block 2 and 4,309 from Block 4. The first phase of diamond drilling to better
understand the geological model and mineralisation controls at Saraya (Block 2) has been completed. A total of
2,058m over 8 holes were drilled during the quarter and interpretation of the results is in progress. The first
phase of reconnaissance aircore drilling in Block 3 (Kounkoun) was also completed with a total of 9,840m over
107 holes. The interpretation of the findings is underway and preliminary results are encouraging. A
reconnaissance aircore drilling programme in the Corridor Block was carried out and by the end of the first phase
a total of 6,775m over 96 holes had been drilled.

Greenfields exploration in the Middle East and North Africa region is being undertaken by Thani Ashanti; a
50:50 Strategic Alliance between AngloGold Ashanti and Thani Investments. During the first quarter, 1,822m of
drilling was completed and results have been received from three of the nine holes. The results include:

12m @ 3.6 g/t Au from 178m;
14m @ 2.9 g/t Au from 193m;
6m @ 4.3 g/t Au from 155m;
8m @ 2.3 g/t Au from 168m;
1m @ 15.7 g/t Au from 133m;
6m @ 1.8 g/t Au from 175m.

Hutite is an historical underground gold mine, which ceased operations in 1952. While historical production
figures are unknown, the deposit has many characteristics of other orogenic gold deposits throughout the world.
Mineralisation, including significant visible gold, has been defined by drilling over a strike length of 1.5km and
remains open along strike and at depth. A second rig is scheduled to start drilling in April.

In Eritrea, the 10,000 line km airborne EM, magnetic and radiometric survey was completed at the Kerkasha and
Akordat North exploration licences. The preliminary results of this survey are currently being interpreted and
surface geochemical programmes have commenced.

Thani Ashanti signed a Heads of Terms with Stratex International in 2010 signed a Joint Venture Agreement in
April 2011. The JV is for 11 exploration licences in the Afar region of Ethiopia and Djibouti and will explore for
low-sulphidation, bonanza epithermal deposits. As part of this agreement, Thani Ashanti has a minimum
exploration commitment of US$1M, and can earn 51% interest in the licences by spending US$3M. In addition,
Thani Ashanti has completed a US$0.5M private placement into Stratex International. Encouraging surface
sample results from the Megenta prospect in Ethiopia will be followed up with 3,000m drill programme in the
second quarter. In addition, the Asal and Dimoli Khan ELs in Djibouti have returned positive rock chip assays,
with eight of eighteen samples from Asal assaying between 0.22 – 3.08 g/t Au.

OUTLOOK

Second quarter production is expected to be around 1.09Moz. Given stronger, volatile currencies and fuel prices,
AngloGold Ashanti is guiding second-quarter total cash costs at $760/oz (R6.75/$, Brent crude $120/bl) and
equivalent Australian dollar and Brazilian real rates. The quarter-on-quarter increase is influenced by stronger
local currencies, higher fuel prices and electricity costs. The above numbers include accounting for deferred
stripping charges at $14/oz.

Review of the Gold Market

Gold price movement and investment markets

Gold price data

The gold price traded as low as $1,308/oz at the beginning of the year as investors moved out of safe-haven
holdings into riskier assets, before recovering steadily to current near-record levels. Civil unrest in the Middle
East and North Africa unnerved oil markets and resulted in Brent Crude trading well above the key
$100/barrel, with the prospects of continued elevated prices while a speedy resolution of the Libyan conflict
looks increasingly unlikely. The consequences of higher oil prices and concomitant inflationary implications
have raised questions about the sustainability of the nascent global economic recovery. Widespread civil
unrest in the Middle East and North Africa, continued debt concerns among European Union members and
growing uncertainty over the United States long-term macroeconomic outlook – underscored by Standard &
Poor’s surprise 18 April 2011 downgrade of the outlook on US debt to `negative’ have propelled the gold
price to new record levels above $1,500/oz.

Investment demand

Despite the rebound in the gold price from February onwards, total ETF investment holdings still reflect a net
redemption of 1.72Moz, or 2.5% of the gross holdings over the quarter, relative to the start of the year. Gross
holdings at the end of the first quarter were 66.81Moz or $95.3bn at $1,426/oz. Much of the ETF sell-off in
January was attributed to a rebalancing of portfolios as investors banked gains resulting from the 30% rise in
the gold price in 2010. Global sales of bar and coin in 2010 amounted to some 60% of investment demand,
with ETFs accounting for 20%. It is also worth noting that the rate of bar and coin outflows in the March
quarter is likely to have been less than ETF sales as coins and bars are not as easy to sell as ETFs. The
COMEX positioning, whilst traditionally more volatile, also showed a net decrease over the quarter. Having
started at 28Moz net long, it finished 6% lower at 26.3Moz net long. In India, gold medallion and bar sales for
the first quarter were higher than the same period last year. The Indian ETF market continued to grow.
During the quarter under review, new gold mutual funds were launched to tap mass market demand for gold
ETFs. China experienced another stellar quarter on the investment front, with an estimated year-on-year
increase of some 50%. In the US, coin and bar demand remained strong, though with no anecdotal evidence
of a repeat in coin minting shortfalls.

Official sector

The World Gold Council released a report during the quarter which confirmed widespread expectations that
the official sector was a net purchaser of gold in 2010. This marks the first time since 1998 that the sector
has contributed to demand, rather than being a significant source of supply. Continuing sovereign debt
concerns in the Eurozone are likely to keep bullion in central banks vaults, while the trend of emerging
nations bolstering gold reserves is also expected to continue.

Jewellery sales

India’s gold resurgence continued in the first quarter of 2011 as January and February import figures
reflected a 28% increase in volume terms over the same period last year. After a record 2010, consumption
still remained robust at the beginning of the year due to a drop in gold prices and relative stability during the
beginning of the auspicious period. An interesting trend has developed in India, with consumers advancing
money to retailers to book prices when there is a significant drop. As a result of this trend, retailers are flush
with welcome working capital. A further development saw significant demand for bars and coins, not for
investment but to be converted into jewellery during the marriage season. China experienced its strongest
quarter for gold jewellery demand in five years with an estimated 12% to 15% year-on-year increase.
Remarkably, demand remained very strong following the Chinese New Year period which traditionally sees a
dramatic slow down in demand. Eighteen-carat gold jewellery once again failed to keep pace with pure gold,
but still registered strong growth of about 8%. During the first quarter, the beleaguered US market continued
to build upon its improved fourth-quarter performance, with many retailers expressing some optimism for the
future. A 4% increase in gold jewellery demand is expected in the quarter under review. The low-end gold
market has been severely damaged by the twin blows recession and high gold prices, but the higher-end
market continues to grow.

Group income statement

Quarter

Year

ended

March

December

March

December

2011

2010

SA Rand million

Notes

Unaudited

Audited

Revenue

10,402

11,095

8,453

40,135

Gold income

9,934

10,614

8,222

38,833

Cost of sales

(6,469)

(7,016)

(6,060)

(25,833)

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

(529)

(5,136)

Gross profit

3,476

3,069

2,221

7,864

Corporate administration, marketing and other
expenses

(465)

(518)

(301)

(1,589)

Exploration costs

(397)

(338)

(277)

(1,446)

Other operating expenses

(88)

(27)

(56)

(149)

Special items

(208)

(174)

(894)

Operating profit

2,537

1,978

1,413

3,786

Interest received

119

311

Exchange gain

Fair value adjustment on option component of
convertible bonds

(280)

356

Finance costs and unwinding of obligations

(341)

(357)

(239)

(1,203)

Fair value adjustment on mandatory convertible
bonds

139

(222)

(382)

Share of equity accounted investments' profit

163

467

Profit before taxation

2,565

1,394

1,796

3,036

Taxation

(864)

(878)

(558)

(2,018)

Profit for the period

1,701

516

1,238

1,018

Allocated as follows:

Equity shareholders

1,658

404

1,150

637

Non-controlling interests

112

381

1,701

516

1,238

1,018

Basic earnings per ordinary share (cents)

430

105

313

171

Diluted earnings per ordinary share (cents)

429

105

313

171

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

2011

2010

US Dollar million

Notes

Unaudited

Audited

Revenue

1,489

1,613

1,126

5,514

Gold income

1,422

1,543

1,095

5,334

Cost of sales

(926)

(1,021)

(807)

(3,550)

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

(77)

(702)

Gross profit

498

445

301

1,082

Corporate administration, marketing and other
expenses

(66)

(76)

(40)

(220)

Exploration costs

(57)

(49)

(37)

(198)

Other operating expenses

(13)

(4)

(8)

(20)

Special items

(31)

(23)

(126)

Operating profit

363

285

193

518

Interest received

Exchange gain

Fair value adjustment on option component of
convertible bonds

(41)

(1)

Finance costs and unwinding of obligations

(49)

(52)

(32)

(166)

Fair value adjustment on mandatory convertible
bonds

(33)

(55)

Share of equity accounted investments' profit

Profit before taxation

371

199

244

405

Taxation

(123)

(127)

(76)

(276)

Profit for the period

248

168

129

Allocated as follows:

Equity shareholders

241

157

Non-controlling interests

248

168

129

Basic earnings per ordinary share (cents)

Diluted earnings per ordinary share (cents)

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

2011

2010

SA Rand million

Unaudited

Audited

Profit for the period

1,701

516

1,238

1,018

Exchange differences on translation of foreign
operations

474

(759)

(280)

(1,766)

Share of equity accounted investments' other
comprehensive (expense) income

(2)

(1)

Net loss on cash flow hedges

(1)

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

279

Realised gain on hedges of capital items

Deferred taxation thereon

(98)

(99)

181

183

Net (loss) gain on available-for-sale financial
assets

(11)

403

(45)

545

Release on disposal and impairment of
available-for-sale financial assets

(299)

(340)

Deferred taxation thereon

(11)

104

(44)

218

Actuarial loss recognised

(175)

Deferred taxation thereon

(128)

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

462

(781)

(143)

(1,494)

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

2,163

(265)

1,095

(476)

Allocated as follows:

Equity shareholders

2,120

(377)

1,007

(857)

Non-controlling interests

112

381

2,163

(265)

1,095

(476)

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Year

ended

March

December

March

December

2011

2010

US Dollar million

Unaudited

Audited

Profit for the period

248

168

129

Exchange differences on translation of foreign
operations

(48)

123

213

Share of equity accounted investments' other
comprehensive (expense) income

Net loss on cash flow hedges

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

Realised gain on hedges of capital items

Deferred taxation thereon

(13)

Net (loss) gain on available-for-sale financial
assets

(2)

(6)

Release on disposal and impairment of
available-for-sale financial assets

(41)

(47)

Deferred taxation thereon

(2)

(6)

Actuarial loss recognised

(24)

Deferred taxation thereon

(18)

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

(50)

120

250

Total comprehensive income
for the period net of tax

198

192

208

379

Allocated as follows:

Equity shareholders

191

176

197

326

Non-controlling interests

198

192

208

379

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

March

December

March

2011

2010

SA Rand million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

41,488

40,600

42,476

Intangible assets

1,325

1,277

1,309

Investments in associates and equity accounted joint ventures

4,337

4,087

4,795

Other investments

1,677

1,555

1,315

Inventories

2,453

2,268

2,485

Trade and other receivables

1,099

1,000

867

Derivatives

Deferred taxation

131

349

Cash restricted for use

131

214

364

Other non-current assets

52,665

51,191

54,078

Current assets

Inventories

6,082

5,848

5,216

Trade and other receivables

1,878

1,625

1,517

Derivatives

1,517

Current portion of other non-current assets

Cash restricted for use

123

118

Cash and cash equivalents

4,187

3,776

5,346

12,314

11,328

13,716

Non-current assets held for sale

110

665

12,324

11,438

14,381

TOTAL ASSETS

64,989

62,629

68,459

EQUITY AND LIABILITIES

Share capital and premium

45,742

45,678

39,884

Retained earnings and other reserves

(17,641)

(19,470)

(17,465)

