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 August 06, 2012

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 RELEASES ITS REPORT FOR THE
QUARTER AND SIX MONTHS ENDED JUNE 30, 2012 PREPARED IN
ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING
STANDARDS

Quarter 2 2012

Report

for the quarter and six months ended 30 June 2012

Group results for the quarter….

· Gold production of 1.07Moz beats guidance on strong performances from Continental Africa and Americas.

· Total cash costs of $801/oz, better than guidance due to improved production and weaker local currencies.

· Adjusted headline earnings of $253m, or 65 US cents a share.

· Quarterly dividend declared of 100 South African cents per share (approximately 12 US cents per share).

· Capital projects remain on budget and on schedule; Tropicana first gold is expected at the end of next year.

· Completed acquisition of residual 50% stake in Serra Grande in Brazil ($220m).

For the first half….

· Record EBITDA of $1.47bn achieved in seasonally weaker first half.

· Adjusted headline earnings up 25% to $682m.

Post quarter end….

· Successful refinancing removes concentration of debt maturities and introduces longer tenor to balance sheet.

· Revolving Credit Facility of $1bn refinanced at competitive rates and maturity extended from 2014 to 2017.

· New $750m 10-year, investment-grade rated bond issued at a competitive coupon, issue significantly oversubscribed.

· Completed acquisition of Mine Waste Solutions ($335m) for additional gold and uranium production.

Quarter

Six months

ended

Jun

Mar

Jun

2012

2011

2012

2011

US dollar / Imperial

Operating review
Gold
Produced

- oz (000)

1,073

981

1,086

2,054

2,124

Price received

$/oz

1,607

1,692

1,510

1,650

1,451

Total cash costs

- $/oz

801

794

705

798

705

Total production costs

- $/oz

1,002

999

916

1,000

905

Financial review
Gross profit

- $m

633

717

627

1,350

1,125

Profit attributable to equity shareholders - $m

287

563

470

850

711

- cents/share

146

122

220

184

Headline earnings

- $m

307

551

477

858

718

- cents/share

142

124

222

186

Adjusted headline earnings

253

429

342

682

544

- cents/share

111

176

141

Cash flow from operating activities

- $m

462

581

635

1,044

1,148

Capital expenditure

- $m

451

354

346

806

594

Notes:

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

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

$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

Certain statements made in this communication, other than statements of historical fact, 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 achievement of project milestones, the completion and commencement of commercial operations of certain of AngloGold
Ashanti’s exploration and production projects and the completion of acquisitions and dispositions, AngloGold Ashanti’s liquidity and capital resources and capital expenditure
and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking statements or forecasts
regarding AngloGold Ashanti’s operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks,
uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance or achievements to differ materially from the anticipated results, performance
or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking
statements and forecasts 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
2011, which was distributed to shareholders on 4 April 2012 the company’s 2011 annual report on Form 20-F, which was filed with the Securities and Exchange Commission
in the United States on 23 April 2012 and the prospectus supplement to the company’s prospectus dated 17 July 2012 that was filed with the Securities and Exchange
Commission on 25 July 2012. 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. Consequently,
stakeholders are cautioned not to place undue reliance on forward-looking statements. 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, except to the extent
required by applicable law. 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 may contain 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.

Operations at a glance
for the quarter ended 30 June 2012

oz (000)

Year-on-year

% Variance

Qtr on Qtr

% Variance

$/oz

Year-on-year

% Variance

Qtr on Qtr

% Variance

Year-on-year

$m Variance

Qtr on Qtr

$m Variance

SOUTH AFRICA

362

(16)

779

(8)

205

(59)

Great Noligwa

(11)

1,124

(28)

Kopanang

(33)

866

(26)

(20)

Moab Khotsong

(28)

909

(13)

(25)

Mponeng

120

(6)

588

(6)

(10)

Savuka

885

(5)

TauTona

(13)

(4)

890

(2)

(9)

Surface Operations

(8)

682

(7)

(6)

(1)

CONTINENTAL AFRICA

407

827

244

(1)

(73)

Ghana

Iduapriem

1,006

(2)

(1)

Obuasi

952

(14)

(15)

Guinea

Siguiri - Attr. 85%

726

(9)

(21)

Mali

Morila - Attr. 40%

(12)

866

(1)

(6)

Sadiola - Attr. 41%

(33)

(12)

1,183

(16)

(7)

Yatela - Attr. 40%

(14)

2,333

(5)

(6)

(4)

Namibia

Navachab

831

(31)

(7)

(1)

Tanzania

Geita

140

(4)

631

106

(64)

Non-controlling interests,
exploration and other

(3)

AUSTRALASIA

1,187

(26)

(8)

Australia

Sunrise Dam

1,105

(27)

(9)

Exploration and other

(6)

(1)

AMERICAS

233

671

163

(71)

Argentina

Cerro Vanguardia - Attr. 92.50%

657

149

141

(7)

(25)

Brazil

AngloGold Ashanti Mineração

692

(23)

Serra Grande - Attr. 50%

(6)

859

(2)

(3)

United States of America

Cripple Creek & Victor

(9)

599

(8)

(13)

Non-controlling interests,
exploration and other

(5)

OTHER

(6)

Sub-total

1,073

(1)

801

652

(16)

(101)

Equity accounted investments included above

(19)

AngloGold Ashanti

633

(84)

Variance June 2012 quarter on June 2011 quarter - increase (decrease).

Equity accounted joint ventures.

Variance June 2012 quarter on March 2012 quarter - increase (decrease).

Rounding of figures may result in computational discrepancies.

Production

Total cash costs

Gross profit (loss)

Financial and Operating Report

OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

Second quarter adjusted headline earnings (AHE) were $253m, or 65 US cents per share in the three months to
30 June, compared with $342m, or 89 US cents per share in the second quarter of 2011. The impact of 6% higher year-
on-year gold prices was offset by higher cash costs and marginally lower production compared with the same period a
year earlier. The second quarter of 2011 also included the sale of the Ayanfuri royalty. Also, expenditure on exploration,
corporate and capacity building costs for the quarter were higher year-on-year, in line with guidance. The tax rate also
increased during the period given that the second quarter of 2011 benefited from unutilised tax losses, while the second
quarter of 2012 was impacted by withholding taxes and translation effects on deferred tax balances in Brazil.

AHE declined by 41% from the previous quarter due principally to exploration and other expenditures which increased,
though in line with annual guidance provided in February of this year. In addition, this level of adjusted headline earnings
reflects a lower average gold price received during the quarter when compared to the previous quarter, lower uranium
and silver by-product credits, higher gold inventory levels that were sold only subsequent to the end of the quarter due to
the timing of gold shipments and a non-recurring one-time deferred tax credit that was included in the first quarter.

Net profit attributable to equity shareholders for the second quarter of 2012 amounted to $287m compared to AHE of
$253m, mainly due to fair value gains on the convertible bonds. For the half-year, net profit attributable to equity
shareholders was $850m.

Cash flow generated from operating activities was $462m during the second quarter, while total capital expenditure was
$451m

(1)

, taking the year-to-date capital expenditure to $806m. As indicated in the press release issued on 10 May, net

debt

(2)

increased from $483m to $879m at the end of June following the completion of the acquisition of Kinross’ 50%

interest in Serra Grande for $220m and higher capital expenditure quarter-on-quarter. The Serra Grande transaction was
successfully closed on 28 June 2012 and the Mine Waste Solutions transaction was completed on 20 July 2012, after the
quarter end. AngloGold Ashanti expects net debt to increase by year-end, after taking into account the rising project
capital expenditure profile for the remainder of 2012, as well as cash utilised ($335m) for the acquisition of Mine Waste
Solutions in July 2012.

Maintaining the integrity of AngloGold Ashanti’s balance sheet and investment credit grade ratings remains a strategic
priority, especially given its direct impact on the company’s cost of capital and ability to fund organic growth projects.
After the end of the quarter, at the end of July, the $1bn, four-year revolving credit facility (RCF), due to mature in 2014,
was replaced with a new, five-year facility for the same amount, which comes due in 2017. In addition, a $750m, 10-year
bond issue was successfully completed days later, against a challenging macroeconomic backdrop, at a competitive
coupon of 5.125% and an effective yield of 5.203%. This is lower than the 5.375% coupon on the existing $700m,
10-year notes which mature in 2020. These transactions together provide longer-term maturity to the debt profile. The
proceeds from the bond will meet the group’s cash and capital investment needs, leaving the new RCF principally as a
standby credit facility. This strategy should reduce significantly the potential refinancing risk in 2014, when the $732.5m
convertible bond matures.

DIVIDEND

The Board has declared a dividend of 100 South African cents per share (approximately 12 US cents per share) for the
second quarter in line with previous guidance.

OPERATING RESULTS

Production for the three months to 30 June 2012 was 1.073Moz at a total cash cost of $801/oz, better than guidance for
the quarter of 1.04Moz at a total cash cost of between $840/oz - $845/oz. This compares with production of 1.086Moz at
a total cash cost of $705/oz for the second quarter of 2011. The operating result was supported by strong operating
performances from the group’s Continental Africa region, particularly from Geita and Siguiri, and the Americas region
where Brazil and Argentina were the standout performers.

SAFETY

Tragically, five fatalities were reported during the period: one at Great Noligwa, two at TauTona in South Africa; one at
Mongbwalu in the DRC; and one at Obuasi in Ghana. These incidents remain a great concern to us and all efforts
continue towards improving safety throughout the organisation. Risk management training continues across the
organisation alongside implementation of incident risk protocols, the on-going rollout of the Safety Standards Framework
and implementation of Project ONE; these programmes together aim to realise further improvements to the group’s
safety performance. Those efforts continue to be reflected in the broader safety performance, where the All Injury
Frequency Rate (AIFR) – the broadest measure of safety performance – was 8.39 per million hours worked for the year
to date, a 14% improvement on the 9.76 at the end of 2011. Production losses and associated interruptions due to safety
stoppages at the South African operations improved compared with the previous quarter.

(1) including equity-accounted joint ventures; (2) excluding mandatory convertible bond

OPERATING REVIEW

The South African operations produced 362,000oz at a total cash cost of $779/oz in the three months to 30 June 2012
compared with 431,000oz at a total cash cost of $688/oz a year earlier. The year-on-year performance was impacted by
power-tariff increases in South Africa, increased seismic activity in the West Wits area, geological constraints and lower
yields, inflationary pressures and continued safety related stoppages through the quarter, albeit at a lower rate than the
previous three months. This remains a risk to production levels going forward.

At the West Wits Operations, Mponeng’s production fell 6% year-on-year to 120,000oz due to lower volumes impacted
by increased seismicity and developments to improve in-stope safety. Total cash costs rose 4% to $588/oz year-on-year.
At neighbouring TauTona, output decreased from a year earlier to 52,000oz, following a 7-day safety-related stoppage
imposed by the State Mine Inspector and also disruptions due to increased seismicity in the West Wits region. Total cash
costs increased by 5% to $890/oz.

The Vaal River Operations were also impacted by safety-related stoppages along with face-length constraints. Great
Noligwa’s output fell 11% year-on-year to 24,000oz as a result of the lower area mined and declining yields, whilst total
cash costs climbed by 5% to $1,124/oz. Gold production at Moab Khotsong fell by 28% from a year earlier to 54,000oz
with a resulting 37% rise in total cash cost to $909/oz. Kopanang, adversely affected by similar mining flexibility issues
and geological constraints, experienced a 33% year-on-year decline in production to 56,000oz while total cash costs rose
by 27% to $866/oz.

Surface Operations experienced an 8% decline in production to 44,000oz as a result of lower yields. Total cash costs
increased by 16% to $682/oz due to increased expenditure related to dust-control improvement measures and
inflationary pressure on reagents and fuel.

The Continental Africa operations produced 407,000oz at a total cash cost of $827/oz in the second quarter of 2012,
compared with 377,000oz at a total cash cost of $705/oz reported in the second quarter of 2011.

Geita delivered another strong quarter with production 31% higher at 140,000oz mainly driven by higher tonnage
throughput and also improved grades. The operation continues to show encouraging trends and remains on track to
replace its SAG mill toward the end of this year, or early in 2013. In Ghana, Obuasi delivered flat year-on-year production
of 83,000oz at 30% higher cash costs of $952/oz. Grades at this operation remain lower than anticipated and
development rates are below plan. Negotiations to improve the development contractor’s performance are ongoing.

At Iduapriem, increased tonnage throughput due to improved plant availability resulted in a 7% increase in year-on-year
production of 47,000oz. Total cash costs increased by 13% to $1,006/oz over the same period a year earlier, due to
higher equipment maintenance costs. At Siguiri, in Guinea, production was 2% higher year-on-year at 67,000oz and total
cash costs were 9% lower supported by continued improvements to tonnage throughput. At Morila, in Mali, production
declined 12% to 22,000oz, while total cash costs increased 5% to $866/oz. At Sadiola, production declined 33% to
22,000oz and total cash costs increased 72% to $1,183/oz primarily due to declining grades, harder ore and longer
haulage distances. In Namibia, Navachab reported a 50% increase in production to 21,000oz, with total cash costs
improving by 31% to $831/oz year-on-year. The operation also showed improving trends in tonnage throughput given
that it treated softer ore during the quarter.

The Americas region produced 233,000oz of gold at a total cash cost of $671/oz in the second quarter of 2012,
compared with 216,000oz at a total cash cost of $487/oz a year earlier.

At AngloGold Ashanti Brasil Mineração, production was 15% higher than the previous year at 97,000oz with higher
production from Cuiabá circuit and the contribution from the Córrego do Sítio project which continues to ramp-up, albeit
at a slightly slower pace than anticipated. Production is expected to stabilise in the second half of the year. Total cash
costs rose by 40% to $692/oz as a result of higher maintenance expense, lower by-product credits, lock-up of gold in
process and ore stockpile movements. At Serra Grande, attributable production was 7% higher while total cash costs
were lower at $859/oz, compared to $881/oz in the second quarter of 2011. In Argentina, at Cerro Vanguardia,
attributable gold production at 56,000oz was 17% higher than the same period last year due to an increase in treated
tons according to the production plan. Total cash costs at the operation was 149% higher than last year at $657/oz
principally reflecting lower silver by-product credits, as a result of both lower silver prices and lower silver sales, in
addition to wage increases. At Cripple Creek & Victor gold production was 64,000oz, which was 9% lower than the same
quarter last year due to fewer recoverable ounces placed on the leach pad in the first quarter which resulted in fewer
ounces available in fresh ore for recovery in the second quarter. Total cash costs increased by 10% to $599/oz due to
higher cost ounces placed on the pad.

In Australasia, production from Sunrise Dam rose 16% year-on-year to 71,000oz with total cash costs of $1,105/oz
compared to $1,516/oz a year ago. The operation has recovered substantially from flooding and a pit-wall failure which
severely impacted performance in 2011.

PROJECTS

AngloGold Ashanti incurred capital expenditure of $451m (including equity-accounted joint ventures) during the quarter,
of which $193m was spent on growth projects. Of the growth related capital $37m was spent in the Americas, $81m was
spent in Continental Africa, $43m in Australasia and $32m in South Africa.

In the Democratic Republic of the Congo, the board formally approved investment in several projects during last quarter,
creating a clear pathway for growth in the group’s production. Both key projects in the DRC, Kibali and Mongbwalu, were
approved for development. Both projects are expected to generate significant revenues for the DRC government and
create several thousand direct and indirect jobs for the country’s north-eastern region.

Kibali, the joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and operator Randgold
Resources (45%), currently contains a reserve of 10Moz and an indicated and inferred resource of 18.6Moz with recent
drilling indicating good upside potential. The project is expected to require attributable project capital expenditure of
$982m (attributable; including contingencies and escalation), to fund development of the open pit and underground
mines, as well as associated infrastructure. The capital investment will be made between 2012 and 2015, with first gold
from the open pit targeted for late next year. Development of the twin decline and vertical shaft system will run
concurrently with that of the open pit and the construction of three hydropower stations. Open pit mining has started on
site while at the same time, decline development for the underground mine has commenced with a boxcut to open up the
tunnel portals. Terracing for the metallurgical plant, earthworks for the first of four hydropower stations and infrastructure
construction are all progressing well. Thirteen excavators and 53 trucks had excavated more than 500,000m³ of soil by
the end of June and more than 100,000m3 of fill. Manufacturing of the mills and hydro turbines is 85% complete and
more than 1,000 tonnes of structural steel and platework is en route to site. The project currently employs some 3,500
people, of whom 700 are housed on site. The resettlement programme is also on schedule, with 774 families already
relocated to the new model village of Kokiza. This settlement will ultimately accommodate 3,800 families and will also
include civic infrastructure comprising schools, clinics, shops and churches.

Mongbwalu (AngloGold Ashanti 86.22%), the joint venture with state-owned Sokimo, is designed as a small-scale
beachhead in the prospective Kilo gold belt, on a concession covering almost 6,000km2 . AngloGold Ashanti plans to
build the underground project and then expand the operation from internally driven cash flow, allowing economies of
scale to be realised. This approach will limit the company’s initial capital exposure to a new mining district. This project
will require capital investment of $345m, including contingency and a provision for cost escalation, and is expected to
yield an average of about 130,000oz of gold a year in the first three years of full production at an estimated total cash
cost of $760/oz (nominal). During this quarter, the early works programme continued. The road upgrade is progressing
well, despite a shortage of good-quality aggregate, and plant and earthworks equipment items are scheduled for delivery.
Work on upgrading the exploration camp was undertaken; relocation of the artisanal miners continued and fencing of the
exclusion zone was completed. The first phase of the Budana hydroelectric power plant refurbishment was completed
with the successful commissioning of the plant, which has improved the reliability and quantity of power available.

The Tropicana Gold Project (AngloGold Ashanti 70% and manager, Independence Group 30%) remains on budget and
schedule to pour first gold during the fourth quarter of next year, with the project development progressing past the
halfway mark. Engineering and drafting is now complete and the equipment and materials have been procured. Mining
contractor MacMahon has mobilised on site and mining has commenced. Engineering, Procurement, and Construction
Management (EPCM) procurement is substantially complete and 87% of the EPCM-controlled packages have been
awarded. The tailings and electrical and instrumentation contract-award processed are well advanced. Notably, the
power station contract has also been awarded, locking in committed costs. The focus now shifts to contract execution
and construction. The 220km access road and airstrip have been completed. The village is substantially completed and
process plant concrete & CIL tankage commenced. The mining contractor is mobilised and has commenced clearing and
stripping.

At the Corrégo do Sítio Sulphide Project the pressure oxidation circuit reached full production in June and the milling
circuit reached nominal production rate at the end of June with stabilisation expected by early August. Mine ramp-up is
ongoing, expected to reach full capacity by the end of the year.

Technology update
An important strategic initiative for the group is to create a new, automated mining method based on existing rock-cutting
technology. The first stage of this initiative has been underway for the past two years and has made substantial
headway. The most notable recent milestone was the completion on 24 May, 2012, of a pilot hole of 244mm width bored
between reef drives from 97 Level at the TauTona mine in South Africa. On 29 June, the hole was widened to a diameter
of 1,050mm. Over the next three months, the team plans to complete another 6 holes at the 97 Level site, while
continuing to improve the speed and accuracy of the process and introducing a recently developed high-strength backfill.
The ultimate aim of this work is to develop safer, more productive mining methods by reducing the need for drilling and
blasting with wide application in all types of ore bodies.

EXPLORATION

Total exploration expenditure during the second quarter, inclusive of expenditure at equity accounted joint ventures, was
$118m ($43m on brownfield, $38m on greenfield and $37m on pre-feasibility studies), compared with $82m in the
second quarter of 2011 ($32m on brownfield, $27m on greenfield, and $23m 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

. An updated Reserve and Resources Statement will be

published with our full-year financial report at the end of the financial year.

Greenfield exploration activities were undertaken in six regions (Australia, Americas, Pacific, Sub-Saharan Africa and the
Middle East & North Africa) during second quarter of 2012. A total of 109,387 metres of diamond, RC and aircore drilling
was completed at existing priority targets and used to delineate new targets in Australia, Colombia, Guinea, Egypt, the
Solomon Islands and the DRC.

In Australia, at Tropicana, drilling continued at Havana Deeps with a total of 1,128m of RC and 16,613m of diamond
drilling completed in 38 holes. Drilling will conclude at this Project in the third quarter. A revised Mineral Resource will
be finalised by the end of the year and will form the basis of a further pre-feasibility study into a possible mine extension.
At Sunrise Dam, exploration drilling at Vogue and below current workings continued to expand the mineralised system.
Vogue results include 121m @2.54g/t, 107m @ 2.63g/t, 24m @ 20.5g/t and 14.8m @8.15g/t.
During the second quarter, brownfield and greenfield exploration in the Americas continued in Colombia, Brazil and
North America. At AngloGold Ashanti Brasil Mineração in Brazil, brownfields drilling activities continued at several
targets in and around the production centers at Cuiaba – Lamego and CDS and at the Pari exploration project. At Serra
Grande, the fast track exploration programme continued to evaluate the regional potential. AngloGold Ashanti entered
into a joint venture with Graben Resources in the Juruena Belt.

In Colombia at Gramalote, the drilling in the quarter continued for pre-feasibility infrastructure and geotechnical projects
with additional work to test satellite targets around the proposed Gramalote Central pit area. Mapping and sampling
work continued around the Gramalote project district targets.

At La Colosa, drilling continued for geotechnical and hydrological studies. Four drills were operating during the quarter.
Positive assay results continued to return from holes drilled in the first quarter of 2012. From the center of the main
intrusion COL187 returned an intercept of 223.6m @ 1.73g/t from a depth of 126m. Drilling to the west of the deposit
showed up economic gold, copper and molybdenum grades which will be followed up. The planning for the next round of
drill platforms and holes was completed and submitted for permitting.

In Sub-Saharan Africa, generative exploration programmes were carried out in the DRC, Guinea and Tanzania.

