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

July 28, 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 AND SIX MONTHS
ENDED JUNE 30, 2005 PREPARED IN ACCORDANCE WITH IFRS

Quarter 2 2005

Report

for the quarter and six months ended 30 June 2005

Group results ...

· Gold production steady at 1.569Moz.
· Strong financial performance, including $74m increase in profit attributable to equity shareholders to $96m.
· Headline earnings adjusted for the effect of unrealised non-hedge derivatives up 19% to $92m.
· Total cash costs down 2% to $278/oz, with South African total cash costs 3% lower at R60,287/kg as a
result of cost cutting initiatives.

· Interim dividend of R1.70 ($0.25)/share declared.

Quarter

Six months

Quarter

Six months

ended

Jun

2005

ended

Mar

2005

ended

Jun

2005

ended

Jun

2004

ended

Jun

2005

ended

Mar

2005

ended

Jun

2005

ended

Jun

2004

Restated

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

48,792

48,808 97,600 80,972

1,569

1,569

3,138

2,603

Price received

- R/kg / $/oz

87,314

82,152 84,739 84,152

422

424

423

393

Total cash costs

- R/kg / $/oz

57,351

54,778 56,064 54,456

278

284

281

254

Total production costs

- R/kg / $/oz

74,728

70,639 72,683 67,924

363

366

364 317

Financial review

Gross profit

- R / $ million

931

255 1,186 971

154

211

142

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

- R / $ million

765

676 1,441 1,593

117

112

230

240

Profit attributable to equity
shareholders

- R / $ million

566

50 616 425

118

Headline earnings

- R / $ million

665

102 767 563

112

143

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

- R / $ million

604

464 1,069 956

169

147

Capital expenditure

- R / $ million

1,068

864 1,932 1,579

167

144

311

237

Earnings per ordinary share

- cents/share

Basic

214

19 233 178

Diluted

214

19 232 171

Headline

251

39 290 236

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

- cents/share

228

175 404 401

Dividends -

cents/share

170

Notes: 1.

Price received includes 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.
Rounding of figures may result in computational discrepancies.

Operations at a glance

for the quarter ended 30 June 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

Sunrise Dam

483

131

–

246

(12)

Great Noligwa

433

(2)

174

(3)

270

(3)

(4)

TauTona

439

–

120

(8)

243

(11)

–

Mponeng

442

–

128

278

(16)

267

Kopanang

437

–

118

(2)

283

(8)

Morila

429

–

173

–

(6)

(8)

AngloGold Ashanti Mineração

417

–

161

(6)

(15)

Siguiri

426

(5)

212

(46)

250

350

Cripple Creek & Victor

359

(12)

227

(25)

(71)

Cerro Vanguardia

381

(1)

(11)

171

(20)

(30)

Sadiola

427

(3)

256

(10)

100

Serra Grande

415

–

153

–

Obuasi

424

(5)

102

324

(10)

(29)

(5)

(400)

Iduapriem

422

(5)

(13)

339

(20)

–

Geita

351

(6)

165

(14)

331

(88)

(9)

(190)

Tau Lekoa

438

(2)

400

(7)

200

(2)

Yatela

428

–

299

(25)

(50)

Bibiani

426

(1)

(9)

296

(40)

(1)

–

Navachab

427

(1)

(5)

362

(12)

– (100) (1)

–

Savuka

441

(1)

461

(17)

(1)

(3)

Other

(4)

100

233

AngloGold Ashanti

422

–

1,569

–

278

(2)

235

117

Price received includes realised non-hedge derivatives.

Gross profit (loss) adjusted for the effect of 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 June 2005 quarter on March 2005 quarter – increase (decrease).

Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW OF THE QUARTER

The June quarter has produced a good financial
performance, with steady operational results, in line
with those of last quarter. Headline earnings
adjusted for the effect of unrealised non-hedge
derivatives increased 19% to $92m, of which $35m
relates to the net positive effect of a statutory tax
rate reduction in Ghana to 25% for three years (and
28% thereafter). Profit attributable to equity
shareholders was $74m higher than that of the prior
quarter, due to the statutory tax rate reductions and
as a result of unrealised non-hedge derivative gains
in the second quarter, compared with losses in the
first quarter of the year.

A combination of factors had led to a 4% increase in
gross profit adjusted for the effect of unrealised non-
hedge derivatives of $117m. The weakening of the
rand contributed $16m to profitability, while savings
arising from improved efficiencies were partly offset
by lower grades and inflationary increases, with the
sustained strength of the oil price continuing to have
a negative impact on open-pit operations.

As noted, production was consistent quarter-on-
quarter, due to solid performances from the
Brazilian, Malian and Australian assets and to
significantly improved performances at several other
operations, including Siguiri in Guinea, which posted
a 37,000oz production increase following the first full
quarter of operation of the newly commissioned
carbon-in-pulp plant. Obuasi in Ghana also
continued on its course of operational improvement,
with production up 11% to 102,000oz and total cash
costs down 10% to $324/oz.

An 11% production improvement at Mponeng
helped to offset production declines at several other
South African operations, including TauTona and
Great Noligwa. After several excellent quarters,
production at Geita in Tanzania decreased 14% to
165,000oz and total cash costs climbed 55% to
$331/oz, as a result of both lower grades mined and
reduced mining contractor efficiencies as the
operation starts the transition to owner-mining.

In Australia, the Sunrise Dam mine enjoyed another
record production quarter of 131,000oz, equal to
that of the first quarter, with total cash costs
improving 11% to A$320/oz ($246/oz).

At the AngloGold Ashanti Mineração operation
in Brazil, gold production increased 7% to
61,000oz, with total cash costs climbing 10% to
$161/oz, largely as a consequence of the 7%
appreciation of the Brazilian real over the
quarter. The Cerro Vanguardia mine in
Argentina saw lower tonnage and feed grade,
as planned in the production programme, with
total cash costs 21% higher at $171/oz, mainly
due to retroactive January 2005 wage increases
paid out during the second quarter.

Turning to costs, globally increasing mining
contractor rates, the strong oil price and the
generally higher price of consumables continue
to require that cost containment remains a key
management focus across the group. The
stringent cost savings programmes noted last
quarter are beginning to take effect and the
South African region in particular made strides
over the quarter in achieving its cost cutting
targets, with local total cash costs at R60,287/kg
constituting a 3% improvement quarter-on-
quarter.

Looking ahead, production for the third quarter
is estimated to be 1.551Moz at a total cash cost
of $279/oz, assuming the following exchange
rates to the US dollar: R6.60; A$0.76; BRL2.4
and Argentinean peso 2.80. Capital
expenditure for the quarter is estimated at
$277m and will be managed in line with
profitability.

After serving more than 30 years with

AngloGold Ashanti and the Anglo American and
De Beers companies, CFO Jonathan Best will
retire at the end of July 2005. He is succeeded
by Srinivasan Venkatakrishnan, currently
deputy CFO, whose professional history
includes a senior position with Deloitte and
Touche in London, as well as the role of
Finance Director of Ashanti from 2000, during
which period he led the financial restructuring of
the company.

During the quarter under review, the company
also indicated that Dr Sam Jonah will move to a
non-executive role on the Board of Directors.
AngloGold Ashanti’s two Chief Operating
Officers, Neville Nicolau (Africa) and Roberto
Carvalho Silva (International) will now report
directly to CEO Bobby Godsell.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined improved by 13%,
although yield dropped 7% as anticipated due to
lower face values. Gold production fell 4% to
5,401kg (174,000oz) and total cash costs
consequently increased 4% to R55,453/kg
($270/oz). Gross profit adjusted for the effect of
unrealised non-hedge derivatives increased 9% to
R133m ($21m).

The Lost-Time Injury Frequency Rate (LTIFR) was
15.66 lost-time injuries per million hours worked
(9.51 for the previous quarter). Although Great
Noligwa achieved 500,000 fatality-free shifts on
1 June 2005, one employee regrettably lost his life
due to a fall of ground incident later in the month.

At Kopanang, volume mined improved by 2%
quarter-on-quarter. Tonnes treated increased 6%,
but this benefit was offset by a 7% yield reduction
due to the release of lower grade underground ore.
Gold production fell 2% to 3,659kg (118,000oz) as a
result of a marginal gold lock-up underground, but
total cash costs nevertheless improved 2% to
R58,208/kg ($283/oz) as a result of implemented
cost savings initiatives. Gross profit adjusted for the
effect of unrealised non-hedge derivatives improved
59% to R83m ($13m), reflecting the improved total
cash costs and a higher received price.

The LTIFR was 12.89 (12.45).

Tau Lekoa’s volume mined increased 6% quarter-
on-quarter, favourably impacting gold production,
which increased 5% to 2,126kg (68,000oz). The
implementation of cost saving initiatives together
with the increased gold production resulted in a 1%
improvement in total cash costs to R82,469/kg
($400/oz). Gross loss adjusted for the effect of
unrealised non-hedge derivatives improved
significantly from R32m last quarter to R11m ($2m)
for the second quarter.

The LTIFR was 12.79 (10.77).

Moab Khotsong’s improved gold production of
230kg (7,000oz) 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 17.45 (9.60).

At Mponeng, gold production improved 11% to
3,968kg (128,000oz), due to a 4% increase in
volume mined and improvements in grade.
Yield climbed 14% to 9.5g/t. Total cash costs
declined 10% to R57,209/kg ($278/oz) as a
consequence of the quarter’s increased
production, and gross profit adjusted for the
effect of unrealised non-hedge derivatives
accordingly improved to R73m ($11m), also
reflecting the impact of a higher received price.

The LTIFR was 9.90 (15.82). Regrettably, one
employee died in a fall of ground incident.

Gold production at Savuka rose 4% to 1,038kg
(33,000oz), after an improved mining mix led to
a significant increase in grade. The production
improvement, together with the implementation
of cost savings initiatives, resulted in a 12%
decrease in total cash costs to R94,685/kg
($461/oz). Gross loss adjusted for the effect of
unrealised non-hedge derivatives declined 41%
to R19m ($3m). In spite of this quarter’s
operational improvement, Savuka is entering
orderly closure mode with likely closure in
March 2006.

The LTIFR was 16.75 (13.59).

At TauTona, volume mined was in line with that
of the previous quarter, although increased off-
reef mining due to geological constraints and a
4% drop in face values resulted in an 8% drop
in both gold production to 3,747kg (120,000oz)
and yield. Total cash costs, at R49,773/kg
($243/oz), reflected a 5% improvement due to
labour reductions and cost management
interventions. Gross profit adjusted for the
effect of unrealised non-hedge derivatives was
held to the previous quarter’s level of R59m
($9m).

The LTIFR was 9.35 (8.84). TauTona achieved
500,000 fatality-free shifts on 19 April 2005.

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production decreased in line with previously
reported expectations by 11% to 51,000oz due
to a decline in feed grade, as well as a
decrease in ore treated after a maintenance-
related milling stoppage in May.

Total cash costs, at $171/oz, were 21% higher
quarter-on-quarter, owing in part to lower gold
production, although retroactive January wage
increases paid out during the second quarter and
higher plant maintenance costs also contributed.
Gross profit adjusted for the effect of unrealised
non-hedge derivatives declined to $7m, primarily as
a result of 9% decrease in gold revenue.

The LTIFR was 3.74 (2.14).

AUSTRALIA

For the third consecutive quarter, Sunrise Dam
maintained a record production level of 131,000oz.
Volume treated also increased this quarter, helping
to partly offset the effect of a slight decline in
recovered grade to 4.28g/t. Total cash costs
improved by 11% to A$320/oz ($246/oz), which
more than offset the effect of higher mining costs.

Gross profit adjusted for the effect of unrealised
non-hedge derivatives increased 59% to A$27m
($21m) as a result of a significantly higher realised
price.

It is expected that grades at Sunrise Dam will
decline from the third quarter of this year, as mining
moves from the high grade southern section of the
pit to the lower grade northern section. Mining of
this section will take approximately 18 months, and
will be supplemented by the underground project,
where 954m of underground capital development
and 895m of operational development were
completed this quarter. The project’s development
inclines and trial mining will access the higher grade
ore.

The LTIFR was 4.89 (0.00).

BRAZIL

At AngloGold Ashanti Mineração, gold production
increased 7% to 61,000oz, primarily due to
improved throughput at Cuiabá mine and increased
heap-leaching activity at Córrego do Sìtio mine after
heavy rains in the first quarter resulted in an accrual
of waste material.

Total cash costs, at $161/oz, were 10% higher as a
consequence of the 7% appreciation of the Brazilian
real and the increase in mined waste material over
the quarter, although the improved gold production
worked to partially offset these effects. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives decreased 15% to $11m as a

consequence of increased cost of sales, which
offset the effect of the higher quantity of gold
sold.

The LTIFR was 1.45 (2.25). Regrettably, one of
the mining contractor’s employees died in a
heavy mobile equipment incident at the Córrego
do Sìtio mine.

At Serra Grande (50% attributable), gold
production was maintained at last quarter’s level
of 24,000oz, although total cash costs rose 4%
to $153/oz due to the appreciation of the
Brazilian real. Gross profit adjusted for the effect
of unrealised non-hedge derivatives was
nevertheless maintained at last quarter’s level
of $6m as a consequence of a 4% increase in
gold sold.

The LTIFR was 0.00 (4.88).

GHANA

As anticipated and reported last quarter, the
higher grade hard rock stockpile at Bibiani was
depleted and production consequently
decreased 9% to 30,000oz. Going forward,
production will likely focus on the lower grade
satellite pits and old tailings treatment, although
a study on the underground potential is
presently being reviewed.

Total cash costs increased marginally quarter-
on-quarter to $296/oz and gross loss adjusted
for the effect of unrealised non-hedge
derivatives also increased from last quarter’s
break-even point to $1m.

The LTIFR was 0.00 (2.13).

At Iduapriem (85% attributable), gold
production decreased by 13% to 40,000oz after
crushing and conveyor problems negatively
affected plant throughput. Total cash costs
consequently increased 18% to $339/oz. The
crusher problems have been addressed and
recommendations from the previously reported
mine-to-mill study will be implemented during
the second half of the year, leading
management to expect significant
improvements in plant throughput and a related
boost in production over the next two quarters.
Gross profit adjusted for the effect of unrealised
non-hedge derivatives at $2m, remained
unchanged quarter-on-quarter.

The LTIFR was 1.15 (0.00).

As a result of increased tonnages and improved
grade, gold production at Obuasi climbed 11% to
meet a management target of 102,000oz for the
quarter. Total cash costs consequently improved by
10% to $324/oz. In spite of these operational
improvements, gross loss adjusted for the effect of
unrealised non-hedge derivatives increased from
$1m to $5m due to a lower price received.

Over the quarter, development and ore definition
drilling improved by 16% and 15%, respectively, and
in the second half of the year further improvements
in the mining mix and flexibility are anticipated.

Regrettably, two employees lost their lives this
quarter, one as a result of a fall and the other in a
materials handling accident. The LTIFR was 3.56
(4.73).

REPUBLIC OF GUINEA

At Siguiri (85% attributable), gold production
increased 86% from that of the previous quarter to
80,000oz and total cash costs declined 46% to
$212/oz. Gross profit adjusted for the effect of
unrealised non-hedge derivatives rose by $7m to
$9m, due primarily to increased gold income.

The new carbon-in-pulp plant recorded a
significantly improved performance, although a
series of pipeline failures prevented the plant from
operating at full capacity. This issue is being
addressed. As the plant begins to operate at
optimal levels, likely at the end of the third quarter,
the last of the heap-leach gold will be recovered,
and production levels will normalise.

On 27 July 2005, AngloGold Ashanti reached an
agreement with the government of Guinea to amend
the Convention de Base (stability agreement) and
resolve all outstanding disputes for a sum of $7m.
In addition, the company has agreed, as part of the
settlement, to meet historical and follow-up fees and
costs of a consultant that the government retained
to advise and assist it in its negotiations and
resolution of the dispute. In consideration of the
above settlement, the government has irrevocably
confirmed its waiver and abandonment of all claims
and disputes of any nature whatsoever against the
AngloGold Ashanti group of companies.

The LTIFR was 0.64 (0.50).

MALI

At Morila (40% attributable), production was
maintained at last quarter’s level of 67,000oz,
as an increase in tonnage throughput offset the
effect of a planned reduction in recovered
grade. Total cash costs, at $173/oz, remain
unchanged quarter-on-quarter. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives declined by 8% to $11m due to
lower level of gold sold quarter-on-quarter.

The LTIFR was 1.16 (1.24).

At Sadiola (38% attributable), gold production
increased by 13% to 43,000oz due to a 14%
improvement in recovered grade. Although
tonnage throughput was negatively affected this
quarter by a mill breakdown, Sadiola remains on
track to meet its annual attributable production
target.

Total cash costs declined by 10% to $256/oz
and gross profit adjusted for the effect of
unrealised non-hedge derivatives increased to
$4m, a result of the improvements in recovered
grade and production.

The LTIFR was 0.00 (1.16).

At Yatela (40% attributable), production was
maintained at last quarter’s level of 23,000oz,
although total cash costs climbed 7% to
$299/oz due to increased mining contractor
costs. Gross profit adjusted for the effect of
unrealised non-hedge derivatives, at $1m, was
50% below that of the previous quarter due to
the increased operating costs and lower gold
sold.

The LTIFR was 0.00 (0.00).

NAMIBIA

At Navachab, gold production decreased by 5%
to 18,000oz due to an 8% decrease in tonnage
throughput, which was adversely affected in
April by a crusher failure that resulted in
significant downtime. Total cash costs declined
by 12% to $362/oz as a result of the reduced
production, and the gross loss adjusted for the
effect of unrealised non-hedge derivatives was
$1m, compared to last quarter’s break-even
position.

Going forward, tonnage throughput and production
are expected to climb, as the crusher problem has
been resolved and the mine is currently producing
according to plan. Navachab is expected to achieve
its production target for the year.

The LTIFR was 8.49 (0.00).

TANZANIA

Production at Geita declined as anticipated by 14%
to 165,000oz due to a 20% decrease in recovered
grade. As previously reported, grades and
production are both expected to decline for the
remainder of the year as the high-grade ore in the
current cut-back will be exhausted before the higher
grade ore of the next mining phase in the
Nyankanga pit can be accessed.

Total cash costs, at $331/oz, were 55% higher than
those of the previous quarter, reflecting both
decreased mining contractor efficiency and lower
grades. As a result of the decrease in production
and higher operating costs, a gross loss adjusted for
the effect of unrealised non-hedge derivatives of
$9m was incurred.

To help address these concerns, the AngloGold
Ashanti board last quarter approved a move to
owner-mining at Geita. The transition will be
completed at the end of July 2005, with limited
cost benefit evident from the fourth quarter of
this year, and the full gains expected from the
start of 2006.

The LTIFR was 0.48 (1.06).

USA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production decreased 12% to
71,000oz, as ore placed at significant distance
to the leach pad liner in the first quarter resulted
in delayed recoveries in the second. A
production increase should be evident from next
quarter.

As a result of the decreased production, total
cash costs, at $227/oz, were 3% higher quarter-
on-quarter. Gross profit adjusted for the effect
of unrealised non-hedge derivatives declined to
$2m as a result of the lower production and
lower realised price.

The LTIFR was 0.00 (0.00). In June, CC&V
achieved 19 months without a lost-time
accident.

Notes:

· All references to price received includes 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

Total exploration expenditure during the second
quarter amounted to $19m ($12m expensed and
$7m capitalised), versus $15m in the previous
quarter. Of the $19m, $9m ($2m expensed, $7m
capitalised) was spent on brownfields exploration
activities at existing mines, while the remaining
$10m funded greenfields exploration in Tanzania,
Alaska, China, Mongolia, Colombia, Peru, Russia
and the DRC.

Brownfields

In Ghana at Obuasi, site establishment is in
progress for the first two of six surface diamond
holes of the Obuasi Ultra Deeps project. These are
planned to intersect the Obuasi Fissure 3,400m
below surface and are expected to be completed by
January 2007.

At Sadiola in Mali, the contract for the pre-feasibility
study of the Deep Sulphides project will be awarded
in the third quarter. Testing of the sulphide potential
below the oxide mineralisation at the FE3,
FE3 South and FE4 satellite pits over the second
quarter did not yield economic intercepts.

At Morila, the third drilling phase has been
completed on the underground Samacline target
located 500m west of the current pit at a depth of
400m below surface. A preliminary scoping study
investigating the underground mining potential of
this target is in progress.

At Siguiri in Guinea, drilling results remain
encouraging on both the oxide and sulphide
extensions of the existing pits. Reconnaissance
drilling on a previously delineated 2km soil
geochemical anomaly at Foulata, which is situated
45km west of the plant, has delineated a potential
oxide Mineral Resource.

In Tanzania at Geita, diamond drilling of the Geita
Hill North East Extension zone continues to intersect
mineralisation down dip and along strike. Drilling of
the Geita Hill footwall zone is underway to confirm
potential additional mineralisation outside the
current pit limits.

In Brazil, drilling at various sites at Córrego do
Sítio continues to define sulphide mineralisation
below existing oxide Mineral Resources and a
pre-feasibility study and trial mining is planned
to commence in 2006.

At Crixás, down-plunge drill testing of the
Forquilha Sul

and Mina I-West ore-bodies

intersected sub-economic mineralisation,
effectively closing off known ore shoots at
depth. Exploration continues to look for further
orebodies down plunge.

In Australia, AngloGold Ashanti has divested
its interests in selected tenements north of
Sunrise Dam Gold Mine to Crescent Gold
Limited.

Greenfields

In the DRC, drilling re-commenced in mid-April
at Adidi and preliminary results confirm
historical grade and tonnage estimates (1.2Moz
at 9.9g/t). Preliminary drilling was also carried
out on two additional targets derived from
mapping and geochemical sampling during the
first quarter.

In Alaska, results from the initial drilling
programme on the Lost Mine South project in
the Pogo area delineated a near-surface, broad,
shallow dipping gold zone with grades in the
1-2g/t range; follow-up drilling is planned for the
third quarter. Two additional high grade targets
are planned to be drill tested in Alaska during
the summer.

In South America, greenfields exploration is
focussed in Colombia. Diamond drilling has
commenced at the San Carlos project in the
Bolivar department and AngloGold Ashanti is
planning to drilltest a further three prospects in
Colombia in the second half of 2005.

Review of the gold market

Whilst the quarter saw a wide range of $30/oz in
the spot gold price, and some interesting changes
in investor interest in buying gold, the most
significant moves during this period occurred in
the currency markets.

The $/euro exchange rate broke down decisively
from the euro strength displayed in late 2004 and
early 2005. Having tested $1.35/€ twice during
the first quarter of the year, the European
currency retreated by almost 10% against the
dollar, and closed the quarter at $1.21/€. The
weakness of the euro and resurgence of the US
dollar contributed to a shift also in the local
currency and the rand weakened against the
US dollar by 8% during this quarter. At its
weakest point of R6.96/$1, the South African
currency had lost some 19% against the US dollar
since the rate of R5.65/$1 at which the rand
opened in 2005. The average $/euro exchange
rate for the quarter of $1.26/€ reflected the US
currency being 4% stronger than in the first
quarter of 2005. The South African currency
weakened against the US dollar on average by
7% quarter on quarter.

Gold

The statistics of the gold spot price in US dollars
reveal little of the changes in the gold market
during the period under review. The average spot
price for the quarter of $427/oz was unchanged
from the average price of gold for the first quarter
of 2005. The high of $444/oz was within two
dollars of the high for the first quarter, and the low
of $413/oz was similarly close to the first quarter.

However, the behaviour of the gold price was
remarkable for its divergence from movements in
the value of the US dollar during this quarter. See
Graph 1 : Euro / US$ Exchange Rate & US$ Gold
Spot Price: January 2004 – July 2005 Indexed.
The distinctive feature of the gold price rally of the
past four years has been the extent to which the
gold price has risen in proportion to the
weakening of the US dollar against the euro, and
fallen back when the US dollar has strengthened
against the euro. During this quarter however, as
the US dollar strengthened against the euro, the
US dollar spot price of gold actually finished June
some 2% firmer on the quarter. As a direct
consequence of the stronger $/weaker euro, and
a stronger spot gold price, the euro price of gold
rose by 12% during this quarter to a high of
€368/oz.

In effect, traders on the New York Comex elected
to remain long gold as the US currency
strengthened. There appeared to be no single
justification for this change of trading strategy on
Comex. One important element was that of short
covering on the Comex. Certain investors had
gone significantly short gold early in the quarter
when US dollar strength first emerged, taking
Comex to a net long position of only 5.6Moz, the
lowest net long position since mid-2003. When
this short move attracted no further selling
interest, the market saw sustained short covering
in June notwithstanding the strong US dollar. This
reaction on Comex took the net long gold position
on the exchange back up to almost 18Moz net
long at the end of June. In effect, investors were
buying US dollars and buying gold during the
same period. See Graph 2 : New York Comex
Gold Net Open Position vs IMM US$ Net Open
Position 2001 – 2005.

The correction in the spot gold market was still
under-way at the end of the quarter, when the
gold price closed at $434/oz. After the end of the
quarter, the price fell as low as $421/oz, although
it has since recovered slightly to trade at around
$425/oz.

The sustained investor interest in gold during this
quarter does not necessarily reflect a complete
break between gold price movement and changes
in the value of the US dollar. It is very likely that
gold will again respond positively to renewed
US dollar weakness in the future, but off a higher
base. The events of this quarter confirm the fact
that the New York Comex remains the primary
market place for investor and speculator activity in
gold, and for the spot pricing of the metal. See
Graph 3 : New York Comex Net Open Interest
Position and Gold Price: January 2004-July 2005.

The combination of a strong spot gold price and a
weaker rand during the quarter produced sharply
higher rand gold prices and some relief for local
gold producers. From a low of R81,500/kg during
the quarter, the local price reached almost
R96,500/kg, while the average of R87,800/kg for
the quarter was R5,000/kg or 6% higher than the
average price for the first quarter. During July,
however, a degree of recovery in the rand has
taken the local gold price back below R90,000/kg.

Physical Demand

Physical offtake of gold continued to improve
during the first quarter of 2005, following the
healthy performance of demand in 2004.

Consumption of gold in jewellery in the first
quarter increased by 17% year-on-year, largely on
the back of growth in Indian demand. Gold
jewellery offtake in the developed markets of the
USA, Europe and Japan remained flat to down.
Net bullion supply on the market increased by
23%, driven particularly by higher official sales of
254t during the first quarter and significantly
reduced de-hedging by gold producers, and the
market remained effectively in balance.

However, gold offtake in the second quarter
suffered from the combination of higher gold
prices in local currencies (on the back of the
stronger US dollar) and seasonally low demand
for jewellery. Offtake in India has fallen
particularly during this quarter due to these two
factors. Nevertheless, the major physical gold
markets seem to have adjusted to higher gold
prices in general, and demand would be expected
to increase again should gold weaken from the
higher spot price levels at which it traded at the
end of the second quarter.

Official Sector

The official sector contributed to better sentiment
towards gold during this quarter with the
announcement by the G8 of a debt relief
programme for heavily indebted poor countries
which would not be funded by the revaluation or
sale of the gold reserves of the IMF, as had been
proposed in recent months. Although most
commentators had expressed doubt that the
proposal by UK’s Gordon Brown, for the funding
of debt relief by the sale of IMF gold reserves
would succeed, the announcement removed a
residual uncertainty that new sales might cap the
gold market for a time.

The high level of official gold sales during the
early months of 2005 has led to less official selling
since then, and assisted the physical market in
the second quarter, when physical demand has
fallen.

Currencies

At the end of June, the US dollar had gained 11%
against the euro since the beginning of 2005,
most of this during the second quarter of the year.
During July, the US dollar gained further to reach
a high of $1.186/€, a level last seen in mid-2004.

During the four years of correction in the
US currency against the euro since 2001, the
market has seen several US dollar rallies led by
economic good news from the USA, where
cyclical strength in the US economy has
outweighed the structural problems in that
economy. However, during the second quarter of
2005, the cyclical advantages of sound economic
growth and rising interest rates in the USA were
complemented by recognition of major negative
factors in European economies, and the fact that
these weaknesses were fundamentally at odds
with a stronger euro. Sentiment towards the euro
was also damaged by political uncertainties raised
by the referenda in France and Holland in June, in
which voters rejected the new European
Constitution. The US dollar was the direct
beneficiary of the market’s concern about the
European currency, and market fears about the
US trade and fiscal deficits receded during the
period under review.

Whilst the dollar has moved largely on good news
in the US economy and bad news in Europe, the
stronger US currency has now broken through the
technical trend lines of the correction of the past
four years. This technical break has occurred in
respect of the exchange rate both against the
euro and against a trade-weighted currency index.
It will be interesting to see what this means for the
US currency during the rest of this year,
particularly if cyclically favourable circumstances
in the US should weaken. Market commentary is
divided between institutions that now see a
stronger dollar by the end of 2005, and those who
still expect dollar weakness to resume, albeit with
more modest year-end targets.

Whilst South Africa suffered no particular negative
economic shift during this quarter, the local
currency lost ground sharply against the US
dollar. This move was driven by the stronger
dollar, but also by some public recognition by
leading monetary and political figures of the harm
done to sectors of the South African economy by
a strong local currency.

Whilst the further movement of the dollar against
the euro will obviously influence rand exchange
rates, the market seems more persuaded now of
the likelihood of a weaker rand going forward.

Hedging

As at 30 June 2005, the net delta hedge position
of AngloGold Ashanti was 10.32Moz or 321t
valued at the spot gold price at the end of the
quarter of $434.50/oz. This net delta position
reflects a decrease of some 400,000oz or 12.5t in
the net size of the AngloGold Ashanti hedge
compared with the position at the end of the
previous quarter. The net reduction reflects the
maturing of price contracts during the past
quarter.

The marked-to-market value of the hedge position
as at 30 June 2005 was negative $1,032m, little
changed from the negative value of $1,066m
recorded at the end of March 2005. However, this
value of $1,032m was calculated off a closing spot
price $7/oz higher than the closing price at the
end of March at which the previous valuation was
calculated. The marked-to-market value of the
hedge at 27 July 2005 at a spot price of
$422.80/oz was negative $925.620m. The price
received by the company for the quarter under
review was $422/oz, compared with 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.

GRAPH 1

EURO / US$ EXCHANGE RATE & US$ GOLD SPOT PRICE

JANUARY 2004 – JULY 2005 INDEXED

GRAPH 2

NEW YORK COMEX GOLD NET OPEN POSITION VS IMM US$ NET OPEN POSITION

2001 – 2005

GRAPH 3

NEW YORK COMEX NET OPEN INTEREST POSITION AND GOLD PRICE

JANUARY 2004-JULY 2005

Hedge position

As at 30 June 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 10.32Moz or
321t (at 31 March 2005: 10.72Moz or 334t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $1.032bn (negative R6.94bn) as at
30 June 2005 (as at 31 March 2005: $1.066bn or
R6.62bn). This value at 30 June 2005 was based
on a gold price of $434.50/oz, exchange rates of
R/$6.7240 and A$/$0.7560 and the prevailing
market interest rates and volatilities at that date.

As at 27 July 2005, the marked-to-market value
of the hedge book was a negative $925.620m
(negative R6.192bn), based on a gold price of
$422.80/oz and exchange rates of R/$6.69 and
A$/$0.7546 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)

11,511

16,654

32,993

30,076

26,288

53,566

171,088

US$/oz

$310

$316

$344

$365

$380

$402

$366

Put options purchased

Amount (kg)

4,408

8,592

1,455

14,455

US$/oz

$333

$345

$292

$336

Put options sold

Amount (kg)

5,132

4,354

855

1,882

9,409

21,632

US$/oz

$411

$339

$390

$400

$430

$403

Call options purchased

Amount (kg)

11,860

11,211

6,357

29,428

US$/oz

$329

$333

$344

$334

Call options sold

Amount (kg)

18,607

31,224

27,560

27,516

26,211

76,048

207,166

US$/oz

$360

$381

$374

$380

$407

$468

$413

RAND GOLD
Forward contracts

Amount (kg)

* 1,218

2,449

933

2,164

Rand per kg

R109,988

R97,520

R116,335

R160,520

Put options purchased

Amount (kg)

1,875

Rand per kg

R93,602

Put options sold

Amount (kg)

7,620

1,400

9,020

Rand per kg

R91,907

R88,414

R91,365

Call options purchased

Amount (kg)
Rand per kg

Call options sold

Amount (kg)

9,889

4,517

311

2,986

5,972

23,675

Rand per kg

R93,515

R102,447

R108,123

R202,054

R223,756

R141,953

A DOLLAR GOLD
Forward contracts

Amount (kg)

* 1,885

1,555

8,398

3,110

3,390

3,110

17,678

A$ per oz

A$615

A$762

A$650

A$678

A$665

A$689

A$744

Put options purchased

Amount (kg)

per

Put options sold

Amount (kg)

per

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)

per

Delta (kg)

14,198

32,959

59,879

54,809

50,663

108,569

321,077

** Total net gold:

Delta (oz)

456,476

1,059,655

1,925,152

1,762,148

1,628,851

3,490,569

10,322,850

* 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 30 June 2005.

Rounding of figures may result in computational discrepancies.

Year

2005

2006

2007

2008

2009

2010-2014

Total

DOLLAR

SILVER

Forward

contracts

Amount

(kg)

$ per oz

Put options purchased

Amount (kg)

21,772

43,545

24,883

133,745

$ per oz

$7.11

$7.40

$7.26

Put options sold

Amount (kg)

21,772

43,545

24,883

133,745

$ per oz

$6.02

$5.93

$5.75

$5.94

Call

options

purchased

Amount

(kg)

$ per oz

Call options sold

Amount (kg)

21,772

43,545

24,883

133,745

$ per oz

$8.11

$8.40

$8.00

$8.19

The following table indicates the group's currency hedge position at 30 June 2005

Year

2005

2006

2007

2008

2009

2010-2014

Total

RAND DOLLAR (000)
Forward

contracts

Amount

($) 7,488

7,488

US$/R

R6.34

Put

options

purchased

Amount

($)

60,000

US$/R

R6.97

Put

options

sold

Amount

($)

60,000

US$/R

R6.69

Call

options

purchased

Amount

($)

US$/R

Call

options

sold

Amount

($)

115,000

US$/R

R7.13

A DOLLAR (000)

Forward contracts

Amount ($)

15,970

39,222

55,192

A$/US$ A$0.61

A$0.75

A$0.70

Put

options

purchased

Amount

($)

A$/US$

Put options sold

Amount ($)

A$/US$

Call

options

purchased

Amount

($)

A$/US$

Call options sold

Amount ($)

50,000

20,000

70,000

A$/US$ A$0.75

A$0.74

A$0.75

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

12,000

24,000

4,000

40,000

US$/BRL

BRL2.94

BRL3.18

BRL3.31

BRL3.12

Put

options

purchased

Amount

($)

US$/BRL

Put options sold

Amount ($)

US$/BRL

Call

options

purchased

Amount

($)

US$/BRL

Call options sold

Amount ($)

10,000

20,000

30,000

US$/BRL

BRL3.03

BRL3.29

BRL3.20

Rounding of figures may result in computational discrepancies.

Group

income statement

Quarter

Six months

ended

June

March

June

2005

2004

2005

2004

Restated

SA Rand million

Notes

Unaudited

Revenue

4,563

4,016

3,754

8,579

7,095

Gold income

4,404

3,858

3,559

8,261

6,693

Cost of sales

(3,620)

(3,415)

(2,925)

(7,036)

(5,338)

Non-hedge derivatives

147

(188)

(379)

(40)

(384)

Gross Profit

931

255

1,186

971

Corporate administration and other expenses

(103)

(99)

(105)

(201)

(181)

Market development costs

(21)

(21)

(22)

(42)

(48)

Exploration costs

(78)

(60)

(72)

(138)

(131)

Amortisation of intangible assets

(54)

(106)

Impairment of tangible assets

(45)

(45)

Other operating expenses

(38)

(23)

(22)

(63)

(27)

Other operating income

Operating profit (loss)

654

(21)

709

478

Interest receivable

172

Other net (expense) income

(4)

(7)

(8)

(Loss) profit on disposal of assets and subsidiaries

(1)

Finance costs and unwinding of decommissioning
and restoration obligations

(159)

(148)

(124)

(308)

(282)

Fair value adjustment on option component of convertible bond

115

397

194

248

Fair value gains (losses) on interest rate swaps

(16)

(15)

(5)

(33)

Share of associates profit (loss)

(2)

(1)

Profit before taxation

621

316

689

602

Taxation

121

(64)

Profit after taxation

683

127

403

810

538

Discontinued operations

(69)

(51)

(52)

(121)

(52)

614

351

690

486

Allocated as follows
Equity Shareholders

566

326

616

425

Minority interest

614

351

690

486

Basic earnings per ordinary share (cents)
Profit from continuing operations

240

149

278

200

Loss from discontinued operations

(26)

(19)

(21)

(46)

(22)

Profit

214

129

233

178

Diluted earnings per ordinary share (cents)
Profit from continuing operations

240

141

278

192

Loss from discontinued operations

(26)

(19)

(46)

(21)

Profit

214

121

232

171

Dividends

- Rm

450

449

- cents per share

170

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment. The current period is only indicative.

Rounding of figures may result in computational discrepancies.

Group

income statement

Quarter

Six months

ended

June

March

June

2005

2004

2005

2004

Restated

US Dollar million

Notes

Unaudited

Revenue

708

668

570

1,377

1,065

Gold income

684

642

541

1,326

1,005

Cost of sales

(565)

(568)

(445)

(1,133)

(801)

Non-hedge derivatives

(17)

(62)

Gross Profit

154

211

142

Corporate administration and other expenses

(16)

(16)

(32)

(27)

Market development costs

(3)

(4)

(3)

(7)

Exploration costs

(12)

(10)

(11)

(22)

(20)

Amortisation of intangible assets

(8)

(16)

Impairment of tangible assets

(7)

(7)

Other operating expenses

(6)

(4)

(3)

(10)

(4)

Other operating income

Operating profit (loss)

111

(7)

135

Interest receivable

Other net (expense) income

(1)

(1)

(2)

Profit on disposal of assets and subsidiaries

Finance costs and unwinding of decommissioning
and restoration obligations

(25)

(24)

(19)

(50)

(42)

Fair value adjustment on option component of convertible bond

Fair value gains (losses) on interest rate swaps

(3)

(2)

(1)

(5)

Share of associates profit (loss)

Profit before taxation

107

132

Taxation

(7)

Profit after taxation

116

150

Discontinued operations

(12)

(9)

(8)

(21)

(8)

103

130

Allocated as follows
Equity Shareholders

118

Minority interest

103

130

Basic earnings per ordinary share (cents)
Profit from continuing operations

Loss from discontinued operations

(5)

(3)

(8)

(3)

Profit

Diluted earnings per ordinary share (cents)
Profit from continuing operations

Loss from discontinued operations

(5)

(3)

(8)

(3)

Profit

Dividends

- $m

- cents per share

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment. The current period is only indicative.

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

June

March

June

December

2005

2004

Restated

SA Rand million

Notes

Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

37,528

35,634

34,079

33,195

Intangible assets

2,727

2,569

2,524

2,347

Investments in associates

254

Investment properties

Other investments

550

190

179

Inventories

789

677

140

124

Derivatives

403

458

832

1,055

Deferred taxation

215

Other non-current assets

170

524

351

487

42,696

40,146

38,102

37,474

Current assets

Inventories

2,619

2,365

2,371

2,363

Trade and other receivables

2,025

1,726

1,873

1,747

Derivatives

3,053

3,512

1,904

2,767

Current portion of other non-current assets

385

Cash and cash equivalents

1,835

1,744

3,458

1,758

9,537

9,352

9,991

8,640

Non-current assets held for sale

100

9,637

9,352

9,991

8,640

TOTAL ASSETS

52,333

49,498

48,093

46,114

EQUITY AND LIABILITIES

Equity
Ordinary share capital and premium

19,006

18,995

18,980

18,987

Retained earnings and other reserves

1,410

(193)

(1,200)

Shareholders' equity

20,416

18,802

19,050

17,787

Minority interests

401

367

350

327

20,817

19,169

19,400

18,114

Non-current liabilities

Borrowings

10,500

9,934

8,088

7,262

Provisions

2,729

2,548

2,117

2,339

Derivatives

2,130

2,191

2,393

3,032

Deferred taxation

8,231

7,885

8,211

7,542

23,590

22,558

20,809

20,175

Current liabilities

Trade and other payables

2,919

2,580

2,940

2,650

Current portion of borrowings

1,141

889

2,125

1,800

Derivatives

3,551

3,948

2,662

3,007

Taxation

315

354

157

368

7,926

7,771

7,884

7,825

Total liabilities

31,516

30,329

28,693

28,000

TOTAL EQUITY AND LIABILITIES

52,333

49,498

48,093

46,114

Net asset value - cents per share

7,715

7,108

7,205

6,726

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

June

March

June

December

2005

2004

Restated

US Dollar million

Notes

Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

5,615

5,727

5,473

5,880

Intangible assets

408

413

405

416

Investments in associates

Investment properties

Other investments

Inventories

118

109

Derivatives

134

187

Deferred taxation

Other non-current assets

6,388

6,453

6,118

6,639

Current assets

Inventories

392

380

381

419

Trade and other receivables

303

277

301

309

Derivatives

457

564

306

490

Current portion of other non-current assets

Cash and cash equivalents

275

280

555

312

1,427

1,502

1,604

1,531

Non-current assets held for sale

1,442

1,502

1,604

1,531

TOTAL ASSETS

7,830

7,955

7,723

8,170

EQUITY AND LIABILITIES

Equity
Ordinary share capital and premium

2,843

3,053

3,048

3,364

Retained earnings and other reserves

211

(31)

(213)

Shareholders' equity

3,054

3,022

3,060

3,151

Minority interests

3,114

3,081

3,116

3,209

Non-current liabilities

Borrowings

1,571

1,597

1,299

1,286

Provisions

408

409

340

415

Derivatives

319

352

384

537

Deferred taxation

1,231

1,267

1,319

1,336

3,529

3,625

3,342

3,574

Current liabilities

Trade and other payables

437

415

471

470

Current portion of borrowings

171

143

341

319

Derivatives

531

634

428

533

Taxation

1,186

1,249

1,265

1,387

Total liabilities

4,715

4,874

4,607

4,961

TOTAL EQUITY AND LIABILITIES

7,830

7,955

7,723

8,170

Net asset value - cents per share

1,154

1,142

1,157

1,191

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Six months

ended

June

March

June

2005

2004

2005

2004

Restated

SA Rand million

Unaudited

Cash flows from operating activities
Cash generated from operations

1,191

825

787

2,016

1,323

Cash utilised by discontinued operations

(62)

(51)

(6)

(113)

Environmental, rehabilitation and other expenditure

(16)

(12)

(13)

(29)

(30)

Taxation paid

(34)

(61)

(56)

(95)

(161)

Net cash inflow from operating activities

1,078

701

712

1,779

1,139

Cash flows from investing activities
Capital expenditure

(1,068)

(864)

(1,012)

(1,932)

(1,579)

Proceeds from disposal of tangible assets

Investments acquired

(89)

(2)

(89)

(2)

Acquisition of subsidiary net of cash

(802)

Net loans (advanced) repaid

(29)

(1)

(31)

Utilised in hedge restructure

(415)

Net cash outflow from investing activities

(1,186)

(1,280)

(1,733)

(2,466)

(2,272)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(1)

Proceeds from borrowings

545

2,568

3,113

6,797

Repayment of borrowings

(407)

(1,488)

(1,379)

(1,895)

(4,571)

Interest received

133

Finance costs

(68)

(221)

(78)

(288)

(253)

Dividends paid

(31)

(488)

(59)

(519)

(817)

Net cash inflow (outflow) from financing activities

424

(1,395)

501

1,300

Net (decrease) increase in cash and cash equivalents

(31)

(155)

(2,416)

(186)

167

Translation

123

141

264

(76)

Opening cash and cash equivalents

1,744

1,758

5,868

1,758

3,367

Closing cash and cash equivalents

1,835

1,744

3,458

1,835

3,458

Cash generated from operations
Profit before taxation

621

316

689

602

Adjusted for:
Non-cash movements

126

(32)

(39)

(8)

Movement on non-hedge derivatives

(185)

427

386

242

568

Deferred stripping costs

(40)

(114)

Amortisation of tangible assets

787

732

600

1,519

1,046

Amortisation of intangible assets

106

Impairment of tangible assets

Interest receivable

(39)

(54)

(81)

(93)

(172)

Loss (profit) on disposal of assets and subsidiaries

(7)

(27)

Finance costs and unwinding of decommissioning and
restoration obligations

159

148

124

308

282

Fair value adjustment on option component of convertible bond

(79)

(115)

(397)

(194)

(248)

Movement in working capital

(267)

(361)

(130)

(628)

(712)

1,191

825

787

2,016

1,323

Movement in working capital
(Increase) decrease in inventories

(339)

(567)

(157)

(906)

Increase in trade and other receivables

(268)

(168)

(267)

(225)

Increase (decrease) in trade and other payables

340

206

195

546

(526)

(267)

(361)

(130)

(628)

(712)

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Six months

ended

June

March

June

2005

2004

2005

2004

Restated

US Dollar million

Unaudited

Cash flows from operating activities
Cash generated from operations

193

136

102

329

220

Cash utilised by discontinued operations

(11)

(8)

(1)

(19)

Environmental, rehabilitation and other expenditure

(3)

(2)

(5)

Taxation paid

(5)

(10)

(9)

(15)

(24)

Net cash inflow from operating activities

175

116

290

192

Cash flows from investing activities
Capital expenditure

(167)

(144)

(153)

(311)

(237)

Proceeds from disposal of tangible assets

Investments acquired

(15)

(15)

Acquisition of subsidiary net of cash

(126)

Net loans (advanced) repaid

(5)

(5)

Utilised in hedge restructure

(69)

Net cash outflow from investing activities

(186)

(213)

(267)

(399)

(347)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

Proceeds from borrowings

458

501

1,019

Repayment of borrowings

(27)

(278)

(213)

(305)

(685)

Interest received

Finance costs

(10)

(37)

(12)

(47)

(38)

Dividends paid

(5)

(82)

(9)

(87)

(122)

Net cash inflow (outflow) from financing activities

(203)

196

Net (decrease) increase in cash and cash equivalents

(4)

(28)

(380)

(32)

Translation

(2)

(4)

(5)

Opening cash and cash equivalents

280

312

934

312

505

Closing cash and cash equivalents

275

280

555

275

555

Cash generated from operations
Profit before taxation

107

132

Adjusted for:
Non-cash movements

(5)

Movement on non-hedge derivatives

(38)

Deferred stripping costs

(6)

(17)

Amortisation of tangible assets

123

122

244

157

Amortisation of intangible assets

Impairment of tangible assets

Interest receivable

(6)

(9)

(12)

(15)

(26)

Profit on disposal of assets and subsidiaries

(4)

Finance costs and unwinding of decommissioning and
restoration obligations

Fair value adjustment on option component of convertible bond

(13)

(19)

(61)

(32)

(39)

Movement in working capital

(33)

(61)

(40)

(94)

(88)

193

136

102

329

220

Movement in working capital
Increase in inventories

(17)

(50)

(29)

(67)

(16)

(Increase) decrease in trade and other receivables

(20)

(29)

(52)

Increase (decrease) in trade and other payables

(40)

(36)

(20)

(33)

(61)

(40)

(94)

(88)

Rounding of figures may result in computational discrepancies.

Statement of recognised income and expense

for the six months ended 30 June 2005

Six months

ended

June

2005

2004

Unaudited

Actuarial gains on defined benefit retirement plans

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

(91)

446

Net (loss) gain on cash flow hedges

(116)

645

Net (loss) gain on available for sale financial assets

(2)

Deferred taxation on items above

182

(279)

Net exchange translation differences

(159)

Net (expense) income recognised directly in equity

(144)

908

Profit for the period

690

486

Total recognised income and expense for the period

546

1,394

Attributable to:
Equity shareholders

429

1,329

Minority interest

117

546

1,394

Actuarial gains on defined benefit retirement plans

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

(11)

Net (loss) gain on cash flow hedges

(17)

104

Net (loss) gain on available for sale financial assets

(2)

Deferred taxation on items above

(41)

Net exchange translation differences

(4)

(13)

Net (expense) income recognised directly in equity

(1)

129

Profit for the period

130

Total recognised income and expense for the period

129

201

Attributable to:
Equity shareholders

120

187

Minority interest

129

201

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Group

operating results

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

Restated

Unaudited

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

UNDERGROUND OPERATION

Milled

- 000 tonnes

- 000 tons

3,466

3,386

6,853

6,277

3,821

3,733

7,554

6,919

Yield

- g / t

- oz / t

7.26

7.35

7.30

7.74

0.212

0.214

0.213

0.226

Gold produced

- kg

- oz (000)

25,175

24,884

50,059

48,565

809

800

1,609

1,562

SURFACE AND DUMP RECLAMATION

Treated

- 000 tonnes

- 000 tons

1,886

2,111

3,997

3,400

2,078

2,327

4,406

3,747

Yield

- g / t

- oz / t

0.49

0.47

0.48

0.57

0.014

0.014

0.017

Gold produced

- kg

- oz (000)

927

986

1,913

1,925

OPEN-PIT OPERATION

Mined

- 000 tonnes

- 000 tons

46,042

38,217

84,259

62,576

50,753

42,127

92,880

68,978

Treated

- 000 tonnes

- 000 tons

6,501

5,057

11,557

7,598

7,166

5,574

12,740

8,375

Stripping ratio

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

4.82

6.10

5.34

7.31

4.82

6.10

5.34

7.31

Yield

- g / t

- oz / t

2.90

3.60

3.21

3.10

0.085

0.105

0.094

0.090

Gold in ore

- kg

- oz (000)

11,188

14,898

26,086

17,307

360

479

839

556

Gold produced

- kg

- oz (000)

18,856

18,220

37,076

23,573

606

585

1,192

758

HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

14,465

17,913

32,377

35,170

15,945

19,745

35,690

38,769

Placed

- 000 tonnes

- 000 tons

5,241

6,610

11,851

10,382

5,777

7,286

13,063

11,445

Stripping ratio

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

2.33

1.72

1.96

2.33

2.33

1.72

1.96

2.33

Yield

- g / t

- oz / t

0.77

0.87

0.83

0.84

0.023

0.025

0.024

0.025

Gold placed

- kg

- oz (000)

4,046

5,776

9,822

8,726

130

186

316

281

Gold produced

- kg

- oz (000)

3,835

4,718

8,553

6,910

123

152

275

222

TOTAL

Gold produced

- kg

- oz (000)

48,792

48,808

97,600

80,972

1,569

1,569

3,138

2,603

Gold sold

- kg

- oz (000)

48,560

48,313

96,873

80,256

1,561

1,553

3,115

2,580

Price received

- R / kg

- $ / oz

- sold

87,314

82,152

84,739

84,152

422

424

423

393

Total cash costs

- R / kg

- $ / oz

- produced

57,351

54,778

56,064

54,456

278

284

281

254

Total production costs

- R / kg

- $ / oz

- produced

74,728

70,639

72,683

67,924

363

366

364

317

PRODUCTIVITY PER EMPLOYEE

Target

- g

- oz

431

419

425

362

13.86

13.47

13.66

11.64

Actual

- g

- oz

382

394

388

351

12.28

12.66

12.47

11.28

CAPITAL EXPENDITURE

- Rm

- $m

1,068

864

1,932

1,579

167

144

311

237

Tonnes (Tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Notes

for the quarter and six months ended 30 June 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 except for the new and revised International Financial Reporting Standards (IFRS) statements
which are effective 1 January 2005, where applicable.

The option to account for actuarial gains and losses through equity reserves under IAS19 revised has been
adopted. The financial effects of the adoption on prior periods are disclosed in Note 13.

The financial statements of AngloGold Ashanti have been prepared in compliance with IAS34, in compliance with
the JSE Listings Requirements and in the manner required by the South African Companies Act, 1973 for the
preparation of financial information of the group for the quarter and six months ended 30 June 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 7, discontinued operations, Note 13,
financial effects of IAS19 revised and Note 19, convertible bonds.

Cost of sales

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cash operating costs

2,744

2,650

5,395

4,279

428

441

870

642

Other cash costs

100

192

137

Total cash costs

2,836

2,750

5,587

4,416

443

458

901

663

Retrenchment costs

Rehabilitation & other non-cash costs

Production costs

2,916

2,809

5,727

4,503

456

467

923

677

Amortisation of tangible assets

787

732

1,519

1,046

123

122

244

157

Amortisation of intangible assets

–

Total production costs

3,706

3,544

7,252

5,549

578

590

1,168

833

Inventory change

(86)

(129) (216) (211) (14)

(21) (35) (33)

3,620

3,415

7,036

5,338

565

568

1,133

801

3. Taxation

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Current taxation

(38) (27) (134) 1

(6) (5) (20)

Deferred taxation

(158)

(34) (191) (159) (22)

(6) (28) (24)

Deferred taxation on change in tax rate

314

386

–

Deferred taxation on unrealised non-
hedge derivatives

(105)

(47)

229

(16)

(7)

121

(64)

(7)

Rounding of figures may result in computational discrepancies

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

Quarter ended

Six months ended

Quarter ended

Six months ended

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Profit attributable to equity shareholders
has been adjusted by the following to
arrive at headline earnings:

Profit attributable to equity shareholders

566

616

425

118

Amortisation of intangible assets

–

106

–

Impairment of tangible assets

–

Loss (profit) on disposal of assets and
subsidiaries

–

(27)

–

(4)

Taxation on items above

(15)

–

(15)

(2)

–

(2)

Net loss from discontinued operations
(note 7)

121

Headline earnings

665

102

767

563

112

143

Unrealised non-hedge derivatives

(166)

421

255

622

(37)

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

105

(59) 47

(229) 16

(9) 7

(37)

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

(2)

604

464

1,069

956

169

147

Cents per share

(1)

Headline earnings

251

290

236

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

228

175

404

401

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

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 the quarter ended 31 December 2004 and the quarter

ended 31 March 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

Six months ended

Quarter ended

Six months ended

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

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

Gross profit

931

255

1,186

971

154

211

142

Unrealised non-hedge derivatives

(166)

421

255

622

(37)

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

(1)

765

676

1,441

1,593

117

112

230

240

(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

Investment in hedge restructure transaction: During the hedge restructure of the quarter ended 31 December 2004 and the quarter
ended 31 March 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.

Rounding of figures may result in computational discrepancies

6. Capital commitments

Jun

2005

Mar

2005

Jun

2004

Dec

2004

Jun

2005

Mar

2005

Jun

2004

Dec

2004

SA Rand million

US Dollar million

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

1,312

1,108

885

835

196

178

142

148

7. Discontinued operations

The Ergo surface dump reclamation, which forms part of the South African operations 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

Six months ended

Quarter ended

Six months ended

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Jun

2005

Mar

2005

Jun

2005

Jun

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

309

Retrenchment, rehabilitation and other
costs

(261)

(136) (398)

(334) (41)

(23) (64) (50)

Non-hedge derivatives

–

(28)

–

(4)

Gross loss

(251)

(51) (303) (53) (39)

(9) (48) (8)

Impairment loss reversed

115

–

115

–

Loss before taxation from discontinued
operations

(136)

(51) (188) (53) (22)

(9) (31) (8)

Deferred taxation

–

Net loss attributable to discontinued
operations

(69)

(51) (121) (52) (12)

(9) (21) (8)

8. Shares

Quarter ended

Six months ended

Jun

2005

Mar

2005

Jun

2004

Jun

2005

Jun

2004

Authorised

Ordinary shares of 25 SA cents each

400,000,000

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

A redeemable preference shares of
50 SA cents each

2,000,000

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

B redeemable preference shares of
1 SA cent each

5,000,000

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

Issued

Ordinary shares of 25 SA cents each

264,611,494

264,527,794 264,403,394 264,611,494 264,403,394

A redeemable preference shares

2,000,000

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

B redeemable preference shares

778,896

778,896 778,896 778,896 778,896

Weighted average number of ordinary
shares for the period

Basic ordinary shares

264,556,116

264,488,624 253,046,275 264,522,557 238,129,583

Diluted number of ordinary shares

265,101,415

265,024,329 268,430,890 265,069,987 248,695,939

During the quarter, 83,700 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme. All
the preference shares are held by a wholly-owned subsidiary company.

Ordinary share capital and premium

As at

Jun

2005

Jun

2004

Jun

2005

Jun

2004

Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Balance at December

18,987

9,668

3,364

1,450

Ordinary shares issued

9,312

1,368

Translation –

–

(524)

230

Balance at June

19,006

18,980

2,843

3,048

Rounding of figures may result in computational discrepancies

10.

Retained earnings and other reserves

Retained

earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Other

Comprehen-

sive

income

Total

SA Rand million

Balance at December 2003 as previously reported

3,848

138

(755)

(2,047)

1,184

Change in accounting policy for defined
benefit retirement plans

–

(112)

As restated

3,848

138

(755)

(2,159)

1,072

Net loss on cash flow hedges removed from equity

and reported in income

–

444

Net gain on cash flow hedges

–

642

Deferred taxation on cash flow hedges

–

(279)

Net gain on available for sale financial assets

–

Exchange translation differences

–

(1,583)

(1,491)

Profit attributable to equity shareholders

425

–

425

Dividends paid

(748)

–

(748)

Balance at June 2004 (restated)

3,525

138

(2,338)

(1,255)

Balance at December 2004 (restated)

3,379

138

(3,552)

(1,040)

(1,075)

Change in accounting policy for defined
benefit retirement plans

–

(125)

As restated

3,379

138

(3,552)

(1,165)

(1,200)

Actuarial gain on defined benefit retirement plans

–

Deferred taxation on defined benefit retirement plans

–

(14)

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

–

(93)

Net loss on cash flow hedges

–

(116)

Deferred taxation on cash flow hedges

–

196

Net loss on available for sale financial assets

–

(2)

Exchange translation differences

–

2,656

(199)

2,455

Profit attributable to equity shareholders

616

–

616

Dividends paid

(476)

–

(476)

Balance at June 2005

3,519

138

(896)

(1,351)

1,410

US Dollar million

(1)

Balance at December 2003 as previously
reported

356

108

(307)

178

Change in accounting policy for defined
benefit retirement plans

–

(18)

As restated

356

108

(325)

160

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

–

Net gain on cash flow hedges

–

103

Deferred taxation on cash flow hedges

–

(41)

Net gain on available for sale financial assets

–

Exchange translation differences

–

(225)

(18)

(242)

Profit attributable to equity shareholders

–

Dividends paid

(111)

–

(111)

Balance at June 2004 (restated)

309

(117)

(202)

Balance at December 2004 (restated)

286

(317)

(184)

(191)

Change in accounting policy for defined
benefit retirement plans

–

(22)

As restated

286

(317)

(206)

(213)

Actuarial gain on defined benefit retirement plans

–

Deferred taxation on defined benefit retirement plans

–

(2)

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

–

(11)

Net loss on cash flow hedges

–

(17)

Deferred taxation on cash flow hedges

–

Net loss on available for sale financial assets

–

(2)

Exchange translation differences

–

(3)

385

383

Profit attributable to equity shareholders

118

–

118

Dividends paid

(80)

–

(80)

Balance at June 2005

324

(202)

211

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

Rounding of figures may result in computational discrepancies

11. Minority interests

As at

Jun

2005

Jun

2004

Jun

2005

Jun

2004

Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Balance at December

327

354

Attributable profit

Dividends paid

(43)

(69)

(7)

(11)

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

–

Net loss on cash flow hedges

–

Exchange translation differences

(1)

(3)

Balance at June

401

350

12. Exchange rates

Jun

2005

Mar

2005

Jun

2004

Dec

2004

Rand/US dollar average for the period

6.21

6.01 6.67 6.44

Rand/US dollar average for the quarter

6.41

6.01 6.59 6.05

Rand/US dollar closing

6.68

6.22 6.23 5.65

Rand/Australian dollar average for the period

4.80

4.67 4.94 4.82

Rand/Australian dollar average for the quarter

4.93

4.67 4.70 4.58

Rand/Australian dollar closing

5.06

4.81 4.33 4.42

13.

Financial effects of IAS19 revised

The cumulative effect of accounting for actuarial gains and losses through equity reserves for the previous
reported periods are as follows:

SA Rand million

US Dollar million

As at

Mar

2005

As at

Jun

2004

As at

Dec

2004

As at

Mar

2005

As at

Jun

2004

As at

Dec

2004

Unaudited Unaudited Audited Unaudited Unaudited Audited

Non-current assets

Other non-current assets

As previously reported

637

520

601

102

106

Actuarial gain related to the pension plan asset
recognised directly in equity

(113) (169)

(114) (20) (25) (16)

Translation

–

– 2

(2) (4)

As restated

524

351

487

Non-current liabilities

Provisions

As previously reported

2,473

2,117

2,265

397

340

402

Actuarial gain related to the post retirement
medical liability recognised directly in equity

–

– 11

Translation 1

–

– (1) – 2

As restated

2,548

2,117

2,339

409

340

415

Non-current liabilities

Deferred taxation

As previously reported

7,948

8,268

7,605

1,277

1,328

1,347

Actuarial gain related to the retirement plans
recognised directly in equity

(63) (57)

(63)

(11) (9) (9)

Translation

–

– 1

– (2)

As restated

7,885

8,211

7,542

1,267

1,319

1,336

The financial effects of the IAS19 revised option for the current quarter relating to the pension plan asset and the
post-retirement medical liability as well as the effects on the equity reserves for the current and the prior periods
are disclosed in the Statement of recognised income and expense.

Rounding if figures may result in computational discrepancies

14.

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 30 June 2005, the aggregate contingent liability is
approximately $88m. 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.

15. 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.

16. Announcements

16.1 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 Buffelsfontein, its subsidiary that operated the North West operations,
into liquidation on 22 March 2005. The aggregate monthly cost of pumping is estimated at R8m ($1m).

16.2 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 revised
terms of the subscription were approved by TSG shareholders on 27 May 2005 and AngloGold Ashanti’s
17.5 percent equity interest in TSG increased to 29.9 percent on 31 May 2005, the date on which the
second subscription was completed.

16.3 On 29 April 2005, AngloGold Ashanti announced the conditional sale of exploration assets in the Laverton

area in Australia, comprising the Sickle royalty of $30 per ounce, the Child Harold prospect, various
100 percent AngloGold Ashanti Australia-owned interests including the Lord Byron and Fish projects as
well as its interests in the Jubilee, Black Swan and Jasper Hills Joint Ventures to Crescent Gold Limited,
for a total consideration of A$4m ($3m). A$0.3m ($0.2m) was payable on the execution of a binding sale
and purchase agreement, A$1m ($0.8m) is payable in Crescent Gold shares and A$3m ($2m) is payable
in cash, on or before 15 December 2006.

16.4 On 17 March 2005, it was announced that with effect from 1 May 2005, Mr R Carvalho Silva and

Mr N F Nicolau would be appointed executive directors to the board of AngloGold Ashanti. At the same
time, Mr J G Best indicated that he would be retiring from the board and that Mr S Venkatakrishnan would
be appointed to the board with effect from 1 August 2005.

16.5 On 21 June 2005, Dr S E Jonah indicated that he wished to move to a non-executive role on the board of

AngloGold Ashanti, with effect from 31 July 2005. He will retain the title of President.

16.6 On 19 July 2005, Aflease Gold and Uranium Resources Limited (Aflease) announced that it had purchased

from AngloGold Ashanti, its Weltevreden mine in an all script deal valued at R75m ($11m). On finalisation
of the transaction AngloGold Ashanti will hold in excess of 5% of Aflease shares.

16.7 On 27 July 2005, the board approved the appointment of Mr Réne Médori, as a non-executive director with

effect from 1 August 2005, in place of Mr Tony Lea, who retires from the board with effect from 31 July
2005. Mr Medori has nominated Mr Peter Whitcutt as his alternate.

16.8 On 27 July 2005 AngloGold Ashanti reached an agreement with the Government of Guinea to amend the

Convention de Base (stability agreement) and resolve all outstanding disputes for a sum of $7m. In
addition, the company has agreed as part of this settlement to meet historical and follow-up fees and costs
of a consultant that the Government retained to advise and assist it in its negotiations and resolution of the
dispute. In consideration of the above settlement, the Government has irrevocably confirmed its waiver
and abandonment of all claims and disputes of any nature whatsoever against the AngloGold Ashanti
group of companies.

17. Dividend

The directors have today declared Interim Dividend No. 98 of 170 (Interim Dividend No. 96: 170) South African
cents per ordinary share for the six months ended 30 June 2005. In compliance with the requirements of
STRATE, given the company's primary listing on the JSE Limited (formerly JSE Securities Exchange South
Africa), the salient dates for payment of the dividend are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)
Each CDI represents one-fifth of an ordinary share.

2005

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

Thursday, 4 August

Last date to trade ordinary shares cum dividend

Friday, 12 August

Last date to register transfers of certificated securities cum dividend

Friday, 12 August

Ordinary shares trade ex dividend

Monday, 15 August

Record date

Friday, 19 August

Payment date

Friday, 26 August

On the payment date, dividends due to holders of certificated securities on the South African share register will
either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,
dividend cheques will be posted to such shareholders.

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant
CSDP or broker.

To comply with the further requirements of STRATE, between Monday, 15 August 2005 and Friday, 19 August
2005, both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share
registers will be permitted and no ordinary shares pertaining to the South African share register may be
dematerialised or rematerialised.

To holders of American Depositary Shares
Each American Depositary Share (ADS) represents one ordinary share.

2005

Ex dividend on New York Stock Exchange

Wednesday, 17 August

Record date

Friday, 19 August

Approximate date for currency conversion

Friday, 26 August

Approximate payment date of dividend

Monday, 5 September

Assuming an exchange rate of R6.69/$1, the dividend payable on an ADS is equivalent to 25.41 US cents. This
compares with the interim dividend of 25.62 US cents per ADS paid on 7 September 2004. However, the actual
rate of payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share.

2005

Last date to trade and to register GhDSs cum dividend

Friday, 12 August

GhDSs trade ex dividend

Monday, 15 August

Record date

Friday, 19 August

Approximate payment date of dividend

Monday, 29 August

Assuming an exchange rate of R1/¢1,349 the dividend payable per GhDS is equivalent to 22.93 cedis. This
compares with the interim dividend of 24.848 cedis per GhDS paid on 30 August 2004. However, the actual rate
of payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have
determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax
at a rate of 10%, similar to the rate applicable to dividend payments made by resident companies which is
currently at 10%.

18.

Group financial statements

The group financial statements for the quarter and six months ended 30 June 2005 were authorised for issue in
accordance with a resolution of the directors passed on 27 July 2005. AngloGold Ashanti is a limited liability
company incorporated in the Republic of South Africa.

19. Convertible

bonds

The group changed its accounting policy for convertible bonds during the first quarter of 2005. Previously,
convertible bonds were accounted for as compound financial instruments, part equity and part liability. The equity
component was not re-measured for changes in fair value.

Convertible bonds are now accounted for entirely as a liability, with the option component disclosed as a
derivative liability, carried at fair value. Changes in such fair value are 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 30 June 2004:

Profit attributable to equity shareholders increased by $61m;

Option component previously disclosed as equity ($82m) is removed from shareholders equity, and replaced
by a derivative liability of $43m.

Six months ended 30 June 2004:

Profit attributable to equity shareholders increased by $39m;

Option component previously disclosed as equity ($82m) is removed from shareholders equity, and replaced
by a derivative liability of $43m.

20. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

27 July 2005

Segmental reporting

for the quarter and six months ended June 2005

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

2004

2005

2004

Restated

Unaudited

SA Rand million

US Dollar million

Gold income
South Africa

1,953

1,646

1,758

3,600

3,594

303

274

267

577

538

Argentina

142

151

129

293

244

Australia

413

337

273

750

520

120

Brazil

270

247

258

517

508

Ghana

454

410

353

863

353

139

Guinea

229

119

347

Mali

358

333

267

691

543

111

Namibia

102

Tanzania

381

407

299

788

515

127

USA

155

155

167

310

320

Zimbabwe

4,404

3,858

3,559

8,261

6,693

684

642

541

1,326

1,005

Gross profit (loss) adjusted
for the effect of unrealised
non-hedge derivatives
South Africa

336

213

319

549

817

123

Argentina

105

Australia

131

117

211

186

Brazil

137

136

157

272

275

Ghana

(21)

(13)

(3)

(2)

Guinea

(16)

(2)

Mali

104

201

131

Namibia

(6)

(5)

(1)

(1)

Tanzania

(56)

118

(9)

USA

Zimbabwe

(4)

(1)

Other

(40)

(29)

(5)

(6)

765

676

716

1,441

1,593

117

112

109

230

240

Cash gross profit (loss)

South Africa

585

455

498

1,041

1,157

166

174

Argentina

177

123

Australia

189

135

149

324

261

Brazil

172

164

192

337

345

Ghana

106

192

Guinea

107

(16)

133

(16)

(3)

Mali

170

165

336

227

Namibia

(1)

Tanzania

154

176

189

USA

177

168

Zimbabwe

(2)

(1)

Other

(21)

(2)

1,519

1,385

1,235

2,904

2,559

235

230

189

465

386

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

Rounding of figures may result in computational discrepancies.

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

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

2004

2005

2004

Restated

Unaudited

Gold production
South Africa

20,604

20,732

22,379

41,336

43,797

662

666

719

1,329

1,408

Argentina

1,591

1,779

1,449

3,370

2,546

108

Australia

4,063

4,064

3,008

8,127

5,711

131

131

261

184

Brazil

2,660

2,528

2,733

5,188

5,066

167

163

Ghana

5,341

5,313

3,821

10,654

3,820

172

171

123

343

123

Guinea

2,486

1,345

535

3,831

535

123

Mali

4,139

3,980

3,214

8,119

6,565

133

128

103

261

211

Namibia

560

596

503

1,156

963

Tanzania

5,133

5,963

4,339

11,097

7,234

165

192

140

357

233

USA

2,215

2,508

2,372

4,723

4,610

152

148

Zimbabwe

125

48,792

48,808

44,477

97,600

80,972

1,569

1,569

1,430

3,138

2,603

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

2004

2005

2004

Unaudited

SA Rand million

US Dollar million

Capital expenditure
South Africa

527

482

510

1,008

926

162

139

Argentina

Australia

106

Brazil

132

195

127

Ghana

130

224

Guinea

111

161

111

Mali

Namibia

101

105

Tanzania

USA

Zimbabwe

Other

1,068

864

1,012

1,932

1,579

167

144

153

311

237

As at

June

March

June

December

June

March

June

December

2005

2004

2005

2004

Unaudited

Audited

Unaudited

Audited

SA Rand million

Total assets
South Africa

14,753

14,506

13,174

15,039

2,207

2,331

2,116

2,664

Argentina

1,866

2,115

1,811

1,784

279

340

291

316

Australia

4,665

4,389

3,898

4,062

698

705

626

719

Brazil

2,392

2,048

1,825

1,962

358

329

293

348

Ghana

12,102

11,403

10,997

10,016

1,811

1,832

1,766

1,774

Guinea

1,817

1,699

1,167

1,366

272

273

187

242

Mali

2,168

2,041

2,186

1,820

324

328

351

322

Namibia

210

214

200

216

Tanzania

7,109

6,682

6,960

6,233

1,064

1,073

1,118

1,104

USA

2,946

2,752

2,564

2,311

441

442

412

409

Other

2,305

1,649

3,261

1,306

345

268

524

233

52,333

49,498

48,093

46,114

7,830

7,955

7,723

8,170

Rounding of figures may result in computational discrepancies.

US Dollar million

oz (000)

Price and unit cost calculation

Quarter

Quarter Six months

Six months

Quarter

Quarter Six months Six months

ended

June

March

June

March

June

2005

2004

2005

2004

Restated

Unaudited

Price received

Gold income per income statement

4,404

3,858

8,261

6,693

684

642

1,326

1,005

Adjusted for minority interests and non-gold producing
companies

(146)

(122)

(267)

(176)

(24)

(21)

(46)

(26)

4,258

3,736

7,994

6,517

660

621

1,280

978

Realised non-hedge derivatives

(18)

233

215

238

(2)

4,240

3,969

8,209

6,754

658

659

1,317

1,015

Attributable gold sold - kg / - oz (000)

48,560

48,313

96,873

80,256

1,561

1,553

3,115

2,580

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

87,314

82,152

84,739

84,152

422

424

423

393

Total Costs
Total cash costs (note 2)

2,836

2,750

5,587

4,416

443

458

901

663

Adjusted for minority interests and non-gold producing
companies

(38)

(76)

(115)

(7)

(6)

(13)

(19)

(2)

Total cash costs

2,798

2,674

5,472

4,409

437

445

882

661

Retrenchment costs (note 2)

Rehabilitation and other non-cash costs (note 2)

Amortisation of tangible assets (note 2)

787

732

1,519

1,046

123

122

244

157

Amortisation of intangible assets (note 2)

Adjusted for minority interests and non-gold producing
companies

(22)

(20)

(43)

(42)

(4)

(2)

(6)

(7)

Total production costs

3,646

3,448

7,094

5,500

569

574

1,143

825

Gold produced - kg / - oz (000)

48,792

48,808

97,600

80,972

1,569

1,569

3,138

2,603

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

57,351

54,778

56,064

54,456

278

284

281

254

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

74,728

70,639

72,683

67,924

363

366

364

317

Rounding of figures may result in computational discrepancies.

SA Rand / Metric

US Dollar / Imperial

Development

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

Quarter ended June 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

3,198

316

109.3

35.72

3,904

0.92

100.71

Kopanang Mine
Vaal reef

6,743

822

11.9

118.15

1,406

1.33

15.80

Tau Lekoa Mine
Ventersdorp Contact reef

3,219

1,028

100.1

10.28

1,029

0.01

0.97

Moab Khotsong Mine
Vaal reef

4,570

188

114.9

21.75

2,499

1.40

161.00

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

486

Carbon Leader reef

4,154

Savuka Mine
Ventersdorp Contact reef

580

Carbon Leader reef

350

56.9

14.31

814

Mponeng Mine
Ventersdorp Contact reef

4,281

730

81.3

27.74

2,255

AUSTRALIA

Sunrise Dam

1,674

516

3.17

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

1,514

601

5.54

Córrego do Sitio

161

1.77

Lamego

385

Serra Grande
Mina III

889

8.90

Mina Nova

GHANA
Obuasi

6,486

1,409

10.67

Statistics are shown in imperial units

Advance

Sampled

feet

channel

gold

uranium

width inches

oz/t

ft.oz/t

lb/t

ft.lb/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

10,492

1,037

43.03

1.04

3.73

1.84

6.60

Kopanang Mine
Vaal reef

22,123

2,697

4.69

3.45

1.35

2.66

1.04

Tau Lekoa Mine
Ventersdorp Contact reef

10,561

3,373

39.41

0.30

0.99

0.02

0.07

Moab Khotsong Mine
Vaal reef

14,993

617

45.24

0.63

2.38

2.80

10.56

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

1,595

Carbon Leader reef

13,629

Savuka Mine
Ventersdorp Contact reef

1,904

Carbon Leader reef

1,150

230

22.40

0.42

0.78

Mponeng Mine
Ventersdorp Contact reef

14,045

2,395

32.01

0.81

2.16

AUSTRALIA
Sunrise Dam

5,492

1,693

0.09

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

4,967

1,972

0.16

Córrego do Sitio

528

197

0.05

Lamego

1,263

Serra Grande
Mina III

2,917

180

0.26

Mina Nova

295

GHANA
Obuasi

21,281

4,624

0.31

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Quarter Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA

527

482

510

1,008

162

Vaal River
Great Noligwa Mine

104

Kopanang Mine

124

Tau Lekoa Mine

Surface Operations

Moab Khotsong

152

137

110

289

West Wits
Mponeng Mine

145

Savuka Mine

TauTona Mine

122

101

217

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

106

Sunrise Dam

Exploration

BRAZIL

132

195

AngloGold Ashanti Mineração

111

157

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

130

224

Bibiani

Iduapriem - Attributable 85%

Obuasi

105

182

Minorities and exploration

GUINEA

111

161

Siguiri - Attributable 85%

137

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

101

Navachab

101

TANZANIA

Geita - Attributable 100% May 2004

USA

Cripple Creek & Victor J.V.

Minorities and exploration

ZIMBABWE

Freda-Rebecca

OTHER

ANGLOGOLD ASHANTI

1,068

864

1,012

1,932

167

144

153

311

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA

20,604

20,732

41,336

43,797

Vaal River
Great Noligwa Mine

9.49

10.23

9.86

10.35

5,401

5,598

10,998

11,987

Kopanang Mine

6.95

7.49

7.21

7.67

3,659

3,737

7,396

7,571

Tau Lekoa Mine

4.18

3.98

4.08

3.91

2,126

2,029

4,154

4,604

Surface Operations

0.48

0.46

0.47

0.56

666

730

1,396

1,757

West Wits
Mponeng Mine

9.50

8.31

8.89

8.11

3,968

3,571

7,539

6,500

Savuka Mine

5.93

5.44

5.68

5.90

1,038

1,000

2,038

2,261

TauTona Mine

9.45

10.31

9.88

11.49

3,747

4,067

7,814

9,117

ARGENTINA

1,591

1,779

3,370

2,546

Cerro Vanguardia - Attributable 92.50%

7.91

8.15

8.04

6.13

1,591

1,779

3,370

2,546

AUSTRALIA

4,063

4,064

8,127

5,711

Sunrise Dam

4.28

4.60

4.43

3.14

4,063

4,064

8,127

5,700

Union Reefs

BRAZIL

2,660

2,528

5,188

5,066

AngloGold Ashanti Mineração

6.96

7.96

7.43

7.85

1,908

1,776

3,684

3,637

Serra Grande - Attributable 50%

8.04

8.01

8.02

7.76

751

752

1,504

1,429

GHANA

5,341

5,313

10,654

3,820

Bibiani

1.51

1.58

1.55

1.78

931

1,020

1,951

788

Iduapriem

- Attributable 85%

1.72

1.80

1.76

1.48

1,244

1,442

2,686

838

Obuasi

4.95

4.80

4.79

5.39

3,166

2,851

6,017

2,194

GUINEA

2,486

1,345

3,831

535

Siguiri

- Attributable 85%

1.35

2,486

1,345

3,831

535

MALI

4,139

3,980

8,119

6,565

Morila - Attributable 40%

5.51

6.05

5.77

3.60

2,095

2,075

4,171

2,390

Sadiola - Attributable 38%

3.02

2.65

2.83

2.97

1,339

1,188

2,527

2,771

Yatela

- Attributable 40%

2.51

2.61

2.56

3.60

705

717

1,421

1,404

NAMIBIA

560

596

1,156

963

Navachab

1.98

1.94

1.96

1.50

560

596

1,156

963

TANZANIA

5,133

5,963

11,097

7,234

Geita - Attributable 100% May 2004

3.34

4.15

3.73

3.66

5,133

5,963

11,097

7,234

USA

2,215

2,508

4,723

4,610

Cripple Creek & Victor J.V.

0.62

0.64

0.63

2,215

2,508

4,723

4,610

ZIMBABWE

125

Freda-Rebecca

1.60

125

ANGLOGOLD ASHANTI

48,792

48,808

97,600

80,972

Underground Operations

7.26

7.35

7.30

7.74

25,175

24,884

50,059

48,565

Surface and Dump Reclamation

0.49

0.47

0.48

0.57

927

986

1,913

1,925

Open-pit Operations

2.90

3.60

3.21

3.10

18,856

18,220

37,076

23,573

Heap leach Operations

0.77

0.87

0.83

0.84

3,835

4,718

8,553

6,910

48,792

48,808

97,600

80,972

Attributable year to date production at Moab Khotsong yielded 354 kilograms which will be

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

capitalised against pre-production costs.

Yatela and Cripple Creek & Victor Joint Venture operations yield reflects gold

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

placed/tonnes placed.

The yield of AngloGold Ashanti Mineração represents underground operations.

The yield of Obuasi represents underground operations.

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA

249

240

244

242

20,585

20,717

41,302

43,772

Vaal River
Great Noligwa Mine

263

272

268

271

5,399

5,595

10,995

11,981

Kopanang Mine

236

229

232

226

3,659

3,735

7,394

7,567

Tau Lekoa Mine

169

168

169

187

2,125

2,028

4,153

4,601

Surface Operations

730

678

702

871

666

730

1,396

1,756

West Wits
Mponeng Mine

280

251

265

229

3,970

3,567

7,537

6,496

Savuka Mine

134

118

126

117

1,026

999

2,025

2,259

TauTona Mine

328

296

310

319

3,740

4,063

7,803

9,112

ARGENTINA

911

815

858

722

1,540

1,743

3,283

2,653

Cerro Vanguardia - Attributable 92.50%

911

815

858

722

1,540

1,743

3,283

2,653

AUSTRALIA

3,149

3,378

3,259

2,277

4,067

4,053

8,120

5,717

Sunrise Dam

3,558

3,812

3,681

2,676

4,067

4,053

8,120

5,705

Union Reefs

151

BRAZIL

666

663

664

638

2,587

2,502

5,089

5,075

AngloGold Ashanti Mineração

590

579

584

581

1,813

1,751

3,564

3,659

Serra Grande - Attributable 50%

992

1,007

999

850

774

751

1,526

1,416

GHANA

281

272

277

303

5,389

5,120

10,510

3,800

Bibiani

465

487

476

1,024

931

1,020

1,951

788

Iduapriem - Attributable 85%

584

681

633

609

1,263

1,279

2,542

845

Obuasi

213

186

199

210

3,196

2,821

6,018

2,167

GUINEA

774

489

643

273

2,326

1,345

3,670

Siguiri - Attributable 85%

774

489

643

273

2,326

1,345

3,670

MALI

2,077

2,000

2,038

1,410

4,008

4,014

8,022

6,591

Morila - Attributable 40%

3,742

3,766

3,754

1,580

2,025

2,040

4,066

2,376

Sadiola - Attributable 38%

1,757

1,702

1,731

1,936

1,299

1,202

2,501

2,769

Yatela - Attributable 40%

1,050

967

1,006

820

683

772

1,455

1,446

NAMIBIA

596

606

601

758

558

636

1,193

998

Navachab

596

606

601

758

558

636

1,193

998

TANZANIA

1,282

1,545

1,411

1,223

5,273

5,691

10,964

6,844

Geita - Attributable 100% May 2004

1,282

1,545

1,411

1,223

5,273

5,691

10,964

6,844

USA

2,322

2,714

2,515

2,448

2,227

2,492

4,719

4,681

Cripple Creek & Victor J.V.

2,322

2,714

2,515

2,448

2,227

2,492

4,719

4,681

ZIMBABWE

125

Freda-Rebecca

125

ANGLOGOLD ASHANTI

382

394

388

351

48,560

48,313

96,873

80,256

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA

60,287

61,859

61,075

58,466

74,764

75,408

75,087

68,030

Vaal River
Great Noligwa Mine

55,453

53,491

54,454

49,128

63,413

62,429

62,912

55,011

Kopanang Mine

58,208

59,318

58,769

57,792

67,239

69,864

68,565

64,394

Tau Lekoa Mine

82,469

83,401

82,924

72,839

98,972

103,281

101,077

84,653

Surface Operations

63,984

61,450

62,658

51,895

63,984

61,450

62,658

51,895

West Wits
Mponeng Mine

57,209

63,457

60,168

68,387

74,926

80,469

77,551

81,264

Savuka Mine

94,685

107,171

100,811

98,037

112,597

122,173

117,295

119,041

TauTona Mine

49,773

52,492

51,188

48,428

75,999

71,026

73,411

60,800

ARGENTINA

35,763

27,849

31,586

39,861

57,988

46,596

51,975

70,860

Cerro Vanguardia - Attributable 92.50%

35,203

27,280

31,021

39,861

57,305

45,919

51,295

70,860

AUSTRALIA

51,991

55,813

53,902

59,203

68,330

70,887

69,608

74,083

Sunrise Dam

50,451

53,857

52,154

56,608

66,620

68,751

67,686

70,338

BRAZIL

36,498

31,854

34,235

28,247

47,992

41,194

44,679

39,103

AngloGold Ashanti Mineração

33,090

28,425

30,841

28,620

45,508

38,169

41,970

40,051

Serra Grande - Attributable 50%

31,615

28,483

30,048

27,299

40,004

36,143

38,072

36,690

GHANA

66,546

63,393

64,974

60,284

92,058

86,182

89,002

84,018

Bibiani

60,929

55,841

58,269

50,177

91,334

83,860

87,453

75,617

Iduapriem - Attributable 85%

69,809

55,716

62,242

65,545

89,551

75,043

81,761

87,304

Obuasi

66,915

69,979

68,367

61,905

93,257

92,649

92,736

86,944

GUINEA

43,673

76,360

55,145

82,013

62,908

92,084

73,148

109,599

Siguiri - Attributable 85%

43,673

76,360

55,145

82,013

62,908

92,084

73,148

109,599

MALI

44,264

41,706

43,010

47,030

60,879

59,268

60,089

60,901

Morila - Attributable 40%

35,711

33,432

34,577

41,445

52,583

49,458

51,028

62,781

Sadiola - Attributable 38%

53,050

54,634

53,795

48,033

67,266

73,458

70,177

60,734

Yatela - Attributable 40%

61,786

54,180

57,951

54,553

82,056

73,966

77,977

67,205

NAMIBIA

74,345

79,780

77,146

66,734

94,010

88,903

91,378

73,412

Navachab

74,345

79,780

77,146

66,734

94,010

88,903

91,378

73,412

TANZANIA

68,422

41,204

53,795

45,284

84,160

56,421

69,253

58,910

Geita - Attributable 100% May 2004

68,422

41,204

53,795

45,284

84,160

56,421

69,253

58,910

USA

48,084

43,251

45,518

45,686

69,225

62,417

65,610

62,073

Cripple Creek & Victor J.V.

47,084

42,443

44,620

44,676

68,225

61,610

64,712

61,064

ZIMBABWE

95,120

115,258

Freda-Rebecca

95,120

115,258

ANGLOGOLD ASHANTI

57,351

54,778

56,064

54,456

74,728

70,639

72,683

67,924

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

SA Rand

SOUTH AFRICA

585

455

1,041

1,157

336

213

549

817

Vaal River
Great Noligwa Mine

162

157

319

423

133

122

255

377

Kopanang Mine

107

191

207

136

167

Tau Lekoa Mine

(11)

(32)

(42)

Surface Operations

West Wits
Mponeng Mine

136

217

116

Savuka Mine

(4)

(18)

(22)

(44)

(19)

(32)

(51)

(71)

TauTona Mine

148

130

277

342

118

241

ARGENTINA

177

123

105

Cerro Vanguardia - Attributable 92.50%

166

114

Minorities and exploration

AUSTRALIA

189

135

324

261

131

211

186

Sunrise Dam

189

135

324

266

131

211

191

Union Reefs

(5)

BRAZIL

172

164

337

345

137

136

272

275

AngloGold Ashanti Mineração

191

188

151

147

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

106

192

(21)

(13)

Bibiani

(5)

(2)

(7)

Iduapriem - Attributable 85%

Obuasi

(29)

(7)

(35)

(2)

Minorities and exploration

GUINEA

107

133

(16)

Siguiri - Attributable 85%

111

(16)

(13)

Minorities and exploration

(3)

MALI

170

165

336

227

104

201

131

Morila - Attributable 40%

108

106

213

146

Sadiola - Attributable 38%

102

Yatela - Attributable 40%

NAMIBIA

(1)

(6)

(5)

Navachab

(1)

(6)

(5)

TANZANIA

154

176

189

(56)

118

Geita - Attributable 100% May 2004

154

176

189

(56)

118

USA

177

168

Cripple Creek & Victor J.V.

177

168

ZIMBABWE

(2)

(4)

Freda-Rebecca

(2)

(4)

OTHER

(21)

(40)

(29)

ANGLOGOLD ASHANTI

1,519

1,385

2,904

2,559

765

676

1,441

1,593

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

Rounding of figures may result in computational discrepancies.

Gross profit (loss) adjusted for the effect of

unrealised non-hedge derivatives - Rm

Cash gross profit (loss) - Rm

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA

662

666

1,329

1,408

Vaal River
Great Noligwa Mine

0.277

0.299

0.287

0.302

174

180

354

385

Kopanang Mine

0.203

0.218

0.210

0.224

118

120

238

243

Tau Lekoa Mine

0.122

0.116

0.119

0.114

134

148

Surface Operations

0.014

0.013

0.014

0.016

West Wits
Mponeng Mine

0.277

0.242

0.259

0.237

128

115

242

209

Savuka Mine

0.173

0.159

0.166

0.172

TauTona Mine

0.276

0.301

0.288

0.335

120

131

251

293

ARGENTINA

108

Cerro Vanguardia - Attributable 92.50%

0.231

0.238

0.234

0.179

108

AUSTRALIA

131

261

184

Sunrise Dam

0.125

0.134

0.129

0.092

131

261

184

BRAZIL

167

163

AngloGold Ashanti Mineração

0.203

0.232

0.217

0.229

118

117

Serra Grande - Attributable 50%

0.234

0.233

0.234

0.226

GHANA

172

171

343

123

Bibiani

0.044

0.046

0.045

0.052

Iduapriem

- Attributable 85%

0.050

0.052

0.051

0.043

Obuasi

0.144

0.130

0.140

0.157

102

193

GUINEA

123

Siguiri

- Attributable 85%

0.039

123

MALI

133

128

261

211

Morila - Attributable 40%

0.161

0.177

0.168

0.105

134

Sadiola - Attributable 38%

0.088

0.077

0.083

0.087

Yatela

- Attributable 40%

0.073

0.076

0.075

0.105

NAMIBIA

Navachab

0.058

0.056

0.057

0.044

TANZANIA

165

192

357

233

Geita - Attributable 100% May 2004

0.097

0.121

0.109

0.107

165

192

357

233

USA

152

148

Cripple Creek & Victor J.V.

0.018

0.019

0.018

152

148

ZIMBABWE

Freda-Rebecca

0.047

ANGLOGOLD ASHANTI

1,569

3,138

2,603

Underground Operations

0.212

0.214

0.213

0.226

809

800

1,609

1,562

Surface and Dump Reclamation

0.014

0.017

Open-pit Operations

0.085

0.105

0.094

0.090

606

585

1,192

758

Heap leach Operations

0.023

0.025

0.024

0.025

123

152

275

222

1,569

3,138

2,603

Attributable year to date production at Moab Khotsong yielded 11,000 oz which will be

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

capitalised against pre-production costs.

Yatela and Cripple Creek & Victor Joint Venture operations yield reflects gold

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

placed/tonnes placed.

The yield of AngloGold Ashanti Mineração represents underground operations.

The yield of Obuasi represents underground operations

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA

7.99

7.71

7.85

7.79

662

666

1,328

1,407

Vaal River
Great Noligwa Mine

8.47

8.74

8.61

8.70

174

180

353

385

Kopanang Mine

7.58

7.37

7.47

7.28

118

120

238

243

Tau Lekoa Mine

5.44

5.41

5.42

6.01

134

148

Surface Operations

23.48

21.80

22.57

28.00

West Wits
Mponeng Mine

8.99

8.08

8.53

7.36

128

115

242

209

Savuka Mine

4.31

3.80

4.04

3.76

TauTona Mine

10.53

9.52

9.98

10.26

120

131

251

293

ARGENTINA

29.28

26.20

27.57

23.22

106

Cerro Vanguardia - Attributable 92.50%

29.28

26.20

27.57

23.22

106

AUSTRALIA

101.23

108.61

104.79

73.21

131

130

261

184

Sunrise Dam

114.38

122.57

118.33

86.04

131

130

261

184

BRAZIL

21.41

21.31

21.36

20.50

164

163

AngloGold Ashanti Mineração

18.95

18.62

18.79

18.67

115

118

Serra Grande - Attributable 50%

31.91

32.36

32.13

27.34

GHANA

9.03

8.76

8.89

9.75

173

165

338

122

Bibiani

14.94

15.65

15.30

32.92

Iduapriem - Attributable 85%

18.78

21.91

20.34

19.59

Obuasi

6.84

5.99

6.41

6.75

103

193

GUINEA

24.87

15.73

20.66

8.78

118

Siguiri - Attributable 85%

24.87

15.73

20.66

8.78

118

Minorities and exploration

MALI

66.77

64.30

65.54

45.34

129

130

258

211

Morila - Attributable 40%

120.31

121.09

120.70

50.79

131

Sadiola - Attributable 38%

56.49

54.72

55.65

62.26

Yatela - Attributable 40%

33.76

31.09

32.36

26.38

NAMIBIA

19.16

19.49

19.33

24.36

Navachab

19.16

19.49

19.33

24.36

TANZANIA

41.21

49.68

45.37

39.31

170

183

353

220

Geita - Attributable 100% May 2004

41.21

49.68

45.37

39.31

170

183

353

220

USA

74.65

87.26

80.86

78.71

152

150

Cripple Creek & Victor J.V.

74.65

87.26

80.86

78.71

152

150

ZIMBABWE

2.67

Freda-Rebecca

2.67

ANGLOGOLD ASHANTI

12.28

12.66

12.47

11.28

1,561

1,553

3,115

2,580

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA

293

320

307

272

363

390

377

317

Vaal River
Great Noligwa Mine

270

277

273

229

309

323

316

256

Kopanang Mine

283

307

295

269

327

362

345

300

Tau Lekoa Mine

400

432

416

339

480

535

507

394

Surface Operations

310

318

314

242

310

318

314

242

West Wits
Mponeng Mine

278

329

302

319

364

417

389

379

Savuka Mine

461

555

507

457

548

633

589

555

TauTona Mine

243

272

258

226

369

368

369

284

ARGENTINA

173

144

158

187

280

241

259

332

Cerro Vanguardia - Attributable 92.50%

171

141

155

186

277

238

256

330

AUSTRALIA

253

289

271

276

333

367

350

346

Sunrise Dam

246

279

262

264

324

356

340

328

BRAZIL

177

165

171

130

233

213

223

183

AngloGold Ashanti Mineração

161

147

154

133

221

198

210

187

Serra Grande - Attributable 50%

153

147

150

127

194

187

190

171

GHANA

322

328

325

284

446

445

399

Bibiani

296

289

292

237

443

434

439

358

Iduapriem - Attributable 85%

339

288

312

309

435

389

410

411

Obuasi

324

362

342

292

451

480

464

410

GUINEA

212

395

276

386

305

477

365

519

Siguiri - Attributable 85%

212

395

276

386

305

477

365

519

MALI

214

216

215

210

295

307

301

284

Morila - Attributable 40%

173

194

255

256

255

293

Sadiola - Attributable 38%

256

283

269

224

325

380

351

283

Yatela - Attributable 40%

299

280

290

255

398

383

390

314

NAMIBIA

362

413

388

312

459

460

343

Navachab

362

413

388

312

459

460

343

TANZANIA

331

213

268

212

408

292

345

275

Geita - Attributable 100% May 2004

331

213

268

212

408

292

345

275

USA

232

224

228

213

334

323

328

289

Cripple Creek & Victor J.V.

227

220

223

208

329

319

324

284

ZIMBABWE

447

543

Freda-Rebecca

447

543

ANGLOGOLD ASHANTI

278

284

281

254

363

366

364

317

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

US Dollar

Cash gross profit (loss) - $m

SOUTH AFRICA

166

174

123

Vaal River
Great Noligwa Mine

Kopanang Mine

Tau Lekoa Mine

(2)

(5)

(7)

Surface Operations

West Wits
Mponeng Mine

Savuka Mine

(1)

(3)

(7)

(3)

(5)

(8)

(11)

TauTona Mine

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

Sunrise Dam

Union Reefs

(1)

BRAZIL

AngloGold Ashanti Mineração

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(3)

(2)

Bibiani

(1)

Iduapriem - Attributable 85%

Obuasi

(5)

(1)

(6)

Minorities and exploration

GUINEA

(3)

(2)

Siguiri - Attributable 85%

(2)

Minorities and exploration

(1)

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

(1)

Navachab

(1)

TANZANIA

(9)

Geita - Attributable 100% May 2004

(9)

USA

Cripple Creek & Victor J.V.

ZIMBABWE

(1)

Freda-Rebecca

(1)

OTHER

(2)

(5)

(6)

ANGLOGOLD ASHANTI

235

230

465

386

117

112

230

240

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

Rounding of figures may result in computational discrepancies.

Gross profit (loss) adjusted for the effect of unrealised

non-hedge derivatives - $m

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

GREAT NOLIGWA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

112

105

211

1,206

1,066

1,125

2,272

Milled

- 000 tonnes

- 000 tons

569

547

615

1,116

627

603

678

1,230

Yield

- g / t

- oz / t

9.49

10.23

9.95

9.86

0.277

0.299

0.290

0.287

Gold produced

- kg

- oz (000)

5,401

5,598

6,121

10,998

174

180

196

354

Gold sold

- kg

- oz (000)

5,399

5,595

6,117

10,995

174

180

196

353

Price received

- R / kg

- $ / oz

- sold

89,038

85,182

82,152

87,076

433

441

389

437

Total cash costs

- R

- $

- ton milled

526

547

471

537

- R / kg

- $ / oz

- produced

55,453

53,491

47,340

54,454

270

277

223

273

Total production costs

- R / kg

- $ / oz

- produced

63,413

62,429

52,764

62,912

309

323

249

316

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

299

285

295

292

9.61

9.16

9.48

9.39

Actual

- g

- oz

263

272

286

268

8.47

8.74

9.21

8.61

Target

- m²

- ft²

5.26

4.86

4.80

5.06

56.61

52.34

51.63

54.48

Actual

- m²

- ft²

5.46

4.81

4.89

5.14

58.82

51.79

52.63

55.30

FINANCIAL RESULTS (MILLION)
Gold income

505

445

481

950

153

Cost of sales

348

355

337

702

113

Cash operating costs

297

287

593

Other cash costs

Total cash costs

299

300

290

599

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

314

315

299

628

101

Amortisation of tangible assets

Inventory change

158

144

248

Realised non-hedge derivatives

(25)

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

133

122

166

255

Capital expenditure

104

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

KOPANANG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

123

121

244

1,329

1,301

2,631

Milled

- 000 tonnes

- 000 tons

527

499

520

1,026

581

550

573

1,131

Yield

- g / t

- oz / t

6.95

7.49

7.35

7.21

0.203

0.218

0.214

0.210

Gold produced

- kg

- oz (000)

3,659

3,737

3,821

7,396

118

120

122

238

Gold sold

- kg

- oz (000)

3,659

3,735

3,817

7,394

118

120

122

238

Price received

- R / kg

- $ / oz

- sold

90,270

84,282

82,361

87,245

437

436

390

437

Total cash costs

- R

- $

- ton milled

404

444

410

424

- R / kg

- $ / oz

- produced

58,208

59,318

55,814

58,769

283

307

263

295

Total production costs

- R / kg

- $ / oz

- produced

67,239

69,864

62,249

68,565

327

362

294

345

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

220

215

212

217

7.06

6.92

6.80

6.99

Actual

- g

- oz

236

229

230

232

7.58

7.37

7.41

7.47

Target

- m²

- ft²

7.07

6.77

6.71

6.92

76.12

72.85

72.23

74.48

Actual

- m²

- ft²

7.96

7.41

7.29

7.68

85.69

79.77

78.42

82.66

FINANCIAL RESULTS (MILLION)
Gold income

347

297

300

644

103

Cost of sales

247

262

246

509

Cash operating costs

211

220

211

430

Other cash costs

Total cash costs

213

222

214

435

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

222

230

218

452

Amortisation of tangible assets

Inventory change

101

135

Realised non-hedge derivatives

(17)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

136

Capital expenditure

124

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

TAU LEKOA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

101

109

196

1,089

1,024

1,169

2,114

Milled

- 000 tonnes

- 000 tons

509

510

602

1,019

561

563

664

1,124

Yield

- g / t

- oz / t

4.18

3.98

4.17

4.08

0.122

0.116

0.122

0.119

Gold produced

- kg

- oz (000)

2,126

2,029

2,509

4,154

134

Gold sold

- kg

- oz (000)

2,125

2,028

2,506

4,153

134

Price received

- R / kg

- $ / oz

- sold

90,580

86,035

82,373

88,360

438

445

390

442

Total cash costs

- R

- $

- ton milled

344

332

279

338

- R / kg

- $ / oz

- produced

82,469

83,401

67,030

82,924

400

432

316

416

Total production costs

- R / kg

- $ / oz

- produced

98,972

103,281

78,451

101,077

480

535

370

507

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

220

210

221

215

7.06

6.76

7.12

6.91

Actual

- g

- oz

169

168

201

169

5.44

5.41

6.46

5.42

Target

- m²

- ft²

9.70

9.50

9.24

9.60

104.37

102.31

99.47

103.34

Actual

- m²

- ft²

8.05

7.88

8.70

7.97

86.66

84.87

93.63

85.78

FINANCIAL RESULTS (MILLION)
Gold income

203

161

198

364

Cost of sales

203

206

201

409

Cash operating costs

174

168

166

342

Other cash costs

Total cash costs

175

169

167

344

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

181

175

171

356

Amortisation of tangible assets

Inventory change

(7)

(4)

(11)

(1)

(2)

(45)

(3)

(45)

(7)

(8)

Realised non-hedge derivatives

(10)

(1)

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

(11)

(32)

(42)

(2)

(5)

(7)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

SURFACE OPERATIONS

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
Milled

- 000 tonnes

- 000 tons

1,396

1,585

1,720

2,981

1,539

1,747

1,896

3,286

Yield

- g / t

- oz / t

0.48

0.46

0.55

0.47

0.014

0.013

0.016

0.014

Gold produced

- kg

- oz (000)

666

730

940

1,396

Gold sold

- kg

- oz (000)

666

730

939

1,396

Price received

- R / kg

- $ / oz

- sold

90,434

84,836

82,425

87,506

437

439

391

438

Total cash costs

- R

- $

- ton milled

- R / kg

- $ / oz

- produced

63,984

61,450

49,274

62,658

310

318

232

314

Total production costs

- R / kg

- $ / oz

- produced

63,984

61,450

49,274

62,658

310

318

232

314

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

726

746

726

736

23.35

23.98

23.33

23.66

Actual

- g

- oz

730

678

952

702

23.48

21.80

30.61

22.57

FINANCIAL RESULTS (MILLION)
Gold income

121

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(2)

Realised non-hedge derivatives

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

MPONENG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

170

934

896

864

1,830

Milled

- 000 tonnes

- 000 tons

418

430

419

848

461

474

462

934

Yield

- g / t

- oz / t

9.50

8.31

7.80

8.89

0.277

0.242

0.227

0.259

Gold produced

- kg

- oz (000)

3,968

3,571

3,266

7,539

128

115

105

242

Gold sold

- kg

- oz (000)

3,970

3,567

3,263

7,537

128

115

105

242

Price received

- R / kg

- $ / oz

- sold

91,547

85,205

81,991

88,546

442

441

388

442

Total cash costs

- R

- $

- ton milled

543

527

534

535

- R / kg

- $ / oz

- produced

57,209

63,457

68,486

60,168

278

329

323

302

Total production costs

- R / kg

- $ / oz

- produced

74,926

80,469

81,698

77,551

364

417

386

389

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

243

239

232

241

7.80

7.70

7.45

7.75

Actual

- g

- oz

280

251

231

265

8.99

8.08

7.44

8.53

Target

- m²

- ft²

5.63

5.30

5.66

5.47

60.60

57.08

60.90

58.85

Actual

- m²

- ft²

6.11

5.86

5.68

5.98

65.79

63.04

61.18

64.42

FINANCIAL RESULTS (MILLION)
Gold income

381

283

256

665

106

Cost of sales

290

281

268

571

Cash operating costs

225

224

222

449

Other cash costs

Total cash costs

227

226

224

454

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

234

229

226

464

Amortisation of tangible assets

121

Inventory change

(7)

(6)

(13)

(1)

(2)

(12)

(2)

Realised non-hedge derivatives

(18)

(3)

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

(1)

Capital expenditure

145

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

SAVUKA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

386

443

424

829

Milled

- 000 tonnes

- 000 tons

175

184

198

359

193

203

218

395

Yield

- g / t

- oz / t

5.93

5.44

5.87

5.68

0.173

0.159

0.171

0.166

Gold produced

- kg

- oz (000)

1,038

1,000

1,162

2,038

Gold sold

- kg

- oz (000)

1,026

999

1,161

2,025

Price received

- R / kg

- $ / oz

- sold

91,285

85,838

81,915

88,598

441

444

388

443

Total cash costs

- R

- $

- ton milled

562

583

575

573

- R / kg

- $ / oz

- produced

94,685

107,171

97,928

100,811

461

555

462

507

Total production costs

- R / kg

- $ / oz

- produced

112,597

122,173

115,465

117,295

548

633

545

589

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

152

144

136

148

4.89

4.64

4.36

4.77

Actual

- g

- oz

134

118

123

126

4.31

3.80

3.97

4.04

Target

- m²

- ft²

5.13

5.03

4.64

5.08

55.23

54.11

49.96

54.67

Actual

- m²

- ft²

4.63

4.85

4.18

4.75

49.80

52.25

45.00

51.08

FINANCIAL RESULTS (MILLION)
Gold income

178

Cost of sales

113

117

136

231

Cash operating costs

106

113

203

Other cash costs

Total cash costs

107

115

205

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

102

108

122

211

Amortisation of tangible assets

Inventory change

(4)

(5)

(9)

(1)

(15)

(38)

(45)

(53)

(2)

(6)

(7)

(9)

Realised non-hedge derivatives

(5)

(1)

Gross loss excluding the effect of unrealised non-hedge derivatives

(19)

(32)

(41)

(51)

(3)

(5)

(7)

(8)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

TAUTONA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

138

741

736

1,482

Milled

- 000 tonnes

- 000 tons

396

394

419

791

437

435

462

872

Yield

- g / t

- oz / t

9.45

10.31

10.88

9.88

0.276

0.301

0.317

0.288

Gold produced

- kg

- oz (000)

3,747

4,067

4,559

7,814

120

131

147

251

Gold sold

- kg

- oz (000)

3,740

4,063

4,555

7,803

120

131

146

251

Price received

- R / kg

- $ / oz

- sold

90,550

84,559

82,055

87,431

439

438

389

438

Total cash costs

- R

- $

- ton milled

470

541

529

506

- R / kg

- $ / oz

- produced

49,773

52,492

48,572

51,188

243

272

229

258

Total production costs

- R / kg

- $ / oz

- produced

75,999

71,026

61,076

73,411

369

368

289

369

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

326

322

338

324

10.50

10.35

10.87

10.42

Actual

- g

- oz

328

296

324

310

10.53

9.52

10.41

9.98

Target

- m²

- ft²

5.05

5.10

5.15

5.07

54.32

54.90

55.46

54.61

Actual

- m²

- ft²

6.02

5.01

4.85

5.47

64.79

53.96

52.20

58.88

FINANCIAL RESULTS (MILLION)
Gold income

355

323

357

677

109

Cost of sales

280

283

286

564

Cash operating costs

184

211

219

396

Other cash costs

Total cash costs

186

213

222

400

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

196

219

224

415

Amortisation of tangible assets

159

Inventory change

(5)

(9)

(1)

(2)

113

Realised non-hedge derivatives

(16)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

118

Capital expenditure

122

101

217

Rounding of figures may result in computational discrepancies.

Argentina

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

CERRO VANGUARDIA - Attributable 92.50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,690

4,509

4,386

9,199

5,170

4,970

4,834

10,140

Treated

- 000 tonnes

- 000 tons

201

218

227

419

222

241

250

462

Stripping ratio

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

18.94

15.81

19.05

17.27

18.94

15.81

19.05

17.27

Yield

- g / t

- oz / t

7.91

8.15

6.39

8.04

0.231

0.238

0.186

0.234

Gold in ore

- kg

- oz (000)

1,647

1,843

1,524

3,490

112

Gold produced

- kg

- oz (000)

1,591

1,779

1,449

3,370

108

Gold sold

- kg

- oz (000)

1,540

1,743

1,438

3,283

106

Price received

- R / kg

- $ / oz

- sold

78,459

74,334

76,430

76,269

381

385

361

383

Total cash costs

- R / kg

- $ / oz

- produced

35,203

27,280

39,673

31,021

171

141

187

155

Total production costs

- R / kg

- $ / oz

- produced

57,305

45,919

68,938

51,295

277

238

325

256

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

816

782

962

798

26.23

25.13

30.94

25.66

Actual

- g

- oz

911

815

814

858

29.28

26.20

26.18

27.57

FINANCIAL RESULTS (MILLION)
Gold income

131

140

120

271

Cost of sales

105

167

Cash operating costs

Other cash costs

Total cash costs

105

Rehabilitation and other non-cash costs

Production costs

106

Amortisation of tangible assets

Inventory change

(4)

(1)

(5)

(1)

104

Realised non-hedge derivatives

(3)

(2)

(1)

(5)

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Australia

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

SUNRISE DAM

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

2,785

2,605

4,171

5,390

3,642

3,407

5,454

7,050

Treated

- 000 tonnes

- 000 tons

912

866

1,778

1,005

954

955

1,960

Stripping ratio

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

5.12

4.34

8.94

4.72

5.12

4.34

8.94

4.72

Yield

- g / t

- oz / t

4.28

4.60

3.47

4.43

0.125

0.134

0.101

0.129

Gold produced

- kg

- oz (000)

4,063

4,064

3,008

8,127

131

261

Gold sold

- kg

- oz (000)

4,067

4,053

3,010

8,120

131

130

261

Price received

- R / kg

- $ / oz

- sold

99,502

81,997

88,462

90,765

483

424

422

454

Total cash costs

- R / kg

- $ / oz

- produced

50,451

53,857

53,942

52,154

246

279

255

262

Total production costs

- R / kg

- $ / oz

- produced

66,620

68,751

67,013

67,686

324

356

317

340

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

3,027

3,150

2,552

3,087

97.32

101.27

82.03

99.25

Actual

- g

- oz

3,558

3,812

2,827

3,681

114.38

122.57

90.88

118.33

FINANCIAL RESULTS (MILLION)
Gold income

413

337

273

750

120

Cost of sales

273

252

148

526

Cash operating costs

195

211

156

406

Other cash costs

Total cash costs

205

219

162

424

Rehabilitation and other non-cash costs

Production costs

213

224

164

437

Amortisation of tangible assets

113

Inventory change

(27)

(53)

(24)

(4)

(8)

(4)

140

125

225

Realised non-hedge derivatives

(8)

(5)

(6)

(13)

(1)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

131

119

211

Capital expenditure

Rounding of figures may result in computational discrepancies.

Brazil

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

ANGLOGOLD ASHANTI MINERAÇÃO

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

229

196

220

425

253

216

242

468

Treated

- 000 tonnes

- 000 tons

232

205

214

437

256

226

236

482

Yield

- g / t

- oz / t

6.96

7.96

7.91

7.43

0.203

0.232

0.231

0.217

Gold produced

- kg

- oz (000)

1,615

1,633

1,694

3,247

104

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

1.89

0.055

Gold produced

- kg

- oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Stripping ratio

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

0.23

Yield

- g / t

- oz / t

3.54

0.103

Gold in ore

- kg

- oz (000)

Gold produced

- kg

- oz (000)

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

1,182

664

638

1,847

1,303

732

704

2,036

Placed

- 000 tonnes

- 000 tons

103

114

Stripping ratio

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

16.05

18.85

12.93

16.96

16.05

18.85

12.93

16.96

Yield

- g / t

- oz / t

2.71

4.70

4.45

3.36

0.079

0.137

0.130

0.098

Gold placed

- kg

- oz (000)

187

159

204

346

Gold produced

- kg

- oz (000)

273

144

226

417

TOTAL
Yield

- g / t

- oz / t

6.73

7.96

7.48

7.30

0.196

0.232

0.218

0.213

Gold produced

- kg

- oz (000)

1,908

1,776

2,003

3,684

118

Gold sold

- kg

- oz (000)

1,813

1,751

2,014

3,564

115

Price received

- R / kg

- $ / oz

- sold

86,409

80,407

83,520

83,461

417

416

393

416

Total cash costs

- R / kg

- $ / oz

- produced

33,090

28,425

27,300

30,841

161

147

129

154

Total production costs

- R / kg

- $ / oz

- produced

45,508

38,169

37,993

41,970

221

198

179

210

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

552

473

576

515

17.75

15.21

18.53

16.55

Actual

- g

- oz

590

579

640

584

18.95

18.62

20.58

18.79

FINANCIAL RESULTS (MILLION)
Gold income

141

129

150

271

Cost of sales

146

Cash operating costs

111

Other cash costs

Total cash costs

114

Rehabilitation and other non-cash costs

Production costs

115

Amortisation of tangible assets

Inventory change

(5)

(4)

(8)

(1)

124

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

151

Capital expenditure

111

157

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.

Rounding of figures may result in computational discrepancies.

Brazil

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

SERRA GRANDE - Attributable 50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

186

103

102

101

205

Treated

- 000 tonnes

- 000 tons

187

103

104

102

207

Yield

- g / t

- oz / t

8.04

8.01

7.87

8.02

0.234

0.233

0.230

0.234

Gold produced

- kg

- oz (000)

751

752

729

1,504

Gold sold

- kg

- oz (000)

774

751

689

1,526

Price received

- R / kg

- $ / oz

- sold

85,794

80,467

83,035

83,171

415

416

391

416

Total cash costs

- R / kg

- $ / oz

- produced

31,615

28,483

26,504

30,048

153

147

125

150

Total production costs

- R / kg

- $ / oz

- produced

40,004

36,143

35,340

38,072

194

187

167

190

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

830

833

839

832

26.69

26.79

26.96

26.74

Actual

- g

- oz

992

1,007

861

999

31.91

32.36

27.67

32.13

FINANCIAL RESULTS (MILLION)
Gold income

116

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(1)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

BIBIANI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

5.20

4.36

3.28

4.83

0.152

0.127

0.096

0.141

Gold produced

- kg

- oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

1,561

1,284

729

2,846

1,721

1,416

804

3,137

Treated

- 000 tonnes

- 000 tons

604

637

440

1,241

666

702

485

1,368

Stripping ratio

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

6.48

5.83

2.83

6.17

6.48

5.83

2.83

6.17

Yield

- g / t

- oz / t

1.51

1.58

1.78

1.55

0.044

0.046

0.052

0.045

Gold in ore

- kg

- oz (000)

626

1,015

522

1,642

Gold produced

- kg

- oz (000)

915

1,009

783

1,924

TOTAL
Yield

- g / t

- oz / t

1.53

1.59

1.79

1.56

0.045

0.047

0.052

0.046

Gold produced

- kg

- oz (000)

931

1,020

788

1,951

Gold sold

- kg

- oz (000)

931

1,020

788

1,951

Price received

- R / kg

- $ / oz

- sold

87,800

83,352

82,555

85,474

426

432

391

429

Total cash costs

- R / kg

- $ / oz

- produced

60,929

55,841

50,177

58,269

296

289

237

292

Total production costs

- R / kg

- $ / oz

- produced

91,334

83,860

75,617

87,453

443

434

358

439

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

407

397

1,244

402

13.10

12.75

17.74

12.93

Actual

- g

- oz

465

487

1,024

476

14.94

15.65

32.92

15.30

FINANCIAL RESULTS (MILLION)
Gold income

161

Cost of sales

174

Cash operating costs

106

Other cash costs

Total cash costs

114

Rehabilitation and other non-cash costs

Production costs

118

Amortisation of tangible assets

Inventory change

(7)

(5)

(13)

(1)

(2)

Realised non-hedge derivatives

(1)

Gross loss excluding the effect of unrealised non-hedge derivatives

(5)

(2)

(7)

(1)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

IDUAPRIEM - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

6,377

6,004

3,315

12,381

7,030

6,618

3,655

13,648

Treated

- 000 tonnes

- 000 tons

722

800

542

1,522

796

882

597

1,677

Stripping ratio

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

6.37

6.76

4.80

6.55

6.37

6.76

4.80

6.55

Yield

- g / t

- oz / t

1.72

1.80

1.48

1.76

0.050

0.052

0.043

0.051

Gold in ore

- kg

- oz (000)

1,671

1,622

1,019

3,292

106

Gold produced

- kg

- oz (000)

1,241

1,437

802

2,677

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

Placed

- 000 tonnes

- 000 tons

Gold produced

- kg

- oz (000)

TOTAL
Yield

- g / t

- oz / t

1.72

1.80

1.48

1.76

0.050

0.052

0.043

0.051

Gold produced

- kg

- oz (000)

1,244

1,442

838

2,686

Gold sold

- kg

- oz (000)

1,263

1,279

845

2,542

Price received

- R / kg

- $ / oz

- sold

86,211

86,157

84,757

86,184

422

446

400

434

Total cash costs

- R / kg

- $ / oz

- produced

69,809

55,716

65,545

62,242

339

288

309

312

Total production costs

- R / kg

- $ / oz

- produced

89,551

75,043

84,258

81,761

435

389

397

410

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

729

699

807

714

23.43

22.48

25.96

22.96

Actual

- g

- oz

584

681

609

633

18.78

21.91

19.59

20.34

FINANCIAL RESULTS (MILLION)
Gold income

195

Cost of sales

193

Cash operating costs

156

Other cash costs

Total cash costs

167

Rehabilitation and other non-cash costs

Production costs

170

Amortisation of tangible assets

Inventory change

(11)

(10)

(1)

(21)

(2)

(3)

Realised non-hedge derivatives

(3)

(1)

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.

Total yield excludes the heap leach operation.

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

OBUASI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

556

495

330

556

613

545

363

613

Treated

- 000 tonnes

- 000 tons

544

492

344

1,065

599

542

379

1,173

Yield

- g / t

- oz / t

4.95

4.80

5.39

4.79

0.144

0.130

0.157

0.140

Gold produced

- kg

- oz (000)

2,692

2,404

1,852

5,096

164

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

478

526

247

1,005

527

580

272

1,107

Yield

- g / t

- oz / t

0.50

0.49

0.68

0.49

0.015

0.014

0.020

0.014

Gold produced

- kg

- oz (000)

241

256

168

496

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

1,007

828

583

1,872

1,110

913

643

2,063

Treated

- 000 tonnes

- 000 tons

109

Stripping ratio

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

13.22

10.50

6.93

13.19

13.22

10.50

6.93

13.19

Yield

- g / t

- oz / t

5.06

3.10

1.76

9.18

0.147

0.090

0.051

0.268

Gold in ore

- kg

- oz (000)

224

311

354

224

Gold produced

- kg

- oz (000)

234

191

175

425

TOTAL
Yield

- g / t

- oz / t

2.96

2.60

3.18

2.84

0.086

0.079

0.093

0.083

Gold produced

- kg

- oz (000)

3,166

2,851

2,194

6,017

102

193

Gold sold

- kg

- oz (000)

3,196

2,821

2,167

6,018

103

193

Price received

- R / kg

- $ / oz

- sold

87,913

86,597

84,892

87,296

424

448

400

435

Total cash costs

- R / kg

- $ / oz

- produced

66,915

69,979

61,905

68,367

324

362

292

342

Total production costs

- R / kg

- $ / oz

- produced

93,257

92,649

86,944

92,736

451

480

410

464

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

358

332

238

345

11.51

10.68

7.65

11.10

Actual

- g

- oz

213

186

210

199

6.84

5.99

6.75

6.41

FINANCIAL RESULTS (MILLION)
Gold income

257

213

192

470

Cost of sales

310

251

186

561

Cash operating costs

199

189

127

387

Other cash costs

Total cash costs

212

200

136

411

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

212

200

136

411

Amortisation of tangible assets

147

Inventory change

(12)

(5)

(2)

(1)

(53)

(38)

(91)

(8)

(6)

(15)

Realised non-hedge derivatives

(8)

(1)

Gross loss excluding the effect of unrealised non-hedge derivatives

(29)

(7)

(2)

(35)

(5)

(1)

(6)

Capital expenditure

105

182

Rounding of figures may result in computational discrepancies.

Guinea

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

SIGUIRI - Attributable 85%

Rand / Metric

Dollar / Imperial

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,085

4,503

Treated

- 000 tonnes

- 000 tons

1,373

1,513

Stripping ratio

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

0.89

Yield

- g / t

- oz / t

1.35

0.039

Gold produced

- kg

- oz (000)

1,848

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

3,678

1,029

3,678

4,054

1,135

4,054

Placed

- 000 tonnes

- 000 tons

1,497

593

1,575

1,650

653

1,736

Stripping ratio

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

1.68

0.46

1.68

0.46

1.68

Yield

- g / t

- oz / t

1.24

1.16

1.12

1.16

0.036

0.034

0.033

0.034

Gold placed

- kg

- oz (000)

1,738

663

1,835

Gold produced

- kg

- oz (000)

639

1,345

535

1,983

TOTAL
Yield

- g / t

- oz / t

1.35

0.039

Gold produced

- kg

- oz (000)

2,486

1,345

535

3,831

123

Gold sold

- kg

- oz (000)

2,326

1,345

3,670

118

Price received

- R / kg

- $ / oz

- sold

88,283

86,569

87,655

426

448

434

Total cash costs

- R / kg

- $ / oz

- produced

43,673

76,360

82,013

55,145

212

395

386

276

Total production costs

- R / kg

- $ / oz

- produced

62,908

92,084

109,599

73,148

305

477

519

365

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,241

1,049

566

1,145

39.90

33.74

18.21

36.82

Actual

- g

- oz

774

489

273

643

24.87

15.73

8.78

20.66

FINANCIAL RESULTS (MILLION)
Gold income

192

292

Cost of sales

145

103

248

Cash operating costs

102

200

Other cash costs

Total cash costs

109

103

211

Rehabilitation and other non-cash costs

Production costs

116

107

223

Amortisation of tangible assets

Inventory change

(9)

(20)

(49)

(30)

(1)

(3)

(8)

(5)

(4)

(9)

(1)

Realised non-hedge derivatives

(4)

(1)

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

(13)

(2)

Capital expenditure

137

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.

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

MORILA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

1,020

1,303

786

2,323

1,334

1,704

1,028

3,039

Mined

- 000 tonnes

- 000 tons

2,786

3,126

2,175

5,912

3,071

3,446

2,397

6,516

Treated

- 000 tonnes

- 000 tons

380

343

346

723

419

378

382

797

Stripping ratio

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

2.48

3.75

4.11

3.05

2.48

3.75

4.11

3.05

Yield

- g / t

- oz / t

5.51

6.05

3.06

5.77

0.161

0.177

0.089

0.168

Gold produced

- kg

- oz (000)

2,095

2,075

1,058

4,171

134

Gold sold

- kg

- oz (000)

2,025

2,040

1,089

4,066

131

Price received

- R / kg

- $ / oz

- sold

89,194

82,141

74,061

85,655

429

425

353

427

Total cash costs

- R / kg

- $ / oz

- produced

35,711

33,432

50,383

34,577

173

238

173

Total production costs

- R / kg

- $ / oz

- produced

52,583

49,458

72,640

51,028

255

256

344

255

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,295

2,170

2,302

2,232

73.79

69.75

74.02

71.77

Actual

- g

- oz

3,742

3,766

1,353

3,754

120.31

121.09

43.51

120.70

FINANCIAL RESULTS (MILLION)
Gold income

181

168

348

Cost of sales

107

202

Cash operating costs

120

Other cash costs

Total cash costs

144

Rehabilitation and other non-cash costs

Production costs

146

Amortisation of tangible assets

Inventory change

(3)

(8)

(11)

(1)

(2)

146

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

146

Capital expenditure

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

SADIOLA - Attributable 38%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

1,172

841

751

2,013

1,533

1,100

981

2,633

Mined

- 000 tonnes

- 000 tons

2,169

1,749

1,386

3,918

2,391

1,928

1,528

4,319

Treated

- 000 tonnes

- 000 tons

444

449

493

893

489

495

543

984

Stripping ratio

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

4.88

2.25

1.17

3.32

4.88

2.25

1.17

3.32

Yield

- g / t

- oz / t

3.02

2.65

2.82

2.83

0.088

0.077

0.082

0.083

Gold produced

- kg

- oz (000)

1,339

1,188

1,386

2,527

Gold sold

- kg

- oz (000)

1,299

1,202

1,375

2,501

Price received

- R / kg

- $ / oz

- sold

89,147

84,983

82,614

87,146

427

440

392

433

Total cash costs

- R / kg

- $ / oz

- produced

53,050

54,634

49,087

53,795

256

283

232

269

Total production costs

- R / kg

- $ / oz

- produced

67,266

73,458

61,607

70,177

325

380

291

351

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,835

1,399

1,676

1,617

59.01

44.97

53.89

51.99

Actual

- g

- oz

1,757

1,702

1,967

1,731

56.49

54.72

63.24

55.65

FINANCIAL RESULTS (MILLION)
Gold income

116

102

115

218

Cost of sales

177

Cash operating costs

121

Other cash costs

Total cash costs

136

Rehabilitation and other non-cash costs

Production costs

138

Amortisation of tangible assets

Inventory change

(1)

Realised non-hedge derivatives

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

YATELA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

1,699

1,679

1,985

3,378

1,873

1,850

2,187

3,723

Placed

- 000 tonnes

- 000 tons

319

323

303

643

352

356

334

708

Stripping ratio

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

9.68

5.75

4.91

7.28

9.68

5.75

4.91

7.28

Yield

- g / t

- oz / t

2.51

2.61

3.61

2.56

0.073

0.076

0.105

0.075

Gold placed

- kg

- oz (000)

802

844

1,094

1,646

Gold produced

- kg

- oz (000)

705

717

769

1,421

Gold sold

- kg

- oz (000)

683

772

880

1,455

Price received

- R / kg

- $ / oz

- sold

89,539

82,700

83,553

85,910

428

395

428

Total cash costs

- R / kg

- $ / oz

- produced

61,786

54,180

50,423

57,951

299

280

238

290

Total production costs

- R / kg

- $ / oz

- produced

82,056

73,966

62,370

77,977

398

383

295

390

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,180

994

1,044

1,087

37.92

31.97

33.58

34.95

Actual

- g

- oz

1,050

967

914

1,006

33.76

31.09

29.38

32.36

FINANCIAL RESULTS (MILLION)
Gold income

125

Cost of sales

111

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(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.

Rounding of figures may result in computational discrepancies.

Namibia

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

NAVACHAB

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

312

258

570

408

337

745

Mined

- 000 tonnes

- 000 tons

1,018

839

1,857

1,122

925

2,047

Treated

- 000 tonnes

- 000 tons

283

308

345

591

312

339

381

651

Stripping ratio

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

1.91

1.65

0.33

1.79

1.91

1.65

0.33

1.79

Yield

- g / t

- oz / t

1.98

1.94

1.46

1.96

0.058

0.056

0.042

0.057

Gold produced

- kg

- oz (000)

560

596

503

1,156

Gold sold

- kg

- oz (000)

558

636

538

1,193

Price received

- R / kg

- $ / oz

- sold

88,761

83,370

83,549

85,889

427

431

396

430

Total cash costs

- R / kg

- $ / oz

- produced

74,345

79,780

67,876

77,146

362

413

320

388

Total production costs

- R / kg

- $ / oz

- produced

94,010

88,903

76,372

91,378

459

460

360

460

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

704

672

405

688

22.64

21.60

13.02

22.12

Actual

- g

- oz

596

606

783

601

19.16

19.49

25.19

19.33

FINANCIAL RESULTS (MILLION)
Gold income

102

Cost of sales

107

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

(1)

Production costs

Amortisation of tangible assets

Inventory change

(1)

(6)

(5)

(1)

Realised non-hedge derivatives

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

(6)

(5)

(1)

Capital expenditure

101

Rounding of figures may result in computational discrepancies.

Tanzania

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

GEITA - Attributable 100% May 2004

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

5,487

4,884

4,367

10,371

7,178

6,388

5,677

13,566

Mined

- 000 tonnes

- 000 tons

14,602

12,607

11,236

27,209

16,096

13,897

12,386

29,992

Treated

- 000 tonnes

- 000 tons

1,536

1,436

1,253

2,972

1,693

1,583

1,382

3,276

Stripping ratio

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

8.20

9.31

6.60

8.68

8.20

9.31

6.60

8.68

Yield

- g / t

- oz / t

3.34

4.15

3.46

3.73

0.097

0.121

0.101

0.109

Gold produced

- kg

- oz (000)

5,133

5,963

4,339

11,097

165

192

140

357

Gold sold

- kg

- oz (000)

5,273

5,691

3,949

10,964

170

183

127

353

Price received

- R / kg

- $ / oz

- sold

72,840

71,909

76,043

72,357

351

372

357

362

Total cash costs

- R / kg

- $ / oz

- produced

68,422

41,204

48,015

53,795

331

213

226

268

Total production costs

- R / kg

- $ / oz

- produced

84,160

56,421

64,139

69,253

408

292

302

345

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,042

1,221

1,187

1,131

33.49

39.25

38.18

36.37

Actual

- g

- oz

1,282

1,545

1,159

1,411

41.21

49.68

37.26

45.37

FINANCIAL RESULTS (MILLION)
Gold income

381

407

299

788

127

Cost of sales

440

345

256

786

126

Cash operating costs

330

228

193

559

Other cash costs

Total cash costs

351

244

209

597

Rehabilitation and other non-cash costs

Production costs

354

247

211

602

Amortisation of tangible assets

166

Inventory change

(23)

(4)

(59)

(9)

Realised non-hedge derivatives

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

(56)

(9)

Capital expenditure

Rounding of figures may result in computational discrepancies.

USA

Quarter

Six months

Quarter

Six months

ended

June

March

June

March

June

2005

2004

2005

2004

2005

CRIPPLE CREEK & VICTOR J.V.

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

11,583

11,892

13,885

23,475

12,769

13,109

15,305

25,877

Placed

- 000 tonnes

- 000 tons

4,773

4,756

4,722

9,530

5,262

5,243

5,205

10,505

Stripping ratio

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

1.81

1.40

2.14

1.59

1.81

1.40

2.14

1.59

Yield

- g / t

- oz / t

0.62

0.64

0.59

0.63

0.018

0.019

0.017

0.018

Gold placed

- kg

- oz (000)

2,959

3,036

2,795

5,995

193

Gold produced

- kg

- oz (000)

2,215

2,508

2,373

4,723

152

Gold sold

- kg

- oz (000)

2,227

2,492

2,375

4,719

152

Price received

- R / kg

- $ / oz

- sold

74,928

78,505

68,941

76,817

359

406

327

384

Total cash costs

- R / kg

- $ / oz

- produced

47,084

42,443

44,081

44,620

227

220

208

223

Total production costs

- R / kg

- $ / oz

- produced

68,225

61,610

57,610

64,712

329

319

272

324

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,723

2,695

2,857

2,709

87.56

86.66

91.85

87.11

Actual

- g

- oz

2,322

2,714

2,513

2,515

74.65

87.26

80.80

80.86

FINANCIAL RESULTS (MILLION)
Gold income

155

167

310

Cost of sales

151

155

137

306

Cash operating costs

141

126

127

267

Other cash costs

Total cash costs

147

133

131

280

Rehabilitation and other non-cash costs

(7)

(1)

Production costs

150

137

124

287

Amortisation of tangible assets

120

Inventory change

(62)

(39)

(47)

(101)

(10)

(6)

(7)

(16)

Realised non-hedge derivatives

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

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 2004, which was filed with the Securities and Exchange Commission (SEC) on 14July 2005.

Administrative

information

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GSE (Shares):

AGA

GSE (GhDS):

AADA

Euronext Paris:

Euronext Brussels:

ANG

JSE Sponsor:

UBS

Auditors:

Ernst & Young

Contacts

South Africa
Charles Carter
Telephone: +27 11 637 6385
Fax: +27 11 637 6400
E-mail: cecarter@AngloGoldAshanti.com

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

Clement Mamathuba
Telephone: +27 11 637 6223
Fax: +27 11 637 6400
E-mail:
cmamathuba@AngloGoldAshanti.com

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

General E-mail enquiries
investors@AngloGoldAshanti.com

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

Directors

Executive
R M Godsell (Chief Executive Officer)
J G Best
R Carvalho Silva
Dr S E Jonah KBE**
N F Nicolau
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 0000
Fax: +44 870 703 6119
Australia
Computershare Investor Services Pty
Limited
Level 2, 45 St George's Terrace
Perth, WA 6000
(GPO Box D182 Perth, WA 6840)
Australia
Telephone: +61 8 9323 2000
Telephone: 1300 55 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 outside
USA)
E-mail: shareowners@bankofny.com
Website: http://www.stockbny.com
Global BuyDIRECT

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

SIGNATURES

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

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

AngloGold Ashanti Limited

Date JULY 28, 2005

By: /s/ C R BULL

Name: C R Bull
Title: Company Secretary