Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated May 13, 2013

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: QUARTERLY REPORT: 31 MARCH 2013

Quarter 1 2013

Report

for the quarter ended 31 March 2013

Group results for the quarter….

· New CEO appointed to lead a strong and cohesive management team.

· AHE posted six-fold increase quarter-on-quarter despite $82/oz drop in gold price.

· Production of 899,000oz, up from 859,000oz the previous quarter.

· Total cash cost of $894/oz, better than guidance on improved cost controls.

· Tropicana, CC&V and Kibali projects on schedule and on budget.

· Balance sheet remains robust with significant liquidity headroom.

· Dividend maintained at 50 SA cents per share.

Quarter

Year

ended

Mar

Dec

Mar

Dec

2013

2012

Restated

US dollar / Imperial

Operating review
Gold
Produced

- oz (000)

899

859

981

3,944

Price received

$/oz

1,636

1,718

1,692

1,664

Total cash costs

- $/oz

894

967

764

829

Total production costs

- $/oz

1,147

1,233

978

1,054

Financial review
Adjusted gross profit

434

393

738

2,389

Gross profit

- $m

434

418

738

2,354

Profit (loss) attributable to equity shareholders

- $m

239

(174)

581

897

- cents/share

(45)

150

232

Headline earnings

- $m

259

120

569

1,208

- cents/share

147

312

Adjusted headline earnings

113

447

988

- cents/share

116

255

Cash flow from operating activities

- $m

346

494

625

1,969

Capital expenditure

- $m

512

844

398

2,322

Notes: 1. Restated for changes in the Accounting Policies. Refer to

note 13 of the financial statements.

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

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

4. 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 contained in this document, 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, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s
operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion 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 expenditures and the outcome and
consequence of any potential or pending litigation or regulatory proceedings or environmental issues, are forward-looking statements 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,
social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental
approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, and business and operational risk management. For a discussion of such
risk factors, refer to the document entitled “Risk factors related to AngloGold Ashanti’s suite of 2012 reports” on the AngloGold Ashanti online corporate report website at www.aga-
reports.com. 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, readers 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 the
date hereof 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 31 March 2013

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

327

896

(23)

154

(28)

Great Noligwa

1,108

(29)

(19)

Kopanang

932

(20)

(4)

Moab Khotsong

1,052

(23)

(1)

Mponeng

(16)

707

(24)

(43)

TauTona

111

1,070

(23)

(15)

First Uranium SA

825

(31)

(26)

Surface Operations

(5)

793

(40)

(7)

CONTINENTAL AFRICA

276

(28)

(27)

994

129

(206)

(13)

Ghana

Iduapriem

(9)

(7)

1,052

(10)

(8)

Obuasi

(20)

(36)

1,742

(30)

(56)

Guinea

Siguiri - Attr. 85%

(3)

998

(6)

Mali

Morila - Attr. 40%

(32)

(25)

772

(9)

(8)

Sadiola - Attr. 41%

(24)

(30)

1,103

(13)

(5)

(6)

Yatela - Attr. 40%

1,316

(19)

(17)

Namibia

Navachab

(30)

(22)

896

(12)

(14)

(5)

(1)

Tanzania

Geita

(55)

(44)

389

(27)

(121)

(35)

Non-controlling interests,
exploration and other

AUSTRALASIA

(10)

1,302

(11)

(14)

Australia

Sunrise Dam

(10)

1,247

(5)

(15)

(2)

Exploration and other

(4)

AMERICAS

234

(9)

668

(5)

177

(59)

Argentina

Cerro Vanguardia - Attr. 92.50%

583

160

(23)

(26)

Brazil

AngloGold Ashanti Mineração

(18)

689

(11)

Serra Grande

100

(14)

789

(9)

(7)

United States of America

Cripple Creek & Victor

(21)

643

(4)

(21)

Non-controlling interests,
exploration and other

(13)

OTHER

(5)

(8)

(22)

Sub-total

899

(8)

894

(8)

457

(315)

Equity accounted investments included above

(23)

AngloGold Ashanti

434

(304)

Refer to note B under "Non GAAP disclosure" for definition

Variance March 2013 quarter on March 2012 quarter - increase (decrease).

Variance March 2013 quarter on December 2012 quarter - increase (decrease).

As from 1 January 2013, TauTona and Savuka were mined as one operation. For presentation purposes TauTona and Savuka have been combined for the prior quarter and prior year.

Effective 20 July 2012, AngloGold Ashanti acquired 100% of First Uranium (Pty) Limited.

Equity accounted joint ventures.

Effective 1 July 2012, AngloGold Ashanti increased its shareholding in Serra Grande from 50% to 100%.

Rounding of figures may result in computational discrepancies.

Production

Total cash costs

Adjusted

gross profit (loss)

Financial and Operating Report

OVERVIEW FOR THE QUARTER

FINANCIAL AND CORPORATE REVIEW

First-quarter adjusted headline earnings (AHE) were $113m, or 29 US cents per share in the three months to 31 March 2013,
compared with $19m, or 5 US cents per share the previous quarter, and $447m, or 116 US cents per share a year earlier, in the
first quarter of 2012.

“Our major projects remain on budget and on schedule to pour gold by year-end, improving the quality of the portfolio,” newly
appointed Chief Executive Officer, Srinivasan Venkatakrishnan, known as Venkat, said. “Prudent capital allocation and tighter
cost control will drive our strategy to deliver profitable ounces and sustainable free cash flow, whilst maintaining a strong
balance sheet.”

The stronger performance relative to the previous quarter reflects the recovery from the strike action at the South Africa
operations which hampered production towards the end of last year. The decline in AHE relative to the same period a year
earlier reflects lower production and gold price along with higher cash operating costs during the quarter under review, as well
as a once-off tax credit that boosted AHE a year earlier.

Net profit attributable to equity shareholders for the first quarter of 2013 was $239m, compared to a net attributable loss of
$174m the previous quarter and net profit of $581m in the first quarter of 2012.

Cash flow from operating activities declined 30% from $494m the previous quarter to $346m and compared to $625m in the first
quarter of 2012. Total capital expenditure during the first quarter was $512m (including equity accounted joint ventures),
compared with $844m the previous quarter and $398m in the first quarter of last year. Of the total capital spent, project capital
expenditure during the quarter amounted to $269m. Free cash flow was negative at $237m mainly as a result of relatively high
project capital levels, as the two most advanced projects –Tropicana and Kibali – moved towards completion anticipated in the
fourth quarter of 2013. Work is well advanced to realise corporate cost savings of $50m by the second half of 2013 and a
project team has been created to realise savings of ~$100/oz in direct operating costs. Exploration and evaluation activities
during the quarter saw a much tighter focus with further opportunities discovered to lower costs without compromising the safety
of employees or the long term optionality in the company’s portfolio.

Production was 899,000oz at a total cash cost of $894/oz, compared to 859,000oz at $967/oz the previous quarter and
981,000oz at $764/oz in the first quarter of 2012. Total cash costs were better than market guidance of $900/oz to $910/oz,
despite production being adversely affected by roughly 20,000oz lost due to a lightning strike which interrupted power to the
West Wits operations for three days and caused rationing for several weeks while repairs to a damaged Eskom substation were
completed.

Net debt at 31 March 2013 was $2.32bn, compared with $2.06bn at the end of the previous quarter. This net debt level is
expected to increase over the next two quarters as investments in the new projects peak, whereafter their cash flow contribution
is expected to reduce debt levels.

The principal factors that accounted for the increase in net debt level during the quarter were:

•      Capital expenditure on projects of $269m, the majority of which was spent on key projects at Tropicana, due to start
       production in the fourth quarter of 2013; Kibali, due to start production by year-end; and the expansion of Cripple Creek &
       Victor, which is scheduled to contribute additional production from 2015.
•      Sustaining capital, including ore-reserve development expenditure, of $243m.

AngloGold Ashanti’s statement of financial position (Balance Sheet) remains robust with diverse funding sources and well-
spaced maturities. It comprises the following principle facilities:

•      Rated bonds aggregating $1.75bn, comprising of $750m, 10-year notes maturing in 2022; $700m, 10-year notes
       maturing in 2020, $300m, 30-year notes maturing in 2040.
•      Convertible bond of $733m, at a strike price of $47.61, which matures in May 2014.
•      $750m undrawn bridge loan facility from a group of financial institutions, is earmarked solely for the redemption of the
       abovementioned convertible bond due in May of 2014, if needed. This facility matures in May 2014 and can be extended
       for an additional 12 months, to May 2015.
•      $1bn undrawn revolving credit facility, from a syndicate of 17 global financial institutions, due in 2017.
•      A$600m revolving credit facility, of which A$360m is drawn, from a syndicate of Australian and global financial
       institutions, due in December 2015. This facility is earmarked principally for the investment required to bring the Tropicana
       project to completion.
•      R1bn DMTN paper currently issued, which comprises of R300m, 3 month commercial paper maturing in July 2013 and
       R700m, 1 year commercial paper maturing in October 2013. (Another R9bn of headroom remains available under this
       programme).

•      R750m on-demand facility of which R500m is drawn.

With effect from 1 January 2013, AngloGold Ashanti adopted IFRIC 20 in relation to capitalisation of qualified deferred stripping
costs and amortising the same with adequate componentisation. IFRIC 20 provides for a transition adjustment in respect of
certain brought forward balances and such balances have been written off against reserves.

CORPORATE UPDATE

CEO appointment: On 8 May AngloGold Ashanti announced the appointment of Mr. Srinivasan Venkatakrishnan (Venkat) as
Chief Executive Officer effective immediately. Venkat has been with AngloGold Ashanti for nine years, most recently serving as
the company’s Chief Financial Officer and joint interim CEO, alongside Mr. Tony O’Neill following the departure of the former
CEO at the beginning of April 2013. Mr. O’Neill will remain an executive director on the board and revert to his role as Executive
Vice President: Business and Technical Development. Venkat will also remain CFO of AngloGold Ashanti until further notice. A
global search for a new CFO has been initiated.

Venkat has an extensive knowledge of the Company and its international portfolio of assets, as well as significant financial and
capital markets expertise. In his role as CFO he has overseen funding for all of AngloGold Ashanti’s operating activities, giving
him a detailed knowledge of all of the company’s mines and operating jurisdictions. He was the executive responsible for
eliminating a 12Moz hedge book, generating significant value for the company, and was the key executive behind rebuilding the
balance sheet through a series of successful debt financings that introduced long-term tenor and more favourable funding terms
to the company’s credit profile. Venkat’s extensive experience will complement the impressive depth of AngloGold Ashanti’s
existing operating and strategic talent.

Cost optimisation and portfolio review: As indicated in February, the company is tackling costs on several fronts. Capital has
been rationed, exploration focused and operating and corporate costs coming under close scrutiny. Corporate costs declined by
24% to $65m, a decline which includes an element of seasonality. There remain more opportunities to further improve in this
area, with annual corporate cost savings of $50m identified across all regions. Exploration and study costs also showed a
marked decline of 36% to $79m.

Furthermore, a cost optimisation project led by Ron Largent, Executive Vice President: Americas, is well underway with an aim
to deliver a sustainable annual reduction in AngloGold Ashanti’s operating cost base of about $100/oz over an 18 month period.
The project charter and governance structures are in place and will focus primarily on direct operating costs. Work is currently
underway to leverage teams of cross-functional experts across the group to identify and prioritise key cost reduction
opportunities. Geita, Siguiri, Moab Khotsong and Cuiaba are the pilot sites and will be followed by a rollout of the project across
all operations. All reductions will be integrated into existing operating models and structures of Project ONE, and tracked and
reconciled with financial systems to ensure delivery. Cost savings will be weighed against the impact on future production.

Capital expenditure update: AngloGold Ashanti’s main capital projects remain on track and on budget. These include
Tropicana in Australia, which is expected to pour gold in the fourth quarter of 2013, and Kibali, expected to pour gold by the end
of the year. Furthermore, at CC&V, the high grade mill is expected to be commissioned in September 2014 and to deliver a
gradual ramp up in production in 2015. Combined, Tropicana and Kibali are expected to deliver roughly 500,000 of new, higher
quality ounces, improving the quality of production in the portfolio.

As indicated in November 2012, project capital expenditure has been suspended at Mongbwalu in the DRC (target exploration
continues) and has been significantly slowed at Sadiola, in Mali. Additionally, the timing of the deepening projects at Mponeng
and Moab Khotsong in South Africa are being assessed, while technological initiatives in the region are being fast-tracked to
bring forward production from hard-to-access, higher margin areas.