In Guinea, exploration work focussed on resource delineation at the Saraya orebody located in Block 2, while along the
Kounkoun trend in Block 3 and infill and resource delineation drilling was undertaken. Soil sampling continued in Block 4,
with drill testing planned to commence after the wet season in the fourth quarter.

At Saraya, Saraya South and Didi (Block 2), 15,144m of drilling was completed, comprising of 13,612m aircore, 1,302m
RC and 230m of diamond core. Drilling continues to delineate high-grade results with peak values returned during the
quarter including; 34m @ 1.52g/t from 158m in SARCDD013, 14m @ 3.05g/t from 15m, 16m @ 1.03g/t from 83m and
24m @1.04g/t from 142m in SARC342, 19m @ 4.01g/t from 85m in SARC345 and 17m @ 1.57g/t from 214m, 15m @
4.16g/t and 21m @ 2.14g/t from 281m in SARCDD013.

At Kounkoun Central and Kounkoun South (Block 3), a total of 13,803m was drilled following up previously delineated
ore zones, and comprises 4,762m aircore, 8,114m RC and 207m of diamond core. Best results include, but not limited
to: 16m @ 3.38g/t from 97m in KKAC311, 28m @ 1.69g/t from 122 including 7m @ 3.6g/t in KKAC510, 36m @ 2.12g/t
from 40m and 38m @ 1.24g/t from 88m in KKAC516, 40m @ 2.47g/t from 2m including 15m @ 3.17g/t KKRC056 and
26m @ 2.26g/t from 137m including 10m @ 3.7g/t in KKRC060.

At Siguiri, a total of 42,523m of drilling was completed. A total of 24,916m of RC infill drilling focused on upgrading oxide
Mineral Resources around Kozan, Eureka East, Kossise, Soloni and Kalamagna. The infill drilling at Kozan and Eureka
East returned some very good intersections, confirming the continuous and robust nature of these orebodies.

In Tanzania, a 1,500m diamond drilling programme has commenced at the Mkurumu Project, in Joint Venture with the
Mafulira Village Mining Company. The drilling follows airborne geophysical surveying, sampling and geological mapping,
and is expected to be completed in early August. A further 1,500m of diamond drill testing of priority targets at the
Lusahunga Project, is scheduled to commence in mid-August. The Lusahunga licences (150km west of Geita Gold Mine)
are the subject of a Heads of Agreement concluded with Oryx Mining and Exploration Ltd during 2010.

At Geita, exploration focused on Mineral Resource infill drilling programmes at Geita Hill West, Nyankanga Block 1,
Nyankanga Block 2, Nyankanga Cut 7_8, Ridge 8, and the Star & Comet_Ridge 8 gap, as well as pre-resource drilling of
refractory ore in the Matandani area. A total of 30,710m of RC and core were drilled. Assay results returned to date show
encouraging intersections including 34.12m @ 4.68g/t Au (GHDD0312) from 29.2m at Geita Hill West and 11.66m @
14.59g/t Au from 21m (R8RC0121) which supports the concept of a shallow high grade connection between the Star &
Comet and Ridge 8 deposits.

In the Democratic Republic of the Congo, assays from completed holes to the west of KCD at Kibali were received
during the quarter and suggest the possibility of a further mineralised system underneath the 9,000 lodes. The potential
of this system will be explored via further drilling.

Within a 10km radius of the main Sessenge – KCD deposit, there are a number of satellite deposits which are
considered to have significant potential. Drilling commenced at three of these high priority satellite deposits. Assay
results from drilling at the Mengu Hill area, ~7km NW of the KCD-Sessenge deposit, were received and best
intersections include (MDD040) 74.7m @ 3.78g/t Au from 0m and (MDD042) 67m @ 5.93g/t Au from 0m. Drilling at
Pakaka was designed to test the continuation of the Pakaka – Pamao – Bakangwe Aval mineralisation down plunge. The
programme involves scout drilling of 4 diamond holes (1,620m) over a 1.5km strike length. Best intersections for the
reconnaissance holes included (PDD145) 29m @ 3.2g/t from 394m.

The historical high grade Gorumbwa Mine is located immediately to the north of the Sessenge pit and to the west of the
main KCD corridor. A first phase of diamond drilling designed to upgrade the Mineral Resource is nearing completion
and consisted of four diamond holes for a total of 1,770m and two twin holes (600m).

Greenfields exploration in the Middle East & North Africa region is being undertaken by Thani Ashanti; a 50:50
Strategic Alliance between AngloGold Ashanti and Thani Investments. Here exploration activities during the quarter
included diamond drilling at Hutite, Anbat and Kab Alabyad (Egypt), channel-chip sampling at Pandora (Djibouti) and
stream sediment sampling at Kerkasha and Akordat North (Eritrea).

At Hutite, 5,022m of diamond drilling was completed from the Central Domain and results were received from nine holes.
The best results include: 7m @ 7.1 g/t Au from 72m and 7m @ 20.9 g/t Au from 82m in HUD042, 4m @ 4.2 g/t Au from
152m in HUD047, 3m @ 11.9g/t Au from 207 in HUD048 and 2m @ 17.2 g/t Au from 105m in HUD035. The
mineralisation in the Central Domain is defined over 1km of strike and down to 200m below surface. Deep drilling to a
depth of 900m below surface will commence in the third quarter of 2012.

A total of 1,086m of diamond drilling was completed at the Anbat prospect, located 45km SW of Hutite. The drilling
continued to test the veined granodiorite and also the altered felsic porphyry on the contact of the granodiorite and
sedimentary rocks. Further encouraging results were received from the felsic porphyry and include: 3m @ 22.3g/t Au
from 118m in AND019 and 3m @ 21.6g/t Au from 178m in AND020 and 45m @ 1.74 g/t Au from 43m in AND021. The
results confirm that the porphyry is the main target at Anbat and 3D modelling of the porphyry will be completed before
any further drilling takes place.

Work completed at the non-managed Afar JV with Stratex International plc in Ethiopia and Djibouti has involved follow-
up, systematic channel-chip sampling at Pandora (Djibouti) and preparations for an aeromagnetic and radiometric survey
at Megenta (Ethiopia). The channel-chip sampling was completed perpendicular to the main Pandora vein at 25m
intervals along the strike of the 1.7km long Pandora vein, with best results including, but not limited to, 11.1m @ 5.09g/t,
9.4m @ 3.37g/t, 17.9m @ 2.07g/t, 13.9m @ 5.35g/t and 5.3m @ 6.05g/t. Follow-up drilling at both Pandora and the
nearby Hercules project is planned for the third quarter of 2012.

MANAGEMENT CHANGES

In recognition of the importance of the opportunity that has presented itself in Colombia, the company has decided to
create a focused, executive management accountability to advance our investment in that country. Charles Carter,
formerly the Executive Vice President of Business Strategy, assumes accountability for AngloGold Ashanti's Colombian
business. In this new role he will work closely with Tony O'Neill's greenfields exploration team and Ron Largent's
America's projects and production team, both of whom will continue to support the successful development of our
business in Colombia. This appointment recognises that developing a new sustainable gold business that benefits the
state, regional and local communities in Colombia, remains an important objective for AngloGold Ashanti. Colombia will
continue to form part of the broader Americas region that is reviewed as a single unit by the chief operating decision
maker.

In his previous corporate strategy, business planning and risk management work, Charles will be succeeded in the
corporate team by Mike McFarlane, one of the founding members of the company's Technology Innovation Consortium,
which is researching and developing the means to safely automate mining in the South Africa Region's ultra-deep mines.
Mike, who held senior operating and management positions at Canada’s Inco, including technical roles on the world’s
deepest and most productive base metals mines in Sudbury, will continue to remain closely involved in the ongoing
technology innovation work in the South Africa Region.

Following an extensive search, David Noko fills the post of Executive Vice President: Social and Sustainable
Development which was left vacant last year following Thero Setiloane’s departure. This is an important appointment that
complements a strong executive team and gives us a new dimension of technical and managerial skill in a key area of
the business. David, a mining engineer who holds an MBA from Harriot-Watt University, is a former CEO and managing
director of De Beers Consolidated Mines and most recently held the position of Deputy Chairman on the Board of
Director's of Harmony Gold Mining Limited. In his new executive role at AngloGold Ashanti, he assumes corporate
accountability for social and sustainable development, global security, infrastructure and development strategies, human
rights and public affairs.

OUTLOOK

Gold production for the third quarter of 2012 is estimated at between 1.07Moz and 1.1Moz. Total cash costs are
estimated at between $835-$865/oz at an average exchange rate of R8.15/$, BRL1.85/$, A$1.00/$ and ARS4.60/$ and
fuel at $100/barrel.

No change to gold production guidance for 2012 which is estimated at 4.3Moz to 4.4Moz with total cash costs in 2012
estimated at between $780-$805/oz at an average exchange rate of R8.00/$, BRL1.86/$, A$1.02/$ and ARS4.52/$ and
fuel at $108/barrel.

As mentioned in the fourth quarter earnings release on 15 February 2012, the situation remains that both estimates could
see some downside risk in the light of safety related stoppages and other unforeseen factors. AngloGold Ashanti may not
be able to reach the goals or meet the expectations set out in this report. Refer to the disclaimer on the front page of this
report.

Group income statement

Quarter

Six months

ended

June

March

June

2012

2011

2012

2011

US Dollar million

Notes

Reviewed

Revenue

1,684

1,794

1,704

3,478

3,193

Gold income

1,619

1,706

1,576

3,325

2,998

Cost of sales

(986)

(989)

(947)

(1,975)

(1,873)

Loss on non-hedge derivatives and other
commodity contracts

(2)

Gross profit

633

717

627

1,350

1,125

Corporate administration, marketing and other
expenses

(69)

(67)

(66)

(135)

(132)

Exploration costs

(87)

(75)

(63)

(163)

(120)

Other operating expenses

(29)

(8)

(37)

(21)

Special items

Operating profit

456

584

519

1,040

882

Interest received

Exchange gain (loss)

(2)

(6)

(5)

Fair value adjustment on option component of
convertible bonds

Finance costs and unwinding of obligations

(49)

(49)

(50)

(98)

(99)

Fair value adjustment on mandatory convertible
bonds

108

Share of equity-accounted investments' (loss)
profit

(6)

Profit before taxation

471

689

632

1,160

1,004

Taxation

(186)

(111)

(149)

(297)

(273)

Profit for the period

285

578

483

863

731

Allocated as follows:

Equity shareholders

287

563

470

850

711

Non-controlling interests

(2)

285

578

483

863

731

Basic earnings per ordinary share (cents)

146

122

220

184

Diluted earnings per ordinary share (cents)

110

171

138

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.

The reviewed financial statements for the quarter and six months ended 30 June 2012 have been prepared by the corporate accounting staff
of AngloGold Ashanti Limited headed by Mr John Edwin Staples, the Group's Chief Accounting Officer. This process was supervised by Mr
Mark Cutifani, the Group's Chief Executive Officer and Mr Srinivasan Venkatakrishnan, the Group's Chief Financial Officer. The financial
statements for the quarter ended 30 June 2012 were reviewed, but not audited, by the Group's statutory auditors, Ernst & Young Inc. A copy
of their unmodified review report is available for inspection at the company's head office.

Group statement of comprehensive income

Quarter

Six months

ended

June

March

June

2012

2011

2012

2011

US Dollar million

Reviewed

Profit for the period

285

578

483

863

731

Exchange differences on translation of foreign
operations

(128)

(33)

(23)

Share of equity-accounted investments' other
comprehensive loss

(1)

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

(12)

(27)

(11)

(29)

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

Deferred taxation thereon

(7)

(25)

(5)

(27)

Deferred taxation rate change on actuarial losses

(9)

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

(135)

(1)

(47)

(51)

Total comprehensive income
for the period net of tax

150

666

482

816

680

Allocated as follows:

Equity shareholders

152

651

469

803

660

Non-controlling interests

(2)

150

666

482

816

680

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

June

March

December

June

2012

2011

US Dollar million

Note

Reviewed

Audited

Reviewed

ASSETS

Non-current assets

Tangible assets

6,789

6,763

6,525

6,271

Intangible assets

243

228

210

201

Investments in associates and equity-accounted joint ventures

835

765

702

661

Other investments

178

196

186

226

Inventories

454

421

410

419

Trade and other receivables

157

Deferred taxation

Cash restricted for use

Other non-current assets

8,674

8,542

8,220

7,991

Current assets

Inventories

1,138

1,083

1,064

934

Trade and other receivables

460

409

350

286

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

987

1,216

1,112

839

2,617

2,762

2,561

2,093

Non-current assets held for sale

2,619

2,764

2,582

2,095

TOTAL ASSETS

11,293

11,306

10,802

10,086

EQUITY AND LIABILITIES

Share capital and premium

6,711

6,695

6,689

6,648

Retained earnings and other reserves

(1,135)

(1,103)

(1,660)

(2,000)

Shareholders' equity

5,576

5,592

5,029

4,648

Non-controlling interests

154

137

Total equity

5,637

5,746

5,166

4,785

Non-current liabilities

Borrowings

2,492

2,382

2,456

2,451

Environmental rehabilitation and other provisions

795

796

782

637

Provision for pension and post-retirement benefits

217

206

195

189

Trade, other payables and deferred income

Derivatives

Deferred taxation

1,149

1,132

1,158

1,050

4,693

4,580

4,698

4,435

Current liabilities

Current portion of borrowings

Trade, other payables and deferred income

732

720

751

703

Taxation

199

207

155

133

963

980

938

866

Total liabilities

5,656

5,560

5,636

5,301

TOTAL EQUITY AND LIABILITIES

11,293

11,306

10,802

10,086

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Six months

ended

June

March

June

2012

2011

2012

2011

US Dollar million

Reviewed

Cash flows from operating activities

Receipts from customers

1,691

1,758

1,641

3,449

3,092

Payments to suppliers and employees

(1,106)

(1,085)

(926)

(2,190)

(1,876)

Cash generated from operations

585

673

715

1,259

1,216

Dividends received from equity-accounted joint ventures

Taxation refund

Taxation paid

(143)

(112)

(167)

(255)

(207)

Net cash inflow from operating activities

462

581

635

1,044

1,148

Cash flows from investing activities

Capital expenditure

(374)

(312)

(323)

(686)

(556)

Interest capitalised and paid

(2)

(2)

(4)

Expenditure on intangible assets

(20)

(7)

(28)

Proceeds from disposal of tangible assets

Other investments acquired

(23)

(39)

(31)

(62)

Proceeds from disposal of investments

Investment in associates and equity-accounted joint ventures

(66)

(45)

(25)

(111)

(49)

Proceeds from disposal of equity-accounted joint venture

Loans advanced to associates and equity-accounted joint ventures

(48)

(15)

(2)

(63)

(2)

Loans repaid by associates and equity-accounted joint ventures

Dividends received from associate

Proceeds from disposal of subsidiary

Cash in subsidiary disposed

(11)

Decrease (increase) in cash restricted for use

(18)

(13)

Interest received

Repayment of loans advanced

Net cash outflow from investing activities

(483)

(371)

(354)

(855)

(615)

Cash flows from financing activities

Proceeds from issue of share capital

Proceeds from borrowings

150

150

Repayment of borrowings

(4)

(4)

(3)

(8)

(155)

Finance costs paid

(57)

(15)

(57)

(72)

(75)

Acquisition of non-controlling interest

(220)

(220)

Revolving credit facility transaction costs

(8)

Dividends paid

(61)

(101)

(11)

(163)

(54)

Net cash outflow from financing activities

(192)

(128)

(65)

(320)

(277)

Net (decrease) increase in cash and cash equivalents

(213)

216

(131)

256

Translation

(16)

(3)

Cash and cash equivalents at beginning of period

1,216

1,112

619

1,112

586

Cash and cash equivalents at end of period

987

1,216

839

987

839

Cash generated from operations

Profit before taxation

471

689

632

1,160

1,004

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

Amortisation of tangible assets

195

190

188

386

373

Finance costs and unwinding of obligations

Environmental, rehabilitation and other expenditure

(5)

Special items

Amortisation of intangible assets

Deferred stripping

(7)

(5)

Fair value adjustment on option component of convertible bonds

(24)

(43)

(73)

(67)

(88)

Fair value adjustment on mandatory convertible bonds

(29)

(79)

(64)

(108)

(87)

Interest received

(9)

(12)

(11)

(21)

(19)

Share of equity-accounted investments' loss (profit)

(22)

(21)

(16)

(32)

Other non-cash movements

Movements in working capital

(111)

(112)

(58)

(223)

(139)

585

673

715

1,259

1,216

Movements in working capital

Increase in inventories

(92)

(30)

(92)

(122)

(109)

Increase in trade and other receivables

(37)

(54)

(15)

(91)

(81)

Increase (decrease) in trade and other payables

(28)

(10)

(111)

(112)

(58)

(223)

(139)

Rounding of figures may result in computational discrepancies.

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

US Dollar million

premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at 31 December 2010

6,627

194

(2,750)

(2)

(62)

(104)

3,989

124

4,113

Profit for the period

711

731

Other comprehensive loss

(1)

(27)

(23)

(51)

Total comprehensive (loss) income

- (1) 711 - (27) - (23) 660 20 680

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(43)

Dividends of subsidiaries

(5)

Translation

(4) 5

(2)

Balance at 30 June 2011

6,648

208

(2,077)

(2)

(61)

(127)

4,648

137

4,785

Balance at 31 December 2011

6,689

171

(1,300)

(2)

(78)

(469)

5,029

137

5,166

Profit for the period

850

863

Other comprehensive loss

(5)

(9)

(33)

(47)

Total comprehensive income (loss)

- - 850 - (5) (9) (33) 803 13 816

Shares issued

Share-based payment for share awards
net of exercised

Acquisition of non-controlling interest

(144)

(71)

(215)

Dividends paid

(147)

Dividends of subsidiaries

(17)

Translation

(3)

(1)

Balance at 30 June 2012

6,711

180

(739)

(2)

(85)

(502)

5,576

5,637

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

Segmental reporting

for the quarter and six months ended 30 June 2012

Jun

Mar

Jun

2012

2011

2012

2011

Reviewed

Gold income
South Africa

539

524

654

1,063

1,214

Continental Africa

653

723

578

1,376

1,123

Australasia

117

115

232

189

Americas

390

432

344

822

647

1,700

1,793

1,669

3,493

3,173

Equity-accounted investments included above

(81)

(87)

(93)

(168)

(175)

1,619

1,706

1,576

3,325

2,998

Gross profit (loss)

South Africa

205

182

264

387

474

Continental Africa

244

317

245

561

407

Australasia

(10)

(5)

Americas

163

234

149

397

306

Corporate and other

652

753

668

1,405

1,196

Equity-accounted investments included above

(19)

(36)

(41)

(55)

(71)

633

717

627

1,350

1,125

Capital expenditure

South Africa

130

106

116

236

211

Continental Africa

180

122

105

302

167

Australasia

Americas

105

156

183

Corporate and other

451

354

346

806

594

Equity-accounted investments included above

(54)

(35)

(23)

(89)

(38)

397

320

323

717

556

Jun

Mar

Jun

2012

2011

2012

2011

Reviewed

Gold production

South Africa

362

306

431

668

832

Continental Africa

407

382

377

789

740

Australasia

139

133

Americas

233

225

216

458

419

1,073

981

1,086

2,054

2,124

As at

Jun

Mar

Dec

Jun

2012

2011

Reviewed

Audited

Reviewed

Total assets

South Africa

2,234

2,301

2,148

2,373

Continental Africa

4,685

4,504

4,288

3,998

Australasia

803

753

736

568

Americas

2,652

2,612

2,501

2,252

Corporate and other

919

1,136

1,129

895

11,293

11,306

10,802

10,086

Rounding of figures may result in computational discrepancies.

US Dollar million

Six months ended

Quarter ended

oz (000)

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

US Dollar million

Six months ended

Notes

for the quarter and six months ended 30 June 2012

Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention
except for certain financial instruments which are stated at fair value. Except for the change in presentation
currency detailed in note 15, the group’s accounting policies used in the preparation of these financial statements
are consistent with those used in the annual financial statements for the year ended 31 December 2011 and
revised International Financial Reporting Standards (IFRS) which are effective 1 January 2012, where applicable.
The effect of the revised and amended accounting standards applicable to this period are not considered to have a
material impact on the financial statements of the group.

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, JSE Listings
Requirements and in the manner required by the South African Companies Act, 2008 for the preparation of financial
information of the group for the quarter and six month ended 30 June 2012.

2. Revenue

Quarter ended

Six months ended

Jun

Mar

Jun

2012

2011

2012

2011

Reviewed

US Dollar million

Gold income

1,619

1,706

1,576

3,325

2,998

By-products (note 3)

104

118

Royalties received (note 5)

Interest received

1,684

1,794

1,704

3,478

3,193

Cost of sales

Quarter ended

Six months ended

Jun

Mar

Jun

2012

2011

2012

2011

Reviewed

US Dollar million

Cash operating costs

815

764

733

1,580

1,464

By-products revenue (note 2)

(43)

(61)

(67) (104) (118)

772

703

666

1,476

1,346

Royalties

Other cash costs

Total cash costs

825

759

721

1,583

1,447

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

853

771

775

1,623

1,515

Amortisation of tangible assets

195

190

188

386

373

Amortisation of intangible assets

Total production costs

1,049

962

964

2,011

1,889

Inventory change

(63)

27 (17) (36) (16)

986

989

947

1,975

1,873

Other operating expenses

Quarter ended

Six months ended

Jun

Mar

Jun

2012

2011

2012

2011

Reviewed

US Dollar million

Pension and medical defined benefit provisions

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

Miscellaneous

Rounding of figures may result in computational discrepancies.

