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 October 30, 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: Report for the quarter and nine months ended 30 September 2006

Quarter 3 2006

Report

for the quarter and nine months ended 30 September 2006

· Gold production level with previous quarter at 1.4Moz
· Further reduction of hedge delta achieved, with price received 6% below spot in line with both previous

quarter and market guidance

· Total cash costs of $311/oz, 2% higher due to lower grades, higher power costs in South Africa and

Ghana and the annual wage increase in South Africa

· Adjusted headline earnings steady at $141m, an 131% increase to $367m in adjusted headline earnings

for first nine months of 2006

Quarter

Nine months

Quarter

Nine months

ended

Sept

2006

ended

Jun

2006

ended

Sept

2006

ended

Sept

2005

ended

Sept

2006

ended

Jun

2006

ended

Sept

2006

ended

Sept

2005

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

43,864

44,024 129,556 145,323

1,410

1,415

4,165

4,672

Price received

- R/kg / $/oz

134,176

125,409 122,595 86,613

584

600

576

427

Total cash costs

- R/kg / $/oz

71,495

63,276 65,267 57,177

311

305

308

282

Total production costs

- R/kg / $/oz

95,267

85,168 87,594 74,456

414

410

413

367

Financial review

Gross profit (loss)

- R / $ million

1,981

(594)

1,069 1,429

349

312

240

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

- R / $ million

2,020

1,988 5,257 2,119

283

305

791

334

Profit (loss) attributable to equity
shareholders

- R / $ million

1,470

(1,047)

(651)

201

268

(54) 28

Headline earnings (loss)³

- R / $ million

1,471

(1,086)

(683)

374

268

(60) 24

Headline earnings before unrealised
    non-hedge derivatives, fair value
    adjustments on convertible bond
    and interest rate swaps

- R / $ million

1,011

911 2,453 1,015

141

140

367

159

Capital expenditure

- R / $ million

1,542

1,168 3,671 3,317

220

181

557

525

Earnings (loss) per ordinary share - cents/share
Basic

533

(383)

(240)

(20) 10

Diluted

533

(383)

(240)

(20) 10

Headline³

534

(398)

(251)

141

(22) 9

Headline earnings before unrealised
    non-hedge derivatives, fair value
    adjustments on convertible bond
    and interest rate swaps

- cents/share

367

334 903 384

135

Dividends -

cents/share

210

170

Notes:

Price received includes realised non-hedge derivatives.

Refer to note B of "Non-GAAP disclosure" for the definition.

Refer to note 8 of "Notes" for the definition.

Refer to note A of "Non-GAAP disclosure" for the definition.

$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

Operations at a glance

for the quarter ended 30 September 2006

Price received

Production

Total cash costs

Cash gross

profit

Gross profit

(loss) adjusted

for the effect of

unrealised non-

hedge

derivatives

$/oz

Variance

oz (000)

Variance

$/oz

Variance

Mponeng

597

(8)

155

(1)

217

(5)

(11)

(12)

Great Noligwa

599

(9)

151

(1)

271

(2)

(13)

TauTona

598

(8)

129

243

(9)

–

(3)

Sunrise Dam

794

108

(4)

346

(4)

(5)

Kopanang

598

(9)

111

(3)

284

(4)

(15)

AngloGold Ashanti Brasil Mineração

592

(5)

207

Morila

622

(2)

(7)

278

(5)

(7)

Cerro Vanguardia

489

(5)

(14)

213

(29)

(44)

Sadiola

625

–

(12)

278

(6)

–

Yatela

620

(1)

(15)

234

(13)

(33)

Cripple Creek & Victor

379

243

–

160

Savuka

599

(7)

294

(18)

Serra Grande

541

–

194

(6)

–

Navachab

627

(2)

255

(9)

–

Tau Lekoa

599

(8)

417

(7)

(13)

Iduapriem

507

338

(17)

–

Geita

619

(4)

540

(50)

(7)

(333)

Obuasi

474

(1)

(3)

388

(4)

(43)

(12)

(33)

Siguiri

502

(3)

435

(56)

(3)

(250)

Moab Khotsong

595

(9)

–

669

– (1)

–

(5)

–

Bibiani

622

(1)

(11)

704

(1)

(150)

(2)

(300)

Other

(16)

AngloGold Ashanti

584

(3)

1,410

–

311

426

(6)

283

(7)

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 B of "Non-GAAP disclosure" for the definition.

Variance September 2006 quarter on June 2006 quarter – increase (decrease).

5 Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OPERATIONAL OVERVIEW FOR THE QUARTER

Steady production, slightly higher total cash costs, a
received price of $584/oz and the sale of uranium to the
newly-listed Nufcor Uranium Limited resulted in a financial
performance in line with that of the previous quarter.
Adjusted headline earnings, at $141m, contributed to
year-to-date adjusted headline earnings of $367m, a
131% increase over that of the first nine months of 2005.

Operationally, production of 1.4Moz was in line with
guidance and level with that of the previous quarter. Total
cash costs, however, rose 2% quarter-on-quarter to
$311/oz, due primarily to annual South African wage
increases and higher power costs in both South Africa
and Ghana.

Despite the higher impact of increased wages and power
rates, which pushed the region's total cash costs 6%
higher to R62,837/kg, the South African assets
nevertheless posted generally solid results, with
production better or maintained quarter-on-quarter at four
of the seven operations. TauTona had a particularly
strong quarter, with production up 8% to 4,000kg
(129,000oz), offsetting the effects of the annual wage
increase and resulting in total cash costs of R55,777/kg,
in line with those of the previous quarter. Tau Lekoa and
Savuka, which have this quarter emerged from transition
periods, reported production increases of 5% and 24%,
respectively, while production was marginally down at
Great Noligwa and 3% lower at Kopanang due to grade
declines.

On 23 October 2006, subsequent to the third quarter-end,
two seismic events took place at TauTona within 25
minutes. Five employees lost their lives. Management is
dismayed and saddened by this tragic accident and offers
its deepest condolences to the workers' families and
friends. The company also salutes the efforts of the
rescue and recovery team, which worked tirelessly in the
most extreme conditions. The AngloGold Ashanti
management team has committed itself to taking every
action to return the company to the improving safety trend
of recent years.

Of the other African assets, two of the three Ghanaian
operations reported strong results, with total cash costs
17% lower at Iduapriem and 4% lower at Obuasi, despite
the cost implications of the country-wide power shortage
reported in August. Navachab, in Namibia, also had a
good quarter, posting a 5% production improvement and a
9% decrease in total cash costs, while all three of the
Malian operations reported grade-related production
declines and associated total cash cost increases. In
Tanzania, Geita reported production of 73,000oz, a 3%

improvement quarter-on-quarter, along with a 7%
increase in total cash costs related to the anticipated
lower grades forecasted last quarter.

Regarding the international assets, the Brazilian
operations posted generally strong results, with
production up 18% at AngloGold Ashanti Brasil
Mineração and steady quarter-on-quarter at Serra
Grande. At Cerro Vanguardia in Argentina and
Sunrise Dam in Australia, lower grades resulted in
production decreases of 14% and 4% and total cash
cost increases of 13% and 25%, respectively. At
Cripple Creek & Victor, in the United States,
production was 6% better in the third quarter due to
improved solution flows on the leach pad and
consequently, increased recoverable ounces. Total
cash costs were in line with those of the previous
quarter at $243/oz.

Greenfields exploration activities were undertaken in
Australia, Colombia, the DRC, China, Laos, the
Philippines and Russia during the third quarter, with
35,252m of diamond and reverse circulation drilling
completed on four of the company's priority
greenfields targets: Tropicana in Australia, Quinchia
and Gramalote in Colombia, and Adidi/Kanga in the
DRC. Year-to-date global greenfields exploration
drilling has now reached 75,722m. In September,
AngloGold Ashanti announced the signing of a
strategic alliance with Polymetal to explore, acquire,
and develop gold mining opportunities within the
Russian Federation. This alliance will initially focus
on four projects located in the Chita and Krasnoyarsk
regions of eastern Russia.

Looking ahead, production for the fourth quarter is
estimated to be around 1.48Moz at an average total
cash cost of $308/oz, assuming the following
exchange rates: R7.50/$, A$/$0.75, BRL2.20/$ and
Argentinean peso 3.08/$. Capital expenditure is
estimated at $334m and will be managed in line with
profitability and cash flow.

Earnings for the fourth quarter are expected to be
significantly distorted due to certain accounting
adjustments, which are likely to include, amongst
others, increases in the company's current and
deferred tax provisions due to higher gold prices and
changes to effective tax rates, the proposed
Employee Share Ownership Plan, and the potential
vesting of certain share-based awards.

NON-OPERATIONAL OVERVIEW FOR THE QUARTER

In early October, AngloGold Ashanti announced the
proposed launch of an employee share ownership plan
(ESOP) and a black economic empowerment (BEE)
transaction, both of which are subject to an AngloGold
Ashanti shareholder vote, to be held on 11 December
2006. The proposed plan will issue 960,000 ordinary
shares to nearly 31,000 South African employees or
30 shares per individual worker. In addition, each worker
will be allotted 90 “loan shares” issued at a 10% discount
to market value calculated using a 30-day average share
price. These shares will vest in five equal tranches over
the next eight years. The BEE scheme will allow Izingwe
Holdings, a private South African investment company, to
acquire approximately 1.4m “loan shares” under similar
terms as the ESOP.

In South Africa, the recent Treasury announcement of a
revised draft royalty bill proposed a rate on refined gold of
1.5%. This represents a considerably lower royalty than
was proposed in the initial draft, and the company
welcomes the less severe impact it will have on
AngloGold Ashanti and the South African gold industry.

After serving more than 40 years for AngloGold and, prior
to that, for Anglo American, company secretary Chris Bull
will retire at the end of November 2006. He is succeeded
by Lynda Eatwell, who has been the assistant company
secretary for AngloGold Ashanti for the last six years.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, volume mined was 2% higher this
quarter due to improved face advance, although yield
decreased 5% as a result of continued maintenance work
requiring waste development to be passed through the
reef ore system, resulting in dilution. Production
consequently declined 1% to 4,699kg (151,000oz). Total
cash costs increased 9% to R62,145/kg ($271/oz) given
the lower production, annual wage increases and the
seasonally higher power costs. Gross profit adjusted for
the effect of unrealised non-hedge derivatives decreased
5% to R281m ($39m), primarily as a result of the higher
total cash costs.

The Lost-Time Injury Frequency Rate (LTIFR) was 12.83
lost-time injuries per million hours worked (9.48 for the
previous quarter). Regrettably, two people died during the
quarter, one after being inundated by mud during an ore
transport process and the other in an equipment accident.

At Kopanang, yield declined 8% due to a combination of
increased waste-to-reef tramming, which is being
addressed and should improve by year-end, and a higher
percentage of off-reef mining due to geological structural
problems. Production consequently decreased 3% to

3,448kg (111,000oz) and total cash costs increased
7% to R65,114/kg ($284/oz), also due in part to
annual wage increases and higher winter power
costs. Gross profit adjusted for the effect of
unrealised non-hedge derivatives, at R204m ($29m),
declined 8% quarter-on-quarter as a result of lower
production and higher costs.

The LTIFR was 11.92 (11.59). One person
regrettably died in a fall of ground accident.

Production at Moab Khotsong was 3% lower this
quarter, at 329kg (11,000oz), due to the lack of
mining flexibility inherent in the operation’s build-up
phase. While this also affected total cash costs,
which increased 12% to R153,993/kg ($669/oz),
mining flexibility is expected to increase next year,
and production should consequently improve by
approximately 90%. Gross loss adjusted for the
effect of unrealised non-hedge derivatives increased
24% to R36m ($5m).

The LTIFR was 17.13 (16.02).

At Tau Lekoa, volume mined increased 9% this
quarter, as the mine has begun to stabilise at revised
planning levels. Consequently, gold production
increased 5% to 1,358kg (44,000oz). Total cash
costs were 3% higher at R95,702/kg ($417/oz), a
combination of annual wage increases and higher
power costs. Gross profit adjusted for the effect of
unrealised non-hedge derivatives increased to R19m
($3m), mainly due to the higher production.

The LTIFR was 28.26 (26.32).

At Mponeng, the beneficial effect of a higher volume
mined was mitigated by a decrease in grade,
resulting in production of 4,832kg (155,000oz), level
with that of the previous quarter. Total cash costs, at
R49,800/kg ($217/oz), were 5% higher due to the
annual wage increases. Gross profit adjusted for the
effect of unrealised non-hedge derivatives was 2%
lower at R318m ($44m), as a result of increased total
cash costs.

The LTIFR was 12.83 (7.32). Regrettably, two
people died in separate fall of ground accidents.

Production at Savuka, at 808kg (26,000oz),
improved 24% quarter-on-quarter after higher face
values and increased reef area mining together led to
an 18% improvement in yield. Total cash costs
consequently improved 9% to R67,618/kg ($294/oz),
in spite of the annual wage increases and higher
winter power costs that affected all of the South
African operations. As a result, gross profit adjusted
for the effect of unrealised non-hedge derivatives
increased 44% to R49m ($7m).

The LTIFR was 20.51 (20.58). The mine has operated
20 months without a fatality.

At TauTona, production increased 8% to 4,000kg
(129,000oz) following higher volume mined and better
yield. Total cash costs were maintained quarter-on-
quarter at R55,777/kg ($243/oz). Gross profit adjusted for
the effect of unrealised non-hedge derivatives improved
5% to R224m ($31m) as a consequence of better
production.

The LTIFR was 13.66 (14.71). Regrettably, four people
died during the quarter, two in fall of ground accidents,
one by electrocution and one in a transport accident.

ARGENTINA

Cerro Vanguardia (92.5% attributable), gold

production decreased 14% to 55,000oz, primarily due to
lower feed grade. Total cash costs rose 13% to $213/oz
as a result of the grade decline and a lower silver by-
product credit. Gross profit adjusted for the effect of
unrealised non-hedge derivatives, at $10m, was 44%
lower than that of the previous quarter, mainly due to the
decreased production and a lower price received.

The LTIFR was 8.51 (2.04).

AUSTRALIA

Production at Sunrise Dam, at 108,000oz, decreased 4%
this quarter as a result of fewer tonnes treated and a
return to more normal grade levels, after last quarter's
unexpectedly high yield. Total cash costs increased by
25% to A$458/oz ($346/oz) due to the decreases in both
grade and tonnes treated, which also resulted in an 8%
decline in gross profit adjusted for the effect of unrealised
non-hedge derivatives to A$46m ($35m), despite a higher
price received.

The underground project, where mining is currently
accessing high-grade Western Shear ore, continues to
supplement production. During the quarter, 756m of
underground capital development and 1,697m of
operational development were completed.

The LTIFR was 4.71 (2.37).

BRAZIL

At AngloGold Ashanti Brasil Mineração, production
increased 18% to 67,000oz, reflecting better results from
heap leaching activities in addition to higher production
from the Cuiabá mine following the completion of the
operation's shaft and crusher upgrade. In spite of the
production increase and a higher sulphuric acid by-
product credit, total cash costs nevertheless rose 9% to
$207/oz due to lower grades and a labour bonus paid out
in August as part of a collective agreement. Gross profit

adjusted for the effect of unrealised non-hedge
derivatives increased 10% to $23m, primarily as a
consequence of the higher production.

The LTIFR was 2.70 (2.30).

At Serra Grande (50% attributable), gold production
remained at 24,000oz. Total cash costs improved
6% to $194/oz, due in part to better grades. Gross
profit adjusted for the effect of unrealised non-hedge
derivatives declined 17% to $7m as a result of a
lower amount of gold sold, although this was partially
mitigated by a higher price received.

The LTIFR was 0.00 (2.40).

GHANA

At Bibiani, production declined 11% to 8,000oz, in
line with the operation's continued downscale.

Combined with lower grades and a contractor
settlement, the downscale and associated
retrenchment provision contributed to a 71% increase
in total cash costs to $704/oz. Gross loss adjusted
for the effect of unrealised non-hedge derivatives was
$2m versus last quarter's profit of $1m. This was a
consequence of both the contractor settlement and a
lower price received.

In August, AngloGold Ashanti agreed to sell Bibiani
to Central African Gold plc for a cash consideration of
$40m. The deal is subject to both parties obtaining
certain regulatory consents and is expected to be
completed by the end of the year.

The LTIFR was 4.45 (0.00).

Iduapriem (85% attributable), production

improved 7% to 44,000oz, mainly as a result of a
10% increase in tonnage throughput, after the mill
problems reported last quarter were resolved. Total
cash costs consequently declined 17% to $338/oz
and gross profit adjusted for the effect of unrealised
non-hedge derivatives was $3m versus the break-
even position of the previous quarter, as a result of
the improvements in both production and total cash
costs.

The LTIFR was 0.00 (1.14).

Production at Obuasi decreased 3% to 94,000oz,
following a 6% yield decline resulting from the
treatment of more tailings ore. Once-off labour costs
reported in the second quarter were not repeated in
the third, which, combined with savings achieved
through the tailings treatment, resulted in a 4%
improvement in total cash costs to $388/oz. Gross
loss adjusted for the effect of unrealised non-hedge

derivatives increased to $12m, compared with $9m in the
previous quarter, mainly due to lower grades.

The LTIFR was 2.05 (2.46).

REPUBLIC OF GUINEA

At Siguiri (85% attributable), production increased 5% to
62,000oz as a consequence of a 16% improvement in
throughput resulting from fewer plant maintenance shut-
downs quarter-on-quarter. Total cash costs, however,
rose 8% to $435/oz due in part to increased royalty
payments and lower grades, which also resulted in a
gross loss adjusted for the effect of unrealised non-hedge
derivatives of $3m, compared with a profit of $2m in the
prior quarter.

LTIFR was 0.00 (0.59).

MALI

At Morila (40% attributable), production decreased 7% to
50,000oz due to a 9% decline in recovered grade. Total
cash costs increased 12% to $278/oz as a result. Gross
profit adjusted for the effect of unrealised non-hedge
derivatives, at $14m, was 7% lower due to both
decreased production and a decline in the price received.

The LTIFR was 2.22 (1.11).

At Sadiola (38% attributable), production declined 12% to
46,000oz due to a 19% decrease in recovered grade, a
function of the exclusive treatment of oxide ore during the
quarter, as opposed to a mix of sulphide and oxide ore in
the previous quarter. A 9% increase in tonnage
throughput partially offset the effect of the grade decline.
Total cash costs were 9% higher at $278/oz, with the
impact of lower recovered grade partially mitigated by the
lower operating costs associated with the treatment of
oxide ore. Gross profit adjusted for the effect of
unrealised non-hedge derivatives, at $14m, was
consistent with that of the previous quarter, as the
relatively lower cost oxide treatment helped compensate
for the negative effect of reduced production.

The LTIFR was 0.00 (1.01).

At Yatela (40% attributable), production decreased 15%
to 34,000oz as a result of lower tonnage stacked during
the rainy season. Despite the production decline,
however, total cash costs were only slightly higher, at
$234/oz. Gross profit adjusted for the effect of unrealised
non-hedge derivatives decreased 33% to $8m, due to
declines in both production and the price received.

The LTIFR was 0.00 (0.00).

NAMIBIA

Gold production at Navachab, at 23,000oz, was 5%
higher than that of the previous quarter due to
increased tonnage throughput. Total cash costs were
favourably affected by the stronger US dollar and
consequently improved 9% to $255/oz. Gross profit
adjusted for the effect of unrealised non-hedge
derivatives was consistent with that of the previous
quarter, at $6m, with a lower price received offsetting
the benefit of higher production.

