Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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

April 29, 2005

AngloGold Ashanti Limited

(Name of Registrant)

11 Diagonal Street

Johannesburg, 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: 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:

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:

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:

Enclosures:

ANGLOGOLD ASHANTI : REPORT FOR THE QUARTER ENDED MARCH 31, 2005
PREPARED IN ACCORDANCE WITH IFRS

Quarter 1 2005

Report

for the quarter ended 31 March 2005

Group results for the quarter...

· Price received improved $29/oz (7%) quarter-on-quarter to $424/oz, following the hedge restructure announced in

January.

· Production reduced by 5% to 1.569Moz (after adjusting for the closure of Ergo), predominately due to lower South

African production and after strong performances at Morila and Cerro Vanguardia in the prior quarter.

· Former Ashanti assets Obuasi, Iduapriem and Geita delivered improved production, while Sunrise Dam in Australia

reported record production.

· Total cash costs increased by 4% to $284/oz, due to lower gold produced, stronger operating currencies and

inflationary pressures in most operating regions.

· Headline earnings adjusted for the effect of unrealised non-hedge derivatives were $77m.

Quarter

ended

Mar

2005

Quarter

ended

Dec

2004

Quarter

ended

Mar

2004

Year

ended

Dec

2004

Quarter

ended

Mar

2005

Quarter

ended

Dec

2004

Quarter

ended

Mar

2004

Year

ended

Dec

2004

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

48,808

51,360 36,497 181,311

1,569

1,651

1,173

5,829

Price received

- R/kg / $/oz

82,152

76,691 87,651 81,051

424

395

404

394

Total cash costs

- R/kg / $/oz

54,778

53,299 55,004 54,276

284

274

253

264

Total production costs

- R/kg / $/oz

70,639

67,925 68,038 68,221

366

350

313 332

Financial review

Gross profit

- R / $ million

255

116 716

1,697

107

243

Gross profit adjusted
for the effect of unrealised non-
hedge derivatives

- R / $ million

676

610 877

2,844

112

101

131

441

Profit attributable to equity
shareholders

- R / $ million

230 99 728

108

Headline earnings

- R / $ million

102

275 137 937

141

Headline earnings adjusted for the
effect of unrealised non-hedge
derivatives

- R / $ million

464

782 234

1,858

135

298

Capital expenditure

- R / $ million

864

1,181 567

3,764

144

192

585

Earnings per ordinary share

- cents/share

Basic

87 44 290

Diluted

87 44 289

Headline

104 61 373

Headline earnings adjusted for
the effect of unrealised non-
hedge derivatives

175

296 105 739

119

Dividends -

cents/share

350

Notes: 1.

Price received including realised non-hedge derivatives.

Refer to note 5 of notes for the definition.

Refer to note 4 of notes for the definition.

$ represents US dollar, unless otherwise stated.

Operations at a glance

for the quarter ended 31 March 2005

Price received

Production

Total cash costs

Cash gross profit

(loss)

Gross profit (loss)

adjusted for the

effect of

unrealised non-

hedge derivatives

$/oz

Variance

oz (000)

Variance

$/oz

Variance

Great Noligwa

441

180

(11)

277

(32)

(39)

Geita

372

192

213

(19)

120

Sunrise Dam

424

(2)

131

279

(1)

(21)

(35)

TauTona

438

131

–

272

(2)

Morila

425

(26)

173

(29)

(37)

Cripple Creek & Victor

406

(11)

220

(8)

100

800

AngloGold Ashanti Mineracao

416

(3)

147

Cerro Vanguardia

385

(7)

(16)

141

(32)

(38)

Kopanang

436

120

(2)

307

(13)

(25)

Mponeng

441

115

329

(1)

Obuasi

448

362

300

(1)

Serra Grande

416

–

147

–

Sadiola

440

(19)

283

–

(33)

Iduapriem

446

288

(19)

350

129

Yatela

428

(2)

(18)

280

–

Bibiani

432

(3)

289

500

–

100

Siguiri

448

–

395

(9)

144

118

Tau Lekoa

445

(13)

432

(50)

(5)

(67)

Navachab

431

413

(11)

200

–

100

Savuka

444

(24)

555

(3)

(50)

(5)

(25)

Other

(18)

(56)

(73)

AngloGold Ashanti

424

1,569

(5)

284

230

112

Price received includes realised non-hedge derivatives.

Gross profit (loss) adjusted for the effect on unrealised non-hedge derivatives plus amortisation of tangible and intangible assets
less non-cash revenues.

Refer to note 5 of notes for the definition.

Variance March 2005 quarter on December 2004 quarter – increase (decrease).

Attributable.

Financial and operating review

OVERVIEW OF THE QUARTER

The hedge restructure announced in January
resulted in the price received for the quarter
improving by $29/oz or 7% to $424/oz. This
compares to an average spot price for the quarter of
$427/oz. The benefit of this gain, and that of an
inventory increase, was partially countered by a 5%
decline in production to 1.569Moz (after adjusting
for the closure of Ergo) and a 5% increase in total
production costs to $366/oz. Gross profit adjusted
for the effect of unrealised non-hedge derivatives
increased to $112m from $101m last quarter.

Global cost increases – driven largely by the same
factors that have contributed to the higher gold
price, including strong currencies outside the US, a
higher oil price and the higher price of consumables
driven by demand in China in particular –
contributed to the quarter’s higher total cash costs of
$284/oz.

Last year, group cost savings initiatives reduced
costs by $50m, although lower production levels and
strong operating currencies - including the rand and
Australian dollar

- continue to erode margins.

AngloGold Ashanti management has budgeted for a
further $50m in cost savings in 2005. In light of the
increase in cash costs this quarter, additional
measures are being implemented to ensure that the
company reaches its published cash cost target for
the year of $273/oz.

Headline earnings for the quarter, adjusted for the
effect of unrealised non-hedge derivatives, declined
to $77m. This includes a statutory tax rate reduction
of $12m. Headline earnings for the prior quarter,
adjusted for the effect of unrealised non-hedge
derivatives, of $135m included an abnormal net tax
gain of $59m. On a comparable basis to
accommodate abnormal items in both quarters,
headline earnings adjusted for the effect of
unrealised non-hedge derivatives decreased from
$76m in the last quarter to $65m in the first quarter.
Including the after-tax unrealised loss on non-hedge
derivatives of $46m, profit attributable to equity
shareholders decreased to $22m.

In South Africa, production was 7% lower, with
Great Noligwa down 23,000oz and production
at both Tau Lekoa and Savuka down 10,000oz.
After strong fourth quarter performances,
production at Morila in Mali and Cerro
Vanguardia in Argentina declined 23,000oz and
11,000oz, respectively. Although many of the
other operations, most notably Sunrise Dam,
which posted another record production quarter
at 131,000oz, performed well, lower production
at the majority of the operations worked to offset
the benefit of these more solid operating
performances.

At the former Ashanti operations, both
Iduapriem and Bibiani recorded improved
operating performances and Geita continued to
perform well. At Obuasi, gold production
increased 2% to 92,000oz, with tonnage treated
up 10% on the previous quarter, due in part to
the treatment of the Kubi pit surface oxides,
which in turn reduced the overall yield. At the
time of reporting, underground grades at Obuasi
have improved by 1g/t and management
expects production to reach 100,000oz next
quarter. Obuasi’s operating loss for the quarter
of $1m is an $11m improvement on that of the
previous quarter.

On 12

April, AngloGold Ashanti filed an

application with the South African High Court for
an interim order seeking the continuation of
pumping of underground water at mines located
updip from the AngloGold Ashanti Vaal River
operations. On 15 April, the South African
Department of Water Affairs and Forestry
issued an interim directive, ordering AngloGold
Ashanti, Harmony and DRDGold to share
equally the costs of pumping the water, until the
Court reaches a final decision regarding the
relevant legal liabilities and responsibilities.

Looking ahead, production for the second
quarter is estimated to be 1.6Moz at an average
total cash cost of $276/oz, assuming the
following exchange rates to the US dollar:
R6.10; A$0.77; BRL2.90 and Argentinean
peso 2.70. Capital expenditure for the quarter
is estimated at $207m but will be managed in
line with profitability and cash generation.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined dropped 14% as
planned, largely due to the slow start-up at the
beginning of the year. Yield was held to last
quarter’s level and gold production fell 11% to
5,598kg (180,000oz), as a consequence of the
fewer shifts worked.

A decreased by-product contribution from uranium
and the negative impact of lower gold production
combined to increase total cash costs by 18% to
R53,491/kg ($277/oz). These higher total cash
costs, together with lower revenue and unfavourable
inventory movements, resulted in gross profit
adjusted for the effect of unrealised non-hedge
derivatives decreasing 38% to R122m ($20m).

The Lost-Time Injury Frequency Rate (LTIFR) was
9.51 lost-time injuries per million hours worked (9.80
for the previous quarter). Regrettably, two
employees lost their lives due to falls of ground.

At Kopanang, volume mined was 5% lower than the
record level achieved in the previous quarter. Yield
improved by 4% to 7.49g/t with gold production
falling marginally to 3,737kg (120,000oz). Total cash
costs, at R59,318/kg ($307/oz), increased 7%
quarter-on-quarter. Gross profit adjusted for the
effect of unrealised non-hedge derivatives
decreased 26% to R53m ($9m), reflecting the lower
gold output and higher costs.

The LTIFR was 12.45 (14.45). Regrettably, one
employee died from a fall of ground incident.

Tau Lekoa’s volume mined decreased by 15%
quarter-on-quarter due to a planned reduction in
mining below cut-off. Contract labour was moved
from low-grade pillar mining to higher grade areas to
help mitigate the effect of this reduction, resulting in
a slightly increased yield of 3.98g/t. Gold production
was unfavourably impacted by this quarter’s lower
volumes and fell 13% to 2,029kg (65,000oz).

Despite cost containment efforts and the
implementation of cost saving initiatives, the
benefits of which were reflected in the absolute
costs, total cash costs increased by 8% to
R83,401/kg ($432/oz).

The LTIFR was 10.77 (15.29). Two employees
regrettably lost their lives due to falls of ground.

Moab Khotsong’s improved gold production of
124kg (4,000oz) is not included in the South
Africa region's production, as the revenue
continues to be capitalised against pre-
production costs. Commercial production is
scheduled for 2006.

The LTIFR was 9.60 (8.41).

At Mponeng, volume mined decreased 7% due
to six fewer breaking shifts this quarter.
Increased mining in the higher grade areas
below the 109 level led to an 8% improvement
in yield to 8.31g/t, resulting in a 3% increase in
gold production to 3,571kg (115,000oz). Total
cash costs decreased marginally to R63,457/kg
($329/oz). Gross profit adjusted for the effect of
unrealised non-hedge derivatives increased
69% to R22m ($3m), reflecting the impact of the
lower costs and improved gold production.

The LTIFR was 15.82 (10.77).

At Savuka, volume mined dropped 9% due to
adverse ground conditions experienced in the
Ventersdorp Contact Reef from geological
structure problems. An increase in off-reef
mining and lower in-situ values resulted in a
17% decline in yield to 5.44g/t, which, together
with the lower volumes, resulted in a 23%
decrease in gold production to 1,000kg
(32,000oz). Total cash costs, which in absolute
terms decreased 8% quarter-on-quarter, were
nevertheless adversely impacted by the lower
gold output and consequently increased 20% to
R107,171/kg ($555/oz). Gross loss adjusted for
the effect of unrealised non-hedge derivatives
increased by 88% to R32m ($5m),
predominantly due to the lower gold production.
Management is focused on a turn-around
strategy for Savuka, although continued
underperformance will likely result in early
closure.

The LTIFR was 13.59 (8.85).

At TauTona, volume mined increased 3% as
improved face advance more than offset a drop
in face length. Yield increased 2% to 10.31g/t
as a consequence of the higher face values.
Gold production declined marginally to 4,067kg
(131,000oz), mainly due to increased material
lock-up resulting from seismicity. Total cash
costs, at R52,492/kg ($272/oz), reflected a 3%
improvement. Gross profit adjusted for the
effect of unrealised non-hedge derivatives
increased 27% to R61m ($9m).

The LTIFR was 8.84 (14.53).

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production decreased as anticipated by 16% to
57,000oz due to an 8% decrease in ore treated and
a 9% lower feed grade quarter-on-quarter, after a
period of particularly high grades during the second
half of 2004. Although production is expected to
decline slightly in the second quarter of 2005, full-
year production is expected to match last year’s
levels.

Total cash costs were 8% higher quarter-on-quarter
at $141/oz, mainly owing to lower gold and silver
production, although lower labour and mine
equipment rental costs partially offset the effect of
the decreased production. Gross profit adjusted for
the effect of unrealised non-hedge derivatives
declined to $10m as a result of a 28% decrease in
gold revenue.

The LTIFR was 2.14 (4.61).

AUSTRALIA

For the second consecutive quarter, Sunrise Dam
reported record production of 131,000oz,
representing a 15% increase quarter-on-quarter.
Mining continued in the higher grade areas as
planned with recovered grade increasing to 4.60g/t,
which offset the effects of both the lower volume
treated and the increased mining costs. Total cash
costs consequently declined by 4% to A$359/oz
($279/oz).

Gross profit adjusted for the effect of unrealised
non-hedge derivatives, which declined by 37% to
A$17m ($13m) as a result of lower inventory build-
up, a lower price received and lower volume treated,
was partially offset by the favourable grade.

The underground project at Sunrise Dam is well
underway, with 796m of underground capital
development and 742m of operational development
completed.

There were no lost-time injuries at Sunrise Dam (0).

Agreement was reached this quarter amongst the
three parties on the parameters of the Boddington
Feasibility Study and an exercise is underway to
finalise the capital and cost parameters. A decision
on the project implementation is expected in the first
quarter of 2006.

BRAZIL

At AngloGold Ashanti Mineracao, gold

production declined 3% to 57,000oz, mainly due
to a planned decrease in tonnage treated at the
Córrego do Sítio and Cuiabá mines.

Total cash costs were 9% higher at $147/oz, as
a consequence of the lower gold production, a
lower sulphuric acid credit (a function of an 8%
price decrease) and the 4% appreciation of the
Brazilian real. Gross profit adjusted for the
effect of unrealised non-hedge derivatives
increased 30% to $13m due to a 14% increase
in the received price, which offset the effects of
higher cash costs and a lower quantity of gold
sold.

This quarter, AngloGold Ashanti Mineracao won
the 2004 Dick Fisher Safety Award, the most
prestigious acknowledgement of good safety
performance awarded within the company. The
LTIFR was 2.25 (0.75).

At Serra Grande (50% attributable), gold
production was maintained at last quarter’s level
of 24,000oz. Total cash costs were also
maintained at $147/oz, as the effect of a 4%
appreciation of the Brazilian real was offset by
higher primary development capitalisation.

Gross profit adjusted for the effect of unrealised
non-hedge derivatives increased 50% to $6m
as a consequence of a 15% increase in the
received gold price.

The LTIFR for the quarter was 4.88 (2.46).

GHANA

At Bibiani, production was higher than

anticipated at 33,000oz due to the milling of
higher grade hard rock in addition to tailings,
although production declined 3% quarter-on-
quarter. From the third quarter of this year, it is
anticipated that production at Bibiani will
devolve into tailings treatment alone, as both
the hard rock stockpile and the satellite pits will
be depleted.

Total cash costs increased marginally to
$289/oz. Gross profit adjusted for the effect of
unrealised non-hedge derivatives improved
from a loss of $4m in the previous quarter, to a
break-even point this quarter.

The LTIFR was 2.13 (0).

At Iduapriem (85% attributable), gold production
increased 10% to 46,000oz, primarily as a result of
improved plant availability and consequently,
increased throughput. Total cash costs decreased
19% to $288/oz, due to increased production, and
gross profit adjusted for the effect of unrealised non-
hedge derivatives improved to $2m.

As previously reported, a mine-to-mill study is
currently underway at Iduapriem and will focus on
the optimisation of the front-end crushing system to
further increase plant throughput.

There were no lost-time injuries this quarter, making
March the 19

consecutive month without a lost-

time injury (0).

Production improved 2% at Obuasi to 92,000oz,
largely due to the recently commenced mining of the
Kubi pit surface oxides. In spite of this production
increase, operational performance continues to be
affected by inadequately drilled and developed
reserves. In addition, a SAG mill motor breakdown
at the main processing plant this quarter adversely
affected tonnage throughput. Total cash costs
consequently increased 13% to $362/oz. Gross
loss adjusted for the effect of unrealised non-hedge
derivatives reduced from $12m to $

Following the quarter close, grade underground
improved by approximately 1g/t owing to an
improved mining mix and increased flexibility,
although reduced development will continue to
constrain the improved mining trend.

The LTIFR was 4.73 (2.56). Regrettably, two
employees lost their lives this quarter, one in a
heavy machinery accident and the other in a slip
and fall.

REPUBLIC OF GUINEA

At Siguri (85% attributable), gold production was
maintained at last quarter’s levels of 43,000oz.
Production, however, was lower than anticipated,
due to the previously-reported delay in the carbon-
in-pulp plant construction and related problems
subsequent to the plant’s commissioning in
February 2005. These difficulties have largely been
resolved and it is expected that improved
performance will be achieved during the remainder
of the year. Total cash costs this quarter decreased
9% to $395/oz. Gross profit adjusted for the effect
of unrealised non-hedge derivatives rose to $2m.

The LTIFR was 0.50 (0.46).

MALI

At Morila (40% attributable), production

decreased by 26% to 67,000oz, reflecting a
26% decline in recovered grade. As noted in the
preceding quarterly report, plant feed grade was
unusually high at the end of 2004 and, as
anticipated, was not sustained during the first
quarter of 2005.

Total cash costs increased by 15% quarter-on-
quarter to $173/oz, mainly due to the grade-
related decline in gold production, although the
unit cost impact of the lower grade was partially
mitigated by improved cost management.

Gross profit adjusted for the effect of unrealised
non-hedge derivatives declined by 37% to $12m
due to the lower gold production. Morila is
expected to meet its 2005 attributable
production target.

The LTIFR was 1.24 (3.71).

At Sadiola (38% attributable), gold production
declined by 19% to 38,000oz due to a 19%
decrease in tonnage throughput. This reduction
came as a result of 14 fewer milling shifts, as a
consequence of an accumulation of extra
working days in the previous quarter and two
public holidays in January. Sadiola
nevertheless remains on track to meet its 2005
attributable production target.

The lower lower production resulted in an 11%
increase in total cash costs to $283/oz. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives declined by 33% to $2m.

The LTIFR was 1.16 (2.32).

Production at Yatela (40% attributable), at
23,000oz, was 18% below that of the previous
quarter due to a decline in recovered grade.
Total cash costs increased by only 1% to
$280/oz, and the drop in gold production was
largely offset by improved cost performance,
including the significant benefit realised on
cement consumption and costs by moving from
bottom lift stacking to top lift stacking.
`
Gross profit adjusted for the effect of unrealised
non-hedge derivatives, at $2m, was in line with
that of the previous quarter.

The good safety performance of the previous
quarter was maintained and there were no lost-
time injuries (0).

NAMIBIA

At Navachab, gold production increased by 12% to
19,000oz due to 6% increases in both tonnage
throughput and recovered grade. Total cash costs
decreased by 11% to $413/oz as a result of the
increase in production volume. Gross profit adjusted
for the effect of unrealised non-hedge derivatives
improved to a breakeven level, compared to the
$2m loss recorded for the previous quarter after a
crusher breakdown in November resulted in
considerable plant downtime and higher costs.

There were no lost-time injuries (0).

TANZANIA

At Geita, production improved by 1% to 192,000oz
due to a small increase in tonnage throughput.
Total cash costs, at $213/oz, were 19% lower than
those of the previous quarter.

Increased production and a better cost performance
contributed to a 120% improvement in gross profit
adjusted for the effect of unrealised non-hedge
derivatives to $10m. Going forward, yield is
expected to decline and costs are expected to rise,
following the once-off favourable inventory
movements experienced during the first quarter.

The LTIFR was 1.06 (1.02).

USA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production decreased 11% to
81,000oz, after gyratory crusher repairs in
December required a reduction in tons placed
on the leach pad and available recoverable
ounces in the first quarter consequently
declined. In an effort to remedy this shortfall, a
record 5,243,000 tons were crushed and placed
on the leach pad this quarter.

Total cash costs, at $220/oz, were 8% lower
than those of the previous quarter due to
improved operating costs and an increase in the
recoverable ounces placed on the leach pad.
Gross profit adjusted for the effect of unrealised
non-hedge derivatives, at $7m, showed marked
improvement quarter-on-quarter.

There were no lost-time injuries (0). In March,
CC&V achieved 16 months and exceeded one
million hours without a lost-time accident.

Notes:

· All references to price received include the realised non-hedge derivatives.

· In the case of joint venture operations, all production and financial results are attributable to AngloGold Ashanti.

· Rounding of figures may result in computational discrepancies.

Exploration

In South Africa, surface diamond drilling
continued to test Vaal Reef grade and facies
models in the lower Mine Block at Moab Khotsong
and to the southwest of Kopanang.

In Tanzania at Geita, diamond drilling of the Geita
Hill Northeast Extension zone is underway in
order to establish the final open pit extent and
define areas for infill Mineral Resource drilling in
2005.

At Sadiola in Mali, a drilling programme has
commenced to evaluate the sulphide potential at
FE3, FE3 South and FE4, while Mineral Resource
modelling is in progress at the Deep Sulphide
project. Further satellite oxide targets were
identified in a target generation exercise and are
being followed up with drilling.

Greenfields exploration in southern Mali was
terminated and the projects will be farmed out to
third parties.

At Obuasi in Ghana, underground exploration
continues to focus on the below-50 Level project,
testing both the northern and southern corridors of
the Main Reef Fissure. Results remain
encouraging.

At Bibiani, drilling is centred on the delineation of
additional underground Mineral Resources to the
north and below the existing pit.

At Siguiri in Guinea, drilling is underway to test
the oxide depth and strike extensions of the
existing pits. Results to date have been
encouraging. Reconnaissance drilling
commenced on a 2km soil geochemical anomaly
at Foulata, situated 45km west of the plant.

In the Democratic Republic of Congo at the
Kimin project, diamond drilling commenced in
January in the Adidi Mine area to firm up previous
geological interpretations of the mineralisation. As
a precautionary measure, exploration activities in
the area were temporarily suspended at the end
of February to avoid possible conflict with
elements of the local militia. The issues were
resolved by the District Commissioner and other
government representatives and exploration
activities recommenced in April.

In Namibia at Navachab, infill drilling is underway
at Anomaly 16, situated 5km from the current pit.

At Cripple Creek & Victor in the United States,
exploration efforts focused on Mineral Resource
expansion drilling of the Wildhorse Extension
project. Additional metallurgical and geotechnical
studies are ongoing at both the Wildhorse
Extension and South Cresson projects.

In Alaska, a first phase Reverse Circulation
drilling programme was completed on the Lost
Mine South project, situated 40km southwest of
the Pogo mine. The drilling intersected a series of
highly altered structural zones with initially
encouraging gold results. At Livengood, efforts
are currently centred on the definition of higher
grade gold zones within a large, low-grade gold
mineralised envelope. Further prospective land
has been staked and acquired in Alaska and will
be explored in the next few months.

In Brazil, Mineral Resource definition drilling
continued at Lamego, where the Carruagem
exploration ramp advanced 246m during the
quarter to 498m.

At Corrego do Sitio, ongoing drilling at Carvoaria
Velha-Bocaina (situated 2km northeast of
Cachorro Bravo) has confirmed the presence of
multiple narrow, locally high-grade sulphide
horizons. Drilling at Bocaina has extended the
known oxide Mineral Resource to the north and
confirmed the down-plunge continuity of the
sulphide mineralisation. Underground drilling at
Cachorro Bravo continues to intersect high grade
mineralisation in the hanging wall 300 series ore
horizons.

At Serra Grande, drilling continued throughout the
quarter on potential open pit targets.

At the Cerro Vanguardia mine in Argentina,
reconnaissance drilling is underway to define
additional upside on the Fortuna and Atila veins.

Diamond drilling was completed on a target in
eastern Peru with marginal gold results; the
property is now being offered for joint venture.
Two new targets are expected to be drill-tested
this year and regional exploration joint ventures
were signed in February with both Bear Creek
Mining and WestMag Ltd for data packages in
southern Peru.

In Colombia, field evaluation of greenfields
targets and advanced-stage opportunities in the
San Lucas and Middle Cauca project areas
continued, with four projects planned to be drilled
in 2005.

At Sunrise Dam in Australia, drilling from surface
and underground continued to focus on the
underground targets of GQ, Cosmo, Astro and
Hammerhead. Deep drilling targeting the Carey
Shear beneath the open pit intersected
encouraging mineralisation over a strike length of
approximately 400m.

At the Tropicana JV, the initial, broad-spaced
diamond drilling testing for bedrock mineralisation
intersected wide, moderate grade gold intercepts
at the Tropicana Prospect. An induced
polarisation geophysical survey is planned to
commence before additional drill testing is
undertaken. Auger sampling along strike to the
south of the prospect has defined a new
geochemical anomaly, which will be tested by
aircore drilling in the next quarter.

Drill-testing of targets in the Yamarna JV
continued, with assay results forthcoming.

A Heads of Agreement has been signed with
Eurasia Mining plc to forge an exclusive
exploration alliance covering areas in south-
eastern Siberia. This will allow AngloGold
Ashanti to benefit from Eurasia’s local expertise in
order to identify and explore potential exploration
and acquisition opportunities. Eurasia will
manage the projects.

In Laos, a number of high priority exploration
targets were identified outside of the Sepon
project area by the newly formed joint venture with
Oxiana Limited. Initial field work programmes
have commenced.

In Mongolia, drilling of the Torimkhan prospect at
Altan Uul in the southern Gobi region generated
initially encouraging gold results, which are being
followed up with additional drilling and
geophysics. Drilling at Tsagaan Tolgoi, situated in
northwestern Mongolia, did not intersect economic
gold grades.

In China, the technical team continues to focus on
a number of exploration opportunities, as well as
the establishment of relationships with suitable
local partners.

Review of the gold market

The strong investor interest in gold seen during the
latter half of 2004 abated during the first quarter of the
new year. As a result, gold prices were down for this
period. The quarter closed exactly $10/oz lower than
the opening spot price at $428/oz, and the average spot
price of $427/oz for the full quarter was $7/oz or 2%
lower than the average price for the final quarter in
2004. There has been little activity in the market since
the end of the quarter to change this position, and gold
continues to trade sideways.

Whilst the average exchange rate of the rand to the
dollar at around R6/$1 for the quarter remained much
the same as the previous quarter, the rand tended
weaker during much of the quarter. The exchange rate
for the local currency closed at R6.22 to the dollar, or
some 10% weaker than the opening rate of R5.64. As
a result of these circumstances, the South African gold
price has also remained trapped within a relatively
narrow band of R80,000-R86,000/kg, with an average
local spot price of R82,219/kg for the quarter. This
price was 4% down on the average rand spot price for
the previous quarter.

GOLD

The gold price remains closely tied to the strength or
weakness of the dollar, most specifically against the
euro. This relationship continued throughout the latest
quarter (see Graph 1 : Euro/ $ Exchange Rate and US$
Gold Spot Price : 3 January 2005 – 14 April 2005
Indexed). Whilst the price/exchange rate correlation is
not as near-perfect as it was during the latter half of last
year, the profile of movements in the two markets is
very similar.

The other element through which the gold price can be
tracked and predicted remains the behaviour of open
interest in gold on the New York Commodity Exchange
(Comex). Investor behaviour in gold on the Comex
tracks very closely the movement in the US dollar/euro
exchange rate, reflected in investor activity in the
US dollar on the International Money Market (IMM) in
Chicago. Graph 2 shows the very close relationship
between the size of net short US dollar positions on the
IMM and the size of net long gold positions on the
Comex. When those trading on the IMM reduce their
net short positions on US dollars, so investors and
speculators reduce their net long positions on Comex.
As the US dollar short position in IMM increases, so the
long position in gold on the Comex increases.

The link between the US dollar gold price and the net
open positions in gold on Comex however, was
somewhat weaker during the past quarter than it has
been over the past three and a half years. The Comex
sustained a substantial correction in open interest in
gold early in 2005, with net positions falling for six
weeks to a low of only some 7Moz net long in mid-
February. This relatively low open position in gold co-
incided with the strongest point of the US dollar against
the euro during the quarter, confirming the link between
behaviour on the Comex, and changes in value of the
US dollar. However, this sharp fall in the net long
position in gold on the Comex translated to only a small
correction in the US dollar spot price of gold. It is likely
that the increase in gold offtake during January 2005 for
the streetTracks Gold Fund in the US softened the
negative impact on the spot gold price of the fall in net
long interest in gold on Comex. Since the low point in
mid-February, investor interest in gold on Comex has
recovered much of the lost ground, and gold futures
and options have traded for the past four weeks at
around 15-17Moz net long.

PHYSICAL DEMAND

The improved physical demand for gold reported in the
latter half of 2004, particularly in respect of jewellery
offtake in certain markets, has been maintained into
2005. With a small recovery in gold mine production
this year (due largely to the return of Freeport to full
gold production in 2005), the physical gold market is
likely to be largely unchanged, and in balance for most
of the year. With investment demand still positive for
gold, however, the final balance of supply and demand
in the gold market will remain of secondary importance,
and investor and speculation purchases on the margin
will continue to be the price-determining force in the
gold market. However, in the longer term it is important
that physical demand is healthy because of the ability of
the physical market to provide offtake and floor price
support at times when investor or speculator interest
weakens.

OFFICIAL SECTOR

The most significant issue for gold in the official sector
in recent months has been the discussion over the gold
reserves of the International Monetary Fund (IMF), and
the campaign for debt relief for Heavily Indebted Poor
Countries (HIPCs). Gordon Brown, Chancellor in the
British government, has made the issue of debt relief
through the sale or revaluation of gold reserves of the
IMF a central issue for his term of office as chairman of
the International Monetary and Finance Committee of
the IMF.

This is an idea which is not new to the IMF. During
1999, a campaign with the same objectives was
undertaken with the objective of selling IMF gold
reserves to fund HIPC debt relief. The compromise
reached on that occasion involved not the outright sale,
but rather a revaluation of some 12.9Moz or 13% of IMF
gold holdings to generate sufficient value on the IMF
balance sheet to meet the needs of the proposal at that
time for debt relief. This time, IMF management seems
determined that a process of revaluation of the gold
reserves on their balance sheet will be inappropriate for
the scheme to relieve debt, and that only outright sale
would be appropriate. All of those who have supported
this campaign insist that such outright sales would be
undertaken in a manner that would not damage the gold
market. More specifically, it has been mooted that any
gold sales by the IMF should be effected only within the
constraints and terms of the second Washington
Agreement which provides currently for the sale of
2,500t of gold over five years by signatories to the
agreement (September 2004 – September 2009).

Whilst the proposal to sell a part of the IMF gold
holdings has contributed to some measure of negative
sentiment in the gold market, it is not at all clear that
such a sale will eventuate. The US Treasury opposes
the sale, and central bank officials from both Germany
and the European central bank have spoken out in
opposition to a sale of IMF gold holdings to fund debt
relief. The debate on this subject continues.

CURRENCIES

Whilst there is a broad consensus amongst market
analysts and commentators that the US dollar needs to
weaken further against the currencies of the major
trading counterparties of the US, the dollar lost little
ground during the first quarter of 2005. The structural
problems of budget and current account deficits faced
by the US economy are neutralised in the market from
time to time by the cyclical advantages currently
enjoyed by the USA. These cyclical advantages include
the continued above-average growth of the US
economy and the steady increase in US interest rates,
which are today higher than European central bank
rates for the first time in three years.

With the offset between cyclical and structural
influences, the dollar has appeared almost to be in
equilibrium in a range around $1.30 to the euro during
recent months. It is unlikely that this equilibrium can
last. It is likely that US growth will flag during this year,
and that significantly higher oil prices might yet begin to
show some influence on consumer prices in the
developed economies. Any threat of inflation will trigger
more aggressive monetary and interest rate policies
with direct effect on US growth.

In all, it is difficult to believe that the structural
adjustment required by the US economy is over, or that
the US currency will not devalue further as part of that
adjustment.

Regarding the rand, the past quarter saw a brief period
of volatility and weakness against the US dollar, taking
the exchange rate to R6.38 to the dollar at one point.
However, there was no confirmation of any real trend in
this change, and the strength of the US dollar against
the euro into April has brought little change in the rand,
although an unexpected rate cut by the South African
Reserve Bank of 0.50% in mid-April saw the rand lose
5 cents against the dollar. Notwithstanding the
sustained current account deficit in the South African
economy, other economic and fiscal circumstances in
the country continue to support the rand. Capital
inflows have been sufficient to cover the current
account deficit. It seems unlikely that economic or
currency market circumstances will bring about any
significant change to the value of the rand against the
US dollar, and that any material shift in value will be
brought about by events in other markets.

HEDGING

As at 31 March 2005, the net delta hedge position of
AngloGold Ashanti was 10.72Moz or 334t, valued at the
spot price of gold at that date of $428/oz. This net delta
position reflects an increase of some 240,000oz or 7.5t
in the net size of the AngloGold Ashanti hedge
compared with the position at the end of the previous
quarter. This increase is not due to new hedging
commitments entered into by the company during the
quarter, but by measuring the hedge at the new higher
US interest rates, which give rise to a higher contango,
and therefore to higher gold forward prices. These
higher forward prices in turn translate into higher delta
values for open option positions in future years, and this
has reported as an overall increase in delta hedge
tonnage.

The marked-to-market value of the hedge position as at
31 March 2005 was negative $1,066m, little changed
from the negative value of $1,161m recorded at the end
of December 2004. The price received by the company
for the quarter under review was $424/oz, compared to
an average spot price for the period of $427/oz. The
company continues to manage its hedged positions
actively, and to reduce overall levels of pricing
commitments in respect of future gold production by the
company.

Hedge position

As at 31 March 2005, the group had outstanding the
following forward-pricing commitments against
future production. The total net delta tonnage of the
hedge of the company on this date was 10.72Moz or
334t (at 31 December 2004: 10.49Moz or 326t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $1.066bn (negative R6.62bn) as at
31 March 2005 (as at 31 December 2004: $1.161bn
or R6.58bn). This value at 31 March 2005 was
based on a gold price of $428/oz, exchange rates of
R/$6.2124 and A$/$0.7734 and the prevailing
market interest rates and volatilities at that date.

As at 26 April 2005, the marked-to-market value
of the hedge book was a negative $1.046bn
(negative R6.35bn), based on a gold price of
$432/oz and exchange rates of R/$6.0675 and
A$/$0.7773 and the prevailing market interest
rates and volatilities at the time.

These marked-to-market valuations are not
predictive of the future value of the hedge
position, nor of future impact on the revenue of
the company. The valuation represents the cost
of buying all hedge contracts at the time of
valuation, at market prices and rates available
at the time.

Year

2005

2006

2007

2008

2009

2010-2014

Total

DOLLAR GOLD
Forward contracts

Amount (kg)

16,084

19,510

32,993

30,076

26,288

53,566

178,517

US$/oz

$293

$336

$344

$365

$380

$402

$365

Put options purchased

Amount (kg)

7,545

8,592

1,455

17,592

US$/oz

$337

$345

$292

$337

Put options sold

Amount (kg)

6,376

4,354

855

1,882

9,409

22,876

US$/oz

$391

$339

$390

$400

$430

$398

Call options purchased

Amount (kg)

15,613

11,211

6,357

33,181

US$/oz

$330

$333

$344

$334

Call options sold

Amount (kg)

30,866

28,367

27,560

27,516

26,211

76,048

216,568

US$/oz

$365

$373

$374

$380

$407

$468

$410

RAND GOLD
Forward contracts

Amount (kg)

* 782

933

151

Rand per kg

R10,709

R116,335

R633,352

Put options purchased

Amount (kg)

1,875

Rand per kg

R93,602

Put options sold

Amount (kg)

6,874

1,400

8,274

Rand per kg

R85,095

R88,414

R85,656

Call options purchased

Amount (kg)
Rand per kg

Call options sold

Amount (kg)

11,506

4,517

1,058

2,986

5,972

26,039

Rand per kg

R91,660

R102,447

R154,002

R202,054

R223,756

R139,018

A DOLLAR GOLD

Forward contracts

Amount (kg)

* 307

3,110

8,398

3,110

3,390

3,110

20,811

A$ per oz

A$1,072

A$749

A$650

A$678

A$665

A$691

A$761

Put options purchased

Amount (kg)

622

A$ per oz

A$600

Put options sold

Amount (kg)

622

A$ per oz

A$565

Call options purchased

Amount (kg)

3,110

6,221

3,732

3,110

1,244

3,110

20,527

A$ per oz

A$724

A$673

A$668

A$680

A$694

A$712

A$688

Call options sold

Amount (kg)

622

A$ per oz

A$620

Delta (kg)

23,910

35,771

57,446

54,834

50,872

110,670

333,503

** Total net gold:

Delta (oz)

768,723

1,150,063

1,846,929

1,762,951

1,635,570

3,558,118

10,723,126

* Long position.

The Delta of the hedge position indicated above, is the equivalent gold position that would have the same marked-to-market sensitivity for
a small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 31 March 2005.

Year

2005

2006

2007

2008

2009

2010-2014

Total

DOLLAR

SILVER

Forward

contracts

Amount

(kg)

$ per oz

Put options purchased

Amount (kg)

32,659

43,545

119,749

$ per oz

$7.11

$7.40

$7.22

Put options sold

Amount (kg)

32,659

43,545

119,749

$ per oz

$6.02

$5.93

$5.99

Call

options

purchased

Amount

(kg)

$ per oz

Call options sold

Amount (kg)

32,659

43,545

119,749

$ per oz

$8.11

$8.40

$8.22

The following table indicates the group's currency hedge position at 31 March 2005

Year

2005

2006

2007

2008

2009

2010-2014

Total

RAND DOLLAR (000)
Forward contracts

Amount

($) 4,065

4,065

US$/R

R5.91

Put

options

purchased

Amount

($)

US$/R

Put

options

sold

Amount

($)

US$/R

Call

options

purchased

Amount

($)

US$/R

Call

options

sold

Amount

($)

50,000

US$/R

R6.22

A DOLLAR (000)

Forward contracts

Amount ($)

15,970

39,222

55,192

A$/US$ A$0.44

A$0.75

A$0.62

Put

options

purchased

Amount

($)

A$/US$

Put

options

sold

Amount

($)

A$/US$

Call

options

purchased

Amount

($)

A$/US$

Call options sold

Amount ($)

75,000

20,000

95,000

A$/US$ A$0.76

A$0.74

A$0.75

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

18,000

24,000

4,000

46,000

US$/BRL

BRL2.89

BRL3.18

BRL3.31

BRL3.08

Put

options

purchased

Amount

($) 300

300

US$/BRL

BRL3.43

Put

options

sold

Amount

($) 300

300

US$/BRL

BRL3.27

Call

options

purchased

Amount

($)

US$/BRL

Call options sold

Amount ($)

15,300

20,000

35,300

US$/BRL

BRL2.99

BRL3.29

BRL3.16

Group

income statement

Quarter

Year

ended

March

December

March

December

2005

2004

Restated

SA Rand million

Notes

Unaudited

Audited

Revenue

4,008

4,257

3,332

15,558

Gold income

3,858

4,054

3,134

14,788

Cost of sales

(3,415)

(3,466)

(2,412)

(12,306)

Non-hedge derivatives

(188)

(472)

(6)

(785)

Gross Profit

255

116

716

1,697

Corporate administration and other expenses

(99)

(66)

(76)

(331)

Market development costs

(21)

(23)

(26)

(100)

Exploration costs

(60)

(77)

(59)

(283)

Amortisation of intangible assets

(46)

(52)

(200)

Impairment of tangible assets

(8)

Net other operating expenses

(19)

(39)

(4)

(69)

Operating profit (loss)

(135)

499

706

Interest receivable

285

Other net income

(Loss) profit on disposal of assets and subsidiaries

(1)

Finance costs and unwinding of decommissioning
and restoration obligation

(148)

(144)

(158)

(563)

Fair value adjustment on option component of convertible bond

115

(148)

161

Fair value (losses) gains on interest rate swaps

(16)

(18)

Profit (loss) before taxation

(48)

286

746

Taxation

317

(151)

179

Profit after taxation

127

269

135

925

Discontinued operations

(51)

(16)

(73)

253

135

852

Allocated as follows
Equity Shareholders

230

728

Minority interest

124

253

135

852

Headline earnings

102

275

137

937

Earnings per ordinary share (cents)
- Basic

290

- Diluted

289

- Headline

104

373

676

610

877

2,844

Headline earnings adjusted for the effect
of unrealised non-hedge derivatives

464

782

234

1,858

Dividends

- Rm

926

- cents per share

350

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Calculated on the basic weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment.

unrealised non-hedge derivatives

Gross profit adjusted for the effect of

Group

income statement

Quarter

Year

ended

March

December

March

December

2005

2004

Restated

US Dollar million

Notes

Unaudited

Audited

Revenue

667

706

493

2,429

Gold income

642

672

464

2,309

Cost of sales

(568)

(575)

(357)

(1,925)

Non-hedge derivatives

(17)

(93)

(141)

Gross Profit

107

243

Corporate administration and other expenses

(16)

(11)

(51)

Market development costs

(4)

(15)

Exploration costs

(10)

(13)

(9)

(44)

Amortisation of intangible assets

(7)

(8)

(31)

Impairment of tangible assets

(1)

Net other operating expenses

(3)

(6)

(1)

(11)

Operating profit (loss)

(37)

Interest receivable

Other net income

Profit on disposal of assets and subsidiaries

Finance costs and unwinding of decommissioning
and restoration obligation

(24)

(23)

(87)

Fair value adjustment on option component of convertible bond

(22)

Fair value (losses) gains on interest rate swaps

(3)

Profit (loss) before taxation

(21)

Taxation

(22)

Profit after taxation

138

Discontinued operations

(9)

(3)

(11)

127

Allocated as follows
Equity Shareholders

108

Minority interest

127

Headline earnings

141

Earnings per ordinary share (cents)
- Basic

- Diluted

- Headline

112

101

131

441

Headline earnings adjusted for the effect
of unrealised non-hedge derivatives

135

298

Dividends

- $m

148

- cents per share

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Calculated on the basic weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment.

unrealised non-hedge derivatives

Gross profit adjusted for the effect of

Group

balance sheet

As at

March

December

March

2005

2004

Restated

SA Rand million

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

35,634

33,195

18,082

Intangible assets

2,569

2,347

2,545

Investments in associates

Other investments

241

223

125

Inventories

677

124

156

Derivatives

458

1,055

696

Other non-current assets

637

601

964

40,259

37,588

22,615

Current assets

Inventories

2,365

2,363

1,697

Trade and other receivables

1,726

1,747

1,542

Derivatives

3,512

2,767

2,062

Current portion of other non-current assets

103

Cash and cash equivalents

1,744

1,758

5,868

9,352

8,640

11,272

TOTAL ASSETS

49,611

46,228

33,887

EQUITY AND LIABILITIES

Equity
Shareholders' equity

18,927

17,912

10,083

Minority interests

367

327

363

19,294

18,239

10,446

Non-current liabilities

Borrowings

9,934

7,262

7,977

Provisions

2,473

2,265

1,808

Derivatives

2,191

3,032

2,744

Deferred taxation

7,948

7,605

4,091

22,546

20,164

16,620

Current liabilities

Trade and other payables

2,580

2,650

1,971

Current portion of borrowings

889

1,800

2,151

Derivatives

3,948

3,007

2,558

Taxation

354

368

141

7,771

7,825

6,821

TOTAL EQUITY AND LIABILITIES

49,611

46,228

33,887

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Net asset value - cents per share

7,155

6,773

4,519

Group

balance sheet

As at

March

December

March

2005

2004

Restated

US Dollar million

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

5,727

5,880

2,877

Intangible assets

413

416

405

Investments in associates

Other investments

Inventories

109

Derivatives

187

111

Other non-current assets

102

106

153

6,471

6,659

3,598

Current assets

Inventories

380

419

270

Trade and other receivables

277

309

245

Derivatives

564

490

328

Current portion of other non-current assets

Cash and cash equivalents

280

312

934

1,502

1,531

1,793

TOTAL ASSETS

7,973

8,190

5,391

EQUITY AND LIABILITIES

Equity
Shareholders' equity

3,042

3,173

1,604

Minority interests

3,101

3,231

1,662

Non-current liabilities

Borrowings

1,597

1,286

1,269

Provisions

397

402

288

Derivatives

352

537

437

Deferred taxation

1,277

1,347

651

3,623

3,572

2,645

Current liabilities

Trade and other payables

415

470

313

Current portion of borrowings

143

319

342

Derivatives

634

533

407

Taxation

1,249

1,387

1,084

TOTAL EQUITY AND LIABILITIES

7,973

8,190

5,391

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Net asset value - cents per share

1,150

1,200

719

Group

cash flow statement

Quarter

Year

ended

March

December

March

December

2005

2004

Restated

SA Rand million

Unaudited

Audited

Cash flows from operating activities
Cash generated from operations

825

895

536

3,517

Cash utilised from discontinued operations

(51)

(16)

(12)

Interest received

236

Environmental and other expenditure

(12)

(80)

(17)

(148)

Finance costs

(221)

(23)

(175)

(465)

Taxation paid

(61)

(25)

(105)

(218)

Net cash inflow from operating activities

525

801

324

2,910

Cash flows from investing activities
Capital expenditure

(864)

(1,181)

(567)

(3,764)

Proceeds from disposal of tangible assets

Investments acquired

(26)

(127)

Acquisition of subsidiary net of cash

(40)

(1,139)

Net loans (advanced) repaid

(1)

399

526

Utilised in hedge restructure

(415)

(703)

Net cash outflow from investing activities

(1,280)

(1,531)

(539)

(5,138)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(1)

Proceeds from borrowings

2,568

6,737

7,236

Repayment of borrowings

(1,488)

(477)

(3,192)

(5,348)

Dividends paid

(488)

(52)

(758)

(1,322)

Proceeds from hedge restructure

228

Net cash inflow (outflow) from financing activities

600

(205)

2,798

815

Net (decrease) increase in cash and cash equivalents

(155)

(935)

2,583

(1,413)

Translation

141

(153)

(82)

(196)

Opening cash and cash equivalents

1,758

2,846

3,367

Closing cash and cash equivalents

1,744

1,758

5,868

1,758

Cash generated from operations
Profit (loss) before taxation

(48)

286

746

Adjusted for:
Non-cash movements

(40)

(27)

Movement on non-hedge derivatives

427

440

182

1,055

Deferred stripping costs

(14)

(74)

(144)

Amortisation of tangible assets

732

718

446

2,423

Amortisation of intangible assets

208

Impairment of tangible assets

Interest receivable

(46)

(66)

(83)

(285)

Loss (profit) on disposal of assets and subsidiaries

(23)

(20)

(88)

Finance costs and unwinding of decommissioning and
restoration obligation

148

144

158

563

Fair value adjustment on option component of convertible bond

(115)

(94)

148

(161)

Movement in working capital

(361)

(306)

(581)

(781)

825

895

536

3,517

Movement in working capital
(Increase) decrease in inventories

(567)

122

197

(1)

(Increase) decrease in trade and other receivables

(22)

(57)

Increase (decrease) in trade and other payables

206

(406)

(721)

(806)

(361)

(306)

(581)

(781)

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Group

cash flow statement

Quarter

Year

ended

March

December

March

December

2005

2004

Restated

US Dollar million

Unaudited

Audited

Cash flows from operating activities
Cash generated from operations

136

171

118

587

Cash utilised from discontinued operations

(8)

(3)

(2)

Interest received

Environmental and other expenditure

(2)

(14)

(3)

(24)

Finance costs

(37)

(5)

(26)

(72)

Taxation paid

(10)

(5)

(15)

(34)

Net cash inflow from operating activities

153

492

Cash flows from investing activities
Capital expenditure

(144)

(192)

(84)

(585)

Proceeds from disposal of tangible assets

Investments acquired

(5)

(20)

Acquisition of subsidiary net of cash

(6)

(171)

Net loans repaid

Utilised in hedge restructure

(69)

(123)

Net cash outflow from investing activities

(213)

(259)

(80)

(806)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

Proceeds from borrowings

458

997

1,077

Repayment of borrowings

(278)

(82)

(472)

(818)

Dividends paid

(82)

(8)

(113)

(198)

Proceeds from hedge restructure

Net cash inflow (outflow) from financing activities

(34)

414

104

Net (decrease) increase in cash and cash equivalents

(28)

(140)

421

(210)

Translation

(4)

Opening cash and cash equivalents

312

440

505

Closing cash and cash equivalents

280

312

934

312

Cash generated from operations
Profit (loss) before taxation

(21)

Adjusted for:
Non-cash movements

(6)

(1)

Movement on non-hedge derivatives

181

Deferred stripping costs

(2)

(11)

(22)

Amortisation of tangible assets

122

120

380

Amortisation of intangible assets

Impairment of tangible assets

Interest receivable

(8)

(11)

(12)

(44)

Profit on disposal of assets and subsidiaries

(4)

(3)

(13)

Finance costs and unwinding of decommissioning and
restoration obligation

Fair value adjustment on option component of convertible bond

(19)

(17)

(26)

Movement in working capital

(61)

(23)

(48)

(85)

136

171

118

587

Movement in working capital
(Increase) decrease in inventories

(50)

(27)

(56)

Decrease (increase) in trade and other receivables

(36)

(23)

(35)

(Decrease) increase in trade and other payables

(40)

(38)

(61)

(23)

(48)

(85)

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Statement of

changes in equity

Ordinary

Foreign

Other

Total

share

currency

compre-

share-

capital and

translation

hensive

Retained

holders'

Minority

premium

reserves

reserve

income

earnings

equity

interests

Equity

Restated

SA Rand million

Balance at December 2003

9,668

138

(755)

(2,047)

3,848

10,852

354

11,206

Profit attributable to equity
shareholders

135

Dividends paid

(748)

(10)

(758)

Ordinary shares issued

Transfer to reserves

(8)

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

146

147

Net gain on cash flow hedges

(1)

Deferred taxation on cash flow
hedges

(72)

Net gain on available-for-sale
financial assets

Translation

(397)

(313)

(17)

(330)

Balance at March 2004 (Restated)

9,676

130

(1,152)

(1,778)

3,207

10,083

363

10,446

Balance at December 2004
(Restated)

18,987

138

(3,552)

(1,040)

3,379

17,912

327

18,239

Profit attributable to equity
shareholders

Dividends paid

(477)

(11)

(488)

Ordinary shares issued

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

Net loss on cash flow hedges

(57)

(56)

Net loss on available-for-sale
financial assets

(16)

Translation

1,474

(112)

1,362

1,385

Balance at March 2005

18,995

138

(2,078)

(1,080)

2,952

18,927

367

19,294

The 2004 opening balances and comparative amounts have been restated in terms of IAS21 (revised).

The group has changed its accounting policy for convertible bonds. Refer to note 16.
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Attributable to equity holders of the group

Non -

distributable

Deferred taxation on cash flow
hedges

Statement of

changes in equity

Ordinary

Foreign

Other

Total

share

currency

compre-

share-

capital and

translation

hensive

Retained

holders'

Minority

premium

reserves

reserve

income

earnings

equity

interests

Equity

Restated

Attributable to equity holders of the group

Non -

distributable

US Dollar million

Balance at December 2003

1,450

108

(307)

356

1,628

1,681

Profit attributable to equity
shareholders

Dividends paid

(111)

(2)

(113)

Ordinary shares issued

Transfer to reserves

(1)

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

Net gain on cash flow hedges

Deferred taxation on cash flow
hedges

(8)

Net gain on available-for-sale
financial assets

Translation

(44)

(7)

Balance at March 2004 (Restated)

1,540

(283)

262

1,604

1,662

Balance at December 2004
(Restated)

3,364

(317)

(184)

286

3,173

3,231

Profit attributable to equity
shareholders

Dividends paid

(80)

(2)

(82)

Ordinary shares issued

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

Net loss on cash flow hedges

(9)

Deferred taxation on cash flow
hedges

Net loss on available-for-sale
financial assets

(3)

Translation

(312)

(2)

230

(84)

(1)

(85)

Balance at March 2005

3,053

(87)

(174)

228

3,042

3,101

The 2004 opening balances and comparative amounts have been restated in terms of IAS21 (revised).

The group has changed its accounting policy for convertible bonds. Refer to note 16.
The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Notes

for the quarter ended 31 March 2005

Basis of preparation

The financial statements have been prepared in accordance with the historic cost convention except

for certain financial instruments which are stated at fair value. The group's accounting policies used in

the preparation of these financial statements are consistent with those used in the annual financial

statements for the year ended 31 December 2004 and new International Financial Reporting

Standards (IFRS) statements which are effective 1 January 2005, where applicable.

The financial statements of AngloGold Ashanti have been prepared in accordance with IFRS (IAS34),

in compliance with the JSE Securities Exchange South Africa and in the manner required by the South

African Companies Act, 1973 for the preparation of financial information of the group for the quarter

ended 31 March 2005.

Where the preparation or classification of an item has been amended, comparative information has

been reclassified to ensure comparability with the current period. The amendments have been made

to provide the users of the financial statements with additional information. Refer to Note 9,

discontinued operations and Note 16, convertible bonds, and the statement of changes in equity.

Cost of sales

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Restated Restated

Restated

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

2,650

2,661

1,940

9,572

441

440

287

1,495

Other cash costs

100

108

343

Total cash costs

2,750

2,769

1,998

9,915

458

296

1,549

Retrenchment costs

Rehabilitation & other non-cash costs

137

Production costs

2,809

2,823

2,049

10,104

467

304

1,579

Amortisation of tangible assets

732

718

446

2,423

122

120

380

Amortisation of intangible assets

–

Total production costs

3,544

3,549

2,495

12,535

589

588

370

1,960

Inventory

change

(129) (83) (83)

(229) (21) (13) (13) (35)

3,415

3,466

2,412

12,306

568

575

357

1,925

3. Taxation

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Restated

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Current

taxation

(38) (51) (84) (169) (6) (8) (13) (27)

Under provision prior year

–

(229)

–

(229)

–

(40)

–

(40)

Deferred taxation

(34)

(131)

(215)

(6)

(20)

(32)

Change in estimated deferred taxation

–

566

–

566

–

Deferred taxation on change in tax rate

–

Deferred taxation on unrealised non
hedge derivatives

(13)

226

317

(151)

179

(22)

Headline earnings and headline earnings adjusted for the effect of unrealised non-hedge derivatives

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Restated

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Profit attributable to equity shareholders

230

728

108

Amortisation of intangible assets

–

200

–

Impairment of tangible assets

–

Loss (profit) on disposal of assets and
subsidiaries

(23) (20) (88) –

(4) (3) (13)

Loss from discontinued operations
(note 9)

–

Taxation on items above

–

Headline earnings

102

275

137

937

141

Unrealised non-hedge derivatives

421

494

161

1,147

198

Deferred taxation on unrealised non-
hedge derivatives (note 3)

(59)

(64)

(226)

(9)

(3)

(11)

(41)

Headline earnings adjusted for the
effect of unrealised non-hedge
derivatives

(1)

464

782

234

1,858

135

298

(1)

Non-hedge derivatives in the income statement comprise the change in fair value of all non-hedge derivatives as follows:

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.

Headline earnings adjusted for the effect of unrealised non-hedge derivatives, is intended to illustrate earnings after adjusting for:

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 positions settled in the period; and

Investment in hedge restructure transaction: During the hedge restructure of quarter 4, 2004 and quarter 1, 2005, $83m and $69m
in cash was injected into the hedge book in these quarters to increase the value of long-dated contracts. The entire investment in
short-dated derivatives (certain of which have now matured) and investment in long-dated derivatives (all of which have not yet
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 are settled.

Gross profit and gross profit adjusted for the effect of unrealised non-hedge derivatives

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Restated

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Reconciliation of gross profit to gross
profit adjusted for the effect of
unrealised non-hedge derivatives:

Gross profit

255

116

716

1,697

107

243

Unrealised non-hedge derivatives

421

494

161

1,147

198

Gross profit adjusted for the effect of
unrealised non-hedge derivatives

(1)

676

610

877

2,844

112

101

131

441

(1)

Non-hedge derivatives in the income statement comprise the change in fair value of all non-hedge derivatives as follows:

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.

Gross profit adjusted for the effect of unrealised non-hedge derivatives, is intended to illustrate earnings after adjusting for:

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 positions settled in the period; and

6. Capital commitments

Mar

2005

Dec

2004

Mar

2004

Mar

2005

Dec

2004

Mar

2004

SA Rand million

US Dollar million

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

1,108

835

931

178

148

7. Shares

Quarter ended Year ended

Mar 2005

Dec 2004

Mar 2004

Dec 2004

Authorised

capital:

Ordinary shares of 25 SA cents each

400,000,000

A redeemable preference shares of 50 SA cents
each

2,000,000

B redeemable preference shares of 1 SA cent
each

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

Issued

capital:

Ordinary shares

264,527,794 264,462,894 223,136,342 264,462,894

redeemable

preference

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

B redeemable preference shares

778,896

Weighted average number of ordinary shares for the
period

Basic ordinary shares

264,488,624 264,451,226 223,212,890 251,352,552

Diluted number of ordinary shares

265,024,329

265,085,959

224,180,742

252,048,301

During the quarter, 64,900 ordinary shares were allotted in terms of the AngloGold Share Incentive
Scheme. All the preference shares are held by a wholly-owned subsidiary company.

8. Exchange rates

Mar 2005

Dec 2004

Mar 2004

Rand/US dollar average for the period

6.01

6.44

6.76

Rand/US dollar average for the quarter

6.01

6.05

6.76

Rand/US dollar closing

6.22

5.65

6.28

Rand/Australian dollar average for the period

4.67

4.82

5.17

Rand/Australian dollar average for the quarter

4.67

4.58

5.17

Rand/Australian dollar closing

4.81

4.42

4.79

9. Discontinued operations

The Ergo surface dump reclamation, which forms part of the South African operations under the
segmental analysis, has been discontinued as the operation has reached the end of its useful life.
The results of Ergo for the period are presented below:

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Mar

2005

Dec

2004

Mar

2004

Dec

2004

Restated

Unaudited Unaudited

Unaudited Audited Unaudited

Unaudited Unaudited Audited

SA Rand million

US Dollar million

Revenue

121

164

560

Operating and closure expenses

(136)

(145)

(168)

(627)

(23)

(24)

(25)

(97)

Non-hedge derivatives

–

Gross loss

(51)

(6)

–

(67)

(9)

(1)

–

(10)

Deferred taxation

–

(10)

–

(6)

–

(2)

–

(1)

Loss after tax attributable to the
discontinued operation

(51) (16) –

(73) (9) (3) –

(11)

10.

Contingent liabilities

AngloGold Ashanti acts as ultimate guarantor in respect of sureties provided to bankers and other
parties by its subsidiaries in respect of certain loans and commitments. At 31 March 2005, the
aggregate contingent liability is approximately $57m. Discussions are continuing in respect of the
class action being brought against the former Ashanti Goldfields and it is anticipated that the final
outcome of this claim will have no material effect on the company.

11. Attributable interest

Although AngloGold Ashanti holds a 66.7% interest in Cripple Creek & Victor Gold Mining Company
Limited, it is currently entitled to receive 100% of the cash flows from the operation until the loan,
extended to the joint venture by AngloGold Ashanti USA Inc., is repaid.

12. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

13. Announcements

13.1 On 27 January 2005, AngloGold Ashanti announced that the board of directors had approved a

$121m expansion project at the company’s Cuiabá mine in south-eastern Brazil. It is
anticipated that commissioning will take place in December 2006, with full production by the end
of the second quarter of 2007. The expansion project would result in production increasing from
190,000oz/year to 250,000oz/year at an estimated cost of $169/oz over the life of the project
and would extend the life of mine profile by six years to 2019.

13.2 On 27 January 2005, AngloGold Ashanti announced that it had signed a new three-year, $700m

revolving credit facility, replacing the $600m facility which matured in February 2005. The new
facility has reduced the group’s cost of borrowings from 70 basis points over Libor to 40 basis
points.

13.3 On 15 April 2005, the South African Department of Water Affairs and Forestry issued a directive

ordering three mining groups, DRDGold, Harmony and AngloGold Ashanti to share equally, the
costs of pumping water at some shafts of DRDGold’s North West operations in South Africa.
This follows an interdict application made by AngloGold Ashanti in response to DRDGold’s
threat to cease funding the pumping of water at these shafts, after placing its subsidiary
Buffelsfontein into liquidation on 22 March 2005.

13.4 On 28 April 2005, the company announced that agreement had been reached with Trans-

Siberian Gold plc (TSG) on revised terms for the second subscription of shares in TSG, and a
revised subscription price of £1.30 per share, compared to £1.494 per share agreed between
the parties on 30 June 2004. The subscription is conditional on TSG shareholders approval.
AngloGold Ashanti currently holds a 17.5% equity interest in TSG that will increase to 29.9%
upon completion of the second subscription. This announcement followed that of 18 April 2005,
in which AngloGold Ashanti advised that the subscription date had been extended from 15 April
2005 to 29 April 2005.

14. Dividend

Final dividend No. 97 of 180 South African cents or 15.49 UK pence or 2,683.08 Ghanaian cedis per
share was paid to shareholders on 25 February 2005, while a dividend of 7.55 Australian cents per
CHESS Depositary Interest (CDI) was paid on the same day. A dividend was paid to holders of
Ghanaian Depositary Shares (GhDS) on 28 February 2005 at a rate of 26.83 Ghanaian cedis per
GhDS. 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 7 March 2005 at a
rate of 30.37 US cents per ADR. Each ADR represents one ordinary share.

15.

Group financial statements

The group financial statements for the quarter ended 31 March 2005 were authorised for issue in
accordance with a resolution of the directors passed on 28 April 2005. AngloGold Ashanti is a limited
liability company incorporated in the Republic of South Africa.

16. Convertible bonds

The group has changed its accounting policy for convertible bonds. Previously convertible bonds were
accounted for as compound financial instruments, part equity and part liability. The equity component
was not remeasured for changes in fair value

Convertible bonds will now be accounted for entirely as a liability, with the option component disclosed
as a derivative liability, carried at fair value. Changes in such fair value will be recorded in the income
statement.

This change was made in response to additional guidance becoming available on the interpretation of
International Financial Reporting Standards. This change is applied retrospectively and comparative
figures have been restated.

The impact on comparative figures is as follows:

Quarter to December 2004:

Profit attributable to equity shareholders increased by $17m;

Option component previously disclosed as equity ($82m) is removed from shareholders equity, and
replaced by a derivative liability of $56m.

Quarter to March 2004:

Profit attributable to equity shareholders decreased by $22m;

Option component previously disclosed as equity ($82m) is removed from shareholders equity, and
replaced by a derivative liability of $104m.

Year to December 2004:

Profit attributable to equity shareholders increased by $26m;

Option component previously disclosed as equity ($82m) is removed from shareholders equity, and
replaced by a derivative liability of $56m.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

28 April 2005

Price and unit cost calculation

Quarter

Year

Quarter

Year

ended

March December

March

December

March December

2005

2004

2005

2004

Restated

Unaudited

Unaudited Unaudited

Unaudited

Price received

Gold income per income statement

3,858

4,054

3,134

14,788

642

672

464

2,309

Adjusted for minority interests and non-gold producing
companies

122

129

432

3,736

3,925

3,054

14,356

621

650

452

2,241

Realised non-hedge derivatives

233

155

362

3,969

3,947

3,209

14,718

659

654

476

2,298

Attributable gold sold - kg / - oz (000)

48,313

51,463

36,615

181,585

1,553

1,655

1,177

5,838

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

82,152

76,691

87,651

81,051

424

395

404

394

Total Costs
Total cash costs (note 2)

2,750

2,769

1,998

9,915

458

296

1,549

Adjusted for minority interests and non-gold producing
companies

(9)

(1)

Total cash costs

2,674

2,737

2,007

9,841

445

453

297

1,537

Plus:
Retrenchment costs

Rehabilitation and other non-cash costs

137

Amortisation of tangible assets

732

718

446

2,423

122

120

380

Amortisation of intangible assets

Adjusted for minority interests and non-gold producing
companies

Total production costs

3,448

3,489

2,483

12,369

574

578

367

1,934

Gold Produced - kg / - oz (000)

48,808

51,360

36,497

181,311

1,569

1,651

1,173

5,829

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

54,778

53,299

55,004

54,276

284

274

253

264

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

70,639

67,925

68,038

68,221

366

350

313

332

SA Rand / Metric

US Dollar / Imperial

Segmental reporting

for the quarter ended March 2005

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Restated

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

1. Gold income

South Africa

1,646

1,791

1,837

7,189

274

297

272

1,118

Argentina

151

207

115

620

Australia

337

293

247

1,099

172

Brazil

247

240

250

1,014

158

Ghana

410

377

1,257

198

Guinea

119

111

259

Mali

333

410

276

1,192

188

Namibia

176

Tanzania

407

412

216

1,285

201

USA

155

169

153

671

105

Zimbabwe

3,858

4,054

3,134

14,788

642

672

464

2,309

2. Gross profit (loss) adjusted

for the effect of unrealised
non-hedge derivatives
South Africa

213

312

498

1,462

228

Argentina

103

202

Australia

124

390

Brazil

136

125

118

547

Ghana

(134)

(130)

(23)

(22)

Guinea

(67)

(93)

(11)

(16)

Mali

141

306

Namibia

(9)

(2)

Tanzania

150

USA

(4)

(1)

Zimbabwe

(9)

(1)

Other

(40)

(8)

(3)

(35)

(5)

(1)

(6)

676

610

877

2,844

112

101

131

441

3. Cash gross profit (loss)

South Africa

455

514

660

2,193

342

Argentina

143

370

Australia

135

173

106

555

Brazil

164

158

153

685

107

Ghana

106

(27)

128

(6)

Guinea

(51)

(81)

(9)

(13)

Mali

165

196

133

503

Namibia

(4)

(1)

Tanzania

154

130

101

372

USA

300

Zimbabwe

Other

(21)

(2)

1,385

1,299

1,323

5,092

230

215

197

793

Gross profit (loss) adjusted for the effect of unrealised non-hedge derivatives plus amortisation of tangible and intangible assets less non-cash revenues.

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

Based on risks and returns the directors consider that the primary reporting format is by business segment. The directors consider that there is only one business segment being mining, extraction and production of gold. Therefore the disclosures for the primary segment have already been given in the abbreviated financial statements. The secondary reporting format is by geographical analysis by origin.

Segmental reporting (continued)

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Restated

Unaudited

4. Gold production

South Africa

20,732

22,214

21,419

88,860

666

714

688

2,857

Argentina

1,779

2,135

1,097

6,575

211

Australia

4,064

3,554

2,703

12,762

131

114

410

Brazil

2,528

2,575

2,334

10,382

334

Ghana

5,313

5,142

15,041

171

166

485

Guinea

1,345

1,325

2,565

Mali

3,980

5,145

3,352

14,789

128

165

108

475

Namibia

596

535

460

2,070

Tanzania

5,963

5,915

2,895

17,740

192

190

570

USA

2,508

2,820

2,237

10,234

329

Zimbabwe

293

48,808

51,360

36,497

181,311

1,569

1,651

1,173

5,829

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

5. Capital expenditure

South Africa

482

712

416

2,159

115

335

Argentina

Australia

182

Brazil

261

Ghana

269

Guinea

114

366

Mali

Namibia

134

Tanzania

USA

103

Zimbabwe

Other

864

1,181

567

3,764

144

192

585

As at

March

December

March

December

March

2005

2004

2005

2004

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

6. Total assets

South Africa

14,506

15,039

12,816

2,331

2,664

2,039

Argentina

2,115

1,784

1,969

340

316

313

Australia

4,389

4,062

4,295

705

720

683

Brazil

2,048

1,962

1,836

329

348

292

Ghana

11,403

10,016

1,832

1,774

Guinea

1,699

1,366

273

242

Mali

2,041

1,820

2,267

328

322

361

Namibia

214

216

202

Tanzania

6,682

6,233

2,710

1,073

1,107

431

USA

2,752

2,311

2,586

442

409

411

Other

1,762

1,419

5,206

286

250

829

49,611

46,228

33,887

7,973

8,190

5,391

The results have been prepared in accordance with International Financial Reporting Standards (IFRS).

US Dollar million

oz (000)

Development

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

Quarter ended March 2005

Statistics are shown in metric units

Advance

Sampled

metres

channel

gold

uranium

width cm

g/t

cm.g/t

kg/t

cm.kg/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

4,103

593

104.1

24.99

2,601

0.92

95.86

Kopanang Mine
Vaal reef

7,082

920

10.7

119.81

1,282

4.24

45.36

Tau Lekoa Mine
Ventersdorp Contact reef

3,265

1,074

99.8

9.49

947

0.02

1.89

Moab Khotsong Mine
Vaal reef

4,112

127.1

31.42

3,994

1.27

161.00

WEST WITS
TauTona Mine
Ventersdorp Contact reef

263

Carbon Leader reef

4,607

16.2

92.28

1,495

Savuka Mine
Ventersdorp Contact reef

666

Carbon Leader reef

484

73.0

9.89

722

0.01

0.50

Mponeng Mine
Ventersdorp Contact reef

4,275

776

78.4

26.77

2,099

AUSTRALIA
Sunrise Dam

1,482

600

4.19

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

1,047

866

7.40

Córrego do Sitio

317

4.10

Lamego

283

Serra Grande
Mina III

683

Mina Nova

GHANA
Obuasi

5,779

1,394

12.80

Group

operating results

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Restated

Unaudited

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

UNDERGROUND OPERATION

Milled

- 000 tonnes

- 000 tons

3,386

3,643

2,806

13,554

3,733

4,016

3,094

14,940

Yield

- g / t

- oz / t

7.35

7.20

8.11

7.50

0.214

0.210

0.237

0.219

Gold produced

- kg

- oz (000)

24,884

26,246

22,770

101,717

800

844

732

3,270

SURFACE AND DUMP RECLAMATION

Treated

- 000 tonnes

- 000 tons

2,111

2,033

1,432

7,102

2,327

2,241

1,579

7,829

Yield

- g / t

- oz / t

0.47

0.53

0.57

0.60

0.014

0.015

0.017

0.018

Gold produced

- kg

- oz (000)

986

1,078

817

4,279

138

OPEN-PIT OPERATION

Mined

- 000 tonnes

- 000 tons

37,062

35,188

27,054

135,171

40,853

38,788

29,822

149,001

Treated

- 000 tonnes

- 000 tons

5,111

5,176

2,930

18,236

5,634

5,706

3,230

20,102

Stripping ratio

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

5.88

5.33

9.09

6.34

5.88

5.33

9.09

6.34

Yield

- g / t

- oz / t

3.56

3.63

3.39

3.21

0.104

0.106

0.099

0.094

Gold in ore

- kg

- oz (000)

14,898

21,065

5,848

54,056

479

677

188

1,738

Gold produced

- kg

- oz (000)

18,220

18,798

9,938

58,572

585

604

319

1,883

HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

17,913

18,934

17,611

71,837

19,745

20,871

19,412

79,187

Placed

- 000 tonnes

- 000 tons

6,610

6,378

4,710

22,120

7,286

7,031

5,192

24,383

Stripping ratio

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

1.72

1.91

2.51

2.08

1.72

1.91

2.51

2.08

Yield

- g / t

- oz / t

0.87

0.88

0.84

0.025

0.026

0.025

0.024

Gold placed

- kg

- oz (000)

5,776

5,608

3,970

18,534

186

180

128

596

Gold produced

- kg

- oz (000)

4,718

5,238

2,972

16,743

152

168

538

TOTAL

Gold produced

- kg

- oz (000)

48,808

51,360

36,497

181,311

1,569

1,651

1,173

5,829

Gold sold

- kg

- oz (000)

48,313

51,463

36,615

181,585

1,553

1,655

1,177

5,838

Price received

- R / kg

- $ / oz

- sold

82,152

76,691

87,651

81,051

424

395

404

394

Total cash costs

- R / kg

- $ / oz

- produced

54,778

53,299

55,004

54,276

284

274

253

264

Total production costs

- R / kg

- $ / oz

- produced

70,639

67,925

68,038

68,221

366

350

313

332

PRODUCTIVITY PER EMPLOYEE

Target

- g

- oz

419

385

356

372

13.47

12.36

11.44

11.95

Actual

- g

- oz

394

398

344

368

12.66

12.80

11.05

11.84

CAPITAL EXPENDITURE - Rm

- $m

864

1,181

567

3,764

144

192

585

Tonnes (Tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA

482

712

416

2,159

115

335

Vaal River
Great Noligwa Mine

235

Kopanang Mine

244

Tau Lekoa Mine

160

Surface Operations

135

Moab Khotsong

137

168

115

513

West Wits
Mponeng Mine

112

402

Savuka Mine

TauTona Mine

150

416

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

182

Sunrise Dam

161

Exploration

BRAZIL

261

AngloGold Ashanti Mineracao

204

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

269

Bibiani

Iduapriem - Attributable 85%

Obuasi

203

Minorities and exploration

GUINEA

114

366

Siguiri - Attributable 85%

311

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

134

Navachab

134

TANZANIA

Geita - Attributable 100% May 2004

USA

103

Cripple Creek & Victor J.V.

102

Minorities and exploration

ZIMBABWE

Freda-Rebecca

OTHER

ANGLOGOLD ASHANTI

864

1,181

567

3,764

144

192

585

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA

20,732

22,214

21,419

88,860

Vaal River
Great Noligwa Mine

10.23

10.21

10.81

10.38

5,598

6,314

5,866

24,728

Kopanang Mine

7.49

7.23

8.03

7.37

3,737

3,825

3,750

15,104

Tau Lekoa Mine

3.98

3.87

3.65

3.87

2,029

2,335

2,095

9,122

Surface Operations

0.46

0.55

0.57

0.60

730

880

817

3,698

West Wits
Mponeng Mine

8.31

7.71

8.47

8.14

3,571

3,477

3,234

13,634

Savuka Mine

5.44

6.56

5.94

6.19

1,000

1,302

1,099

4,903

TauTona Mine

10.31

10.08

12.17

10.88

4,067

4,081

4,558

17,671

ARGENTINA

1,779

2,135

1,097

6,575

Cerro Vanguardia - Attributable 92.50%

8.15

8.99

5.81

7.60

1,779

2,135

1,097

6,575

AUSTRALIA

4,064

3,554

2,703

12,762

Sunrise Dam

4.60

3.73

2.84

3.46

4,064

3,554

2,693

12,751

Union Reefs

BRAZIL

2,528

2,575

2,334

10,382

AngloGold Ashanti Mineração

7.96

7.58

7.77

7.85

1,776

1,837

1,634

7,473

Serra Grande - Attributable 50%

8.01

7.91

7.65

7.80

752

738

700

2,909

GHANA

5,313

5,142

15,041

Bibiani

1.58

1.79

1.93

1,020

1,048

3,253

Iduapriem

- Attributable 85%

1.80

1.81

1.72

1,442

1,302

3,846

Obuasi

4.80

5.02

5.27

2,851

2,792

7,942

GUINEA

1,345

1,325

2,565

Siguiri

- Attributable 85%

1.16

1.09

1.10

1,345

1,325

2,565

MALI

3,980

5,145

3,352

14,789

Morila - Attributable 40%

4.87

6.56

4.19

4.44

2,075

2,825

1,332

6,358

Sadiola - Attributable 38%

2.83

2.81

3.15

2.77

1,188

1,454

1,385

5,421

Yatela

- Attributable 40%

2.61

2.95

3.58

3.41

717

866

635

3,010

NAMIBIA

596

535

460

2,070

Navachab

1.94

1.83

1.54

1.59

596

535

460

2,070

TANZANIA

5,963

5,915

2,895

17,740

Geita - Attributable 100% May 2004

4.15

4.02

3.74

5,963

5,915

2,895

17,740

USA

2,508

2,820

2,237

10,234

Cripple Creek & Victor J.V.

0.64

0.60

0.67

0.61

2,508

2,820

2,237

10,234

ZIMBABWE

293

Freda-Rebecca

1.66

293

ANGLOGOLD ASHANTI

48,808

51,360

36,497

181,311

Underground Operations

7.35

7.20

8.11

7.50

24,884

26,246

22,770

101,717

Surface and Dump Reclamation

0.47

0.53

0.57

0.60

986

1,078

817

4,279

Open-pit Operations

3.56

3.63

3.39

3.21

18,220

18,798

9,938

58,572

Heap leach Operations

0.87

0.88

0.84

4,718

5,238

2,972

16,743

48,808

51,360

36,497

181,311

Attributable production at Moab Khotsong yielded 124 kilograms which will be

The yield of Bibiani and Iduapriem represents open-pit operations.

capitalised against pre-production costs.

Siguiri, Yatela and Cripple Creek & Victor Joint Venture operations yield reflects

The yield is calculated on gold placed into leach pad inventory / tonnes placed on to leach pad.

gold placed/tonnes placed.

The yield of AngloGold Ashanti Mineracao represents underground operations.

The yield of Obuasi represents underground operations.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA

240

252

234

249

20,717

22,223

21,414

88,854

Vaal River
Great Noligwa Mine

272

306

256

288

5,595

6,318

5,864

24,727

Kopanang Mine

229

227

222

225

3,735

3,828

3,750

15,103

Tau Lekoa Mine

168

191

173

185

2,028

2,336

2,095

9,122

Surface Operations

678

902

793

939

730

880

817

3,698

West Wits
Mponeng Mine

251

246

227

241

3,567

3,477

3,233

13,633

Savuka Mine

118

143

111

129

999

1,303

1,098

4,902

TauTona Mine

296

285

315

310

4,063

4,081

4,557

17,669

ARGENTINA

815

1,068

628

885

1,743

2,177

1,215

6,694

Cerro Vanguardia - Attributable 92.50%

815

1,068

628

885

1,743

2,177

1,215

6,694

AUSTRALIA

3,378

2,923

2,163

2,592

4,053

3,547

2,706

12,776

Sunrise Dam

3,812

3,313

2,526

2,989

4,053

3,547

2,695

12,764

Union Reefs

240

123

BRAZIL

663

684

690

668

2,502

2,553

2,372

10,389

AngloGold Ashanti Mineração

579

610

521

602

1,751

1,827

1,645

7,488

Serra Grande - Attributable 50%

1,007

978

840

926

751

726

727

2,901

GHANA

272

277

293

5,120

5,142

15,048

Bibiani

487

526

670

1,020

1,048

3,253

Iduapriem - Attributable 85%

681

618

663

1,279

1,302

3,853

Obuasi

186

193

196

2,821

2,792

7,942

GUINEA

489

494

340

1,345

1,325

2,716

Siguiri - Attributable 85%

489

494

340

1,345

1,325

2,716

MALI

1,887

2,235

1,440

1,603

4,014

5,100

3,247

14,716

Morila - Attributable 40%

3,097

3,118

1,822

1,953

2,040

2,861

1,287

6,304

Sadiola - Attributable 38%

1,702

2,174

1,907

1,952

1,202

1,429

1,394

5,418

Yatela - Attributable 40%

967

1,192

730

943

772

810

566

2,994

NAMIBIA

606

558

732

687

636

536

460

2,121

Navachab

606

558

732

687

636

536

460

2,121

TANZANIA

1,545

1,452

1,333

1,262

5,691

6,039

2,895

17,674

Geita - Attributable 100% May 2004

1,545

1,452

1,333

1,262

5,691

6,039

2,895

17,674

USA

2,714

3,032

2,383

2,726

2,492

2,821

2,306

10,305

Cripple Creek & Victor J.V.

2,714

3,032

2,383

2,726

2,492

2,821

2,306

10,305

ZIMBABWE

292

Freda-Rebecca

292

ANGLOGOLD ASHANTI

394

398

344

368

48,313

51,463

36,615

181,585

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA

61,859

58,258

59,958

58,630

75,408

68,788

69,851

68,357

Vaal River
Great Noligwa Mine

53,491

45,517

50,994

47,820

62,429

52,305

57,357

53,781

Kopanang Mine

59,318

55,491

59,808

58,220

69,864

64,467

66,579

65,460

Tau Lekoa Mine

83,401

77,233

79,795

76,428

103,281

91,876

92,080

89,168

Surface Operations

61,450

58,950

54,911

51,662

61,450

58,950

54,911

51,662

West Wits
Mponeng Mine

63,457

64,994

68,287

66,437

80,469

79,277

80,825

79,718

Savuka Mine

107,171

88,981

98,153

94,036

122,173

92,917

122,819

108,457

TauTona Mine

52,492

54,011

48,283

50,531

71,026

70,613

60,523

64,085

ARGENTINA

27,849

25,334

42,188

32,325

46,596

43,873

73,323

56,773

Cerro Vanguardia - Attributable 92.50%

27,280

25,172

42,188

32,188

45,919

43,617

73,323

56,501

AUSTRALIA

55,813

56,270

62,707

55,720

70,887

71,121

78,287

70,196

Sunrise Dam

53,857

54,649

59,584

53,488

68,751

68,925

74,051

67,039

BRAZIL

31,854

25,263

29,606

26,835

41,194

37,812

41,232

38,200

AngloGold Ashanti Mineracao

28,425

26,356

30,240

27,547

38,169

40,132

42,576

39,417

Serra Grande - Attributable 50%

28,483

28,505

28,127

27,774

36,143

37,159

38,096

36,818

GHANA

63,393

62,210

59,286

86,182

88,587

83,551

Bibiani

55,841

55,161

50,921

83,860

79,398

74,906

Iduapriem - Attributable 85%

55,716

68,199

61,219

75,043

99,780

85,029

Obuasi

69,979

62,061

61,776

92,649

86,814

86,376

GUINEA

76,360

83,828

88,884

92,084

100,252

106,970

Siguiri - Attributable 85%

76,360

83,828

88,884

92,084

100,252

106,970

MALI

41,706

37,049

44,340

43,358

59,268

48,376

60,410

57,685

Morila - Attributable 40%

33,432

28,795

34,345

37,565

49,458

39,269

54,949

53,829

Sadiola - Attributable 38%

54,634

49,309

46,977

49,856

73,458

60,630

59,859

62,086

Yatela - Attributable 40%

54,180

53,355

59,557

52,627

73,966

67,381

73,064

66,511

NAMIBIA

79,780

89,009

65,487

71,118

88,903

99,489

70,177

79,673

Navachab

79,780

89,009

65,487

71,118

88,903

99,489

70,177

79,673

TANZANIA

41,204

51,479

41,193

51,200

56,421

69,023

51,075

67,072

Geita - Attributable 100% May 2004

41,204

51,479

41,193

51,200

56,421

69,023

51,075

67,072

USA

43,251

47,539

46,504

46,187

62,417

63,920

65,922

62,852

Cripple Creek & Victor J.V.

42,443

46,411

45,307

45,158

61,610

62,791

64,726

61,824

ZIMBABWE

86,529

121,825

Freda-Rebecca

86,529

121,825

ANGLOGOLD ASHANTI

54,778

53,299

55,004

54,276

70,639

67,925

68,038

68,221

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

SA Rand

Cash gross profit (loss) - Rm

SOUTH AFRICA

455

514

660

2,193

213

312

498

1,462

Vaal River
Great Noligwa Mine

157

226

233

861

122

196

211

758

Kopanang Mine

118

383

294

Tau Lekoa Mine

(32)

(21)

(3)

(40)

Surface Operations

122

West Wits
Mponeng Mine

239

Savuka Mine

(18)

(5)

(16)

(66)

(32)

(17)

(30)

(117)

TauTona Mine

130

109

201

594

154

375

ARGENTINA

143

370

103

202

Cerro Vanguardia - Attributable 92.50%

133

344

189

Minorities and exploration

AUSTRALIA

135

173

106

555

124

390

Sunrise Dam

135

173

109

561

124

396

Union Reefs

(3)

(6)

(3)

(6)

BRAZIL

164

158

153

685

136

125

118

547

AngloGold Ashanti Mineracao

374

291

Serra Grande - Attributable 50%

138

112

Minorities and exploration

173

144

GHANA

106

(27)

128

(134)

(130)

Bibiani

(1)

(2)

(20)

(9)

Iduapriem - Attributable 85%

(14)

(43)

(29)

Obuasi

(16)

(7)

(68)

(92)

Minorities and exploration

(3)

GUINEA

(51)

(81)

(67)

(93)

Siguiri - Attributable 85%

(50)

(78)

(62)

(84)

Minorities and exploration

(1)

(3)

(5)

(9)

MALI

165

196

133

503

141

306

Morila - Attributable 40%

106

139

248

111

150

Sadiola - Attributable 38%

167

105

Yatela - Attributable 40%

NAMIBIA

(4)

(9)

Navachab

(4)

(9)

TANZANIA

154

130

101

372

150

Geita - Attributable 100% May 2004

154

130

101

372

150

USA

300

(4)

Cripple Creek & Victor J.V.

300

(4)

ZIMBABWE

(9)

Freda-Rebecca

(9)

OTHER

(21)

(40)

(8)

(3)

(35)

ANGLOGOLD ASHANTI

1,385

1,299

1,323

5,092

676

610

877

2,844

Gross profit (loss) adjusted for the effect of unrealised non-hedge derivatives plus amortisation of tangible and intangible assets less non-cash revenues.

Gross profit (loss) adjusted for the effect of

unrealised non-hedge derivatives - Rm

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA

666

714

688

2,857

Vaal River
Great Noligwa Mine

0.299

0.298

0.315

0.303

180

203

189

795

Kopanang Mine

0.218

0.211

0.234

0.215

120

123

121

486

Tau Lekoa Mine

0.116

0.113

0.106

0.113

293

Surface Operations

0.013

0.016

0.017

0.018

119

West Wits
Mponeng Mine

0.242

0.225

0.247

0.237

115

112

104

438

Savuka Mine

0.159

0.191

0.173

0.181

158

TauTona Mine

0.301

0.294

0.355

0.317

131

146

568

ARGENTINA

211

Cerro Vanguardia - Attributable 92.50%

0.238

0.262

0.169

0.222

211

AUSTRALIA

131

114

410

Sunrise Dam

0.134

0.109

0.083

0.101

131

114

410

BRAZIL

334

AngloGold Ashanti Mineracao

0.232

0.221

0.227

0.229

240

Serra Grande - Attributable 50%

0.233

0.231

0.223

0.228

GHANA

171

166

485

Bibiani

0.046

0.052

0.056

105

Iduapriem

- Attributable 85%

0.052

0.053

0.050

125

Obuasi

0.130

0.147

0.154

255

GUINEA

Siguiri

- Attributable 85%

0.034

0.032

MALI

128

165

108

475

Morila - Attributable 40%

0.142

0.191

0.122

0.130

204

Sadiola - Attributable 38%

0.083

0.082

0.092

0.081

174

Yatela

- Attributable 40%

0.076

0.086

0.104

0.099

NAMIBIA

Navachab

0.056

0.053

0.045

0.046

TANZANIA

192

190

570

Geita - Attributable 100% May 2004

0.121

0.117

0.109

192

190

570

USA

329

Cripple Creek & Victor J.V.

0.019

0.018

0.020

0.018

329

ZIMBABWE

Freda-Rebecca

0.048

ANGLOGOLD ASHANTI

1,569

1,651

1,173

5,829

Underground Operations

0.214

0.210

0.237

0.219

800

844

732

3,270

Surface and Dump Reclamation

0.014

0.015

0.017

0.018

138

Open-pit Operations

0.104

0.106

0.099

0.094

585

604

319

1,883

Heap leach Operations

0.025

0.026

0.025

0.024

152

168

538

1,569

1,651

1,173

5,829

Attributable production at Moab Khotsong yielded 124 kilograms which will be

The yield of Bibiani and Iduapriem represents open-pit operations.

capitalised against pre-production costs.

Siguiri, Yatela and Cripple Creek & Victor Joint Venture operations yield reflects gold placed/tonnes placed.

The yield is calculated on gold placed into leach pad inventory / tonnes placed on to leach pad.

The yield of AngloGold Ashanti Mineracao represents underground operations.

The yield of Obuasi represents underground operations

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA

7.71

8.09

7.52

7.99

666

714

689

2,857

Vaal River
Great Noligwa Mine

8.74

9.84

8.23

9.28

180

203

189

795

Kopanang Mine

7.37

7.30

7.15

7.25

120

123

121

486

Tau Lekoa Mine

5.41

6.16

5.55

5.95

293

Surface Operations

21.80

29.00

25.49

30.19

119

West Wits
Mponeng Mine

8.08

7.90

7.29

7.75

115

112

104

438

Savuka Mine

3.80

4.58

3.56

4.16

158

TauTona Mine

9.52

9.15

10.11

9.98

131

147

568

ARGENTINA

26.20

34.35

20.21

28.46

216

Cerro Vanguardia - Attributable 92.50%

26.20

34.35

20.21

28.46

216

AUSTRALIA

108.61

93.98

69.53

83.34

130

114

411

Sunrise Dam

122.57

106.50

81.22

96.10

130

114

411

BRAZIL

21.31

21.99

22.20

21.47

334

AngloGold Ashanti Mineracao

18.62

19.62

16.76

19.37

241

Serra Grande - Attributable 50%

32.36

31.43

26.99

29.79

GHANA

8.76

8.89

9.43

165

166

484

Bibiani

15.65

16.92

21.54

105

Iduapriem - Attributable 85%

21.91

19.86

21.33

124

Obuasi

5.99

6.20

6.29

255

GUINEA

15.73

15.87

10.92

Siguiri - Attributable 85%

15.73

15.87

10.92

Minorities and exploration

MALI

60.67

71.86

46.30

51.55

130

164

104

473

Morila - Attributable 40%

99.59

100.24

58.59

62.80

203

Sadiola - Attributable 38%

54.72

69.89

61.30

62.76

174

Yatela - Attributable 40%

31.09

38.32

23.47

30.31

NAMIBIA

19.49

17.95

23.52

22.10

Navachab

19.49

17.95

23.52

22.10

TANZANIA

49.68

46.68

42.85

40.58

183

194

568

Geita - Attributable 100% May 2004

49.68

46.68

42.85

40.58

183

194

568

USA

87.26

97.49

76.60

87.65

331

Cripple Creek & Victor J.V.

87.26

97.49

76.60

87.65

331

ZIMBABWE

3.16

Freda-Rebecca

3.16

ANGLOGOLD ASHANTI

12.66

12.80

11.05

11.84

1,553

1,655

1,177

5,838

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA

320

299

276

284

390

354

321

331

Vaal River
Great Noligwa Mine

277

234

235

231

323

269

264

260

Kopanang Mine

307

285

275

281

362

332

306

317

Tau Lekoa Mine

432

397

367

370

535

473

423

432

Surface Operations

318

302

253

250

318

302

253

250

West Wits
Mponeng Mine

329

334

314

322

417

409

372

386

Savuka Mine

555

458

451

455

633

476

564

523

TauTona Mine

272

278

222

245

368

364

278

311

ARGENTINA

144

131

184

157

241

226

337

275

Cerro Vanguardia - Attributable 92.50%

141

130

184

156

238

225

337

274

AUSTRALIA

289

291

289

271

367

361

341

Sunrise Dam

279

282

274

260

356

341

326

BRAZIL

165

130

136

130

213

195

190

185

AngloGold Ashanti Mineracao

147

135

139

133

198

207

196

191

Serra Grande - Attributable 50%

147

130

134

187

191

175

178

GHANA

328

321

293

446

458

413

Bibiani

289

283

251

434

408

369

Iduapriem - Attributable 85%

288

354

303

389

520

423

Obuasi

362

320

305

480

448

426

GUINEA

395

434

443

477

520

534

Siguiri - Attributable 85%

395

434

443

477

520

534

MALI

216

192

204

211

307

250

281

Morila - Attributable 40%

173

150

158

184

256

204

253

263

Sadiola - Attributable 38%

283

255

216

242

380

313

276

301

Yatela - Attributable 40%

280

276

274

255

383

348

338

323

NAMIBIA

413

462

302

348

460

516

324

389

Navachab

413

462

302

348

460

516

324

389

TANZANIA

213

264

190

250

292

354

235

328

Geita - Attributable 100% May 2004

213

264

190

250

292

354

235

328

USA

224

245

214

225

323

330

302

305

Cripple Creek & Victor J.V.

220

240

208

220

319

324

297

300

ZIMBABWE

417

589

Freda-Rebecca

417

589

ANGLOGOLD ASHANTI

284

274

253

264

366

350

313

332

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

US Dollar

Cash gross profit (loss) - $m

SOUTH AFRICA

342

228

Vaal River
Great Noligwa Mine

134

118

Kopanang Mine

Tau Lekoa Mine

(5)

(3)

(6)

Surface Operations

West Wits
Mponeng Mine

Savuka Mine

(3)

(2)

(3)

(10)

(5)

(4)

(18)

TauTona Mine

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

Sunrise Dam

Union Reefs

(1)

BRAZIL

107

AngloGold Ashanti Mineracao

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(6)

(23)

(22)

Bibiani

(1)

(4)

(2)

Iduapriem - Attributable 85%

(2)

(7)

(5)

Obuasi

(4)

(1)

(12)

(15)

Minorities and exploration

GUINEA

(9)

(13)

(11)

(16)

Siguiri - Attributable 85%

(9)

(13)

(11)

(14)

Minorities and exploration

(2)

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

(1)

(2)

Navachab

(1)

(2)

TANZANIA

Geita - Attributable 100% May 2004

USA

(1)

Cripple Creek & Victor J.V.

(1)

ZIMBABWE

(1)

Freda-Rebecca

(1)

OTHER

(2)

(5)

(1)

(6)

ANGLOGOLD ASHANTI

230

215

197

793

112

101

131

441

Gross profit (loss) adjusted for the effect of unrealised non-hedge derivatives plus amortisation of tangible and intangible assets less non-cash revenues.

Gross profit (loss) adjusted for the effect of

unrealised non-hedge derivatives - $m

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

GREAT NOLIGWA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

115

430

1,066

1,236

1,069

4,627

Milled

- 000 tonnes

- 000 tons

547

618

543

2,383

603

682

598

2,626

Yield

- g / t

- oz / t

10.23

10.21

10.81

10.38

0.299

0.298

0.315

0.303

Gold produced

- kg

- oz (000)

5,598

6,314

5,866

24,728

180

203

189

795

Gold sold

- kg

- oz (000)

5,595

6,318

5,864

24,727

180

203

189

795

Price received

- R / kg

- $ / oz

- sold

85,182

83,526

91,817

85,330

441

430

423

413

Total cash costs

- R

- $

- ton milled

547

465

551

496

- R / kg

- $ / oz

- produced

53,491

45,517

50,994

47,820

277

234

235

231

Total production costs

- R / kg

- $ / oz

- produced

62,429

52,305

57,357

53,781

323

269

264

260

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

285

300

253

290

9.16

9.65

8.14

9.31

Actual

- g

- oz

272

306

256

288

8.74

9.84

8.23

9.28

Target

- m²

- ft²

4.86

5.17

4.34

4.84

52.34

55.70

46.67

52.05

Actual

- m²

- ft²

4.81

5.57

4.33

5.02

51.79

59.93

46.62

53.98

FINANCIAL RESULTS (MILLION)
Gold income

445

511

502

2,001

311

Cost of sales

355

332

327

1,351

210

Cash operating costs

297

285

296

1,171

182

Other cash costs

Total cash costs

300

288

299

1,182

184

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

315

301

314

1,227

191

Amortisation of tangible assets

103

Inventory change

(9)

(1)

179

175

650

101

Realised non-hedge derivatives

108

Gross profit excluding the effect of unrealised non-hedge derivatives

122

196

211

758

118

Capital expenditure

235

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

KOPANANG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

121

128

112

480

1,301

1,383

1,210

5,163

Milled

- 000 tonnes

- 000 tons

499

529

467

2,049

550

583

515

2,259

Yield

- g / t

- oz / t

7.49

7.23

8.03

7.37

0.218

0.211

0.234

0.215

Gold produced

- kg

- oz (000)

3,737

3,825

3,750

15,104

120

123

121

486

Gold sold

- kg

- oz (000)

3,735

3,828

3,750

15,103

120

123

121

486

Price received

- R / kg

- $ / oz

- sold

84,282

83,570

91,497

85,280

436

431

422

413

Total cash costs

- R

- $

- ton milled

444

401

479

429

- R / kg

- $ / oz

- produced

59,318

55,491

59,808

58,220

307

285

275

281

Total production costs

- R / kg

- $ / oz

- produced

69,864

64,467

66,579

65,460

362

332

306

317

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

215

207

208

210

6.92

6.67

6.70

6.74

Actual

- g

- oz

229

227

222

225

7.37

7.30

7.15

7.25

Target

- m²

- ft²

6.77

6.67

6.53

6.65

72.85

71.74

70.27

71.57

Actual

- m²

- ft²

7.41

7.63

6.67

7.16

79.77

82.11

71.77

77.07

FINANCIAL RESULTS (MILLION)
Gold income

297

309

322

1,224

190

Cost of sales

262

248

245

994

154

Cash operating costs

220

210

222

870

134

Other cash costs

Total cash costs

222

212

224

879

135

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

230

221

230

900

139

Amortisation of tangible assets

Inventory change

(5)

(1)

230

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

294

Capital expenditure

244

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

TAU LEKOA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

112

106

433

1,024

1,202

1,141

4,663

Milled

- 000 tonnes

- 000 tons

510

603

574

2,354

563

665

633

2,595

Yield

- g / t

- oz / t

3.98

3.87

3.65

3.87

0.116

0.113

0.106

0.113

Gold produced

- kg

- oz (000)

2,029

2,335

2,095

9,122

293

Gold sold

- kg

- oz (000)

2,028

2,336

2,095

9,122

293

Price received

- R / kg

- $ / oz

- sold

86,035

83,603

91,957

85,169

445

433

424

413

Total cash costs

- R

- $

- ton milled

332

299

293

296

- R / kg

- $ / oz

- produced

83,401

77,233

79,795

76,428

432

397

367

370

Total production costs

- R / kg

- $ / oz

- produced

103,281

91,876

92,080

89,168

535

473

423

432

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

210

218

213

219

6.76

7.01

6.84

7.03

Actual

- g

- oz

168

191

173

185

5.41

6.16

5.55

5.95

Target

- m²

- ft²

9.50

9.20

8.85

9.12

102.31

99.00

95.23

98.20

Actual

- m²

- ft²

7.88

9.15

8.74

8.78

84.87

98.53

94.10

94.54

FINANCIAL RESULTS (MILLION)
Gold income

161

188

179

737

115

Cost of sales

206

217

195

817

127

Cash operating costs

168

179

166

691

107

Other cash costs

Total cash costs

169

180

168

697

108

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

175

187

171

713

110

Amortisation of tangible assets

100

Inventory change

(4)

(1)

(45)

(29)

(16)

(80)

(7)

(5)

(2)

(12)

Realised non-hedge derivatives

Gross loss excluding the effect of unrealised non-hedge derivatives

(32)

(21)

(3)

(40)

(5)

(3)

(6)

Capital expenditure

160

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

SURFACE OPERATIONS

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
Milled

- 000 tonnes

- 000 tons

1,585

1,594

1,432

6,133

1,747

1,757

1,579

6,761

Yield

- g / t

- oz / t

0.46

0.55

0.57

0.60

0.013

0.016

0.017

0.018

Gold produced

- kg

- oz (000)

730

880

817

3,698

119

Gold sold

- kg

- oz (000)

730

880

817

3,698

119

Price received

- R / kg

- $ / oz

- sold

84,836

83,675

90,785

84,784

439

431

418

411

Total cash costs

- R

- $

- ton milled

- R / kg

- $ / oz

- produced

61,450

58,950

54,911

51,662

318

302

253

250

Total production costs

- R / kg

- $ / oz

- produced

61,450

58,950

54,911

51,662

318

302

253

250

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

746

765

522

699

23.98

24.59

16.79

22.48

Actual

- g

- oz

678

902

793

939

21.80

29.00

25.49

30.19

FINANCIAL RESULTS (MILLION)
Gold income

298

Cost of sales

191

Cash operating costs

191

Other cash costs

Total cash costs

191

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

191

Amortisation of tangible assets

Inventory change

(2)

107

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

122

Capital expenditure

135

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

MPONENG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

325

896

961

772

3,502

Milled

- 000 tonnes

- 000 tons

430

451

382

1,675

474

497

421

1,846

Yield

- g / t

- oz / t

8.31

7.71

8.47

8.14

0.242

0.225

0.247

0.237

Gold produced

- kg

- oz (000)

3,571

3,477

3,234

13,634

115

112

104

438

Gold sold

- kg

- oz (000)

3,567

3,477

3,233

13,633

115

112

104

438

Price received

- R / kg

- $ / oz

- sold

85,205

83,118

91,490

84,960

441

431

421

412

Total cash costs

- R

- $

- ton milled

527

501

578

541

- R / kg

- $ / oz

- produced

63,457

64,994

68,287

66,437

329

334

314

322

Total production costs

- R / kg

- $ / oz

- produced

80,469

79,277

80,825

79,718

417

409

372

386

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

239

259

223

238

7.70

8.32

7.17

7.66

Actual

- g

- oz

251

246

227

241

8.08

7.90

7.29

7.75

Target

- m²

- ft²

5.30

5.68

5.04

5.55

57.08

61.19

54.25

59.75

Actual

- m²

- ft²

5.86

6.31

5.03

5.75

63.04

67.92

54.13

61.89

FINANCIAL RESULTS (MILLION)
Gold income

283

279

278

1,102

172

Cost of sales

281

276

257

1,089

170

Cash operating costs

224

219

897

140

Other cash costs

Total cash costs

226

221

905

141

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

229

231

224

917

143

Amortisation of tangible assets

169

Inventory change

(6)

(5)

(1)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

112

402

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

SAVUKA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

168

443

485

422

1,805

Milled

- 000 tonnes

- 000 tons

184

198

185

792

203

219

204

873

Yield

- g / t

- oz / t

5.44

6.56

5.94

6.19

0.159

0.191

0.173

0.181

Gold produced

- kg

- oz (000)

1,000

1,302

1,099

4,903

158

Gold sold

- kg

- oz (000)

999

1,303

1,098

4,902

158

Price received

- R / kg

- $ / oz

- sold

85,838

82,709

91,858

84,891

444

427

423

412

Total cash costs

- R

- $

- ton milled

583

584

577

582

- R / kg

- $ / oz

- produced

107,171

88,981

98,153

94,036

555

458

451

455

Total production costs

- R / kg

- $ / oz

- produced

122,173

92,917

122,819

108,457

633

476

564

523

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

144

142

138

139

4.64

4.55

4.43

4.47

Actual

- g

- oz

118

143

111

129

3.80

4.58

3.56

4.16

Target

- m²

- ft²

5.03

4.85

4.27

4.65

54.11

52.17

45.98

50.10

Actual

- m²

- ft²

4.85

4.93

3.95

4.42

52.25

53.06

42.56

47.59

FINANCIAL RESULTS (MILLION)
Gold income

105

396

Cost of sales

117

125

131

533

Cash operating costs

106

115

106

456

Other cash costs

Total cash costs

107

116

107

461

Retrenchment costs

Rehabilitation and other non-cash costs

(7)

(1)

Production costs

108

109

120

480

Amortisation of tangible assets

Inventory change

(5)

(3)

(1)

(38)

(20)

(37)

(137)

(6)

(4)

(5)

(21)

Realised non-hedge derivatives

Gross loss excluding the effect of unrealised non-hedge derivatives

(32)

(17)

(30)

(117)

(5)

(4)

(18)

Capital expenditure

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

TAUTONA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

280

741

721

756

3,016

Milled

- 000 tonnes

- 000 tons

394

405

375

1,625

435

446

413

1,791

Yield

- g / t

- oz / t

10.31

10.08

12.17

10.88

0.301

0.294

0.355

0.317

Gold produced

- kg

- oz (000)

4,067

4,081

4,558

17,671

131

146

568

Gold sold

- kg

- oz (000)

4,063

4,081

4,557

17,669

131

147

568

Price received

- R / kg

- $ / oz

- sold

84,559

82,874

91,932

85,307

438

428

424

412

Total cash costs

- R

- $

- ton milled

541

544

587

550

- R / kg

- $ / oz

- produced

52,492

54,011

48,283

50,531

272

278

222

245

Total production costs

- R / kg

- $ / oz

- produced

71,026

70,613

60,523

64,085

368

364

278

311

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

322

344

328

344

10.35

11.06

10.54

11.05

Actual

- g

- oz

296

285

315

310

9.52

9.15

10.11

9.98

Target

- m²

- ft²

5.10

5.17

4.94

5.16

54.90

55.60

53.15

55.49

Actual

- m²

- ft²

5.01

4.67

4.85

4.92

53.96

50.28

52.20

52.96

FINANCIAL RESULTS (MILLION)
Gold income

323

329

391

1,431

222

Cost of sales

283

291

265

1,132

176

Cash operating costs

211

219

218

884

138

Other cash costs

Total cash costs

213

222

220

893

139

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

219

228

229

913

142

Amortisation of tangible assets

219

Inventory change

(5)

(11)

(1)

(2)

126

299

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

154

375

Capital expenditure

150

416

Argentina

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

CERRO VANGUARDIA - Attributable 92.50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,509

4,163

3,923

16,895

4,970

4,588

4,325

18,624

Treated

- 000 tonnes

- 000 tons

218

238

189

865

241

262

208

954

Stripping ratio

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

15.81

14.92

19.24

17.87

15.81

14.92

19.24

17.87

Yield

- g / t

- oz / t

8.15

8.99

5.81

7.60

0.238

0.262

0.169

0.222

Gold in ore

- kg

- oz (000)

1,843

2,210

1,110

6,831

220

Gold produced

- kg

- oz (000)

1,779

2,135

1,097

6,575

211

Gold sold

- kg

- oz (000)

1,743

2,177

1,215

6,694

216

Price received

- R / kg

- $ / oz

- sold

74,334

80,928

80,058

79,006

385

415

367

385

Total cash costs

- R / kg

- $ / oz

- produced

27,280

25,172

42,188

32,188

141

130

184

156

Total production costs

- R / kg

- $ / oz

- produced

45,919

43,617

73,323

56,501

238

225

337

274

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

782

1,225

727

1,033

25.13

39.37

23.36

33.23

Actual

- g

- oz

815

1,068

628

885

26.20

34.35

20.21

28.46

FINANCIAL RESULTS (MILLION)
Gold income

140

191

106

574

Cost of sales

381

Cash operating costs

164

Other cash costs

Total cash costs

212

Rehabilitation and other non-cash costs

Production costs

215

Amortisation of tangible assets

155

Inventory change

(1)

193

Realised non-hedge derivatives

(2)

(1)

(4)

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

189

Capital expenditure

Australia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

SUNRISE DAM

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

2,605

2,916

4,011

14,917

3,407

3,814

5,247

19,511

Treated

- 000 tonnes

- 000 tons

866

940

948

3,673

954

1,037

1,045

4,049

Stripping ratio

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

4.34

4.02

14.40

8.04

4.34

4.02

14.40

8.04

Yield

- g / t

- oz / t

4.60

3.73

2.84

3.46

0.134

0.109

0.083

0.101

Gold produced

- kg

- oz (000)

4,064

3,554

2,693

12,751

131

114

410

Gold sold

- kg

- oz (000)

4,053

3,547

2,695

12,764

130

114

411

Price received

- R / kg

- $ / oz

- sold

81,997

84,140

103,623

89,749

424

433

480

436

Total cash costs

- R / kg

- $ / oz

- produced

53,857

54,649

59,584

53,488

279

282

274

260

Total production costs

- R / kg

- $ / oz

- produced

68,751

68,925

74,051

67,039

356

341

326

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

3,150

2,838

2,150

2,548

101.27

91.26

69.12

81.93

Actual

- g

- oz

3,812

3,313

2,526

2,989

122.57

106.50

81.22

96.10

FINANCIAL RESULTS (MILLION)
Gold income

337

293

246

1,098

172

Cost of sales

252

174

207

749

117

Cash operating costs

211

186

155

655

103

Other cash costs

Total cash costs

219

194

161

682

107

Rehabilitation and other non-cash costs

Production costs

224

196

163

690

108

Amortisation of tangible assets

165

Inventory change

(27)

(71)

(106)

(4)

(12)

(17)

119

349

Realised non-hedge derivatives

(5)

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

124

396

Capital expenditure

161

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

196

233

185

863

216

257

204

951

Treated

- 000 tonnes

- 000 tons

205

216

189

824

226

238

208

908

Yield

- g / t

- oz / t

7.96

7.58

7.77

7.85

0.232

0.221

0.227

0.229

Gold produced

- kg

- oz (000)

1,633

1,635

1,468

6,467

208

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Stripping ratio

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

1.72

0.74

1.72

0.74

Yield

- g / t

- oz / t

3.97

3.64

0.116

0.106

Gold in ore

- kg

- oz (000)

172

Gold produced

- kg

- oz (000)

172

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

664

536

209

2,149

732

591

230

2,369

Placed

- 000 tonnes

- 000 tons

172

190

Stripping ratio

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

18.85

13.45

8.81

11.50

18.85

13.45

8.81

11.50

Yield

- g / t

- oz / t

4.70

5.66

3.71

4.17

0.137

0.165

0.108

0.122

Gold placed

- kg

- oz (000)

159

209

718

Gold produced

- kg

- oz (000)

144

202

100

834

TOTAL
Yield

- g / t

- oz / t

7.96

7.58

7.47

7.62

0.232

0.221

0.218

0.222

Gold produced

- kg

- oz (000)

1,776

1,837

1,634

7,473

240

Gold sold

- kg

- oz (000)

1,751

1,827

1,645

7,488

241

Price received

- R / kg

- $ / oz

- sold

80,407

70,724

76,267

76,708

416

365

350

371

Total cash costs

- R / kg

- $ / oz

- produced

28,425

26,356

30,240

27,547

147

135

139

133

Total production costs

- R / kg

- $ / oz

- produced

38,169

40,132

42,576

39,417

198

207

196

191

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

473

536

505

551

15.21

17.23

16.23

17.72

Actual

- g

- oz

579

610

521

602

18.62

19.62

16.76

19.37

FINANCIAL RESULTS (MILLION)
Gold income

129

128

130

557

Cost of sales

283

Cash operating costs

200

Other cash costs

Total cash costs

206

Rehabilitation and other non-cash costs

Production costs

211

Amortisation of tangible assets

Inventory change

(4)

(7)

(11)

(1)

274

Realised non-hedge derivatives

(5)

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

291

Capital expenditure

204

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield excludes the heap leach operation.

ANGLOGOLD ASHANTI MINERACAO

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

377

102

106

104

415

Treated

- 000 tonnes

- 000 tons

373

104

103

101

411

Yield

- g / t

- oz / t

8.01

7.91

7.65

7.80

0.233

0.231

0.223

0.228

Gold produced

- kg

- oz (000)

752

738

700

2,909

Gold sold

- kg

- oz (000)

751

726

727

2,901

Price received

- R / kg

- $ / oz

- sold

80,467

70,233

74,158

75,349

416

362

343

365

Total cash costs

- R / kg

- $ / oz

- produced

28,483

28,505

28,127

27,774

147

130

134

Total production costs

- R / kg

- $ / oz

- produced

36,143

37,159

38,096

36,818

187

191

175

178

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

833

824

815

834

26.79

26.49

26.20

26.82

Actual

- g

- oz

1,007

978

840

926

32.36

31.43

26.99

29.79

FINANCIAL RESULTS (MILLION)
Gold income

212

Cost of sales

106

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(1)

106

Realised non-hedge derivatives

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

112

Capital expenditure

SERRA GRANDE - Attributable 50%

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

BIBIANI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

4.36

0.13

0.24

0.127

0.004

0.007

Gold produced

- kg

- oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

1,284

1,192

3,179

1,416

1,314

3,504

Treated

- 000 tonnes

- 000 tons

637

584

1,678

702

644

1,850

Stripping ratio

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

5.83

2.80

2.21

5.83

2.80

2.21

Yield

- g / t

- oz / t

1.58

1.79

1.93

0.046

0.052

0.056

Gold in ore

- kg

- oz (000)

1,015

861

2,840

Gold produced

- kg

- oz (000)

1,009

1,043

3,239

104

TOTAL
Yield

- g / t

- oz / t

1.59

1.79

1.93

0.047

0.052

0.056

Gold produced

- kg

- oz (000)

1,020

1,048

3,253

105

Gold sold

- kg

- oz (000)

1,020

1,048

3,253

105

Price received

- R / kg

- $ / oz

- sold

83,352

61,728

75,343

432

310

368

Total cash costs

- R / kg

- $ / oz

- produced

55,841

55,161

50,921

289

283

251

Total production costs

- R / kg

- $ / oz

- produced

83,860

79,398

74,906

434

408

369

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

397

486

505

12.75

15.63

16.23

Actual

- g

- oz

487

526

670

15.65

16.92

21.54

FINANCIAL RESULTS (MILLION)
Gold income

256

Cost of sales

254

Cash operating costs

153

Other cash costs

Total cash costs

166

Rehabilitation and other non-cash costs

Production costs

168

Amortisation of tangible assets

Inventory change

(5)

(12)

(1)

(2)

Realised non-hedge derivatives

(8)

(11)

(2)

Gross loss excluding the effect of unrealised non-hedge derivatives

(2)

(20)

(9)

(4)

(2)

Capital expenditure

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

6,004

4,292

12,785

6,618

4,731

14,093

Treated

- 000 tonnes

- 000 tons

800

707

2,181

882

779

2,404

Stripping ratio

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

6.76

4.33

4.88

6.76

4.33

4.88

Yield

- g / t

- oz / t

1.80

1.81

1.72

0.052

0.053

0.050

Gold in ore

- kg

- oz (000)

1,622

1,302

3,903

125

Gold produced

- kg

- oz (000)

1,437

1,278

3,746

120

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

Placed

- 000 tonnes

- 000 tons

Stripping ratio

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

Yield

- g / t

- oz / t

Gold placed

- kg

- oz (000)

Gold produced

- kg

- oz (000)

100

TOTAL
Yield

- g / t

- oz / t

1.85

1.84

1.76

0.052

0.054

0.051

Gold produced

- kg

- oz (000)

1,442

1,302

3,846

125

Gold sold

- kg

- oz (000)

1,279

1,302

3,853

124

Price received

- R / kg

- $ / oz

- sold

86,157

61,568

74,551

446

315

365

Total cash costs

- R / kg

- $ / oz

- produced

55,716

68,199

61,219

288

354

303

Total production costs

- R / kg

- $ / oz

- produced

75,043

99,780

85,029

389

520

423

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

699

676

657

22.48

21.73

21.13

Actual

- g

- oz

681

618

663

21.91

19.86

21.33

FINANCIAL RESULTS (MILLION)
Gold income

309

Cost of sales

123

316

Cash operating costs

218

Other cash costs

Total cash costs

235

Rehabilitation and other non-cash costs

Production costs

240

Amortisation of tangible assets

Inventory change

(10)

(4)

(3)

(2)

(33)

(7)

(6)

(2)

Realised non-hedge derivatives

(10)

(22)

(1)

(3)

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(43)

(29)

(7)

(5)

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield excludes the heap leach operation.

IDUAPRIEM - Attributable 85%

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

OBUASI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

495

519

1,324

545

572

1,460

Treated

- 000 tonnes

- 000 tons

492

494

1,313

542

545

1,447

Yield

- g / t

- oz / t

4.80

5.02

5.27

0.130

0.147

0.154

Gold produced

- kg

- oz (000)

2,404

2,484

6,923

223

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

526

439

969

580

484

1,068

Yield

- g / t

- oz / t

0.49

0.45

0.60

0.014

0.013

0.017

Gold produced

- kg

- oz (000)

256

198

581

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

828

821

2,053

913

904

2,263

Treated

- 000 tonnes

- 000 tons

294

324

Stripping ratio

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

10.50

24.04

9.92

10.50

24.04

9.92

Yield

- g / t

- oz / t

3.10

2.47

1.49

0.090

0.072

0.043

Gold in ore

- kg

- oz (000)

311

196

563

Gold produced

- kg

- oz (000)

191

110

437

TOTAL
Yield

- g / t

- oz / t

2.60

2.85

3.08

0.079

0.083

0.090

Gold produced

- kg

- oz (000)

2,851

2,792

7,942

255

Gold sold

- kg

- oz (000)

2,821

2,792

7,942

255

Price received

- R / kg

- $ / oz

- sold

86,597

61,596

74,015

448

314

362

Total cash costs

- R / kg

- $ / oz

- produced

69,979

62,061

61,776

362

320

305

Total production costs

- R / kg

- $ / oz

- produced

92,649

86,814

86,376

480

448

426

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

332

200

189

10.68

6.43

6.09

Actual

- g

- oz

186

193

196

5.99

6.20

6.29

FINANCIAL RESULTS (MILLION)
Gold income

213

194

636

100

Cost of sales

251

240

681

108

Cash operating costs

189

162

460

Other cash costs

Total cash costs

200

173

491

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

200

174

499

Amortisation of tangible assets

188

Inventory change

(12)

(2)

(6)

(2)

(1)

(38)

(46)

(45)

(6)

(8)

Realised non-hedge derivatives

(22)

(47)

(4)

(7)

Gross loss excluding the effect of unrealised non-hedge derivatives

(7)

(68)

(92)

(1)

(12)

(15)

Capital expenditure

203

Guinea

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

SIGUIRI - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

3,678

4,587

8,273

4,054

5,057

9,120

Placed

- 000 tonnes

- 000 tons

1,497

1,674

2,574

1,650

1,846

2,838

Stripping ratio

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

1.68

1.59

1.56

1.68

1.59

1.56

Yield

- g / t

- oz / t

1.16

1.09

1.10

0.034

0.032

Gold placed

- kg

- oz (000)

1,738

1,820

2,833

Gold produced

- kg

- oz (000)

1,345

1,325

2,565

Gold sold

- kg

- oz (000)

1,345

1,325

2,716

Price received

- R / kg

- $ / oz

- sold

86,569

60,987

71,486

448

310

351

Total cash costs

- R / kg

- $ / oz

- produced

76,360

83,828

88,884

395

434

443

Total production costs

- R / kg

- $ / oz

- produced

92,084

100,252

106,970

477

520

534

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,049

690

575

33.74

22.18

18.49

Actual

- g

- oz

489

494

340

15.73

15.87

10.92

FINANCIAL RESULTS (MILLION)
Gold income

219

Cost of sales

103

143

278

Cash operating costs

107

220

Other cash costs

Total cash costs

103

111

228

Rehabilitation and other non-cash costs

Production costs

107

116

240

Amortisation of tangible assets

Inventory change

(20)

(3)

(4)

(52)

(59)

(1)

(9)

(10)

Realised non-hedge derivatives

(10)

(25)

(2)

(4)

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(62)

(84)

(11)

(14)

Capital expenditure

311

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

1,113

1,025

994

3,820

1,455

1,340

1,300

4,996

Mined

- 000 tonnes

- 000 tons

2,098

2,556

2,696

10,197

2,312

2,818

2,972

11,240

Treated

- 000 tonnes

- 000 tons

426

430

318

1,431

470

475

350

1,577

Stripping ratio

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

2.01

2.60

5.59

3.87

2.01

2.60

5.59

3.87

Yield

- g / t

- oz / t

4.87

6.56

4.19

4.44

0.142

0.191

0.122

0.130

Gold produced

- kg

- oz (000)

2,075

2,825

1,332

6,358

204

Gold sold

- kg

- oz (000)

2,040

2,861

1,287

6,304

203

Price received

- R / kg

- $ / oz

- sold

82,141

79,377

81,026

77,983

425

416

374

387

Total cash costs

- R / kg

- $ / oz

- produced

33,432

28,795

34,345

37,565

173

150

158

184

Total production costs

- R / kg

- $ / oz

- produced

49,458

39,269

54,949

53,829

256

204

253

263

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,170

3,141

2,281

2,416

69.76

101.00

73.33

77.67

Actual

- g

- oz

3,097

3,118

1,822

1,953

99.59

100.24

58.59

62.80

FINANCIAL RESULTS (MILLION)
Gold income

168

225

103

486

Cost of sales

116

342

Cash operating costs

204

Other cash costs

Total cash costs

239

Rehabilitation and other non-cash costs

Production costs

245

Amortisation of tangible assets

Inventory change

(8)

(4)

(1)

109

144

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

111

150

Capital expenditure

MORILA - Attributable 40%

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

183

893

819

3,038

240

1,168

1,072

3,974

Mined

- 000 tonnes

- 000 tons

1,622

1,814

1,545

5,906

1,788

2,000

1,703

6,510

Treated

- 000 tonnes

- 000 tons

420

517

439

1,956

463

570

484

2,156

Stripping ratio

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

2.23

3.19

1.31

1.76

2.23

3.19

1.31

1.76

Yield

- g / t

- oz / t

2.83

2.81

3.15

2.77

0.083

0.082

0.092

0.081

Gold produced

- kg

- oz (000)

1,188

1,454

1,385

5,421

174

Gold sold

- kg

- oz (000)

1,202

1,429

1,394

5,418

174

Price received

- R / kg

- $ / oz

- sold

84,983

80,957

88,501

83,390

440

419

408

404

Total cash costs

- R / kg

- $ / oz

- produced

54,634

49,309

46,977

49,856

283

255

216

242

Total production costs

- R / kg

- $ / oz

- produced

73,458

60,630

59,859

62,086

380

313

276

301

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,399

2,030

2,061

1,877

44.97

65.26

66.28

60.36

Actual

- g

- oz

1,702

2,174

1,907

1,952

54.72

69.89

61.30

62.76

FINANCIAL RESULTS (MILLION)
Gold income

102

117

123

454

Cost of sales

347

Cash operating costs

238

Other cash costs

Total cash costs

270

Rehabilitation and other non-cash costs

Production costs

274

Amortisation of tangible assets

Inventory change

(1)

107

Realised non-hedge derivatives

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

105

Capital expenditure

SADIOLA - Attributable 38%

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

1,679

2,187

2,967

8,446

1,850

2,410

3,271

9,310

Placed

- 000 tonnes

- 000 tons

323

331

258

1,147

356

365

284

1,264

Stripping ratio

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

5.75

3.64

6.70

4.75

5.75

3.64

6.70

4.75

Yield

- g / t

- oz / t

2.61

2.95

3.58

3.41

0.076

0.086

0.104

0.099

Gold placed

- kg

- oz (000)

844

977

922

3,911

126

Gold produced

- kg

- oz (000)

717

866

635

3,010

Gold sold

- kg

- oz (000)

772

810

566

2,994

Price received

- R / kg

- $ / oz

- sold

82,700

83,576

87,528

84,251

428

438

405

410

Total cash costs

- R / kg

- $ / oz

- produced

54,180

53,355

59,557

52,627

280

276

274

255

Total production costs

- R / kg

- $ / oz

- produced

73,966

67,381

73,064

66,511

383

348

338

323

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

994

898

937

1,037

31.97

28.86

30.13

33.35

Actual

- g

- oz

967

1,192

730

943

31.09

38.32

23.47

30.31

FINANCIAL RESULTS (MILLION)
Gold income

252

Cost of sales

201

Cash operating costs

140

Other cash costs

Total cash costs

158

Rehabilitation and other non-cash costs

Production costs

163

Amortisation of tangible assets

Inventory change

(4)

(3)

(1)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

YATELA - Attributable 40%

Namibia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

258

358

767

337

468

1,004

Mined

- 000 tonnes

- 000 tons

839

1,159

2,620

925

1,278

2,888

Treated

- 000 tonnes

- 000 tons

308

292

299

1,302

339

321

329

1,435

Stripping ratio

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

1.65

1.52

2.24

1.65

1.52

2.24

Yield

- g / t

- oz / t

1.94

1.83

1.54

1.59

0.056

0.053

0.045

0.046

Gold produced

- kg

- oz (000)

596

535

460

2,070

Gold sold

- kg

- oz (000)

636

536

460

2,121

Price received

- R / kg

- $ / oz

- sold

83,370

82,765

87,867

83,115

431

428

406

403

Total cash costs

- R / kg

- $ / oz

- produced

79,780

89,009

65,487

71,118

413

462

302

348

Total production costs

- R / kg

- $ / oz

- produced

88,903

99,489

70,177

79,673

460

516

324

389

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

672

546

521

496

21.60

17.54

16.76

15.93

Actual

- g

- oz

606

558

732

687

19.49

17.95

23.52

22.10

FINANCIAL RESULTS (MILLION)
Gold income

176

Cost of sales

165

Cash operating costs

146

Other cash costs

Total cash costs

147

Rehabilitation and other non-cash costs

Production costs

148

Amortisation of tangible assets

Inventory change

(1)

(9)

(2)

Realised non-hedge derivatives

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(9)

(2)

Capital expenditure

134

NAVACHAB

Tanzania

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

4,884

4,629

3,036

12,990

6,388

6,055

3,971

16,990

Mined

- 000 tonnes

- 000 tons

12,607

11,859

7,792

41,559

13,897

13,072

8,589

45,811

Treated

- 000 tonnes

- 000 tons

1,436

1,424

721

4,740

1,583

1,570

794

5,225

Stripping ratio

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

9.31

9.95

10.53

8.00

9.31

9.95

10.53

8.00

Yield

- g / t

- oz / t

4.15

4.02

3.74

0.121

0.117

0.109

Gold produced

- kg

- oz (000)

5,963

5,915

2,895

17,740

192

190

570

Gold sold

- kg

- oz (000)

5,691

6,039

2,895

17,674

183

194

568

Price received

- R / kg

- $ / oz

- sold

71,909

68,534

75,103

73,313

372

352

347

357

Total cash costs

- R / kg

- $ / oz

- produced

41,204

51,479

41,193

51,200

213

264

190

250

Total production costs

- R / kg

- $ / oz

- produced

56,421

69,023

51,075

67,072

292

354

235

328

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,221

911

1,360

956

39.25

29.30

43.71

30.74

Actual

- g

- oz

1,545

1,452

1,333

1,262

49.68

46.68

42.85

40.58

FINANCIAL RESULTS (MILLION)
Gold income

407

412

216

1,285

201

Cost of sales

345

388

146

1,146

180

Cash operating costs

228

282

109

844

133

Other cash costs

Total cash costs

244

301

119

897

141

Rehabilitation and other non-cash costs

Production costs

247

303

120

904

142

Amortisation of tangible assets

102

274

Inventory change

(17)

(2)

(32)

(3)

(5)

139

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

150

Capital expenditure

GEITA - Attributable 100% May 2004

USA

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2005

2004

2005

2004

CRIPPLE CREEK & VICTOR J.V.

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

11,892

11,624

14,434

52,944

13,109

12,814

15,911

58,361

Placed

- 000 tonnes

- 000 tons

4,756

4,335

4,432

18,217

5,243

4,779

4,885

20,081

Stripping ratio

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

1.40

1.74

2.13

1.87

1.40

1.74

2.13

1.87

Yield

- g / t

- oz / t

0.64

0.60

0.67

0.61

0.019

0.018

0.020

0.018

Gold placed

- kg

- oz (000)

3,036

2,602

2,972

11,071

356

Gold produced

- kg

- oz (000)

2,508

2,820

2,237

10,234

329

Gold sold

- kg

- oz (000)

2,492

2,821

2,306

10,305

331

Price received

- R / kg

- $ / oz

- sold

78,505

61,364

65,879

65,550

406

317

302

318

Total cash costs

- R / kg

- $ / oz

- produced

42,443

46,411

45,307

45,158

220

240

208

220

Total production costs

- R / kg

- $ / oz

- produced

61,610

62,791

64,726

61,824

319

324

297

300

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,695

2,822

2,696

2,797

86.66

90.72

86.69

89.93

Actual

- g

- oz

2,714

3,032

2,383

2,726

87.26

97.49

76.60

87.65

FINANCIAL RESULTS (MILLION)
Gold income

155

169

153

671

105

Cost of sales

155

177

145

632

Cash operating costs

126

131

129

513

Other cash costs

Total cash costs

133

142

134

541

Rehabilitation and other non-cash costs

(7)

(28)

(1)

(4)

Production costs

137

135

127

513

Amortisation of tangible assets

257

Inventory change

(39)

(15)

(56)

(138)

(6)

(2)

(8)

(21)

(8)

(1)

Realised non-hedge derivatives

(1)

Gross profit (loss) excluding the effect of unrealised non-hedge derivatives

(4)

(1)

Capital expenditure

102

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations
regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production
projects, and its liquidity and capital resources and expenditure, 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. AngloGold Ashanti
undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of the annual
report on Form 20-F 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. For a discussion on such risk factors, refer to AngloGold Ashanti's annual report on
Form 20-F for the year ended 31 December 2003, which was filed with the Securities and Exchange Commission (SEC) on 19 March 2004.

Administrative

information

NGLO

OLD

SHANTI

IMITED

(formerly: AngloGold Limited)

Registration No. 1944/017354/06
Incorporated in the Republic of South
Africa
ISIN: ZAE000043485
Share codes:
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GSE (Shares):

AGA

GSE (GhDS):

AADA

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young

Contacts

South Africa
Steve Lenahan
Telephone: +27 11 637 6248
Fax: +27 11 637 6400
E-mail:
slenahan@AngloGoldAshanti.com

Michael Clements
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail:
mclements@AngloGoldAshanti.com

United States of America
Charles Carter
Telephone: (800) 417 9255 (toll free in
USA and Canada) or +1 212 750 7999
Fax: +1 212 750 5626
E-mail: cecarter@AngloGoldAshanti.com

Australia
Andrea Maxey
Telephone: +61 8 9425 4604
Fax: +61 8 9425 4662
E-mail:
amaxey@AngloGoldAshanti.com.au

General E-mail enquiries
investors@AngloGoldAshanti.com

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

PRINTED BY INCE (PTY) LIMITED

Directors

Executive
R M Godsell (Chief Executive Officer)
J G Best
D L Hodgson
Dr S E Jonah KBE†
K H Williams

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

Mrs E le R Bradley
C B Brayshaw
A W Lea (Alternate: P G Whitcutt)
W A Nairn (Alternate: A H Calver *)
S R Thompson *
A J Trahar
P L Zim (Alternate: D D Barber)

* British

American

†Ghanaian

Offices

Registered and Corporate
Managing Secretary: Ms Y Z Simelane
Company Secretary: C R Bull

11 Diagonal Street
Johannesburg 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 4604
Fax: +61 8 9425 4662

Ghana
Gold House
Patrice Lumumba Road
(P O 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

Share Registrars

South Africa
Computershare Investor Services 2004
(Pty) Limited,Ground Floor, 70 Marshall Street
Johannesburg 2001
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 724 (in SA)
Fax: +27 11 688 5222
web.queries@computershare.co.za
United Kingdom
Computershare Investor Services PLC
P O Box 82,The Pavilions,Bridgwater Road
Bristol BS99 7NH,England
Telephone: +44 870 702 0001
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 7010 (in Australia)
Fax: +61 8 9323 2033
Ghana
NTHC Limited,Martco House
Off Kwame Nkrumah Avenue
POBox K1A 9563 Airport,Accra,Ghana
Telephone: +233 21 238492-3
Fax: +233 21 229975
ADR Depositary
The Bank of New York ("BoNY")
Investor Services, P O Box 11258
Church Street Station
New York, NY 10286-1258
United States of America
Telephone: +1 888 269 2377 (Toll free
in USA) or +9 610 382 7836 outsideUSA)
E-mail: shareowners@bankofny.com
Website:http://www.stockbny.com

Global BuyDIRECTSM

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

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 APRIL 29, 2005

By: /s/ C

ULL

Name: C R Bull
Title: Company Secretary