Evolving labour union landscape in the South Africa Region: The emergence of the Association of Mineworkers and
Construction Union, a relative newcomer to the Group’s South African operations and the gold sector as a whole, may have
impacted productivity as employees changed union affiliations and rivalry with the established National Union of Mineworkers
increased. This was evidenced during the quarter by sporadic, unprotected work interruptions at some operations and some
incidents of violence and intimidation. AngloGold Ashanti has demonstrated consistently that it rejects violence and intimidation
and is committed to safety, the rule of law, freedom of association for all employees, and structured collective bargaining
relationships with all representative unions and worker associations. While the company remains committed to a constructive
dialogue with bona fide labour unions, it will not tolerate illegal behaviour or intimidation of any kind by any employees or
organisations forcing others to abrogate their responsibilities and discharge their duties to the organisation.

DIVIDEND

The Board has maintained a dividend of 50 South African cents per share (approximately 6 US cents per share) for the first
quarter.

SAFETY

Tragically, there were three fatalities in the quarter ended 31 March. The AIFR (All Injury Frequency Rate) for AngloGold
Ashanti has improved to 7.92 from 8.17 per million hours worked year-on-year. During the quarter, Project ONE safety
transformation initiatives continued to yield benefits. Advanced Incident Investigation Programme training sessions have taken
place throughout 2011 and 2012. Going forward, training will focus on sustaining this competence and broadening it to other
disciplines. Delivery of Incident Investigation Programme training continues to be a focus with South Africa having conducted
four sessions this quarter and CAR completing two sessions and having scheduled a further two in the second quarter of 2013.
To date 583 individuals have participated in incident investigation training.

OPERATING REVIEW

The South African operations produced 327,000oz at a total unit cash cost of $896/oz in the three months to 31 March 2013,
compared with 171,000oz at a total cash cost of $1,166/oz the previous quarter and 306,000oz at a total cash cost of $849/oz in
the first quarter of 2012. The region continued its recovery from the unprotected strike of the second half of last year, as well as
from the annual holiday shutdown and resultant ramp-up, which makes the first quarter seasonally weak for these operations.
Safety-related stoppages continued to weigh on production, as did a decline in grades across the region. Output at the West
Wits mines was also impacted by a lightning strike at a major Eskom regional substation which cut power supplies to Mponeng,
TauTona and surrounding mines for three days, resulting in a production loss of about 20,000oz. Electricity supply to these
mines was rationed in the weeks that followed, while repairs to Eskom’s electricity transmission structure were completed.

At the West Wits operations, quarterly performance was also adversely affected by increased seismic activity and the ongoing
safety stoppages. Production for the region was 150,000oz at $845/oz compared with 175,000oz at $698/oz in same quarter last
year. TauTona faced increased costs related to improved safety measures in case of fall of ground incidents, including additional
netting and bolting support and the installation of a full metal support prop in certain areas. At Mponeng, yield fell by 36% to 7.16g/t
due to the higher intake of marginal surface ore throughput during safety stoppages, as plants remained operational during this
period.

The Vaal River operations experienced a more positive quarter as gold output increased year-on-year by 27% to 114,000oz, from
90,000oz in the first quarter of 2012. Cash costs decreased 15%, from $1,189/oz to $1,014/oz when compared to the first quarter of
2012. The successful implementation of a work management system and recovery plan at Great Noligwa resulted in increased
vamping tonnage, following a drive to increase gold throughput from old areas. Fewer safety stoppages occurred at Kopanang and
Moab Khotsong in the current quarter compared to a year ago.

Surface operations, including the recently acquired Mine Waste Solutions, experienced a 55% year-on-year rise in production to
62,000oz. Total cash costs increased by 9% to $805/oz. There remained significant price pressure on reagents and also increased
expenditure related to dust-control initiatives to improve environmental conditions. The Mine Waste Solutions operations
contributed 24,000oz at a total cash cost of $825/oz during the quarter as the AngloGold Ashanti teams continued implementing
management controls and systems and conducted work to enhance the infrastructure of these operations. This work is aimed at
improving efficiencies and regulatory compliance.

The Continental Africa Region produced 276,000oz at a total cash cost of $994/oz in the first quarter of 2013, compared to
382,000oz at a total cash cost of $745/oz in the same period last year and 376,000oz at a total cash cost of $986/oz in the fourth
quarter of 2012.

In Ghana, Iduapriem’s production decreased by 9% year-on-year to 41,000oz as a result of lower tonnage throughput following
planned plant maintenance. Total cash costs consequently increased by 10% to $1,052/oz year-on-year. Production from Obuasi
decreased year-on-year by 20% to 49,000oz due to numerous operational challenges including ventilation difficulties and restricted
availability of developed reserves. This was partly offset by improved efficiency due to scheduled maintenance. Total cash costs
consequently increased year-on-year by 57% to $1,742/oz from $1,112/oz.

At Obuasi, work continued on the mine transition plan with the board approving the new decline extension from surface to 26 Level.
This decline allows the legacy mine infrastructure to be supplemented and by-passed, fundamentally de-bottlenecking the operation
and providing access to additional, new ore bodies. As the decline heading moves through the old mine, these areas will initially be
taken offline, re-equipped and the workforce retrained in modern, highly productive and safe work methods. The project funding is
contingent on meeting regular, short-term milestones and detailed execution plans. This is a thoroughly considered, incremental
and relatively low-risk strategy utilising equipment and techniques commonly used throughout the world. Work on this decline
commenced toward the end of 2012, enabled by the separation with the historical mining contract arrangement.

Another major challenge faced at Obuasi was the presence of significant numbers of illegal miners operating in the old workings in
shallower parts of the mine and others who had penetrated active working areas. A successful national intervention against illegal
mining was conducted by Ghanaian authorities in February and March 2013. It is estimated that the vast majority of the illegal
activity has stopped and most of the access points to the underground operations have been identified and closed. While this early
stage success of this initiative is welcomed and encouraging, ultimately it is crucial maintained over the long-term.

Siguiri’s production was 11% higher at 62,000oz, from 56,000oz in the same period last year, but 3% lower when compared to the
previous quarter. The site had a 10% decrease in tonnage throughput, due to fewer operating days compared to the previous
quarter. This was partly offset by an 8% increase in recovered grade due to sourcing ore from new higher grade areas. Total cash
cost improved 6% from the previous quarter to $998/oz due to lower fuel cost and improvements in power and reagent usage
efficiency.

At Morila in Mali, production decreased year-on-year by 32% and 25% from the previous quarter to 15,000oz reflecting a planned
decrease in grade realised from the marginal stockpiles and a decrease in tonnage throughput. Total cash costs consequently
increased by 8% from the previous quarter to $772/oz. At Sadiola, production decreased by 24% year-on-year to 19,000oz as a
result of a decrease in tonnage throughput following a scheduled plant maintenance shutdown, fewer production shifts and a drop
in recovered grade due to limited availability of oxide ore sources. Total cash costs improved from the previous quarter but were 3%
higher than a year earlier at $1,103/oz. Yatela’s production was 10,000oz. Total cash costs decreased year-on year by 19% to
$1,316/oz as a result of higher recovered grade and a lower mining cost due to shorter hauling distances.
In Namibia, Navachab’s production decreased by 30% year-on-year to 14,000oz as a result of lower recovered grade due to mining
of lower grade areas. Total cash costs decreased 12% year-on-year to $896/oz.

In Tanzania, Geita’s production decreased by 55% year-on-year to 66,000oz, a 44% decrease compared to the previous quarter
due to the planned replacement of the SAG mill. This was partly offset by feeding higher grade materials stockpiled in the previous
quarter in anticipation of the mill replacement. Total cash costs increased by 17% to $389/oz year-on-year, a 27% decrease when
compared to the previous quarter.

In the Americas Region, first quarter production was 234,000oz at a total cash cost of $668/oz compared to the corresponding
period last year when the region produced 225,000oz at a total cash cost of $523/oz and 258,000oz at a total cash cost of $705/oz
in the fourth quarter of 2012.

At Cripple Creek & Victor gold production declined by 21% year-on-year to 55,000oz, a 4% increase when compared to the
previous quarter. Total cash costs rose 11% year-on-year to $643/oz, but down 4% compared to the previous quarter. While the
grade and placed tonnage were virtually the same between the two periods, the depth at which the ore was placed on the VLF
(Valley Leach Facility) is significantly different. In 2012, tonnes were placed much closer to the liner resulting in much faster
turnaround on ounces produced. In 2013, much of the ore placed is further from the liner resulting in a longer lag time before
ounces were realized. Total cash costs rose 11% year-on-year to $643/oz, reflecting greater haul distances and higher unit costs
for inputs.

At AngloGold Ashanti Mineração, production increased by 5% year-on-year to 92,000oz at a total cash cost of $689/oz which
was 18% higher due to lower recovered grade and by-product credits. Production was also partially affected by lower-than-
planned sulphide feed grades as well as the impact of the rainy season on oxide feed. At Cuiaba, grades declined as narrow
veins left behind previously were reclaimed. At Serra Grande, production increased year-on-year to 32,000oz (due to the
acquisition of the other 50%), while total cash costs declined by 9% to $789/oz. The mine continued to see promising
exploration results.

Cerro Vanguardia production increased 8% year-on-year to 55,000oz, flat from the previous quarter, with silver production at
722,000oz. The total cash cost was $583/oz, 23% compared to the previous quarter lower mainly reflecting higher by-product
credit as a result of higher volume of silver sold and favourable stockpile movements as a consequence of lower treated tonnes
and also higher stockpile value. Nevertheless, costs remain under pressure from higher inflation reflected in the payroll
expense, as well as higher royalty payments linked to higher sales.

In Australia, production at Sunrise Dam for the quarter was 61,000oz at a total cash cost of $1,247/oz, compared to 55,000oz
at total cash costs of $1,309/oz in the last quarter of 2012 and 68,000oz production at total cash costs of $1,218/oz a year ago.
Good progress was made on stabilising the Watu slip in the pit, which occurred in 2011 following the major rain event.
Stabilising this area will enable access to the high grade crown pillar at the base of the pit. During the quarter, the underground
mine achieved a record annualised ore mining rate of more than 2 million tonnes per annum. Mill throughput was impacted by
bearing failure on the mill motor and a higher proportion of harder underground ore.

UPDATE ON MAJOR CAPITAL PROJECTS

AngloGold Ashanti incurred capital expenditure of $512m (including equity-accounted joint ventures) during the quarter, of
which $269m was spent on projects. Expenditure on project capital was $44m in the Americas, $110m in Continental Africa,
$82m in Australasia and $32m in South Africa.

The Tropicana Gold Project (AngloGold Ashanti 70% and manager, Independence Group NL 30%) remains on track to begin
production in the fourth quarter of 2013. There were no lost time injuries for the quarter, the LTIFR for the project to date is 1.15
with no fatalities. All engineering and procurement activities are complete. Infrastructure construction is complete. Plant
concrete has been completed, and structural, mechanical and electrical installations are well advanced. Mining is on schedule
with first ore mining occurring during the quarter. The maintenance and plant operating teams have been assembled and are on
track with their preparations for commissioning and operations. The estimated capital expenditure for Tropicana remains
unchanged at between A$820-A$845m on 100% basis.

The Kibali project, a joint venture between state-owned Sokimo (10%), AngloGold Ashanti (45%) and operator Randgold
Resources (45%), has budgeted project capital expenditure of $982m on a 100% basis (including contingencies and
escalation), to fund the development of the open pit and underground mines, as well as associated infrastructure, with first
production of gold from the open pit targeted by year-end. By the end of March 2013, AngloGold Ashanti spent $343m towards
Kibali’s development. Significant progress has been recorded in following key schedule areas during the first quarter: diesel
storage, conveyor tunnel and structures, crusher steelwork, mill installation, and CIL tanks. Open-pit mining rates have
exceeded both planned tonnage and grade, and notable progress has been made on the sinking of the vertical shaft.

The CC&V MLE 2, currently at implementation stage is progressing well. The project expected to extend the mine life has now
commissioned contractors for majority of the work. The piping in the manhole at the water pumping facility tank site has been
completed and the piping has been tested. Construction of the water pumping facility necessary to deliver the required water for
the mill is on-going and purchasing of the mill’s major equipment packages is nearly complete. During the quarter, significant
work was performed in the areas of clearing, grubbing and mediation of underground workings under the construction of the
Valley Leach Facility (VLF2). The design for the re-routing of Highway 67 is complete. Construction of the toe berm started in
March. The budget and schedule continue to be well within the plans.

TECHNOLOGY UPDATE

The Technology Innovation Consortium has made significant progress during the quarter in the prototype development of key
technologies that will establish the base for an automated mining method intended for use at AngloGold Ashanti’s deep-level
underground mining operations. On the three key technologies:

Orebody Knowledge & Exploration (RC Drilling):
During the first quarter of 2013, modified drill bits and rods were tested, which resulted in increased advance rates and reduced
mechanical issues. During the second quarter, further modifications are intended to improve the length of hole, or distance at
which drilling can be extended optimally.

Reef Boring (Stoping):
In addition to the single hole that was completed in the strike-affected fourth quarter of 2012, another four holes were completed
successfully in the first quarter of 2013. The drilling time for a 30m hole has been reduced by approximately 25%, due to
improvements in machine efficiencies and application method. During the second quarter the intention is to further enhance
drilling effectiveness by applying altered reamer (cutting) geometries. The design process for the first production machine, to be
deployed in 2014, will commence in the second quarter and will incorporate lessons learned from the testing of the prototype
machine.

Ultra High Strength Backfill (UHSB):
A significant milestone has been achieved with the placement of the first UHSB underground at TauTona Mine. During the first
quarter of 2013, two holes have been successfully filled. Encouraging advancements in the mixing process have been achieved
leading to reduced times and increased flexibility in application of the product. Going forward, testing will continue to verify the
confidence of the new mixing process.

EXPLORATION

Total exploration expenditure during the first quarter, inclusive of expenditure at equity accounted joint ventures, was $108m
($52m on brownfield, $26m on greenfield and $30m on pre-feasibility studies), compared with $99m during the same quarter the
previous year ($32m on brownfield, $33m on greenfield and $34m on pre-feasibility studies).

Brownfields exploration activities were heavily focused on key targets in the Continental Africa region during the first quarter in
Tanzania, Guinea, and the Democratic Republic of the Congo.

In Tanzania at Geita, a total of 74 diamond holes and 115 RC holes were drilled. Significant assay results were received during
the quarter from Nyankanga (Cut 7 OP, Cut 8, Cut 10, Block 1, Block 2 and Block 4), Geita Hill West, Geita Hill East, Ridge 8,
Matandani and Kukuluma. Regional scale mapping by the exploration team continued in the Nyamulilima Terrain and along the
southern edge of the Geita Greenstone Belt, while pit mapping at the Star & Comet, Ridge 8, Roberts, Kukuluma, Geita Hill and
Nyankanga deposits is continuing, with associated development of 3D models. The work to develop and refine the geological
models for these areas continues, with improved understanding on the controls of mineralisation.

At Siguiri in Guinea, a total of 393 holes, totalling 37,134m, were completed. Infill drilling focused mainly on upgrading the oxide
Mineral Resources at Seguelen, Sokunu, Komatiguiya, Soloni and Silakoro. As anticipated, the drilling at Seguelen returned
several good intersections.

At Kibali, two areas were identified in the KCD deposit as having a high potential for Mineral Resource conversion. The first was
tested by a four-hole programme (2,237m) designed to test the continuity of grade and thickness of 9,000 lode mineralisation up
plunge from existing stope positions. Gold assay results from the first three holes have been received and flag a continuation of
thinner high grade mineralisation associated with the development of a broader low grade mineralised halo. For the second,
three holes were drilled to test an area between the end of the current mineralisation wireframes for the 3,000 and 5,000 lodes,
and drill hole DDD532, a step out hole that intersected significant values. The first hole commenced and was completed during
the quarter at 801m and a second hole is in progress. Results are still pending but geological and structural interpretation
indicates similarities with mineralised neighbouring holes.

Greenfield exploration activities were undertaken in five regions (Australia, Americas, Pacific, Sub-Saharan Africa and the
Middle East & North Africa) during the quarter. A total of 29,820 metres of diamond and RC drilling was completed on existing
priority targets and used to delineate new targets in Colombia, Guinea, the Solomon Islands and the DRC. Expenditure this
quarter was US$23.81m compared to US$40.86m in the last quarter of 2012.

In Colombia, exploration continued at the Nuevo Chaquiro and Tenedor targets at the Quebradona project, in joint venture with
B2Gold (AGA 80.5%). At Nuevo Chaquiro, a total of 3,888m of diamond drilling was completed and further long (>400m)
continuous intersections of copper-gold porphyry-style mineralisation were received. On the adjacent Tenedor target, diamond
drilling commenced with 1,501m completed.

More than half of the metres drilled during the quarter were completed in Guinea, where exploration work continued on the
Kounkoun trend, within 35km of the Siguiri Mine, in Block 3, with infill and delineation drilling at KK1, KK3 and KK4 targets with
a total of 16,412m completed. Diamond drilling, totalling 856m, and geophysical IP/ground magnetics also commenced in Block
4. Highlights for the quarter include two mineralisation structures intersected with a combined length of >7kms and
mineralisation intersected from surface to over 200m depth with oxidation from 60 to 100m deep.

Detailed information on the exploration activities and studies both for brownfields and greenfields is available on the
AngloGold Ashanti website (www.anglogoldashanti.com).

OUTLOOK

Gold production for the second quarter of 2013 is estimated at 900,000oz to 950,000oz. Total cash costs are estimated at
between $900/oz-$950/oz at an average exchange rate of R9.16/$, BRL2.00/$, A$1.03/$ and AP5.19/$ and fuel at $102/barrel.
This includes the impact of public holidays over the period, as well as annual power tariff increases and winter power tariffs in
South Africa. Both cost and production estimates are subject to unfavourable revisions in light of recent labour related
challenges experienced in South Africa.

Other known or unpredictable factors could also have material adverse effects on our future results. Please refer to the Risk
Factors section in AngloGold Ashanti’s 2012 Form 20-F, filed with the United States Securities and Exchange Commission
(“SEC”) on 26 April 2013 and available on the SEC’s homepage at http://www.sec.gov.

Group income statement

Quarter

Year

ended

March

December

March

December

2013

2012

US Dollar million

Notes

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

Revenue

1,518

1,490

1,794

6,632

Gold income

1,463

1,398

1,706

6,353

Cost of sales

(1,029)

(1,005)

(968)

(3,964)

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

(35)

Gross profit

434

418

738

2,354

Corporate administration, marketing and other
expenses

(65)

(85)

(67)

(291)

Exploration and evaluation costs

(79)

(124)

(76)

(395)

Other operating expenses

(1)

(6)

(7)

(47)

Special items

(25)

(402)

Operating profit (loss)

264

(199)

605

1,219

Dividends received

Interest received

Exchange (loss) gain

(4)

(2)

Finance costs and unwinding of obligations

(64)

(67)

(49)

(231)

Fair value adjustment on option component of
convertible bonds

Fair value adjustment on mandatory convertible
bonds

137

162

Share of equity-accounted investments' (loss)
profit

(7)

(42)

(30)

Profit (loss) before taxation

346

(214)

709

1,261

Taxation

(98)

(113)

(346)

Profit (loss) for the period

248

(168)

596

915

Allocated as follows:

Equity shareholders

239

(174)

581

897

Non-controlling interests

248

(168)

596

915

Basic earnings (loss) per ordinary share (cents)

(1)

(45)

150

232

Diluted earnings (loss) per ordinary share (cents)

(2)

(57)

114

177

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

(2)

Calculated on the diluted weighted average number of ordinary shares.

The reviewed financial statements for the quarter ended 31 March 2013 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 Srinivasan Venkatakrishnan, the Group's Chief Executive Officer. The financial statements for the quarter ended 31 March
2013 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

Year

ended

March

December

March

December

2013

2012

US Dollar million

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

Profit (loss) for the period

248

(168)

596

915

Items that may be reclassified subsequently to profit
or loss:

Exchange differences on translation of foreign
operations

(149)

(35)

(92)

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

(14)

(10)

(27)

Release on impairment of available-for-sale financial
assets

Deferred taxation thereon

(5)

Items that will not be reclassified to profit or
loss:

Actuarial loss recognised

(14)

Deferred taxation rate change thereon

(9)

Deferred taxation thereon

(11)

(9)

(20)

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

(149)

(42)

(117)

Total comprehensive income (loss) for the
period, net of tax

(210)

684

798

Allocated as follows:

Equity shareholders

(216)

669

780

Non-controlling interests

(210)

684

798

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

March

December

March

2013

2012

US Dollar million

Note

Reviewed

Restated

Unaudited

Restated

Reviewed

ASSETS

Non-current assets

Tangible assets

7,743

7,776

6,811

Intangible assets

321

315

228

Investments in equity-accounted associates and joint ventures

1,172

1,047

753

Other investments

147

167

196

Inventories

647

610

421

Trade and other receivables

Deferred taxation

Cash restricted for use

Other non-current assets

10,207

10,127

8,578

Current assets

Inventories

1,196

1,213

1,011

Trade and other receivables

466

472

410

Cash restricted for use

Cash and cash equivalents

680

892

1,216

2,376

2,612

2,691

Non-current assets held for sale

2,376

2,612

2,693

TOTAL ASSETS

12,583

12,739

11,271

EQUITY AND LIABILITIES

Share capital and premium

6,752

6,742

6,695

Accumulated losses and other reserves

(1,204)

(1,269)

(1,132)

Shareholders' equity

5,548

5,473

5,563

Non-controlling interests

154

Total equity

5,569

5,494

5,717

Non-current liabilities

Borrowings

2,844

2,724

2,382

Environmental rehabilitation and other provisions

1,174

1,238

796

Provision for pension and post-retirement benefits

205

221

206

Trade, other payables and deferred income

Derivatives

Deferred taxation

1,063

1,084

1,126

5,289

5,287

4,574

Current liabilities

Borrowings

662

859

Trade, other payables and deferred income

929

979

720

Taxation

134

120

207

1,725

1,958

980

Total liabilities

7,014

7,245

5,554

TOTAL EQUITY AND LIABILITIES

12,583

12,739

11,271

Rounding of figures may result in computational discrepancies.

Group statement of cash flows

Quarter

Year

ended

March

December

March

December

2013

2012

US Dollar million

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

Cash flows from operating activities

Receipts from customers

1,492

1,471

1,758

6,523

Payments to suppliers and employees

(1,094)

(960)

(1,041)

(4,173)

Cash generated from operations

398

511

717

2,350

Dividends received from equity-accounted joint ventures

Taxation refund

Taxation paid

(60)

(89)

(112)

(507)

Net cash inflow from operating activities

346

494

625

1,969

Cash flows from investing activities

Capital expenditure

(384)

(663)

(356)

(1,925)

Interest capitalised and paid

(4)

(5)

(2)

(12)

Expenditure on intangible assets

(13)

(28)

(7)

(79)

Proceeds from disposal of tangible assets

Other investments acquired

(32)

(17)

(39)

(97)

Proceeds from disposal of investments

Investments in equity-accounted associates and joint ventures

(150)

(132)

(45)

(349)

Proceeds from disposal of equity-accounted associates and joint ventures

Loans advanced to equity-accounted associates and joint ventures

(1)

(15)

(65)

Loans repaid by equity-accounted associates and joint ventures

Dividends received

Proceeds from disposal of subsidiary

Cash in subsidiary acquired

Cash in subsidiary disposed

(31)

Acquisition of subsidiary and loan

(335)

Increase (decrease) in cash restricted for use

(18)

(3)

Interest received

Loans advanced

(45)

Net cash outflow from investing activities

(541)

(856)

(415)

(2,775)

Cash flows from financing activities

Proceeds from issue of share capital

Proceeds from borrowings

146

220

1,432

Repayment of borrowings

(95)

(5)

(4)

(217)

Finance costs paid

(37)

(56)

(15)

(145)

Acquisition of non-controlling interest

(215)

Revolving credit facility and bond transaction costs

(5)

(1)

(8)

(30)

Dividends paid

(26)

(22)

(101)

(236)

Net cash (outflow) inflow from financing activities

(7)

136

(128)

591

Net (decrease) increase in cash and cash equivalents

(202)

(226)

(215)

Translation

(10)

(5)

Cash and cash equivalents at beginning of period

892

1,123

1,112

Cash and cash equivalents at end of period

680

892

1,216

892

Cash generated from operations

Profit (loss) before taxation

346

(214)

709

1,261

Adjusted for:

Movement on non-hedge derivatives and other commodity contracts

(25)

Amortisation of tangible assets

213

219

200

831

Finance costs and unwinding of obligations

231

Environmental, rehabilitation and other expenditure

(8)

(15)

(5)

(17)

Special items

389

402

Amortisation of intangible assets

Fair value adjustment on option component of convertible bonds

(9)

(17)

(43)

(83)

Fair value adjustment on mandatory convertible bonds

(137)

(65)

(79)

(162)

Interest received

(6)

(12)

(43)

Share of equity-accounted investments' loss (profit)

(21)

Other non-cash movements

(6)

Movements in working capital

(98)

133

(112)

(218)

398

511

717

2,350

Movements in working capital

Increase in inventories

(39)

(115)

(30)

(324)

Decrease (increase) in trade and other receivables

(54)

(110)

(Decrease) increase in trade and other payables

(77)

178

(28)

216

(98)

133

(112)

(218)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

Share

Cash

Available

Foreign

capital

Other

Accumu-

flow

for

Actuarial

currency

Non-

and

capital

lated

hedge

sale

(losses)

translation

controlling

Total

US Dollar million

premium

reserves

losses

reserve

gains

reserve

Total

interests

equity

Balance at 31 December 2011 as
previously reported

6,689

171

(1,300)

(2)

(78)

(469)

5,029

137

5,166

Restated for IFRIC 20 adjustments

(1)

(46)

(1)

(47)

Restated for IAS19R adjustments

(1)

(5)

Balance at 31 December 2011 -
restated

6,689

171

(1,351)

(2)

(73)

(470)

4,982

137

5,119

Profit for the period

581

596

Other comprehensive income (loss)

(9)

Total comprehensive income (loss)

- - 581 - 2 (9) 95 669 15 684

Shares issued

Share-based payment for share awards
net of exercised

Dividends paid

(101)

Translation

7 (7)

(3)

(2)

Balance at 31 March 2012 - restated

6,695

187

(878)

(2)

(85)

(375)

5,563

154

5,717

Balance at 31 December 2012 as
previously reported

6,742

177

(823)

(2)

(98)

(562)

5,447

5,469

Restated for IFRIC 20 adjustments

(1)

(1)

Restated for IAS19R adjustments

(1)

(9)

Balance at 31 December 2012 -
restated

6,742

177

(806)

(2)

(89)

(562)

5,473

5,494

Profit for the period

239

248

Other comprehensive loss

(149)

Total comprehensive income (loss)

- - 239 - - - (149) 90 9 99

Shares issued

Share-based payment for share awards
net of exercised

(4)

Dividends paid

(21)

Dividends of subsidiaries

(9)

Translation

(11)

(1)

Balance at 31 March 2013

6,752

162

(583)

(2)

(82)

(711)

5,548

5,569

(1)

Refer Note 13.

Rounding of figures may result in computational discrepancies.

Equity holders of the parent

Segmental reporting

Year ended

Mar

Dec

Mar

Dec

2013

2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

Gold income
South Africa

507

344

524

2,013

Continental Africa

535

651

723

2,609

Australasia

115

426

Americas

395

413

432

1,656

1,532

1,501

1,793

6,704

Equity-accounted investments included above

(69)

(103)

(87)

(351)

1,463

1,398

1,706

6,353

Gross profit

South Africa

154

117

182

651

Continental Africa

129

142

335

959

Australasia

Americas

177

176

236

736

Corporate and other

(5)

457

452

773

2,465

Equity-accounted investments included above

(23)

(34)

(111)

434

418

738

2,354

Capital expenditure

South Africa

101

187

106

583

Continental Africa

208

304

163

925

Australasia

101

189

369

Americas

163

409

Corporate and other

512

844

398

2,322

Equity-accounted investments included above

(97)

(142)

(35)

(303)

415

702

364

2,019

Mar

Dec

Mar

Dec

2013

2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

Gold production

South Africa

327

171

306

1,212

Continental Africa

276

376

382

1,521

Australasia

258

Americas

234

258

225

953

899

859

981

3,944

As at

Mar

Dec

Mar

2013

2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Total assets

South Africa

2,841

3,082

2,301

Continental Africa

5,092

4,846

4,466

Australasia

1,143

1,045

753

Americas

2,880

2,878

2,615

Corporate and other

627

888

1,136

12,583

12,739

11,271

Rounding of figures may result in computational discrepancies.

AngloGold Ashanti’s operating segments are being reported based on the financial information provided to the Chief Executive
Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members
of the Executive Committee are responsible for geographic regions of the business.

Quarter ended

US Dollar million

Quarter ended

US Dollar million

oz (000)

Year ended

Notes

for the quarter ended 31 March 2013

Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost convention except for
certain financial instruments which are stated at fair value. The group’s accounting policies used in the preparation of these
financial statements are consistent with those used in the annual financial statements for the year ended 31 December 2012
except for the adoption of new standards and interpretations effective 1 January 2013 (Refer note 13).

The financial statements of AngloGold Ashanti Limited have been prepared in compliance with IAS 34, IFRS as issued by the
International Accounting Standards Board, The Financial Reporting Guidelines as issued by the South African Institute of
Chartered Accountants, JSE Listings Requirements and in the manner required by the South African Companies Act, 2008
(as amended) for the preparation of financial information of the group for the quarter ended 31 March 2013.

2. Revenue

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

US Dollar million

Gold income

1,463

1,398

1,706

6,353

By-products (note 3)

206

Dividends received

Royalties received (note 5)

Interest received

1,518

1,490

1,795

6,632

3. Cost of sales

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

US Dollar million

Cash operating costs

785

824

734

3,171

Insurance reimbursement

(30)

By-products revenue (note 2)

(34)

(75)

(61)

(206)

751

749

673

2,935

Royalties

164

Other cash costs

Total cash costs

797

782

728

3,134

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

814

800

740

3,211

Amortisation of tangible assets

213

219

200

831

Amortisation of intangible assets

Total production costs

1,029

1,020

941

4,046

Inventory change

(15)

(82)

1,029

1,005

968

3,964

4. Other operating expenses

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

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

(3)

Rounding of figures may result in computational discrepancies.

5. Special items

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

US Dollar million

Net impairment and derecognition of tangible assets (note 8)

354

356

Impairment of other investments (note 8)

12 1

Impairment of other receivables

Impairment reversal of intangible assets (note 8)

(10)

Net loss on disposal and derecognition of land, mineral

rights, tangible assets and exploration properties (note 8)

1 2

Royalties received (note 2)

(10)

(5)

(16) (23)

Indirect tax expenses and legal claims

33 6

Contract termination and settlement costs

Profit on partial disposal of Rand Refinery Limited (note 8)

(14)

Inventory write off due to fire at Geita

Legal fees and other costs related to MBC contract

termination

Settlement costs of a legal claim at First Uranium (Pty)
Limited

- -

402 (17) 402

6. Finance costs and unwinding of obligations

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

US Dollar million

Finance costs

167

Unwinding of obligations, accretion of convertible bonds and

other discounts

231

7. Taxation

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

US Dollar million

South African taxation

Mining tax

(28)

Non-mining tax

(Over) under prior year provision

(1)

(3)

Deferred taxation

Temporary differences

Unrealised non-hedge derivatives and other

commodity contracts

(10)

Change in estimated deferred tax rate

(8)

(9)

Change in statutory tax rate

(131)

(93)

(16)

Foreign taxation
Normal taxation

127

354

Over prior year provision

(14)

(1)

(9)

Deferred taxation

Temporary differences

(90)

(21)

Change in statutory tax rate

(48)

206

362

(46)

113

346

Rounding of figures may result in computational discrepancies.

8. Headline earnings

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

US Dollar million

The profit attributable to equity shareholders has been

adjusted by the following to arrive at headline earnings:

Profit (loss) attributable to equity shareholders

239

(174)

581

897

Net impairment and derecognition of tangible assets (note 5)

354

356

Impairment reversal of intangible assets (note 5)

(10)

Net loss on disposal and derecognition of land, mineral

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

Impairment of other investments (note 5)

Profit on partial disposal of Rand Refinery Limited (note 5)

(14)

Net impairment (reversal) of investment in associates and

joint ventures

(2)

Loss on disposal of loan to joint venture

Special items of associates

(3) (4)

Taxation on items above - current portion

(1)

Taxation on items above - deferred portion

(1)

(106)

259

120

569

1,208

Headline earnings per ordinary share (cents)

(1)

147

312

Diluted headline earnings per ordinary share (cents)

(2)

112

251

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

Calculated on the diluted weighted average number of ordinary shares.

9. Number of shares

Quarter ended

Year ended

Mar

Dec

Mar Dec

2013

2012

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

Restated

Unaudited

Authorised number of shares:

Ordinary shares of 25 SA cents each

600,000,000

600,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000

Issued and fully paid number of shares:

Ordinary shares in issue

383,626,668

383,320,962

382,399,018

383,320,962

E ordinary shares in issue

1,610,376

1,617,752

2,563,772

1,617,752

Total ordinary shares:

385,237,044

384,938,714

384,962,790

384,938,714

A redeemable preference shares

2,000,000

2,000,000

B redeemable preference shares

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

383,423,554

383,197,618

382,305,903

382,757,790

E ordinary shares

1,613,092

1,999,566

2,569,675

2,392,316

Fully vested options

2,038,229

1,232,070

1,970,339

1,616,239

Weighted average number of shares

387,074,875

386,429,254

386,845,917

386,766,345

Dilutive potential of share options

1,210,482

970,868

1,840,199

Dilutive potential of convertible bonds

18,140,000

18,140,000

33,524,615

Diluted number of ordinary shares

406,425,357

404,569,254

421,341,400

422,131,159

10. Share capital and premium

As at

Mar

Dec Mar

2013

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

US Dollar Million

Balance at beginning of period

6,821

6,782

Ordinary shares issued

E ordinary shares issued and cancelled

(7)

Sub-total

6,832

6,821

6,788

Redeemable preference shares held within the group

(53)

(53)

Ordinary shares held within the group

(11)

(10)

(17)

E ordinary shares held within the group

(16)

(16)

(23)

Balance at end of period

6,752 6,742

6,695

Rounding of figures may result in computational discrepancies.

11. Exchange rates

Mar

Dec Mar

2013

2012 2012

Unaudited

Unaudited Unaudited

ZAR/USD average for the year to date

8.91

8.20

7.74

ZAR/USD average for the quarter

8.91

8.67

7.74

ZAR/USD closing

9.21

8.45

7.63

AUD/USD average for the year to date

0.96

0.97

0.95

AUD/USD average for the quarter

0.96

0.96

0.95

AUD/USD closing

0.96

0.96

BRL/USD average for the year to date

2.00

1.95

1.77

BRL/USD average for the quarter

2.00

2.06

1.77

BRL/USD closing

2.01

2.05

1.83

ARS/USD average for the year to date

5.01

4.55

4.34

ARS/USD average for the quarter

5.01

4.80

4.34

ARS/USD closing

5.12

4.92

4.38

12. Capital commitments

Mar

Dec Mar

2013

2012 2012

Reviewed

Restated

Unaudited

Restated

Reviewed

US Dollar Million

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

(1)

1,210 1,075 370

(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. Change in accounting policies

The following accounting standards, amendments to standards and new interpretations have been adopted with effect from
1 January 2013:

IFRS 7

Amendment – Disclosures –Offsetting Financial Assets and Financial Liabilities

IFRS 10

Consolidated Financial Statements

IFRS 11

Joint Arrangements

IFRS 12

Disclosure of Interests in Other Entities

IFRS 13

Fair Value Measurement

IFRSs

Annual Improvements 2009 - 2011

IAS 1

Amendment – Presentation of Items of Other Comprehensive Income

IAS 19R

Employee Benefits (revised)

IAS 27

Separate Financial Statements (Revised 2011)

IAS 28

Investments in Associates and Joint Ventures (Revised 2011)

IFRIC 20

Stripping Costs in the Production Phase of a Surface Mine

New standards and amendments which have an impact on the interim consolidated financial statements of the group are
described below:

IAS 1 Presentation of Financial Statements. The group adopted the amendments to IAS 1 which required it to group other
comprehensive income items by those that will be reclassified and those that will not be subsequently reclassified to profit and
loss. The amendment affected presentation and had no impact on the group’s financial position or performance.

The accounting policies adopted are significantly consistent with those of the previous financial year, except for the
changes arising due to the adoption of IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine” and the
adoption of IAS 19 “Employee Benefits” (revised) which became effective for annual reporting periods beginning on or
after 1 January 2013. IFRIC 20 clarifies when an entity should recognise waste removal costs that are incurred in surface
mining activity during the production phase of the mine (“production stripping costs”) as an asset. The interpretation
impacts the way in which the group accounts for production stripping costs.

IAS 19 (revised) includes a number of amendments to the accounting for defined benefit plans, including actuarial gains and
losses that are now recognised in other comprehensive income (OCI) and permanently excluded from profit and loss;
expected returns on plan assets that are no longer recognised in profit or loss, instead, there is a requirement to recognise
interest on the net defined benefit liability (asset) in profit or loss, calculated using the discount rate used to measure the
defined benefit obligation, and; unvested past service costs are now recognised in profit or loss at the earlier of when the
amendment occurs or when the related restructuring or termination costs are recognised. Other amendments include new
disclosures.

In case of the Group, the transition to IAS 19R had no impact on the net defined benefit plan obligations due to the difference
in accounting for interest on plan assets. The effect of the adoption of IAS 19R is explained in Note 13.2.

13.1 IFRIC 20 “Stripping Costs in the Production Phase of a Surface Mine”

Prior to the issuance of IFRIC 20, the accounting for production stripping costs have been based on general IFRS
principles and the Framework, as IFRS had no specific guidance.

Previously for group accounting purposes stripping costs incurred in open-pit operations during the production phase to
remove additional waste were either capitalised to mine development costs or charged to operating costs on the basis of
the average life of mine stripping ratio and the average life of mine costs per tonne. The cost of stripping in any period
reflected the average stripping rates for the orebody as a whole.

IFRIC 20 provides specific guidance for accounting of production stripping costs in the production phase of a surface
mine. IFRIC 20 differs from the life of mine average strip ratio approach as follows:

• The level at which production stripping costs are to be assessed, i.e. at a component level rather than a life of mine
level; and
• The way in which any stripping activity assets are to be depreciated.

In addition, specific transitional rules are provided to deal with any opening deferred stripping balances the group may
have recognised under its previous accounting policy. The impact as a consequence of moving from a life-of-mine strip
ratio to a strip ratio applicable to a component of an orebody is as follows:

Transition

IFRIC 20 has been applied prospectively to production stripping costs incurred on or after the beginning of the earliest
period presented, which for the group, for the year ending 31 December 2013, is 1 January 2011. Any previously
recognised asset balance(s) that resulted from stripping activity is to be reclassified as part of an existing asset to which
the stripping activity related, to the extent that there remains an identifiable component of the ore body with which the
predecessor stripping asset can be associated.

If there is no identifiable component of the orebody to which the predecessor asset relates, the asset is written off via
opening accumulated losses at the beginning of the earliest periods presented, i.e. 1 January 2011.

Impact of IFRIC 20

For purposes of the quarterly results, the adoption of IFRIC 20 at the transition date of 1 January 2011; the adjustments
required for the financial reporting period from the transition date until the beginning of the preceding period presented, i.e.
1 January 2011 to 31 December 2011; and the adjustments required for the financial reporting period 1 January 2012 to
31 December 2012, had the following cumulative impact on accumulated losses as at 1 January 2012 and 31 December
2012:

1 January 2012

31 December 2012

US Dollar million

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

Accumulated losses
Opening balance

(1,300)

(823)

Derecognise deferred stripping balances not meeting the

requirements of IFRIC 20

(99)

Reversals of deferred stripping movements under previous

approach

Additional production stripping costs capitalised in terms of IFRIC

159

313

Amortisation of deferred stripping assets capitalised in terms of

IFRIC 20

(57)

(94)

Adjustment to inventory valuations as a result of deferred stripping

asset adjustments

(66)

(74)

Effect on equity accounted investments' profit (loss)

(11)

(13)

Tax effect

(16)

Non-controlling interests

Adjusted opening accumulated losses

(2)

(1,300)

(46)

(1,346)

(823)

(797)

(1)

The IFRIC 20 adjustments including transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred
stripping in line with the requirements of IFRIC 20.

(2)

Adjusted opening accumulated losses before the impact of IAS 19R – refer 13.2.

Impact on the comparative information

The adoption of IFRIC 20 had the following impact on the comparative information for the quarter ended 31 March 2012:

US Dollar million

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

Tangible assets
Opening balance – 1 January 2012

6,525

6,545

Reversals of deferred stripping movements under previous approach

(7)

Production stripping costs capitalised in terms of IFRIC 20

Amortisation of deferred stripping assets

(9)

Other movements in tangible assets

231

Adjusted closing balance - 31 March 2012

6,763

6,811

Reversals of deferred stripping movements under previous approach

(3)

Production stripping costs capitalised in terms of IFRIC 20

110

Amortisation of deferred stripping assets

(28)

Other movements in tangible assets

882

883

Adjusted closing balance - 31 December 2012

7,648

128

7,776

(1)

31 March 2012

31 December 2012

US Dollar million

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

Inventory
Closing balance

1,083

1,287

Adjustment to inventory valuation as a result of deferred

stripping asset adjustments

(72)

(74)

Adjusted closing balance

1,083

(72)

1,011

1,287

(74)

1,213

(1)

The IFRIC 20 adjustments include the effect on the inventory valuation of the reversal of historical accounting for deferred stripping and the
accounting for deferred stripping in line with the requirements of IFRIC 20.

Quarter ended

31 December 2012

Quarter ended
31 March 2012

Year ended

31 December 2012

US Dollar million

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

Profit or loss

Profit before taxation

(234)

689

1,171

Decrease/(increase) in
cash costs included in
cost of sales due to:

135

- Reversals of deferred

stripping movements
under previous
approach

(2)

(7)

(10)

- Production stripping

costs capitalised in
terms of IFRIC 20

154

- Adjustment to inventory

valuation as a result of
deferred stripping asset
adjustments

(6)

(9)

Increase in cost of sales
due to amortisation of
capitalised production
stripping costs in terms of
IFRIC 20

(13)

(9)

(37)

Effect on equity
accounted investments'
profit (loss)

(1)

Sub-total

(234)

(208)

689

709

1,171

1,268

Taxation

(7)

(111)

(3)

(113)

(322)

(26)

(348)

- Normal taxation

(15)

(3)

(18)

(156)

(153)

(413)

(1)

(414)

- Deferred taxation

(4)

(5)

(25)

Adjusted profit

(182)

(163)

578

596

849

920

(1)

The IFRIC 20 adjustments include transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for
deferred stripping in line with the requirements of IFRIC 20.

Rounding of figures may result in computational discrepancies.

Quarter ended

31 December 2012

Quarter ended
31 March 2012

Year ended

31 December 2012

US Dollar million

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

previously

reported

IFRIC 20

adjustments

(1)

Adjusted

balance

Other comprehensive

income

Profit or loss as

previously reported

(182)

578

849

Adjustment to profit or

loss as a result of
deferred stripping asset
adjustments

Other movements in

Other Comprehensive
Income

(47)

(122)

Adjusted total

comprehensive
income (loss) for the
period

(229)

(210)

666

684

727

798

(1)

The IFRIC 20 adjustments including transition adjustments; reversal of historical accounting for deferred stripping; and the accounting for deferred

stripping in line with the requirements of IFRIC 20.

13.2 Employee benefits

The Group operates defined benefit pension plans, which require contributions to be made to separately administered
funds.

IAS 19 (revised) has been applied retrospectively from 1 January 2011. As a result, expected returns on plan assets of
defined benefit plans are not recognised in profit or loss. Instead, interest on net defined benefit obligation is recognised in
profit or loss, calculated using the discount rate used to measure the net pension obligation or asset.

Impact of transition to IAS 19R:

No impact was recorded in the statement of financial position on the defined benefit plan obligations nor on total
shareholders’ equity as the impact only affected the pension cost recorded in the income statement and the consequential
effect on actuarial gains and losses recognised in OCI.

The impact on the adjusted opening accumulated losses, the statement of comprehensive income and the statement of
changes in equity (Note 13.1) are set out below:

US Dollar million

1 January 2012

31 December 2012

Total Equity as previously reported

5,166

5,469

Effect of IFRIC 20 adjustments per 13.1

(46) 26

Adjustment to accumulated losses due to the requirements of IAS 19R

(5)

(9)

Adjustment to actuarial (losses)/gain due to the requirements of IAS 19R

Adjusted total equity

5,119

5,494

US Dollar million

Quarter ended

31 December 2012

Quarter ended
31 March 2012

Year ended

31 December 2012

Total comprehensive income

Opening balance per 13.1

(210)

684

798

Decrease in profit and loss due to the recognition of interest on

net defined benefit obligation instead of expected return on
plan assets in terms of IAS 19R

(7)

Deferred tax thereon

Decrease in other comprehensive loss due to the decrease in

actuarial loss as a result of the recognition of interest on net
defined benefit obligation instead of expected return on plan
assets in terms of IAS 19R

Deferred tax thereon

(2)

Adjusted total comprehensive income

(210)

684

798

There was no impact on the Group’s consolidated statement of cash flows.

Rounding of figures may result in computational discrepancies.

13.3 Effect of Accounting Policy changes on earnings per share and headline earnings per share

Quarter ended

31 December 2012

Quarter ended
31 March 2012

Year ended

31 December 2012

Basic (loss)/earnings per ordinary share

Previously reported basic (loss)/earnings per ordinary share (cents)

(49)

146

215

(Decrease)/increase in basic (loss)/earnings per ordinary share (cents)

(4)

Restated basic (loss)/earnings per ordinary share (cents)

(45)

150

232

Diluted (loss)/earnings per ordinary share

Previously reported diluted (loss)/earnings per ordinary share (cents)

(1)

(60)

110

161

(Decrease)/increase in diluted (loss)/earnings per ordinary share (cents)

(3)

Restated diluted (loss)/earnings per ordinary share (cents)

(57)

114

177

Headline earnings per ordinary share

Previously reported headline earnings per ordinary share (cents)

142

296

Increase/(decrease) in headline earnings per ordinary share (cents)

Restated headline earnings per ordinary share (cents)

147

312

Diluted headline earnings per ordinary share

Previously reported diluted headline earnings per ordinary share (cents)

107

236

Increase/(decrease) in diluted headline earnings per ordinary share (cents)

Restated diluted headline earnings per ordinary share (cents)

112

251

(1)

The December 2012 quarter ended diluted loss per ordinary share has been corrected to take into account the earnings effect of the option

component of the mandatory convertible bonds issued in September 2010. The impact of this correction increased diluted loss per ordinary
share by 11 cents. The year ended 31 December 2012 diluted earnings per ordinary share is not impacted by this correction and thus not
restated.

14. Financial risk management activities

Borrowings
The mandatory convertible bonds are carried at fair value. The convertible and rated bonds are carried at amortised cost
and their fair values are their closing market values at the reporting date. The interest rate on the remaining borrowings is
reset on a short-term floating rate basis, and accordingly the carrying amount is considered to approximately fair value.

Quarter

ended

Mar

2013

Quarter

ended

Dec

2012

Quarter

ended

Mar

2012

Carrying amount

3,506

3,583

2,435

Fair value

3,648

3,730

2,607

Derivatives
The fair value of derivatives is estimated based on ruling market prices, volatilities, interest rates and credit risk includes all
derivatives carried in the statement of financial position.

Embedded derivatives and the conversion features of convertible bonds are included as derivatives on the statement of
financial position.

The following inputs were used in the valuation of the conversion features of convertible bonds:

Quarter

ended

Mar

2013

Quarter

ended

Dec

2012

Quarter

ended

Mar

2012

Market quoted bond price

101.6

103.9

109.6

Fair value of bonds excluding conversion feature

101.6

102.6

102.9

Fair value of conversion feature

1.3

6.7

Total issued bond value

732.5

The option component of the convertible bonds is calculated as the difference between the price of the bonds including the
option component (bond price) and the price excluding the option component (bond floor price).

Derivative assets (liabilities) comprise the following:

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Assets

non-

hedge

accounted

Liabilities

non-

hedge

accounted

Figures in million (US dollars)

March 2013

December 2012

March 2012

Embedded

derivatives

- (1)

- (1) -

(1)

Option component of convertible

bonds -

(9)

(49)

Total derivatives

(1)

(10)

(50)

The group uses the following hierarchy for determining and disclosing the fair value of financial instruments:

Level 1:

quote prices (unadjusted) in active markets for identical assets or liabilities;

Level 2:

inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices); and

Level 3:

inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following tables set out the group’s financial assets and liabilities measured at fair value by level within the fair value
hierarchy:

Type of instrument

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

Figures in million

(US dollars)

March 2013

December 2012

March 2012

Assets measured at

fair

value

Available-for-sale

financial

assets

Equity securities

Liabilities measured at

fair

value

Financial liabilities at fair

value through profit or
loss

Option component of

convertible bonds

Embedded derivatives

Mandatory convertible

bonds

448

588

678

15. Contingencies

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

Contingencies and guarantees

Mar

2013

Mar

2012

Reviewed 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)

161

Other tax disputes – Mineração Serra Grande S.A.

(7)

Tax dispute - AngloGold Ashanti Colombia S.A.

(8)

156

Contingent assets

Indemnity – Kinross Gold Corporation

(9)

(93)

Royalty – Boddington Gold Mine

(10)

Royalty – Tau Lekoa Gold Mine

(11)

Financial Guarantees

Oro Group (Pty)Limited

(12)

319

158

(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 have 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 reasonable estimate can be made for the obligation.

(2) Deep groundwater pollution – The group has identified a flooding and future pollution risk posed by deep groundwater in

certain underground mines in Africa. 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 reasonable estimate can be made for the obligation.

(3) Indirect taxes – AngloGold Ashanti (Ghana) Limited received a tax assessment for the 2006 to 2008 and 2009 to 2011 tax

years following audits by the tax authorities which related to various indirect taxes amounting to $25m (2012: $14m).
Management is of the opinion that the indirect taxes are not payable and the company has lodged an objection.

(4) ODMWA litigation – On 3 March 2011, in Mankayi vs. AngloGold Ashanti, the Constitutional Court of South Africa held that

section 35(1) of the Compensation for Occupational Injuries and Diseases Act, 1993 does not cover an “employee” who
qualifies for compensation in respect of “compensable diseases” under the Occupational Diseases in Mines and Works Act,
1973 (ODMWA). This judgement allows such qualifying employee to pursue a civil claim for damages against the employer.
Following the Constitutional Court decision, AngloGold Ashanti has become subject to numerous claims relating to silicosis
and other Occupational Lung Diseases (OLD), including several potential class actions and individual claims.

For example, on or about 21 August 2012, AngloGold Ashanti was served with an application instituted by Bangumzi Bennet
Balakazi and others in which the applicants seek an order declaring that all mine workers (former or current) who previously
worked or continue to work in specified South African gold mines for the period owned by AngloGold Ashanti and who have
silicosis or other OLD constitute members of a class for the purpose of proceedings for declaratory relief and claims for
damages. In the event the class is certified, such class of workers would be permitted to institute actions by way of a
summons against AngloGold Ashanti for amounts as yet unspecified. On 4 September 2012, AngloGold Ashanti delivered its
notice of intention to defend this application. AngloGold Ashanti has also delivered a formal request for additional information
that it requires to prepare its affidavits in respect to the allegations and the request for certification of a class.

In addition, on or about 8 January 2013, AngloGold Ashanti and its subsidiary Free State Consolidated Gold Mines
(Operations) Limited, alongside other mining companies operating in South Africa, were served with another application to
certify a class. The applicants in the case seek to have the court certify two classes namely: (i) current and former
mineworkers who have silicosis (whether or not accompanied by any other disease) and who work or have worked on certain
specified gold mines at any time from 1 January 1965 to date; and (ii) the dependants of mineworkers who died as a result of
silicosis (whether or not accompanied by any other disease) and who worked on these gold mines at any time after 1 January
1965. AngloGold Ashanti has filed a notice of intention to oppose the application.

In October 2012, a further 31 individual summonses and particulars of claim have been received relating to silicosis and/or
other OLD. The total amount being claimed in the 31 summonses is approximately $9m. On 22 October 2012, AngloGold
Ashanti filed a notice of intention to oppose these claims. AngloGold Ashanti has also served a notice of exception to the
summonses which, if successful, is expected to require the plaintiffs to redraft the particulars of claim to correct certain errors.

It is possible that additional class actions and/or individual claims relating to silicosis and/or other OLD will be filed against
AngloGold Ashanti in the future. AngloGold Ashanti will defend all current and subsequently filed claims on their merits.
Should AngloGold Ashanti be unsuccessful in defending any such claims, or in otherwise favourably resolving perceived
deficiencies in the national occupational disease compensation framework that were identified in the earlier decision by the
Constitutional Court, such matters would have an adverse effect on its financial position, which could be material. The group
is unable to estimate its share of the amounts claimed.

(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 $21m (2012: $22m)
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 $19m (2012: $9m). Management is of the opinion that these taxes are not payable.

(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
$99m (2012: attributable share $56m) and $62m (2012: attributable share $35m) 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 company believes both assessments are in violation of federal legislation on sales taxes. A final hearing
before the COMEX has been scheduled for 28 May 2013.

(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 $19m (2012: attributable share $9m).

(8) Tax dispute – AngloGold Ashanti Colombia S.A. (AGAC) received notice from the Colombian Tax Office (DIAN) that it

disagreed with the company’s tax treatment of certain items in the 2011 and 2010 income tax returns. The company believes
that it has applied the tax legislation correctly. The company is considering defending AGAC’s position. An estimated
additional tax of $25m will be payable if the tax returns are amended. Penalties and interest for the additional tax are
expected to be $131m, based on Colombian tax law.

(9) 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 ($127m at 31 March 2013
exchange rates) against the specific exposures discussed in items 6 and 7 above. At 31 March 2013, the company has
estimated that the maximum contingent asset is $93m.

(10) Royalty – As a result of the sale of the interest in the Boddington Gold Mine 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 $68m (2012: $45m) have been recorded to date. Royalties of $8m (2012: $11m) were receivable during the quarter.

(11) 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 331,558oz produced have been received to date. Royalties of $1m (2012: $1m) were received
during the quarter.

(12) Provision of surety – The company has provided surety in favour of a lender on a gold loan facility with its associate Oro

Group (Pty) Limited and one of its subsidiaries to a maximum value of $11m (2012: $13m). The probability of the non-
performance under the suretyships is considered minimal. The suretyship agreements have a termination notice period of
90 days.

16. Concentration of risk

There is a concentration of risk in respect of recoverable value added tax, fuel duties and appeal deposits from the Tanzanian
government. The outstanding amounts have been discounted to their present value at a rate of 7.82%.

The recoverable value added tax, fuel duties and appeal deposits are summarised as follows:

2013

US Dollar millions

Recoverable value added tax

Recoverable fuel duties

(1)

Appeal deposits

(1)

Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to authorisation by the Customs and Excise
authorities.

17. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

18. Announcements

On 8 January 2013, the Board of AngloGold Ashanti announced the resignation of Chief Executive Officer, Mark Cutifani with
effect from 1 April 2013. The Board further announced the appointment of the current Chief Financial Officer,
Mr Srinivasan Venkatakrishnan and Executive Vice President Business and Technical Development, Mr Anthony O’Neill as joint
Chief Executives, with Mr Venkatakrishnan responsible for all Finance and Corporate functions and Mr O’Neill responsible for all
Operations, Projects (including the company’s Enterprise Resource Planning programme and procurement) and Technical
functions.

On 20 February 2013, AngloGold Ashanti released notice in terms of Section 45(5)(a) of the Companies Act No. 71 of 2008, that
the Board of the Company has, on 14 February 2013, authorised the Company to provide financial assistance in terms of Section
45 of the Act and pursuant to the authority granted to the Board by the shareholders in general meeting on 16 November 2011.

On 21 February 2013, AngloGold Ashanti announced the appointment of Mr Anthony Martin O’Neill (Tony) as an executive
director to its Board of Directors with effect from 20 February 2013.

On 11 March 2013, AngloGold Ashanti announced that, shareholders of the company approved all ordinary resolutions relating to
amendments to the rules of the Bonus Share Plan and the Long Term Incentive Plan.

On 27 March 2013, AngloGold Ashanti announced that at the general meeting held on 27 March 2013, the shareholders approved
the new Memorandum of Incorporation.

On 8 May 2013, AngloGold Ashanti announced the appointment of Mr Srinivasan Venkatakrishnan as Chief Executive Officer with
immediate effect.

19. Subsequent events

AngloGold Ashanti to sell Navachab mine

On 30 April 2013, AngloGold Ashanti announced its plan to sell the Navachab mine in Namibia.

The Navachab gold mine is situated close to Karibib, about 170 kilometres northwest of the Namibian capital, Windhoek. It is
included in the Continental Africa reporting segment. The open-pit mine, which began operations in 1989, has a processing plant
that handles 120,000 metric tons a month. The mine produced 74,000 ounces of gold in 2012.

Management has selected a number of potential bidders who meet management’s qualifying criteria and asked them to submit
binding bids by no later than 10 June 2013.

20. Dividend

The salient details of Dividend No. 116 for the quarter and year-ended 31 December 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

2013

South African cents per ordinary share

7.5

42.5 28 March 2013

UK pence per ordinary share

R13.79642/£1

3.624

0.544

3.081 28 March 2013

Australian cents per CHESS Depositary Interest (CDI)

R1/A$0.1063

0.053150

0.007973

0.045177 28 March 2013

Ghana cedi per ordinary share

R1/¢0.2117

0.10585

0.01588

0.08997

2 April 2013

Ghana cedi per Ghanaian Depositary Share (GhDS)

R1/¢0.2117

0.0010585

0.0001588

0.0008997

2 April 2013

US cents per American Depositary Share (ADS)

R9.36394/$1

5.3396

0.801

4.539

8 April 2013

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

Year and quarter ended 31 December 2012 Dividend No. E16 of 25 South African cents (gross), or 21.25 South African cents
(net) was paid to holders of E ordinary shares on 28 March 2013, being those employees participating in the Bokamoso ESOP
and 25 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 Interim Dividend No. 117 for the first
quarter ended 31 March 2013 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)

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

42.5

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

383 719 517

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

1 597 250

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.

2013

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

Thursday, 23 May

Last date to trade ordinary shares cum dividend

Friday, 24 May

Last date to register transfers of certificated securities cum dividend

Friday, 24 May

Ordinary shares trade ex-dividend

Monday, 27 May

Record date

Friday, 31 May

Payment date

Friday, 14 June

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.

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 May 2013 and Friday, 31 May 2013, 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.

2013

Ex-dividend on New York Stock Exchange

Wednesday, 29 May

Record date

Friday, 31 May

Approximate date for currency conversion

Friday, 7 June

Approximate payment date of dividend

Monday, 24 June

Assuming an exchange rate of R9.0745/$, the gross dividend payable per ADS, which is subject to a 15% South African
withholding tax, is equivalent to 6 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.

2013

Last date to trade and to register GhDSs cum dividend

Friday, 24 May

GhDSs trade ex-dividend

Monday, 27 May

Record date

Friday, 31 May

Approximate payment date of dividend

Monday, 17 June

Assuming an exchange rate of R1/0.21903¢, which is subject to a 15% South African withholding tax, the dividend payable per
share is equivalent to 0.1095 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, directors declared Interim Dividend No. E17, for the quarter ended 31 March 2013 of 25 South African cents per E
ordinary share, payable to employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These
dividends will be paid on Friday, 14 June 2013.

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

S VENKATAKRISHNAN

Chairman Chief

Executive

Officer

10 May 2013

Non-GAAP disclosure

Mar

Dec

Mar

Dec

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Restated

Unaudited

Headline earnings (note 8)

259

120

569

1,208

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

(25)

Deferred tax on unrealised non-hedge derivatives and
other commodity contracts (note 7)

(10)

Fair value adjustment on option component of convertible bonds

(9)

(17)

(43)

(83)

Fair value adjustment on mandatory convertible bonds

(137)

(65)

(79)

(162)

Adjusted headline earnings

113

447

988

Adjusted headline earnings per ordinary share (cents)

(1)

116

255

(1) Calculated on the basic weighted average number of ordinary shares.

Mar

Dec

Mar

Dec

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Restated

Unaudited

Reconciliation of gross profit to adjusted gross profit:

(1)

Gross profit

434

418

738

2,354

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

(25)

Adjusted gross profit

(1)

434

393

738

2,389

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

Price received

Mar

Dec

Mar

Dec

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Restated

Unaudited

Gold income (note 2)

1,463

1,398

1,706

6,353

Adjusted for non-controlling interests

(22)

(19)

(52)

(135)

1,441

1,379

1,654

6,218

Realised loss on other commodity contracts

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

103

351

Attributable gold income including realised non-hedge
derivatives

1,517

1,487

1,742

6,579

Attributable gold sold - oz (000)

927

865

1,029

3,953

Revenue price per unit - $/oz

1,636

1,718

1,692

1,664

Rounding of figures may result in computational discrepancies.

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

Quarter ended

US Dollar million / Imperial

Year ended

Quarter ended

Year ended

Adjusted gross profit

US Dollar million

Mar

Dec

Mar

Dec

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Restated

Unaudited

Total costs

Total cash costs (note 3)

797

782

728

3,134

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

(39)

(14)

(31)

(94)

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

230

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

804

831

750

3,270

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

Amortisation of tangible assets (note 3)

213

219

200

831

Amortisation of intangible assets (note 3)

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

(6)

(12)

(5)

(31)

Associates and equity accounted joint ventures' share of production costs

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

1,031

1,059

960

4,158

Gold produced - oz (000)

899

859

981

3,944

Total cash cost per unit - $/oz

(1)

894

967

764

829

Total production cost per unit - $/oz

1,147

1,233

978

1,054

EBITDA

Operating profit

264

(199)

605

1,219

Amortisation of tangible assets (note 3)

213

219

200

831

Amortisation of intangible assets (note 3)

Net Impairment and derecognition of tangible assets (note 5)

354

356

Impairment reversal of intangible assets (note 5)

(10)

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

(25)

Share of associate and joint ventures' EBITDA

Impairment of investments (note 5)

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

Profit on disposal of subsidiary Rand Refinery Limited (note 5)

(14)

503

362

830

2,519

Interest cover

EBITDA (note E)

503

362

830

2,519

Finance costs (note 6)

167

Capitalised finance costs

179

Interest cover - times

As at

Mar

Dec

Mar

2013

2012

Unaudited

Restated

Unaudited

Restated

Unaudited

Net asset value - cents per share

Total equity

5,569

5,494

5,717

Mandatory convertible bonds

448

588

678

6,017

6,082

6,395

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

385

385

Net asset value - cents per share

1,562

1,580

1,661

Total equity

5,569

5,494

5,717

Mandatory convertible bonds

448

588

678

Intangible assets

(321)

(315)

(228)

5,696

5,767

6,167

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

385

385

Net tangible asset value - cents per share

1,479

1,498

1,602

Net debt

Borrowings - long-term portion

2,844

2,724

1,705

Borrowings - short-term portion

214

271

Total borrowings

(1)

3,058

2,995

1,756

Corporate office lease

(29)

(31)

(35)

Unamortised portion of the convertible and rated bonds

Cash restricted for use

(63)

(64)

(78)

Cash and cash equivalents

(680)

(892)

(1,216)

Net debt excluding mandatory convertible bonds

2,319

2,061

483

Rounding of figures may result in computational discrepancies.

(1)

Borrowings exclude the mandatory convertible bonds (note G).

Quarter ended

US Dollar million / Imperial

Year ended

(1)

The total cash cost of $967/oz for the December 2012 quarter includes $157/oz relating to the impact of the strike in South Africa. For the

year, the cash cost of $829/oz includes $33/oz for the impact of the strike.

US Dollar million

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

188

Mined

- 000 tonnes

1,176

397

456

766

2,794

Milled / Treated

- 000 tonnes

1,163

324

436

810

2,732

Recovered grade

- oz/ton

0.207

0.135

0.097

0.146

0.163

- g/tonne

7.08

4.63

3.34

5.01

5.58

Gold produced

- oz (000)

265

130

490

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

8,702

8,761

Recovered grade

- oz/ton

0.007

0.019

0.007

- g/tonne

0.22

0.67

0.23

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcm

15,027

1,541

16,568

Mined

- 000 tonnes

35,518

3,567

5,498

44,582

Treated

- 000 tonnes

5,161

315

239

5,715

Stripping ratio

- ratio

4.58

40.70

19.07

5.63

Recovered grade

- oz/ton

0.038

0.040

0.151

0.043

- g/tonne

1.31

1.38

5.17

1.47

Gold produced

- oz (000)

217

271

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,206

15,937

17,142

Placed

- 000 tonnes

256

5,467

5,723

Stripping ratio

- ratio

27.75

2.08

2.29

Recovered grade

- oz/ton

0.034

0.012

0.013

- g/tonne

1.17

0.40

0.44

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.23

7.48

41.72

15.75

6.88

TOTAL

OPERATING RESULTS
QUARTER ENDED MARCH 2013

Subsidiaries' gold produced

- oz (000)

327

231

234

854

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

327

276

234

899

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

314

273

241

885

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

314

315

241

927

Minority gold sold

- oz (000)

Spot price

- $/oz

1,632

Price received

- $/oz sold

1,638

1,635

1,629

1,634

1,636

Total cash costs

- $/oz produced

896

994

1,302

668

894

Total production costs

- $/oz produced

1,123

1,278

1,525

926

1,147

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED MARCH 2013 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

507

535

395

1,532

(69)

1,463

Cash costs

(303)

(286)

(79)

(206)

(4)

(878)

(831)

By-products revenue

Total cash costs

(293)

(286)

(79)

(182)

(4)

(843)

(797)

Retrenchment costs

(2)

(3)

(1)

(5)

(6)

Rehabilitation and other non-cash costs

(4)

(5)

(3)

(12)

(11)

Amortisation of assets

(69)

(72)

(14)

(61)

(1)

(216)

(215)

Total production costs

(368)

(365)

(93)

(247)

(5)

(1,077)

(1,029)

Inventory change

(41)

(2)

Cost of sales

(354)

(407)

(91)

(219)

(5)

(1,075)

(1,029)

Adjusted gross profit (loss)

154

129

177

(5)

457

(23)

434

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

154

129

177

(5)

457

(23)

434

Corporate and other costs

(1)

(4)

(2)

(61)

(68)

(66)

Exploration and evaluation costs

(3)

(29)

(12)

(42)

(3)

(90)

(79)

Intercompany transactions

(24)

(3)

(1)

Special items

(2)

(19)

(10)

(1)

(25)

Operating profit (loss)

148

(4)

122

(44)

274

(10)

264

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

(2)

(1)

Exchange gain (loss)

(1)

(5)

(4)

Share of equity accounted investments profit

(1)

(7)

(9)

(7)

Profit (loss) before taxation

146

(6)

117

354

(9)

346

Taxation

(27)

(36)

(44)

(106)

(98)

Profit (loss) for the period

119

(5)

248

Equity shareholders

119

(5)

239

Non-controlling interests

Operating profit (loss)

148

(4)

122

(44)

274

(10)

264

Unrealised non-hedge derivatives and other
commodity contracts

Loss on realised other commodity contracts

Intercompany transactions

(27)

Special items

Share of associates' EBIT

(1)

EBIT

150

(1)

132

(70)

287

Amortisation of assets

216

(2)

215

Share of associates' amortisation

EBITDA

219

148

193

(69)

503

Profit (loss) attributable to equity shareholders

119

(5)

239

Special items

Share of associates' special items

Taxation on items above

(1)

Headline earnings (loss)

120

(4)

259

Unrealised non-hedge derivatives and other
commodity contracts

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

Fair value adjustment on option component
of convertible bonds

(9)

Fair value adjustment on mandatory
convertible bonds

(137)

Adjusted headline earnings (loss)

120

(4)

(89)

113

Ore reserve development capital

Stay-in-business capital

151

(10)

141

Project capital

110

269

(87)

182

Total capital expenditure

101

208

101

512

(97)

415

Capitalised leased assets

(18)

Expenditures on intangible assets

(13)

Capital expenditure per statement of cash flows

384

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

124

Mined

- 000 tonnes

760

434

482

788

2,464

Milled / Treated

- 000 tonnes

715

464

433

811

2,423

Recovered grade

- oz/ton

0.175

0.146

0.080

0.167

0.150

- g/tonne

5.99

5.01

2.74

5.74

5.14

Gold produced

- oz (000)

138

150

400

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

5,415

5,476

Recovered grade

- oz/ton

0.006

0.019

0.006

- g/tonne

0.19

0.65

0.20

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcm

15,544

1,898

17,442

Mined

- 000 tonnes

37,316

4,424

6,658

48,398

Treated

- 000 tonnes

6,311

350

259

6,920

Stripping ratio

- ratio

4.37

162.66

21.09

5.65

Recovered grade

- oz/ton

0.042

0.044

0.150

0.046

- g/tonne

1.43

1.50

5.15

1.57

Gold produced

- oz (000)

290

349

HEAP LEACH OPERATION

Mined

- 000 tonnes

1,842

15,488

17,330

Placed

- 000 tonnes

277

5,345

5,621

Stripping ratio

- ratio

6.08

2.11

2.31

Recovered grade

- oz/ton

0.054

0.012

0.014

- g/tonne

1.87

0.41

0.49

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

2.32

10.67

38.54

16.40

6.81

TOTAL

OPERATING RESULTS
QUARTER ENDED DECEMBER 2012

Subsidiaries' gold produced

- oz (000)

171

319

258

802

Joint ventures' gold produced

- oz (000)

Attributable gold produced

- oz (000)

171

376

258

859

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

202

309

240

805

Joint ventures' gold sold

- oz (000)

Attributable gold sold

- oz (000)

202

369

240

865

Minority gold sold

- oz (000)

Spot price

- $/oz

1,717

Price received

- $/oz sold

1,721

1,720

1,719

1,712

1,718

Total cash costs

- $/oz produced

1,166

986

1,462

703

967

Total production costs

- $/oz produced

1,298

1,348

1,688

919

1,233

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS
QUARTER ENDED DECEMBER 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income

344

651

413

1,501

(103)

1,398

Cash costs

(253)

(384)

(81)

(222)

(920)

(857)

By-products revenue

Total cash costs

(200)

(382)

(80)

(202)

(846)

(782)

Retrenchment costs

(1)

(2)

Rehabilitation and other non-cash costs

(50)

(2)

(12)

(15)

(2)

(16)

Amortisation of assets

(71)

(88)

(11)

(51)

(2)

(223)

(220)

Total production costs

(222)

(521)

(93)

(266)

(1,085)

(1,020)

Inventory change

(29)

(1)

Cost of sales

(251)

(509)

(94)

(238)

(1,075)

(1,005)

Adjusted gross profit (loss)

142

175

426

(34)

393

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

117

142

176

452

(34)

418

Corporate and other costs

(3)

(15)

(70)

(92)

Exploration and evaluation costs

(4)

(50)

(23)

(43)

(6)

(126)

(124)

Intercompany transactions

(24)

(3)

(1)

Special items

(50)

(349)

(18)

(398)

(4)

(402)

Operating profit (loss)

(284)

(22)

100

(17)

(163)

(36)

(199)

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

(2)

(4)

(3)

Exchange (loss) gain

(2)

(4)

(1)

Share of equity-accounted investments profit

(2)

(24)

(46)

(73)

(42)

Profit (loss) before taxation

(292)

(21)

(26)

(206)

(8)

(214)

Taxation

(8)

(38)

Profit (loss) for the period

(221)

(13)

(21)

(168)

Equity shareholders

(218)

(13)

(28)

(174)

Non-controlling interests

(4)

Operating profit (loss)

(284)

(22)

100

(17)

(163)

(36)

(199)

Unrealised non-hedge derivatives and other
commodity contracts

(25)

Loss on realised other commodity contracts

Intercompany transactions

(27)

Special items

317

(16)

353

Special items

317

(16)

353

Share of associates' EBIT

(24)

(2)

(26)

EBIT

(19)

(63)

139

Amortisation of assets

223

(3)

220

Share of associates' amortisation

EBITDA

158

146

(9)

127

(61)

362

Profit (loss) attributable to equity shareholders

(218)

(13)

(28)

(174)

Special items

317

(16)

353

Share of associates' special items

Taxation on items above

(14)

(92)

(106)

Headline earnings (loss)

(13)

120

Unrealised non-hedge derivatives and other
commodity contracts

(25)

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

Fair value adjustment on option component of
convertible bonds

(17)

Fair value adjustment on mandatory
convertible bonds

(65)

Adjusted headline earnings (loss)

(13)

(82)

Ore reserve development capital

Stay-in-business capital

106

292

(2)

290

Project capital

186

166

469

(140)

329

Total capital expenditure

187

304

189

163

844

(142)

702

Capitalised leased assets

(11)

Expenditures on intangible assets

(28)

Capital expenditure per statement of cash flows

663

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

163

Mined

- 000 tonnes

1,105

416

242

529

2,292

Milled / Treated

- 000 tonnes

994

444

253

594

2,285

Recovered grade

- oz/ton

0.243

0.123

0.100

0.165

0.184

- g/tonne

8.33

4.23

3.42

5.67

6.30

Gold produced

- oz (000)

266

108

462

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

2,851

229

3,080

Recovered grade

- oz/ton

0.013

0.004

0.012

- g/tonne

0.44

0.14

0.41

Gold produced

- oz (000)

OPEN-PIT OPERATION

Volume mined

- 000 bcm

14,626

733

15,359

Mined

- 000 tonnes

34,641

2,080

5,540

42,262

Treated

- 000 tonnes

5,862

648

209

6,719

Stripping ratio

- ratio

5.39

2.98

22.75

5.84

Recovered grade

- oz/ton

0.049

0.056

0.187

0.054

- g/tonne

1.67

1.93

6.42

1.84

Gold produced

- oz (000)

314

397

HEAP LEACH OPERATION

Mined

- 000 tonnes

2,175

16,095

18,269

Placed

- 000 tonnes

246

5,191

5,437

Stripping ratio

- ratio

16.73

2.28

2.63

Recovered grade

- oz/ton

0.023

0.011

0.012

- g/tonne

0.79

0.39

0.41

Gold placed

- oz (000)

Gold produced

- oz (000)

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.38

11.03

43.01

18.81

8.27

TOTAL

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

745

1,290

523

764

Total production costs

- $/oz produced

1,113

932

1,412

737

978

Recovered grade calculated using a short ton.

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 received

524

723

115

432

1,793

(88)

1,706

Cash costs

(278)

(295)

(88)

(186)

(842)

(789)

By-products revenue

Total cash costs

(260)

(294)

(88)

(145)

(781)

(728)

Retrenchment costs

(2)

(1)

(3)

Rehabilitation and other non-cash costs

(2)

(7)

(1)

(10)

(9)

Amortisation of assets

(77)

(66)

(8)

(50)

(2)

(203)

(201)

Total production costs

(340)

(366)

(96)

(197)

(997)

(941)

Inventory change

(2)

(22)

(2)

(24)

(3)

(27)

Cost of sales

(342)

(388)

(98)

(196)

(1,020)

(968)

Adjusted gross profit (loss)

182

335

236

773

(34)

738

Unrealised non-hedge derivatives and other
commodity contracts

Gross profit (loss)

182

335

236

773

(34)

738

Corporate and other costs

(3)

(8)

(61)

(76)

(74)

Exploration and evaluation costs

(1)

(23)

(18)

(25)

(10)

(76)

Intercompany transactions

(17)

(3)

Special items

(3)

Operating profit (loss)

179

297

202

(50)

638

(34)

605

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

(2)

(1)

Exchange gain (loss)

(2)

Share of equity accounted investments profit

(4)

Profit (loss) before taxation

177

298

195

721

(11)

709

Taxation

(142)

(5)

(70)

(125)

(113)

Profit (loss) for the period

267

157

125

596

Equity shareholders

267

152

114

581

Non-controlling interests

Operating profit (loss)

179

297

202

(50)

638

(34)

605

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(21)

Special items

(10)

(7)

i t

' EBIT

(4)

(1)

(4)

Share of associates' EBIT

(4)

(1)

(4)

EBIT

180

305

199

(71)

627

Amortisation of assets

203

(2)

201

Share of associates' amortisation

EBITDA

257

371

249

(69)

830

Profit (loss) attributable to equity shareholders

267

152

114

581

Special items

(10)

(7)

Share of associates' special items

(5)

Taxation on items above

Headline earnings (loss)

268

142

114

569

Unrealised non-hedge derivatives and other
commodity contracts

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

Fair value adjustment on option component
of convertible bonds

(43)

Fair value adjustment on mandatory
convertible bonds

(79)

Adjusted headline earnings (loss)

268

142

114

(85)

447

Ore reserve development capital

Stay-in-business capital

104

146

(2)

144

Project capital

162

(32)

130

Total capital expenditure

106

163

398

(35)

364

Capitalised leased assets

(1)

Expenditures on intangible assets

(7)

Capital expenditure per statement of cash flows

356

Rounding of figures may result in computational discrepancies.

South Africa

Continental

Africa

Australasia

Americas

Total group

UNDERGROUND OPERATION

Area mined

- 000 m

754

Mined

- 000 tonnes

4,838

1,622

1,459

2,510

10,429

Milled / Treated

- 000 tonnes

4,317

1,799

1,444

2,796

10,356

Recovered grade

- oz/ton

0.219

0.140

0.076

0.160

0.169

- g/tonne

7.50

4.79

2.60

5.48

5.80

Gold produced

- oz (000)

1,041

277

121

492

1,931

SURFACE AND DUMP RECLAMATION

Milled / Treated

- 000 tonnes

17,962

326

18,288

Recovered grade

- oz/ton

0.009

- g/tonne

0.30

0.31

0.30

Gold produced

- oz (000)

172

175

OPEN-PIT OPERATION

Volume mined

- 000 bcm

56,937

4,559

61,496

Mined

- 000 tonnes

135,177

11,403

24,208

170,789

Treated

- 000 tonnes

24,541

1,914

973

27,429

Stripping ratio

- ratio

4.49

8.35

21.12

5.34

Recovered grade

- oz/ton

0.045

0.065

0.165

0.050

- g/tonne

1.54

2.22

5.66

1.73

Gold produced

- oz (000)

1,212

137

177

1,526

HEAP LEACH OPERATION

Mined

- 000 tonnes

8,277

63,248

71,524

Placed

- 000 tonnes

1,090

21,951

23,040

Stripping ratio

- ratio

11.96

2.02

2.31

Recovered grade

- oz/ton

0.031

0.012

0.013

- g/tonne

1.06

0.42

0.45

Gold placed

- oz (000)

293

330

Gold produced

- oz (000)

283

312

PRODUCTIVITY PER EMPLOYEE

Actual

- oz/TEC

4.19

10.97

43.46

17.47

8.07

TOTAL

OPERATING RESULTS
YEAR ENDED DECEMBER 2012

Subsidiaries' gold produced

- oz (000)

1,212

1,311

258

953

3,734

Joint ventures' gold produced

- oz (000)

210

Attributable gold produced

- oz (000)

1,212

1,521

258

953

3,944

Minority gold produced

- oz (000)

Subsidiaries' gold sold

- oz (000)

1,214

1,316

257

955

3,742

Joint ventures' gold sold

- oz (000)

211

Attributable gold sold

- oz (000)

1,214

1,527

257

955

3,953

Minority gold sold

- oz (000)

Spot price

- $/oz

1,668

Price received

- $/oz sold

1,665

1,664

1,663

1,664

Total cash costs

- $/oz produced

873

830

1,211

669

829

Total production costs

- $/oz produced

1,095

1,060

1,358

907

1,054

Recovered grade calculated using a short ton.

Rounding of figures may result in computational discrepancies.

FINANCIAL RESULTS - YEAR
ENDED DECEMBER 2012 $'m

South Africa

Continental

Africa

Australasia

Americas

Corporate

and other

Sub-total

Less equity

accounted

investments

Total group

Gold income received

2,013

2,609

426

1,656

6,704

(351)

6,353

Cash costs

(1,152)

(1,309)

(313)

(848)

(3,572)

231

(3,340)

By-products revenue

106

207

(1)

206

Total cash costs

(1,058)

(1,303)

(312)

(742)

(3,364)

230

(3,134)

Retrenchment costs

(6)

(1)

(4)

(10)

Rehabilitation and other non-cash costs

(71)

(2)

(31)

(65)

(1)

(67)

Amortisation of assets

(302)

(285)

(36)

(213)

(10)

(845)

(835)

Total production costs

(1,328)

(1,659)

(350)

(989)

(4,285)

239

(4,046)

Inventory change

Cost of sales

(1,326)

(1,650)

(348)

(920)

(4,203)

240

(3,964)

Adjusted gross profit (loss)

687

959

736

2,500

(111)

2,389

Unrealised non-hedge derivatives and other
commodity contracts

(36)

(35)

Gross profit (loss)

651

959

736

2,465

(111)

2,354

Corporate and other costs

(9)

(12)

(1)

(41)

(275)

(338)

(1)

(338)

Exploration and evaluation costs

(11)

(123)

(85)

(149)

(33)

(401)

(395)

Intercompany transactions

(82)

(12)

(2)

Special items

(53)

(356)

(17)

(398)

(4)

(402)

Operating profit (loss)

579

386

(5)

527

(157)

1,329

(110)

1,219

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

(8)

(7)

(2)

Exchange gain (loss)

(3)

(5)

Share of equity accounted investments
profit (loss)

(2)

(44)

(63)

(109)

(30)

Profit (loss) before taxation

571

373

(4)

480

(129)

1,291

(30)

1,261

Taxation

(227)

(160)

(15)

(376)

(346)

Profit (loss) for the period

597

146

(3)

320

(144)

915

Equity shareholders

597

164

(3)

300

(160)

897

Non-controlling interests

(18)

Operating profit (loss)

579

386

(5)

527

(157)

1,329

(110)

1,219

Unrealised non-hedge derivatives and other
commodity contracts

Intercompany transactions

(97)

Special items

316

(17)

362

363

Special items

316

(17)

362

363

Share of associates' EBIT

(44)

(9)

(53)

110

EBIT

673

784

487

(280)

1,674

Amortisation of assets

302

285

213

845

(10)

835

Share of associates' amortisation

EBITDA

974

1,069

700

(271)

2,519

Profit (loss) attributable to equity shareholders

597

164

(3)

300

(160)

897

Special items

316

(17)

362

Share of associates' special items

Taxation on items above

(16)

(90)

(1)

(107)

Headline earnings (loss)

640

392

(1)

302

(123)

1,208

Unrealised non-hedge derivatives and
other commodity contracts

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

(10)

Fair value adjustment on option component
of convertible bond

(83)

Fair value adjustment on mandatory
convertible bond

(162)

Adjusted headline earnings (loss)

665

392

(1)

301

(369)

988

Ore reserve development capital

233

369

Stay-in-business capital

176

449

166

867

(8)

859

Project capital

173

430

315

167

1,086

(295)

791

Total capital expenditure

583

925

369

409

2,322

(303)

2,019

Capitalised leased assets

(15)

Expenditures on intangible assets

(79)

Capital expenditure per statement of cash flows

1,925

Rounding of figures may result in computational discrepancies.

Administrative information

NGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE: ANG
LSE: (Shares)

AGD

LES : (Dis)

AGD

NYSE: AU
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
AM O’Neill ~ (Executive Director:Business and
Technical Development)
S Venkatakrishnan* § (Chief Executive Officer /
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
Group General Counsel and Company
Secretary: Ms M E Sanz Perez

Investor Relations Contacts

South Africa
Fundisa Mgidi
Telephone: +27 637 6763
Mobile: +27 82 374 8820
E-mail: fmgidi@AngloGoldAshanti.com

United Kingdom
Michael Bedford
Telephone: +44 (0) 1225 93 8483
Mobile: +44 (0) 779 497 7881
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: (SA only) 0861 100 950
Fax: +27 11 688 5218
Website : queries@computershare.co.za

United Kingdom
Shares
Computershare Investor Services (Jersey)
Ltd
Queensway House
Hilgrove Street
St Helier
Jersey JE1 1ES
Telephone: +44 870 889 3177
Fax: +44 (0) 870 873 5851
Depositary Interests
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZY
England
Telephone: +44 (0)870 702 0000
Fax: +44 (0) 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: (Australia only) 1300 55 2949
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\shareowner

Global BuyDIRECT SM
BoNY maintains a direct share purchase and
dividend reinvestment plan for ANGLOGOLD
ASHANTI
Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: May 13, 2013

By:

/s/ M E SANZ PEREZ

Name: M E Sanz Perez
Title: Group General Counsel and Company
Secretary