The LTIFR was 8.46 (7.90).

TANZANIA

Production at Geita improved 3% to 73,000oz,
primarily as a consequence of a 5% increase in
tonnage throughput. Total cash costs, however,
increased 7% to $540/oz due in part to lower grades.
The gross loss adjusted for the effect of unrealised
non-hedge derivatives was $7m, versus a profit of
$3m in the previous quarter, as a result of declines in
both grade and the price received.

The LTIFR was 0.68 (1.10).

USA

At Cripple Creek & Victor (67% ownership with
100% interest in production until initial loans are
repaid), production increased 6% to 69,000oz due to
marginally improved solution flows on the leach pad.
Total cash costs were maintained at $243/oz. Gross
profit adjusted for the effect of unrealised non-hedge
derivatives was $3m, compared with a loss of $5m in
the previous quarter. This improvement was due to
the better production and a higher price received.

The LTIFR was 0.00 (0.00). In September, CC&V
achieved 34 months without a lost-time accident.

Notes:

· All references to price received includes realised non-
hedge derivatives.

· In the case of joint venture and operations with
minority holdings, all production and financial results
are attributable to AngloGold Ashanti.

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

· Rounding of figures may result in computational
discrepancies.

Exploration

Total exploration expenditure amounted to $26m
($16m expensed, $10m capitalised) during the third
quarter, compared with $27m ($18m expensed, $9m
capitalised) in the second quarter of 2006.

BROWNFIELDS EXPLORATION

In Australia, at the Boddington mine, five diamond
drill rigs have been employed on drill programmes to
convert Inferred Resource to Indicated Resource,
mostly in the Wandoo South pit where, historically,
broad zones of mineralisation were intersected.

At Siguiri, in Guinea, drilling focused on following up
known mineralisation at Kintinian, Eureka North,
Kozan North and Sintroko West. Reverse circulation
(RC) drilling of selected portions of the spent heap
leach also commenced with the intention of defining
a Mineral Resource.

At Geita, in Tanzania, results from 19 RC and
14 diamond holes indicate significant mineralisation
in the Ridge 8 – Star & Comet gap. A Mineral
Resource is expected to be generated. At Area 3
South, follow-up drilling on a geochemical anomaly
returned good results in a zone extending from 12m
to 98m below surface.

At Morila in Mali, after a two month hiatus to
interpret drill results, the wide-spaced drill
programme has recommenced and has defined sub-
economic mineralisation in the vicinity of the open-
pit.

At the Tamabli South anomaly at Sadiola, infill
drilling confirmed low grade, but potentially
economic mineralisation.

At Navachab in Namibia, 1,000m of follow-up RC
drilling at the Gecko central and north prospects has
returned positive results.

Surface drilling continued at Obuasi, in Ghana, with
UDSDD

2 reaching a depth of 1,080m and

UDSDD 3 intersecting reef between 1,697m and
1,766m.

In Argentina, at Cerro Vanguardia, two new veins
have been confirmed by resource reconnaissance
drilling. At Córrego do Sítio, in Brazil, a new deposit
(Paiol) is being delineated after an initial three
intersections returned encouraging results.

At Cripple Creek & Victor in the United States,
drill results in the Life of Mine Extension Project
have been encouraging and additional
modelling will be completed early in the fourth
quarter. Development drilling continues in the
South Cresson Deposit to define final pit depths
and high wall designs.

GREENFIELDS EXPLORATION

Greenfields exploration activities continued
during the third quarter in Australia, Colombia,
the DRC, China, the Philippines, Laos and
Russia.

In Australia, drilling continued at the Tropicana
joint venture on both the Tropicana and Havana
zones. Significant new intercepts obtained from
drilling at the Tropicana zone, which is currently
focused on identifying extensions to the known
mineralisation and to better-defining the
orientation and extent of the high grade shoots,
included 39m at 3.0g/t (including 15m at 6g/t),
36m at 3.5g/t (including 12m at 8.7g/t) and 41m
at 3.7g/t (including 11m at 11.5g/t).
Mineralisation at Havana has now been
identified over a strike length of 2.1km and is
still open to the north, south, and down-dip.
Drilling focused on completing the 200m x 100m
programme and on infilling to 100m x 100m has
resulted in the following encouraging intercepts:
10m at 5.3g/t and 25m at 2.5g/t (including 13m
at 3.5g/t).

Regional exploration programmes continued in
Colombia. First phase drilling at the bulk-
tonnage Quinchia and Gramalote targets in
central Colombia was completed with promising
initial results. At Quinchia, a total of 19 holes
have been drilled, targeting both porphyry
gold/copper and Breccia gold systems. Best
drill results include 265m at 0.8g/t and 242m at
0.85g/t. At Gramalote, a granite-hosted gold
system, a total of seven holes have been drilled.
Best drill results include 255m at 1.16g/t and
275m at 1.2g/t. Further metallurgical test work
on mineralisation at Quinchia is scheduled for
the fourth quarter, as is second phase drill-
testing at Gramalote.

In the DRC, exploration at Mongbwalu relied on two
dedicated diamond drill rigs focusing on infill drilling
in the Adidi/D7 Kanga block. Significant new
intercepts include 0.63m at 240g/t, 5.48m at 2.46g/t,
and 10.07m at 1.54g/t. A third RC drill rig is
expected to arrive on site by the beginning of
November and Resource delineation drilling will
continue throughout the rest of the year.

In China, a co-operative joint venture with local
partners was signed during the third quarter at the
Yili-Yunlong prospect in Xinjiang, which has
potential for both epithermal gold and porphyry gold
and copper systems. Exploration of this project is
intended to form part of the AngloGold Ashanti 2007
greenfields programme. The 2006 drill programme
at Dynasty Gold’s Red Valley project in Qinghai was
completed in September. Results are pending.

In the Philippines, AngloGold Ashanti elected to
exercise its right to proceed to a joint venture with
Red 5 Limited on the Outer Siana area, which
surrounds but does not include Red 5's proposed
Siana pit. AngloGold Ashanti and Red 5 have also
entered into a joint venture to explore Mapawa,
located 20km north of Siana. Commencement of
detailed exploration at Mapawa will begin once
approval from the Mines and Geosciences Bureau
has been obtained.

In Laos, regional reconnaissance stream
sampling and mapping programmes in several
areas under the joint venture with Oxiana
Limited were undertaken before activities were
restricted by the wet season. Anomalous
stream sediment gold has been outlined in two
of these areas and promising geology, alteration
and trace element geochemistry has been
defined in another area. A technical review has
identified a number of priority intrusive related
gold targets to be advanced in the fourth
quarter.

In late September, the company announced the
signing of a strategic alliance with Polymetal to
explore, acquire, and develop gold mining
opportunities within the Russian Federation.
The alliance will initially focus on two projects
contributed by Polymetal and located in the
Chita region, as well as two assets in
Krasnoyarsk that are being acquired by
AngloGold Ashanti from Trans-Siberian Gold (in
which AngloGold Ashanti retains a 29.8% stake
and to which it continues to provide technical
services).

Review of the gold market

Over the third quarter of 2006, spot gold traded in
a range of $90, from a low of $574/oz to a high of
$664/oz. Although the gold price has since
declined, the third quarter range was encouraging,
as it represents lower volatility than was
experienced in the first half of the year when spot
prices surged from around $550/oz to a 25-year
high of $732/oz.

The average price for the quarter of $621/oz
represents a decline of just over $7/oz or 1.17%
from that of the second quarter, resulting in a
year-to-date average of $601/oz. In spite of the
lower dollar gold price, the rand gold price
strengthened nearly 10% quarter-on-quarter to an
average price of R142,472/kg due to an 11%
weakening of the rand against the dollar. The
year-to-date rand gold price average stands at
R127,687/kg.

PHYSICAL MARKET

While gold price volatility has continued to
generally dampen demand in the more price
sensitive regions such as the Middle East and
India, the retracing of the price back to the
$600/oz level and below in the second half of the
third quarter did encourage physical buying in
these markets during the period.

In India, this was reflected in buyer concern that
the market could have reached at least a
temporary low, leading merchants to secure gold
supplies in advance of Diwali, the Indian festival of
lights and the accompanying wedding season.

Middle Eastern consumption also improved,
notwithstanding depressed confidence in the
region following the Israel-Lebanon conflict earlier
in the quarter. In Turkey, which fabricates gold
jewellery for both developed and emerging
markets, this was evidenced by significantly
higher gold imports in September, which
represented a 47% increase on imports for the
previous month.

In spite of the region's increased demand in the
second half of the quarter and the associated
potential for a year-end recovery, Indian and
Middle Eastern 2006 consumption figures are
expected to be lower than those of last year.

In China, physical gold demand continues to show
resilience to price volatility and remained solid
through the third quarter. Consumption patterns
in this country appear impervious to the price
shocks that have stifled other developing markets,
and the China Gold Association has forecast that
gold consumption is likely to grow by around 5%
year-on-year.

In the USA, the retail trade appears to have
become more accepting of a higher raw material
price and is accordingly making adjustments on
quotations of finished products. This marks a
departure from behaviour seen earlier in the year,
when retailers shifted to lighter jewellery pieces in
an effort to maintain consumer price levels. The
new acceptance of a higher gold price, coupled
with US consumers' record spend on gold
jewellery purchases, should result in inventory re-
stocking in anticipation of the Christmas season.

INVESTMENT MARKET

September also saw the end of the second year of
the second Central Bank Gold Agreement
(CBGA). By late August, central bank sales were
approximately 107t less than the 500t per annum
quota, suggesting that gold's recent weakness is
driven by fundamentals.

While central bank disclosure for the period has
not yet been released, the potential CBGA
shortfall can be interpreted as a bullish statement
for gold; indeed, the expectation amongst most
market analysts is that the CBGA signatories are
unlikely to fulfil their full quota for the remaining
three years of the second agreement.

Exchange traded gold holdings held up well
during the third quarter. According to the
Commodities Future Trading Commission, hedge
and managed future funds cut their net long
futures and options positions by some 3Moz in
September, where, by contrast, stocks held by
funds in the exchange traded franchise fell by only
200,000oz from an August peak of 15.6Moz.

CURRENCIES

The US dollar enjoyed a relatively quiet quarter,
trading in a range of $/€1.24 to $/€1.30. In
contrast, the rand continued the weakening
pattern against most currencies, which began in
the second quarter. Despite a 50 basis point
interest rate increase by the South African
Reserve Bank and expectations of further rate
hikes, the rand continued to weaken on continued
concern over poor trade account deficits and a
widening current account balance, combined with
some worry surrounding political developments in
the country. From opening levels of R7.15/$ and
R9.15/€, the currency closed the quarter at
R7.76/$ and R9.85/€. Quarter-on–quarter, the
average rand dollar rate weakened by 11% from
R6.46/$ to R7.15/$.

The Brazilian real and the Australian dollar also
had relatively quiet quarters, trading in ranges of
BRL2.12/$ to BRL2.24/$, and A$/$0.74 to
A$/$0.77, respectively. Continued positive
investor interest and sentiment is likely to result in
the real maintaining most of the gains that it has
seen this year. The strength of the Australian
dollar, however, is thought to be more dependent
on commodity prices, and would therefore be
expected to weaken should these fail to maintain
the higher levels experienced in the first half of
2006.

HEDGING

As at 30 September, the net delta hedge position
of AngloGold Ashanti was 9.50Moz or 296t,
valued at the spot gold price at the quarter-end of
$601.50/oz, nearly $19/oz lower than that of the
previous quarter. This net delta position reflects a
decrease of some 0.6Moz or 20t quarter-on-
quarter, a decline due to the lower third quarter-
end gold price combined with decreases related to
maturing hedge contracts, buybacks and other
delta-reducing strategies as part of a broader
hedge reduction strategy.

The marked-to-market value of the hedge position
as at 30 September 2006 was a negative $2.78bn
(at 30

June 2006: negative $3.17bn). The

decrease in the marked-to-market position was
primarily due to the lower gold price of $601.50/oz
and the lower prevailing exchange rates, interest
rates and volatilities prevailing at quarter-end,
combined with the impacts of the changed hedge
position quarter-on-quarter. Had the spot price of
gold at the end of June remained unchanged from
the price of $620/oz at the end of the previous
quarter, the hedge would have reduced to
9.878Moz or 307t, with a marked-to-market value
of negative $2.96bn.

The price received by the company for the quarter
was $584/oz, compared to an average spot price
for the period of $621/oz.

The company continues to actively manage its
hedge position in a value accretive manner. As a
result of this strategy there is currently a net long
dollar gold position of 26,558kg at an average of
$650/oz for 2006. Continuing this practice, these
long positions will be integrated into the hedge
book and used to reduce hedging commitments in
future periods.

Hedge position

As at 30 September 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 9.50Moz or 296t (at 30 June 2006:
10.14Moz or 315t).

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $2.777bn (negative R21.56bn) as at
30 September 2006 (as at 30 June 2006: negative
$3.167bn or R22.45bn). This value at
30 September 2006 was based on a gold price of
$601.50/oz, exchange rates of R7.76/$ and
A$/$0.7440 and the prevailing market interest rates
and volatilities at that date.

As at 27 October 2006, the marked-to-market
value of the hedge book was a negative
$2.644bn (negative R19.88bn), based on a gold
price of $593.40/oz and exchange rates of
R7.52/$ and A$/$0.7630 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)

*26,558

19,622

25,306

21,738

14,462

37,239

91,808

US$/oz

$650

$301

$331

$316

$347

$411

$263

Put options purchased

Amount (kg)

4,226

1,455

5,681

US$/oz

$535

$292

$472

Put options sold

Amount (kg)

22,236

14,127

3,344

3,748

1,882

7,527

52,864

US$/oz

$596

$612

$565

$530

$410

$435

$564

Call options purchased

Amount (kg)

7,266

10,519

4,637

22,422

US$/oz

$460

$383

$456

$423

Call options sold

Amount (kg)

34,288

42,074

40,618

36,731

31,040

82,040

266,790

US$/oz

$576

$447

$443

$454

$452

$525

$489

RAND GOLD
Forward contracts

Amount (kg)

1,592

2,138

933

4,663

Rand per kg

R93,107

R91,322

R116,335

R96,937

Put options purchased

Amount (kg)
Rand per kg

Put options sold

Amount (kg)

933

Rand per kg

R146,511

Call options purchased

Amount (kg)
Rand per kg

Call options sold

Amount (kg)

311

2,986

9,269

Rand per kg

R108,123

R202,054

R216,522

R230,990

R212,885

A DOLLAR GOLD

Forward contracts

Amount (kg)

8,398

6,843

2,177

3,390

3,110

23,919

per

A$819

A$631

A$658

A$650

A$683

A$709

Put options purchased

Amount (kg)

4,354

per

A$801

Put options sold

Amount (kg)

3,732

per

A$779

Call options purchased

Amount (kg)

3,732

3,110

1,244

3,110

11,197

per

A$668

A$680

A$694

A$712

A$686

Call options sold

Amount (kg)

4,354

per

A$832

Delta

(kg) *14,245 44,836 55,347 57,902 43,937

107,788 295,565

** Total net gold:

Delta (oz)

*457,987

1,441,509

1,779,445

1,861,590

1,412,605

3,465,460

9,502,622

* Long

position.

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 30 September 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)

10,886

43,545

97,976

$ per oz

$6.11

$6.40

$6.66

$6.48

Put options sold

Amount (kg)

10,886

43,545

97,976

$ per oz

$5.02

$4.93

$5.19

$5.05

Call options purchased

Amount

(kg)

$ per oz

Call options sold

Amount (kg)

10,886

43,545

97,976

$ per oz

$7.11

$7.40

$7.64

$7.48

The following table indicates the group's currency hedge position at 30 September 2006

Year

2006

2007

2008

2009

2010

2011-2015

Total

RAND DOLLAR (000)
Forward

contracts

Amount

($)

US$/R

Put options purchased

Amount

($)

40,000

US$/R

R7.14

Put options sold

Amount

($)

40,000

US$/R

R6.87

Call options purchased

Amount

($)

US$/R

Call options sold

Amount

($)

45,000

US$/R

R7.55

A DOLLAR (000)

Forward contracts

Amount

($)

42,798

50,000

20,000

112,798

A$/US$ A$0.75

A$0.76

A$0.73

A$0.75

Put options purchased

Amount

($)

20,000

A$/US$ A$0.73

A$0.73

Put options sold

Amount

($)

20,000

A$/US$ A$0.76

A$0.76

Call options purchased

Amount

($)

A$/US$

Call options sold

Amount

($)

20,000

A$/US$ A$0.71

A$0.71

BRAZILIAN REAL (000)

Forward contracts

Amount

($)

10,000

4,000

14,000

US$/BRL

BRL2.86

BRL3.31

BRL2.99

Put options purchased

Amount

($)

US$/BRL

Put options sold

Amount ($)

US$/BRL

Call options purchased

Amount

($)

US$/BRL

Call options sold

Amount

($) 5,000

5,000

US$/BRL

BRL3.42

Derivative analysis by accounting designation as at 30 September 2006

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollars (millions)

Commodity

option

contracts

(488)

(9) (1,006) (1,504)

Foreign exchange option contracts

–

(11)

Forward sale commodity contracts

(1,035)

(405)

172

(1,268)

Forward foreign exchange contracts

–

(2)

Interest rate swaps

(37)

–

Total hedging contracts

(1,559)

(410)

(808)

(2,777)

Option component of convertible bonds

–

(44)

Total derivatives

(1,559)

(410)

(852)

(2,821)

Rounding of figures may result in computational discrepancies.

