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

OCTOBER 26, 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 nine months ended September 30, 2005
prepared in accordance with IFRS

Quarter 3 2005

Report

for the quarter and nine months ended 30 September 2005

Group results ...

· Gold production down 2% to 1.534Moz, due to anticipated decline in grades at Sunrise Dam and Geita, and a

reduction in heap leach ounces at Siguiri.

· Strong recovery in the South Africa region following the four-day strike, which saw local production up 2% to

677,000oz and total cash costs 2% lower at R59,053/kg.

· Group total cash costs increase 2% to $284/oz.
· Adjusted headline earnings decline to $1m, due in part to a negative $21m fair value (non-cash) movement on the

convertible bond.

Quarter

Nine months

Quarter

Nine months

ended

Sept

2005

ended

Jun

2005

ended

Sept

2005

ended

Sept

2004

ended

Sept

2005

ended

Jun

2005

ended

Sept

2005

ended

Sept

2004

Restated

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

47,723

48,792 145,323 129,951

1,534

1,569

4,672

4,178

Price received

- R/kg / $/oz

90,440

87,314 86,613 82,775

433

422

427

393

Total cash costs

- R/kg / $/oz

59,453

57,351 57,177 54,663

284

278

282

260

Total production costs

- R/kg / $/oz

78,082

74,728 74,456 68,338

373

363

367 325

Financial review

Gross profit

- R / $ million

243

931 1,429 1,582

154

240

239

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

- R / $ million

678

765 2,119 2,234

105

117

334

339

(Loss) profit attributable to equity
shareholders

- R / $ million

(415)

566 201 493

(73)

Headline (loss) earnings

- R / $ million

(384)

665 383 658

(68)

112

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

- R / $ million

604 1,078 1,072

170

162

Capital expenditure

- R / $ million

1,385

1,068 3,317 2,583

215

167

525

393

(Loss)earnings per ordinary share-cents/share
Basic

(157)

214 76 200

(28)

Diluted

(156)

214 76 199

(28)

Headline

(145)

251 145 266

(26)

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

- cents/share

228 407 434

–

Dividends

- cents/share

170

Notes: 1.

Price received includes realised non-hedge derivatives.

Refer to note 7 of Notes for the definition.

Refer to note 6 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 September 2005

Price received

Production

Total cash costs Cash gross
profit

Gross profit (loss)

adjusted for the

effect of

unrealised non-

hedge derivatives

$/oz

Variance

oz (000)

Variance

$/oz

Variance

Great Noligwa

452

170

(2)

269

–

TauTona

449

124

259

(9)

Mponeng

453

127

(1)

272

(2)

(10)

(18)

Kopanang

450

126

254

(10)

Morila

443

194

(36)

Cripple Creek & Victor

383

231

100

AngloGold Ashanti Mineração

422

173

–

Sunrise Dam

447

(7)

101

(23)

323

(60)

(76)

Cerro Vanguardia

400

202

–

(29)

Geita

407

137

(17)

353

200

(1)

Sadiola

439

240

(6)

Siguiri

415

(3)

(24)

310

(50)

(89)

Serra Grande

417

–

159

(29)

(33)

Navachab

440

268

(26)

–

500

Obuasi

412

(3)

(4)

341

(20)

(5)

–

Yatela

438

(9)

285

(5)

–

100

Tau Lekoa

450

374

(7)

–

(2)

–

Savuka

450

379

(18)

1 200

– 100

Iduapriem

411

(3)

369

(75)

(2)

(200)

Bibiani

430

(7)

308

4 –

(100)

(4)

(300)

Other

14 – –

(10)

AngloGold Ashanti

433

1,534

(2)

284

221

(6)

105

(10)

Price received includes realised non-hedge derivatives.

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

Refer to note 7 of Notes for the definition.

Variance September 2005 quarter on June 2005 quarter – increase (decrease).

Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW OF THE QUARTER

AngloGold Ashanti recorded adjusted headline
earnings of $1m for the third quarter compared with
adjusted headline earnings of $92m in the previous
quarter. At a financial level, the decline was due to
the non-recurrence of the $47m tax credit recorded
in the previous quarter, together with a negative
$34m fair value (non-cash) movement on the
convertible bond, which arose on account of the
share price appreciation and associated increased
volatility during the quarter. At an operating level,
the adjusted headline earnings reduction was
primarily due to the anticipated decline in grades at
Sunrise Dam and Geita as well as a reduction in the
heap leach ounces at Siguiri.

The loss attributable to equity shareholders
amounted to $73m as compared to a profit of $96m
in the prior quarter. This is primarily as a result of
the same factors that drove the decrease in
adjusted headline earnings referred to above and an
unrealised non-hedge derivative loss relating to the
negative marked-to-market movement of the hedge
book following the rally in the gold price, as
compared to the gain recorded in the previous
quarter.

Production declined 2% quarter-on-quarter to
1.534Moz. As previously noted, the production
decline at Sunrise Dam was due to decreasing
grades, as mining moves to the lower-grade
northern regions of the pit and the high-grade
stockpiles are depleted. In East Africa, production
at Geita was down 28,000oz as a result of declining
grades in the current cut-back and delayed access
to the higher-grade ore of the next mining phase in
the Nyankanga pit, which is scheduled for early third
quarter 2006. In West Africa, production at Siguiri
was down 19,000oz following the exceptionally high
production level of last quarter and the impact of
pipeline failures at the CIP plant. Obuasi’s
production of 98,000oz was 4% lower than that of
the previous quarter, reflecting the continued
adverse impact of limited mining flexibility and
developed reserves.

Set against these negative production impacts, this
quarter saw an improved performance from the
South Africa region. Gold production was up 2% to
677,000oz, with total cash costs 2% lower at
R59,053/kg. In the context of the four-day strike
action during the quarter, this represents a
commendable performance.

In respect of the international operations,
CC&V’s production improved 30% to 92,000oz
due to more favourable leach cycle timing and
the recovery of ounces placed earlier in the
year. Production and cost performance of the
South American assets remained fairly constant
quarter-on-quarter.

In respect of the company’s ongoing cost
management strategy, savings arising from
improved efficiencies were negated by the
inflationary increases that were primarily evident
at the South African operations in respect of the
wage increases reflected in the current quarter,
together with the continuing negative cost
impacts of higher oil and mining consumables
prices. These factors, together with the drop in
production by 2%, increased total cash costs by
2% to $284/oz.

In the context of these ongoing cost pressures
and in order to further maximise synergies
between the African operations, the company
has begun a process of further rationalising
management structures on the continent.

Going forward, the eight open-pit mines will
report to Fritz

Neethling, while the eight

underground mines will report to Robbie Lazare.
This will ensure that technical skills are
appropriately matched to orebody type. Daniel
Owiredu will manage the political, social and
logistical issues of the African countries in which
the company operates. The current
management structures in Africa are therefore
being rationalised, from three to two, supported
by a small technical team, all under the
leadership of Neville Nicolau.

Capital expenditure for the quarter amounted to
$215m, which includes stay-in-business capex
of $149m.

Looking ahead, production for the fourth quarter
is estimated to be 1.504Moz at a total cash cost
of $282/oz, assuming the following exchange
rates to the US dollar: R6.60; A$0.75; BRL2.25
and Argentinean peso 2.97. Capital
expenditure is estimated at $206m and will be
managed in line with profitability and cash flow.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined fell 7% after rock
engineering and geological constraints forced crew
moves to a lower-grade area of the mine,
interrupting production. Face values also decreased
by 8%, although a concerted effort to reduce
underground lock-up resulted in a 3% increase in
tonnes milled. Gold production consequently fell
only 2% to 5,275kg (170,000oz) and total cash costs
increased marginally to R56,203/kg ($269/oz).

Gross profit adjusted for the effect of unrealised
non-hedge derivatives increased by 3% to R137m
($21m), with an increased price received
compensating for the lower gold production.

Going forward, Great Noligwa’s grade profile should
average approximately 9.0g/t for the next three
years, before continuing to decline to an estimated
8.0g/t over the remaining life of the operation.

The Lost-Time Injury Frequency Rate (LTIFR) was
14.12 lost-time injuries per million hours worked
(15.66 for the previous quarter).

At Kopanang, volume mined and tonnes treated
declined by 4% and 5% respectively this quarter,
although yield improved to 7.9g/t mainly due to the
release in gold lock-up tonnes from the previous
quarter, as well as benefits associated with the
introduction of improved blasting techniques. Gold
production consequently improved 7% to 3,933kg
(126,000oz). Total cash costs, despite being
negatively impacted by higher seasonal power tariffs
and mid-year wage increases, nevertheless
improved 9% to R53,142/kg ($254/oz) as a result of
implemented cost savings initiatives and the
improved gold production. Gross profit adjusted for
the effect of unrealised non-hedge derivatives
improved by 12% to R93m ($14m).

The LTIFR was 9.52 (12.89).

Tau Lekoa’s volume mined increased 3%,
favourably impacting gold production, which also
improved by 3% to 2,195kg (71,000oz). Yield
increased slightly to 4.2g/t.

The implementation of cost savings initiatives,
together with the increased gold production,
resulted in a 5% reduction in total cash costs to
R78,182/kg ($374/oz). Gross loss adjusted for
the effect of unrealised non-hedge derivatives
increased marginally to R12m ($2m).

The LTIFR was 12.12 (12.79). Regrettably, one
employee lost his life in a horizontal transport
accident.

Moab Khotsong’s slightly improved gold
production of 231kg (8,000oz) 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 14.69 (17.45).

At Mponeng, despite a 5% reduction in face
values, gold production at 3,946kg (127,000oz),
was on par with that of the last quarter due to
increased volume mined and tonnage treated.
Yield fell in line with the lower face values to
9.0g/t. Total cash costs, at R57,014/kg
($272/oz), were held to the previous quarter’s
level, as the benefit of cost savings initiatives
offset the effect of wage increases and other
inflationary factors. Gross profit adjusted for the
effect of unrealised non-hedge derivatives fell
19% to R59m ($9m) due to higher rehabilitation
charges.

The LTIFR was 8.94 (9.90).

Gold production at Savuka rose 8% to 1,121kg
(36,000oz), reflecting the implementation of a
rationalised mining plan wherein mining of low-
grade panels and non-critical development has
been stopped. Yield improved 35% to 8.0g/t,
primarily due a 22% increase in face values,
while the production improvement, together with
the implementation of cost savings initiatives,
resulted in a 16% decrease in total cash costs
to R79,484/kg ($379/oz). Gross loss adjusted
for the effect of unrealised non-hedge
derivatives declined to R2m ($0.3m). In spite
of this quarter’s strong operational performance,
Savuka is entering into orderly closure mode
with likely closure in March 2006.

The LTIFR was 9.55 (16.75).

At TauTona, volume mined declined 9% quarter-on-
quarter due to lower face length availability in
several key areas. However, tonnes milled fell by
only 2% and, combined with a 5% increase in face
values, resulted in a 3% production improvement to
3,843kg (124,000oz). In addition to wage increases
and higher seasonal power tariffs, the benefits of the
second quarter’s non-recurring cost interventions
were not again realised and total cash costs
therefore increased 9% quarter-on-quarter to
R54,202/kg ($259/oz). Gross profit adjusted for the
effect of unrealised non-hedge derivatives improved
37% to R81m ($12m) due to lower amortisation
charges and an improved price received.

The LTIFR was 12.60 (9.35). Three employees
regrettably lost their lives during a single seismic
event in July.

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production improved 2% to 52,000oz primarily as a
consequence of increased ore treated. However,
total cash costs rose 18% to $202/oz, owing to
lower feed grade for both gold and silver, which
negatively affected the by-product credit for the
latter. Gross profit adjusted for the effect of
unrealised non-hedge derivatives declined by 29%
to $5m, mainly as a result of increased cost of sales.

The LTIFR was 2.25 (3.74).

AUSTRALIA

As anticipated and reported last quarter, production
at Sunrise Dam decreased 23% to 101,000oz.
With volume treated maintained at a similar level to
that of the previous quarter, the decrease was
largely due to a decline in recovered grade to 3.2g/t.
This decline, together with increased fuel prices,
drove total cash costs up 33% to A$425/oz
($323/oz). Gross profit adjusted for the effect of
unrealised non-hedge derivatives decreased 78% to
A$6m ($5m), again as a result of significantly lower
grades.

Mining at Sunrise Dam moved this quarter from the
high-grade southern section of the pit to the lower-
grade northern section, where it will remain for the
next 18 months. The underground project, where
development inclines and trial mining are accessing
higher-grade ore, is however supplementing
commercial production. This quarter, 997 metres of
underground capital development and 675 metres of
operational development were completed.

The LTIFR was 2.33 (4.89).

BRAZIL

AngloGold Ashanti Mineração, gold

production increased 7% to 65,000oz, primarily
due to additional production from the clean-up
of old Morro Velho facilities in the area, in
addition to higher heap leach recovery at the
Córrego do Sìtio mine.

Total cash costs, at $173/oz, were 7% higher
this quarter as a consequence of the 6%
appreciation of the Brazilian real and a lower
sulphuric acid credit, although the improved
gold production and a higher price received
helped to offset these effects. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives increased marginally to $12m.

The LTIFR was 3.69 (1.45).

At Serra Grande (50% attributable), gold
production was maintained at last quarter’s level
of 24,000oz, although total cash costs rose 4%
to $159/oz, mainly due to the appreciation of the
Brazilian real. Gross profit adjusted for the
effect of unrealised non-hedge derivatives
declined by 33% to $4m.

The LTIFR was 0.00 (0.00).

GHANA

At Bibiani, gold production fell 7% to 28,000oz.
As previously reported, production at the
operation has recently focused on lower-grade
satellite pits; however, on the basis of
successful tailings treatment trials conducted
this quarter, Bibiani will become a tailings-only
operation from the fourth quarter of this year.

Total cash costs increased 4% to $308/oz, while
gross loss adjusted for the effect of unrealised
non-hedge derivatives increased from $1m in
the second quarter to $4m in the third, due to
both the lower yield and a reduction in stockpile
inventory.

The LTIFR was 1.13 (0.00).

At Iduapriem, gold production increased 10%
to 44,000oz, due primarily to a 10%
improvement in tonnage treated after the
crusher and conveyor problems of last quarter
were resolved. Total cash costs nevertheless
increased 9% to $369/oz as a consequence of
ore dilution, which is currently being addressed
through better blasting patterns.

The resolution of this problem, combined with the
implementation of the initial recommendations from
the mine-to-mill study noted last quarter will likely
result in improved production during the fourth
quarter. Due to a lower price received and
increased total cash costs, gross loss adjusted for
the effect of unrealised non-hedge derivatives was
$2m versus a second quarter profit of $2m.

The LTIFR was 0.00 (1.15).

Obuasi this quarter experienced a 19% decline in
grade and production consequently dropped 4% to
98,000oz, while total cash costs increased 5% to
$341/oz. This is a consequence of a primary
crusher failure early in the quarter, as well as
delayed access to two high-grade areas, due to
unstable ground conditions. In an effort to address
the grade decline, measures have been put in place
to reduce dilution and to more effectively identify
and mine quality tons, which has resulted in
improved underground grades from the beginning of
the fourth quarter. Gross loss adjusted for the effect
of unrealised non-hedge derivatives, at $5m, was in
line with that of the previous quarter.

The improving trend in the mining mix and flexibility
continued, with 17% and 35% increases in
development and definition drilling, respectively.
However, the 2005 forecast production for Obuasi is
now estimated at 400,000oz, with a likely modest
improvement in 2006 to approximately 415,000oz.

The LTIFR was 1.12 (3.56). Regrettably, two
employees lost their lives this quarter, one due to a
fall of ground and the other in a machinery accident.

REPUBLIC OF GUINEA

The exceptionally high second quarter production at
Siguiri (85% attributable), which was mostly due to
the processing of the final heap leach ounces,
combined with the commissioning of the new CIP
plant, was not repeated. A series of pipeline failures
also prevented the new CIP plant from operating at
full capacity, and these factors together resulted in a
24% production decline to 61,000oz. Following the
initial resolution of plant problems last quarter, a
plan is now underway to replace the plant pipeline
during the next two quarters, in order to ensure
optimal performance.

Total cash costs consequently increased 46% to
$310/oz and gross profit adjusted for the effect of
unrealised non-hedge derivatives declined
significantly to $1m, as a result of both the lower
recovered grade and the lower tonnage treated due
to the pipeline failure.

The LTIFR was 1.47 (0.64).

MALI

Morila (40% attributable), production

increased 3% to 69,000oz, after a reduction in
recovered grade partially offset the benefit of a
6% increase in tonnage throughput. Total cash
costs, at $194/oz, rose 12% quarter-on-quarter
due to the lower grades, as well as to increased
cost per ton mined and reduced mining activity,
both related to a mining contractor employee
strike, which has since been resolved. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives declined by 36% to $7m as a
consequence of increased amortisation charges
this quarter.

The LTIFR was 2.87 (1.16).

At Sadiola (38% attributable), gold production
increased 2% to 44,000oz. The previously
reported mill problems were resolved this
quarter, resulting in a 16% increase in tonnage
throughput, although recovered grade declined
12%, as the mill primarily processed lower-
grade oxides. Given the reduced processing
costs associated with treating oxide material,
total cash costs declined 6% to $240/oz. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives increased 75% to $7m, as a
consequence of a higher received gold price,
increased gold production and improved cost
performance.

The LTIFR was 2.77 (0.00).

Yatela (40% attributable), production

declined 9% to 21,000oz, although recovered
grade improved 23%, partially offsetting the
effect of a 10% decline in tonnage stacked
related to the area’s rainy season. Total cash
costs improved 5% to $285/oz, mainly due to
the improvement in recovered grade. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives increased to $2m.

The LTIFR was 1.75 (0.00).

NAMIBIA

At Navachab, gold production increased 17% to
21,000oz due to a 16% improvement in tonnage
throughput after the crusher failure reported last
quarter was remedied. Total cash costs
declined 26% to $268/oz largely as a result of
the better production.

Gross profit adjusted for the effect of unrealised
non-hedge derivatives rose significantly to $4m,
compared with last quarter’s loss of $1m, due to the
higher production, an improvement in the received
gold price and lower operating costs.

The LTIFR was 4.01 (8.49).

TANZANIA

Production at Geita declined 17% as anticipated to
137,000oz due to a 19% decrease in recovered
grade. As previously reported, grades and
production are both expected to continue to decline
for the remainder of the year as the high-grade ore
in the current cut-back will be exhausted before the
high-grade ore of the next mining phase in the
Nyankanga pit can begin to be accessed, likely in
the third quarter of next year. Geita is expected to
produce an estimated 600,000oz in 2006, increasing
to approximately 750,000oz in 2007.

In spite of the 17% production decline, total cash
costs increased by only 7% to $353/oz, reflecting
the operation’s successful transition to owner-
mining, which was completed in early August. As a
result of the transition, a $9m contract termination
fee was incurred during the quarter and is reflected
separately in the income statement as “contract
termination expenditure”.

Against a loss of $9m in the previous quarter,
gross loss adjusted for the effect of unrealised
non-hedge derivatives decreased to $1m,
primarily as a result of the lower operating
costs, as well as an improved received gold
price.

The LTIFR was 0.82 (0.48).

USA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production increased 30% to
92,000oz, as the delayed heap leach recoveries
of the second quarter were realised in the third
quarter as expected.

In spite of the significant production
improvement, however, total cash costs rose
slightly to $231/oz as a result of higher fuel and
component part prices. Gross profit adjusted for
the effect of unrealised non-hedge derivatives
improved to $4m due to both the production
increase and a better realised price.

The LTIFR was 0.00 (0.00). In September,
CC&V achieved 22 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

Exploration expenditure amounted to $25m ($12m
expensed, $13m capitalised) during the third
quarter, compared to $19m ($12m expensed, $7m
capitalised) in the previous quarter. Exploration
expenditure at existing mines was $16m.

At Obuasi in Ghana, drilling commenced at the first
two of six surface diamond holes of the Obuasi Ultra
Deeps project.

At Sadiola in Mali, in-fill drilling at FN2, located north
of the main pit, verified the continuity of
mineralisation, while drilling at FE3S closed off the
mineralisation associated with the NNE striking
structures that splay off the main FE trend. Work on
the Deep Sulphide pre-feasibility study continued
and focused primarily on comminution and
metallurgical test work.

At Siguiri in Guinea, resource delineation drilling at
the Kintinian prospect, located 5km north of the
plant, is in progress. Additional mineralisation has
been identified in two zones immediately northwest
of the nearby Kintinian village.

In Tanzania at Geita, resource in-fill drilling on the
down-dip extensions at the Geita Hill North East
Extension zone continues to expand the mineralised
envelope down-dip and along strike. Definition and
follow-up drilling is in progress to the south of the
Nyankanga pit along the strike extension of
previously delineated mineralisation.

In Brazil, drilling at Córrego do Sìtio continued to
expand the mineral resource at the Carvoaria Velha,
Laranjeiras, Mutuca and Cachorro Bravo orebodies.
Underground development was reinitiated at
Cachorro Bravo on the 200 ore horizon, 10 metres
below the previous development. Thus far,
64 metres of development has yielded an average
face grade of 12.8g/t over a mean horizontal width
of 2.9 metres.

Greenfields exploration activities are underway in
the DRC, Alaska, Australia, Colombia, Tanzania,
China, Mongolia and Russia, with an expensed
expenditure of $9m for the quarter, compared with
$10m in the previous quarter.

At the Kimin project in the DRC, the drilling
programme at Adidi/D7 Kanga is now 70%
complete and continues to confirm historical
tonnage and grade estimates. An airborne
geophysical survey is planned for the fourth
quarter over the 10km by 15km Mongbwalu
Ridge area. Drilling at the Kimin project was
interrupted for a three-week period from the
beginning of October, as a result of instability in
Mongbwalu after FARDC (Congolese Army)
troops were deployed to the area. This
deployment is now complete and exploration
activities have resumed. The presence of
FARDC troops is expected to further stabilise
the Mongbwalu region.

In Alaska, drill results from the Lost Mine South
project near Pogo indicate that the broad, near-
surface, low-grade zone discovered earlier this
year transitions into a high-grade vein system at
depth. Significant intersections include 3.2m at
16.3g/t at a depth of 121.9m; 3.4m at 21.7g/t at
a depth of 143m; and 1.5m at 49.3g/t at a depth
of 171.8m. Drilling at the Terra project, situated
approximately 200km west of Anchorage, has
defined multiple narrow, high-grade veins in an
overall system that appears to be over 8km in
length. Further field work is planned.

Regional systematic exploration continued in six
areas in Colombia. Further target definition
and follow-up work is planned and a number of
projects are now drill-ready.

In Australia, at the Tropicana JV, encouraging
drill results have been obtained at the
Tropicana, Rusty Nail and Kamikaze prospects.
Mineralisation at Tropicana now extends over a
strike length of approximately 800 metres, with
widths of 20 to 40 metres and grades of 1.5 to
8g/t over mineable widths. A number of
additional geochemical anomalies that require
more follow-up have been identified within 30km
of the Tropicana Prospect.

Review of the gold market

The third quarter of 2005 saw new levels of
investor and speculator interest in gold and a
strong break in gold price behaviour from its
linkage over the past four years to the
US dollar/euro exchange rate.

Although the average spot price of gold for the
quarter of US$439/oz was only $12/oz or some
3% higher than the average price for the metal
during the first half of the year, the average figure
does not reflect the extent of activity in gold this
quarter. The price saw a range of $57/oz during
this quarter, the second highest quarterly price
range in five years. Much of this activity came
during the latter part of the quarter, and the spot
price has strengthened by almost 15% since late
July, to touch $480/oz in early October. This is
the highest gold spot price seen in seventeen
years, and the market now is looking to the figure
of US$500/oz last seen in December 1987.
See Graph 1: US $ Gold Price 1979 – 2005.

Although the tone of the rand against the
US dollar was generally weaker, the average
exchange rate of R6.48 to the dollar was little
changed from the average of R6.40 for the
previous quarter. This translated to an average
local gold price of close to R92,000/kg for the
quarter which was some 4% higher than the
average local price in the second quarter of the
year.

Gold

The divergence of the gold price from a strong
inverse correlation to the movement in the US
dollar exchange rate against the euro, continued
much more strongly during the period under
review. Whilst the US dollar has traded sideways
for the last five months, the gold price has moved
up strongly and steadily for much of the third
quarter. See Graph 2 : US$/Euro and US$ Gold
Price Indexed, 2004 – 2005.

Whilst for a time this looked like simply a re-rating
or re-pricing of the gold market against a
dollar/euro denominator, this interpretation
becomes inadequate during September and
October, when the gold price has moved $40/oz
higher even whilst the dollar strengthened from
$1.25 to $1.19 to the euro.

The result of this divergence has been a material
increase in the gold price in non-US dollar terms
for the first time in the current gold price cycle.
After averaging some €325/oz for the past four
years, the gold price reached €400/oz early in
October. See Graph 3: Euro Gold Price 2001 –
2005.

A number of circumstances outside of the
currency markets have encouraged an interest in
gold. Probably the most direct influence on
sentiment has come from the oil market, where
supply dislocation caused by hurricane damage in
the USA pushed the spot price of benchmark
West Texas Intermediate up by $10/barrel to a
record price of $70/barrel in early September.
The possible impact of this oil price increase on
inflation and on global economic growth became
the subject of widespread comment. This, in turn,
translated to buying interest in gold, and there
was some correlation between gold buying and oil
price increases during August and early
September. Sentiment was further encouraged
by positive news during the quarter about physical
demand for gold in important markets during the
first half of 2005. This renewed interest in gold
became self-fulfilling, and rising gold prices
justified further interest and speculative buying in
the gold market. This continued interest has kept
the gold price rising during the past four weeks,
even as the oil price has fallen back close to its
pre-hurricane Katrina levels.

The expectation of rising inflation rates is one
commonly in use today to justify higher gold
prices. However, there is little conclusive
evidence of an increased inflation threat,
notwithstanding base metal, commodity and
energy price increases in recent years. Whilst
headline inflation in the USA in September moved
sharply upwards due to the impact of higher pump
prices for gasoline during the period of hurricane-
induced supply dislocation, core inflation in the US
remains a little over 2% p.a. Most recent core
inflation figures in Europe remain below 2% p.a.
Nevertheless, the impact of higher oil prices has
introduced a sense of uncertainty about the health
of the global economy, and this uncertainty
continues to encourage interest in gold amongst
both investors and speculators.

In order to measure the extent of this investor
interest in the metal, one needs to look both at the
New York Comex open interest, and at the latest
gold Exchange Traded Fund (ETF) holdings. The
Comex continued to be the most direct predictor
of gold price movement, and the spot price of
metal tracked the rising buying interest on that
exchange. The net open position recorded
weekly on the Comex matched last year’s record
level in April 2004 at around 22Moz net long (685t
net long) and most certainly exceeded that level
intra-week in early October. However, to the net
open Comex interest must be added aggregate
investor holdings in gold ETFs, which amounted
at the end of September to over 9Moz or 280t of
gold. These ETF holdings have been
accumulated mostly during the past nine months,
and predominantly in the New York Stock
Exchange streetTRACKS fund launched in late
2004. The combined Comex and ETF holdings
thus exceed 31Moz, or almost 1,000t of gold in
net investment and speculative positions in
developed markets.

Looking to the future, there appears to be
sufficient uncertainty in financial markets and in
the global economy to sustain the current levels of
interest in gold.

Physical Demand

Reports of physical demand for gold during the
first half of 2005 have been very positive, with a
powerful recovery in many markets from the
slippage in offtake between 2000 and 2003.
Jewellery demand was particularly buoyant in
India and in the Middle East. In India, general
economic growth has translated to better offtake
on a wide front and it would appear that that
market has adjusted to higher and more volatile
gold prices. Improved offtake in the Middle East
has come primarily on the back of increased oil
revenues in that region. Both Turkey and China
also show growth. As has been the case for
some time, however, the volume of offtake of gold
in jewellery in the developed markets of the USA,
Europe and Japan remains disappointing.

Currencies

After gaining strongly against the euro during the
second quarter of 2005, the US dollar traded
during the third quarter in a range between $1.20
and $1.25 against the euro.

The sideways movement in the dollar/euro
exchange rate seems to reflect an equilibrium in
sentiment in foreign exchange markets in respect
of the current state of the US and European
economies. Whilst in the USA, the challenge
presented by the federal budget deficit and the
record levels of trade deficit remains unsolved, the
US economy continues to grow more rapidly than
any other part of the developed world, and the US
trade deficits continue to be funded by capital
inflows. Similarly, in Europe, the negative effects
of political uncertainty induced by the inconclusive
parliamentary election in Germany and by the
rejection in France and Holland earlier this year of
the proposed new constitution for the European
Union, have been moderated by encouraging
performance by the German economy.

Even though the recovery of the dollar earlier this
year seemed to signal an end to the three years of
correction in the US currency against the euro,
most market commentators continue to expect
renewed weakening by the US currency before
the end of this year. Should this happen, this
would most likely encourage further interest in
gold.

In South Africa, interest rates have remained
unchanged, and there has been little news to
influence the value of the local currency one way
or another. Nevertheless, the quarter has seen a
slightly weaker rand against the US dollar, due to
the stable to stronger state of the US currency.

Hedging

As at 30 September 2005, the net delta hedge
position of AngloGold Ashanti was 10.68Moz or
332t, valued at the spot gold price at the end of
the quarter of $465.60/oz. This net delta position
reflects an increase of some 360,000oz or 11t in
the net delta size of the AngloGold Ashanti hedge
compared with the position at the end of the
previous quarter. The net increase quarter-on-
quarter is due entirely to a higher net volume of
open options positions valued against a quarter-
end spot price which was $30/oz higher than the
spot price of $434.50/oz at which the hedge was
measured at the end of June 2005.

The marked-to-market value of the hedge position
as at 30 September 2005 was negative $1.349bn,
compared with the value at 30 June of negative
$1.032bn.

As noted above in respect of the net delta size of
the hedge position, the increased negative value
of the hedge was due to its valuation against the
quarter-end spot price of $465.60/oz compared
with its valuation at the end of June at a spot price
$30/oz lower. The marked-to-market value of the
hedge at 21 October 2005 at a spot price of
$463/oz was negative $1.342bn.

The price received by the company for the quarter
under review was $433/oz, compared with an
average spot price for the period of $439/oz. The
company continues to manage its hedge positions
actively, and to reduce overall levels of pricing
commitments in respect of future gold production
by the company.

Hedge position

As at 30 September 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 10.68Moz or 332t (at 30 June 2005:
10.32Moz or 321t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $1.349bn (negative R8.59bn) as at
30 September 2005 (as at 30 June 2005: $1.032bn
or R6.94bn). This value at 30 September 2005 was
based on a gold price of $465.60/oz, exchange
rates of R/$6.37 and A$/$0.7594 and the prevailing
market interest rates and volatilities at that date.

As at 25 October 2005, the marked-to-market
value of the hedge book was a negative
$1.370bn (negative R9.085bn), based on a gold
price of $465.40/oz and exchange rates of
R/$6.63 and A$/$0.7494 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)

4,742

15,954

31,580

30,076

26,288

53,566

162,206

US$/oz

$302

$317

$346

$365

$380

$402

$369

Put options purchased

Amount (kg)

1,893

8,592

1,455

11,940

US$/oz

$318

$345

$292

$334

Put options sold

Amount (kg)

467

4,354

855

1,882

9,409

16,967

US$/oz

$447

$339

$390

$400

$430

$402

Call options purchased

Amount (kg)

5,930

11,211

6,357

23,498

US$/oz

$329

$333

$344

$335

Call options sold

Amount (kg)

8,526

31,224

28,934

28,890

27,585

82,919

208,078

US$/oz

$352

$381

$378

$383

$410

$471

$419

RAND GOLD
Forward contracts

Amount (kg)

2,805

2,449

933

6,187

Rand per kg

R90,783

R97,520

R116,335

R97,303

Put options purchased

Amount (kg)

1,875

Rand per kg

R93,602

Put options sold

Amount (kg)

2,706

1,400

4,106

Rand per kg

R90,805

R88,414

R89,990

Call options purchased

Amount (kg)
Rand per kg

Call options sold

Amount (kg)

5,568

3,306

311

2,986

5,972

18,142

Rand per kg

R93,739

R102,447

R108,123

R202,054

R223,756

R156,197

A DOLLAR GOLD

Forward contracts

Amount (kg)

566

*1,555

6,843

2,177

3,390

3,110

14,531

per

A$705

A$556

A$651

A$669

A$663

A$686

A$676

Put options purchased

Amount (kg)

per

Put options sold

Amount (kg)

per

Call options purchased

Amount (kg)

3,110

3,732

3,110

1,244

3,110

14,308

per

A$673

A$668

A$660

A$694

A$712

A$683

Call options sold

Amount (kg)

per

Delta

(kg) 14,019 31,731 58,685 55,888 53,092

118,768 332,183

** Total net gold:

Delta

(oz)

450,721 1,020,174 1,886,764 1,796,838 1,706,945 3,818,474 10,679,916

* 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 September 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)

10,886

43,545

24,883

122,859

per

$7.11 $7.11 $7.40 $7.40

$7.27

Put

options

sold

Amount

(kg)

10,886 43,545 43,545 24,883

122,859

per

$6.02 $6.02 $5.93 $5.75

$5.93

Call

options

purchased

Amount

(kg)

$ per oz

Call options sold

Amount (kg)

10,886

43,545

24,883

122,859

per

$8.11 $8.11 $8.40 $8.00

$8.19

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

Year

2005

2006

2007

2008

2009

2010-2014

Total

RAND DOLLAR (000)
Forward

contracts

Amount

($) 7,369

7,369

US$/R

R6.45

Put

options

purchased

Amount

($)

30,000

US$/R

R7.00

Put

options

sold

Amount

($)

30,000

US$/R

R6.66

Call

options

purchased

Amount

($)

US$/R

Call

options

sold

Amount

($)

60,000

US$/R

R6.97

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

($)

30,000

20,000

50,000

A$/US$ A$0.75

A$0.74

A$0.75

BRAZILIAN REAL (000)

Forward

contracts

Amount

($) 6,000

24,000

4,000

34,000

US$/BRL

BRL2.98

BRL3.18

BRL3.31

BRL3.16

Put

options

purchased

Amount

($)

US$/BRL

Put options sold

Amount ($)

US$/BRL

Call

options

purchased

Amount

($)

US$/BRL

Call

options

sold

Amount

($) 5,000

20,000

25,000

US$/BRL

BRL3.08

BRL3.29

BRL3.25

Rounding of figures may result in computational discrepancies.

Group

income statement

Quarter

Quarter Nine months Nine months

ended

September

June

September

2005

2004

2005

2004

Restated

SA Rand million

Notes

Unaudited

Revenue

4,332

4,563

4,232

12,911

11,327

Gold income

4,151

4,404

4,041

12,413

10,734

Cost of sales

(3,748)

(3,620)

(3,502)

(10,784)

(8,840)

Non-hedge derivatives

(161)

147

(201)

(312)

Gross Profit

243

931

611

1,429

1,582

Corporate administration and other expenses

(109)

(103)

(84)

(310)

(265)

Market development costs

(21)

(21)

(30)

(63)

(78)

Exploration costs

(81)

(78)

(75)

(219)

(206)

Amortisation of intangible assets

(48)

(153)

Impairment of tangible assets

(45)

(8)

(45)

(8)

Contract termination expenditure at Geita

(55)

(55)

Other operating expenses

(48)

(38)

(17)

(111)

(45)

Other operating income

Operating (loss) profit

(60)

654

363

650

841

Interest receivable

127

244

Other net income (expense)

(4)

Profit on disposal of assets and subsidiaries

Finance costs and unwinding of decommissioning
and restoration obligations

(166)

(159)

(139)

(474)

(420)

Fair value adjustment on option component of convertible bond

(135)

(181)

Fair value gains (losses) on interest rate swaps

(5)

(10)

Share of associates (loss) profit

(6)

(3)

(1)

(Loss) profit before taxation

(319)

621

188

370

789

Taxation

(10)

(75)

111

(137)

(Loss) profit after taxation

(329)

683

113

481

652

Discontinued operations

(42)

(69)

(5)

(163)

(58)

(372)

614

108

318

594

Allocated as follows
Equity Shareholders

(415)

566

201

493

Minority interest

117

101

(372)

614

108

318

594

Basic (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(141)

240

138

223

Loss from discontinued operations

(16)

(26)

(2)

(62)

(23)

(Loss) profit

(157)

214

200

Diluted (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(140)

240

137

222

Loss from discontinued operations

(16)

(26)

(2)

(61)

(23)

(Loss) profit

(156)

214

199

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.

Rounding of figures may result in computational discrepancies.

Group

income statement

Quarter

Quarter Nine months Nine months

ended

September

June

September

2005

2004

2005

2004

Restated

US Dollar million

Notes

Unaudited

Revenue

666

708

663

2,042

1,728

Gold income

638

684

633

1,964

1,637

Cost of sales

(576)

(565)

(549)

(1,709)

(1,350)

Non-hedge derivatives

(33)

(15)

(48)

Gross Profit

154

240

239

Corporate administration and other expenses

(17)

(16)

(13)

(49)

(40)

Market development costs

(3)

(3)

(5)

(10)

(12)

Exploration costs

(12)

(12)

(35)

(31)

Amortisation of intangible assets

(7)

(23)

Impairment of tangible assets

(7)

(1)

(7)

(1)

Contract termination expenditure at Geita

(9)

(9)

Other operating expenses

(7)

(6)

(3)

(18)

(8)

Other operating income

Operating (loss) profit

(18)

111

117

126

Interest receivable

Other net (expense) income

(1)

Profit on disposal of assets and subsidiaries

Finance costs and unwinding of decommissioning
and restoration obligations

(26)

(25)

(22)

(75)

(63)

Fair value adjustment on option component of convertible bond

(21)

(30)

Fair value gains (losses) on interest rate swaps

(1)

Share of associates (loss) profit

(1)

(1)

(Loss) profit before taxation

(58)

107

118

Taxation

(2)

(13)

(20)

(Loss) profit after taxation

(60)

116

Discontinued operations

(7)

(12)

(1)

(27)

(8)

(67)

103

Allocated as follows
Equity Shareholders

(73)

Minority interest

(67)

103

Basic (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(25)

Loss from discontinued operations

(3)

(5)

(10)

(3)

(Loss) profit

(28)

Diluted (loss) earnings per ordinary share (cents)
(Loss) profit from continuing operations

(25)

Loss from discontinued operations

(3)

(5)

(10)

(3)

(Loss) profit

(28)

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.

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

September

June

September

December

2005

2004

Restated

SA Rand million

Notes

Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

37,107

37,528

35,450

33,195

Intangible assets

2,602

2,727

2,636

2,347

Investments in associates

238

254

Investment properties

Other investments

582

550

195

179

Inventories

767

789

142

124

Derivatives

311

403

796

1,055

Deferred taxation

233

215

Other non-current assets

177

170

324

487

42,074

42,696

39,630

37,474

Current assets

Inventories

2,623

2,619

2,531

2,363

Trade and other receivables

1,593

2,025

1,790

1,747

Derivatives

3,162

3,053

1,984

2,767

Current portion of other non-current assets

390

Cash and cash equivalents

1,555

1,835

2,846

1,758

8,936

9,537

9,541

8,640

Non-current assets held for sale

100

100

9,036

9,637

9,541

8,640

TOTAL ASSETS

51,110

52,333

49,171

46,114

EQUITY AND LIABILITIES

Equity
Ordinary share capital and premium

19,023

19,006

18,984

18,987

Retained earnings and other reserves

(360)

1,410

210

(1,200)

Shareholders' equity

18,663

20,416

19,194

17,787

Minority interests

375

401

397

327

19,038

20,817

19,591

18,114

Non-current liabilities

Borrowings

10,889

10,500

8,360

7,262

Provisions

2,822

2,729

2,162

2,339

Derivatives

2,096

2,130

3,330

3,032

Deferred taxation

7,954

8,231

8,406

7,542

23,761

23,590

22,258

20,175

Current liabilities

Trade and other payables

2,799

2,919

2,841

2,650

Current portion of borrowings

991

1,141

2,078

1,800

Derivatives

4,218

3,551

2,273

3,007

Taxation

304

315

130

368

8,311

7,926

7,322

7,825

Total liabilities

32,072

31,516

29,580

28,000

TOTAL EQUITY AND LIABILITIES

51,110

52,333

49,171

46,114

Net asset value - cents per share

7,049

7,715

7,258

6,726

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

September

June

September

December

2005

2004

Restated

US Dollar million

Notes

Unaudited

Audited

ASSETS

Non-current assets

Tangible assets

5,834

5,615

5,474

5,880

Intangible assets

409

408

407

416

Investments in associates

Investment properties

Other investments

Inventories

121

118

Derivatives

123

187

Deferred taxation

Other non-current assets

6,615

6,388

6,120

6,639

Current assets

Inventories

412

392

391

419

Trade and other receivables

250

303

276

309

Derivatives

497

457

306

490

Current portion of other non-current assets

Cash and cash equivalents

244

275

440

312

1,405

1,427

1,473

1,531

Non-current assets held for sale

1,421

1,442

1,473

1,531

TOTAL ASSETS

8,035

7,830

7,593

8,170

EQUITY AND LIABILITIES

Equity
Ordinary share capital and premium

2,991

2,843

2,932

3,364

Retained earnings and other reserves

(57)

211

(213)

Shareholders' equity

2,934

3,054

2,964

3,151

Minority interests

2,993

3,114

3,025

3,209

Non-current liabilities

Borrowings

1,712

1,571

1,291

1,286

Provisions

444

408

334

415

Derivatives

330

319

514

537

Deferred taxation

1,250

1,231

1,298

1,336

3,736

3,529

3,437

3,574

Current liabilities

Trade and other payables

440

437

439

470

Current portion of borrowings

156

171

321

319

Derivatives

663

531

351

533

Taxation

1,307

1,186

1,131

1,387

Total liabilities

5,042

4,715

4,568

4,961

TOTAL EQUITY AND LIABILITIES

8,035

7,830

7,593

8,170

Net asset value - cents per share

1,108

1,154

1,121

1,191

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Quarter Nine months Nine months

ended

September

June

September

2005

2004

2005

2004

Restated

SA Rand million

Unaudited

Cash flows from operating activities
Cash generated from operations

1,282

1,191

1,342

3,300

2,690

Cash (utilised) generated by discontinued operations

(51)

(62)

(2)

(164)

Environmental, rehabilitation and other expenditure

(27)

(16)

(38)

(55)

(68)

Termination of employee benefit plan

(61)

(61)

Taxation paid

(45)

(34)

(32)

(140)

(193)

Net cash inflow from operating activities

1,098

1,078

1,270

2,878

2,433

Cash flows from investing activities
Capital expenditure

(1,385)

(1,068)

(1,004)

(3,317)

(2,583)

Proceeds from disposal of tangible assets

Investments acquired

(6)

(89)

(98)

(95)

(101)

Acquisition of subsidiary net of cash

(260)

(1,037)

Net loans repaid (advanced)

(29)

126

Utilised in hedge restructure

(415)

Net cash outflow from investing activities

(1,363)

(1,186)

(1,298)

(3,829)

(3,546)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(1)

Proceeds from borrowings

926

545

271

4,039

6,970

Repayment of borrowings

(148)

(407)

(319)

(2,043)

(4,828)

Interest received

186

Finance costs

(222)

(68)

(189)

(512)

(442)

Dividends paid

(507)

(31)

(449)

(1,026)

(1,266)

Net cash inflow (outflow) from financing activities

(629)

587

635

Net decrease in cash and cash equivalents

(177)

(31)

(657)

(364)

(478)

Translation

(103)

123

160

(43)

Opening cash and cash equivalents

1,835

1,744

3,458

1,758

3,367

Closing cash and cash equivalents

1,555

1,835

2,846

1,555

2,846

Cash generated from operations
(Loss) profit before taxation

(319)

621

188

370

789

Adjusted for:
Non-cash movements

105

126

(53)

199

(56)

Movement on non-hedge derivatives

243

(185)

486

615

Deferred stripping costs

(39)

(15)

(13)

(129)

Amortisation of tangible assets

784

787

660

2,303

1,706

Amortisation of intangible assets

153

Impairment of tangible assets

Interest receivable

(34)

(39)

(72)

(127)

(244)

Profit on disposal of assets and subsidiaries

(10)

(36)

(10)

(63)

Finance costs and unwinding of decommissioning and
restoration obligations

166

159

139

474

420

Fair value adjustment on option component of convertible bond

135

(79)

181

(59)

(67)

Movement in working capital

248

(267)

247

(378)

(442)

1,282

1,191

1,342

3,300

2,690

Movement in working capital
Decrease (increase) in inventories

(339)

(162)

(900)

(123)

Decrease (increase) in trade and other receivables

384

(268)

273

118

(Decrease) increase in trade and other payables

(142)

340

136

403

(367)

248

(267)

247

(378)

(442)

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Quarter Nine months Nine months

ended

September

June

September

2005

2004

2005

2004

Restated

US Dollar million

Unaudited

Cash flows from operating activities
Cash generated from operations

195

193

196

524

416

Cash (utilised) generated by discontinued operations

(8)

(11)

(27)

Environmental, rehabilitation and other expenditure

(4)

(3)

(5)

(8)

(10)

Termination of employee benefit plan

(10)

(10)

Taxation paid

(7)

(5)

(22)

(29)

Net cash inflow from operating activities

166

175

186

456

378

Cash flows from investing activities
Capital expenditure

(215)

(167)

(156)

(525)

(393)

Proceeds from disposal of tangible assets

Investments acquired

(1)

(15)

Acquisition of subsidiary net of cash

(39)

(165)

Net loans (advanced) repaid

(5)

Utilised in hedge restructure

(69)

Net cash outflow from investing activities

(211)

(186)

(200)

(610)

(547)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

Proceeds from borrowings

139

640

1,061

Repayment of borrowings

(19)

(27)

(51)

(324)

(736)

Interest received

Finance costs

(35)

(10)

(29)

(81)

(67)

Dividends paid

(78)

(5)

(68)

(165)

(190)

Net cash inflow (outflow) from financing activities

(97)

Net decrease in cash and cash equivalents

(31)

(4)

(111)

(63)

(70)

Translation

(2)

(4)

Opening cash and cash equivalents

275

280

555

312

505

Closing cash and cash equivalents

244

275

440

244

440

Cash generated from operations
(Loss) profit before taxation

(58)

107

118

Adjusted for:
Non-cash movements

(11)

(10)

Movement on non-hedge derivatives

(38)

Deferred stripping costs

(6)

(2)

(19)

Amortisation of tangible assets

121

123

104

365

261

Amortisation of intangible assets

Impairment of tangible assets

Interest receivable

(5)

(6)

(11)

(20)

(36)

Profit on disposal of assets and subsidiaries

(1)

(5)

(1)

(9)

Finance costs and unwinding of decommissioning and
restoration obligations

Fair value adjustment on option component of convertible bond

(13)

(11)

(9)

Movement in working capital

(33)

(58)

(62)

195

193

196

524

416

Movement in working capital
Increase in inventories

(25)

(17)

(13)

(92)

(29)

Decrease (increase) in trade and other receivables

(20)

Increase (decrease) in trade and other payables

(14)

(20)

(34)

(33)

(58)

(62)

Rounding of figures may result in computational discrepancies.

Statement of recognised income and expense

for the nine months ended 30 September 2005

Nine months Nine months

ended

September

2005

2004

Unaudited

Actuarial gains on defined benefit retirement plans

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

710

Net (loss) gain on cash flow hedges

(433)

Net gain on available for sale financial assets

Deferred taxation on items above

221

(177)

Net exchange translation differences

(135)

Net (expense) income recognised directly in equity

(243)

661

Profit for the period

318

594

Total recognised income and expense for the period

1,255

Attributable to:
Equity shareholders

(42)

1,154

Minority interest

117

101

1,255

Actuarial gains on defined benefit retirement plans

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

111

Net (loss) gain on cash flow hedges

(68)

Net gain on available for sale financial assets

Deferred taxation on items above

(26)

Net exchange translation differences

(6)

Net (expense) income recognised directly in equity

(15)

Profit for the period

Total recognised income and expense for the period

184

Attributable to:
Equity shareholders

168

Minority interest

184

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Notes

for the quarter and nine months ended 30 September 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 and where indicated.

The option to account for actuarial gains and losses through equity reserves under Employee benefits (IAS19)
revised has been adopted. The financial effects of the adoption on prior periods are disclosed in note 15.

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 nine months ended 30 September 2005.

Where the preparation or classification of an item has been amended, comparative information has been
reclassified to ensure comparability with the current period. The amendments have been made to provide the
users of the financial statements with additional information. Refer to note 9, discontinued operations, note 15,
financial effects of IAS19 revised and note 21, convertible bonds.

Revenue

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

4,151

4,404

12,413

10,734

638

684

1,964

1,637

Sale of uranium, silver and sulphuric acid

147

121

371

348

Interest receivable

127

244

4,332

4,563

12,911

11,327

666

708

2,042

1,728

Cost of sales

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cash operating costs

2,757

2,744

8,152

6,911

423

428

1,293

1,055

Other cash costs

104

296

234

Total cash costs

2,861

2,836

8,448

7,144

439

443

1,340

1,091

Retrenchment costs

106

Rehabilitation & other non-cash costs

161

Production costs

2,988

2,916

8,714

7,280

459

456

1,382

1,111

Amortisation of tangible assets

784

787

2,303

1,706

121

123

365

261

Amortisation of intangible assets

–

Total production costs

3,775

3,706

11,,027

8,985

580

578

1,748

1,372

Inventory change

(28)

(86) (243) (145) (4)

(14) (40) (22)

3,748

3,620

10,784

8,840

576

565

1,709

1,350

Rounding of figures may result in computational discrepancies.

4. Taxation

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Current taxation

(36)

(63)

(117)

(6)

(11) (18)

Deferred taxation

(35)

(158) (226) (259) (5)

(22) (33) (39)

Deferred taxation - contract termination
expenditure at Geita

–

Deferred taxation on change in tax rate

–

314

386

–

Deferred taxation on unrealised non-
hedge derivatives

(105) (5)

239

(16) (1) 37

(10)

111

(137)

(2)

(20)

Headline (loss) earnings

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

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

(Loss) profit attributable to equity
shareholders

(415)

566

201

493

(73)

Amortisation of intangible assets

–

153

–

Impairment of tangible assets

–

Profit on disposal of assets and
subsidiaries

(11)

–

(9)

(63)

(1)

–

(1) (9)

Taxation on items above

(1)

(15) (17) 10

– (2) (3) 1

Net loss from discontinued operations
(note 9)

163

Headline (loss) earnings

(384)

665

383

658

(68)

112

Cents per share

(1)

Headline (loss) earnings

(145)

251

145

266

(26)

(1)

Calculated on the basic weighted average number of ordinary shares.

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

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Headline (loss) earnings (note 5)

(384)

665

383

658

(68)

112

Unrealised non-hedge derivatives

435

(166)

690

652

(37)

100

Deferred taxation on unrealised non-
hedge derivatives (note 4)

(42)

105

(239)

(6)

(37)

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

(2)

604

1,078

1,072

170

162

Cents per share

(1)

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

228

407

434

–

(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.

Rounding of figures may result in computational discrepancies.

Headline (loss) 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 in 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

Nine months ended

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Sept

2005

Jun

2005

Sept

2005

Sept

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

243

931

1,429

1,582

154

240

239

Unrealised non-hedge derivatives

435

(166)

690

652

(37)

100

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

(1)

678

765

2,119

2,234

105

117

334

339

(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 in 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.

8. Capital commitments

Sept

2005

Jun

2005

Sept

2004

Dec

2004

Sept

2005

Jun

2005

Sept

2004

Dec

2004

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

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

1,753

1,312

1,005

835

276

196

155

148

Liquidity and capital resources:

To service the above capital commitments and other operational requirements, the group is dependant upon cash generated from the

South African operations, borrowing facilities and cash distributions from offshore operations.

Cash generated from the South African operations fund to a large extent the capital expenditure to maintain and expand those operations

in South Africa. Consequently other funding requirements are serviced from borrowing facilities and offshore distributions which are

subject to market and other risks. The credit facilities and other financing arrangements contain financial covenants and other similar

undertakings.

The distributions from offshore operations are subject to foreign investment and exchange control laws and regulations and the quantity

of foreign exchange available in offshore countries. In addition offshore distributions from joint venture partners are subject to consent

and co-operation from those joint venture partners.

The group’s current covenant performance, cash and liquidity funds from the various resources available are within the required limits

which will meet its obligations and capital commitments.

Rounding of figures may result in computational discrepancies.

9. 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 are presented below:

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Sept

2005

Jun

2005

Sept

2005

Sept

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

439

Retrenchment, rehabilitation and other
costs

(13)

(261) (410) (483) (2)

(41) (66) (73)

Non-hedge derivatives

–

(18)

–

(3)

Gross loss

(9)

(251) (311) (62) (1)

(39) (49) (9)

Impairment loss reversed

–

115

–

Loss before taxation from discontinued
operations

(9)

(136) (196) (62) (1)

(22) (32) (9)

Deferred taxation

(34)

(5)

Net loss attributable to discontinued
operations

(42)

(69) (163) (58) (7)

(12) (27) (8)

10. Shares

Quarter ended

Nine months ended

Sept

2005

Jun

2005

Sept

2004

Sept

2005

Sept

2004

Restated

Unaudited Unaudited

Unaudited Unaudited Unaudited

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

264,749,794

264,611,494 264,439,294 264,749,794 264,439,294

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

264,642,218

264,556,116 264,412,359 264,562,882 246,954,457

Diluted number of ordinary shares

265,224,451

265,101,415 265,016,648 265,146,330 247,662,274

During the quarter, 138,300 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme. All
the preference shares are held by a wholly-owned subsidiary company.

11.

Ordinary share capital and premium

As at

Sept

2005

Sept

2004

Sept

2005

Sept

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

9,316

1,369

Translation –

–

(379)

113

Balance at September

19,023

18,984

2,991

2,932

Rounding of figures may result in computational discrepancies.

12.

Retained earnings and other reserves

Retained

earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Other

Comprehen-

sive

income

Total

SA Rand million

(1)

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

–

708

Net gain on cash flow hedges

–

Deferred taxation on cash flow hedges

–

(177)

Net gain on available for sale financial assets

–

Exchange translation differences

–

(819)

(781)

Profit attributable to equity shareholders

493

–

493

Dividends paid

(1,197)

–

(1,197)

Balance at September 2004 (restated)

3,144

138

(1,574)

(1,498)

210

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

–

Net loss on cash flow hedges

–

(430)

Deferred taxation on cash flow hedges

–

235

Net loss on available for sale financial assets

–

Exchange translation differences

–

1,809

(136)

1,673

Profit attributable to equity shareholders

201

–

201

Dividends paid

(926)

–

(926)

Balance at September 2005

2,654

138

(1,743)

(1,408)

(360)

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

–

111

Net gain on cash flow hedges

–

Deferred taxation on cash flow hedges

–

(26)

Net gain on available for sale financial assets

–

Exchange translation differences

–

(117)

(5)

(122)

Profit attributable to equity shareholders

–

Dividends paid

(179)

–

(179)

Balance at September 2004 (restated)

251

(9)

(231)

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

–

Net loss on cash flow hedges

–

(68)

Deferred taxation on cash flow hedges

–

Net loss on available for sale financial assets

–

Exchange translation differences

–

(2)

278

279

Profit attributable to equity shareholders

–

Dividends paid

(150)

–

(150)

Balance at September 2005

181

(39)

(221)

(57)

(1) The 2004 opening balances and comparative amounts have been restated in terms of the effects of changes in foreign exchange rates (IAS21) revised.

Rounding of figures may result in computational discrepancies.

13. Minority interests

As at

Sept

2005

Sept

2004

Sept

2005

Sept

2004

Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Balance at December

327

354

Attributable profit

117

101

Dividends paid

(100)

(69)

(16)

(11)

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

–

Net loss on cash flow hedges

(3)

–

Exchange translation differences

(1)

Balance at September 2005

375

397

14. Exchange rates

Sept

2005

Jun

2005

Sept

2004

Dec

2004

Unaudited

Audited

Rand/US dollar average for the period

6.31

6.21 6.57 6.44

Rand/US dollar average for the quarter

6.51

6.41 6.37 6.05

Rand/US dollar closing

6.36

6.68 6.48 5.65

Rand/Australian dollar average for the period

4.85

4.80 4.80 4.82

Rand/Australian dollar average for the quarter

4.95

4.93 4.52 4.58

Rand/Australian dollar closing

4.85

5.06 4.69 4.42

15.

Financial effects of Employee benefits (IAS19) revised

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

As at

Sept

2004

As at

Dec

2004

As at

Sept

2004

As at

Dec

2004

Unaudited Audited

SA Rand million

US Dollar million

Non-current assets

Other non-current assets

As previously reported

493

601

106

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

(169)

(114)

(25)

(16)

Translation

–

– (1) (4)

As restated

324

487

Non-current liabilities

Provisions

As previously reported

2,162

2,265

334

402

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

– 74 – 11

Translation

–

– 2

As restated

2,162

2,339

334

415

Non-current liabilities

Deferred taxation

As previously reported

8,463

7,605

1,307

1,347

Actuarial gain related to the retirement plans
recognised directly in equity

(57)

(63)

(9)

Translation

–

– (2)

As restated

8,406

7,542

1,298

1,336

Rounding of figures may result in computational discrepancies.

16.

Contingent liabilities

At 30 September 2005, the aggregate contingent liability is approximately $100 million. The details of significant
contingent liabilities are listed below:

Capital cost of water pipelines and electricity supply of Navachab – A potential liability of $1m exists at Navachab
in Namibia to pay the outstanding capital cost of the water pipeline and electricity supply in the event of mine
closure prior to 2019.

Tax claims – Tanzania and Mali – Potential tax claims including interest and penalties in Tanzania of $22m and in
Mali of $2m. The Tanzanian amount relates to corporate tax and VAT claims by the Tanzanian revenue
authorities which claims are being contested. Discussions are continuing with the Malian government as to the
validity of these tax claims.

Yatela loan – AngloGold Ashanti has signed a surety in favour of the bankers on the Yatela loan for $2m.

Australia – Exploration and development tenements – AngloGold Ashanti stands collateral to certain bankers for
the satisfactory contract performance in relation to exploration and development tenements and mining operations
in Australia, amounting to $15m.

North America – Reclamation – AngloGold Ashanti USA has posted reclamation bonds of $49m with various
federal and governmental agencies to cover potential rehabilitation obligations. The company has guaranteed
these obligations. At 30 September 2005, the carrying value of these obligations relating to AngloGold Ashanti
USA amounted to $21m.

Tax claims – South America – Various equipment tax claims are subject to litigation. Guarantees amounting to
$3m have been posted as a requirement of the judiciary until legal proceedings are complete.

Re-export arrangements of artifacts – South Africa – AngloGold Ashanti has undertaken to re-export certain gold
artefacts, temporarily imported into South Africa, for which custom and value added tax was waived to the amount
of $3m.

Provision of Surety – ORO Africa, South Africa – AngloGold Ashanti has provided sureties in favour of a lender on
a Gold loan facility with its affiliate ORO Africa (Pty) Ltd and one of its subsidiaries to a maximum value of
ZAR100m ($16m).

Litigation with mining contractor and non-payment of receivable – Ghana – A group of employees of Mining and
Building Contractors (MBC), the Obuasi underground developer, are claiming to be employees of the group. The
potential liability amounts to $6m.

US Class Action – The terms of settlement in the US Class Action brought against the former Ashanti Goldfields
Company Limited (AGC) have been concluded subject to court approval. The complaint inter-alia alleges non-
disclosures and misstatements by AGC regarding its hedging programme.

Water pumping cost – Vaal River – South Africa – Several mining companies operate in the area immediately
upstream from the Vaal River mining operation. By law, these companies are obliged to continue pumping
underground water. The South African Department of Water Affairs and Forestry issued a directive that splits the
cost of water pumping between DRDgold, Harmony, Stilfontein and AngloGold Ashanti. This directive expires at
the end of October 2005. AngloGold Ashanti believes that it is not liable to fund these pumping costs but cannot
make any assurances regarding the ultimate result until the matter has been settled.

Siguiri Convention de Base – Pursuant to the Convention de Base that governs the Siguiri mine, a royalty on
production may be payable to the International Finance Corporation (IFC) and to Umicore SA (UM), on a sliding
scale between 2.5% and 7.5%, based on the spot gold price per ounce of between $350 and $475, subject to
indexation from 1 January 1995, to a cumulative maximum of $60m. In terms of the restructuring agreement with
the IFC, a sliding scale royalty on production is payable to the IFC calculated on the same basis at 1.25% subject
to a maximum of $7.8m. The royalty rate payable to the UM is 2.5% of revenue. The trigger price agreed and
calculated for 2004 is $433.05/oz which was reached in the fourth quarter and the total royalty payable is $0.7m.
The trigger price for 2005 is $442.91/oz which has, to date, not been reached.

17.

Acquisition of Ashanti assets

The transaction was accounted for as a purchase business combination during the second quarter of 2004.
AngloGold Ashanti has performed a preliminary purchase price allocation based on independent appraisals. The
purchase price allocation is not expected to vary significantly from the preliminary allocation.

18. 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.

19. Announcements

19.1 On 2 August 2005, AngloGold Ashanti announced that the company had received notification from the

Director-General of Minerals and Energy that it had been granted its application for new order mining rights
in terms of the Mineral Resources and Petroleum Development Act. In its application for these rights, the
company committed itself to achieving the Mining Charter’s goals, including: 40% representation in
management of Historically Disadvantaged South Africans within five years; participating in local economic
development programmes in the areas where it operates and from which it draws its labour; and meeting
the Charter’s empowerment ownership target. In respect of the latter, in addition to the transactions with
Armgold carried out between 1998 and 2002, the company committed to the development of an Employee
Share Ownership Programme, with a value equivalent to approximately 6% of the South African net
assets.

19.2 On 11 August 2005, AngloGold Ashanti announced the end of the South African gold mining industry’s

wage dispute and strike, which resulted in three lost production shifts and culminated in the signing of a
two-year wage agreement, effective 1 July 2005.

19.3 On 11 August 2005, AngloGold Ashanti announced that it had disposed of its La Rescatada Project for a

total consideration of $13m with an option to repurchase 60% of the project should reserves in excess of
2Moz be identified within three years. The exploration project is located approximately 800km south-east
of the city of Lima in Peru.

20. Dividend

Interim dividend No. 98 of 170 South African cents or 14.78 UK pence or 2,381.75 cedis per share was paid to

registered shareholders on 26 August 2005, while a dividend of 6.8102 Australian cents per CHESS Depositary
Interest (CDI) was paid on the same day. On 29 August 2005, a dividend of 23.81751 cedis per Ghanaian
Depositary Share (GhDS) was paid to holders thereof. Each CDI represents one-fifth of an ordinary share, and
100 GhDSs represents one ordinary share. A dividend was paid to holders of American Depositary Receipts
(ADRs) on 6 September 2005 at a rate of 26.095 US cents per American Depositary Share (ADS). Each ADS
represents one ordinary share.

21.

Group financial statements

The group financial statements for the quarter and nine months ended 30 September 2005 were authorised for
issue in accordance with a resolution of the directors passed on 26 October 2005. AngloGold Ashanti is a limited
liability company incorporated in the Republic of South Africa.

22. 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 September 2004:

Profit attributable to equity shareholders decreased by $30m recorded in the income statement;

Option component previously disclosed as equity ($82m) is removed from shareholders equity, and replaced
by a derivative liability of $73m.

Nine months ended 30 September 2004:

Profit attributable to equity shareholders increased by $9m recorded in the income statement;

Option component previously disclosed as equity ($82m) is removed from shareholders equity, and replaced
by a derivative liability of $73m.

23. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

26 October 2005

Segmental reporting

for the quarter and nine months ended September 2005

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

2004

2005

2004

Restated

Unaudited

SA Rand million

US Dollar million

Gold income
South Africa

1,833

1,953

1,805

5,433

5,399

282

303

283

859

821

Argentina

151

142

169

445

414

Australia

312

413

286

1,062

806

168

123

Brazil

265

270

267

782

774

124

118

Ghana

442

454

531

1,306

877

207

136

Guinea

205

229

142

553

148

Mali

382

358

239

1,073

782

169

119

Namibia

160

132

Tanzania

298

381

359

1,086

874

173

133

USA

205

155

182

515

502

Zimbabwe

4,151

4,404

4,041

12,413

10,734

638

684

633

1,964

1,637

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

383

336

332

932

1,149

145

176

Argentina

142

Australia

131

244

267

Brazil

124

137

147

396

423

Ghana

(70)

(21)

(84)

(11)

(3)

(13)

Guinea

(10)

(26)

(2)

(4)

Mali

106

104

307

165

Namibia

(6)

(1)

Tanzania

(9)

(56)

(2)

116

(1)

(9)

USA

Zimbabwe

(5)

(9)

(1)

Other

(19)

(10)

(20)

(3)

(5)

678

765

642

2,119

2,234

105

117

100

334

339

Cash gross profit (loss)

South Africa

613

585

519

1,653

1,676

259

256

Argentina

104

258

228

Australia

189

123

403

383

Brazil

163

172

183

500

528

Ghana

103

229

155

Guinea

107

(13)

189

(29)

(2)

(5)

Mali

186

170

523

307

Namibia

(1)

Tanzania

226

235

USA

276

247

Zimbabwe

Other

(3)

1,435

1,519

1,235

4,339

3,793

221

235

193

686

578

Restated to reflect Ergo as a discontinued operation

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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

2004

2005

2004

Restated

Unaudited

Gold production

South Africa

21,070

20,604

22,850

62,406

66,647

677

662

735

2,006

2,143

Argentina

1,616

1,591

1,894

4,987

4,440

160

143

Australia

3,146

4,063

3,496

11,272

9,207

101

131

112

362

296

Brazil

2,759

2,660

2,740

7,947

7,807

256

251

Ghana

5,260

5,341

6,079

15,914

9,899

169

172

195

512

318

Guinea

1,907

2,486

705

5,738

1,240

184

Mali

4,190

4,139

3,078

12,309

9,643

135

133

396

311

Namibia

657

560

572

1,814

1,535

Tanzania

4,247

5,133

4,592

15,343

11,825

137

165

148

493

380

USA

2,871

2,215

2,804

7,594

7,414

244

238

Zimbabwe

168

293

47,723

48,792

48,977

145,323

129,951

1,534

1,569

1,575

4,672

4,178

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

2004

2005

2004

Unaudited

SA Rand million

US Dollar million

Capital expenditure
South Africa

549

527

520

1,558

1,446

247

219

Argentina

Australia

176

140

Brazil

144

132

340

188

Ghana

142

130

105

366

171

Guinea

141

208

252

Mali

Namibia

118

Tanzania

372

451

USA

Zimbabwe

Other

1,385

1,068

1,004

3,317

2,583

215

167

156

525

393

As at

September

June

September

December

September

June

September

December

2005

2004

2005

2004

Unaudited

Audited

Unaudited

Audited

SA Rand million

Total assets
South Africa

14,866

14,753

13,253

15,039

2,337

2,207

2,047

2,664

Argentina

1,818

1,866

1,934

1,784

286

279

299

316

Australia

4,608

4,665

4,271

4,062

724

698

660

719

Brazil

2,326

2,392

2,062

1,962

366

358

318

348

Ghana

11,538

12,102

11,545

10,016

1,814

1,811

1,783

1,774

Guinea

1,740

1,817

1,378

1,366

274

272

213

242

Mali

2,081

2,168

2,329

1,820

327

324

360

322

Namibia

224

210

219

216

Tanzania

7,207

7,109

7,148

6,233

1,133

1,064

1,104

USA

2,770

2,946

2,685

2,311

435

441

415

409

Other

1,931

2,305

2,348

1,306

304

345

360

233

51,110

52,333

49,171

46,114

8,035

7,830

7,593

8,170

Restated to reflect Ergo as a discontinued operation

Rounding of figures may result in computational discrepancies.

US Dollar million

oz (000)

Price and unit cost calculation

Quarter

Quarter Nine months Nine months

Quarter

Quarter Nine months Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

Restated

Unaudited

Price received

Gold income per income statement

4,151

4,404

12,413

10,734

638

684

1,964

1,637

Adjusted for minority interests and non-gold producing

companies

(135)

(146)

(402)

(303)

(21)

(24)

(63)

(46)

4,017

4,258

12,011

10,431

617

660

1,900

1,591

Realised non-hedge derivatives

274

(18)

489

341

(2)

4,291

4,240

12,500

10,771

660

658

1,980

1,644

Attributable gold sold - kg / - oz (000)

47,449

48,560

144,323

130,122

1,526

1,561

4,640

4,184

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

90,440

87,314

86,613

82,775

433

422

427

393

Total costs
Total cash costs (note 3)

2,861

2,836

8,448

7,144

439

443

1,340

1,091

Adjusted for minority interests and non-gold producing

companies

(24)

(38)

(138)

(41)

(4)

(6)

(22)

(6)

Total cash costs

2,837

2,798

8,309

7,103

436

437

1,318

1,084

Retrenchment costs (note 3)

106

Rehabilitation and other non-cash costs (note 3)

161

Amortisation of tangible assets (note 3)

784

787

2,303

1,706

121

123

365

261

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing

companies

(25)

(22)

(68)

(64)

(4)

(4)

(11)

(10)

Total production costs

3,726

3,646

10,820

8,881

573

569

1,715

1,356

Gold produced - kg / - oz (000)

47,723

48,792

145,323

129,951

1,534

1,569

4,672

4,178

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

59,453

57,351

57,177

54,663

284

278

282

260

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

78,082

74,728

74,456

68,338

373

363

367

325

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 September 2005

Statistics are shown in metric units

Advanced

Sampled

metres

Sampled

Ave. channel

gold

uranium

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

3,088

172

122.3

12.98

1,588

0.59

72.66

Kopanang Mine
Vaal reef

5,886

562

10.9

233.03

2,540

1.65

17.94

Tau Lekoa Mine
Ventersdorp Contact reef

2,908

714

90.8

11.40

1,035

0.02

1.74

Moab Khotsong Mine
Vaal reef

4,598

164

108.3

25.72

2,785

1.49

161.00

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

340

Carbon Leader reef

3,439

Savuka Mine
Ventersdorp Contact reef

397

Carbon Leader reef

148

Mponeng Mine
Ventersdorp Contact reef

3,885

694

66.0

37.77

2,493

AUSTRALIA
Sunrise Dam

643

3.63

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

938

775

5.97

Córrego do Sitio

205

114

5.14

Lamego

438

Serra Grande
Mina III

862

140

7.57

Mina Nova

GHANA
Obuasi

7,113

1,544

510.0*

11.01

Statistics are shown in imperial units

Advanced

Sampled

feet

Sampled

Ave. channel

gold

uranium

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

VAAL RIVER
Great Noligwa Mine
Vaal reef

10,130

564

48.2

0.38

1.52

1.18

4.73

Kopanang Mine
Vaal reef

19,310

1,844

4.3

6.80

2.43

3.30

1.18

Tau Lekoa Mine
Ventersdorp Contact reef

9,539

2,343

35.8

0.33

0.98

0.04

0.12

Moab Khotsong Mine
Vaal reef

15,084

538

42.6

0.75

2.67

2.98

10.59

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

1,117

Carbon Leader reef

11,283

Savuka Mine
Ventersdorp Contact reef

1,303

Carbon Leader reef

486

Mponeng Mine
Ventersdorp Contact reef

12,746

2,277

26.0

1.10

2.38

AUSTRALIA
Sunrise Dam

2,110

0.11

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

3,077

2,543

0.17

Córrego do Sitio

673

374

0.15

Lamego

1,437

Serra Grande
Mina III

2,828

459

0.22

Mina Nova

217

GHANA
Obuasi

23,335

5,065

200.79*

0.32

* Average orebody width

Group

operating results

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

Restated

Unaudited

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

UNDERGROUND OPERATION

Milled

- 000 tonnes

- 000 tons

3,441

3,466

10,293

9,911

3,793

3,821

11,346

10,925

Yield

- g / t

- oz / t

7.38

7.26

7.33

7.62

0.215

0.212

0.214

0.222

Gold produced

- kg

- oz (000)

25,387

25,175

75,446

75,471

816

809

2,426

SURFACE AND DUMP RECLAMATION

Treated

- 000 tonnes

- 000 tons

2,008

1,886

6,005

5,069

2,214

2,078

6,619

5,588

Yield

- g / t

- oz / t

0.57

0.49

0.51

0.63

0.017

0.014

0.015

0.018

Gold produced

- kg

- oz (000)

1,154

927

3,067

3,201

103

OPEN-PIT OPERATION

Mined

- 000 tonnes

- 000 tons

41,770

46,042

126,029

99,983

46,043

50,753

138,923

110,212

Treated

- 000 tonnes

- 000 tons

6,859

6,501

18,417

13,059

7,561

7,166

20,301

14,395

Stripping ratio

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

5.18

4.82

5.28

6.78

5.18

4.82

5.28

6.78

Yield

- g / t

- oz / t

2.48

2.90

2.94

3.05

0.072

0.085

0.086

0.089

Gold in ore

- kg

- oz (000)

9,154

11,188

35,240

32,991

294

360

1,133

1,061

Gold produced

- kg

- oz (000)

17,028

18,856

54,104

39,773

547

606

1,739

1,279

HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

13,588

14,465

45,965

52,903

14,978

15,945

50,668

58,316

Placed

- 000 tonnes

- 000 tons

5,299

5,241

17,150

15,741

5,842

5,777

18,905

17,352

Stripping ratio

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

1.86

2.33

1.93

2.14

1.86

2.33

1.93

2.14

Yield

- g / t

- oz / t

0.78

0.77

0.81

0.82

0.023

0.023

0.024

Gold placed

- kg

- oz (000)

4,136

4,046

13,958

12,926

133

130

449

416

Gold produced

- kg

- oz (000)

4,154

3,835

12,707

11,505

134

123

409

370

TOTAL

Gold produced

- kg

- oz (000)

47,723

48,792

145,323

129,951

1,534

1,569

4,672

4,178

Gold sold

- kg

- oz (000)

47,449

48,560

144,323

130,122

1,526

1,561

4,640

4,184

Price received

- R / kg

- $ / oz

- sold

90,440

87,314

86,613

82,775

433

422

427

393

Total cash costs

- R / kg

- $ / oz

- produced

59,453

57,351

57,177

54,663

284

278

282

260

Total production costs

- R / kg

- $ / oz

- produced

78,082

74,728

74,456

68,338

373

363

367

325

PRODUCTIVITY PER EMPLOYEE

Target

- g

- oz

428

431

426

367

13.77

13.86

13.70

11.79

Actual

- g

- oz

396

382

391

358

12.74

12.28

12.56

11.50

CAPITAL EXPENDITURE

- Rm

- $m

1,385

1,068

3,317

2,583

215

167

525

393

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.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Quarter Nine months

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA

549

527

1,558

1,446

247

219

Vaal River
Great Noligwa Mine

150

161

Kopanang Mine

195

165

Tau Lekoa Mine

115

Surface Operations

104

Moab Khotsong

168

152

457

344

West Wits
Mponeng Mine

221

290

Savuka Mine

TauTona Mine

108

122

325

266

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

176

140

Sunrise Dam

155

125

Exploration

BRAZIL

144

132

340

188

AngloGold Ashanti Mineração

122

111

278

140

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

142

130

366

171

Bibiani

Iduapriem - Attributable 85%

Obuasi

120

105

302

131

Minorities and exploration

GUINEA

208

252

Siguiri - Attributable 85%

177

214

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

118

Navachab

118

TANZANIA

372

451

Geita - Attributable 100% May 2004

372

451

USA

Cripple Creek & Victor J.V.

ZIMBABWE

Freda-Rebecca

OTHER

ANGLOGOLD ASHANTI

1,385

1,068

3,317

2,583

215

167

525

393

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA

21,070

20,604

62,406

66,647

Vaal River
Great Noligwa Mine

9.03

9.49

9.57

10.44

5,275

5,401

16,273

18,414

Kopanang Mine

7.85

6.95

7.42

3,933

3,659

11,329

11,279

Tau Lekoa Mine

4.20

4.18

4.12

3.88

2,195

2,126

6,350

6,788

Surface Operations

0.53

0.48

0.49

0.62

757

666

2,152

2,818

West Wits
Mponeng Mine

9.01

9.50

8.94

8.30

3,946

3,968

11,485

10,157

Savuka Mine

8.01

5.93

6.34

6.07

1,121

1,038

3,160

3,601

TauTona Mine

9.91

9.45

9.89

11.14

3,843

3,747

11,657

13,591

ARGENTINA

1,616

1,591

4,987

4,440

Cerro Vanguardia - Attributable 92.50%

7.26

7.91

7.77

7.07

1,616

1,591

4,987

4,440

AUSTRALIA

3,146

4,063

11,272

9,207

Sunrise Dam

3.24

4.28

4.03

3.37

3,146

4,063

11,272

9,196

Union Reefs

BRAZIL

2,759

2,660

7,947

7,807

AngloGold Ashanti Mineração

7.08

6.96

7.31

7.94

2,011

1,908

5,695

5,636

Serra Grande - Attributable 50%

8.00

8.04

8.01

7.77

748

751

2,252

2,171

GHANA

5,260

5,341

15,914

9,899

Bibiani

1.43

1.51

2.01

860

931

2,810

2,205

Iduapriem

- Attributable 85%

1.70

1.72

1.74

1.67

1,355

1,244

4,041

2,544

Obuasi

4.64

4.95

4.74

5.42

3,045

3,166

9,062

5,150

GUINEA

1,907

2,486

5,738

1,240

Siguiri

- Attributable 85%

1.17

1.35

1.26

1,907

2,486

5,738

1,240

MALI

4,190

4,139

12,309

9,643

Morila - Attributable 40%

5.33

5.51

5.61

3.53

2,151

2,095

6,322

3,533

Sadiola - Attributable 38%

2.66

3.02

2.77

2.76

1,373

1,339

3,900

3,967

Yatela

- Attributable 40%

3.08

2.51

2.72

3.60

666

705

2,087

2,143

NAMIBIA

657

560

1,814

1,535

Navachab

2.00

1.98

1.97

1.52

657

560

1,814

1,535

TANZANIA

4,247

5,133

15,343

11,825

Geita - Attributable 100% May 2004

2.72

3.34

3.39

3.57

4,247

5,133

15,343

11,825

USA

2,871

2,215

7,594

7,414

Cripple Creek & Victor J.V.

0.62

0.61

2,871

2,215

7,594

7,414

ZIMBABWE

293

Freda-Rebecca

1.66

293

ANGLOGOLD ASHANTI

47,723

48,792

145,323

129,951

Underground Operations

7.38

7.26

7.33

7.62

25,387

25,175

75,446

75,471

Surface and Dump Reclamation

0.57

0.49

0.51

0.63

1,154

927

3,067

3,201

Open-pit Operations

2.48

2.90

2.94

3.05

17,028

18,856

54,104

39,773

Heap leach Operations

0.78

0.77

0.81

0.82

4,154

3,835

12,707

11,505

47,723

48,792

145,323

129,951

Attributable year to date production at Moab Khotsong yielded 585 kilograms which will be

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

capitalised against pre-production costs.

placed/tonnes placed.

The yield of AngloGold Ashanti Mineração represents underground operations.

The yield of Obuasi represents underground operations.

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

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

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA

256

249

248

21,109

20,585

62,411

66,631

Vaal River
Great Noligwa Mine

263

266

283

5,279

5,399

16,274

18,409

Kopanang Mine

256

236

240

225

3,936

3,659

11,330

11,275

Tau Lekoa Mine

180

169

172

183

2,196

2,125

6,350

6,786

Surface Operations

835

730

744

951

757

666

2,153

2,817

West Wits
Mponeng Mine

284

280

271

239

3,949

3,970

11,486

10,156

Savuka Mine

159

134

136

125

1,135

1,026

3,160

3,600

TauTona Mine

301

328

307

319

3,856

3,740

11,659

13,588

ARGENTINA

978

911

893

818

1,543

1,540

4,826

4,518

Cerro Vanguardia - Attributable 92.50%

978

911

893

818

1,543

1,540

4,826

4,518

AUSTRALIA

2,395

3,149

2,961

2,483

3,148

4,067

11,267

9,229

Sunrise Dam

2,696

3,558

3,340

2,880

3,148

4,067

11,267

9,217

Union Reefs

123

BRAZIL

712

666

680

551

2,476

2,587

7,566

7,835

AngloGold Ashanti Mineração

641

590

603

600

1,845

1,813

5,408

5,661

Serra Grande - Attributable 50%

1,015

992

1,005

910

632

774

2,157

2,174

GHANA

265

281

273

303

5,131

5,389

15,641

9,906

Bibiani

510

465

486

770

860

931

2,810

2,205

Iduapriem - Attributable 85%

628

584

631

689

1,366

1,263

3,907

2,551

Obuasi

190

213

196

197

2,906

3,196

8,923

5,150

GUINEA

565

774

614

255

2,067

2,326

5,738

1,391

Siguiri - Attributable 85%

565

774

614

255

2,067

2,326

5,738

1,391

MALI

2,014

2,077

2,030

1,393

4,143

4,008

12,166

9,616

Morila - Attributable 40%

3,409

3,742

3,629

1,504

2,166

2,025

6,232

3,443

Sadiola - Attributable 38%

1,792

1,757

1,752

1,882

1,378

1,299

3,879

3,989

Yatela - Attributable 40%

975

1,050

996

869

599

683

2,055

2,184

NAMIBIA

702

596

634

747

621

558

1,814

1,586

Navachab

702

596

634

747

621

558

1,814

1,586

TANZANIA

1,049

1,282

1,288

1,185

4,339

5,273

15,303

11,635

Geita - Attributable 100% May 2004

1,049

1,282

1,288

1,185

4,339

5,273

15,303

11,635

USA

3,003

2,322

2,679

2,625

2,872

2,227

7,591

7,483

Cripple Creek & Victor J.V.

3,003

2,322

2,679

2,625

2,872

2,227

7,591

7,483

ZIMBABWE

293

Freda-Rebecca

293

ANGLOGOLD ASHANTI

396

382

391

358

47,449

48,560

144,323

130,122

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

2004

2005

2004

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA

59,053

60,287

59,307

60,393

58,755

75,532

74,764

68,564

75,237

68,213

Vaal River
Great Noligwa Mine

56,203

55,453

47,641

55,021

48,609

68,992

63,413

52,938

64,883

54,288

Kopanang Mine

53,142

58,208

61,912

56,815

59,146

70,869

67,239

68,664

69,365

65,797

Tau Lekoa Mine

78,182

82,469

83,134

81,285

76,152

95,657

98,972

95,789

99,203

88,236

Surface Operations

59,142

63,984

45,233

61,422

49,388

59,142

63,984

45,233

61,422

49,388

West Wits
Mponeng Mine

57,014

57,209

64,344

59,085

66,931

79,527

74,926

77,390

78,230

79,869

Savuka Mine

79,484

94,685

92,197

93,243

95,864

95,304

112,597

105,703

109,491

114,076

TauTona Mine

54,202

49,773

51,642

52,182

49,486

71,140

75,999

64,828

72,662

62,126

ARGENTINA

42,746

35,763

29,825

35,203

35,685

67,818

57,988

51,374

57,110

62,758

Cerro Vanguardia - Attributable 92.50%

42,180

35,203

29,780

34,638

35,561

67,116

57,305

51,210

56,423

62,479

AUSTRALIA

69,032

51,991

49,472

58,124

55,508

85,550

68,330

62,905

74,057

69,838

Sunrise Dam

67,566

50,451

47,223

56,455

53,040

83,882

66,620

59,743

72,206

66,310

BRAZIL

39,079

36,498

26,195

35,916

27,353

52,434

47,992

36,780

47,371

38,328

AngloGold Ashanti Mineração

36,065

33,090

26,689

32,685

27,935

50,595

45,508

37,606

45,015

39,184

Serra Grande - Attributable 50%

33,207

31,615

27,961

31,098

27,525

42,700

40,004

36,727

39,610

36,703

GHANA

71,666

66,546

55,621

67,186

57,768

96,971

92,058

77,956

91,636

80,935

Bibiani

64,529

60,929

48,201

60,184

48,907

97,587

91,334

71,190

90,553

72,773

Iduapriem - Attributable 85%

77,230

69,809

51,750

67,267

57,646

98,025

89,551

70,431

87,214

77,476

Obuasi

71,204

66,915

61,411

69,320

61,622

96,328

93,257

85,541

93,943

86,139

GUINEA

64,817

43,673

103,589

58,360

94,288

88,239

62,908

117,083

78,164

114,150

Siguiri - Attributable 85%

64,817

43,673

103,589

58,360

94,288

88,239

62,908

117,083

78,164

114,150

MALI

44,963

44,264

50,334

43,675

46,725

64,663

60,879

66,390

61,646

62,652

Morila - Attributable 40%

40,511

35,711

51,129

36,596

44,577

69,496

52,583

71,095

57,312

65,470

Sadiola - Attributable 38%

50,341

53,050

54,745

52,579

50,057

62,898

67,266

66,988

67,615

62,619

Yatela - Attributable 40%

59,688

61,786

48,110

58,505

52,332

63,983

82,056

64,171

73,510

66,159

NAMIBIA

56,025

74,345

61,773

69,491

64,885

56,659

94,010

71,690

78,794

72,770

Navachab

56,025

74,345

61,773

69,491

64,885

56,659

94,010

71,690

78,794

72,770

TANZANIA

74,172

68,422

60,159

59,435

51,060

87,353

84,160

77,414

74,263

66,095

Geita - Attributable 100% May 2004

74,172

68,422

60,159

59,435

51,060

87,353

84,160

77,414

74,263

66,095

USA

49,274

48,084

45,652

46,938

45,673

71,681

69,225

63,060

67,905

62,446

Cripple Creek & Victor J.V.

48,304

47,084

44,691

46,013

44,682

70,711

68,225

62,099

66,980

61,455

ZIMBABWE

80,110

86,529

126,732

121,825

Freda-Rebecca

80,110

86,529

126,732

121,825

ANGLOGOLD ASHANTI

59,453

57,351

54,935

57,177

54,663

78,082

74,728

68,945

74,456

68,338

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

SA Rand

SOUTH AFRICA

613

585

1,653

1,676

383

336

932

1,149

Vaal River
Great Noligwa Mine

175

162

494

634

137

133

392

561

Kopanang Mine

123

107

314

285

229

223

Tau Lekoa Mine

(12)

(11)

(54)

(19)

Surface Operations

100

West Wits
Mponeng Mine

124

136

341

180

156

Savuka Mine

(4)

(15)

(61)

(2)

(19)

(53)

(100)

TauTona Mine

138

148

414

486

199

328

ARGENTINA

258

228

142

Cerro Vanguardia - Attributable 92.50%

242

211

135

Minorities and exploration

AUSTRALIA

189

403

383

131

244

267

Sunrise Dam

189

403

389

131

244

273

Union Reefs

(6)

BRAZIL

163

172

500

528

124

137

396

423

AngloGold Ashanti Mineração

100

291

292

226

229

Serra Grande - Attributable 50%

116

108

Minorities and exploration

128

106

GHANA

229

155

(70)

(21)

(84)

Bibiani

(23)

(5)

(30)

Iduapriem - Attributable 85%

(12)

Obuasi

109

(33)

(29)

(69)

(24)

Minorities and exploration

(2)

GUINEA

107

189

(29)

(26)

Siguiri - Attributable 85%

157

(29)

(23)

Minorities and exploration

(3)

MALI

186

170

523

307

106

104

307

165

Morila - Attributable 40%

108

322

108

193

Sadiola - Attributable 38%

141

135

Yatela - Attributable 40%

NAMIBIA

(1)

(6)

Navachab

(1)

(6)

TANZANIA

226

235

(9)

(56)

(2)

116

Geita - Attributable 100% May 2004

226

235

(9)

(56)

(2)

116

USA

276

247

Cripple Creek & Victor J.V.

276

247

ZIMBABWE

(9)

Freda-Rebecca

(9)

OTHER

(10)

(20)

ANGLOGOLD ASHANTI

1,435

1,519

4,339

3,793

678

765

2,119

2,234

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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA

677

662

2,006

2,143

Vaal River
Great Noligwa Mine

0.263

0.277

0.279

0.304

170

174

523

592

Kopanang Mine

0.229

0.203

0.216

126

118

364

363

Tau Lekoa Mine

0.123

0.122

0.120

0.113

204

218

Surface Operations

0.016

0.014

0.018

West Wits
Mponeng Mine

0.263

0.277

0.261

0.242

127

128

369

327

Savuka Mine

0.234

0.173

0.185

0.177

102

116

TauTona Mine

0.289

0.276

0.288

0.325

124

120

375

437

ARGENTINA

160

143

Cerro Vanguardia - Attributable 92.50%

0.212

0.231

0.227

0.206

160

143

AUSTRALIA

101

131

362

296

Sunrise Dam

0.095

0.125

0.118

0.098

101

131

362

296

BRAZIL

256

251

AngloGold Ashanti Mineração

0.206

0.203

0.213

0.232

183

181

Serra Grande - Attributable 50%

0.233

0.234

0.227

GHANA

169

172

512

318

Bibiani

0.042

0.044

0.059

Iduapriem

- Attributable 85%

0.050

0.051

0.049

130

Obuasi

0.135

0.144

0.138

0.158

102

291

165

GUINEA

184

Siguiri

- Attributable 85%

0.034

0.039

0.037

184

MALI

135

133

396

311

Morila - Attributable 40%

0.155

0.161

0.164

0.103

203

114

Sadiola - Attributable 38%

0.078

0.088

0.081

0.080

125

128

Yatela

- Attributable 40%

0.090

0.073

0.079

0.105

NAMIBIA

Navachab

0.058

0.044

TANZANIA

137

165

493

380

Geita - Attributable 100% May 2004

0.079

0.097

0.099

0.104

137

165

493

380

USA

244

238

Cripple Creek & Victor J.V.

0.018

244

238

ZIMBABWE

Freda-Rebecca

0.048

ANGLOGOLD ASHANTI

1,534

1,569

4,672

4,178

Underground Operations

0.215

0.212

0.214

0.222

816

809

2,426

Surface and Dump Reclamation

0.017

0.014

0.015

0.018

103

Open-pit Operations

0.072

0.085

0.086

0.089

547

606

1,739

1,279

Heap leach Operations

0.023

0.024

134

123

409

370

1,534

1,569

4,672

4,178

Attributable year to date production at Moab Khotsong yielded 19,000 oz which will be

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

capitalised against pre-production costs.

placed/tonnes placed.

The yield of AngloGold Ashanti Mineração represents underground operations.

The yield of Obuasi represents underground operations

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

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

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA

8.24

7.99

7.98

7.96

679

662

2,007

2,142

Vaal River
Great Noligwa Mine

8.47

8.56

9.10

170

174

523

592

Kopanang Mine

8.23

7.58

7.72

7.23

127

118

364

363

Tau Lekoa Mine

5.78

5.44

5.54

5.88

204

218

Surface Operations

26.85

23.48

23.91

30.58

West Wits
Mponeng Mine

9.12

8.99

8.73

7.70

127

128

369

327

Savuka Mine

5.10

4.31

4.36

4.02

102

116

TauTona Mine

9.67

10.53

9.88

10.26

124

120

375

437

ARGENTINA

31.44

29.28

28.72

26.29

155

145

Cerro Vanguardia - Attributable 92.50%

31.44

29.28

28.72

26.29

155

145

AUSTRALIA

77.01

101.23

95.21

79.85

101

131

362

296

Sunrise Dam

86.67

114.38

107.38

92.60

101

131

362

296

BRAZIL

22.90

21.41

21.87

17.72

243

252

AngloGold Ashanti Mineração

20.61

18.95

19.40

19.29

174

182

Serra Grande - Attributable 50%

32.64

31.91

32.30

29.26

GHANA

8.52

9.03

8.77

9.74

165

173

503

319

Bibiani

16.41

14.94

15.63

24.76

Iduapriem - Attributable 85%

20.19

18.78

20.29

22.17

126

Obuasi

6.12

6.84

6.31

6.34

103

287

166

GUINEA

18.16

24.87

19.76

8.19

184

Siguiri - Attributable 85%

18.16

24.87

19.76

8.19

184

Minorities and exploration

MALI

64.77

66.77

65.27

44.79

133

129

391

309

Morila - Attributable 40%

109.61

120.31

116.68

48.36

200

111

Sadiola - Attributable 38%

57.62

56.49

56.33

60.50

125

128

Yatela - Attributable 40%

31.36

33.76

32.03

27.95

NAMIBIA

22.58

19.16

20.40

24.03

Navachab

22.58

19.16

20.40

24.03

TANZANIA

33.74

41.21

41.42

38.09

139

170

492

374

Geita - Attributable 100% May 2004

33.74

41.21

41.42

38.09

139

170

492

374

USA

96.54

74.65

86.15

84.41

244

241

Cripple Creek & Victor J.V.

96.54

74.65

86.15

84.41

244

241

ZIMBABWE

3.16

Freda-Rebecca

3.16

ANGLOGOLD ASHANTI

12.74

12.28

12.56

11.50

1,526

1,561

4,640

4,184

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA

282

293

299

278

361

363

372

323

Vaal River
Great Noligwa Mine

269

270

272

230

330

309

321

257

Kopanang Mine

254

283

281

280

339

327

343

312

Tau Lekoa Mine

374

400

401

361

457

480

490

418

Surface Operations

283

310

303

234

283

310

303

234

West Wits
Mponeng Mine

272

278

292

317

380

364

386

379

Savuka Mine

379

461

462

454

455

548

542

540

TauTona Mine

259

243

258

234

339

369

359

294

ARGENTINA

205

173

169

323

280

297

Cerro Vanguardia - Attributable 92.50%

202

171

170

169

320

277

276

296

AUSTRALIA

330

253

287

263

409

333

366

331

Sunrise Dam

323

246

279

251

401

324

357

314

BRAZIL

187

177

129

251

233

181

AngloGold Ashanti Mineração

173

161

132

242

221

186

Serra Grande - Attributable 50%

159

153

130

204

194

195

174

GHANA

343

322

331

278

464

446

452

390

Bibiani

308

296

297

236

467

443

447

351

Iduapriem - Attributable 85%

369

339

331

277

468

435

429

373

Obuasi

341

324

341

296

461

451

463

414

GUINEA

310

212

287

453

422

305

384

548

Siguiri - Attributable 85%

310

212

287

453

422

305

384

548

MALI

215

214

215

221

309

295

304

297

Morila - Attributable 40%

194

173

180

211

333

255

282

310

Sadiola - Attributable 38%

240

256

259

237

300

325

333

297

Yatela - Attributable 40%

285

299

288

247

305

398

363

313

NAMIBIA

268

362

344

308

271

459

391

345

Navachab

268

362

344

308

271

459

391

345

TANZANIA

353

331

291

244

416

408

365

315

Geita - Attributable 100% May 2004

353

331

291

244

416

408

365

315

USA

236

232

231

217

343

334

296

Cripple Creek & Victor J.V.

231

227

226

212

338

329

291

ZIMBABWE

417

589

Freda-Rebecca

417

589

ANGLOGOLD ASHANTI

284

278

282

260

373

363

367

325

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

US Dollar

Cash gross profit (loss) - $m

SOUTH AFRICA

259

256

145

176

Vaal River
Great Noligwa Mine

Kopanang Mine

Tau Lekoa Mine

(2)

(9)

(2)

Surface Operations

West Wits
Mponeng Mine

Savuka Mine

(1)

(3)

(10)

(0)

(3)

(9)

(16)

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

(11)

(3)

(13)

Bibiani

(4)

(1)

(5)

Iduapriem - Attributable 85%

(2)

Obuasi

(5)

(11)

(4)

Minorities and exploration

(2)

GUINEA

(5)

(4)

Siguiri - Attributable 85%

(4)

(3)

Minorities and exploration

(1)

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

(1)

Navachab

(1)

TANZANIA

(1)

(9)

Geita - Attributable 100% May 2004

(1)

(9)

USA

Cripple Creek & Victor J.V.

ZIMBABWE

(1)

Freda-Rebecca

(1)

OTHER

(3)

(5)

ANGLOGOLD ASHANTI

221

235

686

578

105

117

334

339

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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

GREAT NOLIGWA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

104

112

111

315

1,115

1,206

1,197

3,387

Milled

- 000 tonnes

- 000 tons

584

569

606

1,700

644

627

668

1,874

Yield

- g / t

- oz / t

9.03

9.49

10.60

9.57

0.263

0.277

0.309

0.279

Gold produced

- kg

- oz (000)

5,275

5,401

6,427

16,273

170

174

207

523

Gold sold

- kg

- oz (000)

5,279

5,399

6,428

16,274

170

174

207

523

Price received

- R / kg

- $ / oz

- sold

94,376

89,038

84,210

89,444

452

433

410

442

Total cash costs

- R

- $

- ton milled

508

526

505

527

- R / kg

- $ / oz

- produced

56,203

55,453

47,641

55,021

269

270

233

272

Total production costs

- R / kg

- $ / oz

- produced

68,992

63,413

52,938

64,883

330

309

259

321

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

303

299

312

296

9.73

9.61

10.02

9.50

Actual

- g

- oz

263

309

266

8.47

9.94

8.56

Target

- m²

- ft²

5.52

5.26

5.06

5.22

59.44

56.61

54.51

56.14

Actual

- m²

- ft²

5.17

5.46

5.35

5.15

55.69

58.82

57.59

55.43

FINANCIAL RESULTS (MILLION)
Gold income

458

505

508

1,408

223

Cost of sales

361

348

357

1,063

169

Cash operating costs

295

297

303

888

141

Other cash costs

Total cash costs

296

299

306

895

142

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

326

314

954

151

Amortisation of tangible assets

102

Inventory change

(3)

158

151

344

Realised non-hedge derivatives

(25)

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

137

133

185

392

Capital expenditure

150

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

KOPANANG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

118

123

118

362

1,269

1,329

1,269

3,900

Milled

- 000 tonnes

- 000 tons

501

527

533

1,527

553

581

588

1,683

Yield

- g / t

- oz / t

7.85

6.95

6.96

7.42

0.229

0.203

0.216

Gold produced

- kg

- oz (000)

3,933

3,659

3,707

11,329

126

118

119

364

Gold sold

- kg

- oz (000)

3,936

3,659

3,708

11,330

127

118

119

364

Price received

- R / kg

- $ / oz

- sold

94,150

90,270

83,764

89,644

450

437

408

442

Total cash costs

- R

- $

- ton milled

417

404

431

421

- R / kg

- $ / oz

- produced

53,142

58,208

61,912

56,815

254

283

303

281

Total production costs

- R / kg

- $ / oz

- produced

70,869

67,239

68,664

69,365

339

327

335

343

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

221

220

211

219

7.11

7.06

6.79

7.03

Actual

- g

- oz

256

236

222

240

8.23

7.58

7.14

7.72

Target

- m²

- ft²

7.09

7.07

6.69

6.98

76.28

76.12

72.03

75.08

Actual

- m²

- ft²

7.67

7.96

7.06

7.68

82.61

85.69

76.00

82.64

FINANCIAL RESULTS (MILLION)
Gold income

342

347

293

986

156

Cost of sales

278

247

254

787

125

Cash operating costs

207

211

227

638

101

Other cash costs

Total cash costs

209

213

229

644

102

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

249

222

232

701

111

Amortisation of tangible assets

Inventory change

(1)

101

199

Realised non-hedge derivatives

(17)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

229

Capital expenditure

195

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

TAU LEKOA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

104

101

107

300

1,118

1,089

1,151

3,232

Milled

- 000 tonnes

- 000 tons

522

509

575

1,542

576

561

634

1,699

Yield

- g / t

- oz / t

4.20

4.18

3.80

4.12

0.123

0.122

0.111

0.120

Gold produced

- kg

- oz (000)

2,195

2,126

2,184

6,350

204

Gold sold

- kg

- oz (000)

2,196

2,125

2,185

6,350

204

Price received

- R / kg

- $ / oz

- sold

94,110

90,580

83,544

90,349

450

438

408

445

Total cash costs

- R

- $

- ton milled

329

344

316

335

- R / kg

- $ / oz

- produced

78,182

82,469

83,134

81,285

374

400

406

401

Total production costs

- R / kg

- $ / oz

- produced

95,657

98,972

95,789

99,203

457

480

468

490

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

221

220

222

217

7.10

7.06

7.15

6.97

Actual

- g

- oz

180

169

175

172

5.78

5.44

5.61

5.54

Target

- m²

- ft²

9.73

9.70

9.21

9.64

104.76

104.37

99.08

103.81

Actual

- m²

- ft²

8.51

8.05

8.55

8.15

91.55

86.66

91.98

87.69

FINANCIAL RESULTS (MILLION)
Gold income

191

203

172

555

Cost of sales

219

203

205

628

100

Cash operating costs

171

174

180

512

Other cash costs

Total cash costs

172

175

182

516

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

180

181

185

536

Amortisation of tangible assets

Inventory change

(7)

(4)

(2)

(1)

(28)

(33)

(73)

(4)

(5)

(12)

Realised non-hedge derivatives

(10)

(1)

Gross loss excluding the effect of unrealised non-hedge derivatives

(12)

(11)

(22)

(54)

(2)

(4)

(9)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

SURFACE OPERATIONS

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
Milled

- 000 tonnes

- 000 tons

1,422

1,396

1,387

4,403

1,567

1,539

1,529

4,854

Yield

- g / t

- oz / t

0.53

0.48

0.76

0.49

0.016

0.014

0.022

0.014

Gold produced

- kg

- oz (000)

757

666

1,061

2,152

Gold sold

- kg

- oz (000)

757

666

1,061

2,153

Price received

- R / kg

- $ / oz

- sold

94,492

90,434

83,173

89,963

453

437

406

444

Total cash costs

- R

- $

- ton milled

- R / kg

- $ / oz

- produced

59,142

63,984

45,233

61,422

283

310

221

303

Total production costs

- R / kg

- $ / oz

- produced

59,142

63,984

45,233

61,422

283

310

221

303

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

704

726

784

725

22.64

23.35

25.19

23.32

Actual

- g

- oz

835

730

1,123

744

26.85

23.48

36.11

23.91

FINANCIAL RESULTS (MILLION)
Gold income

187

Cost of sales

130

Cash operating costs

132

Other cash costs

Total cash costs

132

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

132

Amortisation of tangible assets

Inventory change

(2)

Realised non-hedge derivatives

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

104

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

MPONENG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

258

947

934

905

2,776

Milled

- 000 tonnes

- 000 tons

438

418

423

1,285

483

461

466

1,417

Yield

- g / t

- oz / t

9.01

9.50

8.65

8.94

0.263

0.277

0.252

0.261

Gold produced

- kg

- oz (000)

3,946

3,968

3,657

11,485

127

128

118

369

Gold sold

- kg

- oz (000)

3,949

3,970

3,660

11,486

127

128

118

369

Price received

- R / kg

- $ / oz

- sold

94,544

91,547

83,588

90,608

453

442

408

445

Total cash costs

- R

- $

- ton milled

514

543

557

528

- R / kg

- $ / oz

- produced

57,014

57,209

64,344

59,085

272

278

314

292

Total production costs

- R / kg

- $ / oz

- produced

79,527

74,926

77,390

78,230

380

364

378

386

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

260

243

240

247

8.35

7.80

7.71

7.95

Actual

- g

- oz

284

280

260

271

9.12

8.99

8.37

8.73

Target

- m²

- ft²

5.84

5.63

5.81

5.59

62.85

60.60

62.59

60.18

Actual

- m²

- ft²

6.32

6.11

5.98

6.10

68.05

65.79

64.41

65.61

FINANCIAL RESULTS (MILLION)
Gold income

343

381

289

1,008

159

Cost of sales

314

290

287

885

140

Cash operating costs

223

225

233

673

107

Other cash costs

Total cash costs

225

227

235

679

108

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

249

234

237

713

113

Amortisation of tangible assets

186

Inventory change

(7)

(13)

(1)

(2)

122

Realised non-hedge derivatives

(18)

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

156

Capital expenditure

103

221

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

SAVUKA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

107

325

386

475

1,154

Milled

- 000 tonnes

- 000 tons

140

175

211

499

154

193

232

550

Yield

- g / t

- oz / t

8.01

5.93

6.36

6.34

0.234

0.173

0.186

0.185

Gold produced

- kg

- oz (000)

1,121

1,038

1,340

3,160

102

Gold sold

- kg

- oz (000)

1,135

1,026

1,341

3,160

102

Price received

- R / kg

- $ / oz

- sold

94,223

91,285

83,878

90,618

450

441

409

445

Total cash costs

- R

- $

- ton milled

637

562

587

591

- R / kg

- $ / oz

- produced

79,484

94,685

92,197

93,243

379

461

451

462

Total production costs

- R / kg

- $ / oz

- produced

95,304

112,597

105,703

109,491

455

548

516

542

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

147

152

142

148

4.72

4.89

4.55

4.75

Actual

- g

- oz

159

134

142

136

5.10

4.31

4.55

4.36

Target

- m²

- ft²

5.02

5.13

4.87

5.06

54.08

55.23

52.40

54.47

Actual

- m²

- ft²

4.27

4.63

4.66

4.60

45.97

49.80

50.17

49.53

FINANCIAL RESULTS (MILLION)
Gold income

106

276

Cost of sales

109

113

142

339

Cash operating costs

122

291

Other cash costs

Total cash costs

123

295

Retrenchment costs

Rehabilitation and other non-cash costs

(8)

(7)

(1)

Production costs

102

129

308

Amortisation of tangible assets

Inventory change

(4)

(7)

(1)

(10)

(15)

(36)

(63)

(2)

(6)

(10)

Realised non-hedge derivatives

(5)

(1)

Gross loss excluding the effect of unrealised non-hedge derivatives

(2)

(19)

(30)

(53)

(3)

(5)

(9)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

TAUTONA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

200

674

741

803

2,156

Milled

- 000 tonnes

- 000 tons

388

396

426

1,178

427

437

470

1,299

Yield

- g / t

- oz / t

9.91

9.45

10.49

9.89

0.289

0.276

0.306

0.288

Gold produced

- kg

- oz (000)

3,843

3,747

4,474

11,657

124

120

144

375

Gold sold

- kg

- oz (000)

3,856

3,740

4,476

11,659

124

120

144

375

Price received

- R / kg

- $ / oz

- sold

94,078

90,550

84,090

89,629

449

439

409

442

Total cash costs

- R

- $

- ton milled

537

470

542

516

- R / kg

- $ / oz

- produced

54,202

49,773

51,642

52,182

259

243

253

258

Total production costs

- R / kg

- $ / oz

- produced

71,140

75,999

64,828

72,662

339

369

317

359

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

339

326

365

329

10.89

10.50

11.75

10.58

Actual

- g

- oz

301

328

319

307

9.67

10.53

10.25

9.88

Target

- m²

- ft²

5.24

5.05

5.36

5.13

56.41

54.32

57.75

55.21

Actual

- m²

- ft²

4.90

6.02

5.32

5.28

52.77

64.79

57.24

56.82

FINANCIAL RESULTS (MILLION)
Gold income

336

355

354

1,013

160

Cost of sales

282

280

290

846

134

Cash operating costs

207

184

229

603

Other cash costs

Total cash costs

208

186

231

608

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

216

196

233

631

100

Amortisation of tangible assets

216

Inventory change

(5)

(1)

167

Realised non-hedge derivatives

(16)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

199

Capital expenditure

108

122

325

Rounding of figures may result in computational discrepancies.

Argentina

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

CERRO VANGUARDIA - Attributable 92.50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,433

4,690

4,424

13,632

4,886

5,170

4,876

15,026

Treated

- 000 tonnes

- 000 tons

223

201

212

642

245

222

234

708

Stripping ratio

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

20.13

18.94

18.99

18.11

20.13

18.94

18.99

18.11

Yield

- g / t

- oz / t

7.26

7.91

8.93

7.77

0.212

0.231

0.261

0.227

Gold in ore

- kg

- oz (000)

1,667

1,647

1,987

5,156

166

Gold produced

- kg

- oz (000)

1,616

1,591

1,894

4,987

160

Gold sold

- kg

- oz (000)

1,543

1,540

1,865

4,826

155

Price received

- R / kg

- $ / oz

- sold

83,691

78,459

78,062

78,641

400

381

380

388

Total cash costs

- R / kg

- $ / oz

- produced

42,180

35,203

29,780

34,638

202

171

145

170

Total production costs

- R / kg

- $ / oz

- produced

67,116

57,305

51,210

56,423

320

277

250

276

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

854

816

1,226

816

27.45

26.23

39.43

26.24

Actual

- g

- oz

978

911

994

893

31.44

29.28

31.95

28.72

FINANCIAL RESULTS (MILLION)
Gold income

140

131

157

411

Cost of sales

101

269

Cash operating costs

137

Other cash costs

Total cash costs

173

Rehabilitation and other non-cash costs

Production costs

174

Amortisation of tangible assets

107

Inventory change

(7)

(4)

(12)

(1)

(2)

143

Realised non-hedge derivatives

(3)

(1)

(8)

(1)

Gross profit excluding the effect of unrealised non-hedge derivatives

135

Capital expenditure

Rounding of figures may result in computational discrepancies.

Australia

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

SUNRISE DAM

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

2,723

2,785

3,820

8,113

3,562

3,642

4,996

10,611

Treated

- 000 tonnes

- 000 tons

913

912

919

2,691

1,006

1,005

1,013

2,966

Stripping ratio

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

6.63

5.12

8.28

5.31

6.63

5.12

8.28

5.31

Yield

- g / t

- oz / t

3.24

4.28

3.81

4.03

0.095

0.125

0.111

0.118

Gold produced

- kg

- oz (000)

3,146

4,063

3,496

11,272

101

131

112

362

Gold sold

- kg

- oz (000)

3,148

4,067

3,511

11,267

101

131

113

362

Price received

- R / kg

- $ / oz

- sold

93,455

99,502

85,869

91,516

447

483

418

452

Total cash costs

- R / kg

- $ / oz

- produced

67,566

50,451

47,223

56,455

323

246

231

279

Total production costs

- R / kg

- $ / oz

- produced

83,882

66,620

59,743

72,206

401

324

292

357

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,577

3,027

2,653

2,914

82.86

97.32

85.31

93.69

Actual

- g

- oz

2,696

3,558

3,289

3,340

86.67

114.38

105.74

107.38

FINANCIAL RESULTS (MILLION)
Gold income

312

413

286

1,062

168

Cost of sales

262

273

220

787

125

Cash operating costs

205

195

158

612

Other cash costs

Total cash costs

213

205

165

636

101

Rehabilitation and other non-cash costs

Production costs

218

213

167

655

104

Amortisation of tangible assets

159

Inventory change

(2)

(26)

(5)

140

275

Realised non-hedge derivatives

(18)

(8)

(31)

(3)

(1)

(5)

Gross profit excluding the effect of unrealised non-hedge derivatives

131

244

Capital expenditure

155

Rounding of figures may result in computational discrepancies.

Brazil

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

ANGLOGOLD ASHANTI MINERAÇÃO

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

222

229

226

647

245

253

249

713

Treated

- 000 tonnes

- 000 tons

226

232

205

663

249

256

226

731

Yield

- g / t

- oz / t

7.08

6.96

8.13

7.31

0.206

0.203

0.237

0.213

Gold produced

- kg

- oz (000)

1,600

1,615

1,669

4,847

156

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

2.53

1.890

2.43

0.074

0.055

0.071

Gold produced

- kg

- oz (000)

145

165

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Stripping ratio

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

Yield

- g / t

- oz / t

3.18

0.093

Gold in ore

- kg

- oz (000)

Gold produced

- kg

- oz (000)

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

1,291

1,182

766

3,138

1,423

1,303

844

3,459

Placed

- 000 tonnes

- 000 tons

182

200

Stripping ratio

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

15.57

16.05

10.31

16.36

15.57

16.05

10.31

16.36

Yield

- g / t

- oz / t

2.69

2.71

3.33

3.07

0.078

0.079

0.097

0.090

Gold placed

- kg

- oz (000)

211

187

230

557

Gold produced

- kg

- oz (000)

267

273

307

683

TOTAL
Yield

- g / t

- oz / t

6.16

6.73

7.96

6.86

0.180

0.196

0.232

0.200

Gold produced

- kg

- oz (000)

2,011

1,908

1,998

5,695

183

Gold sold

- kg

- oz (000)

1,845

1,813

2,002

5,408

174

Price received

- R / kg

- $ / oz

- sold

88,652

86,409

75,680

85,231

422

417

370

418

Total cash costs

- R / kg

- $ / oz

- produced

36,065

33,090

26,689

32,685

173

161

130

161

Total production costs

- R / kg

- $ / oz

- produced

50,595

45,508

37,606

45,015

242

221

183

221

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

547

552

586

526

17.60

17.75

18.85

16.91

Actual

- g

- oz

641

590

639

603

20.61

18.95

20.53

19.40

FINANCIAL RESULTS (MILLION)
Gold income

156

141

149

427

Cost of sales

235

Cash operating costs

181

Other cash costs

Total cash costs

186

Rehabilitation and other non-cash costs

Production costs

192

Amortisation of tangible assets

Inventory change

(13)

(5)

(22)

(2)

(1)

(3)

192

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

226

Capital expenditure

122

111

278

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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

SERRA GRANDE - Attributable 50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

283

107

103

104

312

Treated

- 000 tonnes

- 000 tons

281

103

105

310

Yield

- g / t

- oz / t

8.00

8.04

7.78

8.01

0.233

0.234

0.227

0.234

Gold produced

- kg

- oz (000)

748

751

742

2,252

Gold sold

- kg

- oz (000)

632

774

758

2,157

Price received

- R / kg

- $ / oz

- sold

87,425

85,794

74,408

84,416

417

415

363

416

Total cash costs

- R / kg

- $ / oz

- produced

33,207

31,615

27,961

31,098

159

153

136

153

Total production costs

- R / kg

- $ / oz

- produced

42,700

40,004

36,727

39,610

204

194

179

195

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

827

830

860

830

26.58

26.69

27.64

26.69

Actual

- g

- oz

1,015

992

1,053

1,005

32.64

31.91

33.87

32.30

FINANCIAL RESULTS (MILLION)
Gold income

167

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

(5)

(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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

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

0.18

4.83

0.152

0.005

0.141

Gold produced

- kg

- oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

1,193

1,561

1,258

4,038

1,315

1,721

1,386

4,451

Treated

- 000 tonnes

- 000 tons

601

604

654

1,843

663

666

721

2,031

Stripping ratio

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

9.28

6.48

1.58

6.88

9.28

6.48

1.58

6.88

Yield

- g / t

- oz / t

1.43

1.51

2.16

1.51

0.042

0.044

0.061

0.044

Gold in ore

- kg

- oz (000)

422

626

1,457

2,064

Gold produced

- kg

- oz (000)

860

915

1,413

2,784

TOTAL
Yield

- g / t

- oz / t

1.43

1.53

2.16

1.52

0.042

0.045

0.063

0.044

Gold produced

- kg

- oz (000)

860

931

1,417

2,810

Gold sold

- kg

- oz (000)

860

931

1,417

2,810

Price received

- R / kg

- $ / oz

- sold

89,597

87,800

81,397

86,735

430

426

397

429

Total cash costs

- R / kg

- $ / oz

- produced

64,529

60,929

48,201

60,184

308

296

235

297

Total production costs

- R / kg

- $ / oz

- produced

97,587

91,334

71,190

90,553

467

443

347

447

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

420

407

492

408

13.50

13.10

15.82

13.12

Actual

- g

- oz

510

465

677

486

16.41

14.94

21.75

15.63

FINANCIAL RESULTS (MILLION)
Gold income

117

236

Cost of sales

100

104

274

Cash operating costs

157

Other cash costs

Total cash costs

169

Rehabilitation and other non-cash costs

Production costs

176

Amortisation of tangible assets

Inventory change

(25)

(7)

(37)

(4)

(1)

(6)

Realised non-hedge derivatives

(2)

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

(23)

(5)

(30)

(4)

(1)

(5)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

IDUAPRIEM - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

5,492

6,377

5,178

17,873

6,053

7,030

5,707

19,702

Treated

- 000 tonnes

- 000 tons

795

722

932

2,317

877

796

1,028

2,554

Stripping ratio

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

4.55

6.37

5.50

5.80

4.55

6.37

5.50

5.80

Yield

- g / t

- oz / t

1.70

1.72

1.79

1.74

0.050

0.052

0.051

Gold in ore

- kg

- oz (000)

1,664

1,671

1,582

4,956

159

Gold produced

- kg

- oz (000)

1,355

1,241

1,666

4,032

130

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

Placed

- 000 tonnes

- 000 tons

Gold produced

- kg

- oz (000)

TOTAL
Yield

- g / t

- oz / t

1.70

1.72

1.83

1.74

0.050

0.053

0.051

Gold produced

- kg

- oz (000)

1,355

1,244

1,706

4,041

130

Gold sold

- kg

- oz (000)

1,366

1,263

1,706

3,907

126

Price received

- R / kg

- $ / oz

- sold

86,247

86,211

76,841

86,206

411

422

375

426

Total cash costs

- R / kg

- $ / oz

- produced

77,230

69,809

51,750

67,267

369

339

252

331

Total production costs

- R / kg

- $ / oz

- produced

98,025

89,551

70,431

87,214

468

435

343

429

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

775

729

628

734

24.92

23.43

20.20

23.61

Actual

- g

- oz

628

584

737

631

20.19

18.78

23.70

20.29

FINANCIAL RESULTS (MILLION)
Gold income

111

143

306

Cost of sales

130

123

323

Cash operating costs

254

Other cash costs

Total cash costs

105

272

Rehabilitation and other non-cash costs

Production costs

106

276

Amortisation of tangible assets

Inventory change

(11)

(21)

(2)

(3)

(19)

(17)

(3)

Realised non-hedge derivatives

(8)

(1)

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

(12)

(2)

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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

OBUASI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

546

556

475

1,102

602

613

524

1,215

Treated

- 000 tonnes

- 000 tons

548

544

475

1,613

604

599

523

1,778

Yield

- g / t

- oz / t

4.64

4.95

5.45

4.74

0.135

0.144

0.159

0.138

Gold produced

- kg

- oz (000)

2,541

2,692

2,587

7,636

246

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

529

478

283

1,534

583

527

312

1,691

Yield

- g / t

- oz / t

0.48

0.50

0.76

0.49

0.014

0.015

0.022

0.014

Gold produced

- kg

- oz (000)

253

241

215

749

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

634

1,007

649

2,505

699

1,110

716

2,762

Treated

- 000 tonnes

- 000 tons

190

151

237

210

166

261

Stripping ratio

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

9.18

13.22

6.95

11.91

9.18

13.22

6.95

11.91

Yield

- g / t

- oz / t

1.32

5.06

1.02

2.86

0.039

0.147

0.030

0.083

Gold in ore

- kg

- oz (000)

224

241

Gold produced

- kg

- oz (000)

252

234

153

677

TOTAL
Yield

- g / t

- oz / t

2.40

2.96

3.25

2.68

0.070

0.086

0.095

0.078

Gold produced

- kg

- oz (000)

3,045

3,166

2,956

9,062

102

291

Gold sold

- kg

- oz (000)

2,906

3,196

2,983

8,923

103

287

Price received

- R / kg

- $ / oz

- sold

85,876

87,913

77,736

86,834

412

424

379

428

Total cash costs

- R / kg

- $ / oz

- produced

71,204

66,915

61,411

69,320

341

324

300

341

Total production costs

- R / kg

- $ / oz

- produced

96,328

93,257

85,541

93,943

461

451

418

463

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

357

358

187

349

11.49

11.51

6.00

11.23

Actual

- g

- oz

190

213

189

196

6.12

6.84

6.06

6.31

FINANCIAL RESULTS (MILLION)
Gold income

234

257

250

704

111

Cost of sales

283

310

254

843

133

Cash operating costs

204

199

170

592

Other cash costs

Total cash costs

217

212

181

628

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

217

212

188

628

Amortisation of tangible assets

223

Inventory change

(11)

(8)

(2)

(1)

(49)

(53)

(4)

(140)

(7)

(8)

(1)

(22)

Realised non-hedge derivatives

(18)

(3)

Gross loss excluding the effect of unrealised non-hedge derivatives

(33)

(29)

(22)

(69)

(5)

(4)

(11)

Capital expenditure

120

105

302

Rounding of figures may result in computational discrepancies.

Guinea

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

SIGUIRI - Attributable 85%

Rand / Metric

Dollar / Imperial

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

3,783

4,085

7,868

4,170

4,503

8,673

Treated

- 000 tonnes

- 000 tons

1,329

1,373

2,702

1,465

1,513

2,978

Stripping ratio

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

1.77

0.89

1.23

1.77

0.89

1.23

Yield

- g / t

- oz / t

1.17

1.35

1.26

0.034

0.039

0.037

Gold produced

- kg

- oz (000)

1,556

1,848

3,404

109

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

2,657

3,678

2,928

4,054

Placed

- 000 tonnes

- 000 tons

307

1,575

339

1,736

Stripping ratio

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

2.52

1.68

2.52

1.68

Yield

- g / t

- oz / t

1.24

1.14

1.16

0.036

0.033

0.034

Gold placed

- kg

- oz (000)

350

1,835

Gold produced

- kg

- oz (000)

351

639

705

2,334

TOTAL
Yield

- g / t

- oz / t

1.17

1.35

1.26

0.034

0.039

0.037

Gold produced

- kg

- oz (000)

1,907

2,486

705

5,738

184

Gold sold

- kg

- oz (000)

2,067

2,326

1,391

5,738

184

Price received

- R / kg

- $ / oz

- sold

87,127

88,283

80,101

87,465

415

426

384

427

Total cash costs

- R / kg

- $ / oz

- produced

64,817

43,673

103,589

58,360

310

212

504

287

Total production costs

- R / kg

- $ / oz

- produced

88,239

62,908

117,083

78,164

422

305

571

384

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

945

1,241

520

1,078

30.38

39.90

16.71

34.67

Actual

- g

- oz

565

774

242

614

18.16

24.87

7.79

19.76

FINANCIAL RESULTS (MILLION)
Gold income

172

192

127

463

Cost of sales

176

145

127

424

Cash operating costs

117

102

318

Other cash costs

Total cash costs

124

109

335

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

118

116

341

Amortisation of tangible assets

104

Inventory change

(9)

(20)

(1)

(3)

(5)

(1)

Realised non-hedge derivatives

(10)

(1)

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

(10)

(1)

Capital expenditure

120

177

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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

MORILA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

732

1,020

1,015

3,055

958

1,334

1,328

3,996

Mined

- 000 tonnes

- 000 tons

1,190

2,786

2,770

7,102

1,312

3,071

3,053

7,829

Treated

- 000 tonnes

- 000 tons

404

380

336

1,127

445

419

371

1,242

Stripping ratio

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

1.49

2.48

4.07

2.67

1.49

2.48

4.07

2.67

Yield

- g / t

- oz / t

5.33

5.51

3.40

5.61

0.155

0.161

0.099

0.164

Gold produced

- kg

- oz (000)

2,151

2,095

1,143

6,322

203

Gold sold

- kg

- oz (000)

2,166

2,025

1,067

6,232

200

Price received

- R / kg

- $ / oz

- sold

92,706

89,194

74,580

88,106

443

429

361

433

Total cash costs

- R / kg

- $ / oz

- produced

40,511

35,711

51,129

36,596

194

173

248

180

Total production costs

- R / kg

- $ / oz

- produced

69,496

52,583

71,095

57,312

333

255

346

282

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,270

2,295

1,939

2,245

72.98

73.79

62.33

72.18

Actual

- g

- oz

3,409

3,742

1,367

3,629

109.61

120.31

43.95

116.68

FINANCIAL RESULTS (MILLION)
Gold income

201

181

549

Cost of sales

154

107

356

Cash operating costs

193

Other cash costs

Total cash costs

231

Rehabilitation and other non-cash costs

Production costs

234

Amortisation of tangible assets

129

Inventory change

(3)

(6)

(1)

193

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

193

Capital expenditure

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

SADIOLA - Attributable 38%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

680

1,172

576

2,693

890

1,533

753

3,523

Mined

- 000 tonnes

- 000 tons

1,413

2,169

1,161

5,331

1,557

2,391

1,279

5,876

Treated

- 000 tonnes

- 000 tons

515

444

507

1,408

568

489

559

1,552

Stripping ratio

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

2.45

4.88

1.91

3.05

2.45

4.88

1.91

3.05

Yield

- g / t

- oz / t

2.66

3.02

2.36

2.77

0.078

0.088

0.069

0.081

Gold produced

- kg

- oz (000)

1,373

1,339

1,196

3,900

125

Gold sold

- kg

- oz (000)

1,378

1,299

1,220

3,879

125

Price received

- R / kg

- $ / oz

- sold

91,834

89,147

81,273

88,811

439

427

397

435

Total cash costs

- R / kg

- $ / oz

- produced

50,341

53,050

54,745

52,579

240

256

267

259

Total production costs

- R / kg

- $ / oz

- produced

62,898

67,266

66,988

67,615

300

325

327

333

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,157

1,835

1,742

1,797

69.34

59.01

56.00

57.78

Actual

- g

- oz

1,792

1,757

1,767

1,752

57.62

56.49

56.80

56.33

FINANCIAL RESULTS (MILLION)
Gold income

127

116

345

Cost of sales

261

Cash operating costs

181

Other cash costs

Total cash costs

205

Rehabilitation and other non-cash costs

Production costs

207

Amortisation of tangible assets

Inventory change

(3)

(1)

(3)

(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.

Mali

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

YATELA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

1,111

1,699

1,308

4,489

1,225

1,873

1,442

4,948

Placed

- 000 tonnes

- 000 tons

289

319

254

931

318

352

280

1,027

Stripping ratio

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

9.58

9.68

3.71

7.75

9.58

9.68

3.71

7.75

Yield

- g / t

- oz / t

3.08

2.51

3.61

2.72

0.090

0.073

0.105

0.079

Gold placed

- kg

- oz (000)

888

802

918

2,535

Gold produced

- kg

- oz (000)

666

705

739

2,087

Gold sold

- kg

- oz (000)

599

683

739

2,055

Price received

- R / kg

- $ / oz

- sold

91,129

89,539

83,310

87,433

438

428

402

431

Total cash costs

- R / kg

- $ / oz

- produced

59,688

61,786

48,110

58,505

285

299

233

288

Total production costs

- R / kg

- $ / oz

- produced

63,983

82,056

64,171

73,510

305

398

312

363

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,161

1,180

1,270

1,112

37.32

37.92

40.82

35.74

Actual

- g

- oz

975

1,050

981

996

31.36

33.76

31.54

32.03

FINANCIAL RESULTS (MILLION)
Gold income

180

Cost of sales

150

Cash operating costs

109

Other cash costs

Total cash costs

122

Rehabilitation and other non-cash costs

Production costs

123

Amortisation of tangible assets

Inventory change

(4)

(1)

(4)

(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

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

NAVACHAB

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

296

312

395

866

387

408

517

1,132

Mined

- 000 tonnes

- 000 tons

966

1,018

1,421

2,823

1,065

1,122

1,566

3,111

Treated

- 000 tonnes

- 000 tons

328

283

367

919

361

312

404

1,013

Stripping ratio

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

1.15

1.91

3.45

1.53

1.15

1.91

3.45

1.53

Yield

- g / t

- oz / t

2.00

1.98

1.56

1.97

0.058

0.046

0.058

Gold produced

- kg

- oz (000)

657

560

572

1,814

Gold sold

- kg

- oz (000)

621

558

588

1,814

Price received

- R / kg

- $ / oz

- sold

91,856

88,761

79,318

87,931

440

427

387

433

Total cash costs

- R / kg

- $ / oz

- produced

56,025

74,345

61,773

69,491

268

362

301

344

Total production costs

- R / kg

- $ / oz

- produced

56,659

94,010

71,690

78,794

271

459

350

391

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

741

704

510

706

23.81

22.64

16.40

22.68

Actual

- g

- oz

702

596

731

634

22.58

19.16

23.49

20.40

FINANCIAL RESULTS (MILLION)
Gold income

160

Cost of sales

141

Cash operating costs

125

Other cash costs

Total cash costs

126

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

126

Amortisation of tangible assets

Inventory change

(3)

(2)

(6)

(1)

Realised non-hedge derivatives

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

(6)

(1)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Tanzania

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

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

4,836

5,487

2,743

15,208

6,326

7,178

3,587

19,892

Mined

- 000 tonnes

- 000 tons

13,792

14,602

10,673

41,001

15,203

16,096

11,765

45,196

Treated

- 000 tonnes

- 000 tons

1,561

1,536

1,342

4,533

1,720

1,693

1,479

4,996

Stripping ratio

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

8.09

8.20

6.73

8.48

8.09

8.20

6.73

8.48

Yield

- g / t

- oz / t

2.72

3.34

3.42

3.39

0.079

0.097

0.100

0.099

Gold produced

- kg

- oz (000)

4,247

5,133

4,592

15,343

137

165

148

493

Gold sold

- kg

- oz (000)

4,339

5,273

4,790

15,303

139

170

154

492

Price received

- R / kg

- $ / oz

- sold

84,645

72,840

75,601

75,840

407

351

368

375

Total cash costs

- R / kg

- $ / oz

- produced

74,172

68,422

60,159

59,435

353

331

294

291

Total production costs

- R / kg

- $ / oz

- produced

87,353

84,160

77,414

74,263

416

408

378

365

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,031

1,042

889

1,098

33.15

33.49

28.59

35.29

Actual

- g

- oz

1,049

1,282

1,129

1,288

33.74

41.21

36.31

41.42

FINANCIAL RESULTS (MILLION)
Gold income

298

381

359

1,086

173

Cost of sales

376

440

364

1,162

184

Cash operating costs

297

330

260

856

135

Other cash costs

Total cash costs

315

351

276

912

144

Rehabilitation and other non-cash costs

(5)

(1)

Production costs

309

354

278

912

144

Amortisation of tangible assets

228

Inventory change

(78)

(59)

(5)

(77)

(12)

(9)

(1)

(11)

Realised non-hedge derivatives

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

(9)

(56)

(2)

(1)

(9)

Capital expenditure

372

451

Rounding of figures may result in computational discrepancies.

USA

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2005

2004

2005

2004

2005

CRIPPLE CREEK & VICTOR J.V.

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

11,186

11,583

13,001

34,661

12,330

12,769

14,331

38,207

Placed

- 000 tonnes

- 000 tons

4,932

4,773

4,728

14,462

5,437

5,262

5,212

15,942

Stripping ratio

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

1.45

1.81

1.51

1.54

1.45

1.81

1.51

1.54

Yield

- g / t

- oz / t

0.62

0.57

0.62

0.018

0.017

0.018

Gold placed

- kg

- oz (000)

3,036

2,959

2,702

9,031

290

Gold produced

- kg

- oz (000)

2,871

2,215

2,804

7,594

244

Gold sold

- kg

- oz (000)

2,872

2,227

2,802

7,591

244

Price received

- R / kg

- $ / oz

- sold

80,137

74,928

66,620

78,073

383

359

325

384

Total cash costs

- R / kg

- $ / oz

- produced

48,304

47,084

44,691

46,013

231

227

218

226

Total production costs

- R / kg

- $ / oz

- produced

70,711

68,225

62,099

66,980

338

329

303

329

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,692

2,723

2,813

2,704

86.55

87.56

90.45

86.92

Actual

- g

- oz

3,003

2,322

2,980

2,679

96.54

74.65

95.82

86.15

FINANCIAL RESULTS (MILLION)
Gold income

205

155

182

515

Cost of sales

203

151

174

509

Cash operating costs

148

141

125

414

Other cash costs

Total cash costs

155

147

134

435

Rehabilitation and other non-cash costs

(7)

(1)

Production costs

158

150

127

445

Amortisation of tangible assets

192

Inventory change

(27)

(62)

(19)

(128)

(4)

(10)

(3)

(20)

Realised non-hedge derivatives

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.

Board of directors and executive officers

Non-Executive Directors

MR R P EDEY (63)
FCA
Chairman

Russell Edey was appointed to the AngloGold board in
April 1998 and as deputy chairman in December 2000.
In May 2003 he was appointed chairman when Bobby
Godsell relinquished this office. Based in the United
Kingdom, he is deputy chairman of N M Rothschild
Corporate Finance and a director of a number of other
companies.

DR T J MOTLATSI (54)
Hon D Soc Sc (Lesotho)
Deputy Chairman

James Motlatsi was appointed to the AngloGold board
in April 1998 and as deputy chairman in May 2002 upon
Russell Edey being appointed chairman. He has been
associated with the South African mining industry since
1970, and is a past president of the National Union of
Mineworkers. He is chief executive officer of TEBA
Limited.

MR F B ARISMAN (61)
MSc (Finance)

Frank Arisman was appointed to the AngloGold board
in April 1998. He resides in New York and recently
retired, after 32 years of service, from JP Morgan
Chase, where he held the position of managing
director.

MRS E le R BRADLEY (67)
BSc, MSc

Elisabeth Bradley was appointed to the AngloGold
board in April 1998. She is non-executive chairman of
Wesco Investments Limited, Metair Investments Limited
and Toyota South Africa (Proprietary) Limited and a
director of a number of other companies. She is deputy
chairman of the South Africa Institute of International
Affairs.

MR C B BRAYSHAW (70)
CA (SA), FCA

Colin Brayshaw was appointed to the AngloGold board
in April 1998. He is a retired managing partner and
chairman of Deloitte & Touche and is a non-executive
director of a number of companies including Anglo
Platinum, Datatec and Jonnic Holdings.

DR S E JONAH (KBE) (56)
Hon D Sc
President

Sam Jonah (Sir Sam) worked in various positions,
including underground, with Ashanti Goldfields and was
appointed to the position of CEO of Ashanti in 1986.
Sir Sam has been decorated with many awards and
honours and in 2003, was conferred with an Honorary
Knighthood by Her Majesty, Queen Elizabeth II of Great
Britain, in recognition of his exceptional achievements
as an African businessman. Sir Sam was appointed as
an executive director to the board of AngloGold Ashanti
in 2004, which position he relinquished in 2005 but
retained his appointment as a non-executive director.

MR R MÉDORI (48)
Doctorate Economics, Grad (Fin)

Réne Médori was appointed to the AngloGold Ashanti
board in August 2005. He is the finance director of
Anglo American plc.

MR W A NAIRN (61)
BSc (Min Eng)

Bill Nairn has been a member of the AngloGold board
since January 2000. He was re-appointed to the board
in May 2001, having previously been alternate director
to Tony Trahar. He was group technical director of
Anglo American plc, prior to his retirement in 2004.

MR S R THOMPSON (46)
MA (Geology)

Simon Thompson is a director of Anglo American plc
and chairman of the Base Metals Division, the Industrial
Minerals Division and the Exploration Division. Simon
was appointed to the AngloGold Ashanti board in 2004.

MR A J TRAHAR (56)
BCom, CA (SA)

Tony Trahar was appointed to the AngloGold board in
October 2000. He is chief executive officer of Anglo
American plc.

MR P L ZIM (45)
MCom

Lazarus Zim is chief executive officer of Anglo
American South Africa Limited and is chairman of Anglo
Operations Limited and serves on a number of boards
in the Anglo American group, including Anglo Platinum.
Lazarus was appointed to the AngloGold Ashanti board
in 2004.

Executive Directors

MR R M GODSELL (53)
BA, MA
Chief Executive Officer

Bobby Godsell was appointed to the AngloGold board
as chief executive officer in April 1998 and as chairman
in December 2000. He relinquished his role as
chairman of AngloGold in May 2002. He has 29 years
of service with companies associated with the mining
industry, and has served as a non-executive director of
Anglo American plc since March 1999. He is also the
immediate past chairman of the World Gold Council.

MR R CARVALHO SILVA (54)
BAcc, BCorp Admin
Chief Operating Officer – International

Roberto Carvalho Silva joined the Anglo American
group in Brazil in 1973 and was appointed president
and CEO of AngloGold South America in January 1999.
He became executive officer, South America for
AngloGold in 2000 and was appointed to the board of
AngloGold Ashanti in May 2005 in his current capacity.

MR N F NICOLAU (46)
B Tech (Min Eng); MBA
Chief Operating Officer – Africa

Neville Nicolau was appointed the executive officer
responsible for AngloGold’s South Africa region in
November 2001 and was appointed to the board of
AngloGold Ashanti in May 2005 in his current capacity.
He has 26 years of experience in the mining industry.

MR S VENKATAKRISHNAN (VENKAT) (40)
BCom, A C A (ICAI)
Executive Director: Finance (Chief Financial Officer)

Venkat was the finance director of Ashanti Goldfields
Company Limited from 2002 until the merger with
AngloGold in 2004. Prior to joining Ashanti, Venkat
was a director in the Reorganisation Services division
of Deloitte and Touche in London. He was appointed to
the board of AngloGold Ashanti in August 2005.

MR K H WILLIAMS (57)
BA (Hons)
Executive Director: Marketing

Kelvin Williams was appointed marketing director of
AngloGold in April 1998. He has 27 years of service in
the gold mining industry. He is a past chairman of
Rand Refinery and a director of the World Gold Council.

Alternate Directors

MR D D BARBER (53)
FCA, AMP (Harvard)

David Barber was appointed alternate director to Julian
Ogilvie Thompson in April 2002 and following the
latter’s retirement from the board in April 2004, he was
appointed as alternate to Lazarus Zim. He is finance
director of Anglo American South Africa.

MR A H CALVER (58)
BSc (Hons) Engineering, MDP (UNISA), PMD
(Harvard)

Harry Calver was appointed alternate director to Bill
Nairn in May 2001. He is head of engineering Anglo
American plc.

MR P G WHITCUTT (40)
BCom (Hons), CA (SA), MBA

Peter Whitcutt who is head of finance at Anglo
American plc, has been an alternate director since
October 2001, firstly to Tony Lea, and then to Réne
Médori who replaced the former on the board of
AngloGold Ashanti.

Executive Officers

Ms MERENE BOTSIO-PHILLIPS (48)
LLB BL
General Counsel

Merene Botsio-Phillips joined Ashanti Goldfields in
1995, and was appointed to the board as executive
director - general counsel in 1996. Prior to joining
Ashanti, she was director of legal services / company
secretary at Ghana Airways Limited and was later
appointed to the board of the airline as a non-executive
director. She was admitted to the English Bar in 1979
and is a member of Gray’s Inns, the Ghana Bar and the
International Bar Association. She was appointed an
executive officer of AngloGold Ashanti in 2004.

DR C E CARTER (43)
BA (Hons) (UCT), DPhil (Oxford), EDP (Northwest
University – Kelogg School of Management)
Executive Officer – Investor Relations

Charles Carter joined Anglo American in 1991 and
moved to the Gold and Uranium Division in 1996. In
May 2005, he was appointed an executive officer, with
responsibility for overseeing the company’s global
investor relations programme.

MR D H DIERING (54)
BSc, AMP
Executive Officer – Business Planning : Africa

Dave Diering joined the Anglo American Gold and
Uranium Division in 1975 and worked at several South
African operations as well as for Zimbabwe Nickel
Corporation until 2001, when he joined AngloGold as
head of mining and mineral resources. In 2005 he was
appointed an executive officer.

MR R N DUFFY (42)
BCom, MBA
Executive Officer – Business Development

Richard Duffy joined Anglo American in 1987 and in
1998 was appointed executive officer and managing
secretary of AngloGold. In November 2000 he was
appointed head of business planning and in 2004
assumed responsibility for all new business
opportunities globally. In April 2005 this role was
expanded to include greenfields exploration. He was
appointed to the executive committee in August 2005.

MRS D EARP (44)
CA (SA), BCom, BAcc
Executive Officer – Corporate Accounting

Dawn Earp joined AngloGold in July 2000 from Anglo
American, where she was vice president, Central
Finance. Dawn was appointed an executive officer in
May 2004.

MR B W GUENTHER (53)
BS (Min, Eng)
Executive Officer – Corporate Technical Group

Ben Guenther joined AngloGold as senior vice
president general manager of Jerritt Canyon mine in
Nevada, USA and in 2000 was seconded to
AngloGold’s corporate office in Johannesburg as head
of mining. In 2001, he assumed some responsibilities
for safety and health, as well as heading up the
corporate technical group. He was appointed an
executive officer in May 2004.

MR R L LAZARE (49)
BA, HED (University of Free State), DPLR (UNISA),
SMP (Henley Management College)
Executive Officer – South Africa Region

Robbie Lazare joined Anglo American Gold and
Uranium Division in 1982 where he worked in a variety
of management posts until 1999 when he was
appointed general manager of TauTona mine. In
December 2004 he was appointed an executive officer
with the responsibility of overseeing all AngloGold
Ashanti’s South African operations.

MR S J LENAHAN (50)
BSoc Sc, MSc
Executive Officer – Corporate Affairs

Steve Lenahan has been working in the mining industry
since 1978 when he started his career at De Beers. He
was appointed an executive officer of AngloGold in
1998, responsible for investor relations and assumed
responsibility for corporate affairs in 2001.

MR M P LYNAM (44)
B Eng (Mech)
Executive Officer – Treasury

Mark Lynam joined the Anglo American group in 1983
and has been involved in the hedging and treasury area
since 1990. In 1998 he joined AngloGold as treasurer
and was appointed an executive officer in May 2004.

MR F R L NEETHLING (53)
BSc (Mech Eng)
Executive Officer – East & West Africa Region

Fritz Neethling joined the Anglo American group in
1997 and in 1999 joined AngloGold as general
manager of the Ergo operation. He was appointed an
executive officer in July 2005.

MR D M A OWIREDU (48)
BSc (Hons)(Mech, Eng), MBA
Deputy Chief Operating Officer – Africa

Daniel Owiredu joined the erstwhile Ashanti Goldfields
Company Limited in 1984 and served in various
engineering capacities. He has also served as
Managing Director for the Obuasi, Bibiani and Siguiri
mines. In March 2004, he was appointed Chief
Operating Officer - West Africa following the
Ashanti/AngloGold merger until his new position as
Deputy Chief Operating Officer - Africa in October
2005.

Ms Y Z SIMELANE (40)
BA LLB, FILPA, MAP
Executive Officer and Managing Secretary

Yedwa Simelane joined AngloGold in November 2000
from the Mineworkers’ Provident Fund where she was
the senior manager of the Fund. She was appointed an
executive officer in May 2004.

MR N W UNWIN (53)
BA
Executive Officer – Human Resources and Information
Technology

Nigel Unwin has many years experience in the field of
human resources. He was appointed an executive
officer in 1999.

Company Secretary

MR C R BULL (58)
BCom

Chris Bull has been employed by the Anglo American
group since 1965 in various company secretarial
positions. He was appointed company secretary of
AngloGold in 1998 and is responsible for ensuring
compliance with statutory and corporate governance
requirements and the regulations of the stock
exchanges on which AngloGold Ashanti is listed.

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

NGLO

OLD

SHANTI

IMITED

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)
R Carvalho Silva !
N F Nicolau
S Venkatakrishnan *
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
Dr S E Jonah KBE
R Médori ~ (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

~ French

! Brazilian

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
ANGLO GOLD ASHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

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

AngloGold Ashanti Limited

Date:

OCTOBER 26, 2005

By: /s/ C R BULL

Name: C R Bull
Title: Company Secretary