5. Special items

Quarter ended

Six months ended

Jun

Mar

Jun

2012 2012 2011

2012

2011

Reviewed Reviewed Reviewed

Reviewed

US Dollar million

Indirect tax expenses and legal claims

(6)

(5)

(6)

(10)

Impairment of tangible assets (note 8)

(1)

(10)

(1)

(11)

Impairment reversal of intangible assets (note 8)

Black Economic Empowerment transaction

modification costs for Izingwe (Pty) Ltd

(7)

Impairment of other receivables

(1)

Royalties received (note 2)

(1)

Net (loss) profit on disposal and derecognition of

land, mineral rights, tangible assets and
exploration properties (note 8)

(3)

(2)

(5)

Impairment of investments (note 8)

(1)

(2)

(1)

(2)

Profit on disposal of subsidiary ISS International

Limited (note 8)

(1)

The June 2011 quarter includes the sale of the Ayanfuri royalty to Franco Nevada Corporation for a pre-taxation amount of $35m.

Finance costs and unwinding of obligations

Quarter ended

Six months ended

Jun

Mar

Jun

2012 2012 2011

2012

2011

Reviewed Reviewed Reviewed

Reviewed

US Dollar million

Finance costs

Unwinding of obligations, accretion of convertible

bonds and other discounts

7. Taxation

Quarter ended

Six months ended

Jun

Mar

Jun

2012 2012 2011

2012

2011

Reviewed Reviewed Reviewed

Reviewed

US Dollar million

South African taxation
Mining tax

Non-mining tax

Under prior year provision

Deferred taxation
Temporary differences

127

Change in statutory tax rate

(131)

(93)

(49) 140

Foreign taxation
Normal taxation

129

223

104

Under (over) prior year provision

(1)

Deferred taxation

Temporary differences

Change in statutory tax rate

143

203

346

133

186

111

149

297

273

Rounding of figures may result in computational discrepancies.

8. Headline earnings

Quarter ended

Six months ended

Jun

Mar

Jun

2012

2011

2012

2011

Reviewed

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

287

563

470

850

711

Impairment of tangible assets (note 5)

Impairment reversal of intangible assets (note 5)

(10)

Net loss (profit) on disposal and derecognition of

land, mineral rights, tangible assets and
exploration properties (note 5)

(3)

(1)

Impairment of investments (note 5)

Profit on disposal of subsidiary ISS International

Limited (note 5)

(2)

Net impairment (reversal) of investment in associates

and joint ventures

(2)

Special items of associates

(3)

Taxation on items above - current portion

Taxation on items above - deferred portion

(5)

(6)

307

551

477

858

718

Headline earnings per ordinary share (cents)

(1)

142

124

222

186

Diluted headline earnings per ordinary share (cents)

(2)

107

173

140

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

Number of shares

Quarter ended

Six months ended

Jun

Mar

Jun Jun Jun

2012

2011 2012 2011

Reviewed

Reviewed Reviewed Reviewed

Authorised number of shares:

Ordinary shares of 25 SA cents each

600,000,000

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 4,280,000

A redeemable preference shares of 50 SA cents
each

2,000,000

2,000,000

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

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000

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

Issued and fully paid number of shares:

Ordinary shares in issue

382,812,185

382,399,018

381,573,111 382,812,185 381,573,111

E ordinary shares in issue

2,513,952

2,563,772

3,444,060 2,513,952 3,444,060

Total ordinary shares:

385,326,137

384,962,790

385,017,171 385,326,137 385,017,171

A redeemable preference shares

2,000,000

2,000,000

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

B redeemable preference shares

778,896

778,896

778,896 778,896 778,896

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

Ordinary shares

382,507,333

382,305,903

381,480,773 382,504,246 381,377,232

E ordinary shares

2,550,514

2,569,675

2,665,595 2,560,095 2,723,866

Fully vested options

1,799,218

1,970,339

1,435,811 1,734,133 1,517,717

Weighted average number of shares

386,857,065

386,845,917

385,582,179 386,798,474 385,618,815

Dilutive potential of share options

1,353,761

970,868

1,109,716 1,335,926 1,125,147

Dilutive potential of convertible bonds

33,524,615

33,524,615

33,524,615 33,524,615 33,524,615

Diluted number of ordinary shares

421,735,441

421,341,400

420,216,510 421,659,015 420,268,577

10. Share capital and premium

As At

Jun Mar

Dec

Jun

2012

2011

Reviewed Reviewed

Audited

Reviewed

US Dollar million

Balance at beginning of period

6,782

6,782

6,734

Ordinary shares issued

E ordinary shares issued and cancelled

(1)

(9)

(2)

Sub-total

6,803

6,788

6,782

6,754

Redeemable preference shares held within the group

(53)

(53)

Ordinary shares held within the group

(17)

(17)

(23)

E ordinary shares held within the group

(22)

(23)

(30)

Balance at end of period

6,711

6,695

6,689

6,648

Rounding of figures may result in computational discrepancies.

11. Exchange rates

Jun Mar

Dec

Jun

2012

2011

Unaudited

ZAR/USD average for the year to date

7.93

7.74

7.26

6.89

ZAR/USD average for the quarter

8.12

7.74

8.09

6.78

ZAR/USD closing

8.16

7.63

8.04

6.74

AUD/USD average for the year to date

0.97

0.95

0.97

AUD/USD average for the quarter

0.99

0.95

0.99

0.94

AUD/USD closing

0.98

0.96

0.97

0.93

BRL/USD average for the year to date

1.86

1.77

1.68

1.63

BRL/USD average for the quarter

1.96

1.77

1.80

1.60

BRL/USD closing

2.02

1.83

1.87

1.56

ARS/USD average for the year to date

4.39

4.34

4.13

4.04

ARS/USD average for the quarter

4.44

4.34

4.25

4.08

ARS/USD closing

4.53 4.38

4.30

4.11

12. Capital commitments

Jun Mar

Dec

Jun

2012

2011

Reviewed Reviewed

Audited

Reviewed

US Dollar million

Orders placed and outstanding on capital contracts at

the prevailing rate of exchange

(1)

491

370

202

403

(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.

13. Contingencies

AngloGold Ashanti’s material contingent liabilities and assets at 30 June are detailed below:

Contingencies and guarantees

Jun

2012

Jun

2011

Reviewed

US Dollar Millions

Contingent liabilities
Groundwater pollution

(1)

Deep groundwater pollution

(2)

Indirect taxes – Ghana

(3)

ODMWA litigation

(4)

Other tax disputes – AngloGold Ashanti Brasil Mineração Ltda

(5)

Sales tax on gold deliveries – Mineração Serra Grande S.A.

(6)

170

102

Other tax disputes – Mineração Serra Grande S.A.

(7)

Contingent assets
Indemnity – Kinross Gold Corporation

(8)

(96)

Royalty – Boddington Gold Mine

(9)

Royalty – Tau Lekoa Gold Mine

(10)

Financial Guarantees
Oro Group (Pty) Limited

(11)

154

171

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. 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
improvements 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. 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, in South Africa, 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) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for $18m (2011: $12m) 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.

(4) Occupational Diseases in Mines and Works Act, 1973 (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 Appeal in
2010. In both instances judgement was awarded in favour of AngloGold Ashanti Limited on the basis that an
employer is indemnified against such a claim for damages by virtue of the provisions of section 35 of the
Compensation for Occupational Injuries and Diseases Act, 1993 (COIDA). 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. The Constitutional Court held that section 35 of COIDA does not indemnify the employer
against such claims.

Mr Mankayi passed away subsequent to the hearing in the Supreme Court of Appeal. Following the Constitutional
Court 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 Limited.

The company will defend the case and any subsequent claims on their merits. Should other individuals or groups
lodge similar claims, these too will 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 of this possible obligation.

(5) Other tax disputes - In November 2007, the Departamento Nacional de Produção Mineral (DNPM), a Brazilian

federal mining authority, issued a tax assessment against AngloGold Ashanti Brazil Mineração (AABM) in the
amount of $20m (2011: $24m) relating to the calculation and payment by AABM of the financial contribution on
mining exploitation (CFEM) in the period from 1991 to 2006. AngloGold Ashanti Limited’s subsidiaries in Brazil are
involved in various other 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
$12m (2011: $7m).

(6) Sales tax on gold deliveries – In 2006, Mineração Serra Grande S.A. (MSG), received two tax assessments from

the State of Goiás related to payments of state sales taxes at the rate of 12% on gold deliveries for export from
one Brazilian state to another during the period from February 2004 to the end of May 2006. The first and second
assessments are approximately $105m (2011: attributable share $63m) and $65m (2011: attributable share $39m)
respectively. 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. In July 2011, the administrative council’s second chamber ruled
in favour of MSG and fully cancelled the tax liability related to the second period. The State of Goiás has appealed
to the full board of the State of Goiás tax administrative council. In November 2011 (first case) and June 2012
(second case), the administrative council’s full board approved the suspension of proceedings and the remittance
of the matter to the Department of Supervision of Foreign Trade (COMEX) for review and verification. The first
case was already returned to the COMEX and the second case was sent in June 2012. The company believes
both assessments are in violation of federal legislation on sales taxes.

(7) 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 assessment is approximately $18m (2011: attributable
share $11m).

(8) Indemnity - As part of the acquisition by AngloGold Ashanti of the remaining 50% interest in MSG during June

2012, Kinross Gold Corporation (Kinross) has provided an indemnity to a maximum amount of BRL255m ($126m
at 30 June 2012 exchange rates) against the specific exposures discussed in items 6 and 7 including a further
$2m in item 5 above which amounts to $96m at 30 June 2012.

(9) 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, of which $56m (2011: $17m) have been received to date. Royalties
of $11m (2011: $7m) were received during the quarter.

(10) 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 an inflation adjustment). Where the
average monthly rand price of gold does not exceed R180,000/kg (subject to an 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 on 246,096oz produced have been received to date. Royalties of $1m
(2011: $1m) were received during the quarter.

(11) 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 $12m (2011: $15m). The
suretyship agreements have a termination notice period of 90 days.

14. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

15. Change in presentation currency

Effective 1 January 2012, the group changed the presentation currency of its results from reporting in US Dollars
and South African Rands to reporting only in US Dollars. Management has concluded that the change in
presentation currency will result in more reliable and relevant information than the current position of reporting in
two currencies. Management considered the following factors: the majority of AngloGold Ashanti's operating mines
use US Dollars as their functional currency; the majority of AngloGold Ashanti's annual production and reserves are
derived from non-South African Rand denominated countries; the majority of AngloGold Ashanti shareholders are
not domiciled in a South African Rand denominated country; management prepare investor presentations and
analysis in US Dollars only; and the management accounts, except for South Africa which is reported in dual
currency, are reported to the Chief Operating Decision Maker in US Dollars.

The change in presentation currency has no effect on comparative information.

16. Announcements

On 17 May 2012, AngloGold Ashanti announced the appointment of Mr Michael James Kirkwood to its board of
directors, with effect from 1 June 2012.

On 29 May 2012, AngloGold Ashanti, which holds, through a subsidiary, a 50% interest in the Serra Grande
(“Crixás”) mine in Brazil, agreed to acquire the remaining 50% stake in the mine from Kinross Gold Corporation for
$220 million in cash. The transaction was funded from existing cash reserves and debt facilities which closed on
28 June 2012.