Group operating results

Sep

Jun

Sep

Jun

Sep

2006

2005

2006

2005

2006

2005

2006

2005

OPERATING RESULTS
UNDERGROUND OPERATION
Milled

- 000 tonnes

/ - 000 tons

3,592

3,366

3,441

10,194

10,293

3,960

3,710

3,793

11,237

11,346

Yield

- g / t

/ - oz / t

6.98

7.24

7.38

7.11

7.33

0.204

0.211

0.215

0.207

0.214

Gold produced

- kg

/ - oz (000)

25,066

24,379

25,387

72,501

75,446

806

784

816

2,331

2,426

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

3,273

3,343

2,008

9,385

6,005

3,608

3,685

2,214

10,345

6,619

Yield

- g / t

/ - oz / t

0.46

0.50

0.57

0.50

0.51

0.013

0.015

0.017

0.015

Gold produced

- kg

/ - oz (000)

1,497

1,663

1,154

4,677

3,067

150

OPEN-PIT OPERATION

Mined

- 000 tonnes

/ - 000 tons

43,823

42,830

41,770

128,564

126,029

48,306

47,212

46,043

141,718

138,923

Treated

- 000 tonnes

/ - 000 tons

6,871

6,373

6,859

19,497

18,417

7,574

7,026

7,561

21,492

20,301

Stripping ratio

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

5.56

4.53

5.18

4.94

5.28

5.56

4.53

5.18

4.94

5.28

Yield

- g / t

/ - oz / t

2.00

2.26

2.48

2.15

2.94

0.058

0.066

0.072

0.063

0.086

Gold in ore

- kg

/ - oz (000)

6,665

9,491

9,154

30,743

35,240

214

305

294

988

1,133

Gold produced

- kg

/ - oz (000)

13,742

14,415

17,028

41,883

54,104

442

463

547

1,347

1,739

HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

15,381

17,256

13,588

47,985

45,965

16,955

19,021

14,978

52,894

50,668

Placed

- 000 tonnes

/ - 000 tons

5,790

6,090

5,299

17,441

17,150

6,382

6,713

5,842

19,226

18,905

Stripping ratio

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

1.90

1.82

1.86

1.83

1.93

1.90

1.82

1.86

1.83

1.93

Yield

- g / t

/ - oz / t

0.84

0.83

0.78

0.83

0.81

0.024

0.024

0.023

0.024

Gold placed

- kg

/ - oz (000)

4,844

5,082

4,136

14,442

13,958

156

163

133

464

449

Gold produced

- kg

/ - oz (000)

3,559

3,567

4,154

10,495

12,707

114

115

134

337

409

TOTAL
Gold produced

- kg

/ - oz (000)

43,864

44,024

47,723

129,556

145,323

1,410

1,415

1,534

4,165

4,672

Gold sold

- kg

/ - oz (000)

43,185

42,424

47,449

127,772

144,323

1,388

1,364

1,526

4,108

4,640

Price received

- R / kg

/ - $ / oz

- sold

134,176

125,409

90,440

122,595

86,613

584

600

433

576

427

Total cash costs

- R / kg

/ - $ / oz

- produced

71,495

63,276

59,453

65,267

57,177

311

305

284

308

282

Total production costs

- R / kg

/ - $ / oz

- produced

95,267

85,168

78,082

87,594

74,456

414

410

373

413

367

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

420

410

428

403

426

13.49

13.18

13.77

12.97

13.70

Actual

- g

/ - oz

360

360

387

353

378

11.57

11.58

12.43

11.33

12.16

CAPITAL EXPENDITURE - Rm

/ - $m

1,542

1,168

1,385

3,671

3,317

220

181

215

557

525

Tonnes (Tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Refer to Morila and Navachab pages for revised June 2006 quarter open pit operating results

Refer to Geita, Morila, Obuasi, Sadiola and Yatela pages for revised June 2006 quarter productivity per employee results

Rounding of figures may results in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Nine months ended

Group income statement

Quarter

Nine months

ended

September

June

September

2006

2005

2006

2005

SA Rand million

Notes

Unaudited

Revenue

5,707

4,966

4,332

15,129

12,911

Gold income

5,459

4,798

4,151

14,503

12,413

Cost of sales

(3,987)

(3,546)

(3,748)

(10,997)

(10,784)

Non-hedge derivative gain (loss)

510

(1,847)

(161)

(2,437)

(201)

Gross profit (loss)

1,981

(594)

243

1,069

1,429

Corporate administration and other expenses

(126)

(140)

(109)

(393)

(310)

Market development costs

(26)

(24)

(21)

(75)

(63)

Exploration costs

(112)

(116)

(81)

(301)

(219)

Other net operating expenses

(34)

(39)

(43)

(103)

(95)

Operating special items

(56)

(38)

(32)

(82)

Operating profit (loss)

1,628

(900)

(49)

165

659

Interest receivable

149

127

Exchange gain (loss)

(7)

(5)

Fair value adjustment on option component of convertible bond

421

158

(135)

347

Finance costs

(157)

(209)

(166)

(576)

(474)

Fair value loss on interest rate swaps

(5)

Share of associates' loss

(4)

(1)

(6)

(8)

(3)

Profit (loss) before taxation

1,955

(900)

(319)

370

Taxation

(430)

(86)

(10)

(559)

111

Profit (loss) after taxation from continuing operations

1,524

(986)

(329)

(488)

481

Loss for the period from discontinued operations

(1)

(4)

(42)

(12)

(163)

Profit (loss) for the period

1,523

(989)

(372)

(499)

318

Allocated as follows:
Equity shareholders of parent

1,470

(1,047)

(415)

(651)

201

Minority interest

152

117

1,523

(989)

(372)

(499)

318

Basic earnings (loss) per ordinary share (cents)

Profit (loss) from continuing operations

533

(382)

(141)

(236)

138

Loss from discontinued operations

(1)

(16)

(4)

(62)

Profit (loss)

533

(383)

(157)

(240)

Diluted earnings (loss) per ordinary share (cents)

Profit (loss) from continuing operations

533

(382)

(140)

(236)

137

Loss from discontinued operations

(1)

(16)

(4)

(61)

Profit (loss)

533

(383)

(156)

(240)

Dividends

- Rm

578

450

- cents per share

210

170

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment.

Rounding of figures may results in computational discrepancies.

Group income statement

Quarter

Nine months

ended

September

June

September

2006

2005

2006

2005

US Dollar million

Notes

Unaudited

Revenue

798

766

666

2,288

2,042

Gold income

763

740

638

2,193

1,964

Cost of sales

(557)

(547)

(576)

(1,667)

(1,709)

Non-hedge derivative gain (loss)

143

(169)

(33)

(214)

(15)

Gross profit (loss)

349

312

240

Corporate administration and other expenses

(18)

(22)

(17)

(60)

(49)

Market development costs

(4)

(4)

(3)

(12)

(10)

Exploration costs

(16)

(18)

(12)

(45)

(35)

Other net operating expenses

(5)

(7)

(16)

(14)

Operating special items

(7)

(7)

(3)

(14)

Operating profit (loss)

300

(22)

(17)

176

118

Interest receivable

Exchange gain (loss)

(1)

Fair value adjustment on option component of convertible bond

(21)

Finance costs

(22)

(32)

(26)

(89)

(75)

Fair value loss on interest rate swaps

(1)

Share of associates' loss

(1)

Profit (loss) before taxation

344

(22)

(58)

152

Taxation

(69)

(23)

(2)

(98)

Profit (loss) after taxation from continuing operations

276

(45)

(60)

Loss for the period from discontinued operations

(1)

(7)

(2)

(27)

Profit (loss) for the period

276

(45)

(67)

Allocated as follows:
Equity shareholders of parent

268

(54)

(73)

Minority interest

276

(45)

(67)

Basic earnings (loss) per ordinary share (cents)

Profit (loss) from continuing operations

(20)

(25)

Loss from discontinued operations

(3)

(1)

(10)

Profit (loss)

(20)

(28)

Diluted earnings (loss) per ordinary share (cents)

Profit (loss) from continuing operations

(20)

(25)

Loss from discontinued operations

(3)

(1)

(10)

Profit (loss)

(20)

(28)

Dividends

- $m

- cents per share

Calculated on the basic weighted average number of ordinary shares.

Calculated on the diluted weighted average number of ordinary shares.

Dividends are translated at actual rates on date of payment.

Rounding of figures may results in computational discrepancies.

Group

balance sheet

As at

September

June

September

December

2006

2005

SA Rand million

Notes

Unaudited

Audited

ASSETS

Non-current assets
Tangible assets

44,432

41,214

37,164

37,464

Intangible assets

3,137

2,873

2,602

2,533

Investments in associates

327

312

238

223

Other investments

846

662

582

645

Inventories

1,991

1,673

767

1,182

Derivatives

311

243

Trade and other receivables

120

164

142

124

Deferred taxation

419

368

233

279

Other non-current assets

126

101

51,415

47,434

42,164

42,794

Current assets
Inventories

3,592

3,181

2,623

2,436

Trade and other receivables

1,822

1,645

1,502

1,589

Derivatives

5,548

5,941

3,162

4,280

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

2,871

2,450

1,469

1,328

13,884

13,250

8,845

9,728

Non-current assets held for sale

225

100

14,109

13,350

8,946

9,828

TOTAL ASSETS

65,524

60,784

51,110

52,622

EQUITY AND LIABILITIES

Share capital and premium

22,077

22,065

19,023

19,047

Retained earnings and other reserves

123

(3,057)

(360)

(2,463)

Shareholders' equity

22,200

19,008

18,663

16,584

Minority interests

478

419

375

374

Total equity

22,678

19,427

19,038

16,958

Non-current liabilities
Borrowings

10,497

9,375

10,889

10,825

Environmental rehabilitation and other provisions

2,671

2,579

1,804

2,265

Provision for pension and post-retirement benefits

1,267

1,263

1,017

1,249

Trade, other payables and deferred income

104

109

Derivatives

2,592

3,484

2,096

2,460

Deferred taxation

7,653

7,239

7,954

7,353

24,785

24,049

23,850

24,239

Current liabilities
Trade, other payables and deferred income

3,351

3,011

2,709

2,711

Current portion of borrowings

290

465

991

1,190

Derivatives

12,794

12,723

4,218

6,814

Taxation

1,532

1,110

304

710

17,967

17,309

8,222

11,425

Non-current liabilities held for sale

18,061

17,309

8,222

11,425

Total liabilities

42,846

41,357

32,072

35,664

TOTAL EQUITY AND LIABILITIES

65,524

60,784

51,110

52,622

Net asset value - cents per share

8,239

7,060

7,191

6,401

Rounding of figures may results in computational discrepancies.

Group balance sheet

As at

September

June

September

December

2006

2005

US Dollar million

Notes

Unaudited

Audited

ASSETS

Non-current assets
Tangible assets

5,723

5,768

5,843

5,905

Intangible assets

404

402

409

399

Investments in associates

Other investments

109

102

Inventories

256

234

121

186

Derivatives

Trade and other receivables

Deferred taxation

Other non-current assets

6,622

6,639

6,629

6,745

Current assets
Inventories

463

445

412

384

Trade and other receivables

235

230

236

250

Derivatives

714

832

497

675

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

370

343

231

209

1,788

1,854

1,391

1,533

Non-current assets held for sale

1,817

1,868

1,406

1,549

TOTAL ASSETS

8,440

8,507

8,035

8,294

EQUITY AND LIABILITIES

Share capital and premium

2,844

3,088

2,991

3,002

Retained earnings and other reserves

(428)

(57)

(388)

Shareholders' equity

2,859

2,660

2,934

2,614

Minority interests

Total equity

2,921

2,719

2,993

2,673

Non-current liabilities
Borrowings

1,352

1,312

1,712

1,706

Environmental rehabilitation and other provisions

344

361

284

356

Provision for pension and post-retirement benefits

163

177

160

197

Trade, other payables and deferred income

Derivatives

334

488

330

388

Deferred taxation

986

1,013

1,250

1,159

3,192

3,366

3,750

3,820

Current liabilities
Trade, other payables and deferred income

432

421

426

427

Current portion of borrowings

156

188

Derivatives

1,648

1,781

663

1,074

Taxation

197

155

112

2,314

2,422

1,292

1,801

Non-current liabilities held for sale

2,326

2,422

1,292

1,801

Total liabilities

5,519

5,788

5,042

5,621

TOTAL EQUITY AND LIABILITIES

8,440

8,507

8,035

8,294

Net asset value - cents per share

1,061

988

1,130

1,009

Rounding of figures may results in computational discrepancies.

Group cash flow statement

Quarter

Nine months

ended

September

June

September

2006

2005

2006

2005

SA Rand million

Unaudited

Cash flow from operating activities
Receipts from customers

5,681

4,983

4,498

15,322

13,112

Payments to suppliers and employees

(3,131)

(2,822)

(3,313)

(9,027)

(9,914)

Cash generated from operations

2,550

2,161

1,185

6,295

3,198

Cash (utilised) generated by discontinued operations

(16)

(51)

(13)

(164)

Environmental, rehabilitation and other expenditure

(49)

(34)

(27)

(113)

(55)

Termination of employee benefit plans

(61)

Taxation paid

(146)

(178)

(45)

(415)

(140)

Net cash inflow from operating activities

2,338

1,963

1,000

5,754

2,777

Cash flows from investing activities
Capital expenditure

(1,542)

(1,168)

(1,385)

(3,671)

(3,317)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(406)

(13)

(4)

(424)

(18)

Associate loans and acquisitions

(3)

(63)

(1)

(66)

(92)

Proceeds from disposal of investments

410

447

Cash restricted for use

(20)

105

Interest received

118

Loans advanced

(1)

(43)

Repayment of loans advanced

Utilised in hedge restructure

(415)

Net cash outflow from investing activities

(1,485)

(1,079)

(1,231)

(3,441)

(3,663)

Cash flows from financing activities
Proceeds from issue of share capital

3,026

3,061

Share issue expenses

(32)

Proceeds from borrowings

496

926

906

4,039

Repayment of borrowings

(294)

(2,973)

(148)

(3,636)

(2,043)

Finance costs

(169)

(84)

(137)

(504)

(425)

Dividends paid

(606)

(70)

(507)

(858)

(1,026)

Net cash (outflow) inflow from financing activities

(560)

(52)

151

(1,063)

581

Net increase (decrease) in cash and cash equivalents

294

831

(80)

1,250

(304)

Translation

127

200

(95)

294

143

Cash and cash equivalents at beginning of period

2,450

1,419

1,644

1,328

1,630

Net cash and cash equivalents at end of period

2,871

2,450

1,469

2,871

1,469

Cash generated from operations
Profit (loss) before taxation

1,955

(900)

(319)

370

Adjusted for:
Movement on non-hedge derivatives

120

2,584

244

4,286

486

Amortisation of tangible assets

1,034

951

784

2,844

2,303

Amortisation of intangible assets

Deferred stripping

(262)

(126)

(39)

(494)

(13)

Interest receivable

(60)

(59)

(34)

(149)

(127)

Operating special items

(17)

Finance costs

157

209

166

576

474

Fair value adjustment on option components of convertible bond

(421)

(158)

135

(347)

(59)

Other non-cash movements

177

(107)

105

188

199

Movement in working capital

(210)

(254)

157

(754)

(471)

2,550

2,161

1,185

6,295

3,198

Movement in working capital
(Increase) decrease in inventories

(841)

(1,019)

(2,014)

(900)

(Increase) decrease in trade and other receivables

(200)

253

(211)

(33)

Increase (decrease) in trade and other payables

831

695

(102)

1,471

462

(210)

(254)

157

(754)

(471)

Rounding of figures may results in computational discrepancies.

Group cash flow statement

Quarter

Nine months

ended

September

June

September

2006

2005

2006

2005

US Dollar million

Unaudited

Cash flow from operating activities
Receipts from customers

798

776

689

2,329

2,085

Payments to suppliers and employees

(444)

(442)

(509)

(1,384)

(1,576)

Cash generated from operations

354

334

180

945

509

Cash (utilised) generated by discontinued operations

(2)

(8)

(2)

(27)

Environmental, rehabilitation and other expenditure

(7)

(5)

(4)

(17)

(8)

Termination of employee benefit plans

(10)

Taxation paid

(20)

(28)

(7)

(63)

(22)

Net cash inflow from operating activities

325

302

151

863

441

Cash flows from investing activities
Capital expenditure

(220)

(181)

(215)

(557)

(525)

Proceeds from disposal of tangible assets

Proceeds on disposal of discontinued assets

Other investments acquired

(62)

(2)

(64)

Associate loans and acquisitions

(10)

(15)

Proceeds from disposal of investments

Cash restricted for use

(3)

Interest received

Loans advanced

(7)

Repayment of loans advanced

Utilised in hedge restructure

(69)

Net cash outflow from investing activities

(213)

(167)

(192)

(522)

(582)

Cash flows from financing activities
Proceeds from issue of share capital

505

511

Share issue expenses

(5)

Proceeds from borrowings

139

140

640

Repayment of borrowings

(41)

(493)

(19)

(594)

(324)

Finance costs

(24)

(13)

(21)

(78)

(67)

Dividends paid

(85)

(11)

(77)

(125)

(165)

Net cash (outflow) inflow from financing activities

(73)

(5)

(151)

Net increase (decrease) in cash and cash equivalents

131

(16)

190

(51)

Translation

(12)

(18)

(30)

(6)

Cash and cash equivalents at beginning of period

343

230

246

209

289

Net cash and cash equivalents at end of period

370

343

231

370

231

Cash generated from operations
Profit (loss) profit before taxation

344

(22)

(58)

152

Adjusted for:
Movement on non-hedge derivatives

(54)

281

493

Amortisation of tangible assets

144

147

121

431

365

Amortisation of intangible assets

Deferred stripping

(31)

(15)

(6)

(64)

(2)

Interest receivable

(8)

(9)

(5)

(22)

(20)

Operating special items

(2)

Finance costs

Fair value adjustment on option components of convertible bond

(58)

(25)

(44)

(11)

Other non-cash movements

(17)

Movement in working capital

(38)

(40)

(125)

(72)

354

334

180

945

509

Movement in working capital
Increase in inventories

(55)

(60)

(25)

(155)

(92)

(Increase) decrease in trade and other receivables

(8)

Increase (decrease) in trade and other payables

(27)

(10)

(38)

(40)

(125)

(72)

Rounding of figures may results in computational discrepancies.

Statement of recognised income and expense

Nine months

Year

Nine months

ended

September

December

September

2006

2005

Unaudited

Audited

Unaudited

Actuarial gains and losses on defined benefit retirement plans

(173)

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

874

391

Net loss on cash flow hedges

(1,717)

(1,281)

(433)

Gain on available for sale financial assets

147

Deferred taxation on items above

346

445

221

Net exchange translation differences

4,366

1,534

1,693

Net income recognised directly in equity

4,016

933

1,585

(Loss) profit for the period

(499)

(1,116)

318

3,517

(183)

1,903

Attributable to:
Equity shareholders of the parent

3,297

(355)

1,755

Minority interest

220

172

148

3,517

(183)

1,903

Actuarial gains and losses on defined benefit retirement plans

(27)

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

155

Net loss on cash flow hedges

(221)

(202)

(68)

Gain on available for sale financial assets

Deferred taxation on items above

Net exchange translation differences

493

293

277

Net income recognised directly in equity

475

153

259

Profit (loss) for the period

(160)

Total recognised income and expense for the period

527

(7)

322

Attributable to:
Equity shareholders of the parent

506

(28)

305

Minority interest

527

(7)

322

Rounding of figures may results in computational discrepancies.

SA Rand million

US Dollar million

Notes

for the quarter and nine months ended 30 September 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, JSE
Listings Requirements and in the manner required by the South African Companies Act, 1973 for the preparation
of financial information of the group for the quarter and nine months ended 30 September 2006.

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

Revenue

Quarter ended

Nine months

ended

Quarter ended

Nine months

ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Unaudited

SA Rand million

US Dollar million

Gold income

5,459

4,798

4,151

14,503

12,413

763

740

638

2,193

1,964

By-products and other revenue (note 3)

188

109

147

477

371

Interest receivable

149

127

5,707

4,966

4,332

15,129

12,911

798

766

666

2,288

2,042

Cost of sales

Quarter ended

Nine months

ended

Quarter ended

Nine months

ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Unaudited

SA Rand million

US Dollar million

Cash operating costs

3,095

2,853

2,904

8,583

8,523

432

441

446

1,303

1,352

By-products and other revenue (note 2)

(188)

(109) (147) (477) (371) (26)

(17) (23) (73) (59)

2,907

2,744

2,757

8,106

8,152

406

424

423

1,230

1,293

Other cash costs

167

137

104

422

296

Total cash costs

3,075

2,881

2,861

8,527

8,448

429

445

439

1,293

1,340

Retrenchment costs

106

Rehabilitation & other non-cash costs

161

Production costs

3,111

2,919

2,988

8,652

8,714

434

451

459

1,313

1,382

Amortisation of tangible assets

1,034

951

784

2,844

2,303

144

147

121

431

365

Amortisation of intangible assets

–

Total production costs

4,148

3,873

3,775

11,506

11,027

579

599

580

1,745

1,748

Inventory change

(161)

(327) (28) (509) (243) (22)

(52) (4) (77)

(40)

3,987

3,546

3,748

10,997

10,784

557

547

576

1,667

1,709

Rounding of figures may result in computational discrepancies.

Other net operating expenses

Quarter ended

Nine months

ended

Quarter ended

Nine months

ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Unaudited

SA Rand million

US Dollar million

Pension and medical defined benefit
provisions

(20)

(19) (29) (58) (59) (3)

(4) (5) (9) (9)

Claims filed by former employees in
respect of loss of employment, work-
related accident injuries and
diseases, governmental fiscal claims
and costs of old tailings operations

(14)

(18) (14) (41) (36) (2)

(3) (2) (6) (5)

Other

–

(2) –

(4) –

–

(1)

–

(34)

(39) (43)

(103) (95) (5)

(7) (7) (16)

(14)

Operating special items

Quarter ended

Nine months

ended

Quarter ended

Nine months

ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Unaudited

SA Rand million

US Dollar million

Contract termination fee at Geita

–

(55)

–

(55)

–

(9)

–

(9)

Under provision of indirect taxes

(1)

(33)

–

(27)

–

(5)

–

(4)

–

VAT not recoverable

(58)

–

(58)

–

(8)

–

(8)

–

Impairment of tangible assets (note 8)

–

(3)

(45)

–

(7)

Profit on disposal of assets (note 8)

(56)

(38)

(32)

(82)

(7)

(7)

(3)

(14)

6. Taxation

Quarter ended

Nine months

ended

Quarter ended

Nine months

ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Unaudited

SA Rand million

US Dollar million

Current tax

Normal taxation

(520)

(369) (37) (1,110) (64) (72)

(56) (6)

(164)

(12)

Disposal of tangible assets (note 8)

(3)

(3)

(11)

(1)

–

(2)

(523)

(372) (36) (1,121) (63) (73)

(56) (6)

(166)

(11)

Deferred taxation

Temporary differences

(140) (35) (144) (249)

(22) (5) (23)

(36)

Impairment of tangible assets
(note 8)

–

Change in tax rate

–

393

–

Contract termination fee at Geita

–

Unrealised non-hedge derivatives

426

705

(5)

(1)

286

562

174

Total taxation

(430)

(86) (10) (559) 111

(69)

(23) (2) (98) 17

Rounding of figures may result in computational discrepancies.

7. Discontinued operations

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

Quarter ended

Nine months

ended

Quarter ended

Nine months

ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Unaudited

SA Rand million

US Dollar million

Gold income

Retrenchment, rehabilitation and
other costs

(6)

(8) (13) (20)

(410) (1)

(1) (2) (3) (66)

Gross (loss) profit

(3)

(9)

–

(311)

–

(1)

–

(49)

Impairment loss reversed

–

115

–

(Loss) profit before taxation from
discontinued operations

(3)

(9)

–

(196)

–

(1)

–

(32)

Taxation

(5) (34) (11) 34

–

(1) (5) (2) 5

Net loss attributable to discontinued
operations

(1)

(4) (42) (12)

(163) –

(1) (7) (2) (27)

Headline earnings (loss)

Quarter ended

Nine months

ended

Quarter ended

Nine months

ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Unaudited

SA Rand million

US Dollar million

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

Profit (loss) attributable to equity
shareholders

1,470

(1,047) (415) (651) 201

268

(54)

(73)

Impairment of tangible assets (note 5)

–

Profit on disposal of assets (note 5)

(3)

(47) (17) (56) (18) (1)

(7) (2) (8) (2)

Taxation on items above – current
portion (note 6)

(1)

–

(1)

Taxation on items above – deferred
portion (note 6)

–

(1)

(16)

–

(2)

Net loss from discontinued operations
(note 7)

163

–

Headline earnings (loss)

1,471

(1,086) (390) (683) 374

268

(60)

(69)

Cents per share

(1)

Headline earnings (loss)

534

(398) (147) (251) 141

(22)

(26)

(1)

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

9. Shares

Quarter ended

Nine months ended

Sept

2006

Jun

2006

Sept

2005

Sept

2006

Sept

2005

Authorised:

Ordinary shares of 25 SA cents each

400,000,000

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

A redeemable preference shares of 50 SA cents each

2,000,000

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

B redeemable preference shares of 1 SA cent each

5,000,000

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

Issued and fully-paid:

Ordinary shares in issue

275,258,118

275,168,569 264,749,794 275,258,118 264,749,794

A redeemable preference shares

2,000,000

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

B redeemable preference shares

778,896

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

Weighted average number of ordinary shares for the period

Basic ordinary shares

275,671,212

273,028,361 264,642,218 271,588,698 264,562,882

Diluted number of ordinary shares

275,795,886

273,450,168 265,224,451 271,171,372 265,146,330

During the quarter, 89,549 ordinary shares were allotted in terms of the AngloGold Share Incentive Scheme. The
basic weighted number of ordinary shares include time-related options as at 30 September 2006 as follows:
• for the quarter - 446,062 options; and

• for the nine months - 445,519 options.

All the preference shares are held by a wholly-owned subsidiary company.

10.

Share capital and premium

As at

Sept

2006

Jun

2006

Sept

2005

Dec

2005

Sept

2006

Jun

2006

Sept

2005

Dec

2005

Unaudited Audited Unaudited Audited

SA Rand million

US Dollar million

Balance at beginning of period

19,047

19,047

18,987

3,002

3,002

3,364

Ordinary shares issued

3,030

3,018

506

504

Translation

–

(664)

(418) (379) (371)

Balance at end of period

22,077

22,065

19,023

19,047

2,844

3,088

2,991

3,002

Rounding of figures may result in computational discrepancies.

11.

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

–

Deferred taxation recognised directly in equity

–

(14)

–

(14)

Profit attributable to equity shareholders

201

–

201

Dividends

(926)

–

(926)

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

–

Net loss on cash flow hedges

–

(430)

Deferred taxation on cash flow hedges

–

235

Gain on available for sale financial assets

–

Share-based payment expense

–

Translation

–

1,808

(2)

(144)

(1,662)

Balance at September 2005

2,654

138

(1,744)

(96)

(1,312)

(360)

Balance at December 2005

1,191

138

(1,910)

(227)

(1,655)

(2,463)

Loss attributable to equity shareholders

(651)

–

(651)

Dividends (742)

–

(742)

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

–

867

Net loss on cash flow hedges

–

(1,708)

Deferred taxation on cash flow hedges

–

346

Gain on available for sale financial assets

–

147

Share-based payment expense

–

Translation

–

4,472

(177)

4,296

Balance at September 2006

(202)

138

2,562

(226)

(2,149)

123

US Dollar million

Balance at December 2004

286

(317) (22) (184) (213)

Actuarial gains and losses recognised

–

Deferred taxation recognised directly in equity

–

(2)

–

(2)

Profit attributable to equity shareholders

–

Dividends (150)

–

(150)

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

–

Net loss on cash flow hedges

–

(68)

Deferred taxation on cash flow hedges

–

Gain on available for sale financial assets

–

Share-based payment expense

–

Translation

–

(2)

278

–

278

Balance at September 2005

181

(39)

(15)

(206)

(57)

Balance at December 2005

(46) 22

(67) (36) (261) (388)

Profit attributable to equity shareholders

–

Dividends (107)

–

(107)

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

–

154

Net loss on cash flow hedges

–

(220)

Deferred taxation on cash flow hedges

–

Gain on available for sale financial assets

–

Share-based payment expense

–

Translation

–

(3)

495

(3)

496

Balance at September 2006

(125) 19

428

(29)

(277) 16

Rounding of figures may result in computational discrepancies.

12. Minority interests

As at

Sept

2006

Jun

2006

Sept

2005

Dec

2005

Sept

2006

Jun

2006

Sept

2005

Dec

2005

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Balance at beginning of year

374

374

327

Attributable profit

152

117

146

Dividends paid

(116)

(88) (100) (125)

(18)

(14) (16) (20)

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

–

Net loss on cash flow hedges

(9)

(12) (3) (9) (1)

(2) –

(2)

Translation

(2)

(1) (1) (1)

Balance at end of period

478

419

375

374

13. Exchange rates

Sept

2006

Jun

2006

Sept

2005

Dec

2005

Unaudited

Audited

Rand/US dollar average for the period

6.59

6.31 6.31 6.37

Rand/US dollar average for the quarter

7.15

6.46 6.51 6.53

Rand/US dollar closing

7.76

7.15 6.36 6.35

BRL/US dollar average for the period

2.17

2.2

2.30

2.29

BRL/US dollar average for the quarter

2.17

2.18 2.34 2.25

BRL/US dollar closing

2.17

2.16 2.22 2.35

Rand/Australian dollar average for the period

4.93

4.69 4.85 4.85

Rand/Australian dollar average for the quarter

5.41

4.83 4.95 4.86

Rand/Australian dollar closing

5.82

5.31 4.85 4.65

14. Capital commitments

Sept

2006

Jun

2006

Sept

2005

Dec

2005

Sept

2006

Jun

2006

Sept

2005

Dec

2005

Unaudited Audited Unaudited Audited

SA Rand million

US Dollar million

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

2,910

2,726

1,753

1,182

375

382

276

186

Liquidity and capital resources:

To service the above capital commitments and other operational requirements, the group is dependant upon cash generated from the
South African operations, borrowing facilities and cash distributions from offshore operations.

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

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

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

Rounding of figures may result in computational discrepancies.

15.

Contingent liabilities

AngloGold Ashanti's contingent liabilities at 30 September 2006 are detailed below:

Water pumping cost – South Africa – Representatives of the three mining companies, along with their respective
legal teams, have been finalising settlement and other related agreements over the last few months. The three
mining companies are Simmer and Jack Mines Limited, Harmony Gold Mining Company Limited and AngloGold
Ashanti Limited.

Following on the government's request that the New Water Company be a section 21 company, AngloGold
Ashanti is in the process of replacing the signed Settlement and Shareholders' Agreements with a new Settlement
Agreement, Members' Agreement, and Loan Agreement and is attending to fulfil the conditions precedent
included in these new agreements, namely:

• The unconditional conclusion of a Purchase Agreement between the New Water Company and the

provisional liquidators of Stilfontein Gold Mining Company for the purchase of the Margaret and Scott Shafts;

• The Department of Water Affairs and Forestry (DWAF) must issue all licences necessary for the New Water

Company to conduct its business; and

• The DWAF confirms in writing that in respect of the dewatering of Margaret Shaft only the Water Resource

Management charge will be applicable to the abstraction of such water and that no other water tariff will be
imposed unless it is established that the abstraction of water has an effect on the yield of the Vaal River, a
Vaal River Tariff may also come into effect.

The agreements will not be binding on the mining companies unless all of the above conditions precedent are met
by the due date, which may be extended by agreement between the parties.

Similarly to the signed Settlement Agreement, the new draft Settlement Agreement describes the formation of a
"New Water Company", which will take over the running of the Margaret and Scott Shafts from the Stilfontein Gold
Mining Company. The new company will be responsible for the operation of the shafts and the operation of all
pumping equipment at the Margaret Shaft in order to transfer all fissure water to surface on a daily basis. The
Scott Shaft is required for ventilation purposes. The funding required from each of the mining companies will be
set out in the Loan Agreement, which is currently being drafted. Each of the three companies has in principle
agreed to provide one-third of the start up capital required on loan account to the New Water Company. Each
mining company will contribute a maximum of R18m capital in the aggregate over a three-year period. Any
additional working or other capital costs required by the New Water Company will be borrowed or otherwise
obtained from outside sources.

Stilfontein has been placed in provisional liquidation on the application of a creditor, Mining Reclamation Services
(Pty) Limited. The Master of the High Court has appointed four liquidators. The State (DWAF, Department of
Minerals and Energy (DME) and Department of Environmental Affairs and Tourism (DEAT)) has indicated that it
regards the environmental legislation as paramount and that the liquidators must comply with all directives. The
Purchase Agreement, if signed, will allow the mining companies to purchase the Margaret and Scott Shafts from
Stilfontein. A Court Order may be necessary in due course – the liquidators have indicated, in any event, that
given the uncertainty of the position in regard to the conflict between Environmental Law and Insolvency Law, they
may require a court sanction whatever arrangement is concluded. AngloGold Ashanti is in the process of
attempting to have the costs of the Margaret and Scott Shafts set off against the amount that Stilfontein owes the
three mining companies for contributing Stilfontein's portion of the pumping costs in terms of the
1 November 2005 directive. These costs could be considered administrative costs in the liquidation.

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.

Retrenchment costs – South Africa – Following the decision to discontinue operations at Ergo in 2005, employees
surplus to requirements have had their service contracts 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.

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 ($13m). 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 operation is co-owned with Kinross Gold Corporation. The company
manages the operation and its attributable share of the assessment is approximately $29m. 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 – 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.

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

16.

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, amounts to an attributable

$35m at 30 September 2006 (30 June 2006: attributable $30m). The last audited value added tax return was
for the period ended 31 March 2006 and at that date an attributable $25m was still outstanding and an
attributable $10m 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 $12m at

30 September 2006 (30 June 2006: attributable $14m). Fuel duties refund claims 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 $5m 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 provided a repayment plan for the
amounts due.

There is a concentration of risk in respect of reimbursable value added tax and fuel duties from the Tanzanian
government:
• Reimbursable value added tax due from the Tanzanian government, for the company amounts to $14m at

30 September 2006 (30 June 2006: $12m). The last audited value added tax return was for the period ended
31 March 2006 and at that date $10m was still outstanding and $4m is still subject to audit. The accounting
processes for the unaudited amount are in accordance with the processes advised by the Tanzanian
government in terms of the previous audits.

• Reimbursable fuel duties from the Tanzanian government, for the company amount to $11m at 30 September

2006 (30 June 2006: $11m). Fuel duty claims are required to be submitted after consumption of the related
fuel and are subject to authorisation by the Customs and Excise authorities. Claims for refund of fuel duties
amounting to $8m have been lodged with the Customs and Excise authorities, which is still outstanding, whilst

claims for refund of $3m have not yet been submitted. The accounting processes for the unauthorised
amount are in accordance with the processes advised by the Tanzanian government in terms of the previous
authorisations.

17. 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.

18. Borrowings

AngloGold Ashanti's borrowings are interest bearing.

19. Announcements

On 14 July 2006, AngloGold Ashanti announced the signing of a Heads of Agreement with Antofagasta PLC to
jointly explore a highly prospective belt in Southern Colombia for new gold and copper deposits. AngloGold
Ashanti will include all of its mineral applications, contracts and third party contracts within the area of interest in
the new joint venture, while Antofagasta will commit to fund a minimum of $1m of exploration within 12 months of
the signing of the agreement, with an option to invest an additional $7m within four years in order to earn-in to
50% of the joint venture. Both AngloGold Ashanti and Antofagasta will have the right to increase their interests by
20% in copper-dominant and gold-dominant properties subject to certain conditions.

On 4 August 2006, AngloGold Ashanti announced the appointment to its board or Mr J H Mensah, a member of
the Ghanaian Parliament with extensive experience in international and local economic management and
Prof. L W Nkuhlu, a respected South African academic, professional and business leader. Messrs P L Zim and
his alternate, Mr D D Barber announced their resignation from the board. The above appointments and
resignations were effective from 4 August 2006.

On 23 August 2006, AngloGold Ashanti announced that it had entered into an agreement with Central African
Gold plc (CAG) to sell its entire business undertaking, related to the Bibiani mine and Bibiani North prospecting
permit and to transfer all assets, including all of Bibiani's employees, fixed mining and non-mining assets,
inventory, trade debtors and intellectual property as well as the Bibiani lease and the Bibiani North prospecting
licence, and procure the cessation and delegation of all contracts related to Bibiani to CAG for a cash
consideration of $40m.

On 30 August 2006, AngloGold Ashanti announced that it had granted the right to executive directors to acquire
AngloGold Ashanti ordinary shares in terms of the AngloGold Share Incentive Scheme's Long-term Incentive Plan
(LTIP), pursuant to which, a total of 57,150 awards were granted to four executive directors. All awards granted
in terms of the LTIP vest three years from date of grant, subject to the achievement of the performance conditions
under which the awards were made.

On 30 August 2006, AngloGold Ashanti announced that it had been advised by the Volta River Authority (VRA) of
potential power shortage at its Ghanaian operations due to water shortages impacting the VRA's power
generating facilities. This announcement was followed by an update on 6 September 2006 in which AngloGold
Ashanti advised that the company was in discussions with the VRA, the Chamber of Mines in Ghana and the
government of Ghana on activities designed to minimise the impact of the power shortages on the economy and
the mining industry and to provide for a sustainable solution in the future. At the same time, AngloGold Ashanti
provided guidance to investors as to the impact on production which the power shortages had at its Ghanaian
operations.

On 21 September 2006, AngloGold Ashanti announced that it had entered into a 50:50 strategic alliance with
Russian gold and silver producer, OAO Inter-Regional Research and Production Association Polymetal
(Polymetal) in terms of which, Polymetal and AngloGold Ashanti would cooperate in exploration, acquisition and
development of gold mining opportunities within the Russian Federation.

On 2 October 2006, AngloGold Ashanti announced the imminent finalisation of an employee share ownership
plan with the National Union of Mineworkers, Solidarity, United Association and Izingwe Holdings (Proprietary)
Limited ("empowerment transaction"). The empowerment transaction is subject to, amongst other things,
shareholders approval and a circular giving notice of a general meeting of shareholders to be held on
11 December 2006 will be posted to shareholders on or about 13 November 2006.

20. Recent developments

On 11 October 2006, a revised draft Mineral and Petroleum Royalty Bill was released by the South African
Treasury Department. The draft Mineral and Petroleum Royalty Bill originally released in March 2003, proposed a
royalty payment of 3% of gross revenue per year, payable quarterly, in the case of gold. The revised draft
imposes a royalty on the extraction and transfers of South Africa's mineral resources at a proposed rate of 1.5%
on refined gold (produced to at least 99.5% purity), payable twice a year on a six-monthly basis. Royalties paid
will be tax deductible. The revised draft Mineral and Petroleum Royalty Bill is open for comment until 31 January
2007. If passed by Parliament, the Act would be in effect for all mineral resources extracted and transferred on or
after 1 May 2009.

21. Dividend

Interim dividend No. 100 of 210 South African cents or 16.32 UK pence or 2,845.50 cedis per share was paid to

registered shareholders on 25 August 2006, while a dividend of 8.0766 Australian cents per CHESS Depositary
Interest (CDI) was paid on the same day. On 28 August 2006, a dividend of 28.455 cedis per Ghanaian
Depositary Share (GhDS) was paid to holders thereof. Each CDI represents one-fifth of an ordinary share, and
100 GhDSs represent one ordinary share. A dividend was paid to holders of American Depositary Receipts
(ADRs) on 5 September 2006 at a rate of 29.407 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

27 October 2006

Segmental

reporting

for the quarter and nine months ended 30 September 2006

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

2005

2006

2005

Unaudited

Gold income
South Africa

2,640

2,191

1,833

6,761

5,433

370

338

282

1,021

859

Argentina

221

276

151

666

445

101

Australia

454

465

312

1,228

1,062

185

168

Brazil

422

367

265

1,093

782

165

124

Ghana

484

391

442

1,327

1,306

201

207

Guinea

217

224

205

629

553

Mali

583

544

382

1,573

1,073

239

169

Namibia

100

257

160

Tanzania

181

173

298

600

1,086

173

USA

156

205

369

515

5,459

4,798

4,151

14,503

12,413

763

740

638

2,193

1,964

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

South Africa

1,106

1,145

383

2,874

932

155

174

430

145

Argentina

123

257

142

Australia

251

242

626

244

Brazil

258

225

124

617

396

Ghana

(70)

(43)

(70)

(78)

(84)

(10)

(7)

(11)

(13)

Guinea

(18)

(2)

Mali

250

268

106

699

307

107

Namibia

116

Tanzania

(51)

(9)

(17)

(2)

(7)

(1)

(2)

USA

(33)

(5)

Other

146

(22)

123

(10)

(2)

(3)

2,020

1,988

678

5,257

2,119

283

305

105

791

334

Cash gross profit (loss)

South Africa

1,484

1,520

613

3,985

1,653

208

232

600

259

Argentina

134

168

402

258

Australia

315

298

788

403

118

Brazil

304

264

163

737

500

111

Ghana

100

368

229

Guinea

203

189

Mali

342

336

186

910

523

138

Namibia

149

Tanzania

168

226

USA

206

276

Other

162

(8)

171

3,041

2,937

1,435

8,087

4,339

426

452

221

1,219

686

Rounding of figures may results 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.

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 F of "Non-GAAP

disclosure" for the definition.

SA Rand million

US Dollar million

Segmental reporting (continued)

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

2005

2006

2005

Unaudited

Gold production
South Africa

20,296

20,150

21,070

59,409

62,406

653

648

677

1,910

2,006

Argentina

1,702

2,004

1,616

5,337

4,987

172

160

Australia

3,366

3,516

3,146

9,703

11,272

108

113

101

312

362

Brazil

2,858

2,526

2,759

7,647

7,947

246

256

Ghana

4,540

4,552

5,260

13,988

15,914

146

146

169

450

512

Guinea

1,940

1,826

1,907

5,542

5,738

178

184

Mali

4,029

4,533

4,190

12,590

12,309

130

146

135

405

396

Namibia

711

684

657

2,073

1,814

Tanzania

2,280

2,203

4,247

7,110

15,343

137

229

493

USA

2,143

2,030

2,871

6,157

7,594

198

244

43,864

44,024

47,723

129,556

145,323

1,410

1,415

1,534

4,165

4,672

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

2005

2006

2005

Unaudited

Capital expenditure
South Africa

543

472

549

1,422

1,558

216

247

Argentina

Australia

162

289

176

Brazil

396

309

144

926

340

140

Ghana

153

161

142

420

366

Guinea

208

Mali

Namibia

Tanzania

198

372

334

451

USA

Other

1,542

1,168

1,385

3,671

3,317

220

181

215

557

525

As at

September

June

September

December

September

June

September

December

2006

2005

2006

2005

Unaudited

Audited

Unaudited

Audited

Total assets
South Africa

15,867

15,927

14,866

15,554

2,044

2,229

2,337

2,451

Argentina

2,186

1,965

1,818

1,635

282

275

286

258

Australia

6,606

5,978

4,608

4,738

851

837

724

747

Brazil

4,176

3,535

2,326

2,449

538

495

366

386

Ghana

13,886

13,023

11,538

11,419

1,789

1,823

1,814

1,800

Guinea

2,092

2,045

1,740

1,735

269

286

274

273

Mali

2,508

2,273

2,081

2,007

323

318

327

316

Namibia

408

360

224

289

Tanzania

10,551

9,151

7,207

7,924

1,359

1,281

1,133

1,249

USA

3,864

3,179

2,770

2,734

498

445

435

431

Other

3,380

3,348

1,931

2,138

434

468

304

337

65,524

60,784

51,110

52,622

8,440

8,507

8,035

8,294

Rounding of figures may results in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

US Dollar million

oz (000)

Non-GAAP disclosure

Sep

Jun

Sep

Jun

Sep

2006

2005

2006

2005

2006

2005

2006

2005

Headline earnings (loss) (note 8)

1,471

(1,086)

(390)

(683)

374

268

(60)

(69)

Unrealised non-hedge derivatives loss (gain) (note C)

2,583

435

4,188

690

(65)

280

479

Deferred tax on unrealised non-hedge derivatives (note 6)

(77)

(426)

(42)

(705)

(3)

(55)

(6)

(91)

Fair value adjustment on option component of convertible
bond

(421)

(158)

135

(347)

(59)

(58)

(25)

(44)

(11)

Fair value loss on interest rate swap

Headline earnings before unrealised non-hedge derivatives,
fair value adjustments on convertible bond and interest rate
swaps

(2)

1,011

911

138

2,453

1,015

141

140

367

159

Cents per share

(1)

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

(2)

367

334

903

384

135

Sep

Jun

Sep

Jun

Sep

2006

2005

2006

2005

2006

2005

2006

2005

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

Gross profit (loss)

1,981

(594)

243

1,069

1,429

349

312

240

Unrealised non-hedge derivatives (note C)

2,583

435

4,188

690

(65)

280

479

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

2,020

1,988

678

5,257

2,119

283

305

105

791

334

Rounding of figures may results in computational discrepancies.

Nine months ended

Quarter ended

Unaudited

SA Rand million

US Dollar million

Quarter ended

Headline earnings adjusted for the effect of unrealised non-hedge derivatives, fair value adjustments 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
position settled in the period; and

- Investment in hedge restructure transaction: During the hedge restructure in the quarters ended 31 December 2004 and 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

(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.

Unaudited

SA Rand million

US Dollar million

Unaudited

From time to time AngloGold Ashanti may publicly disclose certain "non-GAAP" financial measures in the course of our financial presentations, earnings releases, earnings
conference calls and otherwise.

The group utilises certain non-GAAP performance measures and ratios in managing our business and may provide users of this financial information with additional meaningful
comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the
reported operating results or cash flow from operations or any other measure of performance prepared in accordance with GAAP. In addition, the presentation of these measures
may not be comparable to similarly titled measures other companies use.

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

Nine months ended

Quarter ended

Sep

Jun

Sep

Jun

Sep

2006

2005

2006

2005

2006

2005

2006

2005

Non-hedge derivative gain (loss) is summarised as

Realised non-hedge derivative gain

549

736

274

1,751

489

112

265

Unrealised non-hedge derivative (loss) gain

(39)

(2,583)

(435)

(4,188)

(690)

(280)

(76)

(479)

(95)

Non-hedge derivative gain (loss) per income statement

510

(1,847)

(161)

(2,437)

(201)

143

(169)

(33)

(214)

(15)

Price received

Gold income per income statement

5,459

4,798

4,151

14,503

12,413

763

740

638

2,193

1,964

Adjusted for minority interests

(214)

(214)

(135)

(590)

(402)

(29)

(34)

(21)

(90)

(63)

5,245

4,584

4,017

13,913

12,011

734

706

617

2,103

1,900

Realised non-hedge derivatives (note C)

549

736

274

1,751

489

112

265

5,794

5,320

4,291

15,664

12,500

811

818

660

2,368

1,980

Attributable gold sold - kg / - oz (000)

43,185

42,424

47,449

127,772

144,323

1,388

1,364

1,526

4,108

4,640

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

134,176

125,409

90,440

122,595

86,613

584

600

433

576

427

Total costs

Total cash costs (note 3)

3,075

2,881

2,861

8,527

8,448

429

445

439

1,293

1,340

Adjusted for minority interests and non-gold producing
companies

(95)

(24)

(72)

(138)

(14)

(4)

(11)

(22)

Total cash costs adjusted for minority interests and non-
gold producing companies

3,136

2,786

2,837

8,455

8,309

438

431

436

1,282

1,318

Retrenchment costs (note 3)

106

Rehabilitation and other non-cash costs (note 3)

161

Amortisation of tangible assets (note 3)

1,034

951

784

2,844

2,303

144

147

121

431

365

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing
companies

(32)

(29)

(25)

(85)

(68)

(4)

(4)

(13)

(11)

Total production costs adjusted for minority interests
and non-gold producing companies

4,179

3,749

3,726

11,348

10,820

584

580

573

1,720

1,715

Gold produced - kg / - oz (000)

43,864

44,024

47,723

129,556

145,323

1,410

1,415

1,534

4,165

4,672

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

71,495

63,276

59,453

65,267

57,177

311

305

284

308

282

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

95,267

85,168

78,082

87,594

74,456

414

410

373

413

367

Cash gross profit

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

2,020

1,988

678

5,257

2,119

283

305

105

791

334

Amortisation of tangible assets (note 3)

1,034

951

784

2,844

2,303

144

147

121

431

365

Amortisation of intangible assets (note 3)

Non-cash revenues

(16)

(5)

(30)

(24)

(92)

(2)

(1)

(5)

(3)

(14)

3,041

2,937

1,435

8,087

4,339

426

452

221

1,219

686

EBITDA

Operating profit (loss) per income statement

1,628

(900)

(49)

165

659

300

(22)

(17)

176

118

Amortisation of tangible assets (note 3)

1,034

951

784

2,844

2,303

144

147

121

431

365

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 5)

Unrealised non-hedge derivatives (note C)

2,583

435

4,188

690

(65)

280

479

Profit on disposal of assets (note 5)

(3)

(47)

(17)

(56)

(18)

(1)

(7)

(2)

(8)

(2)

Share of associates' EBITDA

(2)

(1)

(6)

(2)

(1)

2,700

2,590

1,151

7,148

3,686

378

398

177

1,078

583

Rounding of figures may results in computational discrepancies.

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Unaudited

SA Rand million / Metric

US Dollar million / Imperial

Sep

Jun

Sep

Jun

Sep

2006

2005

2006

2005

2006

2005

2006

2005

Interest cover

EBITDA (note G)

2,700

2,590

1,151

7,148

3,686

378

398

177

1,078

583

Finance costs per income statement

157

209

166

576

474

Capitalised finance costs

176

228

196

623

555

Interest cover - times

15.34

11.35

5.87

11.47

6.64

15.12

11.29

5.90

11.23

6.63

Free cash flow

Net cash inflow from operating activities per cash flow

2,338

1,963

1,000

5,754

2,777

325

302

151

863

441

Stay-in-business capital expenditure

(952)

(696)

(956)

(2,272)

(2,100)

(136)

(108)

(149)

(345)

(333)

1,386

1,267

3,482

677

189

195

518

108

As at

Sep

Jun

Sep

Dec

Sep

Jun

Sep

Dec

2006

2005

2006

2005

Net asset value - cents per share

Total equity per balance sheet

22,678

19,427

19,038

16,958

2,921

2,719

2,993

2,673

Number of ordinary shares in issue - millions (note 9)

275

275

265

275

275

265

Net asset value - cents per share

8,239

7,060

7,191

6,401

1,061

988

1,130

1,009

Total equity per balance sheet

22,678

19,427

19,038

16,958

2,921

2,719

2,993

2,673

Intangible assets per balance sheet

(3,137)

(2,873)

(2,602)

(2,533)

(404)

(402)

(409)

(399)

19,541

16,554

16,436

14,425

2,517

2,317

2,584

2,274

Number of ordinary shares in issue - millions (note 9)

275

275

265

275

275

265

Net tangible asset value - cents per share

7,099

6,016

6,208

5,445

914

842

976

858

Net debt

Borrowings - long-term portion per balance sheet

10,497

9,375

10,889

10,825

1,352

1,312

1,712

1,706

Borrowings - short-term portion per balance sheet

290

465

991

1,190

156

188

Total borrowings

10,787

9,840

11,880

12,015

1,389

1,377

1,868

1,894

Cash and cash equivalents per balance sheet

(2,871)

(2,450)

(1,469)

(1,328)

(370)

(343)

(231)

(209)

Net debt

7,916

7,390

10,411

10,687

1,019

1,034

1,637

1,685

Rounding of figures may results in computational discrepancies.

SA Rand million / Metric

Unaudited

US Dollar million / Imperial

Unaudited

Quarter ended

Nine months ended

Quarter ended

Nine months ended

Unaudited

SA Rand million

US Dollar million

Development

for the quarter ended 30 September 2006

Statistics are shown in metric units

Advanced

metres

Sampled

Ave. channel

(total)

metres

width (cm)

Ave. g/t

Ave. cm.g/t

Ave. kg/t

Ave. cm.kg/t

VAAL RIVER
Great Noligwa
Vaal reef

3,512

604

119.7

24.39

2,919

0.93

110.83

Kopanang
Vaal reef

6,731

686

13.6

140.59

1,912

11.28

153.38

Tau Lekoa
Ventersdorp Contact reef

1,824

492

75.1

8.19

615

Moab Khotsong
Vaal reef

5,032

140

108.2

16.76

1,813

1.49

161.00

WEST WITS
TauTona
Ventersdorp Contact reef

201

Carbon Leader reef

3,357

11.8

58.73

693

Savuka
Ventersdorp Contact reef

Carbon Leader reef

260

Mponeng
Ventersdorp Contact reef

4,146

570

114.6

23.69

2,715

AUSTRALIA
Sunrise Dam

1,411

7.84

BRAZIL
AngloGold Ashanti Brasil Mineração
Mine de Cuiabá

147

146

63.4

7.04

Córrego do Sitio

394

178

5.43

Lamego

638

70.0

3.95

Serra Grande
Mina Ill

1,191

360

100.0

4.13

Mina Nova

GHANA
Obuasi

6,745

1,796

500.0 *

9.98

4,990

Statistics are shown in imperial units

Advanced

feet

Sampled

Ave. channel

(total)

feet

width (inches)

Ave. oz/t

Ave. ft.oz/t

Ave. lb/t

Ave. ft.lb/t

VAAL RIVER
Great Noligwa
Vaal reef

11,521

1,982

47.1

0.71

2.79

1.86

7.30

Kopanang
Vaal reef

22,083

2,251

5.4

4.10

1.83

22.56

10.07

Tau Lekoa
Ventersdorp Contact reef

5,984

1,614

29.6

0.24

0.59

Moab Khotsong
Vaal reef

16,508

459

42.6

0.49

1.74

2.98

10.58

WEST WITS
TauTona
Ventersdorp Contact reef

658

Carbon Leader reef

11,012

4.6

1.71

0.66

Savuka
Ventersdorp Contact reef

Carbon Leader reef

854

Mponeng
Ventersdorp Contact reef

13,602

1,870

45.1

0.69

2.60

AUSTRALIA

Sunrise Dam

4,629

0.23

BRAZIL
AngloGold Ashanti Brasil Mineração
Mina de Cuiabá

481

479

25.0

0.21

Córrego do Sitio

1,293

584

0.16

Lamego

2,094

219

27.6

0.12

Serra Grande
Mina Ill

3,907

1,182

39.4

0.12

Mina Nova

199

GHANA
Obuasi

22,129

5,891

196.9 *

0.29

4.77

* Average ore body width

Sampled

gold

uranium

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

Sampled

gold

uranium

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SA Rand / US Dollar

SOUTH AFRICA

543

472

549

1,422

216

Vaal River
Great Noligwa

197

Kopanang

180

Moab Khotsong

147

138

168

396

Tau Lekoa

Surface Operations

West Wits
Mponeng

214

Savuka

TauTona

124

118

108

332

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

162

289

Sunrise Dam

136

Boddington

104

150

Exploration

BRAZIL

396

309

144

926

140

AngloGold Ashanti Brasil Mineração

362

277

122

834

127

Serra Grande - Attributable 50%

Minorities, exploration and other

GHANA

153

161

142

420

Bibiani

Iduapriem - Attributable 85%

Obuasi

140

156

120

397

Minorities and exploration

GUINEA

Siguiri - Attributable 85%

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

198

372

334

Geita

198

372

334

USA

Cripple Creek & Victor J.V.

OTHER

ANGLOGOLD ASHANTI

1,542

1,168

1,385

3,671

220

181

215

557

Rounding of figures may results in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

Metric

SOUTH AFRICA

20,296

20,150

21,070

59,409

Vaal River
Great Noligwa

7.72

8.11

9.03

8.13

4,699

4,767

5,275

14,479

Kopanang

6.63

7.19

7.85

6.88

3,448

3,561

3,933

10,229

Moab Khotsong

5.43

6.83

6.35

329

338

960

Tau Lekoa

3.59

3.61

4.20

3.59

1,358

1,289

2,195

4,086

Surface Operations

0.44

0.50

0.53

0.46

819

970

757

2,453

West Wits
Mponeng

9.83

10.38

9.01

10.02

4,832

4,853

3,946

13,954

Savuka

8.44

7.17

8.01

7.80

808

653

1,121

2,114

TauTona

10.51

9.70

9.91

9.82

4,000

3,718

3,843

11,132

ARGENTINA

1,702

2,004

1,616

5,337

Cerro Vanguardia - Attributable 92.50%

7.00

8.92

7.26

7.93

1,702

2,004

1,616

5,337

AUSTRALIA

3,366

3,516

3,146

9,703

Sunrise Dam

3.10

3.27

3.24

3.08

3,366

3,516

3,146

9,703

BRAZIL

2,858

2,526

2,759

7,647

AngloGold Ashanti Brasil Mineração

7.13

7.45

7.08

7.46

2,098

1,766

2,011

5,377

Serra Grande - Attributable 50%

7.29

7.50

8.00

7.45

760

748

2,270

GHANA

4,540

4,552

5,260

13,988

Bibiani

0.44

0.47

0.57

263

274

860

1,013

Iduapriem

- Attributable 85%

1.73

1.77

1.70

1.75

1,360

1,265

1,355

3,976

Obuasi

4.05

4.33

4.64

4.31

2,916

3,013

3,045

8,999

GUINEA

1,940

1,826

1,907

5,542

Siguiri

- Attributable 85%

1.09

1.16

1.17

1.09

1,940

1,826

1,907

5,542

MALI

4,029

4,533

4,190

12,590

Morila - Attributable 40%

3.85

4.22

5.33

4.03

1,551

1,684

2,151

4,925

Sadiola - Attributable 38%

2.85

3.50

2.66

3.15

1,430

1,607

1,373

4,352

Yatela

- Attributable 40%

2.97

4.92

3.08

4.21

1,048

1,242

666

3,313

NAMIBIA

711

684

657

2,073

Navachab

1.72

1.95

2.00

1.87

711

684

657

2,073

TANZANIA

2,280

2,203

4,247

7,110

Geita

1.48

1.50

2.72

1.67

2,280

2,203

4,247

7,110

USA

2,143

2,030

2,871

6,157

Cripple Creek & Victor J.V.

0.65

0.54

0.62

0.56

2,143

2,030

2,871

6,157

ANGLOGOLD ASHANTI

43,864

44,024

47,723

129,556

Underground Operations

6.98

7.24

7.38

7.11

25,066

24,379

25,387

72,501

Surface and Dump Reclamation

0.46

0.50

0.57

0.50

1,497

1,663

1,154

4,677

Open-pit Operations

2.00

2.26

2.48

2.15

13,742

14,415

17,028

41,883

Heap Leach Operations

0.84

0.83

0.78

0.83

3,559

3,567

4,154

10,495

43,864

44,024

47,723

129,556

Yatela and Cripple Creek & Victor Joint Venture operations yield

reflects gold placed/tonnes placed.

The yield of Bibiani represents surface and dump reclamation.

Rounding of figures may results in computational discrepancies.

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

Yield - g/t

Gold produced - kg

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

The yield of TauTona, AngloGold Ashanti Brasil Mineração and Obuasi represents underground operations.

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

Metric

SOUTH AFRICA

268

264

256

258

20,232

19,488

21,109

58,606

Vaal River
Great Noligwa

243

242

263

248

4,768

4,606

5,279

14,357

Kopanang

229

227

256

223

3,481

3,452

3,936

10,134

Moab Khotsong

123

128

112

330

328

948

Tau Lekoa

164

152

180

151

1,366

1,253

2,196

4,050

Surface Operations

1,088

1,263

835

1,083

841

928

757

2,429

West Wits
Mponeng

342

349

284

334

4,731

4,692

3,949

13,684

Savuka

256

207

159

225

788

646

1,135

2,086

TauTona

326

308

301

306

3,928

3,584

3,856

10,920

ARGENTINA

962

1,145

978

1,014

1,605

2,122

1,543

5,293

Cerro Vanguardia - Attributable 92.50%

962

1,145

978

1,014

1,605

2,122

1,543

5,293

AUSTRALIA

2,232

2,646

2,395

2,325

3,194

3,496

3,148

9,515

Sunrise Dam

2,867

3,031

2,696

2,782

3,194

3,496

3,148

9,515

BRAZIL

640

596

712

594

2,771

2,551

2,476

7,880

AngloGold Ashanti Brasil Mineração

573

511

641

511

2,045

1,750

1,845

5,609

Serra Grande - Attributable 50%

945

971

1,015

968

725

801

632

2,271

GHANA

224

230

229

4,633

4,024

5,131

13,532

Bibiani

476

572

715

659

283

221

860

980

Iduapriem - Attributable 85%

648

611

628

636

1,434

1,130

1,366

3,915

Obuasi

165

169

156

168

2,916

2,673

2,906

8,637

GUINEA

494

447

565

471

1,755

1,826

2,067

5,356

Siguiri - Attributable 85%

494

447

565

471

1,755

1,826

2,067

5,356

MALI

1,297

1,457

2,014

1,349

4,097

4,177

4,143

12,313

Morila - Attributable 40%

1,178

1,270

3,409

1,251

1,520

2,166

4,680

Sadiola - Attributable 38%

1,339

1,508

1,792

1,347

1,498

1,542

1,378

4,353

Yatela - Attributable 40%

1,455

1,723

975

1,529

1,079

1,115

599

3,280

NAMIBIA

769

747

702

737

695

629

621

2,004

Navachab

769

747

702

737

695

629

621

2,004

TANZANIA

382

381

1,049

411

2,020

2,100

4,339

7,049

Geita

382

381

1,049

411

2,020

2,100

4,339

7,049

USA

2,151

2,069

3,003

2,101

2,183

2,009

2,872

6,224

Cripple Creek & Victor J.V.

2,151

2,069

3,003

2,101

2,183

2,009

2,872

6,224

ANGLOGOLD ASHANTI

360

387

353

43,185

42,424

47,449

127,772

Rounding of figures may results in computational discrepancies.

Productivity per employee - g

Gold sold - kg

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SA Rand / Metric

SOUTH AFRICA

62,837

59,200

59,053

61,255

82,547

78,854

75,532

80,976

Vaal River
Great Noligwa

62,145

57,253

56,203

57,030

78,323

73,661

68,992

73,277

Kopanang

65,114

60,958

53,142

63,386

78,594

74,306

70,869

77,136

Moab Khotsong

153,993

137,630

152,306

246,929

224,472

242,914

Tau Lekoa

95,702

92,719

78,182

97,073

123,094

124,569

95,657

127,055

Surface Operations

72,723

55,290

59,142

63,577

81,457

62,634

59,142

72,116

West Wits
Mponeng

49,800

47,250

57,014

49,429

70,280

68,188

79,527

69,697

Savuka

67,618

73,967

79,484

70,862

74,723

83,203

95,304

78,226

TauTona

55,777

55,276

54,202

56,284

80,233

78,155

71,140

80,254

ARGENTINA

49,808

39,959

42,746

42,313

79,928

61,167

67,818

67,638

Cerro Vanguardia - Attributable 92.50%

49,170

39,447

42,180

41,745

79,097

60,527

67,116

66,922

AUSTRALIA

82,199

58,720

69,032

66,792

99,263

74,505

85,550

83,627

Sunrise Dam

80,232

56,683

67,566

64,526

98,305

72,706

83,882

81,145

BRAZIL

50,934

44,052

39,079

45,860

63,648

56,398

52,434

58,442

AngloGold Ashanti Brasil Mineração

47,496

39,397

36,065

41,920

59,868

51,862

50,595

54,614

Serra Grande - Attributable 50%

43,943

42,580

33,207

41,176

57,431

54,514

42,700

53,147

GHANA

90,249

85,107

71,666

80,909

128,858

118,571

96,971

115,139

Bibiani

163,285

85,963

64,529

91,763

197,243

117,938

97,587

123,514

Iduapriem - Attributable 85%

77,622

84,886

77,230

77,846

103,239

110,484

98,025

103,108

Obuasi

89,549

85,122

71,204

81,042

134,636

122,025

96,328

119,514

GUINEA

100,179

83,876

64,817

86,702

129,505

109,149

88,239

114,510

Siguiri - Attributable 85%

100,179

83,876

64,817

86,702

129,505

109,149

88,239

114,510

MALI

58,445

48,372

44,963

51,567

82,079

63,691

64,663

69,610

Morila - Attributable 40%

64,107

51,803

40,511

55,685

84,277

66,241

69,496

73,257

Sadiola - Attributable 38%

63,739

52,888

50,341

56,663

79,042

69,219

62,898

71,363

Yatela - Attributable 40%

53,712

48,496

59,688

48,729

93,736

63,636

63,983

71,780

NAMIBIA

58,677

57,763

56,025

53,833

74,494

75,514

56,659

69,766

Navachab

58,677

57,763

56,025

53,833

74,494

75,514

56,659

69,766

TANZANIA

124,644

105,814

74,172

99,571

163,321

128,519

87,353

126,436

Geita

124,644

105,814

74,172

99,571

163,321

128,519

87,353

126,436

USA

58,320

52,062

49,274

53,658

80,936

76,599

71,681

76,425

Cripple Creek & Victor J.V.

55,821

49,987

48,304

51,579

78,428

74,525

70,711

74,343

ANGLOGOLD ASHANTI

71,495

63,276

59,453

65,267

95,267

85,168

78,082

87,594

Rounding of figures may results in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SOUTH AFRICA

1,484

1,520

613

3,985

1,106

1,145

383

2,874

Vaal River
Great Noligwa

350

367

175

1,017

281

295

137

799

Kopanang

246

265

123

671

204

222

543

Moab Khotsong

(6)

(19)

(36)

(29)

(105)

Tau Lekoa

116

(12)

Surface Operations

162

141

West Wits
Mponeng

414

423

124

1,114

318

324

839

Savuka

121

(2)

107

TauTona

318

294

138

803

224

213

547

ARGENTINA

134

168

402

123

257

Cerro Vanguardia - Attributable 92.50%

125

157

374

115

242

Minorities and exploration

AUSTRALIA

315

298

788

251

242

626

Sunrise Dam

315

298

788

251

242

626

BRAZIL

304

264

163

737

258

225

124

617

AngloGold Ashanti Brasil Mineração

188

156

100

430

163

134

365

Serra Grande - Attributable 50%

146

119

Minorities and exploration

161

133

GHANA

100

368

(70)

(43)

(70)

(78)

Bibiani

(7)

(13)

(23)

Iduapriem - Attributable 85%

121

(12)

Obuasi

186

(84)

(56)

(33)

(133)

Minorities and exploration

(2)

GUINEA

203

(18)

Siguiri - Attributable 85%

157

(22)

Minorities and exploration

MALI

342

336

186

910

250

268

106

699

Morila - Attributable 40%

127

121

108

344

259

Sadiola - Attributable 38%

122

117

303

244

Yatela - Attributable 40%

263

195

NAMIBIA

149

116

Navachab

149

116

TANZANIA

168

(51)

(9)

(17)

Geita

168

(51)

(9)

(17)

USA

206

(33)

Cripple Creek & Victor J.V.

206

(33)

OTHER

162

(8)

171

146

(22)

123

ANGLOGOLD ASHANTI

3,041

2,937

1,435

8,087

2,020

1,988

678

5,257

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 results in computational discrepancies.

SA Rand

Cash gross profit (loss) - Rm

Gross profit (loss) adjusted for the effect of unrealised

non-hedge derivatives - Rm

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

Imperial

SOUTH AFRICA

653

648

677

1,910

Vaal River
Great Noligwa

0.225

0.236

0.263

0.237

151

153

170

466

Kopanang

0.193

0.210

0.229

0.201

111

114

126

329

Moab Khotsong

0.158

0.199

0.185

Tau Lekoa

0.105

0.123

0.105

131

Surface Operations

0.013

0.015

0.016

0.014

West Wits
Mponeng

0.287

0.303

0.263

0.292

155

156

127

449

Savuka

0.246

0.209

0.234

0.228

TauTona

0.306

0.283

0.289

0.286

129

120

124

358

ARGENTINA

172

Cerro Vanguardia - Attributable 92.50%

0.204

0.260

0.212

0.231

172

AUSTRALIA

108

113

101

312

Sunrise Dam

0.090

0.095

0.090

108

113

101

312

BRAZIL

246

AngloGold Ashanti Brasil Mineração

0.208

0.217

0.206

0.218

173

Serra Grande - Attributable 50%

0.213

0.219

0.233

0.217

GHANA

146

169

450

Bibiani

0.013

0.014

0.017

Iduapriem

- Attributable 85%

0.051

0.052

0.050

0.051

128

Obuasi

0.118

0.126

0.135

0.126

289

GUINEA

178

Siguiri

- Attributable 85%

0.032

0.034

0.032

178

MALI

130

146

135

405

Morila - Attributable 40%

0.112

0.123

0.155

0.118

158

Sadiola - Attributable 38%

0.083

0.102

0.078

0.092

140

Yatela

- Attributable 40%

0.087

0.143

0.090

0.123

107

NAMIBIA

Navachab

0.050

0.057

0.058

0.054

TANZANIA

137

229

Geita

0.043

0.044

0.079

0.049

137

229

USA

198

Cripple Creek & Victor J.V.

0.019

0.016

0.018

0.016

198

ANGLOGOLD ASHANTI

1,410

1,415

1,534

4,165

Undergound operations

0.204

0.211

0.215

0.207

806

784

816

2,331

Surface and Dump Reclamation

0.013

0.015

0.017

0.015

150

Open-pit Operations

0.058

0.066

0.072

0.063

442

463

547

1,347

Heap leach Operations

0.024

0.023

0.024

114

115

134

337

1,410

1,415

1,534

4,165

Yatela and Cripple Creek & Victor Joint Venture operations yield

reflects gold placed/tonnes placed.

The yield of Bibiani represents surface and dump reclamation.

Rounding of figures may results in computational discrepancies.

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

Yield - oz/t

Gold produced - oz (000)

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

The yield of TauTona, AngloGold Ashanti Brasil Mineração and Obuasi represents underground operations.

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

Imperial

SOUTH AFRICA

8.62

8.47

8.24

8.31

650

627

679

1,884

Vaal River
Great Noligwa

7.80

7.77

8.47

7.96

153

148

170

462

Kopanang

7.37

7.30

8.23

7.15

112

111

127

326

Moab Khotsong

3.95

4.10

3.59

Tau Lekoa

5.26

4.88

5.78

4.84

130

Surface Operations

35.00

40.60

26.85

34.83

West Wits
Mponeng

11.01

11.21

9.12

10.74

152

151

127

440

Savuka

8.24

6.67

5.10

7.25

TauTona

10.48

9.91

9.67

9.85

126

115

124

351

ARGENTINA

30.92

36.82

31.44

32.59

170

Cerro Vanguardia - Attributable 92.50%

30.92

36.82

31.44

32.59

170

AUSTRALIA

71.75

85.06

77.01

74.76

103

112

101

306

Sunrise Dam

92.18

97.45

86.67

89.44

103

112

101

306

BRAZIL

20.58

19.16

22.90

19.09

253

AngloGold Ashanti Brasil Mineração

18.42

16.43

20.61

16.41

180

Serra Grande - Attributable 50%

30.37

31.23

32.64

31.11

GHANA

7.19

7.40

7.35

149

129

165

435

Bibiani

15.30

18.38

22.97

21.19

Iduapriem - Attributable 85%

20.83

19.64

20.19

20.45

126

Obuasi

5.32

5.44

5.02

5.42

278

GUINEA

15.88

14.37

18.16

15.15

172

Siguiri - Attributable 85%

15.88

14.37

18.16

15.15

172

MALI

41.71

46.83

64.77

43.37

132

134

133

396

Morila - Attributable 40%

37.87

40.84

109.61

40.23

150

Sadiola - Attributable 38%

43.03

48.50

57.62

43.29

140

Yatela - Attributable 40%

46.78

55.40

31.36

49.17

105

NAMIBIA

24.71

24.00

22.58

23.70

Navachab

24.71

24.00

22.58

23.70

TANZANIA

12.27

12.26

33.74

13.20

139

227

Geita

12.27

12.26

33.74

13.20

139

227

USA

69.16

66.53

96.54

67.56

200

Cripple Creek & Victor J.V.

69.16

66.53

96.54

67.56

200

ANGLOGOLD ASHANTI

11.57

11.58

12.43

11.33

1,388

1,364

1,526

4,108

Rounding of figures may results in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

US Dollar / Imperial

SOUTH AFRICA

274

286

282

290

359

381

361

384

Vaal River
Great Noligwa

271

277

269

270

341

356

330

348

Kopanang

284

295

254

301

343

359

339

366

Moab Khotsong

669

666

723

1,073

1,084

1,151

Tau Lekoa

417

447

374

462

536

601

457

605

Surface Operations

317

267

283

300

355

303

283

340

West Wits
Mponeng

217

229

272

234

306

330

380

330

Savuka

294

359

379

335

325

401

455

369

TauTona

243

267

259

266

349

377

339

380

ARGENTINA

216

190

205

198

347

292

323

317

Cerro Vanguardia - Attributable 92.50%

213

188

202

195

343

289

320

314

AUSTRALIA

355

282

330

312

430

359

409

391

Sunrise Dam

346

273

323

301

425

350

401

379

BRAZIL

223

213

187

216

278

272

251

275

AngloGold Ashanti Brasil Mineração

207

190

173

196

260

249

242

256

Serra Grande - Attributable 50%

194

206

159

196

253

263

204

252

GHANA

392

407

343

381

559

568

464

542

Bibiani

704

412

308

426

853

569

467

580

Iduapriem - Attributable 85%

338

408

369

368

449

532

468

488

Obuasi

388

406

341

381

584

583

461

562

GUINEA

435

403

310

406

562

524

422

538

Siguiri - Attributable 85%

435

403

310

406

562

524

422

538

MALI

254

232

215

243

354

305

309

327

Morila - Attributable 40%

278

249

194

262

366

318

333

346

Sadiola - Attributable 38%

278

255

240

267

344

332

300

336

Yatela - Attributable 40%

234

232

285

230

398

305

333

NAMIBIA

255

279

268

254

324

364

271

329

Navachab

255

279

268

254

324

364

271

329

TANZANIA

540

507

353

466

706

617

416

591

Geita

540

507

353

466

706

617

416

591

USA

254

252

236

253

353

369

343

361

Cripple Creek & Victor J.V.

243

242

231

244

342

360

338

351

ANGLOGOLD ASHANTI

311

305

284

308

414

410

373

413

Rounding of figures may results in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

Key operating results

PER REGION & OPERATION

Quarter

Nine months

Quarter

Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SOUTH AFRICA

208

232

600

155

174

430

Vaal River
Great Noligwa

154

121

Kopanang

101

Moab Khotsong

(1)

(3)

(5)

(16)

Tau Lekoa

(2)

Surface Operations

West Wits
Mponeng

168

126

Savuka

TauTona 45

120

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

118

Sunrise Dam

118

BRAZIL

111

AngloGold Ashanti Brasil Mineração

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(10)

(7)

(11)

Bibiani

(1)

(2)

(4)

Iduapriem - Attributable 85%

(2)

Obuasi

(12)

(9)

(5)

(20)

Minorities and exploration

GUINEA

(2)

Siguiri - Attributable 85%

(3)

Minorities and exploration

MALI

138

107

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

(7)

(1)

(2)

Geita

(7)

(1)

(2)

USA

(5)

Cripple Creek & Victor J.V.

(5)

OTHER

(2)

ANGLOGOLD ASHANTI

426

452

221

1,219

283

305

105

791

Rounding of figures may results in computational discrepancies.

US Dollar

Cash gross profit (loss) - $m

Gross profit (loss) adjusted for the effect of unrealised

non-hedge derivatives - $m

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

South Africa

VAAL RIVER

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

104

296

1,068

1,047

1,115

3,190

Milled

- 000 tonnes / - 000 tons

608

588

584

1,781

671

648

644

1,963

Yield

- g/t

/ - oz/t

7.72

8.11

9.03

8.13

0.225

0.236

0.263

0.237

Gold produced

- kg

/ - oz (000)

4,699

4,767

5,275

14,479

151

153

170

466

Gold sold

- kg

/ oz (000)

4,768

4,606

5,279

14,357

153

148

170

462

Price received

- R/kg

/ - $/oz

- sold

137,043

137,145

94,376

129,143

599

655

452

610

Total cash costs

- R

/ - $

- ton milled

480

464

508

464

- R/kg

/ - $/oz

- produced

62,145

57,253

56,203

57,030

271

277

269

270

Total production costs

- R/kg

/ - $/oz

- produced

78,323

73,661

68,992

73,277

341

356

330

348

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

282

283

303

280

9.07

9.11

9.73

8.99

Actual

- g

/ - oz

243

242

263

248

7.80

7.77

8.47

7.96

Target

- m

/ - ft

5.82

5.65

5.52

5.64

62.69

60.81

59.44

60.76

Actual

- m

/ - ft

5.12

4.93

5.17

5.07

55.16

53.10

55.69

54.54

FINANCIAL RESULTS (MILLION)
Gold income

623

518

458

1,651

250

Cost of sales

373

336

361

1,055

161

Cash operating costs

290

270

295

819

125

Other cash costs

Total cash costs

292

273

296

826

126

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

298

279

326

844

129

Amortisation of tangible assets

217

Inventory change

(15)

(3)

(6)

(3)

(1)

250

182

596

Realised non-hedge derivatives

113

203

Gross profit excluding the effect of unrealised non-hedge derivatives

281

295

137

799

121

Capital expenditure

197

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

South Africa

VAAL RIVER

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

123

119

118

353

1,323

1,281

1,269

3,800

Milled

- 000 tonnes / - 000 tons

520

495

501

1,487

574

546

553

1,639

Yield

- g/t

/ - oz/t

6.63

7.19

7.85

6.88

0.193

0.210

0.229

0.201

Gold produced

- kg

/ - oz (000)

3,448

3,561

3,933

10,229

111

114

126

329

Gold sold

- kg

/ oz (000)

3,481

3,452

3,936

10,134

112

111

127

326

Price received

- R/kg

/ - $/oz

- sold

137,049

137,101

94,150

129,750

598

654

450

610

Total cash costs

- R

/ - $

- ton milled

432

438

417

436

- R/kg

/ - $/oz

- produced

65,114

60,958

53,142

63,386

284

295

254

301

Total production costs

- R/kg

/ - $/oz

- produced

78,594

74,306

70,869

77,136

343

359

339

366

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

241

221

240

7.74

7.11

7.72

Actual

- g

/ - oz

229

227

256

223

7.37

7.30

8.23

7.15

Target

- m

/ - ft

7.78

7.79

7.09

7.75

83.76

83.83

76.28

83.47

Actual

- m

/ - ft

8.17

7.59

7.67

7.68

87.89

81.65

82.61

82.68

FINANCIAL RESULTS (MILLION)
Gold income

455

388

342

1,170

177

Cost of sales

273

251

278

772

118

Cash operating costs

223

215

207

642

Other cash costs

Total cash costs

225

217

209

648

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

229

221

249

661

101

Amortisation of tangible assets

128

Inventory change

(13)

(1)

(17)

(2)

(3)

182

137

398

Realised non-hedge derivatives

145

Gross profit excluding the effect of unrealised non-hedge derivatives

204

222

543

Capital expenditure

180

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

South Africa

VAAL RIVER

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

240

Milled

- 000 tonnes / - 000 tons

151

167

Yield

- g/t

/ - oz/t

5.43

6.83

6.35

0.158

0.199

0.185

Gold produced

- kg

/ - oz (000)

329

338

960

Gold sold

- kg

/ - oz (000)

330

328

948

Price received

- R/kg

/ - $/oz

- sold

137,141

137,614

130,716

595

655

612

Total cash costs

- R

/ - $

- ton milled

837

940

968

106

133

134

- R/kg

/ - $/oz

- produced

153,993

137,630

152,306

669

666

723

Total production costs

- R/kg

/ - $/oz

- produced

246,929

224,472

242,914

1,073

1,084

1,151

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

138

120

115

4.44

3.87

3.71

Actual

- g

/ - oz

123

128

112

3.95

4.10

3.59

Target

- m

/ - ft

3.00

2.73

2.68

32.24

29.42

28.83

Actual

- m

/ - ft

3.18

2.78

2.59

34.26

29.94

27.91

FINANCIAL RESULTS (MILLION)
Gold income

110

Cost of sales

229

Cash operating costs

145

Other cash costs

Total cash costs

146

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

147

Amortisation of tangible assets

Inventory change

(2)

(4)

(1)

(39)

(37)

(120)

(5)

(6)

(18)

Realised non-hedge derivatives

Gross loss excluding the effect of unrealised non-hedge derivatives

(36)

(29)

(105)

(5)

(16)

Capital expenditure

147

138

168

396

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

South Africa

VAAL RIVER

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

104

214

769

697

1,118

2,302

Milled

- 000 tonnes / - 000 tons

378

357

522

1,138

417

394

576

1,255

Yield

- g/t

/ - oz/t

3.59

3.61

4.20

3.59

0.105

0.123

0.105

Gold produced

- kg

/ - oz (000)

1,358

1,289

2,195

4,086

131

Gold sold

- kg

/ oz (000)

1,366

1,253

2,196

4,050

130

Price received

- R/kg

/ - $/oz

- sold

137,109

136,170

94,110

128,282

599

653

450

606

Total cash costs

- R

/ - $

- ton milled

344

335

329

349

- R/kg

/ - $/oz

- produced

95,702

92,719

78,182

97,073

417

447

374

462

Total production costs

- R/kg

/ - $/oz

- produced

123,094

124,569

95,657

127,055

536

601

457

605

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

123

221

143

3.95

3.96

7.10

4.60

Actual

- g

/ - oz

164

152

180

151

5.26

4.88

5.78

4.84

Target

- m

/ - ft

5.64

5.54

9.73

6.60

60.70

59.65

104.76

71.05

Actual

- m

/ - ft

8.61

7.63

8.51

7.88

92.65

82.11

91.55

84.85

FINANCIAL RESULTS (MILLION)
Gold income

178

140

191

465

Cost of sales

168

154

219

516

Cash operating costs

129

119

171

394

Other cash costs

Total cash costs

130

120

172

397

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

133

123

180

406

Amortisation of tangible assets

113

Inventory change

(6)

(3)

(1)

(14)

(28)

(51)

(2)

(4)

(8)

Realised non-hedge derivatives

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

(12)

(2)

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

South Africa

VAAL RIVER

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

1,856

1,952

1,422

5,288

2,045

2,151

1,567

5,829

Yield

- g/t

/ - oz/t

0.44

0.50

0.53

0.46

0.013

0.015

0.016

0.014

Gold produced

- kg

/ - oz (000)

819

970

757

2,453

Gold sold

- kg

/ - oz (000)

841

928

757

2,429

Price received

- R/kg

/ - $/oz

- sold

136,959

137,624

94,492

131,099

598

659

453

616

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

72,723

55,290

59,142

63,577

317

267

283

300

Total production costs

- R/kg

/ - $/oz

- produced

81,457

62,634

59,142

72,116

355

303

283

340

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,143

1,166

704

1,020

36.74

37.49

22.64

32.79

Actual

- g

/ - oz

1,088

1,263

835

1,083

35.00

40.60

26.85

34.83

FINANCIAL RESULTS (MILLION)
Gold income

110

105

282

Cost of sales

177

Cash operating costs

156

Other cash costs

Total cash costs

156

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

156

Amortisation of tangible assets

Inventory change

(2)

104

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

141

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

South Africa

WEST WITS

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

275

1,063

993

947

2,959

Milled

- 000 tonnes / - 000 tons

491

468

438

1,393

542

515

483

1,536

Yield

- g/t

/ - oz/t

9.83

10.38

9.01

10.02

0.287

0.303

0.263

0.292

Gold produced

- kg

/ - oz (000)

4,832

4,853

3,946

13,954

155

156

127

449

Gold sold

- kg

/ - oz (000)

4,731

4,692

3,949

13,684

152

151

127

440

Price received

- R/kg

/ - $/oz

- sold

137,383

136,127

94,544

129,829

597

651

453

610

Total cash costs

- R

/ - $

- ton milled

490

514

495

- R/kg

/ - $/oz

- produced

49,800

47,250

57,014

49,429

217

229

272

234

Total production costs

- R/kg

/ - $/oz

- produced

70,280

68,188

79,527

69,697

306

330

380

330

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

297

294

260

289

9.54

9.46

8.35

9.29

Actual

- g

/ - oz

342

349

284

334

11.01

11.21

9.12

10.74

Target

- m

/ - ft

6.41

6.21

5.84

6.19

68.95

66.81

62.85

66.64

Actual

- m

/ - ft

7.00

6.62

6.32

6.58

75.33

71.30

68.05

70.83

FINANCIAL RESULTS (MILLION)
Gold income

616

526

343

1,578

238

Cost of sales

332

315

314

937

142

Cash operating costs

239

227

223

683

104

Other cash costs

Total cash costs

241

229

225

690

105

Retrenchment costs

Rehabilitation costs

Production costs

243

232

249

698

106

Amortisation of tangible assets

274

Inventory change

(7)

(16)

(35)

(1)

(3)

(6)

284

212

640

Realised non-hedge derivatives

112

199

Gross profit excluding the effect of unrealised non-hedge derivatives

318

324

839

126

Capital expenditure

214

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

South Africa

WEST WITS

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

229

210

325

624

Milled

- 000 tonnes / - 000 tons

140

271

105

100

154

299

Yield

- g/t

/ - oz/t

8.44

7.17

8.01

7.80

0.246

0.209

0.234

0.228

Gold produced

- kg

/ - oz (000)

808

653

1,121

2,114

Gold sold

- kg

/ - oz (000)

788

646

1,135

2,086

Price received

- R/kg

/ - $/oz

- sold

137,236

135,705

94,223

129,176

599

647

450

605

Total cash costs

- R

/ - $

- ton milled

571

530

637

553

- R/kg

/ - $/oz

- produced

67,618

73,967

79,484

70,862

294

359

379

335

Total production costs

- R/kg

/ - $/oz

- produced

74,723

83,203

95,304

78,226

325

401

455

369

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

147

166

4.72

5.34

Actual

- g

/ - oz

256

207

159

225

8.24

6.67

5.10

7.25

Target

- m

/ - ft

5.02

5.00

54.08

53.81

Actual

- m

/ - ft

6.74

6.19

4.27

6.18

72.55

66.60

45.97

66.53

FINANCIAL RESULTS (MILLION)
Gold income

103

242

Cost of sales

109

163

Cash operating costs

148

Other cash costs

Total cash costs

150

Retrenchment costs

Rehabilitation and other non-cash costs

(8)

(1)

Production costs

151

Amortisation of tangible assets

Inventory change

(1)

(3)

(10)

(2)

Realised non-hedge derivatives

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

(2)

107

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

South Africa

WEST WITS

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

185

683

622

674

1,989

Milled

- 000 tonnes / - 000 tons

375

374

388

1,112

413

427

1,226

Yield

- g/t

/ - oz/t

10.51

9.70

9.91

9.82

0.306

0.283

0.289

0.286

Gold produced

- kg

/ - oz (000)

3,935

3,632

3,843

10,924

127

117

124

351

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

142

189

449

157

209

495

Yield

- g/t

/ - oz/t

0.46

0.013

0.014

Gold produced

- kg

/ - oz (000)

208

TOTAL

Yield

- g/t

/ - oz/t

10.51

9.70

9.91

9.82

0.306

0.283

0.289

0.286

Gold produced

- kg

/ - oz (000)

4,000

3,718

3,843

11,132

129

120

124

358

Gold sold

- kg

/ - oz (000)

3,928

3,584

3,856

10,920

126

115

124

351

Price received

- R/kg

/ - $/oz

- sold

137,120

137,247

94,078

129,795

598

653

449

608

Total cash costs

- R

/ - $

- ton milled

432

365

537

401

- R/kg

/ - $/oz

- produced

55,777

55,276

54,202

56,284

243

267

259

266

Total production costs

- R/kg

/ - $/oz

- produced

80,233

78,155

71,140

80,254

349

377

339

380

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

336

315

339

319

10.82

10.14

10.89

10.27

Actual

- g

/ - oz

326

308

301

306

10.48

9.91

9.67

9.85

Target

- m

/ - ft

5.60

5.47

5.24

5.57

60.30

58.88

56.41

59.94

Actual

- m

/ - ft

5.17

4.79

4.90

5.09

55.60

51.52

52.77

54.75

FINANCIAL RESULTS (MILLION)
Gold income

512

404

336

1,264

190

Cost of sales

315

279

282

871

132

Cash operating costs

221

203

207

620

Other cash costs

Total cash costs

223

206

208

627

Retrenchment costs

Rehabilitation and other non-cash costs

(2)

Production costs

227

209

216

637

Amortisation of tangible assets

257

Inventory change

(6)

(11)

(23)

(1)

(2)

(4)

197

125

394

Realised non-hedge derivatives

153

Gross profit excluding the effect of unrealised non-hedge derivatives

224

213

547

Capital expenditure

124

118

108

332

Total yield excludes the surface and dump reclamation.

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Argentina

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

CERRO VANGUARDIA - Atrributable 92.50%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

5,100

4,096

4,433

13,333

5,621

4,515

4,886

14,697

Treated

- 000 tonnes / - 000 tons

243

225

223

673

268

248

245

742

Stripping ratio

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

18.27

17.05

20.13

18.44

18.27

17.05

20.13

18.44

Yield

- g/t

/ - oz/t

7.00

8.92

7.26

7.93

0.204

0.260

0.212

0.231

Gold in ore

- kg

/ - oz (000)

1,583

1,712

1,667

4,865

156

Gold produced

- kg

/ - oz (000)

1,702

2,004

1,616

5,337

172

Gold sold

- kg

/ - oz (000)

1,605

2,122

1,543

5,293

170

Price received

- R/kg

/ - $/oz

- sold

112,830

107,649

83,691

103,980

489

515

400

489

Total cash costs

- R/kg

/ - $/oz

- produced

49,170

39,447

42,180

41,745

213

188

202

195

Total production costs

- R/kg

/ - $/oz

- produced

79,097

60,527

67,116

66,922

343

289

320

314

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,028

1,263

854

1,114

33.05

40.59

27.45

35.81

Actual

- g

/ - oz

962

1,145

978

1,014

30.92

36.82

31.44

32.59

FINANCIAL RESULTS (MILLION)
Gold income

205

255

140

616

Cost of sales

117

128

101

342

Cash operating costs

165

Other cash costs

Total cash costs

223

Rehabilitation and other non-cash costs

Production costs

225

Amortisation of tangible assets

133

Inventory change

(17)

(7)

(15)

(2)

(1)

(2)

127

274

Realised non-hedge derivatives

(13)

(12)

(3)

(32)

(2)

(5)

Gross profit excluding the effect of unrealised non-hedge derivatives

115

242

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Australia

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - ooo tons

117

256

128

282

Treated

- 000 tonnes / - 000 tons

129

239

142

264

Yield

- g/t

/ - oz/t

5.87

7.82

6.34

0.171

0.228

0.185

Gold produced

- kg

/ - oz (000)

757

498

1,516

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

2,561

2,786

2,723

7,976

3,350

3,644

3,562

10,433

Treated

- 000 tonnes / - 000 tons

842

922

913

2,659

929

1,016

1,006

2,931

Stripping ratio

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

6.29

4.40

6.63

4.87

6.29

4.40

6.63

4.87

Yield

- g/t

/ - oz/t

3.10

3.27

3.24

3.08

0.090

0.095

0.090

Gold produced

- kg

/ - oz (000)

2,609

3,018

3,146

8,188

101

263

TOTAL

Yield

- g/t

/ - oz/t

3.10

3.27

3.24

3.08

0.090

0.095

0.090

Gold produced

- kg

/ - oz (000)

3,366

3,516

3,146

9,703

108

113

101

312

Gold sold

- kg

/ - oz (000)

3,194

3,496

3,148

9,515

103

112

101

306

Price received

- R/kg

/ - $/oz

- sold

183,514

135,953

93,455

146,782

794

651

447

683

Total cash costs

- R/kg

/ - $/oz

- produced

80,232

56,683

67,566

64,526

346

273

323

301

Total production costs

- R/kg

/ - $/oz

- produced

98,305

72,706

83,882

81,145

425

350

401

379

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,930

2,691

2,577

2,726

94.21

86.52

82.86

87.65

Actual

- g

/ - oz

2,867

3,031

2,696

2,782

92.18

97.45

86.67

89.44

FINANCIAL RESULTS (MILLION)
Gold income

454

465

312

1,228

185

Cost of sales

335

233

262

770

115

Cash operating costs

259

187

205

595

Other cash costs

Total cash costs

270

199

213

626

Rehabilitation and other non-cash costs

(3)

Production costs

267

200

218

626

Amortisation of tangible assets

161

Inventory change

(22)

(2)

(17)

(4)

(3)

119

232

458

Realised non-hedge derivatives

132

(18)

169

(3)

Gross profit excluding the effect of unrealised non-hedge derivatives

251

242

626

Capital expenditure

136

Total yield excludes the underground operations.

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Brazil

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

255

212

222

626

281

234

245

690

Treated

- 000 tonnes / - 000 tons

254

211

226

626

280

233

249

690

Yield

- g/t

/ - oz/t

7.13

7.45

7.08

7.46

0.208

0.217

0.206

0.218

Gold produced

- kg

/ - oz (000)

1,808

1,573

1,600

4,672

150

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

Yield

- g/t

/ - oz/t

2.53

0.074

Gold produced

- kg

/ - oz (000)

145

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

1,081

1,145

1,291

3,137

1,192

1,262

1,423

3,458

Placed

- 000 tonnes / - 000 tons

195

215

Stripping ratio

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

13.22

18.36

15.57

15.10

13.22

18.36

15.57

15.10

Yield

- g/t

/ - oz/t

7.01

6.80

2.69

7.01

0.205

0.198

0.078

0.205

Gold placed

- kg

/ - oz (000)

533

405

211

1,367

Gold produced

- kg

/ - oz (000)

290

193

267

705

TOTAL

Yield

- g/t

/ - oz/t

7.13

7.45

7.08

7.46

0.208

0.217

0.206

0.218

Gold produced

- kg

/ - oz (000)

2,098

1,766

2,011

5,377

173

Gold sold

- kg

/ - oz (000)

2,045

1,750

1,845

5,609

180

Price received

- R/kg

/ - $/oz

- sold

136,910

130,140

88,652

119,699

592

621

422

557

Total cash costs

- R/kg

/ - $/oz

- produced

47,496

39,397

36,065

41,920

207

190

173

196

Total production costs

- R/kg

/ - $/oz

- produced

59,868

51,862

50,595

54,614

260

249

242

256

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

627

534

547

533

20.16

17.17

17.60

17.13

Actual

- g

/ - oz

573

511

641

511

18.42

16.43

20.61

16.41

FINANCIAL RESULTS (MILLION)
Gold income

244

196

156

599

Cost of sales

117

306

Cash operating costs

218

Other cash costs

Total cash costs

100

225

Rehabilitation and other non-cash costs

Production costs

101

228

Amortisation of tangible assets

Inventory change

(8)

(13)

(1)

(2)

127

103

293

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

163

134

365

Capital expenditure

362

277

122

834

127

Tonnes / Tons placed onto leach pad

Gold placed into leach paid inventory

Gold placed / tonnes (tons) placed

Total yield represents underground operations

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Brazil

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

107

302

118

108

107

333

Treated

- 000 tonnes / - 000 tons

104

101

305

115

112

103

336

Yield

- g/t

/ - oz/t

7.29

7.50

8.00

7.45

0.213

0.219

0.233

0.217

Gold produced

- kg

/ - oz (000)

760

748

2,270

Gold sold

- kg

/ - oz (000)

725

801

632

2,271

Price received

- R/kg

/ - $/oz

- sold

122,529

102,711

87,425

104,720

541

499

417

497

Total cash costs

- R/kg

/ - $/oz

- produced

43,943

42,580

33,207

41,176

194

206

159

196

Total production costs

- R/kg

/ - $/oz

- produced

57,431

54,514

42,700

53,147

253

263

204

252

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,039

975

827

992

33.41

31.33

26.58

31.89

Actual

- g

/ - oz

945

971

1,015

968

30.37

31.23

32.64

31.11

FINANCIAL RESULTS (MILLION)
Gold income

209

Cost of sales

119

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

Amortisation of tangible assets

Inventory change

(3)

(5)

(2)

(1)

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

119

Capital expenditure

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Ghana

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

BIBIANI
OPERATING RESULTS
SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

597

582

1,781

659

642

1,963

Yield

- g/t

/ - oz/t

0.44

0.47

0.57

0.013

0.014

0.017

Gold produced

- kg

/ - oz (000)

263

274

1,013

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

1,193

1,315

Treated

- 000 tonnes

/ - 000 tons

601

663

Stripping ratio

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

9.28

Yield

- g/t

/ - oz/t

1.43

0.042

Gold in ore

- kg

/ - oz (000)

422

Gold produced

- kg

/ - oz (000)

860

TOTAL

Yield

- g/t

/ - oz/t

0.44

0.47

0.57

0.013

0.014

0.017

Gold produced

- kg

/ - oz(000)

263

274

860

1,013

Gold sold

- kg

/ - oz (000)

283

221

860

980

Price received

- R/kg

/ - $/oz

- sold

142,948

132,517

89,597

124,513

622

631

430

592

Total cash costs

- R/kg

/ - $/oz

- produced

163,285

85,963

64,529

91,763

704

412

308

426

Total production costs

- R/kg

/ - $/oz

- produced

197,243

117,938

97,587

123,514

853

569

467

580

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

899

420

892

28.89

28.90

13.50

28.69

Actual

- g

/ - oz

476

572

715

659

15.30

18.38

22.97

21.19

FINANCIAL RESULTS (MILLION)
Gold income

122

Cost of sales

100

121

Cash operating costs

Other cash costs

Total cash costs

Rehabilitation and other non-cash costs

Production costs

100

Amortisation of tangible assets

Inventory change

(7)

(4)

(1)

(13)

(25)

(2)

(4)

Realised non-hedge derivatives

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

(13)

(23)

(2)

(4)

Capital expenditure

Total yield represents surface and dump reclamation

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Ghana

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

IDUAPRIEM - Attributable 85%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

4,568

4,625

5,492

13,791

5,035

5,098

6,053

15,202

Treated

- 000 tonnes

/ - 000 tons

784

713

795

2,274

865

786

877

2,506

Stripping ratio

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

5.45

4.68

4.55

4.80

5.45

4.68

4.55

4.80

Yield

- g/t

/ - oz/t

1.73

1.77

1.70

1.75

0.051

0.052

0.050

0.051

Gold in ore

- kg

/ - oz (000)

1,455

1,262

1,664

4,124

133

Gold produced

- kg

/ - oz (000)

1,360

1,265

1,355

3,976

128

Gold sold

- kg

/ - oz (000)

1,434

1,130

1,366

3,915

126

Price received

- R/kg

/ - $/oz

- sold

116,840

103,921

86,247

108,996

507

500

411

513

Total cash costs

- R/kg

/ - $/oz

- produced

77,622

84,886

77,230

77,846

338

408

369

368

Total produced costs

- R/kg

/ - $/oz

- produced

103,239

110,484

98,025

103,108

449

532

468

488

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

592

681

775

627

19.02

21.88

24.92

20.16

Actual

- g

/ - oz

648

611

628

636

20.83

19.64

20.19

20.45

FINANCIAL RESULTS (MILLION)
Gold income

146

103

111

367

Cost of sales

149

114

130

389

Cash operating costs

101

293

Other cash costs

Total cash costs

106

107

105

310

Rehabilitation and other non-cash costs

(2)

Production costs

103

109

106

310

Amortisation of tangible assets

Inventory change

(23)

(9)

(3)

(2)

(3)

(11)

(19)

(23)

(1)

(2)

(3)

(4)

Realised non-hedge derivatives

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

(12)

(2)

Capital expenditure

Total yield excludes the heap leach operation.

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Ghana

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - 000 tons

566

607

546

1,748

624

669

602

1,927

Treated

- 000 tonnes

/ - 000 tons

576

567

548

1,691

635

625

604

1,864

Yield

- g/t

/ - oz/t

4.05

4.33

4.64

4.31

0.118

0.126

0.135

0.126

Gold produced

- kg

/ - oz (000)

2,331

2,456

2,541

7,296

235

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

677

619

529

1,866

747

683

583

2,057

Yield

- g/t

/ - oz/t

0.51

0.54

0.48

0.54

0.015

0.016

0.014

0.016

Gold produced

- kg

/ - oz (000)

349

333

253

1,003

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

425

352

634

1,501

469

388

699

1,655

Treated

- 000 tonnes

/ - 000 tons

425

352

190

1,111

469

388

210

1,224

Stripping ratio

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

9.18

0.35

9.18

0.35

Yield

- g/t

/ - oz/t

0.56

0.64

1.32

0.63

0.016

0.019

0.039

0.018

Gold in ore

- kg

/ - oz (000)

237

286

1,003

Gold produced

- kg

/ - oz (000)

237

225

252

700

TOTAL

Yield

- g/t

/ - oz/t

4.05

4.33

4.64

4.31

0.118

0.126

0.135

0.126

Gold produced

- kg

/ - oz (000)

2,916

3,013

3,045

8,999

289

Gold sold

- kg

/ - oz (000)

2,916

2,673

2,906

8,637

278

Price received

- R/kg

/ - $/oz

- sold

109,146

101,141

85,876

105,388

474

480

412

496

Total cash costs

- R/kg

/ - $/oz

- produced

89,549

85,122

71,204

81,042

388

406

341

381

Total production costs

- R/kg

/ - $/oz

- produced

134,636

122,025

96,328

119,514

584

583

461

562

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

221

223

357

220

7.10

7.16

11.49

7.07

Actual

- g

/ - oz

165

169

156

168

5.32

5.44

5.02

5.42

FINANCIAL RESULTS (MILLION)
Gold income

261

232

234

751

114

Cost of sales

402

326

283

1,044

158

Cash operating costs

246

243

204

689

104

Other cash costs

Total cash costs

261

256

217

729

110

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

270

260

217

742

112

Amortisation of tangible assets

123

108

334

Inventory change

(41)

(11)

(32)

(6)

(2)

(5)

(141)

(94)

(49)

(293)

(20)

(15)

(7)

(44)

Realised non-hedge derivatives

160

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

(84)

(56)

(33)

(133)

(12)

(9)

(5)

(20)

Capital expenditure

140

156

120

397

Total yield represents underground operations.

Operating results for the June 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may results in computational discrepancies.

Rand / Metric

Dollar / Imperial

Guinea

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SIGUIRI - Attributable 85%
OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

3,915

5,062

3,783

14,528

4,315

5,580

4,170

16,014

Treated

- 000 tonnes

/ - 000 tons

1,714

1,481

1,329

4,811

1,889

1,633

1,465

5,303

Stripping ratio

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

1.08

1.32

1.77

1.36

1.08

1.32

1.77

1.36

Yield

- g/t

/ - oz/t

1.09

1.16

1.17

1.09

0.032

0.034

0.032

Gold produced

- kg

/ - oz (000)

1,862

1,725

1,556

5,222

168

HEAP LEACH OPERATION
Gold produced

- kg

/ - oz (000)

101

351

320

TOTAL

Yield

- g/t

/ - oz/t

1.09

1.16

1.17

1.09

0.032

0.034

0.032

Gold produced

- kg

/ - oz (000)

1,940

1,826

1,907

5,542

178

Gold sold

- kg

/ - oz (000)

1,755

1,826

2,067

5,356

172

Price received

- R/kg

/ - $/oz

- sold

115,096

109,887

87,127

109,952

502

519

415

517

Total cash costs

- R/kg

/ - $/oz

- produced

100,179

83,876

64,817

86,702

435

403

310

406

Total production costs

- R/kg

/ - $/oz

- produced

129,505

109,149

88,239

114,510

562

524

422

538

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

463

469

945

455

14.88

15.09

30.38

14.64

Actual

- g

/ - oz

494

447

565

471

15.88

14.37

18.16

15.15

FINANCIAL RESULTS (MILLION)
Gold income

173

181

172

508

Cost of sales

224

184

176

571

Cash operating costs

143

129

117

392

Other cash costs

Total cash costs

194

153

124

481

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

196

155

118

485

Amortisation of tangible assets

146

Inventory change

(25)

(15)

(60)

(3)

(9)

(51)

(2)

(5)

(63)

(7)

(1)

(9)

Realised non-hedge derivatives

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

(22)

(3)

Capital expenditure

Total yield excludes the heap leach operation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Mali

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

MORILA - Attributable 40%
OPERATING RESULTS
OPEN-PIT OPERATION

Volume mined

- 000 bcm

/ - 000 bcy

700

900

732

2,567

915

1,178

958

3,358

Mined

- 000 tonnes

/ - 000 tons

1,945

2,402

1,190

6,771

2,144

2,648

1,312

7,464

Treated

- 000 tonnes

/ - 000 tons

403

399

404

1,221

444

440

445

1,346

Stripping ratio

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

2.85

2.78

1.49

2.91

2.85

2.78

1.49

2.91

Yield

- g/t

/ - oz/t

3.85

4.22

5.33

4.03

0.112

0.123

0.155

0.118

Gold produced

- kg

/ - oz (000)

1,551

1,684

2,151

4,925

158

Gold sold

- kg

/ - oz (000)

1,520

2,166

4,680

150

Price received

- R/kg

/ - $/oz

- sold

142,018

130,435

92,706

127,411

622

632

443

604

Total cash costs

- R/kg

/ - $/oz

- produced

64,107

51,803

40,511

55,685

278

249

194

262

Total production costs

- R/kg

/ - $/oz

- produced

84,277

66,241

69,496

73,257

366

318

333

346

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

2,477

2,464

2,270

2,497

79.65

79.22

72.98

80.29

Actual

- g

/ - oz

1,178

1,270

3,409

1,251

37.87

40.84

109.61

40.23

FINANCIAL RESULTS (MILLION)
Gold income

216

198

201

596

Cost of sales

120

101

154

337

Cash operating costs

232

Other cash costs

Total cash costs

274

Rehabilitation and other non-cash costs

Production costs

100

276

Amortisation of tangible assets

Inventory change

(11)

(10)

(24)

(1)

(2)

(3)

259

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

259

Capital expenditure

Operating results for the June 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Mali

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

SADIOLA - Attributable 38%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

996

1,112

680

3,020

1,302

1,455

890

3,950

Mined

- 000 tonnes

/ - 000 tons

1,984

2,240

1,413

6,132

2,187

2,469

1,557

6,760

Treated

- 000 tonnes

/ - 000 tons

502

459

515

1,383

553

506

568

1,525

Stripping ratio

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

4.18

3.45

2.45

3.16

4.18

3.45

2.45

3.16

Yield

- g/t

/ - oz/t

2.85

3.50

2.66

3.15

0.083

0.102

0.078

0.092

Gold produced

- kg

/ - oz (000)

1,430

1,607

1,373

4,352

140

Gold sold

- kg

/ - oz (000)

1,498

1,542

1,378

4,353

140

Price received

- R/kg

/ - $/oz

- sold

142,917

129,893

91,834

128,174

625

628

439

604

Total cash costs

- R/kg

/ - $/oz

- produced

63,739

52,888

50,341

56,663

278

255

240

267

Total production costs

- R/kg

/ - $/oz

- produced

79,042

69,219

62,898

71,363

344

332

300

336

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

2,066

1,956

2,157

1,901

66.41

62.90

69.34

61.11

Actual

- g

/ - oz

1,339

1,508

1,792

1,347

43.03

48.50

57.62

43.29

FINANCIAL RESULTS (MILLION)
Gold income

214

200

127

558

Cost of sales

115

109

314

Cash operating costs

208

Other cash costs

Total cash costs

247

Rehabilitation and other non-cash costs

(1)

Production costs

252

Amortisation of tangible assets

Inventory change

(2)

(3)

244

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

244

Capital expenditure

Operating results for the June 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Mali

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

YATELA - Attributable 40%
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

1,417

1,293

1,111

3,924

1,562

1,426

1,225

4,326

Placed

- 000 tonnes

/ - 000 tons

267

325

289

919

295

358

318

1,013

Stripping ratio

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

12.80

3.45

9.58

4.64

12.80

3.45

9.58

4.64

Yield

- g/t

/ - oz/t

2.97

4.92

3.08

4.21

0.087

0.143

0.090

0.123

Gold placed

- kg

/ - oz (000)

793

1,598

888

3,871

124

Gold produced

- kg

/ - oz (000)

1,048

1,242

666

3,313

107

Gold sold

- kg

/ - oz (000)

1,079

1,115

599

3,280

105

Price received

- R/kg

/ - $/oz

- sold

141,828

130,839

91,129

127,525

620

629

438

602

Total cash costs

- R/kg

/ - $/oz

- produced

53,712

48,496

59,688

48,729

234

232

285

230

Total production costs

- R/kg

/ - $/oz

- produced

93,736

63,636

63,983

71,780

398

305

333

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

1,231

1,411

1,161

1,284

39.58

45.35

37.32

41.27

Actual

- g

/ - oz

1,455

1,723

975

1,529

46.78

55.40

31.36

49.17

FINANCIAL RESULTS (MILLION)
Gold income

153

146

418

Cost of sales

223

Cash operating costs

132

Other cash costs

Total cash costs

161

Rehabilitation and other non-cash costs

Production costs

170

Amortisation of tangible assets

Inventory change

(14)

(4)

(15)

(2)

(1)

(2)

195

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

195

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Operating results for the June 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Namibia

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION

Volume mined

- 000 bcm

/ - 000 bcy

841

844

296

2,285

1,101

1,104

387

2,989

Mined

- 000 tonnes

/ - 000 tons

2,096

2,097

966

5,697

2,310

2,311

1,065

6,280

Treated

- 000 tonnes

/ - 000 tons

413

351

328

1,111

455

386

361

1,225

Stripping ratio

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

10.09

12.47

1.15

9.76

10.09

12.47

1.15

9.76

Yield

- g/t

/ - oz/t

1.72

1.95

2.00

1.87

0.050

0.057

0.058

0.054

Gold produced

- kg

/ - oz (000)

711

684

657

2,073

Gold sold

- kg

/ - oz (000)

695

629

621

2,004

Price received

- R/kg

/ - $/oz

- sold

143,884

130,685

91,856

128,037

627

638

440

605

Total cash costs

- R/kg

/ - $/oz

- produced

58,677

57,763

56,025

53,833

255

279

268

254

Total production costs

- R/kg

/ - $/oz

- produced

74,494

75,514

56,659

69,766

324

364

271

329

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

799

829

741

802

25.70

26.65

23.81

25.80

Actual

- g

/ - oz

769

747

702

737

24.71

24.00

22.58

23.70

FINANCIAL RESULTS (MILLION)
Gold income

100

257

Cost of sales

141

Cash operating costs

110

Other cash costs

Total cash costs

112

Rehabilitation and other non-cash costs

(6)

(1)

Production costs

112

Amortisation of tangible assets

Inventory change

(7)

(3)

(4)

(1)

116

Realised non-hedge derivatives

Gross profit excluding the effect of unrealised non-hedge derivatives

116

Capital expenditure

Operating results for the June 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Tanzania

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

GEITA

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

6,610

5,342

4,836

16,938

8,646

6,988

6,326

22,155

Mined

- 000 tonnes

/ - 000 tons

16,618

14,150

13,792

44,453

18,318

15,598

15,203

49,001

Treated

- 000 tonnes

/ - 000 tons

1,545

1,472

1,561

4,255

1,703

1,623

1,720

4,690

Stripping ratio

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

11.33

8.90

8.09

10.71

11.33

8.90

8.09

10.71

Yield

- g/t

/ - oz/t

1.48

1.50

2.72

1.67

0.043

0.044

0.079

0.049

Gold produced

- kg

/ - oz (000)

2,280

2,203

4,247

7,110

137

229

Gold sold

- kg

/ - oz (000)

2,020

2,100

4,339

7,049

139

227

Price received

- R/kg

/ - $/oz

- sold

142,005

135,358

84,645

126,708

619

645

407

600

Total cash costs

- R/kg

/ - $/oz

- produced

124,644

105,814

74,172

99,571

540

507

353

466

Total production costs

- R/kg

/ - $/oz

- produced

163,321

128,519

87,353

126,436

706

617

416

591

PRODUCTIVITY PER EMPLOYEE

Target

- g

/ - oz

1,125

969

1,031

984

36.17

31.14

33.15

31.64

Actual

- g

/ - oz

382

381

1,049

411

12.27

12.26

33.74

13.20

FINANCIAL RESULTS (MILLION)
Gold income

181

173

298

600

Cost of sales

337

265

376

910

138

Cash operating costs

270

220

297

668

100

Other cash costs

Total cash costs

282

230

315

701

105

Rehabilitation and other non-cash costs

(5)

(1)

Production costs

284

232

309

709

107

Amortisation of tangible assets

183

Inventory change

(32)

(15)

(4)

(2)

(156)

(93)

(78)

(310)

(22)

(14)

(12)

(47)

Realised non-hedge derivatives

105

112

293

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

(51)

(9)

(17)

(7)

(1)

(2)

Capital expenditure

198

372

334

Operating results for the June 2006 quarter have been restated to reflect correct metric and imperial values

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

USA

Quarter

Quarter Nine months

Quarter

Quarter Nine months

ended

September

June

September

June

September

2006

2005

2006

2005

2006

CRIPPLE CREEK & VICTOR J.V.

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

12,883

14,818

11,186

40,924

14,201

16,334

12,330

45,111

Placed

- 000 tonnes

/ - 000 tons

5,446

5,705

4,932

16,328

6,003

6,289

5,437

17,998

Stripping ratio

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

1.52

1.57

1.45

1.55

1.52

1.57

1.45

1.55

Yield

- g/t

/ - oz/t

0.65

0.54

0.62

0.56

0.019

0.016

0.018

0.016

Gold placed

- kg

/ - oz (000)

3,518

3,080

3,036

9,204

113

296

Gold produced

- kg

/ - oz (000)

2,143

2,030

2,871

6,157

198

Gold sold

- kg

/ - oz (000)

2,183

2,009

2,872

6,224

200

Price received

- R/kg

/ - $/oz

- sold

87,671

59,038

80,137

73,658

379

288

383

347

Total cash costs

- R/kg

/ - $/oz

- produced

55,821

49,987

48,304

51,579

243

242

231

244

Total production costs

- R/kg

/ - $/oz

- produced

78,428

74,525

70,711

74,343

342

360

338

351

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

2,991

2,835

2,692

2,726

96.15

91.15

86.55

87.64

Actual

- g

/ - oz

2,151

2,069

3,003

2,101

69.16

66.53

96.54

67.56

FINANCIAL RESULTS (MILLION)
Gold income

156

205

369

Cost of sales

168

151

203

458

Cash operating costs

185

153

148

484

Other cash costs

Total cash costs

188

161

155

499

Rehabilitation and other non-cash costs

Production costs

192

165

158

509

Amortisation of tangible assets

205

Inventory change

(82)

(110)

(27)

(257)

(11)

(17)

(4)

(39)

(12)

(66)

(88)

(2)

(10)

(14)

Realised non-hedge derivatives

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

(33)

(5)

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.

Rand / Metric

Dollar / Imperial

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

ANGLOGOLD ASHANTI LIMITED

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

Share codes:

ISIN: ZAE000043485
JSE:

ANG

LSE:

AGD

NYSE:

ASX:

AGG

GhSE (Shares):

AGA

GhSE (GhDS):

AAD

Euronext Paris:

Euronext Brussels:

ANG

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
E-mail: jane.kirton@corpserv.co.uk

Directors

Executive
R M Godsell (Chief Executive Officer)
R Carvalho Silva !
N F Nicolau
S Venkatakrishnan *

Non-Executive
R P Edey * (Chairman)
Dr T J Motlatsi (Deputy Chairman)
F B Arisman

R E Bannerman**
Mrs E le R Bradley
C B Brayshaw
Dr S E Jonah KBE**
R Médori

(Alternate: P G Whitcutt)

J H Mensah**
W A Nairn (Alternate: A H Calver *)
S R Thompson *
Prof W L Nkuhlu
A J Trahar

* British

American

**Ghanaian

~ French

! Brazilian

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

JSE Sponsor:

UBS

Auditors:

Ernst & Young

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 5218
web.queries@computershare.co.za

United Kingdom
Computershare Investor Services PLC
P O Box 82
The Pavilions
Bridgwater Road
Bristol BS99 7NH
England
Telephone: +44 870 889 3177
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: October 30, 2006

By:

/s/ C R Bull

Name: C R Bull

Title: Company Secretary