Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Amendment No. 1

FORM 6-K/A

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 July 14, 2005

This Report on Form 6-K shall be incorporated by reference in our Registration Statement

on Form F-3 as amended (File No. 333-101891) and our Registration Statement on Form F-3 (File No. 333-114857)

as amended to the extent not superseded by documents or reports subsequently filed by us under the Securities Act of

1933 or the Securities Exchange Act of 1934, in each case as amended

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:

Restatement of financial and operating performance for the nine months ended September 30,

2004 prepared in accordance with U.S. GAAP, including condensed consolidated financial
information as of September 30, 2004 and December 31, 2003, and for each of the nine
months ended September 30, 2004 and 2003.

Form 6-K/A Explanatory note

On October 29, 2004, AngloGold Ashanti furnished on Form 6-K to the United States Securities and
Exchange Commission (SEC), unaudited condensed consolidated financial information as of September 30,
2004 and for the nine month period ended September 30, 2004, prepared in accordance with U.S. GAAP,
which included a review of financial and operating performance.

Since this date, AngloGold Ashanti has identified various events that will result in adjustments to the financial
information furnished on the Form 6-K which are set out below:

•

The company indicated that it had written off goodwill of $182 million resulting from the Business
Combination between AngloGold and Ashanti due to the decline in the share price from the
announcement date to the completion date. The terms of this transaction were first announced on
October 15, 2003 and the transaction was concluded on April 26, 2004. After further consideration and
assessment of accounting guidance in SFAS142, AngloGold Ashanti reversed this write off. As at
December 31, 2004, AngloGold Ashanti performed its annual goodwill impairment test and concluded
that no write down is required, primarily due to the subsequent increase in gold price.

•

The company reported the Acquired Hedge Creditor from Ashanti on the basis in which the take-on fair
value of contracts designated as being Normal Sale Exempted, are netted off against mining assets.
After further consideration and assessment of accounting guidance in FIN39, the company changed its
accounting treatment to report the Acquired Hedge Creditor and mining assets on a gross basis.

•

The company reported its investments in joint ventures in which it had joint control under the
proportionate consolidation method. After further consideration and assessment of the accounting
guidance in APB 18 and subsequent consensus opinions issued by the Emerging Issues Task Force of
the Financial Accounting Standards Board, AngloGold Ashanti has determined that these investments
should be reported in terms of the equity accounting method.

In total, the restatements above increased Net income by $175 million, increased Total assets, current
liabilities and non current liabilities by $434 million, $26 million and $233 million, respectively, for the nine
months ended September 30, 2004 and as of September 30, 2004. The restatements had no impact on Net
income previously reported for the nine months ended September 30, 2003 and decreased Total assets by
$236 million as of December 31, 2003. Consequently, related per share data and cash flow as previously
stated were also impacted by the restatement.

To correct these errors, AngloGold Ashanti restated its unaudited condensed consolidated balance sheets as
of September 30, 2004 and December 31, 2003, the unaudited condensed income statements for the nine
months ended September 30, 2004 and 2003 and the unaudited condensed consolidated statements of cash
flows for the nine months ended September 30, 2004 and 2003. AngloGold Ashanti has also revised its
review of financial and operating performance, where necessary, to reflect these adjustments.

For information regarding this restatement and the effects on significant financial statement line items, see
Note A, “Restatement of previously issued financial statements,” to the condensed consolidated financial
statements.

No attempt has been made in this amended Form 6-K to modify or update other disclosures presented in the
original Form 6-K being amended, except as required to reflect the effects of the restatement. This Form 6-
K/A does not reflect events occurring after the filing of the original Form 6-K it amends. Information not
affected by the restatement is unchanged and reflects the disclosure made at the time of the original
submission of the Form 6-K to the SEC on October 29, 2004. Accordingly, this Form 6-K/A should be read in
conjunction with our filings with and submissions to the SEC subsequent to the filing of the original Form 6-K
being amended, including any amendments to those filings or submissions. The following items also have
been amended: Form 6-K containing unaudited condensed consolidated financial information as of June 30,
2004 and for the six month period ended June 30, 2004, prepared in accordance with U.S. GAAP, and
related management’s discussion and analysis of financial condition and results of operations, furnished to
the SEC on July 30, 2004.

REVIEW OF FINANCIAL AND OPERATING PERFORMANCE FOR THE NINE MONTHS ENDED
SEPTEMBER 30, 2004 PREPARED IN ACCORDANCE WITH US GAAP

Date: October 29, 2004

In the following related management’s discussion of review of financial and operating performance,
references to $ are to the lawful currency of the United States, references to A$ are to the lawful currency of
Australia and references to BRL are to the lawful currency of Brazil.

Introduction

The following is a summary of the Group’s financial and operating performance for the nine months ended
September 30, 2004 prepared in accordance with US GAAP. This summary also includes condensed
consolidated financial information as of September 30, 2004 and December 31, 2003, and for each of the
nine months ended September 30, 2004 and 2003 prepared in accordance with US GAAP.

The operations and financial condition of the interests in the companies and assets acquired in Ashanti are
included in the US GAAP condensed consolidated financial information from April 26, 2004, the effective date
of the AngloGold Ashanti Business Combination.

On October 29, 2004, AngloGold Ashanti issued its results for the quarter ended September 30, 2004
prepared in accordance with IFRS and published its report, including condensed consolidated financial
information prepared in accordance with IFRS, for the same period. This information has been submitted to
the US Securities and Exchange Commission on Form 6-K.

Operating review

Presented in the table below is selected operating data for AngloGold Ashanti for the nine-month periods
ended September 30, 2004 and 2003. The operating data gives effect to acquisitions and dispositions as of
the effective date of such acquisitions and dispositions:

Operating data for AngloGold Ashanti

Nine months ended September 30,

2004 2003

Total gold production (000 oz)

4,352

4,226

Total cash cost ($/oz)

265 223

Total production cost ($/oz)

349

278

Production costs ($ million)

1,028

812

Capital expenditure ($ million)

393

216

Consolidated entities

384

198

Equity accounted joint ventures

Gold production

For the nine months ended September 30, 2004, AngloGold Ashanti’s total gold production increased by
126,000 ounces, or about 3 percent, to 4.35 million ounces from 4.23 million ounces produced in the same
period of 2003. This increase was mainly due to the impact of the additional 50 percent interest acquired in
Geita mine in Tanzania (2004: 380,000 oz; 2003: 214,000 oz) and the contribution of operations situated in
Ghana, Guinea and Zimbabwe (2004: 367,000 oz; 2003: nil oz) as part of the completed AngloGold Ashanti
Business Combination during April 2004, on the production of the current year when compared with 2003.
Gold production in the nine months ended September 30, 2004 from operations located in Brazil increased
(2004: 251,000 oz; 2003: 239,000 oz) compared to the same period in 2003 mainly due to an improvement in
grade.

Gold production from operations situated in South Africa (2004: 2,317,000 oz; 2003: 2,455,000 oz)
decreased in the nine months ended September 30, 2004 when compared to the same period in 2003 mainly
due to higher waste development and lower mining grades. Gold production in the nine months ended
September 30, 2004 decreased in the North American operations (2004: 238,000 oz; 2003: 314,000 oz) and
the Australian region (2004: 296,000 oz; 2003: 334,000 oz) compared to the same period in 2003, mainly
due to the impact of the sale of Jerritt Canyon Joint Venture of North America effective June 30, 2003 and
the closure of Union Reefs mine in October 2003. Gold production from operations situated in Mali
(2004: 311,000 oz; 2003: 462,000 oz) decreased in the nine months ended September 30, 2004 when
compared to the same period in 2003 mainly due to lower mining grades at Morila. Lower gold production
were recorded from operations located in Namibia (2004: 49,000 oz; 2003: 57,000 oz) and Argentina
(2004: 143,000 oz; 2003: 151,000 oz) in the nine months ended September 30, 2004 when compared to the same period in 2003.

In the quarter ended September 30, 2004, gold production increased by 138,000 ounces to 1.63 million
ounces, or 9 percent from 1.49 million ounces produced during the quarter ended June 30, 2004. This
increase was mainly due to the impact of the contribution of operations acquired during April 2004 as part of
the completed AngloGold Ashanti Business Combination, for the full quarter ended September 30, 2004, as
well as a general increase in production in most operating regions.

Total cash costs and total production costs

Total cash costs for the nine months ended September 30, 2004 was $265 per ounce, $42 per ounce, or
19 percent, higher than the cash costs of $223 per ounce recorded in the same period in 2003. This change
was mainly due to substantially higher cash costs for the South African, Australian, Argentinean, Malian and
Namibian operations in the nine months ended September 30, 2004, which increased by 17 percent,
8 percent, 17 percent, 56 percent and 22 percent respectively, when compared to the same period in 2003.
The increase in total cash costs at the South African and Australian operations was mainly due to the
strengthening of the South African rand and Australian dollar relative to the US dollar (based on the average
exchange rates of the rand against the US dollar of R6.57 and R7.82 and the Australian dollar against the US
dollar of A$1.37 and A$1.58, during the nine months ended September 30, 2004 and 2003, respectively).
The weaker US dollar against all local currencies accounted for nearly $30 per ounce, or 53 percent, of the
total increase in total cash costs in the nine months ended September 30, 2004 compared to the same period
in 2003. Operations in Argentina, Mali and Namibia recorded higher total cash costs in the nine months
ended September 30, 2004 mainly due to increases in drilling costs, reagent costs, diesel costs and mining
contractor rates as well as a decrease in grade (at Morila), when compared to the same period in 2003.

Total cash costs for the three months ended September 30, 2004 increased by 5 percent compared to the
quarter ended June 30, 2004 mainly as a result of the continued strengthening of operating currencies and
the effect of inflation primarily represented in rising diesel prices, contractor mining costs and the South
African mid-year wage increase. These unit cost increases were partially offset by higher recovered grades.

Total production costs for the nine months ended September 30, 2004 were $349 per ounce, $71 per ounce,
or 26 percent, higher than the total production costs of $278 per ounce recorded in the same period of 2003.
Total production costs per ounce in the quarter ended September 30, 2004 increased by 4 percent compared
to the quarter ended June 30, 2004.

Reconciliation of total cash costs and total production costs to the condensed consolidated
financial information

Total cash costs and total production costs are calculated in accordance with the guidelines of the Gold
Institute industry standard and are not US GAAP measures. The Gold Institute is a non-profit international
association of miners, refiners, bullion suppliers and manufacturers of gold products, which has developed a
uniform format for reporting total production costs on a per ounce basis. The standard was first adopted in
1996 and revised in November 1999.

Total cash costs, as defined in the Gold Institute industry standard are production costs as recorded in the
statement of operations, less offsite (i.e. central), general and administrative expenses (including head office
costs charged to the mines, central training expenses, industry association fees, refinery charges and social
development costs) and rehabilitation costs, plus royalties and employee termination costs.

Total cash costs as calculated and reported by AngloGold Ashanti include costs for all mining, processing,
administration, royalties and production taxes, as well as contributions from by-products, but exclusive of
depreciation, depletion and amortization, rehabilitation, employment severance costs, corporate
administration costs, capital costs and exploration costs. Total cash costs per ounce are calculated by
dividing attributable total cash costs by attributable ounces of gold produced. Total cash costs have been
calculated on a consistent basis for all periods presented.

Total production costs, as defined in the Gold Institute industry standard, are total cash costs, as calculated
using the Gold Institute industry standard, plus amortization, depreciation and rehabilitation costs. Total
production costs as calculated and reported by AngloGold Ashanti include total cash costs, plus depreciation,
depletion and amortization, employee severance costs and rehabilitation and other non-cash costs. Total
production costs per ounce are calculated by dividing attributable total production costs by attributable
ounces of gold produced. Total production costs have been calculated on a consistent basis for all periods
presented.

Total cash costs and total production costs should not be considered by investors in isolation or as
alternatives to production costs, net income/(loss) applicable to common stockholders, income/(loss) before
income tax provision, net cash provided by operating activities or any other measure of financial performance
presented in accordance with US GAAP or as an indicator of the Company’s performance. While the Gold
Institute has provided definitions for the calculation of total cash costs and total production costs, the
calculation of total cash costs, total cash costs per ounce, total production costs and total production costs
per ounce may vary significantly among gold mining companies, and by themselves do not necessarily
provide a basis for comparison with other gold mining companies. However, the Company believes that total
cash costs and total production costs in total and per ounce are useful indicators to investors and
management as they provide:
•    an indication of profitability, efficiency and cash flows;
•    the trend in costs as the mining operations mature over time on a consistent basis; and
•    an internal benchmark of performance to allow for comparison against other mining companies.

A reconciliation of production costs as included in the Company’s unaudited condensed consolidated
financial information to total cash costs and to total production costs for each of the nine months ended
September 30, 2004 and 2003 is presented below. In addition the Company has provided below details of
the attributable ounces of gold produced in total for each of those periods.

For the nine months ended September 30,

(in $ millions, except as otherwise noted)

2004 2003

Production costs per condensed consolidated financial information

1,028

812

Plus:

Production costs of equity accounted joint ventures

Less:

Rehabilitation costs & other non-cash costs

(19)

(8)

Plus:

Inventory movement

22 15

Royalties

27 21

Related party transactions

(1)

22 25

Adjusted for:

Minority interests

(2)

(18) (9)

Non-gold producing companies and adjustments

(10)

Total cash costs

1,152 943

Plus:

Depreciation, depletion and amortization

354 229

Employee severance costs

7 2

Rehabilitation and other non-cash costs

19 8

Adjusted for:

Minority interests

(2)

(6) (5)

Non-gold producing companies and adjustments

(5)

(2)

Total production costs

1,521 1,175

Gold produced (000’ ounces)

(3)

4,352 4,226

Total cash costs per ounce

(4)

265 223

Total production costs per ounce

(4)

349 278

(1)

Relates solely to production costs as included in the Company’s condensed consolidated financial statements and has, accordingly, been
included in total production costs and total cash costs.

(2)

Adjusting for minority interest of items included in calculation, to disclose the attributable portions only.

(3)

Attributable production only.

(4)

In addition to the operational performances of the mines, total cash costs per ounce and total production costs per ounce are affected by
fluctuations in the currency exchange rate. AngloGold Ashanti reports total cash costs per ounce and total production costs per ounce
calculated to the nearest US dollar amount and gold produced in ounces.

Outlook

For the fourth quarter, AngloGold Ashanti anticipates producing approximately 1.7 million ounces at a total
cash cost of about $262 per ounce, assuming the third quarter average exchange rate of R6.37 to the
US dollar. For the full year, the Company continues to expect to produce approximately 6.1 million ounces at
a total cash cost of about $263 per ounce (previously $260 per ounce), assuming an exchange rate of R6.58
to the US dollar (previously R6.59 to the US dollar) for the year. The $3 per ounce increase in the estimate
of total cash costs per ounce for the year is the result of a slightly stronger rand assumption and a higher oil
price.

Capital expenditure

Capital expenditure during the nine months ended September 30, 2004 was $393 million compared with
$216 million in the same period of 2003. This $177 million, or 82 percent, increase is primarily the result of an
increase in capital expenditure in South Africa mainly due to the Moab Khotsong and TauTona projects, the
purchase of a new mining fleet in the Namibian region and capital projects in Ghana ($26 million) and Guinea
($38 million) as part of AngloGold Ashanti’s investment strategy following the AngloGold Ashanti Business
Combination completed in April 2004.

Compared with the three months ended June 30, 2004, capital expenditure increased by approximately
2 percent in the quarter ended September 30, 2004 mainly as a result of the reasons as discussed above.

Financial review

Revenues

Revenues from product sales and other income increased from $1,275 million in the first nine months of 2003
to $1,594 million in the comparable period in 2004, representing a 25 percent increase over the period. This
increase was primarily due to the increase in the spot price of gold in 2004 as well as the contribution to
revenue during the nine months ended September 30, 2004, from operations acquired during April 2004 as
part of the completed AngloGold Ashanti Business Combination. The average spot price of gold was
$401 per ounce during the nine months ended September 30, 2004, $47 per ounce, or 13 percent, higher
than $354 per ounce, the average spot price of gold in 2003. The majority of product sales consisted of
US dollar-denominated gold sales.

Production costs

Production costs increased from $812 million in the nine months ended September 30, 2003 to $1,028 million
in the same period in 2004, which represents a $216 million, or 27 percent increase. In South Africa,
production costs increased by $67 million to $656 million in the first nine months of 2004 from $589 million in
the comparable period in 2003 mainly as a result of the strengthening of the South African rand relative to the
US dollar. About 64 percent of AngloGold Ashanti’s production costs were denominated in South African
rands in the first nine months of 2004. Production costs recorded by operations situated in Ghana, Guinea
and Zimbabwe acquired since April 2004 as part of the completed AngloGold Ashanti Business Combination
amounted to $114 million during the nine months ended September 30, 2004.

General and administrative

General and administrative expenses increased from $30 million in the nine months ended September 30,
2003 to $41 million in the same period of 2004, mainly due to integration expenses following the AngloGold
Ashanti Business Combination and the strengthening of the South African rand relative to the US dollar.

Royalties

Royalties paid by AngloGold Ashanti increased from $9 million for the nine months ended September 30,
2003, to $18 million paid in the comparable period in 2004. Royalties are mostly calculated based on a
percentage of revenues and are payable to local governments.

Depreciation, depletion and amortization

Depreciation, depletion and amortization expense increased by $132 million to $308 million in the first nine
months of 2004 when compared to $176 million recorded in the same period in 2003. In South Africa,
depreciation, depletion and amortization expense increased by $62 million from $77 million incurred in the
nine months ended September 30, 2003 to $139 million in the same period for 2004 mainly as a result of the
strengthening of the South African rand relative to the US dollar. Depreciation, depletion and amortization
expense from operations situated in Ghana, Guinea and Zimbabwe acquired since April 2004 as part of the
completed AngloGold Ashanti Business Combination amounted to $50 million during the nine months ended
September 30, 2004.

Impairment of assets

In the nine months ended September 30, 2004 the Company recorded an impairment of assets of $2 million
relating mainly to mining assets and mineral rights in Australia. An impairment of assets of $72 million was
recorded in the nine months ended September 30, 2003 relating to the Savuka operations in South Africa
and the abandonment of exploration activities in the Australian region.

Interest expense

Interest expense increased by $29 million from $16 million recorded in the nine months ended September 30,
2003 to $45 million in the same period in 2004. The increase in interest expense from 2003 was mainly due
to finance charges paid on the senior unsecured bonds issued in August 2003 (the corporate bond) and
finance charges on the issuance of the $1,000,000,000 2.375 percent convertible bonds in February 2004.

Accretion expense

In the nine months ended September 30, 2004 accretion expense of $5 million was recorded compared with
$2 million in the same period in 2003, relating to the adoption of SFAS 143 “Accounting for Asset Retirement
Obligations (ARO’s)”, with effect from January 1, 2003. Accretion relates to the unwinding of discounted
future reclamation obligations to present values and increases the reclamation obligations to its future
estimated payout.

Employment severance cost

Employment severance costs increased to $7 million during the nine months ended September 30, 2004
from $2 million in the same period in 2003. Employment severance costs recorded for the nine months ended
September 30, 2004 relates to retrenchments in the South African region reflecting mainly rationalization of
operations at Great Noligwa, TauTona and Savuka.

Profit on sale of assets

The profit on sale of assets of $9 million recorded in the nine months ended September 30, 2004 mainly
relate to the sale of the Western Tanami Project and Union Reefs mine in Australia and mineral rights in
South America. The profit on sale of assets of $47 million recorded in the nine months ended September 30,
2003 relates to the sale by AngloGold of its 70 percent interest in the Jerritt Canyon Joint Venture in North
America, its wholly owned Amapari Project in North Brazil and shares held in East African Gold Mines
Limited and Randgold Resources Limited.

Non-hedge derivative loss/gain

A loss on non-hedge derivatives of $57 million was recorded in the nine months ended September 30, 2004
compared to a gain of $91 million in the same period in 2003.

Income before equity income and income tax

For the foregoing reasons, in the nine months ended September 30, 2004, income before equity income and
income tax amounted to $34 million compared to $229 million in the same period in 2003.

Equity income in affiliates

Equity income in affiliates decreased from $61 million in the nine months ended September 30, 2003 to
$10 million in the same period in 2004, mainly as a result of the additional 50 percent interest acquired in
Geita as part of the AngloGold Ashanti Business Combination, which resulted in Geita being accounted for
as a subsidiary of AngloGold Ashanti from April 26, 2004.

Deferred income and mining tax benefit/expense

Deferred income and mining tax expense decreased by $115 million from a net tax charge of $104 million
recorded in the first nine months of 2003, to a net tax benefit of $11 million in the same period in 2004.
Charges for current tax in the first nine months of 2004 amounted to $18 million compared to $60 million in
the same period in 2003 reflecting the impact of the South African tax formula to the decrease in the earnings
of the operations in that country. Deferred tax charges in the first nine months of 2004 included tax benefits
of $38 million compared with tax charges of $21 million related to non-hedge derivatives during the same
period of 2003.

Cumulative effect of accounting change

The Company adopted SFAS 143 “Accounting for Asset Retirement Obligations (ARO’s)” with effect from
January 1, 2003. This resulted in a cumulative change in accounting policy effect of $3 million (net of
provision for deferred taxation) reflected in the nine-month period ended September 30, 2003.

Net income

For the foregoing reasons net income applicable to common stockholders decreased by $130 million from
$170 million earned in the first nine months of 2003 to $40 million in the same period in 2004.

Liquidity and capital resources

Net cash provided by operating activities during the nine months ended September 30, 2004 amounted to
$327 million compared with $325 million in the same period in 2003.

In the nine months ended September 30, 2004, AngloGold Ashanti used $538 million in investing activities
comprising mainly of payments for capital expenditure of $384 million for major capital projects, including
Moab Khotsong and TauTona in South Africa, and capital projects in Ghana and Guinea as part of
AngloGold Ashanti’s investment strategy following the AngloGold Ashanti Business Combination. Similarly,
the Company received cash of $7 million relating mainly to the disposal of its interests in the Western Tanami
Project and Union Reefs mine in Australia and paid a net cash consideration of $165 million relating to the
completed AngloGold Ashanti Business Combination in April 2004. Net cash generated in financing activities
of $146 million in the nine months ended September 30, 2004 included normal scheduled loan repayments in
terms of other loan facilities of $123 million, the repayment of the $400 million unsecured syndicated loan
facility (which was repayable in May 2004) amounting to $232 million, the repayment of $200 million under
the $600 million unsecured syndicated loan facility (repayable in February 2005), the repayment of
$34 million syndicated project finance loans and the repayment of $139 million under a revolving credit
facility acquired as part of the AngloGold Ashanti Business Combination. Proceeds from loans during the
nine months ended September 30, 2004 amounted to $1,061 million, which included $991 million raised
through the issuance of $1,000,000,000 2.375 percent convertible bonds in February 2004. The bonds, due
in 2009 are convertible into AngloGold American Depositary Shares (ADSs) and are guaranteed by
AngloGold Ashanti. Total dividends paid in the nine months ended September 30, 2004 amounted to
$190 million. The effect of exchange rate changes on cash was a positive $5 million during the nine months
ended September 30, 2004.

As a result of the items discussed above, at September 30, 2004, AngloGold Ashanti had $419 million of
cash and cash equivalents compared with $479 million at December 31, 2003, a decrease of $60 million, or
13 percent. At September 30, 2004, the Company had a total of $371 million available but undrawn under its
credit facilities.

During the remainder period of 2004, approximately $32 million of AngloGold Ashanti’s debt is scheduled to
mature. The $600 million unsecured syndicated loan facility becomes due in February 2005. The amount
drawn under this facility was $265 million as at September 30, 2004. The Company expects to finance the
repayment of debt scheduled to mature in 2004 and 2005 from existing cash resources, cash generated from
future operations, its existing debt facilities and, potentially, future debt facilities or debt instruments.

Heap leach inventory

The costs of materials currently contained on the leach pad are reported as a separate line item apart from
inventory. As at September 30, 2004, $102 million was classified as short term compared with $99 million as
at December 31, 2003 as AngloGold Ashanti expects the related gold to be recovered within twelve months.
As at September 30, 2004, $22 million was classified as long term compared with $7 million as at December
31, 2003.

Gold market

Following the fall in the gold price in the second quarter of 2004 following fears of a credit squeeze in China
and a hard landing for the Chinese economy, and the associated sell-off in commodities that accompanied
this fear, the gold price has regained most of its strength during the third quarter.

Since the end of the third quarter the gold price has approached the high of $430 per ounce seen in the first
quarter of this year. Whilst the gold price continues to be most responsive to movements in the US dollar
exchange rate against the euro, the price has also shown some independence during the third quarter, rising
firmly even when there has been little movement in the currency markets. This seems to reflect increased
investor interest in gold as part of a broader move of investment money towards hard assets. This pattern
has been evident in other markets during this period. This does not necessarily signal a disconnect from the
US dollar or the US economy and gold is likely to benefit from dollar weakness in the future. It is rather that
the gold market seems to have found supplementary reasons for appealing to investors, to the benefit of the
gold price today.

Once again, the vehicle for interest in gold was primarily the New York Commodities Exchange, or Comex,
and the movement in the dollar gold spot price reflects increasing interest in gold on Comex during the third
quarter of 2004. The net open position at the end of September 2004 reached over 19 million ounces, and
has remained since then at almost 20 million ounces net long. This figure is very close to the all-time high
net position on Comex of 22.6 million ounces net long in the first week of April 2004, and the gold price has
tracked this interest closely. News from the US economy in particular, and the direction of the US dollar
during the balance of this quarter, will most likely be important factors in the behaviour of investors towards
gold on Comex going forward.

The physical market for gold remains relatively quiet and the market is dependant on investment demand to
clear the supply/demand balance. Nevertheless, there has been encouraging news from some areas of a
year-on-year recovery in gold offtake. Demand for gold for jewellery in Turkey was particularly strong in the
first half of 2004, although it should be borne in mind that an important part of this growth arises from Turkey
increasing its market share from Italy, the developed world’s largest gold jewellery manufacturer. The gold

jewellery market in mainland China also reported positive growth due entirely to a new category of modern
18 carat gold jewellery introduced by the World Gold Council to mainland China. With the end of the
monsoon season and the commencement of the auspicious period for marriages in India, there has been
some recovery in offtake in the Indian gold jewellery market in spite of the higher US dollar spot prices.

Since early 2004, the US dollar has recovered from its weakest position in the current cycle of $1.30 to the
euro. For much of this year, the dollar has traded sideways in a range of $1.18-$1.24 to the euro. However,
most commentators see this sideways movement as temporary and forecast an inevitable further decline of
the US currency against both the euro and the yen.

Market forecasts project the dollar between $1.30 and $1.40 against the euro and between Y100 and Y105
by the end of 2005. Even the exceptions to these forecasts see the dollar only in a sideways channel,
trading between $1.15 and $1.20, rather than any measurable strengthening of the US currency. In
structural terms, there are economic circumstances – particularly in the shape of rising deficits in the US
economy – which would seem to make it likely that the US dollar should weaken further, and possibly
substantially. In previous economic cycles, budget and current account deficits in the US have made
recession almost inevitable in order to bring economic fundamentals back into balance. However, with the
other major economies (Japan and Europe) showing lower growth rates and more serious economic
structural problems, and with the significant role played in global trade flows today by China, it is not yet
certain that recession is as inevitable.

The weakening of the rand during the third quarter of 2004 was followed by an unexpected rate cut of
50 basis points by the South African Reserve Bank, which caused the market to pause for a short period of
time. However, for the rest of this quarter, the rand performed robustly.

The average exchange rate for the September quarter of R6.37 to the US dollar is the strongest average
exchange rate since the final quarter of 1999. The rand shows little sign of weakness in the current market
circumstances. The strength of the rand over the past two years appears to be based on improvements in
the South African economy, a low budget deficit and declining inflation.

In 2004, the spot price of gold opened at $415 per ounce in January and closed at $418 per ounce in
September 2004, compared with $346 per ounce in January 2003 and $385 per ounce in September 2003.
The average spot price of gold was $401 per ounce during the nine months ended September 30, 2004,
$47 per ounce, or 13 percent, higher than $354 per ounce, the average spot price of gold in the first nine
months of 2003. During the first nine months of 2004, the highest spot price of gold was $430 per ounce
compared to a high of $393 per ounce for the same period in 2003. The lowest spot price of gold was
$371 per ounce during the nine months ended September 30, 2004, 16 percent higher than $319 per ounce,
the lowest spot price of gold for the same period ended September 30, 2003.

Hedging overview

AngloGold Ashanti manages its revenue risk through an actively directed forward sales program. The board
of directors has given management a mandate to target a hedging level of no more than 30 percent of five
years' gold production spread over a ten-year period. In addition, management continues to have the latitude
to put new forward-pricing contracts in place where the gold price and operating circumstances make this
necessary or prudent.

At September 30, 2004, the net delta hedge position of AngloGold Ashanti was 12.71

(1)

million ounces at a

spot price of gold of $418.80 per ounce. The net delta hedge position reflects a slight increase of
approximately 212,000 ounces in the net size of the combined AngloGold Ashanti hedge compared with the
quarter ended June 30, 2004. This increase is due to the increase in the delta volume of short call options in
the hedge value at a gold price $25 per ounce higher than the price at which the hedge was valued on
June 30, 2004. Outright forward contracts in the quarter ended September 30, 2004 declined by
approximately 340,000 ounces when compared to the three months ended June 30, 2004. The marked-to-
market valuation of this position at September 30, 2004 was negative $1,139 million. The Company
continues to manage its hedge positions actively, and to reduce overall levels of pricing commitments in
respect of future production of gold.

(1)

Includes equity accounted joint ventures

AngloGold Ashanti’s net delta open hedge position at September 30, 2004

At September 30, 2004, AngloGold Ashanti had outstanding the following forward-pricing commitments
against future production. The total net delta tonnage of the hedge of the combined company on this date
was 12.71

(1)

million ounces (at June 30, 2004: 12.5

(1)

million ounces). This is calculated using the Black-

Scholes option formula with the ruling market prices, interest rates and volatilities as at September 30, 2004.

The marked-to-market value of all hedge transactions making up the hedge positions was a negative
$1,139 million at September 30, 2004 (at June 30, 2004: negative $927.1 million). These values were based
on a gold price of $418.80 per ounce, exchange rates of R/ $6.45 and A$/ $0.7258 and the prevailing market
interest rates and volatilities at that date.

At October 27, 2004, the marked-to-market value of the hedge book was a negative $1,192 million based on
a gold price of $425.50 per ounce and exchange rates of R/ $6.2275 and A$/ $0.7452 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, or of the
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.

(1)

Includes equity accounted joint ventures

AngloGold Ashanti’s hedge position as at September 30, 2004

The following table indicates AngloGold Ashanti’s gold hedge position at a weighted average settlement price as at September 30, 2004 (references in the table to "$" are to the US dollar, references to "A$" are to the Australian dollar and references to "BRL" are to the Brazilian real):

Year

2004

2005

2006

2007

2008

2009-2013

Total

DOLLAR GOLD

Forward contracts

Amount (kg)

18,558

51,150

39,918

38,519

28,256

62,779

239,180

per

$323

$329 $341

$343

$360 $370 $347

Put options purchased

Amount (kg)

2,264

3,381

5,481

1,455

12,581

$ per oz

$391

$347

$355

$292

$352

*Delta

(kg)

750

496

871

2,167

Put options sold

Amount (kg)

6,532

2,799

4,354

13,685

$ per oz

$369

$345

$339

$355

*Delta

(kg)

746

181

432

1,359

Call options purchased

Amount (kg)

6,551

8,947

1,538

2,003

19,039

$ per oz

$350

$339

$370

$361

$348

*Delta

(kg)

6,518

8,395

1,243

1,671

17,827

Call options sold

Amount (kg)

10,556

38,075

22,208

20,647

22,096

46,833

160,415

per

$370

$383 $351

$346

$358 $375 $367

*Delta

(kg)

9,328 32,634

18,948 18,046 18,807

39,590 137,353

RAND GOLD

Forward contracts

Amount (kg)

933

Rand per kg

R116,335

Put options purchased

Amount (kg)

933

1,875

2,808

Rand per kg

R80,538

R93,602

R89,261

*Delta

(kg) 11 550

561

Put options sold

Amount (kg)

5,443

1,400

6,843

Rand per kg

R84,801

R88,414

R85,540

*Delta

(kg) 1,466 365

1,831

Call options purchased

Amount (kg)

933

Rand per kg

R79,251

*Delta

(kg) 933

933

Call options sold

Amount (kg)

4,747

5,735

6,119

746

2,986

8,958

29,291

Rand

per

kg R91,727

R129,890 R118,721

R173,119

R187,586 R216,522 R154,850

*Delta

(kg) 3,580

1,093 1,900 81 360 1,854 8,868

A DOLLAR GOLD

Forward contracts

Amount (kg)

5,494

4,199

9,331

8,398

3,110

6,501

37,033

per

A$578

A$599 A$671

A$648

A$665 A$678 A$645

Put options purchased

Amount (kg)

1,244

A$ per oz

A$585

*Delta

(kg)

517

Put options sold

Amount (kg)

1,400

1,244

2,644

A$ per oz

A$574

A$553

A$564

*Delta

(kg)

481

253

734

Call options purchased

Amount (kg)

3,110

6,221

3,732

3,110

4,354

20,527

per

A$724 A$673

A$668

A$680 A$707 A$688

*Delta

(kg)

289 2,776

1,998

1,902 2,867 9,832

Call options sold

Amount (kg)

1,400

1,244

2,644

A$ per oz

A$581

A$602

A$591

*Delta

(kg)

557

573

1,130

Delta

(kg)

28,134 81,544

66,702 61,425 48,631 108,790 395,227

Total net gold:

Delta

(oz)

904,532 2,621,689

2,144,528 1,974,868 1,563,532

3,497,663 12,706,812

The Delta position indicated above reflects the nominal amount of the option multiplied by the mathematical probability of the option being exercised. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and volatilities as at September 30, 2004. The delta positions indicated above included positions from equity accounted joint ventures.

The following table indicates the Company’s currency hedge position at September 30, 2004

Year

2004

2005

2006

2007

2008 2009-2013

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

Rand per $

Put options purchased

Amount ($)

Rand per $

*Delta

($)

Put options sold

Amount ($)

Rand per $

*Delta

($)

Call options purchased

Amount ($)

Rand per $

*Delta

($)

Call options sold

Amount ($)

50,000

Rand per $

R6.54

*Delta

($)

17,597

A DOLLAR (000)

Forward contracts

Amount ($)

55,237

$ per A$

A$0.59

Put options purchased

Amount ($)

$ per A$

*Delta

($)

Put options sold

Amount ($)

$ per A$

*Delta

($)

Call options purchased

Amount ($)

$ per A$

*Delta

($)

Call options sold

Amount ($)

$ per A$

*Delta

($)

BRAZILIAN REAL
(000)

Forward contracts

Amount ($)

$ per BRL

Put options purchased

Amount ($)

3,300

600

3,900

$ per BRL

BRL3.13

BRL3.38

BRL3.17

*Delta

($)

3,139

503

3,642

Put options sold

Amount ($)

2,550

600

3,150

$ per BRL

BRL2.79

BRL3.21

BRL2.87

*Delta

($) 506

415

921

Call options purchased

Amount ($)

$ per BRL

*Delta

($)

Call options sold

Amount ($)

3,300

600

3,900

$ per BRL

BRL3.23

BRL3.55

BRL3.28

*Delta

($) 90

133

DOLLAR SILVER

Forward contracts

Amount (kg)

$ per oz

Put options purchased

Amount (kg)

7,776

31,104

69,984

$ per oz

$7.00

*Delta

(kg)

3,781

13,977

12,731

30,489

Put options sold

Amount (kg)

7,776

31,104

69,984

$ per oz

$6.06

*Delta

(kg)

1,466

7,962

8,608

18,036

Call options purchased

Amount (kg)

$ per oz

*Delta

(kg)

Call options sold

Amount (kg)

7,776

31,104

69,984

$ per oz

$8.00

$8.00 $8.00

$8.00

*Delta

(kg)

1,758

11,172

14,229

27,159

Recent developments

Sale of Union Reefs

On August 5, 2004, AngloGold Ashanti announced the sale of its Union Reefs assets to the Burnside Joint
Venture, comprising subsidiaries of Northern Gold NL (50 percent) and Harmony Gold Mining Company
Limited (50 percent), for a total consideration of A$4 ($2) million. The Burnside Joint Venture is responsible
for all future obligations associated with the assets, including remaining site rehabilitation and reclamation.

Government lifts embargo at Siguiri

On August 25, 2004, it was announced that the Government of Guinea advised AngloGold Ashanti that the
embargo on the export of gold bullion from that country by AngloGold Ashanti had been lifted.

Sale of Freda-Rebecca Mine

In a joint announcement on September 10, 2004, AngloGold Ashanti confirmed its agreement to sell its entire
interest in Ashanti Goldfields Zimbabwe Limited to Mwana Africa Holdings (Proprietary) Limited for a cash
consideration of $2.255 million. The sole operating asset of Ashanti Goldfields Zimbabwe Limited is the
Freda-Rebecca Gold Mine.

Agreement with Red 5 Limited

On October 11, 2004, AngloGold Ashanti announced that it had signed an agreement with Philippines
explorer Red 5 Limited to subscribe for a 12.3 percent stake in the expanded issued capital of Red 5 Limited
for a cash consideration of A$5.5 million. This placement will be used to fund the exploration activities along
strike from current mineral resources at the Siana Project, and to test the nearby porphyry gold-copper
targets in the Surigao region of the Republic of the Philippines.

Forward-looking statements

Except for historical information, there may be matters discussed in this report of financial and operating
performance that are forward–looking statements. In particular, the statements made under “Operating
review – Outlook” regarding future operating performance, “Liquidity and capital resources” regarding
sources of financing of future debt repayments and under “Gold market” regarding the future performance of
the gold and currency markets are forward looking statements. Any such statement is only a prediction and
actual results, costs or events may differ materially. For a discussion of important factors including, but not
limited to, development of the Company’s business, the economic outlook in the gold industry, expectations
regarding gold prices and production, and other factors which could cause actual results, costs and events to
differ materially from such forward–looking statements, refer to AngloGold’s annual report on Form 20-F for
the year ended December 31, 2003 which was filed with the United States Securities and Exchange
Commission (SEC) on March 19, 2004.

Condensed Consolidated Financial Information for the nine months ended September 30, 2004

Basis of presentation
The unaudited condensed consolidated financial information of AngloGold Ashanti Limited included have
been prepared in accordance with accounting principles generally accepted in the United States
(“US GAAP”). The balance sheet information at December 31, 2003, has been derived from AngloGold’s
annual report on Form 20-F for the year ended December 31, 2003, which was filed with the SEC on
March 19, 2004.

Dividends
On January 29, 2004, AngloGold declared a final dividend of 335 South African cents (49.82 US cents) per
ordinary share for the year ended December 31, 2003 with a record date of February 20, 2004 and a
payment date of February 27, 2004 for holders of ordinary shares and CDIs, and March 8, 2004 for holders
of ADSs. On July 29, 2004 AngloGold Ashanti declared an interim dividend of 170 South African cents
(25.62 US cents) per ordinary share for the six months ended June 30, 2004 with a record date of August 20,
2004 and a payment date of August 27, 2004 for holders of ordinary shares and CDIs, August 30, 2004 for
holders of GhDSs and September 7, 2004 for holders of ADSs. 100 GhDSs represents one ordinary share.
Each ADS represents one ordinary share.

ANGLOGOLD ASHANTI LIMITED
CONDENSED CONSOLIDATED INCOME STATEMENT

Prepared in accordance with US GAAP

Nine months ended September 30,

2004

(unaudited)

2003

(unaudited)

(As restated)

(1)

(As restated)

(1)

(in US Dollars, millions, except for share data)

Sales and other income

1,594 1,275

Product sales

1,547 1,252

Interest, dividends and other

Cost and expenses

1,560 1,046

Production costs

1,028

812

Exploration costs

30 28

Related party transactions

General and administrative

Royalties

18 9

Market development costs

Depreciation, depletion and amortization

308

176

Impairment of assets

Interest expense

45 16

Accretion expense

5 2

Employment severance costs

Profit on sale of assets

(9)

(47)

Non-hedge derivative loss/(gains)

(91)

Income before equity income and income tax

34 229

Equity income in affiliates

Income before income tax provision

44 290

Deferred income and mining tax benefit/(expensed)

(104)

Income before minority interest

55 186

Minority interest

(15) (13)

Income before cumulative effect of accounting change

40 173

Cumulative effect of accounting change

(3)

Net income – applicable to common stockholders

40 170

Basic earnings per common share : (cents)

Before cumulative effect of accounting change

16 77

Cumulative effect of accounting change

- (1)

Net income – applicable to common stockholders

16 76

Diluted earnings per common share : (cents)

Before cumulative effect of accounting change

16 77

Cumulative effect of accounting change

- (1)

Net income – applicable to common stockholders

16 76

Weighted average number of common shares used in computation

246,954,457 222,772,159

Dividend per common share (cents)

75 133

(1)

See note A.

ANGLOGOLD ASHANTI LIMITED
CONDENSED CONSOLIDATED BALANCE SHEET

Prepared in accordance with US GAAP

At September 30,

2004

(unaudited)

At December 31,

2003

(As restated)

(1)

(As restated)

(1)

(in US Dollars, millions)

Assets

Current assets

1,373 1,283

Cash and cash equivalents

419

479

Receivables

605 551

Trade

39 39

Derivatives

305

370

Value added taxes

Other

238 123

Inventories

247 154

Materials on the leach pad

102

Property, plant and equipment, net

4,614 2,300

Acquired properties, net

1,673 737

Goodwill

527 226

Derivatives

123 94

Materials on the leach pad

22 7

Other long-term assets

461 696

Total assets

8,793 5,343

Liabilities and Stockholders' equity

Current liabilities

1,197 1,116

Accounts payable and accrued liabilities

455

355

Derivatives

403 408

Short-term debt

317 331

Income and mining tax payable

Long-term debt

1,357 778

Derivatives

729 274

Deferred income and mining tax

1,548 789

Provision for environmental rehabilitation

171 124

Other accrued liabilities

27 6

Provision for post-retirement medical benefits

128 136

Minority interest

60 52

Commitments and contingencies

Share capital and reserves

3,576 2,068

Common stock

Stock issued 2004 – 264,439,294 (2003 – 223,136,342)

Additional paid in capital

4,958

3,415

Accumulated deficit

(756)

(616)

Accumulated other comprehensive income

(637)

(740)

Total liabilities and stockholders' equity

8,793 5,343

(1)

See note A.

ANGLOGOLD ASHANTI LIMITED
CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Prepared in accordance with US GAAP

Nine months ended September 30,

2004

(unaudited)

2003

(unaudited)

(As restated)

(1)

(As restated)

(1)

(in US Dollars, millions)

Net cash provided by operating activities

327 325

Income before cumulative effect of accounting change

173

Reconciled to net cash provided by operations:

Profit on sale of assets

(9)

(47)

Depreciation, depletion and amortization

308

176

Deferred stripping costs

(26)

(23)

Impairment of assets

Deferred income and mining tax

(31)

Other non cash items

(18)

Net decrease in provision for environmental

rehabilitation and post-retirement medical

Benefits

(10) (15)

Effect of changes in operating working capital items:

Receivables

6 (28)

Inventories

(20)

(38)

Accounts payable and accrued liabilities

(23)

Net cash used in investing activities

(538) (148)

Increase in non-current investments

(15)

Additions to property, plant and equipment

(384)

(198)

Proceeds on sale of mining assets

Proceeds on sale of investments

Cash effects of acquisitions/disposals

(165)

Loans receivable advanced

(3)

(1)

Loans receivable repaid

Net cash generated/(used) in financing activities

146 (78)

Payments of short-term debt

(728)

(89)

Issuance of stock

Share issue expenses

Proceeds of long-term debt

1,061

314

Dividends paid

(190)

(309)

Net (decrease)/increase in cash and cash equivalents

(65) 99

Effect of exchange rate changes on cash

5 31

Cash and cash equivalents – January 1,

479 362

Cash and cash equivalents – September 30,

419 492

(1)

See note A.

ANGLOGOLD ASHANTI LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2004

Prepared in accordance with US GAAP

Note A. Restatement of previously issued financial statements

On October 29, 2004, AngloGold Ashanti furnished on Form 6-K to the United States
Securities and Exchange Commission (SEC), unaudited condensed consolidated financial
information as of September 30, 2004 and for the nine month period ended September 30,
2004, prepared in accordance with U.S. GAAP, which included a review of financial and
operating performance.

Since this date, AngloGold Ashanti has identified various events that will result in
adjustments to the financial information furnished on the Form 6-K which are set out below:

•

The company indicated that it had written off goodwill of $182 million resulting from the
Business Combination between AngloGold and Ashanti due to the decline in the share
price from the announcement date to the completion date. The terms of this
transaction were first announced on October 15, 2003 and the transaction was
concluded on April 26, 2004. After further consideration and assessment of accounting
guidance in SFAS142, AngloGold Ashanti reversed this write off. As at December 31,
2004, AngloGold Ashanti performed its annual goodwill impairment test and concluded
that no write down is required, primarily due to the subsequent increase in gold price.

•

The company reported the Acquired Hedge Creditor from Ashanti on the basis in which
the take-on fair value of contracts designated as being Normal Sale Exempted, are
netted off against mining assets. After further consideration and assessment of
accounting guidance in FIN39, the company changed its accounting treatment to report
the Acquired Hedge Creditor and mining assets on a gross basis.

•

The company reported its investments in joint ventures in which it had joint control
under the proportionate consolidation method. After further consideration and
assessment of the accounting guidance in APB 18 and subsequent consensus opinions
issued by the Emerging Issues Task Force of the Financial Accounting Standards
Board, AngloGold Ashanti has determined that these investments should be reported in
terms of the equity accounting method.

To correct these errors, AngloGold Ashanti restated its unaudited condensed consolidated
balance sheets as of September 30, 2004 and December 31, 2003, the unaudited
condensed income statements for the nine months ended September 30, 2004 and 2003
and the unaudited condensed consolidated statements of cash flows for the nine months
ended September 30, 2004 and 2003. AngloGold Ashanti has also revised its review of
financial and operating performance, where necessary, to reflect these adjustments.

No attempt has been made in this amended Form 6-K to modify or update other disclosures
presented in the original Form 6-K being amended, except as required to reflect the effects
of the restatement. This Form 6-K/A does not reflect events occurring after the filing of the
original Form 6-K it amends. Information not affected by the restatement is unchanged and
reflects the disclosure made at the time of the original submission of the Form 6-K to the
SEC on October 29, 2004. Accordingly, this Form 6-K/A should be read in conjunction with
our filings with and submissions to the SEC subsequent to the filing of the original Form 6-K
being amended, including any amendments to those filings or submissions. The following
items also have been amended: Form 6-K containing unaudited condensed consolidated
financial information as of June 30, 2004 and for the six month period ended June 30, 2004,
prepared in accordance with U.S. GAAP, and related management’s discussion and
analysis of financial condition and results of operations, furnished to the SEC on
July 30, 2004.

The effects of the restatements on the unaudited condensed consolidated income
statements and the unaudited condensed consolidated cash flow statements for the nine
months ended September 30, 2004 and 2003 and the unaudited condensed consolidated
balance sheets as of September 30, 2004 and December 31, 2003, are summarized in the
following tables:

ANGLOGOLD ASHANTI LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2004…continued

Prepared in accordance with US GAAP

Note A. Restatement of previously issued financial statements (continued)

Unaudited condensed consolidated income statement

Nine months ended September 30, 2004

As previously

reported

Adjustments As restated

(in US Dollars, millions, except for share data)

Sales and other income

1,747 (153) 1,594

Costs and expenses

1,875 (315) 1,560

(Loss)/income before equity income and income tax

(128)

162

Equity income in affiliates

- 10 10

(Loss)/income before income tax provision

(128)

172

Deferred income and mining tax benefit

Minority interest

(15) -

(15)

Net (loss)/income before cumulative effect of accounting change

(135)

175

Net (loss)/income

(135) 175 40

Basic and diluted (loss)/earnings per common share: (cents)

(Loss)/income before cumulative effect of accounting change

(55)

Net (loss)/income

(55) 71 16

Unaudited condensed consolidated income statement

Nine months ended September 30, 2003

As previously

reported Adjustments As restated

(in US Dollars, millions, except for share data)

Sales and other income

1,503 (228) 1,275

Costs and expenses

1,219 (173) 1,046

Income before equity income and income tax

284

(55)

229

Equity income in affiliates

- 61 61

Income before income tax provision

284

290

Deferred income and mining tax expensed

(98)

(6)

(104)

Minority interest

(13) -

(13)

Net income before cumulative effect of accounting change

173

Net income

170 -

170

Basic and diluted earnings per common share: (cents)

Income before cumulative effect of accounting change

Net income

76 -

Unaudited condensed consolidated cash flow statement

Nine months ended September 30, 2004

As previously

reported

Adjustments As restated

(in US Dollars, millions)

Net cash provided by operating activities

339

(12)

327

Net cash used in investing activities (547)

(538)

Net cash generated in financing activities

138

146

Effect of exchange rate changes on cash

Cash and cash equivalents – beginning of year

505

(26)

479

Cash and cash equivalents – end of year

440

(21)

419

ANGLOGOLD ASHANTI LIMITED

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2004…continued

Prepared in accordance with US GAAP

Note A. Restatement of previously issued financial statements (continued)

Unaudited condensed consolidated cash flow statement

Nine months ended September 30, 2003

As previously

reported

Adjustments As restated

(in US Dollars, millions)

Net cash provided by operating activities

353

(28)

325

Net cash used in investing activities (166)

(148)

Net cash used in financing activities (89)

(78)

Effect of exchange rate changes on cash

Cash and cash equivalents – beginning of year

413

(51)

362

Cash and cash equivalents – end of year

542

(50)

492

Unaudited condensed consolidated balance sheet

At September 30, 2004

As previously

reported

Adjustments As restated

(in US Dollars, millions)

Cash and cash equivalents

440 (21) 419

Other current assets

1,034 (80) 954

Investment in affiliates

(1)

5 322 327

Non current assets

6,880 213

7,093

Total assets

8,359 434

8,793

Current liabilities

1,171 26

1,197

Non current liabilities

3,727 233

3,960

Minority interests

60 -

Stockholders’ equity

3,401 175

3,576

Total liabilities and stockholders’ equity

8,359

434

8,793

(1)

Included in long-term assets.

Unaudited condensed consolidated balance sheet

At December 31, 2003

As previously

reported

Adjustments As restated

(in US Dollars, millions)

Cash and cash equivalents

505 (26) 479

Other current assets

905 (101) 804

Equity method investments

(1)

5 503 508

Non current assets

4,164 (612) 3,552

Total assets

5,579 (236) 5,343

Current liabilities

1,202 (86)

1,116

Non current liabilities

2,257 (150) 2,107

Minority interests

52 -

Stockholders’ equity

2,068 -

2,068

Total liabilities and stockholders’ equity

5,579

(236)

5,343

(1)

Included in long-term assets.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has

duly caused this Current Report to be signed on its behalf by the undersigned, thereunto duly
authorized.

AngloGold Ashanti Limited

Date: July 14, 2005

By: /s/ C R B ULL

Name: C R Bull
Title: Company Secretary