Edgar Filing: ANGLOGOLD ASHANTI LTD

Page 1

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated May 6, 2007

Commission File Number 1-14846

AngloGold Ashanti Limited

(Translation of registrant’s name into English)

76 Jeppe Street, Newtown

Johannesburg, 2001

(P.O. Box 62117, Marshalltown, 2107)

South Africa

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F
or Form 40-F.

Form 20-F X Form 40-F

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

Yes

No X

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

Yes

No X

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

Yes

No X

Enclosure: Press release –   ANGLOGOLD ASHANTI REPORT FOR THE QUARTER 31 MARCH 2008
                                          PREPARED IN ACCORDANCE WITH INTERNATIONAL
                                          ACCOUNTING STANDARDS

Quarter 1 2008

Report

for the quarter ended 31 March 2008

Group results for the quarter ….

·    Adjusted headline earnings at $105m, up significantly on the prior quarter’s $18m.
·    Production at 1.2Moz, 9% higher than guidance provided in February 2008.
·    Total cash costs at $430/oz, significantly below guidance, but 6% higher than previous quarter following reduced production.
·    Net delta hedge reduced by 1.13Moz to 9.26Moz.
·    Marked improvement in safety performance, with fatality injury frequency rate down 80% since launch of safety campaign in

November 2007.

· Greenfields project yields resources of 12.9Moz from 100% owned La Colosa project in Colombia, with additional upside.
· Offer to purchase minority interest in CC&V initiated, royalties sold for $13.75m and equity position in B2Gold taken to accelerate

certain Colombian greenfields projects.

· Production outlook increased for the year following higher allocation of power and own energy initiatives, which will see South

African operations moving towards full capacity.

Quarter

Year

Quarter

Year

ended

Mar

2008

ended

Dec

2007

ended

Mar

2007

ended

Dec

2007

ended

Mar

2008

ended

Dec

2007

ended

Mar

2007

ended

Dec

2007

SA rand / Metric

US dollar / Imperial

Operating review

Gold

Produced

- kg / oz (000)

37,210

42,556 41,239 170,365

1,196

1,368

1,326

5,477

Price received

- R/kg / $/oz

183,945

149,312 139,953 142,107

755

687

602

629

Total cash costs

- R/kg / $/oz

104,461

87,744 76,991 80,490

430

404

332

357

Total production costs

- R/kg / $/oz

136,200

122,344 99,905 107,415

561

563

430

476

Financial review

Gross (loss) profit

- Rm / $m

(3,359)

(2,354)

778 (524)

(77)

(355) 147

(136)

Gross (loss) profit adjusted for the loss on
unrealised non-hedge derivatives and other
commodity contracts

- Rm / $m

2,095

1,309 1,832 6,590

274

195

253

935

(Loss) profit attributable to equity
shareholders

- Rm / $m

(3,812)

(3,199)

(150)

(4,269)

(142)

(482)

(668)

Headline (loss) earnings ³

- Rm / $m

(3,880)

(3,095)

(135)

(4,136)

(151)

(466) 21

(648)

Headline earnings adjusted for the loss on
unrealised non-hedge derivatives, other
commodity contracts and fair value adjustments
on convertible bond

- Rm / $m

813

117 702

1,971

105

278

Capital expenditure

- Rm / $m

1,930

2,315 1,417 7,444

257

339

196

1,059

(Loss) profit per ordinary share

- cents/share

Basic

(1,351)

(1,136)

(53)

(1,516)

(50)

(171) 7

(237)

Diluted

(1,351)

(1,136)

(53)

(1,516)

(50)

(171) 7

(237)

Headline ³

(1,376)

(1,099)

(48)

(1,470)

(54)

(165)

(230)

Headline earnings adjusted for the loss on
unrealised non-hedge derivatives and other
commodity contracts and fair value adjustments
on convertible bond

- cents/share

288

42 250 700

Dividends -

cents/share

143

Notes:

Refer to note D Non-GAAP disclosure for the definition.

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

Refer to note 8 of Notes for the definition.

Refer to note A of Non-GAAP disclosure.

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

Operations at a glance

for the quarter ended 31 March 2008

Production

Total cash costs

Cash gross profit

Gross (loss) profit

adjusted for the loss

on unrealised non-

hedge derivatives

and other

commodity

contracts

oz (000)

Variance

$/oz

Variance

Mponeng

132

(3)

253

(17)

Sunrise Dam

119

(21)

455

(26)

(32)

AngloGold Ashanti Brasil Mineração

(21)

316

(5)

(4)

Great Noligwa

107

(8)

400

(26)

119

420

Kopanang

(13)

353

(6)

(30)

Cripple Creek & Victor J.V.

(35)

284

(19)

(21)

Siguiri

436

(1)

425

TauTona

(24)

386

(19)

Obuasi

517

258

109

Sadiola

(10)

405

(3)

100

Iduapriem

452

200

400

Morila

(23)

409

(30)

(31)

Cerro Vanguardia

(45)

553

(21)

(13)

Serra Grande

290

(1)

Tau Lekoa

(13)

529

200

Savuka

(18)

367

(13)

(25)

Yatela

(23)

522

(5)

100

300

Navachab

(25)

490

(7)

Moab Khotsong

578

(17)

167

105

Geita

717

(1)

113

(13)

Other

(27)

(41)

(45)

AngloGold Ashanti

1,196

(13)

430

419

274

Refer to note F Non-GAAP disclosure for the definition.

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

Variance March 2008 quarter on December 2007 quarter – increase (decrease).

Attributable.

Rounding of figures may result in computational discrepancies.

Financial and operating review

OVERVIEW FOR THE QUARTER

Following the successful launch of the company’s
“Safety is our first value” campaign during the
fourth quarter of 2007, the early indications of an
improved safety performance are encouraging.

For the quarter, a lost time injury frequency rate of
7.60 per million hours worked was achieved,
which marks an improvement against a rate of
8.08 in the prior quarter and 8.24 for the 2007
year. In respect of medical treatment injury rates,
a 12% improvement has been noted against the
2007 rate of 27.85. The fatal injury frequency rate
for the quarter was 0.13 per million hours worked,
against a rate of 0.21 per million hours for the
previous quarter. This rate compares favourably
against the rate of 0.36 recorded for the first
quarter of 2007, and is 37% lower than any
previous first quarter result in the history of the
company, and 80% lower since the introduction of
the safety campaign.

Leading safety indicators at the South African
operations showed an improvement, with four of
the seven operations recording improved accident
rates. Elsewhere in Africa, Navachab, Yatela,
Iduapriem, Siguiri and Geita were all injury free.
Iduapriem achieved a further milestone with five
million shifts recorded without a lost time injury at
the end of March 2008.

During the quarter, regrettably five employees lost
their lives, with three accidents recorded at the
South African operations and one each at Obuasi
in Ghana and Serra Grande in Brazil. This tragic
loss of life underscores the ongoing need for
safety to remain the key focus for every manager
and employee in the company.

Gold production for the quarter reduced by 13% to
1.2Moz, mainly as a result of the power shortage
and year-end holiday breaks at the South African
operations; together with planned lower
production from Sunrise Dam as mining grades
normalised following the completion of mining in
the high grade zone during 2007; at CC&V where
production declined as a result of higher stacking
levels, and at Cerro Vanguardia where lower feed
grades and problems with agitators resulted in
reduced production. Total cash costs at $430/oz,
was 6% higher than the previous quarter, which
was primarily impacted by the reduced production
and inflation, partially mitigated by weaker local
currencies and an improved by-products
contribution.

Gold production and cost performance, did

however, show an improvement on guidance

provided at the end of the fourth quarter, following

excellent work undertaken in the South African

operations to mitigate the negative impact of the

Eskom power situation.

Adjusted headline earnings for the quarter were

$105m, compared with $18m in the previous

quarter which was distorted due to annual

accounting adjustments. Higher received gold

prices and a tax credit following reduction in tax

rates in South Africa also contributed to the

increase in earnings.

Despite a higher gold price, the total net delta

hedge reduced by 1.13Moz to 9.26Moz at

31 March 2008, and total commitments reduced

from 11.28Moz to 10.03Moz. The reductions were

due to delivery into maturing contracts and

additional hedge buy-backs that were effected

during the quarter.

In addition to a total of 6.95Moz attributable

(9.1Moz on a 100% basis) of JORC Inferred and

Indicated Resources declared by AngloGold

Ashanti on 31 December 2007, a further 12.9Moz

of new Inferred Resources has been defined at

AngloGold Ashanti’s 100% owned La Colosa

project in Colombia.

Based upon present drilling and geochemical

observations, the La Colosa mineral systems

including the La Belgica sector, remains open to

the north and south, and three additional targets

immediately surround the known La Colosa

mineralisation. A conceptual study is planned to

be completed in the second quarter of 2008.

This is the first significant gold porphyry discovery

in the Colombian Andes, where AngloGold

Ashanti has a first mover advantage with a land

position of some 37,500km

, with significant

potential to increase the resource at La Colosa

and at other projects in Colombia.

On 14 January 2008, AngloGold Ashanti

announced that it had agreed to acquire 100% of

Golden Cycle Gold Corporation (GCGC) through

a transaction in which GCGC’s shareholders will

receive 29 AngloGold Ashanti ADRs for every

100 shares of GCGC common stock held. GCGC

holds a 33% shareholding in CC&V, while

AngloGold Ashanti holds the remaining 67%. This

transaction is subject to a number of regulatory

and statutory approvals, including approval by

GCGC shareholders.

On 14 February 2008, AngloGold Ashanti entered

into a binding memorandum of agreement with

B2Gold, whereby B2Gold will acquire from

AngloGold Ashanti, certain mineral properties in

Colombia. In exchange, B2Gold will issue to

AngloGold Ashanti, 25m common shares and

21.4m common share purchase warrants.

AngloGold Ashanti would then hold approximately

15.9% of B2Gold’s issued and outstanding shares

and fully diluted interest in B2Gold upon the

exercise of the 21.4m warrants, would be

approximately 26%.

In late February 2008, certain North American

royalty and production related payment interests

of the El Chanate and Marigold projects were sold

to Royal Gold for $13.75m.

With regard to the power management in South

Africa, Eskom, the national provider, increased

power supply to 96.5% from 90% in late March

2008. Subject to the power stability and

availability at 96.5% level, production for 2008 is

expected to increase to a range of 4.9Moz to

5.1Moz for the company. This compares

favourably to prior guidance of 4.8Moz to 5.0Moz.

Given inflationary trends currently being

experienced, total cash costs are anticipated to be

between $440/oz and $460/oz, based on the

following average exchange rate assumptions:

R/$7.88, A$/$0.91, BRL/$1.71 and Argentinean

peso/$ 3.16. Capital expenditure for the year is

estimated at $1,262m, and will be managed in line

with profitability and cash flow.

Production for the second quarter of 2008, based

on 96.5% stabilised power, is estimated to be

1.22Moz at an average total cash cost of $464/oz,

assuming the following average exchange rates:

R/$7.80, A$/$0.91, BRL/$1.71 and Argentinean

peso/$ 3.16. Capital expenditure is estimated at

$328m.

OPERATING RESULTS FOR THE QUARTER

SOUTH AFRICA

At Great Noligwa, power shortages, safety

related stoppages and the slow build-up from the

year-end break, resulted in a 14% lower volume

mined, offset marginally by an improvement in

yield from reduced waste dilution. Consequently,

gold production was down 8% to 3,326kg

(107,000oz). Total cash costs improved 18% to

R96,801/kg ($400/oz), primarily due to uranium

purchases in the previous quarter to meet

contractual obligations, and the adjusted gross

profit increased to R202m ($26m).

The Lost-Time Injury Frequency Rate (LTIFR)
was 15.10 lost-time injuries per million hours
worked (13.24 for the previous quarter).
One person died in a fall of ground accident
during the quarter.

Gold production at Kopanang reduced by 13% to
2,794kg (90,000oz), as a result of power
shortages, increased team training and the slow
start-up after the year-end break. This was further
compounded by a decreased yield of 10%,
resulting from increased tramming widths. As a
result of the reduced production, total cash costs
increased by 20% to R85,530/kg ($353/oz), and
together with an unfavourable inventory
movement, the adjusted gross profit was 16%
lower at R151m ($19m).

The LTIFR deteriorated to 14.37 (11.13). The
mine experienced two fatal accidents during the
quarter.

The build-up at Moab Khotsong continues, with a
5% higher gold production to 764kg (25,000oz),
despite damaged de-watering pumps and reduced
power availability. Total cash costs were 6% lower
at R141,898/kg ($578/oz). The adjusted gross
loss of R151m ($22m) in the previous quarter
improved to a profit of R11m ($1m).

The LTIFR improved to 10.97 (12.16).

At Tau Lekoa, despite a marginally improved
yield of 1%, volumes were down 10% due to
reduced power and safety related stoppages. As a
result, gold production was down 12% to 1,093kg
(35,000oz), and consequently total cash costs
increased 15% to R128,576/kg ($529/oz).

Adjusted gross profit increased to R28m ($3m),
from R6m ($1m) in the previous quarter.

The LTIFR deteriorated to 20.45 (15.57).

Gold production at Mponeng was down 3% to
4,093kg (132,000oz), following reduced tonnage
throughput of 10% due to power shortages and
the slow build-up from the year-end break.
Despite the lower production, total cash costs
decreased by 7% to R61,113/kg ($253/oz)
following an increase in lock-up tonnages,
resulting in a favourable inventory movement. The
adjusted gross profit increased 54% to R404m
($52m).

The LTIFR improved by 9% to 10.57 (11.57).

At Savuka, mining volumes were down by 24%,

and together with a lower yield of 11% caused by

reduced sweepings, resulted in gold production

decreasing 17% to 448kg (14,000oz).

Despite the reduced production, total cash costs

were 4% lower at R88,349/kg ($367/oz), primarily

as a result of a favourable inventory movement.

The adjusted gross profit declined 7% to R27m

($3m), primarily as a result of the lower

production.

The LTIFR improved to 13.32 (17.23).

TauTona’s tonnage throughput was down 18%

and yield was 7% lower, resulting from a change

in the rock engineering strategy due to geological

risk, power shortages and the year-end break.

Gold production was down 23% to 2,311kg

(74,000oz) and consequently, total cash costs

rose by 20% to R93,118/kg ($386/oz). However,

due to a higher received price and lower

amortisation charge, the adjusted gross profit rose

63% to R135m ($17m).

The LTIFR improved to 12.50 (17.82).

ARGENTINA

At Cerro Vanguardia (92.5% attributable), gold

production decreased 45% to 28,000oz, due to

lower feed grade and problems associated with

the agitators in the leach tanks. Total cash costs

rose 78% to $553/oz as a result of lower gold

produced, higher labour and fuel costs, but this

was partially offset by a higher silver by-product

contribution. Adjusted gross profit decreased 13%

to $7m as a result of higher costs.

The LTIFR was 6.12 (1.79).

AUSTRALIA

Sunrise Dam continued to perform in accordance

with the planned production schedule, producing

119,000oz for the quarter. As expected gold

production was 21% lower due to mining having

passed through the high grade GQ lode, which

saw the operation reach record production levels

in 2007. Total cash costs increased 28% to

A$502/oz ($455/oz), owing to the lower gold

production, stockpile movements and higher costs

associated with increased mining activities from

the underground operations. As a result, adjusted

gross profit decreased by 34% to A$25m ($23m).

During the quarter, production from underground

mining continued from the Sunrise Shear,

Western Shear and Cosmo lodes. A total of 255m

of underground capital development and 1,715m

of operational development were completed

during the quarter.

The LTIFR was 6.88 (2.59).

BRAZIL

AngloGold Ashanti Brasil Mineração,

production decreased 21% to 72,000oz, as a

result of the lower tonnage throughput and feed

grade from Cuiabá Mine following backfill

difficulties, availability of fleet equipment and rock

mechanic problems. Total cash costs rose 26% to

$316/oz, primarily due to lower gold produced and

stronger local currency partially offset by an

improved acid by-product contribution and

reduced power consumption. Adjusted gross profit

decreased 4% to $25m mainly due to the 10%

lower gold sold and higher costs, partially offset

by the higher gold price.

The LTIFR was 4.39 (1.96).

At Serra Grande (50% attributable), gold

production remained on par with the previous

quarter at 21,000oz. Total cash cost decreased

1% to $290/oz, following efficiencies arising from

reduced power consumption and equipment

rental, offsetting the effects of lower gold

produced and local currency appreciation. The

adjusted gross profit remained at $7m, mainly due

to the higher received price and lower costs,

partially reduced by lower gold sold.

The LTIFR was 2.00 (1.90). The operation had a

fatal accident during the quarter.

GHANA

Production at Obuasi improved by 4% to

87,000oz, due to the treatment of higher tailings

material as well as an improvement in grade.

Despite the higher production, total cash costs

increased 6% to $517/oz, negatively impacted by

unplanned plant stoppages to repair faults on the

ball mill, increased fuel and reagent prices, and

higher royalty payments. Adjusted gross profit

increased to $2m from the previous quarter’s loss

of $23m.

LTIFR improved to 2.27 (3.97). The mine had one

fatal accident during the quarter.

At Iduapriem gold production rose 4% to

47,000oz mainly due to a higher tonnage

throughput following the installation of an

additional crushing unit. Total cash costs

increased 9% to $452/oz, due to higher royalty

payments and inflationary pressures on mining

contractors and fuel costs.

Adjusted gross profit at $10m was $8m higher than

the previous quarter due to improved received

prices and rehabilitation provisions recorded in the

previous quarter.

LTIFR was 0.00 (0.72).

REPUBLIC OF GUINEA

At Siguiri (85% attributable) production increased

12% to 93,000oz, as a result of improved yields

due to mining in higher grade pits.

Total cash costs decreased to $436/oz despite

higher royalty payments and inflationary pressures

arising from the higher oil price, offset by the

increase in production.

Adjusted gross profit of $21m for the quarter was

$17m higher than the previous quarter due to the

increased gold production and improved gold

prices.

LTIFR was 0.00 (0.50).

MALI

Gold production at Morila (40% attributable) was

23% lower than the previous quarter at 40,000oz

due to a 20% decline in recovered grade and a 2%

lower tonnage throughput. The decline in grade

was anticipated and is in line with the operating

plan. Tonnage throughput was adversely affected

during the quarter by plant downtime resulting from

the replacement of the SAG mill gearbox and

extended mill relining. Total cash costs increased

17% to $409/oz mainly due to the grade related

decline in production. Higher fuel prices and a

weaker US dollar also put pressure on operating

costs but were offset by cost control efforts.

Adjusted gross profit reduced by $5m to $11m due

to lower production and sales.

The LTIFR was 3.32 (0.00).

At Sadiola (38% attributable), production was 10%

lower at 36,000oz with a 5% increase in recovered

grade being offset by a planned decrease in

tonnage throughput from treating sulphide ore.

Total cash costs decreased to $405/oz despite the

impact of lower gold production, higher fuel prices,

weaker US dollar and increased royalty charges,

which were offset by a favourable inventory

movement.

Adjusted gross profit improved by $4m from the
previous quarter to $11m, due to the higher

received prices and lower cash operating costs
and the rehabilitation charge recorded in the
previous quarter.

The LTIFR was 1.71 (1.71).

Production at Yatela (40% attributable) decreased
23% to 17,000oz due to a reduction in both
tonnage stacked and recovered grade. Total cash

costs were 5% lower at $522/oz mainly as a result
of reduced cement stacking requirements on the
upper lifts of the leach pads.

Adjusted gross profit of $4m was $3m higher than
the previous quarter due to higher received prices

and lower total cash costs.

The LTIFR was 0.00 (0.00).

NAMIBIA

Gold production at Navachab fell 25% to
15,000oz mainly due to reduced mining volume
following above average rainfall and lower drill rig
availability, which resulted in lower grade stockpile
material being treated and the grade declined
19%. Total cash costs at $490/oz, improved 7%
due to once off expenditure in the prior quarter not
being repeated. Adjusted gross profit remained
flat at $3m in line with the previous quarter.
The LTIFR was 0.00 (3.36).

TANZANIA

At Geita gold production was 10% higher at
64,000oz, due to a 14% increase in recovered
grade that was partially offset by a 3% decrease
in tonnage throughput. Tonnage throughput was
adversely affected in March 2008 after substantial
downtime on the primary crushing system
resulting from problems experienced with the
lubrication pumping system. The metallurgical
recovery problems experienced in the previous
quarter have been addressed and improved
recoveries were achieved in the current quarter.

Total cash costs were 1% lower at $717/oz, with
the positive impact of higher gold production being
negated by increased fuel prices. An adjusted
gross loss of $13m was recorded for the quarter
against a loss of $16m in the previous quarter.

The LTIFR was 0.00 (0.44).

NORTH AMERICA

At Cripple Creek & Victor (67% ownership with

100% interest in production until initial loans are

repaid and initial phase is completed), gold

production decreased 35% to 58,000oz due to

pad phase production timing and stacking at

higher levels. Total cash costs increased 3% to

$284/oz, due to a higher royalty charge and lower

production, partially offset by a favourable

inventory adjustment.

Adjusted gross profit decreased 21% to $22m as

a result of the lower sold ounces.

The LTIFR was 9.33 (4.93).

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 gross profit is gross profit (loss) adjusted to exclude unrealised non-hedge derivatives and other commodity contracts.

· Adjusted headline earnings is headline earnings before unrealised non-hedge derivatives and other commodity contracts, fair
value adjustments on the option component of the convertible bond and deferred tax thereon.

· Rounding of figures may result in computational discrepancies.

Review of the gold market

The first quarter of 2008 was characterised by a
volatile gold price, with a trading range of close to
$200/oz. While the market in mid March was
exceptionally strong, with the price reaching a
record high of $1031/oz, the price also traded as
low as $833/oz during the quarter.

The average US dollar gold price for the quarter
was $925/oz, 17% higher than the previous
quarter’s average price of $788/oz.

A weaker Rand/US dollar exchange rate saw the
rand gold price reaching highs of some
R271,622/kg. In rand terms, the gold price
averaged R224,308/kg for the quarter, some 31%
higher than the previous quarter’s average of
R171,334/kg.

JEWELLERY DEMAND

Jewellery demand slowed as a result of the high
price volatility experienced during the quarter,
particularly in the key markets of India and the
Middle East. It is anticipated that jewellery demand
for the quarter will show a decline on a year-on-
year basis, but it must be noted that comparisons
made against the first quarter of 2007 may be
misleading as demand during that period was
exceptionally strong and reached record levels in
some markets.

In the Gulf markets, where local currencies are
pegged against the US dollar, the full effect of the
US dollar gold price volatility was felt and this led
to a downturn in demand of approximately 20%
year-on-year. Inflationary concerns in these
markets acted as a further restraint on consumer
confidence. In Dubai, where demand from the
tourist trade balances local demand, the effects of
poor local consumption were not felt as severely as
in Saudi Arabia, where demand is primarily local.
High value, branded segments of the market were
less seriously affected than trade in high caratage,
low value-added jewellery items.

The Egyptian and Turkish markets held ground in
the first two months of the year, however both
markets slowed in March 2008, with the Turkish
market in particular showing a significant fall in
consumption when compared to the same quarter

in the previous year. This was due to low levels of
re-stocking prior to the main summer tourist season
and the political crisis in March which caused the
Turkish lira to decline against the US dollar, thus
driving up the price of gold in local currency terms
still further.

The Chinese market performed strongly despite the
more volatile price environment, with jewellery
demand increasing by some 9% year-on-year and
investment demand by an estimated 63%. Chinese
consumers perceive gold as an investment vehicle
which can provide a hedge against the inflationary
pressures which are increasingly being felt in that
economy. The absence of viable investment
alternatives also helped the case for local gold
investment.

US demand continued the declining trend from the
fourth quarter of 2007, particularly in the lower price
segments of the market. Higher gold price levels
are causing retailers to reduce the quantity of gold
used in jewellery items in order to maintain price
points.

CENTRAL BANK SALES

Sales under the Central Bank Gold Agreement
totalled 70t during the quarter. The bulk of these
sales were accounted for by the French and Swiss
Central Banks with smaller sales by Sweden and
the Netherlands.

IMF sales, though still subject to US congressional
approval, look likely to take place over the longer
term and will most probably be effected through the
existing Central Bank Gold Agreement, without
significant disruption to the market.

INVESTMENT MARKET

The fourth quarter was an active period in the
investment sector. Investment markets in China
and the Middle East were strong at the retail level,
with consumers in both markets moving strongly
towards gold investment.

Investment in Exchange Traded Funds (ETFs)
continued to grow for the fourth consecutive year.
Total ETF holdings at quarter end stood at 29.7Moz,
with a total value of over $27.2bn.

The majority of inflows during the quarter were
accounted for by the New York Stock Exchange
listed StreetTracks Gold Shares product.

A new ETF was announced in the Middle East, and
is expected to be listed and finalised by June this
year. The ETF is backed by the Dubai
Government and is Sharia compliant.

PRODUCER HEDGING

The size of the global hedge book as at the end of
2007 was confirmed late in February at 26.8 million
ounces. Since then, Newcrest have announced a
further reduction in their hedge book by some
300,000oz.

During the quarter, AngloGold Ashanti reduced its
hedge commitments from 11.28Moz to 10.03Moz,
through deliveries into maturing contracts and
hedge buy-backs.

CURRENCIES

The US dollar continued to fall against the Euro,
reaching a new low of Euro/US$ 1.59 in March
2008. Overall, the US dollar depreciated 8% during
the quarter from its opening value of Euro/$ 1.46.

Post quarter end, the US Dollar continued to be
under pressure at an exchange of Euro/US$1.60.
This weakness is primarily due to growing fears of
an economic recession in the United States which
is consistent with the Federal Reserve’s actions
during the quarter, by cutting its target rate by 2%.

Oil prices have continued to trade stronger, moving
through the psychological barrier of $100/barrel
and reaching a high of $110/barrel during the
quarter. This move did not help sentiment towards
the US dollar, contributing as it did to fears of
surging inflation in a falling interest rate
environment.

The South African Rand suffered its poorest
quarterly performance in some time, losing 19%
from its opening of R/$ 6.84 to close at R/$ 8.09. A
number of factors have contributed to this
weakness, most notably the uncertainty of power
generation and supply, and the effect it will have
on economic growth. In addition, the extent of the
current account deficit within this environment has
added to the negative outlook for the Rand.

The Australian dollar and Brazilian real both traded
to multi-year highs of A$/ $0.95 and US$/BRL1.66,
respectively, in a quarter where both currencies
continued their pattern of steady appreciation.

Hedge position

As at 31 March 2008, the net delta hedge position
was 9.25Moz or 288t (at 31 December 2007:
10.39Moz or 323t). Despite a higher gold price, the
delta of the hedge book was reduced by 1.13Moz to
9.26Moz, and total commitments reduced from
11.28Moz to 10.03Moz, as delivery into maturing
contracts and hedge buy-backs that were effected
during the quarter.

The marked-to-market value of all hedge
transactions making up the hedge positions was a
negative $4.78bn (negative R38.77bn), of which
$2.73bn (R22.10bn) is on balance sheet as at
31 March 2008 (at 31 December 2007 the hedge
position was negative $4.27bn or R29.10bn). This
value was based on a gold price of $917.40/oz,
exchange rates of R8.10/$ and A$/$0.91 and the
prevailing market interest rates and volatilities at
that date. The increase in the negative marked-to-
market value was primarily due to the higher spot
gold price.

For the quarter, the company’s received price of

$755/oz, was 18% lower than the average spot

price of $925/oz for 2008, the gap in the

received and spot prices is likely to be between

20% to 22% going forward, provided that gold

trades in a price range of approximately

$900/oz and $950/oz.

As at 30 April 2008, the marked-to-market value

of the hedge book was a negative $4.32bn

(negative R32.91bn), based on a gold price of

$874.20/oz and exchange rates of R7.62/$ and

A$/$0.93 and the prevailing market interest

rates and volatilities at the time.

These marked-to-market valuations are in no

way predictive of the future value of the hedge

position, nor of future impact on the revenue of

the company. The valuation represents the

theoretical cost of buying all hedge contracts at

the time of valuation, at market prices and rates

available at that time.

Year

2008

2009

2010

2011

2012

2013-2016

Total

DOLLAR

GOLD

Forward

contracts Amount

(kg) 17,113 21,738 14,462 12,931 11,944 12,364 90,552

US$/oz

$309 $316 $347 $397 $404 $432 $359

Restructure

Longs

Amount

(kg)

*20,254

US$/oz $846

$846

Put

options

sold Amount

(kg) 17,531 3,748 1,882 1,882 1,882 3,764 30,689

US$/oz

$810 $530 $410 $420 $430 $445 $659

Call

options

purchased

Amount

(kg)

7,048

US$/oz $428

$428

Call

options

sold Amount

(kg) 41,435 45,950 36,804 39,385 24,460 39,924 227,958

US$/oz

$506 $498 $492 $517 $622 $604 $534

RAND GOLD

Forward

contracts

Amount

(kg)

(467)

933

466

Rand

per

R161,159

R116,335

R131,276

Call

options

sold Amount

(kg)

2,986 2,986 2,986

8,958

Rand

per

R202,054 R216,522 R230,990

R216,522

A DOLLAR GOLD

Forward contracts

Amount (kg)

10,886

3,390

3,110

17,386

A$ per oz

A$858

A$644

A$685

A$785

Put

options

sold

Amount

(kg)

6,532

per

A$972

Call options purchased

Amount (kg)

3,110

1,244

3,110

7,464

A$ per oz

A$680

A$694

A$712

A$696

Call

options

sold

Amount

(kg)

1,555

per

A$948

Delta

(kg)

(30,267) (71,812) (52,226) (52,040) (33,363) (47,877) (287,585)

** Total net gold:

Delta

(oz)

(973,105) (2,308,806) (1,679,102) (1,673,122) (1,072,644) (1,539,279) (9,246,058)

Indicates a long position resulting from forward purchase contracts. The group enters into forward purchase contracts as part of its
strategy to actively manage and reduce the size of the hedge book.

The Delta of the hedge position indicated above is the equivalent gold position that would have the same marked-to-market sensitivity for a
small change in the gold price. This is calculated using the Black-Scholes option formula with the ruling market prices, interest rates and
volatilities as at 31 March 2008.

Rounding of figures may result in computational discrepancies.

Year

2008

2009

2010

2011

2012

2013-2016

Total

DOLLAR

SILVER

Put options purchased

Amount (kg)

32,659

$ per

oz $7.66

$7.66

Put options sold

Amount (kg)

32,659

$ per

oz $6.19

$6.19

Call

options

sold

Amount

(kg)

32,659

$ per

oz $8.64

$8.64

The following table indicates the group's currency hedge position at 31 March 2008

Year

2008

2009

2010

2011

2012

2013-2016

Total

RAND DOLLAR (000)

Forward contracts

Amount ($)

10,000

US$/R

R7.01

Put options purchased

Amount ($)

50,000

US$/R

R7.31

Put options sold

Amount ($)

50,000

US$/R

R6.89

Call options sold

Amount ($)

50,000

US$/R

R7.96

DOLLAR

(000)

Forward

contracts

Amount

($) 5,000

5,000

A$/US$ $0.73

$0.73

Put options purchased

Amount ($)

70,000

A$/US$ $0.85

$0.85

Put options sold

Amount ($)

70,000

A$/US$ $0.89

$0.89

Call

options

sold

Amount

($)

70,000

A$/US$ $0.82

$0.82

BRAZILIAN REAL (000)

Forward contracts

Amount ($)

26,000

1,000

27,000

US$/BRL

BRL 1.91

BRL 1.84

BRL 1.91

Put options purchased

Amount ($)

37,000

500

37,500

US$/BRL

BRL 1.78

BRL 1.76

BRL 1.78

Call options sold

Amount ($)

117,000

1,000

118,000

US$/BRL

BRL 1.80

BRL 1.76

BRL 1.80

Derivative analysis by accounting designation as at 31 March 2008

Normal sale

exempted

Cash flow

hedge

accounted

Non-hedge

accounted

Total

US Dollars (millions)

Commodity option contracts

(758)

(2,332)

(3,090)

Foreign exchange option contracts

(14)

Forward sale commodity contracts

(1,335)

(341)

(75)

(1,751)

Forward foreign exchange contracts

Interest rate swaps

(29)

Total hedging contracts

(2,122)

(340)

(2,388)

(4,850)

Option component of convertible bonds

(2)

Total derivatives

(2,122)

(340)

(2,390)

(4,852)

Rounding of figures may result in computational discrepancies.

Exploration

Total exploration expenditure amounted to $46m

($19m brownfields, $27m greenfields) during the

first quarter of 2008, compared to $48m ($22m

brownfields, $26m greenfields) in the previous

quarter.

BROWNFIELDS EXPLORATION

In South Africa, surface drilling continued in the

Project Zaaiplaats area, with boreholes MZA9 and

MMB5 during the quarter.

Surface drilling in the Moab North area continued

with a long deflection of Borehole MCY4 reaching

a depth of 2,106m and borehole MCY5 advancing

a further 478m during the quarter.

At Tau Lekoa, borehole G54 was completed and

borehole G55 is currently drilling and has reached

a depth of 1,285m at the end of the quarter.

At Iduapriem in Ghana, preparation for Mineral

Resource conversion drilling was started at Ajopa,

with line cutting and drilling pad development

completed and drilling expected to start in the

second quarter of the year.

In Argentina, at Cerro Vanguardia the 2008

exploration programme commenced in February

with 4,731m of diamond drilling and 600m of

reverse circulation (RC) drilling being completed.

A hyper-spectral survey was completed and is

currently being interpreted.

In Australia, at Boddington mine, by quarter end

there were five rigs employed on Mineral

Resource conversion and the near mine

exploration diamond drilling programme. During

the quarter, nearly 25,756m were drilled from

30 holes.

In Brazil, at Córrego do Sítio Sulphide Project,

drilling continued with 10,269m being drilled from

surface, 2,341m drilled from underground and

860m of underground development. At the

Lamego project 4,633m of surface drilling, 3,063m

underground drilling and 946m of underground

development were completed.

At Siguiri in Guinea, exploration activities continued

to focus on 50m by 50m of infill RC drilling at

Sintroko South (situated 8km south of the mine).

Results from reconnaissance air core drilling of the

Setiguia anomaly to the north west of the Eureka

North pit are awaited. Geochemical soil sampling is

ongoing to investigate the western

extensions of the Setiguia and other potassium

anomalies on the north-west trending structures

related to the Eureka North – Kintinian

mineralisation corridor.

Reconnaissance aircore drilling (AC) was

completed and results were received for

coincident AEM and geochemical anomalies at

Kouremale in Block 4, close to the Malian border,

and in Block 3 at Kolita-Kounkoun. These will

require follow up drilling after the rainy season.

At Geita in Tanzania, exploration activities

continued to be concentrated in three areas,

namely, Area 3 (820m); Nyakabale-Prospect 30

(5,288m) and Kalondwa Hill (331m). Diamond

drilling (1,620m) for metallurgical testing was

started at the Star and Comet projects during the

quarter.

At Morila in Mali, a pitting programme was

conducted at Sokela (33 pits) and Domba-Bla

(9 pits) to define the limits of inferred sediment

rafts.

At Sadiola, testing started at the four anomalies,

Sekokoto SE (1,562m); Lakanfala East (5, 650m);

S5 (990m) and S6 (3,272m). In addition, the

Phase 9 Deep sulphide drilling programme started

in the northern part of the Sadiola Main pit

(1,647m) and dedicated mapping was conducted

in the FE4 Pit to provide support for the further

development of the 3-D geological model.

At Navachab in Namibia, drilling focused on ore

extension in the Main Pit and North Pit 2 areas

with 5,200m drilled. Two new drill access roads

were completed at Gecko North. Drilling of

4,780m of exploration infill and advanced grade

control holes at Anomaly 16 has been completed.

Following some positive anomalies from the

Steenbok-Starling soil survey, the grid was

extended southwards. The BLEG stream

sediment survey (195 samples) over the

Okondura EPL3276 has been completed and the

results thus far have been disappointing.

Two new EPLs, Otjombali and Elisenore of

approximately 100,000 hectares each, to the

northeast of Okahandja, have been applied for.

At Cripple Creek & Victor in the United States,

exploration and development drilling continued on

the north side of the district near Schist Island and

Control Point.

GREENFIELDS

Greenfields exploration activities continued in six

countries (Australia, Colombia, the DRC, China,

the Philippines, and Russia) during the first

quarter of 2008. A total of 25,220m of diamond

drilling (DDH), reverse circulation (RC), and

aircore (AC) drilling were completed during the

first quarter of 2008, at existing priority targets and

delineating new targets in Australia, the DRC, and

Colombia.

In addition to a total of 6.95Moz attributable

(9.1Moz on a 100% basis) of JORC Inferred and

Indicated Mineral Resource declared by

AngloGold Ashanti in 2007 at its greenfields

projects, an additional 12.9Moz Inferred Mineral

Resource has been defined at AngloGold

Ashanti’s 100% owned La Colosa project in

Colombia.

In Colombia, regional exploration and target

generation activities continued during the first

quarter with diamond drilling on four prospects. A

major focus was drilling and resource modelling at

La Colosa, where 5,897m of diamond drilling was

completed on the Main Porphyry and La Belgica

sectors. At the end of the quarter, a total of

17,052m has been drilled from 59 holes

throughout the La Colosa area, and an Inferred

Mineral Resource of 12.9Moz has been defined in

the Main Porphyry, at a gold price of $1,000/oz,

as per table below.

Cut-

Off

(g/t)

Price

Tonnage

(Mt)

Grade

(g/t)

Ounces

(Moz)

0.5 700 293.4

1.03

9.7

0.4 800 351.6

0.95

10.8

0.3 1,000

468.8

0.86

12.9

Table: Mineral Resource (Inferred), constrained within
an optimised pit shell at gold prices of $700, $800 and
$1000/oz

La Colosa is the second significant greenfields

discovery (Gramalote being the first) in Colombia

and was discovered by AngloGold Ashanti’s

Colombian greenfields exploration team during

2006. The Project is 100% owned by AngloGold

Ashanti and is located 150km west of Colombia’s

capital city, Bogota and 30km west of the major

town of Ibague in the Department of Tolima.

Since discovery, only 18 months ago, exploration

drilling at La Colosa has rapidly defined “porphyry

style” mineralization at a grade > 0.3g/t gold

extending over a strike length in excess of 1,500m

and a width of 600m. Additional upside potential,

which is considered material, remains untested

both along strike to the north and south as well as

to the east of the drilled portion of the deposit and

regionally, where at least three quality targets

require follow-up.

Included within the pit optimisation are some

0.5Moz of potentially mineralised material that has

not yet been drilled. This material was included in

the pit optimization, as it lies at the crest of the La

Colosa Hill and has not yet been drilled due to

logistical constraints. There is strong geological

evidence that this material is mineralised, and as

it has not been included in the Mineral Resource,

it constitutes further near term upside.

Exploration drilling at Colosa is temporarily

suspended until a new environmental permit is

issued, which is expected within the next few

months.

In Australia exploration in the Tropicana JV

(AngloGold Ashanti 70%, Independence Gold

30%) focussed on the drilling of the Tropicana and

Havana resource and infrastructure sterilisation as

part of the project pre-feasibility study. On

completion of this project at the end of the second

quarter 2008, the focus will be directed to the

regional programmes on the 12,500km

tenement held by AngloGold Ashanti in the

Tropicana JV and Viking Project (3,500km

and

100% AngloGold Ashanti). Reconnaissance work

in the Tropicana JV tenements returned

encouraging rock, auger, aircore and diamond

drilling results. Auger results defined anomalies at

Tropicana Group 4 with sufficient encouragement

to follow-up with further sampling and aircore

drilling later in the year. Mapping at Black Dragon

returned several selective rock chip samples with

anomalous grades up to 22.18g/t. Significant

aircore results were returned from Black Dragon,

Beetlejuice and Screaming Lizard. Diamond

drilling at Beachcomber included a 1.8m quartz

vein intersection with visible gold. During the first

quarter, a total of 258 aircore holes were drilled

for 14,291m and 2 diamond holes for 422m.

A restated joint venture agreement was signed

with Independence Gold during the quarter. The

agreement includes requirements for the future

mining operation and the JV partner has agreed to

jointly fund all regional exploration and certain

other activities outside of the agreed scope of the

Pre-feasibility Study.

Along the Albany-Fraser orogenic belt, where
AngloGold Ashanti has a first mover advantage,
with granted tenements and applications covering
an area of 12,500km

dominating a strike length

of 600km. The approximate 3,500km² Viking
project is southwest of the Tropicana JV within the
same Albany-Fraser belt that hosts the Tropicana

deposit. Recent results at Beachcomber and
those reported by other explorers add credence to
this belt potentially emerging as a new gold
province.

Exploration activates in the DRC were undertaken
at Concession 40 (10,000km

), which covers most

of the Kilo greenstone belt and remains virtually
unexplored by modern methods. A total of 1,950m
of infill drilling for definition of the open-pitable
Inferred Mineral Resource at Mongbwalu was
completed, and the 2007 Mineral Resource
estimation of 33Mt at 2.68g/t will be updated with
assay results from the twenty holes drilled during
the quarter. A further 14,050m of infill drilling
spaced at 50m by 50m, adjacent to the open pit
resource will focus on defining an underground
resource.

Around Mongbwalu, detailed surface mapping and
data integration is leading to an enhanced
understanding of the potential in the immediate
area. Regional exploration activities focused
around four main areas including Lodjo; Bunia
West; Mont Tsi and Petsi, all located within 50km
of the Mongbwalu resource area. The Mont Tsi
and Petsi prospects are ready for first phase
drilling during the year, and at the Petsi prospect,
up to a 30m wide potentially gold mineralised
shear zone has been identified by trenches over a
distance of 1.8km. Mont Tsi is an historically
mined area where an old open pit, which is
approximately 1.5km long, exposes strongly
deformed and altered mafic granitoid that host
gold mineralisation. Assay results from trenches
for both Petsi and Mont Tsi are still being awaited.
The findings of the DRC Minerals Review
Commission have resulted in AngloGold Ashanti
and the AGK joint venture engaging the DRC
government to seek resolution and agree a way
forward to optimally develop Concession 40.

In Russia the formation of Zoloto Taigi, the

AngloGold Ashanti / Polymetal strategic alliance

vehicle, was completed. It is anticipated that

through the strategic alliance, AngloGold Ashanti

will be in a position to increase its presence in

Russia by pursuing new opportunities through

participation in licence auctions, acquiring equity in

prospective projects and by new project generation

in new or less intensely explored areas. In the

Krasnoyarsk region, diamond drilling to increase

the Ore Reserve by a possible 600,000oz, from

1.8Moz to 2.4Moz, is in progress. A licence wide

geochemical survey is also underway on the

Aprelkova licence in the Chita region.

In China, results from the diamond drilling

programme was completed at one of the targets on

the tenements held by the Yili-Yunlong CJV, and

returned low gold and copper results. Final

evaluation of these tenements will be completed by

the end of the third quarter of 2008. The CJV is

awaiting grant of three exploration licences

applications (130km

) in eastern Tianshan. The

area was selected for exploration for copper-gold

porphyries following a government funded soil

sampling programme, which found high levels of

gold (30-60ppb) in calcrete. Final approval of the

Jinchanggou CJV is expected at the end of the

second quarter 2008, with delays caused by

changes to government regulations. Low-cost

exploration programmes have however confirmed

the extension and continuity of gold anomalies.

Mapping and sampling of small open-pit and

underground workings have characterised both the

low and high-grade gold mineralisation. Drilling will

commence following the issue of the business

licence.

In the Philippines, progress was made on the

Mapawa MPSA during the quarter with the licence

approved for grant by the Manila Mines Geological

Bureau (MGB). Final approval/ratification is still

awaited from the Department of Environment and

Natural Resources (DENR).

Group

operating results

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

OPERATING RESULTS
UNDERGROUND OPERATION
Milled

- 000 tonnes

/ - 000 tons

2,901

3,236

3,088

13,112

3,197

3,567

3,404

14,454

Yield

- g / t

/ - oz / t

6.95

6.96

7.22

6.99

0.203

0.203

0.211

0.204

Gold produced

- kg

/ - oz (000)

20,164

22,505

22,296

91,684

648

723

717

2,948

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

2,826

2,987

3,275

12,429

3,115

3,293

3,610

13,701

Yield

- g / t

/ - oz / t

0.47

0.45

0.52

0.49

0.014

0.013

0.015

0.014

Gold produced

- kg

/ - oz (000)

1,318

1,339

1,694

6,142

197

OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

46,554

47,549

40,059

172,487

51,317

52,414

44,158

190,134

Treated

- 000 tonnes

/ - 000 tons

6,331

6,455

6,262

25,312

6,979

7,115

6,903

27,901

Stripping ratio

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

4.91

4.62

5.06

4.48

4.91

4.62

5.06

4.48

Yield

- g / t

/ - oz / t

2.09

2.33

2.25

2.34

0.061

0.068

0.066

0.068

Gold in ore

- kg

/ - oz (000)

12,266

13,711

12,571

55,463

394

441

404

1,783

Gold produced

- kg

/ - oz (000)

13,240

15,047

14,083

59,227

426

484

453

1,904

HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

13,239

14,965

14,719

59,720

14,593

16,496

16,225

65,830

Placed

- 000 tonnes

/ - 000 tons

5,408

5,852

5,180

22,341

5,962

6,450

5,710

24,627

Stripping ratio

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

1.43

1.61

2.07

1.77

1.43

1.61

2.07

1.77

Yield

- g / t

/ - oz / t

0.67

0.70

0.73

0.019

0.021

Gold placed

- kg

/ - oz (000)

3,613

4,115

3,765

16,242

116

132

121

522

Gold produced

- kg

/ - oz (000)

2,488

3,665

3,167

13,312

118

102

428

TOTAL
Gold produced

- kg

/ - oz (000)

37,210

42,556

41,239

170,365

1,196

1,368

1,326

5,477

Gold sold

- kg

/ - oz (000)

37,098

42,278

41,558

170,265

1,193

1,359

1,336

5,474

Price received

- R / kg

/ - $ / oz

- sold

183,945

149,312

139,953

142,107

755

687

602

629

Total cash costs

- R / kg

/ - $ / oz

- produced

104,461

87,744

76,991

80,490

430

404

332

357

Total production costs

- R / kg

/ - $ / oz

- produced

136,200

122,344

99,905

107,415

561

563

430

476

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

303

404

375

396

9.75

12.99

12.05

12.74

Actual

- g

/ - oz

302

342

337

349

9.72

10.99

10.84

11.23

CAPITAL EXPENDITURE - Rm

/ - $m

1,930

2,315

1,417

7,444

257

339

196

1,059

Tonnes (Tons) placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Quarter ended

Unaudited

Rand / Metric

Unaudited

Dollar / Imperial

Year

ended

Year

ended

Group income statement

Quarter

Year

ended

March

December

March

December

2008

2007

SA Rand million

Notes

Unaudited

Audited

Revenue

7,471

6,428

5,882

24,383

Gold income

7,245

5,784

5,664

23,052

Cost of sales

(4,992)

(5,215)

(4,223)

(18,495)

Loss on non-hedge derivatives and other commodity contracts

(5,612)

(2,923)

(662)

(5,081)

Gross (loss) profit

(3,359)

(2,354)

778

(524)

Corporate administration and other expenses

(215)

(209)

(208)

(885)

Market development costs

(24)

(40)

(23)

(115)

Exploration costs

(274)

(241)

(176)

(839)

Other operating income (expenses)

(47)

(134)

Operating special items

(288)

(139)

Operating (loss) profit

(3,758)

(3,110)

339

(2,636)

Dividend received from other investments

Interest received

312

Exchange gain

Fair value adjustment on option component of convertible bond

170

115

135

333

Finance costs and unwinding of obligations

(265)

(231)

(200)

(880)

Share of associates' loss

(1)

(6)

(4)

(164)

(Loss) profit before taxation

(3,771)

(3,120)

346

(3,015)

Taxation

(73)

(434)

(1,039)

Losst after taxation from continuing operations

(3,719)

(3,193)

(88)

(4,054)

Discontinued operations
(Loss) profit for the period from discontinued operations

(3)

(6)

Loss for the period

(3,722)

(3,152)

(94)

(4,047)

Allocated as follows:
Equity shareholders

(3,812)

(3,199)

(150)

(4,269)

Minority interest

222

(3,722)

(3,152)

(94)

(4,047)

Basic

and diluted

loss per ordinary share (cents)

Loss from continuing operations

(1,350)

(1,151)

(51)

(1,519)

(Loss) profit from discontinued operations

(1)

(2)

Loss

(1,351)

(1,136)

(53)

(1,516)

Dividends
- Rm

399

- cents per Ordinary share

143

- cents per E Ordinary share

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares. The impact of the diluted earnings per share is anti-dilutive and therefore equal to the
basic earnings per share.

Group income statement

Quarter

Year

ended

March

December

March

December

2008

2007

US Dollar million

Notes

Unaudited

Audited

Revenue

987

951

813

3,472

Gold income

958

856

783

3,280

Cost of sales

(661)

(771)

(584)

(2,636)

Loss on non-hedge derivatives and other commodity contracts

(373)

(440)

(51)

(780)

Gross (loss) profit

(77)

(355)

147

(136)

Corporate administration and other expenses

(28)

(31)

(29)

(126)

Market development costs

(3)

(6)

(3)

(16)

Exploration costs

(37)

(36)

(24)

(120)

Other operating income (expenses)

(7)

(20)

Operating special items

(42)

(21)

Operating (loss) profit

(130)

(467)

(439)

Dividend received from other investments

Interest received

Exchange gain

Fair value adjustment on option component of convertible bond

Finance costs and unwinding of obligations

(35)

(34)

(28)

(125)

Share of associates' loss

(1)

(23)

(Loss) profit before taxation

(131)

(469)

(492)

Taxation

(11)

(60)

(145)

(Loss) profit after taxation from continuing operations

(130)

(481)

(637)

Discontinued operations
Profit (loss) for the period from discontinued operations

(1)

Loss (profit) for the period

(131)

(475)

(636)

Allocated as follows:
Equity shareholders

(142)

(482)

(668)

Minority interest

(131)

(475)

(636)

Basic

and diluted

(loss) earnings per ordinary share (cents)

(Loss) profit from continuing operations

(50)

(173)

(237)

Profit from discontinued operations

(Loss) profit

(50)

(171)

(237)

Dividends
- $m

- cents per Ordinary share

- cents per E Ordinary share

Calculated on the basic weighted average number of ordinary shares.

Rounding of figures may result in computational discrepancies.

Calculated on the diluted weighted average number of ordinary shares. The impact of the diluted earnings per share is anti-dilutive and therefore equal to the
basic earnings per share.

Group balance sheet

As at

March

December

March

2008

2007

SA Rand million

Notes

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

53,383

45,783

44,282

Intangible assets

3,657

2,996

3,073

Investments in associates

127

140

371

Other investments

835

795

926

Inventories

2,917

2,217

2,167

Trade and other receivables

761

566

452

Derivatives

Deferred taxation

631

543

444

Other non-current assets

281

278

340

62,593

53,318

52,077

Current assets
Inventories

5,639

4,603

3,553

Trade and other receivables

1,949

1,587

1,610

Derivatives

3,966

3,516

4,651

Current portion of other non-current assets

Cash restricted for use

326

264

272

Cash and cash equivalents

4,167

3,381

2,919

16,049

13,353

13,010

Non-current assets held for sale

110

210

113

16,159

13,563

13,123

TOTAL ASSETS

78,752

66,881

65,200

EQUITY AND LIABILITIES

Share capital and premium

22,448

22,371

22,196

Retained earnings and other reserves

(5,787)

(6,167)

(961)

Shareholders' equity

16,661

16,204

21,235

Minority interests

576

429

481

Total equity

17,237

16,633

21,716

Non-current liabilities
Borrowings

5,728

10,441

9,010

Environmental rehabilitation and other provisions

4,082

3,361

2,927

Provision for pension and post-retirement benefits

1,244

1,208

1,193

Trade, other payables and deferred income

138

Derivatives

874

1,110

1,827

Deferred taxation

7,398

7,159

7,826

19,415

23,358

22,921

Current liabilities
Current portion of borrowings

10,157

2,309

1,725

Trade, other payables and deferred income

5,250

4,549

4,003

Derivatives

25,188

18,763

13,384

Taxation

1,506

1,269

1,451

42,101

26,890

20,564

Total liabilities

61,515

50,248

43,484

TOTAL EQUITY AND LIABILITIES

78,752

66,881

65,200

Net asset value - cents per share

6,116

5,907

7,733

Rounding of figures may result in computational discrepancies.

Group balance sheet

As at

March

December

March

2008

2007

US Dollar million

Notes

Unaudited

Audited

Unaudited

ASSETS

Non-current assets
Tangible assets

6,595

6,722

6,069

Intangible assets

452

440

421

Investments in associates

Other investments

103

117

127

Inventories

360

325

297

Trade and other receivables

Derivatives

Deferred taxation

Other non-current assets

7,733

7,829

7,138

Current assets
Inventories

697

676

487

Trade and other receivables

241

233

220

Derivatives

490

516

638

Current portion of other non-current assets

Cash restricted for use

Cash and cash equivalents

515

496

400

1,984

1,960

1,782

Non-current assets held for sale

1,997

1,991

1,798

TOTAL ASSETS

9,731

9,820

8,936

EQUITY AND LIABILITIES

Share capital and premium

2,773

3,285

3,042

Retained earnings and other reserves

(715)

(906)

(131)

Shareholders' equity

2,058

2,379

2,911

Minority interests

Total equity

2,130

2,442

2,977

Non-current liabilities
Borrowings

708

1,533

1,235

Environmental rehabilitation and other provisions

504

494

401

Provision for pension and post-retirement benefits

154

177

164

Trade, other payables and deferred income

Derivatives

108

163

250

Deferred taxation

914

1,051

1,073

2,399

3,430

3,142

Current liabilities
Current portion of borrowings

1,255

339

236

Trade, other payables and deferred income

649

668

548

Derivatives

3,112

2,755

1,834

Taxation

186

186

199

5,202

3,948

2,818

Total liabilities

7,600

7,378

5,959

TOTAL EQUITY AND LIABILITIES

9,731

9,820

8,936

Net asset value - cents per share

756

867

1,060

Rounding of figures may result in computational discrepancies.

Group cash flow statement

Quarter

Year

ended

March

December

March

December

2008

2007

SA Rand million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

7,142

6,302

5,629

24,059

Payments to suppliers and employees

(5,267)

(4,382)

(3,537)

(16,144)

Cash generated from operations

1,875

1,920

2,092

7,915

Cash (utilised) generated by discontinued operations

(1)

(10)

(14)

Dividends received from associates

Taxation paid

(442)

(664)

(332)

(1,664)

Net cash inflow from operating activities

1,432

1,268

1,750

6,238

Cash flows from investing activities
Capital expenditure

(1,930)

(2,284)

(1,417)

(7,198)

Acquisition of assets

(284)

Proceeds from disposal of tangible assets

222

197

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(266)

(207)

(40)

(190)

Associate loans and acquisitions

(63)

Proceeds from disposal of investments

207

174

Dividend received from other investments

(Increase) decrease in cash restricted for use

(48)

(189)

(177)

Interest received

260

Loans advanced

(3)

(26)

(7)

Repayment of loans advanced

Net cash outflow from investing activities

(1,700)

(2,284)

(1,634)

(7,189)

Cash flows from financing activities
Proceeds from issue of share capital

104

247

Share issue expenses

(4)

Proceeds from borrowings

1,300

4,320

196

6,111

Repayment of borrowings

(233)

(3,399)

(143)

(3,932)

Finance costs

(258)

(25)

(212)

(511)

Dividends paid

(152)

(17)

(694)

(1,050)

Net cash inflow (outflow) from financing activities

722

967

(749)

861

Net increase (decrease) in cash and cash equivalents

454

(49)

(632)

(90)

Translation

332

(17)

Cash and cash equivalents at beginning of period

3,381

3,447

3,467

Net cash and cash equivalents at end of period

4,167

3,381

2,919

3,381

Cash generated from operations
(Loss) profit before taxation

(3,771)

(3,120)

346

(3,015)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

5,409

3,719

984

7,232

Amortisation of tangible assets

1,082

1,103

948

4,143

Finance costs and unwinding of obligations

265

231

200

880

Environmental, rehabilitation and other expenditure

271

(14)

287

Operating special items

(82)

288

(14)

168

Amortisation of intangible assets

Deferred stripping

(213)

(73)

(100)

(431)

Fair value adjustment on option components of convertible bond

(170)

(115)

(135)

(333)

Interest receivable

(82)

(89)

(73)

(312)

Other non-cash movements

(20)

146

520

Movements in working capital

(633)

(388)

(201)

(1,238)

1,875

1,920

2,092

7,915

Movements in working capital
Increase in inventories

(1,762)

(453)

(326)

(1,489)

Increase in trade and other receivables

(462)

(260)

(288)

(501)

Increase in trade and other payables

1,591

326

413

752

(633)

(388)

(201)

(1,238)

Rounding of figures may result in computational discrepancies.

Group cash flow statement

Quarter

Year

ended

March

December

March

December

2008

2007

US Dollar million

Unaudited

Audited

Cash flows from operating activities
Receipts from customers

953

937

780

3,424

Payments to suppliers and employees

(705)

(655)

(492)

(2,303)

Cash generated from operations

248

282

288

1,121

Cash generated (utilised) by discontinued operations

(1)

(2)

Dividends received from associates

Taxation paid

(59)

(96)

(46)

(237)

Net cash inflow from operating activities

189

188

240

882

Cash flows from investing activities
Capital expenditure

(257)

(334)

(196)

(1,024)

Acquisition of assets

(40)

Proceeds from disposal of tangible assets

Proceeds from disposal of assets of discontinued operations

Other investments acquired

(35)

(30)

(5)

(27)

Associate loans and acquisitions

(9)

Proceeds from disposal of investments

Dividend received from other investments

(Increase) decrease in cash restricted for use

(6)

(26)

(25)

Interest received

Loans advanced

(4)

(1)

Repayment of loans advanced

Net cash outflow from investing activities

(226)

(334)

(226)

(1,022)

Cash flows from financing activities
Proceeds from issue of share capital

Share issue expenses

Proceeds from borrowings

173

618

870

Repayment of borrowings

(31)

(485)

(20)

(560)

Finance costs

(34)

(4)

(29)

(73)

Dividends paid

(19)

(2)

(94)

(144)

Net cash inflow (outflow) from financing activities

139

(102)

127

Net increase (decrease) in cash and cash equivalents

(7)

(88)

(13)

Translation

(42)

(8)

Cash and cash equivalents at beginning of period

496

502

495

Net cash and cash equivalents at end of period

515

496

400

496

Cash generated from operations
(Loss) profit before taxation

(131)

(469)

(492)

Adjusted for:
Movement on non-hedge derivatives and other commodity contracts

345

558

1,088

Amortisation of tangible assets

144

164

131

590

Finance costs and unwinding of obligations

125

Environmental, rehabilitation and other expenditure

(2)

Operating special items

(11)

(2)

Amortisation of intangible assets

Deferred stripping

(26)

(11)

(14)

(63)

Fair value adjustment on option components of convertible bond

(23)

(17)

(19)

(47)

Interest receivable

(11)

(13)

(10)

(45)

Other non-cash movements

(3)

Movements in working capital

(82)

(59)

(30)

(179)

248

282

288

1,121

Movements in working capital
Increase in inventories

(59)

(75)

(14)

(240)

Increase in trade and other receivables

(21)

(40)

(32)

(79)

(Decrease) increase in trade and other payables

(3)

140

(82)

(59)

(30)

(179)

Rounding of figures may result in computational discrepancies.

Statement of recognised income and expense

Quarter

Year

Quarter

ended

March

December

March

2008

2007

SA Rand million

Unaudited

Audited

Unaudited

Actuarial loss on pension and post-retirement benefits

(99)

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

494

1,421

215

Net loss on cash flow hedges

(827)

(1,173)

(304)

Hedge ineffectiveness

(Loss) gain on available-for-sale financial assets

(73)

Deferred taxation on items above

106

Translation

4,615

(169)

1,000

Net income recognised directly in equity

4,328

1,000

Loss for the period

(3,722)

(4,047)

(94)

Total recognised income (expense) for the period

606

(3,954)

906

Attributable to:
Equity shareholders

455

(4,169)

836

Minority interest

151

215

606

(3,954)

906

US Dollar million

Actuarial loss on pension and post-retirement benefits

(14)

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

202

Net loss on cash flow hedges

(110)

(168)

(42)

Hedge ineffectiveness

(Loss) gain on available-for-sale financial assets

(9)

Deferred taxation on items above

Translation

376

100

Net income recognised directly in equity

339

102

(Loss) profit for the period

(131)

(636)

Total recognised income (expense) for the period

208

(594)

129

Attributable to:
Equity shareholders

199

(627)

121

Minority interest

208

(594)

129

Rounding of figures may result in computational discrepancies.

Notes

for the quarter ended 31 March 2008

1. 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 2007 and revised International Financial Reporting Standards (IFRS) which are effective
1 January 2008, 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 ended 31 March 2008.

2. Revenue

Quarter ended

Year ended

Quarter ended

Year ended

Mar

Dec Mar

Dec

Mar

Dec Mar Dec

2008

2007 2007

2007

2008

2007 2007 2007

Unaudited

Unaudited Unaudited

Audited

Unaudited

Unaudited Unaudited

Audited

SA Rand million

US Dollar million

Gold income

7,245

5,784

5,664

23,052

958

856

783

3,280

By-products (note 3)

145

555

145

1,003

145

Dividend received from
other investments

Interest received

312

7,471

6,428

5,882

24,383

987

951 813

3,472

3. Cost of sales

Quarter ended

Year ended

Quarter ended

Year ended

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Unaudited Unaudited Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Cash operating costs

(3,770)

(3,518) (3,099)

(13,365)

(500)

(520) (429)

(1,904)

By-products revenue (note 2)

145

555

145

1,003

145

By-products cash operating
costs

(107)

(538) (100)

(892)

(14)

(80) (14)

(129)

(3,732)

(3,501) (3,054)

(13,254)

(495)

(518) (423)

(1,888)

Other cash costs

(251)

(187) (177)

(705)

(33)

(27) (25)

(100)

Total cash costs

(3,983)

(3,688) (3,231)

(13,959)

(528)

(545) (448)

(1,988)

Retrenchment costs

(26)

(88) (7)

(131)

(3)

(13) (1)

(19)

Rehabilitation and
other non-cash costs

(106)

(321) (20)

(445)

(14)

(47) (3)

(65)

Production costs

(4,115)

(4,097) (3,258)

(14,535)

(545)

(605) (451)

(2,072)

Amortisation of
tangible assets

(1,082)

(1,103) (948)

(4,143)

(144)

(164) (131)

(590)

Amortisation of
intangible assets

(4)

(3) (4)

(14)

–

(2)

Total production costs

(5,201)

(5,203) (4,210)

(18,692)

(689)

(769) (583)

(2,664)

Inventory change

209

(12) (14)

197

(2) (2)

(4,992)

(5,215) (4,223)

(18,495)

(661)

(771) (584)

(2,636)

Rounding of figures may result in computational discrepancies.

4. Other operating income (expenses)

Quarter ended

Year ended

Quarter ended

Year ended

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Pension and medical defined
benefit provisions

(24)

52 (25)

(23)

(3)

(4)

(3)

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

(30)

(21)

(97)

(4) (3)

(15)

Miscellaneous

(4) – (1)

(14)

(1)

–

(2)

22 (47)

(134)

(7)

(20)

5. Operating special items

Quarter ended

Year ended

Quarter ended

Year ended

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Indirect tax expenses

–

(177)

– (184)

–

(26) –

(26)

Impairment of tangible
assets (note 8)

(3)

(5)

(1)

(6)

–

(1) –

(1)

Impairment of goodwill
(note 8)

–

(7)

– (7)

–

(1) –

(1)

Recovery of loan

–

– 21 – –

–

Recovery of exploration
costs previously expensed

–

6 – 29 –

–

Siguiri royalty payment
calculation dispute with the
Guinean Administration

–

(27)

–

(27)

–

(4)

–

(4)

Profit (loss) on disposal and
abandonment of assets
(note 8)

(78)

(6)

(12) (1) 7

(288)

14 (139)

(42) 2

(21)

Rounding of figures may result in computational discrepancies.

6. Taxation

Quarter ended

Year ended

Quarter ended

Year ended

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Current tax

Normal taxation

(577)

(390)

(442)

(1,608)

(77)

(58) (61) (229)

Disposal of tangible
assets (note 8)

(2)

(9)

(4)

(40)

–

(1) (1) (6)

Over (under) provision
prior year

(6)

(67)

(32)

(1) (9) (4)

(565)

(405)

(513)

(1,680)

(75)

(60) (71) (239)

Deferred taxation

Temporary differences

(151)

(36)

1 7

(20)

(6) 1

Unrealised non-hedge

derivatives and other
commodity contracts

590

336 82 673 72

Disposal of tangible
assets (note 8)

(11)

(2)

(4)

(1)

–

(1)

Change in estimated
deferred tax rate

–

34 –

(57)

–

(8)

Change in statutory tax rate

189

– – –

–

617

332 79 641 76

Total taxation

(73)

(434)

(1,039)

(11) (60) (145)

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

Year ended

Quarter ended

Year ended

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

Gold income

–

– 2 5 –

–

Cost of sales

(5)

31 (5)

15 (1)

(1)

Gross (loss) profit

(5)

31 (3)

20 (1)

(1)

Other income

10 – 10 1

–

Taxation

(1)

(1)

(3)

(23)

–

(4)

Net (loss) profit attributable
to discontinued operations

(3)

41 (6)

–

(1)

Rounding of figures may result in computational discrepancies.

8. Headline (loss) earnings

Quarter ended

Year ended

Quarter ended

Year ended

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Unaudited

Audited

Unaudited

Audited

SA Rand million

US Dollar million

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

(3,812)

(3,199) (150)

(4,269)

(142)

(482) 19

(668)

Impairment of tangible
assets (note 5)

–

Impairment of goodwill
(note 5)

–

(Profit) loss on disposal of
assets (note 5)

(85)

78 6

(56)

(11)

12 1

(7)

Impairment of investment in
associate

– 154 –

–

Taxation on items above –
current portion (note 6)

–

Taxation on items above –
deferred portion (note 6)

2 4

(18)

–

(3)

Headline (loss) earnings

(3,880)

(3,095) (135)

(4,136)

(151)

(466) 21

(648)

Cents per share

(1)

Headline (loss) earnings

(1,376)

(1,099) (48)

(1,470)

(54)

(165) 7

(230)

(1)

Calculated on the basic weighted average number of ordinary shares.

9. Shares

Quarter ended

Year ended

Mar

2008

Dec

2007

Mar

2007

Dec

2007

Unaudited

Unaudited Audited

Authorised:

Ordinary shares of 25 SA cents each

400,000,000

400,000,000

400,000,000 400,000,000

E ordinary shares of 25 SA cents each

4,280,000

4,280,000

4,280,000 4,280,000

A redeemable preference shares of 50 SA cents each

2,000,000

2,000,000

2,000,000 2,000,000

B redeemable preference shares of 1 SA cent each

5,000,000

5,000,000

5,000,000 5,000,000

Issued and fully paid:

Ordinary shares in issue

277,745,007

277,457,471

276,688,382 277,457,471

E ordinary shares in issue

4,104,635

4,140,230

4,149,230 4,140,230

Total ordinary shares:

281,849,642

281,597,701

280,837,612 281,597,701

A redeemable preference shares

2,000,000

2,000,000

2,000,000 2,000,000

B redeemable preference shares

778,896

778,896

778,896 778,896

In calculating the diluted number of ordinary shares outstanding for
the period, the following were taken into consideration:

Ordinary shares

277,658,759

277,119,778

276,426,639 276,805,309

E ordinary shares

4,122,800

4,080,713

4,167,212 4,117,815

Fully vested options

280,789

457,601

600,219 531,983

Weighted average number of shares

282,062,348

281,658,092

281,194,070 281,455,107

Dilutive potential of share options

–

641,741 –

Diluted number of ordinary shares

(1)

282,062,348

281,658,092

281,835,811 281,455,107

(1)

The basic and diluted number of ordinary shares are the same for March 2008 quarter as the effects of shares for performance related options are
anti-dilutive.

Rounding of figures may result in computational discrepancies.

10. Share capital and premium

As at

Mar

2008

Dec

2007

Mar

2007

Mar

2008

Dec

2007

Mar

2007

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of period

23,322

23,045 23,045 3,425

3,292

Ordinary shares issued

283

109

E ordinary shares cancelled

(5)

(6)

(4)

(1)

(1) (1)

Translation

–

– –

(544)

(133)

Sub-total

23,391

23,322 23,150 2,890

3,425

3,173

Redeemable preference shares held within the
group

(312)

(312)

(39)

(46) (43)

Ordinary shares held within the group

(288)

(292)

(293)

(36)

(43) (40)

E ordinary shares held within the group

(343)

(347)

(349)

(42)

(51) (48)

Balance at end of period

22,448

22,371 22,196 2,773

3,285

3,042

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 2006

(214) 138

436 (45)

(1,503)

(1,188)

Loss attributable to equity shareholders

(150)

Dividends (670)

(670)

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

211

Net loss on cash flow hedges

(301) (301)

Deferred taxation on cash flow hedges

Gain on available-for-sale financial assets

Deferred taxation on available-for-sale financial
assets

Share-based payment for share awards and BEE
transaction

Translation

1,061

(74)

987

Balance at March 2007

(1,034) 138

1,497 (45)

(1,517)

(961)

Balance at December 2007 (5,524)

138

338

(108)

(1,011)

(6,167)

Deferred taxation rate change

(3)

Loss attributable to equity shareholders

(3,812)

Dividends (148)

(148)

Transfers to foreign currency translation reserve

(12)

–

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

488

Net loss on cash flow hedges

(822) (822)

Hedge ineffectiveness

Deferred taxation on cash flow hedges and hedge
ineffectiveness

Loss on available-for-sale financial assets

(73) (73)

Deferred taxation on available-for-sale financial
assets

Share-based payment for share awards and BEE
transaction

Translation

4,697

(142)

4,555

Balance at March 2008

(9,496)

138

5,047

(111)

(1,365)

(5,787)

Rounding of figures may result in computational discrepancies.

11. Retained earnings and other reserves cont.

Retained

earnings

Non-

distributable

reserves

Foreign

currency

translation

reserve

Actuarial

gains

(losses)

Other

omprehen-

sive

income

Total

US Dollar million
Balance at December 2006

(209)

241

(6)

(215) (169)

Profit attributable to equity shareholders

Dividends

(90)

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

Net loss on cash flow hedges

(41) (41)

Deferred taxation on cash flow hedges

Gain on available-for-sale financial assets

Deferred taxation on available-for-sale financial
assets

–

Share-based payment for share awards and BEE
transaction

Translation

(1)

103

(2) 100

Balance at March 2007

(280)

344

(6)

(208) (131)

Balance at December 2007

(1,020)

258

(16)

(148) (906)

Deferred taxation rate change

–

Loss attributable to equity shareholders

(142)

Dividends

(18)

Transfers to foreign currency translation reserve

(2)

–

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

Net loss on cash flow hedges

(109) (109)

Hedge ineffectiveness

Deferred taxation on cash flow hedges and hedge
ineffectiveness

Loss on available-for-sale financial assets

(9)

Deferred taxation on available-for-sale financial
assets

Share-based payment for share awards and BEE
transaction

Translation

(3)

372

378

Balance at March 2008

(1,182)

632

(13)

(169) (715)

12. Minority interests

As at

Mar

2008

Dec

2007

Mar

2007

Mar

2008

Dec

2007

Mar

2007

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

US Dollar million

Balance at beginning of year

429

436

Profit for the period

222

Dividends paid

(4)

(131) (25) (1)

(19) (4)

Acquisition of minority interest

(1)

–

(91) – –

(13) –

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

Net loss on cash flow hedges

(5)

(12) (3) (1)

(2) (1)

Translation

(9) 13 (2)

1 –

Balance at end of period

576

429

481

(1) With effect 1 September 2007, AngloGold Ashanti acquired the remaining 15% minorities of Iduapriem.

Rounding of figures may result in computational discrepancies

13. Exchange rates

Mar

2008

Dec

2007

Mar

2007

Unaudited

Rand/US dollar average for the year to date

7.52

7.03 7.22

Rand/US dollar average for the quarter

7.52

6.76 7.22

Rand/US dollar closing

8.09

6.81 7.30

Rand/Australian dollar average for the year to date

6.84

5.89 5.68

Rand/Australian dollar average for the quarter

6.84

6.00 5.68

Rand/Australian dollar closing

7.40

5.98 5.90

BRL/US dollar average for the year to date

1.74

1.95 2.11

BRL/US dollar average for the quarter

1.74

1.78 2.11

BRL/US dollar closing

1.74

1.78 2.15

14. Capital commitments

Mar

2008

Dec

2007

Mar

2007

Mar

2008

Dec

2007

Mar

2007

Unaudited Audited

Unaudited

Unaudited Audited

Unaudited

SA Rand million

US Dollar million

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

3,697

2,968

4,045

457

436

554

Liquidity and capital resources:

To service the above capital commitments and other operational requirements, the group is dependent on existing cash resources, cash generated
from operations and borrowing facilities.

Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign investment
and exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. In addition distributions from joint
ventures are subject to the relevant board approval.

The credit facilities and other financing arrangements contain financial covenants and other similar undertakings. To the extent that external borrowings
are required, the groups covenant performance indicates that existing financing facilities will be available to meet the above commitments. To the
extent that any of the financing facilities mature in the near future, the group believes that these facilities can be refinanced on similar terms to those
currently in place.

15. Contingent liabilities

AngloGold Ashanti’s material contingent liabilities at 31 March 2008 are detailed below:

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.

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 ($12m). The suretyship
agreements have a termination notice period of 90 days.

Sales tax on gold deliveries – Brazil – Mineração Serra Grande S.A.(MSG), the operator of the Crixas mine in Brazil, has
received two tax assessments from the State of Goiás related to payments of sales taxes on gold deliveries for export,
one for the period between February 2004 and June 2005 and the other for the period between July 2005 and May
2006. The tax authorities maintain that whenever a taxpayer exports gold mined in the state of Goiás, through a branch
located in a different Brazilian State, it must obtain an authorisation from the Goiás State Treasury by means of a
Special Regime Agreement (Termo de Acordo re Regime Especial – TARE). The Serra Grande operation is co-owned
with Kinross Gold Corporation. AngloGold Ashanti Brasil Mineração Ltda. manages the operation and its attributable
share of the first assessment is approximately $41m. Although MSG requested the TARE in early 2004, the TARE,
which authorised the remittance of gold to the company’s branch in Minas Gerais specifically for export purposes, was
only granted and executed in May 2006.

In November 2006 the administrative council’s second chamber ruled in favour of Serra Grande and fully cancelled the
tax liability related to the first period. The State of Goiás has appealed to the full board of the State of Goiás tax
administrative council. The second assessment was issued by the State of Goiás in October 2006 on the same grounds
as the first one, and the attributable share of the assessment is approximately $25m. The company believes both
assessments are in violation of Federal legislation on sales taxes.

VAT Disputes – Brazil – MSG received a tax assessment in October 2003 from the State of Minas Gerais related to
sales taxes on gold allegedly returned from the branch in Minas Gerais to the company head office in the State of Goiás.
The tax administrators rejected the company’s appeal against the assessment. The company is now discussing the case
at the judicial sphere. The company’s attributable share of the assessment is approximately $8m.

Tax Disputes – Brazil – Morro Velho and AngloGold Ashanti Brasil Mineração are involved in disputes with tax
authorities. These disputes involve eleven federal tax assessments including income tax, social contributions and annual
property tax based on ownership of properties outside of urban perimeters (ITR). The amount involved is approximately
$9m.

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 amounts to an attributable $47m at 31 March 2008

(31 December 2007: attributable $42m). The last audited value added tax return was for the period ended 31 March
2007 and at the balance sheet date an attributable $24m was still outstanding and $23m 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 amounts to an attributable $3m at 31 March 2008

(31 December 2007: attributable $7m). Fuel duty 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. An attributable $3m is still subject to authorisation by the Customs and Excise authorities. The
accounting processes for the unauthorised amount are in accordance with the processes advised by the Malian
government in terms of the previous authorisations. As from February 2006 all fuel duties have been exonerated.

The government of Mali is a shareholder in all the Malian entities. Management is in negotiations with the Government of
Mali to agree a protocol for the repayment of the outstanding amounts. The amounts outstanding have been discounted
to their present value at a rate of 6.5%.

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 amounts to $17m at 31 March 2008

(31 December 2007: $16m). The last audited value added tax return was for the period ended 30 November 2007
and at the balance sheet date $13m 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. The outstanding amounts have been discounted to their present value at a rate of 7.8%.

• Reimbursable fuel duties from the Tanzanian government amounts to $36m at 31 March 2008 (31 December

2007: $37m). 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 $17m have been
lodged with the Customs and Excise authorities, which are still outstanding, whilst claims for refund of $19m 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. The outstanding amounts
have been discounted to their present value at a rate of 7.8%.

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 February 2008, AngloGold Ashanti (AGA) announced that it had entered into a binding memorandum of
agreement (MOA) with B2Gold Corp. (B2Gold). The MOA provides for the existing Colombian joint venture
agreements between AGA and B2Gold to be amended. B2Gold would also acquire from AGA, additional interests in
certain mineral properties in Colombia. In exchange, B2Gold would issue to AGA, 25m common shares and 21.4m
common share purchase warrants in B2Gold.

On 4 April 2008, it was announced that following the stabilisation of Eskom (the South African electricity supply body)
power to South African operations during the quarter, AGA forecasted the first quarter production to be approximately
1.19Moz. The revised production outlook was around, 8% above guidance provided at the fourth quarter. AGA had
also fully delivered into maturing hedge contracts during the quarter.

20. Dividend

Final Dividend No. 103 of 53 South African cents or 3.4848 UK pence or 6.53 cedis per share was paid to registered
shareholders on 7 March 2008, while a dividend of 1.484 Australian cents per CHESS Depositary Interest (CDI) was
paid on the same day. On 10 March 2008, a dividend of 0.0653 cedis per Ghanaian Depositary Share (GhDS) was
paid to holders thereof. Each CDI represents one-fifth of an ordinary share, and 100 GhDSs represents one ordinary
share. A dividend was paid to holders of American Depositary Receipts (ADRs) on 17 March 2008 at a rate of 6.606
US cents per American Depositary Share (ADS). Each ADS represents one ordinary share.

In addition, directors declared Dividend No. E3 of 26.50 South African cents per E ordinary share, payable to
employees participating in the Bokamoso ESOP and Izingwe Holdings (Proprietary) Limited. These dividends were
paid on 7 March 2008.

By order of the Board

R P EDEY

M CUTIFANI

Chairman

Chief Executive Officer

5 May 2008

Segmental reporting

for the quarter and year ended 31 March 2008

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

Unaudited

Audited

Unaudited

Audited

Gold income
South Africa

2,450

2,292

2,465

9,843

324

339

340

1,399

Argentina

316

198

265

988

140

Australia

727

684

554

2,437

101

348

Brazil

757

495

492

2,001

101

285

Ghana

835

601

550

2,365

110

337

Guinea

673

492

379

1,483

211

Mali

588

535

517

1,951

278

Namibia

364

Tanzania

445

111

186

807

114

USA

369

280

161

813

116

7,245

5,784

5,664

23,052

958

856

783

3,280

Gross profit (loss) adjusted for
the loss on unrealised non-hedge
derivatives and other commodity
contracts
South Africa

1,013

502

800

2,845

130

110

403

Argentina

105

338

Australia

168

228

232

960

137

Brazil

299

277

254

987

141

Ghana

(150)

(22)

Guinea

205

101

Mali

195

165

183

646

Namibia

Tanzania

(98)

(110)

(13)

(13)

(16)

(2)

USA

167

190

107

518

Other

(28)

(4)

2,095

1,309

1,832

6,590

274

195

253

935

Cash gross profit (loss)

South Africa

1,412

1,023

1,180

4,628

184

151

163

657

Argentina

154

513

Australia

258

319

311

1,308

186

Brazil

404

372

311

1,308

186

Ghana

254

(56)

181

485

(8)

Guinea

256

117

114

352

Mali

257

206

231

809

115

Namibia

131

Tanzania

(53)

358

(8)

USA

221

247

164

742

106

Other

(10)

113

116

(1)

3,180

2,416

2,788

10,750

419

358

385

1,527

Rounding of figures may result in computational discrepancies.

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

Gross profit (loss) adjusted for the loss on unrealised non-hedge derivatives and other commodity contracts plus amortisation of tangible and intangible
assets, less non-cash revenues. Refer to note F of "Non-GAAP disclosure" for the computation.

US Dollar million

SA Rand million

Segmental reporting (continued)

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

Unaudited

Audited

Unaudited

Audited

Gold production
South Africa

15,498

17,503

17,626

72,429

498

563

567

2,328

Argentina

856

1,597

1,603

6,338

204

Australia

3,707

4,673

4,605

18,675

119

150

148

600

Brazil

2,892

3,480

2,801

12,689

112

408

Ghana

4,189

3,998

3,975

16,388

135

129

128

527

Guinea

2,901

2,567

2,270

8,715

280

Mali

2,923

3,536

3,354

13,703

114

108

441

Namibia

469

624

614

2,496

Tanzania

1,984

1,801

2,412

10,166

327

USA

1,791

2,778

1,980

8,766

282

37,210

42,556

41,239

170,365

1,196

1,368

1,326

5,477

Quarter

Year

Quarter

Year

ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

Unaudited

Audited

Unaudited

Audited

Capital expenditure
South Africa

525

881

473

2,535

128

361

Argentina

141

Australia

803

651

343

1,975

107

281

Brazil

178

204

264

995

142

Ghana

196

260

192

836

119

Guinea

146

Mali

Namibia

Tanzania

187

USA

161

Other

364

1,930

2,315

1,417

7,444

257

339

196

1,059

As at

Mar

Dec

Mar

Dec

Mar

2008

2007

2008

2007

Unaudited

Audited

Unaudited

Audited

Unaudited

SA Rand million

Total assets
South Africa

16,149

15,616

15,301

1,995

2,293

2,097

Argentina

1,995

1,659

2,007

246

244

275

Australia

11,404

8,705

7,293

1,409

1,278

1,000

Brazil

5,818

4,826

4,309

719

709

591

Ghana

15,964

13,301

13,422

1,972

1,953

1,840

Guinea

2,634

2,127

2,084

325

312

286

Mali

3,072

2,399

2,541

380

352

348

Namibia

555

536

457

Tanzania

11,519

9,654

10,048

1,423

1,418

1,377

USA

4,284

3,608

3,699

529

530

507

Other

5,359

4,450

4,039

664

652

552

78,752

66,881

65,200

9,731

9,820

8,936

Rounding of figures may result in computational discrepancies.

US Dollar million

SA Rand million

US Dollar million

oz (000)

Non-GAAP

disclosure

Year ended

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

Unaudited

Headline (loss) earnings (note 8)

(3,880)

(3,095)

(135)

(4,136)

(151)

(466)

(648)

Loss on unrealised non-hedge derivatives and other
commodity contracts

5,454

3,663

1,054

7,114

351

550

106

1,071

Deferred tax on unrealised non-hedge derivatives and other
commodity contracts (note 6)

(590)

(336)

(82)

(673)

(72)

(50)

(11)

(98)

Fair value adjustment on option component of convertible
bond

(170)

(115)

(135)

(333)

(23)

(17)

(19)

(47)

Headline earnings adjusted for the loss on unrealised non-
hedge derivatives, other commodity contracts and fair value
adjustments on convertible bond

(1)

813

117

702

1,971

105

278

Cents per share

(2)

Headline earnings adjusted for the loss on unrealised non-
hedge derivatives, other commodity contracts and fair value
adjustments on convertible bond

(1)

288

250

700

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

Unaudited

Reconciliation of gross (loss) profit to gross profit adjusted for
the loss on unrealised non-hedge derivatives and other
commodity contracts:
Gross (loss) profit

(3,359)

(2,354)

778

(524)

(77)

(355)

147

(136)

Loss on unrealised non-hedge derivatives and other
commodity contracts

5,454

3,663

1,054

7,114

351

550

106

1,071

Gross profit adjusted for the loss on unrealised non-hedge
derivatives and other commodity contracts

2,095

1,309

1,832

6,590

274

195

253

935

Rounding of figures may result in computational discrepancies.

US Dollar million

SA Rand million

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

Headline earnings adjusted for the effect of unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond, is intended to illustrate
earnings after adjusting for:

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

The group utilises certain Non-GAAP performance measures and ratios in managing its 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 IFRS. In addition, the presentation of these measures may not be
comparable to similarly titled measures other companies use.

Headline earnings adjusted for the loss on unrealised non-hedge derivatives, other commodity contracts and fair value adjustments on convertible bond

Quarter ended

SA Rand million

(1)

Loss on non-hedge derivatives and other commodity contracts in the income statement comprise the change in fair value of all non-hedge derivatives and

other commodity contracts as follows:

- 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;

- Investment in hedge restructure transaction: During the hedge restructure in December 2004 and March 2005 quarters, $83m and $69m in cash was injected respectively into
the hedge book in these quarters to increase the value of long-dated contracts. The entire investment in long-dated derivatives (certain of which have now matured), for
the purposes of the adjustment to earnings, will only be taken into account when the realised portion of long-dated non-hedge derivatives are settled, and not when the
short-term contracts were settled;

- The unrealised fair value change on the option component of the convertible bond; and

US Dollar million

- The unrealised fair value change on the onerous uranium contracts.

Quarter ended

Gross profit adjusted for the loss on unrealised non-hedge derivatives and other commodity contracts

Year ended

Quarter ended

Year ended

(2)

Calculated on the basic weighted average number of ordinary shares.

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

Unaudited

Non-hedge derivative (loss) gain is summarised as:

(Loss) gain on realised non-hedge derivatives (note D)

(158)

740

392

2,033

(22)

110

291

Loss on unrealised non-hedge derivatives

(5,464)

(3,829)

(1,001)

(7,305)

(353)

(575)

(98)

(1,099)

Unrealised (loss) gain on other commodity physical
borrowings

(10)

(1)

(47)

(1)

(7)

Provision reversed (raised) for loss on future deliveries of
other commodities

167

(6)

142

(1)

Loss on non-hedge derivatives and other commodity
contracts

(5,612)

(2,923)

(662)

(5,081)

(373)

(440)

(51)

(780)

Price received

Gold income (note 2)

7,245

5,784

5,664

23,052

958

856

783

3,280

Adjusted for minority interests

(263)

(211)

(240)

(889)

(35)

(32)

(33)

(127)

6,982

5,573

5,424

22,163

923

824

750

3,153

(Loss) gain on realised non-hedge derivatives (note C)

(158)

740

392

2,033

(22)

110

291

6,824

6,313

5,816

24,196

901

934

805

3,444

Attributable gold sold - kg / - oz (000)

37,098

42,278

41,558

170,265

1,193

1,359

1,336

5,474

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

183,945

149,312

139,953

142,107

755

687

602

629

Total costs

Total cash costs (note 3)

3,983

3,688

3,231

13,959

528

545

448

1,988

Adjusted for minority interests and non-gold producing
companies

(96)

(56)

(246)

(13)

(8)

(34)

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

3,887

3,734

3,175

13,713

515

552

440

1,954

Retrenchment costs (note 3)

131

Rehabilitation and other non-cash costs (note 3)

106

321

445

Amortisation of tangible assets (note 3)

1,082

1,103

948

4,143

144

164

131

590

Amortisation of intangible assets (note 3)

Adjusted for minority interests and non-gold producing
companies

(37)

(42)

(34)

(146)

(5)

(6)

(5)

(21)

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

5,068

5,207

4,120

18,300

670

770

571

2,609

Gold produced - kg / - oz (000)

37,210

42,556

41,239

170,365

1,196

1,368

1,326

5,477

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

104,461

87,744

76,991

80,490

430

404

332

357

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

136,200

122,344

99,905

107,415

561

563

430

476

Cash gross profit

Gross profit adjusted for the loss on unrealised non-hedge
derivatives and other commodity contracts (note B)

2,095

1,309

1,832

6,590

274

195

253

935

Amortisation of tangible assets (note 3)

1,082

1,103

948

4,143

144

164

131

590

Amortisation of intangible assets (note 3)

Non-cash revenues

3,180

2,416

2,788

10,750

419

358

385

1,527

EBITDA

Operating (loss) profit

(3,758)

(3,110)

339

(2,636)

(130)

(467)

(439)

Amortisation of tangible assets (note 3)

1,082

1,103

948

4,143

144

164

131

590

Amortisation of intangible assets (note 3)

Impairment of tangible assets (note 5)

Impairment of intangible assets (note 5)

Loss on unrealised non-hedge derivatives and other
commodity contracts (note B)

5,454

3,663

1,054

7,114

351

550

106

1,071

Share of associates' EBITDA

(3)

Discontinued operations EBITDA

(2)

(3)

(Profit) loss on disposal and abandonment of assets (note5)

(85)

(56)

(11)

(7)

2,698

1,795

2,346

8,619

355

266

324

1,224

Rounding of figures may result in computational discrepancies.

SA Rand million / Metric

Quarter ended

Year ended

US Dollar million / Imperial

Mar

Dec

Mar

Dec

Mar

Dec

Mar

Dec

2008

2007

2008

2007

Unaudited

Interest cover

EBITDA (note G)

2,698

1,795

2,346

8,619

355

266

324

1,224

Finance costs

265

231

200

880

125

Capitalised finance costs

310

256

211

948

135

Interest cover - times

Free cash flow

Net cash inflow from operating activities

1,432

1,268

1,750

6,238

189

188

240

882

Stay-in-business capital expenditure

(852)

(1,222)

(785)

(3,758)

(113)

(179)

(109)

(535)

580

965

2,480

131

347

As at

Mar

Dec

Mar

Dec

Mar

2008

2007

2008

2007

Unaudited

Net asset value - cents per share

Total equity

17,237

16,633

21,716

2,130

2,442

2,977

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

282

282

281

282

282

281

Net asset value - cents per share

6,116

5,907

7,733

756

867

1,060

Total equity

17,237

16,633

21,716

2,130

2,442

2,977

Intangible assets

(3,657)

(2,996)

(3,073)

(452)

(440)

(421)

13,580

13,637

18,643

1,678

2,002

2,556

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

282

282

281

282

282

281

Net tangible asset value - cents per share

4,818

4,843

6,638

595

711

910

Net debt

Borrowings - long-term portion

5,728

10,441

9,010

708

1,533

1,235

Borrowings - short-term portion

10,157

2,309

1,725

1,255

339

236

Total borrowings

15,885

12,750

10,735

1,963

1,872

1,471

Cash and cash equivalents

(4,167)

(3,381)

(2,919)

(515)

(496)

(400)

Net debt

11,718

9,369

7,816

1,448

1,376

1,071

Rounding of figures may result in computational discrepancies.

SA Rand million

US Dollar million

SA Rand million

Year ended

Quarter ended

Year ended

Development

for the quarter ended 31 March 2008

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 Mine
Vaal reef

1,531

114

100.1

42.57

4,261

1.81

184.72

Kopanang Mine
Vaal reef

5,114

510

17.7

63.95

1,132

3.15

63.62

Tau Lekoa Mine
Ventersdorp Contact reef

1,787

112

74.7

29.96

2,238

0.26

21.95

Moab Khotsong Mine
Vaal reef

3,384

354

119.9

20.30

2,434

0.94

110.94

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

Carbon Leader reef

2,040

14.2

183.66

2,608

1.41

20.21

Savuka Mine
Carbon Leader reef

645

22.9

187.82

4,301

Mponeng Mine
Ventersdorp Contact reef

4,059

698

75.5

36.62

2,765

AUSTRALIA
Sunrise Dam

892

3.79

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

1,498

327

603.0

3.51

Córrego do Sitio

866

366

2.49

Lamego

947

125

60.0

3.14

Serra Grande
Mina III

1,169

195

100.0

2.95

Mina Nova

147

GHANA
Obuasi

4,421

2,139

430 *

9.44

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 Mine
Vaal reef

5,024

374

39.4

1.24

4.08

3.62

11.89

Kopanang Mine
Vaal reef

16,780

1,673

7.0

1.87

1.08

6.30

3.66

Tau Lekoa Mine
Ventersdorp Contact reef

5,864

367

29.4

0.87

2.14

0.52

1.27

Moab Khotsong Mine
Vaal reef

11,103

1,161

47.2

0.59

2.33

1.88

7.40

WEST WITS
Tau Tona Mine
Ventersdorp Contact reef

227

Carbon Leader reef

6,694

256

5.6

5.36

2.50

2.82

1.31

Savuka Mine
Carbon Leader reef

2,115

256

9.0

5.48

4.12

Mponeng Mine
Ventersdorp Contact reef

13,317

2,290

29.7

1.07

2.65

AUSTRALIA
Sunrise Dam

2,927

0.11

BRAZIL
AngloGold Ashanti Mineração
Mina de Cuiabá

4,915

1,072

237.4

0.10

Córrego do Sitio

2,840

1,201

0.07

Lamego

3,107

410

23.6

0.09

Serra Grande
Mina III

3,835

638

39.4

0.09

Mina Nova

482

GHANA
Obuasi

14,504

7,016

169.3 *

0.28

* 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

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SA Rand / US Dollar

SOUTH AFRICA

525

881

473

2,535

128

361

Vaal River
Great Noligwa

261

Kopanang

111

362

Moab Khotsong

143

195

111

628

Tau Lekoa

113

Surface Operations

(1)

West Wits
Mponeng

120

234

102

604

Savuka

TauTona

178

500

ARGENTINA

141

Cerro Vanguardia - Attributable 92.50%

130

Minorities and exploration

AUSTRALIA

803

651

343

1,975

107

281

Sunrise Dam

207

Boddington

772

580

296

1,752

103

249

Exploration

BRAZIL

178

204

264

995

142

AngloGold Ashanti Brasil Mineração

123

158

234

820

117

Serra Grande - Attributable 50%

Minorities, exploration and other

GHANA

196

260

192

836

119

Iduapriem - Attributable 85%

105

162

Obuasi

138

153

182

663

Minorities and exploration

GUINEA

146

Siguiri - Attributable 85%

124

Minorities and exploration

MALI

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

187

Geita

187

USA

161

Cripple Creek & Victor J.V.

160

OTHER

364

ANGLOGOLD ASHANTI

1,930

2,315

1,417

7,444

257

339

196

1,059

Rounding of figures may result in computational discrepancies.

Capital expenditure - Rm

Capital expenditure - $m

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

Metric

SOUTH AFRICA

15,498

17,503

17,626

72,429

Vaal River
Great Noligwa

8.56

6.94

8.41

7.54

3,326

3,613

3,863

15,036

Kopanang

6.94

7.70

6.77

7.24

2,794

3,229

2,989

13,013

Moab Khotsong

10.34

9.12

8.16

7.94

764

726

439

2,081

Tau Lekoa

4.01

3.97

3.70

3.62

1,093

1,247

1,325

5,137

Surface Operations

0.36

0.46

0.50

0.49

670

920

1,023

3,903

West Wits
Mponeng

9.94

9.26

9.56

9.50

4,093

4,223

4,435

18,260

Savuka

5.96

6.73

7.01

6.69

448

540

571

2,284

TauTona

8.70

9.37

9.99

9.67

2,311

3,005

2,981

12,714

ARGENTINA

856

1,597

1,603

6,338

Cerro Vanguardia - Attributable 92.50%

3.82

6.88

7.25

6.88

856

1,597

1,603

6,338

AUSTRALIA

3,707

4,673

4,605

18,675

Sunrise Dam

4.10

4.84

4.63

4.86

3,707

4,673

4,605

18,675

BRAZIL

2,892

3,480

2,801

12,689

AngloGold Ashanti Brasil Mineração

6.77

7.84

7.71

7.48

2,251

2,826

2,064

9,851

Serra Grande

- Attributable 50%

7.19

6.65

7.31

7.21

641

654

738

2,838

GHANA

4,189

3,998

3,975

16,388

Iduapriem - Attributable 85%

1.81

1.90

1.87

1.85

1,471

1,387

848

5,192

Obuasi

4.19

4.34

4.83

4.43

2,718

2,611

3,127

11,196

GUINEA

2,901

2,567

2,270

8,715

Siguiri

- Attributable 85%

1.32

1.18

1.06

1.05

2,901

2,567

2,270

8,715

MALI

2,923

3,536

3,354

13,703

Morila - Attributable 50%

3.12

3.91

3.04

3.36

1,257

1,607

1,284

5,596

Sadiola - Attributable 38%

3.16

3.00

2.50

2.76

1,135

1,252

977

4,366

Yatela

- Attributable 50%

2.17

2.60

3.25

3.46

532

677

1,093

3,742

NAMIBIA

469

624

614

2,496

Navachab

1.31

1.61

1.47

1.56

469

624

614

2,496

TANZANIA

1,984

1,801

2,412

10,166

Geita

1.66

1.46

1.80

2.01

1,984

1,801

2,412

10,166

USA

1,791

2,778

1,980

8,766

Cripple Creek & Victor J.V.

0.54

0.55

0.56

0.53

1,791

2,778

1,980

8,766

ANGLOGOLD ASHANTI

37,210

42,556

41,239

170,365

Underground Operations

6.95

6.96

7.22

6.99

20,164

22,505

22,296

91,684

Surface and Dump Reclamation

0.47

0.45

0.52

0.49

1,318

1,339

1,694

6,142

Open-pit Operations

2.09

2.33

2.25

2.34

13,240

15,047

14,083

59,227

Heap Leach Operations

0.67

0.70

0.73

2,488

3,665

3,167

13,312

37,210

42,556

41,239

170,365

The yield of Yatela and the Cripple Creek & Victor Joint Venture
reflects gold placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

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

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

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

Yield - g/t

Gold produced - kg

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

Metric

SOUTH AFRICA

192

216

228

227

14,637

17,432

17,537

72,823

Vaal River
Great Noligwa

168

177

193

185

3,151

3,616

3,865

15,146

Kopanang

185

215

199

215

2,639

3,230

3,007

13,099

Moab Khotsong

148

145

147

131

709

726

434

2,089

Tau Lekoa

126

147

161

153

1,025

1,248

1,315

5,168

Surface Operations

1,012

1,399

1,513

1,463

645

920

1,022

3,930

West Wits
Mponeng

259

267

300

297

3,854

4,181

4,385

18,327

Savuka

146

166

177

176

423

534

563

2,293

TauTona

185

243

238

252

2,190

2,976

2,946

12,771

ARGENTINA

417

800

819

795

1,457

1,092

1,605

5,827

Cerro Vanguardia - Attributable 92.50%

417

800

819

795

1,457

1,092

1,605

5,827

AUSTRALIA

2,878

3,994

3,987

3,977

3,583

4,796

4,522

18,581

Sunrise Dam

2,878

4,359

4,353

4,356

3,583

4,796

4,522

18,581

BRAZIL

537

671

583

628

3,053

3,364

3,025

12,657

AngloGold Ashanti Brasil Mineração

504

660

517

587

2,432

2,706

2,171

9,679

Serra Grande - Attributable 50%

700

722

904

830

621

658

855

2,978

GHANA

249

224

227

232

4,128

3,869

3,886

16,361

Iduapriem - Attributable 85%

568

525

391

555

1,459

1,384

848

5,115

Obuasi

191

171

204

182

2,669

2,485

3,038

11,246

GUINEA

687

626

570

529

2,885

2,661

2,280

8,769

Siguiri - Attributable 85%

687

626

570

529

2,885

2,661

2,280

8,769

MALI

752

893

914

907

3,208

3,597

3,714

13,769

Morila - Attributable 40%

823

1,041

855

924

1,283

1,729

1,333

5,551

Sadiola - Attributable 38%

756

808

684

751

1,337

1,166

1,180

4,423

Yatela - Attributable 40%

620

781

1,481

1,155

588

701

1,201

3,794

NAMIBIA

361

415

629

509

461

644

675

2,581

Navachab

361

415

629

509

461

644

675

2,581

TANZANIA

317

269

373

404

1,860

2,059

2,421

10,205

Geita

317

269

373

404

1,860

2,059

2,421

10,205

USA

1,750

2,721

1,729

2,160

1,825

2,764

1,892

8,692

Cripple Creek & Victor J.V.

1,750

2,721

1,729

2,160

1,825

2,764

1,892

8,692

ANGLOGOLD ASHANTI

302

342

337

349

37,098

42,278

41,558

170,265

Rounding of figures may result in computational discrepancies.

Productivity per employee - g

Gold sold - kg

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SA Rand / Metric

SOUTH AFRICA

88,549

87,949

72,979

77,372

116,313

120,358

95,214

103,224

Vaal River
Great Noligwa

96,801

117,918

84,059

90,817

118,554

141,474

105,277

114,220

Kopanang

85,530

71,498

69,223

69,201

128,151

94,086

88,284

88,679

Moab Khotsong

141,898

150,648

134,175

150,135

172,476

358,141

214,596

276,421

Tau Lekoa

128,576

112,042

100,102

107,016

158,512

143,944

134,273

140,507

Surface Operations

85,350

77,719

58,471

68,745

93,904

83,260

65,161

75,241

West Wits
Mponeng

61,113

66,025

59,318

59,596

82,927

85,608

76,284

78,622

Savuka

88,349

91,613

82,550

91,089

123,374

95,552

96,912

107,676

TauTona

93,118

77,572

64,782

71,523

124,319

120,443

92,322

104,676

ARGENTINA

134,008

67,924

44,393

59,533

168,121

93,954

72,520

89,617

Cerro Vanguardia - Attributable 92.50%

132,332

67,404

43,657

58,807

166,287

93,307

71,635

88,746

AUSTRALIA

116,906

77,570

71,638

70,743

141,681

95,297

89,294

89,709

Sunrise Dam

111,183

75,697

69,550

68,951

135,374

90,855

86,907

86,866

BRAZIL

81,916

59,734

55,775

58,584

115,672

83,294

71,110

82,418

AngloGold Ashanti Brasil Mineração

76,600

54,489

48,230

52,472

113,174

79,432

62,290

77,442

Serra Grande - Attributable 50%

70,185

63,381

54,131

59,428

94,042

80,962

73,030

79,317

GHANA

114,744

100,758

95,247

97,635

161,133

187,314

126,514

142,810

Iduapriem - Attributable 85%

109,611

90,069

106,413

84,058

136,025

142,865

122,137

111,340

Obuasi

127,301

106,434

92,224

103,931

185,552

210,918

127,711

157,404

GUINEA

105,581

95,414

96,653

104,741

128,764

137,446

122,100

135,063

Siguiri - Attributable 85%

105,581

95,414

96,653

104,741

128,764

137,446

122,100

135,063

MALI

100,910

86,769

73,848

78,946

122,778

103,609

88,643

92,579

Morila - Attributable 40%

99,282

76,254

83,011

79,071

117,814

90,194

100,339

95,080

Sadiola - Attributable 38%

98,058

91,160

100,845

93,454

129,199

109,626

108,523

104,270

Yatela - Attributable 40%

125,581

119,091

49,942

72,570

135,250

139,672

67,995

85,794

NAMIBIA

118,198

114,627

85,460

94,430

142,749

120,359

101,693

108,140

Navachab

118,198

114,627

85,460

94,430

142,749

120,359

101,693

108,140

TANZANIA

174,653

156,518

103,153

101,930

232,677

207,723

133,407

135,538

Geita

174,653

156,518

103,153

101,930

232,677

207,723

133,407

135,538

USA

74,620

63,481

58,297

63,403

100,080

86,701

81,519

86,639

Cripple Creek & Victor J.V.

68,916

60,401

56,156

60,589

94,354

83,611

79,372

83,815

ANGLOGOLD ASHANTI

104,461

87,744

76,991

80,490

136,200

122,344

99,905

107,415

Rounding of figures may result in computational discrepancies.

Total cash costs - R/kg

Total production costs - R/kg

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SOUTH AFRICA

1,412

1,023

1,180

4,628

1,013

502

800

2,845

Vaal River
Great Noligwa

267

107

218

762

202

140

434

Kopanang

265

246

212

937

151

180

157

699

Moab Khotsong

(40)

(52)

(151)

(32)

(274)

Tau Lekoa

177

Surface Operations

287

262

West Wits
Mponeng

488

351

353

1,502

404

263

280

1,159

Savuka

117

TauTona

197

218

223

897

135

143

476

ARGENTINA

154

513

105

338

Cerro Vanguardia - Attributable 92.50%

143

479

318

Minorities and exploration

AUSTRALIA

258

319

311

1,308

168

228

232

960

Sunrise Dam

258

319

311

1,308

168

228

232

960

BRAZIL

404

372

311

1,308

299

277

254

987

AngloGold Ashanti Brasil Mineração

260

252

178

835

184

178

149

617

Serra Grande - Attributable 50%

244

192

Minorities and exploration

229

178

GHANA

254

(56)

181

485

(150)

Iduapriem - Attributable 85%

110

249

161

Obuasi

144

(86)

141

201

(160)

(165)

Minorities and exploration

(1)

GUINEA

256

117

114

352

205

101

Siguiri - Attributable 85%

199

280

156

Minorities and exploration

MALI

257

206

231

809

195

165

183

646

Morila - Attributable 40%

105

137

355

111

263

Sadiola - Attributable 38%

119

202

170

Yatela - Attributable 40%

104

252

213

NAMIBIA

131

Navachab

131

TANZANIA

(53)

358

(98)

(110)

(13)

Geita

(53)

358

(98)

(110)

(13)

USA

221

247

164

742

167

190

107

518

Cripple Creek & Victor J.V.

221

247

164

742

167

190

107

518

OTHER

(10)

113

116

(28)

ANGLOGOLD ASHANTI

3,180

2,416

2,788

10,750

2,095

1,309

1,832

6,590

Rounding of figures may result in computational discrepancies.

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

SA Rand

Cash gross profit (loss) - Rm

Gross profit (loss) adjusted for the loss on unrealised
non-hedge derivatives and other commodity contracts - Rm

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

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

Imperial

SOUTH AFRICA

498

563

567

2,328

Vaal River
Great Noligwa

0.250

0.202

0.245

0.220

107

116

124

483

Kopanang

0.203

0.225

0.197

0.211

104

418

Moab Khotsong

0.302

0.266

0.238

0.232

Tau Lekoa

0.117

0.116

0.108

0.106

165

Surface Operations

0.011

0.013

0.015

0.014

125

West Wits
Mponeng

0.290

0.270

0.279

0.277

132

136

143

587

Savuka

0.174

0.196

0.204

0.195

TauTona

0.254

0.273

0.291

0.282

409

ARGENTINA

204

Cerro Vanguardia - Attributable 92.50%

0.111

0.201

0.211

0.201

204

AUSTRALIA

119

150

148

600

Sunrise Dam

0.120

0.141

0.135

0.142

119

150

148

600

BRAZIL

112

408

AngloGold Ashanti Brasil Mineração

0.198

0.229

0.225

0.218

317

Serra Grande

- Attributable 50%

0.210

0.194

0.213

0.210

GHANA

135

129

128

527

Iduapriem - Attributable 85%

0.053

0.055

0.054

167

Obuasi

0.122

0.126

0.141

0.129

101

360

GUINEA

280

Siguiri

- Attributable 85%

0.038

0.034

0.031

280

MALI

114

108

441

Morila - Attributable 40%

0.091

0.114

0.089

0.098

180

Sadiola - Attributable 38%

0.092

0.087

0.073

0.081

140

Yatela

- Attributable 40%

0.063

0.076

0.095

0.101

120

NAMIBIA

Navachab

0.038

0.047

0.043

0.046

TANZANIA

327

Geita

0.048

0.043

0.053

0.059

327

USA

282

Cripple Creek & Victor J.V.

0.016

282

ANGLOGOLD ASHANTI

1,196

1,368

1,326

5,477

Undergound Operations

0.203

0.211

0.204

648

723

717

2,948

Surface and Dump Reclamation

0.014

0.013

0.015

0.014

197

Open-pit Operations

0.061

0.068

0.066

0.068

426

484

453

1,904

Heap leach Operations

0.019

0.021

118

102

428

1,196

1,368

1,326

5,477

The yield of Yatela and the Cripple Creek & Victor Joint Venture
reflects gold placed/tonnes placed.

Rounding of figures may result in computational discrepancies.

Yield - oz/t

Gold produced - oz (000)

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

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

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

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

Imperial

SOUTH AFRICA

6.17

6.95

7.32

7.31

471

560

564

2,341

Vaal River
Great Noligwa

5.40

5.70

6.20

5.95

101

116

124

487

Kopanang

5.94

6.92

6.40

6.93

104

421

Moab Khotsong

4.77

4.66

4.72

4.22

Tau Lekoa

4.05

4.72

5.19

4.93

166

Surface Operations

32.54

44.98

48.63

47.05

126

West Wits
Mponeng

8.33

8.58

9.64

9.56

124

134

141

589

Savuka

4.69

5.33

5.69

5.65

TauTona

5.93

7.80

7.65

8.11

411

ARGENTINA

13.39

25.71

26.34

25.57

187

Cerro Vanguardia - Attributable 92.50%

13.39

25.71

26.34

25.57

187

AUSTRALIA

92.54

128.41

128.19

127.85

115

154

145

597

Sunrise Dam

92.54

140.15

139.95

140.05

115

154

145

597

BRAZIL

17.28

21.57

18.74

20.20

108

407

AngloGold Ashanti Brasil Mineração

16.21

21.23

16.63

18.88

311

Serra Grande - Attributable 50%

22.49

23.21

29.05

26.67

GHANA

8.01

7.19

7.29

7.44

133

124

125

526

Iduapriem - Attributable 85%

18.27

16.87

12.58

17.85

164

Obuasi

6.14

5.51

6.55

5.86

362

GUINEA

22.08

20.13

18.33

17.01

282

Siguiri - Attributable 85%

22.08

20.13

18.33

17.01

282

MALI

24.19

28.71

29.39

29.17

103

116

119

443

Morila - Attributable 40%

26.46

33.47

27.49

29.71

178

Sadiola - Attributable 38%

24.30

25.98

21.98

24.15

142

Yatela - Attributable 40%

19.94

25.10

47.60

37.14

122

NAMIBIA

11.59

13.34

20.24

16.35

Navachab

11.59

13.34

20.24

16.35

TANZANIA

10.20

8.66

12.00

12.98

328

Geita

10.20

8.66

12.00

12.98

328

USA

56.28

87.48

55.60

69.45

279

Cripple Creek & Victor J.V.

56.28

87.48

55.60

69.45

279

ANGLOGOLD ASHANTI

9.72

10.99

10.84

11.23

1,193

1,359

1,336

5,474

Rounding of figures may result in computational discrepancies.

Productivity per employee - oz

Gold sold - oz (000)

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

US Dollar / Imperial

SOUTH AFRICA

366

405

314

343

481

554

410

458

Vaal River
Great Noligwa

400

543

362

403

491

651

453

507

Kopanang

353

329

298

307

528

433

380

393

Moab Khotsong

578

693

577

668

702

1,640

923

1,234

Tau Lekoa

529

516

431

474

655

663

578

622

Surface Operations

357

252

305

393

383

280

333

West Wits
Mponeng

253

304

256

264

343

394

329

348

Savuka

367

422

355

403

511

441

417

476

TauTona

386

357

279

317

516

554

398

464

ARGENTINA

560

312

192

264

700

432

313

397

Cerro Vanguardia - Attributable 92.50%

553

310

188

261

692

429

309

394

AUSTRALIA

479

357

308

313

582

438

384

397

Sunrise Dam

455

348

299

306

556

418

374

385

BRAZIL

338

275

240

260

477

383

306

365

AngloGold Ashanti Brasil Mineração

316

251

207

233

467

366

268

344

Serra Grande - Attributable 50%

290

292

233

263

388

372

314

351

GHANA

494

463

410

432

687

859

545

634

Iduapriem - Attributable 85%

452

414

459

373

560

655

526

495

Obuasi

517

489

397

459

755

967

550

698

GUINEA

436

439

416

464

529

632

526

599

Siguiri - Attributable 85%

436

439

416

464

529

632

526

599

MALI

417

399

318

350

508

476

382

410

Morila - Attributable 40%

409

351

358

350

486

415

432

421

Sadiola - Attributable 38%

405

419

434

414

534

504

467

462

Yatela - Attributable 40%

522

547

216

322

563

642

294

381

NAMIBIA

490

527

368

419

591

554

438

479

Navachab

490

527

368

419

591

554

438

479

TANZANIA

717

722

447

452

954

956

577

601

Geita

717

722

447

452

954

956

577

601

USA

307

291

251

282

412

398

351

385

Cripple Creek & Victor J.V.

284

277

242

269

389

384

342

372

ANGLOGOLD ASHANTI

430

404

332

357

561

563

430

476

Rounding of figures may result in computational discrepancies.

Total cash costs - $/oz

Total production costs - $/oz

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

Key operating results

PER REGION & OPERATION

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SOUTH AFRICA

184

151

163

657

130

110

403

Vaal River
Great Noligwa

108

Kopanang

133

Moab Khotsong

(6)

(8)

(22)

(4)

(40)

Tau Lekoa

Surface Operations

West Wits
Mponeng

214

165

Savuka

TauTona 26

128

ARGENTINA

Cerro Vanguardia - Attributable 92.50%

Minorities and exploration

AUSTRALIA

186

137

Sunrise Dam

186

137

BRAZIL

186

141

AngloGold Ashanti Brasil Mineração

119

Serra Grande - Attributable 50%

Minorities and exploration

GHANA

(8)

(22)

Iduapriem - Attributable 85%

Obuasi

(12)

(23)

(24)

Minorities and exploration

(1)

GUINEA

Siguiri - Attributable 85%

Minorities and exploration

MALI

115

Morila - Attributable 40%

Sadiola - Attributable 38%

Yatela - Attributable 40%

NAMIBIA

Navachab

TANZANIA

(8)

(13)

(16)

(2)

Geita

(8)

(13)

(16)

(2)

USA

106

Cripple Creek & Victor J.V.

106

OTHER

(1)

(4)

ANGLOGOLD ASHANTI

419

358

385

1,527

274

195

253

935

Rounding of figures may result in computational discrepancies.

With effect 1 September 2007, Anglogold Ashanti acquired the remaining 15% minority of Iduapriem.

US Dollar

Cash gross profit (loss) - $m

Gross profit (loss) adjusted for the loss on unrealised
non-hedge derivatives and other commodity contracts - $m

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

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

GREAT NOLIGWA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

359

835

982

867

3,861

Milled

- 000 tonnes / - 000 tons

389

521

459

1,995

428

574

506

2,199

Yield

- g/t

/ - oz/t

8.56

6.94

8.41

7.54

0.250

0.202

0.245

0.220

Gold produced

- kg

/ - oz (000)

3,326

3,613

3,863

15,036

107

116

124

483

Gold sold

- kg

/ oz (000)

3,151

3,616

3,865

15,146

101

116

124

487

Price received

- R/kg

/ - $/oz

- sold

183,420

150,200

141,089

142,595

751

691

606

631

Total cash costs

- R

/ - $

- ton milled

828

818

707

685

100

110

- R/kg

/ - $/oz

- produced

96,801

117,918

84,059

90,817

400

543

362

403

Total production costs

- R/kg

/ - $/oz

- produced

118,554

141,474

105,277

114,220

491

651

453

507

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

167

238

226

232

5.38

7.64

7.26

7.45

Actual

- g

/ - oz

168

177

193

185

5.40

5.70

6.20

5.95

Target

- m

/ - ft

4.44

5.25

4.90

5.09

47.82

56.47

52.74

54.74

Actual

- m

/ - ft

3.92

4.48

4.02

4.41

42.18

48.19

43.30

47.52

FINANCIAL RESULTS (MILLION)
Gold income

536

467

588

2,034

289

Cost of sales

375

512

406

1,726

246

Cash operating costs

320

424

324

1,359

194

Other cash costs

Total cash costs

322

426

325

1,366

195

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

330

436

329

1,389

198

Amortisation of tangible assets

328

Inventory change

(19)

(1)

(3)

160

(45)

182

309

(7)

Realised non-hedge derivatives

(42)

125

(6)

202

140

434

Capital expenditure

261

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

KOPANANG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

114

456

1,064

1,224

1,229

4,912

Milled

- 000 tonnes / - 000 tons

402

419

442

1,797

443

462

487

1,981

Yield

- g/t

/ - oz/t

6.94

7.70

6.77

7.24

0.203

0.225

0.197

0.211

Gold produced

- kg

/ - oz (000)

2,794

3,229

2,989

13,013

104

418

Gold sold

- kg

/ oz (000)

2,639

3,230

3,007

13,099

104

421

Price received

- R/kg

/ - $/oz

- sold

185,343

149,746

139,978

141,917

753

689

602

629

Total cash costs

- R

/ - $

- ton milled

594

550

468

501

- R/kg

/ - $/oz

- produced

85,530

71,498

69,223

69,201

353

329

298

307

Total production costs

- R/kg

/ - $/oz

- produced

128,151

94,086

88,284

88,679

528

433

380

393

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

173

238

239

5.56

7.65

7.69

7.68

Actual

- g

/ - oz

185

215

199

215

5.94

6.92

6.40

6.93

Target

- m

/ - ft

6.60

7.70

7.69

7.68

71.03

82.83

82.76

82.62

Actual

- m

/ - ft

6.53

7.58

7.61

7.55

70.32

81.64

81.93

81.31

FINANCIAL RESULTS (MILLION)
Gold income

443

416

454

1,759

250

Cost of sales

338

304

264

1,160

165

Cash operating costs

238

229

206

895

127

Other cash costs

Total cash costs

239

231

207

901

128

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

244

238

209

916

130

Amortisation of tangible assets

114

238

Inventory change

(20)

(3)

105

113

190

599

Realised non-hedge derivatives

(33)

100

(5)

151

180

157

699

Capital expenditure

111

362

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

MOAB KHOTSONG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

122

119

383

Milled

- 000 tonnes / - 000 tons

262

289

Yield

- g/t

/ - oz/t

10.34

9.12

8.16

7.94

0.302

0.266

0.238

0.232

Gold produced

- kg

/ - oz (000)

764

726

439

2,081

Gold sold

- kg

/ - oz (000)

709

726

434

2,089

Price received

- R/kg

/ - $/oz

- sold

188,556

150,043

141,827

144,503

764

690

609

643

Total cash costs

- R

/ - $

- ton milled

1,468

1,373

1,095

1,193

175

184

137

155

- R/kg

/ - $/oz

- produced

141,898

150,648

134,175

150,135

578

693

577

668

Total production costs

- R/kg

/ - $/oz

- produced

172,476

358,141

214,596

276,421

702

1,640

923

1,234

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

122

190

104

157

3.91

6.10

3.35

5.04

Actual

- g

/ - oz

148

145

147

131

4.77

4.66

4.72

4.22

Target

- m

/ - ft

2.40

3.59

2.63

3.15

25.78

38.64

28.28

33.93

Actual

- m

/ - ft

2.21

2.24

23.76

23.83

23.81

24.15

FINANCIAL RESULTS (MILLION)
Gold income

119

278

Cost of sales

123

260

576

Cash operating costs

108

109

311

Other cash costs

Total cash costs

108

109

312

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

109

148

353

Amortisation of tangible assets

112

223

Inventory change

(9)

(1)

(3)

(166)

(28)

(298)

(24)

(4)

(43)

Realised non-hedge derivatives

(4)

(1)

(151)

(32)

(274)

(22)

(4)

(40)

Capital expenditure

143

195

111

628

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-
hedge derivatives and other commodity contracts

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

TAU LEKOA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

272

603

669

742

2,929

Milled

- 000 tonnes / - 000 tons

272

314

358

1,417

300

347

394

1,562

Yield

- g/t

/ - oz/t

4.01

3.97

3.70

3.62

0.117

0.116

0.108

0.106

Gold produced

- kg

/ - oz (000)

1,093

1,247

1,325

5,137

165

Gold sold

- kg

/ oz (000)

1,025

1,248

1,315

5,168

166

Price received

- R/kg

/ - $/oz

- sold

186,014

149,084

141,315

142,391

757

686

607

630

Total cash costs

- R

/ - $

- ton milled

516

444

371

388

- R/kg

/ - $/oz

- produced

128,576

112,042

100,102

107,016

529

516

431

474

Total production costs

- R/kg

/ - $/oz

- produced

158,512

143,944

134,273

140,507

655

663

578

622

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

130

168

161

164

4.19

5.42

5.18

5.26

Actual

- g

/ - oz

126

147

161

153

4.05

4.72

5.19

4.93

Target

- m

/ - ft

6.97

8.69

8.66

8.69

75.03

93.59

93.19

93.53

Actual

- m

/ - ft

6.45

7.32

8.39

8.12

69.44

78.83

90.35

87.38

FINANCIAL RESULTS (MILLION)
Gold income

173

161

199

693

Cost of sales

163

180

176

725

103

Cash operating costs

140

139

132

547

Other cash costs

Total cash costs

141

140

133

550

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

142

134

555

Amortisation of tangible assets

167

Inventory change

(11)

(2)

(1)

(19)

(32)

(3)

(5)

Realised non-hedge derivatives

(13)

(2)

Capital expenditure

113

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

South Africa

VAAL RIVER

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SURFACE OPERATIONS
OPERATING RESULTS
Milled

- 000 tonnes / - 000 tons

1,841

2,005

2,045

7,994

2,030

2,210

2,254

8,811

Yield

- g/t

/ - oz/t

0.36

0.46

0.50

0.49

0.011

0.013

0.015

0.014

Gold produced

- kg

/ - oz (000)

670

920

1,023

3,903

125

Gold sold

- kg

/ - oz (000)

645

920

1,022

3,930

126

Price received

- R/kg

/ - $/oz

- sold

177,353

149,188

140,395

141,701

741

686

604

627

Total cash costs

- R

/ - $

- ton milled

- R/kg

/ - $/oz

- produced

85,350

77,719

58,471

68,745

357

252

305

Total production costs

- R/kg

/ - $/oz

- produced

93,904

83,260

65,161

75,241

393

383

280

333

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

900

1,282

1,285

1,283

28.94

41.23

41.31

41.27

Actual

- g

/ - oz

1,012

1,399

1,513

1,463

32.54

44.98

48.63

47.05

FINANCIAL RESULTS (MILLION)
Gold income

113

119

153

523

Cost of sales

295

Cash operating costs

268

Other cash costs

Total cash costs

268

Retrenchment costs

Rehabilitation and other non-cash costs

Production costs

268

Amortisation of tangible assets

Inventory change

(2)

228

Realised non-hedge derivatives

(10)

(1)

262

Capital expenditure

(1)

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

MPONENG
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

354

899

816

937

3,810

Milled

- 000 tonnes / - 000 tons

412

456

464

1,922

454

503

511

2,118

Yield

- g/t

/ - oz/t

9.94

9.26

9.56

9.50

0.290

0.270

0.279

0.277

Gold produced

- kg

/ - oz (000)

4,093

4,223

4,435

18,260

132

136

143

587

Gold sold

- kg

/ - oz (000)

3,854

4,181

4,385

18,327

124

134

141

589

Price received

- R/kg

/ - $/oz

- sold

187,834

148,341

140,370

141,855

764

682

604

628

Total cash costs

- R

/ - $

- ton milled

608

611

567

566

- R/kg

/ - $/oz

- produced

61,113

66,025

59,318

59,596

253

304

256

264

Total production costs

- R/kg

/ - $/oz

- produced

82,927

85,608

76,284

78,622

343

394

329

348

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

240

295

266

277

7.70

9.49

8.57

8.89

Actual

- g

/ - oz

259

267

300

297

8.33

8.58

9.64

9.56

Target

- m

/ - ft

5.14

5.81

5.36

5.64

55.28

62.53

57.67

60.73

Actual

- m

/ - ft

5.29

4.79

5.89

5.76

56.96

51.58

63.39

62.04

FINANCIAL RESULTS (MILLION)
Gold income

636

564

559

2,497

355

Cost of sales

320

357

335

1,440

205

Cash operating costs

248

277

262

1,082

154

Other cash costs

Total cash costs

250

279

263

1,088

155

Retrenchment costs

Rehabilitation costs

(6)

(2)

(1)

Production costs

255

274

265

1,093

156

Amortisation of tangible assets

343

Inventory change

(19)

(4)

(3)

(1)

316

207

224

1,056

150

Realised non-hedge derivatives

103

404

263

280

1,159

165

Capital expenditure

120

234

102

604

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SAVUKA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

140

179

175

759

Milled

- 000 tonnes / - 000 tons

341

376

Yield

- g/t

/ - oz/t

5.96

6.73

7.01

6.69

0.174

0.196

0.204

0.195

Gold produced

- kg

/ - oz (000)

448

540

571

2,284

Gold sold

- kg

/ - oz (000)

423

534

563

2,293

Price received

- R/kg

/ - $/oz

- sold

188,102

149,550

140,651

141,984

764

688

605

628

Total cash costs

- R

/ - $

- ton milled

526

616

579

609

- R/kg

/ - $/oz

- produced

88,349

91,613

82,550

91,089

367

422

355

403

Total production costs

- R/kg

/ - $/oz

- produced

123,374

95,552

96,912

107,676

511

441

417

476

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

140

127

187

155

4.51

4.09

6.01

4.98

Actual

- g

/ - oz

146

166

177

176

4.69

5.33

5.69

5.65

Target

- m

/ - ft

4.42

5.89

5.64

5.82

47.62

63.43

60.73

62.64

Actual

- m

/ - ft

4.25

5.09

5.04

5.42

45.70

54.84

54.21

58.39

FINANCIAL RESULTS (MILLION)
Gold income

313

Cost of sales

246

Cash operating costs

207

Other cash costs

Total cash costs

208

Retrenchment costs

Rehabilitation and other non-cash costs

(1)

Production costs

208

Amortisation of tangible assets

Inventory change

(3)

(1)

Realised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

South Africa

WEST WITS

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

TAUTONA
OPERATING RESULTS
UNDERGROUND OPERATION
Area mined

- 000 m

/ - 000 ft

205

452

438

548

2,208

Milled

- 000 tonnes / - 000 tons

259

315

291

1,290

286

347

321

1,422

Yield

- g/t

/ - oz/t

8.70

9.37

9.99

9.67

0.254

0.273

0.291

0.282

Gold produced

- kg

/ - oz (000)

2,258

2,946

2,906

12,473

401

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes / - 000 tons

123

148

555

136

163

612

Yield

- g/t

/ - oz/t

0.43

0.40

0.50

0.43

0.013

0.012

0.015

0.013

Gold produced

- kg

/ - oz (000)

241

TOTAL

Yield

- g/t

/ - oz/t

8.70

9.37

9.99

9.67

0.254

0.273

0.291

0.282

Gold produced

- kg

/ - oz (000)

2,311

3,005

2,981

12,714

409

Gold sold

- kg

/ - oz (000)

2,190

2,976

2,946

12,771

411

Price received

- R/kg

/ - $/oz

- sold

186,420

148,121

140,762

141,775

761

682

605

627

Total cash costs

- R

/ - $

- ton milled

562

504

440

493

- R/kg

/ - $/oz

- produced

93,118

77,572

64,782

71,523

386

357

279

317

Total production costs

- R/kg

/ - $/oz

- produced

124,319

120,443

92,322

104,676

516

554

398

464

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

186

316

335

328

5.99

10.17

10.76

10.54

Actual

- g

/ - oz

185

243

238

252

5.93

7.80

7.65

8.11

Target

- m

/ - ft

3.40

5.36

5.34

5.45

36.59

57.65

57.45

58.64

Actual

- m

/ - ft

3.36

3.28

4.06

4.07

36.13

35.35

43.75

43.81

FINANCIAL RESULTS (MILLION)
Gold income

361

399

377

1,746

248

Cost of sales

273

358

272

1,335

190

Cash operating costs

214

231

192

904

129

Other cash costs

Total cash costs

215

233

193

909

130

Retrenchment costs

Rehabilitation and other non-cash costs

(7)

(4)

(1)

Production costs

225

227

195

910

130

Amortisation of tangible assets

135

421

Inventory change

(14)

(4)

(2)

(1)

105

411

Realised non-hedge derivatives

135

143

476

Capital expenditure

178

500

Total yield excludes the surface and dump reclamation.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Argentina

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

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

- 000 tonnes / - 000 tons

5,786

6,222

5,372

22,723

6,378

6,859

5,922

25,048

Treated

- 000 tonnes / - 000 tons

224

232

221

922

247

256

244

1,016

Stripping ratio

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

23.87

25.14

19.91

23.08

23.87

25.14

19.91

23.08

Yield

- g/t

/ - oz/t

3.82

6.88

7.25

6.88

0.111

0.201

0.211

0.201

Gold in ore

- kg

/ - oz (000)

907

1,675

1,688

6,677

215

Gold produced

- kg

/ - oz (000)

856

1,597

1,603

6,338

204

Gold sold

- kg

/ - oz (000)

1,457

1,092

1,605

5,827

187

Price received

- R/kg

/ - $/oz

- sold

185,194

142,712

140,084

140,720

743

660

603

621

Total cash costs

- R/kg

/ - $/oz

- produced

132,332

67,404

43,657

58,807

553

310

188

261

Total production costs

- R/kg

/ - $/oz

- produced

166,287

93,307

71,635

88,746

692

429

309

394

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

582

810

787

785

18.71

26.03

25.30

25.24

Actual

- g

/ - oz

417

800

819

795

13.39

25.71

26.34

25.57

FINANCIAL RESULTS (MILLION)
Gold income

293

184

246

914

130

Cost of sales

198

105

132

524

Cash operating costs

293

Other cash costs

Total cash costs

113

108

373

Rehabilitation and other non-cash costs

Production costs

118

112

402

Amortisation of tangible assets

161

Inventory change

(44)

(38)

(6)

113

390

Realised non-hedge derivatives

(35)

(23)

(14)

(72)

(5)

(3)

(2)

(10)

318

Capital expenditure

130

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Australia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SUNRISE DAM
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - ooo tons

119

104

381

131

114

102

420

Treated

- 000 tonnes

/ - 000 tons

125

116

431

138

128

475

Yield

- g/t

/ - oz/t

4.95

4.92

9.03

5.74

0.144

0.143

0.263

0.167

Gold produced

- kg

/ - oz (000)

619

572

529

2,472

OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

2,840

2,242

1,571

6,825

3,715

2,933

2,055

8,927

Treated

- 000 tonnes

/ - 000 tons

752

847

881

3,332

829

934

971

3,673

Stripping ratio

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

10.95

4.05

2.72

2.07

10.95

4.05

2.72

2.07

Yield

- g/t

/ - oz/t

4.10

4.84

4.63

4.86

0.120

0.141

0.135

0.142

Gold produced

- kg

/ - oz (000)

3,088

4,101

4,076

16,203

132

131

521

TOTAL

Yield

- g/t

/ - oz/t

4.10

4.84

4.63

4.86

0.120

0.141

0.135

0.142

Gold produced

- kg

/ - oz (000)

3,707

4,673

4,605

18,675

119

150

148

600

Gold sold

- kg

/ - oz (000)

3,583

4,796

4,522

18,581

115

154

145

597

Price received

- R/kg

/ - $/oz

- sold

182,189

150,439

140,853

142,785

752

693

605

633

Total cash costs

- R/kg

/ - $/oz

- produced

111,183

75,697

69,550

68,951

455

348

299

306

Total production costs

- R/kg

/ - $/oz

- produced

135,374

90,855

86,907

86,866

556

418

374

385

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

3,824

4,715

4,563

4,671

122.95

151.58

146.70

150.17

Actual

- g

/ - oz

2,878

4,359

4,353

4,356

92.54

140.15

139.95

140.05

FINANCIAL RESULTS (MILLION)
Gold income

727

684

559

2,441

101

348

Cost of sales

485

494

405

1,693

241

Cash operating costs

391

333

303

1,214

173

Other cash costs

Total cash costs

412

354

320

1,288

183

Rehabilitation and other non-cash costs

(20)

(14)

(3)

(2)

Production costs

412

334

322

1,274

181

Amortisation of tangible assets

348

Inventory change

(17)

(2)

242

191

154

748

107

Realised non-hedge derivatives

(74)

212

(10)

168

228

232

960

137

Capital expenditure

207

Total yield excludes the underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

ANGLOGOLD ASHANTI BRASIL MINERAÇÃO
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

304

332

235

1,192

335

366

259

1,314

Treated

- 000 tonnes / - 000 tons

308

334

255

1,210

340

368

282

1,334

Yield

- g/t

/ - oz/t

6.77

7.84

7.71

7.48

0.198

0.229

0.225

0.218

Gold produced

- kg

/ - oz (000)

2,086

2,616

1,970

9,047

291

HEAP LEACH OPERATION
Mined

- 000 tonnes / - 000 tons

684

1,253

993

5,148

754

1,382

1,095

5,674

Placed

- 000 tonnes / - 000 tons

203

223

Stripping ratio

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

14.41

24.11

31.94

24.44

14.41

24.11

31.94

24.44

Yield

- g/t

/ - oz/t

5.26

4.28

3.13

4.15

0.153

0.125

0.091

0.121

Gold placed

- kg

/ - oz (000)

227

217

840

Gold produced

- kg

/ - oz (000)

165

210

804

TOTAL

Yield

- g/t

/ - oz/t

6.77

7.84

7.71

7.48

0.198

0.229

0.225

0.218

Gold produced

- kg

/ - oz (000)

2,251

2,826

2,064

9,851

317

Gold sold

- kg

/ - oz (000)

2,432

2,706

2,171

9,679

311

Price received

- R/kg

/ - $/oz

- sold

178,069

149,078

140,002

142,718

743

686

602

633

Total cash costs

- R/kg

/ - $/oz

- produced

76,600

54,489

48,230

52,472

316

251

207

233

Total production costs

- R/kg

/ - $/oz

- produced

113,174

79,432

62,290

77,442

467

366

268

344

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

540

719

422

607

17.37

23.10

13.56

19.52

Actual

- g

/ - oz

504

660

517

587

16.21

21.23

16.63

18.88

FINANCIAL RESULTS (MILLION)
Gold income

483

303

259

1,165

166

Cost of sales

249

225

155

765

109

Cash operating costs

167

149

501

Other cash costs

Total cash costs

172

154

100

517

Rehabilitation and other non-cash costs

(3)

Production costs

179

151

100

545

Amortisation of tangible assets

218

Inventory change

(6)

234

104

401

Realised non-hedge derivatives

(50)

100

216

(6)

184

178

149

617

Capital expenditure

123

158

234

820

117

Tonnes / Tons placed onto leach pad.

Total yield represents underground operations.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Brazil

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

SERRA GRANDE - Attributable 50%
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes / - 000 tons

367

103

102

405

Treated

- 000 tonnes / - 000 tons

101

372

111

410

Yield

- g/t

/ - oz/t

7.19

6.65

7.31

7.21

0.210

0.194

0.213

0.210

Gold produced

- kg

/ - oz (000)

561

542

738

2,682

OPEN-PIT OPERATION
Mined

- 000 tonnes / - 000 tons

129

139

304

143

153

335

Treated

- 000 tonnes / - 000 tons

Stripping ratio

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

4.19

7.44

7.54

4.19

7.44

7.54

Yield

- g/t

/ - oz/t

3.85

6.02

4.19

0.112

0.176

0.122

Gold in ore

- kg

/ - oz (000)

120

168

Gold produced

- kg

/ - oz (000)

112

156

TOTAL

Yield

- g/t

/ - oz/t

7.19

6.65

7.31

7.21

0.210

0.194

0.213

0.210

Gold produced

- kg

/ - oz (000)

641

654

738

2,838

Gold sold

- kg

/ - oz (000)

621

658

855

2,978

Price received

- R/kg

/ - $/oz

- sold

183,265

149,562

139,874

141,826

755

688

601

626

Total cash costs

- R/kg

/ - $/oz

- produced

70,185

63,381

54,131

59,428

290

292

233

263

Total production costs

- R/kg

/ - $/oz

- produced

94,042

80,962

73,030

79,317

388

372

314

351

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

680

685

890

807

21.85

22.03

28.63

25.96

Actual

- g

/ - oz

700

722

904

830

22.49

23.21

29.05

26.67

FINANCIAL RESULTS (MILLION)
Gold income

136

105

370

Cost of sales

230

Cash operating costs

157

Other cash costs

Total cash costs

169

Rehabilitation and other non-cash costs

Production costs

174

Amortisation of tangible assets

Inventory change

(1)

(3)

140

Realised non-hedge derivatives

(22)

(3)

192

Capital expenditure

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

IDUAPRIEM- Attributable 85%

OPERATING RESULTS
OPEN-PIT OPERATION
Mined

- 000 tonnes

/ - 000 tons

4,502

5,285

5,123

20,385

4,963

5,825

5,647

22,471

Treated

- 000 tonnes

/ - 000 tons

815

729

453

2,807

898

804

499

3,094

Stripping ratio

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

4.13

4.72

6.60

5.95

4.13

4.72

6.60

5.95

Yield

- g/t

/ - oz/t

1.81

1.90

1.87

1.85

0.053

0.055

0.054

Gold in ore

- kg

/ - oz (000)

1,616

1,491

1,327

5,956

191

Gold produced

- kg

/ - oz (000)

1,471

1,387

848

5,192

167

Gold sold

- kg

/ - oz (000)

1,459

1,384

848

5,115

164

Price received

- R/kg

/ - $/oz

- sold

182,097

148,744

137,840

141,950

753

684

594

631

Total cash costs

- R/kg

/ - $/oz

- produced

109,611

90,069

106,413

84,058

452

414

459

373

Total produced costs

- R/kg

/ - $/oz

- produced

136,025

142,865

122,137

111,340

560

655

526

495

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

562

679

592

640

18.08

21.83

19.04

20.57

Actual

- g

/ - oz

568

525

391

555

18.27

16.87

12.58

17.85

FINANCIAL RESULTS (MILLION)
Gold income

289

213

114

715

102

Cost of sales

187

195

565

Cash operating costs

150

116

407

Other cash costs

Total cash costs

161

125

436

Rehabilitation and other non-cash costs

Production costs

168

179

490

Amortisation of tangible assets

Inventory change

(13)

(3)

(5)

(13)

(2)

(1)

(2)

102

150

Realised non-hedge derivatives

(23)

(7)

(3)

(1)

161

Capital expenditure

105

162

Effective 1 September 2007, the minority shareholdings of the International Finance Corporation (10%) and Government of Ghana (5%) were acquired and Iduapriem is now fully owned by AngloGold Ashanti.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Ghana

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

OBUASI
OPERATING RESULTS
UNDERGROUND OPERATION
Mined

- 000 tonnes

/ - 000 tons

435

451

480

1,901

479

497

529

2,096

Treated

- 000 tonnes

/ - 000 tons

506

519

524

2,075

558

572

578

2,288

Yield

- g/t

/ - oz/t

4.19

4.34

4.83

4.43

0.122

0.126

0.141

0.129

Gold produced

- kg

/ - oz (000)

2,123

2,250

2,531

9,198

296

SURFACE AND DUMP RECLAMATION
Treated

- 000 tonnes

/ - 000 tons

861

834

1,082

3,880

949

919

1,193

4,277

Yield

- g/t

/ - oz/t

0.69

0.43

0.55

0.51

0.020

0.013

0.016

0.015

Gold produced

- kg

/ - oz (000)

595

361

596

1,998

TOTAL

Yield

- g/t

/ - oz/t

4.19

4.34

4.83

4.43

0.122

0.126

0.141

0.129

Gold produced

- kg

/ - oz (000)

2,718

2,611

3,127

11,196

101

360

Gold sold

- kg

/ - oz (000)

2,669

2,485

3,038

11,246

362

Price received

- R/kg

/ - $/oz

- sold

185,917

150,169

138,361

141,466

762

691

597

626

Total cash costs

- R/kg

/ - $/oz

- produced

127,301

106,434

92,224

103,931

517

489

397

459

Total production costs

- R/kg

/ - $/oz

- produced

185,552

210,918

127,711

157,404

755

967

550

698

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

196

336

326

335

6.29

10.79

10.49

10.78

Actual

- g

/ - oz

191

171

204

182

6.14

5.51

6.55

5.86

FINANCIAL RESULTS (MILLION)
Gold income

546

388

414

1,567

223

Cost of sales

484

534

382

1,756

250

Cash operating costs

322

262

271

1,101

156

Other cash costs

Total cash costs

344

278

288

1,164

165

Retrenchment costs

Rehabilitation and other non-cash costs

120

136

Production costs

371

476

296

1,397

199

Amortisation of tangible assets

131

104

365

Inventory change

(18)

(17)

(7)

(2)

(3)

(2)

(1)

(145)

(189)

(21)

(27)

Realised non-hedge derivatives

(50)

(15)

(6)

(2)

(160)

(165)

(23)

(24)

Capital expenditure

138

153

182

663

Total yield represents underground operations.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit (loss) excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Guinea

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

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

- 000 tonnes

/ - 000 tons

7,397

5,887

4,288

19,281

8,154

6,489

4,727

21,254

Treated

- 000 tonnes

/ - 000 tons

2,205

2,181

2,136

8,306

2,431

2,404

2,355

9,156

Stripping ratio

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

1.21

1.20

1.07

0.89

1.21

1.20

1.07

0.89

Yield

- g/t

/ - oz/t

1.32

1.18

1.06

1.05

0.038

0.034

0.031

Gold produced

- kg

/ - oz (000)

2,901

2,567

2,270

8,715

280

Gold sold

- kg

/ - oz (000)

2,885

2,661

2,280

8,769

282

Price received

- R/kg

/ - $/oz

- sold

182,098

150,901

141,433

142,982

753

694

607

634

Total cash costs

- R/kg

/ - $/oz

- produced

105,581

95,414

96,653

104,741

436

439

416

464

Total production costs

- R/kg

/ - $/oz

- produced

128,764

137,446

122,100

135,063

529

632

526

599

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

590

313

280

297

18.97

10.05

9.00

9.56

Actual

- g

/ - oz

687

626

570

529

22.08

20.13

18.33

17.01

FINANCIAL RESULTS (MILLION)
Gold income

558

411

318

1,238

177

Cost of sales

369

374

286

1,193

170

Cash operating costs

228

189

172

736

105

Other cash costs

176

Total cash costs

306

245

219

913

130

Rehabilitation and other non-cash costs

Production costs

330

289

220

958

137

Amortisation of tangible assets

219

Inventory change

(4)

189

Realised non-hedge derivatives

(33)

(10)

(4)

(1)

156

Capital expenditure

124

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

MORILA - Attributable 40%
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

840

1,053

730

3,630

1,099

1,377

955

4,748

Mined

- 000 tonnes

/ - 000 tons

2,280

2,680

2,006

9,544

2,514

2,954

2,211

10,520

Treated

- 000 tonnes

/ - 000 tons

403

411

422

1,665

444

453

465

1,836

Stripping ratio

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

2.72

2.98

4.36

3.76

2.72

2.98

4.36

3.76

Yield

- g/t

/ - oz/t

3.12

3.91

3.04

3.36

0.091

0.114

0.089

0.098

Gold produced

- kg

/ - oz (000)

1,257

1,607

1,284

5,596

180

Gold sold

- kg

/ - oz (000)

1,283

1,729

1,333

5,551

178

Price received

- R/kg

/ - $/oz

- sold

180,233

148,220

139,606

142,160

750

682

601

631

Total cash costs

- R/kg

/ - $/oz

- produced

99,282

76,254

83,011

79,071

409

351

358

350

Total production costs

- R/kg

/ - $/oz

- produced

117,814

90,194

100,339

95,080

486

415

432

421

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

967

1,383

1,109

1,229

31.10

44.45

35.66

39.51

Actual

- g

/ - oz

823

1,041

855

924

26.46

33.47

27.49

29.71

FINANCIAL RESULTS (MILLION)
Gold income

231

256

186

789

113

Cost of sales

149

145

131

526

Cash operating costs

105

102

378

Other cash costs

Total cash costs

125

123

107

443

Rehabilitation and other non-cash costs

(3)

(2)

Production costs

125

120

107

441

Amortisation of tangible assets

Inventory change

(6)

(1)

111

263

Realised non-hedge derivatives

111

263

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

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

- 000 bcm

/ - 000 bcy

1,367

1,487

1,455

5,374

1,788

1,945

1,903

7,029

Mined

- 000 tonnes

/ - 000 tons

2,629

2,834

2,887

10,458

2,898

3,124

3,182

11,528

Treated

- 000 tonnes

/ - 000 tons

359

418

391

1,580

396

460

431

1,741

Stripping ratio

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

2.52

3.45

4.61

3.70

2.52

3.45

4.61

3.70

Yield

- g/t

/ - oz/t

3.16

3.00

2.50

2.76

0.092

0.087

0.073

0.081

Gold produced

- kg

/ - oz (000)

1,135

1,252

977

4,366

140

Gold sold

- kg

/ - oz (000)

1,337

1,166

1,180

4,423

142

Price received

- R/kg

/ - $/oz

- sold

187,012

149,708

139,019

141,765

768

689

599

628

Total cash costs

- R/kg

/ - $/oz

- produced

98,058

91,160

100,845

93,454

405

419

434

414

Total production costs

- R/kg

/ - $/oz

- produced

129,199

109,626

108,523

104,270

534

504

467

462

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

651

1,185

1,187

1,161

20.93

38.09

38.15

37.32

Actual

- g

/ - oz

756

808

684

751

24.30

25.98

21.98

24.15

FINANCIAL RESULTS (MILLION)
Gold income

250

175

164

627

Cost of sales

165

130

121

458

Cash operating costs

357

Other cash costs

Total cash costs

111

114

408

Rehabilitation and other non-cash costs

Production costs

113

128

423

Amortisation of tangible assets

Inventory change

(7)

(1)

170

Realised non-hedge derivatives

170

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Mali

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

YATELA - Attributable 40%
OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

1,023

1,374

1,690

6,019

1,128

1,515

1,863

6,634

Placed

- 000 tonnes

/ - 000 tons

294

349

287

1,232

324

385

316

1,358

Stripping ratio

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

14.47

9.21

8.57

8.11

14.47

9.21

8.57

8.11

Yield

- g/t

/ - oz/t

2.17

2.60

3.25

3.46

0.063

0.076

0.095

0.101

Gold placed

- kg

/ - oz (000)

637

905

932

4,259

137

Gold produced

- kg

/ - oz (000)

532

677

1,093

3,742

120

Gold sold

- kg

/ - oz (000)

588

701

1,201

3,794

122

Price received

- R/kg

/ - $/oz

- sold

181,576

149,022

139,121

140,927

755

685

599

621

Total cash costs

- R/kg

/ - $/oz

- produced

125,581

119,091

49,942

72,570

522

547

216

322

Total production costs

- R/kg

/ - $/oz

- produced

135,250

139,672

67,995

85,794

563

642

294

381

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

577

776

1,237

1,082

18.56

24.94

39.77

34.80

Actual

- g

/ - oz

620

781

1,481

1,155

19.94

25.10

47.60

37.14

FINANCIAL RESULTS (MILLION)
Gold income

107

104

167

535

Cost of sales

322

Cash operating costs

230

Other cash costs

Total cash costs

272

Rehabilitation and other non-cash costs

Production costs

282

Amortisation of tangible assets

Inventory change

213

Realised non-hedge derivatives

213

Capital expenditure

Tonnes / Tons placed on to leach pad.

Gold placed / tonnes (tons) placed.

Gold placed into leach pad inventory.

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Namibia

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

NAVACHAB
OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

615

661

812

2,856

804

864

1,062

3,735

Mined

- 000 tonnes

/ - 000 tons

1,641

1,768

2,022

7,276

1,809

1,949

2,228

8,020

Treated

- 000 tonnes

/ - 000 tons

358

388

418

1,597

395

428

461

1,760

Stripping ratio

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

9.65

3.97

5.42

4.43

9.65

3.97

5.42

4.43

Yield

- g/t

/ - oz/t

1.31

1.61

1.47

1.56

0.038

0.047

0.043

0.046

Gold produced

- kg

/ - oz (000)

469

624

614

2,496

Gold sold

- kg

/ - oz (000)

461

644

675

2,581

Price received

- R/kg

/ - $/oz

- sold

182,775

149,169

138,759

141,218

756

686

598

625

Total cash costs

- R/kg

/ - $/oz

- produced

118,198

114,627

85,460

94,430

490

527

368

419

Total production costs

- R/kg

/ - $/oz

- produced

142,749

120,359

101,693

108,140

591

554

438

479

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

436

458

479

485

14.03

14.73

15.41

15.59

Actual

- g

/ - oz

361

415

629

509

11.59

13.34

20.24

16.35

FINANCIAL RESULTS (MILLION)
Gold income

364

Cost of sales

275

Cash operating costs

222

Other cash costs

Total cash costs

236

Rehabilitation and other non-cash costs

(8)

(1)

Production costs

228

Amortisation of tangible assets

Inventory change

(5)

(1)

Realised non-hedge derivatives

Capital expenditure

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

Tanzania

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

GEITA

OPERATING RESULTS
OPEN-PIT OPERATION
Volume mined

- 000 bcm

/ - 000 bcy

5,443

6,307

5,150

24,031

7,120

8,249

6,737

31,432

Mined

- 000 tonnes

/ - 000 tons

14,316

16,460

13,894

63,206

15,780

18,144

15,316

69,673

Treated

- 000 tonnes

/ - 000 tons

1,193

1,230

1,339

5,066

1,315

1,356

1,476

5,584

Stripping ratio

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

10.72

8.65

10.58

10.55

10.72

8.65

10.58

10.55

Yield

- g/t

/ - oz/t

1.66

1.46

1.80

2.01

0.048

0.043

0.053

0.059

Gold produced

- kg

/ - oz (000)

1,984

1,801

2,412

10,166

327

Gold sold

- kg

/ - oz (000)

1,860

2,059

2,421

10,205

328

Price received

- R/kg

/ - $/oz

- sold

184,367

145,675

138,914

141,097

758

671

599

623

Total cash costs

- R/kg

/ - $/oz

- produced

174,653

156,518

103,153

101,930

717

722

447

452

Total production costs

- R/kg

/ - $/oz

- produced

232,677

207,723

133,407

135,538

954

956

577

601

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

356

819

625

795

11.46

26.32

20.10

25.56

Actual

- g

/ - oz

317

269

373

404

10.20

8.66

12.00

12.98

FINANCIAL RESULTS (MILLION)
Gold income

445

111

195

807

114

Cost of sales

441

410

349

1,388

198

Cash operating costs

328

265

232

967

138

Other cash costs

Total cash costs

340

276

243

1,015

145

Rehabilitation and other non-cash costs

Production costs

352

311

243

1,050

150

Amortisation of tangible assets

104

307

Inventory change

(15)

(2)

(299)

(155)

(581)

(44)

(22)

(84)

Realised non-hedge derivatives

(102)

189

142

633

(14)

(98)

(110)

(13)

(16)

(2)

Capital expenditure

187

Rounding of figures may result in computational discrepancies.

Rand / Metric

Dollar / Imperial

Gross (loss) profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

USA

Quarter

Year

Quarter

Year

ended

March

December

March

December

March

December

March

December

2008

2007

2008

2007

CRIPPLE CREEK & VICTOR J.V.

OPERATING RESULTS
HEAP LEACH OPERATION
Mined

- 000 tonnes

/ - 000 tons

11,532

12,337

12,036

48,554

12,711

13,599

13,267

53,522

Placed

- 000 tonnes

/ - 000 tons

5,071

5,452

4,864

20,907

5,590

6,010

5,361

23,046

Stripping ratio

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

1.16

1.22

1.62

1.35

1.16

1.22

1.62

1.35

Yield

- g/t

/ - oz/t

0.54

0.55

0.56

0.53

0.016

Gold placed

- kg

/ - oz (000)

2,749

2,993

2,738

11,143

358

Gold produced

- kg

/ - oz (000)

1,791

2,778

1,980

8,766

282

Gold sold

- kg

/ - oz (000)

1,825

2,764

1,892

8,692

279

Price received

- R/kg

/ - $/oz

- sold

184,139

152,843

139,842

144,073

757

702

601

640

Total cash costs

- R/kg

/ - $/oz

- produced

68,916

60,401

56,156

60,589

284

277

242

269

Total production costs

- R/kg

/ - $/oz

- produced

94,354

83,611

79,372

83,815

389

384

342

372

PRODUCTIVITY PER EMPLOYEE
Target

- g

/ - oz

1,747

2,467

2,155

2,405

56.16

79.32

69.28

77.31

Actual

- g

/ - oz

1,750

2,721

1,729

2,160

56.28

87.48

55.60

69.45

FINANCIAL RESULTS (MILLION)
Gold income

369

280

161

813

116

Cost of sales

169

232

157

735

105

Cash operating costs

212

200

183

766

109

Other cash costs

(4)

(1)

Total cash costs

222

196

189

781

111

Rehabilitation and other non-cash costs

Production costs

232

215

192

810

115

Amortisation of tangible assets

224

Inventory change

(117)

(39)

(91)

(299)

(16)

(6)

(13)

(42)

200

Realised non-hedge derivatives

(33)

143

103

440

(4)

167

190

107

518

Capital expenditure

160

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

Gross profit excluding the effect of unrealised non-hedge
derivatives and other commodity contracts

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 2006 dated 06 July 2007, which was filed with the Securities and Exchange Commission (SEC) on 09 July 2007.

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

JSE Sponsor:

UBS

Auditors:

Ernst & Young Inc

Offices

Registered and Corporate

76 Jeppe Street
Newtown 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
M Cutifani

(Chief Executive Officer)

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
J H Mensah
W A Nairn
Prof W L Nkuhlu
S M Pityana
S R Thompson *

* British

American

Ghanaian

~ Australian

Officers
Managing Secretary: Ms Y Z Simelane
Company Secretary: Ms L Eatwell

Contacts

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

Himesh Persotam
Telephone: +27 11 637 6647
Fax: +27 11 637 6400
E-mail:
hpersotam@AngloGoldAshanti.com

General E-mail enquiries
investors@AngloGoldAshanti.com

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

PRINTED BY INCE (PTY) LIMITED

Share Registrars

South Africa
Computershare Investor Services (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
A

NGLO

OLD

SHANTI

Telephone: +1-888-BNY-ADRS

SIGNATURES

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

AngloGold Ashanti Limited

Date: May 6, 2007,

By:

/s/ L Eatwell

Name: L Eatwell
Title: Company Secretary