Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated November 2, 2009

Commission File Number 1-14846

AngloGold Ashanti Limited

(Name of registrant)

76 Jeppe Street

Newtown, 2001

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

South Africa

(Address of principal executive offices)

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

Form 20-F X Form 40-F

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

Yes

No X

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

Yes

No X

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

Yes

No X

Enclosure: Press release ANGLOGOLD ASHANTI LIMITED REPORT FOR THE QUARTER AND

NINE MONTHS PREPARED IN ACCORDANCE WITH
INTERNATIONAL FINANCIAL REPORTING STANDARDS

Quarter 3 2009

Report

for the quarter and nine months ended 30 September 2009

Group results for the quarter….

º Adjusted headlines earnings, normalised to exclude hedge buybacks, at $163m.
º Gold production rises 5% to 1.187Moz, following fewer safety interruptions.
º Uranium production rises 10% to 366,000 pounds.
º Total cash costs of $534/oz provide solid operating margin despite sharply stronger operating currencies.
º Vaal River operations improve following management intervention.
º Geita and Ghana operations continue to deliver on turnaround strategy.
º South America delivers 9% growth in production, limits cost increases, despite currency strength.
º Major hedge restructuring completed before recent gold price rally; committed ounces now less than annual
production at 4.3Moz.

Events post quarter-end….

º Annual guidance reviewed to 4.55Moz - 4.6Moz to factor in lower South African production, following shaft incident
at TauTona.

º Joint venture formed with De Beers to explore for marine gold deposits.
º Acquisition concluded for the purchase of 35% stake in Moto Gold Project.

Quarter

Nine months

Quarter

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

SA rand / Metric

US dollar / Imperial

Operating review

Gold
Produced

- kg / oz(000)

36,925

35,050

106,282

115,530

1,187

1,127

3,417

3,714

Price received

- R/kg / $/oz

61,095

241,505

185,498

100,660

261

897

653

416

Price received excluding hedge
buyback costs

- R/kg / $/oz

225,388

241,505

245,364

174,646

906

897

888

707

Total cash costs

- R/kg / $/oz

133,274

127,956

134,192

111,540

534

472

485

451

Total production costs

- R/kg / $/oz

166,355

161,909

169,536

142,586

667

598

612

576

Financial review
Gross (loss) profit

- Rm / $m

(8,872)

3,051

(4,718)

(1,248)

(1,116)

387

(618)

204

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

- Rm / $m

(4,110)

2,511

1,165

(4,187)

(510)

305

(509)

Adjusted gross profit excluding hedge
buyback costs

- Rm / $m

2,205

2,511

7,480

3,831

287

305

871

501

(Loss) profit attributable to equity
shareholders

- Rm / $m

(8,245)

2,304

(5,940)

(4,236)

(1,042)

299

(743)

(179)

Headline (loss) earnings

- Rm / $m

(8,068)

1,631

(6,437)

(4,891)

(1,018)

215

(803)

(263)

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

- Rm / $m

(4,757)

1,359

(1,917)

(7,019)

(596)

167

(279)

(880)

Capital expenditure

- Rm / $m

1,842

2,228

6,451

6,911

232

261

734

899

(Loss) profit per ordinary share

- cents/share

Basic

(2,286)

642

(1,653)

(1,393)

(289)

(207)

(59)

Diluted

(2,286)

641

(1,653)

(1,393)

(289)

(207)

(59)

Headline

(2,237)

455

(1,791)

(1,609)

(282)

(223)

(87)

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

cents/share

(1,319)

379

(533)

(2,309)

(165)

(78)

(289)

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 30 September 2009

Production

Total cash costs

Adjusted gross profit (loss)

excluding hedge buyback

costs

oz (000)

Variance

$/oz

Variance

SOUTHERN AFRICA

483

525

118

(25)

South Africa
Great Noligwa

916

(7)

(6)

Kopanang

442

(1)

Moab Khotsong

478

Tau Lekoa

797

Surface Operations

(5)

406

(3)

Mponeng

125

(11)

375

(19)

Savuka

(92)

9,847

1,342

(11)

(11)

TauTona

501

(2)

Namibia
Navachab

615

(15)

CONTINENTAL AFRICA

391

615

Ghana
Iduapriem

493

(7)

Obuasi

(9)

671

(2)

Guinea
Siguiri - Attributable 85%

(1)

500

Mali
Morila - Attributable 40%

(6)

559

(2)

Sadiola - Attributable 38%

(9)

532

(6)

Yatela - Attributable 40%

(12)

219

(43)

Tanzania
Geita

883

(8)

Minorities, exploration and other

AUSTRALIA

102

655

(17)

Sunrise Dam

102

647

(17)

Exploration and other

(1)

SOUTH AMERICA

157

349

Argentina
Cerro Vanguardia - Attributable 92.50%

(8)

336

(2)

Brazil
AngloGold Ashanti Brasil Mineração

333

Serra Grande - Attributable 50%

445

Minorities, exploration and other

NORTH AMERICA

406

(2)

United States
Cripple Creek & Victor

394

(2)

Other

(1)

OTHER

(6)

Sub-total

1,187

534

321

(26)

Less equity accounted investments

(35)

AngloGold Ashanti

287

(18)

1 Refer to note B "Non-GAAP disclosure" for the definition.
2 Variance September 2009 quarter on June 2009 quarter - increase (decrease).
3 Equity accounted investments.

Rounding of figures may result in computational discrepancies.

Financial and Operating Report

OVERVIEW FOR THE QUARTER

SAFETY

Safety remained AngloGold Ashanti’s highest priority, with management’s efforts focused on recovering from a
poor performance in the second quarter. Four miners tragically lost their lives during the quarter in two separate
accidents at Mponeng and one each at TauTona and Great Noligwa. The rigorous implementation of existing
safety protocols and targeted interventions at the Vaal River operations helped lower the number of fatalities by
half. However, much work still needs to be done to eliminate these accidents altogether. The 12% decline in the
lost time injury frequency rate in the first nine months of this year is an encouraging achievement and testament
to our drive toward continued improvements to safety on our operations.

The strategy of analysing and providing intensive support to teams with the poorest safety performance on the
company’s South African operations is continuing. In addition to this short-term intervention, AngloGold Ashanti
remains committed to the implementation early next year of its Safety Transformation blueprint, which is aimed
at achieving the next quantum improvement in safety performance. Sadiola, Yatela, Geita and Navachab
reported no lost-time injuries during the quarter.

Thirty full and eighteen partial production shifts were lost at the company’s South African mines during the
quarter due to safety related stoppages. Government inspectors and AngloGold Ashanti’s mine managers
continue to apply safety regulations more aggressively than in the past, with a commensurate impact on gold
production. Post quarter-end, AngloGold Ashanti’s management initiated a stoppage at TauTona to conduct a
shaft inspection after a length of steel fell down a shaft at the mine. A decision was subsequently taken to
suspend all operations at the mine pending a thorough inspection of all steelwork along the full length of the
shaft systems, to prevent a recurrence of this incident. TauTona could potentially be closed until the end of this
year while this remedial action is completed. The impact of this interruption will affect full-year production and
has resulted in a revision of our annual guidance.

OPERATING REVIEW

Production rose 5% from the previous quarter to 1.187Moz, broadly in line with the guidance of 1.2Moz. Total
cash costs rose 13% to $534/oz. Given the average exchange rate of R7.77/$, this is within AngloGold
Ashanti’s quarterly guidance issued in July.

Stronger operating currencies in key regions continued to erode the benefit of a stronger bullion price. The
Brazilian real gained 10% on average against the US dollar during the quarter compared with a 9%
strengthening in both the Australian dollar and South African rand. This lowered the gold price in those
currencies and pushed dollar-denominated costs higher, placing pressure on operating margins.

The third quarter also saw winter power tariffs compounded by the introduction of a 31.3% annual power-price
increase in South Africa. Eskom Holdings Limited, the state-owned utility, has announced that it will petition the
National Energy Regulator to raise prices annually by a further 45% until 2012 to fund the construction of new
power generation capacity. Should Eskom’s request be granted, pressure will be placed on the cost structure of
AngloGold Ashanti’s South African operations which currently account for 40% of annual production.

Southern African operations produced 483,000oz in the three months ending September at a total cash cost
of $525/oz, compared with 450,000oz at $444/oz in the previous quarter. Fewer safety stoppages helped
increase production from the Vaal River region. Costs were impacted by the higher electricity prices, the
stronger rand and the introduction of higher labour costs following the wage settlement reached during the
previous quarter. Among the West Wits operations, Mponeng’s output declined after stoppages related to the
two accidents at the mine, while Savuka’s production was halted as work continued to repair underground
infrastructure damaged by the seismic event that occurred in May.

Continental Africa’s production was largely unchanged at 391,000oz, while total cash costs rose 9% to
$615/oz. The operational turnaround at Geita continued under the new management team where production
increased by 32%, mainly as a result of higher grades. Costs at the operation were in line with the planned
increase in fleet maintenance and the initial costs related to the rollout of AngloGold Ashanti’s business
improvement initiatives.

In Ghana, operational improvements continued with Iduapriem registering an 11% increase in gold
production after last quarter’s mill maintenance. Improved grade management at Obuasi limited the
production decline caused by heavy rains and flooding, to 9%. Lower grades at Sadiola and fewer tons
processed at Yatela, lowered production from Mali, which was in line with mine plans.

The South American operations continued to build on their turnaround success of the past year. Production
rose by 9% to 157,000oz at a total cash cost of $349/oz. In Argentina, Cerro Vanguardia mitigated the
impact of a planned drop in gold production with higher realised prices for its silver by-product. Higher tonnes
treated and improved grades helped boost output at AngloGold Ashanti Brasil Mineração.

In the United States, Cripple Creek & Victor reported a 4% increase in production due to pad phase timing
while total costs rose 12%. In Australia, production rose by 9% from the previous quarter due to increased
tonnage and yield.

FINANCIAL AND CORPORATE REVIEW

Adjusted headline earnings, excluding the cost of the hedge buybacks concluded during the quarter, were
US$163m, which was broadly in line with last quarter’s record adjusted headline earnings of $167m. The
adjusted headline loss for the quarter, after taking into account the cost of the hedge buybacks, was $596m,
or 165 US cents per share.

The realised gold price for the quarter was $261/oz, following the restructuring of the hedge book which was
done at a cost of $797m. The realised price would have been $906/oz, a 6% discount to the average spot
price for the period, were it not for this cost. Management has targeted an average 7% discount to spot gold
prices over the remainder of the life of the hedge book at a gold price of $950/oz in real terms and assumed
production profile of 5Moz a year.

The accelerated buyback of certain gold derivative positions, along with normal deliveries into contracts,
reduced the total committed ounces in the hedge book to 4.3Moz at the end of the quarter, from 5.19Moz at
the end of June and is expected to reach 4.1Moz at year end. Thereafter, the hedge book is expected to
diminish by about 800,000oz per year through to 2014, by which time it will be largely depleted. Following the
recent buybacks, the fair value of the entire hedge book is now included in the financial statements.

During the quarter, AngloGold Ashanti raised equity, to fund its 50% stake in Moto Goldmines Limited. This
share sale was part of the company’s strategy to pay for a large gold resource with long-term development
potential, with longer-term financing, while maintaining balance-sheet flexibility.

EXPLORATION

Total exploration spending during the quarter was $55m, an increase of 28% over the previous quarter.
Expenditure increased in Colombia, where activity is gearing up in anticipation of the conclusion of public
appeals related to exploration permits awarded during the previous quarter. Regional exploration in Canada
and Australia, as well as the initiation of the feasibility study on the Tropicana project also contributed to the
increase in spending. Subsequent to the end of the third quarter, AngloGold Ashanti concluded an
agreement to cooperate with De Beers, one of the world’s largest marine miners, in the search for gold ore
bodies on the ocean floor.

OUTLOOK

AngloGold Ashanti has revised its annual guidance to 4.55 to 4.6Moz, reflecting the lower South African
production. Full-year 2009 total cash costs are expected to be between $515/oz and $530/oz assuming an
average exchange rate of between R7.00/$ and R7.50/$ during the fourth quarter. Production in the fourth
quarter is estimated at 1.160Moz at a total cash cost of $590/oz assuming an exchange rate of R7.50/$.

Fourth quarter adjusted headline earnings could be, as in previous years, distorted by year-end accounting
adjustments (these could include amongst others, the reassessment of asset useful lives, rehabilitation,
current and deferred tax and inventory provisions).

OPERATING RESULTS FOR THE QUARTER

SOUTHERN AFRICA

SOUTH AFRICA

Great Noligwa’s gold production improved by 5% from the previous quarter to 1,292kg (42,000oz), mainly
due to an increase in area mined and tonnage treated. The previous quarter had been impacted by
production interruptions. Total cash costs rose 19% to R228,066/kg ($916/oz), primarily due to annual labour
increases and winter power tariff adjustments. Adjusted gross loss was R57m ($7m), excluding the effect of
the hedge restructuring, compared with the loss of R8m ($1m) in the prior quarter.

The LTIFR increased to 13.88 (8.02). The mine had one fatality during the quarter.

Kopanang’s gold production increased by 40% to 2,857kg (92,000oz), mainly because of fewer safety
stoppages compared to the previous quarter and higher yield. As a result, total cash costs decreased by 9%
to R110,280/kg ($442/oz). The benefits of higher production were partially offset by the annual labour
increase and winter electricity tariffs. Adjusted gross profit excluding hedge buybacks improved to R210m
($27m), against R124m ($15m) in the prior quarter.

The LTIFR increased to 12.29 (8.26).

Moab Khotsong’s production increased by 30% to 1,922kg (62,000oz), mainly due to fewer safety related
stoppages and an 8% increase in yield. Total cash costs were on par with the previous quarter at
R119,083/kg ($478/oz). The higher gold production was offset by annual labour increases and higher winter
power tariffs. Adjusted gross profit excluding hedge buybacks increased by 54% to R60m ($8m), compared
with R39m ($5m) in the previous quarter.

The LTIFR increased to 16.17 (9.29).

Tau Lekoa’s production rose 11% to 971kg (31,000oz), due to the release of gold lock-up from the plant,
higher volumes from new panels and the improved efficiencies of work crews. Yield was 7% higher mainly
due to reduced dilution. Total cash costs decreased marginally by 2% to R198,952/kg ($797/oz) with higher
volumes and grade partially offset by wage increases and the winter power tariff. Adjusted gross profit
excluding hedge buybacks was R23m ($3m), compared with R28m ($3m) in the previous quarter.

The LTIFR was marginally higher 14.61 (14.20).

Vaal River Surface Operations’ production decreased 7% to 1,229kg (40,000oz), mainly due to a decline in
tons treated. Total cash costs increased 17% to R101,339/kg ($406/oz), due to annual labour increases and
power-cost escalation. Adjusted gross profit excluding hedge buyback costs was down 19% to R160m
($21m), compared with R198m ($24m) in the previous quarter.

The LTIFR fell to 0.55 (2.88).

Mponeng’s production dropped 11% to 3,892kg (125,000oz), primarily due to a 4% decrease in volumes
mined caused by safety related stoppages and a 7% lower yield. Total cash costs increased by 14% to
R93,380/kg ($375/oz) as a result of the lower volumes and annual wage and power increases. Adjusted
gross profit excluding hedge buybacks was R461m ($60m), compared with R652m ($79m) in the previous
quarter.

LTIFR improved to 9.32 (12.87). The mine reported two fatalities during the quarter.

Savuka’s production dropped significantly to 31kg (1,000oz) as mining operations were limited to the VCR
horizon following a series of seismic events that occurred close to the shaft infrastructure on 22 May, 2009.
The mine is currently being rehabilitated and normal production is not anticipated until the second quarter of
next year. Adjusted gross loss excluding hedge buybacks was R87m ($11m), compared with R4m ($0.3m) in
the previous quarter.

The LTIFR increased to 12.76 (6.85).

TauTona’s production improved by 21% to 2,309kg (74,000oz) following a 6% rise in grade on the
resumption of mining from panels that was halted last quarter on the recommendation of rock engineers.
Total cash costs rose 5% to R125,198/kg ($501/oz) because of inflationary pressures and additional
expenditure on shaft maintenance and support, following a fatal accident. Adjusted gross profit excluding
hedge buybacks was R112m ($15m), from R137m ($17m) in the previous quarter.

The LTIFR was marginally higher at 16.06 (15.92). The mine reported one fatality for the quarter.

NAMIBIA

Navachab’s production improved by 23% to 16,000oz, due mainly to greater volumes mined from the
higher-grade Grid A. Total cash costs decreased by 15% to $615/oz, following the 34% improvement in
yield. Adjusted gross profit excluding hedge buybacks was $3m compared with $2m in the previous quarter.

The LTIFR fell to 0.00 (5.44).

CONTINENTAL AFRICA

GHANA

Iduapriem’s gold production increased by 11% to 52,000oz because of a 31% increase in tonnage
throughput. This was partly offset by lower feed-grade material. Total cash costs fell by 7% to $493/oz.
Adjusted gross profit excluding hedge buybacks rose 7% to $16m, compared with $15m the previous
quarter.

The LTIFR was marginally up at 0.78 (0.73).

Obuasi’s gold production declined 9% to 92,000oz compared to previous quarter. Underground flooding was
responsible for the decline in tonnage throughput which was partly offset by better grade-control
management. Total cash costs increased 14% to $671/oz due to an increase in labour costs and other once
off items. Adjusted gross profit excluding hedge buybacks declined slightly to $8m, from $10m in the prior
period.

The LTIFR was 2.46 (2.79).

REPUBLIC OF GUINEA

Siguiri’s (85% attributable) production was maintained at 79,000oz. Total cash costs increased by 11% to
$500/oz, due mainly to higher royalty expenditure resulting from government-imposed export restrictions in
the previous quarter which delayed sale of June’s production. Adjusted gross profit excluding hedge
buybacks increased by 73% to $26m due to higher received price and marginal revenue from the delayed
sale of June’s production.

LTIFR was 0.66 (0.65).

MALI

Morila’s (40% attributable), production was 6% lower at 32,000oz due to lower-grade ore feed from the
stockpile into the mill. Total cash costs rose 9% to $559/oz due to lower grades. Adjusted gross profit
excluding hedge buybacks declined to $11m from $13m in the prior quarter.

LTIFR was 0.00 (0.00).

Sadiola’s (38% attributable), production was 9% lower at 32,000oz as planned, due to a decrease in
recovered grade. Total cash costs increased by 9% to $532/oz mainly due to the lower production. Adjusted
gross profit excluding hedge buybacks declined to $10m from $16m in the prior quarter.

The LTIFR was 0.00 (0.00).

Yatela’s (40% attributable), production decreased by 12% to 22,000oz because of rainy weather which
slowed the stacking rate of wet material onto the leach pads. Total cash costs decreased by 43% to $219/oz
as a result of an increase in the tonnes and value of the stockpile, following an independent survey. Adjusted
gross profit increased marginally to $14m from $13m in the prior quarter.

The LTIFR was 0.00 (0.00).

TANZANIA

Geita’s gold production increased by 32% to 83,000oz. This was mainly due to improvements in mining
production which enabled timely access to higher grade ore and resulted in a 31% rise in recovered grade.
Total cash costs increased marginally by 1% to $883/oz following adjustments to the carrying value of the
remaining ore stockpile and also expenditure on fleet maintenance and the rollout of business improvement
initiatives. Adjusted gross loss remained unchanged at $8m.

The LTIFR was 0.00 (0.00).

AUSTRALIA

Sunrise Dam’s gold production increased by 9% to 102,000oz due to increases in tonnage and yield. Total
cash costs increased 17% to A$774/oz ($647/oz), largely because of inventory movements. Adjusted gross
profit was A$15m, ($12m) compared with A$38m ($29m) in the previous quarter due to a lower realised price
and the drawdown of inventory.

With one LTI in the quarter, the LTIFR was 2.28 (0.00).

SOUTH AMERICA

At Cerro Vanguardia (92.5% attributable) production declined 8% lower to 47,000oz due to a planned
decrease in plant feed and recovered grade. Total cash costs declined by 2% to $336/oz, because higher
silver sales and received prices boosted by-product credits. The devaluation of the Argentinean peso also
aided costs. Adjusted gross profit excluding hedge buybacks was 61% higher at $29m, as a result of an
increase in silver production and an increase in gold sold.

The LTIFR was 3.88 (0.00).

AngloGold Ashanti Brasil Mineração’s production rose 23% to 90,000oz due to a planned increase in
tonnage throughput and grade. Total cash costs rose 16% to $333/oz, primarily reflecting appreciation of the
Brazilian real, lower acid by-product prices and an increase in labour costs. Adjusted gross profit excluding
hedge buyback costs was $41m, compared to $35m of previous quarter.

The LTIFR was 2.37 (0.61).

At Serra Grande (50% attributable), gold production was unchanged at 20,000oz. Total cash costs rose 9%
to $445/oz, reflecting appreciation of local currency, lower grades mined and an increase in labour costs.
These negative impacts were mitigated somewhat by operational efficiencies, lower fuel and maintenance
costs and electricity consumption. Adjusted gross profit excluding hedge buyback costs remained unchanged
at $7m.

The LTIFR was 1.32 (1.57).

NORTH AMERICA

At Cripple Creek & Victor, gold production increased 4% to 54,000oz due to pad phase timing and the pH
balance of the pad. Total cash costs rose by 12% to $394/oz, primarily due to increased lime and cyanide
applications and a higher stripping ratio. Adjusted gross profit excluding hedge buybacks was $22m
compared to $24m in the previous quarter.

With two LTIs in the quarter, the LTIFR was 6.15 (3.04).

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 MOVEMENT AND INVESTMENT MARKETS

Gold price data

The third quarter continued the trend of strong gold prices experienced throughout the year, averaging
$959/oz, or 4% higher than the average for the prior three-month period. Gold traded above the
psychological $1,000/oz level for seven consecutive days and averaged $997/oz for the final month of the
quarter.

Bullion’s fortunes once again closely tracked those of the US dollar, with both range bound during the period.
This is a typical feature of financial markets during the third quarter due to the summer holiday period in
North America and Europe. However, the general theme of accumulation of risk assets continued through
this quiet period as global stock markets continued their rally.

During July and August, investment demand as demonstrated by major ETF holdings saw a net sale of
0.77Moz. The COMEX position was stable at around 21Moz net long for the same period. This all changed
abruptly at the beginning of September, however, with a $50/oz rally despite little change in the US dollar.
The surge attracted a flurry of speculative investors as the COMEX net long position leapt to an
unprecedented level of 29Moz, eclipsing the previous record of 27Moz. The subsequent increase to 31Moz
helped sustain the period of successive closes above $1,000/oz.

The quarter concluded with another G20 meeting. The statement from the Pittsburgh meeting was
reassuring as delegates concluded that recovery efforts of various governments are proving effective and
that recovery has taken hold. The market, however, requires clarity on how governments are planning to
neutralize liquidity provided through various quantitative easing programmes. Until there is clarity, confidence
will remain fragile.

Official sector activity

The third Central Bank Agreement, signed on 7 August, was implemented on 27 September and stipulated a
reduced annual sales quota from 500 to 400 tonnes a year. Analysts are sceptical that the full allotment will
be sold given that 1,883 tonnes were sold under the second agreement, which is 117 tonnes less than the
volume sold under the first agreement.

The IMF Executive Board in September approved the sale of 403 tonnes of gold, which it had initially flagged
to the market in the first quarter of this year. The IMF is not a signatory to the third Central Bank agreement,
but has stressed that the sale will not disrupt the market. It would not be surprising to see an off-market
transaction concluded as part of the process.

Producer hedging

Gold producers were once again actively de-hedging during the quarter. After AngloGold Ashanti announced
its own restructuring programme at the end of July, Gold Fields unwound the royalty agreement on its
Australian operation in early September. In the same month, Barrick announced its intention to unwind its
project sales hedge book.

Currencies

The Rand continued to strengthen against the US dollar particularly during September. The strength
coincided with the increase in the price of gold and other commodity producing currencies and heightened
optimism of a major telecommunications deal and the resulting inflow of hard currency to South Africa. The
Rand strengthened on average by 8% against the US dollar over the quarter, but gave up some of these
gains when talks around the mobile phone deal were abandoned.

The Australian dollar averaged 8% stronger against the dollar over this quarter on the back of higher gold
and commodity prices, but also as a consequence of the effective manner in which the Australian
government is perceived to have managed its economy throughout the financial crisis. Swift action in cutting
interest rates at the start of the crisis has seen Australia weather the storm relatively well and the outlook for
its economy looks robust.

The Brazilian real has been one of the best performing emerging market currencies against the US dollar,
strengthening 24% since the start of the year. In the quarter under review, it strengthened 10%.

PHYSICAL DEMAND

Jewellery sales

Almost all of the world’s key markets for physical gold continue to be depressed by the effects of the global
financial crisis. China is the only major market to buck the trend.

India’s gold market remains under pressure after 20% gains over the past year in the Rupee-denominated
gold price. Between June and September, gold jewellery consumption fell 22% compared with the same
period a year earlier. Spurred by the financial crisis, urban consumers are entrusting cash to bank deposits,
which are up 32% over 2008 levels. News is somewhat more positive in most rural areas where gold
demand remains relatively stable and in some regions shows modest growth. Thus far, scrap activity during
the third quarter has been slight as the market appears to be anticipating further gold price increases.

The impact of the global recession on China’s gold market remains milder than in all other major economies.
Domestic consumption is resilient and the psychological reaction to the crisis remains markedly more bullish
than in other markets. Demand for traditional 24 carat gold jewellery continues to grow year on year, albeit it
at a modest level while offtake of 18 carat gold jewellery remains flat. This shows the investment case for
pure gold jewellery continues to hold sway with the Chinese consumer.

The US gold jewellery market has continued its quarter-on-quarter decline as jewellery still leads the list of
discretionary spend items to be cut during the recession. Primary value gold jewellery sales in the first half
were down 12% year-on-year. While the rate of decline is decreasing, the second half of last year was
particularly weak as the crisis unfolded in the US. Major players through the retail value chain continue to
close outlets or file for bankruptcy protection. Closures and forced consolidation may help the jewellery
industry recover more quickly and remain stronger once the recession ends.

The jewellery sector in the Middle East remains under pressure in the third quarter. Egypt, which had been
bucking negative trends in the first half of the year saw an 8-10% decrease in third-quarter jewellery sales
compared with a particularly strong quarter a year earlier. Matters are worse in the Kingdom of Saudi Arabia
(KSA) with a 25-30% drop in demand in the third quarter. Gold price volatility caused consumers who tend to
time their purchases on their view of the price, to delay purchases. In the United Arab Emirates, an
anticipated third quarter recovery did not materialise with jewellery tonnage down 20-23%. With its heavy
reliance on tourism and local expatriate consumption, the UAE continues to bear the full brunt of the financial
crisis in the Middle East. The gold market in Turkey shows a glimmer of hope with exchange rates stabilizing
and the stock market posting gains.

Investment market

The negative data on gold jewellery consumption have been mitigated somewhat by further good news on
investment demand. Global investment activity for gold remains strong and the market has stayed buoyant
despite rising prices. In India, investment purchases are on the rise in major cities, while in the Middle East
bar and coin sales in the gulf, excluding UAE and KSA, are up 7%. In Turkey, new-coin minting is up to 11
tonnes in July and August and the third quarter will show growth quarter on quarter, though levels will not
match those of the same period last year. The US market continues to experience robust investment
demand with bar, coin and ETF demand still rising.

Hedge position

As at 30 September 2009, the net delta hedge position was 3.93Moz or 122t (at 30 June 2009: 4.41Moz or

137t), representing a further reduction of 0.48Moz for the quarter. The total commitments of the hedge book

as at 30 September 2009 was 4.3Moz or 134t, a reduction of 0.89Moz from the position as at 30 June 2009.

The marked-to-market value of all hedge transactions making up the hedge positions was a negative

$1.84bn (negative R13.83bn), decreasing by $0.47bn (R4.01bn) over the quarter. This value was based on a

gold price of $1,006/oz, exchange rates of R7.51/$ and A$/$0.88 and the prevailing market interest rates and

volatilities at that date.

As at 28 October 2009, the marked-to-market value of the hedge book was a negative $1.94bn (negative

R15bn), based on a gold price of $1,036.80/oz and exchange rates of R7.73/$ and A$/$0.91 and the

prevailing market interest rates and volatilities at the time.

These marked-to-market valuations are in no way predictive of the future value of the hedge position, nor of

future impact on the revenue of the company. The valuation represents the theoretical cost of buying all

hedge contracts at the time of valuation, at market prices and rates available at the time.

During the quarter, deals to the value of $797m were accelerated and closed out in July 2009 which included

deals that were designated as normal sale exempted and previously held off balance sheet. Of these,

$580m was cash settled and a further $217m was also incurred in accelerating the cash settlement of

existing non-hedge derivative contracts. The cash settlement of the former resulted in the remaining normal

sale exempted designated contracts having to be re-designated as non-hedge derivatives and recorded on

the balance sheet at fair value with changes in fair value accounted for in the income statement. During July

2009 the impact of the related re-designation of normal sales exempted contracts after the buyback of

$797m on the financial statements is an increase in non-hedge derivative liabilities of $558m.

The following table indicates the group’s commodity hedge position at 30 September 2009

Year

2009

2010

2011

2012

2013

2014-2015

Total

US DOLLAR GOLD

Forward contracts

Amount (oz)

7,963

*(245,142)

60,000

122,500

119,500

91,500

156,321

US$/oz

**($5,228) $753 $227 $418 $477

$510

$370

Put options sold

Amount (oz)

150,000

235,860

148,000

85,500

60,500

740,360

US$/oz

$762

$747

$623

$538

$440

$450

$652

Call options sold

Amount (oz)

250,000

1,025,380

776,800

811,420

574,120

709,470

4,147,190

US$/oz

$888

$602

$554

$635

$601

$606

$617

A DOLLAR GOLD
Forward contracts

Amount (oz)

40,000

100,000

140,000

A$/oz

A$595

A$706

A$674

Call options purchased

Amount (oz)

40,000

100,000

140,000

A$/oz

A$694

A$712

A$707

*** Total net gold:

Delta (oz)

(234,658)

(701,340)

(769,538)

(843,700)

(642,021)

(734,171) (3,925,428)

Committed

(oz)

(257,963)

(780,238)

(836,800)

(933,920)

(693,620)

(800,970)

(4,303,511)

Represents a net long position resulting from both forward sales and purchases.

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

***

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 30 September 2009.

Rounding of figures may result in computational discrepancies.

The following table indicates the group's currency hedge position at 30 September 2009

Year

2009

2010

2011

2012

2013 2014-2015

Total

RAND DOLLAR (000)
Put options purchased

Amount ($)

40,000

US$/R

R11.35

Put options sold

Amount ($)

40,000

US$/R

R9.59

Call options sold

Amount ($)

40,000

US$/R

R12.94

A DOLLAR (000)
Forward contracts

Amount ($)

20,000

A$/US$

A$0.64

BRAZILIAN REAL (000)
Forward contracts

Amount ($)

19,500

US$/BRL

BRL 2.07

Fair value of derivative analysis by accounting designation at 30 September 2009

Figures in millions

Cash flow hedge

accounted

Non-hedge

accounted

Total

US Dollar

Commodity option contracts

–

(1,613)

Foreign exchange option contracts

–

Forward sale commodity contracts

(47)

(213)

(260)

Forward foreign exchange contracts

–

Interest rate swaps

– (17) (17)

Total hedging contracts

(47)

(1,823)

(1,870)

Option component of convertible bond

–

(166)

Total derivatives

(47)

(1,989) (2,036)

Credit risk adjustment

– (145) (145)

Total derivatives - before credit risk adjustment

(47)

(2,134)

(2,181)

Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure during the third quarter, inclusive of expenditure at equity accounted joint
ventures, was $55m ($24m brownfields, $31m greenfields), compared with $43m ($23m brownfields, $20m
greenfields) the previous quarter.

GREENFIELD EXPLORATION

Greenfield exploration was undertaken in Australia, the Americas, China, Southeast Asia, Sub-Saharan Africa,
Russia, the DRC and the Middle East & North Africa. A total of 56,970 metres of diamond, reverse circulation
(RC) and aircore (AC) drilling was completed at existing priority targets and was used to delineate new targets
in Australia and Canada.

In Australia, on the Tropicana Joint Venture, (AngloGold Ashanti 70%, Independence Group 30%) the
commencement of the feasibility study was approved by the partners in July.

RC and diamond drilling was focused around the Tropicana-Havana resource area. Significant results were
returned from RC drilling on the near surface, western edge of the project including 23m @ 4.1g/t Au from 62m
and 19m @ 11.6g/t Au from 39m. These results are consistent with previous drilling in the area and improve
the confidence in the resource estimate.

At Havana South, drilling identified extensions to the existing resource with intercepts including 16m @ 5.57g/t
from 204m, 22m @ 12.5g/t Au from 176m and 13m @ 5.86g/t Au from 255m. Drilling in this area has now been
completed with a resource estimate in progress.

To the east of Havana, a single diamond drill hole, 450m down-plunge from the resource, intersected 21m @
2.67g/t Au from 535m. This hole demonstrates the continuation of the mineralisation down dip. Further drilling
will be required to define the continuity of higher-grade mineralized shoots that may be amenable to
underground mining.

The Public Environmental Review (PER) environmental impact assessment document was released to the
public on 28 September for an eight-week review period. The project team has an active stakeholder
engagement approach to address areas of potential public concern.

During the quarter: 925 AC holes were drilled for 36,035m; 140 RC holes for 15,547m; and 22 diamond
holes for 3,161m. Auger sampling continued with 9,360 samples collected across areas along the
Tropicana–Havana trend.

Surface geochemical sampling and an airborne magnetic-radiometric survey over the 10,600km

Viking project,

located southwest of the Tropicana JV, commenced in September.

AngloGold Ashanti completed the purchase of the interests and rights of Anglo American Exploration Australia
in the 830km

Saxby JV with Falcon Minerals Limited in northwest Queensland. Gravity and airborne magnetic-

radiometric surveying were completed and infill SQUID electromagnetic surveying commenced in the
September quarter.

In Colombia, Phase I and Phase II Greenfield exploration was completed by AngloGold Ashanti and by joint
venture partners B2Gold Corporation, Mineros S.A. and Glencore International. No drilling was undertaken
by AngloGold Ashanti or its JV partners during the quarter. At the wholly owned La Colosa project, drill
preparation work is in progress and further resource and step-out drilling, as part of ongoing pre-feasibility
study, will commence in 2010.

A total of 2,843 surface samples were collected during the quarter over the Colombian tenements. The total
area under exploration in Colombia at the end of the quarter was 24,862km

Work in the remainder of the Americas focused on target-generation opportunities, reviews and the
negotiation of potential strategic alliances and joint ventures in Brazil, the US and Canada. An exploration
alliance was signed with Horizonte Minerals for exploration in specific areas of Brazil. In Canada, two
diamond holes were drilled at the Kinskuch Lake Project near Stewart B.C. In north-eastern Canada, the
company entered into a joint venture agreement with Commander Resources. Under the agreement,
AngloGold Ashanti can earn a 51% participating interest in Commander's Baffin Island Gold Project by
funding $20m in exploration expenditures and by completing a $1.2m private placement in the shares of
Commander. Exploration in areas covered under the terms of the Laurentian Goldfields joint venture was
undertaken with a number of areas identified for Phase 1 follow-up.

In China, a limited trenching programme at the Jinchanggou Project in Gansu was completed to confirm the
strike extent of a new zone of gold mineralisation. An infill soil programme across the Jinchanggou
tenements was designed to identify similar high-grade zones and is scheduled to start in mid October.

In Southeast Asia, project generation activities and evaluation of opportunities are ongoing in a number of
areas in the region, where specific opportunities are under negotiation.

In Russia, AngloGold Ashanti and Polymetal are in the process of divesting a number of properties held by
the jointly owned Zoloto Taigi JV Company.

In Sub-Saharan Africa, project generation work has identified a number of specific exploration opportunities
that are currently under negotiation. In the Democratic Republic of the Congo, all drill holes from the
Mongbwalu resource have been re-logged and the resource re-modelled in preparation for a pre-feasibility
study based on an underground mining scenario. Infill drilling will commence early in the fourth quarter.

In the Middle East & North Africa, the strategic alliance between AngloGold Ashanti and Thani Investments
has continued to generate exploration targets over specific regions of the highly prospective Arabian Nubian
Shield.

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the Project Zaaiplaats area. MMB5 is continuing to drill
deflection 5, which is designed to intersect the Vaal Reef along the Jersey Fault cut-off. Progress was
slowed in weak rock formations, but by the end of the quarter drilling had advanced from 2,874m to 3,295m.
MZA9 continued drilling a long deflection but technical issues have hampered progress and the first reef
intersection is only expected in December 2009. A long deflection has commenced from MGR6 and the hole
is currently at a depth of 1,856m. The Vaal Reef is expected to be intersected in May 2010. Progress on
MGR8 was also slow due to weak rock formations. The hole is currently at 3,071m and a reef intersection is
anticipated in November 2009.

At Obuasi in Ghana, exploration drilling below 50L has been halted due to flooding. Pumping is underway
and drilling is scheduled to recommence in November 2009. Drilling above 50L was delayed due to poor
ventilation and the year to date drilling programme is behind budget.

In Argentina, at Cerro Vanguardia, the exploration programme was completed in September. Mineral
Resource models were completed for the Cuncuna and Verónica veins, whilst geological work continues in
the Volcán area. Aeromagnetic data will be collected in November.

In Australia, at Sunrise Dam, drilling continued to infill and extend both surface and underground lodes. An
RC drill programme to test the SSZ crown pillar below the North Wall Cut Back has commenced. This will fill
gaps within the resource block model and provide additional and immediate high-grade opportunities to
advance the mining of the open pit area. Drilling to test the down-plunge extensions of the Cosmo lode has
commenced and the zone, where the Cosmo and Astro structures interact, is being re-evaluated.
Opportunities have also been identified for open-pittable satellite targets, which will remain the focus of
exploration, together with the known underground targets.

In Brazil, at the Córrego do Sítio Sulphide Project, drilling continued with 6,531m being drilled from surface,
5,109m drilled from underground and 1,371m of underground development. At the Lamego project, 5,531m
of surface drilling and 1,135m of underground development were completed. At Serra Grande drilling
focused on the Fiuca and Pequizão targets and a total of 8,673m were drilled during the quarter. During
October drilling with the Devidrill system will start. The system operates from a single location and is
expected to save drilling meters and reduce the environmental damage by restricting drill site clearance.

At Siguiri in Guinea, infill drilling was focused at Sintroko South Extension, Kami and Kosise. Aircore drilling
at Sintroko North and Tubani was done to assess the potential between the Tubani and Bidini pits. Drilling of
fresh rock targets resumed from the bottom of the northern section of the Bidini pit.

At Geita in Tanzania, exploration activities focused on three activities: Ground Geophysical Surveys, core re-
logging programme of the Central Thrust Ramp ore zones and the infill drilling programme for Nyankanga
Cut 7 and Geita Hill. Approval for GGM Special Mining License (SML) enlargement was received from the
Ministry of Energy and Minerals (MEM) on the 24th of September 2009, whereby Katoma, Nyamonge East,
Katoma East and Geita Hill PL’s are included in GGM SML 45/99, for an addition of 196km

. Also, approval

of time extension for Geita West, Kukuluma and Nyankumbu Prospective Licences was granted by the MEM.
This approval grants Geita 18 additional months to complete exploration works and bring potential targets to
pre-feasibility level, as defined by Tanzania Mine Act.

At the FE4 pit at Sadiola in Mali, the mineralisation has been extended along strike between the pits and
appears to be controlled by NE trending structures. Geological modeling is currently being undertaken. An
airborne magnetic survey was completed in September. Preliminary images from this detailed geophysical
survey have already identified several previously unidentified structural trends. It is expected that detailed
investigation will identify priority targets.

At Yatela, approval has been given to allow 27,000m of drilling at the Yatela Main Pit, Yatela Extensions and
Alamoutala projects. This programme will meet the expectations of the initial drill programme as well as
delineate further areas to allow AMS to continue mining post December 2009. At Alamoutala, 4,710m of RC
drilling was completed in September. A total of 7,000m of drilling is planned and will be completed by the end
of October.

At Navachab in Namibia, off mine exploration drilling was carried out in the Gecko valley, whilst on mine
exploration drilling was conducted in the NP2 FW vein extension and North Pit 2 plunge extension areas.

At Cripple Creek & Victor in the United States, resource extension drilling continued during the quarter.
Studies continue to quantify the potential high grade Mineral Resource. Metallurgical testing of high grade
material is underway and further metallurgical test drilling has been planned.

Group

operating results

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

OPERATING RESULTS
UNDERGROUND OPERATIONS
Milled

- 000 tonnes

/ - 000 tons

3,090

2,912

3,178

9,035

9,108

3,406

3,210

3,503

9,959

10,040

Yield

- g / t

/ - oz / t

6.41

6.33

6.84

6.32

6.95

0.187

0.185

0.200

0.184

0.203

Gold produced

- kg

/ - oz (000)

19,816

18,424

21,737

57,097

63,346

637

592

699

1,836

2,037

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

3,102

3,345

3,078

9,710

8,779

3,419

3,687

3,393

10,703

9,677

Yield

- g / t

/ - oz / t

0.49

0.49

0.40

0.52

0.42

0.014

0.014

0.012

0.015

0.012

Gold produced

- kg

/ - oz (000)

1,527

1,653

1,229

5,005

3,647

161

117

OPEN-PIT OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

37,408

43,894

44,777

126,654

135,667

41,235

48,385

49,358

139,612

149,547

Treated

- 000 tonnes

/ - 000 tons

6,713

6,487

6,318

18,937

18,813

7,400

7,151

6,964

20,874

20,738

Stripping ratio

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

6.08

6.35

6.24

5.92

5.44

6.08

6.35

6.24

5.92

5.44

Yield

- g / t

/ - oz / t

1.95

1.92

2.15

1.95

2.16

0.057

0.056

0.063

0.057

0.063

Gold in ore

- kg

/ - oz (000)

8,604

8,231

4,089

24,586

28,766

277

265

131

790

925

Gold produced

- kg

/ - oz (000)

13,077

12,430

13,573

36,913

40,691

420

400

436

1,187

1,308

HEAP LEACH OPERATIONS
Mined

- 000 tonnes

/ - 000 tons

14,605

14,489

13,475

42,976

41,042

16,099

15,971

14,854

47,373

45,241

Placed

- 000 tonnes

/ - 000 tons

4,409

5,195

6,026

15,209

17,602

4,860

5,727

6,642

16,766

19,402

Stripping ratio

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

2.52

1.67

1.38

1.85

1.42

2.52

1.67

1.38

1.85

1.42

Yield

- g / t

/ - oz / t

0.60

0.71

0.56

0.63

0.62

0.018

0.021

0.016

0.018

Gold placed

- kg

/ - oz (000)

2,667

3,692

3,376

9,579

10,918

119

109

308

351

Gold produced

- kg

/ - oz (000)

2,505

2,543

2,797

7,267

7,846

233

252

TOTAL
Gold produced

- kg

/ - oz (000)

36,925

35,050

39,336

106,282

115,530

1,187

1,127

1,265

3,417

3,714

Gold sold

- kg

/ - oz (000)

38,435

34,459

40,902

105,478

116,704

1,236

1,108

1,315

3,391

3,752

Price received

- R / kg

/ - $ / oz

- sold

61,095

241,505

160,127

185,498

100,660

261

897

644

653

416

Price received normalised for
accelerated settlement of non-
hedge derivatives

- R / kg

/ - $ / oz

- sold

225,388

241,505

160,127

245,364

174,646

906

897

644

888

707

Total cash costs

- R / kg

/ - $ / oz

- produced

133,274

127,956

121,440

134,192

111,540

534

472

486

485

451

Total production costs

- R / kg

/ - $ / oz

- produced

166,355

161,909

152,945

169,536

142,586

667

598

612

576

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

328

313

346

312

330

10.56

10.08

11.12

10.02

10.60

Actual

- g

/ - oz

301

289

321

293

314

9.68

9.30

10.32

9.41

10.10

CAPITAL EXPENDITURE

- Rm

/ - $m

1,842

2,228

2,623

6,451

6,911

232

261

338

734

899

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

Nine months

ended

Nine months

ended

Group

income statement

Quarter

Nine months

ended

September

June

September

2009

2008

2009

2008

SA Rand million

Notes

Unaudited

Revenue

8,806

6,817

7,205

22,447

22,019

Gold income

8,512

6,481

6,851

21,511

21,258

Cost of sales

(6,168)

(5,212)

(6,148)

(17,001)

(15,630)

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

(11,216)

1,783

148

(9,228)

(6,875)

Gross (loss) profit

(8,872)

3,051

851

(4,718)

(1,248)

Corporate administration and other expenses

(264)

(300)

(255)

(916)

(727)

Market development costs

(24)

(25)

(77)

(73)

Exploration costs

(311)

(243)

(205)

(776)

(739)

Other operating expenses

(36)

(51)

(73)

(137)

(89)

Operating special items

(231)

739

121

448

476

Operating (loss) profit

(9,738)

3,171

415

(6,176)

(2,400)

Interest received

121

248

311

429

Exchange gain

285

326

Fair value adjustment on option component of convertible bond

(60)

(123)

(183)

183

Finance costs and unwinding of obligations

(305)

(322)

(235)

(879)

(701)

Share of equity accounted investments' profit (loss)

175

160

(98)

558

(796)

(Loss) profit before taxation

(9,782)

3,263

381

(6,043)

(3,261)

Taxation

1,650

(915)

(577)

351

(900)

(Loss) profit after taxation from continuing operations

(8,132)

2,348

(196)

(5,692)

(4,161)

Discontinued operations
Profit from discontinued operations

194

(Loss) profit for the period

(8,132)

2,348

(190)

(5,692)

(3,968)

Allocated as follows:
Equity shareholders

(8,245)

2,304

(247)

(5,940)

(4,236)

Minority interest

113

248

268

(8,132)

2,348

(190)

(5,692)

(3,968)

Basic (loss) profit per ordinary share (cents)

(Loss) profit from continuing operations

(2,286)

642

(73)

(1,653)

(1,457)

Profit from discontinued operations

(Loss) profit

(2,286)

642

(71)

(1,653)

(1,393)

Diluted (loss) profit per ordinary share (cents)

(Loss) profit from continuing operations

(2,286)

641

(73)

(1,653)

(1,457)

Profit from discontinued operations

(Loss) profit

(2,286)

641

(71)

(1,653)

(1,393)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group

income statement

Quarter

Nine months

ended

September

June

September

2009

2008

2009

2008

US Dollar million

Notes

Unaudited

Revenue

1,140

814

930

2,642

2,859

Gold income

1,101

773

885

2,533

2,761

Cost of sales

(796)

(617)

(790)

(1,981)

(2,029)

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

(1,421)

231

(1,170)

(528)

Gross (loss) profit

(1,116)

387

186

(618)

204

Corporate administration and other expenses

(34)

(36)

(33)

(105)

(94)

Market development costs

(3)

(3)

(9)

Exploration costs

(40)

(29)

(26)

(91)

(96)

Other operating expenses

(5)

(6)

(9)

(16)

(11)

Operating special items

(31)

Operating (loss) profit

(1,229)

406

130

(784)

Interest received

Exchange gain

Fair value adjustment on option component of convertible bond

(9)

(15)

(24)

Finance costs and unwinding of obligations

(39)

(39)

(30)

(103)

(91)

Share of equity accounted investments' profit (loss)

(12)

(100)

(Loss) profit before taxation

(1,236)

418

126

(771)

(53)

Taxation

209

(113)

(69)

(115)

(Loss) profit after taxation from continuing operations

(1,027)

304

(714)

(169)

Discontinued operations
Profit from discontinued operations

(Loss) profit for the period

(1,027)

304

(714)

(144)

Allocated as follows:
Equity shareholders

(1,042)

299

(743)

(179)

Minority interest

(1,027)

304

(714)

(144)

Basic (loss) profit per ordinary share (cents)

(Loss) profit from continuing operations

(289)

(207)

(67)

Profit from discontinued operations

(Loss) profit

(289)

(207)

(59)

Diluted (loss) profit per ordinary share (cents)

(Loss) profit from continuing operations

(289)

(207)

(67)

Profit from discontinued operations

(Loss) profit

(289)

(207)

(59)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares.

Group statement of comprehensive income

Quarter

Nine months

ended

September

June

September

2009

2008

2009

2008

SA Rand million

Unaudited

(Loss) profit for the period

(8,132)

2,348

(190)

(5,692)

(3,968)

Exchange differences on translation of foreign operations

336

(2,401)

424

(1,889)

4,597

Net loss on cash flow hedges reported in gold sales

122

322

396

974

1,413

Net (loss) gain on cash flow hedges

(142)

321

141

(622)

Hedge ineffectiveness on cash flow hedges

(18)

(1)

(3)

Realised (losses) gains on hedges of capital items

(35)

(14)

Deferred taxation thereon

(176)

(132)

(250)

(196)

(56)

510

404

743

592

Net gain (loss) on available for sale financial assets

100

(47)

(14)

136

(81)

Release on disposal of available for sale financial assets

(2)

(8)

Deferred taxation thereon

(4)

(1)

(8)

(48)

(9)

128

(66)

Actuarial loss recognised

(193)

Deferred taxation thereon

(124)

(127)

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

376

(1,939)

695

(1,018)

4,996

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

(7,756)

409

505

(6,710)

1,028

Allocated as follows:
Equity shareholders

(7,869)

361

424

(6,968)

729

Minority interest

113

258

299

(7,756)

409

505

(6,710)

1,028

Rounding of figures may result in computational discrepancies.

Group statement of comprehensive income

Quarter

Nine months

ended

September

June

September

2009

2008

2009

2008

US Dollar million

Unaudited

(Loss) profit for the period

(1,027)

304

(714)

(144)

Exchange differences on translation of foreign operations

290

(218)

350

(294)

Net loss on cash flow hedges reported in gold sales

112

184

Net (loss) gain on cash flow hedges

(15)

(81)

Hedge ineffectiveness on cash flow hedges

(2)

Realised (losses) gains on hedges of capital items

(4)

(2)

Deferred taxation thereon

(24)

(16)

(32)

(24)

(1)

Net gain (loss) on available for sale financial assets

(4)

(2)

(11)

Release on disposal of available for sale financial assets

(1)

Deferred taxation thereon

(1)

(1)

(4)

(2)

(10)

Actuarial loss recognised

(25)

Deferred taxation thereon

(16)

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

340

(182)

447

(241)

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

(941)

644

(124)

(267)

(385)

Allocated as follows:
Equity shareholders

(956)

639

(135)

(297)

(424)

Minority interest

(941)

644

(124)

(267)

(385)

Rounding of figures may result in computational discrepancies.

Group

statement of financial position

As at

September

June

December

September

2009

2008

SA Rand million

Note

Unaudited

ASSETS

Non-current assets
Tangible assets

37,416

37,111

41,081

55,085

Intangible assets

1,315

1,264

1,403

3,287

Investments in associates and equity accounted joint ventures

1,890

1,805

2,814

2,846

Other investments

961

820

625

663

Inventories

2,550

2,432

2,710

2,389

Trade and other receivables

766

696

585

531

Derivatives

Deferred taxation

487

390

475

111

Other non-current assets

45,415

44,564

49,725

65,000

Current assets
Inventories

4,997

5,212

5,663

5,342

Trade and other receivables

3,586

3,534

2,076

Derivatives

2,900

3,551

5,386

3,851

Current portion of other non-current assets

Cash restricted for use

501

487

415

499

Cash and cash equivalents

8,328

17,768

5,438

4,585

20,314

30,554

18,980

16,355

Non-current assets held for sale

642

669

7,497

20,956

31,223

26,477

16,365

TOTAL ASSETS

66,371

75,787

76,202

81,365

EQUITY AND LIABILITIES

Share capital and premium

39,759

37,547

37,336

36,525

Retained earnings and other reserves

(21,601)

(13,570)

(14,380)

(6,579)

Minority interests

848

792

790

655

Total equity

19,006

24,768

23,746

30,601

Non-current liabilities
Borrowings

12,512

12,857

8,224

6,865

Environmental rehabilitation and other provisions

3,530

3,492

3,860

3,805

Provision for pension and post-retirement benefits

1,280

1,279

1,293

1,257

Trade, other payables and deferred income

107

111

Derivatives

1,249

1,215

235

313

Deferred taxation

4,272

6,032

5,838

8,170

22,950

24,986

19,549

20,483

Current liabilities
Current portion of borrowings

1,867

7,846

10,046

8,581

Trade, other payables and deferred income

4,449

4,014

4,946

4,857

Derivatives

16,954

13,011

16,426

15,998

Taxation

1,079

1,098

1,033

846

24,349

25,969

32,451

30,282

Non-current liabilities held for sale

456

24,415

26,033

32,907

30,282

Total liabilities

47,365

51,019

52,456

50,764

TOTAL EQUITY AND LIABILITIES

66,371

75,787

76,202

81,365

Net asset value - cents per share

5,195

6,916

6,643

8,628

Rounding of figures may result in computational discrepancies.

Group

statement of financial position

As at

September

June

December

September

2009

2008

Restated

US Dollar million

Note

Unaudited

ASSETS

Non-current assets
Tangible assets

4,980

4,813

4,345

6,663

Intangible assets

175

164

148

398

Investments in associates and equity accounted joint ventures

252

234

298

344

Other investments

128

106

Inventories

339

315

287

289

Trade and other receivables

102

Derivatives

Deferred taxation

Other non-current assets

6,045

5,780

5,259

7,863

Current assets
Inventories

665

676

599

646

Trade and other receivables

477

458

220

251

Derivatives

386

461

570

466

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

1,108

2,305

575

555

2,703

3,963

2,008

1,978

Non-current assets held for sale

793

2,788

4,050

2,801

1,979

TOTAL ASSETS

8,833

9,830

8,060

9,842

EQUITY AND LIABILITIES

Share capital and premium

5,794

5,508

5,485

5,403

Retained earnings and other reserves

(3,378)

(2,398)

(3,057)

(1,781)

Minority interests

113

103

Total equity

2,529

3,212

2,511

3,702

Non-current liabilities
Borrowings

1,665

1,668

870

830

Environmental rehabilitation and other provisions

470

453

408

460

Provision for pension and post-retirement benefits

170

166

137

152

Trade, other payables and deferred income

Derivatives

166

158

Deferred taxation

569

782

617

988

3,054

3,241

2,068

2,478

Current liabilities
Current portion of borrowings

249

1,018

1,063

1,038

Trade, other payables and deferred income

592

521

524

587

Derivatives

2,256

1,687

1,737

1,935

Taxation

144

142

109

102

3,241

3,368

3,433

3,663

Non-current liabilities held for sale

3,250

3,376

3,481

3,663

Total liabilities

6,304

6,617

5,549

6,140

TOTAL EQUITY AND LIABILITIES

8,833

9,830

8,060

9,842

Net asset value - cents per share

691

897

702

1,044

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Nine months

ended

September

June

September

2009

2008

2009

2008

SA Rand million

Unaudited

Cash flows from operating activities
Receipts from customers

8,545

6,928

6,818

21,877

21,345

Payments to suppliers and employees

(6,147)

(5,135)

(6,193)

(15,008)

(18,218)

Cash generated from operations

2,398

1,793

625

6,869

3,127

Cash generated (utilised) by discontinued operations

(7)

Dividend received from equity accounted investments

421

141

615

483

Taxation paid

(234)

(340)

(129)

(998)

(902)

Cash utilised for hedge buyback costs

(6,315)

(7,755)

(6,315)

(8,504)

Net cash (outflow) inflow from operating activities

(4,130)

1,874

(7,108)

171

(5,804)

Cash flows from investing activities
Capital expenditure

(1,836)

(2,189)

(2,615)

(6,413)

(6,881)

Proceeds from disposal of tangible assets

7,156

7,216

268

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(328)

(33)

(228)

(521)

(572)

Associates acquired

(9)

(3)

(9)

(3)

Proceeds on disposal of associate

(13)

383

Associates' loans advanced

(36)

(35)

Associates' loans repaid

Proceeds from disposal of investments

258

214

484

526

(Increase) decrease in cash restricted for use

(16)

(110)

(144)

Interest received

129

256

316

440

Loans advanced

(1)

(3)

Repayment of loans advanced

Net cash (outflow) inflow from investing activities

(1,749)

5,086

(2,372)

967

(5,907)

Cash flows from financing activities
Proceeds from issue of share capital

2,215

13,494

2,345

13,580

Share issue expenses

(34)

(6)

(410)

(45)

(410)

Proceeds from borrowings

6,709

7,092

2,305

24,739

5,412

Repayment of borrowings

(12,957)

(1,003)

(4,402)

(24,095)

(4,589)

Finance costs paid

(110)

(245)

(242)

(766)

(522)

Advanced proceeds from rights offer

(6)

Dividends paid

(253)

(254)

(431)

(455)

Net cash (outflow) inflow from financing activities

(4,430)

5,853

10,486

1,747

13,016

Net (decrease) increase in cash and cash equivalents

(10,309)

12,813

1,005

2,885

1,306

Translation

869

(919)

(81)

Cash and cash equivalents at beginning of period

17,768

5,874

3,661

5,438

3,246

Cash and cash equivalents at end of period

8,328

17,768

4,585

8,328

4,585

Cash generated from operations
(Loss) profit before taxation

(9,782)

3,263

381

(6,043)

(3,261)

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

11,041

(525)

(821)

12,136

4,215

Amortisation of tangible assets

1,107

1,095

1,111

3,463

3,233

Finance costs and unwinding of obligations

305

322

235

879

701

Environmental, rehabilitation and other expenditure

(27)

113

Operating special items

231

(733)

(121)

(441)

(476)

Amortisation of intangible assets

Deferred stripping

(96)

(263)

(124)

(671)

(278)

Fair value adjustment on option components of convertible bond

123

183

(183)

Interest receivable

(121)

(92)

(248)

(311)

(429)

Share of equity accounted investments' (profit) loss

(175)

(160)

(558)

796

Other non-cash movements

(285)

295

(179)

412

Movements in working capital

(232)

(928)

(238)

(1,625)

(1,727)

2,398

1,793

625

6,869

3,127

Movements in working capital
Decrease (increase) in inventories

104

1,153

(310)

817

(2,427)

(Increase) decrease in trade and other receivables

(125)

131

(241)

(332)

(753)

(Decrease) increase in trade and other payables

(211)

(2,212)

312

(2,110)

1,452

(232)

(928)

(238)

(1,625)

(1,727)

Rounding of figures may result in computational discrepancies.

Group statement of cashflows

Quarter

Nine months

ended

September

June

September

2009

2008

2009

2008

Restated

US Dollar million

Unaudited

Cash flows from operating activities
Receipts from customers

1,104

811

884

2,561

2,781

Payments to suppliers and employees

(741)

(575)

(765)

(1,694)

(2,359)

Cash generated from operations

363

236

119

867

422

Cash generated (utilised) by discontinued operations

(1)

Dividend received from equity accounted investments

Taxation paid

(32)

(40)

(16)

(115)

(117)

Cash utilised for hedge buyback costs

(797)

(1,018)

(797)

(1,112)

Net cash (outflow) inflow from operating activities

(461)

255

(899)

(750)

Cash flows from investing activities
Capital expenditure

(239)

(257)

(337)

(737)

(895)

Proceeds from disposal of tangible assets

893

900

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(39)

(5)

(29)

(60)

(74)

Associates acquired

(1)

Proceeds on disposal of associate

Associates' loans advanced

(5)

(4)

Associates' loans repaid

Proceeds from disposal of investments

(Increase) decrease in cash restricted for use

(2)

(11)

(19)

Interest received

Loans advanced

Repayment of loans advanced

Net cash (outflow) inflow from investing activities

(227)

650

(303)

184

(768)

Cash flows from financing activities
Proceeds from issue of share capital

287

1,710

301

1,722

Share issue expenses

(5)

(1)

(54)

(6)

(54)

Proceeds from borrowings

784

856

298

2,745

704

Repayment of borrowings

(1,573)

(111)

(573)

(2,708)

(597)

Finance costs paid

(16)

(31)

(88)

(68)

Advanced proceeds from rights offer

(1)

Dividends paid

(32)

(33)

(50)

(58)

Net cash (outflow) inflow from financing activities

(555)

716

1,317

194

1,649

Net (decrease) increase in cash and cash equivalents

(1,243)

1,621

114

415

131

Translation

(27)

118

(54)

Cash and cash equivalents at beginning of period

2,305

613

467

575

477

Cash and cash equivalents at end of period

1,108

2,305

555

1,108

555

Cash generated from operations
(Loss) profit before taxation

(1,236)

418

126

(771)

(53)

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

1,398

(81)

(178)

1,481

187

Amortisation of tangible assets

143

130

143

400

420

Finance costs and unwinding of obligations

103

Environmental, rehabilitation and other expenditure

(3)

Operating special items

(92)

(16)

(54)

(62)

Amortisation of intangible assets

Deferred stripping

(13)

(31)

(16)

(75)

(36)

Fair value adjustment on option components of convertible bond

(24)

Interest receivable

(16)

(11)

(32)

(36)

(56)

Share of equity accounted investments' (profit) loss

(22)

(19)

(64)

100

Other non-cash movements

(36)

(24)

Movements in working capital

(94)

(122)

(211)

363

236

119

867

422

Movements in working capital
(Increase) decrease in inventories

(12)

(74)

(120)

(150)

Increase in trade and other receivables

(25)

(44)

(17)

(100)

(56)

Increase (decrease) in trade and other payables

(6)

(94)

(122)

(211)

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

714

(5,524)

(1,634)

(108)

326

16,204

429

16,633

(Loss) profit for the period

(4,236)

268

(3,968)

Comprehensive income (expense)

561

(66)

(127)

4,597

4,965

4,996

Total comprehensive (expense) income

- - (4,236) 561 (66) (127) 4,597 729 299 1,028

Shares issued

14,154

Share-based payment for share awards

161

Dividends paid

(324)

Dividends of subsidiaries

(131)

Transfers to other reserves

(12)

Acquisition of minority interest

(853)

(847)

Translation

(5)

(122)

(125)

(73)

Balance at September 2008

36,525

882

(10,949)

(1,195)

(7)

(233)

4,923

29,946

655

30,601

Balance at December 2008

37,336

799

(22,879)

(1,008)

(18)

(347)

9,073

22,956

790

23,746

(Loss) profit for the period

(5,940)

248

(5,692)

Comprehensive income (expense)

733

128

(1,889)

(1,028)

(1,018)

Total comprehensive (expense) income

- - (5,940) 733 128 - (1,889) (6,968) 258 (6,710)

Shares issued

2,423

Share-based payment for share awards

120

Dividends paid

(392)

Dividends of subsidiaries

(43)

Translation

(23)

(3)

(157)

(138)

Balance at September 2009

39,759

896

(29,211)

(232)

107

(345)

7,184

18,158

848

19,006

US Dollar million

Balance at December 2007

3,608

105

(1,020)

(240)

(16)

(67)

2,379

2,442

(Loss) profit for the period

(179)

(144)

Comprehensive income (expense)

(10)

(16)

(294)

(245)

(241)

Total comprehensive (expense) income

- - (179) 75 (10) (16) (294) (424) 39 (385)

Shares issued

1,795

Share-based payment for share awards

Dividends paid

(41)

Dividends of subsidiaries

(17)

Transfers to other reserves

(1)

Acquisition of minority interest

(111)

(110)

Translation

(20)

(7)

(3)

Balance at September 2008 - restated

5,403

107

(1,352)

(145)

(1)

(28)

(361)

3,623

3,702

Balance at December 2008

5,485

(2,368)

(107)

(2)

(37)

(628)

2,428

2,511

(Loss) profit for the period

(743)

(714)

Comprehensive income

350

446

447

Total comprehensive (expense) income

- - (743) 81 15 - 350 (297) 30 (267)

Shares issued

309

Share-based payment for share awards

Dividends paid

(45)

Dividends of subsidiaries

(5)

Translation

(5)

(9)

Balance at September 2009

5,794

119

(3,156)

(31)

(46)

(278)

2,416

113

2,529

Rounding of figures may result in computational discrepancies.

Segmental

reporting

for the quarter and nine months ended 30 September 2009

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Gold income
Southern Africa

4,081

3,391

3,071

10,517

8,747

530

404

399

1,242

1,137

Continental Africa

2,111

1,701

1,936

5,293

7,325

270

202

248

622

945

Australia

(1)

449

(104)

582

971

1,401

(13)

108

186

South America

1,452

1,205

960

3,779

2,332

188

145

124

447

306

North America

420

288

303

950

1,453

114

187

8,512

6,481

6,851

21,511

21,258

1,101

773

885

2,533

2,761

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

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

(1,374)

1,186

545

1,495

(1,531)

(170)

143

(185)

Continental Africa

(1,640)

645

(394)

(438)

(2,255)

(205)

(49)

(71)

(280)

Australia

(499)

234

(94)

(169)

(629)

(63)

(12)

(25)

(78)

South America

(215)

552

110

821

(221)

(25)

(24)

North America

(126)

193

289

(71)

(15)

(7)

Other

(5)

156

143

Sub-total

(3,839)

2,864

249

2,154

(4,565)

(475)

347

188

(555)

Less equity accounted investments

(271)

(353)

(65)

(989)

378

(35)

(42)

(9)

(113)

(4,110)

2,511

184

1,165

(4,187)

(510)

305

(509)

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Adjusted gross profit (loss)
excluding hedge buyback costs

Southern Africa

906

1,186

545

3,775

2,672

118

143

431

345

Continental Africa

635

645

(394)

1,837

311

(49)

216

Australia

234

(94)

415

107

(12)

South America

668

552

110

1,704

716

203

North America

165

193

581

375

Other

(5)

156

Sub-total

2,476

2,864

249

8,468

4,197

321

347

984

549

Less equity accounted investments

(271)

(353)

(65)

(989)

(366)

(35)

(42)

(9)

(113)

(48)

2,205

2,511

184

7,480

3,831

287

305

871

501

Rounding of figures may result in computational discrepancies.

SA Rand million

AngloGold Ashanti has implemented IFRS8 “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

Quarter ended

Nine months ended

Quarter ended

Nine months ended

(1)

The gold loss for Australia in the June 2009 quarter is due to the differing accounting treatment of normal sale exempted contracts and realised non-hedge derivatives.

Normal sale exempted contracts are disclosed under "gold income" whilst realised non-hedge derivatives are disclosed under "non-hedge derivative and other commodity
contracts". On an aggregated basis the loss on "gold income" and the significant gain on the "non-hedge derivatives" resulted in a total gold price received of $892/oz.

Quarter ended

Nine months ended

Quarter ended

Nine months ended

SA Rand million

US Dollar million

SA Rand million

US Dollar million

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Segmental reporting (continued)

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Gold production

(1)

Southern Africa

15,014

14,011

17,273

43,979

50,611

483

450

555

1,414

1,627

Continental Africa

12,155

12,006

11,962

34,809

36,129

391

386

385

1,119

1,162

Australia

3,176

2,928

3,590

9,145

10,826

102

115

294

348

South America

4,896

4,488

4,556

13,311

12,370

157

144

146

428

398

North America

1,684

1,617

1,955

5,038

5,594

162

180

36,925

35,050

39,336

106,282

115,530

1,187

1,127

1,265

3,417

3,714

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Capital expenditure

(1)

Southern Africa

927

821

804

2,440

2,029

116

103

280

264

Continental Africa

308

316

551

1,001

1,351

115

176

Australia

538

936

1,539

2,564

121

169

334

South America

357

346

266

989

742

114

North America

163

190

431

185

Other

1,842

2,228

2,623

6,451

6,911

232

261

338

734

899

As at

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2009

2008

2009

2008

Restated

Unaudited

Total assets
Southern Africa

22,778

20,775

20,244

19,874

3,031

2,695

2,141

2,404

Continental Africa

20,385

20,627

24,405

34,770

2,713

2,675

2,581

4,206

Australia

6,728

12,395

12,936

11,982

895

1,608

1,368

1,449

South America

9,061

8,564

10,386

8,250

1,206

1,111

1,098

998

North America

5,002

4,757

5,422

4,592

666

617

573

555

Other

2,919

9,167

3,658

2,587

389

1,189

388

313

66,873

76,285

77,051

82,056

8,900

9,894

8,149

9,925

Less equity accounted investments

(502)

(498)

(849)

(691)

(67)

(65)

(89)

(84)

Total assets

66,371

75,787

76,202

81,365

8,833

9,830

8,060

9,842

Rounding of figures may result in computational discrepancies.

SA Rand million

oz (000)

Nine months ended

Quarter ended

Nine months ended

Quarter ended

US Dollar million

(1)

Gold production and capital expenditure includes equity accounted investments.

SA Rand million

US Dollar million

Nine months ended

Quarter ended

Nine months ended

Quarter ended

Notes

for the quarter and nine months ended 30 September 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 and nine months ended 30 September 2009.

2. Revenue

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

8,512

6,481

6,851

21,511

21,258

1,101

773

885

2,533

2,761

By-products (note 3)

173

244

106

625

332

Interest received

121

248

311

429

8,806

6,817

7,205

22,447

22,019

1,140

814

930

2,642

2,859

Cost of sales

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep Jun Sep Sep Sep Sep Jun Sep Sep Sep

2009 2009 2008

2009

2008

2009

2009 2008 2009 2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cash operating costs

(4,719)

(4,280)

(4,540)

(13,628)

(11,916)

(608)

(507)

(584)

(1,583)

(1,548)

By-products revenue (note 2)

173

244

106

625

332

By-products cash operating costs

(74)

(105)

(57)

(275)

(221)

(10)

(13)

(8)

(32)

(29)

(4,620)

(4,141)

(4,491)

(13,278)

(11,805)

(595)

(490)

(578)

(1,542)

(1,534)

Other cash costs

(222)

(182)

(177)

(611)

(538)

(29)

(22)

(23)

(71)

(70)

Total cash costs

(4,842)

(4,323)

(4,668)

(13,888)

(12,343)

(624)

(512)

(601)

(1,613)

(1,604)

Retrenchment costs

(17)

(40)

(14)

(71)

(56)

(2)

(5)

(2)

(8)

(7)

Rehabilitation and other non-cash
costs

(96)

(32)

(102)

(187)

(221)

(12)

(4)

(13)

(22)

(28)

Production costs

(4,955)

(4,395)

(4,784)

(14,147)

(12,620)

(638)

(521)

(616)

(1,643)

(1,639)

Amortisation of tangible assets

(1,107)

(1,095)

(1,111)

(3,463)

(3,233)

(143)

(130)

(143)

(400)

(420)

Amortisation of intangible assets

(4)

(4)

(14)

(11)

(1)

(1)

(2)

(1)

Total production costs

(6,066)

(5,495)

(5,899)

(17,624)

(15,864)

(781)

(652)

(759)

(2,045)

(2,060)

Inventory change

(102)

282

(249)

622

234

(14)

(32)

(6,168)

(5,212)

(6,148)

(17,001)

(15,630)

(796)

(617)

(790)

(1,981)

(2,029)

Rounding of figures may result in computational discrepancies.

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

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

(Loss) gain on realised non-hedge
derivatives

(139)

1,243

(519)

2,970

(1,797)

(19)

149

(66)

319

(230)

Realised loss on other commodity
contracts

(253)

(32)

Loss on hedge buyback costs

(6,315)

(6,315)

(7,765)

(797)

(797)

(979)

(Loss) gain on unrealised non-hedge
derivatives

(4,762)

540

666

(5,883)

2,876

(606)

158

(692)

705

Unrealised gain on other commodity
physical borrowings

Provision reversed for gain on future
deliveries of other commodities

(11,216)

1,783

148

(9,228)

(6,875)

(1,421)

231

(1,170)

(528)

Other operating expenses

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit
provisions

(24)

(24) (24)

(73)

(72)

(3)

(3) (3) (9) (9)

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

(11)

(24) (49)

(62)

(17)

(2)

(3) (6) (7) (2)

Miscellaneous

(1)

(3)

(2)

(36)

(51) (73)

(137)

(89)

(5)

(6) (9)

(16)

(11)

Operating special items

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Reimbursement of indirect tax
expenses

Siguiri royalty payment calculation
dispute with the Guinean
Administration

(27)

(4)

ESOP and BEE costs resulting from
rights offer

(76)

(10)

Impairment of tangible assets (note 8)

(94)

(3)

(94)

(7)

(13)

(13)

(1)

Recovery of loan

Recovery (loss) on consignment stock

(116)

(109)

(15)

(14)

Provision for bad debt - Pamodzi Gold

(3)

(65)

(6)

(Loss) profit on disposal and
abandonment of land, mineral rights,
tangible assets and exploration
properties (note 8)

(156)

839

689

457

(21)

105

Insurance claim recovery (note 8)

(Loss) profit on disposal of investment
in associate (note 8)

(12)

(2)

Nufcor Uranium Trust contributions by
other members (note 8)

(231)

739

121

448

476

(31)

Rounding of figures may result in computational discrepancies.

7. Taxation

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

South

African

taxation

Mining tax

(108)

(93)

(13)

(11)

(1)

Non-mining tax

(126) (21)

(79)

(67)

(15) (3) (9)

(10)

Under provision prior year

(12)

(13) (10)

(40)

(61)

(2)

(2) (1) (5) (8)

Deferred taxation:

Temporary differences

(44)

(252)

(355)

607

(6)

(33)

(36)

Unrealised non-hedge
derivatives and other
commodity contracts

1,317

(238)

1,247

(742)

167

(30)

154

(90)

Change in statutory tax rate

1,353

(473) (279)

680 (193)

171

(58)

(32)

(24)

Foreign taxation

Normal taxation

(262)

(379) (84)

(777)

(420)

(34)

(46) (11) (93) (56)

(Under) over provision prior year

(27)

(3)

(41)

(4)

(5)

Deferred taxation:

Temporary differences

393

(155) (207)

190 (224)

(21) (26) 25

(29)

Unrealised non-hedge derivatives
and other commodity contracts

193

(12)

299

(104)

(1)

(13)

297

(442) (298)

(329)

(707)

(55) (37) (36) (92)

1,650

(915) (577)

351 (900)

209

(113)

(69)

(115)

Headline (loss) earnings

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

The (loss) profit attributable to equity
shareholders has been adjusted
by the following to arrive at
headline (loss) earnings:
(Loss) profit attributable to equity
shareholders

(8,245)

2,304

(247)

(5,940)

(4,236)

(1,042)

299

(743)

(179)

Impairment of tangible assets
(note 6)

Loss (profit) on disposal and
abandonment of land, mineral
rights, tangible assets and
exploration properties (note 6)

156

(839) (82)

(689)

(457)

(105) (11) (84) (60)

Nufcor Uranium Trust contributions
by other members (note 6)

(19)

(3)

Insurance claim recovery (note 6)

(7)

(1)

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

(18)

(2)

Profit on disposal of discontinued
assets

(1)

(218)

(27)

Impairment of investment in
associates

(2)

Profit on disposal of assets in
associate

(23)

(3)

Taxation on items above - current
portion

(48)

201

156

(6)

Taxation on items above - deferred
portion

(22)

(32)

(54)

(3)

(4)

(7)

Discontinued operations taxation on
items above

(6)

(1)

(8,068)

1,631

(298)

(6,437)

(4,891)

(1,018)

215

(803)

(263)

Cents per share

(1)

Headline (loss) earnings

(2,237)

455

(86)

(1,791)

(1,609)

(282)

(223)

(87)

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Number of shares

Quarter ended

Nine months ended

Sep

Jun

Sep

2009

2008

2009

2008

Unaudited

Unaudited Unaudited Unaudited

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

600,000,000

600,000,000

400,000,000 600,000,000 400,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

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

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000

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

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000

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

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

362,003,085

354,241,602

350,677,750 362,003,085 350,677,750

E ordinary shares in issue

3,832,568

3,879,290

4,002,887 3,832,568 4,002,887

Total ordinary shares:

365,835,653

358,120,892

354,680,637 365,835,653 354,680,637

A redeemable preference shares

2,000,000

2,000,000

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

B redeemable preference shares

778,896

778,896

778,896 778,896 778,896

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

356,194,586

354,198,056

342,692,446 354,685,548 299,550,334

E ordinary shares

3,848,172

3,896,280

4 ,018,901 3,894,634 4,068,636

Fully vested options

622,613

551,521

405,584 774,457 418,312

Weighted average number of shares

360,665,371

358,645,857

347,116,931 359,354,639 304,037,282

Dilutive potential of share options

897,098

786,816 - -

Diluted number of ordinary shares

(1)

360,665,371

359,542,955

347,903,747 359,354,639 304,037,282

(1) The basic and diluted number of ordinary shares is the same for the quarter ended September 2009, nine months ended September 2009 and nine

months ended September 2008 as the effects of shares for performance related options are anti-dilutive.

10. Share capital and premium

As at

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2009

2009 2008 2008 2009 2009

2008

Restated

(1)

Unaudited Unaudited

Unaudited

Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

38,248

38,248

23,324

5,625

5,625

3,752

Ordinary shares issued

2,409

202

14,946

14,139

308

1,875

1,794

E ordinary shares cancelled

(17) (11)

(22)

(17)

(2)

(1) (3) (2)

Sub-total

40,640

38,439

38,248

37,446

5,931

5,645

5,625

5,543

Redeemable preference shares held within the
group

(313) (313)

(313)

(53)

(53) (53) (53)

Ordinary shares held within the group

(259) (264)

(273)

(278)

(38)

(38) (40) (40)

E ordinary shares held within group

(309) (315)

(326)

(330)

(45)

(46) (47) (47)

Balance at end of period

39,759

37,547

37,336

36,525

5,794

5,508

5,485

5,403

(1) During 2009, the group changed its accounting policy to account for equity using historical rates of exchange. The effect of the change has been

calculated retrospectively.

11. Exchange rates

Sep

Jun

Dec

Sep

2009

2008

Unaudited

ZAR/USD average for the year to date

8.70

9.18 8.25 7.69

ZAR/USD average for the quarter

7.77

8.40 9.92 7.77

ZAR/USD closing

7.51

7.71 9.46 8.27

ZAR/AUD average for the year to date

6.48

6.49 6.93 7.02

ZAR/AUD average for the quarter

6.47

6.42 6.67 6.86

ZAR/AUD closing

6.62

6.21 6.57 6.66

BRL/USD average for the year to date

2.08

2.20 1.84 1.69

BRL/USD average for the quarter

1.87

2.07 2.28 1.67

BRL/USD closing

1.77

1.96 2.34 1.93

ARS/USD average for the year to date

3.70

3.63 3.16 3.11

ARS/USD average for the quarter

3.83

3.73 3.33 3.04

ARS/USD closing

3.84

3.80 3.45 3.12

Rounding of figures may result in computational discrepancies.

12. Capital commitments

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2009

2008

2009

2008

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

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

(1)

1,096

1,333 775

2,292 146

173

277

(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 30 September 2009 are detailed below:

Guarantees and contingencies (millions)

SA rand

US dollar

Contingent liabilities
Groundwater pollution – South Africa

(1)

Deep groundwater pollution – South Africa

(2)

Sales tax on gold deliveries – Brazil

(3)

624

Other tax disputes – Brazil

(4)

128

Withholding taxes – Ghana

(5)

Financial Guarantees
Oro Group (Pty) Ltd

(6)

100

901

119

AngloGold Ashanti is subject to contingencies pursuant to environmental laws and regulations that may in future
require the Group to take corrective action as follows:

(1) Groundwater pollution – South Africa – AngloGold Ashanti has identified groundwater contamination plumes at its

Vaal River and West Wits operations, which have occurred primarily as a result of seepage from mine residue
stockpiles. Numerous scientific, technical and legal studies have been undertaken since 2002 to assist in
determining the magnitude of the contamination and to find sustainable remediation solutions. The company has
instituted processes to reduce future potential seepage and it has been demonstrated that Monitored Natural
Attenuation (MNA) by the existing environment will contribute to improvement in some instances. Furthermore,
literature reviews, field trials and base line modelling techniques suggest, but are not yet proven, that the use of
phyto-technologies can address the soil and groundwater contamination at all South African operations. Subject to
the completion of trials and the technology being a proven remediation technique, no reliable estimate can be
made for the obligation at this time.

(2) Deep groundwater pollution – South Africa – AngloGold Ashanti has identified a flooding and future pollution risk

posed by deep groundwater in the Klerksdorp and Far West Rand gold fields. Various studies have been
undertaken by AngloGold Ashanti since 1999. However, due to the interconnected nature of mining operations,
any proposed solution needs to be a combined one that is supported by all the mines located in these gold fields.
Toward this the Department of Mineral Resources and affected mining companies are now involved in the
development of a “Regional Mine Closure Strategy”. Nevertheless, in view of the limitation of current information
for the accurate estimation of a liability, no reliable estimate can be made for the obligation at this time.

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

the State of Goiás related to payments of sales taxes on gold deliveries for export. 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 $46m. 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 $28m. The company believes both assessments are in violation of Federal
legislation on sales taxes.

MSG received a tax assessment in October 2003 from the State of Minas Gerais related to sales taxes on gold.
The tax administrators rejected the company’s appeal against the assessment. The company is now appealing the
dismissal of the case. The company’s attributable share of the assessment is approximately $9m.

(4) AngloGold subsidiaries in Brazil are involved in various disputes with tax authorities. These disputes involve

federal tax assessments including income tax, royalties, social contributions and annual property tax. The amount
involved is approximately $17m.

(5) Withholding Taxes – Ghana – AngloGold Ashanti (Ghana) Limited received a tax assessment for $6m during

September 2009 following an audit by the tax authorities related to indirect taxes on various items. Management is
of the opinion that the indirect taxes are not payable and the company has lodged an objection.

(6) 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 ($13m). The
suretyship agreements have a termination notice period of 90 days.

14. Concentration of risk

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

•

Reimbursable value added tax due from the Tanzanian government amounts to $25m at 30 September 2009
(30 June 2009: $17m). The last audited value added tax return was for the period ended 31 August 2009 and at
the balance sheet date was $21m. The outstanding amounts at Geita have been discounted to their present
value at a rate of 7.8%.

• Reimbursable fuel duties from the Tanzanian government amounts to $48m at 30 September 2009

(30 June 2009: $44m). 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
$43m have been lodged with the Customs and Excise authorities, whilst claims for refund of $5m have not yet
been lodged. The outstanding amounts have been discounted to their present value at a rate of 7.8%.

15. Change in accounting policy

In terms of IAS 21 “The Effects of Changes in Foreign Exchange Rates”, the group has previously presented equity
at the closing rate of exchange. During the current year the group changed its accounting policy to account for
equity using historical rates of exchange. Management’s judgement is that the change in accounting policy will
provide more relevant and reliable information when the group is compared to its gold mining peers, as they report
their equity at historical rates of exchange. The effects of the change in accounting policy have been calculated
retrospectively and are as follows as at 31 December 2008 and 2007:

Share capital and premium - US Dollar million

2008 2007

Previously at closing rate

3,425

3,292

Restated at historical rate

3,752

3,713

Impact on translation

327 421

16. Borrowings

AngloGold Ashanti’s borrowings are interest bearing.

17. Post balance sheet events

After close of business on 15 October 2009, South African time, the Canadian Courts in British Columbia, approved
the scheme of arrangement wherein Moto Goldmines Limited became a wholly owned subsidiary of a joint venture
between AngloGold Ashanti Limited and Randgold Resources Limited. When any remaining conditions precedent
have been fulfilled, AngloGold Ashanti will equity account the results of the joint venture.

18. Announcements

On 31 August 2009, AngloGold Ashanti announced the launch of an equity offering to fund its proposed 50%
acquisition of Moto Goldmines Limited. This was followed by an announcement on 1 September 2009 detailing the
placing of 7,624,162 AngloGold Ashanti ordinary shares at an issue price of $37.25 per American Depositary Share
(ADR)) (or R288.32 per ordinary share) which price represented an approximate 3% discount to the closing price of
an AngloGold Ashanti ADR on the NYSE on 31 August 2009. The offering closed on 8 September 2009 and total
proceeds of some $284 million was received.

On 5 October 2009, AngloGold Ashanti Limited and the De Beers Group of Companies announced the formation of
a joint venture to explore for, and ultimately mine, gold and other minerals and metals, excluding diamonds, on
marine deposits located in, or adjacent to, the area between the high water mark and the edge of the continental
shelf on a worldwide basis.

Pursuant to its announcement of 5 August 2009, AngloGold Ashanti Limited announced on 15 October 2009 that it
had acquired a 50% interest in Moto Goldmines Limited in a back-to-back joint venture agreement entered into with
Randgold Resources Limited following the acquisition by Randgold of the entire issued share capital of Moto.

19. Dividend

Interim Dividend No. 106 of 60 South African cents of approximately 4.54 UK pence or approximately 0.10956 cedis
per share was paid to registered shareholders on 28 August 2009, while a dividend of 1.7916 Australian cents per
CHESS Depositary Interest (CDI) was paid on the same day. On 31 August 2009, a dividend of 0.0010956 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 8 September 2009 at a rate of 7.6553 US cents per American Depositary Share (ADS). Each
ADS represents one ordinary share.

In addition, directors declared interim Dividend No. E6 of 30 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 28 August 2009.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief Executive Officer

30 October 2009

Non-GAAP

disclosure

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Headline (loss) earnings (note 8)

(8,068)

1,631

(298)

(6,437)

(4,891)

(1,018)

215

(803)

(263)

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

4,762

(540)

(667)

5,883

(2,939)

606

(82)

(158)

692

(713)

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

(1,510)

144

(1,546)

966

(191)

(4)

(191)

118

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

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

(2)

Fair value adjustment on option component of convertible bond

123

183

(183)

(24)

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

(1)

(4,757)

1,359

(956)

(1,917)

(7,019)

(596)

167

(119)

(279)

(880)

Cents per share

(2)

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

(1)

(1,319)

379

(275)

(533)

(2,309)

(165)

(34)

(78)

(289)

(1)

-
-

(2)

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

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

(8,872)

3,051

851

(4,718)

(1,248)

(1,116)

387

186

(618)

204

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

4,762

(540)

(667)

5,883

(2,939)

606

(82)

(158)

692

(713)

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

(4,110)

2,511

184

1,165

(4,187)

(510)

305

(509)

Realised loss on other commodity contracts (note 4)

253

Loss on hedge buyback costs (note 4)

6,315

6,315

7,765

797

797

979

Adjusted gross profit excluding hedge buyback costs

2,205

2,511

184

7,480

3,831

287

305

871

501

Rounding of figures may result in computational discrepancies.

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;

Headline (loss) earnings 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:

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;

SA Rand million

US Dollar million

SA Rand million

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

US Dollar million

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

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

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

Calculated on the basic weighted average number of ordinary shares.

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

Quarter ended

Nine months ended

Loss (gain) 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;

The unrealised fair value change on the onerous uranium contracts.

Quarter ended

Nine months ended

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

Nine months ended

Quarter ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Price received

Gold income (note 2)

8,512

6,481

6,851

21,511

21,258

1,101

773

885

2,533

2,761

Adjusted for minority interests

(310)

(197)

(256)

(748)

(769)

(40)

(24)

(33)

(88)

(100)

8,202

6,284

6,595

20,763

20,489

1,061

749

852

2,445

2,661

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

(139)

1,243

(519)

2,970

(1,797)

(19)

149

(66)

319

(230)

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

(6,315)

(6,315)

(7,765)

(797)

(797)

(979)

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

600

796

473

2,148

820

247

111

Attributable gold income including realised non-hedge derivatives

2,348

8,322

6,550

19,566

11,747

323

993

847

2,214

1,563

Attributable gold sold - kg / - oz (000)

38,435

34,459

40,902

105,478

116,704

1,236

1,108

1,315

3,391

3,752

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

61,095

241,505

160,127

185,498

100,660

261

897

644

653

416

Attributable gold income including realised non-hedge derivatives
as above

2,348

8,322

6,550

19,566

11,747

323

993

847

2,214

1,563

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

6,315

6,315

7,765

797

797

979

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

869

110

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

8,663

8,322

6,550

25,880

20,382

1,120

993

847

3,011

2,651

Attributable gold sold - kg / - oz (000)

38,435

34,459

40,902

105,478

116,704

1,236

1,108

1,315

3,391

3,752

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

225,388

241,505

160,127

245,364

174,646

906

897

644

888

707

Total costs

Total cash costs (note 3)

4,842

4,323

4,668

13,888

12,343

624

512

601

1,613

1,604

Adjusted for minority interests and non-gold producing companies

(228)

(214)

(240)

(655)

(538)

(29)

(25)

(31)

(75)

(70)

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

307

376

349

1,029

1,081

119

141

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

4,921

4,485

4,777

14,262

12,886

634

532

615

1,656

1,675

Retrenchment costs (note 3)

Rehabilitation and other non-cash costs (note 3)

102

187

221

Amortisation of tangible assets (note 3)

1,107

1,095

1,111

3,463

3,233

143

130

143

400

420

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing companies

(42)

(30)

(63)

(117)

(151)

(5)

(4)

(8)

(14)

(20)

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

138

216

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

6,143

5,675

6,016

18,019

16,473

791

674

774

2,091

2,140

Gold produced - kg / - oz (000)

36,925

35,050

39,336

106,282

115,530

1,187

1,127

1,265

3,417

3,714

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

133,274

127,956

121,440

134,192

111,540

534

472

486

485

451

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

166,355

161,909

152,945

169,536

142,586

667

598

612

576

EBITDA

Operating (loss) profit

(9,738)

3,171

415

(6,176)

(2,400)

(1,229)

406

130

(784)

Amortisation of tangible assets (note 3)

1,107

1,095

1,111

3,463

3,233

143

130

143

400

420

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 6)

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

4,762

(540)

(667)

5,883

(2,939)

606

(82)

(158)

692

(713)

Loss on realised other commodity contracts (note 4)

253

Loss on hedge buyback costs (note 4)

6,315

6,315

7,765

797

797

979

Share of associates' EBITDA

299

343

1,044

542

119

Discontinued operations EBITDA

(4)

(21)

(1)

(3)

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

156

(839)

(82)

(689)

(457)

(105)

(11)

(84)

(60)

Nufcor Uranium trust contributions by other members (note 6)

(19)

(3)

Insurance claim recovery (note 6)

(7)

(1)

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

(18)

(2)

2,999

3,228

869

9,942

5,976

389

390

116

1,153

782

Rounding of figures may result in computational discrepancies.

SA Rand million / Metric

Nine months ended

US Dollar million / Imperial

Quarter ended

Nine months ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Unaudited

Interest cover

EBITDA (note E)

2,999

3,228

869

9,942

5,976

389

390

116

1,153

782

Finance costs

305

322

235

879

701

103

Capitalised finance costs

135

188

306

388

314

1,014

889

118

116

Interest cover - times

Free cash flow

Net cash inflow from operating activities

(4,130)

1,874

(7,108)

171

(5,804)

(461)

255

(899)

(750)

Stay-in-business capital expenditure

(1,287)

(1,176)

(1,173)

(3,499)

(3,135)

(161)

(136)

(151)

(402)

(408)

(5,417)

698

(8,281)

(3,328)

(8,939)

(622)

119

(1,050)

(365)

(1,158)

As at

Sep

Jun

Dec

Sep

Jun

Dec

Sep

2009

2008

2009

2008

Unaudited

Net asset value - cents per share

Total equity

19,006

24,768

23,746

30,601

2,529

3,212

2,511

3,702

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

366

358

357

355

366

358

357

355

Net asset value - cents per share

5,195

6,916

6,643

8,628

691

897

702

1,044

Total equity

19,006

24,768

23,746

30,601

2,529

3,212

2,511

3,702

Intangible assets

(1,315)

(1,264)

(1,403)

(3,287)

(175)

(164)

(148)

(398)

17,691

23,504

22,343

27,314

2,354

3,048

2,363

3,304

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

366

358

357

355

366

358

357

355

Net tangible asset value - cents per share

4,836

6,563

6,251

7,701

643

851

661

932

Net debt

Borrowings - long-term portion

12,512

12,857

8,224

6,865

1,665

1,668

870

830

Borrowings - short-term portion

1,867

7,846

10,046

8,581

249

1,018

1,063

1,038

Total borrowings

14,379

20,703

18,270

15,446

1,914

2,686

1,933

1,868

Corporate office lease

(257)

(256)

(254)

(253)

(34)

(33)

(27)

(31)

Unamortised portion on the convertible bond

1,029

894

(38)

137

116

(4)

Cash restricted for use

(501)

(487)

(415)

(499)

(67)

(63)

(44)

(60)

Cash and cash equivalents

(8,328)

(17,768)

(5,438)

(4,585)

(1,108)

(2,305)

(575)

(555)

Net debt

6,322

3,086

12,125

10,183

842

401

1,283

1,230

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

Nine months ended

Quarter ended

US Dollar million

Key operating results

PER REGION & OPERATION

Quarter

Quarter Nine months Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

SA Rand / US Dollar

Great Noligwa

147

159

Kopanang

123

117

342

275

Moab Khotsong

250

196

224

631

530

Tau Lekoa

101

107

Surface Operations

Mponeng

239

220

209

655

479

Savuka

TauTona

135

113

134

346

345

SOUTH AFRICA

865

763

786

2,297

1,964

108

101

264

256

Navachab

143

SOUTHERN AFRICA

927

821

804

2,440

2,029

116

103

280

264

Iduapriem

136

141

297

Obuasi

191

111

247

567

539

Siguiri - Attributable 85%

134

122

Morila - Attributable 40%

(1)

Sadiola - Attributable 38%

Yatela - Attributable 40%

(8)

(1)

Geita

103

328

Minorities, exploration and other

CONTINENTAL AFRICA

308

316

551

1,001

1,351

115

176

Sunrise Dam

202

113

Boddington

444

904

1,335

2,450

116

145

319

Exploration

(1)

AUSTRALIA

538

936

1,539

2,564

121

169

334

Cripple Creek & Victor

163

190

431

184

NORTH AMERICA

163

190

431

185

Cerro Vanguardia - Attributable 92.50%

AngloGold Ashanti Brasil Mineração

196

169

148

487

436

Serra Grande - Attributable 50%

207

102

Minorities, exploration and other

219

108

SOUTH AMERICA

357

346

266

989

742

114

OTHER

ANGLOGOLD ASHANTI

1,842

2,228

2,623

6,451

6,911

232

261

338

734

899

Rounding of figures may result in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Development

for the quarter ended 30 September 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
C reef

289

18.9

75.66

1,430

2.14

40.38

Vaal reef

655

140.3

8.67

1,217

0.44

61.89

Kopanang Mine
Vaal reef

6,977

666

25.2

52.38

1,320

4.08

101.48

Tau Lekoa Mine
Ventersdorp Contact reef

2,221

402

105.0

7.01

739

0.04

3.29

Moab Khotsong Mine
Vaal reef

4,531

312

105.4

15.75

1,654

0.67

69.98

SOUTHERN AFRICA - WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

190

164.4

20.57

3,381

0.15

24.63

Carbon Leader reef

2,523

Savuka Mine
Ventersdorp Contact reef

100.8

24.05

2,424

Mponeng Mine
Ventersdorp Contact reef

4,820

724

61.0

27.26

1,663

AUSTRALIA
Sunrise Dam

921

3.47

SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá

1,626

234

8.27

Córrego do Sitio

3,574

1,148

4.04

Lamego

1,135

102

3.22

Serra Grande
Mina III

1,819

937

4.15

Mina Nova

CONTINENTAL AFRICA
Obuasi

4,348

2,690

*520.0

8.05

4,186

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
C reef

948

157

7.4

2.21

1.37

4.28

2.65

Vaal reef

2,149

55.2

0.25

1.16

0.88

4.05

Kopanang Mine
Vaal reef

22,890

2,185

9.9

1.53

1.26

8.16

6.75

Tau Lekoa Mine
Ventersdorp Contact reef

7,287

1,319

41.3

0.20

0.70

0.08

0.28

Moab Khotsong Mine
Vaal reef

14,865

1,024

41.5

0.46

1.59

1.34

4.63

SOUTHERN AFRICA - WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

623

112

64.7

0.60

3.24

0.30

1.62

Carbon Leader reef

8,278

Savuka Mine
Ventersdorp Contact reef

112

39.7

0.70

2.32

Mponeng Mine
Ventersdorp Contact reef

15,814

2,375

24.0

0.80

1.59

AUSTRALIA
Sunrise Dam

3,022

0.10

SOUTH AMERICA
AngloGold Ashanti Mineração
Mina de Cuiabá

5,334

768

0.24

Córrego do Sitio

11,726

3,766

0.12

Lamego

3,722

335

0.09

Serra Grande
Mina III

5,967

3,073

0.12

Mina Nova

CONTINENTAL AFRICA
Obuasi

14,265

8,824

*204.7

0.23

4.01

* 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

Key operating results

PER REGION & OPERATION

Quarter

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Metric

Great Noligwa

5.46

6.74

6.42

5.77

7.61

1,292

1,229

1,976

3,870

8,299

Kopanang

6.63

6.43

6.44

6.43

6.83

2,857

2,038

2,627

7,304

8,417

Moab Khotsong

9.99

9.23

9.37

9.58

9.47

1,922

1,475

2,127

5,425

3,771

Tau Lekoa

3.20

2.98

3.50

3.24

3.59

971

875

1,173

2,808

3,339

Surface Operations

0.52

0.36

0.54

0.34

1,229

1,319

773

3,964

2,016

Mponeng

8.15

8.75

10.16

8.79

10.21

3,892

4,362

5,113

12,222

14,180

Savuka

2.48

6.64

5.80

5.61

6.05

398

481

862

1,491

TauTona

7.39

6.95

8.34

7.31

8.75

2,309

1,904

2,464

6,035

7,585

SOUTH AFRICA

14,504

13,601

16,733

42,491

49,099

Navachab

1.61

1.20

1.43

1.47

1.40

509

410

540

1,488

1,512

SOUTHERN AFRICA

15,014

14,011

17,273

43,979

50,611

Iduapriem

1.54

1.84

1.79

1.68

1.73

1,608

1,460

1,566

4,215

4,460

Obuasi

5.68

5.20

4.45

5.07

4.27

2,847

3,129

2,862

8,837

8,045

Siguiri - Attributable 85%

1.10

1.06

1.13

1.24

2,451

2,490

2,235

7,440

7,818

Morila - Attributable 40%

2.26

2.46

2.67

2.54

3.01

995

1,071

1,170

3,294

3,841

Sadiola - Attributable 38%

2.33

2.67

3.37

2.68

3.37

983

1,100

1,281

3,196

3,827

Yatela

- Attributable 40%

3.24

4.45

2.36

3.50

2.68

685

790

552

1,896

1,549

Geita

2.20

1.67

2.12

1.81

1.99

2,586

1,967

2,296

5,932

6,589

CONTINENTAL AFRICA

12,155

12,006

11,962

34,809

36,129

Sunrise Dam

2.90

2.75

3.72

2.82

3.85

3,176

2,928

3,590

9,145

10,826

AUSTRALIA

3,176

2,928

3,590

9,145

10,826

Cerro Vanguardia - Attributable 92.50%

6.20

6.80

6.25

6.64

4.71

1,469

1,586

1,350

4,532

3,047

AngloGold Ashanti Brasil Mineração

7.33

6.95

8.28

6.92

7.56

2,806

2,282

2,583

7,210

7,364

Serra Grande

- Attributable 50%

4.41

4.58

7.64

4.26

7.42

621

620

624

1,570

1,958

SOUTH AMERICA

4,896

4,488

4,556

13,311

12,370

Cripple Creek & Victor

0.44

0.47

0.48

0.46

0.49

1,684

1,617

1,955

5,038

5,594

NORTH AMERICA

1,684

1,617

1,955

5,038

5,594

ANGLOGOLD ASHANTI

36,925

35,050

39,336

106,282

115,530

Underground Operations

6.41

6.33

6.84

6.32

6.95

19,816

18,424

21,737

57,097

63,346

Surface and Dump Reclamation

0.49

0.40

0.52

0.42

1,527

1,653

1,229

5,005

3,647

Open-pit Operations

1.95

1.92

2.15

1.95

2.16

13,077

12,430

13,573

36,913

40,691

Heap Leach Operations

0.60

0.71

0.56

0.63

0.62

2,505

2,543

2,797

7,267

7,846

36,925

35,050

39,336

106,282

115,530

The yield of Yatela and Cripple Creek reflects gold

placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

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

represents underground operations.

The yield of Sunrise Dam represents open-pit operations.

The yield 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

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Metric

Great Noligwa

120

148

1,374

1,241

2,169

3,871

8,314

Kopanang

191

137

177

163

188

2,978

2,074

2,800

7,305

8,430

Moab Khotsong

178

146

232

175

191

2,021

1,501

2,178

5,426

3,774

Tau Lekoa

107

132

104

128

1,030

877

1,248

2,808

3,343

Surface Operations

1,759

1,884

1,054

1,880

973

1,323

1,314

807

3,964

2,020

Mponeng

237

275

327

256

299

4,094

4,497

5,511

12,134

14,224

Savuka

122

143

154

458

520

862

1,497

TauTona

226

191

223

199

216

2,403

1,994

2,687

5,987

7,616

SOUTH AFRICA

184

175

209

181

204

15,259

13,956

17,921

42,356

49,218

Navachab

287

231

370

292

366

491

382

518

1,447

1,485

SOUTHERN AFRICA

186

176

212

184

206

15,749

14,338

18,439

43,803

50,703

Iduapriem

578

543

604

527

574

1,517

1,394

1,583

4,203

4,513

Obuasi

196

220

204

209

190

2,850

3,178

2,850

8,832

7,971

Siguiri - Attributable 85%

527

532

520

556

621

3,069

1,554

2,422

6,968

7,790

Morila - Attributable 40%

1,554

1,407

757

1,215

827

983

1,076

1,183

3,212

4,008

Sadiola - Attributable 38%

692

756

894

746

877

894

1,260

1,210

3,231

3,960

Yatela - Attributable 40%

984

1,052

651

862

604

642

839

524

1,895

1,570

Geita

409

322

362

320

355

2,505

1,868

2,457

5,736

6,450

CONTINENTAL AFRICA

391

392

385

381

389

12,458

11,170

12,230

34,077

36,263

Sunrise Dam

2,243

2,270

2,959

2,272

2,939

2,843

3,054

3,440

8,843

10,721

AUSTRALIA

2,243

2,270

2,959

2,272

2,939

2,843

3,054

3,440

8,843

10,721

Cerro Vanguardia - Attributable 92.50%

690

759

603

717

472

2,088

1,624

1,325

4,817

3,641

AngloGold Ashanti Brasil Mineração

526

428

575

462

550

2,931

2,121

2,817

7,211

7,768

Serra Grande - Attributable 50%

571

568

680

482

706

689

552

726

1,662

2,017

SOUTH AMERICA

573

527

596

528

547

5,708

4,297

4,868

13,690

13,425

Cripple Creek & Victor

1,520

1,466

1,825

1,535

1,774

1,676

1,600

1,925

5,066

5,592

NORTH AMERICA

1,520

1,466

1,825

1,535

1,774

1,676

1,600

1,925

5,066

5,592

ANGLOGOLD ASHANTI

301

289

321

293

314

38,435

34,459

40,902

105,478

116,704

Rounding of figures may result in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Key operating results

PER REGION & OPERATION

Quarter

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

SA Rand / Metric

Great Noligwa

228,066

192,157

149,915

202,257

113,196

269,935

243,704

177,388

254,480

137,008

Kopanang

110,280

121,703

104,669

112,579

88,986

154,448

178,161

141,600

164,952

127,285

Moab Khotsong

119,083

118,589

78,689

109,243

102,819

195,043

216,816

168,658

191,099

173,271

Tau Lekoa

198,952

203,373

141,990

196,852

136,339

204,095

204,337

173,421

213,396

165,952

Surface Operations

101,339

86,621

127,742

84,083

116,098

106,128

90,534

135,813

88,448

124,301

Mponeng

93,380

82,105

72,238

84,208

63,573

113,899

99,581

92,238

102,487

84,150

Savuka

2,448,510

183,991

150,256

246,222

116,389

3,001,824

227,342

123,005

302,829

134,356

TauTona

125,198

118,926

110,722

122,448

95,618

178,428

177,529

113,079

176,722

120,357

SOUTH AFRICA

130,009

118,315

102,682

119,183

92,991

168,432

157,604

131,412

159,009

121,654

Navachab

153,760

194,309

134,832

161,746

134,525

173,607

217,534

145,989

181,868

150,243

SOUTHERN AFRICA

130,815

120,537

103,686

120,623

94,232

168,608

159,356

131,867

159,782

122,508

Iduapriem

123,471

143,017

140,977

142,927

124,901

135,470

157,223

162,809

158,092

147,886

Obuasi

167,356

159,942

169,796

182,731

149,862

205,661

203,304

219,100

226,683

202,808

Siguiri - Attributable 85%

125,416

121,537

131,846

134,625

114,004

155,245

138,327

148,498

155,872

132,899

Morila - Attributable 40%

139,689

138,329

115,396

136,157

106,781

150,571

150,906

134,074

148,167

125,551

Sadiola - Attributable 38%

132,930

131,696

99,175

121,173

99,828

151,846

151,615

134,129

141,856

134,094

Yatela - Attributable 40%

54,240

104,446

157,676

101,791

142,140

69,808

120,996

166,776

118,874

150,805

Geita

220,599

238,515

174,455

250,574

168,611

258,683

284,288

225,670

298,240

221,583

CONTINENTAL AFRICA

151,525

152,982

145,646

163,201

131,127

180,036

181,617

179,818

193,453

166,063

Sunrise Dam

161,239

136,004

154,552

160,277

134,265

184,234

162,688

181,766

191,148

160,096

AUSTRALIA

163,403

138,549

158,442

164,024

139,286

187,005

165,872

186,275

195,518

165,743

Cerro Vanguardia - Attributable 92.50%

84,615

93,072

165,701

101,505

170,551

113,590

130,795

228,302

135,609

215,090

AngloGold Ashanti Brasil Mineração

82,838

77,592

82,664

83,752

80,089

123,798

117,644

116,237

126,443

112,980

Serra Grande - Attributable 50%

111,359

110,967

80,959

121,137

75,916

147,349

143,236

109,668

157,874

100,964

SOUTH AMERICA

87,276

87,883

112,643

94,396

107,115

124,522

126,061

151,410

133,676

140,603

Cripple Creek & Victor

98,114

94,740

80,496

100,084

74,992

122,291

119,859

106,494

128,043

100,629

NORTH AMERICA

101,004

97,718

83,685

103,355

80,444

125,204

122,863

109,703

131,338

106,103

ANGLOGOLD ASHANTI

133,274

127,956

121,440

134,192

111,540

166,355

161,909

152,945

169,536

142,586

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

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Great Noligwa

(241)

(8)

(28)

(214)

(508)

(57)

(8)

(28)

(30)

343

Kopanang

(180)

124

190

(371)

210

124

581

405

Moab Khotsong

(199)

(27)

(252)

(27)

301

(19)

Tau Lekoa

(123)

(16)

(56)

(252)

(16)

Surface Operations

(32)

198

433

(38)

160

198

625

Mponeng

(172)

652

382

1,109

177

461

652

382

1,741

1,293

Savuka

(92)

(49)

(50)

(87)

(44)

TauTona

(265)

137

130

(202)

112

137

130

412

423

SOUTH AFRICA

(1,304)

1,174

536

1,491

(1,496)

881

1,174

536

3,676

2,639

Navachab

(70)

(35)

SOUTHERN AFRICA

(1,374)

1,186

545

1,495

(1,531)

906

1,186

545

3,775

2,672

Iduapriem

(122)

126

(8)

102

(191)

121

126

(8)

345

121

Obuasi

(548)

(173)

(475)

(733)

(173)

137

(220)

Siguiri - Attributable 85%

(790)

125

(446)

(44)

199

125

543

335

Morila - Attributable 40%

112

363

(126)

112

363

208

Sadiola - Attributable 38%

135

378

(227)

135

378

175

Yatela - Attributable 40%

109

107

(2)

248

(82)

109

107

(2)

248

Geita

(499)

(74)

(350)

(737)

(975)

(69)

(74)

(350)

(307)

(484)

Minorities, exploration and other

129

123

130

124

CONTINENTAL AFRICA

(1,640)

645

(394)

(438)

(2,255)

635

645

(394)

1,837

311

Sunrise Dam

(491)

244

(77)

(129)

(568)

244

(77)

455

168

Exploration and other

(9)

(16)

(40)

(61)

(9)

(17)

(40)

(61)

AUSTRALIA

(499)

234

(94)

(169)

(629)

234

(94)

415

107

Cerro Vanguardia - Attributable 92.50%

(6)

145

(114)

243

(248)

216

145

(114)

465

(104)

AngloGold Ashanti Brasil Mineração

(179)

285

137

394

(142)

317

285

137

890

505

Serra Grande - Attributable 50%

(93)

149

145

Minorities, exploration and other

183

158

200

170

SOUTH AMERICA

(215)

552

110

821

(221)

668

552

110

1,704

716

Cripple Creek & Victor

(121)

198

306

(41)

170

198

597

405

Other

(5)

(6)

(17)

(31)

(5)

(6)

(17)

(31)

NORTH AMERICA

(126)

193

289

(71)

165

193

581

375

OTHER

(5)

156

143

(5)

156

SUB-TOTAL

(3,839)

2,864

249

2,154

(4,565)

2,476

2,864

249

8,468

4,197

Less equity accounted investments

(271)

(353)

(65)

(989)

378

(271)

(353)

(65)

(989)

(366)

ANGLOGOLD ASHANTI

(4,110)

2,511

184

1,165

(4,187)

2,205

2,511

184

7,480

3,831

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) excluding hedge buyback
costs - Rm

Key operating results

PER REGION & OPERATION

Quarter

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Imperial

Great Noligwa

0.159

0.197

0.187

0.168

0.222

124

267

Kopanang

0.193

0.188

0.199

235

271

Moab Khotsong

0.291

0.269

0.273

0.279

0.276

174

121

Tau Lekoa

0.093

0.087

0.102

0.094

0.105

107

Surface Operations

0.015

0.010

0.016

0.010

127

Mponeng

0.238

0.255

0.296

0.256

0.298

125

140

164

393

456

Savuka

0.072

0.194

0.169

0.164

0.176

TauTona

0.216

0.203

0.243

0.213

0.255

194

244

SOUTH AFRICA

466

437

538

1,366

1,579

Navachab

0.047

0.035

0.042

0.043

0.041

SOUTHERN AFRICA

483

450

555

1,414

1,627

Iduapriem

0.045

0.054

0.052

0.049

0.051

136

143

Obuasi

0.166

0.152

0.130

0.148

0.125

101

284

259

Siguiri - Attributable 85%

0.032

0.031

0.033

0.036

239

251

Morila - Attributable 40%

0.066

0.072

0.078

0.074

0.088

106

124

Sadiola - Attributable 38%

0.068

0.078

0.098

0.078

0.098

103

123

Yatela

- Attributable 40%

0.095

0.130

0.069

0.102

0.078

Geita

0.064

0.049

0.062

0.053

0.058

191

212

CONTINENTAL AFRICA

391

386

385

1,119

1,162

Sunrise Dam

0.085

0.080

0.109

0.082

0.112

102

115

294

348

AUSTRALIA

102

115

294

348

Cerro Vanguardia - Attributable 92.50%

0.181

0.198

0.182

0.194

0.137

146

AngloGold Ashanti Brasil Mineração

0.214

0.203

0.242

0.202

0.221

232

237

Serra Grande

- Attributable 50%

0.129

0.134

0.223

0.124

0.217

SOUTH AMERICA

157

144

146

428

398

Cripple Creek & Victor

0.013

0.014

0.013

0.014

162

180

NORTH AMERICA

162

180

ANGLOGOLD ASHANTI

1,187

1,127

1,265

3,417

3,714

Undergound Operations

0.187

0.185

0.200

0.184

0.203

637

592

699

1,836

2,037

Surface and Dump Reclamation

0.014

0.012

0.015

0.012

161

117

Open-pit Operations

0.057

0.056

0.063

0.057

0.063

420

400

436

1,187

1,308

Heap leach Operations

0.018

0.021

0.016

0.018

233

252

1,187

1,127

1,265

3,417

3,714

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, Obuasi, AngloGold Ashanti Brasil Mineração and Serra Grande

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

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Imperial

Great Noligwa

3.03

2.83

3.87

2.98

4.76

124

267

Kopanang

6.14

4.41

5.69

5.24

6.03

235

271

Moab Khotsong

5.73

4.69

7.45

5.64

6.13

174

121

Tau Lekoa

3.45

3.10

4.25

3.33

4.11

107

Surface Operations

56.54

60.57

33.89

60.46

31.28

127

Mponeng

7.63

8.84

10.50

8.23

9.60

132

145

177

390

457

Savuka

0.34

3.92

4.60

2.91

4.96

TauTona

7.26

6.13

7.17

6.39

6.93

192

245

SOUTH AFRICA

5.92

5.62

6.72

5.83

6.54

491

449

576

1,362

1,582

Navachab

9.24

7.43

11.91

9.40

11.76

SOUTHERN AFRICA

5.99

5.66

6.81

5.90

6.63

506

461

593

1,408

1,630

Iduapriem

18.59

17.47

19.41

16.94

18.45

135

145

Obuasi

6.29

7.08

6.57

6.73

6.12

102

284

256

Siguiri - Attributable 85%

16.93

17.10

16.72

17.87

19.96

224

250

Morila - Attributable 40%

49.98

45.24

24.34

39.06

26.58

103

129

Sadiola - Attributable 38%

22.25

24.30

28.74

23.99

28.20

104

127

Yatela - Attributable 40%

31.64

33.81

20.94

27.71

19.41

Geita

13.15

10.36

11.63

10.29

11.40

184

207

CONTINENTAL AFRICA

12.58

12.60

12.38

12.26

12.52

401

359

393

1,096

1,166

Sunrise Dam

72.12

72.99

95.15

73.03

94.48

111

284

345

AUSTRALIA

72.12

72.99

95.15

73.03

94.48

111

284

345

Cerro Vanguardia - Attributable 92.50%

22.20

24.39

19.40

23.04

15.19

155

117

AngloGold Ashanti Brasil Mineração

16.92

13.77

18.50

14.85

17.69

232

250

Serra Grande - Attributable 50%

18.35

18.26

21.86

15.49

22.70

SOUTH AMERICA

18.42

16.95

19.16

16.99

17.59

184

138

157

440

432

Cripple Creek & Victor

48.87

47.13

58.68

49.35

57.04

163

180

NORTH AMERICA

48.87

47.13

58.68

49.35

57.04

163

180

ANGLOGOLD ASHANTI 9.68

9.30

10.32

9.41

10.10

1,236

1,108

1,315

3,391

3,752

Rounding of figures may result in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Key operating results

PER REGION & OPERATION

Quarter

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

US Dollar / Imperial

Great Noligwa

916

708

601

735

459

1,084

898

710

920

556

Kopanang

442

446

419

409

360

619

655

567

597

515

Moab Khotsong

478

434

316

397

415

783

797

677

692

698

Tau Lekoa

797

751

568

713

551

818

756

693

767

671

Surface Operations

406

320

513

307

471

426

334

545

323

504

Mponeng

375

304

289

307

257

458

369

368

374

340

Savuka

9,847

683

603

900

471

12,063

843

489

1,107

543

TauTona

501

439

444

446

388

714

656

451

645

487

SOUTH AFRICA

522

436

411

434

376

676

582

526

577

492

Navachab

615

722

539

584

544

695

808

583

657

608

SOUTHERN AFRICA

525

444

415

439

381

676

588

527

580

496

Iduapriem

493

530

563

517

504

541

582

651

571

597

Obuasi

671

589

677

652

603

824

750

874

809

817

Siguiri - Attributable 85%

500

451

528

481

462

619

513

595

559

538

Morila - Attributable 40%

559

511

463

489

432

603

557

538

532

508

Sadiola - Attributable 38%

532

486

398

441

404

608

560

538

514

542

Yatela - Attributable 40%

219

386

631

361

576

281

447

667

424

612

Geita

883

872

699

910

680

1,035

1,040

904

1,083

894

CONTINENTAL AFRICA

615

564

583

596

529

715

670

719

699

670

Sunrise Dam

647

503

619

576

542

740

601

729

685

646

AUSTRALIA

655

512

635

589

562

751

613

747

700

669

Cerro Vanguardia - Attributable 92.50%

336

344

666

360

691

452

485

911

483

868

AngloGold Ashanti Brasil Mineração

333

287

331

305

324

499

435

465

461

457

Serra Grande - Attributable 50%

445

409

324

442

307

589

528

439

577

408

SOUTH AMERICA

349

325

452

341

433

499

467

613

483

571

Cripple Creek & Victor

394

351

321

360

303

491

445

424

460

406

NORTH AMERICA

406

362

334

372

324

503

456

437

471

428

ANGLOGOLD ASHANTI 534

472

486

485

451

667

598

612

576

Rounding of figures may result in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Key operating results

PER REGION & OPERATION

Quarter

Quarter Nine months

Nine months

Quarter

Quarter Nine months

Nine months

ended

Sep

Jun

Sep

Jun

Sep

2009

2008

2009

2008

2009

2008

2009

2008

Great Noligwa

(31)

(1)

(3)

(28)

(63)

(7)

(1)

(3)

(5)

Kopanang

(22)

(46)

Moab Khotsong

(25)

(3)

(32)

(3)

Tau Lekoa

(15)

(2)

(8)

(32)

(2)

Surface Operations

(3)

(4)

Mponeng

(20)

122

202

167

Savuka

(12)

(8)

(6)

(11)

(7)

TauTona (33)

(24)

SOUTH AFRICA

(161)

141

144

(181)

115

141

420

341

Navachab

(9)

(1)

(4)

SOUTHERN AFRICA

(170)

143

(185)

118

143

431

345

Iduapriem

(15)

(1)

(23)

(1)

Obuasi

(69)

(22)

(60)

(93)

(22)

(28)

Siguiri - Attributable 85%

(99)

(62)

(4)

Morila - Attributable 40%

(15)

Sadiola - Attributable 38%

(28)

Yatela - Attributable 40%

(10)

Geita

(63)

(8)

(44)

(87)

(123)

(8)

(44)

(33)

(61)

Minorities, exploration and other

CONTINENTAL AFRICA

(205)

(49)

(71)

(280)

(49)

216

Sunrise Dam

(62)

(10)

(21)

(70)

(10)

Exploration and other

(1)

(2)

(4)

(8)

(1)

(2)

(4)

(8)

AUSTRALIA

(63)

(12)

(25)

(78)

(12)

Cerro Vanguardia - Attributable 92.50%

(15)

(32)

(15)

(13)

AngloGold Ashanti Brasil Mineração

(22)

(15)

105

Serra Grande - Attributable 50%

(12)

(1)

Minorities, exploration and other

SOUTH AMERICA

(25)

(24)

203

Cripple Creek & Victor

(15)

(3)

Other

(1)

(2)

(4)

(1)

(2)

(4)

NORTH AMERICA

(15)

(7)

OTHER

SUB-TOTAL

(475)

347

188

(555)

321

347

984

549

Less equity accounted investments

(35)

(42)

(9)

(113)

(35)

(42)

(9)

(113)

(48)

ANGLOGOLD ASHANTI (510)

305

(509)

287

305

871

501

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) excluding hedge buyback
costs - $m

Southern Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

120

207

447

375

637

1,287

2,225

Milled

- 000 tonnes / - 000 tons

237

182

308

670

1,091

261

201

339

739

1,202

Yield

- g/t

/ - oz/t

5.46

6.74

6.42

5.77

7.61

0.159

0.197

0.187

0.168

0.222

Gold produced

- kg

/ - oz (000)

1,292

1,229

1,976

3,870

8,299

124

267

Gold sold

- kg

/ oz (000)

1,374

1,241

2,169

3,871

8,314

124

267

Total cash costs

- R

/ - $

- ton milled

1,246

1,296

963

1,168

861

146

139

113

124

102

- R/kg

/ - $/oz

- produced

228,066

192,157

149,915

202,257

113,196

916

708

601

735

459

Total production costs

- R/kg

/ - $/oz

- produced

269,935

243,704

177,388

254,480

137,008

1,084

898

710

920

556

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

142

135

188

134

178

4.55

4.34

6.05

4.32

5.71

Actual

- g

/ - oz

120

148

3.03

2.83

3.87

2.98

4.76

Target

- m

/ - ft

4.27

4.08

5.07

4.06

4.84

45.91

43.92

54.59

43.75

52.13

Actual

- m

/ - ft

3.03

2.50

3.60

2.86

3.69

32.65

26.88

38.80

30.83

39.73

FINANCIAL RESULTS (MILLION)
Gold income

307

296

356

881

1,461

103

190

Cost of sales

368

304

374

985

1,139

115

149

Cash operating costs

293

235

295

779

935

122

Other cash costs

Total cash costs

295

236

296

783

939

123

Retrenchment costs

Rehabilitation and other non-cash costs

(6)

(2)

(1)

Production costs

300

240

294

797

952

124

Amortisation of tangible assets

187

185

Inventory change

(62)

(8)

(19)

(104)

322

(8)

(1)

(2)

(12)

Realised non-hedge derivatives and other commodity contracts

(180)

(9)

(110)

(830)

(23)

(1)

(16)

(105)

(241)

(8)

(28)

(214)

(508)

(31)

(1)

(3)

(28)

(63)

Add back hedge buyback costs

184

736

Add realised loss on other commodity contracts

115

(57)

(8)

(28)

(30)

343

(7)

(1)

(3)

(5)

Capital expenditure

147

159

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) profit excluding hedge buyback costs

Southern Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

273

303

1,067

824

1,067

2,934

3,259

Milled

- 000 tonnes / - 000 tons

431

317

408

1,136

1,232

475

349

450

1,252

1,358

Yield

- g/t

/ - oz/t

6.63

6.43

6.44

6.43

6.83

0.193

0.188

0.199

Gold produced

- kg

/ - oz (000)

2,857

2,038

2,627

7,304

8,417

235

271

Gold sold

- kg

/ oz (000)

2,978

2,074

2,800

7,305

8,430

235

271

Total cash costs

- R

/ - $

- ton milled

731

783

674

724

608

- R/kg

/ - $/oz

- produced

110,280

121,703

104,669

112,579

88,986

442

446

419

409

360

Total production costs

- R/kg

/ - $/oz

- produced

154,448

178,161

141,600

164,952

127,285

619

655

567

597

515

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

217

209

216

212

200

6.98

6.70

6.95

6.83

6.42

Actual

- g

/ - oz

191

137

177

163

188

6.14

4.41

5.69

5.24

6.03

Target

- m

/ - ft

7.71

7.63

7.76

7.64

7.30

83.01

82.18

83.58

82.26

78.57

Actual

- m

/ - ft

6.62

5.15

6.67

6.08

6.75

71.29

55.49

71.84

65.44

72.61

FINANCIAL RESULTS (MILLION)
Gold income

666

490

462

1,655

1,483

195

193

Cost of sales

463

367

391

1,205

1,072

141

140

Cash operating costs

313

246

273

817

745

Other cash costs

Total cash costs

315

248

275

822

749

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

322

253

278

839

763

Amortisation of tangible assets

119

110

366

309

Inventory change

203

122

450

410

Realised non-hedge derivatives and other commodity contracts

(384)

(14)

(260)

(782)

(49)

(2)

(36)

(99)

(180)

124

190

(371)

(22)

(46)

Add back hedge buyback costs

391

669

Add realised loss on other commodity contracts

107

210

124

581

405

Capital expenditure

123

117

342

275

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 profit excluding hedge buyback costs

Southern Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

319

224

371

915

659

Milled

- 000 tonnes / - 000 tons

192

160

227

566

398

212

176

250

624

439

Yield

- g/t

/ - oz/t

9.99

9.23

9.37

9.58

9.47

0.291

0.269

0.273

0.279

0.276

Gold produced

- kg

/ - oz (000)

1,922

1,475

2,127

5,425

3,771

174

121

Gold sold

- kg

/ - oz (000)

2,021

1,501

2,178

5,426

3,774

174

121

Total cash costs

- R

/ - $

- ton milled

1,190

1,094

737

1,047

974

139

117

111

115

- R/kg

/ - $/oz

- produced

119,083

118,589

78,689

109,243

102,819

478

434

316

397

415

Total production costs

- R/kg

/ - $/oz

- produced

195,043

216,816

168,658

191,099

173,271

783

797

677

692

698

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

210

197

164

202

150

6.76

6.35

5.27

6.49

4.82

Actual

- g

/ - oz

178

146

232

175

191

5.73

4.69

7.45

5.64

6.13

Target

- m

/ - ft

3.70

3.60

3.59

3.60

3.21

39.79

38.79

38.70

38.77

34.58

Actual

- m

/ - ft

2.74

2.06

3.76

2.75

3.10

29.51

22.15

40.45

29.61

33.32

FINANCIAL RESULTS (MILLION)
Gold income

454

357

346

1,232

638

144

Cost of sales

397

319

368

1,037

654

121

Cash operating costs

227

174

166

589

386

Other cash costs

Total cash costs

229

175

167

593

388

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

233

178

173

603

400

Amortisation of tangible assets

141

185

433

253

Inventory change

(22)

196

(16)

(3)

(2)

Realised non-hedge derivatives and other commodity contracts

(256)

(5)

(153)

(236)

(32)

(1)

(22)

(30)

(199)

(27)

(252)

(25)

(3)

(32)

Add back hedge buyback costs

259

201

Add realised loss on other commodity contracts

(27)

301

(19)

(3)

Capital expenditure

250

196

224

631

530

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 profit (loss) excluding hedge buyback costs

Southern Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

180

182

677

658

680

1,940

1,955

Milled

- 000 tonnes / - 000 tons

303

294

335

867

929

334

324

369

956

1,024

Yield

- g/t

/ - oz/t

3.20

2.98

3.50

3.24

3.59

0.093

0.087

0.102

0.094

0.105

Gold produced

- kg

/ - oz (000)

971

875

1,173

2,808

3,339

107

Gold sold

- kg

/ oz (000)

1,030

877

1,248

2,808

3,343

107

Total cash costs

- R

/ - $

- ton milled

637

605

497

637

490

- R/kg

/ - $/oz

- produced

198,952

203,373

141,990

196,852

136,339

797

751

568

713

551

Total production costs

- R/kg

/ - $/oz

- produced

204,095

204,337

173,421

213,396

165,952

818

756

693

767

671

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

139

142

160

141

149

4.48

4.57

5.14

4.54

4.79

Actual

- g

/ - oz

107

132

104

128

3.45

3.10

4.25

3.33

4.11

Target

- m

/ - ft

7.70

7.66

8.30

7.63

7.81

82.84

82.47

89.34

82.09

84.02

Actual

- m

/ - ft

6.95

6.73

7.12

6.64

6.95

74.86

72.47

76.68

71.51

74.77

FINANCIAL RESULTS (MILLION)
Gold income

227

208

205

633

593

Cost of sales

210

181

216

599

555

Cash operating costs

192

177

166

550

453

Other cash costs

Total cash costs

193

178

167

553

455

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

195

182

173

560

465

Amortisation of tangible assets

(3)

Inventory change

(11)

(1)

Realised non-hedge derivatives and other commodity contracts

(140)

(5)

(89)

(291)

(18)

(1)

(13)

(37)

(123)

(16)

(56)

(252)

(15)

(2)

(8)

(32)

Add back hedge buyback costs

145

290

(16)

(2)

Capital expenditure

101

107

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 profit (loss) excluding hedge buyback costs

Southern Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

2,358

2,539

2,150

7,284

5,883

2,599

2,799

2,370

8,029

6,485

Yield

- g/t

/ - oz/t

0.52

0.36

0.54

0.34

0.015

0.010

0.016

0.010

Gold produced

- kg

/ - oz (000)

1,229

1,319

773

3,964

2,016

127

Gold sold

- kg

/ - oz (000)

1,323

1,314

807

3,964

2,020

127

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

101,339

86,621

127,742

84,083

116,098

406

320

513

307

471

Total production costs

- R/kg

/ - $/oz

- produced

106,128

90,534

135,813

88,448

124,301

426

334

545

323

504

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,284

1,301

656

1,296

723

41.27

41.84

21.11

41.66

23.26

Actual

- g

/ - oz

1,759

1,884

1,054

1,880

973

56.54

60.57

33.89

60.46

31.28

FINANCIAL RESULTS (MILLION)
Gold income

290

313

133

890

358

104

Cost of sales

139

117

110

351

251

Cash operating costs

125

114

333

234

Other cash costs

Total cash costs

125

114

333

234

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

125

114

333

234

Amortisation of tangible assets

Inventory change

(2)

151

195

539

107

Realised non-hedge derivatives and other commodity contracts

(183)

(4)

(106)

(145)

(23)

(1)

(15)

(19)

(32)

198

433

(38)

(3)

(4)

Add back hedge buyback costs

192

134

160

198

625

Capital expenditure

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 profit excluding hedge buyback costs

Southern Africa

WEST WITS

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

254

269

942

984

990

2,736

2,896

Milled

- 000 tonnes / - 000 tons

477

498

503

1,390

1,388

526

549

555

1,532

1,530

Yield

- g/t

/ - oz/t

8.15

8.75

10.16

8.79

10.21

0.238

0.255

0.296

0.256

0.298

Gold produced

- kg

/ - oz (000)

3,892

4,362

5,113

12,222

14,180

125

140

164

393

456

Gold sold

- kg

/ - oz (000)

4,094

4,497

5,511

12,134

14,224

132

145

177

390

457

Total cash costs

- R

/ - $

- ton milled

761

719

734

740

649

- R/kg

/ - $/oz

- produced

93,380

82,105

72,238

84,208

63,573

375

304

289

307

257

Total production costs

- R/kg

/ - $/oz

- produced

113,899

99,581

92,238

102,487

84,150

458

369

368

374

340

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

274

272

274

270

262

8.80

8.73

8.81

8.68

8.41

Actual

- g

/ - oz

237

275

327

256

299

7.63

8.84

10.50

8.23

9.60

Target

- m

/ - ft

5.83

5.67

5.59

5.65

5.39

62.72

61.05

60.19

60.81

57.98

Actual

- m

/ - ft

5.34

5.76

5.87

5.32

5.67

57.43

62.02

63.23

57.31

60.98

FINANCIAL RESULTS (MILLION)
Gold income

1,267

1,059

931

3,097

2,449

165

127

121

369

318

Cost of sales

462

446

502

1,243

1,197

147

155

Cash operating costs

361

356

367

1,023

896

120

116

Other cash costs

Total cash costs

363

358

369

1,029

901

121

117

Retrenchment costs

Rehabilitation costs

Production costs

367

362

380

1,040

922

122

120

Amortisation of tangible assets

213

272

Inventory change

(10)

805

614

430

1,854

1,251

105

222

163

Realised non-hedge derivatives and other commodity contracts

(977)

(48)

(745)

(1,074)

(125)

(7)

(100)

(136)

(172)

652

382

1,109

177

(20)

122

Add back hedge buyback costs

632

1,116

141

461

652

382

1,741

1,293

202

167

Capital expenditure

239

220

209

655

479

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 profit excluding hedge buyback costs

Southern Africa

WEST WITS

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

166

188

354

519

Milled

- 000 tonnes / - 000 tons

154

246

169

272

Yield

- g/t

/ - oz/t

2.48

6.64

5.80

5.61

6.05

0.072

0.194

0.169

0.164

0.176

Gold produced

- kg

/ - oz (000)

398

481

862

1,491

Gold sold

- kg

/ - oz (000)

458

520

862

1,497

Total cash costs

- R

/ - $

- ton milled

6,073

1,221

872

1,380

704

712

132

102

147

- R/kg

/ - $/oz

- produced

2,448,510

183,991

150,256

246,222

116,389

9,847

683

603

900

471

Total production costs

- R/kg

/ - $/oz

- produced

3,001,824

227,342

123,005

302,829

134,356

12,063

843

489

1,107

543

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

165

159

160

155

5.30

5.11

5.15

4.97

4.99

Actual

- g

/ - oz

122

143

154

0.34

3.92

4.60

2.91

4.96

Target

- m

/ - ft

6.00

5.73

5.64

5.67

5.22

64.53

61.71

60.71

61.00

56.16

Actual

- m

/ - ft

0.86

4.71

5.20

3.46

4.98

9.28

50.69

55.99

37.22

53.65

FINANCIAL RESULTS (MILLION)
Gold income

106

200

254

Cost of sales

101

261

201

Cash operating costs

211

172

Other cash costs

Total cash costs

212

174

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

214

176

Amortisation of tangible assets

(14)

(2)

Inventory change

(84)

(61)

(11)

(9)

Realised non-hedge derivatives and other commodity contracts

(8)

(1)

(5)

(103)

(1)

(13)

(92)

(49)

(50)

(12)

(8)

(6)

Add back hedge buyback costs

112

(87)

(44)

(11)

(7)

Capital expenditure

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 excluding hedge buyback costs

Southern Africa

WEST WITS

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

107

129

397

391

445

1,153

1,393

Milled

- 000 tonnes / - 000 tons

304

267

292

805

852

336

294

322

887

939

Yield

- g/t

/ - oz/t

7.39

6.95

8.34

7.31

8.75

0.216

0.203

0.243

0.213

0.255

Gold produced

- kg

/ - oz (000)

2,251

1,857

2,435

5,882

7,454

189

240

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

133

166

440

324

147

183

485

357

Yield

- g/t

/ - oz/t

0.43

0.28

0.46

0.35

0.41

0.013

0.008

0.013

0.010

0.012

Gold produced

- kg

/ - oz (000)

153

132

TOTAL
Yield

- g/t

/ - oz/t

7.39

6.95

8.34

7.31

8.75

0.216

0.203

0.243

0.213

0.255

Gold produced

- kg

/ - oz (000)

2,309

1,904

2,464

6,035

7,585

194

244

Gold sold

- kg

/ - oz (000)

2,403

1,994

2,687

5,987

7,616

192

245

Total cash costs

- R

/ - $

- ton milled

660

522

772

594

617

- R/kg

/ - $/oz

- produced

125,198

118,926

110,722

122,448

95,618

501

439

444

446

388

Total production costs

- R/kg

/ - $/oz

- produced

178,428

177,529

113,079

176,722

120,357

714

656

451

645

487

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

237

256

253

240

231

7.61

8.22

8.13

7.73

7.42

Actual

- g

/ - oz

226

191

223

199

216

7.26

6.13

7.17

6.39

6.93

Target

- m

/ - ft

4.10

4.15

4.39

4.01

4.06

44.15

44.64

47.22

43.19

43.73

Actual

- m

/ - ft

3.60

3.64

3.74

3.52

3.68

38.80

39.13

40.26

37.94

39.61

FINANCIAL RESULTS (MILLION)
Gold income

747

468

465

1,569

1,325

189

172

Cost of sales

430

353

306

1,060

917

125

119

Cash operating costs

287

225

271

735

721

Other cash costs

Total cash costs

289

226

273

739

725

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

293

235

276

754

745

Amortisation of tangible assets

119

103

313

168

Inventory change

(7)

318

115

159

509

408

Realised non-hedge derivatives and other commodity contracts

(583)

(30)

(473)

(610)

(74)

(4)

(63)

(77)

(265)

137

130

(202)

(33)

(24)

Add back hedge buyback costs

376

625

112

137

130

412

423

Capital expenditure

135

113

134

346

345

Total yield excludes the surface and dump reclamation.

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 profit excluding hedge buyback costs

Southern Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

936

937

842

2,696

2,212

1,225

1,101

3,526

2,894

Mined

- 000 tonnes / - 000 tons

2,529

2,538

2,272

7,270

5,867

2,788

2,798

2,504

8,014

6,467

Treated

- 000 tonnes / - 000 tons

317

342

377

1,011

1,080

349

377

415

1,115

1,191

Stripping ratio

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

6.37

5.39

4.65

5.72

6.17

6.37

5.39

4.65

5.72

6.17

Yield

- g/t

/ - oz/t

1.61

1.20

1.43

1.47

1.40

0.047

0.035

0.042

0.043

0.041

Gold produced

- kg

/ - oz (000)

509

410

540

1,488

1,512

Gold sold

- kg

/ - oz (000)

491

382

518

1,447

1,485

Total cash costs

- R/kg

/ - $/oz

- produced

153,760

194,309

134,832

161,746

134,525

615

722

539

584

544

Total production costs

- R/kg

/ - $/oz

- produced

173,607

217,534

145,989

181,868

150,243

695

808

583

657

608

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

479

467

488

475

467

15.40

15.01

15.70

15.28

15.03

Actual

- g

/ - oz

287

231

370

292

366

9.24

7.43

11.91

9.40

11.76

FINANCIAL RESULTS (MILLION)
Gold income

111

361

186

Cost of sales

262

221

Cash operating costs

229

193

Other cash costs

Total cash costs

241

203

Rehabilitation and other non-cash costs

(1)

Production costs

241

202

Amortisation of tangible assets

Inventory change

(3)

(6)

(3)

(8)

(7)

(1)

(35)

(4)

Realised non-hedge derivatives and other commodity contracts

(95)

(12)

(70)

(35)

(9)

(1)

(4)

Add back hedge buyback costs

Capital expenditure

143

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 profit excluding hedge buyback costs

Continental Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

IDUAPRIEM
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

7,333

6,485

4,292

19,816

12,401

8,083

7,148

4,731

21,844

13,669

Treated

- 000 tonnes / - 000 tons

1,042

793

874

2,505

2,571

1,148

874

963

2,761

2,834

Stripping ratio

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

6.95

7.15

4.52

6.33

3.74

6.95

7.15

4.52

6.33

3.74

Yield

- g/t

/ - oz/t

1.54

1.84

1.79

1.68

1.73

0.045

0.054

0.052

0.049

0.051

Gold in ore

- kg

/ - oz (000)

1,353

1,352

1,470

4,436

4,727

143

152

Gold produced

- kg

/ - oz (000)

1,608

1,460

1,566

4,215

4,460

136

143

Gold sold

- kg

/ - oz (000)

1,517

1,394

1,583

4,203

4,513

135

145

Total cash costs

- R/kg

/ - $/oz

- produced

123,471

143,017

140,977

142,927

124,901

493

530

563

517

504

Total produced costs

- R/kg

/ - $/oz

- produced

135,470

157,223

162,809

158,092

147,886

541

582

651

571

597

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

726

659

704

645

657

23.34

21.18

22.65

20.74

21.12

Actual

- g

/ - oz

578

543

604

527

574

18.59

17.47

19.41

16.94

18.45

FINANCIAL RESULTS (MILLION)
Gold income

297

337

325

883

998

104

129

Cost of sales

221

214

256

682

655

Cash operating costs

184

195

209

562

523

Other cash costs

Total cash costs

199

209

221

602

557

Rehabilitation and other non-cash costs

(1)

Production costs

201

212

220

612

561

Amortisation of tangible assets

Inventory change

(15)

(4)

(2)

(1)

123

202

343

Realised non-hedge derivatives and other commodity contracts

(199)

(77)

(100)

(534)

(25)

(9)

(15)

(67)

(122)

126

(8)

102

(191)

(15)

(1)

(23)

Add back hedge buyback costs

243

312

121

126

(8)

345

121

(1)

Capital expenditure

136

141

297

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 profit (loss) excluding hedge buyback costs

Continental Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

433

521

494

1,447

1,406

478

575

545

1,595

1,550

Treated

- 000 tonnes / - 000 tons

459

546

1,567

1,532

506

602

1,727

1,689

Yield

- g/t

/ - oz/t

5.68

5.20

4.45

5.07

4.27

0.166

0.152

0.130

0.148

0.125

Gold produced

- kg

/ - oz (000)

2,606

2,841

2,434

7,949

6,545

256

210

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

611

639

867

1,987

2,572

673

704

956

2,190

2,835

Yield

- g/t

/ - oz/t

0.39

0.45

0.49

0.45

0.58

0.011

0.013

0.014

0.013

0.017

Gold produced

- kg

/ - oz (000)

240

287

428

888

1,500

TOTAL
Yield

- g/t

/ - oz/t

5.68

5.20

4.45

5.07

4.27

0.166

0.152

0.130

0.148

0.125

Gold produced

- kg

/ - oz (000)

2,847

3,129

2,862

8,837

8,045

101

284

259

Gold sold

- kg

/ - oz (000)

2,850

3,178

2,850

8,832

7,971

102

284

256

Total cash costs

- R/kg

/ - $/oz

- produced

167,356

159,942

169,796

182,731

149,862

671

589

677

652

603

Total production costs

- R/kg

/ - $/oz

- produced

205,661

203,304

219,100

226,683

202,808

824

750

874

809

817

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

259

251

212

248

209

8.33

8.06

6.82

7.96

6.71

Actual

- g

/ - oz

196

220

204

209

190

6.29

7.08

6.57

6.73

6.12

FINANCIAL RESULTS (MILLION)
Gold income

528

728

612

1,802

2,015

209

259

Cost of sales

571

679

621

2,007

1,607

230

208

Cash operating costs

451

471

464

1,528

1,143

175

148

Other cash costs

Total cash costs

476

500

486

1,615

1,206

185

156

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

480

520

499

1,648

1,245

189

161

Amortisation of tangible assets

105

116

128

355

386

Inventory change

(14)

(6)

(25)

(2)

(1)

(3)

(44)

(9)

(205)

408

(6)

(2)

(21)

Realised non-hedge derivatives and other commodity contracts

(505)

(164)

(270)

(1,141)

(63)

(20)

(39)

(143)

(548)

(173)

(475)

(733)

(69)

(22)

(60)

(93)

Add back hedge buyback costs

612

513

(173)

137

(220)

(22)

(28)

Capital expenditure

191

111

247

567

539

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 profit (loss) excluding hedge buyback costs

Continental Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

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

- 000 tonnes / - 000 tons

4,321

4,974

4,783

14,609

18,244

4,763

5,483

5,273

16,104

20,111

Treated

- 000 tonnes / - 000 tons

2,236

2,258

2,109

6,588

6,309

2,465

2,489

2,325

7,262

6,954

Stripping ratio

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

0.92

1.17

0.92

1.07

1.19

0.92

1.17

0.92

1.07

1.19

Yield

- g/t

/ - oz/t

1.10

1.06

1.13

1.24

0.032

0.031

0.033

0.036

Gold produced

- kg

/ - oz (000)

2,451

2,490

2,235

7,440

7,818

239

251

Gold sold

- kg

/ - oz (000)

3,069

1,554

2,422

6,968

7,790

224

250

Total cash costs

- R/kg

/ - $/oz

- produced

125,416

121,537

131,846

134,625

114,004

500

451

528

481

462

Total production costs

- R/kg

/ - $/oz

- produced

155,245

138,327

148,498

155,872

132,899

619

513

595

559

538

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

591

609

462

586

520

19.00

19.59

14.86

18.85

16.71

Actual

- g

/ - oz

527

532

520

556

621

16.93

17.10

16.72

17.87

19.96

FINANCIAL RESULTS (MILLION)
Gold income

589

292

508

1,379

1,737

160

225

Cost of sales

472

209

353

1,094

1,028

126

134

Cash operating costs

248

261

251

842

725

Other cash costs

159

166

Total cash costs

307

303

295

1,002

891

115

116

Rehabilitation and other non-cash costs

(2)

Production costs

337

308

293

1,040

914

120

119

Amortisation of tangible assets

119

125

Inventory change

(136)

(66)

(11)

(16)

(7)

(1)

118

155

286

709

Realised non-hedge derivatives and other commodity contracts

(907)

(108)

(732)

(753)

(114)

(13)

(95)

(790)

125

(446)

(44)

(99)

(62)

(4)

Add back hedge buyback costs

989

379

125

199

125

543

335

Capital expenditure

134

122

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 profit excluding hedge buyback costs

Continental Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

MORILA - Attributable 40%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

718

527

2,282

939

690

2,985

Mined

- 000 tonnes / - 000 tons

112

1,996

1,510

6,288

124

2,201

1,664

6,931

Treated

- 000 tonnes / - 000 tons

440

435

439

1,296

1,277

485

480

484

1,429

1,408

Stripping ratio

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

0.44

3.23

1.17

3.01

0.44

3.23

1.17

3.01

Yield

- g/t

/ - oz/t

2.26

2.46

2.67

2.54

3.01

0.066

0.072

0.078

0.074

0.088

Gold produced

- kg

/ - oz (000)

995

1,071

1,170

3,294

3,841

106

124

Gold sold

- kg

/ - oz (000)

983

1,076

1,183

3,212

4,008

103

129

Total cash costs

- R/kg

/ - $/oz

- produced

139,689

138,329

115,396

136,157

106,781

559

511

463

489

432

Total production costs

- R/kg

/ - $/oz

- produced

150,571

150,906

134,074

148,167

125,551

603

557

538

532

508

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

712

764

1,157

822

1,104

22.90

24.57

37.20

26.44

35.49

Actual

- g

/ - oz

1,554

1,407

757

1,215

827

49.98

45.24

24.34

39.06

26.58

FINANCIAL RESULTS (MILLION)
Gold income

234

270

190

833

369

Cost of sales

148

159

156

470

495

Cash operating costs

122

129

117

388

350

Other cash costs

Total cash costs

139

148

135

448

410

Rehabilitation and other non-cash costs

Production costs

139

150

135

450

410

Amortisation of tangible assets

Inventory change

(1)

(3)

(1)

(18)

(2)

112

363

(126)

(15)

Realised non-hedge derivatives and other commodity contracts

112

363

(126)

(15)

Add back hedge buyback costs

335

112

363

208

Capital expenditure

(1)

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 excluding hedge buyback costs

Continental Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

SADIOLA - Attributable 38%

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,086

939

944

3,186

3,491

1,420

1,228

1,235

4,168

4,567

Mined

- 000 tonnes / - 000 tons

2,072

1,844

1,831

6,163

6,710

2,284

2,033

2,018

6,793

7,397

Treated

- 000 tonnes / - 000 tons

421

413

380

1,191

1,137

464

455

419

1,313

1,253

Stripping ratio

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

13.42

3.32

4.22

5.36

2.93

13.42

3.32

4.22

5.36

2.93

Yield

- g/t

/ - oz/t

2.33

2.67

3.37

2.68

3.37

0.068

0.078

0.098

0.078

0.098

Gold produced

- kg

/ - oz (000)

983

1,100

1,281

3,196

3,827

103

123

Gold sold

- kg

/ - oz (000)

894

1,260

1,210

3,231

3,960

104

127

Total cash costs

- R/kg

/ - $/oz

- produced

132,930

131,696

99,175

121,173

99,828

532

486

398

441

404

Total production costs

- R/kg

/ - $/oz

- produced

151,846

151,615

134,129

141,856

134,094

608

560

538

514

542

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

659

724

751

707

697

21.20

23.26

24.16

22.74

22.40

Actual

- g

/ - oz

692

756

894

746

877

22.25

24.30

28.74

23.99

28.20

FINANCIAL RESULTS (MILLION)
Gold income

213

316

198

834

298

Cost of sales

137

181

165

456

525

Cash operating costs

114

125

109

330

323

Other cash costs

Total cash costs

131

145

127

387

382

Rehabilitation and other non-cash costs

(5)

(4)

(1)

Production costs

131

145

122

387

378

Amortisation of tangible assets

135

Inventory change

(12)

(7)

(2)

(1)

135

378

(227)

(28)

Realised non-hedge derivatives and other commodity contracts

135

378

(227)

(28)

Add back hedge buyback costs

402

135

378

175

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 excluding hedge buyback costs

Continental Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

YATELA - Attributable 40%

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

535

652

913

2,126

3,084

590

719

1,007

2,344

3,400

Placed

- 000 tonnes / - 000 tons

220

283

214

774

784

242

312

235

853

864

Stripping ratio

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

8.43

1.40

4.38

2.72

7.98

8.43

1.40

4.38

2.72

7.98

Yield

- g/t

/ - oz/t

3.24

4.45

2.36

3.50

2.68

0.095

0.130

0.069

0.102

0.078

Gold placed

- kg

/ - oz (000)

713

1,258

504

2,710

2,103

Gold produced

- kg

/ - oz (000)

685

790

552

1,896

1,549

Gold sold

- kg

/ - oz (000)

642

839

524

1,895

1,570

Total cash costs

- R/kg

/ - $/oz

- produced

54,240

104,446

157,676

101,791

142,140

219

386

631

361

576

Total production costs

- R/kg

/ - $/oz

- produced

69,808

120,996

166,776

118,874

150,805

281

447

667

424

612

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

862

994

488

791

655

27.71

31.95

15.68

25.43

21.05

Actual

- g

/ - oz

984

1,052

651

862

604

31.64

33.81

20.94

27.71

19.41

FINANCIAL RESULTS (MILLION)
Gold income

153

209

481

153

Cost of sales

103

233

235

Cash operating costs

160

197

Other cash costs

Total cash costs

193

220

Rehabilitation and other non-cash costs

Production costs

199

221

Amortisation of tangible assets

Inventory change

(4)

(1)

109

107

(2)

248

(82)

(10)

Realised non-hedge derivatives and other commodity contracts

109

107

(2)

248

(82)

(10)

Add back hedge buyback costs

134

109

107

(2)

248

Capital expenditure

(8)

(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 (loss) excluding hedge buyback costs

Continental Africa

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

GEITA
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

4,380

4,694

4,659

13,408

14,895

5,729

6,139

6,093

17,538

19,482

Mined

- 000 tonnes / - 000 tons

11,934

12,860

12,119

37,080

39,066

13,155

14,176

13,359

40,873

43,063

Treated

- 000 tonnes / - 000 tons

1,175

1,178

1,084

3,269

3,307

1,295

1,298

1,195

3,604

3,646

Stripping ratio

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

10.55

16.25

9.27

12.48

9.04

10.55

16.25

9.27

12.48

9.04

Yield

- g/t

/ - oz/t

2.20

1.67

2.12

1.81

1.99

0.064

0.049

0.062

0.053

0.058

Gold produced

- kg

/ - oz (000)

2,586

1,967

2,296

5,932

6,589

191

212

Gold sold

- kg

/ - oz (000)

2,505

1,868

2,457

5,736

6,450

184

207

Total cash costs

- R/kg

/ - $/oz

- produced

220,599

238,515

174,455

250,574

168,611

883

872

699

910

680

Total production costs

- R/kg

/ - $/oz

- produced

258,683

284,288

225,670

298,240

221,583

1,035

1,040

904

1,083

894

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

455

424

495

415

433

14.62

13.64

15.92

13.33

13.92

Actual

- g

/ - oz

409

322

362

320

355

13.15

10.36

11.63

10.29

11.40

FINANCIAL RESULTS (MILLION)
Gold income

569

276

397

911

2,269

113

291

Cost of sales

631

518

747

1,681

1,604

196

207

Cash operating costs

541

446

376

1,413

1,046

165

136

Other cash costs

Total cash costs

561

460

392

1,460

1,089

171

141

Rehabilitation and other non-cash costs

Production costs

561

461

400

1,461

1,108

171

144

Amortisation of tangible assets

110

281

330

Inventory change

(28)

(32)

237

(62)

166

(4)

(7)

(63)

(242)

(350)

(770)

664

(8)

(28)

(44)

(83)

Realised non-hedge derivatives and other commodity contracts

(436)

167

(1,639)

(55)

(5)

(207)

(499)

(74)

(350)

(737)

(975)

(63)

(8)

(44)

(87)

(123)

Add back hedge buyback costs

430

491

(69)

(74)

(350)

(307)

(484)

(8)

(44)

(33)

(61)

Capital expenditure

103

328

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 excluding hedge buyback costs

Australia

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - ooo tons

198

244

152

586

423

219

269

167

645

466

Treated

- 000 tonnes / - 000 tons

197

172

129

586

334

217

189

142

646

369

Yield

- g/t

/ - oz/t

4.21

4.14

4.22

4.47

4.56

0.123

0.121

0.123

0.130

0.133

Gold produced

- kg

/ - oz (000)

831

711

544

2,619

1,525

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

1,322

1,405

1,719

4,126

7,508

1,730

1,838

2,249

5,397

9,821

Treated

- 000 tonnes / - 000 tons

807

805

818

2,318

2,415

890

888

902

2,555

2,662

Stripping ratio

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

12.19

28.52

57.04

19.86

17.64

12.20

28.52

57.04

19.86

17.64

Yield

- g/t

/ - oz/t

2.90

2.75

3.72

2.82

3.85

0.085

0.080

0.109

0.082

0.112

Gold produced

- kg

/ - oz (000)

2,346

2,217

3,045

6,527

9,301

210

299

TOTAL
Yield

- g/t

/ - oz/t

2.90

2.75

3.72

2.82

3.85

0.085

0.080

0.109

0.082

0.112

Gold produced

- kg

/ - oz (000)

3,176

2,928

3,590

9,145

10,826

102

115

294

348

Gold sold

- kg

/ - oz (000)

2,843

3,054

3,440

8,843

10,721

111

284

345

Total cash costs

- R/kg

/ - $/oz

- produced

161,239

136,004

154,552

160,277

134,265

647

503

619

576

542

Total production costs

- R/kg

/ - $/oz

- produced

184,234

162,688

181,766

191,148

160,096

740

601

729

685

646

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,972

1,657

3,540

1,783

3,619

63.40

53.28

113.81

57.31

116.36

Actual

- g

/ - oz

2,243

2,270

2,959

2,272

2,939

72.12

72.99

95.15

73.03

94.48

FINANCIAL RESULTS (MILLION)
Gold income

449

(104)

582

971

1,401

(13)

108

186

Cost of sales

540

491

634

1,712

1,722

197

224

Cash operating costs

492

381

534

1,407

1,394

163

181

Other cash costs

Total cash costs

512

398

555

1,466

1,454

169

188

Rehabilitation and other non-cash costs

Production costs

522

398

557

1,512

1,459

175

189

Amortisation of tangible assets

236

274

Inventory change

(45)

(18)

(37)

(11)

(6)

(2)

(5)

(1)

(92)

(595)

(52)

(740)

(321)

(12)

(71)

(7)

(89)

(38)

Realised non-hedge derivatives and other commodity contracts

(399)

839

(25)

611

(247)

(50)

101

(3)

(32)

(491)

244

(77)

(129)

(568)

(62)

(10)

(21)

(70)

Add back hedge buyback costs

585

736

244

(77)

455

168

(10)

Capital expenditure

202

113

Total yield excludes the 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 profit (loss) excluding hedge buyback costs

South America

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

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

- 000 tonnes / - 000 tons

5,137

5,684

5,421

16,032

17,505

5,662

6,266

5,976

17,672

19,296

Treated

- 000 tonnes / - 000 tons

237

233

216

682

647

261

257

238

752

714

Stripping ratio

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

18.74

25.47

30.99

22.21

29.39

18.74

25.47

30.99

22.21

29.39

Yield

- g/t

/ - oz/t

6.20

6.80

6.25

6.64

4.71

0.181

0.198

0.182

0.194

0.137

Gold in ore

- kg

/ - oz (000)

1,563

1,683

1,439

4,807

3,249

155

104

Gold produced

- kg

/ - oz (000)

1,469

1,586

1,350

4,532

3,047

146

Gold sold

- kg

/ - oz (000)

2,088

1,624

1,325

4,817

3,641

155

117

Total cash costs

- R/kg

/ - $/oz

- produced

84,615

93,072

165,701

101,505

170,551

336

344

666

360

691

Total production costs

- R/kg

/ - $/oz

- produced

113,590

130,795

228,302

135,609

215,090

452

485

911

483

868

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

574

529

810

560

692

18.44

17.00

26.04

18.02

22.24

Actual

- g

/ - oz

690

759

603

717

472

22.20

24.39

19.40

23.04

15.19

FINANCIAL RESULTS (MILLION)
Gold income

454

427

223

1,214

542

145

Cost of sales

238

213

306

642

690

Cash operating costs

114

201

361

453

Other cash costs

Total cash costs

124

148

224

460

520

Rehabilitation and other non-cash costs

Production costs

124

159

271

472

568

Amortisation of tangible assets

143

Inventory change

216

214

(83)

572

(147)

(10)

(18)

Realised non-hedge derivatives and other commodity contracts

(222)

(69)

(31)

(328)

(101)

(28)

(8)

(4)

(40)

(13)

(6)

145

(114)

243

(248)

(15)

(32)

Add back hedge buyback costs

222

144

216

145

(114)

465

(104)

(15)

(13)

Capital expenditure

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 profit (loss) excluding hedge buyback costs

South America

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

362

330

300

1,011

899

399

364

330

1,114

991

Treated

- 000 tonnes / - 000 tons

364

309

277

994

881

402

340

305

1,095

971

Yield

- g/t

/ - oz/t

7.33

6.95

8.28

6.92

7.56

0.214

0.203

0.242

0.202

0.221

Gold produced

- kg

/ - oz (000)

2,670

2,146

2,293

6,875

6,662

221

214

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

516

692

1,291

1,947

3,198

569

763

1,423

2,146

3,526

Placed

- 000 tonnes / - 000 tons

106

179

117

198

Stripping ratio

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

11.96

16.84

17.02

17.30

16.75

11.96

16.84

17.02

17.30

16.75

Yield

- g/t

/ - oz/t

3.36

3.33

2.03

3.07

3.75

0.098

0.097

0.059

0.090

0.109

Gold placed

- kg

/ - oz (000)

134

129

143

327

672

Gold produced

- kg

/ - oz (000)

136

289

334

703

TOTAL
Yield

- g/t

/ - oz/t

7.33

6.95

8.28

6.92

7.56

0.214

0.203

0.242

0.202

0.221

Gold produced

- kg

/ - oz (000)

2,806

2,282

2,583

7,210

7,364

232

237

Gold sold

- kg

/ - oz (000)

2,931

2,121

2,817

7,211

7,768

232

250

Total cash costs

- R/kg

/ - $/oz

- produced

82,838

77,592

82,664

83,752

80,089

333

287

331

305

324

Total production costs

- R/kg

/ - $/oz

- produced

123,798

117,644

116,237

126,443

112,980

499

435

465

461

457

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

601

504

597

510

566

19.31

16.21

19.18

16.41

18.19

Actual

- g

/ - oz

526

428

575

462

550

16.92

13.77

18.50

14.85

17.69

FINANCIAL RESULTS (MILLION)
Gold income

642

485

442

1,670

1,000

196

132

Cost of sales

342

250

316

886

841

104

110

Cash operating costs

225

171

207

584

572

Other cash costs

Total cash costs

232

177

214

604

590

Rehabilitation and other non-cash costs

Production costs

259

177

214

630

592

Amortisation of tangible assets

282

240

Inventory change

(5)

(19)

(25)

(1)

(2)

(3)

300

235

126

784

159

Realised non-hedge derivatives and other commodity contracts

(479)

(389)

(301)

(60)

(50)

(38)

(179)

285

137

394

(142)

(22)

(15)

Add back hedge buyback costs

495

647

317

285

137

890

505

105

Capital expenditure

196

169

148

487

436

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

Adjusted gross profit excluding hedge buyback costs

South America

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

104

103

298

248

114

113

328

274

Treated

- 000 tonnes / - 000 tons

111

107

300

224

123

118

331

247

Yield

- g/t

/ - oz/t

4.41

4.58

7.64

4.26

7.42

0.129

0.134

0.223

0.124

0.217

Gold produced

- kg

/ - oz (000)

491

533

1,280

1,662

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

206

194

228

582

546

227

213

251

641

602

Treated

- 000 tonnes / - 000 tons

Stripping ratio

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

5.18

4.34

7.95

5.62

6.29

5.18

4.34

7.95

5.62

6.29

Yield

- g/t

/ - oz/t

3.35

4.39

4.24

3.82

4.26

0.098

0.128

0.124

0.111

0.124

Gold in ore

- kg

/ - oz (000)

144

142

111

320

334

Gold produced

- kg

/ - oz (000)

129

130

290

296

TOTAL
Yield

- g/t

/ - oz/t

4.41

4.58

7.64

4.26

7.42

0.129

0.134

0.223

0.124

0.217

Gold produced

- kg

/ - oz (000)

621

620

624

1,570

1,958

Gold sold

- kg

/ - oz (000)

689

552

726

1,662

2,017

Total cash costs

- R/kg

/ - $/oz

- produced

111,359

110,967

80,959

121,137

75,916

445

409

324

442

307

Total production costs

- R/kg

/ - $/oz

- produced

147,349

143,236

109,668

157,874

100,964

589

528

439

577

408

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

607

601

734

526

710

19.52

19.34

23.59

16.90

22.84

Actual

- g

/ - oz

571

568

680

482

706

18.35

18.26

21.86

15.49

22.70

FINANCIAL RESULTS (MILLION)
Gold income

154

121

119

375

300

Cost of sales

253

201

Cash operating costs

178

138

Other cash costs

Total cash costs

190

149

Rehabilitation and other non-cash costs

Production costs

193

149

Amortisation of tangible assets

Inventory change

(7)

(1)

122

Realised non-hedge derivatives and other commodity contracts

(148)

(1)

(121)

(88)

(19)

(16)

(11)

(93)

(12)

(1)

Add back hedge buyback costs

148

134

149

145

Capital expenditure

207

102

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 profit excluding hedge buyback costs

North America

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2009

2008

2009

2008

2009

2008

2009

2008

CRIPPLE CREEK & VICTOR
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

13,553

13,145

11,271

38,903

34,760

14,940

14,490

12,424

42,883

38,316

Placed

- 000 tonnes / - 000 tons

4,150

4,873

5,741

14,329

16,638

4,574

5,372

6,329

15,796

18,341

Stripping ratio

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

2.35

1.57

1.08

1.70

1.11

2.35

1.57

1.08

1.70

1.11

Yield

- g/t

/ - oz/t

0.44

0.47

0.48

0.46

0.49

0.013

0.014

0.013

0.014

Gold placed

- kg

/ - oz (000)

1,820

2,305

2,729

6,542

8,144

210

262

Gold produced

- kg

/ - oz (000)

1,684

1,617

1,955

5,038

5,594

162

180

Gold sold

- kg

/ - oz (000)

1,676

1,600

1,925

5,066

5,592

163

180

Total cash costs

- R/kg

/ - $/oz

- produced

98,114

94,740

80,496

100,084

74,992

394

351

321

360

303

Total production costs

- R/kg

/ - $/oz

- produced

122,291

119,859

106,494

128,043

100,629

491

445

424

460

406

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,391

1,998

2,458

2,001

2,134

76.88

64.25

79.02

64.35

68.60

Actual

- g

/ - oz

1,520

1,466

1,825

1,535

1,774

48.87

47.13

58.68

49.35

57.04

FINANCIAL RESULTS (MILLION)
Gold income

420

288

303

950

1,453

114

187

Cost of sales

206

194

208

645

563

Cash operating costs

277

295

266

918

726

106

Other cash costs

Total cash costs

289

305

283

957

763

110

Rehabilitation and other non-cash costs

Production costs

290

305

301

958

801

110

104

Amortisation of tangible assets

143

172

Inventory change

(123)

(144)

(153)

(456)

(410)

(16)

(17)

(20)

(52)

(53)

214

305

890

114

Realised non-hedge derivatives and other commodity contracts

(335)

104

(2)

(931)

(43)

(7)

(117)

(121)

198

306

(41)

(15)

(3)

Add back hedge buyback costs

292

446

170

198

597

405

Capital expenditure

163

190

431

184

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

Adjusted gross profit excluding hedge buyback costs

Notes

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

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

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

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

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

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

Directors

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

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

W A Nairn
Prof W L Nkuhlu
S M Pityana

* British

American

~ Australian

South African

Officers
Company Secretary:

Ms L Eatwell

Investor Relations Contacts

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

United States
Stewart Bailey
Telephone: +1-212-836-4303
Mobile: +1-646-717-3978
E-mail: sbailey@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Company secretarial E-mail
Companysecretary@AngoGoldAshanti.com

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

PRINTED BY INCE (PTY) LIMITED

Share Registrars

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

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

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

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

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

Global BuyDIRECT

BoNY maintains a direct share purchase
and dividend reinvestment plan for
A

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: November 2, 2009

By:

/s/ L Eatwell

Name: L EATWELL
Title: Company Secretary