Non-controlling interests

874

815

956

Total equity

28,975

27,023

23,375

Non-current liabilities

Borrowings

16,991

16,877

4,809

Environmental rehabilitation and other provisions

4,025

3,873

3,383

Provision for pension and post-retirement benefits

1,268

1,258

1,181

Trade, other payables and deferred income

112

110

144

Derivatives

1,093

1,158

941

Deferred taxation

6,428

5,910

5,661

29,917

29,186

16,119

Current liabilities

Current portion of borrowings

312

886

7,095

Trade, other payables and deferred income

4,645

4,630

3,867

Derivatives

16,674

Taxation

1,140

882

1,271

6,097

6,398

28,907

Non-current liabilities held for sale

6,097

6,420

28,965

Total liabilities

36,014

35,606

45,084

TOTAL EQUITY AND LIABILITIES

64,989

62,629

68,459

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

March

December

March

2011

2010

US Dollar million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

6,132

6,180

5,823

Intangible assets

196

194

180

Investments in associates and equity accounted joint ventures

641

622

657

Other investments

248

237

180

Inventories

363

345

340

Trade and other receivables

162

152

119

Derivatives

Deferred taxation

Cash restricted for use

Other non-current assets

7,784

7,792

7,414

Current assets

Inventories

899

890

715

Trade and other receivables

277

247

208

Derivatives

208

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

619

575

733

1,820

1,724

1,880

Non-current assets held for sale

1,822

1,740

1,971

TOTAL ASSETS

9,606

9,532

9,385

EQUITY AND LIABILITIES

Share capital and premium

6,637

6,627

5,811

Retained earnings and other reserves

(2,483)

(2,638)

(2,738)

Non-controlling interests

129

124

131

Total equity

4,283

4,113

3,204

Non-current liabilities

Borrowings

2,511

2,569

659

Environmental rehabilitation and other provisions

595

589

464

Provision for pension and post-retirement benefits

187

191

162

Trade, other payables and deferred income

Derivatives

162

176

129

Deferred taxation

950

900

776

4,421

4,442

2,210

Current liabilities

Current portion of borrowings

135

973

Trade, other payables and deferred income

687

705

530

Derivatives

2,286

Taxation

169

134

174

902

974

3,963

Non-current liabilities held for sale

902

977

3,971

Total liabilities

5,323

5,419

6,181

TOTAL EQUITY AND LIABILITIES

9,606

9,532

9,385

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Year

ended

March

December

March

December

2011

2010

SA Rand million

Unaudited

Audited

Cash flows from operating activities

Receipts from customers

10,123

10,955

8,166

39,717

Payments to suppliers and employees

(6,596)

(5,944)

(6,640)

(26,682)

Cash generated from operations

3,527

5,011

1,526

13,035

Dividends received from equity accounted investments

203

218

117

939

Taxation paid

(123)

(153)

(317)

(1,371)

Cash utilised for hedge buy-back costs

(7,312)

(18,333)

Net cash inflow (outflow) from operating activities

3,607

(2,236)

1,326

(5,730)

Cash flows from investing activities

Capital expenditure

(1,635)

(2,470)

(1,267)

(7,108)

Proceeds from disposal of tangible assets

500

Other investments acquired

(215)

(152)

(120)

(832)

Acquisition of associates and equity accounted joint ventures

(166)

(100)

(72)

(319)

Proceeds on disposal of associate

Loans advanced to associates and equity accounted joint ventures

(17)

(22)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(77)

Proceeds from disposal of investments

105

578

1,039

Decrease (increase) in cash restricted for use

(3)

182

Interest received

232

Loans advanced

(8)

(37)

(41)

Repayment of loans advanced

Net cash outflow from investing activities

(1,829)

(2,071)

(1,382)

(6,362)

Cash flows from financing activities

Proceeds from issue of share capital

5,656

Share issue expenses

(31)

(144)

Proceeds from borrowings

1,880

264

16,666

Repayment of borrowings

(1,080)

(2,400)

(2,642)

(12,326)

Finance costs paid

(122)

(398)

(76)

(821)

Mandatory convertible bond transaction costs

(30)

(184)

Dividends paid

(306)

(139)

(260)

(846)

Net cash (outflow) inflow from financing activities

(1,503)

(1,087)

(2,711)

8,001

Net increase (decrease) in cash and cash equivalents

275

(5,394)

(2,767)

(4,091)

Translation

(70)

(63)

(236)

Cash and cash equivalents at beginning of period

3,849

9,313

8,176

Cash and cash equivalents at end of period

(1)

4,187

3,849

5,346

3,849

Cash generated from operations

Profit before taxation

2,565

1,394

1,796

3,036

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(11)

499

(672)

2,946

Amortisation of tangible assets

1,294

1,341

1,267

5,022

Finance costs and unwinding of obligations

341

357

239

1,203

Environmental, rehabilitation and other expenditure

470

535

Special items

279

169

1,076

Amortisation of intangible assets

Deferred stripping

141

156

204

921

Fair value adjustment on option component of convertible bonds

(90)

280

(356)

(39)

Fair value adjustment on mandatory convertible bonds

(139)

222

382

Interest received

(55)

(119)

(65)

(311)

Share of equity accounted investments' profit

(81)

(63)

(163)

(467)

Other non-cash movements

133

250

Movements in working capital

(531)

(948)

(1,537)

3,527

5,011

1,526

13,035

Movements in working capital

Increase in inventories

(354)

(101)

(97)

(667)

Increase in trade and other receivables

(497)

(200)

(302)

(781)

Increase (decrease) in trade and other payables

320

356

(549)

(89)

(531)

(948)

(1,537)

Rounding of figures may result in computational discrepancies.

(1)

The cash and cash equivalents balance at 31 December 2010 includes cash and cash equivalents included on the statement of financial

position as part of non-current assets held for sale of R73m.

Group statement of cash flows

Quarter

Year

ended

March

December

March

December

2011

2010

US Dollar million

Unaudited

Audited

Cash flows from operating activities

Receipts from customers

1,451

1,589

1,086

5,448

Payments to suppliers and employees

(950)

(925)

(881)

(3,734)

Cash generated from operations

501

664

205

1,714

Dividends received from equity accounted investments

143

Taxation paid

(18)

(24)

(42)

(188)

Cash utilised for hedge buy-back costs

(1,061)

(2,611)

Net cash inflow (outflow) from operating activities

513

(382)

179

(942)

Cash flows from investing activities

Capital expenditure

(234)

(350)

(169)

(973)

Proceeds from disposal of tangible assets

Other investments acquired

(31)

(23)

(16)

(114)

Acquisition of associates and equity accounted joint ventures

(24)

(15)

(10)

(44)

Proceeds on disposal of associate

Loans advanced to associates and equity accounted joint ventures

(2)

(3)

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(11)

Proceeds from disposal of investments

142

Decrease in cash restricted for use

Interest received

Loans advanced

(1)

(5)

(6)

Repayment of loans advanced

Net cash outflow from investing activities

(261)

(297)

(184)

(871)

Cash flows from financing activities

Proceeds from issue of share capital

798

Share issue expenses

(4)

(20)

Proceeds from borrowings

276

2,316

Repayment of borrowings

(152)

(324)

(352)

(1,642)

Finance costs paid

(18)

(58)

(10)

(115)

Mandatory convertible bond transaction costs

(4)

(26)

Dividends paid

(43)

(20)

(35)

(117)

Net cash (outflow) inflow from financing activities

(212)

(130)

(362)

1,194

Net increase (decrease) in cash and cash equivalents

(809)

(367)

(619)

Translation

(7)

105

Cash and cash equivalents at beginning of period

586

1,338

1,100

Cash and cash equivalents at end of period

(1)

619

586

733

586

Cash generated from operations

Profit before taxation

371

199

244

405

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(2)

(94)

408

Amortisation of tangible assets

185

195

169

690

Finance costs and unwinding of obligations

166

Environmental, rehabilitation and other expenditure

Special items

152

Amortisation of intangible assets

Deferred stripping

125

Fair value adjustment on option component of convertible bonds

(15)

(48)

Fair value adjustment on mandatory convertible bonds

(22)

Interest received

(8)

(17)

(9)

(43)

Share of equity accounted investments' profit

(12)

(9)

(22)

(63)

Other non-cash movements

Movements in working capital

(80)

(56)

(124)

(299)

501

664

205

1,714

Movements in working capital

Increase in inventories

(17)

(85)

(33)

(236)

Increase in trade and other receivables

(66)

(46)

(45)

(142)

Increase (decrease) in trade and other payables

(46)

(80)

(56)

(124)

(299)

Rounding of figures may result in computational discrepancies.

(1)

The cash and cash equivalents balance at 31 December 2010 includes cash and cash equivalents included on the statement of financial

position as part of non-current assets held for sale of $11m.

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

flow

for

Actuarial

currency

Non-

and

capital

Retained

hedge

sale

(losses) translation

controlling

Total

SA Rand million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at 31 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

Other comprehensive (expense) income

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
net of exercised

Dividends paid

(255)

Dividends of subsidiaries

(84)

Translation

(2)

(6)

(14)

Balance at 31 March 2010

39,884

1,237

(24,822)

364

(285)

6,034

22,419

956

23,375

Balance at 31 December 2010

45,678

1,275

(25,437)

(15)

568

(409)

4,548

26,208

815

27,023

Profit for the period

1,658

1,701

Other comprehensive income (expense)

(2)

(11)

474

462

Total comprehensive income (expense)

- (2) 1,658 1 (11) - 474 2,120 43 2,163

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(306)

Translation

(39)

(1)

(16)

Balance at 31 March 2011

45,742

1,312

(24,124)

(14)

573

(410)

5,022

28,101

874

28,975

US Dollar million

Balance at 31 December 2009

5,805

161

(2,744)

(23)

(38)

(317)

2,900

130

3,030

Equity holders of the parent

( ,

)

(

)

(

)

(

)

Profit for the period

157

168

Other comprehensive income (expense)

(6)

Total comprehensive income (expense)

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

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(35)

Dividends of subsidiaries

(11)

Translation

(3)

(1)

Balance at 31 March 2010 5,811 170 (2,625) 1 50 (39) (295) 3,073 131 3,204

Balance at 31 December 2010

6,627

194

(2,750)

(2)

(62)

(104)

3,989

124

4,113

Profit for the period

241

248

Other comprehensive expense

(2)

(48)

(50)

Total comprehensive income (expense)

- - 241 - (2) - (48) 191 7 198

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(43)

Translation

(5)

(2)

Balance at 31 March 2011

6,637

194

(2,547)

(2)

(61)

(152)

4,154

129

4,283

Rounding of figures may result in computational discrepancies.

Segmental reporting

for the quarter ended 31 March 2011

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Gold income

South Africa

3,910

4,499

3,083

16,056

560

654

410

2,207

Continental Africa

3,805

3,654

3,082

13,604

545

532

411

1,868

Australasia

674

988

844

3,391

143

113

466

Americas

2,119

2,073

1,879

8,202

303

301

250

1,124

10,508

11,214

8,888

41,253

1,505

1,630

1,184

5,665

Equity accounted investments
included above

(574)

(600)

(667)

(2,420)

(82)

(87)

(89)

(331)

9,934

10,614

8,222

38,833

1,422

1,543

1,095

5,334

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Gross profit (loss)

South Africa

1,469

(345)

797

3,180

210

(50)

108

429

Continental Africa

1,132

4,412

815

4,219

163

640

110

604

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”). Individual
members of the Executive Management team are responsible for geographic regions of the business.

Quarter ended

SA Rand million

US Dollar million

SA Rand million

US Dollar million

Continental Africa

1,132

4,412

815

4,219

163

640

110

604

Australasia

(513)

(24)

(1,452)

(75)

(3)

(206)

Americas

1,101

(317)

909

2,664

158

(46)

122

357

Corporate and other

(49)

171

(7)

3,690

3,250

2,538

8,782

529

471

343

1,207

Equity accounted investments
included above

(214)

(180)

(317)

(918)

(31)

(26)

(42)

(125)

3,476

3,069

2,221

7,864

498

445

301

1,082

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Adjusted gross profit (loss)
excluding hedge buy-back

costs

(1)

South Africa

1,469

1,652

387

4,580

210

239

634

Continental Africa

1,132

971

781

3,314

163

141

104

455

Australasia

279

(25)

217

(3)

Americas

1,090

863

771

3,563

156

125

103

487

Corporate and other

(49)

171

(7)

3,678

3,778

1,955

11,845

527

548

260

1,632

Equity accounted investments
included above

(214)

(180)

(317)

(918)

(31)

(26)

(42)

(125)

3,464

3,598

1,638

10,927

497

522

218

1,507

(1)

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

Rounding of figures may result in computational discrepancies.

Quarter ended

SA Rand million

US Dollar million

Segmental reporting (continued)

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Gold production

(1)

South Africa

12,466

14,801

11,949

55,528

401

476

384

1,785

Continental Africa

11,287

11,623

11,643

46,390

363

374

1,492

Australasia

2,244

3,175

3,552

12,313

102

114

396

Americas

6,306

6,105

6,431

26,187

203

196

207

842

32,303

35,703

33,574

140,418

1,039

1,148

1,079

4,515

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Capital expenditure

South Africa

663

1,009

610

3,096

144

424

Continental Africa

436

685

204

1,708

234

Australasia

290

Americas

551

782

393

2,270

111

311

Corporate and other

1,740

2,572

1,283

7,413

249

365

171

1,015

Equity accounted investments
included above

(105)

(102)

(16)

(305)

(15)

(15)

(2)

(42)

1,635

2,470

1,267

7,108

234

350

169

973

Quarter ended

oz (000)

SA Rand million

US Dollar million

As at

Mar

Dec

Mar

Dec

Mar

2011

2010

2011

2010

Unaudited

Audited

Unaudited

Audited

Unaudited

Total assets

South Africa

16,275

16,226

16,892

2,406

2,469

2,316

Continental Africa

26,682

26,060

28,660

3,944

3,966

3,929

Australasia

4,000

3,644

4,208

591

555

577

Americas

14,656

13,855

14,692

2,166

2,109

2,014

Corporate and other

3,917

3,384

4,526

579

515

620

65,530

63,169

68,978

9,686

9,614

9,456

Equity accounted investments
included above

(541)

(540)

(518)

(80)

(82)

(71)

64,989

62,629

68,459

9,606

9,532

9,385

(1)

Gold production includes equity accounted investments.

Rounding of figures may result in computational discrepancies.

US Dollar million

SA Rand million

Notes

for the quarter ended 31 March 2011

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 2010.

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 (as amended) for the
preparation of financial information of the group for the quarter ended 31 March 2011.

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec Mar

Dec

Mar

Dec Mar Dec

2011 2010 2010

2010

2011

2010 2010 2010

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Gold income

9,934

10,614

8,222

38,833

1,422

1,543

1,095

5,334

By-products (note 3)

356

321

166

935

129

Royalties received

Interest received

119

65 311

10,402

11,095

8,453

40,135

1,489

1,613

1,126

5,514

Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec Mar

Dec

Mar

Dec Mar Dec

2011 2010 2010

2010

2011

2010 2010 2010

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

(5,107)

(5,120) (4,773)

(20,084)

(730)

(745) (636)

(2,756)

Insurance reimbursement

- 123

By-products revenue (note 2)

356

321

166

935

129

(4,751)

(4,799) (4,607)

(19,026)

(679)

(698) (614)

(2,611)

Royalties

(276)

(313) (189)

(1,030)

(40)

(45) (25)

(142)

Other cash costs

(50)

(54) (37)

(182)

(7)

(8) (5)

(25)

Total cash costs

(5,077)

(5,166) (4,832)

(20,238)

(726)

(751) (644)

(2,778)

Retrenchment costs

(28)

(64) (52)

(166)

(4)

(9) (7)

(23)

Rehabilitation and other non-cash

costs

(68)

(529) (86)

(756)

(10)

(78) (12)

(109)

Production costs

(5,173)

(5,759) (4,971)

(21,160)

(740)

(838) (663)

(2,910)

Amortisation of tangible assets

(1,294)

(1,341) (1,267)

(5,022)

(185)

(195) (169) (690)

Amortisation of intangible assets

(4)

(7) (4)

(18)

(1)

(1) -

(2)

Total production costs

(6,471)

(7,107) (6,242)

(26,200)

(925)

(1,034) (832)

(3,602)

Inventory change

182

367

(1)

(6,469)

(7,016) (6,060)

(25,833)

(926)

(1,021) (807)

(3,550)

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

2011 2010

2010

2011

2010 2010 2010

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Loss on realised non-hedge

derivatives

- (524)

(2,073)

(69)

(277)

Loss on hedge buy-back costs

(7,316)

- (18,954)

(1,061) -

(2,698)

Gain on unrealised non-hedge

derivatives

6,787 583

15,891

985

2,273

(529)

59 (5,136)

(77) 13

(702)

Rounding of figures may result in computational discrepancies.

Other operating expenses

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2011 2010

2010

2011

2010 2010 2010

Unaudited Unaudited

Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Pension and medical defined benefit provisions

(26)

45 (24)

(28)

(4)

(3)

Claims filed by former employees in respect of

loss of employment, work-related accident
injuries and diseases, governmental fiscal
claims and care and maintenance of old
tailings operations

(62)

(72)

(32)

(121)

(9)

(11) (5)

(17)

(88)

(27)

(56)

(149)

(13)

(4) (8)

(20)

6. Special items

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2011 2010

2010

2011

2010 2010 2010

Unaudited Unaudited

Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Indirect tax expenses and legal claims

(35)

(46)

(44)

(125)

(5)

(6) (6)

(17)

Mandatory convertible bonds issue discount,

underwriting and professional fees

5 -

(396)

(56)

Net impairments of tangible assets (note 9)

(7)

(399)

(81)

(634)

(1)

(59) (11) (91)

Recovery on consignment inventory

- -

39 -

Impairment of other receivables

(7)

(11)

(33)

(67)

(1)

(2) (4) (9)

Contractor termination costs at Geita Gold

Mining Limited

- (5)

(8)

(1)

Insurance claim recovery

31 -

134 -

Royalties received

41 -

56 8

Net loss on disposal and derecognition of land,

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

(11)

(81)

(11)

(191)

(2)

(11) (2)

(25)

Impairment of investment (note 9)

(16)

- (16)

(2) -

(2)

Profit on disposal of investments (note 9)

269 -

314 -

Profit on disposal of subsidiary

ISS International Limited (note 9)

- - - 2

(208)

(174)

(894)

(31) (23)

(126)

Finance costs and unwinding of obligations

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2011 2010

2010

2011

2010 2010 2010

Unaudited Unaudited

Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Finance costs

(248)

(259)

(142)

(834)

(36)

(38) (19)

(115)

Unwinding of obligations, accretion of

convertible bonds and other discounts

(93)

(98)

(97)

(369)

(13)

(14) (13) (51)

(341)

(357)

(239)

(1,203)

(49)

(52) (32)

(166)

8. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2011 2010

2010

2011

2010 2010 2010

Unaudited Unaudited

Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

South African taxation
Non-mining tax

(10)

(53)

(95)

(112)

(1)

(8) (13) (13)

(Under) over provision prior year

(5)

(12)

628

(1)

(2)

Deferred taxation

Temporary differences

(403)

80 108

1,377 (58)

195

Unrealised non-hedge derivatives and

other commodity contracts

(461)

(160)

(2,353)

(67) (22)

(334)

Change in estimated deferred tax rate

39 29 39 -

(418)

(361)

(130)

(421)

(60)

(52) (18) (57)

Foreign taxation
Normal taxation

(367)

(617)

(337)

(1,628)

(52)

(90) (45)

(226)

Over provision prior year

46 2

17 -

Deferred taxation

Temporary differences

(79)

54 (92)

37 (11)

(13)

Unrealised non-hedge derivatives and

other commodity contracts

- -

(23)

(3)

(446)

(517)

(428)

(1,597)

(63)

(75) (58)

(219)

(864)

(878)

(558)

(2,018)

(123)

(127) (76)

(276)

Rounding of figures may result in computational discrepancies.

9. Headline earnings

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2011 2010

2010

2011

2010 2010 2010

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

The profit attributable to equity shareholders

has been adjusted by the following to arrive
at headline earnings:

Profit attributable to equity shareholders

1,658

404 1,150 637 241

157

Net impairments of tangible assets (note 6)

399 81

634 1

Net loss on disposal and derecognition of land,

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

81 11

191 2

Impairment of investment (note 6)

16 -

Profit on disposal of ISS International Limited

(note 6)

(14)

- - -

(2)

Profit on disposal of investments (note 6)

(269)

- (314)

(37) -

(43)

Impairment of investment in associates and

joint ventures

166 20

157 -

Reversal of impairment in associates

(94)

- (126)

(13) -

(19)

Special items of associates

- -

(7)

(1)

Taxation on items above - current portion

- - 4 -

Taxation on items above - deferred portion

(6)

(143)

(21)

(230)

(1)

(21) (3)

(33)

1,656

561 1,241 962 241

169

122

Headline earnings per ordinary share (cents)

(1)

429

146 338 259 62

Diluted headline earnings per ordinary share

(cents)

(2)

428

145 337 258 62

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

10. Number of shares

Quarter ended

Year ended

Mar

Dec Mar Dec

2011

2010 2010 2010

Unaudited

Unaudited Unaudited

Audited

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

600,000,000

600,000,000 600,000,000 600,000,000

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

381,403,955

381,204,080 362,352,345 381,204,080

E ordinary shares in issue

2,774,290

2,806,126

3,709,362 2,806,126

Total ordinary shares:

384,178,245

384,010,206 366,061,707 384,010,206

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

381,272,542

381,103,478 362,295,477 367,664,700

E ordinary shares

2,782,784

2,818,699 3,734,382 3,182,662

Fully vested options

1,587,017

797,875 1,186,849 1,023,459

Weighted average number of shares

385,642,343

384,720,052 367,216,708 371,870,821

Dilutive potential of share options

834,453

1,493,052 733,901

1,569,606

Diluted number of ordinary shares

386,476,796

386,213,104 367,950,609 373,440,427

11. Share capital and premium

As at

Mar

Dec

Mar

Mar Dec

Mar

2011

2010

2011 2010

2010

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

46,343

40,662 40,662 6,734

5,935

Ordinary shares issued

5,771 43 9

812

E ordinary shares cancelled

(3)

(90)

(10)

(1)

(13) (1)

Sub-total

46,401

46,343 40,695 6,742

6,734

5,939

Redeemable preference shares held within the group

(313)

(313)

(53)

(53) (53)

Ordinary shares held within the group

(136)

(139)

(205)

(21)

(22) (31)

E ordinary shares held within the group

(210)

(213)

(293)

(31)

(32) (44)

Balance at end of period

45,742

45,678 39,884 6,637

6,627

5,811

Rounding of figures may result in computational discrepancies.

12. Exchange rates

Mar

Dec Mar

2011

2010 2010

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

6.99

7.30 7.50

ZAR/USD average for the quarter

6.99

6.88 7.50

ZAR/USD closing

6.77

6.57 7.30

ZAR/AUD average for the year to date

7.03

6.71 6.78

ZAR/AUD average for the quarter

7.03

6.80 6.78

ZAR/AUD closing

6.99

6.70 6.68

BRL/USD average for the year to date

1.67

1.76 1.80

BRL/USD average for the quarter

1.67

1.70 1.80

BRL/USD closing

1.63

1.67 1.78

ARS/USD average for the year to date

4.01

3.91 3.83

ARS/USD average for the quarter

4.01

3.96 3.83

ARS/USD closing

4.05

3.97 3.87

13. Capital commitments

Mar

Dec

Mar Mar

Dec Mar

2011

2010

2010 2011

2010 2010

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)

1,852

1,156 1,179

274

176

162

(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, 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 finance arrangements contain financial covenants and other similar undertakings. To
the extent that external borrowings are required, the group’s covenant performance indicates that existing financing
facilities will be available to meet the above commitments. To the extent that any of the financing facilities mature in
the near future, the group believes that sufficient measures are in place to ensure that these facilities can be
refinanced.

14. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 31 March 2011 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)

642

Other tax disputes – Brazil

(4)

266

Indirect taxes – Ghana

(5)

ODMWA litigation

(6)

Contingent assets
Royalty – Boddington Gold Mine

(7)

Royalty – Tau Lekoa Gold Mine

(8)

-
-

Financial Guarantees
Oro Group (Pty) Limited

(9)

100

1,081

160

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 now 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 C rrego do
Sit o Mineração S.A. manages the operation and its attributable share of the first assessment is approximately
$59m. 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 company’s attributable share of the assessment is approximately
$36m. 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 $10m.

AngloGold Ashanti 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 $29m.

(5) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $11m during September 2009

in respect of 2006, 2007 and 2008 tax years, 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) Occupational Diseases in Mines and Works Act (ODMWA) litigation – The case of Mr Thembekile Mankayi was

heard in the High Court of South Africa in June 2008, and an appeal heard in the Supreme Court of Appeals in
2010. In both instances judgement was awarded in favour of AngloGold Ashanti Limited. A further appeal that
was lodged by Mr Mankayi was heard in the Constitutional Court in 2010. Judgement in the Constitutional Court
was handed down on 3 March 2011.

Following the judgement, Mr Mankayi’s executor may proceed with his case in the High Court. This will comprise,
amongst others, providing evidence showing that Mr Mankayi contracted silicosis as a result of negligent conduct
on the part of AngloGold Ashanti.

The company will defend the case and any subsequent claims on their merits. Should other individuals or groups
lodge similar claims, these too would be defended by the company and adjudicated by the Courts on their merits.
In view of the limitation of current information for the accurate estimation of a possible liability, no reliable
estimate can be made for this possible obligation.

(7) 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 commenced on 1 July 2010 and
is capped at a total amount of $100m, R677m. Royalties of $6m, R49m were received during the quarter.

(8) Royalty – As a result of the sale of the interest in the Tau Lekoa Gold Mine during 2010, the group is entitled to

receive a royalty on the production of a total of 1.5Moz by the Tau Lekoa Gold Mine and in the event that the
average monthly rand price of gold exceeds R180,000/kg (subject to inflation adjustment). Where the average
monthly rand price of gold does not exceed R180,000/kg (subject to inflation adjustment), the ounces produced
in that quarter do not count towards the total 1.5Moz upon which the royalty is payable.

The royalty will be determined at 3% of the net revenue (being gross revenue less State royalties) generated by
the Tau Lekoa assets. Royalties of $1m, R8m were received during the quarter.

(9) 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 $15m, 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 recoverable value added tax and fuel duties from the Tanzanian
government:

•

Recoverable value added tax due from the Tanzanian government amounts to $47m at 31 March 2011
(31 December 2010: $49m). The last audited value added tax return was for the period ended 31 October 2010
and at the reporting date the audited amount was $47m. The outstanding amounts at Geita have been
discounted to their present value at a rate of 7.82%.

•

Recoverable fuel duties from the Tanzanian government amounts to $67m at 31 March 2011 (31 December
2010: $62m). 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 the refund of fuel duties amounting to $52m
have been lodged with the Customs and Excise authorities which are still outstanding, whilst claims for a refund
of $15m have not yet been submitted. The amounts outstanding have been discounted to their present value at a
rate of 7.82%.

16. Subsequent events

On 14 April 2011, AngloGold Ashanti Limited, the National Union of Mineworkers (NUM), Solidarity, The Union
(UASA), Izingwe Holdings (Proprietary) Limited and the Bokamoso ESOP Board of Trustees announced the
restructuring of the empowerment transactions concluded respectively between the company and the unions, and
the company and Izingwe in 2006.

This restructuring was motivated by the fact that share price performance since the onset of the 2008 global
financial crisis led to a situation where the first two tranches of E shares (otherwise known to participants as loan
shares), which operate essentially as share appreciation rights, vested and lapsed at no additional value to
Bokamoso ESOP beneficiaries and Izingwe.

In order to remedy this situation in a manner that would ensure an element of value accruing to participants, though
at a reasonable incremental cost to AngloGold Ashanti shareholders, the scheme will be restructured as follows:

•

all lapsed loan shares that vested without value will be reinstated;

•

the strike (base) price will be fixed at R320 per share for the Bokamoso ESOP and R330 for Izingwe;

•

the notional interest charge will fall away;

•

as previously, 50% of any dividends declared will be used to reduce the strike price;

•

as previously, the remaining 50% is paid directly to participants under the empowerment transaction; and

•

the life span of the scheme will be extended by an additional one year, the last vesting being in 2014, instead
of 2013. A minimum payout on vesting of the E shares has been set at R40 each and a maximum payout of
R70 each per E Share for Izingwe and R90 each for members of the Bokamoso ESOP (i.e. employees), plus
the impact of the 50% of dividend flow. While the floor price provides certainty to all beneficiaries of the
empowerment transactions, the creation of a ceiling serves to limit the cost to AngloGold Ashanti and its
shareholders

The total incremental accounting cost to AngloGold Ashanti of the proposed restructuring of the BEE Transaction
which was subject to shareholders’ approval, is around R121m (approximately $18m) over the total vesting period
of the scheme, while the pro-forma impact on adjusted headline earnings and net asset value per share is 0.4%
and 0.2% respectively.

17. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

18. Announcements

Retirement of Deputy Chairman: Dr T J Motlatsi retired from the board of AngloGold Ashanti, effective from
17 February 2011.

Mankayi case – Constitutional Court ruling: On 3 March 2011, AngloGold Ashanti noted the decision of the
Constitutional Court to grant Mr Mankayi leave to appeal against the decision of the Supreme Court of Appeal,
which itself upheld the June 2008 Johannesburg High Court decision that employees who qualify for benefits in
respect of the Occupational Diseases in Mines and Works Act (ODMWA) may not, in addition, lodge civil claims
against their employers in respect of their relevant conditions.

The company is still studying the details of the judgment and its initial impression is that should the Executor of
Mr Mankayi’s estate wish to pursue his claim, he or she will now need to return to the High Court to continue with
the litigation action. AngloGold Ashanti will defend the case on its merits. Should other individuals lodge similar
claims, these too would ultimately be defended by the company and judged on their merits.

Sunrise Dam, Australia: On 15 March 2011, AngloGold Ashanti announced that its Sunrise Dam Gold Mine,
situated 56km south of Laverton in Western Australia, had been impacted by unprecedented heavy rains over the
prior month. While open pit mining had resumed, underground mining remained suspended for safety reasons, with
the expectation that Sunrise Dam would achieve normal mining rates in the June Quarter. AngloGold Ashanti was
therefore expecting that first quarter guidance of 1.04Moz would be negatively impacted by approximately 20,000oz
with a consequential impact on total cash costs.

Proposed restructuring of the Black Economic Empowerment share ownership transaction: On 14 April 2011
AngloGold Ashanti announced that it was proposing to restructure its Black Economic Empowerment (BEE share
ownership transaction first announced in 2006, to ensure the intended benefits will accrue to its recipients, namely
its South African employees, through the Bokamoso ESOP trust and BEE Partner, Izingwe Holdings (Proprietary)
Limited (Izingwe) (an investment company controlled by black investors) (proposed restructuring). See Note 16.

19. Dividend

Final Dividend No. 109 of 80 South African cents or 7.1181 UK pence or 17.38 cedis per ordinary share was paid to
registered shareholders on 18 March 2011, while a dividend of 2.275 Australian cents per CHESS Depositary
Interest (CDI) was paid on the same day. On 21 March 2011, holders of Ghanaian Depositary Shares (GhDSs)
were paid 0.1738 cedis per GhDS. Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents
one ordinary share. A dividend of 11.2599 US cents per American Depositary Share (ADS) was paid to holders of
American Depositary Receipts (ADRs) on 28 March 2011. Each ADS represents one ordinary share.

Final Dividend No. E9 of 40 South African cents was paid to holders of E ordinary shares on 18 March 2011, being
those employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

9 May 2011

Non-GAAP disclosure

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Headline earnings (note 9)

1,656

561

1,241

962

241

169

122

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

(11)

(6,787)

(583)

(15,891)

(2)

(985)

(82)

(2,273)

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

461

160

2,376

337

Fair value adjustment on option component of convertible bonds

(90)

280

(356)

(39)

(15)

(48)

Fair value adjustment on mandatory convertible bonds

(139)

222

382

(22)

Adjusted headline earnings (loss)

(1)

1,415

(5,263)

463

(12,210)

203

(764)

(1,758)

Hedge buy-back and related costs net of taxation

7,289

17,862

1,058

2,545

Adjusted headline earnings excluding hedge buy-back costs

(1)

1,415

2,026

463

5,652

203

294

787

Cents per share

(2)

Adjusted headline earnings (loss)

(1)

367

(1,368)

126

(3,283)

(199)

(473)

Adjusted headline earnings excluding hedge buy-back costs

(1)

367

527

126

1,520

212

(1)

(2)

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 were still open at reporting dates, 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;

Calculated on the basic weighted average number of ordinary shares.

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

The group uses certain Non-GAAP performance measures and ratios in managing the 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 to, 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 that other companies use.

During 2010 the Group completed the elimination of its hedge book which has resulted in full exposure to prevailing spot gold prices.

Adjusted headline earnings

Quarter 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 bonds;

US Dollar million

Quarter ended

In the September 2010 quarter the hedge book was further reduced and contracts to the value of $1.6bn were accelerated and settled. The impact on earnings after taxation was $1.5bn
in the September 2010 quarter. In the December 2010 quarter the hedge book was fully settled and hedge contracts to the value of $1.1bn were accelerated and settled. The impact on
earnings after taxation was $1.1bn in the December 2010 quarter;

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

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 is intended to illustrate earnings after adjusting for:

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

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

(1)

Gross profit

3,476

3,069

2,221

7,864

498

445

301

1,082

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

(11)

(6,787)

(583)

(15,891)

(2)

(985)

(82)

(2,273)

Adjusted gross profit (loss)

(1)

3,464

(3,718)

1,638

(8,027)

497

(540)

218

(1,191)

Hedge buy-back costs (note 4)

7,316

18,954

1,061

2,698

Adjusted gross profit excluding hedge buy-back costs

(1)

3,464

3,598

1,638

10,927

497

522

218

1,507

Price received

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Gold income (note 2)

9,934

10,614

8,222

38,833

1,422

1,543

1,095

5,334

Adjusted for non-controlling interests

(275)

(320)

(284)

(1,173)

(39)

(47)

(38)

(161)

9,659

10,294

7,938

37,660

1,383

1,496

1,057

5,173

Loss on realised non-hedge derivatives (note 4)

(524)

(2,073)

(69)

(277)

Hedge buy-back costs (note 4)

(7,316)

(18,954)

(1,061)

(2,698)

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

574

600

667

2,420

330

Attributable gold income including realised non-hedge derivatives

10,233

3,578

8,081

19,053

1,465

522

1,077

2,528

Attributable gold sold - kg / - oz (000)

32,771

35,900

32,999

140,240

1,054

1,154

1,061

4,509

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

312,261

99,671

244,873

135,862

1,391

452

1,015

561

Attributable gold income including realised non-hedge derivatives
as above

10,233

3,578

8,081

19,053

1,465

522

1,077

2,528

Hedge buy-back costs (note 4)

7,316

18,954

1,061

2,698

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

10,233

10,894

8,081

38,007

1,465

1,584

1,077

5,226

Attributable gold sold - kg / - oz (000)

32,771

35,900

32,999

140,240

1,054

1,154

1,061

4,509

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

312,261

303,454

244,873

271,018

1,391

1,372

1,015

1,159

Rounding of figures may result in computational discrepancies.