17. Subsequent events

On 20 July 2012, AngloGold Ashanti acquired First Uranium (Pty) Ltd, the owner of Mine Waste Solutions in South
Africa, for a cash consideration of $335 million. Mine Waste Solutions is a recently commissioned tailings
retreatment operation located in South Africa’s Vaal River region and in the immediate proximity of AngloGold
Ashanti’s own tailings facilities. In connection with the acquisition, AngloGold Ashanti agreed to guarantee the
existing delivery of obligations of a wholly owned subsidiary of Mine Waste Solutions to sell to an existing customer
at a pre-agreed price, 25% of the gold produced at a gold recovery plant located in northwest South Africa, subject
to a cap of 312,500oz over the life of the contract. The acquisition is expected to provide additional uranium and
gold production. It will result in significant synergies, facilitate long-term rehabilitation of the area and secure long-
term employment opportunities in South Africa. Due to the proximity of the reporting date and the acquisition date,
the purchase price allocation has not been completed and will be completed during the third quarter of 2012.

On 20 July 2012, AngloGold Ashanti signed a new US$1bn, five-year unsecured revolving credit facility (RCF)
maturing in July 2017 with a banking syndicate. This replaces the existing four-year, US$1bn unsecured RCF
maturing in April 2014.

On 25 July 2012, AngloGold Ashanti Limited (the “Company”) announced the pricing of an offering of $750m
aggregate principal amount of 5.125% notes due 2022. The notes, which will be issued by AngloGold Ashanti
Holdings plc, a wholly owned subsidiary of the Company, at an issue price of 99.398%. The Company estimates
that the net proceeds from the offering will be approximately $738m, after deducting discounts and estimated
expenses. They are unsecured and fully and unconditionally guaranteed by the Company. The transaction closed
on 30 July 2012.

18. Dividend

The salient details Dividend No. 113 for the quarter ended 31 March 2012 paid by AngloGold Ashanti Limited
(Registration Number 1944/017354/06) is shown below:

Rate

Exchange

Gross
dividend

declared

Withholding

tax at 15%

Net dividend

paid

Date of

Payment

2012

South African cents per ordinary share

100

8 June

UK pence per ordinary share

R13.09217/£1

7.6382

1.1457

6.4925

8 June

Australian cents per CHESS Depositary Interest (CDI)

R1/A$0.12260

2.452

0.368

2.084

8 June

Ghana cedi per ordinary share

R1/¢0.2229

0.22290

0.033

0.18947

8 June

Ghana cedi per Ghanaian Depositary Share (GhDS)

R1/¢0.2229

0.002229

0.00033

0.0018947

11 June

US cents per American Depositary Share (ADS)

R8.470455/$1

11.8057

1.7709

10.0348

18 June

Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents one ordinary share. Each ADS
represents one ordinary share.

Quarter ended 31 March 2012 Dividend No. E13 of 50 South African cents (gross), or 42.5 South African cents
(net) was paid to holders of E ordinary shares on 8 June 2012, being those employees participating in the
Bokamoso ESOP and 50 South African cents (gross) was paid to Izingwe Holdings (Proprietary) Limited on the
same day.

The directors of AngloGold Ashanti Limited (Registration Number 1944/017354/06) declared Dividend No. 114 for
the quarter ended 30 June 2012 as detailed below. In terms of the withholding tax on dividends which became
effective on 1 April 2012, the following additional information is disclosed:

Dividends have been declared out of total reserves
Rate of dividend declared per ordinary share in South African cents (gross)

100

Dividends tax rate applicable to shareholders liable to pay the dividend tax

15%

STC credits utilised in South African cents

Nil

Rate in South African cents (net) where dividend tax at 15% is payable

The ordinary and E ordinary shares in issue of AngloGold Ashanti Limited at the date of
declaration is

385,338,207

AngloGold Ashanti Limited’s tax reference number 9640006608
In compliance with the requirements of Strate, given the company’s primary listing on the JSE, the salient dates for
payment of the dividend are as follows:

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

2012

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

Thursday, 23 August

Last date to trade ordinary shares cum dividend

Friday, 24 August

Last date to register transfers of certificated securities cum dividend

Friday, 24 August

Ordinary shares trade ex-dividend

Monday, 27 August

Record date

Friday, 31 August

Payment date

Friday, 14 September

On the payment date, dividends due to holders of certificated securities on the South African and United Kingdom
share registers will be electronically transferred to shareholders’ bank accounts. Given the increasing incidences
of fraud with respect to cheque payments, the company has ceased the payment of dividends by way of cheque.
Shareholders are requested to notify the relevant share registrars with banking details to enable future dividends to
be paid via electronic funds transfer. Refer to the back cover for share registrar details.

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

To comply with further requirements of Strate, between Monday, 27 August and Friday, 31 August 2012, both days
inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share registers will be
permitted and no ordinary shares pertaining to the South African share register may be dematerialised or
rematerialised.

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

2012

Ex dividend on New York Stock Exchange

Wednesday, 29 August

Record date

Friday, 31 August

Approximate date for currency conversion

Friday, 14 September

Approximate payment date of dividend

Monday, 24 September

Assuming an exchange rate of R8.2883/$, the gross dividend payable per ADS, which is subject to a 15% South
African withholding tax, is equivalent to 12 US cents. However the actual rate of payment will depend on the
exchange rate on the date for currency conversion.

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

2012

Last date to trade and to register GhDSs cum dividend

Friday, 24 August

GhDSs trade ex-dividend

Monday, 27 August

Record date

Friday, 31 August

Approximate payment date of dividend

Monday, 17 September

Assuming an exchange rate of R1/¢0.23572, the gross dividend payable per share, which is subject to a 15% South
African withholding tax, is equivalent to 0.2357 cedis. However, the actual rate of payment will depend on the
exchange rate on the date for currency conversion. In Ghana, the authorities have determined that dividends
payable to residents on the Ghana share register be subject to a final withholding tax at a rate of 8%.

In addition, the directors declared Dividend No. E14 for the quarter ended 30 June 2012, of 50 South African cents
per E ordinary share, payable to employees participating in the Bokamoso ESOP, which dividend is subject to a
15% withholding tax, and 50 South African cents per E ordinary share payable to Izingwe Holdings (Proprietary)
Limited. These dividends will be paid on Friday, 14 September.

Withholding tax: Shareholders are reminded that a 15% withholding tax on dividends and other distributions to
shareholders became effective on 1 April 2012. This withholding tax, which was announced by the South African
Government on 21 February 2007, replaces the Secondary Tax on Companies. The company’s share registrars have
communicated the process to all shareholders. If you have not had any correspondence, please contact the company
secretary on

companysecretary@anglogoldashanti.com.

By order of the Board

T T MBOWENI

M CUTIFANI

Chairman

Chief Executive Officer

3 August 2012

Non-GAAP disclosure

Jun

Mar

Jun

2012

2011

2012

2011

Unaudited

Headline earnings (note 8)

307

551

477

858

718

Loss on unrealised non-hedge derivatives and other
commodity contracts

Fair value adjustment on option component of convertible bonds

(24)

(43)

(73)

(67)

(88)

Fair value adjustment on mandatory convertible bonds

(29)

(79)

(64)

(108)

(87)

Adjusted headline earnings

253

429

342

682

544

Adjusted headline earnings per ordinary share (cents)

(1)

111

176

141

(1)

Price received

Jun

Mar

Jun

2012

2011

2012

2011

Unaudited

Gold income (note 2)

1,619

1,706

1,576

3,325

2,998

Adjusted for non-controlling interests

(45)

(52)

(42)

(97)

(81)

1,574

1,654

1,534

3,228

2,917

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

169

176

Attributable gold income including realised non-hedge
derivatives

1,655

1,742

1,628

3,397

3,093

Attributable gold sold - oz (000)

1,030

1,029

1,078

2,059

2,132

Revenue price per unit - $/oz

1,607

1,692

1,510

1,650

1,451

Jun

Mar

Jun

2012

2011

2012

2011

Unaudited

Total costs

Total cash costs (note 3)

825

759

721

1,583

1,447

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

(23)

(31)

(7)

(54)

(50)

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

110

101

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

860

780

765

1,639

1,498

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

Amortisation of tangible assets (note 3)

195

190

188

386

373

Amortisation of intangible assets (note 3)

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

(11)

(5)

(16)

(22)

Associates and equity accounted joint ventures' share of production costs

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

1,075

980

995

2,055

1,922

Gold produced - oz (000)

1,073

981

1,086

2,054

2,124

Total cash cost per unit - $/oz

801

794

705

798

705

Total production cost per unit - $/oz

1,002

999

916

1,000

905

Rounding of figures may result in computational discrepancies.

Quarter ended

US Dollar million / Imperial

Six months ended

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 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.

Adjusted headline earnings

Quarter ended

US Dollar million

Calculated on the basic weighted average number of ordinary shares.

Quarter ended

US Dollar million / Imperial

Six months ended

Jun

Mar

Jun

2012

2011

2012

2011

Unaudited

EBITDA

Operating profit

456

584

519

1,040

882

Amortisation of tangible assets (note 3)

195

190

188

386

373

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 5)

Impairment reversal of intangible assets (note 5)

(10)

Loss on unrealised non-hedge derivatives and other commodity contracts

Share of associates' EBITDA

Impairment of investments (note 5)

Net loss (profit) on disposal and derecognition of assets (note 5)

(3)

(1)

Profit on disposal of ISS International Limited (note 5)

(2)

668

800

758

1,468

1,331

Interest cover

EBITDA (note D)

668

800

758

1,468

1,331

Finance costs (note 6)

Capitalised finance costs

Interest cover - times

As at

Jun

Mar

Dec

Jun

2012

2011

Unaudited

Net asset value - cents per share

Total equity

5,637

5,746

5,166

4,785

Mandatory convertible bonds

647

678

760

782

6,284

6,424

5,926

5,567

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

385

385

Net asset value - cents per share

1,631

1,669

1,540

1,446

Total equity

5,637

5,746

5,166

4,785

Mandatory convertible bonds

647

678

760

782

Intangible assets

(243)

(228)

(210)

(201)

6,041

6,196

5,716

5,366

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

385

385

Net tangible asset value - cents per share

1,568

1,610

1,485

1,394

Net debt

Borrowings - long-term portion

1,847

1,705

1,698

1,670

Borrowings - short-term portion

Total borrowings

(1)

1,877

1,756

1,728

1,698

Corporate office lease

(33)

(35)

(33)

(38)

Unamortised portion of the convertible and rated bonds

101

Cash restricted for use

(56)

(78)

(58)

(56)

Cash and cash equivalents

(987)

(1,216)

(1,112)

(839)

Net debt excluding mandatory convertible bonds

879

483

610

866

Rounding of figures may result in computational discrepancies.

US Dollar million

(1)

Borrowings exclude the mandatory convertible bonds (note F).

Quarter ended

Six months ended

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,474

Mined

- 000 tons

1,646

427

351

599

3,022

Milled / Treated

- 000 tons

1,432

509

240

707

2,888

Yield

- oz/t

0.222

0.163

0.086

0.161

0.185

- g/t

7.61

5.58

2.94

5.51

6.35

Gold produced

- oz (000)

318

114

535

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

3,318

Yield

- oz/t

0.013

- g/t

0.46

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

19,759

732

20,490

Mined

- 000 tons

38,972

1,750

6,356

47,078

Treated

- 000 tons

6,853

687

262

7,802

Stripping ratio

- ratio

4.19

2.29

22.25

4.66

Yield

- oz/t

0.047

0.073

0.174

0.053

- g/t

1.59

2.52

5.96

1.82

Gold produced

- oz (000)

319

415

HEAP LEACH OPERATION

Mined

- 000 tons

2,405

18,249

20,654

Placed

- 000 tons

278

6,061

6,339

Stripping ratio

- ratio

20.19

1.97

2.30

Yield

- oz/t

0.021

0.013

- g/t

0.72

0.44

0.45

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

5.04

11.89

46.64

18.86

8.95

TOTAL

IMPERIAL OPERATING RESULTS
QUARTER ENDED JUNE 2012

Subsidiaries' gold produced

- oz (000)

362

358

233

1,024

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

362

407

233

1,073

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

336

345

225

980

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

336

395

225

1,030

Minority gold sold

- oz (000)

Spot price

- $/oz

1,611

Price received

- $/oz sold

1,604

1,606

1,608

1,611

1,607

Total cash costs

- $/oz produced

779

827

1,187

671

801

Total production costs

- $/oz produced

998

987

1,286

941

1,002

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED JUNE 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

539

653

117

390

1,700

(81)

1,619

Cash costs

(304)

(347)

(84)

(209)

(926)

(868)

By-products revenue

Total cash costs

(282)

(346)

(84)

(189)

(883)

(825)

Retrenchment costs

(2)

(1)

(3)

Rehabilitation and other non-cash costs

(3)

(8)

(14)

(25)

Amortisation of assets

(74)

(58)

(7)

(56)

(3)

(198)

(196)

Total production costs

(361)

(412)

(91)

(260)

(1,109)

(1,049)

Inventory change

(1)

Cost of sales

(334)

(409)

(92)

(227)

(1,048)

(986)

Gross profit (loss)

205

244

163

652

(19)

633

Corporate and other costs

(3)

(2)

(1)

(10)

(82)

(97)

(98)

Exploration

(1)

(19)

(21)

(40)

(7)

(89)

(87)

Intercompany transactions

(19)

(3)

(1)

Special items

(1)

(3)

Operating profit (loss)

200

199

114

(51)

474

(18)

456

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

(1)

(2)

Exchange gain (loss)

(1)

Share of equity accounted investments profit

(5)

(17)

(22)

(6)

Profit (loss) before taxation

199

112

(48)

474

(3)

471

Taxation

(43)

(77)

(4)

(64)

(1)

(189)

(186)

Profit (loss) for the period

156

123

(49)

285

Equity shareholders

156

137

(56)

287

Non-controlling interests

(15)

(2)

Operating profit (loss)

200

199

114

(51)

474

(18)

456

Intercompany transactions

(23)

Special items

Share of associates' EBIT

(5)

(3)

(9)

EBIT

203

220

110

(77)

469

Amortisation of assets

198

(2)

196

Share of associates' amortisation

EBITDA

276

278

166

(74)

668

Profit (loss) attributable to equity shareholders

156

137

(56)

287

Special items

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

157

141

(42)

307

Fair value adjustment on option component
of convertible bonds

(24)

Fair value adjustment on mandatory
convertible bonds

(29)

Adjusted headline earnings (loss)

157

141

(95)

253

Ore reserve development capital

Stay-in-business capital

163

(2)

162

Project capital

193

(53)

141

Total capital expenditure

130

180

451

(54)

397

Less interest capitalised

(2)

Less expenditures on intangible assets

(20)

Capital expenditure per statement of cash flows

374

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

1,760

Mined

- 000 tons

1,218

458

267

583

2,526

Milled / Treated

- 000 tons

1,096

489

278

655

2,519

Yield

- oz/t

0.243

0.123

0.100

0.165

0.184

- g/t

8.33

4.23

3.42

5.67

6.30

Gold produced

- oz (000)

266

108

463

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

3,142

253

3,395

Yield

- oz/t

0.013

0.004

0.012

- g/t

0.44

0.14

0.41

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

19,131

959

20,090

Mined

- 000 tons

38,186

2,293

6,107

46,586

Treated

- 000 tons

6,461

715

230

7,406

Stripping ratio

- ratio

5.39

2.98

22.75

5.84

Yield

- oz/t

0.049

0.056

0.187

0.054

- g/t

1.67

1.93

6.42

1.84

Gold produced

- oz (000)

314

397

HEAP LEACH OPERATION

Mined

- 000 tons

2,397

17,741

20,139

Placed

- 000 tons

271

5,722

5,993

Stripping ratio

- ratio

16.73

2.28

2.63

Yield

- oz/t

0.023

0.011

0.012

- g/t

0.79

0.39

0.41

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

4.38

11.03

43.01

18.81

8.27

TOTAL

IMPERIAL OPERATING RESULTS
QUARTER ENDED MARCH 2012

Subsidiaries' gold produced

- oz (000)

306

328

225

927

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

306

382

225

981

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

306

367

237

978

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

306

418

237

1,029

Minority gold sold

- oz (000)

Spot price

- $/oz

1,691

Price received

- $/oz sold

1,712

1,686

1,691

1,678

1,692

Total cash costs

- $/oz produced

849

817

1,290

534

794

Total production costs

- $/oz produced

1,113

979

1,412

748

999

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED MARCH 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

524

723

115

432

1,793

(88)

1,706

Cash costs

(278)

(323)

(88)

(189)

(871)

(819)

By-products revenue

Total cash costs

(260)

(321)

(88)

(148)

(811)

(759)

Retrenchment costs

(2)

(1)

(3)

Rehabilitation and other non-cash costs

(2)

(7)

(1)

(10)

(9)

Amortisation of assets

(77)

(56)

(8)

(50)

(2)

(193)

(191)

Total production costs

(340)

(384)

(96)

(199)

(1,016)

(962)

Inventory change

(2)

(22)

(2)

(24)

(3)

(27)

Cost of sales

(342)

(406)

(98)

(198)

(1,040)

(989)

Gross profit (loss)

182

317

234

753

(36)

717

Corporate and other costs

(3)

(8)

(61)

(76)

(75)

Exploration

(1)

(23)

(18)

(25)

(10)

(76)

(75)

Intercompany transactions

(17)

(3)

Special items

(3)

Operating profit (loss)

179

280

200

(50)

618

(35)

584

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

(2)

(1)

Exchange (loss) gain

(2)

Share of equity accounted investments profit

(4)

Profit (loss) before taxation

177

281

193

701

(12)

689

Taxation

(140)

(5)

(70)

(123)

(111)

Profit (loss) for the period

267

141

123

578

Equity shareholders

267

136

113

563

Non-controlling interests

Operating profit (loss)

179

280

200

(50)

618

(35)

584

Intercompany transactions

(21)

Special items

(10)

(7)

Share of associates' EBIT

(4)

(1)

(4)

EBIT

180

288

197

(71)

607

Amortisation of assets

193

(2)

191

Share of associates' amortisation

EBITDA

257

344

246

(69)

800

Profit (loss) attributable to equity shareholders

267

136

113

563

Special items

(10)

(7)

Share of associates' special items

(5)

Taxation on items above

Headline earnings (loss)

268

126

113

551

Fair value adjustment on option component of
convertible bonds

(43)

Fair value loss on mandatory convertible
bonds

(79)

Adjusted headline earnings (loss)

268

126

113

(85)

429

Ore reserve development capital

Stay-in-business capital

102

(2)

100

Project capital

162

(32)

130

Total capital expenditure

106

122

354

(35)

320

Less interest capitalised

(2)

Less expenditures on intangible assets

(7)

Capital expenditure per statement of cash flows

312

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

2,962

Mined

- 000 tons

1,834

486

261

571

3,152

Milled / Treated

- 000 tons

1,651

541

243

550

2,983

Yield

- oz/t

0.233

0.151

0.092

0.181

0.197

- g/t

7.97

5.19

3.15

6.20

6.75

Gold produced

- oz (000)

384

587

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

3,089

Yield

- oz/t

0.015

0.016

- g/t

0.53

0.54

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

18,444

172

18,616

Mined

- 000 tons

36,920

395

7,611

44,926

Treated

- 000 tons

5,872

736

260

6,867

Stripping ratio

- ratio

4.63

7.57

23.32

5.49

Yield

- oz/t

0.049

0.052

0.167

0.054

- g/t

1.68

1.79

5.74

1.85

Gold produced

- oz (000)

288

370

HEAP LEACH OPERATION

Mined

- 000 tons

1,925

17,947

19,872

Placed

- 000 tons

317

5,980

6,298

Stripping ratio

- ratio

6.31

2.07

2.25

Yield

- oz/t

0.032

0.011

0.012

- g/t

1.10

0.39

0.42

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

6.21

11.01

40.57

20.73

9.39

TOTAL

IMPERIAL OPERATING RESULTS
QUARTER ENDED JUNE 2011

Subsidiaries' gold produced

- oz (000)

431

313

216

1,022

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

431

377

216

1,086

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

431

310

213

1,016

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

431

372

213

1,078

Minority gold sold

- oz (000)

Spot price

- $/oz

1,496

Price received

- $/oz sold

1,516

1,506

1,498

1,507

1,510

Total cash costs

- $/oz produced

688

705

1,595

487

705

Total production costs

- $/oz produced

905

861

1,745

794

916

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED JUNE 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

654

578

344

1,669

(94)

1,576

Cash costs

(330)

(277)

(97)

(160)

(839)

(788)

By-products revenue

Total cash costs

(297)

(275)

(97)

(129)

(772)

(721)

Retrenchment costs

(2)

(1)

(3)

Rehabilitation and other non-cash costs

(2)

(8)

(1)

(41)

(52)

Amortisation of assets

(89)

(52)

(8)

(38)

(4)

(191)

(189)

Total production costs

(390)

(335)

(106)

(208)

(1,017)

(964)

Inventory change

(1)

Cost of sales

(390)

(334)

(103)

(193)

(999)

(947)

Unrealised non-hedge derivatives and other
commodity contracts

(3)

(2)

Gross profit (loss)

264

245

(10)

149

668

(41)

627

Corporate and other costs

(3)

(4)

(10)

(57)

(74)

Exploration

(13)

(12)

(30)

(10)

(64)

(63)

Intercompany transactions

(11)

(1)

Special items

(7)

(11)

Operating profit (loss)

253

246

(6)

109

(44)

559

(40)

519

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

(1)

(2)

(1)

101

Exchange gain (loss)

(4)

(2)

(1)

(6)

Share of equity accounted investments profit

(3)

(5)

Profit (loss) before taxation

252

241

(6)

104

645

(13)

632

Taxation

(79)

(71)

(12)

(2)

(162)

(149)

Profit (loss) for the period

174

171

(5)

483

Equity shareholders

174

166

(5)

470

Non-controlling interests

Operating profit (loss)

253

246

(6)

109

(44)

559

(40)

519

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(12)

Special items

(3)

(1)

Share of associates' EBIT

(3)

EBIT

261

258

(9)

109

(52)

567

EBIT

261

258

(9)

109

(52)

567

Amortisation of assets

191

(2)

189

Share of associates' amortisation

EBITDA

350

310

(1)

147

(48)

758

Profit (loss) attributable to equity shareholders

174

166

(5)

470

Special items

(3)

(1)

Share of associates' special items

Taxation on items above

(5)

(4)

Headline earnings (loss)

177

167

(7)

477

Unrealised non-hedge derivatives and other
commodity contracts

Fair value adjustment on option component
of convertible bonds

(73)

Fair value loss on mandatory convertible
bonds

(64)

Adjusted headline earnings (loss)

177

167

(7)

(88)

342

Ore reserve development capital

Stay-in-business capital

122

(1)

121

Project capital

126

(22)

104

Total capital expenditure

116

105

346

(23)

323

Less interest capitalised

Less expenditures on intangible assets

Capital expenditure per statement of cash flows

323

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

4,234

Mined

- 000 tons

2,864

886

617

1,182

5,548

Milled / Treated

- 000 tons

2,528

999

518

1,362

5,406

Yield

- oz/t

0.231

0.143

0.093

0.163

0.185

Gold produced

- oz (000)

584

143

222

997

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

6,460

253

6,713

Yield

- oz/t

0.013

0.004

0.013

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

38,889

1,691

40,580

Mined

- 000 tons

77,158

4,044

12,462

93,664

Treated

- 000 tons

13,315

1,401

493

15,209

Stripping ratio

- ratio

4.72

2.65

22.49

5.19

Yield

- oz/t

0.048

0.065

0.180

0.053

Gold produced

- oz (000)

633

812

HEAP LEACH OPERATION

Mined

- 000 tons

4,802

35,990

40,793

Placed

- 000 tons

549

11,783

12,332

Stripping ratio

- ratio

18.31

2.12

2.46

Yield

- oz/t

0.022

0.012

0.013

Gold placed

- oz (000)

143

155

Gold produced

- oz (000)

147

160

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

4.71

11.46

44.79

18.84

8.61

TOTAL

Subsidiaries' gold produced

- oz (000)

668

686

139

458

1,951

Joint ventures' gold produced

- oz (000)

103

Attributable gold produced

- oz (000)

668

789

139

458

2,054

Minority gold produced

- oz (000)

IMPERIAL OPERATING RESULTS
SIX MONTHS ENDED JUNE 2012

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

642

711

141

462

1,957

Joint ventures' gold sold

- oz (000)

102

Attributable gold sold

- oz (000)

642

813

141

462

2,059

Minority gold sold

- oz (000)

Spot price

- $/oz

1,651

Price received

- $/oz sold

1,656

1,647

1,648

1,645

1,650

Total cash costs

- $/oz produced

811

822

1,237

604

798

Total production costs

- $/oz produced

1,050

983

1,348

846

1,000

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS -
SIX MONTHS ENDED JUNE 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

1,063

1,376

232

822

3,493

(168)

3,325

Cash costs

(581)

(670)

(172)

(398)

(1,798)

110

(1,687)

By-products revenue

104

Total cash costs

(542)

(666)

(172)

(337)

(1,693)

110

(1,583)

Retrenchment costs

(4)

(1)

(2)

(6)

Rehabilitation and other non-cash costs

(5)

(14)

(15)

(35)

(34)

Amortisation of assets

(151)

(115)

(15)

(106)

(5)

(392)

(388)

Total production costs

(702)

(796)

(187)

(459)

(2,126)

115

(2,011)

Inventory change

(19)

(3)

(2)

Cost of sales

(676)

(815)

(190)

(425)

(2,088)

113

(1,975)

Gross profit (loss)

387

561

397

1,405

(55)

1,350

Corporate and other costs

(5)

(1)

(19)

(143)

(173)

Exploration

(2)

(42)

(38)

(65)

(17)

(165)

(163)

Intercompany transactions

(37)

(6)

(1)

Special items

(1)

(3)

Operating profit (loss)

379

479

313

(101)

1,092

(53)

1,040

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

(3)

(1)

103

Exchange (loss) gain

Share of equity accounted investments profit

(9)

(13)

(22)

Profit (loss) before taxation

376

480

305

(9)

1,175

(15)

1,160

Taxation

(217)

(9)

(134)

(312)

(297)

Profit (loss) for the period

423

263

171

(8)

863

Equity shareholders

423

273

155

(15)

850

Non-controlling interests

(10)

Operating profit (loss)

379

479

313

(101)

1,092

(53)

1,040

Intercompany transactions

(44)

Special items

(9)

(3)

Share of associates' EBIT

(9)

(4)

(13)

EBIT

383

507

306

(148)

1,076

Amortisation of assets

151

115

106

392

(4)

387

Share of associates' amortisation

EBITDA

533

622

412

(143)

1,468

Profit (loss) attributable to equity shareholders

423

273

155

(15)

850

Special items

(9)

(3)

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

425

267

156

(5)

858

Fair value adjustment on option component
of convertible bonds

(67)

Fair value loss on mandatory convertible
bonds

(108)

Adjusted headline earnings (loss)

425

267

156

(181)

682

Ore reserve development capital

120

185

Stay-in-business capital

150

266

(4)

262

Project capital

128

355

(85)

270

Total capital expenditure

236

302

156

806

(89)

717

Less interest capitalised

(4)

Less expenditures on intangible assets

(28)

Capital expenditure per statement of cash flows

686

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 ft

5,660

Mined

- 000 tons

3,552

977

488

1,085

6,102

Milled / Treated

- 000 tons

3,183

1,084

508

1,089

5,864

Yield

- oz/t

0.231

0.139

0.124

0.187

0.197

- g/t

7.93

4.78

4.27

6.40

6.75

Gold produced

- oz (000)

737

151

203

1,154

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tons

6,049

Yield

- oz/t

0.016

- g/t

0.54

0.55

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcy

34,896

1,617

36,514

Mined

- 000 tons

69,621

3,785

14,844

88,250

Treated

- 000 tons

12,052

1,382

504

13,937

Stripping ratio

- ratio

4.05

6.26

23.85

4.92

Yield

- oz/t

0.048

0.050

0.162

0.052

- g/t

1.63

1.73

5.56

1.78

Gold produced

- oz (000)

573

725

HEAP LEACH OPERATION

Mined

- 000 tons

3,565

35,228

38,793

Placed

- 000 tons

621

11,729

12,350

Stripping ratio

- ratio

6.23

2.07

2.24

Yield

- oz/t

0.030

0.011

0.012

- g/t

1.04

0.39

0.42

Gold placed

- oz (000)

132

151

Gold produced

- oz (000)

134

148

PRODUCTIVITY PER EMPLOYEE

Actual

- oz

6.01

10.92

40.57

20.40

9.23

TOTAL

IMPERIAL OPERATING RESULTS
SIX MONTHS ENDED JUNE 2011

Subsidiaries' gold produced

- oz (000)

832

617

133

419

2,001

Joint ventures' gold produced

- oz (000)

123

Attributable gold produced

- oz (000)

832

740

133

419

2,124

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

832

632

132

415

2,011

Joint ventures' gold sold

- oz (000)

121

Attributable gold sold

- oz (000)

832

753

132

415

2,132

Minority gold sold

- oz (000)

Spot price

- $/oz

1,441

Price received

- $/oz sold

1,458

1,446

1,439

1,448

1,451

Total cash costs

- $/oz produced

663

761

1,355

484

705

Total production costs

- $/oz produced

889

912

1,505

725

905

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS -
SIX MONTHS ENDED JUNE 2011 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

1,214

1,123

189

647

3,173

(176)

2,998

Cash costs

(612)

(584)

(181)

(310)

(1,666)

101

(1,565)

By-products revenue

119

118

Total cash costs

(552)

(580)

(180)

(256)

(1,548)

101

(1,447)

Retrenchment costs

(5)

(2)

(7)

Rehabilitation and other non-cash costs

(4)

(16)

(1)

(41)

(62)

(61)

Amortisation of assets

(178)

(98)

(19)

(77)

(6)

(379)

(374)

Total production costs

(739)

(694)

(200)

(377)

(1,995)

106

(1,889)

Inventory change

(1)

(23)

(2)

Cost of sales

(740)

(717)

(194)

(340)

(1,976)

104

(1,873)

Unrealised non-hedge derivatives and other
commodity contracts

(1)

Gross profit (loss)

474

407

(5)

306

1,196

(71)

1,125

Corporate and other costs

(5)

(7)

(2)

(24)

(115)

(153)

Exploration

(33)

(23)

(49)

(18)

(122)

(120)

Intercompany transactions

(23)

(1)

Special items

(8)

(10)

Operating profit (loss)

460

367

(6)

234

(103)

952

(70)

882

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

(2)

(3)

(1)

100

Exchange gain (loss)

(7)

(1)

(8)

(5)

Share of equity accounted investments
profit (loss)

(7)

(5)

(12)

Profit (loss) before taxation

458

357

(6)

225

(9)

1,026

(22)

1,004

Taxation

(133)

(113)

(41)

(8)

(295)

(273)

Profit (loss) for the period

325

245

(6)

184

(17)

731

Equity shareholders

325

235

(6)

179

(21)

711

Non-controlling interests

Operating profit (loss)

460

367

(6)

234

(103)

952

(70)

882

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(24)

Special items

(3)

(1)

Share of associates' EBIT

(7)

(3)

(9)

Share of associates EBIT

(7)

(3)

(9)

EBIT

469

392

(9)

228

(127)

953

Amortisation of assets

178

379

(4)

374

Share of associates' amortisation

EBITDA

648

490

305

(121)

1,331

Profit (loss) attributable to equity shareholders

325

235

(6)

179

(21)

711

Special items

(3)

(1)

Share of associates' special items

Taxation on items above

(5)

Headline earnings (loss)

328

237

(8)

178

(17)

718

Unrealised non-hedge derivatives and
other commodity contracts

Fair value adjustment on option component
of convertible bond

(88)

Adjusted headline earnings (loss)

328

237

(8)

178

(191)

544

Ore reserve development capital

133

193

Stay-in-business capital

187

(2)

185

Project capital

111

215

(36)

179

Total capital expenditure

211

167

183

594

(38)

556

Less interest capitalised

Less expenditures on intangible assets

Capital expenditure per statement of cash flows

556

Rounding of figures may result in computational discrepancies.

Notes

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

JSE Sponsor: UBS (South Africa) (Pty) Ltd

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

Ms N P January-Bardill

M J Kirkwood

W A Nairn

Prof L W Nkuhlu

F Ohene-Kena

S M Pityana

R J Ruston ~

* British

American

~ Australian

South African

+ Ghanaian

Indian

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: +1 212 858 7701
Mobile: +1 646 338 4337
E-mail: sbailey@AngloGoldAshanti.com

Sabrina Brockman

Telephone: +1 212 858 7702
Mobile: +1 646 379 2555
E-mail: sbrockman@AngloGoldAshantiNA.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

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 BS13 8AE
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: +233 302 229664
Fax: +233 302 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: August 06, 2012

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary