Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated February 10, 2006

Commission File Number 1-14846

AngloGold Ashanti Limited

(Translation of registrant’s name into English)

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 X Form 40-F

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

Yes No X

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

Yes No X

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

Yes No X

Enclosure: AngloGold Ashanti : Report for the quarter and year ended 31 December 2005 prepared in

accordance IFRS

Quarter 4 2005

Report

for the quarter and year ended 31 December 2005

Group results for the quarter ...

• Gold production down 3% to 1.494Moz, primarily due to anticipated declines at Geita and Sunrise Dam.
• Price received up 10% to $476/oz.
• South African total cash costs 5% lower at R56,198/kg ($268/oz) due to excellent cost management.
• Total cash costs down 2% to $278/oz.
• Adjusted headline earnings up to $41m as a result of solid production, lower total cash costs and improved price

received.

...and for the year

• Gold production increased 6% to 6.166Moz.
• Total cash costs up 6%, mainly due to strong operating currencies.
• Adjusted headline earnings decreased to $200m.
• Final dividend declared at 62 South African cents per share or 10 US cents per share, resulting in a total dividend of

232 South African cents or 35 US cents per share.

Quarter

Year

Quarter

Year

ended

Dec

2005

ended

Sept

2005

ended

Dec

2005

ended

Dec

2004

ended

Dec

2005

ended

Sept

2005

ended

Dec

2005

ended

Dec

2004

Restated

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

46,460

47,723 191,783 181,311

1,494

1,534

6,166

5,829

Price received

- R/kg / $/oz

99,780

90,440 89,819 81,051

476

433

439

394

Total cash costs

- R/kg / $/oz

58,367

59,453 57,465 54,276

278

284

281

264

Total production costs

- R/kg / $/oz

82,873

78,082 76,495 68,221

395

373

374 332

Financial review

(Gross loss) gross profit

- R / $ million

(340)

243 1,088 1,697

(57)

183

243

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

- R / $ million

870

678 2,988 2,844

134

105

469

441

(Loss) profit attributable to equity
shareholders

- R / $ million

(1,463)

(415)

(1,262)

728

(227)

(73) (183)

108

Headline (loss) earnings

- R / $ million

(1,097)

(390)

(723)

937

(171)

(69) (98)

141

Headline earnings before unrealised
     non-hedge derivatives, fair value
     gain (loss) on convertible bond
     and interest rate swaps

- R / $ million

250

144 1,265 1,691

200

271

Capital expenditure

- R / $ million

1,279

1,385 4,596 3,764

196

215

722

585

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

(552)

(157)

(477)

290

(86)

(28) (69)

Diluted

(552)

(157)

(477)

289

(86)

(28) (69)

Headline

(414)

(147)

(273)

373

(65)

(26) (37)

Headline earnings before unrealised
     non-hedge derivatives, fair value
     gain (loss) on convertible bond
     and interest rate swaps

- cents/share

478 673

108

Dividends -

cents/share

232 350

35 56

Notes:

Price received includes realised non-hedge derivatives.

Refer to note 8 of Notes for the definition.

Refer to note 7 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 31 December 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

488

170

–

240

(11)

Mponeng

486

143

247

(9)

178

TauTona

486

128

248

(4)

Kopanang

488

118

(6)

263

AngloGold Ashanti Mineração

451

190

–

Sunrise Dam

515

(9)

231

(28)

Morila

483

(16)

227

(18)

Cerro Vanguardia

432

(2)

173

(14)

Cripple Creek & Victor

399

(8)

239

(13)

–

Navachab

482

259

(3)

140

Sadiola

485

(2)

284

–

Obuasi

457

100

357

125

(5)

–

Geita

503

120

(12)

326

(8)

800

Serra Grande

479

–

174

Yatela

487

208

(27)

167

200

Siguiri

460

341

–

Tau Lekoa

488

(14)

441

–

(5)

(150)

Savuka

487

(31)

297

(22)

–

Iduapriem

457

–

397

(1)

(200)

(5)

(150)

Bibiani

469

(11)

334

(4)

–

(6)

(50)

Other

–

(2)

(59)

(1)

(109)

AngloGold Ashanti

476

1,494

(3)

278

267

134

Price received includes realised non-hedge derivatives.

Cash gross profit is 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 8 of Notes for the definition.

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

5 Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER AND YEAR

The December quarter was marked by a steady
operational performance, with production down slightly to
1.494Moz, and excellent cost control, with total cash costs
2% lower at $278/oz. Together with good participation in
the gold price rally, this translated into considerably
improved adjusted headline earnings, up 86% to $41m
from the restated $22m reported for the third quarter of
2005.

Furthermore, the adjusted headline earnings of $41m are
after deducting three significant and largely once-off
charges. First, the full implementation of the new IAS 16
standard this quarter required a reassessment of the
useful lives of the company’s fixed assets, which resulted
in a $13m increase in the depreciation charge. Second,
revisions to rehabilitation cost estimates required a $28m
increase in these provisions. Finally, tax provisions for
Africa and South America were increased by $52m,
although a $48m tax credit in Ghana mostly offset this
increase.

Operationally, the African assets reported generally solid
performances, including 2% production improvements at
both Obuasi in Ghana and Siguiri in Guinea, and a 48%
production increase at Yatela to 31,000oz. As anticipated
and reported previously, production at Geita continued to
decline this quarter to 120,000oz, where it is expected to
remain for the duration of the cut-back of the Nyankanga
pit – likely until the third quarter of 2006. Total cash costs
at Geita, however, declined 8%, reflecting the ongoing
benefit of the successful transition to owner-mining, the
full gains of which should be realised by mid-year.

The South African operations reported a 1% decline in
production to 669,000oz after an expected 7% decrease
at Kopanang and 13% lower production from Tau Lekoa,
where a restructuring plan is currently underway to yield a
better performance going forward. These declines
partially counteracted the good operational results at
Mponeng, where production rose 12% and total cash
costs declined 9%, and at TauTona, where production
was up 3% and total cash costs were down 4%. A
sustained focus on the cost savings initiatives highlighted
earlier in the year resulted in significantly improved South
African total cash costs of R56,198/kg, marking the eighth
consecutive quarter of managing these costs to around
the R60,000/kg level.

In respect of the international operations, the Brazilian
assets

–

AngloGold Ashanti Mineração and Serra

Grande – reported production generally in line with that of
the previous quarter, although total cash costs increased
by 10% and 9%, respectively, partly as a result of the
significant appreciation over the quarter of the Brazilian
real. In Australia, production at Sunrise Dam declined as
expected to 92,000oz, as mining continues in the low-
grade northern section of the pit, where it will likely remain
for the next nine months. Production at Cripple Creek &
Victor in the US decreased 8% due to a decline in heap

leach recoveries, while the high cost of diesel and
other consumables resulted in a 3% increase in total
cash costs to $239/oz.

For the year ended 31 December 2005, gold

production was 6% higher at 6.166Moz, largely
attributable to the inclusion of a full year’s production
from the Ashanti assets, in addition to record
performances from Sunrise Dam in the first two
quarters of the year and 28% and 17% production
improvements at Morila and Mponeng, respectively.
This overall increase was offset to some degree,
however, by reduced production from key South
African assets including Great Noligwa and TauTona.

In the effort to mitigate the effects of ongoing cost
pressures, including the higher oil price, generally
increasing cost of consumables and strong local
currencies, the company announced earlier in the
year a stringent savings plan designed to eliminate
$110m in costs. The total cost-saving realised for
2005, at $160m, was well in excess of this target,
with the bulk of these derived from the South African
operations. The consequence of this intervention has
been to limit total cash cost escalation to 6% for the
year, to $281/oz.

In 2005, the company also achieved a significant
decrease in the fatality frequency rate, down 26%
year-on-year. While the LTIF rate regressed by 3%
to 6.75 per million man hours worked, this should be
compared with the international benchmark of 6.
Four operations were lost time injury-free for the
fourth quarter and Cripple Creek & Victor has now
achieved 25 months without a lost-time injury.

A dividend of 62 South African cents (10 US cents)
per share has been declared for the six months
ended 31 December 2005. This represents a similar
dividend payout level to adjusted headline earnings,
as per the interim year declaration, resulting in a total
dividend for the year of 232 South African cents
(35 US cents) per share. Given that AngloGold
Ashanti is in its highest-ever capital expenditure
phase, it will continue to manage capital expenditure
in line with profitability and cash flow, and its
approach to the dividend on the basis of prudent
financial management.

Looking ahead, production for the first quarter is
estimated to be 1.4Moz at an average total cash cost
of $311/oz, assuming the following exchange rates:
$/R6.25, A$/$0.76, BRL/$2.29 and
Argentinean peso/$2.96. Production is forecast to be
down quarter-on-quarter primarily due to a reduced
number of production shifts in the South Africa region
(69 production days in the first quarter of 2006 as
compared to 76 in the prior quarter). Capital
expenditure is estimated at $234m and will be
managed in line with profitability and cash flow.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 1

The table below provides guidance for the year, in respect

of forecast ounces, cash costs and capital expenditure. In
2006, AngloGold Ashanti expects production to decline

marginally to within a range of 5.9Moz to 6.1Moz, as

Bibiani phases into a tailings only operation in
combination with the forecast closure of Savuka. Total

cash costs are anticipated to be between $285/oz and

$293/oz, based on the following exchange rate
assumptions: $/R6.50, A$/$0.76, BRL/$2.40 and

Argentinean peso/$2.96. Capital expenditure for the year

is estimated to be between $786m and $818m and will be
managed in line with profitability and cash flow. The

depreciation and amortisation charge for 2006 is

estimated to be approximately $577m.

Based on current business planning, in 2007 AngloGold
Ashanti expects its gold production to increase to between

6.3Moz and 6.5Moz. This growth will be driven primarily

by forecast increased production at the following

operations: in South Africa, Moab production is

expected to increase by approximately 80% in line
with the development plan; in Australia, Sunrise Dam

production should increase by approximately 25% as

the higher grade GQ lobe is accessed; in Brazil at
AngloGold Ashanti Mineração, production is

anticipated to increase by almost 40% as a

consequence of the Cuiabá deepening project; in
Ghana, both Iduapriem and Obuasi should see

planned increases in production of between 10% and

15% respectively; and in Tanzania at the Geita mine,
production is forecast to rise by over 50% due to

mining in the higher grade Nyankanga Cut 4.

These forecast increases in production offset planned

reduced production at Tau Lekoa in South Africa,

Bibiani in Ghana, Yatela in Mali and Cripple Creek &
Victor in the United States.

OPERATIONAL FORECAST FOR 2006

Operation

Forecast

Production

Ounces

(000)

Expected

Total Cash Cost

$/oz*

Capital

Expenditure

$m **

SOUTH AFRICA

Great Noligwa

651 – 677

258 – 268

47 – 49

Kopanang

457 – 475

294 – 306

36 – 38

Tau Lekoa

207 – 215

382 – 398

Moab

48 – 50

654 – 680

82 – 85

Vaal River surface

93 – 97

325 – 339

11 – 12

Mponeng

495 – 515

278 – 290

46 – 48

Savuka

14 – 15

613 – 639

–

TauTona

491- 511

267 – 277

73 – 75

ARGENTINA

Cerro Vanguardia

207 – 215

181 – 189

14 – 16

AUSTRALIA

Sunrise Dam

451 – 469

268 – 278

27 – 28

Boddington

–

81 – 84***

BRAZIL
AngloGold Ashanti Mineração

234 – 244

164 – 170

98 – 103

Serra Grande

93 – 97

179 – 187

GHANA

Bibiani

54 – 56

297 – 309

0 – 1

Iduapriem

185 – 193

302 – 314

14 – 15

Obuasi

407 – 423

319 – 332

88 – 92

GUINEA

Siguiri

250 – 260

308 – 320

21 – 22

MALI

Morila

215 – 223

274 – 286

Sadiola

185 – 193

302 – 314

Yatela

118 – 122

249 – 259

–

NAMIBIA

Navachab

81 – 85

301 – 313

TANZANIA

Geita

562 – 585

297 – 309

86 – 89

USA

Cripple Creek & Victor

323 – 337

238 – 248

TOTAL

5,823 – 6,058

285 – 293

786 – 818

Based on the following exchange rate assumptions: $/R6.50, A$/$0.76, BRL/$2.40 and Argentinean peso/$2.96.

** Capital expenditure is managed in line with profitability and cash flow, and may fluctuate accordingly.
*** Subject to approval of the Boddington Joint Venture project by the partners.

2 Quarterly Report December 2005 - www.AngloGoldAshanti.com

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined remained stable at
last quarter’s levels. Yield fell by 5% after unplanned
waste was trammed from the reef, also leading to a 6%
increase in tons treated. Gold production was
consequently unchanged quarter-on-quarter at 5,274kg
(170,000oz), while total cash costs declined 10% to
R50,311/kg ($240/oz), predominantly from an increase
in by-product revenue. Gross profit adjusted for the
effect of unrealised non-hedge derivatives increased
by 20% to R164m ($25m), as a result of improved
costs and a higher price received.

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

Kopanang, efficiency improvements helped

increase volume mined by 2% this quarter, while yield
fell 7% to planned levels. Gold production also fell 7%
to 3,664kg (118,000oz) as a result of this yield decline.
Total cash costs increased 4% to R55,227/kg
($263/oz), after the negative effect of the lower gold
production was partially mitigated by improved cost
savings initiatives. Gross profit adjusted for the effect
of unrealised non-hedge derivatives improved by 27%
to R118m ($18m), primarily as a result of an improved
price received, in addition to the implementation of
effective cost-saving measures.

The LTIFR was 10.91(9.52).

Tau Lekoa’s volume mined decreased 5% for the
quarter as a result of an effort to improve the mining
mix by decreasing the number of unprofitable panels
mined. Although tons treated increased 3% due to an
improved focus on reducing lock-up, yield declined
16% and gold production was consequently 13% lower
at 1,904kg (61,000oz).

The cost of treating increased tons offset the positive
effect of implemented cost-saving initiatives and
together with the decreased gold production, resulted
in an 18% increase in total cash costs to R92,559/kg
($441/oz). Gross loss adjusted for the effect of
unrealised non-hedge derivatives increased to R30m
($5m) although a restructuring plan is currently
underway to restore Tau Lekoa to profit-generating
status.

The LTIFR was 22.33 (12.12).

Moab Khotsong’s improved gold production of 344kg
(11,000oz) is not included in the South Africa region's
production, as revenue continues to be capitalised
against pre-production costs. Commercial production
is scheduled for 2006.

The LTIFR was 10.32 (14.69).

At Mponeng, gold production was 12% higher at
4,436kg (143,000oz) in the fourth quarter, driven
primarily by higher volume mined and increased
development. As a result of the improved
production, total cash costs, at R51,902/kg
($247/oz), declined 9% and gross profit adjusted
for the effect of unrealised non-hedge derivatives
increased substantially to R162m ($25m), in part
as a result of a better price received and improved
grade.

The LTIFR was 13.98 (8.94).

Savuka’s volume mined declined 43% this
quarter, after low-grade mining was halted and the
operation shifted to single daily shifts, in line with a
revised mining plan. Consequently, gold
production fell 31% to 770kg (25,000oz) and yield
rose 21% to 9.68g/t, mainly due to a 19% increase
in face values. The lower volumes treated,
together with the implementation of cost savings
initiatives, resulted in a 21% decrease in total cash
costs to R62,419/kg ($297/oz). Gross profit
adjusted for the effect of unrealised non-hedge
derivatives was R7m ($1m), up from a loss of R2m
($0.3m) in the third quarter. Savuka has entered
into orderly closure mode, although closure will be
managed in line with the operation’s profitability
and will be reviewed on a regular basis.

The LTIFR was 18.28 (9.55).

At TauTona, volume mined improved 14% due to
increased face advance and face length from new
panels in two key areas, RHI and VCR Area A.
Tons milled rose by 14% as a consequence of
higher stoping and development rates, although as
a result of the waste increase associated with
higher development tonnages, yield fell 10%.
Gold production improved 3% to 3,970kg
(128,000oz) and total cash costs, which were
favourably impacted by a better cost-saving
performance as well as the increased production,
declined 4% to R52,087/kg ($248/oz). Gross profit
adjusted for the effect of unrealised non-hedge
derivatives improved 5% to R85m ($13m).

The LTIFR was 11.60 (12.60).

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production decreased 2% to 51,000oz primarily as
a consequence of lower volumes treated this
quarter. Total cash costs dropped 14% to
$173/oz, owing to higher feed grade for both gold
and silver, the latter positively affecting the by-
product credit. Gross profit adjusted for the effect
of unrealised non-hedge derivatives, at $9m, was
80% higher than that of the previous quarter as a

Quarterly Report December 2005 - www.AngloGoldAshanti.com 3

consequence of both the improved cash costs and a
significantly better price received.

The LTIFR was 4.04 (2.25).

AUSTRALIA

Production at Sunrise Dam decreased 9% quarter-on-
quarter to 92,000oz, mainly as a consequence of an
expected drop in grade to 2.69g/t. In spite of these
declines however, total cash costs improved 27% to
A$310/oz ($231/oz), as a consequence of ore stockpile
cost adjustments. Gross profit adjusted for the effect
of unrealised non-hedge derivatives increased 67% to
A$10m ($7m) due to the decline in total cash costs and
an improved price received.

Mining continued this quarter in the lower-grade
Sunrise Shear Zone, where it will remain for the next
nine months before beginning to increase in the fourth
quarter of 2006. The underground project, where
development inclines and trial mining are currently
accessing higher-grade ore, continues to supplement
commercial production. During the quarter, 1,350
metres of underground capital development and 225
metres of operational development were completed.

The LTIFR was 4.84 (2.33).

BRAZIL

At AngloGold Ashanti Mineração, gold production
increased 2% to 66,000oz due to higher grades at the
Córrego do Sìtio and Cuiabá mines. Total cash costs,
at $190/oz, increased 10% for the quarter, although a
higher sulphuric acid credit and the improved gold
production helped to counter the effects of the
appreciation of the Brazilian real and increased costs
associated with heap leaching activities. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives, at $12m, was in line with that of the
previous quarter, as an improved price received helped
to offset the effect of the increased total cash costs.

The LTIFR was 4.41 (3.69).

At Serra Grande (50% attributable), gold production
was maintained at last quarter’s level of 24,000oz.
Total cash costs, at $174/oz, rose 9%, due to higher
maintenance costs, slightly lower grades and the
appreciation of the Brazilian real. Gross profit adjusted
for the effect of unrealised non-hedge derivatives
increased 50% to $6m as a result of an improved price
received and a higher quantity of gold sold.

The LTIFR was 4.87 (0.00).

GHANA

At Bibiani, production declined 11% to 25,000oz
but remained stronger than anticipated as the
relatively higher-grade stockpile and satellite pits,
originally forecast to be depleted in October,
continued to produce through December. Yield,
however, declined quarter-on-quarter due to the
treatment of comparatively lower-grade stockpiles
and tailings material, which, together with the
production decline, resulted in a total cash cost
increase of 8% to $334/oz. Gross loss adjusted
for the effect of unrealised non-hedge derivatives
increased from $4m to $6m this quarter, as a
result of both lower production and higher cash
costs.

Going forward, Bibiani will operate as a tailings-
only mine. As a result of this expected decline in
production and in line with the company’s global
cost-cutting drive, the Bibiani cost structure is
currently being optimised to ensure an appropriate
fit with the future output decline.

An impairment charge of $38m was recorded in
the quarter, the result of a changed mine plan.

The LTIFR was 0.00 (1.13).

At Iduapriem (85% attributable), gold production
was in line with that of the previous quarter at
44,000oz. Yield declined 4%, as mining faces
were temporarily moved into lower-grade areas to
accommodate implementation of a key
recommendation from the mine-to-mill study noted
last quarter. Total cash costs rose 8% to $397/oz
and gross loss adjusted for the effect of unrealised
non-hedge derivatives increased to $5m, both
primarily as a result of the lower yield.

The LTIFR was 1.18 (0.00).

Gold production at Obuasi improved 2% to
100,000oz this quarter, mainly due to a 3%
increase in ore treated. Total cash costs,
however, were up 5% to $357/oz due to the
negative impact of heavy rains on the tailings
operation in October as well as a temporary
inability of the loaders to adequately feed the mill.
This problem is being addressed. Gross loss
adjusted for the effect of unrealised non-hedge
derivatives, at $5m, was unchanged quarter-on-
quarter.

During the quarter, the government of Ghana
reduced tax rates from 28% to 25%. This resulted
in a tax credit of $48m, which was offset by an
increase in tax provisions in other jurisdictions.

The LTIFR was 2.28 (1.12).

4 Quarterly Report December 2005 - www.AngloGoldAshanti.com

REPUBLIC OF GUINEA

At Siguiri (85% attributable), gold production, at
62,000oz, improved marginally on that of the previous
quarter after a better plant performance resulted in a
16% increase in tons treated. Total cash costs for the
period were nevertheless up 10% to $341/oz due to a
4% decline in grade. Gross profit adjusted for the
effect of unrealised non-hedge derivatives, at $1m,
was in line with that of the previous quarter.

The LTIFR was 0.00 (1.47).

MALI

At Morila (40% attributable), production decreased
16% to 58,000oz, due to declines in both recovered
grade and tonnage throughput, which was adversely
affected by power supply problems and pipeline
constraints that have since been addressed. Total
cash costs, at $227/oz, rose 17% quarter-on-quarter as
a result of the lower production but gross profit
adjusted for the effect of unrealised non-hedge
derivatives increased by 14% to $8m, as the
production decrease was offset by an improved price
received.

The LTIFR was 3.52 (2.87).

At Sadiola (38% attributable), gold production
decreased 2% to 43,000oz due to lower tonnage
throughput, which resulted from increased treatment of
harder sulphides versus the lower-grade oxide material
that was primarily treated in the third quarter. Given
the higher processing costs associated with treating
sulphide material, total cash costs increased 18% to
$284/oz. Gross profit adjusted for the effect of
unrealised non-hedge derivatives, at $7m, was
consistent with that of the previous quarter, as the
higher price received partially offset the effects of lower
gold production and higher total cash costs.

The LTIFR was 1.03 (2.77).

At Yatela (40% attributable), production increased 48%
to 31,000oz, as the heavy rains of the third quarter
abated in the fourth, allowing tonnage stacked to return
to normal levels. A significant grade improvement also
contributed to the production increase, and total cash
costs declined 27% to $208/oz as a result. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives increased significantly to $6m due to the
stronger production and a higher price received.

The LTIFR was 3.77 (1.75).

NAMIBIA

At Navachab, gold production was 5% higher at
22,000oz due to an increase in recovered grade.
Total cash costs consequently declined 3% to
$259/oz. Gross profit adjusted for the effect of
unrealised non-hedge derivatives rose by 75% to
$7m due to the higher production and an improved
price received.

The LTIFR was 0.00 (4.01).

TANZANIA

Production at Geita declined 12% as anticipated to
120,000oz due to an 11% decrease in recovered
grade. Grades and production at Geita are
expected to remain at this level while the current
cut-back of the Nyankanga pit is completed, and is
likely to gradually increase in the third quarter of
2006. In spite of the 12% production decline, total
cash costs decreased this quarter by 8% to
$326/oz, reflecting the ongoing benefits of the
successful transition to owner-mining. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives improved to $7m in the fourth quarter
from a loss of $1m in the third, primarily as a result
of the decline in total cash costs, in addition to a
higher price received.

The LTIFR was 0.81 (0.82).

USA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production decreased 8% to
85,000oz due to a decline in heap leach
recoveries. Total cash costs rose 3% to $239/oz,
primarily as a result of higher diesel and
component part prices, in addition to the lower
production and a decrease in recovered grade.
Gross profit adjusted for the effect of unrealised
non-hedge derivatives, at $4m, remained in line
with that of the previous quarter primarily due to a
better price received.

The LTIFR was 0.00 (0.00). In December, CC&V
achieved 25 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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 5

Exploration

Total exploration expenditure amounted to $19m

($11m expensed, $8m capitalised) during the fourth

quarter, compared to $25m ($12m expensed, $13m

capitalised) in the previous quarter.

At Morila in Mali, three deflections were drilled from

each of two primary holes, which generally

confirmed the high grades previously intersected on

the Samacline target. A regional drilling programme

to test structural and geochemical targets and

consisting of 14 holes, has commenced.

At Siguiri, in Guinea, resource delineation drilling

continued at the Kintinian prospect, located 5km

from the plant. Mineralisation has been identified as

open-ended to the north west and south east of the

prospect and delineation drilling in 2006 is targeting

the addition of at least 1Moz in new resources at

Siguiri.

In Tanzania at Geita, drilling confirmed the down-

dip extension of the North East Extension Zone at

Geita Hill. Infill-drilling has commenced in the far

western corner of the licence area, as has testing of

the potential mineralisation continuity between

Ridge 8, Star and Comet.

In Brazil, ongoing drilling at Córrego do Sìtio

concentrated on the northern Laranjeiras orebody,

where promising down-plunge continuity has been

established. Underground development at Cachorro

Bravo has confirmed down-dip continuity of the

mineralisation at consistent grades and thickness.

Greenfields exploration activities continued in the

fourth quarter in Australia, Tanzania, Alaska, China,

Mongolia, Colombia, Russia and the DRC, with an

expensed expenditure of $10m.

At the Kimin project in the DRC, drilling in the

Adidi/D7 Kanga (Mongbwalu) sector continues to

encounter significant gold mineralisation. An

accelerated follow-up drill programme in 2006 is

targeting the addition of 3Moz of resource (in the

inferred category) at Adidi/D7 Kanga.

The definition of additional drill targets, with the
potential to host further gold resources, in both
the Mongbwalu area and elsewhere within the
Kilo greenstone belt will be assisted by the
completion of an airborne geophysical survey
around the end of the first quarter 2006.

In the USA in Alaska, preliminary grade
indications at the Lost Mine South project are
approximately 10g/t over a 3 metres width and
20g/t over narrower widths at the Terra project.
Drilling is planned to begin at the Lost Mine
South project in the first quarter of 2006.

Exploration activities in Colombia continued to
focus on regional reconnaissance, drill target
definition, permitting, and drill site preparation in
anticipation of the commencement of a drilling
programme in early 2006.

In Australia, wide-spaced reverse circulation
drilling at the Tropicana Prospect has extended
the strike length to over one kilometre.

Significant new intersections include 32 metres
at 6.6g/t from 44 metres, and 9 metres at 6.3g/t
from 33

metres.

A geophysical survey, in

addition to limited drilling, has identified a
parallel zone of mineralisation.

At the Rusty Nail prospect, geophysical
surveying results were consistent with existing
soil samples. Limited follow-up of six existing
prospects located within a 30 kilometre radius of
the Tropicana Prospect was completed during
the quarter.

In Mongolia, an epithermal vein system drill-
tested at Elgen Uul in the south eastern Gobi
yielded low-grade gold intercepts. Testing of
two further epithermal targets in Mongolia is
planned for 2006.

6 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Review of the gold market

The final quarter of the year saw the gold price
surge to its highest price in twenty-five years on
the back of new investor and speculator buying,
particularly on the Tokyo Commodities Exchange.

The average spot price for the quarter of $485/oz
was $46/oz, or over 10%, higher than the price for
the previous quarter. The closing price for the
quarter of $517/oz was $50/oz higher than the
opening price for the quarter. Above all, however,
the most striking aspect of the markets behaviour
in the quarter was the range of $86/oz between
the low of $455/oz early in the quarter, and high of
$541/oz seen during December. This is the
biggest price range in one quarter seen in the gold
market in over twenty years. The gold price has
now risen for five years in succession, a
phenomenon not seen since the deregulation of
the gold market in the developed markets in the
early 1970’s (see Graph A).

GOLD

The powerful performance of the gold price during
the final quarter of the year was driven entirely by
investor and speculator interest in the metal, and
the physical market for the metal played little role.

Although investors have been critical to the rising
price of gold the extent of their role in the price
rise during the past quarter was more obvious
than ever before. Sustained long positions in gold
on the New York Comex were joined by very
active interest on the Tokyo Commodities
Exchange (Tocom) during November and
December, and by renewed buying of gold
through the exchange traded funds in gold,
particularly streetTRACKS Gold, listed on the New
York Comex. The Tocom and ETF purchases
seem to have had the most visible impact on the
spot price.

Buying of gold by Japanese investors on Tocom
coincided with a sharp and sudden decline in the
yen against the US dollar from early November,
and it would be fair to conclude that Japanese
buyers were influenced towards gold as a hedge
against currency devaluation. The November/
December rally in the spot gold price was due
particularly to buying on Tocom. The second and
quite different area of interest in gold was the
buying of gold through the ETF’s. After a lull in

ETF holdings during mid-2005, there was a strong
return of interest, with over 70t of gold (over
2.5Moz) purchased during the last couple of
months of 2005. More than 40t of further ETF
gold investment has taken place in January 2006,
and the combined gold ETF’s globally today hold
some 400t, or 13Moz of gold, equal to over $7bn
worth of the metal.

By contrast, the interest in gold on the New York
Comex which has been the driving force in the
gold price for the past four years exercised
significantly less influence on the gold price during
the period under review. The net long position in
gold on the Comex remained stable at 18-19Moz
for most of the final quarter of the year, and
Comex trading contributed little to the strong
moves in the spot gold price during these past few
months (see Graph B).

The spot gold price has risen again during the first
few weeks of the new year. Sentiment towards
gold is helped by renewed speculation about
possible central bank reserve asset diversification
which could include gold (signalled specifically by
monetary authorities in China and Russia during
the last quarter of 2005), and by ongoing
concerns over the possibility of renewed inflation
on the back of higher energy prices in particular.
The gold price has performed well technically, and
the positive momentum of recent years has
attracted investors on the strength of its own
success story. Market analysts’ expectations of
renewed US dollar weakness during this year is
being taken as supportive of the gold price,
notwithstanding a delinking of the influence of the
dollar on the gold market for much of the past six
months.

In the broader market circumstances, sentiment
towards gold has also been assisted by the
general strength in commodity prices and by the
very significant volume of investment funds
seeking new assets.

In the physical market for gold, the sharp price
rise in the final quarter of the year inevitably
affected gold demand negatively. After a very
healthy first half demand for gold in jewellery,
where offtake reached 1,485t and Indian demand
was up by 50% year on year, the second half of
2005 saw jewellery offtake slip to 1,255t, with

Quarterly Report December 2005 - www.AngloGoldAshanti.com 7

reduced offtake particularly in India and Europe.
Industry analysts forecast a further fall in demand
in the first half of 2006. Overall, demand for gold
in jewellery rose by 5% for the year as a whole.
The weakness in India towards the end of the
year was offset by continuing robust demand for
gold in the Middle East and Turkey, and by growth
of 10% for the year in China. Demand for gold in
other fabrication was up by 4%. However, the
other important element in the net market for gold,
producer dehedging, fell sharply by 54% to only
195t in 2005. Regarding supply of gold, mine
production for 2005 was slightly higher than in
2004, but net official sales of gold increased by
some 40% to 663t for 2005, leaving the market in
over-supply, certainly in the second half of the
year.

CURRENCIES

Over the past year, the strength of the
US currency has confounded the forecasts of
most analysts and commentators, who saw the
dollar weakening continuously during 2005 to
between $1.35 and $1.50 to the euro. During the
final quarter of the year, the dollar strengthened to
almost $1.16 to the euro, its strongest rate against
the European currency in two years. However,
from that point, the market has corrected
somewhat and the dollar today trades between
$1.20 and $1.22 to the euro. The strength of the
US currency during the latter part of the year had
no impact on the gold price as investors and
speculators appeared to focus on the gold market
on its own terms, rather than trading in response
to US dollar movements as they had done over
the past four years.

Notwithstanding the dollar’s bounce-back against
the euro during 2005, the unfavourable
circumstances in the US economy remain, and
analysts are again calling for a weaker dollar
during the year ahead. The dollar was aided
significantly during 2005 by the effects of the
Homeland Investment Act which led to fund flows
back into the USA particularly during the latter half
of the year, but this circumstance will not repeat in
2006. Instead, the dollar will be exposed to the
US current account deficit which continues to rise
and to a fiscal deficit in the US which remains to
be addressed.

The rand showed mixed signals during the
quarter, opening and closing at around the same
exchange rate of R6.31 to the dollar, but trading to
a weak point of R6.80. The average rate of

R6.53/$1 is little changed from the previous
quarter. However, since the end of the quarter,
the currency has strengthened by over 5% to
trade as strong as R5.95 to the dollar. This has
significantly reduced the benefit to South African
producers of the stronger US dollar gold spot
price. Even with the US dollar gold price currently
at double the level at which it traded in late 2001,
the rand spot price of gold at around R105,000/kg
remains below the rand gold price at the end of
2001.

The market anticipates a further year of good
economic growth in South Africa in 2006, and
foreign investment interest in the South African
economy remains particularly strong. In addition,
the country continues to benefit from sustained
price increases in metals and commodities. It
seems likely that the rand will remain around its
current trading range in 2006.

HEDGING

As at 31 December 2005, the net delta hedge
position of AngloGold Ashanti was 10.84Moz or
337t, valued at the spot gold price at the end of
the quarter of $517/oz. This net delta position
reflects an increase of some 160,000oz or 5t in
the net delta size of the AngloGold Ashanti hedge
compared with the position at the end of the
previous quarter. This increase is due entirely to
a higher delta in open options positions valued
against a quarter-end spot price which was higher
by $51/oz than the closing spot price at the end of
September 2005.

The marked-to-market value of the hedge position
as at 31 December 2005 was negative $1.941bn.
Again, the increase in the negative value of the
hedge was due entirely to the increase of the
closing spot price by $51/oz quarter on quarter.
Had the spot price of gold at the end of December
2005 remained unchanged from the price of
$465/oz at the end of September, the hedge
would have reduced in size to 10.29Moz or 320t,
with a marked-to-market value of $1.4bn.

The price received by the company for the quarter
under review was $476/oz, compared with an
average spot price for the period of $485/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.

8 Quarterly Report December 2005 - www.AngloGoldAshanti.com

GRAPH B: COTR for Gold (Futures & Options)

2005 - Today

Graph A: US$ Gold Price: 1975 - 2006

Quarterly Report December 2005 - www.AngloGoldAshanti.com 9

Hedge position

As at 31 December 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 10.84Moz or
337t (at 30 September 2005: 10.68Moz or 332t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $1.941bn (negative R12.24bn) as at
31 December 2005 (as at 30 September 2005:
negative $1.349bn or R8.59bn). This value at
31 December 2005 was based on a gold price of
$517.00/oz, exchange rates of R/$6.305 and
A$/$0.7342 and the prevailing market interest rates
and volatilities at that date.

As at 9 February 2006, the marked-to-market
value of the hedge book was a negative
$2.425bn (negative R14.99bn), based on a gold
price of $557.75/oz and exchange rates of
R/$6.18 and A$/$0.7398 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

2006

2007

2008

2009

2010

2011-2015

Total

DOLLAR GOLD
Forward contracts

Amount (kg)

8,592

25,469

30,076

26,288

16,328

37,239

143,991

US$/oz

$279

$357

$365

$380

$382

$411

$375

Put options purchased

Amount (kg)

8,592

1,455

10,047

US$/oz

$345

$292

$337

Put options sold

Amount (kg)

6,532

855

1,882

7,527

18,678

US$/oz

$389

$390

$400

$410

$435

$411

Call options purchased

Amount (kg)

12,144

6,357

18,501

US$/oz

$346

$344

$345

Call options sold

Amount (kg)

32,157

32,544

32,500

31,194

28,054

72,911

229,359

US$/oz

$386

$387

$393

$418

$429

$497

$432

RAND GOLD
Forward contracts

Amount (kg)

2,449

933

3,382

Rand per kg

R97,520

R116,335

R102,711

Put options purchased

Amount (kg)

1,875

Rand per kg

R93,602

Put options sold

Amount (kg)

2,333

Rand per kg

R93,713

Call options purchased

Amount (kg)
Rand per kg

Call options sold

Amount (kg)

3,306

311

2,986

12,575

Rand per kg

R102,447

R108,123

R202,054

R216,522

R230,990

R183,851

A DOLLAR GOLD

Forward contracts

Amount (kg)

*3,110

6,843

2,177

3,390

3,110

12,410

per

A$625

A$640

A$665

A$656

A$684

A$664

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$680

A$694

A$712

A$683

Call options sold

Amount (kg)

per

Delta

(kg) 23,848 56,229 59,740 57,703 42,074 97,482 337,076

** Total net gold:

Delta

(oz)

776,730 1,807,802 1,920,683 1,855,192 1,352,709 3,134,115 10,837,229

* Long

position.

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

Rounding of figures may result in computational discrepancies.

10 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Year

2006

2007

2008

2009

2010

2011-2015

Total

DOLLAR

SILVER

Forward

contracts

Amount

(kg)

$ per oz

Put options purchased

Amount (kg)

43,545

130,635

per

$7.11 $7.40 $7.66

$7.39

Put options sold

Amount (kg)

43,545

130,635

per

$6.02 $5.93 $6.19

$6.05

Call

options

purchased

Amount

(kg)

$ per oz

Call options sold

Amount (kg)

43,545

130,635

per

$8.11 $8.40 $8.64

$8.39

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

Year

2006

2007

2008

2009

2010

2011-2015

Total

RAND DOLLAR (000)
Forward

contracts

Amount

($)

US$/R

Put

options

purchased

Amount

($)

60,000

US$/R

R6.89

Put

options

sold

Amount

($)

60,000

US$/R

R6.56

Call

options

purchased

Amount

($)

US$/R

Call

options

sold

Amount

($)

60,000

US$/R

R7.28

A DOLLAR (000)

Forward

contracts

Amount

($)

59,149

A$/US$ A$0.75

A$0.75

Put

options

purchased

Amount

($)

80,000

A$/US$ A$0.73

A$0.73

Put

options

sold

Amount

($)

80,000

A$/US$ A$0.76

A$0.76

Call

options

purchased

Amount

($)

A$/US$

Call

options

sold

Amount

($)

130,000

A$/US$ A$0.72

A$0.72

BRAZILIAN REAL (000)

Forward

contracts

Amount

($)

24,000

4,000

28,000

US$/BRL

BRL3.18

BRL3.31

BRL3.20

Put

options

purchased

Amount

($)

US$/BRL

Put

options

sold

Amount

($)

US$/BRL

Call

options

purchased

Amount

($)

US$/BRL

Call

options

sold

Amount

($)

20,000

US$/BRL

BRL3.29

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 11

Ore Reserves Statement

GOLD

AngloGold Ashanti’s attributable Proved & Probable
Ore Reserves amounted to 78.9Moz as at
31 December 2004 based on the requirements of
the United States Securities and Exchange
Commission (SEC). In accordance with this
requirement, the company’s Ore Reserves were
estimated using the three-year historical average of
gold prices of $375/oz, A$536/oz and R94,765/kg
respectively. AngloGold Ashanti reviews and
updates its estimates of Ore Reserves annually and
publishes them in the first quarter of each year.

In accordance with the preferred position of the
SEC, based on the estimated average of gold price
and exchange rates for the three years ended
31 December 2005, which yields gold prices of
around $400/oz, A$556/oz and R86,808/kg,
AngloGold Ashanti’s Proved and Probable Ore
Reserves have been determined to be 63.3Moz as
at 31

December 2005. The reduction in the

company’s Ore Reserves, as compared to those at
31 December 2004, amounted to 15.6Moz, 7.0Moz
of which is due to depletion, 6.4Moz is due to the
use of the lower rand gold price of R86,808/kg and
the remaining 2.2Moz reduction is due to geological
model and scope changes. These reductions in
Proved and Probable Ore Reserves are primarily at
three of the South African mines, namely Moab
Khotsong, Mponeng and Tau Lekoa, for reasons
detailed below:

• in the case of Moab Khotsong a reduction of

5.4Moz is due to:
o

the removal of 1.3Moz from the existing

project as a result of a reduction in the mine
call factor, and

the removal of the “Moab Khotsong

Phase 2 Project” (4.1Moz) following the
use of the lower rand gold price;

• in the case of Mponeng a reduction of

1.7Moz is due to:
o

the removal of 0.4Moz as a result of a

reduction in the mine call factor, and

the removal of the “Mponeng below 120

level Ventersdorp Contact Reef Project”
(1.3Moz) following the use of the lower
rand gold price; and

• in the case of Tau Lekoa, a reduction of

1.6Moz is primarily due to the use of the
lower rand gold price.

A sensitivity analysis has been carried out on
the company’s Ore Reserves, using gold prices
that reflect more recent spot prices ($530/oz,
A$700/oz and R105,000/kg). This analysis,
together with the anticipated reserve ounces
expected to be generated by the 2006
exploration programmes, indicates that the
current ore reserve position could be increased
by some 9Moz, thereby more than replacing
depletion in 2006.

BY-PRODUCTS

A number of by-products will be recovered as a
result of processing the gold Ore Reserves.
These include:

• 22.66 million ounces of silver from Argentina

• 13,920 tonnes of uranium from South Africa

• 164,000 tonnes of copper from Australia *

• 110,000 tonnes of sulphur from Brazil

* Assumes that the Boddington Expansion Project is approved by the Joint Venture partners.

12 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Group

operating results

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

Restated

Unaudited

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

UNDERGROUND OPERATION

Milled

- 000 tonnes

- 000 tons

3,513

3,441

13,806

13,554

3,873

3,793

15,219

14,940

Yield

- g / t

- oz / t

7.23

7.38

7.31

7.50

0.211

0.215

0.213

0.219

Gold produced

- kg

- oz (000)

25,412

25,387

100,858

101,717

817

816

3,243

3,270

SURFACE AND DUMP RECLAMATION

Treated

- 000 tonnes

- 000 tons

2,056

2,008

8,061

7,102

2,266

2,214

8,885

7,829

Yield

- g / t

- oz / t

0.57

0.57

0.52

0.60

0.016

0.017

0.015

0.018

Gold produced

- kg

- oz (000)

1,161

1,154

4,228

4,279

136

138

OPEN-PIT OPERATION

Mined

- 000 tonnes

- 000 tons

42,875

41,770

168,904

135,171

47,261

46,043

186,184

149,001

Treated

- 000 tonnes

- 000 tons

7,124

6,859

25,541

18,236

7,853

7,561

28,154

20,102

Stripping ratio

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

4.35

5.18

5.02

6.34

4.35

5.18

5.02

6.34

Yield

- g / t

- oz / t

2.21

2.48

2.74

3.21

0.065

0.072

0.080

0.094

Gold in ore

- kg

- oz (000)

10,169

9,154

45,409

54,056

327

294

1,460

1,738

Gold produced

- kg

- oz (000)

15,767

17,028

69,871

58,572

507

547

2,246

1,883

HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

15,126

13,588

61,091

71,837

16,674

14,978

67,342

79,187

Placed

- 000 tonnes

- 000 tons

5,127

5,299

22,277

22,120

5,652

5,842

24,557

24,383

Stripping ratio

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

2.11

1.86

1.97

2.08

2.11

1.86

1.97

2.08

Yield

- g / t

- oz / t

0.87

0.78

0.83

0.84

0.025

0.023

0.024

Gold placed

- kg

- oz (000)

4,443

4,136

18,401

18,534

143

133

592

596

Gold produced

- kg

- oz (000)

4,119

4,154

16,826

16,743

132

134

541

538

TOTAL

Gold produced

- kg

- oz (000)

46,460

47,723

191,783

181,311

1,494

1,534

6,166

5,829

Gold sold

- kg

- oz (000)

46,445

47,449

190,767

181,585

1,493

1,526

6,133

5,838

Price received

- R / kg

- $ / oz

- sold

99,780

90,440

89,819

81,051

476

433

439

394

Total cash costs

- R / kg

- $ / oz

- produced

58,367

59,453

57,465

54,276

278

284

281

264

Total production costs

- R / kg

- $ / oz

- produced

82,873

78,082

76,495

68,221

395

373

374

332

PRODUCTIVITY PER EMPLOYEE

Target

- g

- oz

410

428

422

372

13.19

13.77

13.57

11.95

Actual

- g

- oz

381

396

388

368

12.25

12.74

12.48

11.84

CAPITAL EXPENDITURE

- Rm

- $m

1,279

1,385

4,596

3,764

196

215

722

585

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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 13

Group income statement

Quarter

Year

ended

December

September

December

2005

2004

2005

2004

Restated

SA Rand million

Notes

Unaudited

Revenue

4,478

4,332

4,265

17,388

15,592

Gold income

4,337

4,151

4,054

16,750

14,788

Cost of sales

(3,929)

(3,748)

(3,466)

(14,713)

(12,305)

Non-hedge derivatives

(748)

(161)

(472)

(949)

(786)

Gross (loss) profit

(340)

243

116

1,088

1,697

Corporate administration and other expenses

(99)

(109)

(66)

(410)

(331)

Market development costs

(21)

(21)

(23)

(84)

(100)

Exploration costs

(69)

(81)

(77)

(288)

(283)

Amortisation of intangible assets

(46)

(200)

Other net operating expenses

(33)

(43)

(38)

(127)

(69)

Operating special items

(416)

(38)

(499)

Operating (loss) profit

(978)

(49)

(111)

(320)

794

Interest receivable

155

318

Exchange (loss) gain

(36)

(29)

Fair value adjustment on option component of convertible bond

(271)

(135)

(211)

160

Finance costs and unwinding of decommissioning
and restoration obligations

(216)

(166)

(143)

(690)

(563)

Fair value gains (losses) on interest rate swaps

(5)

Share of associates (loss) profit

(15)

(6)

(17)

(Loss) profit before taxation

(1,487)

(319)

(44)

(1,117)

745

Taxation

109

(10)

317

220

179

(Loss) profit after taxation from continuing operations

(1,378)

(329)

273

(897)

924

Loss for the period from discontinued operations

(56)

(42)

(16)

(219)

(73)

(Loss_ profit for the period

(1,434)

(372)

257

(1,116)

851

Allocated as follows
Equity shareholders of parent

(1,463)

(415)

234

(1,262)

728

Minority interest

146

123

(1,434)

(372)

257

(1,116)

851

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

(531)

(141)

(394)

319

Loss from discontinued operations

(21)

(16)

(6)

(83)

(29)

(Loss) profit

(552)

(157)

(477)

290

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

(531)

(141)

(394)

318

Loss from discontinued operations

(21)

(16)

(6)

(83)

(29)

(Loss) profit

(552)

(157)

(477)

289

Dividends

- Rm

614

926

- cents per share

232

350

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

14 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Group

income statement

Quarter

Year

ended

December

September

December

2005

2004

2005

2004

Restated

US Dollar million

Notes

Unaudited

Revenue

687

666

706

2,730

2,434

Gold income

665

638

672

2,629

2,309

Cost of sales

(602)

(576)

(575)

(2,311)

(1,924)

Non-hedge derivatives

(120)

(33)

(93)

(135)

(142)

Gross (loss) profit

(57)

183

243

Corporate administration and other expenses

(15)

(17)

(11)

(64)

(51)

Market development costs

(3)

(3)

(4)

(13)

(15)

Exploration costs

(11)

(12)

(13)

(45)

(44)

Amortisation of intangible assets

(8)

(31)

Other net operating expenses

(6)

(7)

(20)

(12)

Operating special items

(64)

(7)

(77)

Operating (loss) profit

(155)

(17)

(34)

(36)

102

Interest receivable

Exchange (loss) gain

(5)

(5)

Fair value adjustment on option component of convertible bond

(42)

(21)

(32)

Finance costs and unwinding of decommissioning
and restoration obligations

(33)

(26)

(24)

(108)

(87)

Fair value gains (losses) on interest rate swaps

(1)

Share of associates (loss) profit

(2)

(1)

(3)

(Loss) profit before taxation

(233)

(58)

(21)

(160)

Taxation

(2)

(Loss) profit after taxation from continuing operations

(214)

(60)

(124)

138

Loss for the period from discontinued operations

(9)

(7)

(3)

(36)

(11)

(Loss) profit for the period

(223)

(67)

(160)

127

Allocated as follows
Equity shareholders of the parent

(227)

(73)

(183)

108

Minority interest

(223)

(67)

(160)

127

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

(83)

(25)

(56)

Loss from discontinued operations

(3)

(3)

(1)

(14)

(4)

(Loss) profit

(86)

(28)

(69)

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

(83)

(25)

(56)

Loss from discontinued operations

(3)

(3)

(1)

(14)

(4)

(Loss) profit

(86)

(28)

(69)

Dividends

- $m

148

- cents per share

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment.

The impact of the diluted earnings per share is anti-dilutive and therefore equal to the basic earning per share.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 15

Group

balance sheet

As at

December

September

December

2005

2004

Restated

SA Rand million

Notes

Unaudited

ASSETS

Non-current assets

Tangible assets

37,464

37,164

33,239

Intangible assets

2,533

2,602

2,458

Investments in associates

223

238

Other investments

645

582

608

Inventories

1,182

767

202

Derivatives

243

311

1,055

Trade and other receivables

124

116

Deferred taxation

279

233

Other non-current assets

101

152

101

42,794

42,164

37,761

Current assets

Inventories

2,436

2,623

2,285

Trade and other receivables

1,589

1,502

1,700

Derivatives

4,280

3,162

2,767

Current portion of other non-current assets

Cash restricted for use

148

Cash and cash equivalents

1,328

1,469

1,630

9,728

8,845

8,535

Non-current assets held for sale

100

100

9,828

8,945

8,535

TOTAL ASSETS

52,622

51,110

46,296

EQUITY AND LIABILITIES

Share capital and premium

19,047

19,023

18,987

Retained earnings and other reserves

(2,463)

(360)

(1,197)

Shareholders' equity

16,584

18,663

17,790

Minority interests

374

375

327

Total equity

16,958

19,038

18,117

Non-current liabilities

Borrowings

10,825

10,889

7,262

Environmental rehabilitation and other provisions

2,265

1,804

1,294

Provision for pension and post-retirement benefits

1,249

1,017

1,112

Trade, other payables and deferred income

Derivatives

2,460

2,096

3,033

Deferred taxation

7,353

7,954

7,653

24,239

23,825

20,375

Current liabilities

Trade, other payables and deferred income

2,711

2,735

2,629

Current portion of borrowings

1,190

991

1,800

Derivatives

6,814

4,218

3,007

Taxation

710

304

368

11,425

8,248

7,804

Total liabilities

35,664

32,072

28,179

TOTAL EQUITY AND LIABILITIES

52,622

51,110

46,296

Net asset value - cents per share

6,401

7,191

6,850

Rounding of figures may result in computational discrepancies.

16 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Group

balance sheet

As at

December

September

December

2005

2004

Restated

US Dollar million

Notes

Unaudited

ASSETS

Non-current assets

Tangible assets

5,905

5,843

5,888

Intangible assets

399

409

435

Investments in associates

Other investments

102

107

Inventories

186

121

Derivatives

187

Trade and other receivables

Deferred taxation

Other non-current assets

6,745

6,629

6,688

Current assets

Inventories

384

412

406

Trade and other receivables

250

236

302

Derivatives

675

497

490

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

209

231

289

1,533

1,391

1,514

Non-current assets held for sale

1,549

1,406

1,514

TOTAL ASSETS

8,294

8,035

8,202

EQUITY AND LIABILITIES

Share capital and premium

3,002

2,991

3,364

Retained earnings and other reserves

(388)

(57)

(213)

Shareholders' equity

2,614

2,934

3,151

Minority interests

Total equity

2,673

2,993

3,209

Non-current liabilities

Borrowings

1,706

1,712

1,286

Environmental rehabilitation and other provisions

356

284

230

Provision for pension and post-retirement benefits

197

160

197

Trade, other payables and deferred income

Derivatives

388

330

537

Deferred taxation

1,159

1,250

1,356

3,820

3,746

3,610

Current liabilities

Trade, other payables and deferred income

427

430

466

Current portion of borrowings

188

156

319

Derivatives

1,074

663

533

Taxation

112

1,801

1,297

1,383

Total liabilities

5,621

5,042

4,993

TOTAL EQUITY AND LIABILITIES

8,294

8,035

8,202

Net asset value - cents per share

1,009

1,130

1,214

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 17

Group

cash flow statement

Quarter

Year

ended

December

September

December

2005

2004

2005

2004

Restated

SA Rand million

Unaudited

Cash flows from operating activities
Receipts from customers

4,818

4,098

4,010

17,189

15,368

Payments to suppliers and employees

(3,588)

(2,913)

(3,115)

(12,756)

(11,846)

Cash generated from operations

1,230

1,185

895

4,433

3,522

Cash utilised by discontinued operations

(23)

(51)

(16)

(188)

(12)

Environmental, rehabilitation and other expenditure

(48)

(27)

(80)

(104)

(113)

Termination of employee benefit plan

(61)

Taxation paid

(48)

(45)

(25)

(188)

(218)

Net cash inflow from operating activities

1,110

1,000

774

3,892

3,179

Cash flows from investing activities
Capital expenditure

(1,283)

(1,385)

(1,181)

(4,600)

(3,764)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(67)

(4)

(26)

(83)

(196)

Associate acquired

(1)

(1)

(93)

Proceeds from disposal of investments

Acquisition disposal of subsidaries

(40)

(1,523)

Cash in the subsidiary acquired

384

Cash restricted for use

105

112

(45)

Loans advanced

(2)

(13)

(45)

(13)

Repayment of loans advanced

412

539

Utilised in hedge restructure

(703)

(415)

(703)

Net cash outflow from investing activities

(1,235)

(1,258)

(1,531)

(4,999)

(5,252)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

(1)

Proceeds from borrowings

154

926

4,194

7,236

Repayment of borrowings

(141)

(148)

(477)

(2,183)

(5,348)

Interest received

113

236

Finance costs

(45)

(135)

(23)

(471)

(465)

Dividends paid

(26)

(507)

(52)

(1,051)

(1,322)

Proceeds from hedge restructure

228

Net cash (outflow) inflow from financing activities

(12)

175

(178)

662

586

Net decrease in cash and cash equivalents

(137)

(83)

(935)

(445)

(1,487)

Translation

(4)

(92)

(153)

143

(186)

Cash and cash equivalents at beginning of year

1,469

1,644

2,718

1,630

3,303

Net cash and cash equivalents at end of year

1,328

1,469

1,630

1,328

1,630

Cash generated (utilised) from operations
(Loss) profit before taxation

(1,487)

(319)

(44)

(1,117)

745

Adjusted for:
Non-cash movements

105

267

Movement on non-hedge derivatives

1,257

244

440

1,744

1,055

Amortisation of tangible assets

900

784

718

3,203

2,423

Deferred stripping costs

(140)

(39)

(14)

(153)

(144)

Interest receivable

(28)

(34)

(74)

(155)

(318)

Operating special items

416

(17)

(24)

444

(80)

Finance costs and unwinding of decommissioning and
restoration obligations

216

166

143

690

563

Amortisation of intangible assets

208

Fair value adjustment on option component of convertible bond

271

135

(94)

211

(160)

Movement in working capital

                                                                                                         1,230             1,185               895             4,433             3,522
Movement in working capital
(Increase) decrease in inventories                                                           (186)                  6               122            (1,086)                 (1)
(Increase) decrease in trade and other receivables                                      (66)               252               (22)                (46)                  1
Increase (decrease) increase in trade and other payables                               5              (102)              (406)               418              (776)

( 248) 157 (306) (714) (776)

Rounding of figures may result in computational discrepancies.

(248)

157

(306)

(714)

(776)

18 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Group

cash flow statement

Quarter

Year

ended

December

September

December

2005

2004

2005

2004

Restated

US Dollar million

Unaudited

Cash flows from operating activities
Receipts from customers

741

633

676

2,710

2,393

Payments to suppliers and employees

(551)

(453)

(505)

(2,011)

(1,805)

Cash generated from operations

190

180

171

699

588

Cash utilised by discontinued operations

(4)

(8)

(3)

(31)

(2)

Environmental, rehabilitation and other expenditure

(8)

(4)

(14)

(16)

(18)

Termination of employee benefit plan

(10)

Taxation paid

(7)

(7)

(5)

(30)

(34)

Net cash inflow from operating activities

171

151

149

612

534

Cash flows from investing activities
Capital expenditure

(197)

(215)

(192)

(722)

(585)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(10)

(1)

(5)

(11)

(30)

Associate acquired

(15)

Proceeds from disposal of investments

Acquisition disposal of subsidaries

(6)

(227)

Cash in the subsidiary acquired

Cash restricted for use

(6)

Loans advanced

(2)

(7)

(2)

Repayment of loans advanced

Utilised in hedge restructure

(123)

(69)

(123)

Net cash outflow from investing activities

(189)

(195)

(259)

(789)

(822)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

Proceeds from borrowings

139

659

1,077

Repayment of borrowings

(19)

(19)

(82)

(343)

(818)

Interest received

Finance costs

(6)

(21)

(5)

(74)

(72)

Dividends paid

(4)

(78)

(8)

(169)

(198)

Proceeds from hedge restructure

Net cash (outflow) inflow from financing activities

(4)

(30)

100

Net decrease in cash and cash equivalents

(22)

(16)

(140)

(77)

(219)

Translation

(3)

Cash and cash equivalents at beginning of year

231

246

417

289

495

Net cash and cash equivalents at end of year

209

231

289

209

289

Cash generated (utilised) from operations
(Loss) profit before taxation

(233)

(58)

(21)

(160)

Adjusted for:
Non-cash movements

Movement on non-hedge derivatives

199

262

181

Amortisation of tangible assets

138

121

503

380

Deferred stripping costs

(22)

(6)

(2)

(24)

(21)

Interest receivable

(4)

(5)

(12)

(25)

(49)

Operating special items

(2)

(4)

(12)

Finance costs and unwinding of decommissioning and
restoration obligations

108

Amortisation of intangible assets

Fair value adjustment on option component of convertible bond

(17)

(27)

Movement in working capital

(37)

(23)

(108)

(84)

                                                                                                           190               180              171               699                588
Movement in working capital
Increase in inventories                                                                            (31)              (25)                (27)           (123)               (56)
(Increase) decrease in trade and other receivables                                      (11)               26                 (36)                23               (40)
Increase (decrease) increase in trade and other payables                               5                21                   40                (8)                12

( 37) 22 (23) (108) (84)

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 19

Statement of recognised income and expense

for the year ended 31 December 2005

Year ended

ended

December

2005

2004

Unaudited

Actuarial gains and losses on defined benefit retirement plans

(173)

(15)

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

391

867

Net (loss) gain on cash flow hedges

(1,281)

236

Net gain on available for sale financial assets

Share based payment expenses

Deferred taxation on items above

445

(286)

Net exchange translation differences

(146)

183

Net (expense) income recognised directly in equity

(725)

997

(Loss) profit for the period

(1,116)

851

Total recognised income and expense for the period

(1,841)

1,848

Attributable to:
Equity shareholders of the parent

(1,982)

1,825

Minority interest

141

(1,841)

1,848

Actuarial gains and losses on defined benefit retirement plans

(27)

(3)

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

134

Net (loss) gain on cash flow hedges

(202)

Net gain on available for sale financial assets

Share based payment expenses

Deferred taxation on items above

(42)

Net exchange translation differences

(20)

Net (expense) income recognised directly in equity

(92)

119

(Loss) profit for the period

(160)

127

Total recognised income and expense for the period

(252)

246

Attributable to:
Equity shareholders of the parent

(274)

227

Minority interest

(252)

246

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

20 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Notes

for the quarter and year ended 31 December 2005

Basis of preparation

The financial statements in this quarterly report have been prepared in accordance with the historic cost
convention except for certain financial instruments which are stated at fair value. 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 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 year ended 31 December 2005.

Changes to comparative information: During the year, AngloGold Ashanti adopted various accounting policies
relating to the convertible bond and the method of accounting for its post-retirement medical and pension
obligations, and has complied with IFRS statements for the accounting for the Ergo discontinuance, which details
have been fully disclosed in prior quarterly reports. As part of the year-end process and in compliance with
disclosures for the year ended 31 December 2005, certain amounts have been reclassified to agree with current
disclosures. Full details of all changes will be presented in the 2005 annual report which is expected to be
distributed to shareholders during March 2006.

Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

4,337

4,151

16,750

14,788

665

638

2,629

2,309

Sale of uranium, silver and sulphuric
acid

112

147

483

486

Interest receivable

155

318

4,478

4,332

17,388

15,592

687

666

2,730

2,434

Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cash operating costs

2,676

2,757

10,828

9,572

410

423

1,703

1,495

Other cash costs

116

104

412

342

Total cash costs

2,792

2,861

11,240

9,914

428

439

1,768

1,549

Retrenchment costs

168

Rehabilitation & other non-cash costs

207

368

136

Production costs

3,061

2,988

11,776

10,102

468

459

1,851

1,578

Amortisation of tangible assets

900

784

3,203

2,423

138

121

503

380

Amortisation of intangible assets

–

Total production costs

3,965

3,775

14,992

12,533

607

580

2,356

1,959

Inventory change

(35)

(28) (279) (228) (5)

(4) (45) (35)

3,929

3,748

14,713

12,305

602

576

2,311

1,924

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 21

Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Contract termination fee at Geita

–

(55)

–

(9)

–

Underprovision of indirect taxes

(27)

–

(27)

–

(4)

–

(4)

–

Impairment of intangible assets

(125)

–

(125)

–

(20)

–

(20)

–

Impairment of tangible assets

(255)

–

(300)

(8)

(38)

–

(44)

(1)

(Loss) profit on sale and abandonment
of assets

(9)

(2)

–

(416)

(38) (499) 80

(64)

(7) (77) 12

5. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Current taxation

(121)

–

(184)

(229)

(19)

–

(30) (40)

Under provision prior year

(347)

(36) (347) (169) (52)

(6) (52) (26)

Total current taxation

(468)

(36) (531) (398) (71)

(6) (82) (66)

Deferred taxation

(35) (244) (215) (1)

(5) (36) (32)

Deferred taxation – impairment of
tangible assets

–

Deferred taxation – change in
estimated deferred taxation

–

566

–

Deferred taxation – contract
termination expenditure at Geita

–

Deferred taxation effect on change in
tax rate

302

–

695

–

106

–

Deferred taxation on unrealised non-
hedge derivatives

133

128

226

Total deferred taxation

577

751

577

118

107

Total taxation

109

(10)

220

179

(2) 36

Rounding of figures may result in computational discrepancies.

22 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Headline (loss) earnings

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

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

(1,463)

(415) (1,262)

728

(227)

(73) (183) 108

Amortisation of intangible assets

–

200

–

Impairment of tangible assets (note 4)

255

–

300

–

Impairment of intangible assets
(note 4)

125

–

125

–

(Profit) on disposal of assets (note 4)

(22)

(17) (39) (88) (4)

(2) (5) (13)

Impairment of associate

–

Taxation on items above – current
portion

(1)

–

Taxation on items above – deferred
portion

(64)

–

(79)

–

(10)

–

(12)

–

Net loss from discontinued operations
(note 9)

219

Headline (loss) earnings

(1,097)

(390) (723) 937

(171)

(69) (98) 141

Cents per share

(1)

Headline (loss) earnings

(414)

(147) (273) 373

(65)

(26) (37) 56

(1)

Calculated on the basic weighted average number of ordinary shares.

Headline earnings adjusted for the effect of unrealised non-hedge derivatives, fair value gain (loss) on
convertible bond and interest rate swaps

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Headline (loss) earnings (note 6)

(1,097)

(390) (723) 937

(171)

(69) (98) 141

Unrealised non-hedge derivatives

1,210

435

1,900

1,146

191

286

198

Deferred taxation on unrealised non-
hedge derivatives (note 5)

(133)

(42) (128) (226) (21)

(6) (20) (40)

Fair value gain (loss) on convertible
bond

271

135

211

(160)

(27)

Fair value gain (loss) on interest rate
swap

–

(10)

–

(2)

Deferred tax on interest rate swap

–

Headline earnings before unrealised
non-hedge derivatives, fair value
gain (loss) on convertible bond
and interest rate swaps 250

138

1,265

1,691

200

271

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 23

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Cents per share

(1)

Headline earnings adjusted for the
effect of unrealised non-hedge
derivatives, fair value gain (loss)
on convertible bond and interest
rate swaps

478

673

108

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

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

Open positions: The change in fair value from the previous reporting date or date of recognition (if later) through to the current
reporting date; and

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

Headline (loss) earnings adjusted for the effect of unrealised non-hedge derivatives, fair value gain (loss) on convertible bond and
interest rate swaps, 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.

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

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

Quarter ended

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

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

(340)

243

1,088

1,697

(57)

183

243

Unrealised non-hedge derivatives

1,210

435

1,900

1,147

191

286

197

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

(1)

870

678

2,988

2,844

134

105

469

441

Rounding of figures may result in computational discrepancies.

24 Quarterly Report December 2005 - www.AngloGoldAshanti.com

(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 (loss) 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

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

Year ended

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Gold income

111

560

Retrenchment, rehabilitation and other
costs

(7)

(13) (417) (628) (1)

(2) (66) (98)

Gross profit (loss)

(9) (307) (68)

(1) (48) (11)

Impairment loss reversed

–

115

–

Profit (loss) before taxation from
discontinued operations

(9) (192) (68)

(1) (31) (11)

Deferred taxation

(61)

(34) (27) (5) (9)

(5) (5) –

Net loss attributable to discontinued
operations

(56)

(42) (219) (73) (9)

(7) (36) (11)

10. Capital commitments

Dec

2005

Sept

2005

Dec

2004

Dec

2005

Sept

2005

Dec

2004

Restated

Restated Restated

Restated

Unaudited

Unaudited Unaudited

Unaudited

SA Rand million

US Dollar million

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

1,181

1,753

835

186

276

148

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 25

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.

11. Shares

Quarter ended

Year ended

Dec

2005

Sept

2005

Dec

2004

Dec

2005

Dec

2004

Restated Restated

Restated

Unaudited Unaudited Unaudited Unaudited Unaudited

Authorised shares:

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 shares:
Ordinary shares

264,938,432

264,749,794 264,462,894 264,938,432

264,462,894

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

264,851,516

264,642,218 264,415,225 264,635,634

251,352,552

Diluted number of ordinary shares

265,416,952

265,224,451 265,085,959 265,236,949

252,048,301

During the quarter, 188,638 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme. All
the preference shares are held by a wholly-owned subsidiary company.

12.

Ordinary share capital and premium

As at

Dec

2005

Dec

2004

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited

Unaudited

SA Rand million

US Dollar million

Balance at December

18,987

9,669

3,364

1,450

Ordinary shares issued

9,318

1,369

Translation –

–

(371)

545

Balance at December

19,047

18,987

3,002

3,364

Rounding of figures may result in computational discrepancies.

26 Quarterly Report December 2005 - www.AngloGoldAshanti.com

13.

Retained earnings and other reserves

Retained

Earnings

(1)

Non-

distributable

reserves

(2)

Foreign

currency

translation

reserve

Other

Comprehen-

sive

income

(3)

Total

SA Rand million

Balance at December 2003 as previously reported

3,848

138

(755)

(2,047)

1,184

Change in accounting policy for defined
benefit retirement plans

(112) (112)

As restated

3,848

138

(755)

(2,159)

1,072

Actuarial gains and losses recognised

(4)

(15)

Deferred taxation recognised directly in equity

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

864

Net gain on cash flow hedges

239

Deferred taxation on cash flow hedges

(291) (291)

Net gain on available for sale financial assets

Exchange translation differences

(2,797)

183

(2,614)

Profit attributable to equity shareholders

728

Dividends

paid

(1,197)

Balance at December 2004 (restated)

3,379

138

(3,552)

(1,162)

(1,197)

Actuarial gains and losses recognised

(4)

(173)

Deferred taxation recognised directly in equity

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

387

Net loss on cash flow hedges

(1,272)

Deferred taxation on cash flow hedges

377 377

Net gain on available for sale financial assets

Exchange translation differences

1,642

(146)

1,496

Share based payment expenses

Loss attributable to equity shareholders

(1,262)

Dividends

paid

(926)

Balance at December 2005

1,191

138

(1,910)

(1,882)

(2,463)

US Dollars million

Balance at December 2003 as previously reported

577

(113)

(307)

178

Effects of changes in foreign exchange rates (IAS21)
revised

(220)

220

Change in accounting policy for defined
benefit retirement plans

(18)

As restated

357

107

(325)

160

Actuarial gains and losses recognised

(4)

(3)

Deferred taxation recognised directly in equity

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

134

Net gain on cash flow hedges

Deferred taxation on cash flow hedges

(43) (43)

Net gain on available for sale financial assets

Exchange translation differences

(424)

(20)

(441)

Profit attributable to equity shareholders

108

Dividends

paid

(179)

Balance at December 2004 (restated)

286

(317)

(206)

(213)

Actuarial gains and losses recognised

(4)

(27)

Deferred taxation recognised directly in equity

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

Net loss on cash flow hedges

(200) (200)

Deferred taxation on cash flow hedges

Net gain on available for sale financial assets

Exchange translation differences

(2)

250

293

Share based payment expenses

Loss attributable to equity shareholders

(183)

Dividends

paid

(149)

Balance at December 2005

(46)

(67)

(297)

(388)

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

revised.

(2) Non-distributable reserves comprise a surplus on disposal of company shares of $22m, R138m (2004: $24m, R138m).
(3) Other comprehensive income represents the effective portion of fair value gains or losses in respect of cash flow hedges until the underlying

transaction occurs, upon which the gains or losses are recognised in earnings.

(4) With the adoption of IAS 19 revised, actuarial gain and loss movements are accounted through equity reserves. Actuarial gains and losses arise from

a change in assumption parameters and the difference between the actual and expected return on plan assets.

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 27

14. Minority interests

As at

Dec

2005

Dec

2004

Dec

2005

Dec

2004

Restated

Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Balance at December

327

354

Attributable profit

146

124

Dividends paid

(125)

(125)

(20)

(19)

At acquisition of subsidiaries

–

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

–

Net loss on cash flow hedges

(9)

(3)

(2)

–

Exchange translation differences

(43)

(1)

Balance at December

374

327

15. Exchange rates

Dec

2005

Sept

2005

Dec

2004

Restated

Unaudited

Rand/US dollar average for the period

6.37

6.31 6.44

Rand/US dollar average for the quarter

6.53

6.51 6.05

Rand/US dollar closing

6.35

6.36 5.65

Rand/Australian dollar average for the period

4.85

4.85 4.82

Rand/Australian dollar average for the quarter

4.86

4.95 4.58

Rand/Australian dollar closing

4.65

4.85 4.42

Rounding of figures may result in computational discrepancies.

16.

Contingent liabilities

AngloGold Ashanti’s contingent liabilities at 31 December 2005, are detailed below:

Water pumping cost – South Africa – The South African Department of Water Affairs and Forestry issued a new
directive on 1 November 2005 ordering the four mining groups, Simmer and Jack Investments (Proprietary)
Limited, Simmer and Jack Mines Limited (collectively known as Simmers who have purchased Buffelsfontein
shafts from DRDGold Limited), Harmony Gold Mining Company Limited, AngloGold Ashanti and Stilfontein Gold
Mining Company to share equally, the costs of pumping water at Stilfontein’s Margaret Shaft. This follows an
interdict application made by AngloGold Ashanti in response to DRDGold’s threat to cease funding the pumping
of water at the Margaret and Buffelsfontein shafts, after placing Buffelsfontein, its subsidiary that operated the
North West operations, into liquidation on 22 March 2005. Simmers have purchased the Buffelsfontein shafts
from DRDGold and have assumed the water management liabilities associated with the Buffelsfontein shafts.
The directive also orders the mining companies to submit an agreement and a joint proposal towards the long-
term sustainable management of water arising from the mining activities in the area. AngloGold Ashanti believes
that it is not liable to fund these pumping costs but cannot provide any assurances regarding the ultimate result
until the matter has been settled.

Groundwater pollution – South Africa – AngloGold Ashanti has identified a number of groundwater pollution sites
at its currently operations in South Africa, and has investigated a number of different technologies and
methodologies that could possibly be used to remediate the pollution plumes. The viability of the suggested
remediation techniques in the local geological formation in South Africa is however unknown. No sites have been
remediated and present research and development work is focused on several pilot projects to find a solution that
will in fact yield satisfactory results in South African conditions. Subject to the technology being developed as a
remediation technique, no reliable estimate can be made for the obligation.

28 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Retrenchment costs – South Africa – Following the decision to discontinue operations at Ergo in 2005, employees
surplus to requirements have been terminated and retrenchment packages settled. Ergo continues to retain
various staff members to complete the discontinuance and the attendant environmental obligations which are
expected to be completed by 2012. The retained employees may resign, be transferred within the Group, attain
retirement age or be retrenched as their current position is made redundant. AngloGold Ashanti is currently
unable to determine the effect, if any, of any potential retrenchment costs.

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 – South Africa – AngloGold Ashanti has provided sureties in favour of a lender on a Gold loan
facility with its affiliate Oro Africa (Pty) Ltd and one of its subsidiaries to a maximum value of R100m ($16m). The
suretyship agreements have a termination notice period of 90 days.

AngloGold Ashanti Pension Fund – South Africa – A statutory valuation of the defined benefit pension fund was
performed as at 31 December 2002, which showed that the fund was in deficit. To fund the shortfall, the rate of
the company contribution was reviewed and increased during 2004. In addition, a formal additional funding plan
was submitted to and approved by the Financial Services Board. According to the plan, the company funded
R34m ($5m) in 2005, R31m ($5m) in 2004 and a further R259m ($35m) will be funded during the years 2006 to
2011. The plan is evaluated by independent actuaries on an annual basis as at 31 December of each year, and a
formal statutory valuation as at 31 December 2005 will be completed during the first six months of 2006. In
arriving at their conclusions, the actuaries took into account, reasonable long-term estimates of inflation,
increases in wages, salaries and pension, as well as returns on investment. A preliminary valuation for December
2005 indicates that the funding plan will no longer be effected.

Exploration and development tenements – Australia – 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.

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A., the operator of the Crixas mine in Brazil, has
received assessments from the State of Goias Tax Inspection related to payments of sales taxes on gold
deliveries for export. The Serra Grande Joint Venture is co-owned with Kinross Gold Corporation. The company
manages the operation and its attributable share of the assessment is approximately $29 million. The company
believes the assessments are in violation of Federal legislation on sales taxes and that there is a remote chance
of success for the State of Goias. The assessment has been appealed.

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. If successful, there is a risk of some employees claiming rights to
share options;

• Bayswater Construction and Mining Limited (BCM) have instituted court proceedings against the Bibiani

mine (AGBL), claiming $4.66m pertaining to a contractual dispute. This matter is currently stayed on
technical grounds to the effect that the litigation cannot commence until arbitration has been concluded. The
potential liability amounts to $3m;

• BCM has instituted a claim against the Bibiani mine relating to a wall slip to which BCM considered that they

had an exclusive right under their contract to repair. AGBL awarded the repair to a third party. The potential
liability amounts to $1m.

Capital cost of water pipelines and electricity supply – Namibia – 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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 29

Federal violations – USA – Sierra Club and Mineral Policy Center filed two lawsuits against Cripple Creek & Victor
Gold Mining Company, AngloGold Ashanti (Colorado) Corp., AngloGold Ashanti North America Inc., and Golden
Cycle Gold Corporation alleging various past and ongoing violations of the federal Clean Water Act at the
Cresson Project near Victor, Colorado. The Defendants dispute that there have been or that there are ongoing
violations of the Clean Water Act, and have been vigorously defending themselves in the ensuing years. The trial
is scheduled February 2006. Without conceding any liability but in an attempt to resolve these matters without the
cost and expense of trial the parties have held settlement discussions and the Defendants have offered
approximately $500,000 to conduct on-the-ground activities and pay some of Plaintiffs costs. At this time, no
settlement has been reached. The potential liability amounts to $1m.

Obligations pertaining to a lease agreement – USA – Pursuant to the assignment of equipment leases to
Queenstake Resources USA Inc., as a result of the sale of Jerritt Canyon effective 30 June 2003, AngloGold
Ashanti USA has become secondarily liable in the event of a default by Queenstake Resources USA Inc. in
performance of any of the lessee's obligations arising under the Lease. These agreements have a remaining
term of 1 year.

17.

Concentration of risk

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Malian
government:
• Reimbursable value added tax due from the Malian government, for the company amount to an attributable

$25m at 31 December 2005 (31 December 2004: attributable $14m). The last audited value added tax return
was for the period ended 30 June 2005 and at that date an attributable $12m was still outstanding and an
attributable $6m is still subject to audit. The accounting processes for the unaudited amount are in
accordance with the processes advised by the Malian government in terms of the previous audits.

• Reimbursable fuel duties from the Malian government, for the company amount to an attributable $13m at

31 December 2005 (31 December 2004: attributable $13m). Fuel duties are required to be submitted before
31 January of the following year and are subject to authorisation by firstly the Department of Mining and
secondly the Custom and Excise authorities. The Customs and Excise authorities have approved an
attributable $7m which is still outstanding, whilst an attributable $6m is still subject to authorisation. The
accounting processes for the unauthorised amount are in accordance with the processes advised by the
Malian government in terms of the previous authorisations.

The government of Mali is a shareholder in all the Malian entities and has promised to provide a repayment plan
for the amounts due.

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. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

20. Announcements

On 26 October 2005, AngloGold Ashanti announced that it welcomed the announcement by Anglo American that
it intended to provide AngloGold Ashanti with greater flexibility to pursue its strategy by deciding to reduce its
shareholding in the company, whilst still intending to remain a significant shareholder in the medium term.

30 Quarterly Report December 2005 - www.AngloGoldAshanti.com

21. Dividend

The directors have today declared Final Dividend No. 99 of 62 (Final Dividend No. 97: 180) South African cents

per ordinary share for the six months ended 31 December 2005. In compliance with the requirements of

STRATE, given the company's primary listing on the JSE Limited (formerly JSE Securities Exchange South

Africa), the salient dates for payment of the dividend are as follows:

To holders of ordinary shares and to holders of CHESS Depositary Interests (CDIs)

Each CDI represents one-fifth of an ordinary share.

2006

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

Thursday, 23 February

Last date to trade ordinary shares cum dividend

Thursday, 23 February

Last date to register transfers of certificated securities cum dividend

Thursday, 23 February

Ordinary shares trade ex dividend

Friday, 24 February

Record date

Friday, 3 March

Payment date

Friday, 10 March

On the payment date, dividends due to holders of certificated securities on the South African share register will

either be electronically transferred to shareholders' bank accounts or, in the absence of suitable mandates,

dividend cheques will be posted to such shareholders.

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

CSDP or broker.

To comply with the further requirements of STRATE, between Friday, 24 February 2006 and Friday, 3 March

2006, both days inclusive, no transfers between the South African, United Kingdom, Australian and Ghana share

registers will be permitted and no ordinary shares pertaining to the South African share register may be

dematerialised or rematerialised.

To holders of American Depositary Shares

Each American Depositary Share (ADS) represents one ordinary share.

2006

Ex dividend on New York Stock Exchange

Wednesday, 1 March

Record date

Friday, 3 March

Approximate date for currency conversion

Friday, 10 March

Approximate payment date of dividend

Monday, 20 March

Assuming an exchange rate of R6.18/$1, the dividend payable on an ADS is equivalent to 10 US cents. This

compares with the final dividend of 30.37 US cents per ADS paid on 7 March 2005. However, the actual rate of

payment will depend on the exchange rate on the date for currency conversion.

To holders of Ghanaian Depositary Shares (GhDSs)

100 GhDSs represent one ordinary share.

2006

Last date to trade and to register GhDSs cum dividend

Friday, 24 February

GhDSs trade ex dividend

Monday, 27 February

Record date

Friday, 3 March

Approximate payment date of dividend

Monday, 13 March

Assuming an exchange rate of R1/¢1,472 the dividend payable per GhDS is equivalent to 9.13 cedis. This

compares with the final dividend of 26.830 cedis per GhDS paid on 28 February 2005. However, the actual rate

of payment will depend on the exchange rate on the date for currency conversion. In Ghana, the authorities have

determined that dividends payable to residents on the Ghana share register be subject to a final withholding tax

at a rate of 10%, similar to the rate applicable to dividend payments made by resident companies which is

currently at 10%.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

9 February 2006

Quarterly Report December 2005 - www.AngloGoldAshanti.com 31

Price and unit cost calculation

Quarter

Year

Quarter

Year

ended

December September

December

December September

December

2005

2004

2005

2004

Restated

Unaudited

Price received

Gold income per income statement

4,337

4,151

16,750

14,788

665

638

2,629

2,309

Adjusted for minority interests

(165)

(135)

(566)

(432)

(25)

(21)

(89)

(68)

4,173

4,017

16,184

14,356

640

617

2,540

2,241

Realised non-hedge derivatives

462

274

951

362

151

4,634

4,291

17,135

14,718

711

660

2,691

2,298

Attributable gold sold - kg / - oz (000)

46,445

47,449

190,767

181,585

1,493

1,526

6,133

5,838

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

99,780

90,440

89,819

81,051

476

433

439

394

Total costs
Total cash costs (note 3)

2,792

2,861

11,240

9,914

428

439

1,768

1,549

Adjusted for minority interests and non-gold producing

companies

(80)

(24)

(219)

(73)

(12)

(4)

(35)

(11)

Total cash costs

2,712

2,837

11,021

9,841

415

436

1,733

1,538

Retrenchment costs (note 3)

168

Rehabilitation and other non-cash costs (note 3)

207

368

136

Amortisation of tangible assets (note 3)

900

784

3,203

2,423

138

121

503

380

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing

companies

(34)

(25)

(102)

(91)

(5)

(4)

(16)

(14)

Total production costs

3,850

3,726

14,671

12,369

590

573

2,305

1,934

Gold produced - kg / - oz (000)

46,460

47,723

191,783

181,311

1,494

1,534

6,166

5,829

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

58,367

59,453

57,465

54,276

278

284

281

264

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

82,873

78,082

76,495

68,221

395

373

374

332

Rounding of figures may result in computational discrepancies.

SA Rand / Metric

US Dollar / Imperial

32 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Development

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

Quarter ended December 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

3,379

834

120.2

28.19

3388

0.91

109.86

Kopanang Mine
Vaal reef

6,161

1,064

11.6

161.29

1871

12.23

141.89

Tau Lekoa Mine
Ventersdorp Contact reef

2,922

886

110.5

11.22

1240

0.03

Moab Khotsong Mine
Vaal reef

4,098

130

98.9

13.28

1313

1.63

161.00

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

103

Carbon Leader reef

3,943

9.1

164.94

1501

Savuka Mine
Ventersdorp Contact reef

Carbon Leader reef

Mponeng Mine
Ventersdorp Contact reef

3,912

714

79.5

26.30

2091

AUSTRALIA
Sunrise Dam

230

4.18

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

969

891

8.14

Córrego do Sitio

358

200

7.63

Lamego

308

7.50

Serra Grande
Mina III

933

169

10.72

Mina Nova

GHANA
Obuasi

6,603

1,477

460.0*

8.46

Statistics are shown in imperial units

Advance

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

11,087

2,736

47.32

0.82

3.23

1.82

7.18

Kopanang Mine
Vaal reef

20,215

3,491

4.57

4.70

1.79

24.46

9.32

Tau Lekoa Mine
Ventersdorp Contact reef

9,588

2,907

43.50

0.33

1.20

Moab Khotsong Mine
Vaal reef

13,446

427

38.94

0.39

1.27

3.26

10.58

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

339

Carbon Leader reef

12,935

3.58

4.81

1.43

Savuka Mine
Ventersdorp Contact reef

Carbon Leader reef

308

Mponeng Mine
Ventersdorp Contact reef

12,833

2,343

31.30

0.77

2.01

AUSTRALIA
Sunrise Dam

755

0.12

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

3,179

2,923

0.24

Córrego do Sitio

1,175

656

0.22

Lamego

1,010

0.22

Serra Grande
Mina III

3,061

554

0.31

Mina Nova

GHANA
Obuasi

21,663

4,845

181.1*

0.25

* Average ore body width

Quarterly Report December 2005 - www.AngloGoldAshanti.com 33

Segmental reporting

for the quarter and year ended 31 December 2005

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

2004

2005

2004

Restated

Unaudited

SA Rand million

US Dollar million

Gold income
South Africa

1,926

1,833

1,791

7,359

7,189

295

282

297

1,153

1,118

Argentina

173

151

207

617

620

Australia

287

312

293

1,349

1,099

213

172

Brazil

312

265

240

1,094

1,014

172

158

Ghana

516

442

376

1,821

1,257

286

198

Guinea

206

205

111

759

259

118

Mali

435

382

410

1,508

1,192

236

188

Namibia

230

176

Tanzania

266

298

412

1,352

1,285

214

201

USA

147

205

169

661

671

104

105

Zimbabwe

4,337

4,151

4,054

16,750

14,788

665

638

672

2,629

2,309

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

548

383

312

1,480

1,462

230

228

Argentina

103

203

202

Australia

124

288

390

Brazil

147

124

125

543

547

Ghana

(107)

(70)

(134)

(191)

(130)

(16)

(11)

(23)

(29)

(22)

Guinea

(67)

(93)

(11)

(16)

Mali

137

106

141

443

306

Namibia

(9)

(2)

Tanzania

(9)

150

(1)

USA

(4)

107

(1)

Zimbabwe

(9)

(1)

Other

(78)

(8)

(96)

(35)

(13)

(1)

(16)

(6)

870

678

610

2,988

2,844

134

105

101

469

441

Cash gross profit (loss)

South Africa

910

613

514

2,562

2,193

138

399

342

Argentina

143

354

370

Australia

173

494

555

Brazil

187

163

158

687

685

108

107

Ghana

(27)

249

128

(6)

Guinea

(51)

258

(81)

(9)

(13)

Mali

209

186

196

732

503

115

Namibia

(4)

110

(1)

Tanzania

130

289

372

USA

363

300

Zimbabwe

Other

(56)

(24)

(7)

(3)

1,735

1,435

1,299

6,074

5,092

267

221

215

954

793

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.

34 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Segmental reporting (continued)

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

2004

2005

2004

Restated

Unaudited

Gold production

South Africa

20,818

21,070

22,214

83,223

88,860

669

677

714

2,676

2,857

Argentina

1,577

1,616

2,135

6,564

6,575

211

Australia

2,866

3,146

3,554

14,139

12,762

101

114

455

410

Brazil

2,808

2,759

2,575

10,756

10,382

346

334

Ghana

5,256

5,260

5,142

21,170

15,041

169

169

166

680

485

Guinea

1,936

1,907

1,325

7,674

2,565

246

Mali

4,112

4,190

5,145

16,421

14,789

132

135

165

528

475

Namibia

696

657

535

2,510

2,070

Tanzania

3,730

4,247

5,915

19,074

17,740

120

137

190

613

570

USA

2,659

2,871

2,820

10,252

10,234

330

329

Zimbabwe

293

46,460

47,723

51,360

191,783

181,311

1,494

1,534

1,651

6,166

5,829

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

2004

2005

2004

Unaudited

SA Rand million

US Dollar million

Capital expenditure
South Africa

651

549

712

2,208

2,159

100

115

347

335

Argentina

Australia

244

182

Brazil

200

144

540

261

Ghana

208

142

574

269

Guinea

114

229

366

Mali

Namibia

134

Tanzania

372

496

USA

103

Zimbabwe

Other

1,279

1,385

1,181

4,596

3,764

196

215

192

722

585

As at

December

September

December

September

December

2005

2004

2005

2004

Unaudited

SA Rand million

Total assets
South Africa

15,554

14,866

15,039

2,451

2,337

2,664

Argentina

1,635

1,818

1,784

258

286

316

Australia

4,738

4,608

4,062

747

724

720

Brazil

2,449

2,326

1,962

386

366

348

Ghana

11,419

11,538

10,016

1,800

1,814

1,774

Guinea

1,735

1,740

1,366

273

274

242

Mali

2,007

2,081

1,820

316

327

322

Namibia

289

224

216

Tanzania

7,924

7,207

6,233

1,249

1,133

1,107

USA

2,734

2,770

2,311

431

435

409

Other

2,138

1,931

1,487

337

304

262

52,622

51,110

46,296

8,294

8,035

8,202

Restated to reflect Ergo as a discontinued operation

Rounding of figures may result in computational discrepancies.

US Dollar million

oz (000)

Quarterly Report December 2005 - www.AngloGoldAshanti.com 35

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA

651

549

2,208

2,159

100

347

335

Vaal River
Great Noligwa Mine

124

275

235

Kopanang Mine

264

244

Tau Lekoa Mine

160

Surface Operations

170

135

Moab Khotsong

142

168

600

513

West Wits
Mponeng Mine

301

402

Savuka Mine

TauTona Mine

143

108

468

416

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

244

182

Sunrise Dam

214

161

Exploration

BRAZIL

200

144

540

261

AngloGold Ashanti Mineração

176

122

455

204

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

208

142

574

269

Bibiani

Iduapriem - Attributable 85%

Obuasi

193

120

495

203

Minorities and exploration

GUINEA

229

366

Siguiri - Attributable 85%

194

311

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

134

Navachab

134

TANZANIA

372

496

Geita - Attributable 100% May 2004

372

496

USA

103

Cripple Creek & Victor J.V.

102

Minorities and exploration

ZIMBABWE

Freda-Rebecca

OTHER

ANGLOGOLD ASHANTI

1,279

1,385

4,596

3,764

196

215

722

585

Rounding of figures may result in computational discrepancies.

36 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA

20,818

21,070

83,223

88,860

Vaal River
Great Noligwa Mine

8.54

9.03

9.30

10.38

5,274

5,275

21,547

24,728

Kopanang Mine

7.27

7.85

7.38

7.37

3,664

3,933

14,993

15,104

Tau Lekoa Mine

3.52

4.20

3.96

3.87

1,904

2,195

8,253

9,122

Surface Operations

0.55

0.53

0.51

0.60

800

757

2,952

3,698

West Wits
Mponeng Mine

9.77

9.01

9.15

8.14

4,436

3,946

15,921

13,634

Savuka Mine

9.68

8.01

6.80

6.19

770

1,121

3,930

4,903

TauTona Mine

8.90

9.91

9.62

10.88

3,970

3,843

15,627

17,671

ARGENTINA

1,577

1,616

6,564

6,575

Cerro Vanguardia - Attributable 92.50%

7.49

7.26

7.70

7.60

1,577

1,616

6,564

6,575

AUSTRALIA

2,866

3,146

14,139

12,762

Sunrise Dam

2.69

3.24

3.68

3.46

2,866

3,146

14,139

12,751

Union Reefs

BRAZIL

2,808

2,759

10,756

10,382

AngloGold Ashanti Mineração

7.16

7.08

7.27

7.85

2,068

2,011

7,763

7,473

Serra Grande - Attributable 50%

7.67

8.00

7.93

7.80

741

748

2,993

2,909

GHANA

5,256

5,260

21,170

15,041

Bibiani

1.28

1.43

1.45

1.93

768

860

3,578

3,253

Iduapriem

- Attributable 85%

1.63

1.70

1.71

1.72

1,381

1,355

5,422

3,846

Obuasi

4.87

4.64

4.77

5.27

3,107

3,045

12,169

7,942

GUINEA

1,936

1,907

7,674

2,565

Siguiri

- Attributable 85%

1.12

1.17

1.21

1.10

1,936

1,907

7,674

2,565

MALI

4,112

4,190

16,421

14,789

Morila - Attributable 40%

4.80

5.33

5.41

4.44

1,817

2,151

8,139

6,358

Sadiola - Attributable 38%

2.63

2.66

2.73

2.77

1,323

1,373

5,223

5,421

Yatela

- Attributable 40%

3.73

3.08

2.99

3.41

972

666

3,060

3,010

NAMIBIA

696

657

2,510

2,070

Navachab

2.30

2.00

2.05

1.59

696

657

2,510

2,070

TANZANIA

3,730

4,247

19,074

17,740

Geita - Attributable 100% May 2004

2.41

2.72

3.14

3.74

3,730

4,247

19,074

17,740

USA

2,659

2,871

10,252

10,234

Cripple Creek & Victor J.V.

0.62

0.61

2,659

2,871

10,252

10,234

ZIMBABWE

293

Freda-Rebecca

1.66

293

ANGLOGOLD ASHANTI

46,460

47,723

191,783

181,311

Underground Operations

7.23

7.38

7.31

7.50

25,412

25,387

100,858

101,717

Surface and Dump Reclamation

0.57

0.52

0.60

1,161

1,154

4,228

4,279

Open-pit Operations

2.21

2.48

2.74

3.21

15,767

17,028

69,871

58,572

Heap leach Operations

0.87

0.78

0.83

0.84

4,119

4,154

16,826

16,743

46,460

47,723

191,783

181,311

Attributable year to date production at Moab Khotsong yielded 929 kilograms which

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

will be capitalised against pre-production costs.

placed/tonnes placed.

The yield of AngloGold Ashanti Mineração represents underground operations.

The yield of Tau Tona and 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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 37

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA

266

256

252

249

20,800

21,109

83,212

88,854

Vaal River
Great Noligwa Mine

265

263

266

288

5,270

5,279

21,544

24,727

Kopanang Mine

239

256

240

225

3,662

3,936

14,991

15,103

Tau Lekoa Mine

156

180

168

185

1,902

2,196

8,252

9,122

Surface Operations

956

835

791

939

799

757

2,951

3,698

West Wits
Mponeng Mine

318

284

283

241

4,433

3,949

15,919

13,633

Savuka Mine

215

159

146

129

770

1,135

3,931

4,902

TauTona Mine

318

301

310

3,965

3,856

15,624

17,669

ARGENTINA

924

978

900

885

1,596

1,543

6,422

6,694

Cerro Vanguardia - Attributable 92.50%

924

978

900

885

1,596

1,543

6,422

6,694

AUSTRALIA

2,229

2,395

2,776

2,592

2,856

3,148

14,123

12,775

Sunrise Dam

2,552

2,696

3,143

2,989

2,856

3,148

14,123

12,764

Union Reefs

123

BRAZIL

726

712

692

668

2,782

2,476

10,347

10,389

AngloGold Ashanti Mineração

664

641

618

602

2,037

1,845

7,445

7,488

Serra Grande - Attributable 50%

982

1,015

999

926

745

632

2,902

2,901

GHANA

274

265

273

293

5,532

5,131

21,172

15,048

Bibiani

707

510

521

670

768

860

3,578

3,253

Iduapriem - Attributable 85%

648

628

635

663

1,515

1,366

5,423

3,853

Obuasi

195

190

196

3,248

2,906

12,171

7,942

GUINEA

534

565

592

340

1,936

2,067

7,674

2,716

Siguiri - Attributable 85%

534

565

592

340

1,936

2,067

7,674

2,716

MALI

1,731

2,014

1,946

1,603

4,284

4,143

16,450

14,717

Morila - Attributable 40%

2,051

3,409

3,097

1,953

1,916

2,166

8,148

6,304

Sadiola - Attributable 38%

1,629

1,792

1,719

1,952

1,370

1,378

5,250

5,418

Yatela - Attributable 40%

1,434

975

1,103

943

997

599

3,052

2,994

NAMIBIA

758

702

664

687

698

621

2,512

2,121

Navachab

758

702

664

687

698

621

2,512

2,121

TANZANIA

920

1,049

1,195

1,262

3,398

4,339

18,701

17,674

Geita - Attributable 100% May 2004

920

1,049

1,195

1,262

3,398

4,339

18,701

17,674

USA

2,878

3,003

2,728

2,726

2,563

2,872

10,154

10,305

Cripple Creek & Victor J.V.

2,878

3,003

2,728

2,726

2,563

2,872

10,154

10,305

ZIMBABWE

293

Freda-Rebecca

292

ANGLOGOLD ASHANTI

381

396

388

368

46,445

47,449

190,767

181,585

Rounding of figures may result in computational discrepancies.

38 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA

56,198

59,053

59,343

58,630

76,024

75,532

75,434

68,357

Vaal River
Great Noligwa Mine

50,311

56,203

53,868

47,820

73,628

68,992

67,024

53,781

Kopanang Mine

55,227

53,142

56,427

58,220

70,300

70,869

69,594

65,460

Tau Lekoa Mine

92,559

78,182

83,885

76,428

119,704

95,657

103,932

89,168

Surface Operations

51,135

59,142

58,636

51,662

51,135

59,142

58,636

51,662

West Wits
Mponeng Mine

51,902

57,014

57,084

66,437

64,155

79,527

74,309

79,718

Savuka Mine

62,419

79,484

87,200

94,036

87,574

95,304

105,194

108,457

TauTona Mine

52,087

54,202

52,158

50,531

79,572

71,140

74,418

64,085

ARGENTINA

37,261

42,746

35,698

32,325

58,910

67,818

57,543

56,773

Cerro Vanguardia - Attributable 92.50%

36,290

42,180

35,035

32,188

57,810

67,116

56,756

56,501

AUSTRALIA

52,105

69,032

56,904

55,720

95,049

85,550

78,313

70,196

Sunrise Dam

48,903

67,566

54,924

53,488

81,376

83,882

74,065

67,039

BRAZIL

42,781

39,079

37,709

26,835

54,081

52,434

49,123

38,200

AngloGold Ashanti Mineração

39,945

36,065

34,619

27,547

50,386

50,595

46,446

39,417

Serra Grande - Attributable 50%

36,418

33,207

32,414

27,774

49,378

42,700

42,027

36,818

GHANA

76,525

71,666

69,504

59,286

113,316

96,971

97,018

83,551

Bibiani

69,913

64,529

62,273

50,921

128,268

97,587

98,650

74,906

Iduapriem - Attributable 85%

83,222

77,230

71,330

61,219

107,588

98,025

92,403

85,029

Obuasi

75,184

71,204

70,817

61,776

112,164

96,328

98,595

86,376

GUINEA

72,822

64,817

62,009

88,884

106,570

88,239

85,331

106,970

Siguiri - Attributable 85%

72,822

64,817

62,009

88,884

106,570

88,239

85,331

106,970

MALI

49,504

44,963

45,135

43,358

67,484

64,663

63,108

57,685

Morila - Attributable 40%

47,734

40,511

39,083

37,565

70,011

69,496

60,147

53,829

Sadiola - Attributable 38%

59,678

50,341

54,377

49,856

72,230

62,898

68,784

62,086

Yatela - Attributable 40%

43,556

59,688

53,754

52,627

60,795

63,983

69,469

66,511

NAMIBIA

54,386

56,025

65,300

71,118

33,958

56,659

66,354

79,673

Navachab

54,386

56,025

65,300

71,118

33,958

56,659

66,354

79,673

TANZANIA

68,370

74,172

61,182

51,200

100,414

87,353

79,377

67,072

Geita - Attributable 100% May 2004

68,370

74,172

61,182

51,200

100,414

87,353

79,377

67,072

USA

52,406

49,274

48,356

46,187

74,369

71,681

69,581

62,852

Cripple Creek & Victor J.V.

50,297

48,304

47,124

45,158

72,260

70,711

68,349

61,824

ZIMBABWE

86,529

121,825

Freda-Rebecca

86,529

121,825

ANGLOGOLD ASHANTI

58,367

59,453

57,465

54,276

82,873

78,082

76,495

68,221

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 39

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

SA Rand

SOUTH AFRICA

910

613

2,562

2,193

548

383

1,480

1,462

Vaal River
Great Noligwa Mine

274

175

768

861

164

137

556

758

Kopanang Mine

162

123

476

383

118

347

294

Tau Lekoa Mine

(30)

(12)

(84)

(40)

Surface Operations

105

122

105

122

West Wits
Mponeng Mine

212

124

553

239

162

318

Savuka Mine

(6)

(66)

(2)

(46)

(117)

TauTona Mine

192

138

607

594

284

375

ARGENTINA

354

370

203

202

Cerro Vanguardia - Attributable 92.50%

332

344

193

189

Minorities and exploration

AUSTRALIA

494

555

288

390

Sunrise Dam

494

561

288

396

Union Reefs

(6)

BRAZIL

187

163

687

685

147

124

543

547

AngloGold Ashanti Mineração

100

389

374

304

291

Serra Grande - Attributable 50%

165

138

137

112

Minorities and exploration

133

173

102

144

GHANA

249

128

(107)

(70)

(191)

(130)

Bibiani

(29)

(36)

(23)

(66)

(9)

Iduapriem - Attributable 85%

(9)

(30)

(12)

(16)

(29)

Obuasi

165

(36)

(33)

(104)

(92)

Minorities and exploration

(5)

(2)

(5)

GUINEA

258

(81)

(93)

Siguiri - Attributable 85%

211

(78)

(84)

Minorities and exploration

(3)

(9)

MALI

209

186

732

503

137

106

443

306

Morila - Attributable 40%

108

413

248

245

150

Sadiola - Attributable 38%

205

167

131

105

Yatela - Attributable 40%

114

NAMIBIA

110

Navachab

110

TANZANIA

289

372

(9)

150

Geita - Attributable 100% May 2004

289

372

(9)

150

USA

363

300

107

Cripple Creek & Victor J.V.

363

300

107

ZIMBABWE

(9)

Freda-Rebecca

(9)

OTHER

(56)

(24)

(78)

(96)

(35)

ANGLOGOLD ASHANTI

1,735

1,435

6,074

5,092

870

678

2,988

2,844

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

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

40 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA

669

677

2,676

2,857

Vaal River
Great Noligwa Mine

0.249

0.263

0.271

0.303

170

693

795

Kopanang Mine

0.212

0.229

0.215

118

126

482

486

Tau Lekoa Mine

0.103

0.123

0.116

0.113

265

293

Surface Operations

0.016

0.015

0.018

119

West Wits
Mponeng Mine

0.285

0.263

0.267

0.237

143

127

512

438

Savuka Mine

0.282

0.234

0.198

0.181

126

158

TauTona Mine

0.260

0.289

0.281

0.317

128

124

502

568

ARGENTINA

211

Cerro Vanguardia - Attributable 92.50%

0.218

0.212

0.225

0.222

211

AUSTRALIA

101

455

410

Sunrise Dam

0.078

0.095

0.107

0.101

101

455

410

BRAZIL

346

334

AngloGold Ashanti Mineração

0.209

0.206

0.212

0.229

250

240

Serra Grande - Attributable 50%

0.224

0.233

0.231

0.228

GHANA

169

680

485

Bibiani

0.037

0.042

0.056

115

105

Iduapriem

- Attributable 85%

0.048

0.050

174

125

Obuasi

0.142

0.135

0.139

0.154

100

391

255

GUINEA

246

Siguiri

- Attributable 85%

0.033

0.034

0.035

0.032

246

MALI

132

135

528

475

Morila - Attributable 40%

0.140

0.155

0.158

0.130

262

204

Sadiola - Attributable 38%

0.077

0.078

0.080

0.081

168

174

Yatela

- Attributable 40%

0.109

0.090

0.087

0.099

NAMIBIA

Navachab

0.067

0.058

0.060

0.046

TANZANIA

120

137

613

570

Geita - Attributable 100% May 2004

0.070

0.079

0.092

0.109

120

137

613

570

USA

330

329

Cripple Creek & Victor J.V.

0.018

330

329

ZIMBABWE

Freda-Rebecca

0.048

ANGLOGOLD ASHANTI

1,494

1,534

6,166

5,829

Underground Operations

0.211

0.215

0.213

0.219

817

816

3,243

3,270

Surface and Dump Reclamation

0.016

0.017

0.015

0.018

136

138

Open-pit Operations

0.065

0.072

0.080

0.094

507

547

2,246

1,883

Heap leach Operations

0.025

0.023

0.024

132

134

541

538

1,494

1,534

6,166

5,829

Attributable year to date production at Moab Khotsong yielded 29,862 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 Tau Tona and 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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 41

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA

8.55

8.24

8.11

7.99

669

679

2,675

2,857

Vaal River
Great Noligwa Mine

8.52

8.47

8.55

9.28

169

170

693

795

Kopanang Mine

7.70

8.23

7.71

7.25

118

127

482

486

Tau Lekoa Mine

5.01

5.78

5.41

5.95

265

293

Surface Operations

30.74

26.85

25.44

30.19

119

West Wits
Mponeng Mine

10.22

9.12

9.10

7.75

143

127

512

438

Savuka Mine

6.91

5.10

4.70

4.16

126

158

TauTona Mine

10.24

9.67

9.97

9.98

127

124

502

568

ARGENTINA

29.70

31.44

28.95

28.46

206

216

Cerro Vanguardia - Attributable 92.50%

29.70

31.44

28.95

28.46

206

216

AUSTRALIA

71.68

77.01

89.27

83.34

101

454

410

Sunrise Dam

82.06

86.67

101.06

96.10

101

454

411

BRAZIL

23.33

22.90

22.23

21.47

333

334

AngloGold Ashanti Mineração

21.34

20.61

19.88

19.37

239

241

Serra Grande - Attributable 50%

31.58

32.64

32.12

29.79

GHANA

8.82

8.52

8.78

9.43

178

165

681

484

Bibiani

22.75

16.41

16.75

21.54

115

105

Iduapriem - Attributable 85%

20.85

20.19

20.43

21.33

174

124

Obuasi

6.26

6.12

6.30

6.29

104

391

255

GUINEA

17.17

18.16

19.03

10.92

247

Siguiri - Attributable 85%

17.17

18.16

19.03

10.92

247

Minorities and exploration

MALI

55.65

64.77

62.56

51.55

138

133

529

473

Morila - Attributable 40%

65.94

109.61

99.57

62.80

262

203

Sadiola - Attributable 38%

52.38

57.62

55.27

62.76

169

174

Yatela - Attributable 40%

46.11

31.36

35.48

30.31

NAMIBIA

24.37

22.58

21.36

22.10

Navachab

24.37

22.58

21.36

22.10

TANZANIA

29.58

33.74

38.41

40.58

109

139

601

568

Geita - Attributable 100% May 2004

29.58

33.74

38.41

40.58

109

139

601

568

USA

92.52

96.54

87.71

87.65

326

331

Cripple Creek & Victor J.V.

92.52

96.54

87.71

87.65

326

331

ZIMBABWE

3.16

Freda-Rebecca

3.16

ANGLOGOLD ASHANTI

12.25

12.74

12.48

11.84

1,493

1,526

6,133

5,838

Rounding of figures may result in computational discrepancies.

42 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA

268

282

291

284

363

361

369

331

Vaal River
Great Noligwa Mine

240

269

264

231

353

330

329

260

Kopanang Mine

263

254

277

281

335

339

341

317

Tau Lekoa Mine

441

374

410

370

571

457

509

432

Surface Operations

244

283

287

250

244

283

287

250

West Wits
Mponeng Mine

247

272

279

322

305

380

363

386

Savuka Mine

297

379

430

455

416

455

517

523

TauTona Mine

248

259

256

245

380

339

364

311

ARGENTINA

177

205

174

157

280

323

281

275

Cerro Vanguardia - Attributable 92.50%

173

202

171

156

275

320

277

274

AUSTRALIA

246

330

279

271

449

409

383

341

Sunrise Dam

231

323

269

260

384

401

363

326

BRAZIL

204

187

184

130

258

251

239

185

AngloGold Ashanti Mineração

190

173

169

133

240

242

226

191

Serra Grande - Attributable 50%

174

159

158

134

236

204

205

178

GHANA

364

343

339

293

540

464

473

413

Bibiani

334

308

305

251

608

467

482

369

Iduapriem - Attributable 85%

397

369

348

303

513

468

451

423

Obuasi

357

341

345

305

535

461

481

426

GUINEA

341

310

301

443

502

422

414

534

Siguiri - Attributable 85%

341

310

301

443

502

422

414

534

MALI

236

215

220

211

322

309

308

281

Morila - Attributable 40%

227

194

191

184

333

293

263

Sadiola - Attributable 38%

284

240

265

242

344

300

336

301

Yatela - Attributable 40%

208

285

263

255

290

305

340

323

NAMIBIA

259

268

321

348

156

271

326

389

Navachab

259

268

321

348

156

271

326

389

TANZANIA

326

353

298

250

478

416

387

328

Geita - Attributable 100% May 2004

326

353

298

250

478

416

387

328

USA

249

236

225

354

343

339

305

Cripple Creek & Victor J.V.

239

231

230

220

344

338

333

300

ZIMBABWE

417

589

Freda-Rebecca

417

589

ANGLOGOLD ASHANTI

278

284

281

264

395

373

374

332

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 43

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

US Dollar

Cash gross profit (loss) - $m

SOUTH AFRICA

138

399

342

230

228

Vaal River
Great Noligwa Mine

120

134

118

Kopanang Mine

Tau Lekoa Mine

(5)

(2)

(14)

(6)

Surface Operations

West Wits
Mponeng Mine

Savuka Mine

(1)

(10)

(8)

(18)

TauTona Mine

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

Sunrise Dam

Union Reefs

(1)

BRAZIL

108

107

AngloGold Ashanti Mineração

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(16)

(11)

(29)

(22)

Bibiani

(4)

(6)

(4)

(10)

(2)

Iduapriem - Attributable 85%

(1)

(5)

(2)

(5)

Obuasi

(5)

(16)

(15)

Minorities and exploration

(1)

GUINEA

(13)

(16)

Siguiri - Attributable 85%

(13)

(14)

Minorities and exploration

(2)

MALI

115

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

(1)

Geita - Attributable 100% May 2004

(1)

USA

Cripple Creek & Victor J.V.

ZIMBABWE

(1)

Freda-Rebecca

(1)

OTHER

(7)

(3)

(12)

(16)

(6)

ANGLOGOLD ASHANTI

267

221

954

793

134

105

469

441

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

44 Quarterly Report December 2005 - www.AngloGoldAshanti.com

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

GREAT NOLIGWA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

104

115

418

1,116

1,115

1,236

4,503

Milled

- 000 tonnes

- 000 tons

617

584

618

2,317

681

644

682

2,554

Yield

- g / t

- oz / t

8.54

9.03

10.21

9.30

0.249

0.263

0.298

0.271

Gold produced

- kg

- oz (000)

5,274

5,275

6,314

21,547

170

203

693

Gold sold

- kg

- oz (000)

5,270

5,279

6,318

21,544

169

170

203

693

Price received

- R / kg

- $ / oz

- sold

102,524

94,376

83,526

92,643

488

452

430

453

Total cash costs

- R

- $

- ton milled

430

508

465

501

- R / kg

- $ / oz

- produced

50,311

56,203

45,517

53,868

240

269

234

264

Total production costs

- R / kg

- $ / oz

- produced

73,628

68,992

52,305

67,024

353

330

269

329

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

302

303

300

297

9.72

9.73

9.65

9.55

Actual

- g

- oz

265

263

306

266

8.52

8.47

9.84

8.55

Target

- m²

- ft²

5.45

5.52

5.17

5.27

58.68

59.44

55.70

56.78

Actual

- m²

- ft²

5.21

5.17

5.57

5.16

56.04

55.69

59.93

55.58

FINANCIAL RESULTS (MILLION)
Gold income

488

458

511

1,896

298

Cost of sales

377

361

332

1,440

227

Cash operating costs

265

295

285

1,153

182

Other cash costs

Total cash costs

265

296

288

1,161

183

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

278

326

301

1,232

194

Amortisation of tangible assets

110

212

Inventory change

(12)

(3)

(4)

(2)

(1)

112

179

456

Realised non-hedge derivatives

100

Gross profit excluding the effect of unrealised non-hedge derivatives

164

137

196

556

Capital expenditure

124

275

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 45

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

KOPANANG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

120

118

128

482

1,293

1,269

1,383

5,193

Milled

- 000 tonnes

- 000 tons

504

501

529

2,031

556

553

583

2,239

Yield

- g / t

- oz / t

7.27

7.85

7.23

7.38

0.212

0.229

0.211

0.215

Gold produced

- kg

- oz (000)

3,664

3,933

3,825

14,993

118

126

123

482

Gold sold

- kg

- oz (000)

3,662

3,936

3,828

14,991

118

127

123

482

Price received

- R / kg

- $ / oz

- sold

102,370

94,150

83,570

92,752

488

450

431

453

Total cash costs

- R

- $

- ton milled

402

417

401

417

- R / kg

- $ / oz

- produced

55,227

53,142

55,491

56,427

263

254

285

277

Total production costs

- R / kg

- $ / oz

- produced

70,300

70,869

64,467

69,594

335

339

332

341

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

221

207

219

7.09

7.11

6.67

7.05

Actual

- g

- oz

239

256

227

240

7.70

8.23

7.30

7.71

Target

- m²

- ft²

7.09

6.67

7.00

76.32

76.28

71.74

75.39

Actual

- m²

- ft²

7.85

7.67

7.63

7.72

84.51

82.61

82.11

83.10

FINANCIAL RESULTS (MILLION)
Gold income

338

342

309

1,324

208

Cost of sales

257

278

248

1,044

164

Cash operating costs

202

207

210

840

132

Other cash costs

Total cash costs

202

209

212

846

133

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

213

249

221

914

144

Amortisation of tangible assets

129

Inventory change

(1)

281

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

118

347

Capital expenditure

264

Rounding of figures may result in computational discrepancies.

46 Quarterly Report December 2005 - www.AngloGoldAshanti.com

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

TAU LEKOA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

104

112

399

1,067

1,118

1,202

4,299

Milled

- 000 tonnes

- 000 tons

540

522

603

2,082

596

576

665

2,295

Yield

- g / t

- oz / t

3.52

4.20

3.87

3.96

0.103

0.123

0.113

0.116

Gold produced

- kg

- oz (000)

1,904

2,195

2,335

8,253

265

Gold sold

- kg

- oz (000)

1,902

2,196

2,336

8,252

265

Price received

- R / kg

- $ / oz

- sold

102,339

94,110

83,603

93,113

488

450

433

455

Total cash costs

- R

- $

- ton milled

326

329

299

333

- R / kg

- $ / oz

- produced

92,559

78,182

77,233

83,885

441

374

397

410

Total production costs

- R / kg

- $ / oz

- produced

119,704

95,657

91,876

103,932

571

457

473

509

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

223

221

218

7.16

7.10

7.01

7.02

Actual

- g

- oz

156

180

191

168

5.01

5.78

6.16

5.41

Target

- m²

- ft²

9.71

9.73

9.20

9.66

104.55

104.76

99.00

104.00

Actual

- m²

- ft²

8.12

8.51

9.15

8.14

87.38

91.55

98.53

87.61

FINANCIAL RESULTS (MILLION)
Gold income

176

191

188

731

114

Cost of sales

225

219

217

852

134

Cash operating costs

176

171

179

688

108

Other cash costs

Total cash costs

176

172

180

692

109

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

178

180

187

714

112

Amortisation of tangible assets

143

Inventory change

(3)

(5)

(1)

(49)

(28)

(29)

(122)

(8)

(4)

(5)

(20)

Realised non-hedge derivatives

Gross loss excluding the effect of unrealised non-hedge derivatives

(30)

(12)

(21)

(84)

(5)

(2)

(3)

(14)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 47

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

SURFACE OPERATIONS

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
Milled

- 000 tonnes

- 000 tons

1,442

1,422

1,594

5,845

1,589

1,567

1,757

6,443

Yield

- g / t

- oz / t

0.55

0.53

0.55

0.51

0.016

0.015

Gold produced

- kg

- oz (000)

800

757

880

2,952

Gold sold

- kg

- oz (000)

799

757

880

2,951

Price received

- R / kg

- $ / oz

- sold

102,243

94,492

83,675

93,285

487

453

431

455

Total cash costs

- R

- $

- ton milled

- R / kg

- $ / oz

- produced

51,135

59,142

58,950

58,636

244

283

302

287

Total production costs

- R / kg

- $ / oz

- produced

51,135

59,142

58,950

58,636

244

283

302

287

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

733

704

765

727

23.57

22.64

24.59

23.38

Actual

- g

- oz

956

835

902

791

30.74

26.85

29.00

25.44

FINANCIAL RESULTS (MILLION)
Gold income

261

Cost of sales

170

Cash operating costs

173

Other cash costs

Total cash costs

173

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

173

Amortisation of tangible assets

Inventory change

(1)

(3)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

105

Capital expenditure

170

Rounding of figures may result in computational discrepancies.

48 Quarterly Report December 2005 - www.AngloGoldAshanti.com

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

MPONENG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

351

1,000

947

961

3,776

Milled

- 000 tonnes

- 000 tons

454

438

451

1,739

500

483

497

1,917

Yield

- g / t

- oz / t

9.77

9.01

7.71

9.15

0.285

0.263

0.225

0.267

Gold produced

- kg

- oz (000)

4,436

3,946

3,477

15,921

143

127

112

512

Gold sold

- kg

- oz (000)

4,433

3,949

3,477

15,919

143

127

112

512

Price received

- R / kg

- $ / oz

- sold

101,950

94,544

83,118

93,766

486

453

431

457

Total cash costs

- R

- $

- ton milled

507

514

501

523

- R / kg

- $ / oz

- produced

51,902

57,014

64,994

57,084

247

272

334

279

Total production costs

- R / kg

- $ / oz

- produced

64,155

79,527

79,277

74,309

305

380

409

363

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

281

260

259

256

9.02

8.35

8.32

8.22

Actual

- g

- oz

318

284

246

283

10.22

9.12

7.90

9.10

Target

- m²

- ft²

5.90

5.84

5.68

5.67

63.52

62.85

61.19

61.02

Actual

- m²

- ft²

6.65

6.32

6.31

6.23

71.61

68.05

67.92

67.10

FINANCIAL RESULTS (MILLION)
Gold income

410

343

279

1,417

222

Cost of sales

290

314

276

1,175

185

Cash operating costs

230

223

224

902

142

Other cash costs

Total cash costs

230

225

226

909

143

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

235

249

231

948

149

Amortisation of tangible assets

236

Inventory change

(8)

(1)

120

242

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

162

318

Capital expenditure

112

301

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 49

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

SAVUKA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

125

187

325

485

1,341

Milled

- 000 tonnes

- 000 tons

140

198

578

154

219

637

Yield

- g / t

- oz / t

9.68

8.01

6.56

6.80

0.282

0.234

0.191

0.198

Gold produced

- kg

- oz (000)

770

1,121

1,302

3,930

126

Gold sold

- kg

- oz (000)

770

1,135

1,303

3,931

126

Price received

- R / kg

- $ / oz

- sold

102,344

94,223

82,709

92,916

487

450

427

454

Total cash costs

- R

- $

- ton milled

604

637

584

593

- R / kg

- $ / oz

- produced

62,419

79,484

88,981

87,200

297

379

458

430

Total production costs

- R / kg

- $ / oz

- produced

87,574

95,304

92,917

105,194

416

455

476

517

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

149

147

142

148

4.80

4.72

4.55

4.76

Actual

- g

- oz

215

159

143

146

6.91

5.10

4.58

4.70

Target

- m²

- ft²

4.99

5.02

4.85

5.04

53.75

54.08

52.17

54.29

Actual

- m²

- ft²

4.84

4.27

4.93

4.63

52.13

45.97

53.06

49.87

FINANCIAL RESULTS (MILLION)
Gold income

105

348

Cost of sales

109

125

411

Cash operating costs

115

339

Other cash costs

Total cash costs

116

343

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

(8)

(7)

(8)

(1)

Production costs

109

374

Amortisation of tangible assets

Inventory change

(3)

(10)

(20)

(63)

(2)

(4)

(10)

Realised non-hedge derivatives

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

(2)

(17)

(46)

(4)

(8)

Capital expenditure

Rounding of figures may result in computational discrepancies.

50 Quarterly Report December 2005 - www.AngloGoldAshanti.com

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

TAUTONA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

273

779

674

721

2,935

Milled

- 000 tonnes

- 000 tons

442

388

405

1,620

487

427

446

1,786

Yield

- g / t

- oz / t

8.90

9.91

10.08

9.62

0.260

0.289

0.294

0.281

Gold produced

- kg

- oz (000)

3,929

3,843

4,081

15,586

126

124

131

501

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

0.54

0.016

Gold produced

- kg

- oz (000)

TOTAL
Yield

- g / t

- oz / t

8.90

9.91

10.08

9.62

0.260

0.289

0.294

0.281

Gold produced

- kg

- oz (000)

3,970

3,843

4,081

15,627

128

124

131

502

Gold sold

- kg

- oz (000)

3,965

3,856

4,081

15,624

127

124

131

502

Price received

- R / kg

- $ / oz

- sold

102,120

94,078

82,874

92,799

486

449

428

453

Total cash costs

- R

- $

- ton milled

400

537

544

481

- R / kg

- $ / oz

- produced

52,087

54,202

54,011

52,158

248

259

278

256

Total production costs

- R / kg

- $ / oz

- produced

79,572

71,140

70,613

74,418

380

339

364

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

336

339

344

331

10.82

10.89

11.06

10.64

Actual

- g

- oz

318

301

285

310

10.24

9.67

9.15

9.97

Target

- m²

- ft²

5.30

5.24

5.17

57.09

56.41

55.60

55.69

Actual

- m²

- ft²

5.81

4.90

4.67

5.41

62.50

52.77

50.28

58.23

FINANCIAL RESULTS (MILLION)
Gold income

368

336

329

1,381

217

Cost of sales

319

282

291

1,166

183

Cash operating costs

206

207

219

809

128

Other cash costs

Total cash costs

207

208

222

815

129

Retrenchment costs

Rehabilitation and other non-cash costs

(3)

(2)

Production costs

209

216

228

840

133

Amortisation of tangible assets

107

322

Inventory change

216

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

284

Capital expenditure

143

108

150

468

Rounding of figures may result in computational discrepancies.

Total yield excludes the surface and dump reclamation.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 51

Argentina

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

CERRO VANGUARDIA - Attributable 92.50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,875

4,433

4,163

18,507

5,374

4,886

4,588

20,401

Treated

- 000 tonnes

- 000 tons

211

223

238

853

232

245

262

940

Stripping ratio

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

22.30

20.13

14.92

19.06

22.30

20.13

14.92

19.06

Yield

- g / t

- oz / t

7.49

7.26

8.99

7.70

0.218

0.212

0.262

0.225

Gold in ore

- kg

- oz (000)

1,677

1,667

2,210

6,833

220

Gold produced

- kg

- oz (000)

1,577

1,616

2,135

6,564

211

Gold sold

- kg

- oz (000)

1,596

1,543

2,177

6,422

206

Price received

- R / kg

- $ / oz

- sold

90,615

83,691

80,928

81,617

432

400

415

399

Total cash costs

- R / kg

- $ / oz

- produced

36,290

42,180

25,172

35,035

173

202

130

171

Total production costs

- R / kg

- $ / oz

- produced

57,810

67,116

43,617

56,756

275

320

225

277

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

818

854

1,225

817

26.30

27.45

39.37

26.25

Actual

- g

- oz

924

978

1,068

900

29.70

31.44

34.35

28.95

FINANCIAL RESULTS (MILLION)
Gold income

160

140

191

571

Cost of sales

101

365

Cash operating costs

180

Other cash costs

Total cash costs

230

Rehabilitation and other non-cash costs

Production costs

232

Amortisation of tangible assets

139

Inventory change

(7)

(6)

(1)

206

Realised non-hedge derivatives

(5)

(3)

(2)

(13)

(1)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

193

Capital expenditure

Rounding of figures may result in computational discrepancies.

52 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Australia

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

SUNRISE DAM

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

2,938

2,723

2,916

11,050

3,843

3,562

3,814

14,454

Treated

- 000 tonnes

- 000 tons

934

913

940

3,625

1,030

1,006

1,037

3,996

Stripping ratio

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

5.40

6.63

4.02

5.33

5.40

6.63

4.02

5.33

Yield

- g / t

- oz / t

2.69

3.24

3.73

3.68

0.078

0.095

0.109

0.107

Gold produced

- kg

- oz (000)

2,866

3,146

3,554

14,139

101

114

455

Gold sold

- kg

- oz (000)

2,856

3,148

3,547

14,123

101

114

454

Price received

- R / kg

- $ / oz

- sold

107,342

93,455

84,140

94,716

515

447

433

464

Total cash costs

- R / kg

- $ / oz

- produced

48,903

67,566

54,649

54,924

231

323

282

269

Total production costs

- R / kg

- $ / oz

- produced

81,376

83,882

68,925

74,065

384

401

356

363

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,112

2,577

2,838

2,709

67.89

82.86

91.26

87.11

Actual

- g

- oz

2,552

2,696

3,313

3,143

82.06

86.67

106.50

101.06

FINANCIAL RESULTS (MILLION)
Gold income

287

312

293

1,349

213

Cost of sales

262

174

1,050

165

Cash operating costs

132

205

186

744

117

Other cash costs

Total cash costs

140

213

194

777

122

Rehabilitation and other non-cash costs

Production costs

187

218

196

842

132

Amortisation of tangible assets

205

Inventory change

(2)

(71)

(12)

119

300

Realised non-hedge derivatives

(18)

(12)

(3)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

124

288

Capital expenditure

214

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 53

Brazil

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

ANGLOGOLD ASHANTI MINERAÇÃO

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

212

222

233

859

233

245

257

947

Treated

- 000 tonnes

- 000 tons

237

226

216

900

261

249

238

992

Yield

- g / t

- oz / t

7.16

7.08

7.58

7.27

0.209

0.206

0.221

0.212

Gold produced

- kg

- oz (000)

1,696

1,600

1,635

6,542

210

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

105

116

Yield

- g / t

- oz / t

2.30

2.53

2.39

0.067

0.074

0.070

Gold produced

- kg

- oz (000)

145

250

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

Gold in ore

- kg

- oz (000)

Gold produced

- kg

- oz (000)

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

846

1,291

536

3,984

933

1,423

591

4,392

Placed

- 000 tonnes

- 000 tons

249

275

Stripping ratio

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

11.40

15.57

13.45

15.00

11.40

15.57

13.45

15.00

Yield

- g / t

- oz / t

4.38

2.69

5.66

3.43

0.128

0.078

0.165

0.100

Gold placed

- kg

- oz (000)

296

211

209

853

Gold produced

- kg

- oz (000)

287

267

202

971

TOTAL
Yield

- g / t

- oz / t

6.51

6.16

7.58

6.76

0.190

0.180

0.221

0.197

Gold produced

- kg

- oz (000)

2,068

2,011

1,837

7,763

250

Gold sold

- kg

- oz (000)

2,037

1,845

1,827

7,445

239

Price received

- R / kg

- $ / oz

- sold

94,047

88,652

70,724

87,643

451

422

365

427

Total cash costs

- R / kg

- $ / oz

- produced

39,945

36,065

26,356

34,619

190

173

135

169

Total production costs

- R / kg

- $ / oz

- produced

50,386

50,595

40,132

46,446

240

242

207

226

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

562

547

536

535

18.06

17.60

17.23

17.21

Actual

- g

- oz

664

641

610

618

21.34

20.61

19.62

19.88

FINANCIAL RESULTS (MILLION)
Gold income

171

156

128

598

Cost of sales

114

348

Cash operating costs

262

Other cash costs

Total cash costs

269

Rehabilitation and other non-cash costs

Production costs

275

Amortisation of tangible assets

Inventory change

(13)

(7)

(12)

(2)

(1)

(2)

250

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

304

Capital expenditure

176

122

455

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.

54 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Brazil

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

SERRA GRANDE - Attributable 50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

378

105

107

106

417

Treated

- 000 tonnes

- 000 tons

378

106

103

416

Yield

- g / t

- oz / t

7.67

8.00

7.91

7.93

0.224

0.233

0.231

Gold produced

- kg

- oz (000)

741

748

738

2,993

Gold sold

- kg

- oz (000)

745

632

726

2,902

Price received

- R / kg

- $ / oz

- sold

99,723

87,425

70,233

88,345

479

417

362

432

Total cash costs

- R / kg

- $ / oz

- produced

36,418

33,207

28,505

32,414

174

159

147

158

Total production costs

- R / kg

- $ / oz

- produced

49,378

42,700

37,159

42,027

236

204

191

205

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

839

827

824

832

26.98

26.58

26.49

26.76

Actual

- g

- oz

982

1,015

978

999

31.58

32.64

31.43

32.12

FINANCIAL RESULTS (MILLION)
Gold income

232

Cost of sales

120

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(2)

(5)

(6)

(1)

113

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

137

Capital expenditure

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 55

Ghana

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

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

0.13

4.83

0.004

0.141

Gold produced

- kg

- oz (000)

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

304

1,193

1,192

4,342

335

1,315

1,314

4,786

Treated

- 000 tonnes

- 000 tons

601

584

2,444

663

644

2,694

Stripping ratio

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

5.46

9.28

2.80

6.76

5.46

9.28

2.80

6.76

Yield

- g / t

- oz / t

1.28

1.43

1.79

1.45

0.037

0.042

0.052

0.042

Gold in ore

- kg

- oz (000)

104

422

861

2,168

Gold produced

- kg

- oz (000)

768

860

1,043

3,552

114

TOTAL
Yield

- g / t

- oz / t

1.28

1.43

1.79

1.46

0.037

0.042

0.052

0.043

Gold produced

- kg

- oz (000)

768

860

1,048

3,578

115

Gold sold

- kg

- oz (000)

768

860

1,048

3,578

115

Price received

- R / kg

- $ / oz

- sold

98,691

89,597

61,728

89,302

469

430

310

438

Total cash costs

- R / kg

- $ / oz

- produced

69,913

64,529

55,161

62,273

334

308

283

305

Total production costs

- R / kg

- $ / oz

- produced

128,268

97,587

79,398

98,650

608

467

408

482

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

268

420

486

373

8.61

13.50

15.63

11.99

Actual

- g

- oz

707

510

526

521

22.75

16.41

16.92

16.75

FINANCIAL RESULTS (MILLION)
Gold income

309

Cost of sales

112

100

386

Cash operating costs

207

Other cash costs

Total cash costs

223

Rehabilitation and other non-cash costs

Production costs

266

Amortisation of tangible assets

Inventory change

(39)

(25)

(12)

(77)

(6)

(4)

(2)

(12)

Realised non-hedge derivatives

(8)

(2)

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

(36)

(23)

(20)

(66)

(6)

(4)

(10)

Capital expenditure

Rounding of figures may result in computational discrepancies.

56 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Ghana

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

IDUAPRIEM - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,580

5,492

4,292

22,453

5,049

6,053

4,731

24,750

Treated

- 000 tonnes

- 000 tons

846

795

707

3,163

933

877

779

3,487

Stripping ratio

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

4.40

4.55

4.33

5.46

4.40

4.55

4.33

5.46

Yield

- g / t

- oz / t

1.63

1.70

1.81

1.71

0.048

0.050

0.053

0.050

Gold in ore

- kg

- oz (000)

1,576

1,664

1,302

6,533

210

Gold produced

- kg

- oz (000)

1,381

1,355

1,278

5,413

174

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

Placed

- 000 tonnes

- 000 tons

Gold produced

- kg

- oz (000)

TOTAL
Yield

- g / t

- oz / t

1.63

1.70

1.84

1.71

0.048

0.050

0.054

0.050

Gold produced

- kg

- oz (000)

1,381

1,355

1,302

5,422

174

Gold sold

- kg

- oz (000)

1,515

1,366

1,302

5,423

174

Price received

- R / kg

- $ / oz

- sold

95,533

86,247

61,568

88,812

457

411

315

435

Total cash costs

- R / kg

- $ / oz

- produced

83,222

77,230

68,199

71,330

397

369

354

348

Total production costs

- R / kg

- $ / oz

- produced

107,588

98,025

99,780

92,403

513

468

520

451

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

708

775

676

728

22.77

24.92

21.73

23.40

Actual

- g

- oz

648

628

618

635

20.85

20.19

19.86

20.43

FINANCIAL RESULTS (MILLION)
Gold income

133

111

438

Cost of sales

175

130

123

498

Cash operating costs

108

363

Other cash costs

Total cash costs

115

105

387

Rehabilitation and other non-cash costs

Production costs

124

106

400

Amortisation of tangible assets

Inventory change

(4)

(42)

(19)

(33)

(59)

(6)

(3)

(6)

(9)

Realised non-hedge derivatives

(10)

(1)

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

(30)

(12)

(43)

(16)

(5)

(2)

(7)

(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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 57

Ghana

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

OBUASI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

568

546

519

2,187

626

602

572

2,411

Treated

- 000 tonnes

- 000 tons

543

548

494

2,156

598

604

545

2,376

Yield

- g / t

- oz / t

4.87

4.64

5.02

4.77

0.142

0.135

0.147

0.139

Gold produced

- kg

- oz (000)

2,644

2,541

2,484

10,280

331

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

502

529

439

2,036

553

583

484

2,244

Yield

- g / t

- oz / t

0.47

0.48

0.45

0.48

0.014

0.013

0.014

Gold produced

- kg

- oz (000)

236

253

198

985

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

339

634

821

2,844

374

699

904

3,135

Treated

- 000 tonnes

- 000 tons

256

190

492

282

210

543

Stripping ratio

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

4.37

9.18

24.04

10.06

4.37

9.18

24.04

10.06

Yield

- g / t

- oz / t

0.89

1.32

2.47

1.84

0.026

0.039

0.072

0.054

Gold in ore

- kg

- oz (000)

196

241

Gold produced

- kg

- oz (000)

227

252

110

904

TOTAL
Yield

- g / t

- oz / t

2.39

2.40

2.85

2.60

0.070

0.083

0.076

Gold produced

- kg

- oz (000)

3,107

3,045

2,792

12,169

100

391

Gold sold

- kg

- oz (000)

3,248

2,906

2,792

12,171

104

391

Price received

- R / kg

- $ / oz

- sold

95,609

85,876

61,596

89,176

457

412

314

435

Total cash costs

- R / kg

- $ / oz

- produced

75,184

71,204

62,061

70,817

357

341

320

345

Total production costs

- R / kg

- $ / oz

- produced

112,164

96,328

86,814

98,595

535

461

448

481

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

347

357

200

349

11.17

11.49

6.43

11.21

Actual

- g

- oz

195

190

193

196

6.26

6.12

6.20

6.30

FINANCIAL RESULTS (MILLION)
Gold income

283

234

194

986

155

Cost of sales

346

283

240

1,190

187

Cash operating costs

219

204

162

811

127

Other cash costs

Total cash costs

234

217

173

862

135

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

241

217

174

869

136

Amortisation of tangible assets

111

334

Inventory change

(6)

(11)

(2)

(14)

(1)

(2)

(64)

(49)

(46)

(203)

(10)

(7)

(8)

(32)

Realised non-hedge derivatives

(22)

(4)

Gross loss excluding the effect of unrealised non-hedge derivatives

(36)

(33)

(68)

(104)

(5)

(12)

(16)

Capital expenditure

193

120

495

Rounding of figures may result in computational discrepancies.

58 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Guinea

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

SIGUIRI - Attributable 85%

Rand / Metric

Dollar / Imperial

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

5,827

3,783

13,694

6,423

4,170

15,095

Treated

- 000 tonnes

- 000 tons

1,548

1,329

4,249

1,706

1,465

4,684

Stripping ratio

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

1.69

1.77

1.40

1.69

1.77

1.40

Yield

- g / t

- oz / t

1.12

1.17

1.21

0.033

0.034

0.035

Gold produced

- kg

- oz (000)

1,736

1,556

5,140

165

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

4,587

3,678

5,057

4,054

Placed

- 000 tonnes

- 000 tons

1,674

1,575

1,846

1,736

Stripping ratio

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

1.59

1.68

1.59

1.68

Yield

- g / t

- oz / t

1.09

1.16

0.032

0.034

Gold placed

- kg

- oz (000)

1,820

1,835

Gold produced

- kg

- oz (000)

201

351

1,325

2,534

TOTAL
Yield

- g / t

- oz / t

1.12

1.17

1.09

1.21

0.033

0.034

0.032

0.035

Gold produced

- kg

- oz (000)

1,936

1,907

1,325

7,674

246

Gold sold

- kg

- oz (000)

1,936

2,067

1,325

7,674

247

Price received

- R / kg

- $ / oz

- sold

96,234

87,127

60,987

89,678

460

415

310

435

Total cash costs

- R / kg

- $ / oz

- produced

72,822

64,817

83,828

62,009

341

310

434

301

Total production costs

- R / kg

- $ / oz

- produced

106,570

88,239

100,252

85,331

502

422

520

414

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

959

945

690

1,048

30.82

30.38

22.18

33.71

Actual

- g

- oz

534

565

494

592

17.17

18.16

15.87

19.03

FINANCIAL RESULTS (MILLION)
Gold income

171

172

635

Cost of sales

183

176

143

607

Cash operating costs

124

117

107

442

Other cash costs

Total cash costs

138

124

111

473

Rehabilitation and other non-cash costs

(3)

(6)

(1)

Production costs

135

118

116

476

Amortisation of tangible assets

166

Inventory change

(14)

(34)

(2)

(6)

(12)

(5)

(52)

(2)

(1)

(9)

Realised non-hedge derivatives

(10)

(2)

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

(62)

(11)

Capital expenditure

194

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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 59

Mali

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

MORILA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

1,176

732

1,025

4,231

1,538

958

1,340

5,535

Mined

- 000 tonnes

- 000 tons

2,719

1,190

2,556

9,821

2,997

1,312

2,818

10,826

Treated

- 000 tonnes

- 000 tons

378

404

430

1,505

417

445

475

1,659

Stripping ratio

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

2.09

1.49

2.60

2.49

2.09

1.49

2.60

2.49

Yield

- g / t

- oz / t

4.80

5.33

6.56

5.41

0.140

0.155

0.191

0.158

Gold produced

- kg

- oz (000)

1,817

2,151

2,825

8,139

262

Gold sold

- kg

- oz (000)

1,916

2,166

2,861

8,148

262

Price received

- R / kg

- $ / oz

- sold

101,211

92,706

79,377

91,188

483

443

416

445

Total cash costs

- R / kg

- $ / oz

- produced

47,734

40,511

28,795

39,083

227

194

150

191

Total production costs

- R / kg

- $ / oz

- produced

70,011

69,496

39,269

60,147

333

204

293

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,115

2,270

3,141

2,212

68.00

72.98

101.00

71.13

Actual

- g

- oz

2,051

3,409

3,118

3,097

65.94

109.61

100.24

99.57

FINANCIAL RESULTS (MILLION)
Gold income

194

201

225

743

116

Cost of sales

142

154

116

498

Cash operating costs

266

Other cash costs

Total cash costs

318

Rehabilitation and other non-cash costs

Production costs

321

Amortisation of tangible assets

168

Inventory change

109

245

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

111

245

Capital expenditure

Rounding of figures may result in computational discrepancies.

60 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Mali

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

SADIOLA - Attributable 38%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

978

680

893

3,671

1,279

890

1,168

4,802

Mined

- 000 tonnes

- 000 tons

2,013

1,413

1,814

7,344

2,219

1,557

2,000

8,095

Treated

- 000 tonnes

- 000 tons

502

515

517

1,910

554

568

570

2,106

Stripping ratio

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

1.52

2.45

3.19

2.47

1.52

2.45

3.19

2.47

Yield

- g / t

- oz / t

2.63

2.66

2.81

2.73

0.077

0.078

0.082

0.080

Gold produced

- kg

- oz (000)

1,323

1,373

1,454

5,223

168

Gold sold

- kg

- oz (000)

1,370

1,378

1,429

5,250

169

Price received

- R / kg

- $ / oz

- sold

101,716

91,834

80,957

92,180

485

439

419

448

Total cash costs

- R / kg

- $ / oz

- produced

59,678

50,341

49,309

54,377

284

240

255

265

Total production costs

- R / kg

- $ / oz

- produced

72,230

62,898

60,630

68,784

344

300

313

336

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,192

2,157

2,030

1,896

70.47

69.34

65.26

60.95

Actual

- g

- oz

1,629

1,792

2,174

1,719

52.38

57.62

69.89

55.27

FINANCIAL RESULTS (MILLION)
Gold income

139

127

117

484

Cost of sales

353

Cash operating costs

250

Other cash costs

Total cash costs

284

Rehabilitation and other non-cash costs

Production costs

285

Amortisation of tangible assets

Inventory change

(3)

(6)

(1)

131

Realised non-hedge derivatives

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

131

Capital expenditure

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 61

Mali

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

YATELA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

1,265

1,111

2,187

5,754

1,394

1,225

2,410

6,342

Placed

- 000 tonnes

- 000 tons

328

289

331

1,259

362

318

365

1,388

Stripping ratio

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

4.97

9.58

3.64

6.94

4.97

9.58

3.64

6.94

Yield

- g / t

- oz / t

3.73

3.08

2.95

2.99

0.109

0.090

0.086

0.087

Gold placed

- kg

- oz (000)

1,225

888

977

3,759

121

Gold produced

- kg

- oz (000)

972

666

866

3,060

Gold sold

- kg

- oz (000)

997

599

810

3,052

Price received

- R / kg

- $ / oz

- sold

102,055

91,129

83,576

92,211

487

438

449

Total cash costs

- R / kg

- $ / oz

- produced

43,556

59,688

53,355

53,754

208

285

276

263

Total production costs

- R / kg

- $ / oz

- produced

60,795

63,983

67,381

69,469

290

305

348

340

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,127

1,161

898

1,115

36.24

37.32

28.86

35.86

Actual

- g

- oz

1,434

975

1,192

1,103

46.11

31.36

38.32

35.48

FINANCIAL RESULTS (MILLION)
Gold income

102

281

Cost of sales

214

Cash operating costs

144

Other cash costs

Total cash costs

164

Rehabilitation and other non-cash costs

Production costs

166

Amortisation of tangible assets

Inventory change

(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.

62 Quarterly Report December 2005 - www.AngloGoldAshanti.com

Namibia

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

NAVACHAB

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

295

296

358

1,161

386

387

468

1,518

Mined

- 000 tonnes

- 000 tons

922

966

1,159

3,744

1,016

1,065

1,278

4,127

Treated

- 000 tonnes

- 000 tons

303

328

292

1,222

334

361

321

1,347

Stripping ratio

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

1.66

1.15

1.52

1.56

1.66

1.15

1.52

1.56

Yield

- g / t

- oz / t

2.30

2.00

1.83

2.05

0.067

0.058

0.053

0.060

Gold produced

- kg

- oz (000)

696

657

535

2,510

Gold sold

- kg

- oz (000)

698

621

536

2,512

Price received

- R / kg

- $ / oz

- sold

101,269

91,856

82,765

91,635

482

440

428

447

Total cash costs

- R / kg

- $ / oz

- produced

54,386

56,025

89,009

65,300

259

268

462

321

Total production costs

- R / kg

- $ / oz

- produced

33,958

56,659

99,489

66,354

156

271

516

326

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

763

741

546

720

24.52

23.81

17.54

23.14

Actual

- g

- oz

758

702

558

664

24.37

22.58

17.95

21.36

FINANCIAL RESULTS (MILLION)
Gold income

230

Cost of sales

166

Cash operating costs

163

Other cash costs

Total cash costs

164

Rehabilitation and other non-cash costs

(42)

(6)

(43)

(7)

(1)

(7)

Production costs

(4)

121

(1)

Amortisation of tangible assets

Inventory change

(3)

(1)

(9)

(2)

Realised non-hedge derivatives

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

(9)

(2)

Capital expenditure

Rounding of figures may result in computational discrepancies.

Quarterly Report December 2005 - www.AngloGoldAshanti.com 63

Tanzania

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

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

4,799

4,836

4,629

20,007

6,277

6,326

6,055

26,169

Mined

- 000 tonnes

- 000 tons

13,108

13,792

11,859

54,109

14,449

15,203

13,072

59,645

Treated

- 000 tonnes

- 000 tons

1,545

1,561

1,424

6,078

1,703

1,720

1,570

6,699

Stripping ratio

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

8.53

8.09

9.95

8.49

8.53

8.09

9.95

8.49

Yield

- g / t

- oz / t

2.41

2.72

4.15

3.14

0.070

0.079

0.121

0.092

Gold produced

- kg

- oz (000)

3,730

4,247

5,915

19,074

120

137

190

613

Gold sold

- kg

- oz (000)

3,398

4,339

6,039

18,701

109

139

194

601

Price received

- R / kg

- $ / oz

- sold

104,922

84,645

68,534

81,124

503

407

352

398

Total cash costs

- R / kg

- $ / oz

- produced

68,370

74,172

51,479

61,182

326

353

264

298

Total production costs

- R / kg

- $ / oz

- produced

100,414

87,353

69,023

79,377

478

416

354

387

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

800

1,031

911

1,023

25.73

33.15

29.30

32.90

Actual

- g

- oz

920

1,049

1,452

1,195

29.58

33.74

46.68

38.41

FINANCIAL RESULTS (MILLION)
Gold income

266

298

412

1,351

214

Cost of sales

313

376

388

1,468

230

Cash operating costs

240

297

282

1,095

172

Other cash costs

Total cash costs

253

315

301

1,156

181

Rehabilitation and other non-cash costs

113

(5)

113

(1)

Production costs

365

309

303

1,269

199

Amortisation of tangible assets

102

234

Inventory change

(59)

(17)

(36)

(9)

(3)

(5)

(48)

(78)

(116)

(7)

(12)

(17)

Realised non-hedge derivatives

166

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

(9)

(1)

Capital expenditure

372

496

Rounding of figures may result in computational discrepancies.

64 Quarterly Report December 2005 - www.AngloGoldAshanti.com

USA

Quarter

Year

Quarter

Year

ended

December

September

December

September

December

2005

2004

2005

2004

2005

CRIPPLE CREEK & VICTOR J.V.

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

13,015

11,186

11,624

47,676

14,346

12,330

12,814

52,554

Placed

- 000 tonnes

- 000 tons

4,731

4,932

4,335

19,194

5,215

5,437

4,779

21,157

Stripping ratio

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

1.84

1.45

1.74

1.62

1.84

1.45

1.74

1.62

Yield

- g / t

- oz / t

0.62

0.60

0.62

0.018

Gold placed

- kg

- oz (000)

2,922

3,036

2,602

11,953

384

Gold produced

- kg

- oz (000)

2,659

2,871

2,820

10,252

330

Gold sold

- kg

- oz (000)

2,563

2,872

2,821

10,154

326

Price received

- R / kg

- $ / oz

- sold

83,972

80,137

61,364

79,562

399

383

317

388

Total cash costs

- R / kg

- $ / oz

- produced

50,297

48,304

46,411

47,124

239

231

240

230

Total production costs

- R / kg

- $ / oz

- produced

72,260

70,711

62,791

68,349

344

338

324

333

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,725

2,692

2,822

2,709

87.62

86.55

90.72

87.09

Actual

- g

- oz

2,878

3,003

3,032

2,728

92.52

96.54

97.49

87.71

FINANCIAL RESULTS (MILLION)
Gold income

147

205

169

661

104

Cost of sales

192

203

177

701

110

Cash operating costs

159

148

131

573

Other cash costs

Total cash costs

168

155

142

603

Rehabilitation and other non-cash costs

(7)

(1)

Production costs

175

158

135

620

Amortisation of tangible assets

255

Inventory change

(46)

(27)

(15)

(174)

(7)

(4)

(2)

(27)

(46)

(8)

(39)

(7)

(1)

(6)

Realised non-hedge derivatives

146

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

(4)

107

(1)

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.

Quarterly Report December 2005 - www.AngloGoldAshanti.com

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

GhSE (Shares):

AGA

GhSE (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

PRINTED BY INCE (PTY) LIMITED

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
ANGLOGOLD ASHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: February 10, 2006

By:

/s/ C R Bull

Name: C R Bull

Title: Company Secretary