(1)

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

Quarter ended

US Dollar million / Imperial

Quarter ended

SA Rand million / Metric

SA Rand million

US Dollar million

Adjusted gross profit (loss)

Quarter ended

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2011

2010

2011

2010

Unaudited

Total costs

Total cash costs (note 3)

5,077

5,166

4,832

20,238

726

751

644

2,778

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

(299)

(226)

(155)

(642)

(43)

(33)

(21)

(90)

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

349

361

340

1,407

193

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

5,127

5,301

5,017

21,003

733

771

669

2,881

Retrenchment costs (note 3)

166

Rehabilitation and other non-cash costs (note 3)

529

756

109

Amortisation of tangible assets (note 3)

1,294

1,341

1,267

5,022

185

195

169

690

Amortisation of intangible assets (note 3)

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

(55)

(104)

(51)

(266)

(8)

(15)

(7)

(37)

Associates and equity accounted joint ventures' share of
production costs

105

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

6,481

7,193

6,392

26,804

927

1,047

852

3,683

Gold produced - kg / - oz (000)

32,303

35,703

33,574

140,418

1,039

1,148

1,079

4,515

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

158,707

148,474

149,431

149,577

706

672

619

638

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

200,632

201,465

190,374

190,889

893

912

789

816

EBITDA

Operating profit

2,537

1,978

1,413

3,786

363

285

193

518

Amortisation of tangible assets (note 3)

1,294

1,341

1,267

5,022

185

195

169

690

Amortisation of intangible assets (note 3)

Net impairments of tangible assets (note 6)

399

634

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

(11)

(6,787)

(583)

(15,891)

(2)

(985)

(82)

(2,273)

Hedge buy-back costs (note 4)

7,316

18,954

1,061

2,698

Mandatory convertible bond issue discount,
underwriting and professional fees (note 6)

(5)

396

(1)

Exchange effects of equity raising

Share of associates' EBITDA

181

182

318

936

128

Impairment of investment (note 6)

Loss on disposal and abandonment of assets (note 6)

191

Profit on disposal of ISS International Limited (note 6)

(14)

(2)

Profit on disposal of investments (note 6)

(269)

(314)

(37)

(43)

4,009

4,260

2,511

13,769

574

619

334

1,897

Interest cover

Quarter ended

SA Rand million / Metric

US Dollar million / Imperial

Interest cover

EBITDA (note E)

4,009

4,260

2,511

13,769

574

619

334

1,897

Finance costs (note 7)

248

259

142

834

115

Capitalised finance costs

248

259

142

834

115

Interest cover - times

Operating cash flow

Net cash inflow (outflow) from operating activities

3,607

(2,236)

1,326

(5,730)

513

(382)

179

(942)

Stay-in-business capital expenditure

(1,114)

(1,892)

(880)

(5,279)

(159)

(268)

(117)

(723)

2,493

(4,128)

446

(11,009)

354

(650)

(1,665)

As at

Mar

Dec

Mar

Dec

Mar

2011

2010

2011

2010

Unaudited

Net asset value - cents per share

Total equity

28,975

27,023

23,375

4,283

4,113

3,204

Mandatory convertible bonds

5,742

5,739

849

874

34,717

32,762

23,375

5,132

4,987

3,204

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

384

384

366

384

384

366

Net asset value - cents per share

9,037

8,532

6,386

1,336

1,299

875

Total equity

28,975

27,023

23,375

4,283

4,113

3,204

Mandatory convertible bonds

5,742

5,739

849

874

Intangible assets

(1,325)

(1,277)

(1,309)

(196)

(194)

(180)

33,392

31,485

22,066

4,936

4,793

3,024

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

384

384

366

384

384

366

Net tangible asset value - cents per share

8,692

8,199

6,028

1,285

1,248

826

Net debt

Borrowings - long-term portion

11,259

11,148

4,809

1,664

1,697

659

Borrowings - short-term portion

301

876

7,095

133

973

Total borrowings

(1)

11,560

12,024

11,904

1,708

1,830

1,632

Corporate office lease

(259)

(259)

(258)

(38)

(39)

(35)

Unamortised portion on the convertible and rated bonds

593

757

905

115

124

Cash restricted for use

(254)

(283)

(482)

(37)

(43)

(66)

Cash and cash equivalents

(4,187)

(3,776)

(5,346)

(619)

(575)

(733)

Net debt excluding mandatory convertible bonds

7,453

8,463

6,722

1,102

1,288

922

(1) Borrowings exclude the mandatory convertible bonds of $849m, R5,742m.

Rounding of figures may result in computational discrepancies.

US Dollar million

SA Rand million

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,698

Mined

- 000 tons

1,718

491

226

514

2,949

Milled / Treated

- 000 tons

1,533

544

265

539

2,880

Yield

- oz/t

0.230

0.127

0.154

0.193

0.197

Gold produced

- oz (000)

353

104

567

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,960

Yield

- oz/t

0.016

0.017

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

15,064

1,446

16,510

Mined

- 000 tons

31,443

3,390

7,233

42,066

Treated

- 000 tons

6,067

646

244

6,957

Stripping ratio

- ratio

3.43

6.13

24.42

4.35

Yield

- oz/t

0.047

0.048

0.157

0.051

Gold produced

- oz (000)

285

355

HEAP LEACH OPERATION

Mined

- 000 tons

1,640

17,280

18,921

Placed

- 000 tons

304

5,748

6,052

Stripping ratio

- ratio

6.14

2.08

2.24

Yield

- oz/t

0.029

0.011

0.012

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.80

10.92

40.58

20.06

9.10

TOTAL

Subsidiaries' gold produced

- oz (000)

401

303

203

979

IMPERIAL OPERATING RESULTS
QUARTER ENDED MARCH 2011

Joint ventures' gold produced - oz (000)

Attributable gold produced

- oz (000)

401

363

203

1,039

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

401

322

203

995

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

401

381

203

1,054

Minority gold sold

- oz (000)

Spot price

- $/oz

1,387

Price received

- $/oz sold

1,397

1,388

1,387

1,386

1,391

Total cash costs

- $/oz produced

637

819

1,153

480

706

Total production costs

- $/oz produced

871

965

1,304

651

893

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED MARCH 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

560

545

303

1,505

(82)

1,422

Cash costs

(282)

(307)

(83)

(150)

(5)

(827)

(777)

By-products revenue

Total cash costs

(255)

(305)

(83)

(128)

(5)

(776)

(726)

Retrenchment costs

(3)

(1)

(4)

Rehabilitation and other non-cash costs

(2)

(8)

(1)

(10)

Amortisation of assets

(89)

(46)

(11)

(39)

(2)

(188)

(186)

Total production costs

(349)

(359)

(94)

(169)

(7)

(977)

(925)

Inventory change

(24)

(1)

Cost of sales

(349)

(383)

(91)

(147)

(7)

(977)

(926)

Adjusted gross profit (loss)

210

163

156

(7)

527

(31)

497

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

210

163

158

(7)

529

(31)

498

Corporate and other costs

(2)

(3)

(2)

(14)

(58)

(79)

Exploration

(20)

(11)

(19)

(8)

(58)

(57)

Intercompany transactions

(12)

Special items

(1)

(6)

Operating profit (loss)

207

121

124

(59)

393

(30)

363

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(1)

(2)

(4)

Exchange gain (loss)

(3)

(2)

Share of equity accounted investments profit

(4)

(2)

(6)

Profit (loss) before taxation

206

116

121

(63)

381

(10)

371

Taxation

(55)

(42)

(2)

(29)

(6)

(133)

(123)

Profit (loss) for the period

151

(1)

(68)

248

Equity shareholders

151

(1)

(64)

241

Non-controlling interests

(4)

Operating profit (loss)

207

121

124

(59)

393

(30)

363

Unrealised non-hedge derivatives and other
commodity contracts

(2)

Intercompany transactions

(12)

Special items

(2)

Share of associates' EBIT

(4)

(2)

(6)

EBIT

209

134

119

(75)

386

Amortisation of assets

188

(2)

186

Share of associates' amortisation

EBITDA

298

180

158

(73)

574

Profit (loss) attributable to equity shareholders

151

(1)

(64)

241

Special items

(2)

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

152

(1)

(66)

241

Unrealised non-hedge derivatives and other
commodity contracts

(2)

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

Fair value adjustment on option component
of convertible bonds

(15)

Fair value adjustment on mandatory
convertible bonds

(22)

Adjusted headline earnings (loss)

152

(1)

(103)

203

Ore reserve development capital

Stay-in-business capital

(1)

Project capital

(14)

Total capital expenditure

249

(15)

234

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

3,147

Mined

- 000 tons

1,573

465

288

514

2,839

Milled / Treated

- 000 tons

1,845

463

174

539

3,020

Yield

- oz/t

0.230

0.141

0.159

0.188

0.205

Gold produced

- oz (000)

424

101

618

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,986

3,040

Yield

- oz/t

0.017

0.018

1.000

0.017

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

17,919

1,771

19,689

Mined

- 000 tons

34,046

4,183

8,500

46,729

Treated

- 000 tons

6,550

820

286

7,656

Stripping ratio

- ratio

4.07

5.12

25.80

5.05

Yield

- oz/t

0.046

0.091

0.164

0.055

Gold produced

- oz (000)

299

420

HEAP LEACH OPERATION

Mined

- 000 tons

1,525

17,759

19,284

Placed

- 000 tons

340

5,608

5,948

Stripping ratio

- ratio

5.55

2.19

2.33

Yield

- oz/t

0.028

0.012

0.013

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

6.07

11.10

67.29

19.88

9.30

TOTAL

Subsidiaries' gold produced

- oz (000)

476

313

102

196

1,087

IMPERIAL OPERATING RESULTS
QUARTER ENDED DECEMBER 2010

Joint ventures' gold produced - oz (000)

Attributable gold produced

- oz (000)

476

374

102

196

1,148

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

476

312

105

198

1,090

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

476

376

105

198

1,154

Minority gold sold

- oz (000)

Spot price

- $/oz

1,370

Price received

- $/oz sold

368

582

273

504

452

Price received excluding
hedge buy-back costs

- $/oz sold

1,373

1,370

1,368

1,374

1,372

Total cash costs

- $/oz produced

616

790

894

465

672

Total production costs

- $/oz produced

870

997

992

798

912

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

654

532

143

301

1,630

(87)

1,543

Cash costs

(318)

(305)

(91)

(142)

(851)

(798)

By-products revenue

Total cash costs

(293)

(304)

(91)

(121)

(804)

(751)

Retrenchment costs

(7)

(1)

(9)

Rehabilitation and other non-cash costs

(22)

(30)

(32)

(83)

(78)

Amortisation of assets

(92)

(47)

(11)

(46)

(3)

(199)

(196)

Total production costs

(414)

(381)

(101)

(200)

(1,095)

(1,034)

Inventory change

(10)

(2)

Cost of sales

(414)

(391)

(103)

(176)

(1,082)

(1,021)

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

239

141

125

548

(26)

522

Hedge buy-back costs

(478)

(296)

(115)

(172)

(1,061)

Adjusted gross profit (loss)

(239)

(155)

(75)

(47)

(513)

(26)

(540)

Unrealised non-hedge derivatives and other
commodity contracts

189

795

985

Gross profit (loss)

(50)

640

(75)

(46)

471

(26)

445

Corporate and other costs

(3)

(6)

(1)

(18)

(51)

(79)

(80)

Exploration

(1)

(13)

(11)

(12)

(50)

(49)

Intercompany transactions

(12)

(1)

Special items

(60)

(7)

(2)

(31)

Operating profit (loss)

(114)

602

(86)

(40)

(51)

311

(26)

285

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(1)

(3)

(1)

(106)

(109)

Exchange gain (loss)

(1)

Share of equity accounted investments profit

(1)

(11)

(12)

Profit (loss) before taxation

(115)

604

(86)

(29)

(169)

204

(5)

199

Taxation

(51)

(40)

(12)

(28)

(1)

(132)

(127)

Profit (loss) for the period

(166)

564

(98)

(57)

(170)

Equity shareholders

(166)

559

(98)

(68)

(171)

Non-controlling interests

Operating profit (loss)

(114)

602

(86)

(40)

(51)

311

(26)

285

Unrealised non-hedge derivatives and other
commodity contracts

(189)

(795)

(1)

(985)

Hedge buy-back and related costs

478

296

115

172

1,061

Intercompany transactions

(13)

Special items

(36)

Share of associates' EBIT

(1)

(2)

EBIT

243

117

(63)

420

Amortisation of assets

199

(3)

196

Share of associates' amortisation

EBITDA

335

163

141

(60)

619

Profit (loss) attributable to equity shareholders

(166)

559

(98)

(68)

(171)

Special items

(36)

Share of associates' special items

Taxation on items above

(20)

(1)

(21)

Headline earnings (loss)

(119)

560

(98)

(104)

(160)

Unrealised non-hedge derivatives and other
commodity contracts

(189)

(795)

(1)

(985)

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

Fair value adjustment on option component of
convertible bonds

Fair value loss on mandatory convertible
b

Hedge buy-back and related costs
net of taxation

475

296

115

172

1,058

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

234

(86)

294

Ore reserve development capital

Stay-in-business capital

177

(2)

175

Project capital

(12)

Total capital expenditure

144

111

365

(15)

350

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

3,444

Mined

- 000 tons

2,074

589

165

439

3,268

Milled / Treated

- 000 tons

1,877

561

144

505

3,087

Yield

- oz/t

0.187

0.162

0.157

0.191

0.181

Gold produced

- oz (000)

350

560

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

2,678

289

2,967

Yield

- oz/t

0.013

0.024

0.014

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

16,243

1,809

18,052

Mined

- 000 tons

32,530

4,287

7,122

43,939

Treated

- 000 tons

5,400

844

280

6,525

Stripping ratio

- ratio

4.07

5.04

24.60

4.93

Yield

- oz/t

0.046

0.108

0.178

0.060

Gold produced

- oz (000)

250

391

HEAP LEACH OPERATION

Mined

- 000 tons

776

17,484

18,260

Placed

- 000 tons

335

5,680

6,015

Stripping ratio

- ratio

4.29

2.02

2.08

Yield

- oz/t

0.054

0.014

0.016

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

4.67

11.43

78.77

23.15

8.61

TOTAL

Subsidiaries' gold produced

- oz (000)

384

292

114

207

997

IMPERIAL OPERATING RESULTS
QUARTER ENDED MARCH 2010

Joint ventures' gold produced - oz (000)

Attributable gold produced

- oz (000)

384

374

114

207

1,079

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

366

296

113

205

981

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

366

376

113

205

1,061

Minority gold sold

- oz (000)

Spot price

- $/oz

1,110

Price received

- $/oz sold

1,011

1,027

1,001

1,008

1,015

Total cash costs

- $/oz produced

626

630

931

416

619

Total production costs

- $/oz produced

867

767

1,014

555

789

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED MARCH 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

370

401

113

231

1,115

(89)

1,026

Cash costs

(249)

(244)

(107)

(120)

(712)

(666)

By-products revenue

(1)

Total cash costs

(241)

(243)

(106)

(107)

(689)

(644)

Retrenchment costs

(6)

(1)

(7)

Rehabilitation and other non-cash costs

(1)

(10)

(12)

Amortisation of assets

(85)

(42)

(9)

(33)

(2)

(172)

(169)

Total production costs

(333)

(295)

(116)

(141)

(880)

(832)

Inventory change

(1)

Cost of sales

(319)

(297)

(116)

(128)

(854)

(807)

Adjusted gross profit (loss)

104

(3)

103

260

(42)

218

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

108

110

(3)

122

343

(42)

301

Corporate and other costs

(2)

(5)

(8)

(31)

(48)

Exploration

(12)

(8)

(15)

(3)

(38)

(37)

Intercompany transactions

(5)

(1)

Special items

(9)

(17)

(23)

Operating profit (loss)

(11)

(22)

234

(41)

193

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(3)

Exchange gain (loss)

(1)

Share of equity accounted investments profit

(4)

Profit (loss) before taxation

(12)

100

260

(16)

244

Taxation

(18)

(35)

(38)

(92)

(76)

Profit (loss) for the period

(12)

168

Equity shareholders

(12)

157

Non-controlling interests

Operating profit (loss)

(11)

(22)

234

(41)

193

Unrealised non-hedge derivatives and other

commodity contracts

(57)

(6)

(19)

(82)

commodity contracts

Intercompany transactions

(6)

Special items

(1)

Share of associates' EBIT

(1)

EBIT

(11)

(30)

163

Amortisation of assets

172

(2)

169

Share of associates' amortisation

EBITDA

129

122

(1)

113

(29)

334

Profit (loss) attributable to equity shareholders

(12)

157

Special items

(1)

Share of associates' special items

Taxation on items above

(1)

(2)

(3)

Headline earnings (loss)

(12)

169

Unrealised non-hedge derivatives and other
commodity contracts

(57)

(6)

(19)

(82)

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

Fair value adjustment on option component
of convertible bonds

(48)

Adjusted headline earnings (loss)

(12)

(42)

Ore reserve development capital

Stay-in-business capital

(1)

Project capital

(1)

Total capital expenditure

171

(2)

169

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

13,182

Mined

- 000 tons

7,723

2,015

756

2,021

12,516

Milled / Treated

- 000 tons

7,564

1,987

571

2,105

12,227

Yield

- oz/t

0.212

0.150

0.131

0.187

0.194

Gold produced

- oz (000)

1,607

299

394

2,374

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

11,297

917

12,214

Yield

- oz/t

0.016

0.019

1.000

0.016

Gold produced

- oz (000)

179

196

OPEN-PIT OPERATION

Volume mined

- 000 bcy

64,978

6,780

71,758

Mined

- 000 tons

127,402

15,949

32,305

175,656

Treated

- 000 tons

24,129

3,416

1,146

28,691

Stripping ratio

- ratio

4.04

4.94

25.51

5.02

Yield

- oz/t

0.046

0.094

0.170

0.057

Gold produced

- oz (000)

1,115

321

195

1,631

HEAP LEACH OPERATION

Mined

- 000 tons

5,467

68,601

74,068

Placed

- 000 tons

1,293

22,917

24,210

Stripping ratio

- ratio

6.50

2.03

2.17

Yield

- oz/t

0.036

0.013

0.015

Gold placed

- oz (000)

306

352

Gold produced

- oz (000)

253

314

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.63

11.24

66.77

22.44

9.15

TOTAL

Subsidiaries' gold produced

- oz (000)

1,785

1,219

396

842

4,242

273

IMPERIAL OPERATING RESULTS
YEAR ENDED DECEMBER 2010

Joint ventures' gold produced - oz (000)

Attributable gold produced

- oz (000)

1,785

1,492

396

842

4,515

Minority gold produced

- oz (000)

141

Subsidiaries' gold sold

- oz (000)

1,791

1,206

396

844

4,237

Joint ventures' gold sold

- oz (000)

272

Attributable gold sold

- oz (000)

1,791

1,478

396

844

4,509

Minority gold sold

- oz (000)

143

Spot price

- $/oz

1,227

Price received

- $/oz sold

488

663

519

555

561

Price received excluding
hedge buy-back costs

- $/oz sold

1,162

1,165

1,148

1,159

Total cash costs

- $/oz produced

598

712

982

432

638

Total production costs

- $/oz produced

809

867

1,065

615

816

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2010 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

2,082

1,780

454

1,071

5,388

(330)

5,056

Cash costs

(1,118)

(1,097)

(389)

(527)

(3,100)

194

(2,906)

By-products revenue

130

(1)

129

Total cash costs

(1,068)

(1,093)

(389)

(454)

(2,970)

193

(2,778)

Retrenchment costs

(19)

(1)

(3)

(23)

Rehabilitation and other non-cash costs

(26)

(56)

(33)

(114)

(109)

Amortisation of assets

(331)

(176)

(34)

(150)

(10)

(701)

(692)

Total production costs

(1,444)

(1,326)

(422)

(640)

(3,809)

208

(3,602)

Inventory change

(4)

(2)

Cost of sales

(1,448)

(1,325)

(422)

(584)

(3,756)

206

(3,550)

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

634

455

487

1,632

(125)

1,507

Hedge buy-back costs

(1,207)

(742)

(249)

(500)

(2,698)

Adjusted gross profit (loss)

(574)

(287)

(216)

(13)

(1,066)

(125)

(1,191)

Unrealised non-hedge derivatives and other
commodity contracts

1,003

890

370

2,273

Gross profit (loss)

429

604

(206)

357

1,207

(125)

1,082

Corporate and other costs

(10)

(11)

(2)

(38)

(178)

(240)

Exploration

(2)

(47)

(45)

(72)

(35)

(201)

(198)

Intercompany transactions

(37)

(1)

(2)

Special items

(84)

(31)

(55)

(125)

(1)

(126)

Operating profit (loss)

334

477

(244)

280

(205)

642

(124)

518

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(2)

(8)

(1)

(172)

(178)

Exchange (loss) gain

(6)

Share of equity accounted investments profit

(1)

(8)

(10)

Profit (loss) before taxation

332

462

(245)

285

(378)

456

(51)

405

Taxation

(46)

(152)

(8)

(111)

(11)

(327)

(276)

Profit (loss) for the period

286

311

(253)

174

(389)

129

Equity shareholders

286

297

(253)

143

(396)

Non-controlling interests

Operating profit (loss)

334

477

(244)

280

(205)

642

(124)

518

Unrealised non-hedge derivatives and other
commodity contracts

(1,003)

(890)

(10)

(370)

(2,273)

Hedge buy-back and related costs

1,207

742

249

500

2,757

Intercompany transactions

(40)

Special items

100

(6)

(35)

Share of associates' EBIT

(1)

(4)

(5)

123

118

EBIT

638

378

(10)

376

(187)

1,196

Amortisation of assets

331

176

150

701

(9)

692

Share of associates' amortisation

EBITDA

969

555

526

(177)

1,897

Profit (loss) attributable to equity shareholders

286

297

(253)

143

(396)

Special items

100

(6)

(35)

Share of associates' special items

(1)

Taxation on items above

(28)

(4)

(1)

(33)

Headline earnings (loss)

358

305

(259)

107

(389)

122

Unrealised non-hedge derivatives and other
commodity contracts

(1,003)

(890)

(10)

(370)

(2,273)

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

334

337

Fair value adjustment on option component
of convertible bonds

Fair value loss on mandatory convertible
b

Hedge buy-back and related costs
net of taxation

998

739

249

500

2,545

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

686

154

(17)

237

(273)

787

Ore reserve development capital

247

352

Stay-in-business capital

121

135

100

376

(5)

371

Project capital

157

287

(37)

250

Total capital expenditure

424

234

311

1,015

(42)

973

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

251

Mined

- 000 tonnes

1,558

445

205

467

2,676

Milled / Treated

- 000 tonnes

1,390

493

240

489

2,613

Yield

- g/t

7.89

4.37

5.29

6.60

6.75

Gold produced

- kg

10,974

2,154

1,271

3,229

17,628

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,685

Yield

- g/t

0.56

0.57

Gold produced

- kg

1,493

1,527

OPEN-PIT OPERATION

Volume mined

- 000 bcm

11,517

1,105

12,622

Mined

- 000 tonnes

28,525

3,075

6,561

38,161

Treated

- 000 tonnes

5,504

586

221

6,311

Stripping ratio

- ratio

3.43

6.13

24.42

4.35

Yield

- g/t

1.61

1.66

5.37

1.75

Gold produced

- kg

8,867

973

1,189

11,029

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,488

15,676

17,164

Placed

- 000 tonnes

276

5,215

5,491

Stripping ratio

- ratio

6.14

2.08

2.24

Yield

- g/t

0.99

0.38

0.41

Gold placed

- kg

272

2,002

2,274

Gold produced

- kg

232

1,888

2,119

PRODUCTIVITY PER EMPLOYEE

Actual

- g

180

340

1,262

624

283

TOTAL

Subsidiaries' gold produced

- kg

12,466

9,429

2,244

6,306

30,445

1 858

METRIC OPERATING RESULTS
QUARTER ENDED MARCH 2011

Joint ventures' gold produced

- kg

Attributable gold produced

- kg

12,466

11,287

2,244

6,306

32,303

Minority gold produced

- kg

356

634

989

Subsidiaries' gold sold

- kg

12,465

10,001

2,168

6,299

30,933

Joint ventures' gold sold

- kg

1,838

Attributable gold sold

- kg

12,465

11,839

2,168

6,299

32,771

Minority gold sold

- kg

381

576

956

Spot price

- R/kg

311,511

Price received

- R/kg sold

313,682

311,339

310,879

311,657

312,261

Total cash costs

- R/kg produced

143,256

184,129

258,724

107,929

158,707

Total production costs

- R/kg produced

195,878

217,000

292,533

146,254

200,632

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
MARCH 2011 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

3,910

3,805

674

2,119

10,508

(574)

9,934

Cash costs

(1,971)

(2,145)

(582)

(1,049)

(36)

(5,783)

349

(5,433)

By-products revenue

185

155

357

(1)

356

Total cash costs

(1,786)

(2,132)

(581)

(894)

(33)

(5,426)

349

(5,077)

Retrenchment costs

(21)

(1)

(6)

(28)

Rehabilitation and other non-cash costs

(12)

(53)

(4)

(69)

(68)

Amortisation of assets

(623)

(323)

(76)

(274)

(16)

(1,312)

(1,298)

Total production costs

(2,442)

(2,509)

(656)

(1,178)

(49)

(6,835)

364

(6,471)

Inventory change

(163)

149

(3)

Cost of sales

(2,441)

(2,672)

(637)

(1,030)

(49)

(6,830)

360

(6,469)

Adjusted gross profit (loss)

1,469

1,133

1,090

(49)

3,678

(214)

3,464

Unrealised non-hedge derivatives and other
commodity contracts

(1)

Gross profit (loss)

1,469

1,132

1,101

(49)

3,690

(214)

3,476

Corporate and other costs

(14)

(24)

(11)

(95)

(407)

(551)

(2)

(553)

Exploration

(2)

(138)

(76)

(133)

(55)

(403)

(397)

Intercompany transactions

(83)

(3)

Special items

(5)

(44)

Operating profit (loss)

1,448

843

871

(415)

2,747

(210)

2,537

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(10)

(11)

(2)

(41)

(58)

(57)

Exchange gain (loss)

(24)

(13)

Share of equity accounted investments
profit (loss)

(28)

(16)

(44)

125

Profit (loss) before taxation

1,437

809

850

(470)

2,632

(67)

2,565

Taxation

(382)

(293)

(12)

(205)

(39)

(931)

(864)

Profit (loss) for the period

1,056

516

(7)

645

(509)

1,701

Equity shareholders

1,056

480

(7)

610

(480)

1,658

Non-controlling interests

(29)

Operating profit (loss)

1,448

843

871

(415)

2,747

(210)

2,537

(12)

(11)

Unrealised non hedge derivatives and other
commodity contracts

(11)

Intercompany transactions

(86)

Special items

(2)

(14)

Share of associates' EBIT

(28)

(15)

(43)

210

167

EBIT

1,457

936

833

(530)

2,696

Amortisation of assets

623

323

274

1,312

(14)

1,298

Share of associates' amortisation

EBITDA

2,081

1,259

1,107

(514)

4,009

Profit (loss) attributable to equity shareholders

1,056

480

(7)

610

(480)

1,658

Special items

(2)

(14)

Share of associates' special items

Taxation on items above

(5)

(6)

Headline earnings (loss)

1,060

489

(7)

608

(494)

1,656

Unrealised non-hedge derivatives and
other commodity contracts

(12)

(11)

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

Fair value adjustment on option component
of convertible bonds

(90)

Fair value loss on mandatory convertible

(139)

Adjusted headline earnings (loss)

1,060

490

(7)

596

(724)

1,415

Ore reserve development capital

453

102

666

Stay-in-business capital

225

105

454

(6)

448

Project capital

116

125

344

620

(99)

521

Total capital expenditure

663

436

551

1,740

(105)

1,635

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

292

Mined

- 000 tonnes

1,427

422

261

466

2,576

Milled / Treated

- 000 tonnes

1,673

420

158

489

2,739

Yield

- g/t

7.88

4.84

5.47

6.44

7.02

Gold produced

- kg

13,190

2,030

862

3,149

19,232

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,709

2,758

Yield

- g/t

0.59

0.60

34.29

0.59

Gold produced

- kg

1,611

1,640

OPEN-PIT OPERATION

Volume mined

- 000 bcm

13,699

1,354

15,053

Mined

- 000 tonnes

30,886

3,795

7,712

42,392

Treated

- 000 tonnes

5,942

744

259

6,945

Stripping ratio

- ratio

4.07

5.12

25.80

5.05

Yield

- g/t

1.56

3.11

5.63

1.88

Gold produced

- kg

9,291

2,313

1,459

13,063

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,384

16,110

17,494

Placed

- 000 tonnes

308

5,088

5,396

Stripping ratio

- ratio

5.55

2.19

2.33

Yield

- g/t

0.97

0.40

0.43

Gold placed

- kg

298

2,019

2,317

Gold produced

- kg

272

1,496

1,768

PRODUCTIVITY PER EMPLOYEE

Actual

- g

189

345

2,093

618

289

TOTAL

Subsidiaries' gold produced

- kg

14,801

9,723

3,175

6,105

33,803

1 900

METRIC OPERATING RESULTS
QUARTER ENDED DECEMBER 2010

Joint ventures' gold produced

- kg

Attributable gold produced

- kg

14,801

11,623

3,175

6,105

35,703

Minority gold produced

- kg

388

722

1,110

Subsidiaries' gold sold

- kg

14,805

9,712

3,263

6,143

33,924

Joint ventures' gold sold

- kg

1,976

Attributable gold sold

- kg

14,805

11,688

3,263

6,143

35,900

Minority gold sold

- kg

381

756

1,136

Spot price

- R/kg

303,106

Price received

- R/kg sold

81,074

128,171

60,117

111,273

99,671

Price received excluding hedge
buy-back costs

- R/kg sold

303,857

302,768

302,843

304,114

303,454

Total cash costs

- R/kg produced

136,217

174,621

197,828

102,746

148,474

Total production costs

- R/kg produced

192,292

220,079

219,476

176,022

201,465

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

4,499

3,654

988

2,073

11,214

(600)

10,614

Cash costs

(2,186)

(2,098)

(629)

(973)

(5,850)

363

(5,487)

By-products revenue

169

144

(2)

323

(1)

321

Total cash costs

(2,016)

(2,088)

(628)

(829)

(5,527)

361

(5,166)

Retrenchment costs

(50)

(5)

(10)

(65)

(64)

Rehabilitation and other non-cash costs

(150)

(204)

(218)

(564)

(529)

Amortisation of assets

(630)

(320)

(76)

(318)

(22)

(1,366)

(1,348)

Total production costs

(2,846)

(2,617)

(697)

(1,375)

(7,523)

416

(7,107)

Inventory change

(1)

(65)

(12)

166

Cost of sales

(2,847)

(2,683)

(709)

(1,209)

(7,435)

420

(7,016)

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

1,652

971

279

863

3,778

(180)

3,598

Hedge buy-back costs

(3,298)

(2,041)

(792)

(1,185)

(7,316)

Adjusted gross profit (loss)

(1,647)

(1,069)

(513)

(321)

(3,537)

(180)

(3,718)

Unrealised non-hedge derivatives and other
commodity contracts

1,301

5,481

6,787

Gross profit (loss)

(345)

4,412

(513)

(317)

3,250

(180)

3,069

Corporate and other costs

(22)

(41)

(6)

(122)

(355)

(545)

Exploration

(9)

(87)

(91)

(75)

(80)

(342)

(338)

Intercompany transactions

(84)

(4)

Special items

(406)

(49)

244

(15)

(208)

Operating profit (loss)

(782)

4,150

(591)

(275)

(349)

2,154

(176)

1,978

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(4)

(18)

(5)

(724)

(740)

Exchange gain (loss)

(7)

(5)

Share of equity accounted investments
profit (loss)

(8)

(75)

(83)

146

Profit (loss) before taxation

(786)

4,163

(595)

(198)

(1,155)

1,429

(35)

1,394

Taxation

(355)

(275)

(82)

(192)

(9)

(913)

(878)

Profit (loss) for the period

(1,141)

3,888

(678)

(390)

(1,164)

516

Equity shareholders

(1,141)

3,858

(678)

(465)

(1,170)

404

Non-controlling interests

112

Operating profit (loss)

(782)

4,150

(591)

(275)

(349)

2,154

(176)

1,978

Unrealised non-hedge derivatives and other
commodity contracts

(1,301)

(5,481)

(4)

(6,787)

Hedge buy-back and related costs

3,298

2,041

792

1,185

(5)

7,311

Intercompany transactions

(88)

Special items

460

(248)

228

Share of associates' EBIT

(8)

(4)

(12)

176

164

EBIT

1,675

804

201

653

(441)

2,894

Amortisation of assets

630

320

318

1,366

(18)

1,348

Share of associates' amortisation

EBITDA

2,306

1,125

277

971

(419)

4,260

Profit (loss) attributable to equity shareholders

(1,141)

3,858

(678)

(465)

(1,170)

404

Special items

460

(248)

228

Share of associates' special items

Taxation on items above

(138)

(5)

(143)

Headline earnings (loss)

(819)

3,864

(678)

(713)

(1,093)

561

Unrealised non-hedge derivatives and
other commodity contracts

(1,301)

(5,481)

(4)

(6,787)

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

461

Fair value adjustment on option component
of convertible bonds

280

Fair value loss on mandatory convertible

222

Hedge buy-back and related costs

3,276

2,041

792

1,185

(5)

7,289

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

1,617

424

114

467

(596)

2,026

Ore reserve development capital

453

109

644

Stay-in-business capital

390

527

290

1,264

(15)

1,248

Project capital

166

383

665

(88)

578

Total capital expenditure

1,009

685

782

2,572

(102)

2,470

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

320

Mined

- 000 tonnes

1,882

535

150

398

2,965

Milled / Treated

- 000 tonnes

1,703

509

131

458

2,801

Yield

- g/t

6.40

5.54

5.38

6.54

6.22

Gold produced

- kg

10,891

2,821

704

2,998

17,414

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,430

262

2,692

Yield

- g/t

0.44

0.83

0.47

Gold produced

- kg

1,058

218

1,276

OPEN-PIT OPERATION

Volume mined

- 000 bcm

12,418

1,383

13,801

Mined

- 000 tonnes

29,511

3,889

6,461

39,861

Treated

- 000 tonnes

4,899

766

254

5,919

Stripping ratio

- ratio

4.07

5.04

24.60

4.93

Yield

- g/t

1.59

3.72

6.09

2.05

Gold produced

- kg

7,764

2,848

1,549

12,161

HEAP LEACH OPERATION

Mined

- 000 tonnes

704

15,861

16,565

Placed

- 000 tonnes

304

5,153

5,457

Stripping ratio

- ratio

4.29

2.02

2.08

Yield

- g/t

1.86

0.49

0.56

Gold placed

- kg

565

2,503

3,068

Gold produced

- kg

840

1,883

2,723

PRODUCTIVITY PER EMPLOYEE

Actual

- g

145

355

2,450

720

268

TOTAL

Subsidiaries' gold produced

- kg

11,949

9,095

3,552

6,431

31,026

2 548

METRIC OPERATING RESULTS
QUARTER ENDED MARCH 2010

Joint ventures' gold produced

- kg

Attributable gold produced

- kg

11,949

11,643

3,552

6,431

33,574

Minority gold produced

- kg

400

745

1,145

Subsidiaries' gold sold

- kg

11,383

9,225

3,515

6,391

30,515

Joint ventures' gold sold

- kg

2,484

Attributable gold sold

- kg

11,383

11,709

3,515

6,391

32,999

Minority gold sold

- kg

395

745

1,141

Spot price

- R/kg

267,578

Price received

- R/kg sold

244,200

247,821

240,990

242,808

244,873

Total cash costs

- R/kg produced

151,186

151,942

224,450

100,373

149,431

Total production costs

- R/kg produced

209,205

185,017

244,516

134,018

190,374

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - QUARTER ENDED
MARCH 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

(1)

2,780

3,008

847

1,730

8,364

(667)

7,698

Cash costs

(1,871)

(1,832)

(799)

(899)

(5,340)

341

(4,999)

By-products revenue

(4)

168

(1)

166

Total cash costs

(1,806)

(1,824)

(797)

(801)

(5,172)

340

(4,832)

Retrenchment costs

(46)

(6)

(52)

Rehabilitation and other non-cash costs

(10)

(77)

(87)

(86)

Amortisation of assets

(638)

(313)

(71)

(249)

(15)

(1,287)

(1,271)

Total production costs

(2,500)

(2,215)

(869)

(1,057)

(6,599)

357

(6,242)

Inventory change

107

(12)

(3)

189

(8)

182

Cost of sales

(2,393)

(2,226)

(872)

(959)

(6,409)

349

(6,060)

Adjusted gross profit (loss)

387

781

(25)

771

1,955

(317)

1,638

Unrealised non-hedge derivatives and other
commodity contracts

410

138

583

Gross (loss) profit

797

815

(24)

909

2,538

(317)

2,221

Corporate and other costs

(18)

(41)

(61)

(237)

(357)

Exploration

(2)

(89)

(58)

(110)

(28)

(287)

(277)

Intercompany transactions

(38)

(5)

(2)

Special items

(64)

(123)

(174)

Operating profit (loss)

713

524

(87)

740

(170)

1,720

(307)

1,413

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(2)

(21)

(1)

201

181

182

Exchange gain (loss)

(6)

Share of equity accounted investments profit

(26)

190

163

Profit (loss) before taxation

711

512

(87)

746

1,918

(123)

1,796

Taxation

(133)

(265)

(4)

(281)

(680)

123

(558)

Profit (loss) for the period

578

247

(91)

465

1,238

Equity shareholders

578

223

(91)

410

1,150

Non-controlling interests

Operating profit (loss)

713

524

(87)

740

(170)

1,720

(307)

1,413

Unrealised non-hedge derivatives and

(410)

(34)

(1)

(138)

(583)

other commodity contracts

Intercompany transactions

(44)

Special items

(4)

(10)

Share of associates' EBIT

(5)

307

302

EBIT

334

602

(83)

600

(230)

1,224

Amortisation of assets

638

313

249

1,287

(16)

1,271

Share of associates' amortisation

EBITDA

971

915

(11)

849

(213)

2,511

Profit (loss) attributable to equity shareholders

578

223

(91)

410

1,150

Special items

(4)

(10)

Share of associates' special items

Taxation on items above

(5)

(16)

(21)

Headline earnings (loss)

604

280

(90)

407

1,241

Unrealised non-hedge derivatives and
other commodity contracts

(410)

(34)

(1)

(138)

(583)

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

160

Fair value adjustment on option component
of convertible bonds

(356)

Adjusted headline earnings (loss)

354

246

(91)

269

(316)

463

Ore reserve development capital

407

579

Stay-in-business capital

119

306

(5)

301

Project capital

205

398

(11)

387

Total capital expenditure

610

204

393

1,283

(16)

1,267

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

1,225

Mined

- 000 tonnes

7,007

1,828

686

1,834

11,354

Milled / Treated

- 000 tonnes

6,862

1,803

518

1,910

11,092

Yield

- g/t

7.28

5.16

4.50

6.41

6.66

Gold produced

- kg

49,970

9,300

2,330

12,248

73,847

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

10,248

832

11,081

Yield

- g/t

0.54

0.66

34.29

0.55

Gold produced

- kg

5,558

548

6,106

OPEN-PIT OPERATION

Volume mined

- 000 bcm

49,678

5,183

54,861

Mined

- 000 tonnes

115,577

14,469

29,306

159,352

Treated

- 000 tonnes

21,889

3,099

1,040

26,028

Stripping ratio

- ratio

4.04

4.94

25.51

5.02

Yield

- g/t

1.58

3.22

5.83

1.95

Gold produced

- kg

34,676

9,983

6,057

50,716

HEAP LEACH OPERATION

Mined

- 000 tonnes

4,960

62,234

67,194

Placed

- 000 tonnes

1,173

20,790

21,963

Stripping ratio

- ratio

6.50

2.03

2.17

Yield

- g/t

1.23

0.46

0.50

Gold placed

- kg

1,445

9,504

10,949

Gold produced

- kg

1,867

7,882

9,749

PRODUCTIVITY PER EMPLOYEE

Actual

- g

175

350

2,077

698

285

TOTAL

Subsidiaries' gold produced

- kg

55,528

37,892

12,313

26,187

131,920

Joint ventures' gold produced

8 498

METRIC OPERATING RESULTS
YEAR ENDED DECEMBER 2010

Attributable gold produced

- kg

55,528

46,390

12,313

26,187

140,418

Minority gold produced

- kg

1,499

2,897

4,396

Subsidiaries' gold sold

- kg

55,717

37,518

12,311

26,241

131,786

Joint ventures' gold sold

- kg

8,454

Attributable gold sold

- kg

55,717

45,972

12,311

26,241

140,240

Minority gold sold

- kg

1,480

2,961

4,441

Spot price

- R/kg

288,148

Price received

- R/kg sold

119,239

159,203

126,167

134,816

135,862

Price received excluding
hedge buy-back costs

- R/kg sold

271,453

272,523

267,875

268,931

271,018

Total cash costs

- R/kg produced

140,077

166,693

230,777

101,296

149,577

Total production costs

- R/kg produced

189,319

202,674

250,322

143,788

190,889

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2010 ZAR'm

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

Total group

Gold income received

(1)

15,125

12,952

3,298

7,806

39,180

(2,420)

36,761

Cash costs

(8,133)

(7,990)

(2,847)

(3,841)

226

(22,585)

1,412

(21,173)

By-products revenue

355

532

940

(5)

935

Total cash costs

(7,778)

(7,959)

(2,841)

(3,309)

242

(21,645)

1,407

(20,238)

Retrenchment costs

(138)

(8)

(23)

(169)

(166)

Rehabilitation and other non-cash costs

(182)

(393)

(224)

(791)

(756)

Amortisation of assets

(2,415)

(1,287)

(248)

(1,086)

(71)

(5,106)

(5,040)

Total production costs

(10,512)

(9,646)

(3,082)

(4,642)

171

(27,712)

1,512

(26,200)

Inventory change

(31)

399

377

(11)

367

Cost of sales

(10,544)

(9,638)

(3,081)

(4,243)

171

(27,335)

1,501

(25,833)

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

4,580

3,314

217

3,563

171

11,845

(918)

10,927

Hedge buy-back costs

(8,481)

(5,210)

(1,745)

(3,519)

(18,954)

Adjusted gross profit (loss)

(3,900)

(1,896)

(1,528)

171

(7,109)

(918)

(8,027)

Unrealised non-hedge derivatives and other
commodity contracts

7,080

6,115

2,621

15,891

Gross profit (loss)

3,180

4,219

(1,452)

2,664

171

8,782

(918)

7,864

Corporate and other costs

(72)

(77)

(14)

(273)

(1,300)

(1,737)

(1)

(1,738)

Exploration

(14)

(344)

(327)

(527)

(252)

(1,464)

(1,446)

Intercompany transactions

(270)

(8)

(14)

293

Special items

(586)

(229)

242

(391)

(886)

(8)

(894)

Operating profit (loss)

2,508

3,299

(1,725)

2,092

(1,479)

4,696

(910)

3,786

Net finance (costs) income, unwinding of
obligations and fair value adjustments

(13)

(59)

(5)

(1,183)

(1,236)

(1,235)

Exchange gain (loss)

(50)

(2)

Share of equity accounted investments
profit (loss)

(8)

(59)

(67)

534

467

Profit (loss) before taxation

2,495

3,190

(1,730)

2,123

(2,665)

3,413

(377)

3,036

Taxation

(342)

(1,108)

(54)

(816)

(76)

(2,396)

377

(2,018)

Profit (loss) for the period

2,153

2,083

(1,784)

1,307

(2,741)

1,018

Equity shareholders

2,153

1,981

(1,784)

1,084

(2,796)

637

Non-controlling interests

101

223

381

Operating profit (loss)

2,508

3,299

(1,725)

2,092

(1,479)

4,696

(910)

3,786

Unrealised non-hedge derivatives and
other commodity contracts

(7,080)

(6,115)

(75)

(2,621)

(15,891)

Hedge buy-back and related costs

8,481

5,210

1,745

3,519

417

19,371

Intercompany transactions

270

(293)

Special items

697

(45)

(242)

519

527

Share of associates' EBIT

(8)

(24)

(33)

902

869

EBIT

4,606

2,755

(93)

2,754

(1,359)

8,663

Amortisation of assets

2,415

1,287

248

1,086

5,106

(67)

5,040

Share of associates' amortisation

EBITDA

7,021

4,042

155

3,841

(1,288)

13,769

Profit (loss) attributable to equity shareholders

2,153

1,981

(1,784)

1,084

(2,796)

637

Special items

697

(45)

(242)

519

527

Share of associates' special items

(8)

Taxation on items above

(193)

(27)

(8)

(226)

Headline earnings (loss)

2,657

2,045

(1,827)

833

(2,746)

962

Unrealised non-hedge derivatives and
other commodity contracts

(7,080)

(6,115)

(75)

(2,621)

(15,891)

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

2,353

2,376

Fair value adjustment on option component
of convertible bonds

(39)

Fair value loss on mandatory convertible

382

Hedge buy-back and related costs
net of taxation

6,993

5,188

1,745

3,519

417

17,862

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

4,923

1,118

(135)

1,731

(1,986)

5,652

Ore reserve development capital

1,806

259

114

391

2,570

Stay-in-business capital

881

987

729

2,744

(35)

2,709

Project capital

409

461

1,150

2,099

(271)

1,828

Total capital expenditure

3,096

1,708

290

2,270

7,413

(305)

7,108

(1) Gold income received is gold income per income statement and loss on realised non-hedge derivatives (note 4).

Rounding of figures may result in computational discrepancies.

Notes

Certain statements made in this communication, including, without limitation, those concerning 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 the completion of announced mergers and acquisitions transactions, AngloGold Ashanti’s liquidity, capital
resources and capital expenditure and the outcome and consequences of any litigation or regulatory proceedings and AngloGold Ashanti’s Project One performance targets , 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, including environmental approvals and actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of certain of
these and other factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2009, which was distributed to shareholders on 30 March 2010. These factors are not
necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward-looking statements. Other unknown or
unpredictable factors could also have material adverse effects on future results. The company’s annual report on Form 20-F was filed with the Securities and Exchange Commission in the United
States on April 19, 2010 and was amended on May 18, 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. This communication contains certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP
performance measures and ratios in managing its business. 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 measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other
companies may use. 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.

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: +233 303 772190
Fax: +233 303 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
T T Mboweni (Chairman)
F B Arisman

R Gasant
W A Nairn
Prof L W Nkuhlu
F Ohene-Kena

S M Pityana

* British

American

~ Australian

South African

+ Ghanaian

Officers
Company Secretary:

Ms L Eatwell

Investor Relations Contacts

South Africa
Michael Bedford
Telephone: +27 11 637 6273
Mobile: +27 82 374 8820
E-mail: mbedford@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@AngloGoldAshanti.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: +233 303 229664
Fax: +233 303 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 11, 2011

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary