Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

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 15, 2009

Commission File Number 1-14846

AngloGold Ashanti Limited

(Translation of registrant’s name into English)

76 Jeppe Street

Newtown, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes No X

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

Yes No X

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

Yes No X

Enclosure: Press release   ANGLOGOLD ASHANTI – REPORT FOR THE QUARTER ENDED
                                       MARCH 31, 2009, PREPARED IN ACCORDANCE WITH
                                       INTERNATIONAL ACCOUNTING STANDARDS

Quarter 1 2009

Report

for the quarter ended 31 March 2009

Group results for the quarter….

·   Continued progress on safety, with lowest-ever number of Lost Time Injuries, while maintaining an improved fatality rate.
·   Production of 1.103Moz, in line with updated guidance.
·   Total cash costs of $445/oz, in line with original guidance.
·   Gold spot-price up 14%; received price up 25% quarter-on-quarter.
·   Hedge book commitments reduced by further 154,000oz, with 6% discount to average spot price received.
·   Adjusted headline earnings of $150m, up significantly from prior-quarter $17m loss.
·   Further portfolio optimisation through sale of Boddington mine to Newmont Mining Corp. and Tau Lekoa mine to Simmer & Jack Mines Limited.
· Anglo American Plc sale of remaining stake to Paulson & Company removes overhang.

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

34,306

39,429

37,210

154,958

1,103

1,268

1,196

4,982

Price received

- R/kg / $/oz

273,109

219,329 183,945 130,522

858

687

755

485

Price received normalised for
accelerated settlement of non-hedge
derivatives

- R/kg / $/oz

273,109

219,329 183,945 185,887

858

687

755

702

Total cash costs

- R/kg / $/oz

141,552

134,813 104,461 117,462

445

422

430

444

Total production costs

- R/kg / $/oz

180,751

172,312 136,200 150,149

568

540

561

567

Financial review

Gross profit (loss)

- Rm / $m

1,102

2,187

(3,530)

939

111

390

(99)

594

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

- Rm / $m

2,764

1,241

1,911

(2,945)

279

125

250

(384)

Adjusted gross profit normalised for
accelerated settlement of non-hedge
derivatives

- Rm / $m

2,764

1,241 1,911 5,072

279

125

250

626

Profit (loss) attributable to equity
shareholders

- Rm / $m

(11,869)

(3,812)

(16,105)

(1,016) (142)

(1,195)

Headline earnings (loss)

- Rm / $m

516

(3,880)

(4,375)

234

(151)

(30)

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

- Rm / $m

1,482

(178)

813 (7,197)

150

(17) 105

(897)

Capital expenditure

- Rm / $m

2,381

2,994 1,930 9,905

241

302

257

1,201

(Loss) profit per ordinary share

- cents/share

Basic

(3,335)

(1,351)

(5,077)

(285) (50)

(377)

Diluted

(3,335)

(1,351)

(5,077)

(285) (50)

(377)

Headline

145 (1,376)

(1,379)

(54)

(9)

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

cents/share

414

(50)

288 (2,269)

(5) 37

(283)

Notes:

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

3. Refer to note 8 "Notes" 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.

Global Footprint

AngloGold Ashanti is a global company…

…with an extensive portfolio of new and emerging opportunities.

China

DRC

Russia

Operations at a glance

for the quarter ended 31 March 2009

Production

Total cash costs

Gross profit (loss)

adjusted for the gain

(loss) on unrealised non-

hedge derivatives and

other commodity

contracts

oz (000)

Variance

$/oz

Variance

Mponeng

128

(11)

244

AngloGold Ashanti Mineração

(18)

288

Kopanang

(15)

338

Cripple Creek & Victor

(28)

336

Siguiri

(1)

492

Moab Khotsong

(8)

292

(8)

Morila

3, 4

(17)

413

Sadiola

3, 4

(27)

315

(18)

TauTona

(16)

385

Sunrise Dam

574

Cerro Vanguardia

(16)

400

(14)

Iduapriem

(35)

535

(7)

Navachab

(10)

457

(11)

Great Noligwa

(32)

587

(4)

Serra Grande

(54)

499

(3)

Tau Lekoa

(14)

593

Savuka

(22)

452

Yatela

3, 4

(13)

547

(2)

Obuasi

(6)

701

(2)

(1)

Geita

(15)

1,018

(17)

Other

Sub-total

1,103

(13)

445

316

173

Less equity accounted investments

(37)

(19)

AngloGold Ashanti

279

154

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

Variance March 2009 quarter on December 2008 quarter - increase (decrease).

Attributable.

Equity accounted joint ventures.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER

AngloGold Ashanti’s “Safety is Our First Value” campaign has now run for just over 18 months delivered a
substantial impact across the business. While safety gains were recorded at many of the South African
operations during the first quarter, two employees tragically lost their lives in separate accidents at the Moab
Khotsong and Tau Lekoa mines. The company recorded a Fatal Injury Frequency Rate (FIFR) of 0.05 per
million hours worked, a 58% improvement on the FIFR of 0.12 in the fourth quarter. The Lost Time Injury
Frequency Rate (LTIFR) of 7.05 during the second quarter, compared with 6.98 in the three months ending
December. Leadership across AngloGold Ashanti remains fully committed to continuing to improve safety
performance to deliver a workplace free of accidents.

First-quarter gold production of 1.1Moz was 2.4% lower than the initial guidance of 1.13Moz, but in line with
revised guidance issued on 2 April, 2009. The general operating performance across the business was solid
and the operating issues in South Africa and Tanzania that caused revision of first-quarter guidance in April
have now been resolved.

Southern Africa operations produced 481,000oz at a total cash cost of $347/oz, compared with 540,000oz at
$325/oz in the previous quarter. Uranium output was 5% higher at 369,000lbs. Management’s decision to
suspend some underground operations in South Africa to further improve safety contributed to the reduction,
as did the slower-than-anticipated resumption of work after the December break. The Vaal River division was
further impacted by inventory lock-up in the plant at Kopanang and the intersection of unidentified geological
structures at Moab Khotsong, while maintenance at Mponeng and a five-day drillers’ strike at Savuka led to
lower output from the West Wits operations. The strike at Savuka related to a disagreement on payments to
drillers and this issue has since been resolved.

The Africa region produced 342,000oz at a total cash cost of $591/oz, compared with 401,000oz at $586/oz
in the previous quarter. Planned reductions in volume at Yatela and Sadiola as well as a plant breakdown at
Geita contributed to lower production. Strong performances were delivered by Siguiri which benefited from
grade improvements and Obuasi which is successfully meeting its turnaround objectives.

The South America region produced to its plan of 126,000oz at $348/oz, compared with 164,000oz at
$327/oz in the previous quarter, while Cripple Creek & Victor in North America had production of 56,000oz at
$336/oz versus 78,000oz at $322/oz in the previous period. AngloGold Ashanti’s Australian operation
produced 98,000oz at A$865/oz ($574/oz), as compared with 85,000oz at A$721/oz ($486/oz) in the
previous quarter as Sunrise Dam drew down higher-grade ore from stockpiles. The Australian operations are
performing ahead of planned targets.

AngloGold Ashanti’s total cash costs rose 5% to $445/oz, in-line with initial guidance of $440/oz to $450/oz.
While the increase was anticipated, it was due mainly to the lower volumes across most of the company’s
mines, partly offset by lower fuel costs.

The company continued to deliver into hedge commitments, part of its strategy to reduce its overall position
and increase exposure to spot gold-prices. The net delta of the hedge book reduced by 360,000oz, or 7%, to
4.86Moz with total commitments of 5.84Moz, reflecting a decline of 154,000oz, or 3% at 31 March 2009. The
overall reduction in the hedge position was due to deliveries made into maturing contracts.

We continue to deliver on our strategic restructuring objectives with the sale by Anglo American Plc of its
remaining stake in the company, thereby removing the overhang in the market that was perceived by many
as an impediment to optimum share-price performance. Paulson & Co., a US-based investment fund,
purchased Anglo American’s 39.9m shares at $32 each, resulting in a total consideration of $1.28bn.
AngloGold Ashanti management held constructive dialogue with Paulson & Co. representatives following the
purchase and is encouraged by their support for the company’s ongoing operational and strategic plans.

Further progress on the strategic restructuring was delivered through the continuing optimisation of its
portfolio of assets, AngloGold Ashanti announced on 28 January 2009 the sale of its 33.33% stake in the
Boddington mine to Newmont Mining Corporation for up to approximately $1.1bn, comprising $750m in cash
upon closing the deal; $240m in cash or Newmont shares due on 31 December 2009, and up to $100m in
quarterly royalty payments based on specific cash operating margins. Capital expenditure incurred from
1 January 2009 is to be reimbursed following closure of the sale which is expected by about 30 June 2009.

On 14 February 2009, the company announced an agreement to sell its Tau Lekoa mine and the adjacent
Goedgenoeg and Weltevreden properties to Simmer & Jack Mines Ltd. Tau Lekoa is a mature, high-cost
asset, distant from the company’s other Vaal River mines where future consolidation synergies are planned.
The sale is for R600m, less up to R150m in un-hedged free cashflow generated by the mine during 2009, as
well as a 3% quarterly royalty revenue on 1.5Moz of gold, payable when gold trades above R180,000/kg.
The sale is expected to close early 2010.

Exploration expenditure of $31m declined 18% from the previous quarter reflecting continuous reprioritisation
and management of the greenfields exploration strategy. Greenfields exploration activities were undertaken
in Australia, Colombia, China, the Philippines, Russia and the DRC. Prefeasibility work on the Tropicana
project in Australia remains on schedule for completion in the second half of 2009. In Colombia, drilling at
La Colosa remained suspended during the quarter pending the award of environmental permits.
Subsequent to the end of the quarter, Colombia’s Ministry of Environment, Housing and Development
indicated it will issue a permit allowing AngloGold Ashanti to resume exploration on a portion of the La
Colosa concession. A legally binding decision within the government’s administrative process is being
awaited in this regard.

The award of permits will be a significant step forward and allow for resumption of exploration and other
activities related to the project’s prefeasibility study. Throughout the process, close cooperation will be
undertaken with local communities and non-governmental organizations to demonstrate that the
development of a mine will be undertaken in an environmentally and socially responsible manner and will
have significant economic benefits for the region.

Internal estimates indicate expenditure of about $200 million over the next three to four years to increase
knowledge of one of the most significant gold discoveries of the past decade and the first significant gold
porphyry discovery in the Colombian Andes. An investment of that magnitude will create roughly 700 direct
jobs and about three times that number in indirect employment opportunities.

Adjusted headline earnings were $150m, or US42 cents/share, up from a loss of $17m, or US5 cents/share
in the previous quarter. The turnaround shows AngloGold Ashanti’s improving leverage to higher spot gold
prices with the reduced hedge commitments, lower amortisation and inventory adjustments. This result was
further underpinned by the solid cost performance, delivered in spite of the slightly lower production result.

Production for the second quarter of 2009 is expected to be 1.140Moz because of the number of public
holidays in South Africa during the second quarter. Total cash costs during the quarter are estimated at
$465/oz at R9.25/$; A$/$0.66; BRL2.25/$ and Argentinean peso 3.65/$, at R8.50/$ and A$/$0.73 with the
same BRL and Argentinean peso to the dollar the total cash cost is likely to be around $485/oz.

The company remains on track to meet its production guidance for the year of between 4.9Moz to 5.0Moz.
The annual total cash cost guidance was $435/oz to $450/oz and this was based on R9.75/$, A$/$0.68,
BRL2.25/$ and Argentinean peso 3.65/$. However, with the strengthening of local currencies and in
particular the South African rand, total cash costs are likely to be in the range of $450/oz to $460/oz at
R9.25/$ and $460/oz to $475/oz at R8.50/$. Capital expenditure excluding Boddington remains forecast at
$840m in 2009 and management expects to achieve a discount of 6% to the average spot gold price for the
year.

OPERATING RESULTS FOR THE QUARTER

SOUTHERN AFRICA

Great Noligwa’s production was adversely affected by the premature intersection of a geological structure
and the closure over the year-end break. Output was further affected by hanging-up of ore passes in January
and February, causing lock-up. Gold production dropped 31% to 1,349kg (43,000oz) while total cash costs
rose 30% to R186,735/kg ($587/oz), due to the lower production. Adjusted gross profit was R35m ($4m),
compared with profit of R78m ($8m) in the prior quarter.

The LTIFR improved to 9.87 (12.11).

Kopanang lost four shifts to safety stoppages and also experienced a gold lock-up in the plant, resulting in
an 8% drop in yield. This contributed to gold production decreasing by 15% to 2,409kg (77,000oz). Total
cash costs increased by 9% to R107,584/kg ($338/oz), mainly due to lower gold production which was
partially offset by a favourable adjustment to gold-in-process. Adjusted gross profit was R247m ($25m)
against R240m ($24m) in the prior quarter.

The LTIFR improved to 11.87 (12.25).

Moab Khotsong’s production fell 8% to 2,028kg (65,000oz), due mainly to a clean-up of plant inventory in
the previous quarter and unexpected geological structures which eliminated planned mining faces, resulting
in lower tonnage. Total cash costs were 8% lower at R93,120/kg ($292/oz), due to the favourable inventory
adjustment and by-product contribution. Adjusted gross profit almost doubled to R202m ($20m) compared
with R114m ($12m) in the previous quarter.

The LTIFR deteriorated to 14.51 (9.18). The mine had one fatality during the quarter.

Tau Lekoa’s, production was negatively impacted by safety stoppages and ventilation constraints in some
areas. Gold production fell 13% to 962kg (31,000oz). Total cash costs increased 24% to R188,797/kg
($593/oz) due to the payment of once-off retention bonuses relating to the sale of Tau Lekoa. Adjusted gross
profit almost doubled to R39m ($4m) compared with R22m ($2m) in the previous quarter.

The LTIFR deteriorated to 17.92 (12.38). The mine had one fatality during the quarter.

Vaal River Surface Operations’ production increased 67% to 1,416kg (46,000oz), due mainly to increases
in tonnage and improved grades of waste-rock dump delivered. Total cash costs fell 43% to R66,734/kg
($210/oz).

The LTIFR deteriorated to 0.63 (0.56).

Mponeng’s production declined 12% to 3,967kg (128,000oz), impacted by maintenance undertaken on the
mill, which in turn resulted in backfilling constraints. Total cash costs were well controlled and unit cash costs
rose by only 9% to R77,520/kg ($244/oz). Adjusted gross profit was R628m ($63m), compared with R594m
($60m) in the previous quarter.

LTIFR was little changed at 12.80 (12.66).

Savuka’s production dropped 24% to 432kg (14,000oz) due mainly to a drillers’ strike which cost five
production shifts, as well as problems encountered with an Eskom transformer. Total cash costs rose 77% to
R143,876/kg ($452/oz), the result of lower production and additional costs associated with the rehabilitation
of a dyke intersection. The mine received some benefit from a favourable adjustment in inventory after a
lock-up the previous quarter. Adjusted gross profit was R39m ($4m) compared with R42m ($4m) in the
previous quarter.

The LTIFR improved to 7.08 (12.35).

TauTona’s production fell 16% to 1,822kg (59,000oz), after fall-of-ground incidents, seismic events and
face-length restrictions together resulted in lower mining volumes. Yield was 9% lower due to higher off-reef
tonnages as new development ends started. Total cash costs rose 18% to R122,643/kg ($385/oz), due to
lower gold production. Adjusted gross profit more than doubled to R163m ($16m), from R72m ($7m) in the
previous quarter.

The LTIFR improved to 13.59 (15.44).

Navachab’s production declined 10% to 18,000oz with harder footwall material fed to the plant resulting in
lower tonnage throughput. This was partially offset by a 5% increase in yield because of higher grades in the
footwall mineralisation and better-than-expected performance of low-grade stockpiles. Total cash costs were
11% lower at $457/oz, primarily as a result of deferred stripping-credits. Adjusted gross profit tripled to $6m,
from $2m in the previous quarter.

The LTIFR remained unchanged at 0.00 (0.00).

REST OF AFRICA

Iduapriem’s gold production fell 35% to 37,000oz, due to a breakdown of a mill gearbox which severely
impacted tonnage throughput. Total cash costs decreased by 7% to $535/oz, mainly as a result of a decline
in waste-stripping costs and lower fuel prices. Adjusted gross profit was $10m compared with $3m the
previous quarter.

LTIFR was 3.50 (3.33).

Obuasi’s gold production declined 6% to 92,000oz, as a breakdown at the oxygen treatment plant resulted
in a lower tonnage throughput. Total cash costs decreased 2% to $701/oz, due to a marked improvement in
operational efficiencies and reduced power consumption, as management continued to deliver on the
turnaround strategy. Adjusted gross loss narrowed to $1m, compared with $33m the previous quarter, as the
previous quarter’s non-cash adjustment to consumable inventory was not repeated.

The LTIFR was 4.23 (4.40).

At Siguiri (85% attributable), production marginally reduced to 80,000oz, while total cash costs increased by
3% to $492/oz, mainly due to higher royalty payments arising from a gain in the spot gold price, as well as a
slower build-up of ore stockpiles. Adjusted gross profit doubled to $22m, from $10m in the previous quarter.

LTIFR was 0.00 (0.58).

At Morila (40% attributable), production was 17% lower at 39,000oz. Tonnage throughput was reduced as
the SAG mill was relined and worn liners on the primary crusher were replaced. Total cash costs rose 7% to
$413/oz. Adjusted gross profit increased to $17m from $11m the prior quarter.

LTIFR remained unchanged at (0.00).

At Sadiola (38% attributable), production declined 27% to 36,000oz due to planned decreases in recovered
grade. Total cash costs decreased by 18% to $315/oz, despite the lower production, as a result of lower fuel
prices, lower reagent consumption and a decrease in freight costs. Adjusted gross profit more than tripled to
$17m, compared with $5m the previous quarter, buoyed by a higher gold price and an improved cost
performance. The decrease in production together with an increase in reserves, led to a lower amortisation
expense.

The LTIFR was 0.92 (0.83).

At Yatela (40% attributable), production declined 13% to 14,000oz due to a planned decrease in recovered
grade and fewer production shifts, as well as unplanned maintenance, which led to lower tonnages stacked.
Total cash costs decreased by 2% to $547/oz as a result of lower fuel prices. Adjusted gross profit was
maintained at $3m, with higher received prices compensating for lower production.

The LTIFR was 0.00 (0.00).

Geita’s gold production fell 15% to 44,000oz. The performance was well below expectations following lower-
than-anticipated recovered grades, an extended mill shutdown due to SAG-mill gearbox failure and
replacement of the SAG mill thrust-ring. Repairs were completed by mid-February and tonnage throughput
has since improved during April 2009. Total cash costs rose 11% to $1,018/oz. The adjusted gross loss
narrowed to $17m from $58m the previous quarter.

The LTIFR improved to 0.41 (0.80).

AUSTRALIA

Sunrise Dam’s gold production rose 15% to 98,000oz due to higher grades, principally from the
underground stopes at Cosmo and the Western Shear Zone. In the open pit, the first significant volumes of
ore from the North Wall Cutback were mined. Installation of piping and infrastructure for the paste fill plant
continued. A total of 505m of underground capital development and 1,169m of operational development were
completed during the quarter. Total cash costs rose 20% to A$865/oz ($574/oz), largely because of stockpile
movements. Adjusted gross profit was A$18m, ($12m) compared with A$13m ($9m) in the previous quarter.

The LTIFR was 2.54 (0.00).

SOUTH AMERICA

At Cerro Vanguardia (92.5% attributable), production fell 16% to 47,000oz because of planned declines in
yield and volume. Total cash costs fell 14% to $400/oz as a result of: lower expenses related to mining and
vehicle maintenance; lower technical-consultancy costs; depreciation of the Argentinean peso; and stockpile
movements. Those benefits were partially offset by lower gold production, decreased silver by-product
contribution and higher contractor costs. Adjusted gross profit was $11m compared with $2m the previous
quarter.

The LTIFR was 6.32 (3.49).

AngloGold Ashanti Brasil Mineração’s production dropped 18% to 68,000oz. Lower-grade stopes were
mined at Cuiabá, partly offset by higher tonnage output. Total cash costs rose 23% to $288/oz, primarily due
to the decline in production, a lower acid by-product credit and other provision and allocation adjustments.
Adjusted gross profit was $29m, compared with $27m the previous quarter.

The LTIFR was 2.51 (3.24).

At Serra Grande (50% attributable), gold production fell 54% to 11,000oz, due mainly to an anticipated drop
in overall grade following lower ore production from the quartz veins at Mine III. Output was further impacted
by commissioning of the Plant Expansion Project. The benefits of the project will be evident through the
balance of the year. Total cash costs rose 92% to $499/oz, principally due to lower gold production, stockpile
movements and additional costs of consumables and power to meet the earlier commissioning of the plant.
Adjusted gross profit was $4m compared with $7m the previous quarter.

The LTIFR was 1.52 (1.46).

NORTH AMERICA

Cripple Creek & Victor’s gold production fell 28% to 56,000oz, due to pad-phase timing. Total cash costs
increased 4% to $336/oz, due mainly to increased lime and cyanide applications, greater explosive volumes
and higher royalty costs. This increase was partially offset by lower inflation and reagent costs. Adjusted
gross profit rose to $23m, compared with $20m in the previous quarter, due to the higher gold price.

The LTIFR improved to 4.52 (9.81).

Notes:

All references to price received includes realised non-hedge derivatives.
In the case of joint venture and operations with minority holdings, all production and financial results are attributable to AngloGold
Ashanti.
Rounding of figures may result in computational discrepancies.

Review of the gold market

Gold price movements and investment markets

Gold continued to benefit from the global financial crisis and in the first quarter of 2009, recorded the second-
highest spot price ever, sustaining the strong trend which started midway through the fourth quarter of 2008.
The average price during the period under review was $909/oz, a 14% increase on the $795/oz average
price in the final quarter of 2008.

This performance occurred within a period of relative US-dollar strength. Traditionally, the relationship
between the US dollar and the gold price has been inversely correlated. This dislocation of the gold price
and US dollar is an indication of growing risk aversion among investors and a flight to US-dollar assets,
primarily cash and US Treasuries.

At the same time, the continued efforts of monetary authorities to restart lending by adding substantial
liquidity into the banking system has raised concerns among analysts and investors, not simply over the
inflationary effects of such actions but also over certain sovereign credit-ratings. The vulnerability of nations,
even those in Western Europe, was evidenced by the rating downgrades to Spain and Greece during the
quarter.

These concerns were the primary driver of the gold price through the first three months of the year.
Exchange Traded Funds (ETFs) in general and the US-listed SPDR Fund in particular, were beneficiaries of
this investment climate. The nine major gold ETFs collectively grew almost 40% to 53Moz from the beginning
of the year to the end of March, 2009. This outstripped the 37% growth in existing ETFs over the whole of
2008 and brings ETF holdings to a significant level in comparison to major Central Bank Holdings.

Central Bank and ETF Gold Holdings

Central Bank Gold Holdings by Country

Moz

253

Germany

106

IMF

100

France

Italy

ETF*

Switzerland

* Combined holdings of nine major ETFs as at end March 2009
Source: WGC
1 tonne = 32 150oz

The speculative community was also invested in gold as evidenced by movements on the COMEX and
CBOT exchanges. This long positioning did not reach the proportions that were seen earlier in 2008 but
under the circumstances remained robust, reaching a high of 22Moz net long.

It is expected that if the US dollar were to weaken, the traditional inverse correlation of the dollar and the
gold price would reassert itself. This would almost certainly be true if the US dollar were to decline on fears
of rising inflation and general currency debasement globally.

Producer hedging

Although no analysis has been published yet, the rate of producer de-hedging is not expected to have been
very different from that of the previous quarter.

Physical demand

Jewellery Sales

As expected, the global financial crisis has affected the retail sector significantly, dampening purchases of
gold jewellery as a luxury item in most countries, particularly in the US, India and the Middle East.

Despite this general trend, demand for gold purchases in China, now the second-largest single market for
gold jewellery, remained stable. The relative buoyancy of the market was assisted by the advent of the
Chinese New Year during the quarter, which is traditionally a peak period for gold-jewellery purchases.
Demand then slowed towards the middle of March, in line with normal seasonal trends.

The US jewellery market has been badly affected by the global financial crisis. Although first-quarter retail-
sales figures are typically low following the Christmas period, the current spending crunch along with the
historically high price of gold, has made gold-jewellery purchases difficult for lower-end consumers.
Retailers, including mass-market companies like WalMart, have responded by cutting back on stock levels of
gold jewellery. Current market conditions are leading to consolidation throughout the value chain.

Financial instability also impacted negatively on the Middle East market, with local retail trades and the
tourist sector affected. The second quarter may, however, bring some recovery as it is usually the heaviest
spending season in the Middle East with the traditional wedding season typically accounting for some 60% of
annual gold jewellery demand.

The Egyptian market, which performed strongly in 2008 saw a decrease in demand due to more difficult

economic conditions. In Turkey, where the lira has depreciated by 30% against the US dollar since the
financial crisis began, the local gold price has increased and consumption declined. The US market typically
accounts for a large proportion of gold-jewellery exports from Turkey and the country’s export trade was
therefore significantly affected. Both the Egyptian and the Gulf markets reported high levels of scrap sales
during the quarter, a result of more difficult economic circumstances, a flight to cash and rising gold prices.

India, which accounts for approximately 30% of global jewellery consumption, experienced a slow start to
2009. The increase in gold prices, along with an increasingly conservative attitude towards spending,
dampened demand in the sector. Some recovery may, however, take place during the second quarter,
particularly in the rural areas, in response to the harvest and the traditional gold buying festival of Akshaya
Tritia.

As would be expected under the current financial circumstances, the Indian market also saw the increased
use of scrap gold in the fabrication of new gold jewellery, as consumers preferred to use existing metal to
modernize their jewellery rather than make new purchases. The market also trended towards the sale of
lighter-weight products which consume less gold and can be retailed at lower price points.

Investment Market

As noted previously, investment demand in ETFs was significant during the first quarter of the year, with total
holdings once again reaching record levels. Underlying sentiment relating to the gold market and the role of
gold as a safe-haven asset contributed to good demand for investment products, where cash was available.
In India, for example, a recently launched scheme to retail gold medallions through post offices has been
quite successful.

Despite the weakness of the retail market for gold jewellery in the US, demand for gold bars and coins
remained strong, while supply shortages became more serious with the US Mint apparently unwilling to
invest in new production capacity.

Central Bank Sales

Sales under the Central Bank Gold Agreement remain far below the available quotas. Post quarter-end, the
G20 summit communiqué signalled a strong intention to sell IMF gold in order to provide concessional and
flexible finance for the poorest countries over the next 2-3 years. As noted in previous reports to
shareholders, gold sales by the IMF would still require congressional approval and are expected to take
place in the framework of the Central Bank Agreement.

Exploration

Total exploration expenditure during the first quarter, inclusive of expenditure at equity accounted joint
ventures, was $31m ($15m brownfields, $16m greenfields), compared with $38m ($16m brownfields, $22m
greenfields) the previous quarter.

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the Project Zaaiplaats area, with MMB5 intersecting the Jersey
Fault at 3,276.83m. A deflection to the Vaal Reef was started at 2,600m. MZA9 is currently re-drilling from
1,654.7m after in-hole complications. The first reef intersection is only expected in the fourth quarter. MGR8
advanced 1,123m to 2,718.83m.

In the Moab North area, Borehole MCY4 did not progress during the quarter due to in-hole problems.

In the West Rand, a new rig and crew were established on the old UD51 site. Rigging is underway and
drilling is expected to commence by the end of April. The hole will be drilled vertically to intersect
prospective VCR at about 3,900 metres.

At Iduapriem in Ghana, drilling at Ajopa was completed and no further field activities were conducted. Assay
results are expected early in the next quarter, after which Mineral Resource modelling will commence. At
Obuasi, exploration continued with three holes advancing below 50 level.

In Argentina, at Cerro Vanguardia, the exploration programme continued with 4,095.1m of Mineral Resource
delineation drilling and 3,151m of reconnaissance drilling. The environmental approval was obtained for the
El Volcan project area and initial exploration started.

In Australia, at Boddington, three rigs were employed on the BGM Mineral Resource conversion and near-
mine exploration diamond-drilling programme. During the quarter, approximately 17,818m were drilled in
29 holes.

At Sunrise Dam, exploration focussed on infill drilling within the existing Mega Pit and continued extension of
the underground Mineral-Resources. The drilling within the Mega Pit will confirm whether the potential exists
for an internal cutback, which becomes economically viable at higher gold prices.

During the period, 46 diamond drill holes were drilled for 9,604.8m. The in-pit drilling has confirmed that the
mineralisation beneath the Sunrise shear and Midway shear zones continues up-dip and may provide the
opportunity for an internal cutback on the eastern side of the Mega Pit. Further underground drilling has
identified extensions to the high-grade Cosmo, Astro and GQ lodes. Additional mineralisation around the
Dolly lode has also been delineated.

In addition, exploration for satellite pits in the surrounding district continued at the Golden Delicious and
Wilga (Chalice 100%; AGA Earning 75%) prospects.

In Brazil, at the Córrego do Sítio Sulphide Project, drilling continued with 6,700.1m being drilled from surface
and 1,662.2m drilled from underground. At the Lamego project, 5,152.3m of surface drilling and 2,331.7m
underground drilling was completed.

At Siguiri in Guinea, exploration focused on the in-fill drilling within the combined pits preliminary models.
Targets drill tested were adjacent to and between the Bidini, Sanu-Tinti, Sorofe, Tubani, Kalamagna and
Kami pits, where a combined 267 RC holes (34,051m) were drilled.

Diamond drilling has commenced to investigate the fresh rock potential below Kosise Pit, where the oxides
have been mined out and at Bidini, where mining has been completed in the main pit. Extension drilling to
the Sintroko Project, based on anomalous soil-sampling and previous drilling, was done to the north, east
and west of the main deposit, (17,620m Air Core, 189 holes). The drilling has indicated possible extensions
to the north and west of the Sintroko deposit. All results are expected to be available for interpretation during
the second quarter.

Geochemical soil sampling continued in Block 1 to the north and north east of current mining operations and
east of the Sintroko Project. Cumulative results have not identified any new anomalies at this stage. Drill
plans are in place to investigate geochemical anomalies to the north and northwest of the Séguélen deposit
identified from sampling in 2008.

At Geita in Tanzania, exploration continued at Star and Comet where four diamond and four RC holes were
drilled in order to increase confidence in the mineral resource. Assay results indicate consistent gold
mineralisation.

Aircore results for Matandani NW proved to be disappointing and at Nyamalembo, data interpretation is
ongoing. Infill drilling at Kalondwa Hill was completed and 1,892m was drilled. Geological interpretation is
ongoing as assay results are awaited.

At Morila, in Mali, work continued on refining the deposit-emplacement model, with the reduced intrusion-
related gold system (RIRGS) favoured. Drilling below Pit4N and Pit 4S intersected ore-grade mineralisation
within predicted zones. However, extensive granodiorite occurrences have downgraded the potential for
significant ore tonnages. Drilling is ongoing.

At Sadiola and Yatela, exploration activity focused on drilling of three areas. At KE17, a gravity-low adjacent
to the escarpment and to the southeast of Yatela, a program commenced that is aimed at verifying the
continuity of the mineralisation intersected during the last round of drilling and to determine mineralisation
plunge under the escarpment. Fifteen holes were completed and an assessment will be made in the next
quarter regarding further follow-up drilling. At YG1, a gravity-low target located to the southwest of Yatela pit,
was tested with 9 holes. Results are pending. At YG2, another gravity-low target located to the south of
Yatela pit and east of YG1, 12 holes were drilled. Results are pending, although field evidence suggests no
further work will be required.

At Navachab in Namibia, exploration at Gecko continues. Three diamond holes totalling 561m were drilled
and are aimed at improving the understanding of the structural setting. The Gecko Mineral Resource model
was completed and has been handed over to the mine-planning team. Exploration around the Main pit
focused on expanding the Mineral Resource base by extending Indicated and Inferred mineralisation limits
on NP2 FW and MDM/US HW sheeted-vein sets to the north. A total of 3,364m of diamond drilling was
completed in the quarter. One infill and ten down-plunge holes at a total of 2,507m were drilled in the
NP2 FW-vein target and a total of 857m were drilled in the MDM/US HW vein target. Assays are awaited.

At Cripple Creek & Victor in the United States, drilling continues to evaluate the Squaw Gulch and North
Cresson areas. Encouraging intercepts are under review. Drilling for the High Grade Study was focused
along the east wall of the Cresson deposit. Data is accumulating from the current drill program and will be
used to predict the grades and tonnages of high-grade zones that will be encountered during surface mining
operations.

GREENFIELDS EXPLORATION

Greenfields exploration activities were undertaken in Australia, the Americas, China, SE Asia, Sub-Saharan
Africa, Russia and the DRC during the first quarter of 2009. A total of 42,161m of reverse circulation (RC)
and aircore drilling (AC) was completed at existing priority targets and used to delineate new targets in
Australia.

In Australia, on the Tropicana Joint Venture, (AngloGold Ashanti 70%, Independence Group 30%)
prefeasibility studies on the Tropicana Gold Project are continuing and completion of the study is scheduled
for the second quarter of 2009. Technical studies for the project are substantially completed with financial
analysis to define the optimal project to be evaluated during feasibility study.

Draft environmental impact assessment documents have been submitted and are currently under review by
relevant government agencies. It is anticipated public review of the proposed project will occur mid-year.
Approvals for the project should be obtained by the second quarter 2010, providing there are no substantive
public appeals or delays through the environmental assessment process.

In parallel with the prefeasibility study, exploration in the Tropicana Joint Venture (JV) has focussed on
exploration targets within trucking distance of the Tropicana Gold Project.

During the quarter, a total of 916 AC holes were drilled for 34,242 metres and 50 RC holes for 7,919 metres.
Auger sampling continued across areas adjacent to the Tropicana-Havana deposit and nearly 8,000km of
aeromagnetic survey was flown.

Best results for the quarter came from RC drilling intercepts at Havana South including 15m @ 3.1g/t Au
from 126m, 10m @ 4.14g/t Au from 130m and 13m @ 2.34g/t Au from 73m. These results follow up
significant results from 2008, and confirm mineralisation outside of previous pit shells and should extend the
current resource.

Significant AC drilling results were returned from Stromboli including 4m @ 0.39g/t Au from 12m.

The Viking project which is approximately 8,300 square-kilometre in size, is located southwest of the
Tropicana JV, possibly within the same geological setting that hosts the Tropicana deposit.

Systematic surface geochemical-sampling commenced with 3,300 samples collected. Additional and follow-
up sampling is scheduled in the second quarter.

In Colombia, Phase I and Phase II Greenfield exploration was completed by AngloGold Ashanti and by joint
venture partners B2Gold and Mineros S.A. No drilling was undertaken by AngloGold Ashanti or its JV
partners during the quarter. In-house airborne magnetic and radiometric surveys were flown during the
quarter for 1,472.53 line kilometres over the La Colosa north, Gramalote and Cisneros prospects. The total
area under exploration in Colombia at the end of the quarter was 30,298 square kilometres.

At Gramalote (51% B2Gold, 49% AngloGold Ashanti), B2Gold published a NC43-101 compliant resource
estimate for the Gramalote Ridge sector of the project in January, 2009 (refer Table 1 below).

TABLE 1: B2GOLD’S UPDATED GRAMALOTE RIDGE RESOURCES ESTIMATE, QUARTER 1 : 2009

Whittle Pit Optimisation
Au Price Assumption

Gold g/t

cut-off grade

Tonnes

(x1,000)

Gold Grade

(g/t Au)

Contained Metal

Gold Troy Ounces

(x1,000)

US$800 0.5

63,630

1.01

2,074

US$800 0.3

86,069

0.85

2,360

US$1,000 0.5

74,375

1.00

2,387

US$1,000 0.3

101,948

0.84

2,738

At the La Quebradona porphyry copper-gold district (49% B2Gold, 51% AngloGold Ashanti), AngloGold
Ashanti has exercised its option to control 51% of the project.

Generative Greenfield exploration programmes are ongoing in Colombia predominantly utilising stream
sediment geochemistry.

In the remainder of the Americas, AngloGold Ashanti continued to compile and review geology, mineral
potential and third-party opportunities, primarily in Brazil and Canada. Prospective belts have been identified
and ranked, with continued focus on the merging of available technical and non-technical datasets over the
top-seven belts to further refine targets, priorities and their potential availability for Greenfield exploration
programmes.

In China, progress on the Jinchanggou project was reviewed. As a result, a recommendation has been
made to the board of the Gansu Longxing Minerals Company to discontinue exploration on the project.
Alternative business outcomes for the project/joint venture are currently being considered.

In Southeast Asia, the grant of the Mapawa title in the Philippines has proceeded to the Secretary of Mines
for final ratification. Project-generation activities and evaluation of opportunities are ongoing in a number of
other areas in the region.

In Russia the dissolution of the incorporated joint venture with Polymetal is in progress, focused on selling
the two exploration and four mining licences held by JV companies. A new, unincorporated alliance with
Polymetal has commenced, aimed at the joint identification and development of more advanced
opportunities anywhere in Russia and potentially in the former CIS. AngloGold Ashanti considers Russia to
be of strategic future importance and would like to develop a profitable operation with their local partner, in
order to create a platform for future growth.

In Sub-Saharan Africa, work during the first quarter concentrated on project generation and specific project
reviews in Central and Western Africa.

In the Democratic Republic of the Congo, no drilling took place during the quarter. A high priority is to
improve the interpretation of the mylonite zone and associated wireframes of the Mongbwalu geological
model.

Assay results were received from drilling completed at Adidi South late last year. The best intersection
received was 6m @ 4.75g/t Au from 151m. A review of all regional exploration data at the Bunia West, Petsi,
Mont Tsi, Camp 3 and Lodjo prospects was instigated during the quarter.

Hedge position

As at 31 March 2009, the net delta hedge position was 4.86Moz or 151t (at 31 December 2008: 5.22Moz or
162t), representing a further reduction of 0.36Moz for the quarter. The total commitments of the hedge book
as at 31 March 2009 was 5.84Moz or 182t, a reduction of 0.15Moz from the position as at
31 December 2008.

The marked-to-market value of all hedge transactions making up the hedge positions was a negative
$2.48bn (negative R23.84bn), increasing by $0.02bn (R0.59bn) over the quarter. This value was based on a
gold price of $919.80/oz, exchange rates of R9.59/$ and A$/$0.69 and the prevailing market interest rates
and volatilities at that date.

The company’s received price for the first quarter was $858/oz, 6% below the average spot price for the
same period.

As at 13 May 2009, the marked-to-market value of the hedge book was a negative $2.64bn (negative
R22.13bn), based on a gold price of $925.80/oz and exchange rates of R8.37/$ and A$/$0.77 and the
prevailing market interest rates and volatilities at the time.

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

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

Year

2009

2010

2011

2012

2013

2014-2015

Total

DOLLAR GOLD

Forward contracts

Amount (oz)

*(439,874)

218,590

378,250

359,000

306,000

91,500

913,466

**US$/oz

$1,037

$86

$383

$388

$408

$510

$20

Put options sold

Amount (oz)

460,000

185,860

98,000

85,500

60,500

950,360

US$/oz

$818

$733

$533

$538

$440

$450

$699

Call options sold

Amount (oz)

588,000

1,123,630

1,231,770

811,420

574,120

709,470

5,038,410

US$/oz

$730

$555

$530

$635

$601

$606

$595

RAND GOLD
Forward contracts

Amount (oz)

*(60,000)

Rand/oz

R9,540

A DOLLAR GOLD

Forward contracts

Amount (oz)

*(8,554)

100,000

91,446

A$/oz

A$1,617

A$652

A$562

Call options purchased

Amount (oz)

40,000

100,000

140,000

A$/oz

A$694

A$712

A$707

Delta (oz)

258,640

(1,170,960)

(1,458,850)

(1,015,650)

(784,960)

(685,830)

(4,857,610)

*** Total net gold:

Committed (oz)

(39,572)

(1,342,220)

(1,610,020)

(1,170,420)

(880,120)

(800,970)

(5,843,322)

Indicates a net long position resulting from forward purchase contracts.

The price represents the average weighted price, combining both forward sales and purchases for the period.

***

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

Rounding of figures may result in computational discrepancies.

The following table indicates the group's currency hedge position at 31 March 2009

Year

2009

2010

2011

2012

2013

2014-2015

Total

RAND DOLLAR (000)

Put options purchased

Amount ($)

50,000

US$/R

R11.22

Put options sold

Amount ($)

60,000

US$/R

R9.78

Call options sold

Amount ($)

60,000

US$/R

R12.57

A DOLLAR (000)

Forward contracts

Amount ($)

450,000

A$/US$

A$0.65

Put options purchased

Amount ($)

10,000

A$/US$

A$0.69

Put options sold

Amount ($)

10,000

A$/US$

A$0.76

Call options sold

Amount ($)

10,000

A$/US$

A$0.64

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

59,390

US$/BRL

BRL 2.06

Fair value of derivative analysis by accounting designation as at 31 March 2009

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollar (millions)

Commodity option contracts

(461)

—

(1,315)

(1,776)

Foreign exchange option contracts

—

Forward sale commodity contracts

(717)

(106)

(762)

Forward foreign exchange contracts

—

Interest rate swaps

(26)

—

(7)

Total derivatives

(1,204)

(106)

(1,212)

(2,522)

Credit risk adjustment

(105)

(1)

(244)

(350)

Total derivatives - before credit risk adjustment

(1,309)

(107)

(1,456)

(2,872)

Rounding of figures may result in computational discrepancies.

Development

for the quarter ended 31 March 2009

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. channel

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

SOUTHERN AFRICA - VAAL RIVER
Great Noligwa Mine
Vaal reef

838

93.6

7.75

725

0.68

63.26

Kopanang Mine
Vaal reef

6,163

658

26.0

102.50

2,665

3.87

102.95

Tau Lekoa Mine
Ventersdorp Contact reef

1,949

208

80.2

15.80

1,267

Moab Khotsong Mine
Vaal reef

4,589

382

139.6

18.09

2,526

0.84

126.66

SOUTHERN AFRICA - WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

117

Carbon Leader reef

2,385

13.9

150.29

2,089

2.35

32.37

Savuka Mine
Carbon Leader reef

642

Mponeng Mine
Ventersdorp Contact reef

3,533

504

57.8

39.43

2,279

AUSTRALIA
Sunrise Dam

739

2.51

SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá

1,373

368

4.79

Córrego do Sitio

1,060

357

3.39

Lamego

1,004

130

2.13

Serra Grande
Mina III

828

222

5.63

Mina Nova

646

REST OF AFRICA
Obuasi

6,161

2,121

*470

7.25

3,408

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. channel

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

SOUTHERN AFRICA - VAAL RIVER
Great Noligwa Mine
Vaal reef

2,749

308

36.9

0.23

0.69

1.36

4.18

Kopanang Mine
Vaal reef

20,221

2,159

10.2

2.99

2.55

7.74

6.60

Tau Lekoa Mine
Ventersdorp Contact reef

6,394

682

31.6

0.46

1.21

Moab Khotsong Mine
Vaal reef

15,057

1,253

55.0

0.53

2.42

1.68

7.69

SOUTHERN AFRICA - WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

382

Carbon Leader reef

7,825

308

5.5

4.38

2.00

4.70

2.14

Savuka Mine
Carbon Leader reef

2,107

Mponeng Mine
Ventersdorp Contact reef

11,590

1,654

22.8

1.15

2.18

AUSTRALIA
Sunrise Dam

2,425

0.07

SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá

4,504

1,207

0.14

Córrego do Sitio

3,476

1,172

0.10

Lamego

3,295

427

0.06

Serra Grande
Mina III

2,717

728

0.16

Mina Nova

2,119

REST OF AFRICA
Obuasi

20,212

6,957

*185

0.21

3.26

* Average ore body width.

Sampled

gold

uranium

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

Sampled

gold

uranium

Group

operating results

Year

ended

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

OPERATING RESULTS
UNDERGROUND OPERATION
Milled

- 000 tonnes

/ - 000 tons

3,032

3,227

2,901

12,335

3,343

3,557

3,197

13,597

Yield

- g / t

/ - oz / t

6.22

6.72

6.95

6.89

0.181

0.196

0.203

0.201

Gold produced

- kg

/ - oz (000)

18,857

21,679

20,164

85,025

606

697

648

2,734

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

3,264

3,092

2,826

11,870

3,598

3,408

3,115

13,085

Yield

- g / t

/ - oz / t

0.56

0.44

0.47

0.42

0.016

0.013

0.014

0.012

Gold produced

- kg

/ - oz (000)

1,824

1,362

1,318

5,009

161

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

45,352

40,332

46,554

175,999

49,992

44,458

51,317

194,006

Treated

- 000 tonnes

/ - 000 tons

5,737

6,575

6,331

25,388

6,324

7,248

6,979

27,985

Stripping ratio

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

5.44

4.65

4.91

5.24

5.44

4.65

4.91

5.24

Yield

- g / t

/ - oz / t

1.99

2.01

2.09

2.12

0.058

0.059

0.061

0.062

Gold in ore

- kg

/ - oz (000)

7,750

18,394

12,266

47,160

249

591

394

1,516

Gold produced

- kg

/ - oz (000)

11,406

13,240

53,930

367

426

1,734

HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

13,882

13,712

13,239

54,754

15,302

15,115

14,593

60,356

Placed

- 000 tonnes

/ - 000 tons

5,605

5,861

5,408

23,462

6,179

6,460

5,962

25,863

Stripping ratio

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

1.51

1.47

1.43

1.51

1.47

1.43

Yield

- g / t

/ - oz / t

0.57

0.61

0.67

0.62

0.017

0.018

0.019

0.018

Gold placed

- kg

/ - oz (000)

3,220

3,577

3,613

14,496

104

115

116

466

Gold produced

- kg

/ - oz (000)

2,219

3,148

2,488

10,994

101

353

TOTAL
Gold produced

- kg

/ - oz (000)

34,306

39,429

37,210

154,958

1,103

1,268

1,196

4,982

Gold sold

- kg

/ - oz (000)

32,584

39,249

37,098

155,954

1,048

1,262

1,193

5,014

Price received

- R / kg

/ - $ / oz

- sold

273,109

219,329

183,945

130,522

858

687

755

485

Price received normalised for
accelerated settlement of non-
hedge derivatives

- R / kg

/ - $ / oz

- sold

273,109

219,329

183,945

185,887

858

687

755

702

Total cash costs

- R / kg

/ - $ / oz

- produced

141,552

134,813

104,461

117,462

445

422

430

444

Total production costs

- R / kg

/ - $ / oz

- produced

180,751

172,312

136,200

150,149

568

540

561

567

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

293

342

303

333

9.42

11.00

9.75

10.70

Actual

- g

/ - oz

287

295

302

309

9.23

9.48

9.72

9.94

CAPITAL EXPENDITURE

- Rm

/ - $m

2,381

2,994

1,930

9,905

241

302

257

1,201

Tonnes (tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Group income statement

Quarter

Year

ended

March

December

March

December

2009

2008

Restated

SA Rand million

Notes

Unaudited

Audited

Revenue

6,824

8,771

6,864

30,790

Gold income

6,518

8,517

6,657

29,774

Cost of sales

(5,621)

(6,928)

(4,588)

(22,558)

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

205

598

(5,599)

(6,277)

Gross profit (loss)

1,102

2,187

(3,530)

939

Corporate administration and other expenses

(351)

(363)

(217)

(1,090)

Market development costs

(28)

(41)

(24)

(113)

Exploration costs

(221)

(298)

(268)

(1,037)

Other operating (expenses) income

(50)

(29)

Operating special items

(60)

(15,855)

(15,379)

Operating profit (loss)

391

(14,309)

(3,925)

(16,709)

Interest received

108

536

Exchange gain (loss)

(10)

Fair value adjustment on option component of convertible bond

170

185

Finance costs and unwinding of obligations

(252)

(225)

(253)

(926)

Share of equity accounted investments' profit (loss)

223

(381)

(1,177)

Profit (loss) before taxation

476

(14,797)

(3,867)

(18,058)

Taxation

(384)

2,978

148

2,079

Profit (loss) after taxation from continuing operations

(11,819)

(3,719)

(15,979)

Discontinued operations
Profit (loss) from discontinued operations

(3)

198

Profit (loss) for the period

(11,815)

(3,722)

(15,781)

Allocated as follows:
Equity shareholders

(11,869)

(3,812)

(16,105)

Minority interest

324

(11,815)

(3,722)

(15,781)

Basic

(1)

and diluted

(2)

loss per ordinary share (cents)

Loss from continuing operations

(3,336)

(1,350)

(5,140)

Profit (loss) from discontinued operations

(1)

Loss

(3,335)

(1,351)

(5,077)

(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 impact of the diluted loss per share is anti-dilutive and therefore equal to the basic

loss per share.

Group income statement

Quarter

Year

ended

March

December

March

December

2009

2008

Restated

US Dollar million

Notes

Unaudited

Audited

Revenue

689

884

906

3,743

Gold income

658

858

879

3,619

Cost of sales

(568)

(698)

(607)

(2,728)

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

230

(372)

(297)

Gross profit (loss)

111

390

(99)

594

Corporate administration and other expenses

(35)

(37)

(29)

(131)

Market development costs

(3)

(4)

(3)

(13)

Exploration costs

(22)

(30)

(36)

(126)

Other operating (expenses) income

(5)

(6)

Operating special items

(6)

(1,600)

(1,538)

Operating profit (loss)

(1,275)

(152)

(1,220)

Interest received

Exchange gain (loss)

(1)

Fair value adjustment on option component of convertible bond

Finance costs and unwinding of obligations

(25)

(23)

(33)

(114)

Share of equity accounted investments' profit (loss)

(39)

(138)

Profit (loss) before taxation

(1,324)

(144)

(1,377)

Taxation

(39)

313

197

Profit (loss) after taxation from continuing operations

(1,011)

(130)

(1,180)

Discontinued operations
Profit from discontinued operations

Profit (loss) for the period

(1,011)

(131)

(1,155)

Allocated as follows:
Equity shareholders

(1,016)

(142)

(1,195)

Minority interest

(1,011)

(131)

(1,155)

Basic

(1)

and diluted

(2)

loss per ordinary share (cents)

Loss from continuing operations

(285)

(50)

(385)

Profit from discontinued operations

Loss

(285)

(50)

(377)

(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 impact of the diluted loss per share is anti-dilutive and therefore equal to the basic

loss per share.

Statement of comprehensive income

Quarter

Year

ended

March

December

March

December

2009

2008

Restated

SA Rand million

Unaudited

Audited

Profit (loss) for the period

(11,815)

(3,722)

(15,781)

Exchange differences on translation of foreign operations

174

4,115

4,697

8,725

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

530

369

494

1,782

Net loss on cash flow hedges

(171)

(99)

(827)

(721)

Hedge ineffectiveness

Realised losses on hedges of capital items

(15)

(18)

Deferred taxation thereon

(91)

(58)

(254)

289

261

(228)

853

Net gain (loss) on available for sale financial assets

(73)

(74)

Release on available for sale financial assets

(1)

(9)

Deferred taxation thereon

(3)

(11)

(5)

(56)

(71)

Actuarial loss recognised

(171)

(364)

Deferred taxation thereon

(3)

124

(113)

(3)

(240)

Other comprehensive income for the period net of tax

543

4,258

4,410

9,267

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

635

(7,557)

688

(6,514)

Allocated as follows:
Equity shareholders

538

(7,602)

597

(6,860)

Minority interest

346

635

(7,557)

688

(6,514)

Rounding of figures may result in computational discrepancies.

Statement of comprehensive income

Quarter

Year

ended

March

December

March

December

2009

2008

Restated

US Dollar million

Unaudited

Audited

Profit (loss) for the period

(1,011)

(131)

(1,155)

Exchange differences on translation of foreign operations

279

372

649

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

216

Net loss on cash flow hedges

(17)

(6)

(110)

(87)

Hedge ineffectiveness

Realised losses on hedges of capital items

(2)

(2)

Deferred taxation thereon

(9)

(4)

(28)

(30)

107

Net gain (loss) on available for sale financial assets

(9)

Release on available for sale financial assets

(1)

Deferred taxation thereon

(1)

(7)

(9)

Actuarial loss recognised

(19)

(44)

Deferred taxation thereon

(13)

(29)

Other comprehensive income for the period net of tax

295

335

718

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

(716)

204

(437)

Allocated as follows:
Equity shareholders

(720)

193

(480)

Minority interest

(716)

204

(437)

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

March

December

March

2009

2008

Restated

SA Rand million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

41,404

41,081

52,569

Intangible assets

1,408

1,403

3,494

Investments in associates and equity accounted joint ventures

2,897

2,814

2,742

Other investments

704

625

661

Inventories

2,884

2,710

2,361

Trade and other receivables

716

585

489

Deferred taxation

477

475

495

Other non-current assets

281

50,525

49,725

63,092

Current assets
Inventories

5,877

5,663

4,612

Trade and other receivables

1,827

2,076

1,729

Derivatives

4,744

5,386

3,966

Current portion of other non-current assets

Cash restricted for use

443

415

423

Cash and cash equivalents

5,874

5,438

3,848

18,767

18,980

14,580

Non-current assets held for sale

9,104

7,497

131

27,871

26,477

14,711

TOTAL ASSETS

78,396

76,202

77,803

EQUITY AND LIABILITIES

Share capital and premium

37,513

37,336

22,448

Retained earnings and other reserves

(13,995)

(14,380)

(5,787)

Minority interests

893

790

576

Total equity

24,411

23,746

17,237

Non-current liabilities
Borrowings

9,147

8,224

5,700

Environmental rehabilitation and other provisions

3,934

3,860

3,691

Provision for pension and post-retirement benefits

1,299

1,293

1,244

Trade, other payables and deferred income

115

Derivatives

235

874

Deferred taxation

6,153

5,838

7,336

20,648

19,549

18,934

Current liabilities
Current portion of borrowings

9,745

10,046

9,974

Trade, other payables and deferred income

4,683

4,946

4,953

Derivatives

17,376

16,426

25,188

Taxation

803

1,033

1,346

32,607

32,451

41,461

Non-current liabilities held for sale

731

456

171

33,338

32,907

41,632

Total liabilities

53,986

52,456

60,566

TOTAL EQUITY AND LIABILITIES

78,396

76,202

77,803

Net asset value - cents per share

6,818

6,643

6,116

Rounding of figures may result in computational discrepancies.

Group statement of financial position

As at

March

December

March

2009

2008

Restated

US Dollar million

Note

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

4,320

4,345

6,495

Intangible assets

147

148

432

Investments in associates and equity accounted joint ventures

302

298

339

Other investments

Inventories

301

287

292

Trade and other receivables

Deferred taxation

Other non-current assets

5,271

5,259

7,796

Current assets
Inventories

613

599

570

Trade and other receivables

190

220

214

Derivatives

495

570

490

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

613

575

475

1,957

2,008

1,801

Non-current assets held for sale

950

793

2,907

2,801

1,817

TOTAL ASSETS

8,178

8,060

9,613

EQUITY AND LIABILITIES

Share capital and premium

3,914

3,949

2,773

Retained earnings and other reserves

(1,460)

(1,521)

(715)

Minority interests

Total equity

2,547

2,511

2,129

Non-current liabilities
Borrowings

954

870

704

Environmental rehabilitation and other provisions

410

408

456

Provision for pension and post-retirement benefits

135

137

154

Trade, other payables and deferred income

Derivatives

108

Deferred taxation

642

617

906

2,153

2,068

2,339

Current liabilities
Current portion of borrowings

1,017

1,063

1,232

Trade, other payables and deferred income

489

524

612

Derivatives

1,813

1,737

3,112

Taxation

109

167

3,402

3,433

5,123

Non-current liabilities held for sale

3,478

3,481

5,144

Total liabilities

5,631

5,549

7,482

TOTAL EQUITY AND LIABILITIES

8,178

8,060

9,613

Net asset value - cents per share

711

702

755

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Year

ended

March

December

March

December

2009

2008

Restated

SA Rand million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

6,404

8,772

6,536

30,117

Payments to suppliers and employees

(3,726)

(6,210)

(4,674)

(24,429)

Cash generated from operations

2,678

2,562

1,863

5,688

Cash utilised by discontinued operations

(4)

(1)

(11)

Dividend received from equity accounted investments

173

257

739

Taxation paid

(423)

(127)

(343)

(1,029)

Cash utilised for hedge book settlements

(10)

(8,514)

Net cash inflow (outflow) from operating activities

2,427

2,678

1,519

(3,127)

Cash flows from investing activities
Capital expenditure

(2,387)

(2,964)

(1,918)

(9,846)

Proceeds from disposal of tangible assets

222

301

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(160)

(197)

(266)

(769)

Proceeds on disposal of associate

382

Associates' loans advanced

(38)

Associates' loans repaid

Proceeds from disposal of investments

165

203

207

729

(Increase) decrease in cash restricted for use

(104)

(48)

(49)

Interest received

538

Loans advanced

(3)

Repayment of loans advanced

Net cash outflow from investing activities

(2,370)

(2,733)

(1,689)

(8,640)

Cash flows from financing activities
Proceeds from issue of share capital

114

13,592

Share issue expenses

(4)

(11)

(421)

Proceeds from borrowings

10,938

1,622

1,204

7,034

Repayment of borrowings

(10,135)

(477)

(154)

(5,066)

Finance costs paid

(410)

(266)

(250)

(788)

Dividends paid

(178)

(152)

(455)

Net cash inflow from financing activities

325

879

713

13,896

Net increase in cash and cash equivalents

382

824

543

2,129

Translation

Cash and cash equivalents at beginning of period

5,438

4,585

3,246

Net cash and cash equivalents at end of period

5,874

5,438

3,848

5,438

Cash generated from operations
Profit (loss) before taxation

476

(14,797)

(3,867)

(18,058)

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

1,621

(1,046)

5,280

3,169

Amortisation of tangible assets

1,261

1,387

1,020

4,620

Finance costs and unwinding of obligations

252

225

253

926

Environmental, rehabilitation and other expenditure

(72)

Operating special items

15,855

(82)

15,379

Amortisation of intangible assets

Deferred stripping

(313)

(140)

(190)

(418)

Fair value adjustment on option components of convertible bond

(2)

(170)

(185)

Interest receivable

(97)

(108)

(80)

(536)

Share of equity accounted investments' (profit) loss

(223)

381

(72)

1,177

Other non-cash movements

363

(20)

776

Movements in working capital

(464)

507

(300)

(1,221)

2,678

2,562

1,863

5,688

Movements in working capital
Increase in inventories

(440)

(1,162)

(1,439)

(3,588)

(Increase) decrease in trade and other receivables

(337)

135

(386)

(618)

Increase in trade and other payables

313

1,533

1,525

2,985

(464)

507

(300)

(1,221)

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Year

ended

March

December

March

December

2009

2008

Restated

US Dollar million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

646

892

871

3,672

Payments to suppliers and employees

(378)

(681)

(656)

(3,040)

Cash generated from operations

268

210

215

632

Cash utilised by discontinued operations

(1)

Dividend received from equity accounted investments

Taxation paid

(43)

(7)

(46)

(125)

Cash utilised for hedge book settlements

(1)

(1,113)

Net cash inflow (outflow) from operating activities

243

221

169

(529)

Cash flows from investing activities
Capital expenditure

(241)

(298)

(256)

(1,194)

Proceeds from disposal of tangible assets

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(16)

(19)

(35)

(93)

Proceeds on disposal of associate

(3)

Associates' loans advanced

(4)

Associates' loans repaid

Proceeds from disposal of investments

(Increase) decrease in cash restricted for use

(10)

(6)

Interest received

Loans advanced

Repayment of loans advanced

Net cash outflow from investing activities

(239)

(274)

(225)

(1,041)

Cash flows from financing activities
Proceeds from issue of share capital

1,722

Share issue expenses

(54)

Proceeds from borrowings

1,105

149

160

853

Repayment of borrowings

(1,024)

(17)

(20)

(614)

Finance costs paid

(41)

(25)

(33)

(93)

Dividends paid

(18)

(19)

(58)

Net cash inflow from financing activities

108

1,756

Net increase in cash and cash equivalents

186

Translation

(35)

(42)

(88)

Cash and cash equivalents at beginning of period

575

555

477

Net cash and cash equivalents at end of period

613

575

475

575

Cash generated from operations
Profit (loss) before taxation

(1,324)

(144)

(1,377)

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

164

(276)

328

(88)

Amortisation of tangible assets

127

140

136

560

Finance costs and unwinding of obligations

114

Environmental, rehabilitation and other expenditure

(8)

Operating special items

1,600

(11)

1,538

Amortisation of intangible assets

Deferred stripping

(32)

(14)

(23)

(51)

Fair value adjustment on option components of convertible bond

(23)

(25)

Interest receivable

(10)

(11)

(66)

Share of equity accounted investments' (profit) loss

(23)

(9)

138

Other non-cash movements

(2)

Movements in working capital

(49)

(70)

(206)

268

210

215

632

Movements in working capital
Increase in inventories

(34)

(1)

(48)

(151)

(Increase) decrease in trade and other receivables

(32)

(16)

(9)

Increase (decrease) in trade and other payables

(40)

(6)

(46)

(49)

(70)

(206)

Rounding of figures may result in computational discrepancies.

Group statement of changes in equity

Cash

Available

Foreign

Share

Other

flow

for

Actuarial

currency

Capital &

capital

Retained

hedge

sale

(losses) translation

Minority

Total

SA Rand million

Premium

reserves

earnings

reserve

gains

reserve

Total

interests

equity

Balance at December 2007

22,371

701

(5,524)

(1,633)

(108)

338

16,204

429

16,633

(Loss) profit for the year

(3,812)

(3,722)

Comprehensive (expense) income

(229)

(56)

(3)

4,697

4,409

4,410

Total comprehensive (expense) income

- - (3,812) (229) (56) (3) 4,697 597 91 688

Shares issued

Share-based payment for share awards

Dividends paid

(148)

Dividends of subsidiaries

(4)

Transfers to foreign currency translation reserve

(12)

Translation

(146)

(142)

(82)

Balance at March 2008

22,448

777

(9,496)

(2,008)

(111)

5,047

16,661

576

17,237

Balance at December 2008

37,336

809

(22,879)

(1,008)

(18)

(347)

9,063

22,956

790

23,746

Profit for the year

Comprehensive income

283

174

537

543

Total comprehensive income

- - 1 283 80 - 174 538 97 635

Shares issued

177

Share-based payment for share awards

Dividends paid

(178)

Translation

(4)

(7)

(3)

(14)

(8)

Balance at March 2009

37,513

844

(23,056)

(732)

(347)

9,237

23,518

893

24,411

US Dollar million
Balance at December 2007

3,285

103

(1,020)

(240)

(16)

258

2,379

2,442

(Loss) profit for the year

(142)

(131)

Comprehensive (expense) income

(30)

(7)

372

335

Total comprehensive (expense) income

- - (142) (30) (7) - 372 193 11 204

Shares issued

Share-based payment for share awards

Dividends paid

(18)

Dividends of subsidiaries

(1)

Transfers to foreign currency translation reserve

(2)

Translation

(521)

(17)

(2)

(515)

(2)

(517)

Balance at March 2008

2,773

(1,182)

(248)

(13)

632

2,058

2,129

Balance at December 2008

3,949

(2,368)

(107)

(2)

(37)

907

2,428

2,511

Profit for the year

Comprehensive income

Total comprehensive income

- - - 28 8 - 38 74 10 84

Shares issued

Share-based payment for share awards

Dividends paid

(18)

Translation

(52)

(3)

(51)

Balance at March 2009

3,914

(2,386)

(76)

(36)

945

2,454

2,547

Rounding of figures may result in computational discrepancies.

Segmental reporting

for the quarter ended 31 March 2009

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

Unaudited

Gold income
Southern Africa

3,045

3,649

2,534

12,395

307

367

335

1,505

Rest of Africa

1,482

2,010

1,953

9,334

150

203

258

1,148

Australia

626

937

727

2,338

280

South America

1,122

1,390

1,074

3,723

113

140

142

446

North America

243

531

369

1,984

240

6,518

8,517

6,657

29,774

658

858

879

3,619

Gross profit (loss) adjusted for
the gain (loss) on unrealised non-
hedge derivatives and other
commodity contracts
Southern Africa

1,683

1,266

1,035

(265)

170

128

132

(57)

Rest of Africa

557

(542)

396

(2,798)

(55)

(334)

Australia

144

(554)

(70)

South America

484

432

361

211

North America

222

170

157

Other

167

Sub-total

3,128

1,425

2,095

(3,140)

316

143

274

(412)

Less equity accounted investments

(364)

(184)

195

(37)

(18)

(24)

2,764

1,241

1,911

(2,945)

279

125

250

(384)

Adjusted gross profit (loss)
normalised for accelerated
settlement of non-hedge
derivatives
Southern Africa

1,683

1,266

1,035

3,938

170

128

132

473

Rest of Africa

557

(542)

396

(232)

(55)

(12)

Australia

144

182

South America

484

432

361

1,148

138

North America

222

170

157

545

Other

Sub-total

3,128

1,425

2,095

5,621

316

143

274

693

Less equity accounted investments

(364)

(184)

(549)

(37)

(18)

(24)

(67)

2,764

1,241

1,911

5,072

279

125

250

626

Rounding of figures may result in computational discrepancies.

AngloGold Ashanti has implemented IFRS 8 “Operating Segments” with effect from 1 January 2009 and this has resulted in a change to the
segmental information reported by Anglogold Ashanti. Comparative information has been presented on a consistent basis. AngloGold
Ashanti’s operating segments are being reported based on the financial information provided to the Chief Executive Officer and the
Executive Management team, collectively identified as the Chief Operating Decision Maker. Individual members of the Executive
Management team are responsible for geographic regions of the business.

US Dollar million

SA Rand million

Quarter ended

Segmental reporting (continued)

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

Unaudited

Audited

Unaudited

Audited

Gold production

(1)

Southern Africa

14,954

16,799

15,967

67,409

481

540

513

2,167

Rest of Africa

10,649

12,459

11,997

48,588

342

401

385

1,562

Australia

3,041

2,651

3,707

13,477

119

433

South America

3,926

5,098

3,748

17,468

126

164

121

562

North America

1,736

2,422

1,791

8,016

258

34,306

39,429

37,210

154,958

1,103

1,268

1,196

4,982

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

Unaudited

Audited

Unaudited

Audited

Capital expenditure

(1)

Southern Africa

692

849

539

2,877

349

Rest of Africa

377

707

278

2,059

250

Australia

940

1,054

803

3,618

105

107

439

South America

286

301

215

1,044

127

North America

221

Other

2,381

2,994

1,930

9,905

241

302

257

1,201

As at

Mar

Dec

Mar

Dec

Mar

2009

2008

2009

2008

Restated

Unaudited

Audited

Unaudited

Audited

Unaudited

Total assets
Southern Africa

20,741

20,244

19,228

2,164

2,141

2,376

Rest of Africa

25,555

24,405

33,713

2,666

2,581

4,165

Australia

14,053

12,936

11,404

1,466

1,368

1,409

South America

10,583

10,386

7,979

1,104

1,098

986

North America

5,594

5,422

4,284

584

573

529

Other

2,783

3,658

2,145

290

388

266

79,309

77,051

78,753

8,274

8,149

9,731

Less equity accounted investments

(913)

(849)

(948)

(96)

(89)

(118)

Total assets

78,396

76,202

77,803

8,178

8,060

9,613

Rounding of figures may result in computational discrepancies.

oz (000)

Quarter ended

SA Rand million

US Dollar million

(1)

Gold production and capital expenditure includes equity accounted investments.

US Dollar million

SA Rand million

Notes

for the quarter ended 31 March 2009

1. Basis of preparation

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

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

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2009 2008

2008

2009

2008 2008 2008

Restated

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Gold income

6,518

8,517 6,657 29,774 658

858

879

3,619

By-products (note 3)

208

147 127 480 21

Interest received

108 80 536 10

6,824

8,771 6,864 30,790 689

884

906

3,743

Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2009 2008

2008

2009

2008 2008 2008

Restated

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

(4,628)

(4,948)

(3,513)

(16,865)

(467)

(498) (465) (2,045)

By-products revenue (note 2)

208

147 127 480 21

By-products cash operating costs

(96)

(65)

(78)

(286)

(10)

(7) (10) (36)

(4,516)

(4,866)

(3,464)

(16,671)

(456)

(490) (459) (2,023)

Other cash costs

(207)

(196)

(205)

(734)

(21)

(20) (27) (90)

Total cash costs

(4,723)

(5,062)

(3,669)

(17,405)

(477)

(510) (486) (2,113)

Retrenchment costs

(14)

(16)

(26)

(72)

(1)

(2) (3) (9)

Rehabilitation and other non-cash costs

(59)

2 (103)

(218)

(6)

(13)

(28)

Production costs

(4,796)

(5,076)

(3,799)

(17,695)

(484)

(511) (503) (2,150)

Amortisation of tangible assets

(1,261)

(1,387)

(1,020)

(4,620)

(127)

(140) (136) (560)

Amortisation of intangible assets

(6)

(9)

(4)

(21)

(1)

(1) -

(2)

Total production costs

(6,063)

(6,472)

(4,823)

(22,336)

(612)

(652) (639) (2,712)

Inventory change

442

(456)

235 (222)

(47) 32

(16)

(5,621)

(6,928)

(4,588)

(22,558)

(568)

(698) (607) (2,728)

Rounding of figures may result in computational discrepancies.

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

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2009 2008

2008

2009

2008 2008 2008

Restated

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Gain (loss) on realised non-hedge

derivatives

1,867

(348)

(158)

(1,275)

189

(35) (22) (155)

Realised loss on other commodity contracts

(253)

(32)

Loss on accelerated settlement of non-hedge

derivatives

(8,634)

(1,088)

(Loss) gain on unrealised non-hedge

derivatives

(1,662)

898

(5,464)

3,774

(168)

260

(353)

965

Unrealised gain on other commodity physical

borrowings

Provision reversed for gain on future deliveries

of other commodities

205

598

(5,599)

(6,277)

230

(372)

(297)

5. Other operating (expenses) income

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2009 2008

2008

2009

2008 2008 2008

Restated

Unaudited Unaudited

Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Pension and medical defined benefit provisions

(24)

80 (24)

(2)

(3)

(2)

Claims filed by former employees in respect of

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

(26)

(20)

60 (37)

(3)

(2) 8

(4)

Miscellaneous

(4)

(1)

(50)

(29)

(5)

(6)

Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2009 2008

2008

2009

2008 2008 2008

Restated

Unaudited Unaudited

Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

(Under provision) reimbursement of indirect tax

expenses

(3)

148 - 198 -

Siguiri royalty payment calculation dispute

with the Guinean Administration

(26)

(3)

ESOP and BEE costs resulting from rights offer

(76)

(9)

Contractor termination costs at Iduapriem

(10)

(1)

Impairment net of reversals of tangible assets

(note 8)

(14,786)

(3)

(14,792)

(1,492)

(1,493)

Impairment of goodwill (note 8)

(1,080)

(109) -

(109)

Recovery of exploration costs

Provision for bad debt - Pamodzi Gold

(63)

- - -

(6)

Profit (loss) on disposal and abandonment of

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

(55)

85 381 1

(4) 11

Impairment of investments (note 8)

(42)

(6) -

(6)

(Loss) profit on disposal of investment in

Nufcor International Limited (note 8)

(4)

14 -

Nufcor Uranium Trust contributions by other

members (note 8)

(60)

(15,855)

82 (15,379)

(6)

(1,600)

(1,538)

Rounding of figures may result in computational discrepancies.

7. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec

Mar Dec

2009 2008

2008

2009

2008

2008 2008

Restated

Unaudited

Audited Unaudited

Unaudited

Audited

SA Rand million

US Dollar million

South African taxation
Mining tax

- (252)

(32) -

Non-mining tax

(30)

(18)

(41)

(85)

(3)

(2) (6)

(12)

(Under) over provision prior year

(16)

18 (22)

(42)

(2)

(3)

(6)

Deferred taxation

Temporary differences

(322)

(446)

(31)

161

(33)

(45) (3)

Unrealised non-hedge derivatives
and other commodity contracts

168

(98)

712 (841)

(89)

Change in estimated deferred tax
rate -

(62)

(6)

Change in statutory tax rate

(200)

(605)

434 (799)

(20)

(50) 52

(74)

Foreign taxation
Normal taxation

(137)

(231)

(178)

(651)

(14)

(24) (24)

(79)

(Under) over provision prior year

(11)

- 36 41

(1)

Deferred taxation

Temporary differences

(48)

3,970 (138)

3,747 (5)

401

(18) 372

Unrealised non-hedge derivatives
and other commodity contracts

(155)

(6)

(259)

(15) (1)

(27)

(183)

3,583 (287)

2,878

(18)

363

(38) 271

Total taxation

(384)

2,978 148

2,079

(39)

313

197

Headline earnings (loss)

Quarter ended

Year ended

Quarter ended

Year ended

Mar Dec

Mar

Dec

Mar

Dec Mar Dec

2009 2008

2008

2008 2008 2008

Restated

Unaudited

Unaudited Unaudited

Audited Unaudited Unaudited

Unaudited

Audited

SA Rand million

US Dollar million

The profit (loss) attributable to equity shareholders

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

Profit (loss) attributable to equity shareholders

(11,869)

(3,812)

(16,105)

(1,016)

(142)

(1,195)

Impairment net of reversals of tangible assets

(note 6)

14,786 3

14,792 -

1,492

1,493

Impairment of goodwill (note 6)

1,080

109

Profit on disposal and abandonment of assets

(note 6)

(6)

55 (85)

(400)

(1)

(11)

(55)

Impairment of investments (note 6)

42 - 42 -

Loss (profit) on disposal of investment in associate

(note 6)

4 -

(14)

(2)

Profit on disposal of discontinued assets

- -

(218)

(27)

Impairment of investment in associates

347

389

Loss (profit) on disposal of assets in associate

- (30)

(3)

Taxation on items above - current portion

3 2

10 1

Taxation on items above - deferred portion

(1)

(3,933)

(3,915)

(397)

(395)

Discontinued operations taxation on items above

- - (6)

(1)

Headline earnings (loss)

516 (3,880)

(4,375)

234

(151)

(30)

Cents per share

(1)

Headline earnings (loss)

145

(1,376)

(1,379)

(54)

(9)

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

Rounding of figures may result in computational discrepancies.

Number of shares

Quarter ended

Year ended

Mar

Dec Mar Dec

2009

2008 2008 2008

Unaudited

Audited

Authorised number of shares:

Ordinary shares of 25 SA cents each

400,000,000

400,000,000 400,000,000 400,000,000

E ordinary shares of 25 SA cents each

4,280,000

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

A redeemable preference shares of 50 SA cents each

2,000,000

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

B redeemable preference shares of 1 SA cent each

5,000,000

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

Issued and fully paid number of shares:

Ordinary shares in issue

354,135,912

353,483,410 277,745,007 353,483,410

E ordinary shares in issue

3,927,894

3,966,941 4,104,635

3,966,941

Total ordinary number of shares:

358,063,806

357,450,351 281,849,642 357,450,351

A redeemable preference shares

2,000,000

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

B redeemable preference shares

778,896

778,896 778,896 778,896

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

Ordinary shares

353,635,884

351,517,689 277,658,759 312,610,124

E ordinary shares

3,940,464

3,980,034 4,122,800 4,046,364

Fully vested options

805,303

440,430 280,789 547,460

Weighted average number of shares

358,381,651

355,938,153 282,062,348 317,203,948

Dilutive potential of share options

Diluted number of ordinary shares

(1)

358,381,651

355,938,153 282,062,348 317,203,948

(1) The basic and diluted number of ordinary shares are the same as the effects of shares for performance related options are anti-dilutive.

10. Share capital and premium

As at

Mar

Dec

Mar

Mar Dec Mar

2009

2008

2009 2008 2008

Restated

Unaudited

Audited

Unaudited

Unaudited Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

38,246

23,322

4,045

3,425

Ordinary shares issued

174

14,946

73 18

1,875

E ordinary shares cancelled

(4)

(22)

(5)

(1)

(2)

(1)

Translation

(54)

(1,253)

(544)

Sub-total

38,416

38,246

23,391

4,008

4,045

2,890

Redeemable preference shares held within the group

(312)

(312)

(33)

(33) (39)

Ordinary shares held within the group

(270)

(273)

(288)

(28)

(29) (36)

E ordinary shares held within group

(321)

(325)

(343)

(33)

(34) (42)

Balance at end of period

37,513

37,336

22,448

3,914

3,949

2,773

11. Exchange rates

Mar Dec Mar

2009 2008 2008

Unaudited Unaudited Unaudited

ZAR/USD average for the year to date

9.90

8.25 7.52

ZAR/USD average for the quarter

9.90

9.92 7.52

ZAR/USD closing

9.59

9.46 8.09

ZAR/AUD average for the year to date

6.58

6.93 6.84

ZAR/AUD average for the quarter

6.58

6.67 6.84

ZAR/AUD closing

6.60

6.57 7.40

BRL/USD average for the year to date

2.31

1.84 1.74

BRL/USD average for the quarter

2.31

2.28 1.74

BRL/USD closing

2.33

2.34 1.74

ARS/USD average for the year to date

3.54

3.16 3.15

ARS/USD average for the quarter

3.54

3.33 3.15

ARS/USD closing

3.71

3.45 3.17

Rounding of figures may result in computational discrepancies.

12. Capital commitments

Mar

Dec

Mar

Mar Dec Mar

2009

2008

2009 2008 2008

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

US Dollar million

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

(1)

1,721

775 3,697 180

457

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

Liquidity and capital resources:

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

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

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

13. Contingent liabilities

AngloGold Ashanti’s material contingent liabilities at 31 March 2009 are detailed below:

Groundwater pollution – South Africa – AngloGold Ashanti has identified a number of groundwater pollution sites at its
operations in South Africa and has investigated a number of different technologies and methodologies that could
possibly be used to remediate the pollution plumes. Numerous scientific, technical and legal reports have been
produced and remediation of the polluted soil and groundwater is the subject of continued research. Subject to the
technology being developed as a proven remediation technique, no reliable estimate can be made for the obligation.

Deep groundwater pollution – South Africa – AngloGold Ashanti has identified a flooding and future pollution risk
posed by deep groundwater, due to the interconnected nature of operations in the West Wits and Vaal River
operations in South Africa. The Company is involved in task teams and other structures to find long-term sustainable
solutions for this risk, together with industry partners and government. As there is too little information for the accurate
estimate of a liability, no reliable estimate can be made for the obligation.

Soil and Sediment Pollution – South Africa – AngloGold Ashanti identified offsite pollution impacts in the West Wits
area, resulting from a long period of gold and uranium mining activity by a number of mining companies as well as
millennia of weathering of natural reef outcrops in the catchment areas. Investigations are being conducted but no
reliable estimate can be made for the obligation.

Provision of surety – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a gold loan
facility with its affiliate Oro Africa (Pty) Ltd and one of its subsidiaries to a maximum value of R100m ($10m). The
suretyship agreements have a termination notice period of 90 days.

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A. (MSG), the operator of the Crixas mine in Brazil,
has received two tax assessments from the State of Goiás related to payments of sales taxes on gold deliveries for
export, including one assessment for the period between February 2004 and June 2005 and the other for the period
between July 2005 and May 2006. The tax authorities maintain that whenever a taxpayer exports gold mined in the
state of Goiás, through a branch located in a different Brazilian State, it must obtain an authorisation from the Goiás
State Treasury by means of a Special Regime Agreement (Termo de Acordo re Regime Especial – TARE). The MSG
operation is co-owned with Kinross Gold Corporation. AngloGold Ashanti Brasil Mineração Ltda. manages the
operation and its attributable share of the first assessment is approximately $35m. Although MSG requested the TARE
in early 2004, the TARE, which authorised the remittance of gold to the company’s branch in Minas Gerais specifically
for export purposes, was only granted and executed in May 2006.

In November 2006 the administrative council’s second chamber ruled in favour of MSG and fully cancelled the tax
liability related to the first period. The State of Goiás has appealed to the full board of the State of Goiás tax
administrative council. The second assessment was issued by the State of Goiás in October 2006 on the same
grounds as the first one, and the attributable share of the assessment is approximately $21m. The company believes
both assessments are in violation of Federal legislation on sales taxes.

VAT Disputes – Brazil – MSG received a tax assessment in October 2003 from the State of Minas Gerais related to
sales taxes on gold allegedly returned from the branch in Minas Gerais to the company head office in the State of
Goiás. The tax administrators rejected the company’s appeal against the assessment. The company is now appealing
the dismissal of the case. The company’s attributable share of the assessment is approximately $6m.

Tax Disputes – Brazil – Morro Velho, AngloGold Ashanti Brasil Mineração, Mineração Serra Grande and São Bento
Mineração are involved in disputes with tax authorities. These disputes involve federal tax assessments including
income tax, royalties, social contributions and annual property tax based on ownership of properties outside of urban
perimeters (ITR). The amount involved is approximately $14m.

14. Concentration of risk

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

• Reimbursable value added tax due from the Malian government amounts to an attributable $25m at 31 March

2009 (31 December 2008: attributable $27m). The last audited value added tax return was for the period ended
30 June 2008 and at the balance sheet date an attributable $22m was audited and $3m is still subject to audit.

• Reimbursable fuel duties from the Malian government amounts to an attributable $4m at 31 March 2009

(31 December 2008: attributable $5m). Fuel duty refund claims are required to be submitted before 31 January of
the following year and are subject to authorisation by firstly the Department of Mining and secondly the Custom
and Excise authorities. An attributable $4m is still subject to authorisation by the authorities. With effect from
February 2006 fuel duties are no longer payable to the Malian government.

The government of Mali is a shareholder in all the Malian entities. Management of Sadiola and Yatela have entered into
a protocol with the Government of Mali that provides for the repayment of the outstanding audited amounts due to
Sadiola and Yatela. The amounts outstanding at Sadiola and Yatela have been discounted at 18% based on the
provisions of the protocol. The amounts outstanding at Morila have been discounted to their present value at a rate of
6.0%.

Post quarter-end Sadiola received an amount of attributable $11m from the Malian government.

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

• Reimbursable value added tax due from the Tanzanian government amounts to $16m at 31 March 2009

(31 December 2008: $16m). The last audited value added tax return was for the period ended 30 November 2008
and at the balance sheet date was $16m. The outstanding amounts at Morila have been discounted to their
present value at a rate of 7.8%.

• Reimbursable fuel duties from the Tanzanian government amounts to $39m at 31 March 2009 (31 December

2008: $37m). Fuel duty claims are required to be submitted after consumption of the related fuel and are subject to
authorisation by the Customs and Excise authorities. Claims for refund of fuel duties amounting to $33m have
been audited and lodged with the Customs and Excise authorities, whilst claims for refund of $6m have not yet
been lodged. The outstanding amounts have been discounted to their present value at a rate of 7.8%.

15. Change in account policy

Effective 1 January 2008, the group changed its accounting policy for the accounting of jointly controlled entities. In
terms of IAS31 “Interests in Joint Ventures” the group previously proportionately consolidated jointly controlled
entities. During 2008 the group decided to change its accounting policy to account for these entities using the equity
method, the alternative treatment permitted by IFRS. Management has concluded that the change in accounting
policy will result in more reliable and relevant information and is in accordance with international trends in
accounting. Comparative information is this report has been restated in order to reflect the adoption of the revised
accounting policy for the accounting of jointly controlled entities.

16. Announcements

On 28 January 2009, AngloGold Ashanti announced that it had agreed to sell to Newmont Mining Corporation, its

33.33% joint venture interest in the Boddington Gold Mine for an aggregate consideration of up to approximately
$1.1 billion, subject to the fulfilment of certain conditions.

On 17 February 2009, AngloGold Ashanti entered into an agreement with Simmer and Jack Mines Limited, to sell its

Tau Lekoa Mine and the adjacent project areas. The effective date of the sale will occur on the later of 1 January 2010
or the first day in the calendar month following the fulfilment of all conditions precedent.

On 9 April 2009, AngloGold Ashanti announced changes to its board. Mr R E Bannerman and Mr J H Mensah are to

retire from the board at the close of the annual general meeting to be held on 15 May 2009, while Prof W L Nkuhlu
resigned from the board on 5 May 2009, following the filing with the United States Securities and Exchange
Commission of its 2008 annual report on Form 20-F.

17. Dividend

Final Dividend No. 105 of 50 South African cents of approximately 3.518 UK pence or approximately 6.565 cedis
per share was paid to registered shareholders on 13 March 2009, while a dividend of 1.546 Australian cents per
CHESS Depositary Interest (CDI) was paid on the same day. On 16 March 2009, a dividend of 0.06565 cedis per
Ghanaian Depositary Share (GhDS) was paid to holders thereof. Each CDI represents one-fifth of an ordinary
share, and 100 GhDSs represents one ordinary share. A dividend was paid to holders of American Depositary
Receipts (ADRs) on 23 March 2009 at a rate of 4.9999 0 US cents per American Depositary share (ADS). Each
ADS represents one ordinary share.

In addition, directors declared Dividend No. E5 of 25 South African cents per E ordinary share payable to employees
participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends were paid on
13 March 2009.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief Executive Officer

13 May 2009

Non-GAAP

disclosure

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

Unaudited

Headline earnings (loss) (note 8)

516

(3,880)

(4,375)

234

(151)

(30)

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

1,662

(946)

5,441

(3,885)

168

(265)

349

(978)

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

(180)

254

(586)

1,219

(18)

(72)

132

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

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

(4)

(2)

(1)

Fair value adjustment on option component of convertible bond

(2)

(170)

(185)

(23)

(25)

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

(1)

1,482

(178)

813

(7,197)

150

(17)

105

(897)

Cents per share

(2)

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

(1)

414

(50)

288

(2,269)

(5)

(283)

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

Unaudited

Reconciliation of gross profit (loss) to gross profit adjusted for the
gain (loss) on unrealised non-hedge derivatives and other commodity
contracts:
Gross profit (loss)

1,102

2,187

(3,530)

939

111

390

(99)

594

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

1,662

(946)

5,441

(3,885)

168

(265)

349

(978)

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

2,764

1,241

1,911

(2,945)

279

125

250

(384)

Realised loss on other commodity contracts (note 4)

253

Loss on accelerated settlement of non-hedge derivatives (note C)

7,764

979

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

2,764

1,241

1,911

5,072

279

125

250

626

Rounding of figures may result in computational discrepancies.

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

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

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

(2)

Calculated on the basic weighted average number of ordinary shares.

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

SA Rand million

(1)

(Gain) loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and other

commodity contracts as follows:

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

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

Quarter ended

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

Quarter ended

US Dollar million

SA Rand million

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

US Dollar million

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

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

Quarter ended

- The unrealised fair value change on the onerous uranium contracts.

- In addition, during the June 2008 quarter the hedge book was reduced and contracts to the value of $1,1bn was early settled. Following the sale of the investment in Nufcor
International Ltd. (NIL) uranium contracts of 1m pounds were cancelled. The combined impact on earnings after taxation amounted to $996m;

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

Unaudited

Price received

Gold income (note 2)

6,518

8,517

6,657

29,774

658

858

879

3,619

Adjusted for minority interests

(238)

(308)

(263)

(1,078)

(24)

(31)

(35)

(131)

6,280

8,209

6,394

28,696

634

827

844

3,488

Gain (loss) on realised non-hedge derivatives (note 4)

1,867

(348)

(158)

(1,275)

189

(35)

(22)

(155)

Loss on accelerated settlement of non-hedge derivatives (note 4)

(8,634)

(1,088)

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

752

748

588

1,568

185

Attributable gold income including realised non-hedge derivatives

8,899

8,609

6,824

20,355

899

867

900

2,430

Attributable gold sold - kg / - oz (000)

32,584

39,249

37,098

155,954

1,048

1,262

1,193

5,014

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

273,109

219,329

183,945

130,522

858

687

755

485

Attributable gold income including realised non-hedge derivatives
as above

8,899

8,609

6,824

20,355

899

867

900

2,430

Loss on accelerated settlement of non-hedge derivatives

7,764

979

Associate's and equity accounted joint ventures share of loss on
accelerated settlement of non-hedge derivatives

871

109

Attributable gold income including realised non-hedge derivatives
normalised for accelerated settlement of non-hedge derivatives

8,899

8,609

6,824

28,990

899

867

900

3,518

Attributable gold sold - kg / - oz (000)

32,584

39,249

37,098

155,954

1,048

1,262

1,193

5,014

Revenue price per unit normalised for accelerated settlement
of non-hedge derivatives - R/kg / - $/oz

273,109

219,329

183,945

185,887

858

687

755

702

Total costs

Total cash costs (note 3)

4,723

5,062

3,669

17,405

477

510

486

2,113

Adjusted for minority interests and non-gold producing companies

(214)

(204)

(96)

(741)

(22)

(21)

(13)

(90)

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

347

457

314

1,538

187

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

4,856

5,315

3,887

18,202

490

535

515

2,210

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

(2)

103

218

Amortisation of tangible assets (note 3)

1,261

1,387

1,020

4,620

127

140

136

560

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing companies

(45)

(58)

(37)

(209)

(5)

(6)

(5)

(25)

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

126

343

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

6,201

6,794

5,068

23,267

626

684

671

2,824

Gold produced - kg / - oz (000)

34,306

39,429

37,210

154,958

1,103

1,268

1,196

4,982

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

141,552

134,813

104,461

117,462

445

422

430

444

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

180,751

172,312

136,200

150,149

568

540

561

567

EBITDA

Operating profit (loss)

391

(14,309)

(3,925)

(16,709)

(1,275)

(152)

(1,220)

Amortisation of tangible assets (note 3)

1,261

1,387

1,020

4,620

127

140

136

560

Amortisation of intangible assets (note 3)

Impairment net of reversals of tangible assets (note 6)

14,786

14,792

1,492

1,493

Impairment of goodwill (note 6)

1,080

109

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

1,662

(946)

5,441

(3,885)

168

(265)

349

(978)

Loss on realised other commodity contracts (note 4)

253

Loss on accelerated settlement of non-hedge derivatives (note 4)

8,634

1,088

Share of associates' EBITDA

401

279

243

820

Discontinued operations EBITDA

(5)

(17)

(1)

(2)

(Profit) loss on disposal and abandonment of assets (note 6)

(6)

(85)

(400)

(1)

(11)

(55)

Impairment of investments (note 6)

Loss (profit) on disposal of investment in associate (note 6)

(14)

(2)

3,716

2,391

2,695

9,237

375

241

354

1,131

Rounding of figures may result in computational discrepancies.

US Dollar million / Imperial

SA Rand million / Metric

Quarter ended

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2009

2008

2009

2008

Restated

Unaudited

Interest cover

EBITDA (note E)

3,716

2,391

2,695

9,237

375

241

354

1,131

Finance costs

252

225

253

926

114

Capitalised finance costs

263

320

300

298

1,189

146

Interest cover - times

Free cash flow

Net cash inflow from operating activities

2,427

2,678

1,519

(3,127)

243

221

169

(529)

Stay-in-business capital expenditure

(1,036)

(1,317)

(845)

(4,452)

(105)

(132)

(112)

(540)

1,391

1,361

674

(7,579)

138

(1,069)

As at

Mar

Dec

Mar

Dec

Mar

2009

2008

2009

2008

Unaudited

SA Rand million

Net asset value - cents per share

Total equity

24,411

23,746

17,237

2,547

2,511

2,129

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

358

357

282

358

357

282

Net asset value - cents per share

6,818

6,643

6,116

711

702

755

Total equity

24,411

23,746

17,237

2,547

2,511

2,129

Intangible assets

(1,408)

(1,403)

(3,494)

(147)

(148)

(432)

23,003

22,343

13,743

2,400

2,363

1,697

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

358

357

282

358

357

282

Net tangible asset value - cents per share

6,424

6,251

4,876

670

661

602

Net debt

Borrowings - long-term portion

9,147

8,224

5,700

954

870

704

Borrowings - short-term portion

9,745

10,046

9,974

1,017

1,063

1,232

Total borrowings

18,892

18,270

15,674

1,971

1,933

1,936

Corporate office lease

(259)

(254)

(251)

(27)

(27)

(31)

Unamortised portion on the convertible bond

(38)

178

(4)

Cash restricted for use

(443)

(415)

(423)

(46)

(44)

(52)

Cash and cash equivalents

(5,874)

(5,438)

(3,848)

(613)

(575)

(475)

Net debt

12,316

12,125

11,330

1,285

1,283

1,400

Rounding of figures may result in computational discrepancies.

US Dollar million

Quarter ended

US Dollar million

SA Rand million

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

SA Rand / US Dollar

Great Noligwa

213

Kopanang

102

116

391

Moab Khotsong

184

205

143

736

Tau Lekoa

146

Surface Operations

Mponeng

196

228

120

707

Savuka

TauTona

147

491

SOUTH AFRICA

669

815

525

2,779

337

Navachab

SOUTHERN AFRICA

692

849

539

2,877

349

Iduapriem

150

448

Obuasi

265

383

138

922

112

Siguiri - Attributable 85%

151

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

(10)

(1)

Geita

105

433

Minorities, exploration and other

REST OF AFRICA

377

707

278

2,059

250

Sunrise Dam

159

Boddington

891

1,007

772

3,457

100

103

419

Exploration

AUSTRALIA

940

1,054

803

3,618

105

107

439

Cripple Creek & Victor

221

Exploration and other

NORTH AMERICA

221

Cerro Vanguardia - Attributable 92.50%

125

AngloGold Ashanti Brasil Mineração

123

129

123

565

Serra Grande - Attributable 50%

168

Minorities, exploration and other

186

SOUTH AMERICA

286

301

215

1,044

127

OTHER

ANGLOGOLD ASHANTI

2,381

2,994

1,930

9,905

241

302

257

1,201

Rounding of figures may result in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

Metric

Great Noligwa

5.37

6.37

8.56

7.33

1,349

1,969

3,326

10,268

Kopanang

6.21

6.78

6.94

6.82

2,409

2,827

2,794

11,244

Moab Khotsong

9.48

9.03

10.34

9.31

2,028

2,194

764

5,965

Tau Lekoa

3.56

3.53

4.01

3.58

962

1,105

1,093

4,444

Surface Operations

0.59

0.42

0.36

1,416

848

670

2,864

Mponeng

9.58

9.45

9.94

10.02

3,967

4,492

4,093

18,672

Savuka

5.33

6.96

5.96

6.28

432

566

448

2,057

TauTona

7.61

8.37

8.70

8.66

1,822

2,184

2,311

9,769

SOUTH AFRICA

14,385

16,185

15,498

65,283

Navachab

1.61

1.53

1.31

1.43

569

614

469

2,126

SOUTHERN AFRICA

14,954

16,799

15,967

67,409

Iduapriem

1.71

1.83

1.81

1.76

1,147

1,761

1,471

6,221

Obuasi

4.45

4.62

4.19

4.37

2,862

3,062

2,718

11,107

Siguiri - Attributable 85%

1.19

1.10

1.32

1.20

2,499

2,533

2,901

10,350

Morila - Attributable 40%

2.92

3.31

3.12

3.08

1,228

1,456

1,257

5,298

Sadiola - Attributable 38%

3.12

3.58

3.16

3.42

1,113

1,530

1,135

5,357

Yatela

- Attributable 40%

2.73

2.60

2.17

2.66

421

503

532

2,052

Geita

1.50

1.68

1.66

1.92

1,379

1,614

1,984

8,203

REST OF AFRICA

10,649

12,459

11,997

48,588

Sunrise Dam

2.78

2.33

4.10

3.46

3,041

2,651

3,707

13,477

AUSTRALIA

3,041

2,651

3,707

13,477

Cerro Vanguardia - Attributable 92.50%

6.98

7.44

3.82

5.44

1,476

1,752

856

4,799

AngloGold Ashanti Brasil Mineração

6.43

7.77

6.77

7.62

2,121

2,596

2,251

9,960

Serra Grande

- Attributable 50%

3.65

8.00

7.19

7.58

328

750

641

2,709

SOUTH AMERICA

3,926

5,098

3,748

17,468

Cripple Creek & Victor

0.46

0.48

0.54

0.49

1,736

2,422

1,791

8,016

NORTH AMERICA

1,736

2,422

1,791

8,016

ANGLOGOLD ASHANTI

34,306

39,429

37,210

154,958

Underground Operations

6.22

6.72

6.95

6.89

18,857

21,679

20,164

85,025

Surface and Dump Reclamation

0.56

0.44

0.47

0.42

1,824

1,362

1,318

5,009

Open-pit Operations

1.99

2.01

2.09

2.12

11,406

13,240

53,930

Heap Leach Operations

0.57

0.61

0.67

0.62

2,219

3,148

2,488

10,994

34,306

39,429

37,210

154,958

The yield of Yatela and Cripple Creek reflects gold

placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

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

represents underground operations.

The yield of Sunrise Dam represents open-pit operations.

The yield is calculated on gold placed into leach

pad inventory / tonnes placed on to leach pad.

Yield - g/t

Gold produced - kg

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

Metric

Great Noligwa

125

168

143

1,256

1,967

3,151

10,282

Kopanang

160

188

185

188

2,253

2,823

2,639

11,253

Moab Khotsong

202

231

148

204

1,903

2,192

709

5,966

Tau Lekoa

107

124

126

127

901

1,104

1,025

4,447

Surface Operations

1,997

1,157

1,012

1,021

1,327

847

645

2,867

Mponeng

256

289

259

296

3,543

4,496

3,854

18,720

Savuka

132

170

146

158

369

566

423

2,063

TauTona

179

209

185

214

1,590

2,184

2,190

9,800

SOUTH AFRICA

185

204

192

204

13,142

16,179

14,637

65,398

Navachab

368

373

361

368

573

643

461

2,128

SOUTHERN AFRICA

189

208

194

207

13,715

16,822

15,098

67,526

Iduapriem

453

679

568

600

1,292

1,717

1,459

6,230

Obuasi

213

218

191

197

2,805

3,003

2,669

10,974

Siguiri - Attributable 85%

617

637

687

625

2,346

2,680

2,885

10,469

Morila - Attributable 40%

938

1,021

823

873

1,153

1,438

1,283

5,446

Sadiola - Attributable 38%

791

1,102

756

931

1,076

1,459

1,337

5,418

Yatela - Attributable 40%

560

665

620

618

414

479

588

2,050

Geita

226

254

317

329

1,363

1,638

1,860

8,088

REST OF AFRICA

360

335

385

374

10,449

12,413

12,082

48,675

Sunrise Dam

2,304

2,150

2,878

2,741

2,945

2,734

3,583

13,455

AUSTRALIA

2,304

2,150

2,878

2,741

2,945

2,734

3,583

13,455

Cerro Vanguardia - Attributable 92.50%

702

822

417

559

1,106

1,528

1,457

5,169

AngloGold Ashanti Brasil Mineração

429

582

504

558

2,158

2,696

2,432

10,464

Serra Grande - Attributable 50%

305

745

700

716

421

676

621

2,693

SOUTH AMERICA

483

390

504

489

3,685

4,900

4,510

18,326

Cripple Creek & Victor

1,621

2,318

1,750

1,909

1,789

2,380

1,825

7,972

NORTH AMERICA

1,621

2,318

1,750

1,909

1,789

2,380

1,825

7,972

ANGLOGOLD ASHANTI

287

295

302

309

32,584

39,249

37,098

155,954

Rounding of figures may result in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

SA Rand / Metric

Great Noligwa

186,735

144,190

96,801

119,140

249,489

179,299

118,554

145,120

Kopanang

107,584

99,050

85,530

91,516

166,235

135,067

128,151

129,241

Moab Khotsong

93,120

101,180

141,898

102,216

168,658

166,260

172,476

170,693

Tau Lekoa

188,797

152,541

128,576

140,368

231,027

197,435

158,512

173,780

Surface Operations

66,734

116,749

85,350

116,290

71,151

123,411

93,904

124,038

Mponeng

77,520

71,022

61,113

65,365

94,484

85,700

82,927

84,523

Savuka

143,876

81,339

88,349

106,748

176,681

144,345

123,374

137,104

TauTona

122,643

103,961

93,118

97,483

173,718

186,583

124,319

135,160

SOUTH AFRICA

109,087

101,675

88,549

95,144

150,836

141,898

116,313

126,673

Navachab

145,453

163,164

118,198

142,795

163,586

186,190

142,749

160,623

SOUTHERN AFRICA

110,470

103,922

89,420

96,647

151,322

143,516

117,090

127,744

Iduapriem

170,086

184,109

109,611

141,662

190,908

205,867

136,025

164,300

Obuasi

222,941

227,350

127,301

171,223

273,155

280,492

185,552

224,223

Siguiri - Attributable 85%

156,700

152,574

105,581

123,442

173,970

177,449

128,764

143,801

Morila - Attributable 40%

131,403

122,592

99,282

111,128

143,832

146,612

117,814

131,341

Sadiola - Attributable 38%

100,400

123,137

98,058

106,486

123,397

186,097

129,199

148,948

Yatela - Attributable 40%

174,214

178,973

125,581

151,165

194,766

168,722

135,250

155,196

Geita

323,980

294,552

174,653

193,392

392,313

342,695

232,677

245,414

REST OF AFRICA

188,046

187,010

120,569

145,457

222,110

223,947

158,026

180,906

Sunrise Dam

182,648

154,754

111,183

138,295

225,777

188,295

135,374

165,643

AUSTRALIA

189,206

162,701

116,906

143,892

232,961

193,158

141,681

171,135

Cerro Vanguardia - Attributable 92.50%

127,374

148,071

132,332

162,345

162,697

183,107

166,287

202,598

AngloGold Ashanti Brasil Mineração

91,588

74,764

76,600

78,701

139,410

115,725

113,174

113,696

Serra Grande - Attributable 50%

158,853

82,975

70,185

77,872

205,445

114,416

94,042

104,690

SOUTH AMERICA

110,724

104,448

93,857

106,336

153,799

141,969

127,629

141,485

Cripple Creek & Victor

106,971

102,980

68,916

83,448

141,245

137,163

94,354

111,667

NORTH AMERICA

110,886

113,386

74,620

90,397

145,179

147,583

100,080

118,636

ANGLOGOLD ASHANTI

141,552

134,813

104,461

117,462

180,751

172,312

136,200

150,149

Rounding of figures may result in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

Great Noligwa

202

(430)

202

421

Kopanang

247

240

151

(132)

247

240

151

644

Moab Khotsong

202

114

(138)

202

114

Tau Lekoa

(230)

Surface Operations

267

177

Mponeng

628

594

404

772

628

594

404

1,887

Savuka

(8)

104

TauTona

163

135

(130)

163

135

495

SOUTH AFRICA

1,621

1,243

1,013

(253)

1,621

1,243

1,013

3,883

Navachab

(12)

SOUTHERN AFRICA

1,683

1,266

1,035

(265)

1,683

1,266

1,035

3,938

Iduapriem

(165)

147

Obuasi

(7)

(330)

(1,063)

(7)

(330)

(550)

Siguiri - Attributable 85%

218

103

156

218

103

156

438

Morila - Attributable 40%

166

107

(20)

166

107

315

Sadiola - Attributable 38%

166

(180)

166

222

Yatela - Attributable 40%

(53)

Geita

(164)

(570)

(98)

(1,545)

(164)

(570)

(98)

(1,054)

Minorities, exploration and other

169

REST OF AFRICA

557

(542)

396

(2,798)

557

(542)

396

(232)

Sunrise Dam

118

168

(480)

118

168

256

Exploration and other

(22)

(13)

(24)

(74)

(22)

(13)

(24)

(74)

AUSTRALIA

144

(554)

144

182

Cerro Vanguardia - Attributable 92.50%

104

(231)

104

(87)

AngloGold Ashanti Brasil Mineração

288

271

184

129

288

271

184

776

Serra Grande - Attributable 50%

213

Minorities, exploration and other

234

246

SOUTH AMERICA

484

432

361

211

484

432

361

1,148

Cripple Creek & Victor

229

195

167

155

229

195

167

601

Other

(7)

(25)

(10)

(56)

(7)

(25)

(10)

(56)

NORTH AMERICA

222

170

157

222

170

157

545

OTHER

167

SUB-TOTAL

3,128

1,425

2,095

(3,140)

3,128

1,425

2,095

5,621

Less equity accounted investments

(364)

(184)

195

(364)

(184)

(549)

ANGLOGOLD ASHANTI

2,764

1,241

1,911

(2,945)

2,764

1,241

1,911

5,072

Equity accounted investments.

Rounding of figures may result in computational discrepancies.

SA Rand

Gross profit (loss) adjusted for the gain (loss) on

unrealised non-hedge derivatives and other commodity

contracts - Rm

Adjusted gross profit (loss) normalised for accelerated

settlement of non-hedges derivative - Rm

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

Imperial

Great Noligwa

0.157

0.186

0.250

0.214

107

330

Kopanang

0.181

0.198

0.203

0.199

362

Moab Khotsong

0.276

0.263

0.302

0.271

192

Tau Lekoa

0.104

0.103

0.117

0.104

143

Surface Operations

0.017

0.012

0.011

Mponeng

0.279

0.276

0.290

0.292

128

144

132

600

Savuka

0.156

0.203

0.174

0.183

TauTona

0.222

0.244

0.254

0.253

314

SOUTH AFRICA

463

520

498

2,099

Navachab

0.047

0.045

0.038

0.042

SOUTHERN AFRICA

481

540

513

2,167

Iduapriem

0.050

0.053

0.051

200

Obuasi

0.130

0.135

0.122

0.127

357

Siguiri - Attributable 85%

0.035

0.032

0.038

0.035

333

Morila - Attributable 40%

0.085

0.096

0.091

0.090

170

Sadiola - Attributable 38%

0.091

0.104

0.092

0.100

172

Yatela

- Attributable 40%

0.080

0.076

0.063

0.078

Geita

0.044

0.049

0.048

0.056

264

REST OF AFRICA

342

401

385

1,562

Sunrise Dam

0.081

0.068

0.120

0.101

119

433

AUSTRALIA

119

433

Cerro Vanguardia - Attributable 92.50%

0.203

0.217

0.111

0.159

154

AngloGold Ashanti Brasil Mineração

0.187

0.227

0.198

0.222

320

Serra Grande

- Attributable 50%

0.106

0.233

0.210

0.221

SOUTH AMERICA

126

164

121

562

Cripple Creek & Victor

0.013

0.014

0.016

0.014

258

NORTH AMERICA

258

ANGLOGOLD ASHANTI

1,103

1,268

1,196

4,982

Undergound Operations

0.181

0.196

0.203

0.201

606

697

648

2,734

Surface and Dump Reclamation

0.016

0.013

0.014

0.012

161

Open-pit Operations

0.058

0.059

0.061

0.062

367

426

1,734

Heap leach Operations

0.017

0.018

0.019

0.018

101

353

1,103

1,268

1,196

4,982

The yield of Yatela and Cripple Creek reflects gold

placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

Yield - oz/t

Gold produced - oz (000)

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

represents underground operations.

The yield of Sunrise Dam represents open-pit operations.

The yield is calculated on gold placed into leach

pad inventory / tonnes placed on to leach pad.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

Imperial

Great Noligwa

3.08

4.01

5.40

4.60

101

331

Kopanang

5.16

6.06

5.94

6.04

362

Moab Khotsong

6.51

7.44

4.77

6.55

192

Tau Lekoa

3.43

4.00

4.05

4.08

143

Surface Operations

64.20

37.19

32.54

32.82

Mponeng

8.24

9.31

8.33

9.53

114

145

124

602

Savuka

4.24

5.48

4.69

5.09

TauTona

5.76

6.73

5.93

6.89

315

SOUTH AFRICA

5.95

6.57

6.17

6.55

423

520

471

2,103

Navachab

11.83

12.00

11.59

11.83

SOUTHERN AFRICA

6.06

6.68

6.25

6.65

441

541

485

2,171

Iduapriem

14.55

21.83

18.27

19.30

200

Obuasi

6.84

7.01

6.14

6.34

353

Siguiri - Attributable 85%

19.85

20.47

22.08

20.09

337

Morila - Attributable 40%

30.14

32.84

26.46

28.05

175

Sadiola - Attributable 38%

25.42

35.44

24.30

29.95

174

Yatela - Attributable 40%

17.99

21.38

19.94

19.86

Geita

7.25

8.16

10.20

10.58

260

REST OF AFRICA

11.56

10.79

12.37

12.02

336

399

388

1,565

Sunrise Dam

74.06

69.12

92.54

88.12

115

433

AUSTRALIA

74.06

69.12

92.54

88.12

115

433

Cerro Vanguardia - Attributable 92.50%

22.56

26.43

13.39

17.98

166

AngloGold Ashanti Brasil Mineração

13.80

18.71

16.21

17.94

336

Serra Grande - Attributable 50%

9.80

23.95

22.49

23.04

SOUTH AMERICA

15.53

12.53

16.21

15.73

118

158

145

589

Cripple Creek & Victor

52.12

74.51

56.28

61.39

256

NORTH AMERICA

52.12

74.51

56.28

61.39

256

ANGLOGOLD ASHANTI

9.23

9.48

9.72

9.94

1,048

1,262

1,193

5,014

Rounding of figures may result in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

US Dollar / Imperial

Great Noligwa

587

452

400

458

784

562

491

557

Kopanang

338

310

353

348

522

423

528

492

Moab Khotsong

292

317

578

379

530

520

702

632

Tau Lekoa

593

478

529

533

726

618

655

658

Surface Operations

210

366

357

440

223

387

393

469

Mponeng

244

222

253

249

297

268

343

323

Savuka

452

255

367

411

555

452

511

518

TauTona

385

325

386

374

546

584

516

509

SOUTH AFRICA

343

318

366

362

474

444

481

480

Navachab

457

512

490

534

514

584

591

601

SOUTHERN AFRICA

347

325

369

367

475

449

484

Iduapriem

535

577

452

525

600

645

560

611

Obuasi

701

712

517

633

858

879

755

834

Siguiri - Attributable 85%

492

478

436

466

547

556

529

542

Morila - Attributable 40%

413

385

409

419

452

460

486

495

Sadiola - Attributable 38%

315

386

405

399

388

583

534

554

Yatela - Attributable 40%

547

561

522

572

612

529

563

591

Geita

1,018

921

717

728

1,232

1,071

954

929

REST OF AFRICA

591

586

496

544

698

701

649

678

Sunrise Dam

574

486

455

531

709

590

556

635

AUSTRALIA

594

511

479

552

732

606

582

657

Cerro Vanguardia - Attributable 92.50%

400

464

553

608

511

573

692

757

AngloGold Ashanti Brasil Mineração

288

234

316

300

438

363

467

432

Serra Grande - Attributable 50%

499

260

290

294

646

359

388

394

SOUTH AMERICA

348

327

389

402

483

445

528

534

Cripple Creek & Victor

336

322

284

309

444

429

389

413

NORTH AMERICA

348

355

307

334

456

462

412

438

ANGLOGOLD ASHANTI

445

422

430

444

568

540

561

567

Rounding of figures may result in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

Great Noligwa

(55)

Kopanang

(22)

Moab Khotsong

(20)

Tau Lekoa

(30)

Surface Operations

Mponeng

227

Savuka

(2)

TauTona 16

(17)

SOUTH AFRICA

163

126

130

(55)

163

126

130

466

Navachab

(2)

SOUTHERN AFRICA

170

128

132

(57)

170

128

132

473

Iduapriem

(21)

Obuasi

(1)

(33)

(126)

(1)

(33)

(61)

Siguiri - Attributable 85%

Morila - Attributable 40%

(4)

Sadiola - Attributable 38%

(23)

Yatela - Attributable 40%

(7)

Geita

(17)

(58)

(13)

(181)

(17)

(58)

(13)

(119)

Minorities, exploration and other

REST OF AFRICA

(55)

(334)

(55)

(12)

Sunrise Dam

(61)

Exploration and other

(2)

(1)

(3)

(9)

(2)

(1)

(3)

(9)

AUSTRALIA

(70)

Cerro Vanguardia - Attributable 92.50%

(30)

(12)

AngloGold Ashanti Brasil Mineração

Serra Grande - Attributable 50%

Minorities, exploration and other

SOUTH AMERICA

138

Cripple Creek & Victor

Other

(1)

(3)

(1)

(6)

(1)

(3)

(1)

(7)

NORTH AMERICA

OTHER

SUB-TOTAL

316

143

274

(412)

316

143

274

693

Less equity accounted investments

(37)

(18)

(24)

(37)

(18)

(24)

(67)

ANGLOGOLD ASHANTI

279

125

250

(384)

279

125

250

626

Equity accounted investments.

Rounding of figures may result in computational discrepancies.

US Dollar

Gross profit (loss) adjusted for the gain (loss) on

unrealised non-hedge derivatives and other commodity

contracts - $m

Adjusted gross profit (loss) normalised for accelerated

settlement of non-hedge derivatives - $m

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

265

465

625

835

2,849

Milled

- 000 tonnes / - 000 tons

251

309

389

1,400

277

341

428

1,543

Yield

- g/t

/ - oz/t

5.37

6.37

8.56

7.33

0.157

0.186

0.250

0.214

Gold produced

- kg

/ - oz (000)

1,349

1,969

3,326

10,268

107

330

Gold sold

- kg

/ oz (000)

1,256

1,967

3,151

10,282

101

331

Total cash costs

- R

/ - $

- ton milled

1,002

918

828

874

100

- R/kg

/ - $/oz

- produced

186,735

144,190

96,801

119,140

587

452

400

458

Total production costs

- R/kg

/ - $/oz

- produced

249,489

179,299

118,554

145,120

784

562

491

557

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

127

191

167

181

4.08

6.14

5.38

5.82

Actual

- g

/ - oz

125

168

143

3.08

4.01

5.40

4.60

Target

- m

/ - ft

3.85

5.04

4.44

4.89

41.40

54.30

47.82

52.68

Actual

- m

/ - ft

3.06

3.68

3.92

3.69

32.98

39.59

42.18

39.70

FINANCIAL RESULTS (MILLION)
Gold income

279

433

536

1,894

234

Cost of sales

313

353

375

1,491

184

Cash operating costs

251

282

320

1,217

150

Other cash costs

Total cash costs

252

284

322

1,223

151

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

(4)

Production costs

258

289

330

1,241

153

Amortisation of tangible assets

249

Inventory change

(24)

(19)

(2)

(3)

(34)

160

402

(3)

Realised non-hedge derivatives and other commodity contracts

(2)

(832)

(105)

202

(430)

(55)

Add back accelerated settlement of non-hedge derivatives

736

Add realised loss on other commodity contracts

115

202

421

Capital expenditure

213

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

105

408

1,043

1,134

1,064

4,392

Milled

- 000 tonnes / - 000 tons

388

417

402

1,649

428

460

443

1,818

Yield

- g/t

/ - oz/t

6.21

6.78

6.94

6.82

0.181

0.198

0.203

0.199

Gold produced

- kg

/ - oz (000)

2,409

2,827

2,794

11,244

362

Gold sold

- kg

/ oz (000)

2,253

2,823

2,639

11,253

362

Total cash costs

- R

/ - $

- ton milled

668

672

594

624

- R/kg

/ - $/oz

- produced

107,584

99,050

85,530

91,516

338

310

353

348

Total production costs

- R/kg

/ - $/oz

- produced

166,235

135,067

128,151

129,241

522

423

528

492

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

211

217

173

204

6.80

6.97

5.56

6.56

Actual

- g

/ - oz

160

188

185

188

5.16

6.06

5.94

6.04

Target

- m

/ - ft

7.58

7.79

6.60

7.42

81.60

83.83

71.03

79.89

Actual

- m

/ - ft

6.45

7.02

6.53

6.81

69.46

75.57

70.32

73.35

FINANCIAL RESULTS (MILLION)
Gold income

499

624

443

2,107

255

Cost of sales

374

381

338

1,454

178

Cash operating costs

258

278

238

1,023

125

Other cash costs

Total cash costs

259

280

239

1,029

126

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Production costs

264

284

244

1,047

128

Amortisation of tangible assets

136

114

406

Inventory change

(26)

(20)

(3)

124

242

105

653

Realised non-hedge derivatives and other commodity contracts

122

(3)

(784)

(99)

247

240

151

(132)

(22)

Add back accelerated settlement of non-hedge derivatives

669

Add realised loss on other commodity contracts

107

247

240

151

644

Capital expenditure

102

116

391

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

373

379

122

1,039

Milled

- 000 tonnes / - 000 tons

214

243

641

236

268

707

Yield

- g/t

/ - oz/t

9.48

9.03

10.34

9.31

0.276

0.263

0.302

0.271

Gold produced

- kg

/ - oz (000)

2,028

2,194

764

5,965

192

Gold sold

- kg

/ - oz (000)

1,903

2,192

709

5,966

192

Total cash costs

- R

/ - $

- ton milled

883

914

1,468

951

175

103

- R/kg

/ - $/oz

- produced

93,120

101,180

141,898

102,216

292

317

578

379

Total production costs

- R/kg

/ - $/oz

- produced

168,658

166,260

172,476

170,693

530

520

702

632

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

198

166

122

154

6.35

5.33

3.91

4.96

Actual

- g

/ - oz

202

231

148

204

6.51

7.44

4.77

6.55

Target

- m

/ - ft

3.50

3.61

2.40

3.32

37.63

38.88

25.78

35.73

Actual

- m

/ - ft

3.46

3.72

2.21

3.30

37.24

40.02

23.76

35.49

FINANCIAL RESULTS (MILLION)
Gold income

421

480

119

1,118

131

Cost of sales

320

364

123

1,018

121

Cash operating costs

188

221

108

606

Other cash costs

Total cash costs

189

222

108

610

Retrenchment costs

Rehabilitation and other non-cash costs

(8)

(1)

Production costs

192

214

109

615

Amortisation of tangible assets

151

150

403

Inventory change

(22)

(9)

(2)

(1)

101

116

(3)

100

Realised non-hedge derivatives and other commodity contracts

101

(2)

(237)

(30)

202

114

(138)

(20)

Add back accelerated settlement of non-hedge derivatives

201

Add realised loss on other commodity contracts

202

114

Capital expenditure

184

205

143

736

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

239

605

618

603

2,573

Milled

- 000 tonnes / - 000 tons

270

313

272

1,243

298

345

300

1,370

Yield

- g/t

/ - oz/t

3.56

3.53

4.01

3.58

0.104

0.103

0.117

0.104

Gold produced

- kg

/ - oz (000)

962

1,105

1,093

4,444

143

Gold sold

- kg

/ oz (000)

901

1,104

1,025

4,447

143

Total cash costs

- R

/ - $

- ton milled

673

538

516

502

- R/kg

/ - $/oz

- produced

188,797

152,541

128,576

140,368

593

478

529

533

Total production costs

- R/kg

/ - $/oz

- produced

231,027

197,435

158,512

173,780

726

618

655

658

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

143

162

130

152

4.58

5.22

4.19

4.89

Actual

- g

/ - oz

107

124

126

127

3.43

4.00

4.05

4.08

Target

- m

/ - ft

7.52

8.30

6.97

7.93

80.96

89.37

75.03

85.34

Actual

- m

/ - ft

6.24

6.46

6.45

6.82

67.18

69.58

69.44

73.46

FINANCIAL RESULTS (MILLION)
Gold income

197

241

173

834

101

Cost of sales

208

218

163

773

Cash operating costs

181

168

140

621

Other cash costs

Total cash costs

182

169

141

624

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

183

180

142

646

Amortisation of tangible assets

127

Inventory change

(14)

(11)

(1)

(11)

(1)

Realised non-hedge derivatives and other commodity contracts

(1)

(292)

(37)

(230)

(30)

Add back accelerated settlement of non-hedge derivatives

290

Capital expenditure

146

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,386

2,039

1,841

7,922

2,631

2,248

2,030

8,733

Yield

- g/t

/ - oz/t

0.59

0.42

0.36

0.017

0.012

0.011

Gold produced

- kg

/ - oz (000)

1,416

848

670

2,864

Gold sold

- kg

/ - oz (000)

1,327

847

645

2,867

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

66,734

116,749

85,350

116,290

210

366

357

440

Total production costs

- R/kg

/ - $/oz

- produced

71,151

123,411

93,904

124,038

223

387

393

469

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,303

676

900

711

41.88

21.72

28.94

22.87

Actual

- g

/ - oz

1,997

1,157

1,012

1,021

64.20

37.19

32.54

32.82

FINANCIAL RESULTS (MILLION)
Gold income

287

186

113

544

Cost of sales

105

355

Cash operating costs

333

Other cash costs

Total cash costs

333

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

333

Amortisation of tangible assets

Inventory change

(6)

(2)

(1)

193

189

Realised non-hedge derivatives and other commodity contracts

(1)

(146)

(19)

267

Add back accelerated settlement of non-hedge derivatives

134

267

177

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

359

811

963

899

3,859

Milled

- 000 tonnes / - 000 tons

414

475

412

1,863

456

524

454

2,054

Yield

- g/t

/ - oz/t

9.58

9.45

9.94

10.02

0.279

0.276

0.290

0.292

Gold produced

- kg

/ - oz (000)

3,967

4,492

4,093

18,672

128

144

132

600

Gold sold

- kg

/ - oz (000)

3,543

4,496

3,854

18,720

114

145

124

602

Total cash costs

- R

/ - $

- ton milled

743

671

608

655

- R/kg

/ - $/oz

- produced

77,520

71,022

61,113

65,365

244

222

253

249

Total production costs

- R/kg

/ - $/oz

- produced

94,484

85,700

82,927

84,523

297

268

343

323

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

264

279

240

266

8.50

8.96

7.70

8.55

Actual

- g

/ - oz

256

289

259

296

8.24

9.31

8.33

9.53

Target

- m

/ - ft

5.45

5.59

5.14

5.44

58.69

60.13

55.28

58.51

Actual

- m

/ - ft

4.86

5.77

5.29

5.69

52.37

62.09

56.96

61.25

FINANCIAL RESULTS (MILLION)
Gold income

770

954

636

3,403

414

Cost of sales

335

385

320

1,582

194

Cash operating costs

306

317

248

1,213

148

Other cash costs

Total cash costs

308

319

250

1,221

149

Retrenchment costs

Rehabilitation costs

Production costs

310

327

255

1,248

153

Amortisation of tangible assets

330

Inventory change

(40)

(19)

(4)

(3)

435

569

316

1,820

220

Realised non-hedge derivatives and other commodity contracts

193

(1,049)

(133)

628

594

404

772

Add back accelerated settlement of non-hedge derivatives

1,116

141

628

594

404

1,887

227

Capital expenditure

196

228

120

707

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

161

156

140

675

Milled

- 000 tonnes / - 000 tons

328

361

Yield

- g/t

/ - oz/t

5.33

6.96

5.96

6.28

0.156

0.203

0.174

0.183

Gold produced

- kg

/ - oz (000)

432

566

448

2,057

Gold sold

- kg

/ - oz (000)

369

566

423

2,063

Total cash costs

- R

/ - $

- ton milled

767

566

526

670

- R/kg

/ - $/oz

- produced

143,876

81,339

88,349

106,748

452

255

367

411

Total production costs

- R/kg

/ - $/oz

- produced

176,681

144,345

123,374

137,104

555

452

511

518

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

141

158

140

156

4.53

5.07

4.51

5.01

Actual

- g

/ - oz

132

170

146

158

4.24

5.48

4.69

5.09

Target

- m

/ - ft

5.29

5.62

4.42

5.32

56.89

60.51

47.62

57.26

Actual

- m

/ - ft

4.57

4.37

4.25

4.83

49.14

47.01

45.70

51.95

FINANCIAL RESULTS (MILLION)
Gold income

121

375

Cost of sales

283

Cash operating costs

218

Other cash costs

Total cash costs

220

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

236

Amortisation of tangible assets

Inventory change

(11)

(3)

(1)

Realised non-hedge derivatives and other commodity contracts

(100)

(13)

(8)

(2)

Add back accelerated settlement of non-hedge derivatives

112

104

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

164

365

376

452

1,769

Milled

- 000 tonnes / - 000 tons

233

254

259

1,106

257

280

286

1,220

Yield

- g/t

/ - oz/t

7.61

8.37

8.70

8.66

0.222

0.244

0.254

0.253

Gold produced

- kg

/ - oz (000)

1,774

2,126

2,258

9,580

308

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

140

169

123

493

154

186

136

544

Yield

- g/t

/ - oz/t

0.34

0.43

0.38

0.010

0.013

0.011

Gold produced

- kg

/ - oz (000)

189

TOTAL

Yield

- g/t

/ - oz/t

7.61

8.37

8.70

8.66

0.222

0.244

0.254

0.253

Gold produced

- kg

/ - oz (000)

1,822

2,184

2,311

9,769

314

Gold sold

- kg

/ - oz (000)

1,590

2,184

2,190

9,800

315

Total cash costs

- R

/ - $

- ton milled

599

536

562

595

- R/kg

/ - $/oz

- produced

122,643

103,961

93,118

97,483

385

325

386

374

Total production costs

- R/kg

/ - $/oz

- produced

173,718

186,583

124,319

135,160

546

584

516

509

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

228

243

186

234

7.33

7.81

5.99

7.51

Actual

- g

/ - oz

179

209

185

214

5.76

6.73

5.93

6.89

Target

- m

/ - ft

3.78

4.25

3.40

4.11

40.66

45.70

36.59

44.20

Actual

- m

/ - ft

3.34

3.36

3.60

35.91

36.00

36.13

38.79

FINANCIAL RESULTS (MILLION)
Gold income

353

469

361

1,794

220

Cost of sales

277

407

273

1,324

160

Cash operating costs

222

225

214

947

117

Other cash costs

Total cash costs

223

227

215

952

117

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

226

286

225

1,032

126

Amortisation of tangible assets

121

289

Inventory change

(39)

(14)

(4)

(2)

470

Realised non-hedge derivatives and other commodity contracts

(600)

(76)

163

135

(130)

(17)

Add back accelerated settlement of non-hedge derivatives

625

163

135

495

Capital expenditure

147

491

Total yield excludes the surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Southern Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

823

744

615

2,956

1,076

973

804

3,867

Mined

- 000 tonnes

/ - 000 tons

2,203

1,997

1,641

7,864

2,429

2,201

1,809

8,669

Treated

- 000 tonnes

/ - 000 tons

352

401

358

1,481

388

442

395

1,633

Stripping ratio

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

5.47

3.84

9.65

5.39

5.47

3.84

9.65

5.39

Yield

- g/t

/ - oz/t

1.61

1.53

1.31

1.43

0.047

0.045

0.038

0.042

Gold produced

- kg

/ - oz (000)

569

614

469

2,126

Gold sold

- kg

/ - oz (000)

573

643

461

2,128

Total cash costs

- R/kg

/ - $/oz

- produced

145,453

163,164

118,198

142,795

457

512

490

534

Total production costs

- R/kg

/ - $/oz

- produced

163,586

186,190

142,749

160,623

514

584

591

601

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

480

539

436

485

15.45

17.31

14.03

15.60

Actual

- g

/ - oz

368

373

361

368

11.83

12.00

11.59

11.83

FINANCIAL RESULTS (MILLION)
Gold income

156

141

327

Cost of sales

118

339

Cash operating costs

288

Other cash costs

Total cash costs

100

304

Rehabilitation and other non-cash costs

Production costs

105

307

Amortisation of tangible assets

Inventory change

(5)

(2)

(1)

(12)

(2)

Realised non-hedge derivatives and other commodity contracts

(12)

(2)

Add back accelerated settlement of non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

IDUAPRIEM
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

5,999

4,997

4,502

17,397

6,613

5,508

4,963

19,177

Treated

- 000 tonnes

/ - 000 tons

671

964

815

3,535

739

1,063

898

3,897

Stripping ratio

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

5.09

4.15

4.13

3.86

5.09

4.15

4.13

3.86

Yield

- g/t

/ - oz/t

1.71

1.83

1.81

1.76

0.050

0.053

0.051

Gold in ore

- kg

/ - oz (000)

1,731

1,189

1,616

5,916

190

Gold produced

- kg

/ - oz (000)

1,147

1,761

1,471

6,221

200

Gold sold

- kg

/ - oz (000)

1,292

1,717

1,459

6,230

200

Total cash costs

- R/kg

/ - $/oz

- produced

170,086

184,109

109,611

141,662

535

577

452

525

Total produced costs

- R/kg

/ - $/oz

- produced

190,908

205,867

136,025

164,300

600

645

560

611

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

550

718

562

672

17.69

23.07

18.08

21.61

Actual

- g

/ - oz

453

679

568

600

14.55

21.83

18.27

19.30

FINANCIAL RESULTS (MILLION)
Gold income

250

358

289

1,356

165

Cost of sales

247

352

187

1,007

121

Cash operating costs

182

306

150

830

Other cash costs

Total cash costs

195

324

161

881

105

Rehabilitation and other non-cash costs

(1)

Production costs

199

323

168

884

105

Amortisation of tangible assets

138

Inventory change

(11)

(13)

(15)

(1)

(2)

(1)

102

349

Realised non-hedge derivatives and other commodity contracts

(23)

(514)

(3)

(65)

(165)

(21)

Add back accelerated settlement of non-hedge derivatives

312

147

Capital expenditure

150

448

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - 000 tons

492

517

435

1,923

543

570

479

2,119

Treated

- 000 tonnes

/ - 000 tons

562

564

506

2,096

619

622

558

2,311

Yield

- g/t

/ - oz/t

4.45

4.62

4.19

4.37

0.130

0.135

0.122

0.127

Gold produced

- kg

/ - oz (000)

2,501

2,605

2,123

9,151

294

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

737

883

861

3,455

813

974

949

3,808

Yield

- g/t

/ - oz/t

0.49

0.52

0.69

0.57

0.014

0.015

0.020

0.017

Gold produced

- kg

/ - oz (000)

361

457

595

1,956

TOTAL

Yield

- g/t

/ - oz/t

4.45

4.62

4.19

4.37

0.130

0.135

0.122

0.127

Gold produced

- kg

/ - oz (000)

2,862

3,062

2,718

11,107

357

Gold sold

- kg

/ - oz (000)

2,805

3,003

2,669

10,974

353

Total cash costs

- R/kg

/ - $/oz

- produced

222,941

227,350

127,301

171,223

701

712

517

633

Total production costs

- R/kg

/ - $/oz

- produced

273,155

280,492

185,552

224,223

858

879

755

834

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

233

219

196

211

7.49

7.03

6.29

6.79

Actual

- g

/ - oz

213

218

191

197

6.84

7.01

6.14

6.34

FINANCIAL RESULTS (MILLION)
Gold income

547

611

546

2,626

321

Cost of sales

757

984

484

2,591

308

Cash operating costs

606

666

322

1,809

215

Other cash costs

Total cash costs

638

696

344

1,902

226

Retrenchment costs

Rehabilitation and other non-cash costs

(23)

(2)

Production costs

647

673

371

1,918

229

Amortisation of tangible assets

135

186

131

572

Inventory change

(25)

125

(18)

101

(2)

(210)

(374)

(21)

(38)

Realised non-hedge derivatives and other commodity contracts

203

(50)

(1,098)

(6)

(139)

(7)

(330)

(1,063)

(1)

(33)

(126)

Add back accelerated settlement of non-hedge derivatives

513

(7)

(330)

(550)

(1)

(33)

(61)

Capital expenditure

265

383

138

922

112

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross (loss) profit normalised for accelerated settlement
of non-hedge derivatives

Rest of Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

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

- 000 tonnes

/ - 000 tons

5,314

5,887

7,397

24,131

5,858

6,489

8,154

26,600

Treated

- 000 tonnes

/ - 000 tons

2,094

2,303

2,205

8,612

2,308

2,539

2,431

9,493

Stripping ratio

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

1.13

0.95

1.21

1.13

0.95

1.21

1.13

Yield

- g/t

/ - oz/t

1.19

1.10

1.32

1.20

0.035

0.032

0.038

0.035

Gold produced

- kg

/ - oz (000)

2,499

2,533

2,901

10,350

333

Gold sold

- kg

/ - oz (000)

2,346

2,680

2,885

10,469

337

Total cash costs

- R/kg

/ - $/oz

- produced

156,700

152,574

105,581

123,442

492

478

436

466

Total production costs

- R/kg

/ - $/oz

- produced

173,970

177,449

128,764

143,801

547

556

529

542

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

558

448

590

502

17.95

14.41

18.97

16.13

Actual

- g

/ - oz

617

637

687

625

19.85

20.47

22.08

20.09

FINANCIAL RESULTS (MILLION)
Gold income

498

561

558

2,297

282

Cost of sales

413

487

369

1,514

183

Cash operating costs

333

329

228

1,054

127

Other cash costs

224

Total cash costs

392

386

306

1,278

155

Rehabilitation and other non-cash costs

(11)

(1)

Production costs

394

375

330

1,289

157

Amortisation of tangible assets

200

Inventory change

(22)

(4)

(2)

189

783

Realised non-hedge derivatives and other commodity contracts

134

(33)

(724)

(4)

(92)

218

103

156

Add back accelerated settlement of non-hedge derivatives

379

218

103

156

438

Capital expenditure

151

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

MORILA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

487

608

840

2,890

637

795

1,099

3,781

Mined

- 000 tonnes

/ - 000 tons

1,397

1,664

2,280

7,952

1,540

1,834

2,514

8,766

Treated

- 000 tonnes

/ - 000 tons

421

440

403

1,718

464

485

444

1,893

Stripping ratio

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

1.27

2.97

2.72

3.00

1.27

2.97

2.72

3.00

Yield

- g/t

/ - oz/t

2.92

3.31

3.12

3.08

0.085

0.096

0.091

0.090

Gold produced

- kg

/ - oz (000)

1,228

1,456

1,257

5,298

170

Gold sold

- kg

/ - oz (000)

1,153

1,438

1,283

5,446

175

Total cash costs

- R/kg

/ - $/oz

- produced

131,403

122,592

99,282

111,128

413

385

409

419

Total production costs

- R/kg

/ - $/oz

- produced

143,832

146,612

117,814

131,341

452

460

486

495

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

990

1,180

967

1,123

31.83

37.93

31.10

36.10

Actual

- g

/ - oz

938

1,021

823

873

30.14

32.84

26.46

28.05

FINANCIAL RESULTS (MILLION)
Gold income

329

321

231

690

Cost of sales

163

215

149

710

Cash operating costs

137

152

105

503

Other cash costs

Total cash costs

161

179

125

589

Rehabilitation and other non-cash costs

(1)

Production costs

161

177

125

588

Amortisation of tangible assets

108

Inventory change

(14)

(1)

166

107

(20)

(4)

Realised non-hedge derivatives and other commodity contracts

166

107

(20)

(4)

Add back accelerated settlement of non-hedge derivatives

335

166

107

315

Capital expenditure

Morila is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

SADIOLA - Attributable 38%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,162

1,251

1,367

4,742

1,520

1,636

1,788

6,203

Mined

- 000 tonnes

/ - 000 tons

2,246

2,447

2,629

9,158

2,476

2,698

2,898

10,095

Treated

- 000 tonnes

/ - 000 tons

357

428

359

1,564

394

471

396

1,724

Stripping ratio

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

4.64

3.02

2.52

2.95

4.64

3.02

2.52

2.95

Yield

- g/t

/ - oz/t

3.12

3.58

3.16

3.42

0.091

0.104

0.092

0.100

Gold produced

- kg

/ - oz (000)

1,113

1,530

1,135

5,357

172

Gold sold

- kg

/ - oz (000)

1,076

1,459

1,337

5,418

174

Total cash costs

- R/kg

/ - $/oz

- produced

100,400

123,137

98,058

106,486

315

386

405

399

Total production costs

- R/kg

/ - $/oz

- produced

123,397

186,097

129,199

148,948

388

583

534

554

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

739

791

651

720

23.76

25.42

20.93

23.15

Actual

- g

/ - oz

791

1,102

756

931

25.42

35.44

24.30

29.95

FINANCIAL RESULTS (MILLION)
Gold income

305

321

250

619

Cost of sales

139

273

165

799

Cash operating costs

159

482

Other cash costs

Total cash costs

112

188

111

570

Rehabilitation and other non-cash costs

Production costs

112

202

113

579

Amortisation of tangible assets

219

Inventory change

(11)

(1)

166

(180)

(23)

Realised non-hedge derivatives and other commodity contracts

166

(180)

(23)

Add back accelerated settlement of non-hedge derivatives

402

166

222

Capital expenditure

Sadiola is an equity accounted joint venture.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

YATELA - Attributable 40%

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

939

977

1,023

4,061

1,035

1,077

1,128

4,476

Placed

- 000 tonnes

/ - 000 tons

271

305

294

1,088

299

336

324

1,200

Stripping ratio

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

2.86

5.15

14.47

7.09

2.86

5.15

14.47

7.09

Yield

- g/t

/ - oz/t

2.73

2.60

2.17

2.66

0.080

0.076

0.063

0.078

Gold placed

- kg

/ - oz (000)

739

793

637

2,895

Gold produced

- kg

/ - oz (000)

421

503

532

2,052

Gold sold

- kg

/ - oz (000)

414

479

588

2,050

Total cash costs

- R/kg

/ - $/oz

- produced

174,214

178,973

125,581

151,165

547

561

522

572

Total production costs

- R/kg

/ - $/oz

- produced

194,766

168,722

135,250

155,196

612

529

563

591

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

517

573

577

634

16.62

18.41

18.56

20.39

Actual

- g

/ - oz

560

665

620

618

17.99

21.38

19.94

19.86

FINANCIAL RESULTS (MILLION)
Gold income

118

106

107

259

Cost of sales

312

Cash operating costs

277

Other cash costs

Total cash costs

310

Rehabilitation and other non-cash costs

(11)

(10)

(1)

Production costs

300

Amortisation of tangible assets

Inventory change

(8)

(7)

(1)

(53)

(7)

Realised non-hedge derivatives and other commodity contracts

(53)

(7)

Add back accelerated settlement of non-hedge derivatives

134

Capital expenditure

(10)

(1)

Yatela is an equity accounted joint venture.

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

Rest of Africa

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

GEITA

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

4,334

4,934

5,443

19,829

5,669

6,454

7,120

25,936

Mined

- 000 tonnes

/ - 000 tons

12,285

13,728

14,316

52,794

13,542

15,132

15,780

58,195

Treated

- 000 tonnes

/ - 000 tons

917

963

1,193

4,270

1,011

1,061

1,315

4,707

Stripping ratio

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

11.64

12.11

10.72

9.69

11.64

12.11

10.72

9.69

Yield

- g/t

/ - oz/t

1.50

1.68

1.66

1.92

0.044

0.049

0.048

0.056

Gold produced

- kg

/ - oz (000)

1,379

1,614

1,984

8,203

264

Gold sold

- kg

/ - oz (000)

1,363

1,638

1,860

8,088

260

Total cash costs

- R/kg

/ - $/oz

- produced

323,980

294,552

174,653

193,392

1,018

921

717

728

Total production costs

- R/kg

/ - $/oz

- produced

392,313

342,695

232,677

245,414

1,232

1,071

954

929

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

365

482

356

445

11.73

15.50

11.46

14.31

Actual

- g

/ - oz

226

254

317

329

7.25

8.16

10.20

10.58

FINANCIAL RESULTS (MILLION)
Gold income

360

445

2,628

328

Cost of sales

532

930

441

2,534

301

Cash operating costs

426

453

328

1,500

181

Other cash costs

Total cash costs

439

466

340

1,555

188

Rehabilitation and other non-cash costs

(41)

(23)

(4)

(2)

Production costs

439

425

352

1,533

186

Amortisation of tangible assets

119

104

449

Inventory change

(2)

386

(15)

552

(2)

(466)

(570)

(47)

(58)

Realised non-hedge derivatives and other commodity contracts

302

(102)

(1,639)

(14)

(207)

(164)

(570)

(98)

(1,545)

(17)

(58)

(13)

(181)

Add back accelerated settlement of non-hedge derivatives

491

(164)

(570)

(98)

(1,054)

(17)

(58)

(13)

(119)

Capital expenditure

105

433

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross loss normalised for accelerated settlement of non-
hedge derivatives

Australia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - ooo tons

143

246

119

668

158

271

131

736

Treated

- 000 tonnes

/ - 000 tons

217

179

125

513

239

197

138

566

Yield

- g/t

/ - oz/t

4.97

4.11

4.95

4.40

0.145

0.120

0.144

0.128

Gold produced

- kg

/ - oz (000)

1,077

736

619

2,261

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,398

1,638

2,840

9,146

1,829

2,142

3,715

11,963

Treated

- 000 tonnes

/ - 000 tons

705

824

752

3,239

777

908

829

3,570

Stripping ratio

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

27.83

(21.82)

10.95

15.28

27.83

(21.82)

10.95

15.28

Yield

- g/t

/ - oz/t

2.78

2.33

4.10

3.46

0.081

0.068

0.120

0.101

Gold produced

- kg

/ - oz (000)

1,964

1,915

3,088

11,216

361

TOTAL

Yield

- g/t

/ - oz/t

2.78

2.33

4.10

3.46

0.081

0.068

0.120

0.101

Gold produced

- kg

/ - oz (000)

3,041

2,651

3,707

13,477

119

433

Gold sold

- kg

/ - oz (000)

2,945

2,734

3,583

13,455

115

433

Total cash costs

- R/kg

/ - $/oz

- produced

182,648

154,754

111,183

138,295

574

486

455

531

Total production costs

- R/kg

/ - $/oz

- produced

225,777

188,295

135,374

165,643

709

590

556

635

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,719

2,678

3,824

3,384

55.26

86.09

122.95

108.81

Actual

- g

/ - oz

2,304

2,150

2,878

2,741

74.06

69.12

92.54

88.12

FINANCIAL RESULTS (MILLION)
Gold income

626

937

727

2,338

280

Cost of sales

680

504

485

2,226

274

Cash operating costs

534

394

391

1,787

220

Other cash costs

Total cash costs

555

410

412

1,864

230

Rehabilitation and other non-cash costs

Production costs

592

415

412

1,873

231

Amortisation of tangible assets

359

Inventory change

(6)

(17)

(7)

(1)

(2)

(1)

(54)

433

242

112

(5)

Realised non-hedge derivatives and other commodity contracts

171

(345)

(74)

(592)

(35)

(10)

(66)

118

168

(480)

(61)

Add back accelerated settlement of non-hedge derivatives

736

118

168

256

Capital expenditure

159

Total yield excludes the underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South America

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

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

- 000 tonnes / - 000 tons

5,211

5,397

5,786

22,902

5,745

5,949

6,378

25,245

Treated

- 000 tonnes / - 000 tons

212

235

224

883

233

260

247

973

Stripping ratio

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

23.14

22.72

23.87

27.50

23.14

22.72

23.87

27.50

Yield

- g/t

/ - oz/t

6.98

7.44

3.82

5.44

0.203

0.217

0.111

0.159

Gold in ore

- kg

/ - oz (000)

1,561

1,822

907

5,070

163

Gold produced

- kg

/ - oz (000)

1,476

1,752

856

4,799

154

Gold sold

- kg

/ - oz (000)

1,106

1,528

1,457

5,169

166

Total cash costs

- R/kg

/ - $/oz

- produced

127,374

148,071

132,332

162,345

400

464

553

608

Total production costs

- R/kg

/ - $/oz

- produced

162,697

183,107

166,287

202,598

511

573

692

757

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

579

982

582

764

18.61

31.59

18.71

24.58

Actual

- g

/ - oz

702

822

417

559

22.56

26.43

13.39

17.98

FINANCIAL RESULTS (MILLION)
Gold income

333

367

293

910

108

Cost of sales

191

313

198

1,002

120

Cash operating costs

162

229

682

Other cash costs

Total cash costs

188

259

113

779

Rehabilitation and other non-cash costs

Production costs

188

265

118

833

100

Amortisation of tangible assets

139

Inventory change

(49)

(8)

(5)

(1)

142

(93)

(13)

Realised non-hedge derivatives and other commodity contracts

(37)

(38)

(35)

(139)

(4)

(5)

(17)

104

(231)

(30)

Add back accelerated settlement of non-hedge derivatives

144

104

(87)

(12)

Capital expenditure

125

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit (loss) normalised for accelerated
settlement of non-hedge derivatives

South America

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

318

304

1,203

351

335

1,326

Treated

- 000 tonnes / - 000 tons

320

305

308

1,186

353

336

340

1,307

Yield

- g/t

/ - oz/t

6.43

7.77

6.77

7.62

0.187

0.227

0.198

0.222

Gold produced

- kg

/ - oz (000)

2,059

2,372

2,086

9,034

290

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

739

1,164

684

4,363

815

1,283

754

4,809

Placed

- 000 tonnes / - 000 tons

225

248

Stripping ratio

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

25.58

25.05

14.41

18.40

25.58

25.05

14.41

18.40

Yield

- g/t

/ - oz/t

2.30

3.16

5.26

3.63

0.067

0.092

0.153

0.106

Gold placed

- kg

/ - oz (000)

144

227

816

Gold produced

- kg

/ - oz (000)

224

165

926

TOTAL

Yield

- g/t

/ - oz/t

6.43

7.77

6.77

7.62

0.187

0.227

0.198

0.222

Gold produced

- kg

/ - oz (000)

2,121

2,596

2,251

9,960

320

Gold sold

- kg

/ - oz (000)

2,158

2,696

2,432

10,464

336

Total cash costs

- R/kg

/ - $/oz

- produced

91,588

74,764

76,600

78,701

288

234

316

300

Total production costs

- R/kg

/ - $/oz

- produced

139,410

115,725

113,174

113,696

438

363

467

432

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

426

534

540

558

13.71

17.17

17.37

17.93

Actual

- g

/ - oz

429

582

504

558

13.80

18.71

16.21

17.94

FINANCIAL RESULTS (MILLION)
Gold income

543

673

483

1,673

200

Cost of sales

294

323

249

1,165

142

Cash operating costs

188

187

167

759

Other cash costs

Total cash costs

194

172

784

Rehabilitation and other non-cash costs

(5)

(3)

Production costs

194

189

179

781

Amortisation of tangible assets

101

111

351

Inventory change

(1)

(6)

248

350

234

509

Realised non-hedge derivatives and other commodity contracts

(79)

(50)

(380)

(8)

(6)

(46)

288

271

184

129

Add back accelerated settlement of non-hedge derivatives

647

288

271

184

776

Capital expenditure

123

129

123

565

Tonnes / Tons placed onto leach pad.

Total yield represents underground operations.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

South America

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

334

101

368

Treated

- 000 tonnes / - 000 tons

310

341

Yield

- g/t

/ - oz/t

3.65

8.00

7.19

7.58

0.106

0.233

0.210

0.221

Gold produced

- kg

/ - oz (000)

298

686

561

2,349

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

182

218

129

764

200

241

143

843

Treated

- 000 tonnes / - 000 tons

Stripping ratio

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

9.00

8.11

4.19

6.73

9.00

8.11

4.19

6.73

Yield

- g/t

/ - oz/t

3.96

3.92

3.85

4.20

0.116

0.114

0.112

0.122

Gold in ore

- kg

/ - oz (000)

404

Gold produced

- kg

/ - oz (000)

360

TOTAL

Yield

- g/t

/ - oz/t

3.65

8.00

7.19

7.58

0.106

0.233

0.210

0.221

Gold produced

- kg

/ - oz (000)

328

750

641

2,709

Gold sold

- kg

/ - oz (000)

421

676

621

2,693

Total cash costs

- R/kg

/ - $/oz

- produced

158,853

82,975

70,185

77,872

499

260

290

294

Total production costs

- R/kg

/ - $/oz

- produced

205,445

114,416

94,042

104,690

646

359

388

394

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

368

690

680

705

11.85

22.18

21.85

22.67

Actual

- g

/ - oz

305

745

700

716

9.80

23.95

22.49

23.04

FINANCIAL RESULTS (MILLION)
Gold income

100

150

136

450

Cost of sales

280

Cash operating costs

196

Other cash costs

Total cash costs

211

Rehabilitation and other non-cash costs

Production costs

212

Amortisation of tangible assets

Inventory change

(7)

(1)

(4)

(1)

170

Realised non-hedge derivatives and other commodity contracts

(3)

(22)

(91)

(3)

(11)

Add back accelerated settlement of non-hedge derivatives

134

213

Capital expenditure

168

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

North America

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2009

2008

2009

2008

CRIPPLE CREEK & VICTOR

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

12,204

11,571

11,532

46,330

13,453

12,755

12,711

51,071

Placed

- 000 tonnes

/ - 000 tons

5,306

5,511

5,071

22,149

5,849

6,075

5,590

24,415

Stripping ratio

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

1.32

1.16

1.12

1.32

1.16

1.12

Yield

- g/t

/ - oz/t

0.46

0.48

0.54

0.49

0.013

0.014

0.016

0.014

Gold placed

- kg

/ - oz (000)

2,417

2,641

2,749

10,784

347

Gold produced

- kg

/ - oz (000)

1,736

2,422

1,791

8,016

258

Gold sold

- kg

/ - oz (000)

1,789

2,380

1,825

7,972

256

Total cash costs

- R/kg

/ - $/oz

- produced

106,971

102,980

68,916

83,448

336

322

284

309

Total production costs

- R/kg

/ - $/oz

- produced

141,245

137,163

94,354

111,667

444

429

389

413

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,600

2,440

1,747

2,210

51.43

78.44

56.16

71.06

Actual

- g

/ - oz

1,621

2,318

1,750

1,909

52.12

74.51

56.28

61.39

FINANCIAL RESULTS (MILLION)
Gold income

243

531

369

1,984

240

Cost of sales

245

332

169

895

106

Cash operating costs

346

328

212

1,054

127

Other cash costs

Total cash costs

363

329

222

1,092

132

Rehabilitation and other non-cash costs

Production costs

363

357

232

1,158

140

Amortisation of tangible assets

243

Inventory change

(189)

(96)

(117)

(506)

(19)

(10)

(16)

(63)

(3)

198

200

1,089

134

Realised non-hedge derivatives and other commodity contracts

232

(3)

(33)

(934)

(4)

(118)

229

195

167

155

Add back accelerated settlement of non-hedge derivatives

446

229

195

167

601

Capital expenditure

221

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

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

Adjusted gross profit normalised for accelerated settlement of
non-hedge derivatives

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

Administrative information

ANGLO GOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

Registered and Corporate

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

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

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

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

Directors

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

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

R E Bannerman

(1)

J H Mensah

(1)

W A Nairn
Prof W L Nkuhlu
S M Pityana

* British

American

Ghanaian

~ Australian

(1) Retires from the board on 15 May 2009

Officers
Company Secretary:

Ms L Eatwell

Investor Relations Contacts

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

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

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngoGoldAshanti.com

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

PRINTED BY INCE (PTY) LIMITED

Share Registrars

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

United Kingdom
Computershare Investor Services PLC
PO Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 702 0000
Fax: +44 870 703 6119

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

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

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

Global BuyDIRECT

BoNY maintains a direct share purchase
and dividend reinvestment plan for
ANGLO GOLD 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 15, 2009

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary