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 May 5, 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: Press release – ANGLOGOLD ASHANTI REPORT FOR THE QUARTER ENDED
31

MARCH 2006 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL

ACCOUNTING STANDARDS

Quarter 1 2006

Report

for the quarter ended 31 March 2006

Group results for the quarter…

· Adjusted headline earnings up 110% to $86m.
· Price received up 14% or $69/oz to $545/oz.
· Gold production down 10% to 1.34Moz, due to lower grades and fewer production shifts in South Africa,
both of which were anticipated.

· Total cash costs up 11% to $308/oz, as a result of strong local operating currencies and lower gold
produced but some 4% below the company’s mid-quarter guidance.

Quarter

Year

Quarter

Year

ended

Mar

2006

ended

Dec

2005

ended

Mar

2005

ended

Dec

2005

ended

Mar

2006

ended

Dec

2005

ended

Mar

2005

ended

Dec

2005

SA rand / Metric

US dollar / Imperial

Operating review

Gold
Produced

- kg / oz (000)

41,667

46,460 48,808 191,783

1,340

1,494

1,569

6,166

Price received

- R/kg / $/oz

107,903

99,780 82,152 89,819

545

476

424

439

Total cash costs

- R/kg / $/oz

60,815

58,367 54,778 57,465

308

278

284

281

Total production costs

- R/kg / $/oz

82,079

82,873 70,639 76,495

416

395

366 374

Financial review

Gross (loss) profit

- R / $ million

(318)

(340)

255 1,088

(61)

(57) 57 183

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

- R / $ million

1,248

870 676

2,988

202

134

112

469

(Loss) profit attributable to equity
shareholders

- R / $ million

(1,074)

(1,463)

50 (1,262)

(185)

(227) 22

(183)

Headline (loss) earnings³

- R / $ million

(1,067)

(1,097)

103 (723)

(184)

(171) 31 (98)

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

- R / $ million

530

250 368

1,265

200

Capital expenditure

- R / $ million

961

1,283 864

4,600

156

197

144

722

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

(405)

(552)

19 (477)

(70)

(86) 8

(69)

Diluted

(405)

(552)

19 (477)

(70)

(86) 8

(69)

Headline³

(403)

(414)

39 (273)

(69)

(65) 12 (37)

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

- cents/share

200

94 139 478

Dividends -

cents/share

232

Notes:

Price received includes realised non-hedge derivatives.

Refer to note 8 of Notes for the definition.

Refer to note 6 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 March 2006

Price received

Production

Total cash costs

Cash gross profit

(loss)

Gross profit (loss)

adjusted for the

effect of

unrealised non-

hedge derivatives

$/oz

Variance

oz (000)

Variance

$/oz

Variance

Great Noligwa

577

161

(5)

263

Mponeng

579

137

(4)

261

TauTona

575

110

(14)

294

Sunrise Dam

598

(1)

281

100

214

Kopanang

576

104

(12)

325

Obuasi

532

(1)

349

(2)

100

120

Morila

560

(7)

262

Cerro Vanguardia

454

186

(11)

AngloGold Ashanti Mineração

457

(26)

188

(1)

(7)

(8)

Yatela

555

222

Siguiri

529

(8)

379

300

Geita

555

(30)

368

(71)

Cripple Creek & Victor

370

(7)

(25)

246

(23)

(50)

Sadiola

553

(2)

271

(5)

–

Navachab

553

–

227

(12)

(42)

(29)

Iduapriem

530

(2)

362

(9)

800

140

Serra Grande

453

(5)

–

187

(25)

(17)

Savuka

572

(16)

363

300

Bibiani

555

(40)

281

(16)

200

133

Tau Lekoa

572

(25)

518

(67)

(5)

–

Moab Khotsong

583

–

848

–

(2)

–

(7)

–

Other

(19)

186

1,200

AngloGold Ashanti

545

1,340

(10)

308

342

202

Price received includes realised non-hedge derivatives.

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

Refer to note 8 of Notes for the definition.

Variance March 2006 quarter on December 2005 quarter – increase (decrease).

5 Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER

Strong participation in the gold price rally, with the
price received $69/oz higher than that of the
previous quarter and only 2% lower than the
average spot price, resulted in a much improved
financial performance for the first quarter of 2006,
lifting adjusted headline earnings 110% to $86m.

Operationally, production was lower by 10% to
1.34Moz, with total cash costs of $308/oz, some 4%
below the company’s mid-quarter guidance.

In South Africa, production declined 9%, with
TauTona and Kopanang reporting respective
decreases of 18,000oz and 14,000oz, due to lower
volumes mined. More generally, the region was
affected by the reduced number of production shifts
associated with the normal year-end breaks, in
addition to planned production declines at Tau
Lekoa and Savuka, as these operations are
restructured to improve profitability going forward.
Mponeng had an excellent quarter, with gold
production only slightly down quarter-on-quarter
notwithstanding the December break, and total cash
costs exceptionally well-contained at R51,487/kg
($261/oz).

Additionally, Moab Khotsong entered into
commercial production this quarter, reporting the
low volumes and high total cash costs inherent to
the planned slow build-up in volume mined.
Although Moab’s production is expected to increase
by approximately 80% over the next twelve months,
with costs declining accordingly, total cash costs for
the South African operations as a whole rose to
R61,747/kg ($313/oz) this quarter, in part as a result
of Moab’s commencement.

The other African assets reported mixed operational
results, with stable production and lower cash costs
at Obuasi and Iduapriem in Ghana, as well as
Sadiola in Mali. As reported in the guidance update
earlier in the first quarter, however, Geita was
negatively affected by countrywide drought and
subsequent heavy rains in Tanzania, which resulted
in the operation’s 30% production decline over that
of the prior quarter and 13% increase in total cash
costs to $368/oz.

Regarding the international operations, strong local
currencies continued to put pressure on total cash

costs at the South American operations, with
both Cerro Vanguardia in Argentina and Serra
Grande in Brazil reporting 8% increases, in spite
of steady production.

In Australia, Sunrise Dam also reported stable
production, although total cash costs rose 22%,
returning to normal levels of $281/oz after a
once-off stockpile adjustment substantially
reduced costs in the fourth quarter of last year.
Cripple Creek & Victor, in the US, reported a
25% decline in production as a result of lower-
than-expected grades.

Looking ahead, production for the second
quarter is estimated to be 1.483Moz at an
average total cash cost of $299/oz, assuming
the following exchange rates: R/$6.22,
A$/$0.72, BRL/$2.19 and Argentinean
peso/$3.05. Capital expenditure is estimated at
$230m and will be managed in line with
profitability and cash flow.

In late March, AngloGold Ashanti announced
the launching of an equity offering. This offering
was successfully completed on 20 April 2006
and resulted in the issue of 9,970,732 new
ordinary shares, along with the simultaneous
sale of 19,685,170 AngloGold Ashanti shares
held by Anglo American plc. The combined
offering was priced at $51.25 per ADS and
ZAR315.19 per ordinary share (a 1% discount
to the weighted average traded price of the
securities on the JSE over the 30 days prior to
pricing). Net proceeds of the primary offering
approximated $495m, which will result in a
reduced net debt position of approximately
$1.2bn. The Anglo American plc holding in
AngloGold Ashanti has now reduced to 41.8%.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined declined 4%
this quarter in line with a planned reduction
following the December break. Tons milled
consequently declined 5% and production also
decreased 5% to 5,013kg (161,000oz). Total
cash costs increased 3% to R52,022/kg
($263/oz) as a result, although a continued

focus on cost saving interventions helped to partially
offset the effect of lower production. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives increased by 36% to R223m ($36m),
primarily as a result of a higher price received.

The Lost-Time Injury Frequency Rate (LTIFR) was
10.60 lost-time injuries per million hours worked
(9.59 for the previous quarter). Two employees
regrettably lost their lives in rolling rock and fall of
ground accidents, respectively.

At Kopanang, a planned 7% decline in volume
mined, together with a 6% reduction in yield due to
an ore dilution problem that is currently being
addressed, resulted in a 12% production decrease
to 3,220kg (104,000oz). Total cash costs
consequently increased 16% to R64,220/kg
($325/oz). Gross profit adjusted for the effect of
unrealised non-hedge derivatives, at R117m
($19m), was stable quarter-on-quarter, as an
improved price received offset the effects of lower
production and higher total cash costs.

The LTIFR was 15.45 (10.91). The mine achieved
1.5 million fatality-free shifts on 16 March 2006.

Moab Khotsong entered into commercial
production on 1 January 2006 and for the quarter
reported 292kg (9,000oz), with total cash costs of
R167,406/kg ($848/oz). Gross loss adjusted for the
effect of unrealised non-hedge derivatives
amounted to R40m ($7m).

As a new production unit, Moab Khotsong is
currently mining low volumes within the context of a
relatively high fixed cost structure. As previously
reported, production is expected to increase by
approximately 80% in 2007 and total cash costs are
anticipated to decline accordingly.

The LTIFR was 17.61 (10.32). Regrettably, one
employee died in a rock-fall.

At Tau Lekoa, the restructuring plan to return the
operation to profit-generating status highlighted last
quarter is well underway. Accordingly, volume
mined decreased 21% over the quarter in line with
the strategic decision to downscale production,
which declined 24% to 1,438kg (46,000oz). Total
cash costs increased 10% to R102,270/kg
($518/oz). Gross loss adjusted for the effect of
unrealised non-hedge derivatives increased to
R32m ($5m), as a higher price received more than
offset the effect of lower volume mined.

The LTIFR was 19.08 (22.33).

At Mponeng, gold production declined 4% to
4,269kg (137,000oz), driven by a 10% decrease
in stoping volumes following an anticipated slow
start-up after the December break. Despite
lower production, total cash costs, at
R51,487/kg ($261/oz), were on par with those of
the previous quarter due to the continued
implementation of cost-savings initiatives. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives increased 22% to R198m
($32m), as a consequence of a significantly
higher price received.

The LTIFR was 7.53 (13.98). Regrettably, one
employee died in a seismic fall of ground
incident.

Although Savuka entered into orderly closure
mode as indicated at the end of 2005, given the
strength of the current gold price, the operation
returned to double-shift mining over the quarter
with the intention of maintaining production to
December 2006. Production decreased 15%
quarter-on-quarter to 653kg (21,000oz) due to a
20% yield decline, while total cash costs rose
15% to R71,772/kg ($363/oz). Gross profit
adjusted for the effect of unrealised non-hedge
derivatives was R23m ($4m), up from a profit of
R7m ($1m) in the previous quarter, mainly as a
result of the downscaling associated with the
single shift operation, and to an improved price
received.

The LTIFR was 15.32 (18.28).

At TauTona, volume mined declined 11% after
seismicity concerns led to decreases in face
advance and panels mined. Consequently,
production fell by 14% to 3,413kg (110,000oz)
and total cash costs increased 11% to
R57,978/kg ($294/oz), although an improved
cost-saving performance helped to partially
offset the effect of lower production. Gross
profit adjusted for the effect of unrealised non-
hedge derivatives nevertheless improved 29%
to R110m ($18m), due to an improved price
received.

The LTIFR was 14.99 (11.60). Regrettably, five
employees were killed in two separate seismic
fall-of-ground incidents.

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold
production increased 2% to 52,000oz, primarily as a
consequence of higher feed grade this quarter. Total
cash costs rose 8% to $186/oz, mainly due to higher
inflation and higher royalties. Gross profit adjusted
for the effect of unrealised non-hedge derivatives, at
$8m, was 11% lower than that of the previous
quarter, principally as a consequence of higher cash
and amortisation costs, partially offset by a higher
price received.

The LTIFR was 0.00 (4.04).

AUSTRALIA

Production at Sunrise Dam decreased 1% quarter-
on-quarter to 91,000oz. Total cash costs returned
to normal levels of A$380/oz ($281/oz), after a
once-off ore stockpile adjustment in the previous
quarter considerably reduced total cash costs to
A$310/oz. Gross profit adjusted for the effect of
unrealised non-hedge derivatives increased
significantly to A$29m ($22m), mainly due to an
improved price received.

Open-pit mining continued this quarter in the lower-
grade Sunrise Shear Zone, where it will remain until
the GQ Lode is accessed, which should result in a
significant production increase in the fourth quarter
of 2006. The underground project, where
development inclines and mining are currently
accessing higher-grade ore, continues to
supplement production. During the quarter, 809m of
underground capital development and 399m of
operational development were completed.

The LTIFR was 0.00 (4.84).

BRAZIL

At AngloGold Ashanti Mineração, gold production
decreased 26% to 49,000oz as planned, due to a
production halt while the shaft and crusher at
Cuiabá mine were upgraded as part of the
deepening project underway at the operation. Total
cash costs, at $188/oz, were slightly lower than
those of the previous quarter. Gross profit adjusted
for the effect of unrealised non-hedge derivatives
declined 8% to $11m as a consequence of lower
gold produced, partially offset by higher price
received.

The LTIFR was 2.12 (4.41).

At Serra Grande (50% attributable), gold
production was maintained at last quarter’s level
of 24,000oz. Total cash costs, at $187/oz, rose
7% as a result of slightly lower grades and the
continued appreciation of the Brazilian real. As
a result, gross profit adjusted for the effect of
unrealised non-hedge derivatives, at $5m,
declined 17% quarter-on-quarter.

The LTIFR was 2.38 (4.87).

GHANA

Bibiani, production declined 40% to

15,000oz, in line with the forecast downscale to
a tailings-only operation. Total cash costs
improved 16% to $281/oz due to the elimination
of costs directly associated with mining activity,
which more than offset the effect of the lower
tailings grades. Gross profit adjusted for the
effect of unrealised non-hedge derivatives
increased to $2m from a loss of $6m last
quarter, driven by a rehabilitation adjustment in
the previous quarter and a higher price received
in the first quarter of 2006.

The LTIFR was 0.00 (0.00).

At Iduapriem (85% attributable), production
declined marginally to 43,000oz as a result of
an 8% decrease in tonnage treated after an ore
conveyor belt breakdown. This problem is being
resolved.

Yield improved 7% as mining moved back into
higher-grade areas after a temporary move in
the last quarter to a lower-grade zone, a
recommendation from the previously reported
mine-to-mill study. Total cash costs improved
9% to $362/oz, primarily as a consequence of
the higher grade, while gross profit adjusted for
the effect of unrealised non-hedge derivatives
improved to $2m from a loss of $5m last
quarter, mainly due to an improved price
received.

Gold production at Obuasi declined marginally
to 99,000oz this quarter, mainly due to a 6%
underground yield decrease resulting from the
treatment of lower-grade ore. However,
improved processing availability led to a 12%
increase in tonnage treated, which offset the
effect of the lower yield and total cash costs
consequently improved 2% to $349/oz. Gross

profit adjusted for the effect of unrealised non-hedge
derivatives was $1m, compared with a $5m loss in
the previous quarter.

The LTIFR was 2.02 (2.28). Two employees
regrettably lost their lives this quarter.

REPUBLIC OF GUINEA

At Siguiri (85% attributable), production declined
8% to 57,000oz primarily due to a problem with the
ball mill, which should be resolved during the
second quarter. Tonnage treated continued to
improve as a result of a better plant performance,
although yield for the quarter fell 10%. Lower
grades and production drove total cash costs up
11% to $379/oz, although gross profit adjusted for
the effect of unrealised non-hedge derivatives
improved significantly to $4m, primarily as a
consequence of an increased price received, which
more than offset the effect of the higher total cash
costs.

LTIFR was 1.30 (0.00).

MALI

At Morila (40% attributable), increased tonnage
throughput helped to offset an anticipated decline in
recovered grade, although production decreased
7% to 54,000oz. Total cash costs, at $262/oz, rose
15% as a result of the grade-driven production
decline, although gross profit adjusted for the effect
of unrealised non-hedge derivatives nevertheless
increased by 38% to $11m, as an improved price
received more than offset the effect of lower
production.

The LTIFR was 1.15 (3.52).

At Sadiola (38% attributable), gold production
decreased marginally to 42,000oz due to the
combination of fewer scheduled milling shifts and a
slime dump pipeline problem, which together
resulted in a tonnage throughput decline. The
tailings pipeline will be replaced during the year.
Higher recovered grade partially offset the effect of
lower throughput, however, resulting in a 5% decline
in total cash costs to $271/oz, while gross profit
adjusted for the effect of unrealised non-hedge
derivatives, at $9m, was 29% higher than that of the
previous quarter, as the better price received offset
the effect of lower production.

The LTIFR was 2.07 (1.03).

Yatela (40% attributable), production

increased 6% to 33,000oz, primarily due to
improved grade. Total cash costs, however,
were 7% higher at $222/oz, as a result of the
change from top lift stacking during the previous
quarter to bottom lift stacking, which requires
increased cement consumption in order to
maintain the stability of the pad. Higher
production and a significantly improved price
received more than offset the increase in total
cash costs, leading to a 67% increase to $10m
in gross profit adjusted for the effect of
unrealised non-hedge derivatives.

The LTIFR was 0.00 (3.77).

NAMIBIA

Gold production at Navachab, at 22,000oz, was
consistent with that of the previous quarter, after
increased tonnage throughput offset a decrease
in recovered grade. Total cash costs improved
12% to $227/oz, due to a credit stockpile
adjustment. Gross profit adjusted for the effect
of unrealised non-hedge derivatives declined
29% to $5m, as profit recorded for the previous
quarter included a non-recurring deferred
stripping credit.

The LTIFR was 0.00 (0.00).

TANZANIA

As highlighted during the quarter, production at
Geita declined 30% due to a 27% reduction in
tonnage throughput after drought conditions in
Tanzania reduced water supply to the
processing plant. Subsequent heavy rains
resulted in hauling constraints from the satellite
pits to the plant, further affecting throughput,
and total cash costs consequently increased
13% to $368/oz. The consequence of heavy
rains, combined with being behind schedule on
the Nyankanga cut-back, will further reduce
production at Geita next quarter. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives declined by 71% to $2m, as a result
of the lower production and higher cash costs.

The LTIFR was 0.40 (0.81).

USA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), gold production declined 25% as forecast
earlier in the quarter to 64,000oz, due to reduced
grades placed on the heap leach. Total cash costs
rose 3% to $246/oz, primarily as a result of the
lower production and increases in both commodity
application rates and ore tonnage movement.

Gross profit adjusted for the effect of unrealised
non-hedge derivatives, at $2m, declined by $2m
quarter-on-quarter as a consequence of the
reduced production and lower price received.

The LTIFR was 0.00 (0.00). In March, CC&V
achieved 28 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.

Adjusted headline earnings is headline earnings before unrealised non-hedge derivatives, fair value gain (loss) on convertible
bond and interest rate swaps and deferred tax thereon.

Review of the gold market

Since the beginning of 2006, the gold price has
moved strongly higher to a new twenty-five year
high. The price direction has been almost
continuously upward since late 2005.

The average price for the quarter of $554/oz was
$69/oz or 14% higher than the average price of
$485/oz in the final quarter of 2005. Since the
end of the quarter, the price has broken strongly
through $600/oz, a price level not seen since
December 1980, and currently trades above
$660/oz. The momentum of price rises seen in
the final quarter of last year has hardly abated,
with the price of gold up by almost $160/oz since
the beginning of 2006. The full benefit of this
price increase was reduced for South Africa
producers by the local currency which
strengthened by 6% against the US dollar quarter-
on-quarter. Nevertheless, the average price of
R108,955/kg for the period under review was 8%
better than the average of R101,950/kg in the final
quarter of 2005. Since the end of the quarter, the
local price has risen above R130,000/kg. In
Australia, a weaker local currency for much of the
quarter assisted with received prices for the
period, although the Australian dollar has
strengthened since the end of the quarter.

GOLD

As noted above, momentum in the gold price
continues, and the gold market seems set for a
sustained positive cycle.

Besides favourable circumstances particular to
gold, the metal was most certainly buoyed by
continued investment flows in to commodities in
general. This is reflected in part in the high price
correlation in the second-half of 2005 between
gold and other metals, including zinc, silver, lead
and copper. Investor interest in commodities is
reflected in the continued growth in several major
commodity funds, and this investment interest has
translated into record spot prices in metals such
as copper, supported by continued physical
demand.

During the quarter under review, the price
relationship between gold and silver has broken,
to the extent that the silver price has risen
significantly more sharply than even the

favourable movement in gold. This move in silver
has been driven by the anticipation amongst
investors and speculators of the launch of an
exchange traded fund in silver, which is likely to
have a material positive impact on demand for
silver, and a related favourable impact on the
silver price. Whilst investment flows into gold
exchange traded funds early in the quarter kept
the gold price firm, trade in these gold funds was
much quieter during the latter part of the quarter.
This difference in the price behaviour in the first
quarter does not necessarily imply a permanent
disconnection between the two precious metals
markets, and stronger prices for silver are likely to
be helpful for gold.

The interruption in the correlation between the US
dollar spot price of gold and the US dollar
exchange rate against the euro has continued.
Market commentators refer frequently to changes
in the US dollar/euro exchange rate to justify
movements in gold price, but it is difficult to
sustain an argument for effective correlation
between the markets. During the nine months
since mid-2005, when the price behaviour of the
two markets began to diverge, the gold price has
moved strongly upwards by almost 60%, whilst
the dollar has remained in a band of 6 - 7 cents or
5% against the euro.

Technical analysis of the gold price also remains
strongly supportive of the market today. Not only
is the positive momentum of gold price rise in
recent years as yet unbroken, but the gold price
has sustained its position above ever-increasing
historic trading averages, and analysts and
commentators predict prices well into the
$600’s/oz for the year ahead.

In addition, other factors remain favourable to
gold. For all the sustained recovery in the US
currency over the past year, currency market
commentators continue to call for a weaker US
dollar during the year ahead. Oil prices remain
firm and rising, aided by on-going conflict in Iraq.
The investment sector remains strong and official
holders of gold continue to provide good news for
the metal. The latest support from the official
sector came with the announcement during the
past quarter that the Bundesbank would not sell
any gold during the current year of the second
Washington Agreement. The German central

bank has elected for the second year in a row to
forego its right to sell gold as part of the annual
tranche of up to 500t in terms of the second
central bank agreement on gold sales, and it is
unlikely now that the cumulative sales of gold by
signatories to this agreement will reach either the
permitted amount of 500t for this year, or the total
projected sales of 2,500t for the five-year period to
September 2009.

PHYSICAL MARKET

Entirely as one would expect, physical demand for
gold during the final quarter of 2005 and the first
quarter of 2006 has fallen in the face of sharply
higher spot gold prices. This is particularly so in
the jewellery sector and in those markets such as
India where margins are low and retail prices are
close to the underlying gold spot price.

In this regard, the annual gold demand figures for
2005 are misleading, insofar as they show an
increase of 4% year-on-year for total fabrication
demand, or some 125t of increased demand, with
much of this coming from a 100t rise in jewellery
demand globally. These figures combine a
strongly higher offtake during the first half of 2005
with very substantially lower demand towards the
end of 2005. This fall in demand has carried over
into 2006, and physical offtake could be as much
as 400t lower this year than it was in 2005, with
global demand for gold in jewellery actually lower
than annual mine production of gold.

Practically all demand for gold in respect of
investment went into the wholesale market of
exchange traded funds, commodities exchanges
and over-the-counter purchases. Offtake of gold
in both coin and bar was little changed in 2005.

Regarding supply, new mine production was up
by 2% year-on-year, with a forecast that 2006 will
see gold mine production up by a further 4%. A
bigger positive impact on supply came in the fall
of almost 300t in de-hedging by gold producers,
from the total of 427t of gold hedge commitments
taken back by producers in 2004, to a relatively
modest total of 130t of hedge taken back in 2005.
This is the lowest level of de-hedging by gold
producers since this process commenced in 2000.

The effect of, the fall in de-hedging increases the
amount of gold sold by gold producers directly on
the spot market.

Finally, just as jewellery demand has fallen in the
face of higher spot prices, so scrap supplies of
gold on to the market have increased significantly
during the final quarter of 2005 and the first three
months of 2006. Scrap sales of gold of 8Moz, or
259t in the final quarter of 2005 equate to an
annual rate of supply from scrap of over 1,000t of
gold, higher than at any time before.

CURRENCIES

The strength of the US dollar continues to
confound all forecasts of the inevitable weakening
of the US currency.

For over a year now, analysts have continued to
call for a dollar back over $1.30 to the euro to
reflect the budget deficit and more particularly the
trade and current account deficit of the United
States. Notwithstanding these forecasts, the
exchange rate for the US currency against the
euro has averaged $1.20 for the past nine months
and has remained in a tight range of $1.18 - $1.23
to the European currency.

However, the likelihood of a weaker dollar must
remain. The current account deficit of the United
States grew throughout 2005 to a total of $762bn
for the year, and the deficit is currently running at
a trend in excess of $800bn for 2006. More
importantly, with the end of the window period
provided for in the Homeland Investment Act to
the end of 2005, net foreign funds flows into the
US faltered at the end of 2005 and have fallen
below the amount of the trade deficit.

Notwithstanding the lack of correlation between
the US dollar strength and the gold price strength
during the past nine months, it is likely that any
weakening in the US dollar during the year ahead
will be beneficial to the US dollar spot price of
gold.

The South African currency opened the year
stronger, and this strength has been maintained.
The rand closed the quarter at R6.17/$1 or 3%
stronger than its opening exchange rate, and the
currency was as strong as R5.93/$1 during the
quarter. Notwithstanding slightly slower growth in
the South African economy and an increased
trade deficit, there is no reason why this strength
should not be maintained further into the rest of
the year, particularly if the expectations of a
weaker US dollar later in 2006 are correct.

HEDGING

As at 31 March 2006, the net delta hedge position
of AngloGold Ashanti was 11.23Moz or 349t,
valued at the spot gold price at the end of the
quarter of $582/oz. This net delta position reflects
an increase of some 390,000oz or 12t 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 $65/oz than the closing spot price of $517/oz at
the end of 2005.

The marked-to-market value of the hedge position
as at 31 March 2006 was negative $2.707bn.
Again, the increase in the negative value of the
hedge was due entirely to the increase of the
closing spot price by $65/oz quarter-on-quarter.
Had the spot price of gold at the end of March
2006 remained unchanged from the price of
$517/oz at the end of December, the hedge would
have reduced in size to 10.34Moz or 322t, with a
marked-to-market negative value of $2.02bn.

The price received by the company for the quarter
was $545/oz, compared with an average spot
price for the period of $554/oz. The company
continues to manage its hedge positions actively,
and to reduce overall levels of pricing
commitments in respect of future gold production
by the company.

Hedge position

As at 31 March 2006, 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 11.23Moz or
349t (at 31 December 2005: 10.84Moz or 337t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $2.707bn (negative R16.65bn) as at
31 March 2006 (as at 31 December 2005: negative
$1.941bn or R12.24bn). This value at 31 March
2006 was based on a gold price of $582/oz,
exchange rates of R/$6.150 and A$/$0.7148 and the
prevailing market interest rates and volatilities at
that date.

As at 4 May 2006, the marked-to-market value
of the hedge book was a negative $3.633bn
(negative R22.125bn), based on a gold price of
$664.70 /oz and exchange rates of R/$6.09 and
A$/$0.7660 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)

2,380

25,469

30,076

26,288

16,328

37,239

137,779

US$/oz

$365

$357

$365

$380

$382

$411

$381

Put options purchased

Amount (kg)

11,010

1,455

12,465

US$/oz

$345

$292

$339

Put options sold

Amount (kg)

14,460

855

1,882

7,527

26,606

US$/oz

$485

$390

$400

$410

$435

$457

Call options purchased

Amount (kg)

10,121

6,357

16,479

US$/oz

$358

$344

$353

Call options sold

Amount (kg)

27,287

32,544

32,904

31,194

28,054

76,068

228,052

US$/oz

$419

$387

$395

$418

$429

$506

$441

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)
Rand per kg

Put options sold

Amount (kg)

3,266

Rand per kg

R100,515

Call options purchased

Amount (kg)
Rand per kg

Call options sold

Amount (kg)

2,799

311

2,986

12,068

Rand per kg

R116,185

R108,123

R202,054

R216,522

R230,990

R190,454

A DOLLAR GOLD

Forward contracts

Amount (kg)

*622

6,843

2,177

3,390

3,110

14,899

A$ per oz

A$295

A$630

A$653

A$648

A$683

A$662

Put options purchased

Amount (kg)

8,709

A$ per oz

A$751

Put options sold

Amount (kg)

4,977

A$ per oz

A$732

Call options purchased

Amount (kg)

3,110

3,732

3,110

1,244

3,110

14,306

A$ per oz

A$673

A$668

A$680

A$694

A$712

A$683

Call options sold

Amount (kg)

11,819

A$ per oz

A$775

Delta (kg)

24,817

56,229

60,834

59,127

43,289

104,331

349,329

** Total net gold:

Delta

(oz)

797,884 1,830,372

1,955,856

1,900,974

1,391,772 3,354,315 11,231,172

* Long

position.

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 31 March 2006.

Rounding of figures may result in computational discrepancies.

Year

2006

2007

2008

2009

2010

2011-2015

Total

DOLLAR SILVER

Forward contracts

Amount (kg)
$ per oz

Put options purchased

Amount (kg)

32,659

43,545

119,749

$ per oz

$7.11

$7.40

$7.66

$7.42

Put options sold

Amount (kg)

32,659

43,545

119,749

$ per oz

$6.02

$5.93

$6.19

$6.05

Call options purchased

Amount (kg)
$ per oz

Call options sold

Amount (kg)

32,659

43,545

119,749

$ per oz

$8.11

$8.40

$8.64

$8.41

The following table indicates the group's currency hedge position at 31 March 2006

Year

2006

2007

2008

2009

2010

2011-2015

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

64,937

US$/R

R6.26

Put options purchased

Amount ($)

55,000

US$/R

R6.79

Put options sold

Amount ($)

45,000

US$/R

R6.55

Call options purchased

Amount ($)

US$/R
Call options sold

Amount ($)

95,000

US$/R

R6.80

A DOLLAR (000)

Forward contracts

Amount ($)

29,260

A$/US$

A$0.74

Put options purchased

Amount ($)

60,000

A$/US$

A$0.73

Put options sold

Amount ($)

80,000

A$/US$

A$0.76

Call options purchased

Amount ($)

A$/US$
Call options sold

Amount ($)

80,000

A$/US$

A$0.72

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

18,000

4,000

22,000

US$/BRL

BRL3.21

BRL3.31

BRL3.23

Put options purchased

Amount ($)

5,000

2,500

7,500

US$/BRL

BRL2.28

BRL2.30

BRL2.28

Put options sold

Amount ($)

5,000

2,500

7,500

US$/BRL

BRL2.13

BRL2.10

BRL2.12

Call options purchased

Amount ($)

US$/BRL
Call options sold

Amount ($)

20,000

2,500

22,500

US$/BRL

BRL3.07

BRL2.36

BRL2.99

Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure amounted to $18m

($12m expensed, $6m capitalised) during the first

quarter, compared to $19m ($11m expensed, $8m

capitalised) in the fourth quarter 2005.

BROWNFIELDS EXPLORATION

At Siguiri, in Guinea, drilling continued at the
Kintinian prospect, supporting previous intersections
as well as confirming north-west and south-east
extensions. Drilling to further interrogate soil
geochemical anomalies in the Sintroko area, located
5km south of the Kami pit, has also recorded
promising intersections. Follow-up drilling at
Foulata, located 35km west of the current Siguiri
operations, remains encouraging.

At Geita, in Tanzania, drilling between the Ridge 8
and Star and Comet deposits (at Nyamulilima) has
confirmed continuous mineralisation between these
deposits. Drilling at Lone Cone South Extension
indicates that the orebody extends westwards and
that an additional ore zone exists between the South
and Central orebodies. At Nyankanga South, drill
intercepts have confirmed significant mineralisation
as indicated by previous drilling.

Regional drilling on the Morila grant in Mali
intersected encouraging results in diamond hole
REG003, located approximately 1km south-west,
along strike of the Morila orebody. Broad-spaced
holes around this intersection have confirmed the
presence of a low-grade sub-economic mineralised
halo.

At Sadiola, oxide mineralisation exploration
continued and encouraging results were obtained
from FN3, indicating a potential southern extension
of the orebody. Assay results testing the gap area
between FE3S and FE4 are awaited. Further
metallurgical testing is underway on the deep
sulphides at Sadiola.

A high-resolution magnetic survey over the mining
licence at Navachab in Namibia was completed and
the interpretation is in progress. Follow-up drilling at
Grid A West (Gecko Prospect) yielded positive
results, which are also being evaluated. A third
phase of drilling will commence shortly.

In Brazil, drilling at Córrego do Sítio remains

concentrated on the Laranjeiras orebody and this

quarter returned results of 13.92 g/t over 2.05m on

the down-plunge. Two additional holes (10.28 g/t

over 2.65m and 9.95 g/t over 2.25m) have indicated

an additional, probable economic orebody south

of Cachorro Bravo.

In March, Serra Grande acquired the mining

rights to property adjacent to its current

operations, permitting full access to the

Palmeiras orebody, as well as to the potential

upside in surrounding mineralised structures.

GREENFIELDS EXPLORATION

Activities continued in the first quarter in

Australia, Alaska, China, Colombia, Russia and

the DRC, with an expensed expenditure of

$9m.

Exploration activities were concluded in
Mongolia and the landholdings are in the
process of being divested.

An agreement was concluded to acquire an
effective 8.7% stake in Vancouver-based
Dynasty Gold Corporation, which has
exploration projects in China, through a $2m
private placement. The proceeds will be used
to fund exploration at two Dynasty projects, Red
Valley and Wild Horse, both located in China’s
prospective Qilian metallogenic belt.

At the Kimin project in the DRC, drilling in the

Adidi/D7 Kanga (Mongbwalu) sector continued

to encounter significant gold intercepts,

extending mineralisation westward.

In the USA in Alaska, drilling commenced at
Lost Mine South to determine continuity and
expansion potential, with initially encouraging
results. Drilling is expected to commence at the
Terra project in the third quarter of this year.

Exploration activities in Colombia continued to
focus on regional reconnaissance, drill target
definition, permitting and drill site preparation,
with drilling currently in progress on three
targets. Initial drill intercepts are encouraging.

In Australia, at the Tropicana JV, drilling
continued at the Tropicana and Rusty Nail
prospects, extending the strike extent at
Tropicana to 1.3km. Significant new
intersections include 21m at 2.0g/t from 50m,
42m at 3.27g/t from 35m, and 9m at 4.17g/t.

Group

operating results

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Unaudited

Rand / Metric

Dollar / Imperial

OPERATING RESULTS

UNDERGROUND OPERATION

Milled

- 000 tonnes /

- 000 tons

3,236

3,513

3,386

13,806

3,567

3,873

3,733

15,219

Yield

- g / t

- oz / t

7.12

7.23

7.35

7.31

0.208

0.211

0.214

0.213

Gold produced

- kg

- oz (000)

23,055

25,412

24,884

100,858

741

817

800

3,243

SURFACE AND DUMP RECLAMATION

Treated

- 000 tonnes /

- 000 tons

2,769

2,056

2,111

8,061

3,052

2,266

2,327

8,885

Yield

- g / t

- oz / t

0.55

0.57

0.47

0.52

0.016

0.016

0.014

0.015

Gold produced

- kg

- oz (000)

1,517

1,161

986

4,228

136

OPEN-PIT OPERATION

Mined

- 000 tonnes /

- 000 tons

40,502

42,875

38,217

168,904

44,645

47,261

42,127

186,184

Treated

- 000 tonnes /

- 000 tons

6,106

7,124

5,057

25,541

6,730

7,853

5,574

28,154

Stripping ratio

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

4.69

4.35

6.10

5.02

4.69

4.35

6.10

5.02

Yield

- g / t

- oz / t

2.25

2.21

3.60

2.74

0.066

0.065

0.105

0.080

Gold in ore

- kg

- oz (000)

14,587

10,169

14,898

45,409

469

327

479

1,460

Gold produced

- kg

- oz (000)

13,726

15,767

18,220

69,871

441

507

585

2,246

HEAP LEACH OPERATION

Mined

- 000 tonnes /

- 000 tons

15,348

15,126

17,913

61,091

16,918

16,674

19,745

67,342

Placed

- 000 tonnes /

- 000 tons

5,562

5,127

6,610

22,277

6,131

5,652

7,286

24,557

Stripping ratio

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

1.78

2.11

1.72

1.97

1.78

2.11

1.72

1.97

Yield

- g / t

- oz / t

0.81

0.87

0.83

0.024

0.025

0.024

Gold placed

- kg

- oz (000)

4,516

4,443

5,776

18,401

145

143

186

592

Gold produced

- kg

- oz (000)

3,369

4,119

4,718

16,826

108

132

152

541

TOTAL

Gold produced

- kg

- oz (000)

41,667

46,460

48,808

191,783

1,340

1,494

1,569

6,166

Gold sold

- kg

- oz (000)

42,164

46,445

48,313

190,767

1,356

1,493

1,553

6,133

Price received

- R / kg

- $ / oz - sold

107,903

99,780

82,152

89,819

545

476

424

439

Total cash costs

- R / kg

- $ / oz - produced

60,815

58,367

54,778

57,465

308

278

284

281

Total production costs

- R / kg

- $ / oz - produced

82,079

82,873

70,639

76,495

416

395

366

374

PRODUCTIVITY PER EMPLOYEE

Target

- g

- oz

381

410

419

422

12.26

13.19

13.47

13.57

Actual

- g

- oz

353

371

381

376

11.34

11.92

12.23

12.10

CAPITAL EXPENDITURE - Rm

- $m

961

1,283

864

4,600

156

197

144

722

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.

Group

income statement

Quarter

Year

ended

March

December

March

December

2006

2005

SA Rand million

Notes

Unaudited

Audited

Revenue

4,456

4,478

4,016

17,388

Gold income

4,246

4,337

3,858

16,750

Cost of sales

(3,463)

(3,929)

(3,415)

(14,713)

Non-hedge derivative loss

(1,100)

(748)

(188)

(949)

Gross (loss) profit

(318)

(340)

255

1,088

Corporate administration and other expenses

(127)

(99)

(410)

Market development costs

(26)

(21)

(84)

Exploration costs

(73)

(69)

(60)

(288)

Other net operating expenses

(41)

(33)

(18)

(127)

Operating special items

(416)

(2)

(499)

Operating (loss) profit

(563)

(978)

(320)

Interest receivable

155

Exchange (loss) gain

(4)

(36)

(29)

Fair value adjustment on option component of convertible bond

(233)

(271)

115

(211)

Finance costs and unwinding of decommissioning
and restoration obligations

(210)

(216)

(148)

(690)

Fair value loss on interest rate swaps

(16)

(5)

Share of associates' (loss) profit

(4)

(15)

(17)

(Loss) profit before taxation

(984)

(1,487)

(1,117)

Taxation

(43)

109

220

(Loss) profit after taxation from continuing operations

(1,026)

(1,378)

127

(897)

Loss for the period from discontinued operations

(7)

(56)

(51)

(219)

(Loss) profit for the period

(1,034)

(1,434)

(1,116)

Allocated as follows
Equity shareholders of parent

(1,074)

(1,463)

(1,262)

Minority interest

146

(1,034)

(1,434)

(1,116)

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

(402)

(531)

(394)

Loss from discontinued operations

(3)

(21)

(19)

(83)

(Loss) profit

(405)

(552)

(477)

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

(402)

(531)

(394)

Loss from discontinued operations

(3)

(21)

(19)

(83)

(Loss) profit

(405)

(552)

(477)

Dividends

- Rm

614

- cents per share

232

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

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

Dividends are translated at actual rates on date of payment.

Rounding of figures may result in computational discrepancies.

Group

income statement

Quarter

Year

ended

March

December

March

December

2006

2005

US Dollar million

Notes

Unaudited

Audited

Revenue

724

687

668

2,730

Gold income

690

665

642

2,629

Cost of sales

(563)

(602)

(568)

(2,311)

Non-hedge derivative loss

(188)

(120)

(17)

(135)

Gross (loss) profit

(61)

(57)

183

Corporate administration and other expenses

(21)

(15)

(16)

(64)

Market development costs

(4)

(3)

(4)

(13)

Exploration costs

(12)

(11)

(10)

(45)

Other net operating expenses

(7)

(6)

(3)

(20)

Operating special items

(64)

(77)

Operating (loss) profit

(101)

(155)

(36)

Interest receivable

Exchange (loss) gain

(1)

(5)

Fair value adjustment on option component of convertible bond

(39)

(42)

(32)

Finance costs and unwinding of decommissioning
and restoration obligations

(34)

(33)

(24)

(108)

Fair value loss on interest rate swaps

(3)

(1)

Share of associates' (loss) profit

(1)

(2)

(3)

(Loss) profit before taxation

(170)

(233)

(160)

Taxation

(7)

(Loss) profit after taxation from continuing operations

(177)

(214)

(124)

Loss for the period from discontinued operations

(1)

(9)

(36)

(Loss) profit for the period

(179)

(223)

(160)

Allocated as follows
Equity shareholders of the parent

(185)

(227)

(183)

Minority interest

(179)

(223)

(160)

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

(69)

(83)

(56)

Loss from discontinued operations

(1)

(3)

(14)

(Loss) profit

(70)

(86)

(69)

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

(69)

(83)

(56)

Loss from discontinued operations

(1)

(3)

(14)

(Loss) profit

(70)

(86)

(69)

Dividends

- $m

- cents per share

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

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

Dividends are translated at actual rates on date of payment.

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

March

December

March

2006

2005

SA Rand million

Notes

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

36,904

37,464

35,685

Intangible assets

2,419

2,533

2,569

Investments in associates

214

223

Other investments

647

645

628

Inventories

1,272

1,182

677

Derivatives

171

243

458

Trade and other receivables

126

124

108

Deferred taxation

321

279

176

Other non-current assets

136

101

42,210

42,794

40,382

Current assets

Inventories

2,475

2,436

2,365

Trade and other receivables

1,706

1,589

1,654

Derivatives

4,876

4,280

3,512

Current portion of other non-current assets

Cash restricted for use

184

Cash and cash equivalents

1,419

1,328

1,572

10,503

9,728

9,292

Non-current assets held for sale

100

100

10,603

9,828

9,292

TOTAL ASSETS

52,814

52,622

49,674

EQUITY AND LIABILITIES

Share capital and premium

19,070

19,047

18,995

Retained earnings and other reserves

(4,600)

(2,463)

(193)

Shareholders' equity

14,470

16,584

18,802

Minority interests

384

374

367

Total equity

14,854

16,958

19,169

Non-current liabilities

Borrowings

10,798

10,825

9,934

Environmental rehabilitation and other provisions

2,271

2,265

1,568

Provision for pension and post-retirement benefits

1,252

1,249

980

Trade, other payables and deferred income

Derivatives

2,928

2,460

2,191

Deferred taxation

6,903

7,353

8,061

24,233

24,239

22,760

Current liabilities

Trade, other payables and deferred income

2,772

2,711

2,554

Current portion of borrowings

871

1,190

889

Derivatives

9,212

6,814

3,948

Taxation

872

710

354

13,727

11,425

7,745

Total liabilities

37,960

35,664

30,505

TOTAL EQUITY AND LIABILITIES

52,814

52,622

49,674

Net asset value - cents per share

5,603

6,401

7,246

Rounding of figures may result in computational discrepancies.

Group

balance sheet

As at

March

December

March

2006

2005

US Dollar million

Notes

Unaudited

Audited

Unaudited

ASSETS

Non-current assets

Tangible assets

5,982

5,905

5,735

Intangible assets

392

399

413

Investments in associates

Other investments

105

102

101

Inventories

206

186

109

Derivatives

Trade and other receivables

Deferred taxation

Other non-current assets

6,842

6,745

6,490

Current assets

Inventories

401

384

380

Trade and other receivables

277

250

266

Derivatives

790

675

564

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

230

209

253

1,703

1,533

1,493

Non-current assets held for sale

1,719

1,549

1,493

TOTAL ASSETS

8,561

8,294

7,983

EQUITY AND LIABILITIES

Share capital and premium

3,091

3,002

3,053

Retained earnings and other reserves

(745)

(388)

(31)

Shareholders' equity

2,346

2,614

3,022

Minority interests

Total equity

2,408

2,673

3,081

Non-current liabilities

Borrowings

1,750

1,706

1,597

Environmental rehabilitation and other provisions

368

356

252

Provision for pension and post-retirement benefits

203

197

157

Trade, other payables and deferred income

Derivatives

475

388

352

Deferred taxation

1,119

1,159

1,295

3,928

3,820

3,657

Current liabilities

Trade, other payables and deferred income

449

427

411

Current portion of borrowings

141

188

143

Derivatives

1,493

1,074

634

Taxation

141

112

2,225

1,801

1,245

Total liabilities

6,153

5,621

4,902

TOTAL EQUITY AND LIABILITIES

8,561

8,294

7,983

Net asset value - cents per share

908

1,009

1,165

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Year

ended

March

December

March

December

2006

2005

SA Rand million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

4,052

4,818

3,784

17,175

Payments to suppliers and employees

(2,482)

(3,588)

(2,959)

(12,742)

Cash generated from operations

1,570

1,230

825

4,433

Cash generated (utilised) by discontinued operations

(23)

(51)

(188)

Environmental, rehabilitation and other expenditure

(31)

(48)

(12)

(104)

Termination of employee benefit plan

(61)

Taxation paid

(90)

(48)

(61)

(188)

Net cash inflow from operating activities

1,453

1,110

701

3,892

Cash flows from investing activities
Capital expenditure

(961)

(1,283)

(864)

(4,600)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(5)

(67)

(6)

(83)

Associate acquired

(1)

(93)

Proceeds from disposal of investments

Cash restricted for use

(25)

112

Interest received

113

Loans advanced

(2)

(1)

(45)

Repayment of loans advanced

Utilised in hedge restructure

(415)

Net cash outflow from investing activities

(877)

(1,215)

(1,266)

(4,886)

Cash flows from financing activities
Proceeds from issue of share capital

Proceeds from borrowings

329

154

2,568

4,194

Repayment of borrowings

(369)

(141)

(1,488)

(2,183)

Finance costs

(251)

(45)

(221)

(471)

Dividends paid

(183)

(26)

(488)

(1,051)

Net cash (outflow) inflow from financing activities

(451)

(32)

379

549

Net increase (decrease) in cash and cash equivalents

124

(137)

(186)

(445)

Translation

(33)

(4)

128

143

Cash and cash equivalents at beginning of period

1,328

1,469

1,630

Net cash and cash equivalents at end of period

1,419

1,328

1,572

1,328

Cash generated from operations
(Loss) profit before taxation

(984)

(1,487)

(1,117)

Adjusted for:
Movement on non-hedge derivatives

1,582

1,257

427

1,744

Amortisation of tangible assets

859

900

732

3,203

Deferred stripping

(107)

(140)

(153)

Interest receivable

(30)

(28)

(54)

(155)

Operating special items

(22)

416

444

Finance costs and unwinding of decommissioning and
restoration obligations

210

216

148

690

Amortisation of intangible assets

Fair value adjustment on option component of convertible bond

233

271

(115)

211

Other non-cash movements

(33)

267

Movement in working capital

(236)

(248)

(361)

(714)

1,570

1,230

825

4,433

Movement in working capital
Increase in inventories

(101)

(186)

(567)

(1,086)

Increase in trade and other receivables

(80)

(66)

(46)

(Decrease) increase in trade and other payables

(55)

206

418

(236)

(248)

(361)

(714)

Rounding of figures may result in computational discrepancies.

Group

cash flow statement

Quarter

Year

ended

March

December

March

December

2006

2005

US Dollar million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

661

741

621

2,707

Payments to suppliers and employees

(406)

(551)

(486)

(2,008)

Cash generated from operations

255

190

135

699

Cash generated (utilised) by discontinued operations

(4)

(8)

(31)

Environmental, rehabilitation and other expenditure

(5)

(8)

(2)

(16)

Termination of employee benefit plan

(10)

Taxation paid

(15)

(7)

(10)

(30)

Net cash inflow from operating activities

236

171

115

612

Cash flows from investing activities
Capital expenditure

(156)

(197)

(144)

(722)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(1)

(10)

(1)

(12)

Associate acquired

(15)

Proceeds from disposal of investments

Cash restricted for use

(4)

Interest received

Loans advanced

(7)

Repayment of loans advanced

Utilised in hedge restructure

(69)

Net cash outflow from investing activities

(143)

(186)

(211)

(771)

Cash flows from financing activities
Proceeds from issue of share capital

Proceeds from borrowings

458

659

Repayment of borrowings

(60)

(19)

(278)

(343)

Finance costs

(41)

(6)

(37)

(74)

Dividends paid

(29)

(4)

(82)

(169)

Net cash (outflow) inflow from financing activities

(73)

(7)

Net increase (decrease) in cash and cash equivalents

(22)

(34)

(77)

Translation

(2)

(3)

Cash and cash equivalents at beginning of period

209

231

289

Net cash and cash equivalents at end of period

230

209

253

209

Cash generated from operations
(Loss) profit before taxation

(170)

(233)

(160)

Adjusted for:
Movement on non-hedge derivatives

266

199

262

Amortisation of tangible assets

140

138

122

503

Deferred stripping

(17)

(22)

(24)

Interest receivable

(5)

(4)

(9)

(25)

Operating special items

(4)

Finance costs and unwinding of decommissioning and
restoration obligations

108

Amortisation of intangible assets

Fair value adjustment on option component of convertible bond

(19)

Other non-cash movements

(6)

Movement in working capital

(39)

(37)

(62)

(108)

255

190

135

699

Movement in working capital
Increase in inventories

(33)

(31)

(50)

(123)

(Increase) decrease in trade and other receivables

(20)

(11)

Increase (decrease) increase in trade and other payables

(40)

(8)

(39)

(37)

(62)

(108)

Rounding of figures may result in computational discrepancies.

Statement of recognised income and expense

Quarter

Year

Quarter

ended

March

December

March

2006

2005

Restated

Unaudited

Actuarial loss on defined benefit retirement plans

(173)

(2)

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

193

391

Net loss on cash flow hedges

(745)

(1,281)

(57)

Gain (loss) on available for sale financial assets

(16)

Deferred taxation on items above

151

445

Net exchange translation differences

(525)

1,534

1,386

Net (expense) income recognised directly in equity

(911)

933

1,457

(Loss) profit for the period

(1,034)

(1,116)

Total recognised income and expense for the period

(1,945)

(183)

1,533

Attributable to:
Equity shareholders of the parent

(1,973)

(355)

1,481

Minority interest

172

(1,945)

(183)

1,533

Actuarial loss on defined benefit retirement plans

(27)

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

Net loss on cash flow hedges

(121)

(202)

(9)

Gain (loss) on available for sale financial assets

(3)

Deferred taxation on items above

Net exchange translation differences

(85)

293

229

Net (expense) income recognised directly in equity

(146)

153

239

(Loss) profit for the period

(179)

(160)

Total recognised income and expense for the period

(325)

(7)

265

Attributable to:
Equity shareholders of the parent

(331)

(28)

262

Minority interest

(325)

(7)

265

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

Notes

for the quarter ended 31 March 2006

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 2005 and revised International Financial Reporting Standards (IFRS)
which are effective 1 January 2006, where applicable.

The financial statements of AngloGold Ashanti Limited 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 ended 31 March 2006.

Where the preparation or classification of an item has been amended, comparative information has been
reclassified to ensure comparability with the current period. Such amendments have been made to provide the
users of the financial statements with additional information.

Revenue

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

UnauditedUnaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Gold income

4,246

4,337

3,858

16,750

690

665

642

2,629

By-products and other revenue (note 3)

181

112

103

483

Interest receivable

155

4,456

4,478

4,016

17,388

724

687

668

2,730

Cost of sales

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

2,635

2,788

2,753

11,311

428

427

458

1,779

By-product and other revenue (note 2)

(181)

(112) (103) (483) (29)

(17) (17) (76)

2,454

2,676 2,650 10,828 399

410 441

1,703

Other cash costs

118

116

100

412

Total cash costs

2,572

2,792

2,750

11,240

419

428

458

1,768

Retrenchment costs

168

Rehabilitation & other non-cash costs

207

368

Production costs

2,623

3,061

2,809

11,776

427

468

467

1,851

Amortisation of tangible assets

859

900

732

3,203

140

138

122

503

Amortisation of intangible assets

–

Total production costs

3,484

3,965

3,544

14,992

567

607

590

2,356

Inventory change

(21)

(35) (129) (279) (4)

(5) (21) (45)

3,463

3,929

3,415

14,713

563

602

568

2,311

Rounding of figures may result in computational discrepancies.

Operating special items

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited

Unaudited Audited

Unaudited

Unaudited Audited

SA Rand million

US Dollar million

Contract termination fee at Geita

–

(55)

–

(9)

Over (under) provision of indirect taxes

(27) –

(27) 3

(4) –

(4)

Impairment of intangible assets

–

(125)

–

(125)

–

(20)

–

(20)

Impairment of tangible assets

(2)

(255) –

(300) –

(38) –

(44)

Profit (loss) on sale and abandonment
of assets

(9)

(2)

–

(416) (2)

(499) 4

(64) –

(77)

5. Taxation

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Current tax

Non-mining taxation

(222)

(117) (37)

(182) (36)

(18) (6) (29)

Disposal and impairment of
tangible assets

(4) (4) - (2) (1) (1) –

–

Under provision prior year

–

(347)

(1)

(347)

–

(52)

–

(53)

(226)

(468) (38)

(531) (37)

(71) (6) (82)

Deferred taxation

Temporary differences

(18)

(40)

(244)

(3)

(1) (7) (37)

Impairment of tangible assets

–

Change in estimated deferred
taxation

–

Contract termination expenditure at
Geita

–

Change in tax rate

–

302

695

–

107

Unrealised non-hedge derivatives

202

133

128

184

577

751

118

Total taxation

(43)

109

220

(7)

Rounding of figures may result in computational discrepancies.

Headline (loss) earnings

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

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

(Loss) profit attributable to equity
shareholders

(1,074)

(1,463) 50

(1,262)

(185)

(227) 22

(183)

Impairment of tangible assets (note 4)

255

–

300

–

Impairment of intangible assets
(note 4)

–

125

–

125

–

(Profit) loss on disposal of assets

(6)

(22) 2

(39) (1)

(4) –

(5)

Impairment of associate

–

Taxation on items above – current
portion

–

Taxation on items above – deferred
portion (note 5)

(64) –

(79) –

(10) –

(12)

Net loss from discontinued operations
(note 9)

219

Headline (loss) earnings

(1,067)

(1,097) 103

(723) (184)

(171) 31

(98)

Cents per share

(1)

Headline (loss) earnings

(403)

(414) 39

(273) (69)

(65) 12

(37)

(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

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Headline (loss) earnings (note 6)

(1,067)

(1,097) 103

(723) (184)

(171) 31

(98)

Unrealised non-hedge derivatives

1,566

1,210

421

1,900

264

191

286

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

(202)

(133) (58) (128) (33)

(21) (9) (21)

Fair value gain (loss) on convertible
bond

233

271

(115)

211

(19)

Fair value gain (loss) on interest rate
swap

–

Deferred tax on interest rate swap

–

Headline earnings before unrealised
non-hedge derivatives, fair value
gain (loss) on convertible bond
and interest rate swaps 530

250

368

1,265

200

Rounding of figures may result in computational discrepancies.

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

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

200

139

478

(1)

Calculated on the basic weighted average number of ordinary shares.

(2)

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

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

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

Headline earnings adjusted for the effect of unrealised non-hedge derivatives, 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 to increase the value of long-dated contracts. This
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 long-dated 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

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited

SA Rand million

US Dollar million

Reconciliation of gross (loss) profit to

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

Gross (loss) profit

(318)

(340)

255

1,088

(61)

(57)

183

Unrealised non-hedge derivatives

1,566

1,210

421

1,900

264

191

286

Gross profit adjusted for the effect

of unrealised non-hedge
derivatives

(1)

1,248

870

676

2,988

202

134

112

469

(1)

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

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

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

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

The unrealised fair value change in contracts that are still open at the reporting date, as well as, the unwinding of the historic
marked-to-market value of the positions settled in the period; and

Rounding of figures may result in computational discrepancies.

9. Discontinued operations

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

Quarter ended

Year

ended

Quarter ended

Year

ended

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Mar

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited Unaudited Unaudited

Audited Unaudited Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Gold income

111

Retrenchment, rehabilitation and other
costs

(5)

(7) (136) (418) (1)

(1) (23) (66)

Gross profit (loss)

(51)

(307)

–

(9)

(48)

Impairment loss reversed

–

115

–

Profit (loss) before taxation from
discontinued operations

(51)

(192)

–

(9)

(31)

Deferred taxation

(8)

(61) –

(27)

(1)

(9) –

(5)

Net loss attributable to discontinued
operations

(7)

(56) (51) (219) (1)

(9) (9)

(36)

10. Capital commitments

Mar

2006

Dec

2005

Mar

2005

Mar

2006

Dec

2005

Mar

2005

Unaudited

SA Rand million

US Dollar million

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

2,101

1,182

1,108

341

186

178

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, share capital issue and cash distributions from offshore operations.

Cash generated from the South African operations fund to a large extent the capital expenditure to maintain and expand those operations
in South Africa. Consequently other funding requirements are serviced from borrowing facilities and offshore distributions which are
subject to market and other risks. The credit facilities and other financing arrangements contain financial covenants and other similar
undertakings.

The distributions from offshore operations are subject to foreign investment and exchange control laws and regulations and the quantity
of foreign exchange available in offshore countries. In addition offshore distributions from joint venture partners are subject to consent
and co-operation from those joint venture partners.

The group’s current covenant performance, cash and liquidity funds from the various resources available are within the required limits
which will meet its obligations and capital commitments.

Rounding of figures may result in computational discrepancies.

11. Shares

Quarter ended

Year ended

March

2006

Dec

2005

Mar

2005

Dec

2005

Unaudited Unaudited Unaudited

Audited

Authorised:

Ordinary shares of 25 SA cents each

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

B redeemable preference shares of 1 SA cent each

5,000,000

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

Issued and fully-paid:

Ordinary shares in issue

265,117,213

264,938,432 264,527,794 264,938,432

A redeemable preference shares

2,000,000

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

B redeemable preference shares

778,896

778,896 778,896 778,896

Weighted average number of ordinary shares for the period

Basic ordinary shares

265,064,368

264,851,516 264,488,624 264,635,634

Diluted number of ordinary shares

265,574,084

265,416,952 265,024,329 265,236,949

During the quarter, 178,781 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.

Share capital and premium

As at

Mar

2006

As at

Dec

2005

As at

Mar

2005

As at

Mar

2006

As at

Dec

2005

As at

Mar

2005

Unaudited Audited

Unaudited

Unaudited Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

19,047

18,987

3,002

3,364 3,364

Ordinary shares issued

Translation

–

(371)

(312)

Balance at end of period

19,070

19,047

18,995

3,091

3,002

3,053

Rounding of figures may result in computational discrepancies.

13.

Retained earnings and other reserves

Retained

Earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Actuarial

gains

(losses)

Other

Comprehen-

sive

income

Total

SA Rand million

Balance at December 2004

3,379 138

(3,552)

(122)

(1,040)

(1,197)

Actuarial gains and losses recognised

(2)

Profit attributable to equity shareholders

Dividends

(477)

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

96 96

Net loss on cash flow hedges

(57) (57)

Deferred taxation on cash flow hedges

Loss on available for sale financial
assets

(16) (16)

Translation

1,473

(112)

1,361

Balance at March 2005 (restated)

2,952

138

(2,079)

(124)

(1,080)

(193)

Balance at December 2005

1,191 138

(1,910)

(227)

(1,655)

(2,463)

Loss attributable to equity shareholders

(1,074)

Dividends (164)

(164)

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

191 191

Net loss on cash flow hedges

(738) (738)

Deferred taxation on cash flow hedges

151 151

Gain on available for sale financial
assets

15 15

Translation

(554)

(518)

Balance at March 2006

(47)

138

(2,464)

(227)

(2,000)

(4,600)

US Dollar million

Balance at December 2004

286 24

(317)

(22)

(184)

(213)

Profit attributable to equity shareholders

Dividends (80)

(80)

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

15 15

Net loss on cash flow hedges

(9)

Deferred taxation on cash flow hedges

Loss on available for sale financial
assets

(3) (3)

Translation

(2)

230

- 230

Balance at March 2005 (restated)

228

(87)

(20)

(174)

(31)

Balance at December 2005

(46) 22

(67)

(36)

(261)

(388)

Loss attributable to equity shareholders

(185)

Dividends (26)

(26)

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

31 31

Net loss on cash flow hedges

(120) (120)

Deferred taxation on cash flow hedges

Gain on available for sale financial
assets

Translation

(82)

(1)

(3) (86)

Balance at March 2006

(257)

(149)

(37)

(324)

(745)

Rounding of figures may result in computational discrepancies.

14. Minority interests

As at

Mar

2006

Dec

2005

Mar

2005

Mar

2006

Dec

2005

Mar

2005

Unaudited

Audited Unaudited Unaudited

Audited Unaudited

SA Rand million

US Dollar million

Balance at beginning of year

374

327

Attributable profit

146

Dividends paid

(18)

(125) (12)

(3)

(20) (2)

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

–

Net loss on cash flow hedges

(7)

(9)

–

(1)

(2)

Translation

(7)

(1) (1)

Balance at end of period

384

374

367

15. Exchange rates

Mar

2006

Dec

2005

Mar

2005

Unaudited

Audited

Unaudited

Rand/US dollar average for the period

6.15 6.37 6.01

Rand/US dollar average for the quarter

6.15 6.53 6.01

Rand/US dollar closing

6.17 6.35 6.22

Rand/Australian dollar average for the period

4.55 4.85 4.67

Rand/Australian dollar average for the quarter

4.55 4.86 4.67

Rand/Australian dollar closing

4.39 4.65 4.81

16.

Contingent liabilities

AngloGold Ashanti’s contingent liabilities at 31 March 2006, are detailed below:

Water pumping cost – South Africa – The South African Department of Water Affairs and Forestry issued a
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 current 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.

Rounding of figures may result in computational discrepancies

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
artifacts, temporarily imported into South Africa, for which custom and value added tax was waived to the amount
of $5m.

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.

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 $5m 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. A provision
of $2m has been made;

• 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.

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

$27m at 31 March 2006 (31 December 2005: attributable $25m). 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 $14m at

31 March 2006 (31 December 2005: 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.

Rounding of figures may result in computational discrepancies

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 10 February 2006, AngloGold Ashanti announced the appointment of Reginald Bannerman to the board of
directors.

On 27 February 2006, AngloGold Ashanti announced that it had signed an agreement with Dynasty Gold
Corporation, a Vancouver-based exploration company with projects in China, to acquire an effective 8.7% stake in
the company through a $2m private placement in shares and warrants. The investment will be used to fund
further exploration of the Red Valley and Wild Horse projects, both located in the prospective Quilian metallogenic
belt.

On 15 March 2006, AngloGold Ashanti announced that it had posted to its shareholders, the company’s annual
report for the year ended 31 December 2005 and notice of the annual general meeting.

On 24 March 2006, AngloGold Ashanti posted to its shareholders, a circular detailing ordinary resolutions to be
voted on at a general meeting, together with notice of such meeting. The general meeting which was held on
10 April 2006, at which the ordinary resolutions were passed with the requisite majority, provides authority to the
directors to allot sufficient ordinary shares of the company to allow it to raise $500m before expenses but after
underwriters’ fees in a private offering. On 10 April 2006, AngloGold Ashanti announced that its offering of
9,970,732 ordinary shares had been priced at $51.25 per ADS and R315.19 per ordinary share.

21. Dividend

Final dividend No. 99 of 62 South African cents or 5.7949 UK pence or 920.018 cedis per share was paid to
registered shareholders on 10 March 2006, while a dividend of 2.74784 Australian cents per CHESS Depositary
Interest (CDI) was paid on the same day. On 13 March 2006, a dividend of 9.20018 cedis per Ghanaian
Depositary Share (GhDS) was paid to holders thereof. Each CDI represents one-fifth of an ordinary share, and
100 GhDSs represents one ordinary share. A dividend was paid to holders of American Depositary Receipts
(ADRs) on 20 March 2006 at a rate of 9.865 US cents per American Depositary Share (ADS). Each ADS
represents one ordinary share.

By order of the Board

R P EDEY

R M GODSELL

Chairman

Chief Executive Officer

4 May 2006

Non-GAAP disclosure

Quarter

Year

Quarter

Year

ended

March December

March

December

March December

March

December

2006

2005

2006

2005

Unaudited

A Price received

Gold income per income statement

4,246

4,337

3,858

16,750

690

665

642

2,629

Adjusted for minority interests

(162)

(165)

(122)

(566)

(26)

(25)

(21)

(89)

4,084

4,173

3,736

16,184

663

640

621

2,540

Realised non-hedge derivatives

466

462

233

951

151

4,550

4,634

3,969

17,135

739

711

659

2,691

Attributable gold sold - kg / - oz (000)

42,164

46,445

48,313

190,767

1,356

1,493

1,553

6,133

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

107,903

99,780

82,152

89,819

545

476

424

439

B Total costs

Total cash costs (note 3)

2,572

2,792

2,750

11,240

419

428

458

1,768

Adjusted for minority interests and
non-gold producing companies

(38)

(80)

(76)

(219)

(6)

(12)

(13)

(35)

Total cash costs

2,534

2,712

2,674

11,021

413

415

445

1,733

Retrenchment costs (note 3)

168

Rehabilitation and other non-cash costs (note 3)

207

368

Amortisation of tangible assets (note 3)

859

900

732

3,203

140

138

122

503

Amortisation of intangible assets (note 3)

Adjusted for minority interests and
non-gold producing companies

(27)

(34)

(20)

(102)

(4)

(5)

(2)

(16)

Total production costs

3,420

3,850

3,448

14,671

557

590

574

2,305

Gold produced - kg / - oz (000)

41,667

46,460

48,808

191,783

1,340

1,494

1,569

6,166

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

60,815

58,367

54,778

57,465

308

278

284

281

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

82,079

82,873

70,639

76,495

416

395

366

374

C Non-hedge derivative loss is summarised as follows:

Realised non-hedge derivative gain

466

462

232

951

151

Unrealised non-hedge derivative loss

(1,566)

(1,210)

(421)

(1,900)

(264)

(191)

(55)

(286)

Non-hedge derivative loss per income statement

(1,100)

(748)

(188)

(949)

(188)

(120)

(17)

(135)

D Cash gross profit

Gross profit adjusted for the effect of
unrealised non-hedge derivatives (note 8)

1,248

870

676

2,988

202

134

112

469

Amortisation of tangible assets (note 3)

859

900

732

3,203

140

138

122

503

Amortisation of intangible assets (note 3)

Non-cash revenues

(2)

(39)

(25)

(130)

(6)

(4)

(20)

2,108

1,735

1,385

6,074

342

267

230

954

Net asset value - cents per share

Total equity per balance sheet

14,854

16,958

19,169

16,958

2,408

2,673

3,081

2,673

Number of ordinary shares in issue (note 11)

265

265

265

265

Net asset value - cents per share

5,603

6,401

7,246

6,401

908

1,009

1,165

1,009

Rounding of figures may result in computational discrepancies.

SA Rand / Metric

US Dollar / Imperial

Development

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

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

3,392

616

120.0

30.58

3,669

0.98

117.01

Kopanang Mine
Vaal reef

5,782

606

21.0

115.00

2,415

9.35

196.45

Tau Lekoa Mine
Ventersdorp Contact reef

2,018

622

128.4

7.04

904

Moab Khotsong Mine
Vaal reef

4,394

154

120.7

13.56

1,637

1.33

161.00

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

205

Carbon Leader reef

1,106

Savuka Mine
Ventersdorp Contact reef

Carbon Leader reef

Mponeng Mine
Ventersdorp Contact reef

3,510

512

66.4

29.88

1,984

AUSTRALIA
Sunrise Dam

364

8.14

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

1,137

525

8.4

Córrego do Sitio

302

193

5.3

Lamego

418

203

4.8

Serra Grande
Mina III

1,112

106

5.1

Mina Nova

GHANA
Obuasi

6,466

1,888

440.0*

9.41

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

11,129

2,021

47.24

0.89

3.50

1.96

7.72

Kopanang Mine
Vaal reef

18,969

1,988

8.27

3.35

2.31

18.70

12.89

Tau Lekoa Mine
Ventersdorp Contact reef

6,620

2,041

50.55

0.21

0.88

Moab Khotsong Mine
Vaal reef

14,415

505

47.52

0.40

1.58

2.66

10.53

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

673

Carbon Leader reef

3,630

Savuka Mine
Ventersdorp Contact reef

Carbon Leader reef

Mponeng Mine
Ventersdorp Contact reef

11,514

1,680

26.14

0.87

1.90

AUSTRALIA
Sunrise Dam

1,194

0.24

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

3,729

1,721

3.31

Córrego do Sitio

990

635

2.09

Lamego

1,370

666

1.89

Serra Grande
Mina III

3,650

349

2.01

Mina Nova

GHANA
Obuasi

21,213

6,195

181.1*

0.27

* Average ore body width

Quarter ended March 2006

Segmental reporting

for the quarter ended 31 March 2006

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Gold income
South Africa

1,931

1,926

1,646

7,359

314

295

274

1,153

Argentina

168

173

151

617

Australia

309

287

337

1,349

213

Brazil

304

312

247

1,094

172

Ghana

453

516

410

1,821

286

Guinea

188

206

119

759

118

Mali

445

435

333

1,508

236

Namibia

230

Tanzania

246

266

407

1,352

214

USA

129

147

155

661

104

4,246

4,337

3,858

16,750

690

665

642

2,629

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Unaudited

SA Rand million

US Dollar million

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

623

548

213

1,480

101

230

Argentina

203

Australia

133

288

Brazil

134

147

136

543

Ghana

(107)

(191)

(16)

(29)

Guinea

Mali

179

137

443

Namibia

Tanzania

USA

107

Other

(78)

(40)

(96)

(13)

(5)

(16)

1,248

870

676

2,988

202

134

112

469

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Unaudited

SA Rand million

US Dollar million

Cash gross profit (loss)

South Africa

981

910

455

2,562

159

138

399

Argentina

100

354

Australia

175

135

494

Brazil

169

187

164

687

108

Ghana

181

106

249

Guinea

258

Mali

232

209

165

732

115

Namibia

110

Tanzania

154

289

USA

363

Other

(56)

(21)

(24)

(7)

(2)

(3)

2,108

1,735

1,385

6,074

342

267

230

954

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

Rounding of figures may result in computational discrepancies.

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

Segmental reporting (continued)

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Unaudited

Audited

Unaudited

Audited

Gold production

South Africa

18,963

20,818

20,732

83,223

610

669

666

2,676

Argentina

1,632

1,577

1,779

6,564

211

Australia

2,821

2,866

4,064

14,139

131

455

Brazil

2,263

2,808

2,528

10,756

346

Ghana

4,896

5,256

5,313

21,170

157

169

171

680

Guinea

1,776

1,936

1,345

7,674

246

Mali

4,028

4,112

3,980

16,421

130

132

128

528

Namibia

678

696

596

2,510

Tanzania

2,626

3,730

5,963

19,074

120

192

613

USA

1,984

2,659

2,508

10,252

330

41,667

46,460

48,808

191,783

1,340

1,494

1,569

6,166

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Capital expenditure
South Africa

407

651

482

2,208

100

347

Argentina

Australia

244

Brazil

220

204

544

Ghana

106

208

574

Guinea

229

Mali

Namibia

Tanzania

496

USA

Other

961

1,283

864

4,600

156

197

144

722

As at

March

December

March

December

March

December

2006

2005

2006

2005

Unaudited

Audited

Unaudited

Audited

Unaudited

Audited

SA Rand million

Total assets
South Africa

15,546

15,554

14,506

2,520

2,451

2,331

2,451

Argentina

1,676

1,635

2,115

272

258

340

258

Australia

4,824

4,738

4,389

782

747

705

747

Brazil

2,767

2,449

2,048

449

386

329

386

Ghana

11,130

11,419

11,403

1,804

1,800

1,832

1,800

Guinea

1,729

1,735

1,699

280

273

Mali

1,984

2,007

2,041

322

316

328

316

Namibia

329

289

214

Tanzania

7,810

7,924

6,682

1,266

1,249

1,073

1,249

USA

2,682

2,734

2,752

435

431

442

431

Other

2,337

2,138

1,825

378

337

296

337

52,814

52,622

49,674

8,561

8,294

7,983

8,294

Rounding of figures may result in computational discrepancies

US Dollar million

oz (000)

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SA Rand / US Dollar

Capital expenditure - Rm

Capital expenditure - $m

SOUTH AFRICA

407

651

482

2,208

100

347

Vaal River
Great Noligwa Mine

124

275

Kopanang Mine

264

Tau Lekoa Mine

Surface Operations

170

Moab Khotsong

112

142

137

600

West Wits
Mponeng Mine

301

Savuka Mine

TauTona Mine

143

468

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

244

Sunrise Dam

214

Exploration

BRAZIL

220

204

544

AngloGold Ashanti Mineração

196

180

459

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

106

208

574

Bibiani

Iduapriem - Attributable 85%

Obuasi

101

193

495

Minorities and exploration

GUINEA

229

Siguiri - Attributable 85%

194

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

496

Geita

496

USA

Cripple Creek & Victor J.V.

Minorities and exploration

OTHER

ANGLOGOLD ASHANTI

961

1,283

864

4,600

156

197

144

722

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Metric

Yield - g/t

Gold produced - kg

SOUTH AFRICA

18,963

20,818

20,732

83,223

Vaal River
Great Noligwa Mine

8.57

8.54

10.23

9.30

5,013

5,274

5,598

21,547

Kopanang Mine

6.83

7.27

7.49

7.38

3,220

3,664

3,737

14,993

Tau Lekoa Mine

3.57

3.52

3.98

3.96

1,438

1,904

2,029

8,253

Surface Operations

0.45

0.55

0.46

0.51

663

800

730

2,952

Moab Khotsong

7.14

292

West Wits
Mponeng Mine

9.83

9.77

8.31

9.15

4,269

4,436

3,571

15,921

Savuka Mine

7.76

9.68

5.44

6.80

653

770

1,000

3,930

TauTona Mine

9.24

8.90

10.31

9.62

3,413

3,970

4,067

15,627

ARGENTINA

1,632

1,577

1,779

6,564

Cerro Vanguardia - Attributable 92.50%

7.95

7.49

8.15

7.70

1,632

1,577

1,779

6,564

AUSTRALIA

2,821

2,866

4,064

14,139

Sunrise Dam

2.86

2.69

4.60

3.68

2,821

2,866

4,064

14,139

BRAZIL

2,263

2,808

2,528

10,756

AngloGold Ashanti Mineração

8.01

7.16

7.96

7.27

1,513

2,068

1,776

7,763

Serra Grande - Attributable 50%

7.58

7.67

8.01

7.93

750

741

752

2,993

GHANA

4,896

5,256

5,313

21,170

Bibiani

0.79

476

768

1,020

3,578

Iduapriem

- Attributable 85%

1.74

1.63

1.80

1.71

1,351

1,381

1,442

5,422

Obuasi

4.58

4.87

4.80

4.77

3,069

3,107

2,851

12,169

GUINEA

1,776

1,936

1,345

7,674

Siguiri

- Attributable 85%

1.01

1.12

1.21

1,776

1,936

1,345

7,674

MALI

4,028

4,112

3,980

16,421

Morila - Attributable 40%

4.03

4.80

6.05

5.41

1,689

1,817

2,075

8,139

Sadiola - Attributable 38%

3.11

2.63

2.65

2.73

1,316

1,323

1,188

5,223

Yatela

- Attributable 40%

4.53

3.73

2.61

2.99

1,023

972

717

3,060

NAMIBIA

678

696

596

2,510

Navachab

2.15

2.30

1.94

2.05

678

696

596

2,510

TANZANIA

2,626

3,730

5,963

19,074

Geita

2.34

2.41

4.15

3.14

2,626

3,730

5,963

19,074

USA

1,984

2,659

2,508

10,252

Cripple Creek & Victor J.V.

0.50

0.62

0.64

0.62

1,984

2,659

2,508

10,252

ANGLOGOLD ASHANTI

41,667

46,460

48,808

191,783

Underground Operations

7.12

7.23

7.35

7.31

23,055

25,412

24,884

100,858

Surface and Dump Reclamation

0.55

0.57

0.47

0.52

1,517

1,161

986

4,228

Open-pit Operations

2.25

2.21

3.60

2.74

13,726

15,767

18,220

69,871

Heap leach Operations

0.81

0.87

0.83

3,369

4,119

4,718

16,826

41,667

46,460

48,808

191,783

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

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

The yield of TauTona, AngloGold Ashanti Mineração and Obuasi represents

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

underground operations.

placed/tonnes placed.

The yield of Bibiani represents surface and dump reclamation

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Metric

Productivity per employee - g

Gold sold - kg

SOUTH AFRICA

244

266

240

252

18,886

20,800

20,717

83,212

Vaal River
Great Noligwa Mine

258

265

272

266

4,983

5,270

5,595

21,544

Kopanang Mine

211

239

229

240

3,201

3,662

3,735

14,991

Tau Lekoa Mine

139

156

168

1,431

1,902

2,028

8,252

Surface Operations

892

956

678

791

659

799

730

2,951

Moab Khotsong

290

West Wits
Mponeng Mine

311

318

251

283

4,261

4,433

3,567

15,919

Savuka Mine

212

215

118

146

652

770

999

3,931

TauTona Mine

285

318

296

310

3,408

3,965

4,063

15,624

ARGENTINA

935

924

815

900

1,566

1,596

1,743

6,422

Cerro Vanguardia - Attributable 92.50%

935

924

815

900

1,566

1,596

1,743

6,422

AUSTRALIA

2,112

2,229

3,378

2,776

2,824

2,856

4,053

14,123

Sunrise Dam

2,445

2,552

3,812

3,143

2,824

2,856

4,053

14,123

BRAZIL

542

726

663

692

2,558

2,782

2,502

10,347

AngloGold Ashanti Mineração

443

664

579

618

1,813

2,037

1,751

7,445

Serra Grande - Attributable 50%

988

982

1,007

999

745

751

2,902

GHANA

284

233

223

227

4,875

5,532

5,120

21,172

Bibiani

944

968

781

780

476

768

1,020

3,578

Iduapriem - Attributable 85%

650

648

681

635

1,351

1,515

1,279

5,423

Obuasi

209

158

140

152

3,048

3,248

2,821

12,171

GUINEA

474

534

489

592

1,776

1,936

1,345

7,674

Siguiri - Attributable 85%

474

534

489

592

1,776

1,936

1,345

7,674

MALI

1,702

1,731

2,000

1,946

4,039

4,284

4,014

16,450

Morila - Attributable 40%

1,944

2,051

3,766

3,097

1,640

1,916

2,040

8,148

Sadiola - Attributable 38%

1,567

1,629

1,702

1,719

1,313

1,370

1,202

5,250

Yatela - Attributable 40%

1,555

1,434

967

1,103

1,086

997

772

3,052

NAMIBIA

698

758

606

664

680

698

636

2,512

Navachab

698

758

606

664

680

698

636

2,512

TANZANIA

597

920

1,545

1,195

2,929

3,398

5,691

18,701

Geita

597

920

1,545

1,195

2,929

3,398

5,691

18,701

USA

2,082

2,878

2,714

2,728

2,031

2,563

2,492

10,154

Cripple Creek & Victor J.V.

2,082

2,878

2,714

2,728

2,031

2,563

2,492

10,154

ANGLOGOLD ASHANTI

353

371

381

376

42,164

46,445

48,313

190,767

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SA Rand / Metric

Total cash costs - R/kg

Total production costs - R/kg

SOUTH AFRICA

61,747

56,198

61,859

59,343

81,548

76,024

75,408

75,434

Vaal River
Great Noligwa Mine

52,022

50,311

53,491

53,868

68,183

73,628

62,429

67,024

Kopanang Mine

64,220

55,227

59,318

56,427

78,703

70,300

69,864

69,594

Tau Lekoa Mine

102,270

92,559

83,401

83,885

133,024

119,704

103,281

103,932

Surface Operations

64,402

51,135

61,450

58,636

74,449

51,135

61,450

58,636

Moab Khotsong

167,406

259,751

West Wits
Mponeng Mine

51,487

51,902

63,457

57,084

70,752

64,155

80,469

74,309

Savuka Mine

71,772

62,419

107,171

87,200

77,581

87,574

122,173

105,194

TauTona Mine

57,978

52,087

52,492

52,158

82,566

79,572

71,026

74,418

ARGENTINA

37,385

37,261

27,849

35,698

62,749

58,910

46,596

57,543

Cerro Vanguardia - Attributable 92.50%

36,822

36,290

27,280

35,035

62,059

57,810

45,919

56,756

AUSTRALIA

58,469

52,105

55,813

56,904

76,338

95,049

70,887

78,313

Sunrise Dam

55,561

48,903

53,857

54,924

71,187

81,376

68,751

74,065

BRAZIL

41,469

42,781

31,854

37,709

54,149

54,081

41,194

49,123

AngloGold Ashanti Mineração

37,132

39,945

28,425

34,619

50,539

50,386

38,169

46,446

Serra Grande - Attributable 50%

36,951

36,418

28,483

32,414

47,423

49,378

36,143

42,027

GHANA

68,345

76,525

63,393

69,504

99,228

113,316

86,182

97,018

Bibiani

55,531

69,913

55,841

62,273

85,933

128,268

83,860

98,650

Iduapriem - Attributable 85%

71,477

83,222

55,716

71,330

96,068

107,588

75,043

92,403

Obuasi

68,952

75,184

69,979

70,817

102,679

112,164

92,649

98,595

GUINEA

74,884

72,822

76,360

62,009

103,639

106,570

92,084

85,331

Siguiri - Attributable 85%

74,884

72,822

76,360

62,009

103,639

106,570

92,084

85,331

MALI

48,284

49,504

41,706

45,135

63,800

67,484

59,268

63,108

Morila - Attributable 40%

51,820

47,734

33,432

39,083

70,132

70,011

49,458

60,147

Sadiola - Attributable 38%

53,584

59,678

54,634

54,377

65,638

72,230

73,458

68,784

Yatela - Attributable 40%

43,910

43,556

54,180

53,754

59,183

60,795

73,966

69,469

NAMIBIA

44,795

54,386

79,780

65,300

59,018

33,958

88,903

66,354

Navachab

44,795

54,386

79,780

65,300

59,018

33,958

88,903

66,354

TANZANIA

72,557

68,370

41,204

61,182

92,656

100,414

56,421

79,377

Geita

72,557

68,370

41,204

61,182

92,656

100,414

56,421

79,377

USA

50,256

52,406

43,251

48,356

71,373

74,369

62,417

69,581

Cripple Creek & Victor J.V.

48,627

50,297

42,443

47,124

69,744

72,260

61,610

68,349

ANGLOGOLD ASHANTI

60,815

58,367

54,778

57,465

82,079

82,873

70,639

76,495

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SA Rand

SOUTH AFRICA

981

910

455

2,562

623

548

213

1,480

Vaal River
Great Noligwa Mine

299

274

157

768

223

164

122

556

Kopanang Mine

160

162

476

117

118

347

Tau Lekoa Mine

(32)

(30)

(32)

(84)

Surface Operations

105

Moab Khotsong

(13)

(40)

West Wits
Mponeng Mine

277

212

553

198

162

318

Savuka Mine

(18)

(6)

(32)

(46)

TauTona Mine

191

192

130

607

110

284

ARGENTINA

100

354

203

Cerro Vanguardia - Attributable 92.50%

332

193

Minorities and exploration

AUSTRALIA

175

135

494

133

288

Sunrise Dam

175

135

494

133

288

BRAZIL

169

187

164

687

134

147

136

543

AngloGold Ashanti Mineração

389

304

Serra Grande - Attributable 50%

165

137

Minorities and exploration

133

102

GHANA

181

106

249

(107)

(191)

Bibiani

(29)

(36)

(2)

(66)

Iduapriem - Attributable 85%

(9)

(30)

(16)

Obuasi

108

165

(36)

(7)

(104)

Minorities and exploration

(5)

GUINEA

258

Siguiri - Attributable 85%

211

Minorities and exploration

MALI

232

209

165

732

179

137

443

Morila - Attributable 40%

106

413

245

Sadiola - Attributable 38%

205

131

Yatela - Attributable 40%

114

NAMIBIA

110

Navachab

110

TANZANIA

154

289

Geita

154

289

USA

363

107

Cripple Creek & Victor J.V.

363

107

OTHER

(56)

(21)

(24)

(78)

(40)

(96)

ANGLOGOLD ASHANTI

2,108

1,735

1,385

6,074

1,248

870

676

2,988

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

Rounding of figures may result in computational discrepancies.

Gross profit (loss) adjusted for the effect of

unrealised non-hedge derivatives - Rm

Cash gross profit (loss) - Rm

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Imperial

Yield - oz/t

Gold produced - oz (000)

SOUTH AFRICA

610

669

666

2,676

Vaal River
Great Noligwa Mine

0.250

0.249

0.299

0.271

161

170

180

693

Kopanang Mine

0.199

0.212

0.218

0.215

104

118

120

482

Tau Lekoa Mine

0.104

0.103

0.116

265

Surface Operations

0.013

0.016

0.013

0.015

Moab Khotsong

0.208

West Wits
Mponeng Mine

0.287

0.285

0.242

0.267

137

143

115

512

Savuka Mine

0.226

0.282

0.159

0.198

126

TauTona Mine

0.269

0.260

0.301

0.281

110

128

131

502

ARGENTINA

211

Cerro Vanguardia - Attributable 92.50%

0.232

0.218

0.238

0.225

211

AUSTRALIA

131

455

Sunrise Dam

0.084

0.078

0.134

0.107

131

455

BRAZIL

346

AngloGold Ashanti Mineração

0.234

0.209

0.232

0.212

250

Serra Grande - Attributable 50%

0.221

0.224

0.233

0.231

GHANA

157

169

171

680

Bibiani

0.023

115

Iduapriem

- Attributable 85%

0.051

0.048

0.052

0.050

174

Obuasi

0.133

0.142

0.130

0.139

100

391

GUINEA

246

Siguiri

- Attributable 85%

0.030

0.033

0.035

246

MALI

130

132

128

528

Morila - Attributable 40%

0.118

0.140

0.177

0.158

262

Sadiola - Attributable 38%

0.091

0.077

0.080

168

Yatela

- Attributable 40%

0.132

0.109

0.076

0.087

NAMIBIA

Navachab

0.063

0.067

0.056

0.060

TANZANIA

120

192

613

Geita

0.068

0.070

0.121

0.092

120

192

613

USA

330

Cripple Creek & Victor J.V.

0.015

0.018

0.019

0.018

330

ANGLOGOLD ASHANTI

1,340

1,494

1,569

6,166

Underground Operations

0.208

0.211

0.214

0.213

741

817

800

3,243

Surface and Dump Reclamation

0.016

0.014

0.015

136

Open-pit Operations

0.066

0.065

0.105

0.080

441

507

585

2,246

Heap leach Operations

0.024

0.025

0.024

108

132

152

541

1,340

1,494

1,569

6,166

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

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

The yield of TauTona, AngloGold Ashanti Mineração and Obuasi represents

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

underground operations.

placed/tons placed.

The yield of Bibiani represents surface and dump reclamation

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

Imperial

Productivity per employee - oz

Gold sold - oz (000)

SOUTH AFRICA

7.84

8.55

7.71

8.11

607

669

666

2,675

Vaal River
Great Noligwa Mine

8.31

8.52

8.74

8.55

160

169

180

693

Kopanang Mine

6.80

7.70

7.37

7.71

103

118

120

482

Tau Lekoa Mine

4.47

5.01

5.41

265

Surface Operations

28.69

30.74

21.80

25.44

Moab Khotsong

2.87

West Wits
Mponeng Mine

9.99

10.22

8.08

9.10

137

143

115

512

Savuka Mine

6.82

6.91

3.80

4.70

126

TauTona Mine

9.16

10.24

9.52

9.97

110

127

131

502

ARGENTINA

30.05

29.70

26.20

28.95

206

Cerro Vanguardia - Attributable 92.50%

30.05

29.70

26.20

28.95

206

AUSTRALIA

67.91

71.68

108.61

89.27

130

454

Sunrise Dam

78.60

82.06

122.57

101.06

130

454

BRAZIL

17.43

23.33

21.31

22.23

333

AngloGold Ashanti Mineração

14.25

21.34

18.62

19.88

239

Serra Grande - Attributable 50%

31.76

31.58

32.36

32.12

GHANA

9.12

7.48

7.16

7.31

157

178

165

681

Bibiani

30.34

31.11

25.11

25.09

115

Iduapriem - Attributable 85%

20.88

20.85

21.91

20.43

174

Obuasi

6.72

5.08

4.49

4.89

104

391

GUINEA

15.22

17.17

15.73

19.03

247

Siguiri - Attributable 85%

15.22

17.17

15.73

19.03

247

Minorities and exploration

MALI

54.71

55.65

64.30

62.56

130

138

130

529

Morila - Attributable 40%

62.50

65.94

121.09

99.57

262

Sadiola - Attributable 38%

50.37

52.38

54.72

55.27

169

Yatela - Attributable 40%

49.98

46.11

31.09

35.48

NAMIBIA

22.44

24.37

19.49

21.36

Navachab

22.44

24.37

19.49

21.36

TANZANIA

19.20

29.58

49.68

38.41

109

183

601

Geita

19.20

29.58

49.68

38.41

109

183

601

USA

66.93

92.52

87.26

87.71

326

Cripple Creek & Victor J.V.

66.93

92.52

87.26

87.71

326

ANGLOGOLD ASHANTI

11.34

11.92

12.23

12.10

1,356

1,493

1,553

6,133

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

US Dollar / Imperial

Total cash costs - $/oz

Total production costs - $/oz

SOUTH AFRICA

313

268

320

291

413

363

390

369

Vaal River
Great Noligwa Mine

263

240

277

264

345

353

323

329

Kopanang Mine

325

263

307

277

398

335

362

341

Tau Lekoa Mine

518

441

432

410

674

571

535

509

Surface Operations

326

244

318

287

377

244

318

287

Moab Khotsong

848

1,315

West Wits
Mponeng Mine

261

247

329

279

358

305

417

363

Savuka Mine

363

297

555

430

393

416

633

517

TauTona Mine

294

248

272

256

418

380

368

364

ARGENTINA

189

177

144

174

317

280

241

281

Cerro Vanguardia - Attributable 92.50%

186

173

141

171

314

275

238

277

AUSTRALIA

296

246

289

279

386

449

367

383

Sunrise Dam

281

231

279

269

360

384

356

363

BRAZIL

210

204

165

184

274

258

213

239

AngloGold Ashanti Mineração

188

190

147

169

256

240

198

226

Serra Grande - Attributable 50%

187

174

147

158

240

236

187

205

GHANA

346

364

328

339

503

540

446

473

Bibiani

281

334

289

305

435

608

434

482

Iduapriem - Attributable 85%

362

397

288

348

487

513

389

451

Obuasi

349

357

362

345

520

535

480

481

GUINEA

379

341

395

301

525

502

477

414

Siguiri - Attributable 85%

379

341

395

301

525

502

477

414

MALI

244

236

216

220

323

322

307

308

Morila - Attributable 40%

262

227

173

191

355

333

256

293

Sadiola - Attributable 38%

271

284

283

265

332

344

380

336

Yatela - Attributable 40%

222

208

280

263

300

290

383

340

NAMIBIA

227

259

413

321

299

156

460

326

Navachab

227

259

413

321

299

156

460

326

TANZANIA

368

326

213

298

470

478

292

387

Geita

368

326

213

298

470

478

292

387

USA

255

249

224

236

362

354

323

339

Cripple Creek & Victor J.V.

246

239

220

230

353

344

319

333

ANGLOGOLD ASHANTI

308

278

284

281

416

395

366

374

Rounding of figures may result in computational discrepancies.

Key

operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

US Dollar

Cash gross profit (loss) - $m

SOUTH AFRICA

159

138

399

101

230

Vaal River
Great Noligwa Mine

120

Kopanang Mine

Tau Lekoa Mine

(5)

(14)

Surface Operations

Moab Khotsong

(2)

(7)

West Wits
Mponeng Mine

Savuka Mine

(3)

(1)

(5)

(8)

TauTona Mine

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

Sunrise Dam

BRAZIL

108

AngloGold Ashanti Mineração

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(16)

(29)

Bibiani

(4)

(6)

(10)

Iduapriem - Attributable 85%

(1)

(5)

(2)

Obuasi

(5)

(1)

(16)

Minorities and exploration

(1)

GUINEA

Siguiri - Attributable 85%

Minorities and exploration

MALI

115

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

Geita

USA

Cripple Creek & Victor J.V.

OTHER

(7)

(2)

(3)

(13)

(5)

(16)

ANGLOGOLD ASHANTI

342

267

230

954

202

134

112

469

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

Rounding of figures may result in computational discrepancies.

Gross profit (loss) adjusted for the effect of

unrealised non-hedge derivatives - $m

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

GREAT NOLIGWA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

100

104

418

1,075

1,116

1,066

4,503

Milled

- 000 tonnes

- 000 tons

585

617

547

2,317

645

681

603

2,554

Yield

- g / t

- oz / t

8.57

8.54

10.23

9.30

0.250

0.249

0.299

0.271

Gold produced

- kg

- oz (000)

5,013

5,274

5,598

21,547

161

170

180

693

Gold sold

- kg

- oz (000)

4,983

5,270

5,595

21,544

160

169

180

693

Price received

- R / kg

- $ / oz

- sold

114,185

102,524

85,182

92,643

577

488

441

453

Total cash costs

- R

- $

- ton milled

446

430

547

501

- R / kg

- $ / oz

- produced

52,022

50,311

53,491

53,868

263

240

277

264

Total production costs

- R / kg

- $ / oz

- produced

68,183

73,628

62,429

67,024

345

353

323

329

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

273

302

285

297

8.78

9.72

9.16

9.55

Actual

- g

- oz

258

265

272

266

8.31

8.52

8.74

8.55

Target

- m²

- ft²

5.46

5.45

4.86

5.27

58.76

58.68

52.34

56.78

Actual

- m²

- ft²

5.15

5.21

4.81

5.16

55.39

56.04

51.79

55.58

FINANCIAL RESULTS (MILLION)
Gold income

509

488

445

1,896

298

Cost of sales

346

377

355

1,440

227

Cash operating costs

258

265

297

1,153

182

Other cash costs

Total cash costs

261

265

300

1,161

183

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

266

278

315

1,232

194

Amortisation of tangible assets

110

212

Inventory change

(12)

(4)

(2)

(1)

164

112

456

Realised non-hedge derivatives

100

Gross profit excluding the effect of unrealised non-hedge derivatives

223

164

122

556

Capital expenditure

124

275

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

KOPANANG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

111

120

121

482

1,196

1,293

1,301

5,193

Milled

- 000 tonnes

- 000 tons

471

504

499

2,031

519

556

550

2,239

Yield

- g / t

- oz / t

6.83

7.27

7.49

7.38

0.199

0.212

0.218

0.215

Gold produced

- kg

- oz (000)

3,220

3,664

3,737

14,993

104

118

120

482

Gold sold

- kg

- oz (000)

3,201

3,662

3,735

14,991

103

118

120

482

Price received

- R / kg

- $ / oz

- sold

113,889

102,370

84,282

92,752

576

488

436

453

Total cash costs

- R

- $

- ton milled

439

402

444

417

- R / kg

- $ / oz

- produced

64,220

55,227

59,318

56,427

325

263

307

277

Total production costs

- R / kg

- $ / oz

- produced

78,703

70,300

69,864

69,594

398

335

362

341

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

239

221

215

219

7.69

7.09

6.92

7.05

Actual

- g

- oz

211

239

229

240

6.80

7.70

7.37

7.71

Target

- m²

- ft²

7.69

7.09

6.77

7.00

82.81

76.32

72.85

75.39

Actual

- m²

- ft²

7.30

7.85

7.41

7.72

78.58

84.51

79.77

83.10

FINANCIAL RESULTS (MILLION)
Gold income

327

338

297

1,324

208

Cost of sales

248

257

262

1,044

164

Cash operating costs

205

202

220

840

132

Other cash costs

Total cash costs

207

202

222

846

133

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

210

213

230

914

144

Amortisation of tangible assets

129

Inventory change

(6)

(1)

281

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

117

118

347

Capital expenditure

264

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

MOAB KHOTSONG

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

Milled

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

7.14

0.208

Gold produced

- kg

- oz (000)

292

Gold sold

- kg

- oz (000)

290

Price received

- R / kg

- $ / oz

- sold

115,601

583

Total cash costs

- R

- $

- ton milled

1,195

176

- R / kg

- $ / oz

- produced

167,406

848

Total production costs

- R / kg

- $ / oz

- produced

259,751

1,315

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2.81

Actual

- g

- oz

2.87

Target

- m²

- ft²

2.30

24.77

Actual

- m²

- ft²

1.96

21.06

FINANCIAL RESULTS (MILLION)
Gold income

Cost of sales

Cash operating costs

Other cash costs

Total cash costs

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(2)

(44)

(7)

Realised non-hedge derivatives

Gross loss excluding the effect of unrealised non-hedge derivatives

(40)

(7)

Capital expenditure

112

142

137

600

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

TAU LEKOA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

399

836

1,067

1,024

4,299

Milled

- 000 tonnes

- 000 tons

402

540

510

2,082

444

596

563

2,295

Yield

- g / t

- oz / t

3.57

3.52

3.98

3.96

0.104

0.103

0.116

Gold produced

- kg

- oz (000)

1,438

1,904

2,029

8,253

265

Gold sold

- kg

- oz (000)

1,431

1,902

2,028

8,252

265

Price received

- R / kg

- $ / oz

- sold

112,954

102,339

86,035

93,113

572

488

445

455

Total cash costs

- R

- $

- ton milled

366

326

332

333

- R / kg

- $ / oz

- produced

102,270

92,559

83,401

83,885

518

441

432

410

Total production costs

- R / kg

- $ / oz

- produced

133,024

119,704

103,281

103,932

674

571

535

509

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

183

223

210

218

5.88

7.16

6.76

7.02

Actual

- g

- oz

139

156

168

4.47

5.01

5.41

Target

- m²

- ft²

8.61

9.71

9.50

9.66

92.71

104.55

102.31

104.00

Actual

- m²

- ft²

7.51

8.12

7.88

8.14

80.83

87.38

84.87

87.61

FINANCIAL RESULTS (MILLION)
Gold income

146

176

161

731

114

Cost of sales

194

225

206

852

134

Cash operating costs

146

176

168

688

108

Other cash costs

Total cash costs

147

176

169

692

109

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

150

178

175

714

112

Amortisation of tangible assets

143

Inventory change

(3)

(4)

(5)

(1)

(48)

(49)

(45)

(122)

(8)

(7)

(20)

Realised non-hedge derivatives

Gross loss excluding the effect of unrealised non-hedge derivatives

(32)

(30)

(32)

(84)

(5)

(14)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SURFACE OPERATIONS

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
Milled

- 000 tonnes

- 000 tons

1,481

1,442

1,585

5,845

1,632

1,589

1,747

6,443

Yield

- g / t

- oz / t

0.45

0.55

0.46

0.51

0.013

0.016

0.013

0.015

Gold produced

- kg

- oz (000)

663

800

730

2,952

Gold sold

- kg

- oz (000)

659

799

730

2,951

Price received

- R / kg

- $ / oz

- sold

114,429

102,243

84,836

93,285

578

487

439

455

Total cash costs

- R

- $

- ton milled

- R / kg

- $ / oz

- produced

64,402

51,135

61,450

58,636

326

244

318

287

Total production costs

- R / kg

- $ / oz

- produced

74,449

51,135

61,450

58,636

377

244

318

287

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

751

733

746

727

24.16

23.57

23.98

23.38

Actual

- g

- oz

892

956

678

791

28.69

30.74

21.80

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)

(2)

(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.

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

MPONENG MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

351

903

1,000

896

3,776

Milled

- 000 tonnes

- 000 tons

434

454

430

1,739

479

500

474

1,917

Yield

- g / t

- oz / t

9.83

9.77

8.31

9.15

0.287

0.285

0.242

0.267

Gold produced

- kg

- oz (000)

4,269

4,436

3,571

15,921

137

143

115

512

Gold sold

- kg

- oz (000)

4,261

4,433

3,567

15,919

137

143

115

512

Price received

- R / kg

- $ / oz

- sold

114,510

101,950

85,205

93,766

579

486

441

457

Total cash costs

- R

- $

- ton milled

506

507

527

523

- R / kg

- $ / oz

- produced

51,487

51,902

63,457

57,084

261

247

329

279

Total production costs

- R / kg

- $ / oz

- produced

70,752

64,155

80,469

74,309

358

305

417

363

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

276

281

239

256

8.87

9.02

7.70

8.22

Actual

- g

- oz

311

318

251

283

9.99

10.22

8.08

9.10

Target

- m²

- ft²

5.96

5.90

5.30

5.67

64.14

63.52

57.08

61.02

Actual

- m²

- ft²

6.11

6.65

5.86

6.23

65.74

71.61

63.04

67.10

FINANCIAL RESULTS (MILLION)
Gold income

436

410

283

1,417

222

Cost of sales

290

281

1,175

185

Cash operating costs

217

230

224

902

142

Other cash costs

Total cash costs

220

230

226

909

143

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

222

235

229

948

149

Amortisation of tangible assets

236

Inventory change

(12)

(6)

(8)

(2)

(1)

145

120

242

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

198

162

318

Capital expenditure

301

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SAVUKA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

125

186

187

443

1,341

Milled

- 000 tonnes

- 000 tons

184

578

203

637

Yield

- g / t

- oz / t

7.76

9.68

5.44

6.80

0.226

0.282

0.159

0.198

Gold produced

- kg

- oz (000)

653

770

1,000

3,930

126

Gold sold

- kg

- oz (000)

652

770

999

3,931

126

Price received

- R / kg

- $ / oz

- sold

112,970

102,344

85,838

92,916

572

487

444

454

Total cash costs

- R

- $

- ton milled

557

604

583

593

- R / kg

- $ / oz

- produced

71,772

62,419

107,171

87,200

363

297

555

430

Total production costs

- R / kg

- $ / oz

- produced

77,581

87,574

122,173

105,194

393

416

633

517

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

166

149

144

148

5.34

4.80

4.64

4.76

Actual

- g

- oz

212

215

118

146

6.82

6.91

3.80

4.70

Target

- m²

- ft²

5.00

4.99

5.03

5.04

53.81

53.75

54.11

54.29

Actual

- m²

- ft²

5.60

4.84

4.85

4.63

60.30

52.13

52.25

49.87

FINANCIAL RESULTS (MILLION)
Gold income

348

Cost of sales

117

411

Cash operating costs

106

339

Other cash costs

Total cash costs

107

343

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

(8)

(1)

Production costs

108

374

Amortisation of tangible assets

Inventory change

(5)

(3)

(1)

(38)

(63)

(6)

(10)

Realised non-hedge derivatives

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

(32)

(46)

(5)

(8)

Capital expenditure

Rounding of figures may result in computational discrepancies.

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

TAUTONA MINE

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m²

- 000 ft²

273

684

779

741

2,935

Milled

- 000 tonnes

- 000 tons

363

442

394

1,620

401

487

435

1,786

Yield

- g / t

- oz / t

9.24

8.90

10.31

9.62

0.269

0.260

0.301

0.281

Gold produced

- kg

- oz (000)

3,357

3,929

4,067

15,586

108

126

131

501

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

117

129

Yield

- g / t

- oz / t

0.48

0.54

0.014

0.016

Gold produced

- kg

- oz (000)

TOTAL
Yield

- g / t

- oz / t

9.24

8.90

10.31

9.62

0.269

0.260

0.301

0.281

Gold produced

- kg

- oz (000)

3,413

3,970

4,067

15,627

110

128

131

502

Gold sold

- kg

- oz (000)

3,408

3,965

4,063

15,624

110

127

131

502

Price received

- R / kg

- $ / oz

- sold

113,518

102,120

84,559

92,799

575

486

438

453

Total cash costs

- R

- $

- ton milled

412

400

541

481

- R / kg

- $ / oz

- produced

57,978

52,087

52,492

52,158

294

248

272

256

Total production costs

- R / kg

- $ / oz

- produced

82,566

79,572

71,026

74,418

418

380

368

364

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

307

336

322

331

9.86

10.82

10.35

10.64

Actual

- g

- oz

285

318

296

310

9.16

10.24

9.52

9.97

Target

- m²

- ft²

5.63

5.30

5.10

5.17

60.63

57.09

54.90

55.69

Actual

- m²

- ft²

5.31

5.81

5.01

5.41

57.12

62.50

53.96

58.23

FINANCIAL RESULTS (MILLION)
Gold income

348

368

323

1,381

217

Cost of sales

276

319

283

1,166

183

Cash operating costs

196

206

211

809

128

Other cash costs

Total cash costs

198

207

213

815

129

Retrenchment costs

Rehabilitation and other non-cash costs

(3)

Production costs

201

209

219

840

133

Amortisation of tangible assets

107

322

Inventory change

(5)

(1)

216

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

110

284

Capital expenditure

143

468

Rounding of figures may result in computational discrepancies.

Total yield excludes the surface and dump reclamation.

Argentina

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

CERRO VANGUARDIA - Attributable 92.50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,138

4,875

4,509

18,507

4,561

5,374

4,970

20,401

Treated

- 000 tonnes

- 000 tons

205

211

218

853

226

232

241

940

Stripping ratio

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

20.27

22.30

15.81

19.06

20.27

22.30

15.81

19.06

Yield

- g / t

- oz / t

7.95

7.49

8.15

7.70

0.232

0.218

0.238

0.225

Gold in ore

- kg

- oz (000)

1,570

1,677

1,843

6,833

220

Gold produced

- kg

- oz (000)

1,632

1,577

1,779

6,564

211

Gold sold

- kg

- oz (000)

1,566

1,596

1,743

6,422

206

Price received

- R / kg

- $ / oz

- sold

89,541

90,615

74,334

81,617

454

432

385

399

Total cash costs

- R / kg

- $ / oz

- produced

36,822

36,290

27,280

35,035

186

173

141

171

Total production costs

- R / kg

- $ / oz

- produced

62,059

57,810

45,919

56,756

314

275

238

277

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,051

818

782

817

33.78

26.30

25.13

26.25

Actual

- g

- oz

935

924

815

900

30.05

29.70

26.20

28.95

FINANCIAL RESULTS (MILLION)
Gold income

156

160

140

571

Cost of sales

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

(5)

(1)

(6)

(1)

206

Realised non-hedge derivatives

(7)

(5)

(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.

Australia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SUNRISE DAM

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

Treated

- 000 tonnes

- 000 tons

Yield

- g / t

- oz / t

5.62

0.164

Gold produced

- kg

- oz (000)

261

OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

2,629

2,938

2,605

11,050

3,439

3,843

3,407

14,454

Treated

- 000 tonnes

- 000 tons

894

934

866

3,625

986

1,030

954

3,996

Stripping ratio

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

4.36

5.40

4.34

5.33

4.36

5.40

4.34

5.33

Yield

- g / t

- oz / t

2.86

2.69

4.60

3.68

0.084

0.078

0.134

0.107

Gold produced

- kg

- oz (000)

2,560

2,866

4,064

14,139

131

455

TOTAL
Yield

- g / t

- oz / t

2.86

2.69

4.60

3.68

0.084

0.078

0.134

0.107

Gold produced

- kg

- oz (000)

2,821

2,866

4,064

14,139

131

455

Gold sold

- kg

- oz (000)

2,824

2,856

4,053

14,123

130

454

Price received

- R / kg

- $ / oz

- sold

118,640

107,342

81,997

94,716

598

515

424

464

Total cash costs

- R / kg

- $ / oz

- produced

55,561

48,903

53,857

54,924

281

231

279

269

Total production costs

- R / kg

- $ / oz

- produced

71,187

81,376

68,751

74,065

360

384

356

363

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,559

2,112

3,150

2,709

82.29

67.89

101.27

87.11

Actual

- g

- oz

2,445

2,552

3,812

3,143

78.60

82.06

122.57

101.06

FINANCIAL RESULTS (MILLION)
Gold income

309

287

337

1,349

213

Cost of sales

202

262

252

1,050

165

Cash operating costs

149

132

211

744

117

Other cash costs

Total cash costs

157

140

219

777

122

Rehabilitation and other non-cash costs

Production costs

159

187

224

842

132

Amortisation of tangible assets

205

Inventory change

(27)

(4)

107

300

Realised non-hedge derivatives

(5)

(12)

(1)

(2)

Gross profit excluding the effect of unrealised non-hedge derivatives

133

288

Capital expenditure

214

Rounding of figures may result in computational discrepancies.

Total yield excludes the underground operations.

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

ANGLOGOLD ASHANTI MINERAÇÃO

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

159

212

196

859

175

233

216

947

Treated

- 000 tonnes

- 000 tons

161

237

205

900

178

261

226

992

Yield

- g / t

- oz / t

8.01

7.16

7.96

7.27

0.234

0.209

0.232

0.212

Gold produced

- kg

- oz (000)

1,291

1,696

1,633

6,542

210

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

105

116

Yield

- g / t

- oz / t

2.30

2.39

0.067

0.070

Gold produced

- kg

- oz (000)

250

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

911

846

664

3,984

1,004

933

732

4,392

Placed

- 000 tonnes

- 000 tons

249

275

Stripping ratio

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

14.27

11.40

18.85

15.00

14.27

11.40

18.85

15.00

Yield

- g / t

- oz / t

7.23

4.38

4.70

3.43

0.211

0.128

0.137

0.100

Gold placed

- kg

- oz (000)

430

296

159

853

Gold produced

- kg

- oz (000)

222

287

144

971

TOTAL
Yield

- g / t

- oz / t

8.01

7.16

7.96

7.27

0.234

0.209

0.232

0.212

Gold produced

- kg

- oz (000)

1,513

2,068

1,776

7,763

250

Gold sold

- kg

- oz (000)

1,813

2,037

1,751

7,445

239

Price received

- R / kg

- $ / oz

- sold

90,206

94,047

80,407

87,643

457

451

416

427

Total cash costs

- R / kg

- $ / oz

- produced

37,132

39,945

28,425

34,619

188

190

147

169

Total production costs

- R / kg

- $ / oz

- produced

50,539

50,386

38,169

46,446

256

240

198

226

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

438

562

473

535

14.07

18.06

15.21

17.21

Actual

- g

- oz

443

664

579

618

14.25

21.34

18.62

19.88

FINANCIAL RESULTS (MILLION)
Gold income

159

171

129

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

(4)

(12)

(2)

250

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

304

Capital expenditure

196

180

459

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield represents underground operations

Rounding of figures may result in computational discrepancies.

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SERRA GRANDE - Attributable 50%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

378

107

105

102

417

Treated

- 000 tonnes

- 000 tons

378

109

106

104

416

Yield

- g / t

- oz / t

7.58

7.67

8.01

7.93

0.221

0.224

0.233

0.231

Gold produced

- kg

- oz (000)

750

741

752

2,993

Gold sold

- kg

- oz (000)

745

751

2,902

Price received

- R / kg

- $ / oz

- sold

89,529

99,723

80,467

88,345

453

479

416

432

Total cash costs

- R / kg

- $ / oz

- produced

36,951

36,418

28,483

32,414

187

174

147

158

Total production costs

- R / kg

- $ / oz

- produced

47,423

49,378

36,143

42,027

240

236

187

205

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

964

839

833

832

31.00

26.98

26.79

26.76

Actual

- g

- oz

988

982

1,007

999

31.76

31.58

32.36

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)

(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.

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

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

4.36

4.83

0.127

0.141

Gold produced

- kg

- oz (000)

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

601

663

Yield

- g / t

- oz / t

0.79

0.023

Gold produced

- kg

- oz (000)

476

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

304

1,284

4,342

335

1,416

4,786

Treated

- 000 tonnes

- 000 tons

601

637

2,444

663

702

2,694

Stripping ratio

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

5.46

5.83

6.76

5.46

5.83

6.76

Yield

- g / t

- oz / t

1.28

1.58

1.45

0.037

0.046

0.042

Gold in ore

- kg

- oz (000)

104

1,015

2,168

Gold produced

- kg

- oz (000)

768

1,009

3,552

114

TOTAL
Yield

- g / t

- oz / t

0.79

0.023

Gold produced

- kg

- oz (000)

476

768

1,020

3,578

115

Gold sold

- kg

- oz (000)

476

768

1,020

3,578

115

Price received

- R / kg

- $ / oz

- sold

109,827

98,691

83,352

89,302

555

469

432

438

Total cash costs

- R / kg

- $ / oz

- produced

55,531

69,913

55,841

62,273

281

334

289

305

Total production costs

- R / kg

- $ / oz

- produced

85,933

128,268

83,860

98,650

435

608

434

482

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

880

268

397

373

28.29

8.61

12.75

11.99

Actual

- g

- oz

944

968

781

780

30.34

31.11

25.11

25.09

FINANCIAL RESULTS (MILLION)
Gold income

309

Cost of sales

112

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)

(5)

(77)

(6)

(1)

(12)

Realised non-hedge derivatives

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

(36)

(2)

(66)

(6)

(10)

Capital expenditure

Total yield represents surface and dump reclamation

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

IDUAPRIEM - Attributable 85%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

4,598

4,580

6,004

22,453

5,069

5,049

6,618

24,750

Treated

- 000 tonnes

- 000 tons

776

846

800

3,163

856

933

882

3,487

Stripping ratio

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

4.36

4.40

6.76

5.46

4.36

4.40

6.76

5.46

Yield

- g / t

- oz / t

1.74

1.63

1.80

1.71

0.051

0.048

0.052

0.050

Gold in ore

- kg

- oz (000)

1,406

1,576

1,622

6,533

210

Gold produced

- kg

- oz (000)

1,351

1,381

1,437

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

1.74

1.63

1.80

1.71

0.051

0.048

0.052

0.050

Gold produced

- kg

- oz (000)

1,351

1,381

1,442

5,422

174

Gold sold

- kg

- oz (000)

1,351

1,515

1,279

5,423

174

Price received

- R / kg

- $ / oz

- sold

104,917

95,533

86,157

88,812

530

457

446

435

Total cash costs

- R / kg

- $ / oz

- produced

71,477

83,222

55,716

71,330

362

397

288

348

Total production costs

- R / kg

- $ / oz

- produced

96,068

107,588

75,043

92,403

487

513

389

451

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

609

708

699

728

19.57

22.77

22.48

23.40

Actual

- g

- oz

650

648

681

635

20.88

20.85

21.91

20.43

FINANCIAL RESULTS (MILLION)
Gold income

117

133

438

Cost of sales

126

175

498

Cash operating costs

108

363

Other cash costs

Total cash costs

115

387

Rehabilitation and other non-cash costs

Production costs

124

400

Amortisation of tangible assets

Inventory change

(10)

(2)

(9)

(42)

(59)

(2)

(6)

(9)

Realised non-hedge derivatives

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

(30)

(16)

(5)

(2)

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total yield excludes the heap leach operation.

Rounding of figures may result in computational discrepancies.

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

OBUASI

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

- 000 tons

575

568

495

2,187

634

626

545

2,411

Treated

- 000 tonnes

- 000 tons

548

543

492

2,156

604

598

542

2,376

Yield

- g / t

- oz / t

4.58

4.87

4.80

4.77

0.133

0.142

0.130

0.139

Gold produced

- kg

- oz (000)

2,510

2,644

2,404

10,280

331

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

- 000 tons

570

502

526

2,036

628

553

580

2,244

Yield

- g / t

- oz / t

0.56

0.47

0.49

0.48

0.016

0.014

Gold produced

- kg

- oz (000)

322

236

256

985

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

724

339

828

2,844

798

374

913

3,135

Treated

- 000 tonnes

- 000 tons

334

256

492

368

282

543

Stripping ratio

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

1.17

4.37

10.50

10.06

1.17

4.37

10.50

10.06

Yield

- g / t

- oz / t

0.71

0.89

3.10

1.84

0.021

0.026

0.090

0.054

Gold in ore

- kg

- oz (000)

480

311

241

Gold produced

- kg

- oz (000)

238

227

191

904

TOTAL
Yield

- g / t

- oz / t

4.58

4.87

4.80

4.77

0.133

0.142

0.130

0.139

Gold produced

- kg

- oz (000)

3,069

3,107

2,851

12,169

100

391

Gold sold

- kg

- oz (000)

3,048

3,248

2,821

12,171

104

391

Price received

- R / kg

- $ / oz

- sold

105,516

95,609

86,597

89,176

532

457

448

435

Total cash costs

- R / kg

- $ / oz

- produced

68,952

75,184

69,979

70,817

349

357

362

345

Total production costs

- R / kg

- $ / oz

- produced

102,679

112,164

92,649

98,595

520

535

480

481

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

216

347

332

349

6.96

11.17

10.68

11.21

Actual

- g

- oz

209

158

140

152

6.72

5.08

4.49

4.89

FINANCIAL RESULTS (MILLION)
Gold income

257

283

213

986

155

Cost of sales

315

346

251

1,190

187

Cash operating costs

199

219

189

811

127

Other cash costs

Total cash costs

212

234

200

862

135

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

212

241

200

869

136

Amortisation of tangible assets

103

111

334

Inventory change

(6)

(12)

(14)

(1)

(2)

(58)

(64)

(38)

(203)

(10)

(6)

(32)

Realised non-hedge derivatives

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

(36)

(7)

(104)

(5)

(1)

(16)

Capital expenditure

101

193

495

Total yield represents underground operations

Rounding of figures may result in computational discrepancies.

Guinea

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SIGUIRI - Attributable 85%

Rand / Metric

Dollar / Imperial

OPEN-PIT OPERATION
Mined

- 000 tonnes

- 000 tons

5,551

5,827

13,694

6,119

6,423

15,095

Treated

- 000 tonnes

- 000 tons

1,617

1,548

4,249

1,782

1,706

4,684

Stripping ratio

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

1.65

1.69

1.40

1.65

1.69

1.40

Yield

- g / t

- oz / t

1.01

1.12

1.21

0.030

0.033

0.035

Gold produced

- kg

- oz (000)

1,636

1,736

5,140

165

HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

3,678

4,054

Placed

- 000 tonnes

- 000 tons

1,497

1,575

1,650

1,736

Stripping ratio

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

1.68

Yield

- g / t

- oz / t

1.16

0.034

Gold placed

- kg

- oz (000)

1,738

1,835

Gold produced

- kg

- oz (000)

141

201

1,345

2,534

TOTAL
Yield

- g / t

- oz / t

1.01

1.12

1.21

0.030

0.033

0.035

Gold produced

- kg

- oz (000)

1,776

1,936

1,345

7,674

246

Gold sold

- kg

- oz (000)

1,776

1,936

1,345

7,674

247

Price received

- R / kg

- $ / oz

- sold

104,936

96,234

86,569

89,678

529

460

448

435

Total cash costs

- R / kg

- $ / oz

- produced

74,884

72,822

76,360

62,009

379

341

395

301

Total production costs

- R / kg

- $ / oz

- produced

103,639

106,570

92,084

85,331

525

502

477

414

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

435

959

1,049

1,048

13.98

30.82

33.74

33.71

Actual

- g

- oz

474

534

489

592

15.22

17.17

15.73

19.03

FINANCIAL RESULTS (MILLION)
Gold income

154

171

635

Cost of sales

163

183

103

607

Cash operating costs

120

124

442

Other cash costs

Total cash costs

133

138

103

473

Rehabilitation and other non-cash costs

(3)

Production costs

134

135

107

476

Amortisation of tangible assets

166

Inventory change

(19)

(14)

(20)

(34)

(3)

(2)

(3)

(6)

(9)

(12)

(4)

(2)

(1)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

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.

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

MORILA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

948

1,176

1,303

4,231

1,240

1,538

1,704

5,535

Mined

- 000 tonnes

- 000 tons

2,424

2,719

3,126

9,821

2,672

2,997

3,446

10,826

Treated

- 000 tonnes

- 000 tons

419

378

343

1,505

462

417

378

1,659

Stripping ratio

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

3.10

2.09

3.75

2.49

3.10

2.09

3.75

2.49

Yield

- g / t

- oz / t

4.03

4.80

6.05

5.41

0.118

0.140

0.177

0.158

Gold produced

- kg

- oz (000)

1,689

1,817

2,075

8,139

262

Gold sold

- kg

- oz (000)

1,640

1,916

2,040

8,148

262

Price received

- R / kg

- $ / oz

- sold

111,075

101,211

82,141

91,188

560

483

425

445

Total cash costs

- R / kg

- $ / oz

- produced

51,820

47,734

33,432

39,083

262

227

173

191

Total production costs

- R / kg

- $ / oz

- produced

70,132

70,011

49,458

60,147

355

333

256

293

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,551

2,115

2,170

2,212

82.01

68.00

69.75

71.13

Actual

- g

- oz

1,944

2,051

3,766

3,097

62.50

65.94

121.09

99.57

FINANCIAL RESULTS (MILLION)
Gold income

182

194

168

743

116

Cost of sales

116

142

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

(3)

(8)

(1)

245

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

245

Capital expenditure

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

SADIOLA - Attributable 38%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

913

978

841

3,671

1,194

1,279

1,100

4,802

Mined

- 000 tonnes

- 000 tons

1,909

2,013

1,749

7,344

2,104

2,219

1,928

8,095

Treated

- 000 tonnes

- 000 tons

423

502

449

1,910

466

554

495

2,106

Stripping ratio

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

2.25

1.52

2.25

2.47

2.25

1.52

2.25

2.47

Yield

- g / t

- oz / t

3.11

2.63

2.65

2.73

0.091

0.077

0.080

Gold produced

- kg

- oz (000)

1,316

1,323

1,188

5,223

168

Gold sold

- kg

- oz (000)

1,313

1,370

1,202

5,250

169

Price received

- R / kg

- $ / oz

- sold

109,331

101,716

84,983

92,180

553

485

440

448

Total cash costs

- R / kg

- $ / oz

- produced

53,584

59,678

54,634

54,377

271

284

283

265

Total production costs

- R / kg

- $ / oz

- produced

65,638

72,230

73,458

68,784

332

344

380

336

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,681

2,192

1,399

1,896

54.04

70.47

44.97

60.95

Actual

- g

- oz

1,567

1,629

1,702

1,719

50.37

52.38

54.72

55.27

FINANCIAL RESULTS (MILLION)
Gold income

144

139

102

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

Gross profit excluding the effect of unrealised non-hedge derivatives

131

Capital expenditure

Rounding of figures may result in computational discrepancies.

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

YATELA - Attributable 40%

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION

Mined

- 000 tonnes

- 000 tons

1,214

1,265

1,679

5,754

1,338

1,394

1,850

6,342

Placed

- 000 tonnes

- 000 tons

327

328

323

1,259

360

362

356

1,388

Stripping ratio

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

3.02

4.97

5.75

6.94

3.02

4.97

5.75

6.94

Yield

- g / t

- oz / t

4.53

3.73

2.61

2.99

0.132

0.109

0.076

0.087

Gold placed

- kg

- oz (000)

1,480

1,225

844

3,759

121

Gold produced

- kg

- oz (000)

1,023

972

717

3,060

Gold sold

- kg

- oz (000)

1,086

997

772

3,052

Price received

- R / kg

- $ / oz

- sold

109,917

102,055

82,700

92,211

555

487

428

449

Total cash costs

- R / kg

- $ / oz

- produced

43,910

43,556

54,180

53,754

222

208

280

263

Total production costs

- R / kg

- $ / oz

- produced

59,183

60,795

73,966

69,469

300

290

383

340

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

1,209

1,127

994

1,115

38.88

36.24

31.97

35.86

Actual

- g

- oz

1,555

1,434

967

1,103

49.98

46.11

31.09

35.48

FINANCIAL RESULTS (MILLION)
Gold income

119

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

(1)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Namibia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

NAVACHAB

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

459

295

258

1,161

600

386

337

1,518

Mined

- 000 tonnes

- 000 tons

1,365

922

839

3,744

1,504

1,016

925

4,127

Treated

- 000 tonnes

- 000 tons

315

303

308

1,222

348

334

339

1,347

Stripping ratio

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

7.13

1.66

1.65

1.56

7.13

1.66

1.65

1.56

Yield

- g / t

- oz / t

2.15

2.30

1.94

2.05

0.063

0.067

0.056

0.060

Gold produced

- kg

- oz (000)

678

696

596

2,510

Gold sold

- kg

- oz (000)

680

698

636

2,512

Price received

- R / kg

- $ / oz

- sold

109,373

101,269

83,370

91,635

553

482

431

447

Total cash costs

- R / kg

- $ / oz

- produced

44,795

54,386

79,780

65,300

227

259

413

321

Total production costs

- R / kg

- $ / oz

- produced

59,018

33,958

88,903

66,354

299

156

460

326

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

779

763

672

720

25.05

24.52

21.60

23.14

Actual

- g

- oz

698

758

606

664

22.44

24.37

19.49

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)

(43)

(7)

Production costs

(4)

121

(1)

Amortisation of tangible assets

Inventory change

(1)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Tanzania

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

GEITA

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

- 000 bcy

3,812

4,799

4,884

20,007

4,986

6,277

6,388

26,169

Mined

- 000 tonnes

- 000 tons

12,415

13,108

12,607

54,109

13,685

14,449

13,897

59,645

Treated

- 000 tonnes

- 000 tons

1,123

1,545

1,436

6,078

1,238

1,703

1,583

6,699

Stripping ratio

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

12.45

8.53

9.31

8.49

12.45

8.53

9.31

8.49

Yield

- g / t

- oz / t

2.34

2.41

4.15

3.14

0.068

0.070

0.121

0.092

Gold produced

- kg

- oz (000)

2,626

3,730

5,963

19,074

120

192

613

Gold sold

- kg

- oz (000)

2,929

3,398

5,691

18,701

109

183

601

Price received

- R / kg

- $ / oz

- sold

109,961

104,922

71,909

81,124

555

503

372

398

Total cash costs

- R / kg

- $ / oz

- produced

72,557

68,370

41,204

61,182

368

326

213

298

Total production costs

- R / kg

- $ / oz

- produced

92,656

100,414

56,421

79,377

470

478

292

387

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

859

800

1,221

1,023

27.60

25.73

39.25

32.90

Actual

- g

- oz

597

920

1,545

1,195

19.20

29.58

49.68

38.41

FINANCIAL RESULTS (MILLION)
Gold income

246

266

407

1,351

214

Cost of sales

307

313

345

1,468

230

Cash operating costs

177

240

228

1,095

172

Other cash costs

Total cash costs

189

253

244

1,156

181

Rehabilitation and other non-cash costs

113

Production costs

192

365

247

1,269

199

Amortisation of tangible assets

234

Inventory change

(59)

(36)

(9)

(5)

(62)

(48)

(116)

(10)

(7)

(17)

Realised non-hedge derivatives

166

Gross profit excluding the effect of unrealised non-hedge derivatives

Capital expenditure

496

Rounding of figures may result in computational discrepancies.

USA

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2006

2005

2006

2005

CRIPPLE CREEK & VICTOR J.V.

Rand / Metric

Dollar / Imperial

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

- 000 tons

13,223

13,015

11,892

47,676

14,576

14,346

13,109

52,554

Placed

- 000 tonnes

- 000 tons

5,176

4,731

4,756

19,194

5,706

5,215

5,243

21,157

Stripping ratio

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

1.56

1.84

1.40

1.62

1.56

1.84

1.40

1.62

Yield

- g / t

- oz / t

0.50

0.62

0.64

0.62

0.015

0.018

0.019

0.018

Gold placed

- kg

- oz (000)

2,606

2,922

3,036

11,953

384

Gold produced

- kg

- oz (000)

1,984

2,659

2,508

10,252

330

Gold sold

- kg

- oz (000)

2,031

2,563

2,492

10,154

326

Price received

- R / kg

- $ / oz

- sold

73,057

83,972

78,505

79,562

370

399

406

388

Total cash costs

- R / kg

- $ / oz

- produced

48,627

50,297

42,443

47,124

246

239

220

230

Total production costs

- R / kg

- $ / oz

- produced

69,744

72,260

61,610

68,349

353

344

319

333

PRODUCTIVITY PER EMPLOYEE
Target

- g

- oz

2,343

2,725

2,695

2,709

75.32

87.62

86.66

87.09

Actual

- g

- oz

2,082

2,878

2,714

2,728

66.93

92.52

87.26

87.71

FINANCIAL RESULTS (MILLION)
Gold income

129

147

155

661

104

Cost of sales

138

192

155

701

110

Cash operating costs

147

159

126

573

Other cash costs

Total cash costs

150

168

133

603

Rehabilitation and other non-cash costs

Production costs

152

175

137

620

Amortisation of tangible assets

255

Inventory change

(65)

(46)

(39)

(174)

(11)

(7)

(6)

(27)

(10)

(46)

(39)

(2)

(7)

(6)

Realised non-hedge derivatives

146

Gross profit excluding the effect of unrealised non-hedge derivatives

107

Capital expenditure

Tonnes / Tons placed onto leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Total cash cost calculation includes inventory change.

Rounding of figures may result in computational discrepancies.

Certain statements contained in this document, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations
regarding gold prices and production, the completion and commencement of commercial operations of certain of AngloGold Ashanti’s exploration and production
projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold Ashanti’s operations, economic
performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. AngloGold Ashanti
undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of the annual
report on Form 20-F or to reflect the occurrence of unanticipated events. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or
any person acting on its behalf are qualified by the cautionary statements herein. For a discussion on such risk factors, refer to AngloGold Ashanti's annual report on
Form 20-F for the year ended 31 December 2005 dated 17 March 2006, which was filed with the Securities and Exchange Commission (SEC) on 20 March 2006.

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

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
R E Bannerman #
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 4602
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 100 950 (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: May 5, 2006

By:

/s/ C R Bull

Name: C R Bull

Title: Company Secretary